Financial Statements

Separate Account I of Integrity Life Insurance Company

Year Ended December 31, 2023

With Report of Independent Registered Public

Accounting Firm

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Separate Account I

of

Integrity Life Insurance Company

Financial Statements

Year Ended December 31, 2023

Contents
Report of Independent Registered Public Accounting Firm			1
Financial Statements
Statement of Assets and Liabilities as of December 31, 2023			6
Statements of Operations for the Year ended December 31, 2023			8
Statements of Changes in Net Assets for the Year ended December 31, 2023			11
Statements of Changes in Net Assets for the Year ended December 31, 2022			14
Notes to Financial Statements			17

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Report of Independent Registered Public Accounting Firm

The Board of Directors of Integrity Life Insurance Company and

The Contract Owners of Separate Account I of Integrity Life Insurance Company

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in Appendix A that comprise Separate Account I of Integrity Life Insurance Company (the Separate Account), as of December 31, 2023, the related statements of operations and the statements of changes in net assets for each of the periods indicated in Appendix A, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2023, the results of its operations and changes in its net assets for each of the periods indicated in Appendix A, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Separate Account’s auditor since 1993.

Cincinnati, Ohio

April 17, 2024

1

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Appendix A

Subaccounts comprising Separate Account I of Integrity Life Insurance Company

Subaccounts			Statement of operations			Statements of changes in net assets
American Funds Insurance Series
Non-Affiliated Class 2			For the year ended December 31, 2023			For each of the two years in the period ended December 31, 2023
American Funds I.S. Managed Risk Asset Allocation Fund
Non-Affiliated Class 4
American Funds I.S. The Bond Fund of America
American Funds I.S. Capital Income Builder Fund
American Funds I.S. Global Growth Fund
American Funds I.S. Growth Fund
American Funds I.S. Growth-Income Fund
American Funds I.S. New World Fund
BlackRock Variable Series Funds
Non-Affiliated Class 3
BlackRock Capital Appreciation V.I. Fund
BlackRock Global Allocation V.I. Fund
BlackRock High Yield V.I. Fund
BlackRock Total Return V.I. Fund
Columbia Funds Variable Portfolios
Non-Affiliated Class 1
Columbia VP - Select Mid Cap Value Fund
Non-Affiliated Class 2
Columbia VP - Small Cap Value Fund
DWS Investments VIT Funds
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund
Fidelity Variable Insurance Products
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio
Fidelity VIP Overseas Portfolio
Fidelity VIP Equity-Income Portfolio
Fidelity VIP Growth Portfolio
Fidelity VIP High Income Portfolio
Fidelity VIP Asset Manager Portfolio
Fidelity VIP Contrafund® Portfolio
Fidelity VIP Index 500 Portfolio
Fidelity VIP Investment Grade Bond Portfolio
Fidelity VIP Government Money Market

2

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Appendix A (continued)

Subaccounts			Statement of operations			Statements of changes in net assets
Non-Affiliated Service Class:			For the year ended December 31, 2023			For each of the two years in the period ended December 31, 2023
Fidelity VIP Equity-Income Portfolio
Fidelity VIP Growth Portfolio
Fidelity VIP High Income Portfolio
Fidelity VIP Asset Manager Portfolio
Fidelity VIP Contrafund® Portfolio
Fidelity VIP Balanced Portfolio
Fidelity VIP Mid Cap Portfolio
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio
Fidelity VIP Balanced Portfolio
Fidelity VIP Bond Index Portfolio
Fidelity VIP Contrafund® Portfolio
Fidelity VIP Disciplined Small Cap Portfolio
Fidelity VIP Equity-Income Portfolio
Fidelity VIP Extended Market Index Portfolio
Fidelity VIP Freedom 2010 Portfolio
Fidelity VIP Freedom 2015 Portfolio
Fidelity VIP Freedom 2020 Portfolio
Fidelity VIP Freedom 2025 Portfolio
Fidelity VIP Freedom 2030 Portfolio
Fidelity VIP Growth Portfolio
Fidelity VIP High Income Portfolio
Fidelity VIP Index 500 Portfolio
Fidelity VIP International Index Portfolio
Fidelity VIP Investment Grade Bond Portfolio
Fidelity VIP Mid Cap Portfolio
Fidelity VIP Overseas Portfolio
Fidelity VIP Target Volatility Portfolio
Fidelity VIP Total Market Index Portfolio
Franklin Templeton VIP Trust
Non-Affiliated Class 1:
Franklin Growth and Income VIP Fund
Franklin Income VIP Fund
Non-Affiliated Class 2:
Franklin Growth and Income VIP Fund
Franklin Income VIP Fund
Franklin Large Cap Growth VIP Fund
Franklin Mutual Shares VIP Fund
Franklin Small Cap Value VIP Fund
Templeton Foreign VIP Fund
Templeton Global Bond VIP Fund
Templeton Growth VIP Fund

3

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Appendix A (continued)

Subaccounts			Statement of operations			Statements of changes in net assets
Rydex Variable Trust (Guggenheim Variable Insurance Funds)			For the year ended December 31, 2023			For each of the two years in the period ended December 31, 2023
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund
Guggenheim VT Multi-Hedge Strategies Fund
Guggenheim VT Long Short Equity Fund
iShares Trust
ETF Shares:
iShares® Core S&P 500 ETF
iShares® Core S&P Mid-Cap ETF
iShares® Core S&P Small-Cap ETF
iShares® Core U.S. Aggregate Bond ETF
iShares® iBoxx $ High Yield Corporate Bond ETF
iShares® 5-10 Year Investment Grade Corporate Bond ETF
iShares® International Treasury Bond ETF
iShares® S&P 500 Growth ETF
iShares® S&P 500 Value ETF
iShares® TIPS Bond ETF
Invesco (AIM) Variable Insurance Funds
Non-Affiliated Class 2:
Invesco V.I. American Franchise Fund
Invesco V.I. American Value Fund
Invesco V.I. Comstock Fund
Invesco V.I. EQV International Equity Fund
Invesco V.I. Discovery Mid Cap Growth Fund
Lincoln Financial Group
Non-Affiliated Class 1:
LVIP JPMorgan Mid Cap Value Fund (formerly, JPMorgan IT Mid Cap Value)
Morgan Stanley Variable Insurance Funds, Inc.
Non-Affiliated Class 1:
Morgan Stanley VIF Emerging Markets Debt Portfolio
Morgan Stanley VIF U.S. Real Estate Portfolio
Non-Affiliated Class 2:
Morgan Stanley VIF Emerging Markets Debt Portfolio
Morgan Stanley VIF Emerging Markets Equity Portfolio
Morgan Stanley VIF U.S. Real Estate Portfolio

4

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Appendix A (continued)

Subaccounts			Statement of operations			Statements of changes in net assets
Pimco Variable Insurance Trust			For the year ended December 31, 2023			For each of the two years in the period ended December 31, 2023
Advisor Class:
PIMCO VIT All Asset Portfolio
PIMCO VIT International Bond Portfolio (US Dollar Hedged)
PIMCO VIT CommodityRealReturn® Strategy Portfolio
PIMCO VIT Long-Term U.S. Government Portfolio
PIMCO VIT Low Duration Portfolio
PIMCO VIT Real Return Portfolio
PIMCO VIT Total Return Portfolio
Northern Lights Variable Trust
Non-Affiliated Class 3:
TOPS® Managed Risk Moderate Growth ETF Portfolio
Touchstone Variable Series Trust
Affiliated Service Class:
Touchstone VST Balanced Fund
Touchstone VST Bond Fund
Touchstone VST Common Stock Fund
The Vanguard Index Funds
ETF Shares:
Vanguard® Developed Markets Index Fund, ETF Shares
Vanguard® Dividend Appreciation Index Fund, ETF Shares
Vanguard® Emerging Markets Stock Index Fund, ETF Shares
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares
Vanguard® Large-Cap Index Fund, ETF Shares
Vanguard® Mega Cap Index Fund, ETF Shares
Vanguard® Real Estate Index Fund, ETF Shares
Vanguard® Short-Term Bond Index Fund, ETF Shares
Vanguard® Total Bond Market Index Fund, ETF Shares

5

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Separate Account I

of

Integrity Life Insurance Company

Statement of Assets and Liabilities

December 31, 2023

Subaccount			Investments at fair value						Receivable from (payable to ) the general account of Integrity			Net Assets						Unit Value Range (Lowest to Highest)									Units Outstanding
Affiliated:
Touchstone VST Balanced Fund			$	18,108,399					$	(4)		$	18,108,395					$	10.19		to			$	10.63		1,737,423
Touchstone VST Bond Fund			9,285,461						5			9,285,466						9.36			to			9.82			981,015
Touchstone VST Common Stock Fund			26,608,714						1			26,608,715						16.49			to			17.31			1,592,184
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio			1,738,935						1			1,738,936						28.33			to			46.03			46,154
Fidelity VIP Overseas Portfolio			1,311,505						(1)			1,311,504						13.68			to			51.72			32,094
Fidelity VIP Equity-Income Portfolio			7,959,736						(3)			7,959,733						40.09			to			138.83			82,558
Fidelity VIP Growth Portfolio			8,302,862						—			8,302,862												295.09			28,137
Fidelity VIP High Income Portfolio			297,445						1			297,446												31.47			9,452
Fidelity VIP Asset Manager Portfolio			2,550,542						(1)			2,550,541												70.46			36,198
Fidelity VIP Contrafund® Portfolio			14,157,744						3			14,157,747						76.33			to			155.20			118,709
Fidelity VIP Index 500 Portfolio			5,556,170						(1)			5,556,169						34.54			to			121.90			94,972
Fidelity VIP Investment Grade Bond Portfolio			1,648,986						—			1,648,986						11.91			to			41.64			76,337
Fidelity VIP Government Money Market			8,427,939						1			8,427,940						9.11			to			10.60			855,581
Non-Affiliated Service Class:
Fidelity VIP Equity-Income Portfolio			176,201						—			176,201												32.01			5,505
Fidelity VIP Growth Portfolio			564,771						3			564,774						46.40			to			48.54			12,035
Fidelity VIP High Income Portfolio			73,524						(1)			73,523												17.24			4,265
Fidelity VIP Asset Manager Portfolio			2,914						—			2,914												21.72			134
Fidelity VIP Contrafund® Portfolio			850,899						(1)			850,898												55.59			15,308
Fidelity VIP Balanced Portfolio			160,018						(1)			160,017												32.51			4,922
Fidelity VIP Mid Cap Portfolio			2,367,040						2			2,367,042						94.91			to			98.55			24,741
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio			1,460,697						(2)			1,460,695						17.35			to			25.53			70,613
Fidelity VIP Balanced Portfolio			7,894,419						1			7,894,420						25.41			to			38.71			255,656
Fidelity VIP Bond Index Portfolio			9,205,519						(2)			9,205,517						9.10			to			9.33			996,163
Fidelity VIP Contrafund® Portfolio			29,545,110						1			29,545,111						32.96			to			60.66			759,998
Fidelity VIP Disciplined Small Cap Portfolio			2,760,756						2			2,760,758						22.34			to			30.79			115,947
Fidelity VIP Equity-Income Portfolio			4,077,595						—			4,077,595						20.36			to			35.64			163,325
Fidelity VIP Extended Market Index Portfolio			30,065						—			30,065						13.33			to			13.66			2,256
Fidelity VIP Freedom 2010 Portfolio			252,247						—			252,247						15.59			to			18.67			15,649
Fidelity VIP Freedom 2015 Portfolio			538,335						(1)			538,334						16.46			to			19.72			31,728
Fidelity VIP Freedom 2020 Portfolio			3,491,991						2			3,491,993						16.99			to			20.36			199,839
Fidelity VIP Freedom 2025 Portfolio			5,637,974						(3)			5,637,971						18.36			to			22.00			293,818
Fidelity VIP Freedom 2030 Portfolio			999,814						—			999,814						18.93			to			23.21			51,407
Fidelity VIP Growth Portfolio			18,471,329						3			18,471,332						42.07			to			62.79			383,891
Fidelity VIP High Income Portfolio			5,115,857						3			5,115,860						14.71			to			23.04			250,518
Fidelity VIP Index 500 Portfolio			41,491,484						(3)			41,491,481						31.95			to			47.03			1,243,131
Fidelity VIP International Index Portfolio			2,313,654						4			2,313,658						11.50			to			11.79			198,214
Fidelity VIP Investment Grade Bond Portfolio			26,346,496						7			26,346,503						11.52			to			18.47			1,956,782
Fidelity VIP Mid Cap Portfolio			7,115,220						1			7,115,221						26.01			to			62.26			196,043
Fidelity VIP Overseas Portfolio			2,213,758						3			2,213,761						13.17			to			26.48			130,413
Fidelity VIP Target Volatility Portfolio			4,406,023						1			4,406,024						14.61			to			15.53			298,891
Fidelity VIP Total Market Index Portfolio			3,618,203						1			3,618,204						15.41			to			15.80			231,102
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund			1,797,400						—			1,797,400						24.82			to			27.05			70,149
Franklin Growth and Income VIP Fund			1,094,235						(1)			1,094,234						38.95			to			40.14			28,086
Franklin Income VIP Fund			2,906,682						1			2,906,683						33.04			to			34.05			87,868
LVIP JPMorgan Mid Cap Value Fund (a)			433,821						4			433,825						32.77			to			49.87			9,456
Morgan Stanley VIF Emerging Markets Debt Portfolio			199,338						(1)			199,337						15.97			to			27.01			7,849
Morgan Stanley VIF U.S. Real Estate Portfolio			758,802						(3)			758,799						15.60			to			46.11			19,055
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund			6,904,907						—			6,904,907						13.89			to			14.76			491,724
Columbia VP – Small Cap Value Fund			3,100,833						(1)			3,100,832						30.09			to			43.23			76,860
Franklin Growth and Income VIP Fund			7,329,735						6			7,329,741						21.93			to			39.84			252,799
Franklin Income VIP Fund			15,665,950						(1)			15,665,949						17.14			to			33.76			745,501
Franklin Large Cap Growth VIP Fund			5,147,199						(1)			5,147,198						29.65			to			49.87			148,645
Franklin Mutual Shares VIP Fund			20,225,645						(3)			20,225,642						15.91			to			32.89			1,064,091
Franklin Small Cap Value VIP Fund			1,897,536						—			1,897,536						23.02			to			29.77			79,682
Invesco V.I. American Franchise Fund			2,446,966						(1)			2,446,965						36.85			to			59.39			61,211
Invesco V.I. American Value Fund			13,675,745						—			13,675,745						24.97			to			28.85			518,174
Invesco V.I. Comstock Fund			11,345,080						(3)			11,345,077						24.03			to			48.13			414,096
Invesco V.I. EQV International Equity Fund			4,291,217						(2)			4,291,215						14.13			to			15.26			293,398

(a) Name Change. See Note 1.						6
(b) New Underlying Fund. See Note 1.

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Separate Account I

of

Integrity Life Insurance Company

Statement of Assets and Liabilities (continued)

December 31, 2023

Subaccount			Investments at fair value						Receivable from (payable to ) the general account of Integrity			Net Assets						Unit Value Range (Lowest to Highest)									Units Outstanding
Non-Affiliated Class 2 (continued):
Invesco V.I. Discovery Mid Cap Growth Fund			$	2,628,209					$	—		$	2,628,209					$	13.04		to			$	13.31		199,618
Templeton Foreign VIP Fund			8,648,022						(2)			8,648,020						10.68			to			24.69			679,619
Templeton Global Bond VIP Fund			1,672,243						(2)			1,672,241						7.74			to			8.26			213,653
Templeton Growth VIP Fund			2,129,538						1			2,129,539						12.22			to			26.47			110,476
Morgan Stanley VIF Emerging Markets Debt Portfolio			588,665						1			588,666						11.62			to			23.63			40,438
Morgan Stanley VIF Emerging Markets Equity Portfolio			1,468,989						2			1,468,991						8.57			to			37.92			107,481
Morgan Stanley VIF U.S. Real Estate Portfolio			3,579,579						(4)			3,579,575						11.65			to			35.41			275,657
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund			13,957,775						(2)			13,957,773						34.33			to			37.08			395,975
BlackRock Global Allocation V.I. Fund			1,570,535						4			1,570,539						14.54			to			15.71			104,297
BlackRock High Yield V.I. Fund			917,296						(5)			917,291						12.92			to			13.49			69,329
BlackRock Total Return V.I. Fund			1,871,217						—			1,871,217						9.52			to			9.93			195,403
TOPS® Managed Risk Moderate Growth ETF Portfolio			2,186,682						1			2,186,683						12.47			to			13.31			171,728
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America			2,532,528						1			2,532,529						9.77			to			10.20			255,771
American Funds I.S. Capital Income Builder Fund			1,422,310						4			1,422,314						12.61			to			13.23			111,071
American Funds I.S. Global Growth Fund			9,211,057						1			9,211,058						21.70			to			23.06			419,477
American Funds I.S. Growth Fund			15,326,754						—			15,326,754						33.11			to			35.20			453,716
American Funds I.S. Growth-Income Fund			15,154,092						—			15,154,092						24.41			to			25.95			613,536
American Funds I.S. New World Fund			2,669,763						(2)			2,669,761						13.53			to			14.39			190,742
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund			364,416						(2)			364,414						37.94			to			41.00			9,166
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund			2,091,325						1			2,091,326						21.83			to			38.63			79,689
Advisor Class:
PIMCO VIT All Asset Portfolio			432,310						—			432,310						14.72			to			16.78			27,537
PIMCO VIT International Bond Portfolio (US Dollar Hedged)			42,976						—			42,976						10.39			to			10.85			4,004
PIMCO VIT CommodityRealReturn® Strategy Portfolio			1,361,156						—			1,361,156						4.92			to			7.02			266,082
PIMCO VIT Long-Term U.S. Government Portfolio			217,685						(1)			217,684						8.72			to			9.31			24,266
PIMCO VIT Low Duration Portfolio			4,829,871						(2)			4,829,869						9.87			to			11.51			444,477
PIMCO VIT Real Return Portfolio			492,535						1			492,536						11.23			to			13.36			39,297
PIMCO VIT Total Return Portfolio			42,102,504						7			42,102,511						10.97			to			13.83			3,186,420
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund			248,803						2			248,805						6.85			to			8.86			35,382
Guggenheim VT Multi-Hedge Strategies Fund			178,616						(1)			178,615						9.10			to			12.04			18,435
Guggenheim VT Long Short Equity Fund			103,206						2			103,208						11.28			to			14.29			8,499
ETF Shares:
iShares® Core S&P 500 ETF			86,069,531						(4)			86,069,527						27.24			to			97.44			1,151,553
iShares® Core S&P Mid-Cap ETF			25,184,672						4			25,184,676						24.54			to			75.06			414,519
iShares® Core S&P Small-Cap ETF			13,812,331						(2)			13,812,329						22.88			to			75.76			231,588
iShares® Core U.S. Aggregate Bond ETF			1,483,737						—			1,483,737						21.31			to			25.97			66,994
iShares® iBoxx $ High Yield Corporate Bond ETF			788,376						—			788,376						23.34			to			35.20			25,265
iShares® 5-10 Year Investment Grade Corporate Bond ETF			1,150,971						(2)			1,150,969						21.77			to			28.97			47,036
iShares® International Treasury Bond ETF			11,498,798						1			11,498,799						16.23			to			18.37			685,231
iShares® S&P 500 Growth ETF			8,907,994						2			8,907,996						25.93			to			108.28			109,911
iShares® S&P 500 Value ETF			3,495,950						—			3,495,950						28.00			to			79.98			51,364
iShares® TIPS Bond ETF			195,704						(1)			195,703						21.67			to			27.26			8,293
Vanguard® Developed Markets Index Fund, ETF Shares			12,099,984						—			12,099,984						22.90			to			43.75			319,568
Vanguard® Dividend Appreciation Index Fund, ETF Shares			2,162,422						—			2,162,422						26.64			to			83.89			36,558
Vanguard® Emerging Markets Stock Index Fund, ETF Shares			418,611						3			418,614						19.15			to			28.86			16,751
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares			174,981						(1)			174,980						21.71			to			32.06			6,196
Vanguard® Large-Cap Index Fund, ETF Shares			1,940,768						2			1,940,770						26.75			to			95.82			24,605
Vanguard® Mega Cap Index Fund, ETF Shares			225,300						(1)			225,299						27.41			to			100.57			2,563
Vanguard® Real Estate Index Fund, ETF Shares			955,962						(2)			955,960						21.95			to			53.29			21,759
Vanguard® Short-Term Bond Index Fund, ETF Shares			275,913						—			275,913						20.97			to			23.63			12,976
Vanguard® Total Bond Market Index Fund, ETF Shares			82,560,386						1			82,560,387						21.30			to			26.05			3,682,405

(a) Name Change. See Note 1.						7
(b) New Underlying Fund. See Note 1.

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Separate Account I

of

Integrity Life Insurance Company

Statement of Operations

Year Ended December 31, 2023

			Investment
			Income			Expenses									Realized and unrealized gain (loss) on investments
Subaccount			Reinvested dividends			Mortality and expense risk and administrative charges			Net investment income (loss)						Realized gain (loss) on sales of investments			Realized gain distributions			Change in net unrealized appreciation (depreciation) during the period			Net realized and unrealized gain (loss) on investments			Net increase (decrease) in net assets resulting from operations
Affiliated:
Touchstone VST Balanced Fund			$	226,212		$	286,675		$	(60,463)					$	(3,467,589)		$	—		$	7,006,497		$	3,538,908		$	3,478,445
Touchstone VST Bond Fund			451,293			138,784			312,509						(451,556)			—			556,560			105,004			417,513
Touchstone VST Common Stock Fund			157,939			372,528			(214,589)						1,439,354			1,626,784			3,194,119			6,260,257			6,045,668
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio			28,541			23,328			5,213						67,255			64,339			178,778			310,372			315,585
Fidelity VIP Overseas Portfolio			12,903			17,251			(4,348)						46,339			3,262			180,367			229,968			225,620
Fidelity VIP Equity-Income Portfolio			146,953			109,504			37,449						134,994			220,586			286,525			642,105			679,554
Fidelity VIP Growth Portfolio			9,623			99,514			(89,891)						339,456			346,320			1,576,935			2,262,711			2,172,820
Fidelity VIP High Income Portfolio			16,291			3,995			12,296						(5,880)			—			18,936			13,056			25,352
Fidelity VIP Asset Manager Portfolio			57,581			33,414			24,167						(19,663)			26,831			235,957			243,125			267,292
Fidelity VIP Contrafund® Portfolio			62,994			174,632			(111,638)						318,992			457,595			2,873,860			3,650,447			3,538,809
Fidelity VIP Index 500 Portfolio			75,815			71,817			3,998						346,424			49,239			759,192			1,154,855			1,158,853
Fidelity VIP Investment Grade Bond Portfolio			42,123			22,320			19,803						(27,407)			—			84,147			56,740			76,543
Fidelity VIP Government Money Market			574,020			176,366			397,654						—			—			—			—			397,654
Non-Affiliated Service Class:
Fidelity VIP Equity-Income Portfolio			3,098			2,562			536						2,502			4,906			6,963			14,371			14,907
Fidelity VIP Growth Portfolio			205			7,703			(7,498)						48,418			25,749			99,891			174,058			166,560
Fidelity VIP High Income Portfolio			4,041			1,040			3,001						(10,939)			—			14,259			3,320			6,321
Fidelity VIP Asset Manager Portfolio			64			45			19						(17)			35			281			299			318
Fidelity VIP Contrafund® Portfolio			3,033			11,228			(8,195)						13,209			27,556			177,198			217,963			209,768
Fidelity VIP Balanced Portfolio			2,426			2,159			267						1,365			5,288			19,569			26,222			26,489
Fidelity VIP Mid Cap Portfolio			11,488			31,052			(19,564)						15,587			62,360			231,910			309,857			290,293
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio			30,675			20,189			10,486						2,350			16,413			122,210			140,973			151,459
Fidelity VIP Balanced Portfolio			118,206			105,615			12,591						89,503			296,478			990,148			1,376,129			1,388,720
Fidelity VIP Bond Index Portfolio			198,744			105,284			93,460						(86,408)			—			329,826			243,418			336,878
Fidelity VIP Contrafund® Portfolio			70,016			415,929			(345,913)						1,582,916			1,030,023			5,687,760			8,300,699			7,954,786
Fidelity VIP Disciplined Small Cap Portfolio			21,868			33,625			(11,757)						20,168			—			452,475			472,643			460,886
Fidelity VIP Equity-Income Portfolio			68,299			54,984			13,315						40,171			117,201			164,777			322,149			335,464
Fidelity VIP Extended Market Index Portfolio			446			211			235						354			—			3,023			3,377			3,612
Fidelity VIP Freedom 2010 Portfolio			9,244			3,712			5,532						(732)			17,104			(4,028)			12,344			17,876
Fidelity VIP Freedom 2015 Portfolio			17,964			7,867			10,097						(11,848)			10,522			37,210			35,884			45,981
Fidelity VIP Freedom 2020 Portfolio			103,424			51,131			52,293						(49,201)			25,476			331,000			307,275			359,568
Fidelity VIP Freedom 2025 Portfolio			141,504			76,295			65,209						11,893			—			523,448			535,341			600,550
Fidelity VIP Freedom 2030 Portfolio			21,739			14,421			7,318						23,041			—			83,371			106,412			113,730

(a) Name Change. See Note 1.						8
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

---

Separate Account I

of

Integrity Life Insurance Company

Statement of Operations (continued)

Year Ended December 31, 2023

			Investment
			Income			Expenses									Realized and unrealized gain (loss) on investments
Subaccount			Reinvested dividends			Mortality and expense risk and administrative charges			Net investment income (loss)						Realized gain (loss) on sales of investments			Realized gain distributions			Change in net unrealized appreciation (depreciation) during the period			Net realized and unrealized gain (loss) on investments			Net increase (decrease) in net assets resulting from operations
Non-Affiliated Service Class 2 (continued):
Fidelity VIP Growth Portfolio			$	707		$	242,526		$	(241,819)					$	74,172		$	824,343		$	4,406,087		$	5,304,602		$	5,062,783
Fidelity VIP High Income Portfolio			281,891			54,063			227,828						(344,850)			—			449,051			104,201			332,029
Fidelity VIP Index 500 Portfolio			485,689			548,078			(62,389)						2,232,414			370,164			5,687,120			8,289,698			8,227,309
Fidelity VIP International Index Portfolio			57,869			25,792			32,077						5,513			—			253,340			258,853			290,930
Fidelity VIP Investment Grade Bond Portfolio			644,692			375,116			269,576						(733,084)			—			1,596,133			863,049			1,132,625
Fidelity VIP Mid Cap Portfolio			25,781			89,523			(63,742)						(101,492)			192,296			792,238			883,042			819,300
Fidelity VIP Overseas Portfolio			16,710			30,233			(13,523)						44,610			5,599			328,451			378,660			365,137
Fidelity VIP Target Volatility Portfolio			86,742			63,069			23,673						(21,317)			—			483,297			461,980			485,653
Fidelity VIP Total Market Index Portfolio			28,691			39,569			(10,878)						44,684			—			686,940			731,624			720,746
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund			—			24,883			(24,883)						71,163			—			97,594			168,757			143,874
Franklin Growth and Income VIP Fund			26,324			15,242			11,082						(211,781)			56,910			225,051			70,180			81,262
Franklin Income VIP Fund			149,357			39,362			109,995						(20,143)			172,020			(50,541)			101,336			211,331
LVIP JPMorgan Mid Cap Value Fund (a)			12,984			5,593			7,391						1,430			35,794			(7,072)			30,152			37,543
Morgan Stanley VIF Emerging Markets Debt Portfolio			16,220			2,577			13,643						(2,762)			—			8,049			5,287			18,930
Morgan Stanley VIF U.S. Real Estate Portfolio			16,142			11,670			4,472						(18,117)			—			113,333			95,216			99,688
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund			132,071			103,987			28,084						(160,645)			849,103			(141,379)			547,079			575,163
Columbia VP – Small Cap Value Fund			12,236			41,263			(29,027)						(249,737)			208,431			609,447			568,141			539,114
Franklin Growth and Income VIP Fund			158,204			100,445			57,759						(1,172,954)			383,724			1,239,351			450,121			507,880
Franklin Income VIP Fund			794,179			212,993			581,186						(178,222)			962,800			(286,799)			497,779			1,078,965
Franklin Large Cap Growth VIP Fund			—			67,198			(67,198)						(341,371)			143,963			1,830,598			1,633,190			1,565,992
Franklin Mutual Shares VIP Fund			368,002			269,593			98,409						(924,061)			1,693,806			1,389,361			2,159,106			2,257,515
Franklin Small Cap Value VIP Fund			9,738			27,151			(17,413)						(65,619)			105,541			168,175			208,097			190,684
Invesco V.I. American Franchise Fund			—			33,444			(33,444)						(190,218)			53,592			909,200			772,574			739,130
Invesco V.I. American Value Fund			50,510			173,114			(122,604)						(263,186)			2,813,286			(643,306)			1,906,794			1,784,190
Invesco V.I. Comstock Fund			172,573			154,256			18,317						86,110			1,242,852			(209,827)			1,119,135			1,137,452
Invesco V.I. EQV International Equity Fund			—			57,467			(57,467)						(120,233)			3,191			831,155			714,113			656,646
Invesco V.I. Discovery Mid Cap Growth Fund			—			31,746			(31,746)						(74,819)			—			372,740			297,921			266,175
Templeton Foreign VIP Fund			274,160			116,306			157,854						(162,952)			—			1,514,352			1,351,400			1,509,254
Templeton Global Bond VIP Fund			—			26,695			(26,695)						(93,606)			—			138,825			45,219			18,524
Templeton Growth VIP Fund			68,434			28,751			39,683						(30,902)			—			355,046			324,144			363,827
Morgan Stanley VIF Emerging Markets Debt Portfolio			49,094			8,256			40,838						(33,174)			—			48,358			15,184			56,022
Morgan Stanley VIF Emerging Markets Equity Portfolio			23,056			22,587			469						(207,729)			25,823			311,902			129,996			130,465
Morgan Stanley VIF U.S. Real Estate Portfolio			68,660			47,412			21,248						(259,708)			—			653,872			394,164			415,412
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund			—			189,053			(189,053)						(909,095)			701,896			5,632,407			5,425,208			5,236,155
BlackRock Global Allocation V.I. Fund			37,999			20,817			17,182						(30,006)			—			176,315			146,309			163,491
BlackRock High Yield V.I. Fund			58,979			11,185			47,794						(16,773)			—			69,274			52,501			100,295
BlackRock Total Return V.I. Fund			67,444			27,440			40,004						(58,621)			—			81,483			22,862			62,866
TOPS® Managed Risk Moderate Growth ETF Portfolio			8,040			33,709			(25,669)						(993,473)			6,926			1,211,096			224,549			198,880

(a) Name Change. See Note 1.						9
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

---

Separate Account I

of

Integrity Life Insurance Company

Statement of Operations (continued)

Year Ended December 31, 2023

			Investment
			Income			Expenses									Realized and unrealized gain (loss) on investments
Subaccount			Reinvested dividends			Mortality and expense risk and administrative charges			Net investment income (loss)						Realized gain (loss) on sales of investments			Realized gain distributions			Change in net unrealized appreciation (depreciation) during the period			Net realized and unrealized gain (loss) on investments			Net increase (decrease) in net assets resulting from operations
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America			$	81,411		$	33,933		$	47,478					$	(67,767)		$	—		$	98,588		$	30,821		$	78,299
American Funds I.S. Capital Income Builder Fund			37,392			19,306			18,086						23,623			—			56,199			79,822			97,908
American Funds I.S. Global Growth Fund			60,421			129,262			(68,841)						206,821			673,856			816,729			1,697,406			1,628,565
American Funds I.S. Growth Fund			23,972			196,294			(172,322)						225,739			796,892			3,413,210			4,435,841			4,263,519
American Funds I.S. Growth-Income Fund			167,554			221,543			(53,989)						378,027			792,947			2,067,444			3,238,418			3,184,429
American Funds I.S. New World Fund			31,453			32,910			(1,457)						(3,235)			—			344,155			340,920			339,463
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund			2,918			3,949			(1,031)						(44,829)			6,255			88,343			49,769			48,738
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund			12,917			23,035			(10,118)						(67,031)			36,707			307,789			277,465			267,347
Advisor Class:
PIMCO VIT All Asset Portfolio			13,285			6,567			6,718						(21,727)			—			43,667			21,940			28,658
PIMCO VIT International Bond Portfolio (US Dollar Hedged)			1,042			482			560						(481)			1,141			1,873			2,533			3,093
PIMCO VIT CommodityRealReturn® Strategy Portfolio			242,930			22,293			220,637						(52,355)			—			(316,622)			(368,977)			(148,340)
PIMCO VIT Long-Term U.S. Government Portfolio			5,430			3,200			2,230						(27,975)			—			30,853			2,878			5,108
PIMCO VIT Low Duration Portfolio			171,856			66,854			105,002						(83,797)			—			153,832			70,035			175,037
PIMCO VIT Real Return Portfolio			18,113			8,652			9,461						(32,145)			—			30,806			(1,339)			8,122
PIMCO VIT Total Return Portfolio			1,457,430			578,989			878,441						(1,124,315)			—			2,020,356			896,041			1,774,482
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund			9,806			4,045			5,761						2,674			6,238			(7,759)			1,153			6,914
Guggenheim VT Multi-Hedge Strategies Fund			5,295			2,666			2,629						3,030			—			(135)			2,895			5,524
Guggenheim VT Long Short Equity Fund			275			1,429			(1,154)						882			—			11,167			12,049			10,895
ETF Shares:
iShares® Core S&P 500 ETF			1,327,592			2,172,932			(845,340)						8,869,553			—			9,493,603			18,363,156			17,517,816
iShares® Core S&P Mid-Cap ETF			374,446			611,573			(237,127)						1,582,869			—			1,798,993			3,381,862			3,144,735
iShares® Core S&P Small-Cap ETF			183,564			326,329			(142,765)						562,080			—			1,270,621			1,832,701			1,689,936
iShares® Core U.S. Aggregate Bond ETF			50,252			43,698			6,554						(44,575)			—			73,223			28,648			35,202
iShares® iBoxx $ High Yield Corporate Bond ETF			45,803			17,757			28,046						8,678			—			29,454			38,132			66,178
iShares® 5-10 Year Investment Grade Corporate Bond ETF			46,128			32,600			13,528						(2,940)			—			60,228			57,288			70,816
iShares® International Treasury Bond ETF			—			284,068			(284,068)						(201,039)			—			821,356			620,317			336,249
iShares® S&P 500 Growth ETF			99,215			223,281			(124,066)						987,713			—			1,212,480			2,200,193			2,076,127
iShares® S&P 500 Value ETF			60,152			83,207			(23,055)						212,940			—			404,421			617,361			594,306
iShares® TIPS Bond ETF			5,488			4,976			512						1,433			—			(501)			932			1,444
Vanguard® Developed Markets Index Fund, ETF Shares			383,360			302,027			81,333						519,429			—			1,066,976			1,586,405			1,667,738
Vanguard® Dividend Appreciation Index Fund, ETF Shares			42,296			53,801			(11,505)						111,636			—			135,706			247,342			235,837
Vanguard® Emerging Markets Stock Index Fund, ETF Shares			15,209			11,780			3,429						(6,339)			—			30,593			24,254			27,683
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares			6,896			4,344			2,552						(972)			—			9,269			8,297			10,849
Vanguard® Large-Cap Index Fund, ETF Shares			29,226			45,207			(15,981)						168,869			—			256,478			425,347			409,366
Vanguard® Mega Cap Index Fund, ETF Shares			3,072			4,883			(1,811)						7,242			—			43,546			50,788			48,977
Vanguard® Real Estate Index Fund, ETF Shares			37,016			21,443			15,573						3,205			—			63,644			66,849			82,422
Vanguard® Short-Term Bond Index Fund, ETF Shares			7,344			8,171			(827)						(49)			—			6,418			6,369			5,542
Vanguard® Total Bond Market Index Fund, ETF Shares			2,540,810			2,091,421			449,389						(697,244)			—			2,574,590			1,877,346			2,326,735

(a) Name Change. See Note 1.						10
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

---

Separate Account I

of

Integrity Life Insurance Company

Statements of Changes in Net Assets

For the Year Ended December 31, 2023

			Inccrease (deccrease) in net assets from operations															Increase (decrease) in net assets from contract related transactions																														Unit Transactions
Subaccount			Net investment income (loss)			Realized gain (loss)			Change in net unrealized appreciation (depreciation) during the period			Net increase (decrease) in net assets resulting from operations						Contributions from contract holders			Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges			Net increase (decrease) in net assets from contract related transactions						Increase (decrease) in net assets			Net assets, beginning of period			Net assets, end of period						Units purchased			Units redeemed			Increase (decrease) in units
Affiliated:
Touchstone VST Balanced Fund			$	(60,463)		$	(3,467,589)		$	7,006,497		$	3,478,445					$	125,964		$	(9,987,986)		$	(28,978)		$	(110,125)		$	(10,001,125)					$	(6,522,680)		$	24,631,075		$	18,108,395					39,865			(1,069,312)			(1,029,447)
Touchstone VST Bond Fund			312,509			(451,556)			556,560			417,513						80,198			(2,116,134)			(687,993)			(133,645)			(2,857,574)						(2,440,061)			11,725,527			9,285,466						90,374			(401,380)			(311,006)
Touchstone VST Common Stock Fund			(214,589)			3,066,138			3,194,119			6,045,668						73,233			(6,168,585)			(630,077)			(66,035)			(6,791,464)						(745,796)			27,354,511			26,608,715						3,839			(451,706)			(447,867)
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio			5,213			131,594			178,778			315,585						—			(281,461)			(97)			(429)			(281,987)						33,598			1,705,338			1,738,936						—			(8,058)			(8,058)
Fidelity VIP Overseas Portfolio			(4,348)			49,601			180,367			225,620						—			(115,489)			(38,813)			(963)			(155,265)						70,355			1,241,149			1,311,504						881			(5,559)			(4,678)
Fidelity VIP Equity-Income Portfolio			37,449			355,580			286,525			679,554						844,004			(1,832,508)			(67,095)			(1,680)			(1,057,279)						(377,725)			8,337,458			7,959,733						961			(12,385)			(11,424)
Fidelity VIP Growth Portfolio			(89,891)			685,776			1,576,935			2,172,820						—			(408,987)			7,495			(1,566)			(403,058)						1,769,762			6,533,100			8,302,862						549			(2,168)			(1,619)
Fidelity VIP High Income Portfolio			12,296			(5,880)			18,936			25,352						55,314			(62,370)			(25,996)			(128)			(33,180)						(7,828)			305,274			297,446						383			(1,504)			(1,121)
Fidelity VIP Asset Manager Portfolio			24,167			7,168			235,957			267,292						—			(130,111)			1,748			(1,154)			(129,517)						137,775			2,412,766			2,550,541						390			(2,346)			(1,956)
Fidelity VIP Contrafund® Portfolio			(111,638)			776,587			2,873,860			3,538,809						269,070			(1,147,235)			(240,236)			(3,109)			(1,121,510)						2,417,299			11,740,448			14,157,747						921			(13,099)			(12,178)
Fidelity VIP Index 500 Portfolio			3,998			395,663			759,192			1,158,853						—			(578,079)			(17,394)			(1,243)			(596,716)						562,137			4,994,032			5,556,169						1			(13,754)			(13,753)
Fidelity VIP Investment Grade Bond Portfolio			19,803			(27,407)			84,147			76,543						—			(127,199)			7			(1,092)			(128,284)						(51,741)			1,700,727			1,648,986						1			(5,239)			(5,238)
Fidelity VIP Government Money Market			397,654			—			—			397,654						4,331			(7,554,111)			5,994,326			(6,538)			(1,561,992)						(1,164,338)			9,592,278			8,427,940						2,019,371			(2,172,306)			(152,935)
Non-Affiliated Service Class:
Fidelity VIP Equity-Income Portfolio			536			7,408			6,963			14,907						672			(17,915)			3			(38)			(17,278)						(2,371)			178,572			176,201						22			(595)			(573)
Fidelity VIP Growth Portfolio			(7,498)			74,167			99,891			166,560						—			(80,383)			(36,698)			(172)			(117,253)						49,307			515,467			564,774						—			(2,705)			(2,705)
Fidelity VIP High Income Portfolio			3,001			(10,939)			14,259			6,321						36,740			(81,118)			(1,639)			(18)			(46,035)						(39,714)			113,237			73,523						3,865			(6,754)			(2,889)
Fidelity VIP Asset Manager Portfolio			19			18			281			318						—			(529)			(2)			(15)			(546)						(228)			3,142			2,914						—			(27)			(27)
Fidelity VIP Contrafund® Portfolio			(8,195)			40,765			177,198			209,768						720			(44,497)			(13)			(167)			(43,957)						165,811			685,087			850,898						14			(902)			(888)
Fidelity VIP Balanced Portfolio			267			6,653			19,569			26,489						—			(2,401)			—			(50)			(2,451)						24,038			135,979			160,017						—			(82)			(82)
Fidelity VIP Mid Cap Portfolio			(19,564)			77,947			231,910			290,293						—			(150,539)			(11)			(511)			(151,061)						139,232			2,227,810			2,367,042						—			(1,653)			(1,653)
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio			10,486			18,763			122,210			151,459						7,034			(131,001)			4,981			(3,904)			(122,890)						28,569			1,432,126			1,460,695						885			(7,030)			(6,145)
Fidelity VIP Balanced Portfolio			12,591			385,981			990,148			1,388,720						40,376			(931,676)			(18,175)			(12,823)			(922,298)						466,422			7,427,998			7,894,420						1,275			(32,363)			(31,088)
Fidelity VIP Bond Index Portfolio			93,460			(86,408)			329,826			336,878						460,762			(249,201)			543,285			(103,111)			651,735						988,613			8,216,904			9,205,517						115,515			(42,692)			72,823
Fidelity VIP Contrafund® Portfolio			(345,913)			2,612,939			5,687,760			7,954,786						142,075			(5,834,942)			(874,190)			(111,232)			(6,678,289)						1,276,497			28,268,614			29,545,111						10,058			(186,332)			(176,274)
Fidelity VIP Disciplined Small Cap Portfolio			(11,757)			20,168			452,475			460,886						98,029			(220,171)			(2,823)			(23,008)			(147,973)						312,913			2,447,845			2,760,758						8,689			(15,272)			(6,583)
Fidelity VIP Equity-Income Portfolio			13,315			157,372			164,777			335,464						23,886			(430,339)			106,316			(13,579)			(313,716)						21,748			4,055,847			4,077,595						5,635			(18,880)			(13,245)
Fidelity VIP Extended Market Index Portfolio			235			354			3,023			3,612						2,100			(1,264)			14,713			(29)			15,520						19,132			10,933			30,065						1,425			(115)			1,310
Fidelity VIP Freedom 2010 Portfolio			5,532			16,372			(4,028)			17,876						—			(10,788)			547			(1,267)			(11,508)						6,368			245,879			252,247						43			(785)			(742)
Fidelity VIP Freedom 2015 Portfolio			10,097			(1,326)			37,210			45,981						—			(40,267)			3,007			(4,332)			(41,592)						4,389			533,945			538,334						197			(2,812)			(2,615)
Fidelity VIP Freedom 2020 Portfolio			52,293			(23,725)			331,000			359,568						—			(367,473)			(138,480)			(31,798)			(537,751)						(178,183)			3,670,176			3,491,993						82			(32,685)			(32,603)
Fidelity VIP Freedom 2025 Portfolio			65,209			11,893			523,448			600,550						1,500			(308,647)			139,592			(54,633)			(222,188)						378,362			5,259,609			5,637,971						7,608			(20,700)			(13,092)
Fidelity VIP Freedom 2030 Portfolio			7,318			23,041			83,371			113,730						15,582			(90,191)			35,687			(216)			(39,138)						74,592			925,222			999,814						2,855			(4,961)			(2,106)
Fidelity VIP Growth Portfolio			(241,819)			898,515			4,406,087			5,062,783						591,272			(1,487,748)			(1,368,311)			(88,798)			(2,353,585)						2,709,198			15,762,134			18,471,332						30,430			(85,176)			(54,746)
Fidelity VIP High Income Portfolio			227,828			(344,850)			449,051			332,029						10,124			(468,553)			(70,683)			(8,004)			(537,116)						(205,087)			5,320,947			5,115,860						237,155			(269,429)			(32,274)
Fidelity VIP Index 500 Portfolio			(62,389)			2,602,578			5,687,120			8,227,309						708,407			(3,410,940)			(31,074)			(134,296)			(2,867,903)						5,359,406			36,132,075			41,491,481						204,327			(304,442)			(100,115)
Fidelity VIP International Index Portfolio			32,077			5,513			253,340			290,930						142,585			(45,343)			(37,944)			(21,762)			37,536						328,466			1,985,192			2,313,658						16,965			(13,386)			3,579
Fidelity VIP Investment Grade Bond Portfolio			269,576			(733,084)			1,596,133			1,132,625						442,148			(3,632,590)			1,422,382			(255,443)			(2,023,503)						(890,878)			27,237,381			26,346,503						159,553			(319,861)			(160,308)
Fidelity VIP Mid Cap Portfolio			(63,742)			90,804			792,238			819,300						99,158			(496,023)			455,878			(14,145)			44,868						864,168			6,251,053			7,115,221						29,523			(28,274)			1,249
Fidelity VIP Overseas Portfolio			(13,523)			50,209			328,451			365,137						3,927			(303,595)			(8,594)			(6,248)			(314,510)						50,627			2,163,134			2,213,761						12,131			(31,276)			(19,145)
Fidelity VIP Target Volatility Portfolio			23,673			(21,317)			483,297			485,653						10,625			(278,929)			138,448			(59,420)			(189,276)						296,377			4,109,647			4,406,024						16,191			(29,951)			(13,760)
Fidelity VIP Total Market Index Portfolio			(10,878)			44,684			686,940			720,746						206,678			(104,230)			(158,147)			(38,079)			(93,778)						626,968			2,991,236			3,618,204						17,514			(23,653)			(6,139)
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund			(24,883)			71,163			97,594			143,874						25,992			(205,094)			53,338			(4,556)			(130,320)						13,554			1,783,846			1,797,400						5,331			(10,852)			(5,521)
Franklin Growth and Income VIP Fund			11,082			(154,871)			225,051			81,262						—			(122,972)			(17,351)			(672)			(140,995)						(59,733)			1,153,967			1,094,234						—			(3,818)			(3,818)
Franklin Income VIP Fund			109,995			151,877			(50,541)			211,331						83,386			(504,832)			(3,326)			(603)			(425,375)						(214,044)			3,120,727			2,906,683						191			(13,611)			(13,420)
LVIP JPMorgan Mid Cap Value Fund (a)			7,391			37,224			(7,072)			37,543						—			(14,185)			(7)			(286)			(14,478)						23,065			410,760			433,825						—			(358)			(358)
Morgan Stanley VIF Emerging Markets Debt Portfolio			13,643			(2,762)			8,049			18,930						—			(5,502)			352			(178)			(5,328)						13,602			185,735			199,337						20			(245)			(225)
Morgan Stanley VIF U.S. Real Estate Portfolio			4,472			(18,117)			113,333			99,688						—			(339,507)			1,115			(752)			(339,144)						(239,456)			998,255			758,799						27			(10,950)			(10,923)
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund			28,084			688,458			(141,379)			575,163						73,211			(998,626)			152,626			(96,851)			(869,640)						(294,477)			7,199,384			6,904,907						23,158			(87,151)			(63,993)
Columbia VP – Small Cap Value Fund			(29,027)			(41,306)			609,447			539,114						3,710			(378,401)			43,357			(14,234)			(345,568)						193,546			2,907,286			3,100,832						5,941			(15,620)			(9,679)

(a) Name Change. See Note 1.						11
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

---

Separate Account I

of

Integrity Life Insurance Company

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2023

			Inccrease (deccrease) in net assets from operations															Increase (decrease) in net assets from contract related transactions																														Unit Transactions
Subaccount			Net investment income (loss)			Realized gain (loss)			Change in net unrealized appreciation (depreciation) during the period			Net increase (decrease) in net assets resulting from operations						Contributions from contract holders			Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges			Net increase (decrease) in net assets from contract related transactions						Increase (decrease) in net assets			Net assets, beginning of period			Net assets, end of period						Units purchased			Units redeemed			Increase (decrease) in units
Non-Affiliated Class 2 (continued):
Franklin Growth and Income VIP Fund			$	57,759		$	(789,230)		$	1,239,351		$	507,880					$	77,622		$	(666,930)		$	173,862		$	(22,573)		$	(438,019)					$	69,861		$	7,259,880		$	7,329,741					13,214			(26,897)			(13,683)
Franklin Income VIP Fund			581,186			784,578			(286,799)			1,078,965						240,032			(2,105,736)			306,935			(25,245)			(1,584,014)						(505,049)			16,170,998			15,665,949						34,608			(115,907)			(81,299)
Franklin Large Cap Growth VIP Fund			(67,198)			(197,408)			1,830,598			1,565,992						71,976			(541,479)			(284,872)			(32,361)			(786,736)						779,256			4,367,942			5,147,198						2,959			(28,530)			(25,571)
Franklin Mutual Shares VIP Fund			98,409			769,745			1,389,361			2,257,515						516,146			(2,706,722)			176,592			(148,305)			(2,162,289)						95,226			20,130,416			20,225,642						43,088			(171,596)			(128,508)
Franklin Small Cap Value VIP Fund			(17,413)			39,922			168,175			190,684						14,818			(102,288)			(42,938)			(2,621)			(133,029)						57,655			1,839,881			1,897,536						1,506			(7,343)			(5,837)
Invesco V.I. American Franchise Fund			(33,444)			(136,626)			909,200			739,130						21,243			(519,504)			39,743			(6,968)			(465,486)						273,644			2,173,321			2,446,965						2,820			(17,518)			(14,698)
Invesco V.I. American Value Fund			(122,604)			2,550,100			(643,306)			1,784,190						332,448			(1,820,070)			637,502			(107,285)			(957,405)						826,785			12,848,960			13,675,745						55,164			(90,947)			(35,783)
Invesco V.I. Comstock Fund			18,317			1,328,962			(209,827)			1,137,452						466,547			(2,033,516)			621,387			(87,937)			(1,033,519)						103,933			11,241,144			11,345,077						31,535			(72,213)			(40,678)
Invesco V.I. EQV International Equity Fund			(57,467)			(117,042)			831,155			656,646						222,553			(707,628)			(111,610)			(41,211)			(637,896)						18,750			4,272,465			4,291,215						12,036			(58,949)			(46,913)
Invesco V.I. Discovery Mid Cap Growth Fund			(31,746)			(74,819)			372,740			266,175						153,851			(139,819)			78,308			(22,819)			69,521						335,696			2,292,513			2,628,209						22,071			(16,468)			5,603
Templeton Foreign VIP Fund			157,854			(162,952)			1,514,352			1,509,254						142,616			(902,439)			(483,314)			(71,685)			(1,314,822)						194,432			8,453,588			8,648,020						21,017			(141,270)			(120,253)
Templeton Global Bond VIP Fund			(26,695)			(93,606)			138,825			18,524						33,649			(272,043)			(59,093)			(877)			(298,364)						(279,840)			1,952,081			1,672,241						3,600			(42,806)			(39,206)
Templeton Growth VIP Fund			39,683			(30,902)			355,046			363,827						1,765			(149,511)			(53,470)			(2,207)			(203,423)						160,404			1,969,135			2,129,539						443			(12,685)			(12,242)
Morgan Stanley VIF Emerging Markets Debt Portfolio			40,838			(33,174)			48,358			56,022						960			(57,266)			4,936			(1,526)			(52,896)						3,126			585,540			588,666						920			(4,740)			(3,820)
Morgan Stanley VIF Emerging Markets Equity Portfolio			469			(181,906)			311,902			130,465						2,144			(263,012)			20,580			(3,410)			(243,698)						(113,233)			1,582,224			1,468,991						11,191			(33,970)			(22,779)
Morgan Stanley VIF U.S. Real Estate Portfolio			21,248			(259,708)			653,872			415,412						53,218			(416,420)			102,588			(28,856)			(289,470)						125,942			3,453,633			3,579,575						16,891			(40,595)			(23,704)
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund			(189,053)			(207,199)			5,632,407			5,236,155						346,604			(2,170,439)			(3,703,250)			(167,908)			(5,694,993)						(458,838)			14,416,611			13,957,773						11,258			(216,704)			(205,446)
BlackRock Global Allocation V.I. Fund			17,182			(30,006)			176,315			163,491						33,010			(172,166)			20,952			(8,135)			(126,339)						37,152			1,533,387			1,570,539						4,286			(13,021)			(8,735)
BlackRock High Yield V.I. Fund			47,794			(16,773)			69,274			100,295						13,429			(108,289)			4,670			(8,313)			(98,503)						1,792			915,499			917,291						3,187			(11,139)			(7,952)
BlackRock Total Return V.I. Fund			40,004			(58,621)			81,483			62,866						109,266			(255,817)			245,671			(22,186)			76,934						139,800			1,731,417			1,871,217						40,677			(33,272)			7,405
TOPS® Managed Risk Moderate Growth ETF Portfolio			(25,669)			(986,547)			1,211,096			198,880						—			(533,617)			21,197			(33,297)			(545,717)						(346,837)			2,533,520			2,186,683						7,886			(52,408)			(44,522)
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America			47,478			(67,767)			98,588			78,299						142,772			(337,401)			245,837			(27,373)			23,835						102,134			2,430,395			2,532,529						33,378			(31,005)			2,373
American Funds I.S. Capital Income Builder Fund			18,086			23,623			56,199			97,908						77,376			(234,559)			37,008			(5,803)			(125,978)						(28,070)			1,450,384			1,422,314						8,201			(18,544)			(10,343)
American Funds I.S. Global Growth Fund			(68,841)			880,677			816,729			1,628,565						123,022			(730,840)			(52,182)			(4,249)			(664,249)						964,316			8,246,742			9,211,058						3,657			(36,746)			(33,089)
American Funds I.S. Growth Fund			(172,322)			1,022,631			3,413,210			4,263,519						203,642			(1,728,543)			390,057			(18,510)			(1,153,354)						3,110,165			12,216,589			15,326,754						22,797			(61,788)			(38,991)
American Funds I.S. Growth-Income Fund			(53,989)			1,170,974			2,067,444			3,184,429						136,708			(3,126,215)			(45,689)			(21,945)			(3,057,141)						127,288			15,026,804			15,154,092						8,967			(148,742)			(139,775)
American Funds I.S. New World Fund			(1,457)			(3,235)			344,155			339,463						64,563			(202,806)			26,492			(21,450)			(133,201)						206,262			2,463,499			2,669,761						12,015			(22,350)			(10,335)
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund			(1,031)			(38,574)			88,343			48,738						—			(27,754)			30,035			(57)			2,224						50,962			313,452			364,414						4,389			(4,306)			83
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund			(10,118)			(30,324)			307,789			267,347						124,476			(100,007)			145,925			(8,967)			161,427						428,774			1,662,552			2,091,326						24,540			(17,790)			6,750
Advisor Class:
PIMCO VIT All Asset Portfolio			6,718			(21,727)			43,667			28,658						800			(112,401)			(17,756)			(1,533)			(130,890)						(102,232)			534,542			432,310						456			(9,184)			(8,728)
PIMCO VIT International Bond Portfolio (US Dollar Hedged)			560			660			1,873			3,093						—			(1,927)			521			(78)			(1,484)						1,609			41,367			42,976						125			(273)			(148)
PIMCO VIT CommodityRealReturn® Strategy Portfolio			220,637			(52,355)			(316,622)			(148,340)						1,680			(251,719)			148,450			(13,522)			(115,111)						(263,451)			1,624,607			1,361,156						36,191			(57,966)			(21,775)
PIMCO VIT Long-Term U.S. Government Portfolio			2,230			(27,975)			30,853			5,108						720			(24,767)			(3,474)			(614)			(28,135)						(23,027)			240,711			217,684						1,484			(4,716)			(3,232)
PIMCO VIT Low Duration Portfolio			105,002			(83,797)			153,832			175,037						66,086			(626,171)			(1,134,396)			(19,864)			(1,714,345)						(1,539,308)			6,369,177			4,829,869						71,665			(237,431)			(165,766)
PIMCO VIT Real Return Portfolio			9,461			(32,145)			30,806			8,122						26,095			(110,298)			(103,809)			(1,038)			(189,050)						(180,928)			673,464			492,536						2,577			(18,361)			(15,784)
PIMCO VIT Total Return Portfolio			878,441			(1,124,315)			2,020,356			1,774,482						1,237,163			(5,662,364)			2,210,192			(427,814)			(2,642,823)						(868,341)			42,970,852			42,102,511						195,564			(408,492)			(212,928)
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund			5,761			8,912			(7,759)			6,914						656			(33,139)			8,489			(2,095)			(26,089)						(19,175)			267,980			248,805						2,476			(6,069)			(3,593)
Guggenheim VT Multi-Hedge Strategies Fund			2,629			3,030			(135)			5,524						1,192			(18,310)			(1,347)			(925)			(19,390)						(13,866)			192,481			178,615						1,042			(3,085)			(2,043)
Guggenheim VT Long Short Equity Fund			(1,154)			882			11,167			10,895						720			(5,704)			(1,092)			(138)			(6,214)						4,681			98,527			103,208						131			(641)			(510)
ETF Shares:
iShares® Core S&P 500 ETF			(845,340)			8,869,553			9,493,603			17,517,816						2,754,676			(9,471,711)			(6,077,515)			—			(12,794,550)						4,723,266			81,346,261			86,069,527						95,220			(206,696)			(111,476)
iShares® Core S&P Mid-Cap ETF			(237,127)			1,582,869			1,798,993			3,144,735						753,131			(2,572,759)			457,337			—			(1,362,291)						1,782,444			23,402,232			25,184,676						49,687			(51,748)			(2,061)
iShares® Core S&P Small-Cap ETF			(142,765)			562,080			1,270,621			1,689,936						468,244			(1,325,768)			689,681			—			(167,843)						1,522,093			12,290,236			13,812,329						37,177			(25,096)			12,081
iShares® Core U.S. Aggregate Bond ETF			6,554			(44,575)			73,223			35,202						32,361			(296,919)			100,083			—			(164,475)						(129,273)			1,613,010			1,483,737						6,672			(14,079)			(7,407)
iShares® iBoxx $ High Yield Corporate Bond ETF			28,046			8,678			29,454			66,178						16,229			(50,978)			182			—			(34,567)						31,611			756,765			788,376						967			(1,902)			(935)
iShares® 5-10 Year Investment Grade Corporate Bond ETF			13,528			(2,940)			60,228			70,816						181,269			(419,805)			76,782			—			(161,754)						(90,938)			1,241,907			1,150,969						12,787			(18,494)			(5,707)
iShares® International Treasury Bond ETF			(284,068)			(201,039)			821,356			336,249						346,004			(1,180,537)			924,211			—			89,678						425,927			11,072,872			11,498,799						67,860			(63,227)			4,633
iShares® S&P 500 Growth ETF			(124,066)			987,713			1,212,480			2,076,127						220,612			(862,598)			(753,897)			—			(1,395,883)						680,244			8,227,752			8,907,996						10,760			(22,724)			(11,964)
iShares® S&P 500 Value ETF			(23,055)			212,940			404,421			594,306						57,073			(381,547)			(136,900)			—			(461,374)						132,932			3,363,018			3,495,950						3,399			(8,766)			(5,367)
iShares® TIPS Bond ETF			512			1,433			(501)			1,444						23,951			(25,878)			8,816			—			6,889						8,333			187,370			195,703						1,530			(1,251)			279
Vanguard® Developed Markets Index Fund, ETF Shares			81,333			519,429			1,066,976			1,667,738						345,299			(1,322,877)			(470,131)			—			(1,447,709)						220,029			11,879,955			12,099,984						20,981			(54,811)			(33,830)
Vanguard® Dividend Appreciation Index Fund, ETF Shares			(11,505)			111,636			135,706			235,837						154,716			(278,398)			(30,384)			—			(154,066)						81,771			2,080,651			2,162,422						6,839			(5,057)			1,782
Vanguard® Emerging Markets Stock Index Fund, ETF Shares			3,429			(6,339)			30,593			27,683						14,820			(113,701)			16,096			—			(82,785)						(55,102)			473,716			418,614						1,922			(5,085)			(3,163)

(a) Name Change. See Note 1.						12
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

---

Separate Account I

of

Integrity Life Insurance Company

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2023

			Inccrease (deccrease) in net assets from operations															Increase (decrease) in net assets from contract related transactions																														Unit Transactions
Subaccount			Net investment income (loss)			Realized gain (loss)			Change in net unrealized appreciation (depreciation) during the period			Net increase (decrease) in net assets resulting from operations						Contributions from contract holders			Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges			Net increase (decrease) in net assets from contract related transactions						Increase (decrease) in net assets			Net assets, beginning of period			Net assets, end of period						Units purchased			Units redeemed			Increase (decrease) in units
ETF Shares (continued):
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares			$	2,552		$	(972)		$	9,269		$	10,849					$	—		$	(29,170)		$	2,498		$	—		$	(26,672)					$	(15,823)		$	190,803		$	174,980					185			(1,200)			(1,015)
Vanguard® Large-Cap Index Fund, ETF Shares			(15,981)			168,869			256,478			409,366						57,500			(293,473)			(61,527)			—			(297,500)						111,866			1,828,904			1,940,770						2,947			(5,272)			(2,325)
Vanguard® Mega Cap Index Fund, ETF Shares			(1,811)			7,242			43,546			48,977						1,183			(12,853)			2,156			—			(9,514)						39,463			185,836			225,299						192			(326)			(134)
Vanguard® Real Estate Index Fund, ETF Shares			15,573			3,205			63,644			82,422						8,082			(30,752)			30,429			—			7,759						90,181			865,779			955,960						1,730			(1,135)			595
Vanguard® Short-Term Bond Index Fund, ETF Shares			(827)			(49)			6,418			5,542						—			(41,595)			8,357			—			(33,238)						(27,696)			303,609			275,913						897			(2,516)			(1,619)
Vanguard® Total Bond Market Index Fund, ETF Shares			449,389			(697,244)			2,574,590			2,326,735						2,602,477			(8,825,893)			6,244,402			—			20,986						2,347,721			80,212,666			82,560,387						347,131			(344,045)			3,086

(a) Name Change. See Note 1.						13
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

---

Separate Account I

of

Integrity Life Insurance Company

Statements of Changes in Net Assets

For the Year Ended December 31, 2022

			Inccrease (deccrease) in net assets from operations															Increase (decrease) in net assets from contract related transactions																														Unit Transactions
Subaccount			Net investment income (loss)			Realized gain (loss)			Change in net unrealized appreciation (depreciation) during the period			Net increase (decrease) in net assets resulting from operations						Contributions from contract holders			Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges			Net increase (decrease) in net assets from contract related transactions						Increase (decrease) in net assets			Net assets, beginning of period			Net assets, end of period						Units purchased			Units redeemed			Increase (decrease) in units
Affiliated:
Touchstone VST Balanced Fund			$	(250,471)		$	5,757,133		$	(10,972,031)		$	(5,465,369)					$	1,369,345		$	(2,813,645)		$	(435,697)		$	(85,303)		$	(1,965,300)					$	(7,430,669)		$	32,061,744		$	24,631,075					137,829			(356,992)			(219,163)
Touchstone VST Bond Fund			33,094			(57,759)			(2,292,409)			(2,317,074)						134,915			(650,188)			(1,059,973)			(125,772)			(1,701,018)						(4,018,092)			15,743,619			11,725,527						46,818			(227,235)			(180,417)
Touchstone VST Common Stock Fund			(353,915)			4,851,086			(11,308,682)			(6,811,511)						99,026			(2,529,164)			(210,417)			(55,267)			(2,695,822)						(9,507,333)			36,861,844			27,354,511						27,979			(217,184)			(189,205)
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio			(2,207)			186,701			(628,889)			(444,395)						—			(255,339)			—			(512)			(255,851)						(700,246)			2,405,584			1,705,338						—			(8,160)			(8,160)
Fidelity VIP Overseas Portfolio			(4,906)			33,824			(517,333)			(488,415)						—			(167,234)			87			(890)			(168,037)						(656,452)			1,897,601			1,241,149						1			(4,362)			(4,361)
Fidelity VIP Equity-Income Portfolio			44,549			582,171			(1,203,071)			(576,351)						77,247			(1,102,397)			289,643			(1,836)			(737,343)						(1,313,694)			9,651,152			8,337,458						23,475			(29,282)			(5,807)
Fidelity VIP Growth Portfolio			(55,654)			951,761			(3,267,947)			(2,371,840)						—			(537,357)			618			(1,728)			(538,467)						(2,910,307)			9,443,407			6,533,100						—			(2,299)			(2,299)
Fidelity VIP High Income Portfolio			11,682			(6,539)			(56,057)			(50,914)						5,747			(106,593)			(413)			(147)			(101,406)						(152,320)			457,594			305,274						26			(3,310)			(3,284)
Fidelity VIP Asset Manager Portfolio			16,018			213,633			(744,882)			(515,231)						68,046			(430,337)			(488)			(1,152)			(363,931)						(879,162)			3,291,928			2,412,766						5			(5,536)			(5,531)
Fidelity VIP Contrafund® Portfolio			(113,185)			809,200			(5,292,639)			(4,596,624)						43,727			(970,340)			292,034			(3,261)			(637,840)						(5,234,464)			16,974,912			11,740,448						2,942			(9,479)			(6,537)
Fidelity VIP Index 500 Portfolio			4,477			207,284			(1,475,821)			(1,264,060)						—			(430,923)			(1,502)			(1,435)			(433,860)						(1,697,920)			6,691,952			4,994,032						—			(6,215)			(6,215)
Fidelity VIP Investment Grade Bond Portfolio			15,508			81,361			(393,921)			(297,052)						—			(201,955)			(4)			(995)			(202,954)						(500,006)			2,200,733			1,700,727						1			(7,955)			(7,954)
Fidelity VIP Government Money Market			9,529			—			(4)			9,525						74,781			(3,247,674)			5,709,303			(5,794)			2,530,616						2,540,141			7,052,137			9,592,278						790,696			(523,126)			267,570
Non-Affiliated Service Class:
Fidelity VIP Equity-Income Portfolio			65			16,504			(34,014)			(17,445)						672			(37,216)			(18,838)			(42)			(55,424)						(72,869)			251,441			178,572						20			(1,947)			(1,927)
Fidelity VIP Growth Portfolio			(5,232)			72,464			(256,824)			(189,592)						—			(53,350)			9			(217)			(53,558)						(243,150)			758,617			515,467						—			(1,410)			(1,410)
Fidelity VIP High Income Portfolio			4,650			(5,393)			(13,385)			(14,128)						—			(11,423)			61,152			(30)			49,699						35,571			77,666			113,237						4,870			(1,993)			2,877
Fidelity VIP Asset Manager Portfolio			17			227			(885)			(641)						—			(177)			1			(16)			(192)						(833)			3,975			3,142						—			(10)			(10)
Fidelity VIP Contrafund® Portfolio			(8,204)			52,745			(314,728)			(270,187)						720			(48,772)			(1)			(201)			(48,254)						(318,441)			1,003,528			685,087						12			(1,029)			(1,017)
Fidelity VIP Balanced Portfolio			(416)			10,600			(43,268)			(33,084)						—			(3,661)			—			(63)			(3,724)						(36,808)			172,787			135,979						—			(133)			(133)
Fidelity VIP Mid Cap Portfolio			(24,577)			167,454			(626,653)			(483,776)						—			(330,668)			(67,612)			(562)			(398,842)						(882,618)			3,110,428			2,227,810						—			(4,525)			(4,525)
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio			6,778			123,215			(436,531)			(306,538)						5,306			(299,349)			10,584			(3,028)			(286,487)						(593,025)			2,025,151			1,432,126						886			(15,850)			(14,964)
Fidelity VIP Balanced Portfolio			(48,248)			744,400			(2,927,161)			(2,231,009)						401,482			(3,278,061)			1,695,824			(12,561)			(1,193,316)						(3,424,325)			10,852,323			7,427,998						82,187			(139,628)			(57,441)
Fidelity VIP Bond Index Portfolio			25,884			(84,538)			(994,124)			(1,052,778)						3,426,303			(264,290)			495,346			(57,924)			3,599,435						2,546,657			5,670,247			8,216,904						430,240			(52,392)			377,848
Fidelity VIP Contrafund® Portfolio			(383,085)			3,165,552			(14,320,595)			(11,538,128)						699,622			(3,891,965)			8,022			(88,051)			(3,272,372)						(14,810,500)			43,079,114			28,268,614						58,578			(151,627)			(93,049)
Fidelity VIP Disciplined Small Cap Portfolio			(18,639)			397,910			(929,440)			(550,169)						394,317			(162,288)			161,671			(15,804)			377,896						(172,273)			2,620,118			2,447,845						27,747			(11,301)			16,446
Fidelity VIP Equity-Income Portfolio			9,686			296,747			(634,893)			(328,460)						84,193			(598,316)			(81,578)			(9,655)			(605,356)						(933,816)			4,989,663			4,055,847						28,378			(48,608)			(20,230)
Fidelity VIP Extended Market Index Portfolio			(430)			(12,658)			(960)			(14,048)						—			—			(48,170)			(80)			(48,250)						(62,298)			73,231			10,933						10			(4,104)			(4,094)
Fidelity VIP Freedom 2010 Portfolio			1,303			17,472			(71,899)			(53,124)						—			(71,830)			(614)			(1,015)			(73,459)						(126,583)			372,462			245,879						19			(4,752)			(4,733)
Fidelity VIP Freedom 2015 Portfolio			2,613			37,776			(157,376)			(116,987)						1,650			(141,505)			(1,795)			(3,781)			(145,431)						(262,418)			796,363			533,945						1,055			(9,844)			(8,789)
Fidelity VIP Freedom 2020 Portfolio			14,776			467,894			(1,358,179)			(875,509)						203,447			(644,825)			(264,562)			(24,946)			(730,886)						(1,606,395)			5,276,571			3,670,176						14,530			(58,968)			(44,438)
Fidelity VIP Freedom 2025 Portfolio			21,986			516,117			(1,854,825)			(1,316,722)						32,368			(988,833)			148,441			(48,635)			(856,659)						(2,173,381)			7,432,990			5,259,609						9,935			(60,532)			(50,597)
Fidelity VIP Freedom 2030 Portfolio			2,193			72,515			(277,573)			(202,865)						12,820			(21,882)			65,734			(189)			56,483						(146,382)			1,071,604			925,222						4,077			(1,223)			2,854
Fidelity VIP Growth Portfolio			(192,599)			1,816,389			(7,418,771)			(5,794,981)						1,553,177			(2,386,932)			(254,347)			(63,186)			(1,151,288)						(6,946,269)			22,708,403			15,762,134						84,612			(118,768)			(34,156)
Fidelity VIP High Income Portfolio			238,409			(173,027)			(594,969)			(529,587)						71,973			(401,835)			4,177,258			(6,410)			3,840,986						3,311,399			2,009,548			5,320,947						304,612			(127,635)			176,977
Fidelity VIP Index 500 Portfolio			(87,873)			4,216,476			(13,462,430)			(9,333,827)						1,253,514			(5,057,488)			(2,586,309)			(100,477)			(6,490,760)						(15,824,587)			51,956,662			36,132,075						149,316			(362,922)			(213,606)
Fidelity VIP International Index Portfolio			22,765			491			(277,069)			(253,813)						748,477			(42,852)			288,075			(11,755)			981,945						728,132			1,257,060			1,985,192						99,577			(6,940)			92,637
Fidelity VIP Investment Grade Bond Portfolio			194,343			1,169,896			(6,203,178)			(4,838,939)						1,242,757			(3,111,895)			(14,015)			(209,121)			(2,092,274)						(6,931,213)			34,168,594			27,237,381						126,488			(285,551)			(159,063)
Fidelity VIP Mid Cap Portfolio			(76,783)			425,013			(1,682,380)			(1,334,150)						232,117			(397,469)			(805,479)			(11,393)			(982,224)						(2,316,374)			8,567,427			6,251,053						11,337			(39,008)			(27,671)
Fidelity VIP Overseas Portfolio			(12,821)			71,580			(815,915)			(757,156)						9,154			(228,491)			158,431			(4,844)			(65,750)						(822,906)			2,986,040			2,163,134						19,618			(26,352)			(6,734)
Fidelity VIP Target Volatility Portfolio			32,012			45,610			(894,872)			(817,250)						29,500			(347,919)			631,946			(45,042)			268,485						(548,765)			4,658,412			4,109,647						46,691			(28,343)			18,348
Fidelity VIP Total Market Index Portfolio			6,454			41,193			(588,191)			(540,544)						1,352,702			(125,211)			176,023			(20,271)			1,383,243						842,699			2,148,537			2,991,236						116,141			(14,604)			101,537
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund			(31,753)			268,193			(516,415)			(279,975)						109,810			(155,162)			(8,030)			(3,422)			(56,804)						(336,779)			2,120,625			1,783,846						34,221			(38,686)			(4,465)
Franklin Growth and Income VIP Fund			27,021			368,762			(516,162)			(120,379)						—			(220,334)			(57)			(799)			(221,190)						(341,569)			1,495,536			1,153,967						—			(6,196)			(6,196)
Franklin Income VIP Fund			127,550			108,000			(486,300)			(250,750)						21,936			(566,950)			(22,651)			(712)			(568,377)						(819,127)			3,939,854			3,120,727						434			(18,735)			(18,301)
JP Morgan IT Mid Cap Value			(1,852)			67,118			(109,383)			(44,117)						—			(11,732)			(9,183)			(250)			(21,165)						(65,282)			476,042			410,760						2			(572)			(570)
Morgan Stanley VIF Emerging Markets Debt Portfolio			12,703			(7,623)			(55,064)			(49,984)						15			(14,400)			188			(243)			(14,440)						(64,424)			250,159			185,735						25			(640)			(615)
Morgan Stanley VIF U.S. Real Estate Portfolio			(1,741)			244,484			(652,948)			(410,205)						—			(42,751)			(20,053)			(734)			(63,538)						(473,743)			1,471,998			998,255						832			(2,519)			(1,687)
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund			57,075			309,323			(1,566,339)			(1,199,941)						695,816			(224,602)			389,583			(67,181)			793,616						(406,325)			7,605,709			7,199,384						87,285			(29,894)			57,391
Columbia VP – Small Cap Value Fund			(29,322)			995,160			(1,303,662)			(337,824)						50,691			(323,776)			102,516			(11,345)			(181,914)						(519,738)			3,427,024			2,907,286						6,600			(11,884)			(5,284)

(a) Name Change. See Note 1.						14
(b) New Underlying Fund. Note 1.
(c) Merger. See Note 1.

---

Separate Account I

of

Integrity Life Insurance Company

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2022

			Inccrease (deccrease) in net assets from operations															Increase (decrease) in net assets from contract related transactions																														Unit Transactions
Subaccount			Net investment income (loss)			Realized gain (loss)			Change in net unrealized appreciation (depreciation) during the period			Net increase (decrease) in net assets resulting from operations						Contributions from contract holders			Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges			Net increase (decrease) in net assets from contract related transactions						Increase (decrease) in net assets			Net assets, beginning of period			Net assets, end of period						Units purchased			Units redeemed			Increase (decrease) in units
Non-Affiliated Class 2 (continued):
Franklin Growth and Income VIP Fund			$	120,684		$	2,721,539		$	(3,524,367)		$	(682,144)					$	98,136		$	(782,090)		$	103,402		$	(15,996)		$	(596,548)					$	(1,278,692)		$	8,538,572		$	7,259,880					15,131			(35,013)			(19,882)
Franklin Income VIP Fund			593,806			328,008			(2,144,720)			(1,222,906)						188,507			(1,603,239)			794,512			(20,917)			(641,137)						(1,864,043)			18,035,041			16,170,998						71,567			(93,746)			(22,179)
Franklin Large Cap Growth VIP Fund			(80,424)			958,054			(3,789,510)			(2,911,880)						423,371			(326,651)			(1,333,790)			(23,467)			(1,260,537)						(4,172,417)			8,540,359			4,367,942						30,440			(60,580)			(30,140)
Franklin Mutual Shares VIP Fund			100,371			1,982,474			(4,055,736)			(1,972,891)						1,706,452			(2,019,204)			(553,683)			(108,186)			(974,621)						(2,947,512)			23,077,928			20,130,416						96,667			(166,489)			(69,822)
Franklin Small Cap Value VIP Fund			(9,329)			351,089			(596,597)			(254,837)						32,647			(135,949)			(64,211)			(2,143)			(169,656)						(424,493)			2,264,374			1,839,881						1,654			(9,252)			(7,598)
Invesco V.I. American Franchise Fund			(40,481)			696,528			(1,815,114)			(1,159,067)						43,521			(210,477)			(189,895)			(5,744)			(362,595)						(1,521,662)			3,694,983			2,173,321						5,851			(18,291)			(12,440)
Invesco V.I. American Value Fund			(99,061)			2,177,167			(2,481,432)			(403,326)						1,600,409			(912,397)			473,233			(74,217)			1,087,028						683,702			12,165,258			12,848,960						150,104			(98,907)			51,197
Invesco V.I. Comstock Fund			(5,957)			518,090			(575,060)			(62,927)						963,549			(1,106,333)			(1,014,849)			(65,948)			(1,223,581)						(1,286,508)			12,527,652			11,241,144						31,578			(86,411)			(54,833)
Invesco V.I. EQV International Equity Fund			5,072			471,629			(1,468,758)			(992,057)						522,847			(427,987)			226,901			(29,781)			291,980						(700,077)			4,972,542			4,272,465						55,986			(34,839)			21,147
Invesco V.I. Discovery Mid Cap Growth Fund			(32,198)			784,976			(1,712,714)			(959,936)						307,678			(74,681)			172,967			(15,660)			390,304						(569,632)			2,862,145			2,292,513						42,881			(13,554)			29,327
Templeton Foreign VIP Fund			144,435			(209,287)			(725,882)			(790,734)						750,619			(824,388)			13,668			(51,511)			(111,612)						(902,346)			9,355,934			8,453,588						96,723			(111,734)			(15,011)
Templeton Global Bond VIP Fund			(32,835)			(170,009)			53,013			(149,831)						61,904			(512,331)			(137,873)			(1,340)			(589,640)						(739,471)			2,691,552			1,952,081						1,033			(74,704)			(73,671)
Templeton Growth VIP Fund			(26,724)			(53,011)			(237,765)			(317,500)						870			(212,705)			(5,685)			(1,840)			(219,360)						(536,860)			2,505,995			1,969,135						3,885			(16,507)			(12,622)
Morgan Stanley VIF Emerging Markets Debt Portfolio			38,595			(28,342)			(166,012)			(155,759)						12,251			(61,231)			24,087			(1,164)			(26,057)						(181,816)			767,356			585,540						3,015			(4,424)			(1,409)
Morgan Stanley VIF Emerging Markets Equity Portfolio			(19,072)			103,073			(671,997)			(587,996)						25,926			(125,127)			97,499			(2,822)			(4,524)						(592,520)			2,174,744			1,582,224						18,322			(20,876)			(2,554)
Morgan Stanley VIF U.S. Real Estate Portfolio			(16,707)			638,391			(1,962,667)			(1,340,983)						342,310			(315,346)			281,962			(21,499)			287,427						(1,053,556)			4,507,189			3,453,633						88,084			(68,046)			20,038
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund			133,557			(25,388)			(8,606,984)			(8,498,815)						849,789			(940,997)			1,682,171			(147,921)			1,443,042						(7,055,773)			21,472,384			14,416,611						103,293			(51,673)			51,620
BlackRock Global Allocation V.I. Fund			(21,532)			2,083			(292,883)			(312,332)						227,482			(168,575)			58,026			(5,099)			111,834						(200,498)			1,733,885			1,533,387						27,404			(20,198)			7,206
BlackRock High Yield V.I. Fund			35,233			(7,223)			(147,439)			(119,429)						48,594			(18,857)			27,985			(5,931)			51,791						(67,638)			983,137			915,499						10,142			(6,111)			4,031
BlackRock Total Return V.I. Fund			8,295			(34,077)			(309,911)			(335,693)						207,757			(109,818)			(119,997)			(15,572)			(37,630)						(373,323)			2,104,740			1,731,417						27,429			(32,368)			(4,939)
TOPS® Managed Risk Moderate Growth ETF Portfolio			444,571			578,337			(1,525,888)			(502,980)						78,846			(479,770)			8,354			(31,098)			(423,668)						(926,648)			3,460,168			2,533,520						9,765			(45,878)			(36,113)
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America			34,200			(535)			(422,549)			(388,884)						254,866			(164,967)			(14,233)			(19,487)			56,179						(332,705)			2,763,100			2,430,395						43,752			(38,663)			5,089
American Funds I.S. Capital Income Builder Fund			16,421			18,937			(152,774)			(117,416)						89,891			(91,123)			206,774			(3,844)			201,698						84,282			1,366,102			1,450,384						27,685			(11,189)			16,496
American Funds I.S. Global Growth Fund			(101,540)			1,585,340			(4,933,937)			(3,450,137)						475,966			(1,845,639)			(656,665)			(3,491)			(2,029,829)						(5,479,966)			13,726,708			8,246,742						12,924			(117,499)			(104,575)
American Funds I.S. Growth Fund			(184,046)			2,186,283			(7,576,415)			(5,574,178)						154,831			(482,169)			120,613			(14,380)			(221,105)						(5,795,283)			18,011,872			12,216,589						31,757			(40,118)			(8,361)
American Funds I.S. Growth-Income Fund			(79,659)			2,523,316			(6,263,248)			(3,819,591)						710,759			(2,917,388)			(1,116,406)			(18,479)			(3,341,514)						(7,161,105)			22,187,909			15,026,804						14,436			(174,222)			(159,786)
American Funds I.S. New World Fund			(2,557)			213,341			(825,022)			(614,238)						395,546			(118,090)			317,143			(13,861)			580,738						(33,500)			2,496,999			2,463,499						53,131			(8,773)			44,358
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund			(1,862)			55,486			(146,844)			(93,220)						3,873			(45,213)			(27,916)			(85)			(69,341)						(162,561)			476,013			313,452						3,559			(5,273)			(1,714)
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund			(13,595)			238,087			(689,235)			(464,743)						131,623			(86,115)			(166,080)			(6,273)			(126,845)						(591,588)			2,254,140			1,662,552						20,217			(21,428)			(1,211)
Advisor Class:
PIMCO VIT All Asset Portfolio			36,105			44,624			(168,701)			(87,972)						200			(36,455)			(31,068)			(1,263)			(68,586)						(156,558)			691,100			534,542						302			(4,712)			(4,410)
PIMCO VIT International Bond Portfolio (US Dollar Hedged)			141			(4,829)			(4,471)			(9,159)						—			(614)			(32,733)			(81)			(33,428)						(42,587)			83,954			41,367						75			(3,387)			(3,312)
PIMCO VIT CommodityRealReturn® Strategy Portfolio			359,994			129,113			(303,468)			185,639						70,941			(225,967)			(265,799)			(11,329)			(432,154)						(246,515)			1,871,122			1,624,607						74,549			(142,436)			(67,887)
PIMCO VIT Long-Term U.S. Government Portfolio			1,730			(16,351)			(96,823)			(111,444)						10,720			(23,692)			4,351			(611)			(9,232)						(120,676)			361,387			240,711						63,810			(65,265)			(1,455)
PIMCO VIT Low Duration Portfolio			(6,676)			(561,172)			(313,664)			(881,512)						324,223			(1,260,582)			(2,274,988)			(15,162)			(3,226,509)						(4,108,021)			10,477,198			6,369,177						706,323			(1,032,759)			(326,436)
PIMCO VIT Real Return Portfolio			70,782			(107,914)			(150,344)			(187,476)						156			(157,127)			114,371			(982)			(43,582)						(231,058)			904,522			673,464						63,405			(72,403)			(8,998)
PIMCO VIT Total Return Portfolio			511,667			(860,557)			(7,573,109)			(7,921,999)						5,168,774			(4,605,200)			292,215			(320,493)			535,296						(7,386,703)			50,357,555			42,970,852						404,357			(382,498)			21,859
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund			4,561			(2,124)			24,779			27,216						840			(84,167)			(35,182)			(1,992)			(120,501)						(93,285)			361,265			267,980						21,913			(40,623)			(18,710)
Guggenheim VT Multi-Hedge Strategies Fund			(634)			6,418			(15,937)			(10,153)						1,152			(10,545)			(18,895)			(739)			(29,027)						(39,180)			231,661			192,481						264			(3,304)			(3,040)
Guggenheim VT Long Short Equity Fund			(940)			215			(17,685)			(18,410)						560			(1,541)			(1,829)			(118)			(2,928)						(21,338)			119,865			98,527						228			(473)			(245)
ETF Shares:
iShares® Core S&P 500 ETF			(913,484)			5,825,303			(25,864,094)			(20,952,275)						4,252,904			(8,595,295)			764,805			—			(3,577,586)						(24,529,861)			105,876,122			81,346,261						193,615			(132,639)			60,976
iShares® Core S&P Mid-Cap ETF			(241,721)			1,659,176			(5,921,779)			(4,504,324)						1,221,435			(2,464,038)			(799,735)			—			(2,042,338)						(6,546,662)			29,948,894			23,402,232						56,915			(62,705)			(5,790)
iShares® Core S&P Small-Cap ETF			(167,758)			796,231			(3,470,420)			(2,841,947)						664,075			(1,248,535)			10,169			—			(574,291)						(3,416,238)			15,706,474			12,290,236						32,829			(25,577)			7,252
iShares® Core U.S. Aggregate Bond ETF			(7,853)			(10,424)			(274,786)			(293,063)						154,430			(95,491)			(11,111)			—			47,828						(245,235)			1,858,245			1,613,010						9,808			(7,706)			2,102
iShares® iBoxx $ High Yield Corporate Bond ETF			22,737			11,245			(151,657)			(117,675)						73,751			(84,759)			(5,733)			—			(16,741)						(134,416)			891,181			756,765						3,117			(3,001)			116
iShares® 5-10 Year Investment Grade Corporate Bond ETF			2,171			(5,022)			(237,289)			(240,140)						47,450			(62,399)			22,867			—			7,918						(232,222)			1,474,129			1,241,907						5,567			(4,929)			638
iShares® International Treasury Bond ETF			(289,124)			(130,500)			(2,883,937)			(3,303,561)						572,389			(1,152,007)			1,411,868			—			832,250						(2,471,311)			13,544,183			11,072,872						98,026			(51,761)			46,265
iShares® S&P 500 Growth ETF			(159,904)			667,560			(4,086,058)			(3,578,402)						502,244			(961,755)			843,355			—			383,844						(3,194,558)			11,422,310			8,227,752						28,407			(12,193)			16,214
iShares® S&P 500 Value ETF			(15,679)			286,604			(572,707)			(301,782)						114,897			(321,478)			(280,135)			—			(486,716)						(788,498)			4,151,516			3,363,018						6,574			(11,718)			(5,144)
iShares® TIPS Bond ETF			7,456			2,677			(39,903)			(29,770)						25,259			(7,078)			(2,456)			—			15,725						(14,045)			201,415			187,370						1,337			(682)			655
Vanguard® Developed Markets Index Fund, ETF Shares			26,520			255,683			(2,767,288)			(2,485,085)						617,413			(1,217,136)			479,110			—			(120,613)						(2,605,698)			14,485,653			11,879,955						49,882			(42,074)			7,808
Vanguard® Dividend Appreciation Index Fund, ETF Shares			(12,014)			174,328			(463,708)			(301,394)						97,642			(187,646)			(47,549)			—			(137,553)						(438,947)			2,519,598			2,080,651						5,645			(5,756)			(111)
Vanguard® Emerging Markets Stock Index Fund, ETF Shares			6,329			4,394			(125,529)			(114,806)						21,351			(30,913)			26,022			—			16,460						(98,346)			572,062			473,716						2,631			(1,599)			1,032

(a) Name Change. See Note 1.						15
(b) New Underlying Fund. Note 1.
(c) Merger. See Note 1.

---

Separate Account I

of

Integrity Life Insurance Company

Statements of Changes in Net Assets (continued)

For the Year Ended December 31, 2022

			Inccrease (deccrease) in net assets from operations															Increase (decrease) in net assets from contract related transactions																														Unit Transactions
Subaccount			Net investment income (loss)			Realized gain (loss)			Change in net unrealized appreciation (depreciation) during the period			Net increase (decrease) in net assets resulting from operations						Contributions from contract holders			Contract terminations and benefits			Net transfers among investment options			Contract maintenance charges			Net increase (decrease) in net assets from contract related transactions						Increase (decrease) in net assets			Net assets, beginning of period			Net assets, end of period						Units purchased			Units redeemed			Increase (decrease) in units
ETF Shares (continued):
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares			$	943		$	2,737		$	(42,439)		$	(38,759)					$	—		$	(15,750)		$	1,172		$	—		$	(14,578)					$	(53,337)		$	244,140		$	190,803					162			(681)			(519)
Vanguard® Large-Cap Index Fund, ETF Shares			(17,389)			177,648			(696,603)			(536,344)						121,653			(138,561)			(100,517)			—			(117,425)						(653,769)			2,482,673			1,828,904						3,672			(4,082)			(410)
Vanguard® Mega Cap Index Fund, ETF Shares			(1,898)			36,567			(97,990)			(63,321)						10,963			(22,127)			(38,152)			—			(49,316)						(112,637)			298,473			185,836						561			(986)			(425)
Vanguard® Real Estate Index Fund, ETF Shares			9,564			22,391			(357,096)			(325,141)						49,738			(63,476)			41,274			—			27,536						(297,605)			1,163,384			865,779						3,408			(1,670)			1,738
Vanguard® Short-Term Bond Index Fund, ETF Shares			(4,221)			(4,254)			(19,153)			(27,628)						26,851			(13,950)			(20,787)			—			(7,886)						(35,514)			339,123			303,609						1,440			(1,930)			(490)
Vanguard® Total Bond Market Index Fund, ETF Shares			(185,073)			(153,895)			(14,757,885)			(15,096,853)						4,202,230			(8,417,375)			(550,037)			—			(4,765,182)						(19,862,035)			100,074,701			80,212,666						294,488			(494,367)			(199,879)

(a) Name Change. See Note 1.						16
(b) New Underlying Fund. Note 1.
(c) Merger. See Note 1.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements

December 31, 2023

1. Organization and Nature of Operations

Integrity Life Insurance Company Separate Account I (the “Separate Account”) is a unit investment trust registered under the Investment Company Act of 1940 (the “1940 Act”), established by the Integrity Life Insurance Company (the “Company”), a life insurance company, that is a wholly-owned subsidiary of The Western and Southern Life Insurance Company. The Separate Account was established on May 19, 1986, for the purpose of issuing variable annuity contracts (“Contracts”).

Contract holders may allocate or transfer their account values to one or more of the Separate Account’s investment subaccounts, or for certain contract holders, to one or more fixed guaranteed rate options of the Company’s Separate Account Guaranteed Principal Option (“GPO”). Options in the Separate Account GPO include fixed guaranteed rate options over various maturity periods that are subject to a market value adjustment (“MVA”) and a Systematic Transfer Option (“STO”), which accumulates interest at a fixed rate without an MVA. All STO contributions must be transferred to other investment divisions or to a guaranteed rate option within either six months or one year of the contribution. In addition, certain contract holders may also allocate or transfer their account values to options held in the Company’s general account. Such options include a guaranteed interest division or quarterly rate option.

Each subaccount invests all its investible assets in shares of corresponding investment portfolios (“Underlying Funds”) of the investment companies listed below:

American Funds Insurance Series						Columbia Funds Variable Portfolios
Non-Affiliated Class 2						Non-Affiliated Class 1
American Funds I.S. Managed Risk Asset Allocation Fund						Columbia VP – Select Mid Cap Value Fund
Non-Affiliated Class 4						Non-Affiliated Class 2
American Funds I.S. The Bond Fund of America						Columbia VP – Small Cap Value Fund
American Funds I.S. Capital Income Builder Fund
American Funds I.S. Global Growth Fund						DWS Investments VIT Funds
American Funds I.S. Growth Fund						Non-Affiliated Class A:
American Funds I.S. Growth-Income Fund						DWS Small Cap Index VIP Fund
American Funds I.S. New World Fund						Non-Affiliated Class B:
						DWS Small Cap Index VIP Fund
BlackRock Variable Series Funds
Non-Affiliated Class 3
BlackRock Capital Appreciation V.I. Fund
BlackRock Global Allocation V.I. Fund
BlackRock High Yield V.I. Fund
BlackRock Total Return V.I. Fund

17

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

1. Organization and Nature of Operations (continued)

Fidelity Variable Insurance Products						Franklin Templeton VIP Trust
Non-Affiliated Initial Class:						Non-Affiliated Class 1:
Fidelity VIP Balanced Portfolio						Franklin Growth and Income VIP Fund
Fidelity VIP Overseas Portfolio						Franklin Income VIP Fund
Fidelity VIP Equity-Income Portfolio						Non-Affiliated Class 2:
Fidelity VIP Growth Portfolio						Franklin Growth and Income VIP Fund
Fidelity VIP High Income Portfolio						Franklin Income VIP Fund
Fidelity VIP Asset Manager Portfolio						Franklin Large Cap Growth VIP Fund
Fidelity VIP Contrafund® Portfolio						Franklin Mutual Shares VIP Fund
Fidelity VIP Index 500 Portfolio						Franklin Small Cap Value VIP Fund
Fidelity VIP Investment Grade Bond Portfolio						Templeton Foreign VIP Fund
Fidelity VIP Government Money Market						Templeton Global Bond VIP Fund
Non-Affiliated Service Class:						Templeton Growth VIP Fund
Fidelity VIP Equity-Income Portfolio
Fidelity VIP Growth Portfolio						Rydex Variable Trust (Guggenheim Variable Insurance Funds)
Fidelity VIP High Income Portfolio						Investor Class:
Fidelity VIP Asset Manager Portfolio						Guggenheim VT Global Managed Futures Strategy Fund
Fidelity VIP Contrafund® Portfolio						Guggenheim VT Multi-Hedge Strategies Fund
Fidelity VIP Balanced Portfolio						Guggenheim VT Long Short Equity Fund
Fidelity VIP Mid Cap Portfolio
						iShares Trust
Non-Affiliated Service Class 2:						ETF Shares:
Fidelity VIP Asset Manager Portfolio						iShares® Core S&P 500 ETF
Fidelity VIP Balanced Portfolio						iShares® Core S&P Mid-Cap ETF
Fidelity VIP Bond Index Portfolio						iShares® Core S&P Small-Cap ETF
Fidelity VIP Contrafund® Portfolio						iShares® Core U.S. Aggregate Bond ETF
Fidelity VIP Disciplined Small Cap Portfolio						iShares® iBoxx $ High Yield Corporate Bond ETF
Fidelity VIP Equity-Income Portfolio						iShares® 5-10 Year Investment Grade Corporate Bond ETF
Fidelity VIP Extended Market Index Portfolio						iShares® International Treasury Bond ETF
Fidelity VIP Freedom 2010 Portfolio						iShares® S&P 500 Growth ETF
Fidelity VIP Freedom 2015 Portfolio						iShares® S&P 500 Value ETF
Fidelity VIP Freedom 2020 Portfolio						iShares® TIPS Bond ETF
Fidelity VIP Freedom 2025 Portfolio
Fidelity VIP Freedom 2030 Portfolio						Invesco (AIM) Variable Insurance Funds
Fidelity VIP Growth Portfolio						Non-Affiliated Class 2:
Fidelity VIP High Income Portfolio						Invesco V.I. American Franchise Fund
Fidelity VIP Index 500 Portfolio						Invesco V.I. American Value Fund
Fidelity VIP International Index Portfolio						Invesco V.I. Comstock Fund
Fidelity VIP Investment Grade Bond Portfolio						Invesco V.I. EQV International Equity Fund
Fidelity VIP Mid Cap Portfolio						Invesco V.I. Discovery Mid Cap Growth Fund
Fidelity VIP Overseas Portfolio
Fidelity VIP Target Volatility Portfolio
Fidelity VIP Total Market Index Portfolio

18

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Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

1. Organization and Nature of Operations (continued)

Lincoln Financial Group						Touchstone Variable Series Trust
Non-Affiliated Class 1:						Affiliated Service Class:
LVIP JPMorgan Mid Cap Value Fund						Touchstone VST Balanced Fund
						Touchstone VST Bond Fund
Morgan Stanley Variable Insurance Funds, Inc.						Touchstone VST Common Stock Fund
Non-Affiliated Class 1:
Morgan Stanley VIF Emerging Markets Debt Portfolio
Morgan Stanley VIF U.S. Real Estate Portfolio
Non-Affiliated Class 2:						The Vanguard Index Funds
Morgan Stanley VIF Emerging Markets Debt Portfolio						ETF Shares:
Morgan Stanley VIF Emerging Markets Equity Portfolio						Vanguard® Developed Markets Index Fund, ETF Shares
Morgan Stanley VIF U.S. Real Estate Portfolio						Vanguard® Dividend Appreciation Index Fund, ETF Shares
						Vanguard® Emerging Markets Stock Index Fund, ETF Shares
Pimco Variable Insurance Trust						Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares
Advisor Class:						Vanguard® Large-Cap Index Fund, ETF Shares
PIMCO VIT All Asset Portfolio						Vanguard® Mega Cap Index Fund, ETF Shares
PIMCO VIT International Bond Portfolio (US Dollar Hedged)						Vanguard® Real Estate Index Fund, ETF Shares
PIMCO VIT CommodityRealReturn® Strategy Portfolio						Vanguard® Short-Term Bond Index Fund, ETF Shares
PIMCO VIT Long-Term U.S. Government Portfolio						Vanguard® Total Bond Market Index Fund, ETF Shares
PIMCO VIT Low Duration Portfolio
PIMCO VIT Real Return Portfolio
PIMCO VIT Total Return Portfolio
Northern Lights Variable Trust
Non-Affiliated Class 3:
TOPS® Managed Risk Moderate Growth ETF Portfolio

19

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Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

1. Organization and Nature of Operations (continued)

During the year ended December 31, 2023, the following Underlying Funds had name changes that were made effective:

Date:

New Name:

Old Name:

4/30/2023

LVIP JPMorgan Mid Cap Value Fund

JPMorgan IT Mid Cap Value

American Trust Custody, a South Dakota registered non-depository trust company, is the custodian for the Vanguard ETFs and the iShares ETFs held by the subaccounts.

The contract holder’s account value in a subaccount will vary depending on the performance of the corresponding Underlying Fund. The Separate Account currently has 107 subaccounts available. The investment objective of each subaccount is to invest in the corresponding Underlying Fund. Refer to each Underlying Fund’s prospectus for a description of investment objectives.

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company’s other assets and liabilities. The portion of the Separate Account’s assets applicable to contract holders’ accounts is not chargeable with liabilities arising out of any other business the Company may conduct.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”).

Investments

Investments in shares of the Underlying Funds are valued at fair value as determined by the closing net asset value per share on December 31, 2023. The difference between cost and fair value is reflected as unrealized appreciation or depreciation of investments.

Share transactions are recorded on the trade date. Realized gains and losses on sales of the Underlying Funds’ shares are determined based on the identified cost basis.

20

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Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

Capital gain distributions are included in the realized gain distributions line on the Statements of Operations. Dividends are included in the reinvested dividends line on the Statements of Operations. Dividends and capital gain distributions are recorded on the ex-dividend date. Dividends and capital gain distributions from the Underlying Funds’ are reinvested in the respective Underlying Funds and are reflected in the unit values of the subaccounts.

The Separate Account’s investments are held at fair value. Fair value is the price that the Separate Account would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Fair Value is established using a three-level hierarchy based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or

unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or

liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assessment regarding the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The Separate Account’s investments are assigned a level based upon the observability of the inputs that are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•Level 1 - inputs to the valuation methodology are quoted prices in active markets.

•Level 2 - inputs to the valuation methodology are observable, directly or indirectly.

•Level 3 - inputs to the valuation methodology are unobservable and reflect assumptions on the part of the reporting entity.

The Separate Account’s investments are valued as Level 1. There were no transfers between levels 1, 2, and 3 during the year. The Separate Account’s policy is to recognize the transfers in and transfers out of levels at the beginning of the annual reporting period.

Unit Value

Unit values for the subaccounts are computed at the end of each business day. The unit value is equal to the unit value for the preceding business day multiplied by a net investment factor. This net investment factor is determined based on the net asset value of the Underlying Fund, reinvested dividends and capital gains, and the daily asset charge for the mortality and expense risk and certain administrative charges, as applicable.

Taxes

Operations of the Separate Account are included in the income tax return of the Company, which is taxed as a life insurance company under the Internal Revenue Code (“IRC”). The Separate Account is not taxed as a regulated investment company under Subchapter M of the IRC. Under the provisions of the policies, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account.

21

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Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

2. Summary of Significant Accounting Policies (continued)

No charge is currently being made against the Separate Account for such tax since, under current tax law, the Company pays no tax on investment income and capital gains reflected in variable annuity policy reserves. However, the Company retains the right to charge for any federal income tax incurred, which is attributable to the Separate Account if the law is changed. Charges for state and local taxes, if any, attributable to the Separate Account may also be made.

Use of Estimates

The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Subsequent Events

Management has evaluated subsequent events though the issuance of these financial statements and

determined that no additional disclosures are required.

22

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Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

3. Investments

The aggregate cost of Underlying Fund shares purchased and proceeds from Underlying Fund shares sold during the period ended December 31, 2023 and the cost of investments held at December 31, 2023, for each subaccount, were as follows:

Subaccount			Purchases			Sales			Cost
Affiliated:
Touchstone VST Balanced Fund			$	628,455		$	(10,690,040)		$	20,262,086
Touchstone VST Bond Fund			1,284,438			(3,829,500)			10,696,118
Touchstone VST Common Stock Fund			1,842,286			(7,221,562)			22,225,505
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio			92,881			(305,313)			1,420,904
Fidelity VIP Overseas Portfolio			57,906			(214,246)			1,031,235
Fidelity VIP Equity-Income Portfolio			487,213			(1,286,457)			7,395,253
Fidelity VIP Growth Portfolio			504,977			(651,603)			6,595,705
Fidelity VIP High Income Portfolio			27,504			(48,387)			335,818
Fidelity VIP Asset Manager Portfolio			110,407			(188,926)			2,530,659
Fidelity VIP Contrafund® Portfolio			638,258			(1,413,817)			11,415,918
Fidelity VIP Index 500 Portfolio			125,057			(668,539)			3,279,488
Fidelity VIP Investment Grade Bond Portfolio			42,125			(150,609)			1,881,016
Fidelity VIP Government Money Market			19,969,378			(21,133,720)			8,427,939
Non-Affiliated Service Class:
Fidelity VIP Equity-Income Portfolio			8,670			(20,509)			162,908
Fidelity VIP Growth Portfolio			25,961			(124,958)			474,817
Fidelity VIP High Income Portfolio			67,861			(110,894)			74,026
Fidelity VIP Asset Manager Portfolio			99			(589)			2,887
Fidelity VIP Contrafund® Portfolio			31,249			(55,846)			659,488
Fidelity VIP Balanced Portfolio			7,714			(4,610)			125,067
Fidelity VIP Mid Cap Portfolio			73,847			(182,110)			2,222,061
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio			63,771			(159,750)			1,443,907
Fidelity VIP Balanced Portfolio			446,849			(1,060,083)			7,258,914
Fidelity VIP Bond Index Portfolio			1,234,426			(489,230)			9,958,868
Fidelity VIP Contrafund® Portfolio			1,427,429			(7,421,615)			24,170,102
Fidelity VIP Disciplined Small Cap Portfolio			202,305			(362,046)			2,558,830
Fidelity VIP Equity-Income Portfolio			311,385			(494,595)			3,894,455
Fidelity VIP Extended Market Index Portfolio			17,374			(1,619)			27,785
Fidelity VIP Freedom 2010 Portfolio			26,997			(15,867)			279,451
Fidelity VIP Freedom 2015 Portfolio			31,772			(52,739)			631,396
Fidelity VIP Freedom 2020 Portfolio			130,276			(590,264)			3,699,246
Fidelity VIP Freedom 2025 Portfolio			284,971			(441,949)			5,617,254
Fidelity VIP Freedom 2030 Portfolio			74,253			(106,068)			879,971
Fidelity VIP Growth Portfolio			2,098,685			(3,869,754)			17,732,891

(a) Name Change. See Note 1.						23
(b) New Underlying Fund. Note 1.
(c) Merger. See Note 1.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

3. Investments (continued)

Subaccount			Purchases			Sales			Cost
Non-Affiliated Service Class 2 (continued):
Fidelity VIP High Income Portfolio			$	5,102,269		$	(5,411,563)		$	5,300,359
Fidelity VIP Index 500 Portfolio			6,994,573			(9,554,699)			27,880,587
Fidelity VIP International Index Portfolio			241,220			(171,605)			2,300,690
Fidelity VIP Investment Grade Bond Portfolio			2,789,612			(4,543,534)			30,302,058
Fidelity VIP Mid Cap Portfolio			1,294,844			(1,121,425)			6,842,012
Fidelity VIP Overseas Portfolio			263,271			(585,706)			1,968,158
Fidelity VIP Target Volatility Portfolio			309,166			(474,774)			4,627,937
Fidelity VIP Total Market Index Portfolio			267,361			(372,017)			3,258,598
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund			124,529			(279,722)			1,502,916
Franklin Growth and Income VIP Fund			83,234			(156,235)			1,253,231
Franklin Income VIP Fund			327,400			(470,765)			3,020,087
LVIP JPMorgan Mid Cap Value Fund (a)			48,778			(20,066)			415,249
Morgan Stanley VIF Emerging Markets Debt Portfolio			16,690			(8,374)			260,168
Morgan Stanley VIF U.S. Real Estate Portfolio			17,182			(351,853)			845,057
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund			1,284,937			(1,277,388)			7,627,301
Columbia VP – Small Cap Value Fund			429,856			(596,023)			3,035,885
Franklin Growth and Income VIP Fund			878,857			(875,395)			8,837,227
Franklin Income VIP Fund			2,349,773			(2,389,802)			16,277,176
Franklin Large Cap Growth VIP Fund			229,899			(939,873)			5,626,974
Franklin Mutual Shares VIP Fund			2,775,767			(3,145,838)			21,604,228
Franklin Small Cap Value VIP Fund			148,521			(193,428)			2,018,184
Invesco V.I. American Franchise Fund			160,080			(605,417)			2,843,059
Invesco V.I. American Value Fund			4,094,825			(2,361,537)			14,287,044
Invesco V.I. Comstock Fund			2,147,068			(1,919,419)			9,823,485
Invesco V.I. EQV International Equity Fund			165,495			(857,666)			4,510,270
Invesco V.I. Discovery Mid Cap Growth Fund			271,346			(233,572)			3,453,002
Templeton Foreign VIP Fund			618,708			(1,775,674)			7,879,775
Templeton Global Bond VIP Fund			26,349			(351,407)			2,030,603
Templeton Growth VIP Fund			75,380			(239,125)			2,046,106
Morgan Stanley VIF Emerging Markets Debt Portfolio			62,329			(74,390)			747,400
Morgan Stanley VIF Emerging Markets Equity Portfolio			359,613			(577,018)			1,652,737
Morgan Stanley VIF U.S. Real Estate Portfolio			312,565			(580,775)			4,070,438
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund			1,023,780			(6,205,922)			14,650,264
BlackRock Global Allocation V.I. Fund			97,964			(207,115)			1,768,140
BlackRock High Yield V.I. Fund			98,265			(148,970)			965,497
BlackRock Total Return V.I. Fund			449,368			(332,431)			2,108,669
TOPS® Managed Risk Moderate Growth ETF Portfolio			108,965			(673,425)			2,032,887
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America			401,099			(329,783)			2,882,250
American Funds I.S. Capital Income Builder Fund			134,419			(242,317)			1,329,263
American Funds I.S. Global Growth Fund			807,601			(866,826)			8,479,441
American Funds I.S. Growth Fund			1,481,660			(2,010,442)			15,610,984
American Funds I.S. Growth-Income Fund			1,155,708			(3,473,899)			13,123,420
American Funds I.S. New World Fund			185,946			(320,595)			2,734,830

(a) Name Change. See Note 1.						24
(b) New Underlying Fund. Note 1.
(c) Merger. See Note 1.

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Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

3. Investments (continued)

Subaccount			Purchases			Sales			Cost
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund			$	166,775		$	(159,328)		$	337,584
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund			719,490			(531,479)			2,249,537
Advisor Class:
PIMCO VIT All Asset Portfolio			20,200			(144,377)			486,734
PIMCO VIT International Bond Portfolio (US Dollar Hedged)			3,442			(3,226)			47,522
PIMCO VIT CommodityRealReturn® Strategy Portfolio			433,921			(328,393)			1,651,202
PIMCO VIT Long-Term U.S. Government Portfolio			18,122			(44,030)			328,031
PIMCO VIT Low Duration Portfolio			928,070			(2,537,406)			5,022,330
PIMCO VIT Real Return Portfolio			49,055			(228,653)			560,367
PIMCO VIT Total Return Portfolio			3,979,415			(5,743,802)			48,697,715
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund			32,994			(47,083)			241,514
Guggenheim VT Multi-Hedge Strategies Fund			15,070			(31,834)			169,342
Guggenheim VT Long Short Equity Fund			1,756			(9,121)			90,066
ETF Shares:
iShares® Core S&P 500 ETF			4,410,536			(18,050,421)			57,645,124
iShares® Core S&P Mid-Cap ETF			2,278,510			(3,877,933)			18,688,360
iShares® Core S&P Small-Cap ETF			1,581,793			(1,892,408)			10,552,967
iShares® Core U.S. Aggregate Bond ETF			194,229			(352,154)			1,765,242
iShares® iBoxx $ High Yield Corporate Bond ETF			68,228			(74,763)			958,237
iShares® 5-10 Year Investment Grade Corporate Bond ETF			328,230			(476,452)			1,347,001
iShares® International Treasury Bond ETF			1,113,222			(1,307,610)			13,360,776
iShares® S&P 500 Growth ETF			516,173			(2,036,134)			6,006,080
iShares® S&P 500 Value ETF			172,471			(656,894)			2,590,407
iShares® TIPS Bond ETF			39,642			(32,245)			230,159
Vanguard® Developed Markets Index Fund, ETF Shares			953,877			(2,320,258)			11,542,108
Vanguard® Dividend Appreciation Index Fund, ETF Shares			223,022			(388,594)			1,681,552
Vanguard® Emerging Markets Stock Index Fund, ETF Shares			58,011			(137,368)			472,887
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares			11,656			(35,759)			213,541
Vanguard® Large-Cap Index Fund, ETF Shares			125,198			(438,673)			1,388,116
Vanguard® Mega Cap Index Fund, ETF Shares			19,467			(30,779)			194,829
Vanguard® Real Estate Index Fund, ETF Shares			94,025			(70,692)			1,006,592
Vanguard® Short-Term Bond Index Fund, ETF Shares			25,955			(60,013)			295,284
Vanguard® Total Bond Market Index Fund, ETF Shares			10,086,577			(9,616,210)			97,375,985

(a) Name Change. See Note 1.						25
(b) New Underlying Fund. Note 1.
(c) Merger. See Note 1.

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Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

4. Expenses and Related Party Transactions

The Company assumes mortality and expense risks and incurs certain administrative expenses related to the operations of the Separate Account. All charges listed below under “Mortality and Expenses %” are the annual rates deducted as a daily charge, thus affecting the unit values. All other charges, including the annual administration fee, some optional benefit fees (those not listed under “Mortality and Expense %”), withdrawal charges and transfer charges, if any, are taken from the contract’s account value by redeeming units. Fourteen contracts are currently included in the Separate Account. The products are stated in the table below, along with the mortality and expense charges and the annual administration fee:

			Contracts						Mortality and Expense %			Annual Administration Fee
1			GrandMaster						1.35			$30
2			GrandMaster flex3						1.55			$50
3			IQ						1.35			$30
4			IQ3						1.45			$30
5			IQ Advisor - Standard						0.60			N/A
			IQ Advisor - Enhanced						0.80			N/A
6			AnnuiChoice						1.00			$30
			AnnuiChoice - GMAB Rider						1.60			$30
7			AnnuiChoice II						1.15			$30
			AnnuiChoice II - GMAB Rider						1.75			$30
8			Pinnacle Plus						1.67			$40
			Pinnacle Plus- Reduced M&E						1.15			$40
9			Pinnacle						1.35			$30
			Pinnacle-Reduced M&E						1.10			$30
10			Pinnacle IV						1.45			$30
			Pinnacle IV - GMAB						2.05			$30
11			Pinnacle V						1.55			$30
			Pinnacle V - GMAB						2.15			$30
12			AdvantEdge						1.60			$50
13			VAROOM						1.75			N/A
			VAROOM - Standard Option						2.35			N/A
			VAROOM - Self Styled Option						2.55			N/A
14			VAROOM II						1.90			N/A
			VAROOM II - Standard Option						2.55			N/A
			VAROOM II - Self Styled Option						2.75			N/A
			VAROOM II - Standard Option II						3.00			N/A
			VAROOM II - Self Styled Option II						3.20			N/A

For optional benefits that are not included in the daily mortality and expense charge, the Company deducts an amount either quarterly or annually, depending on the benefit, to cover the cost of the additional benefits elected.

26

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Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

4. Expenses and Related Party Transactions (continued)

For charges that are dependent on contract owner actions, e.g., withdrawal charges and transfer fees, the Company deducts an amount at the time of the transaction to cover the cost. In both situations (ongoing benefit charges and transaction charges), the fees are deducted from the account value by redeeming units.

Touchstone Advisors Inc., which is affiliated with the Company, advises each of the Touchstone Variable Series Trust offered through the Company’s variable products.

27

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Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights

A summary of net assets, unit values and units outstanding for variable annuity contracts, investment income and expense ratios, excluding expenses of the underlying funds and total returns are presented for each period ended December 31. The ranges of lowest to highest unit values and total return are based on the product groupings that represent lowest and highest expense ratio amounts. The first unit value presented in the range of each subaccount within the table corresponds to the highest expense ratio for each subaccount presented within the table. The first total return presented in the range of each subaccount within the table corresponds to the highest expense ratio for each subaccount presented within the table. Therefore, some individual contract ratios are not within the ranges presented. The financial highlights include historical highlights for funds that may no longer be offered in the current year statements.

** Investment income ratio amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the Underlying Fund net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense risk and administrative charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the Underlying Fund in which the subaccounts invest. Therefore, the Investment Income Ratio is greatly affected by the amount of subaccount assets that are present on specific dividend record dates.

*** Expense ratio amounts represent the annualized contract expenses of the subaccount, consisting primarily of mortality and expense risk and administrative charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

**** Total return amounts represent the total return for the periods indicated, including changes in the fair value of the Underlying Fund, which includes expenses assessed through the reduction of unit values. The ratio does not include any expenses assessed through the redemption of units. Subaccounts with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for the period indicated or from the effective date through the end of the reporting period.

28

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Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

For Year Ended 2023
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Affiliated:
Touchstone VST Balanced Fund			1,737			$	10.19		to			$10.63			$	18,108		1.07		%				0.60		%	to			2.15%						16.03		%	to			17.86%
Touchstone VST Bond Fund			981			9.36			to			9.82			9,285			4.67		%				0.60		%	to			1.67%						3.94		%	to			5.07%
Touchstone VST Common Stock Fund			1,592			16.49			to			17.31			26,609			0.58		%				0.60		%	to			1.67%						24.25		%	to			25.60%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio			46			28.33			to			29.19			1,739			1.66		%				1.10		%	to			1.35%						19.89		%	to			20.20%
Fidelity VIP Overseas Portfolio			32			13.68			to			16.39			1,312			1.00		%				0.60		%	to			1.67%						18.50		%	to			19.79%
Fidelity VIP Equity-Income Portfolio			83			40.09			to			41.31			7,960			1.82		%				1.10		%	to			1.35%						9.16		%	to			9.43%
Fidelity VIP Growth Portfolio			28									295.09			8,303			0.13		%										1.35%												34.40%
Fidelity VIP High Income Portfolio			9									31.47			297			5.53		%										1.35%												8.99%
Fidelity VIP Asset Manager Portfolio			36									70.46			2,551			2.34		%										1.35%												11.42%
Fidelity VIP Contrafund® Portfolio			119			76.33			to			78.66			14,158			0.49		%				1.10		%	to			1.35%						31.66		%	to			31.99%
Fidelity VIP Index 500 Portfolio			95			39.74			to			36.20			5,556			1.44		%				1.10		%	to			1.45%						24.37		%	to			24.81%
Fidelity VIP Investment Grade Bond Portfolio			76			13.14			to			15.74			1,649			2.54		%				0.60		%	to			1.67%						4.43		%	to			5.57%
Fidelity VIP Government Money Market			856			9.79			to			10.60			8,428			4.80		%				0.60		%	to			3.20%						1.55		%	to			4.27%
Non-Affiliated Service Class:
Fidelity VIP Equity-Income Portfolio			6									32.01			176			1.76		%										1.45%												8.94%
Fidelity VIP Growth Portfolio			12			46.40			to			48.54			565			0.04		%				1.10		%	to			1.45%						34.13		%	to			34.60%
Fidelity VIP High Income Portfolio			4									17.24			74			5.67		%										1.45%												8.91%
Fidelity VIP Asset Manager Portfolio			-*									21.72			3			2.07		%										1.45%												11.27%
Fidelity VIP Contrafund® Portfolio			15									55.59			851			0.39		%										1.45%												31.41%
Fidelity VIP Balanced Portfolio			5									32.51			160			1.64		%										1.45%												19.64%
Fidelity VIP Mid Cap Portfolio			25			98.55			to			97.81			2,367			0.51		%				1.10		%	to			1.45%						13.34		%	to			13.74%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio			71			21.80			to			25.53			1,461			2.09		%				0.60		%	to			1.67%						10.78		%	to			11.98%
Fidelity VIP Balanced Portfolio			256			32.86			to			38.71			7,894			1.53		%				0.60		%	to			1.67%						19.22		%	to			20.51%
Fidelity VIP Bond Index Portfolio			996			9.10			to			9.33			9,206			2.31		%				1.00		%	to			1.55%						3.50		%	to			4.08%
Fidelity VIP Contrafund® Portfolio			760			55.47			to			60.66			29,545			0.24		%				0.60		%	to			1.67%						30.90		%	to			32.32%
Fidelity VIP Disciplined Small Cap Portfolio			116			22.34			to			26.76			2,761			0.86		%				0.60		%	to			1.67%						18.66		%	to			19.95%
Fidelity VIP Equity-Income Portfolio			163			33.05			to			35.64			4,078			1.71		%				0.60		%	to			1.67%						8.54		%	to			9.72%
Fidelity VIP Extended Market Index Portfolio			2			13.33			to			13.66			30			3.27		%				1.00		%	to			1.55%						15.30		%	to			15.94%
Fidelity VIP Freedom 2010 Portfolio			16			15.59			to			18.67			252			3.72		%				0.60		%	to			1.67%						7.27		%	to			8.43%
Fidelity VIP Freedom 2015 Portfolio			32			16.46			to			19.72			538			3.36		%				0.60		%	to			1.67%						8.80		%	to			9.98%
Fidelity VIP Freedom 2020 Portfolio			200			16.99			to			20.36			3,492			2.97		%				0.60		%	to			1.67%						10.35		%	to			11.55%
Fidelity VIP Freedom 2025 Portfolio			294			18.36			to			22.00			5,638			2.58		%				0.60		%	to			1.67%						11.44		%	to			12.65%
Fidelity VIP Freedom 2030 Portfolio			51			18.93			to			22.68			1,000			2.21		%				0.60		%	to			1.67%						12.55		%	to			13.77%
Fidelity VIP Growth Portfolio			384			58.20			to			62.79			18,471			—		%				0.60		%	to			1.67%						33.63		%	to			35.08%
Fidelity VIP High Income Portfolio			251			20.20			to			23.04			5,116			7.70		%				0.60		%	to			1.67%						8.40		%	to			9.58%
Fidelity VIP Index 500 Portfolio			1,243			47.03			to			38.23			41,491			1.27		%				0.60		%	to			1.67%						23.78		%	to			25.13%
Fidelity VIP International Index Portfolio			198			11.50			to			11.79			2,314			2.75		%				1.00		%	to			1.55%						14.09		%	to			14.72%
Fidelity VIP Investment Grade Bond Portfolio			1,957			13.42			to			16.44			26,347			2.41		%				0.60		%	to			1.67%						4.23		%	to			5.37%
Fidelity VIP Mid Cap Portfolio			196			53.28			to			53.84			7,115			0.40		%				0.60		%	to			1.67%						12.89		%	to			14.12%
Fidelity VIP Overseas Portfolio			130			26.48			to			26.02			2,214			0.77		%				0.60		%	to			1.67%						18.22		%	to			19.50%

(a) Name Change. See Note 1.						29
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

For Year Ended 2023
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Non-Affiliated Service Class 2 (continued):
Fidelity VIP Target Volatility Portfolio			299			$	14.61		to			$15.53			$	4,406		2.09		%				1.00		%	to			1.60%						12.11		%	to			12.79%
Fidelity VIP Total Market Index Portfolio			231			15.41			to			15.80			3,618			0.88		%				1.00		%	to			1.55%						23.76		%	to			24.45%
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund			70			24.82			to			27.05			1,797			—		%				1.00		%	to			1.67%						8.46		%	to			9.20%
Franklin Growth and Income VIP Fund			28			38.95			to			40.14			1,094			2.34		%				1.10		%	to			1.35%						7.71		%	to			7.98%
Franklin Income VIP Fund			88			33.04			to			34.05			2,907			5.10		%				1.10		%	to			1.35%						7.41		%	to			7.68%
LVIP JPMorgan Mid Cap Value Fund (a)			9			45.14			to			49.87			434			3.18		%				1.00		%	to			1.67%						9.07		%	to			9.81%
Morgan Stanley VIF Emerging Markets Debt Portfolio			8			23.56			to			26.64			199			8.59		%				1.00		%	to			1.55%						10.11		%	to			10.72%
Morgan Stanley VIF U.S. Real Estate Portfolio			19			33.70			to			37.56			759			1.89		%				1.00		%	to			1.55%						12.75		%	to			13.37%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund			492			13.89			to			14.76			6,905			1.89		%				1.00		%	to			1.60%						8.47		%	to			9.13%
Columbia VP – Small Cap Value Fund			77			39.13			to			43.23			3,101			0.43		%				1.00		%	to			1.67%						19.64		%	to			20.45%
Franklin Growth and Income VIP Fund			253			33.50			to			36.20			7,330			2.22		%				0.60		%	to			1.67%						7.17		%	to			8.33%
Franklin Income VIP Fund			746			26.11			to			28.56			15,666			5.07		%				0.60		%	to			1.67%						6.81		%	to			7.97%
Franklin Large Cap Growth VIP Fund			149			39.70			to			44.55			5,147			—		%				0.60		%	to			1.67%						38.11		%	to			39.60%
Franklin Mutual Shares VIP Fund			1,064			26.33			to			29.08			20,226			1.86		%				0.60		%	to			1.67%						11.57		%	to			12.78%
Franklin Small Cap Value VIP Fund			80			23.02			to			27.58			1,898			0.53		%				0.60		%	to			1.67%						10.87		%	to			12.07%
Invesco V.I. American Franchise Fund			61			45.86			to			52.56			2,447			—		%				0.60		%	to			1.67%						38.26		%	to			39.76%
Invesco V.I. American Value Fund			518			24.97			to			27.77			13,676			0.39		%				1.00		%	to			1.67%						13.37		%	to			14.14%
Invesco V.I. Comstock Fund			414			38.57			to			41.76			11,345			1.55		%				0.60		%	to			1.67%						10.23		%	to			11.42%
Invesco V.I. EQV International Equity Fund			293			14.13			to			15.26			4,291			—		%				1.00		%	to			1.60%						15.99		%	to			16.69%
Invesco V.I. Discovery Mid Cap Growth Fund			200			13.04			to			13.31			2,628			—		%				1.00		%	to			1.55%						11.11		%	to			11.73%
Templeton Foreign VIP Fund			680			20.10			to			20.75			8,648			3.20		%				0.60		%	to			1.67%						18.75		%	to			20.03%
Templeton Global Bond VIP Fund			214			7.74			to			8.26			1,672			—		%				1.00		%	to			1.60%						1.24		%	to			1.86%
Templeton Growth VIP Fund			110			21.36			to			22.46			2,130			3.33		%				0.60		%	to			1.67%						19.00		%	to			20.29%
Morgan Stanley VIF Emerging Markets Debt Portfolio			40			19.47			to			21.48			589			8.66		%				0.60		%	to			1.67%						9.83		%	to			11.02%
Morgan Stanley VIF Emerging Markets Equity Portfolio			107			28.88			to			27.86			1,469			1.50		%				0.60		%	to			1.67%						10.10		%	to			11.29%
Morgan Stanley VIF U.S. Real Estate Portfolio			276			28.93			to			30.97			3,580			1.98		%				0.60		%	to			1.67%						12.32		%	to			13.53%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund			396			34.33			to			37.08			13,958			—		%				1.00		%	to			1.60%						46.22		%	to			47.11%
BlackRock Global Allocation V.I. Fund			104			14.54			to			15.71			1,571			2.43		%				1.00		%	to			1.60%						10.70		%	to			11.37%
BlackRock High Yield V.I. Fund			69			12.92			to			13.49			917			6.32		%				1.00		%	to			1.55%						11.18		%	to			11.80%
BlackRock Total Return V.I. Fund			195			9.52			to			9.93			1,871			3.56		%				1.00		%	to			1.55%						3.79		%	to			4.37%
TOPS® Managed Risk Moderate Growth ETF Portfolio			172			12.47			to			13.31			2,187			0.34		%				1.00		%	to			1.60%						8.47		%	to			9.13%
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America			256			9.77			to			10.20			2,533			3.30		%				1.00		%	to			1.55%						3.10		%	to			3.68%
American Funds I.S. Capital Income Builder Fund			111			12.61			to			13.23			1,422			2.66		%				1.00		%	to			1.55%						7.07		%	to			7.67%
American Funds I.S. Global Growth Fund			419			21.70			to			23.06			9,211			0.70		%				1.00		%	to			1.60%						20.34		%	to			21.07%
American Funds I.S. Growth Fund			454			33.11			to			35.20			15,327			0.17		%				1.00		%	to			1.60%						35.94		%	to			36.76%
American Funds I.S. Growth-Income Fund			614			24.41			to			25.95			15,154			1.13		%				1.00		%	to			1.60%						23.82		%	to			24.57%
American Funds I.S. New World Fund			191			13.53			to			14.39			2,670			1.22		%				1.00		%	to			1.60%						13.82		%	to			14.52%
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund			9			37.94			to			41.00			364			1.00		%				1.10		%	to			1.45%						15.07		%	to			15.48%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund			80			35.02			to			35.76			2,091			0.75		%				0.60		%	to			1.67%						14.39		%	to			15.63%

(a) Name Change. See Note 1.						30
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

For Year Ended 2023
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Advisor Class:
PIMCO VIT All Asset Portfolio			28			$	15.08		to			$16.78			$	432		2.93		%				1.00		%	to			1.67%						6.22		%	to			6.94%
PIMCO VIT International Bond Portfolio (US Dollar Hedged)			4			10.39			to			10.85			43			2.48		%				1.00		%	to			1.55%						7.22		%	to			7.82%
PIMCO VIT CommodityRealReturn® Strategy Portfolio			266			4.92			to			5.47			1,361			16.16		%				1.00		%	to			1.67%						(9.47)		%	to			(8.85)%
PIMCO VIT Long-Term U.S. Government Portfolio			24			8.72			to			9.31			218			2.28		%				1.00		%	to			1.60%						2.22		%	to			2.85%
PIMCO VIT Low Duration Portfolio			444			10.35			to			11.51			4,830			3.49		%				1.00		%	to			1.67%						3.12		%	to			3.82%
PIMCO VIT Real Return Portfolio			39			12.01			to			13.36			493			2.94		%				1.00		%	to			1.67%						1.84		%	to			2.53%
PIMCO VIT Total Return Portfolio			3,186			12.43			to			13.83			42,103			3.46		%				1.00		%	to			1.67%						4.06		%	to			4.77%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund			35			6.85			to			7.59			249			3.68		%				1.00		%	to			1.67%						2.07		%	to			2.77%
Guggenheim VT Multi-Hedge Strategies Fund			18			9.10			to			10.12			179			2.82		%				1.00		%	to			1.67%						2.63		%	to			3.33%
Guggenheim VT Long Short Equity Fund			8			11.28			to			12.54			103			0.27		%				1.00		%	to			1.67%						10.88		%	to			11.63%
ETF Shares:
iShares® Core S&P 500 ETF			1,152			27.24			to			97.44			86,070			1.58		%				1.75		%	to			3.20%						22.28		%	to			24.10%
iShares® Core S&P Mid-Cap ETF			415			24.54			to			73.63			25,185			1.57		%				1.75		%	to			3.20%						12.69		%	to			14.37%
iShares® Core S&P Small-Cap ETF			232			22.88			to			74.45			13,812			1.45		%				1.75		%	to			3.20%						12.35		%	to			14.02%
iShares® Core U.S. Aggregate Bond ETF			67			21.31			to			25.97			1,484			3.16		%				1.75		%	to			3.20%						2.28		%	to			3.81%
iShares® iBoxx $ High Yield Corporate Bond ETF			25			23.34			to			35.20			788			5.94		%				1.75		%	to			3.20%						7.98		%	to			9.59%
iShares® 5-10 Year Investment Grade Corporate Bond ETF			47			21.77			to			28.97			1,151			3.91		%				1.75		%	to			3.20%						5.81		%	to			7.39%
iShares® International Treasury Bond ETF			685			17.97			to			18.37			11,499			—		%				1.75		%	to			3.20%						2.20		%	to			3.73%
iShares® S&P 500 Growth ETF			110			25.93			to			108.28			8,908			1.13		%				1.75		%	to			3.20%						25.69		%	to			27.57%
iShares® S&P 500 Value ETF			51			28.00			to			78.61			3,496			1.79		%				1.75		%	to			3.20%						18.18		%	to			19.94%
iShares® TIPS Bond ETF			8			22.01			to			27.26			196			2.79		%				1.75		%	to			3.20%						0.49		%	to			1.99%
Vanguard® Developed Markets Index Fund, ETF Shares			320			22.90			to			39.41			12,100			3.27		%				1.75		%	to			3.20%						14.16		%	to			15.86%
Vanguard® Dividend Appreciation Index Fund, ETF Shares			37			26.64			to			83.89			2,162			1.99		%				1.75		%	to			3.20%						10.82		%	to			12.48%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares			17			19.15			to			25.04			419			3.31		%				1.75		%	to			3.20%						5.79		%	to			7.37%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares			6			21.71			to			32.06			175			3.82		%				1.75		%	to			3.20%						5.50		%	to			7.08%
Vanguard® Large-Cap Index Fund, ETF Shares			25			26.75			to			95.82			1,941			1.55		%				1.75		%	to			3.20%						23.13		%	to			24.96%
Vanguard® Mega Cap Index Fund, ETF Shares			3			27.41			to			100.57			225			1.49		%				1.75		%	to			3.20%						25.63		%	to			27.50%
Vanguard® Real Estate Index Fund, ETF Shares			22			21.95			to			53.29			956			4.24		%				1.75		%	to			3.20%						8.21		%	to			9.82%
Vanguard® Short-Term Bond Index Fund, ETF Shares			13			22.61			to			23.63			276			2.48		%				1.75		%	to			3.20%						1.55		%	to			3.07%
Vanguard® Total Bond Market Index Fund, ETF Shares			3,682			21.30			to			26.05			82,560			3.15		%				1.75		%	to			3.20%						2.28		%	to			3.81%

(a) Name Change. See Note 1.						31
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2022
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Affiliated:
Touchstone VST Balanced Fund			2,767			$	8.78		to			$9.02			$	24,631		0.46		%				0.60		%	to			2.15%						(17.75)		%	to			(16.45)%
Touchstone VST Bond Fund			1,292			9.00			to			9.35			11,726			1.71		%				0.60		%	to			1.67%						(15.34)		%	to			(14.42)%
Touchstone VST Common Stock Fund			2,040			13.27			to			13.78			27,355			0.23		%				0.60		%	to			1.67%						(19.16)		%	to			(18.28)%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio			54			23.63			to			24.29			1,705			1.24		%				1.10		%	to			1.35%						(19.05)		%	to			(18.84)%
Fidelity VIP Overseas Portfolio			37			11.54			to			13.68			1,241			0.99		%				0.60		%	to			1.67%						(25.74)		%	to			(24.94)%
Fidelity VIP Equity-Income Portfolio			94			36.72			to			37.75			8,337			1.87		%				1.10		%	to			1.35%						(6.24)		%	to			(6.00)%
Fidelity VIP Growth Portfolio			30									219.55			6,533			0.61		%										1.35%												(25.48)%
Fidelity VIP High Income Portfolio			11									28.87			305			4.71		%										1.35%												(12.57)%
Fidelity VIP Asset Manager Portfolio			38									63.24			2,413			1.94		%										1.35%												(16.08)%
Fidelity VIP Contrafund® Portfolio			131			57.98			to			59.59			11,740			0.50		%				1.10		%	to			1.35%						(27.31)		%	to			(27.12)%
Fidelity VIP Index 500 Portfolio			109			31.95			to			29.01			4,994			1.44		%				1.10		%	to			1.45%						(19.40)		%	to			(19.11)%
Fidelity VIP Investment Grade Bond Portfolio			82			12.58			to			14.91			1,701			2.17		%				0.60		%	to			1.67%						(14.41)		%	to			(13.48)%
Fidelity VIP Government Money Market			1,009			9.64			to			10.17			9,592			1.61		%				0.60		%	to			3.20%						(1.80)		%				0.83%
Non-Affiliated Service Class:
Fidelity VIP Equity-Income Portfolio			6									29.38			179			1.49		%										1.45%												(6.46)%
Fidelity VIP Growth Portfolio			15			34.60			to			36.06			515			0.51		%				1.10		%	to			1.45%						(25.62)		%	to			(25.35)%
Fidelity VIP High Income Portfolio			7									15.83			113			6.53		%										1.45%												(12.84)%
Fidelity VIP Asset Manager Portfolio			-*									19.52			3			1.95		%										1.45%												(16.26)%
Fidelity VIP Contrafund® Portfolio			16									42.30			685			0.40		%										1.45%												(27.45)%
Fidelity VIP Balanced Portfolio			5									27.17			136			1.18		%										1.45%												(19.21)%
Fidelity VIP Mid Cap Portfolio			26			86.95			to			85.99			2,228			0.38		%				1.10		%	to			1.45%						(16.09)		%	to			(15.79)%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio			77			19.68			to			22.80			1,432			1.79		%				0.60		%	to			1.67%						(16.57)		%	to			(15.66)%
Fidelity VIP Balanced Portfolio			287			27.56			to			32.12			7,428			0.91		%				0.60		%	to			1.67%						(19.55)		%	to			(18.68)%
Fidelity VIP Bond Index Portfolio			923			8.80			to			8.97			8,217			1.59		%				1.00		%	to			1.55%						(14.72)		%	to			(14.24)%
Fidelity VIP Contrafund® Portfolio			936			42.37			to			45.84			28,269			0.25		%				0.60		%	to			1.67%						(27.71)		%	to			(26.93)%
Fidelity VIP Disciplined Small Cap Portfolio			123			18.82			to			22.31			2,448			0.59		%				0.60		%	to			1.67%						(19.81)		%	to			(18.94)%
Fidelity VIP Equity-Income Portfolio			177			30.45			to			32.48			4,056			1.60		%				0.60		%	to			1.67%						(6.82)		%	to			(5.81)%
Fidelity VIP Extended Market Index Portfolio			1			11.56			to			11.78			11			0.27		%				1.00		%	to			1.55%						(19.56)		%	to			(19.12)%
Fidelity VIP Freedom 2010 Portfolio			16			14.53			to			17.22			246			1.94		%				0.60		%	to			1.67%						(15.10)		%	to			(14.18)%
Fidelity VIP Freedom 2015 Portfolio			34			15.13			to			17.93			534			1.90		%				0.60		%	to			1.67%						(16.21)		%	to			(15.30)%
Fidelity VIP Freedom 2020 Portfolio			232			15.40			to			18.25			3,670			1.82		%				0.60		%	to			1.67%						(17.37)		%	to			(16.47)%
Fidelity VIP Freedom 2025 Portfolio			307			16.48			to			19.53			5,260			1.77		%				0.60		%	to			1.67%						(18.03)		%	to			(17.14)%
Fidelity VIP Freedom 2030 Portfolio			54			16.82			to			19.93			925			1.69		%				0.60		%	to			1.67%						(18.47)		%	to			(17.58)%
Fidelity VIP Growth Portfolio			439			43.56			to			46.49			15,762			0.35		%				0.60		%	to			1.67%						(25.90)		%	to			(25.10)%
Fidelity VIP High Income Portfolio			283			18.63			to			21.03			5,321			8.96		%				0.60		%	to			1.67%						(13.15)		%	to			(12.20)%
Fidelity VIP Index 500 Portfolio			1,343			37.99			to			30.55			36,132			1.21		%				0.60		%	to			1.67%						(19.78)		%	to			(18.91)%
Fidelity VIP International Index Portfolio			195			10.08			to			10.28			1,985			2.62		%				1.00		%	to			1.55%						(17.51)		%	to			(17.05)%
Fidelity VIP Investment Grade Bond Portfolio			2,117			12.87			to			15.60			27,237			2.05		%				0.60		%	to			1.67%						(14.66)		%	to			(13.73)%
Fidelity VIP Mid Cap Portfolio			195			47.19			to			47.18			6,251			0.26		%				0.60		%	to			1.67%						(16.39)		%	to			(15.48)%
Fidelity VIP Overseas Portfolio			150			22.40			to			21.77			2,163			0.85		%				0.60		%	to			1.67%						(25.94)		%	to			(25.13)%

						32
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2022
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Non-Affiliated Service Class 2 (continued):
Fidelity VIP Target Volatility Portfolio			313			$	13.03		to			$13.77			$	4,110		2.25		%				1.00		%	to			1.60%						(17.00)		%	to			(16.50)%
Fidelity VIP Total Market Index Portfolio			237			12.45			to			12.70			2,991			1.45		%				1.00		%	to			1.55%						(20.66)		%	to			(20.22)%
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund			76			22.88			to			24.77			1,784			—		%				1.00		%	to			1.67%						(10.95)		%	to			(10.34)%
Franklin Growth and Income VIP Fund			32			36.16			to			37.17			1,154			3.44		%				1.10		%	to			1.35%						(7.86)		%	to			(7.62)%
Franklin Income VIP Fund			101			30.76			to			31.62			3,121			4.95		%				1.10		%	to			1.35%						(6.51)		%	to			(6.28)%
JP Morgan IT Mid Cap Value			10			41.39			to			45.42			411			0.94		%				1.00		%	to			1.67%						(9.69)		%	to			(9.07)%
Morgan Stanley VIF Emerging Markets Debt Portfolio			8			21.40			to			24.06			186			7.56		%				1.00		%	to			1.55%						(20.00)		%	to			(19.55)%
Morgan Stanley VIF U.S. Real Estate Portfolio			30			29.89			to			33.13			998			1.24		%				1.00		%	to			1.55%						(28.18)		%	to			(27.78)%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund			556			12.80			to			13.53			7,199			2.28		%				1.00		%	to			1.60%						(15.34)		%	to			(14.83)%
Columbia VP – Small Cap Value Fund			87			32.71			to			35.89			2,907			0.48		%				1.00		%	to			1.67%						(10.49)		%	to			(9.88)%
Franklin Growth and Income VIP Fund			266			31.26			to			33.42			7,260			3.03		%				0.60		%	to			1.67%						(8.36)		%	to			(7.37)%
Franklin Income VIP Fund			827			24.44			to			26.45			16,171			4.90		%				0.60		%	to			1.67%						(7.05)		%	to			(6.04)%
Franklin Large Cap Growth VIP Fund			174			28.75			to			31.91			4,368			—		%				0.60		%	to			1.67%						(37.60)		%	to			(36.92)%
Franklin Mutual Shares VIP Fund			1,193			23.60			to			25.78			20,130			1.85		%				0.60		%	to			1.67%						(8.97)		%	to			(7.99)%
Franklin Small Cap Value VIP Fund			86			20.77			to			24.61			1,840			1.00		%				0.60		%	to			1.67%						(11.56)		%	to			(10.60)%
Invesco V.I. American Franchise Fund			76			33.17			to			37.61			2,173			—		%				0.60		%	to			1.67%						(32.44)		%	to			(31.71)%
Invesco V.I. American Value Fund			554			22.02			to			24.33			12,849			0.46		%				1.00		%	to			1.67%						(4.48)		%	to			(3.83)%
Invesco V.I. Comstock Fund			455			34.99			to			37.48			11,241			1.35		%				0.60		%	to			1.67%						(0.83)		%	to			0.24%
Invesco V.I. EQV International Equity Fund			340			12.18			to			13.08			4,272			1.47		%				1.00		%	to			1.60%						(19.81)		%	to			(19.32)%
Invesco V.I. Discovery Mid Cap Growth Fund			194			11.74			to			11.92			2,293			—		%				1.00		%	to			1.55%						(32.20)		%	to			(31.82)%
Templeton Foreign VIP Fund			800			16.92			to			17.29			8,454			3.06		%				0.60		%	to			1.67%						(9.15)		%	to			(8.16)%
Templeton Global Bond VIP Fund			253			7.65			to			8.11			1,952			—		%				1.00		%	to			1.60%						(6.47)		%	to			(5.90)%
Templeton Growth VIP Fund			123			17.95			to			18.67			1,969			0.16		%				0.60		%	to			1.67%						(12.98)		%	to			(12.03)%
Morgan Stanley VIF Emerging Markets Debt Portfolio			44			17.72			to			19.35			586			7.47		%				0.60		%	to			1.67%						(20.16)		%	to			(19.29)%
Morgan Stanley VIF Emerging Markets Equity Portfolio			130			26.23			to			25.03			1,582			0.37		%				0.60		%	to			1.67%						(26.38)		%	to			(25.58)%
Morgan Stanley VIF U.S. Real Estate Portfolio			299			25.76			to			27.27			3,454			0.99		%				0.60		%	to			1.67%						(28.43)		%	to			(27.65)%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund			601			23.48			to			25.20			14,417			2.24		%				1.00		%	to			1.60%						(38.81)		%	to			(38.43)%
BlackRock Global Allocation V.I. Fund			113			13.14			to			14.10			1,533			—		%				1.00		%	to			1.60%						(17.41)		%	to			(16.91)%
BlackRock High Yield V.I. Fund			77			11.62			to			12.06			915			4.98		%				1.00		%	to			1.55%						(11.94)		%	to			(11.45)%
BlackRock Total Return V.I. Fund			188			9.17			to			9.52			1,731			1.89		%				1.00		%	to			1.55%						(15.59)		%	to			(15.12)%
TOPS® Managed Risk Moderate Growth ETF Portfolio			216			11.50			to			12.19			2,534			16.12		%				1.00		%	to			1.60%						(14.91)		%	to			(14.39)%
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America			253			9.48			to			9.83			2,430			2.73		%				1.00		%	to			1.55%						(14.10)		%	to			(13.62)%
American Funds I.S. Capital Income Builder Fund			121			11.77			to			12.29			1,450			2.62		%				1.00		%	to			1.55%						(8.81)		%	to			(8.30)%
American Funds I.S. Global Growth Fund			453			18.03			to			19.05			8,247			0.41		%				1.00		%	to			1.60%						(26.12)		%	to			(25.67)%
American Funds I.S. Growth Fund			493			24.36			to			25.74			12,217			0.10		%				1.00		%	to			1.60%						(31.23)		%	to			(30.81)%
American Funds I.S. Growth-Income Fund			753			19.71			to			20.83			15,027			1.01		%				1.00		%	to			1.60%						(18.04)		%	to			(17.54)%
American Funds I.S. New World Fund			201			11.89			to			12.56			2,463			1.18		%				1.00		%	to			1.60%						(23.50)		%	to			(23.03)%
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund			9			32.97			to			35.50			313			0.78		%				1.10		%	to			1.45%						(21.79)		%	to			(21.51)%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund			73			30.61			to			30.92			1,663			0.57		%				0.60		%	to			1.67%						(22.21)		%	to			(21.36)%

						33
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2022
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Advisor Class:
PIMCO VIT All Asset Portfolio			36			$	14.20		to			$15.69			$	535		7.47		%				1.00		%	to			1.67%						(13.34)		%	to			(12.75)%
PIMCO VIT International Bond Portfolio (US Dollar Hedged)			4			9.69			to			10.06			41			1.33		%				1.00		%	to			1.55%						(11.63)		%	to			(11.14)%
PIMCO VIT CommodityRealReturn® Strategy Portfolio			288			5.43			to			6.00			1,625			20.70		%				1.00		%	to			1.67%						6.85		%	to			7.58%
PIMCO VIT Long-Term U.S. Government Portfolio			27			8.53			to			9.05			241			1.90		%				1.00		%	to			1.60%						(30.08)		%	to			(29.66)%
PIMCO VIT Low Duration Portfolio			610			10.04			to			11.09			6,369			1.37		%				1.00		%	to			1.67%						(7.40)		%	to			(6.78)%
PIMCO VIT Real Return Portfolio			55			11.79			to			13.03			673			7.39		%				1.00		%	to			1.67%						(13.46)		%	to			(12.87)%
PIMCO VIT Total Return Portfolio			3,399			11.94			to			13.20			42,971			2.52		%				1.00		%	to			1.67%						(15.81)		%	to			(15.24)%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund			39			6.71			to			7.38			268			2.80		%				1.00		%	to			1.67%						9.43		%	to			10.17%
Guggenheim VT Multi-Hedge Strategies Fund			20			8.86			to			9.79			192			1.13		%				1.00		%	to			1.67%						(5.01)		%	to			(4.36)%
Guggenheim VT Long Short Equity Fund			9			10.17			to			11.24			99			0.47		%				1.00		%	to			1.67%						(15.81)		%	to			(15.24)%
ETF Shares:
iShares® Core S&P 500 ETF			1,263			22.28			to			78.51			81,346			1.54		%				1.75		%	to			3.20%						(20.75)		%	to			(19.57)%
iShares® Core S&P Mid-Cap ETF			417			21.77			to			64.38			23,402			1.61		%				1.75		%	to			3.20%						(15.86)		%	to			(14.60)%
iShares® Core S&P Small-Cap ETF			220			20.37			to			65.29			12,290			1.32		%				1.75		%	to			3.20%						(18.85)		%	to			(17.63)%
iShares® Core U.S. Aggregate Bond ETF			74			20.84			to			25.01			1,613			2.25		%				1.75		%	to			3.20%						(15.79)		%	to			(14.53)%
iShares® iBoxx $ High Yield Corporate Bond ETF			26			21.61			to			32.12			757			5.01		%				1.75		%	to			3.20%						(13.83)		%	to			(12.54)%
iShares® 5-10 Year Investment Grade Corporate Bond ETF			53			20.58			to			26.98			1,242			2.87		%				1.75		%	to			3.20%						(16.75)		%	to			(15.50)%
iShares® International Treasury Bond ETF			681			17.58			to			17.71			11,073			0.10		%				1.75		%	to			3.20%						(24.56)		%	to			(23.43)%
iShares® S&P 500 Growth ETF			122			20.63			to			84.88			8,228			0.78		%				1.75		%	to			3.20%						(31.76)		%	to			(30.74)%
iShares® S&P 500 Value ETF			57			23.70			to			65.54			3,363			2.04		%				1.75		%	to			3.20%						(8.40)		%	to			(7.03)%
iShares® TIPS Bond ETF			8			21.90			to			26.73			187			6.31		%				1.75		%	to			3.20%						(15.03)		%	to			(13.76)%
Vanguard® Developed Markets Index Fund, ETF Shares			353			20.06			to			34.01			11,880			2.78		%				1.75		%	to			3.20%						(18.06)		%	to			(16.83)%
Vanguard® Dividend Appreciation Index Fund, ETF Shares			35			24.04			to			74.58			2,081			1.92		%				1.75		%	to			3.20%						(12.69)		%	to			(11.38)%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares			20			18.11			to			23.32			474			3.78		%				1.75		%	to			3.20%						(20.60)		%	to			(19.41)%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares			7			20.57			to			29.94			191			2.84		%				1.75		%	to			3.20%						(16.72)		%	to			(15.47)%
Vanguard® Large-Cap Index Fund, ETF Shares			27			21.72			to			76.68			1,829			1.52		%				1.75		%	to			3.20%						(22.47)		%	to			(21.31)%
Vanguard® Mega Cap Index Fund, ETF Shares			3			21.81			to			78.88			186			1.46		%				1.75		%	to			3.20%						(22.52)		%	to			(21.36)%
Vanguard® Real Estate Index Fund, ETF Shares			21			20.28			to			48.53			866			3.38		%				1.75		%	to			3.20%						(28.60)		%	to			(27.53)%
Vanguard® Short-Term Bond Index Fund, ETF Shares			15			22.26			to			22.93			304			1.43		%				1.75		%	to			3.20%						(8.50)		%	to			(7.13)%
Vanguard® Total Bond Market Index Fund, ETF Shares			3,679			20.82			to			25.09			80,213			2.36		%				1.75		%	to			3.20%						(15.88)		%	to			(14.62)%

						34
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2021
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Affiliated:
Touchstone VST Balanced Fund (April 17, 2021)			2,986			$	10.68		to			$10.80			$	32,062		0.30		%				0.60		%	to			2.15%						6.77		%	to			7.99%
Touchstone VST Bond Fund			1,472			10.64			to			10.92			15,744			2.36		%				0.60		%	to			1.67%						(2.95)		%	to			(1.89)%
Touchstone VST Common Stock Fund			2,229			16.42			to			16.86			36,862			0.37		%				0.60		%	to			1.67%						25.44		%	to			26.80%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio			62			29.19			to			29.93			2,406			0.92		%				1.10		%	to			1.35%						16.67		%	to			16.96%
Fidelity VIP Overseas Portfolio			41			15.55			to			18.22			1,898			0.52		%				0.60		%	to			1.67%						17.70		%	to			18.98%
Fidelity VIP Equity-Income Portfolio			100			39.17			to			40.16			9,651			1.87		%				1.10		%	to			1.35%						23.21		%	to			23.52%
Fidelity VIP Growth Portfolio			32									294.60			9,443			—		%										1.35%												21.55%
Fidelity VIP High Income Portfolio			14									33.02			458			5.47		%										1.35%												3.00%
Fidelity VIP Asset Manager Portfolio			44									75.36			3,292			1.60		%										1.35%												8.44%
Fidelity VIP Contrafund® Portfolio			137			79.76			to			81.77			16,975			0.06		%				1.10		%	to			1.35%						26.11		%	to			26.43%
Fidelity VIP Index 500 Portfolio			115			39.64			to			35.86			6,692			1.23		%				1.10		%	to			1.45%						26.71		%	to			27.16%
Fidelity VIP Investment Grade Bond Portfolio			90			14.70			to			17.23			2,201			2.00		%				0.60		%	to			1.67%						(2.27)		%	to			(1.20)%
Fidelity VIP Government Money Market			741			9.81			to			10.08			7,052			0.01		%				0.60		%	to			3.20%						(1.86)		%				(0.59)%
Non-Affiliated Service Class:
Fidelity VIP Equity-Income Portfolio			8									31.41			251			1.76		%										1.45%												23.02%
Fidelity VIP Growth Portfolio			16			46.51			to			48.31			759			—		%				1.10		%	to			1.45%						21.30		%	to			21.73%
Fidelity VIP High Income Portfolio			4									18.16			78			2.70		%										1.45%												2.98%
Fidelity VIP Asset Manager Portfolio			-*									23.31			4			1.46		%										1.45%												8.21%
Fidelity VIP Contrafund® Portfolio			17									58.30			1,004			0.05		%										1.45%												25.86%
Fidelity VIP Balanced Portfolio			5									33.63			173			0.86		%										1.45%												16.41%
Fidelity VIP Mid Cap Portfolio			31			103.62			to			102.11			3,110			0.49		%				1.10		%	to			1.45%						23.69		%	to			24.13%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio			92			23.58			to			27.03			2,025			1.41		%				0.60		%	to			1.67%						7.85		%	to			9.02%
Fidelity VIP Balanced Portfolio			344			34.26			to			39.50			10,852			0.71		%				0.60		%	to			1.67%						16.02		%	to			17.28%
Fidelity VIP Bond Index Portfolio			545			10.31			to			10.46			5,670			1.19		%				1.00		%	to			1.55%						(3.75)		%	to			(3.22)%
Fidelity VIP Contrafund® Portfolio			1,029			58.62			to			62.73			43,079			0.03		%				0.60		%	to			1.67%						25.38		%	to			26.75%
Fidelity VIP Disciplined Small Cap Portfolio			106			23.48			to			27.52			2,620			0.17		%				0.60		%	to			1.67%						18.38		%	to			19.67%
Fidelity VIP Equity-Income Portfolio			197			32.68			to			34.49			4,990			1.62		%				0.60		%	to			1.67%						22.53		%	to			23.86%
Fidelity VIP Extended Market Index Portfolio			5			14.37			to			14.57			73			0.49		%				1.00		%	to			1.55%						19.06		%	to			19.72%
Fidelity VIP Freedom 2010 Portfolio			21			17.12			to			20.06			372			0.60		%				0.60		%	to			1.67%						3.83		%	to			4.96%
Fidelity VIP Freedom 2015 Portfolio			43			18.05			to			21.16			796			0.81		%				0.60		%	to			1.67%						5.60		%	to			6.75%
Fidelity VIP Freedom 2020 Portfolio			277			18.64			to			21.85			5,277			0.84		%				0.60		%	to			1.67%						7.44		%	to			8.61%
Fidelity VIP Freedom 2025 Portfolio			358			20.10			to			23.57			7,433			0.84		%				0.60		%	to			1.67%						8.70		%	to			9.89%
Fidelity VIP Freedom 2030 Portfolio			51			20.63			to			24.19			1,072			0.87		%				0.60		%	to			1.67%						10.20		%	to			11.40%
Fidelity VIP Growth Portfolio			473			58.78			to			62.06			22,708			—		%				0.60		%	to			1.67%						20.85		%	to			22.17%
Fidelity VIP High Income Portfolio			106			21.45			to			23.95			2,010			2.34		%				0.60		%	to			1.67%						2.55		%	to			3.66%
Fidelity VIP Index 500 Portfolio			1,557			47.36			to			37.68			51,957			1.05		%				0.60		%	to			1.67%						26.12		%	to			27.49%
Fidelity VIP International Index Portfolio			102			12.22			to			12.39			1,257			3.66		%				1.00		%	to			1.55%						5.81		%	to			6.40%
Fidelity VIP Investment Grade Bond Portfolio			2,276			15.08			to			18.09			34,169			1.83		%				0.60		%	to			1.67%						(2.55)		%	to			(1.49)%
Fidelity VIP Mid Cap Portfolio			222			56.44			to			55.82			8,567			0.35		%				0.60		%	to			1.67%						23.21		%	to			24.55%
Fidelity VIP Overseas Portfolio			156			30.24			to			29.08			2,986			0.32		%				0.60		%	to			1.67%						17.40		%	to			18.67%

						35
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2021
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Non-Affiliated Service Class 2 (continued):
Fidelity VIP Target Volatility Portfolio			294			$	15.70		to			$16.49			$	4,658		0.02		%				1.00		%	to			1.60%						10.24		%	to			10.91%
Fidelity VIP Total Market Index Portfolio			136			15.70			to			15.92			2,149			1.30		%				1.00		%	to			1.55%						23.44		%	to			24.13%
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund			80			25.70			to			27.63			2,121			—		%				1.00		%	to			1.67%						30.12		%	to			31.01%
Franklin Growth and Income VIP Fund			38			39.25			to			40.24			1,496			2.56		%				1.10		%	to			1.35%						23.89		%	to			24.21%
Franklin Income VIP Fund			120			32.90			to			33.74			3,940			4.68		%				1.10		%	to			1.35%						15.43		%	to			15.72%
JP Morgan IT Mid Cap Value			10			45.83			to			49.95			476			0.92		%				1.00		%	to			1.67%						27.72		%	to			28.59%
Morgan Stanley VIF Emerging Markets Debt Portfolio			9			26.75			to			29.91			250			5.03		%				1.00		%	to			1.55%						(3.54)		%	to			(3.00)%
Morgan Stanley VIF U.S. Real Estate Portfolio			32			41.62			to			45.88			1,472			2.08		%				1.00		%	to			1.55%						37.64		%	to			38.40%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund			498			15.13			to			15.88			7,606			1.41		%				1.00		%	to			1.60%						10.70		%	to			11.38%
Columbia VP – Small Cap Value Fund			92			36.54			to			39.83			3,427			0.49		%				1.00		%	to			1.67%						26.65		%	to			27.52%
Franklin Growth and Income VIP Fund			286			34.11			to			36.07			8,539			2.45		%				0.60		%	to			1.67%						23.15		%	to			24.49%
Franklin Income VIP Fund			849			26.29			to			28.15			18,035			4.61		%				0.60		%	to			1.67%						14.81		%	to			16.05%
Franklin Large Cap Growth VIP Fund			204			46.07			to			50.58			8,540			—		%				0.60		%	to			1.67%						13.35		%	to			14.58%
Franklin Mutual Shares VIP Fund			1,262			25.93			to			28.02			23,078			2.92		%				0.60		%	to			1.67%						17.18		%	to			18.45%
Franklin Small Cap Value VIP Fund			93			23.48			to			27.53			2,264			0.89		%				0.60		%	to			1.67%						23.27		%	to			24.61%
Invesco V.I. American Franchise Fund			88			49.10			to			55.07			3,695			—		%				0.60		%	to			1.67%						9.78		%	to			10.98%
Invesco V.I. American Value Fund			503			23.05			to			25.30			12,165			0.24		%				1.00		%	to			1.67%						25.49		%	to			26.35%
Invesco V.I. Comstock Fund			510			35.28			to			37.39			12,528			1.63		%				0.60		%	to			1.67%						30.82		%	to			32.24%
Invesco V.I. International Growth Fund			319			15.19			to			16.21			4,973			1.10		%				1.00		%	to			1.60%						3.92		%	to			4.55%
Invesco V.I. Discovery Mid Cap Growth Series II			165			17.32			to			17.48			2,862			—		%				1.00		%	to			1.55%						16.95		%	to			17.61%
Templeton Foreign VIP Fund			815			18.63			to			18.83			9,356			1.81		%				0.60		%	to			1.67%						2.42		%	to			3.53%
Templeton Global Bond VIP Fund			327			8.18			to			8.62			2,692			—		%				1.00		%	to			1.60%						(6.51)		%	to			(5.94)%
Templeton Growth VIP Fund			135			20.62			to			21.23			2,506			1.10		%				0.60		%	to			1.67%						3.12		%	to			4.24%
Morgan Stanley VIF Emerging Markets Debt Portfolio			46			22.20			to			23.97			767			5.29		%				0.60		%	to			1.67%						(3.60)		%	to			(2.55)%
Morgan Stanley VIF Emerging Markets Equity Portfolio			133			35.64			to			33.64			2,175			0.72		%				0.60		%	to			1.67%						1.23		%	to			2.34%
Morgan Stanley VIF U.S. Real Estate Portfolio			279			35.99			to			37.70			4,507			1.81		%				0.60		%	to			1.67%						37.11		%	to			38.60%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund			550			38.36			to			40.94			21,472			—		%				1.00		%	to			1.60%						18.96		%	to			19.68%
BlackRock Global Allocation V.I. Fund			106			15.91			to			16.97			1,734			0.86		%				1.00		%	to			1.60%						4.71		%	to			5.35%
BlackRock High Yield V.I. Fund			73			13.20			to			13.62			983			3.96		%				1.00		%	to			1.55%						3.58		%	to			4.16%
BlackRock Total Return V.I. Fund			193			10.86			to			11.21			2,105			1.26		%				1.00		%	to			1.55%						(3.22)		%	to			(2.68)%
TOPS® Managed Risk Moderate Growth ETF Portfolio			252			13.51			to			14.24			3,460			1.05		%				1.00		%	to			1.60%						9.21		%	to			9.87%
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America			248			11.03			to			11.38			2,763			1.45		%				1.00		%	to			1.55%						(2.13)		%	to			(1.58)%
American Funds I.S. Capital Income Builder Fund			105			12.91			to			13.40			1,366			2.53		%				1.00		%	to			1.55%						12.90		%	to			13.53%
American Funds I.S. Global Growth Fund			557			24.40			to			25.63			13,727			0.21		%				1.00		%	to			1.60%						14.28		%	to			14.97%
American Funds I.S. Growth Fund			501			35.42			to			37.20			18,012			0.06		%				1.00		%	to			1.60%						19.74		%	to			20.47%
American Funds I.S. Growth-Income Fund			913			24.05			to			25.26			22,188			0.95		%				1.00		%	to			1.60%						21.82		%	to			22.56%
American Funds I.S. New World Fund			157			15.54			to			16.32			2,497			0.66		%				1.00		%	to			1.60%						2.96		%	to			3.58%
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund			11			42.15			to			45.23			476			0.83		%				1.10		%	to			1.45%						12.84		%	to			13.24%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund			74			39.35			to			39.32			2,254			0.56		%				0.60		%	to			1.67%						12.28		%	to			13.50%

						36
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2021
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Advisor Class:
PIMCO VIT All Asset Portfolio			41			$	16.39		to			$17.98			$	691		10.90		%				1.00		%	to			1.67%						14.10		%	to			14.88%
PIMCO VIT International Bond Portfolio (US Dollar Hedged)			7			10.97			to			11.32			84			1.63		%				1.00		%	to			1.55%						(3.57)		%	to			(3.03)%
PIMCO VIT CommodityRealReturn® Strategy Portfolio			356			5.08			to			5.58			1,871			4.04		%				1.00		%	to			1.67%						30.89		%	to			31.78%
PIMCO VIT Long-Term U.S. Government Portfolio			29			12.21			to			12.87			361			1.46		%				1.00		%	to			1.60%						(6.40)		%	to			(5.83)%
PIMCO VIT Low Duration Portfolio			937			10.84			to			11.89			10,477			0.45		%				1.00		%	to			1.67%						(2.68)		%	to			(2.02)%
PIMCO VIT Real Return Portfolio			64			13.63			to			14.95			905			4.82		%				1.00		%	to			1.67%						3.72		%	to			4.43%
PIMCO VIT Total Return Portfolio			3,377			14.19			to			15.57			50,358			1.73		%				1.00		%	to			1.67%						(3.01)		%	to			(2.35)%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund			58			6.13			to			6.70			361			—		%				1.00		%	to			1.67%						(0.75)		%	to			(0.07)%
Guggenheim VT Multi-Hedge Strategies Fund			24			9.33			to			10.24			232			—		%				1.00		%	to			1.67%						6.30		%	to			7.02%
Guggenheim VT Long Short Equity Fund			9			12.08			to			13.26			120			0.54		%				1.00		%	to			1.67%						21.73		%	to			22.56%
ETF Shares:
iShares® Core S&P 500 ETF			1,202			28.12			to			97.61			105,876			1.32		%				1.75		%	to			3.20%						12.46		%	to			26.50%
iShares® Core S&P Mid-Cap ETF			422			25.88			to			75.39			29,949			1.23		%				1.75		%	to			3.20%						3.52		%	to			22.53%
iShares® Core S&P Small-Cap ETF			212			25.10			to			79.27			15,706			1.55		%				1.75		%	to			3.20%						0.38		%	to			24.38%
iShares® Core U.S. Aggregate Bond ETF			72			24.75			to			29.27			1,858			1.76		%				1.75		%	to			3.20%						(1.01)		%	to			(3.49)%
iShares® iBoxx $ High Yield Corporate Bond ETF			26			25.08			to			36.73			891			4.01		%				1.75		%	to			3.20%						0.33		%	to			1.93%
iShares® 5-10 Year Investment Grade Corporate Bond ETF			52			24.72			to			31.93			1,474			2.30		%				1.75		%	to			3.20%						(1.13)		%	to			(3.38)%
iShares® International Treasury Bond ETF			634			23.31			to			23.13			13,544			0.40		%				1.75		%	to			3.20%						(6.77)		%	to			(10.84)%
iShares® S&P 500 Growth ETF			106			30.22			to			122.55			11,422			0.52		%				1.75		%	to			3.20%						20.90		%	to			29.50%
iShares® S&P 500 Value ETF			62			25.87			to			70.50			4,152			1.91		%				1.75		%	to			3.20%						3.48		%	to			22.54%
iShares® TIPS Bond ETF			7			25.78			to			30.99			201			4.22		%				1.75		%	to			3.20%						3.12		%	to			3.87%
Vanguard® Developed Markets Index Fund, ETF Shares			346			24.48			to			40.90			14,486			3.15		%				1.75		%	to			3.20%						(2.08)		%	to			9.69%
Vanguard® Dividend Appreciation Index Fund, ETF Shares			35			27.53			to			84.16			2,520			1.71		%				1.75		%	to			3.20%						10.13		%	to			21.59%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares			19			22.80			to			28.94			572			2.49		%				1.75		%	to			3.20%						(8.79)		%	to			(0.52)%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares			8			24.71			to			35.42			244			2.19		%				1.75		%	to			3.20%						(1.18)		%	to			(3.49)%
Vanguard® Large-Cap Index Fund, ETF Shares			27			28.02			to			97.45			2,483			1.31		%				1.75		%	to			3.20%						12.07		%	to			25.17%
Vanguard® Mega Cap Index Fund, ETF Shares			3			28.16			to			100.30			298			1.21		%				1.75		%	to			3.20%						12.62		%	to			25.34%
Vanguard® Real Estate Index Fund, ETF Shares			19			28.41			to			66.96			1,163			2.87		%				1.75		%	to			3.20%						13.63		%	to			38.07%
Vanguard® Short-Term Bond Index Fund, ETF Shares			15			24.33			to			24.69			339			1.16		%				1.75		%	to			3.20%						(2.67)		%	to			(2.82)%
Vanguard® Total Bond Market Index Fund, ETF Shares			3,879			24.76			to			29.39			100,075			1.89		%				1.75		%	to			3.20%						(0.98)		%	to			(3.58)%

						37
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2020
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Affiliated:
Touchstone VST Aggressive ETF Fund			574			$	20.00		to			$	28.46		$	14,406		1.84		%				0.60		%	to			1.60%						10.05		%	to			11.17%
Touchstone VST Bond Fund			1,394			10.97			to			11.14			15,321			1.82		%				0.60		%	to			1.60%						7.87		%	to			8.96%
Touchstone VST Common Stock Fund			2,717			13.09			to			13.30			35,713			0.59		%				0.60		%	to			1.67%						21.42		%	to			22.74%
Touchstone VST Conservative ETF Fund			436			17.93			to			22.06			8,123			2.51		%				0.60		%	to			1.75%						7.98		%	to			9.24%
Touchstone VST Moderate ETF Fund			456			21.93			to			25.79			9,174			2.07		%				0.60		%	to			2.15%						8.68		%	to			10.40%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio			68			25.02			to			25.59			2,251			1.41		%				1.10		%	to			1.35%						20.74		%	to			21.04%
Fidelity VIP Overseas Portfolio			47			13.62			to			14.49			1,766			0.42		%				1.00		%	to			1.45%						13.94		%	to			14.46%
Fidelity VIP Equity-Income Portfolio			111			31.79			to			110.09			8,635			1.77		%				1.35		%	to			1.35%						5.25		%	to			5.25%
Fidelity VIP Growth Portfolio			35									242.37			8,438			0.08		%										1.35%												41.95%
Fidelity VIP High Income Portfolio			13									32.06			431			4.58		%										1.35%												1.36%
Fidelity VIP Asset Manager Portfolio			47									69.49			3,261			1.46		%										1.35%												13.32%
Fidelity VIP Contrafund® Portfolio			159			63.24			to			64.68			15,771			0.25		%				1.10		%	to			1.35%						28.80		%	to			29.13%
Fidelity VIP Index 500 Portfolio			133			31.28			to			27.57			6,181			1.73		%				1.35		%	to			1.45%						16.52		%	to			16.64%
Fidelity VIP Investment Grade Bond Portfolio			105			15.30			to			16.51			2,601			2.16		%				1.00		%	to			1.55%						7.70		%	to			8.30%
Fidelity VIP Government Money Market			951			9.30			to			10.14			9,223			0.27		%				0.60		%	to			2.75%						(2.44)		%	to			(0.28)%
Non-Affiliated Service Class:
Fidelity VIP Equity-Income Portfolio			9									25.53			238			1.98		%										1.45%												5.00%
Fidelity VIP Growth Portfolio			19			38.34			to			39.69			732			0.06		%				1.10		%	to			1.45%						41.67		%	to			42.17%
Fidelity VIP High Income Portfolio			9									17.63			159			6.46		%										1.45%												1.16%
Fidelity VIP Asset Manager Portfolio			-*									21.54			4			0.21		%										1.45%												13.07%
Fidelity VIP Contrafund® Portfolio			19									46.32			878			0.15		%										1.45%												28.54%
Fidelity VIP Balanced Portfolio			5									28.89			150			1.24		%										1.45%												20.55%
Fidelity VIP Mid Cap Portfolio			35			83.78			to			80.44			2,860			0.56		%				1.35		%	to			1.45%						16.33		%	to			16.45%
Fidelity VIP Overseas Portfolio			-*									20.92			7			0.09		%										1.45%												13.82%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio			94			17.37			to			24.79			1,926			0.98		%				0.60		%	to			1.60%						12.70		%	to			13.85%
Fidelity VIP Balanced Portfolio			373			24.08			to			31.89			9,956			1.33		%				1.00		%	to			1.60%						20.17		%	to			20.91%
Fidelity VIP Bond Index Portfolio			137			10.72			to			10.78			1,478			2.86		%				1.15		%	to			1.55%						5.60		%	to			6.03%
Fidelity VIP Contrafund® Portfolio			1,137			46.75			to			49.49			37,962			0.08		%				0.60		%	to			1.67%						28.06		%	to			29.45%
Fidelity VIP Disciplined Small Cap Portfolio			112			20.16			to			21.76			2,331			0.58		%				1.00		%	to			1.55%						16.29		%	to			16.94%
Fidelity VIP Equity-Income Portfolio			234			19.20			to			27.85			4,965			1.75		%				0.60		%	to			1.60%						4.74		%	to			5.80%
Fidelity VIP Extended Market Index Portfolio			1			12.07			to			12.07			9			0.60		%				1.55		%	to			1.55%						14.39		%	to			14.39%
Fidelity VIP Freedom 2010 Portfolio			37			17.03			to			17.63			625			1.07		%				1.15		%	to			1.60%						10.44		%	to			10.95%
Fidelity VIP Freedom 2015 Portfolio			44			17.78			to			18.62			759			0.89		%				1.15		%	to			1.60%						11.75		%	to			12.26%
Fidelity VIP Freedom 2020 Portfolio			295			18.22			to			19.73			5,219			1.07		%				1.15		%	to			1.60%						12.89		%	to			13.40%
Fidelity VIP Freedom 2025 Portfolio			392			19.49			to			21.25			7,454			1.02		%				1.15		%	to			1.60%						13.83		%	to			14.35%
Fidelity VIP Freedom 2030 Portfolio			50			18.78			to			20.12			966			0.91		%				1.15		%	to			1.55%						14.84		%	to			15.30%
Fidelity VIP Growth Portfolio			468			36.04			to			35.55			18,400			0.04		%				1.00		%	to			1.60%						41.25		%	to			42.11%
Fidelity VIP High Income Portfolio			315			17.14			to			23.10			6,559			6.41		%				0.60		%	to			1.60%						0.78		%	to			1.81%
Fidelity VIP Index 500 Portfolio			1,714			37.55			to			29.55			45,169			1.58		%				0.60		%	to			1.67%						15.98		%	to			17.24%
Fidelity VIP International Index Portfolio			34			11.55			to			11.62			396			3.83		%				1.15		%	to			1.55%						8.63		%	to			9.07%
Fidelity VIP Investment Grade Bond Portfolio			2,205			15.48			to			18.36			33,878			2.05		%				0.60		%	to			1.67%						7.34		%	to			8.51%
Fidelity VIP Mid Cap Portfolio			253			22.93			to			44.82			7,937			0.41		%				0.60		%	to			1.60%						15.98		%	to			17.16%
Fidelity VIP Overseas Portfolio			177			25.76			to			24.51			2,875			0.21		%				0.60		%	to			1.67%						13.41		%	to			14.64%
Fidelity VIP Target Volatility Portfolio			235			14.24			to			14.87			3,370			1.30		%				1.00		%	to			1.60%						7.25		%	to			7.90%

						38
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2020
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Non-Affiliated Service Class 2 (continued):
Fidelity VIP Total Market Index Portfolio			42			$	12.72		to			$	12.82		$	543		3.62		%				1.00		%	to			1.55%						18.12		%	to			18.78%
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund			88			19.89			to			21.09			1,784			—		%				1.00		%	to			1.60%						5.76		%	to			6.41%
Franklin Growth and Income VIP Fund			43			31.68			to			32.40			1,374			3.83		%				1.10		%	to			1.35%						4.38		%	to			4.64%
Franklin Income VIP Fund			135			28.51			to			29.15			3,855			5.96		%				1.10		%	to			1.35%						(0.39)		%	to			(0.14)%
JP Morgan IT Mid Cap Value			11			36.40			to			38.85			403			1.45		%				1.00		%	to			1.55%						(1.19)		%	to			(0.63)%
Morgan Stanley VIF Emerging Markets Debt Portfolio			10			27.73			to			30.83			292			4.68		%				1.00		%	to			1.55%						3.91		%	to			4.49%
Morgan Stanley VIF U.S. Real Estate Portfolio			35			30.24			to			33.15			1,199			2.77		%				1.00		%	to			1.55%						(18.14)		%	to			(17.68)%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund			427			13.66			to			14.26			5,881			1.52		%				1.00		%	to			1.60%						4.19		%	to			4.82%
Columbia VP – Small Cap Value Fund			107			28.85			to			31.23			3,156			0.34		%				1.00		%	to			1.67%						6.78		%	to			7.51%
Franklin Growth and Income VIP Fund			317			21.48			to			28.98			7,741			3.85		%				0.60		%	to			1.60%						3.83		%	to			4.89%
Franklin Income VIP Fund			1,044			16.24			to			24.26			19,178			5.97		%				0.60		%	to			1.60%						(0.92)		%	to			0.09%
Franklin Large Cap Growth VIP Fund			201			40.64			to			50.02			7,264			—		%				1.00		%	to			1.67%						42.22		%	to			43.19%
Franklin Mutual Shares VIP Fund			1,349			22.13			to			27.08			20,768			2.90		%				1.00		%	to			1.67%						(6.63)		%	to			(5.99)%
Franklin Small Cap Value VIP Fund			76			22.68			to			20.90			1,501			1.37		%				1.00		%	to			1.60%						3.51		%	to			4.14%
Invesco V.I. American Franchise Fund			89			37.07			to			49.62			3,389			—		%				0.60		%	to			1.60%						39.73		%	to			41.14%
Invesco V.I. American Value Fund			513			18.55			to			20.02			9,823			0.69		%				1.00		%	to			1.60%						(0.76)		%	to			(0.15)%
Invesco V.I. Comstock Fund			598			19.59			to			28.27			11,082			2.25		%				0.60		%	to			1.60%						(2.67)		%	to			(1.68)%
Invesco V.I. International Growth Fund			310			14.62			to			15.27			4,632			2.10		%				1.15		%	to			1.60%						11.92		%	to			12.43%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Series II (April 30, 2020)			127			14.81			to			14.85			1,881			—		%				1.15		%	to			1.55%						48.06		%	to			48.47%
Templeton Foreign VIP Fund			836			18.19			to			18.18			9,373			3.48		%				0.60		%	to			1.67%						(2.81)		%	to			(1.75)%
Templeton Global Bond VIP Fund			359			8.75			to			9.17			3,159			8.63		%				1.00		%	to			1.60%						(6.80)		%	to			(6.23)%
Templeton Growth VIP Fund			137			13.23			to			24.29			2,447			2.98		%				1.00		%	to			1.60%						4.11		%	to			4.74%
Morgan Stanley VIF Emerging Markets Debt Portfolio			44			15.69			to			17.24			771			4.41		%				1.00		%	to			1.60%						3.84		%	to			4.48%
Morgan Stanley VIF Emerging Markets Equity Portfolio			148			10.43			to			32.87			2,675			1.36		%				0.60		%	to			1.60%						12.53		%	to			13.68%
Morgan Stanley VIF U.S. Real Estate Portfolio			326			26.25			to			11.37			3,811			2.56		%				1.00		%	to			1.67%						(18.49)		%	to			(17.93)%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund			556			32.25			to			34.20			18,173			—		%				1.00		%	to			1.60%						39.25		%	to			40.10%
BlackRock Global Allocation V.I. Fund			83			15.19			to			16.11			1,302			1.25		%				1.00		%	to			1.60%						18.78		%	to			19.50%
BlackRock High Yield V.I. Fund			68			12.74			to			13.08			883			5.05		%				1.00		%	to			1.55%						5.38		%	to			5.96%
BlackRock Total Return V.I. Fund			164			11.23			to			11.52			1,841			1.87		%				1.00		%	to			1.55%						6.87		%	to			7.47%
TOPS® Managed Risk Moderate Growth ETF Portfolio			260			12.37			to			12.81			3,258			2.21		%				1.15		%	to			1.60%						4.20		%	to			4.68%
Non-Affiliated Class 4:
American Funds I.S. Bond Fund			169			11.27			to			11.57			1,913			1.97		%				1.00		%	to			1.55%						7.68		%	to			8.29%
American Funds I.S. Capital Income Builder Fund			106			11.43			to			11.80			1,222			2.67		%				1.00		%	to			1.55%						2.50		%	to			3.07%
American Funds I.S. Global Growth Fund			616			21.36			to			22.29			13,271			0.16		%				1.00		%	to			1.60%						28.08		%	to			28.87%
American Funds I.S. Growth Fund			362			29.58			to			30.88			10,809			0.20		%				1.00		%	to			1.60%						49.29		%	to			50.20%
American Funds I.S. Growth-Income Fund			968			19.74			to			20.61			19,289			1.14		%				1.00		%	to			1.60%						11.44		%	to			12.12%
American Funds I.S. New World Fund			146			15.10			to			15.76			2,243			0.04		%				1.00		%	to			1.60%						21.32		%	to			22.06%

						39
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2020
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund			12			$	37.35		to			$	39.05		$	463		0.92		%				1.35		%	to			1.45%						17.70		%	to			17.82%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund			60			21.77			to			37.88			1,613			0.80		%				1.00		%	to			1.55%						17.24		%	to			17.90%
Advisor Class:
PIMCO VIT All Asset Portfolio			48			14.62			to			15.65			711			4.78		%				1.00		%	to			1.60%						6.18		%	to			6.83%
PIMCO VIT International Bond Portfolio (US Dollar Hedged)			5			11.38			to			11.59			61			4.03		%				1.15		%	to			1.55%						3.82		%	to			4.24%
PIMCO VIT CommodityRealReturn® Strategy Portfolio			447			3.88			to			4.23			1,792			6.35		%				1.00		%	to			1.67%						(0.46)		%	to			0.22%
PIMCO VIT Long-Term U.S. Government Portfolio			31			13.09			to			13.50			410			1.59		%				1.15		%	to			1.55%						15.46		%	to			15.93%
PIMCO VIT Low Duration Portfolio			415			11.21			to			12.14			4,771			1.19		%				1.00		%	to			1.60%						1.24		%	to			1.86%
PIMCO VIT Real Return Portfolio			65			13.25			to			14.32			884			1.34		%				1.00		%	to			1.60%						9.82		%	to			10.49%
PIMCO VIT Total Return Portfolio			2,988			14.63			to			15.94			45,640			2.02		%				1.00		%	to			1.67%						6.73		%	to			7.45%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund			60			6.18			to			7.87			381			3.70		%				1.15		%	to			1.67%						0.88		%	to			1.42%
Guggenheim VT Multi-Hedge Strategies Fund			28			8.98			to			9.57			262			1.28		%				1.00		%	to			1.60%						5.67		%	to			6.31%
Guggenheim VT Long Short Equity Fund			15			10.31			to			10.82			161			0.80		%				1.00		%	to			1.60%						3.25		%	to			3.88%
ETF Shares:
iShares® Core S&P 500 ETF			1,351			70.24			to			77.16			96,867			1.82		%				1.75		%	to			2.75%						15.10		%	to			16.28%
iShares® Core S&P Mid-Cap ETF			484			58.22			to			61.53			28,686			1.58		%				1.75		%	to			2.75%						10.43		%	to			11.56%
iShares® Core S&P Small-Cap ETF			251			60.20			to			63.73			15,382			1.42		%				1.75		%	to			2.75%						8.19		%	to			9.30%
iShares® Core U.S. Aggregate Bond ETF			65			26.29			to			30.33			1,765			2.17		%				1.75		%	to			2.75%						4.52		%	to			5.60%
iShares® iBoxx $ High Yield Corporate Bond ETF			24			32.21			to			36.03			829			5.08		%				1.75		%	to			2.75%						1.57		%	to			2.62%
iShares® 5-10 Year Investment Grade Corporate Bond ETF			42			29.24			to			33.04			1,236			2.84		%				1.75		%	to			2.75%						6.63		%	to			7.73%
iShares® International Treasury Bond ETF			525			23.63			to			25.94			12,657			—		%				1.75		%	to			2.75%						7.83		%	to			8.94%
iShares® S&P 500 Growth ETF			121			84.40			to			94.63			10,456			0.96		%				1.75		%	to			2.75%						29.63		%	to			30.96%
iShares® S&P 500 Value ETF			73			54.34			to			57.53			4,059			2.64		%				1.75		%	to			2.75%						(1.62)		%	to			(0.61)%
iShares® TIPS Bond ETF			8			24.46			to			29.84			227			1.21		%				1.75		%	to			2.75%						7.78		%	to			8.89%
Vanguard® Developed Markets Index Fund, ETF Shares			360			38.43			to			37.29			13,940			2.38		%				1.75		%	to			2.75%						6.68		%	to			7.77%
Vanguard® Dividend Appreciation Index Fund, ETF Shares			33			61.29			to			69.22			2,090			1.84		%				1.75		%	to			2.75%						12.21		%	to			13.36%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares			19			31.12			to			29.09			579			2.24		%				1.75		%	to			2.75%						12.02		%	to			13.17%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares			7			31.68			to			36.71			227			2.66		%				1.75		%	to			2.75%						6.44		%	to			7.54%
Vanguard® Large-Cap Index Fund, ETF Shares			27			71.56			to			77.85			2,030			1.70		%				1.75		%	to			2.75%						17.66		%	to			18.87%
Vanguard® Mega Cap Index Fund, ETF Shares			5			73.27			to			80.02			380			1.77		%				1.75		%	to			2.75%						18.19		%	to			19.40%
Vanguard® Real Estate Index Fund, ETF Shares			22			43.42			to			48.50			971			4.14		%				1.75		%	to			2.75%						(7.20)		%	to			(6.25)%
Vanguard® Short-Term Bond Index Fund, ETF Shares			14			23.25			to			25.07			332			1.79		%				1.90		%	to			2.75%						1.82		%	to			2.71%
Vanguard® Total Bond Market Index Fund, ETF Shares			3,378			26.34			to			30.48			91,221			2.24		%				1.75		%	to			2.75%						4.75		%	to			5.83%

						40
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2019
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Affiliated:
Touchstone VST Aggressive ETF Fund			581			$	18.17		to			$	25.60		$	13,221		1.73		%				0.60		%	to			1.60%						20.42		%	to			21.65%
Touchstone VST Bond Fund (July 12, 2019)			1,310			10.17			to			10.20			13,329			1.31		%				1.00		%	to			1.67%						1.67		%	to			2.00%
Touchstone VST Common Stock Fund (July 12, 2019)			3,423			10.78			to			10.83			36,938			0.54		%				0.60		%	to			1.67%						7.77		%	to			8.33%
Touchstone VST Conservative ETF Fund			523			15.90			to			20.20			8,958			2.33		%				0.60		%	to			2.15%						12.99		%	to			14.77%
Touchstone VST Moderate ETF Fund			545			20.18			to			23.36			10,043			2.11		%				0.60		%	to			2.15%						16.41		%	to			18.25%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio			77			20.72			to			21.14			2,096			1.61		%				1.10		%	to			1.35%						22.83		%	to			23.14%
Fidelity VIP Overseas Portfolio			59			11.80			to			12.66			1,860			1.70		%				1.00		%	to			1.55%						25.79		%	to			26.49%
Fidelity VIP Equity-Income Portfolio			127			30.20			to			104.60			9,354			1.97		%										1.35%												25.72%
Fidelity VIP Growth Portfolio			39			170.74			to			170.74			6,738			0.25		%										1.35%												32.50%
Fidelity VIP High Income Portfolio			20			31.63			to			31.63			619			4.83		%										1.35%												13.55%
Fidelity VIP Asset Manager Portfolio			51			61.33			to			61.33			3,142			1.72		%										1.35%												16.65%
Fidelity VIP Contrafund® Portfolio			195			49.10			to			50.09			14,517			0.45		%				1.10		%	to			1.35%						29.80		%	to			30.13%
Fidelity VIP Index 500 Portfolio			154			26.85			to			23.64			6,098			1.93		%				1.35		%	to			1.45%						29.45		%	to			29.58%
Fidelity VIP Investment Grade Bond Portfolio			113			14.20			to			15.24			2,604			2.64		%				1.00		%	to			1.55%						7.97		%	to			8.57%
Fidelity VIP Government Money Market			713			9.53			to			10.17			7,004			2.01		%				0.60		%	to			2.75%						(0.79)		%	to			1.40%
Non-Affiliated Service Class:
Fidelity VIP Equity-Income Portfolio			9			24.32			to			24.32			216			1.93		%										1.45%												25.48%
Fidelity VIP Growth Portfolio			24			27.07			to			27.92			648			0.16		%				1.10		%	to			1.45%						32.24		%	to			32.71%
Fidelity VIP High Income Portfolio			11			17.43			to			17.43			191			6.40		%										1.45%												13.25%
Fidelity VIP Asset Manager Portfolio			2			19.05			to			19.05			39			6.54		%										1.45%												16.45%
Fidelity VIP Contrafund® Portfolio			24			36.04			to			36.04			855			0.36		%										1.45%												29.54%
Fidelity VIP Balanced Portfolio			6			23.97			to			23.97			154			1.66		%										1.45%												22.50%
Fidelity VIP Mid Cap Portfolio			41			72.02			to			69.08			2,856			0.76		%				1.35		%	to			1.45%						21.56		%	to			21.68%
Fidelity VIP Overseas Portfolio			2			18.38			to			18.38			29			1.70		%										1.45%												25.82%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio			123			15.41			to			21.78			2,258			1.99		%				0.60		%	to			1.60%						16.13		%	to			17.30%
Fidelity VIP Balanced Portfolio			327			20.04			to			26.38			7,612			1.63		%				1.00		%	to			1.60%						22.13		%	to			22.87%
Fidelity VIP Bond Index Portfolio (July 12, 2019)			1			10.15			to			10.16			15			4.30		%				1.35		%	to			1.55%						1.48		%	to			1.58%
Fidelity VIP Contrafund® Portfolio			1,353			36.51			to			38.23			34,892			0.21		%				0.60		%	to			1.67%						29.08		%	to			30.49%
Fidelity VIP Disciplined Small Cap Portfolio			121			17.34			to			18.61			2,159			0.80		%				1.00		%	to			1.55%						21.46		%	to			22.14%
Fidelity VIP Equity-Income Portfolio			297			18.33			to			26.32			5,496			1.90		%				0.60		%	to			1.60%						25.08		%	to			26.34%
Fidelity VIP Freedom 2010 Portfolio			39			15.42			to			15.89			592			1.23		%				1.15		%	to			1.60%						13.90		%	to			14.42%
Fidelity VIP Freedom 2015 Portfolio			57			15.91			to			16.59			886			1.38		%				1.15		%	to			1.60%						16.09		%	to			16.62%
Fidelity VIP Freedom 2020 Portfolio			296			16.14			to			17.39			4,642			1.80		%				1.15		%	to			1.60%						17.96		%	to			18.50%
Fidelity VIP Freedom 2025 Portfolio			301			17.12			to			18.58			4,987			1.79		%				1.15		%	to			1.60%						19.57		%	to			20.12%
Fidelity VIP Freedom 2030 Portfolio			56			16.36			to			17.45			947			1.79		%				1.15		%	to			1.55%						22.19		%	to			22.69%
Fidelity VIP Growth Portfolio			496			25.51			to			25.02			13,650			0.05		%				1.00		%	to			1.60%						31.83		%	to			32.64%
Fidelity VIP High Income Portfolio			354			20.77			to			22.69			7,302			5.27		%				0.60		%	to			1.67%						12.85		%	to			14.08%
Fidelity VIP Index 500 Portfolio			2,002			32.38			to			25.21			45,456			1.77		%				0.60		%	to			1.67%						28.83		%	to			30.23%
Fidelity VIP International Index Portfolio (July 12, 2019)			*-									10.63			2			2.22		%										1.55%												6.32%
Fidelity VIP Investment Grade Bond Portfolio			2,437			14.42			to			16.92			34,874			2.51		%				0.60		%	to			1.67%						7.58		%	to			8.75%
Fidelity VIP Mid Cap Portfolio			313			39.52			to			38.25			8,650			0.68		%				0.60		%	to			1.67%						21.12		%	to			22.43%
Fidelity VIP Overseas Portfolio			207			22.72			to			21.38			2,925			1.48		%				0.60		%	to			1.67%						25.37		%	to			26.74%

						41
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2019
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Non-Affiliated Service Class 2 (continued):
Fidelity VIP Target Volatility Portfolio			236			$	13.28		to			$	13.65		$	3,155		1.40		%				1.15		%	to			1.60%						16.75		%	to			17.28%
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund			88			18.69			to			19.82			1,678			—		%				1.00		%	to			1.67%						29.43		%	to			30.31%
Franklin Growth and Income VIP Fund			59			30.35			to			30.96			1,789			2.55		%				1.10		%	to			1.35%						24.35		%	to			24.67%
Franklin Income VIP Fund			149			28.62			to			29.19			4,269			5.47		%				1.10		%	to			1.35%						14.85		%	to			15.14%
JP Morgan IT Mid Cap Value			12			36.84			to			39.09			437			1.49		%				1.00		%	to			1.55%						24.80		%	to			25.49%
Morgan Stanley VIF Emerging Markets Debt Portfolio			11			26.69			to			29.51			312			5.21		%				1.00		%	to			1.55%						12.48		%	to			13.11%
Morgan Stanley VIF U.S. Real Estate Portfolio			37			36.94			to			40.27			1,535			1.87		%				1.00		%	to			1.55%						17.10		%	to			17.75%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund			425			13.11			to			13.61			5,606			2.26		%				1.00		%	to			1.60%						16.10		%	to			16.81%
Columbia VP – Small Cap Value Fund			114			27.02			to			29.05			3,151			0.27		%				1.00		%	to			1.67%						18.97		%	to			19.78%
Franklin Growth and Income VIP Fund			344			20.68			to			30.90			7,787			2.27		%				1.00		%	to			1.60%						23.65		%	to			24.40%
Franklin Income VIP Fund			1,096			23.13			to			24.23			20,518			5.39		%				0.60		%	to			1.67%						14.12		%	to			15.36%
Franklin Large Cap Growth VIP Fund			214			28.58			to			34.94			5,500			—		%				1.00		%	to			1.67%						32.33		%	to			33.23%
Franklin Mutual Shares VIP Fund			1,303			23.70			to			28.81			21,560			1.85		%				1.00		%	to			1.67%						20.53		%	to			21.35%
Franklin Small Cap Value VIP Fund			84			21.91			to			20.07			1,612			0.96		%				1.00		%	to			1.60%						24.33		%	to			25.09%
Invesco V.I. American Franchise Fund			112			26.53			to			35.16			3,119			—		%				0.60		%	to			1.60%						34.25		%	to			35.61%
Invesco V.I. American Value Fund			468			18.70			to			20.05			8,988			0.44		%				1.00		%	to			1.60%						22.72		%	to			23.46%
Invesco V.I. Comstock Fund			585			20.13			to			28.76			11,117			1.74		%				0.60		%	to			1.60%						22.94		%	to			24.19%
Invesco V.I. International Growth Fund			346			13.06			to			13.77			4,592			1.32		%				1.00		%	to			1.60%						26.19		%	to			26.96%
Invesco V.I. Mid Cap Growth Fund			58			15.17			to			15.40			888			—		%				1.15		%	to			1.55%						31.93		%	to			32.46%
Templeton Foreign VIP Fund			824			18.71			to			18.51			9,568			1.68		%				0.60		%	to			1.67%						10.65		%	to			11.85%
Templeton Global Bond VIP Fund			414			9.39			to			9.77			3,914			6.88		%				1.00		%	to			1.60%						0.38		%	to			0.99%
Templeton Growth VIP Fund			152			12.71			to			23.19			2,634			2.78		%				1.00		%	to			1.60%						13.31		%	to			14.00%
Morgan Stanley VIF Emerging Markets Debt Portfolio			50			22.19			to			16.50			852			5.34		%				1.00		%	to			1.67%						12.26		%	to			13.03%
Morgan Stanley VIF Emerging Markets Equity Portfolio			184			31.30			to			28.91			2,861			1.05		%				0.60		%	to			1.67%						17.52		%	to			18.80%
Morgan Stanley VIF U.S. Real Estate Portfolio			297			32.21			to			13.85			4,309			1.75		%				1.00		%	to			1.67%						16.69		%	to			17.49%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund			616			23.16			to			24.41			14,423			—		%				1.00		%	to			1.60%						29.45		%	to			30.23%
BlackRock Global Allocation V.I. Fund			99			12.79			to			13.48			1,299			1.11		%				1.00		%	to			1.60%						15.87		%	to			16.58%
BlackRock High Yield V.I. Fund			60			12.09			to			12.34			737			5.15		%				1.00		%	to			1.55%						13.08		%	to			13.71%
BlackRock Total Return V.I. Fund			153			10.50			to			10.66			1,615			2.61		%				1.15		%	to			1.55%						7.46		%	to			7.89%
TOPS® Managed Risk Moderate Growth ETF Portfolio			281			11.87			to			12.24			3,362			2.07		%				1.15		%	to			1.60%						14.31		%	to			14.83%
Non-Affiliated Class 4:
American Funds I.S. Bond Fund			163			10.47			to			10.68			1,716			2.52		%				1.00		%	to			1.55%						7.39		%	to			7.99%
American Funds I.S. Capital Income Builder Fund			95			11.16			to			11.45			1,071			2.75		%				1.00		%	to			1.55%						15.80		%	to			16.44%
American Funds I.S. Global Growth Fund			725			16.67			to			17.30			12,177			0.90		%				1.00		%	to			1.60%						32.72		%	to			33.53%
American Funds I.S. Growth Fund			378			19.82			to			20.56			7,539			0.58		%				1.00		%	to			1.60%						28.35		%	to			29.14%
American Funds I.S. Growth-Income Fund			1,120			17.72			to			18.38			20,000			1.46		%				1.00		%	to			1.60%						23.84		%	to			24.60%
American Funds I.S. New World Fund			143			12.44			to			12.91			1,808			0.83		%				1.00		%	to			1.60%						26.76		%	to			27.53%

						42
-*Less than 500.

---

Separate Account I

of

Integrity Life Insurance Company

Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2019
																		Investment
			Units			Unit Value									Net Assets			Income						Expense												Total
Subaccount			(000s)			Range									(000s)			Ratio (**)						Ratio (***)												Return (****)
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund			14			$	31.74		to			$	33.15		$	463		1.20		%				1.35		%	to			1.45%						23.41		%	to			23.53%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund			64			29.93			to			32.13			1,485			0.80		%				1.00		%	to			1.67%						22.79		%	to			23.62%
Advisor Class:
PIMCO VIT All Asset Portfolio			63			13.77			to			14.65			879			2.82		%				1.00		%	to			1.60%						9.96		%	to			10.63%
PIMCO VIT International Bond Portfolio (US Dollar Hedged)			4			10.96			to			11.18			48			1.71		%				1.00		%	to			1.55%						5.25		%	to			5.84%
PIMCO VIT CommodityRealReturn® Strategy Portfolio			453			3.90			to			4.22			1,818			4.34		%				1.00		%	to			1.67%						9.49		%	to			10.24%
PIMCO VIT Long-Term U.S. Government Portfolio			24			11.34			to			11.77			271			2.01		%				1.00		%	to			1.55%						11.45		%	to			12.08%
PIMCO VIT Low Duration Portfolio			416			11.07			to			11.92			4,715			2.69		%				1.00		%	to			1.60%						2.26		%	to			2.88%
PIMCO VIT Real Return Portfolio			86			12.06			to			12.96			1,056			1.51		%				1.00		%	to			1.60%						6.60		%	to			7.25%
PIMCO VIT Total Return Portfolio			3,018			13.71			to			14.84			42,996			2.91		%				1.00		%	to			1.67%						6.44		%	to			7.17%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund			68			6.12			to			6.49			421			0.95		%				1.15		%	to			1.67%						6.34		%	to			6.90%
Guggenheim VT Multi-Hedge Strategies Fund			30			8.31			to			9.00			264			2.44		%				1.00		%	to			1.67%						3.26		%	to			3.96%
Guggenheim VT Long Short Equity Fund			18			9.62			to			10.41			188			0.58		%				1.00		%	to			1.67%						3.78		%	to			4.48%
ETF Shares:
iShares® Core S&P 500 ETF			1,436			61.03			to			66.36			89,258			2.28		%				1.75		%	to			2.75%						27.64		%	to			28.95%
iShares® Core S&P Mid-Cap ETF			481			52.72			to			55.15			25,733			1.74		%				1.75		%	to			2.75%						22.63		%	to			23.89%
iShares® Core S&P Small-Cap ETF			238			55.65			to			58.31			13,455			1.54		%				1.75		%	to			2.75%						19.44		%	to			20.67%
iShares® Core U.S. Aggregate Bond ETF			58			25.15			to			28.72			1,505			2.75		%				1.75		%	to			2.75%						5.47		%	to			6.56%
iShares® iBoxx $ High Yield Corporate Bond ETF			26			31.71			to			35.11			863			5.08		%				1.75		%	to			2.75%						10.95		%	to			12.09%
iShares® Intermediate-Term Corporate Bond ETF			44			27.42			to			29.42			1,228			3.54		%				1.90		%	to			2.75%						11.45		%	to			12.42%
iShares® International Treasury Bond ETF			516			21.92			to			23.81			11,525			0.25		%				1.75		%	to			2.75%						0.91		%	to			1.95%
iShares® S&P 500 Growth ETF			144			65.11			to			72.26			9,626			1.76		%				1.75		%	to			2.75%						27.17		%	to			28.48%
iShares® S&P 500 Value ETF			73			55.23			to			57.88			4,116			2.32		%				1.75		%	to			2.75%						28.00		%	to			29.32%
iShares® TIPS Bond ETF			8			22.69			to			27.40			209			1.78		%				1.75		%	to			2.75%						5.37		%	to			6.45%
Vanguard® Developed Markets Index Fund, ETF Shares			349			36.02			to			34.60			12,626			3.22		%				1.75		%	to			2.75%						19.22		%	to			20.45%
Vanguard® Dividend Appreciation Index Fund, ETF Shares			39			54.62			to			61.06			2,182			1.85		%				1.75		%	to			2.75%						26.04		%	to			27.34%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares			20			27.78			to			25.70			539			3.44		%				1.75		%	to			2.75%						17.42		%	to			18.63%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares			7			29.76			to			34.13			229			3.46		%				1.75		%	to			2.75%						10.96		%	to			12.10%
Vanguard® Large-Cap Index Fund, ETF Shares			29			60.81			to			65.49			1,836			1.98		%				1.75		%	to			2.75%						27.62		%	to			28.93%
Vanguard® Mega Cap Index Fund, ETF Shares			3			61.99			to			67.02			184			2.07		%				1.75		%	to			2.75%						27.55		%	to			28.86%
Vanguard® Real Estate Index Fund, ETF Shares			19			46.79			to			51.73			946			3.57		%				1.75		%	to			2.75%						25.32		%	to			26.60%
Vanguard® Short-Term Bond Index Fund, ETF Shares			14			22.83			to			24.41			324			2.28		%				1.90		%	to			2.75%						2.10		%	to			2.99%
Vanguard® Total Bond Market Index Fund, ETF Shares			3,300			25.14			to			28.81			84,890			2.77		%				1.75		%	to			2.75%						5.84		%	to			6.93%

						43
-*Less than 500.

---

STATUTORY-BASIS FINANCIAL STATEMENTS

Integrity Life Insurance Company

Years Ended December 31, 2023, 2022 and 2021

With Report of Independent Auditors

---

Integrity Life Insurance Company

Statutory-Basis Financial Statements

Years Ended December 31, 2023, 2022 and 2021

Contents

Report of Independent Auditors			1
Financial Statements
Balance Sheets (Statutory-Basis)			4
Statements of Operations (Statutory-Basis)			5
Statements of Changes in Capital and Surplus (Statutory-Basis)			6
Statements of Cash Flow (Statutory-Basis)			7
Notes to Financial Statements (Statutory-Basis)			8

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Report of Independent Auditors

The Board of Directors

Integrity Life Insurance Company

Opinion

We have audited the statutory-basis financial statements of Integrity Life Insurance Company (the Company), which comprise the balance sheets as of December 31, 2023 and 2022, and the related statements of operations, changes in capital and surplus and cash flows for each of the three years ended December 31, 2023, and the related notes to the financial statements (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for the three years ended December 31, 2023, on the basis of accounting described in Note 1.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter described 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 accounting principles generally accepted in the United States of America, the financial position of the Company at December 31, 2023 and 2022, or the results of its operations or its cash flows for the three years ended December 31, 2023.

Basis for Opinion

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 Auditor’s 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 1 to the financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America. The effects on the financial statements of the variances between these statutory accounting practices described

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in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Ohio 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.

Auditor’s 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the 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.

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•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/ Ernst & Young, LLP

April 17, 2024

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Integrity Life Insurance Company

Balance Sheets (Statutory-Basis)

			December 31
			2023						2022
Admitted assets			(In Thousands)
Cash and invested assets:
Debt securities			$	4,535,024					$	5,052,212
Preferred and common stocks			622,461						606,654
Investment in common stock of subsidiary			473,316						359,182
Mortgage loans			941,471						957,269
Policy loans			93,321						96,160
Derivatives			85,289						47,599
Cash, cash equivalents and short-term investments			42,592						32,458
Receivable for securities			3,307						827
Securities lending reinvested collateral assets			1,338						7,737
Other invested assets			376,242						326,057
Total cash and invested assets			7,174,361						7,486,155
Investment income due and accrued			47,878						49,951
Net deferred income tax asset			19,048						28,482
Amounts receivable on reinsurance contracts			1,818						4,994
Other admitted assets			16,201						2,548
Separate account assets			1,797,874						1,805,085
Total admitted assets			$	9,057,180					$	9,377,215
Liabilities and capital and surplus
Liabilities:
Policy and contract liabilities:
Life and annuity reserves			$	4,686,205					$	5,013,150
Liability for deposit-type contracts			898,950						941,908
Policy and contract claims			243						264
Total policy and contract liabilities			5,585,398						5,955,322
General expense due and accrued			220						217
Current federal income taxes payable to parent			1,001						1,294
Transfer to (from) separate accounts due and accrued, net			(65,452)						2,845
Asset valuation reserve			191,049						123,263
Amounts payable on reinsurance contracts			1,750						5,283
Other liabilities			59,086						56,502
Derivatives			41,118						13,704
Payable for securities lending			117,642						117,925
Separate account liabilities			1,797,874						1,805,085
Total liabilities			7,729,686						8,081,440
Capital and surplus:
Common stock, $2 par value, authorized 1,500 shares, issued and outstanding 1,500 shares			3,000						3,000
Paid-in surplus			908,164						908,164
Accumulated surplus			416,330						384,611
Total capital and surplus			1,327,494						1,295,775
Total liabilities and capital and surplus			$	9,057,180					$	9,377,215

See accompanying notes.

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Integrity Life Insurance Company

Statements of Operations (Statutory-Basis)

			Year Ended December 31
			2023						2022						2021
			(In Thousands)
Premiums and other revenues:
Premiums and annuity considerations			$	429,933					$	517,963					$	373,246
Net investment income			306,303						222,418						277,407
Considerations for supplementary contracts with life contingencies			4,292						4,452						7,998
Amortization of the interest maintenance reserve			(2,099)						3,501						4,926
Reserve adjustments on reinsurance ceded			(628)						351						51
Fees from management of separate accounts			16,331						16,772						19,249
Other revenues			2,721						3,441						2,853
Total premiums and other revenues			756,853						768,898						685,730
Benefits paid or provided:
Death benefits			14,702						17,404						17,298
Annuity benefits			337,406						319,320						331,926
Surrender benefits			781,195						485,167						329,065
Payments on supplementary contracts with life contingencies			8,807						9,268						8,006
Increase (decrease) in policy reserves and other policyholders’ funds			(286,806)						(31,832)						75,780
Total benefits paid or provided			855,304						799,327						762,075
Insurance expenses and other deductions:
Commissions			24,751						30,507						23,663
Commissions and expenses on reinsurance assumed			12						12						12
General expenses			44,285						48,655						46,895
Net transfers to (from) separate accounts			(228,330)						(105,972)						(182,319)
Other deductions			11,730						4,544						1,914
Total insurance expenses and other deductions			(147,552)						(22,254)						(109,835)
Gain (loss) from operations before federal income tax expense and net realized capital gains (losses)			49,101						(8,175)						33,490
Federal income tax expense (benefit), excluding tax on capital gains			12,736						(3,077)						5,258
Gain (loss) from operations before net realized capital gains (losses)			36,365						(5,098)						28,232
Net realized capital gains (losses) (excluding gains (losses) transferred to IMR and capital gains tax)			(8,355)						10,575						23,186
Net income (loss)			$	28,010					$	5,477					$	51,418

See accompanying notes.

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Integrity Life Insurance Company

Statements of Changes in Capital and Surplus (Statutory-Basis)

			Common Stock						Paid-In Surplus						Accumulated Surplus						Total Capital and Surplus
			(In Thousands)
Balance, January 1, 2021			$	3,000					$	908,164					$	391,134					$	1,302,298
Net income (loss)			—						—						51,418						51,418
Change in net deferred income tax			—						—						5,457						5,457
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of $21,561)			—						—						163,754						163,754
Net change in nonadmitted assets and related items			—						—						213						213
Change in asset valuation reserve			—						—						(32,741)						(32,741)
Prior year reserve correction			—						—						(8,965)						(8,965)
Balance, December 31, 2021			3,000						908,164						570,270						1,481,434
Net income (loss)			—						—						5,477						5,477
Change in net deferred income tax			—						—						3,414						3,414
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($28,904))			—						—						(175,849)						(175,849)
Net change in nonadmitted assets and related items			—						—						(10,224)						(10,224)
Change in asset valuation reserve			—						—						71,542						71,542
Change in surplus in separate accounts			—						—						(19)						(19)
Dividends to stockholder			—						—						(80,000)						(80,000)
Balance, December 31, 2022			3,000						908,164						384,611						1,295,775
Net income (loss)			—						—						28,010						28,010
Change in net deferred income tax			—						—						6,817						6,817
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of $17,222)			—						—						178,950						178,950
Net change in nonadmitted assets and related items			—						—						10,758						10,758
Change in asset valuation reserve			—						—						(67,786)						(67,786)
Change in surplus in separate accounts			—						—						(30)						(30)
Dividends to stockholder			—						—						(125,000)						(125,000)
Balance, December 31, 2023			$	3,000					$	908,164					$	416,330					$	1,327,494

See accompanying notes.

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Integrity Life Insurance Company

Statements of Cash Flow (Statutory-Basis)

			Year Ended December 31
			2023						2022						2021
			(In Thousands)
Operating activities
Premiums collected net of reinsurance			$	435,927					$	527,697					$	381,244
Net investment income received			308,574						283,616						274,756
Benefits paid			(1,185,289)						(859,176)						(701,603)
Net transfers from (to) separate accounts			165,931						134,835						185,411
Commissions and expense paid			(78,391)						(83,180)						(72,055)
Federal income taxes recovered (paid)			(12,167)						(828)						(28,889)
Other, net			19,372						19,680						22,092
Net cash from (for) operations			(346,043)						22,644						60,956
Investing activities
Proceeds from investments sold, matured or repaid:
Debt securities			1,007,304						1,188,851						1,259,454
Preferred and common stocks			66,878						177,947						178,558
Mortgage loans			72,110						32,211						41,684
Other invested assets			14,813						20,608						40,469
Net gains (losses) on cash, cash equivalents and short-term investments			3						1						54
Miscellaneous proceeds			6,400						2,697						8,770
Net proceeds from investments sold, matured or repaid			1,167,508						1,422,315						1,528,989
Cost of investments acquired:
Debt securities			(532,727)						(1,059,792)						(1,197,497)
Preferred and common stocks			(55,763)						(142,495)						(220,373)
Mortgage loans			(56,312)						(240,941)						(136,829)
Other invested assets			(34,640)						(43,132)						(31,057)
Miscellaneous applications			(40,746)						(37,870)						(9,649)
Total cost of investments acquired			(720,188)						(1,524,230)						(1,595,405)
Net change in policy and other loans			2,838						6,108						5,194
Net cash from (for) investments			450,158						(95,807)						(61,222)
Financing and miscellaneous activities
Net deposits on deposit-type contract funds and other insurance liabilities			(42,958)						22,515						(87,287)
Dividends to stockholder			(75,000)						(80,000)						—
Other cash provided (applied)			23,977						24,138						(11,157)
Net cash from (for) financing and miscellaneous sources			(93,981)						(33,347)						(98,444)
Net change in cash, cash equivalents and short-term investments			10,134						(106,510)						(98,710)
Cash, cash equivalents and short-term investments:
Beginning of year			32,458						138,968						237,678
End of year			$	42,592					$	32,458					$	138,968
Cash flow information for noncash transactions:
Dividend to The Western and Southern Life Insurance Company in the form of common stock			$	(50,000)					$	—					$	—

See accompanying notes.

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

1. Nature of Operations and Significant Accounting Policies

Integrity Life Insurance Company (the Company) is a wholly-owned subsidiary of The Western and Southern Life Insurance Company (Western and Southern). The Company, domiciled in the state of Ohio and currently licensed in 49 states and the District of Columbia, specializes in the asset accumulation business with particular emphasis on retirement savings and investment products. For the year ended December 31, 2023, approximately 61.7% of the gross premiums and annuity considerations for the Company were derived from California, Florida, Michigan, New Jersey, Ohio, Pennsylvania, and Texas.

The Company’s wholly-owned insurance subsidiary, National Integrity Life Insurance Company (National Integrity), is currently licensed in eight states and the District of Columbia and distributes similar products, principally in the state of New York. Fort Washington Investment Advisors, Inc. (Fort Washington), a registered investment adviser, is a nonlife insurance subsidiary of Western and Southern and is the investment manager for the Company.

State regulatory authorities have powers relating to granting and revoking licenses to transact business, the licensing of agents, the regulation of premium rates and trade practices, the form and content of insurance policies, the content of advertising material, financial statements and the nature of permitted practices.

Use of Estimates

The preparation of statutory-basis financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Basis of Presentation

The accompanying financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the Ohio Department of Insurance (the Department). The National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual (NAIC SAP or SSAP) has been adopted as a component of prescribed or permitted practices by the State of Ohio. Ohio Administrative Code 3901-1-67, Alternative derivative and reserve accounting practices - Section A (OAC 3901-1-67) allows the Company to follow a prescribed practice related to its derivative instruments purchased to hedge indexed products. The Company elected to adopt this practice effective January 1, 2021. In accordance with the practice, the Company has included changes in, and settlement of, eligible derivatives in net investment income; previously, the Company had recorded changes in, and settlement of, eligible derivatives through unrealized gains/losses and realized gains/losses, respectively. In 2023, the net income of the Company was $28.0 million, which is $15.1 million higher than the $12.9 million of net income that would have been reported under NAIC SAP. In 2022, the net income of the Company was $5.5 million, which is $(40.9) million less than the $46.4 million of net income that would have been reported under NAIC SAP. There was no impact to the Company's capital and surplus in either period.

These practices differ in some respects from U.S. generally accepted accounting principles (GAAP). The more significant differences follow.

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Investments

Investments in debt securities and mandatory redeemable preferred stocks are reported at amortized cost or fair value based on the NAIC rating; for GAAP, such fixed maturity investments are designated at purchase as held-to-maturity, trading or available-for-sale. Held-to-maturity fixed investments are reported at amortized cost, and the remaining fixed maturity investments are reported at fair value with unrealized holding gains and losses reported in the statement of operations for those designated as trading and as a separate component of other comprehensive income (loss) for those designated as available-for-sale.

All single-class and multiclass mortgage-backed/asset-backed securities (e.g., CMOs) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium of such securities using the retrospective method. The prospective method is used to determine amortized cost for securities that experience a decline that is deemed to be other-than-temporary. Securities that are in an unrealized loss position which the Company intends to sell, or does not have the intent and ability to hold until recovery, are written down to fair value as a realized loss. Securities that are in an unrealized loss position which the Company has the intent and ability to hold until recovery are written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. For GAAP purposes, all securities, purchased or retained, that represent beneficial interests in securitized assets (e.g., CMO, CBO, CDO, CLO, MBS and ABS securities), other than high credit quality securities, are adjusted using the prospective method when there is a change in estimated future cash flows. If it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. If high credit quality securities are adjusted, the retrospective method is used.

The Company monitors other investments to determine if there has been an other-than-temporary decline in fair value. Factors that management considers for each identified security include the following:

•The extent the fair value has been below the book/adjusted carrying value;

•The reasons for the decline in value;

•Specific credit issues related to the issuer and current economic conditions, including the current and future impact of any specific events;

•For structured investments (e.g., residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and other structured investments), factors such as overall deal structure and the Company’s position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections are considered;

•For all equity securities and other debt securities with credit-related declines in fair value, the Company’s intent and ability to hold the security long enough for it to recover its value to book/adjusted carrying value; and

•For all other debt securities with interest-related declines in fair value, the Company’s intent to sell the security before recovery of its book/adjusted carrying value.

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

If the decline is judged to be other-than-temporary, an impairment charge to fair value is recorded as a net realized capital loss in the period the determination is made. Under GAAP, if the decline is judged to be other-than-temporary because the Company has the intent to sell the debt security or is more likely than not to be required to sell the debt security before its anticipated recovery, an impairment charge to fair value is recorded as a net realized capital loss. If the decline is judged to be other-than-temporary because the Company does not expect to recover the entire amortized cost basis of the security due to expected credit losses, an impairment charge is recorded to net realized capital loss as the difference between amortized cost and the net present value of expected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment.

Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments, principally debt securities and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity of the individual security sold using the seriatim method. The net deferral is reported as the interest maintenance reserve (IMR) in the accompanying balance sheets. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses are reported in the statement of operations on a pretax basis in the period that the assets giving rise to the gains or losses are sold.

The asset valuation reserve (AVR) provides a valuation allowance for invested assets. The AVR is determined by an NAIC prescribed formula with changes reflected directly in capital and surplus. AVR is not recognized for GAAP.

Subsidiary

The accounts and operations of the Company’s subsidiary are not consolidated with the accounts and operations of the Company as would be required under GAAP.

Policy Acquisition Costs

The costs of acquiring and renewing business are expensed when incurred. Under GAAP, policy acquisition costs, related to traditional life insurance and certain long-duration accident and health insurance policies sold, to the extent recoverable from future policy revenues, would be deferred and amortized over the premium-paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves; for universal life insurance and investment products, to the extent recoverable from future gross profits, deferred policy acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges and investments, mortality, and expense margins.

Nonadmitted Assets

Certain assets designated as “nonadmitted” (principally certain receivables balances), and other assets not specifically identified as an admitted asset within the NAIC’s Accounting Practices and Procedures Manual, are excluded from the accompanying balance sheets and are charged directly to accumulated deficit. Under GAAP, such assets are included in the balance sheets.

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Premiums and Benefits

Revenues for universal life and annuity policies with mortality or morbidity risk, except for guaranteed interest and group annuity contracts, consist of the entire premium received, and benefits incurred represent the total of death benefits paid and the change in policy reserves. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting, and credited directly to an appropriate policy reserve account, without recognizing premium income. Under GAAP, premiums received in excess of policy charges would not be recognized as premium revenue and benefits would represent the excess of benefits paid over the policy account value and interest credited to the account values.

Benefit Reserves

Certain policy reserves are calculated using statutorily prescribed interest and mortality assumptions rather than on estimated expected experience or actual account balances as would be required under GAAP.

Reinsurance

A liability for reinsurance balances is required to be provided for unsecured policy reserves ceded to reinsurers not authorized to assume such business. Changes to those amounts are credited or charged directly to capital and surplus. Under GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings.

Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves rather than as assets as would be required under GAAP. Commissions allowed by reinsurers on business ceded are reported as income when incurred rather than being deferred and amortized with policy acquisition costs as required under GAAP.

Deferred Income Taxes

Deferred tax assets are recorded for the amount of gross deferred tax assets expected to be realized in future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold. Deferred tax assets are limited to 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse during a time frame corresponding with Internal Revenue Service (IRS) tax loss carryback provisions, not to exceed three years, including amounts established in accordance with the provision of SSAP No. 5R, plus 2) for entities who meet the required realization threshold in SSAP No. 101, the lesser of the remaining gross deferred tax assets expected to be realized within three years of the balance sheet date or 15% of capital and surplus excluding any net deferred tax assets, electronic data processing equipment and operating software and any net positive goodwill, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities. The remaining deferred tax assets are nonadmitted. Under GAAP, a deferred tax asset is recorded for the amount of gross deferred tax assets expected to be realized in all future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold.

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Statements of Cash Flow

Cash, cash equivalents and short-term investments in the statements of cash flow represent cash balances and investments with initial maturities of one year or less. Under GAAP, the corresponding captions of cash and cash equivalents include cash balances and investments with initial maturities of three months or less.

Other significant statutory accounting practices follow.

Restricted Assets

The Company has assets pledged as collateral, or otherwise not exclusively under control of the Company, totaling $1,313.9 million and $1,116.4 million as of December 31, 2023 and 2022, respectively. These assets are primarily collateral pledged to the Federal Home Loan Bank (FHLB) and collateral held in relation to the Company's securities lending program. These restricted assets are discussed in more detail in their relevant sections.

Investments

Debt securities, common stocks, preferred stocks, and short-term investments are stated at values prescribed by the NAIC, as follows:

Debt securities not backed by other loans are principally stated at amortized cost using the interest method.

Single-class and multiclass mortgage-backed/asset-backed securities are valued at amortized cost using the interest method including anticipated prepayments. Prepayment assumptions are obtained from Bloomberg and broker-dealer prepayment models or derived from empirical data and are based on the current interest rate and economic environment. The retrospective adjustment method is used to value all such securities except securities that are deemed to be other-than-temporarily impaired and securities that are principal-only or interest-only, which are valued using the prospective method.

Unaffiliated common stocks, other than FHLB stock, are unrestricted and reported at fair value utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes. FHLB stock is carried at cost and is restricted. At December 31, 2023 and 2022, the Company owned $35.8 million and $38.5 million, of FHLB stock, respectively. The FHLB stock is held in conjunction with the issuance of deposit contracts to the FHLB. See Note 9 for further description.

Redeemable preferred stocks that have characteristics of debt securities and are rated as medium quality or better are reported or amortized cost. All other redeemable preferred stocks are reported at the lower of amortized cost or fair value. Perpetual preferred stocks are valued at fair value, not exceeding any currently effective call price, utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes.

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Short-term investments include investments with remaining maturities of one year or less at the date of acquisition and are principally stated at amortized cost, which approximates fair value.

Cash equivalents are short-term highly liquid investments with original maturities of three months or less and are principally stated at amortized cost, which approximates fair value.

The Company’s insurance subsidiary is reported at its underlying statutory equity. The net change in the subsidiary’s equity is included in capital and surplus.

Joint ventures, partnerships, and limited liability companies are carried at the Company’s interest in the underlying audited GAAP equity of the investee. Undistributed earnings allocated to the Company are reported in the change in net unrealized capital gains or losses. Distributions from earnings of the investees are reported as net investment income when received. Because of the indirect nature of these investments, there is an inherent reduction in transparency and liquidity and increased complexity in valuing the underlying investments. As a result, these investments are actively managed by the Company’s management via detailed evaluation of the investment performance relative to risk.

Mortgage loans are reported at unpaid principal balances, less an allowance for impairment. A mortgage loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage agreement. When management determines foreclosure is probable, the impairment is other than temporary; the mortgage loan is written down to realizable value and a realized loss is recognized.

Policy loans are reported at unpaid principal balances.

Debt securities and other loan interest are credited to income as it accrues. Dividends are recorded as income on ex-dividend dates. To the extent income is uncertain, due and accrued income is excluded and treated as nonadmitted through surplus.

Realized capital gains and losses are determined using the specific identification method.

Premiums

Life and accident and health premiums are recognized as revenue when due. Premiums for annuity policies with mortality and morbidity risk, except for guaranteed interest and group annuity contracts, are also recognized as revenue when due. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting.

13

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Policy Reserves

Life and annuity reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the Department. The Company waives deduction of deferred fractional premiums on the death of life and annuity policy insureds and does not return any premium beyond the date of death. Surrender values on policies do not exceed the corresponding benefit reserves. Policies issued subject to multiple table substandard extra premiums are valued on the standard reserve basis which recognizes the nonlevel incidence of the excess mortality costs. Additional reserves are established when the results of cash flow testing under various interest rate scenarios indicate the need for such reserves, or the net premiums exceed the gross premiums on any insurance in-force.

The mean reserve method is used to adjust the calculated terminal reserve to the appropriate reserve at December 31. Mean reserves are determined by computing the regular mean reserve for the plan at the rated age and holding, in addition, one-half of the extra premium charge for the year. Policies issued after July 1 for substandard lives, are charged an extra premium plus the regular premium for the true age. Mean reserves are based on appropriate multiples of standard rates of mortality. An asset is recorded for deferred premiums net of loading to adjust the reserve for modal premium payments.

For substandard table ratings, mean reserves are based on 125% to 500% of standard mortality rates. For flat extra ratings, mean reserves are based on the standard or substandard mortality rates increased by 1 to 25 deaths per thousand.

Tabular interest, tabular less actual reserves released, and tabular cost have been determined by formula as prescribed by the NAIC. Tabular interest on funds not involving life contingencies was derived from basic data.

The Company's variable annuities are reserved under VM-21. Policies reserved under VM-21 are based on principle-based policyholder and asset assumptions with margins and floored at cash values.

Contracts issued that do not incorporate mortality or morbidity risk, such as guaranteed interest contracts, are accounted for as deposit-type contracts. Amounts received as payments and amounts withdrawn on deposit-type contracts are recorded directly to the liability for deposit-type contracts.

The establishment of appropriate reserves is an inherently uncertain process, and there can be no assurance that the ultimate liability will not exceed the Company’s policy reserves and have an adverse effect on the Company’s results of operations and financial condition. Due to the inherent uncertainty of estimating reserves, it has been necessary, and may over time continue to be necessary, to revise estimated future liabilities as reflected in the Company’s policy reserves.

14

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Reinsurance

Reinsurance premiums and benefits paid or provided 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 change in reserves for modified coinsurance contracts is recorded on the reserve adjustments on reinsurance ceded line in the statements of operations.

Securities Lending

At December 31, 2023, the Company has loaned $114.3 million and $15.9 million (fair value) in the general and separate account, respectively, of various debt securities, preferred stocks and common stocks as part of a securities lending program administered by Deutsche Bank. At December 31, 2022, the Company has loaned $114.8 million and $14.7 million (fair value) in the general and separate account, respectively, of various debt securities, preferred stocks and common stocks as part of a securities lending program administered by Deutsche Bank. The Company maintains effective control over all loaned securities and, therefore, continues to report such securities as invested assets in the balance sheets.

The Company requires at the initial transaction that the fair value of the cash collateral received must be equal to 102% of the fair value of the loaned securities. The Company monitors the ratio of the fair value of the collateral to loaned securities to ensure it does not fall below 100%. If the fair value of the collateral falls below 100% of the fair value of the securities loaned, the Company nonadmits that portion of the loaned security. At December 31, 2023 and 2022, the Company did not nonadmit any portion of the loaned securities.

The Company reports all collateral on the balance sheet with an offsetting liability recognized for the obligation to return the collateral. Collateral for the securities lending program is either managed by an affiliated agent of the Company or is managed by Deutsche Bank, an unaffiliated agent. Collateral managed by an affiliated agent, which approximated $131.3 million and $124.0 million at December 31, 2023 and 2022, respectively, is invested primarily in investment-grade debt securities and cash equivalents and is included in the applicable amount on the balance sheets because the funds are available for the general use of the Company. At December 31, 2023 and 2022, collateral managed by an unaffiliated agent, which approximated $1.3 million and $7.7 million, respectively, was invested in cash equivalents and was included in securities lending reinvested collateral assets on the balance sheet.

At December 31, 2023, the collateral for all securities on loan could be requested to be returned on demand by the borrower. At December 31, 2023 and 2022, the fair value of the total collateral is $132.6 million and $131.7 million, respectively.

15

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The aggregate collateral broken out by maturity date is as follows at December 31, 2023:

			Amortized Cost						Fair Value
			(In Thousands)
Open			$	—					$	—
30 days or less			62,065						62,064
31 to 60 days			4,183						4,183
61 to 90 days			2,291						2,290
91 to 120 days			689						690
121 to 180 days			3,754						3,758
181 to 365 days			4,397						4,394
1 to 2 years			21,453						21,479
2 to 3 years			1,667						1,667
Greater than 3 years			32,057						32,057
Total collateral			$	132,556					$	132,582

At December 31, 2023, all of the collateral held for the securities lending program was invested in tradable securities that could be sold and used to pay for the $133.8 million in collateral calls that could come due under a worst-case scenario where all collateral was called simultaneously.

There is no difference in the policy and procedures for the separate account. In addition, collateral for separate account securities lent is held in the general account with a corresponding payable and receivable between the general and separate accounts. The corresponding payable and receivable is included in the due to/from general account/separate account line on the balance sheets and was $16.2 million and $14.9 million at December 31, 2023 and 2022, respectively.

The Company does not accept collateral that is not permitted by contract or custom to sell or repledge. The Company does not have any securities lending transactions that extend beyond one year from the reporting date.

16

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Separate Accounts

Separate account assets and liabilities reported in the accompanying balance sheets represent funds that are separately administered, principally for nonguaranteed variable annuity contracts and guaranteed market value adjustment annuity contracts. Assets held in the separate account supporting variable annuities are carried at fair value. Assets held in the separate account supporting market value adjusted annuities are carried at the general account basis. These separate account assets are considered legally insulated from the general account. Surrender charges collectible by the general account in the event of annuity contract surrenders are reported as a negative liability rather than an asset. Policy-related activity involving cash flow, such as premiums and benefits, are reported in the accompanying statements of operations in separate line items combined with related general account amounts. Investment income and interest credited on deposits held in guaranteed separate accounts are included in the accompanying statements of operations as a net amount included in net transfers to (from) separate accounts. The Company receives administrative fees for managing the nonguaranteed separate accounts and other fees for assuming mortality and certain expense risks.

Federal Income Taxes

Western and Southern files a consolidated income tax return with its eligible subsidiaries and affiliates, including the Company. The provision for federal income taxes is allocated to the Company using a separate return method based upon a written tax-sharing agreement. The benefits from losses of subsidiaries and affiliates, which are utilized in the consolidated return, will be retained by the subsidiaries and affiliates under the tax-sharing agreement. Western and Southern pays all federal income taxes due for all members of the consolidated group. The Company will then charge or reimburse, as the case may be, the members of the group an amount consistent with the method described in the tax-sharing agreement.

The Company includes interest and penalties in the federal income tax line on the statements of operations.

Accounting Changes

In 2023, the Statutory Accounting Principles Working Group issued INT 23-01 Net Negative (Disallowed) Interest Maintenance Reserve that allows for admission of IMR in a net asset position, which was previously non-admitted, if certain criteria are met. The amount allowed to be admitted is limited to 10% of an entity's adjusted capital and surplus. Having adopted this interpretation, the Company has admitted $12.9 million of general account IMR assets and $6.4 million of separate account IMR assets.

There were no significant accounting changes in 2022.

Effective January 1, 2021, the Company adopted a prescribed practice impacting the treatment of derivatives in the Statements of Operations and Statements of Capital and Surplus. Further detail can be found in the Basis of Presentation section of Note 1 and the Derivative Investments section of Note 2.

Effective January 1, 2021, the Company determined that its reserves related to a fixed indexed annuity product were understated due to an error in certain policies containing reserves for life riders. The

17

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Company has recorded a reserve correction in the amount of $9.0 million as a decrease directly to surplus through the Prior Year Reserve Correction line on the Statements of Changes in Capital and Surplus.

Subsequent Events

The Company recognizes in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date. For nonrecognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Company is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements on April 17, 2024.

18

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

2. Investments

The book/adjusted carrying value and fair value of the Company’s investments in debt securities are summarized as follows:

			Book/ Adjusted Carrying Value						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(In Thousands)
At December 31, 2023:
U.S. Treasury securities and obligations of U.S. government corporation and agencies			$	54,457					$	497					$	(561)					$	54,393
Debt securities issued by states of the U.S. and political subdivisions of the states			9,042						179						(135)						9,086
Non-U.S. government securities			45,311						53						(8,053)						37,311
Corporate securities			2,624,543						40,244						(164,047)						2,500,740
Commercial mortgage-backed securities			589,009						2,378						(39,831)						551,556
Residential mortgage-backed securities			326,530						2,989						(31,436)						298,083
Asset-backed securities			886,132						5,410						(40,801)						850,741
Total			$	4,535,024					$	51,750					$	(284,864)					$	4,301,910
At December 31, 2022:
U.S. Treasury securities and obligations of U.S. government corporation and agencies			$	51,178					$	4					$	(2,319)					$	48,863
Debt securities issued by states of the U.S. and political subdivisions of the states			17,201						198						(807)						16,592
Non-U.S. government securities			53,093						119						(11,112)						42,100
Corporate securities			2,950,409						22,468						(271,170)						2,701,707
Commercial mortgage-backed securities			717,856						1,346						(48,087)						671,115
Residential mortgage-backed securities			345,292						2,880						(36,508)						311,664
Asset-backed securities			917,183						1,837						(67,227)						851,793
Total			$	5,052,212					$	28,852					$	(437,230)					$	4,643,834

At December 31, 2023 and 2022, the Company held unrated or below-investment-grade corporate debt securities with a book/adjusted carrying value of $326.4 million and $389.5 million, respectively, with an aggregate fair value of $300.5 million and $336.5 million, respectively. As of December 31, 2023 and 2022, such holdings amount to 7.2% and 7.7%, respectively, of the Company’s investments in debt securities and 3.6% and 4.2%, respectively, of the Company’s total admitted assets. The Company performs periodic evaluations of the relative credit standing of the issuers of these debt securities. The Company considers these evaluations in its overall investment strategy.

19

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Unrealized gains and losses on investments in unaffiliated common stocks and common stock of subsidiary are reported directly in capital and surplus and do not affect net income. The unrealized gains and unrealized losses on, and the cost and fair value of those investments and preferred stocks are as follows:

			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(In Thousands)
At December 31, 2023:
Preferred stocks			$	22,607					$	3					$	(520)					$	22,090
Common stocks, unaffiliated			$	447,020					$	159,473					$	(6,295)					$	600,198
Common stocks, mutual funds			125						48						—						173
Common stocks, subsidiary			228,982						244,334						—						473,316
			$	676,127					$	403,855					$	(6,295)					$	1,073,687
At December 31, 2022:
Preferred stocks			$	16,002					$	—					$	(3,702)					$	12,300
Common stocks, unaffiliated			$	499,643					$	126,535					$	(31,946)					$	594,232
Common stocks, mutual funds			125						—						(3)						122
Common stocks, subsidiary			228,982						130,200						—						359,182
			$	728,750					$	256,735					$	(31,949)					$	953,536

20

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The following table shows unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

			Unrealized Losses Less Than 12 Months												Unrealized Losses Greater Than or Equal to 12 Months
			Unrealized						Fair						Unrealized						Fair
			Losses						Value						Losses						Value
			(In Thousands)
At December 31, 2023:
U.S. Treasury securities and obligations of U.S. government corporations and agencies			$	(273)					$	15,418					$	(288)					$	5,469
Debt securities issued by states of the U.S. and political subdivisions of the states			(135)						5,582						—						—
Non-U.S. government securities			—						—						(8,053)						36,524
Corporate securities			(2,068)						90,496						(161,979)						1,757,989
Commercial mortgage-backed securities(1)			(887)						21,925						(38,944)						497,916
Residential mortgage-backed securities(1)			(239)						9,139						(31,197)						235,313
Asset-backed securities(1)			(664)						69,606						(40,137)						555,997
Total			$	(4,266)					$	212,166					$	(280,598)					$	3,089,208
Preferred stocks			$	(520)					$	22,087					$	—					$	—
Common stocks, unaffiliated			$	(6,295)					$	92,936					$	—					$	—

(1)Amounts relate to securities subject to SSAP 43R.

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

			Unrealized Losses Less Than 12 Months												Unrealized Losses Greater Than or Equal to 12 Months
			Unrealized						Fair						Unrealized						Fair
			Losses						Value						Losses						Value
			(In Thousands)
At December 31, 2022:
U.S. Treasury securities and obligations of U.S. government corporations and agencies			$	(1,241)					$	23,972					$	(1,078)					$	12,619
Debt securities issued by states of the U.S. and political subdivisions of the states			(807)						7,987						—						—
Non-U.S. government securities			(5,606)						27,954						(5,506)						12,275
Corporate securities			(213,868)						2,105,978						(57,302)						210,512
Commercial mortgage-backed securities(1)			(32,633)						448,295						(15,454)						216,755
Residential mortgage-backed securities(1)			(19,772)						187,581						(16,736)						78,284
Asset-backed securities(1)			(56,298)						624,665						(10,929)						151,237
Total			$	(330,225)					$	3,426,432					$	(107,005)					$	681,682
Preferred stocks			$	(3,702)					$	12,300					$	—					$	—
Common stocks, unaffiliated			$	(31,946)					$	166,609					$	—					$	—
Common stocks, mutual funds			(3)						122						—						—
Total			$	(31,949)					$	166,731					$	—					$	—

(1)Amounts relate to securities subject to SSAP 43R.

Investments that are impaired at December 31, 2023 and 2022, for which other-than-temporary impairments have not been recognized, consist mainly of corporate debt securities, asset-backed securities and residential mortgage-backed securities. The aggregated unrealized loss is approximately 7.9% and 9.9% of the carrying value of securities considered temporarily impaired at December 31, 2023 and 2022, respectively. At December 31, 2023, there were a total of 894 securities held that are considered temporarily impaired, 779 of which have been impaired for 12 months or longer. At December 31, 2022, there were a total of 1,132 securities held that are considered temporarily impaired, 143 of which have been impaired for 12 months or longer. The Company recorded other-than-temporary impairments on securities of $16.7 million, $10.8 million, and $6.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

The following is a list of each loan-backed security held at December 31, 2023, with a recognized other-than-temporary impairment (OTTI) for the year ended December 31, 2023, where the present value of

22

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

future cash flows expected to be collected was less than the amortized cost basis of the securities.

CUSIP			Book/ Adjusted Carrying Value Amortized Cost Before Current Period OTTI						Present Value of Future Cash Flows						Recognized Other- Than- Temporary Impairment						Amortized Cost After Other-Than-Temporary Impairment						Fair Value						Date of Other-Than-Temporary Impairment
(In Thousands)
For the year ended, December 31, 2023:
12667G-7H-0			$	222					$	220					$	2					$	220					$	215					6/30/2023
12667G-BD-4			297						243						54						243						243						6/30/2023
52520Q-AG-9			561						533						28						533						508						6/30/2023
52521H-AD-5			130						128						2						128						120						6/30/2023
576434-RW-6			2,162						2,130						32						2,130						2,130						9/30/2023
76111X-ZU-0			105						100						5						100						100						9/30/2023
05951F-AG-9			124						105						19						105						105						12/31/2023
126378-AD-0			73						45						28						45						45						12/31/2023
Total			XXX						XXX						$	170					XXX						XXX						XXX

The Company had no OTTI on loan-backed and structured securities for the year ended December 31, 2023, due to the intent to sell the security or the inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis.

A summary of the cost or amortized cost and fair value of the Company’s debt securities at December 31, 2023, by contractual maturity, is as follows:

			Book/Adjusted Carrying Value						Fair Value
			(In Thousands)
Years to maturity:
One or less			$	122,557					$	121,672
After one through five			868,131						843,582
After five through ten			726,182						696,857
After ten			1,016,483						939,419
Mortgage-backed securities/asset-backed securities			1,801,671						1,700,380
Total			$	4,535,024					$	4,301,910

The expected maturities may differ from contractual maturities in the foregoing table because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties and because asset-backed and mortgage-backed securities (including floating-rate securities) provide for periodic payments throughout their lives.

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Proceeds from the sales of investments in debt securities during 2023, 2022 and 2021 were $474.1 million, $650.8 million, and $396.3 million; gross gains of $2.4 million, $1.9 million, and $8.7 million and gross losses of $16.1 million, $23.1 million, and $1.4 million were realized on those sales, respectively.

Proceeds from the sales of investments in equity securities during 2023, 2022 and 2021 were $110.5 million, $175.0 million, and $174.6 million; gross gains of $23.5 million, $40.4 million, and $44.8  million and gross losses of $8.0 million, $15.7 million, and $1.9 million were realized on those sales, respectively.

Realized capital gains (losses) are reported net of federal income taxes and amounts transferred to the IMR as follows for the years ended December 31:

			2023						2022						2021
			(In Thousands)
Realized capital gains (losses)			$	(20,640)					$	(3,733)					$	40,809
Less amount transferred to IMR (net of related taxes (benefits) of $(3,036) in 2023, $(4,627) in 2022, and $1,829 in 2021)			(11,423)						(17,406)						6,881
Less federal income tax expense (benefit) on realized capital gains (losses)			(862)						3,098						10,742
Net realized capital gains (losses)			$	(8,355)					$	10,575					$	23,186

Net investment income was generated from the following for the years ended December 31:

			2023						2022						2021
			(In Thousands)
Debt securities			$	226,506					$	210,065					$	203,846
Equity securities			20,185						17,415						14,781
Mortgage loans			42,420						36,895						32,734
Policy loans			5,281						5,279						5,929
Cash, cash equivalents and short-term investments			3,063						1,350						243
Other invested assets			10,963						6,984						7,339
Derivatives			3,101						(51,498)						17,257
Other			(604)						460						370
Gross investment income			310,915						226,950						282,499
Investment expenses			4,612						4,532						5,092
Net investment income			$	306,303					$	222,418					$	277,407

The Company’s investments in mortgage loans principally involve commercial real estate. At December 31, 2023, 35.3% of such mortgages, or $332.4 million, involved properties located in Maryland, Florida, and Ohio. Such investments consist primarily of first-mortgage liens on completed income-producing properties. The aggregate mortgage outstanding to any one borrower does not exceed $40.5 million. During 2023, the respective minimum and maximum lending rates for mortgage loans

24

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

issued were 6.07% and 7.25%. At the issuance of a loan, the percentage of any one loan to value of security, exclusive of insured, guaranteed or purchase money mortgage did not exceed 80.0%. During 2023, the Company did not reduce interest rates on any outstanding mortgages.

Derivative Instruments

The Company invests in derivatives as risk management for its equity indexed products. The exposure to credit risk on its interest rate floors and option positions is the risk of loss from a counterparty failing to perform according to the terms of the contract. That exposure includes settlement risk (i.e., the risk that the counterparty defaults after the Company has delivered funds or securities under terms of the contract) that would result in an accounting loss and replacement cost risk (i.e., the cost to replace the contract at current market rates should the counterparty default prior to settlement date). To limit exposure associated with counterparty nonperformance on its option positions, the Company limits its exposure to individual counterparties to 2% of admitted assets.

Beginning in 2021, pursuant to the adoption of OAC 3901-1-67 (discussed in Note 1, Basis of Presentation), the Company changed the reporting for product hedging derivatives by electing to record changes in, and settlement of, eligible derivatives through net investment income; previously, the Company had recorded changes in, and settlement of, eligible derivatives through unrealized gains/losses and realized gains/losses, respectively.

The Company markets equity indexed annuities. The risk associated with these products is that the ultimate benefit paid could be higher than the return earned from the underlying assets. The Company utilizes custom and exchange-traded call options to economically hedge the S&P 500 index, Goldman Sachs Multi-Asset Equity index, and the J.P. Morgan Strategic BalancedSM index exposure embedded in these products with a net notional amount of $1,155.9 million and $1,181.9 million at December 31, 2023 and 2022, respectively. The Company purchases and writes call options to correlate with changes in the annuity features due to movements in the S&P 500, Goldman Sachs Multi-Asset Equity index, and the J.P. Morgan Strategic BalancedSM index. At the beginning of these contracts, a premium is either paid or received for transferring the related risk. The Company retains basis risk and risk associated with actual versus expected assumptions for mortality and lapse rates. The Company does not apply hedge accounting treatment to these call options. The Company recognizes changes in the fair value of these call options and the related gains/losses from terminations, maturities or expirations through net investment income. The amount recognized in net investment income was $3.1 million, $(51.5) million, and $17.3 million for the years ended December 31, 2023, 2022, and 2021, respectively.

The Company has entered into a collateral agreement with the counterparty whereby under certain conditions the counterparty is required to post assets on the Company’s behalf. The posted amount is equal to the difference between the net positive fair value of the option and the agreed upon thresholds that are based on the credit rating of the counterparty. Inversely, if the net fair value of the option is negative, then the Company may be required to post assets using similar thresholds. At December 31, 2023 and 2022, $24.8 million and $15.6 million, respectively, of cash collateral had been posted to the Company.

25

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The Company markets variable annuities with guaranteed living withdrawal benefits. The risk associated with these products is that unfavorable fund performance coupled with withdrawals and contract fees could deplete the contract holder’s account value, at which point the remaining guaranteed withdrawals would be satisfied by the Company’s general account assets. The Company utilizes short futures to dynamically hedge changes in liability related to the S&P 500 index, Russell 2000 index, NASDAQ Composite index, and MSCI EAFE index exposure embedded in these products. The Company enters into 90-day short futures contracts to correlate with changes in the liability value due to movements in the S&P 500 index, Russell 2000 index, NASDAQ Composite index, and MSCI EAFE index. These futures contracts are entered into with minimal transaction costs, and changes in the value of the underlying indexes will result in increases or decreases in the value of the short futures contracts in the same direction as the changes in the liability. The Company retains basis risk, risk associated with actual versus expected assumptions for mortality and lapse rates, as well as risk of changes in the liability value due to interest rate volatility and equity volatility. The net gain (loss) recognized in net income within realized gains and losses during the reporting period related to the futures was $(4.2 million), $4.3 million, and $(5.0) million for the years ended December 31, 2023, 2022, and 2021, respectively.

Information related to the Company’s derivative instruments as described above and the effects of offsetting on the balance sheet consisted of the following for the years ended December 31:

			2023						2022
			(In Thousands)
Derivative assets:
Gross amount of recognized assets			$	85,289					$	47,599
Gross amounts offset			—						—
Net amount of assets			$	85,289					$	47,599
Derivative liabilities:
Gross amount of recognized liabilities			$	(41,118)					$	(13,704)
Gross amounts offset			—						—
Net amount of liabilities			$	(41,118)					$	(13,704)

3. Fair Values of Financial Instruments

Included in various investment-related line items in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value such as when impaired or, for certain bonds and preferred stocks, when carried at the lower of cost or market.

The Company uses fair value measurements to record the fair value of certain assets and liabilities and to estimate the fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment-type contracts, are excluded from this fair value discussion.

Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on the following

26

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three levels. The Company’s policy is to recognize transfers in and transfers out of levels at the beginning of the quarterly reporting period.

•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company’s Level 1 assets and liabilities primarily include exchange-traded equity securities and mutual funds, including those which are part of the Company’s separate account assets.

•Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The Company’s Level 2 assets and liabilities primarily include call options, stock warrants, preferred stock, NAIC 6 rated industrial and miscellaneous bonds, foreign government bonds, and initially rated NAIC 6 residential mortgage-backed securities, including those which are part of the Company's separate account assets. The Company determined fair value through the use of third-party pricing services utilizing market observable inputs.

•Level 3 - Significant unobservable inputs for the asset or liability. The Company’s Level 3 assets and liabilities include certain call options. The fair values of these instruments are determined through the use of valuation models that utilize significant unobservable inputs.

Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including discount rates, estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses.

For Level 3 investments, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument.

Certain investments utilize net asset value (NAV) as a practical expedient for fair value. These investments are reported separately from the hierarchy. Common stocks utilizing NAV consist of investments in business development corporations as defined by the Investment Company Act of 1940. The investments can be sold or transferred with prior consent from the corporation. The NAV for these investments are $15.00 and $27.19. The Company does not intend to sell any investments utilizing NAV.

As described below, certain fair values are determined through the use of third-party pricing services. Management does not adjust prices received from third parties; however, the Company does analyze the third-party pricing services’ valuation methodologies and related inputs and performs additional evaluation to determine the appropriate level within the fair value hierarchy. The Company performs annual due diligence of third-party pricing services, which includes assessing the vendor’s valuation qualifications, control environment, analysis of asset class-specific valuation methodologies and understanding of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. Care should be exercised in deriving conclusions about the Company’s business, its value or financial position based on the fair value information of financial instruments presented below. The following discussion describes the valuation methodologies utilized by the Company for assets and liabilities measured or disclosed at fair value.

27

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Debt and Equity Securities

The fair values of debt securities and asset/mortgage-backed securities have been determined through the use of third-party pricing services utilizing market observable inputs. Private placement securities trading in less liquid or illiquid markets with limited or no pricing information are valued using either broker quotes or by discounting the expected cash flows using current market-consistent rates applicable to the yield, credit quality and maturity of each security.

The fair values of actively traded equity securities and exchange traded funds (including exchange traded funds with debt like characteristics) have been determined utilizing publicly quoted prices obtained from third-party pricing services. The fair values of certain equity securities for which no publicly quoted prices are available have been determined through the use of third-party pricing services utilizing market observable inputs. Actively traded mutual funds are valued using the net asset values of the funds. The fair value of preferred stock included in Level 3 has been determined by discounting the expected cash flows using current market-consistent rates applicable to the yield.

Mortgage Loans

The fair values for mortgage loans, consisting principally of commercial real estate loans, are estimated using discounted cash flow analyses, using interest rates currently being offered for similar loans collateralized by properties with similar investment risk. The fair values for mortgage loans in default are established at the lower of the fair value of the underlying collateral less costs to sell or the carrying amount of the loan.

Cash, Cash Equivalents and Short-Term Investments

The fair values of cash, cash equivalents and short-term investments are based on quoted market prices or stated amounts.

Derivative Instruments

The fair values of free-standing derivative positions, primarily call options, are determined through the use of third-party pricing services utilizing market observable inputs or valuation models incorporating significant unobservable inputs, including projected cash flows, applicable swap curves and implied volatilities. The fair value of the stock warrants have been determined through the use of third-party pricing services utilizing market observable inputs. Derivatives included in Level 1 represent the cash deposits with brokers relating to futures. The fair value is based upon the stated amount.

Securities Lending Reinvested Collateral Assets

The fair values of securities lending reinvested collateral assets are determined through the use of third-party sources utilizing publicly quoted prices.

28

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Other Invested Assets

Other invested assets primarily include surplus debentures for which fair values have been determined through the use of third-party pricing services utilizing market observable inputs.

Assets Held in Separate Accounts

Assets held in separate accounts primarily include debt securities, equity securities, mutual funds, surplus notes, stock warrants, and mortgage loans. The fair values of these assets have been determined using the same methodologies as similar assets held in the general account.

Life and Annuity Reserves for Investment-Type Contracts and Deposit Fund Liabilities and Fixed-Indexed Annuity Contracts

The fair value of liabilities for investment-type contracts is based on the present value of estimated liability cash flows, which are discounted using rates that incorporate risk-free rates and margins for the Company’s own credit spread and the riskiness of cash flows. Key assumptions to the cash flow model include the timing of policyholder withdrawals and the level of interest credited to contract balances. Fair values for insurance reserves are not required to be disclosed. However, the estimated fair values of all insurance reserves and investment contracts are taken into consideration in the Company’s overall management of interest rate risk.

The fair value of liabilities for fixed indexed annuities is based on embedded derivatives that have been bifurcated from the host contract. The fair value of embedded derivatives is calculated based on actuarial and capital market assumptions reflecting the projected cash flows over the life of the contract and incorporating expected policyholder behavior. The host is adjusted for acquisition costs with revised accretion rates.

Cash Collateral Payable

The payable represents the obligation to return cash collateral the Company has received relating to derivative instruments. The fair value is based upon the stated amount.

Securities Lending Liability

The liability represents the Company’s obligation to return collateral related to securities lending transactions. The liability is short-term in nature and therefore, the fair value of the obligation approximates the carrying amount.

Separate Account Liabilities

Certain separate account liabilities are classified as investment contracts and are carried at an amount equal to the related separate account assets. Carrying value is a reasonable estimate of the fair value as it represents the exit value as evidenced by withdrawal transactions between contract holders and the Company.

29

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Assets and liabilities measured at fair value on a recurring basis are outlined below:

			Assets/(Liabilities) Measured at Fair Value						Fair Value Hierarchy Level
									Level 1						Level 2						Level 3						NAV
			(In Thousands)
At December 31, 2023
Assets:
Residential mortgage-backed securities			$	369					$	—					$	369					$	—					$	—
Common stocks, unaffiliated			564,351						544,537						—						—						19,814
Common stocks, mutual funds			173						173						—						—						—
Preferred stock			22,090						—						22,090						—						—
Derivative assets			85,289						2,359						53,445						29,485						—
Separate account assets*			787,010						787,010						—						—						—
Total assets			$	1,459,282					$	1,334,079					$	75,904					$	29,485					$	19,814
Liabilities:
Derivative liabilities			$	(41,118)					$	—					$	(41,118)					$	—					$	—

* Separate account assets measured at fair value in this table do not include assets backing market value adjusted annuities, which are held at amortized cost, with the exception of securities rated NAIC 6 where the security’s fair value is below amortized cost.

			Assets/(Liabilities) Measured at Fair Value						Fair Value Hierarchy Level
									Level 1						Level 2						Level 3						NAV
			(In Thousands)
At December 31, 2022
Assets:
Bonds, industrial & misc.			$	67					$	—					$	67					$	—					$	—
Bonds, foreign government			120						—						120						—						—
Common stocks, unaffiliated			555,745						538,102						—						—						17,643
Common stocks, mutual funds			122						122						—						—						—
Preferred stock			12,300						—						12,300						—						—
Derivative assets			47,599						6,592						18,573						22,434						—
Separate account assets*			764,939						764,939						—						—						—
Total assets			$	1,380,892					$	1,309,755					$	31,060					$	22,434					$	17,643
Liabilities:
Derivative liabilities			$	(13,704)					$	—					$	(13,704)					$	—					$	—

* Separate account assets measured at fair value in this table do not include assets backing market value adjusted annuities, which are held at amortized cost, with the exception of securities rated NAIC 6 where the security’s fair value is below amortized cost.

30

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2023, is as follows:

			Beginning Asset/(Liability) as of January 1, 2023						Total Realized/Unrealized Gains (Losses) Included in:												Purchases, Sales, Issuances and Settlements						Transfers Into Level 3						Transfers Out of Level 3						Ending Asset/(Liability) as of December 31, 2023
									Net Income						Surplus
			(In Thousands)
Assets:
Derivative assets			$	22,434					$	(3,585)					$	—					$	10,636					$	—					$	—					$	29,485

The gross purchases, issuances, sales and settlements included in the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2023, is as follows:

			Purchases						Issuances						Sales						Settlements						Net Purchases, Issuances, Sales and Settlements
			(In Thousands)
Assets:
Derivative assets			$	15,498					$	—					$	—					$	(4,862)					$	10,636

The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2022, is as follows:

			Beginning Asset/(Liability) as of January 1, 2022						Total Realized/Unrealized Gains (Losses) Included in:												Purchases, Sales, Issuances and Settlements						Transfers Into Level 3						Transfers Out of Level 3						Ending Asset/(Liability) as of December 31, 2022
									Net Income						Surplus
			(In Thousands)
Assets:
Derivative assets			$	64,343					$	(43,757)					$	—					$	1,848					$	—					$	—					$	22,434

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The gross purchases, issuances, sales and settlements included in the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2022, is as follows:

			Purchases						Issuances						Sales						Settlements						Net Purchases, Issuances, Sales and Settlements
			(In Thousands)
Assets:
Derivative assets			$	23,394					$	—					$	—					$	(21,546)					$	1,848

The following table provides a summary of the significant unobservable inputs used in the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities at (in thousands):

December 31, 2023

Security Type

Fair Value

Valuation Technique

Unobservable Input

Input

Derivative assets

$

29,485

Black-Scholes-Merton Model Monte Carlo Model

Implied Volatility

5.0% - 28.7%

December 31, 2022

Security Type

Fair Value

Valuation Technique

Unobservable Input

Input

Derivative assets

$

22,434

Black-Scholes-Merton Model Monte Carlo Model

Implied Volatility

5.0% - 25.5%

In isolation, significant increases (decreases) in the implied volatility would typically result in a significantly higher (lower) fair value measurement for Level 3 derivative assets and Level 3 derivative liabilities.

The Company did not have any significant assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022.

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The carrying amounts and fair values of the Company’s significant financial instruments follow:

			December 31, 2023
			Carrying Amount						Fair Value						Level 1						Level 2						Level 3						NAV
			(In Thousands)
Assets:
Bonds			$	4,535,024					$	4,301,910					$	45,691					$	4,218,414					$	37,805					$	—
Common stock:
Unaffiliated**			600,198						600,198						580,384						—						—						19,814
Mutual funds			173						173						173						—						—						—
Preferred stock			22,090						22,090						—						22,090						—						—
Mortgage loans			941,471						903,323						—						—						903,323						—
Cash, cash equivalents and short-term investments			42,592						42,595						42,595						—						—						—
Other invested assets, surplus notes			20,949						21,285						—						21,285						—						—
Securities lending reinvested collateral assets			1,338						1,338						1,338						—						—						—
Derivative assets			85,289						85,289						2,359						53,445						29,485						—
Separate account assets			1,779,526						1,745,751						786,571						914,008						45,172						—
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities			$	(1,317,300)					$	(1,288,930)					$	—					$	—					$	(1,288,930)					$	—
Fixed-indexed annuity contracts			(1,762,671)						(1,693,457)						—						—						(1,693,457)						—
Derivative liabilities			(41,118)						(41,118)						—						(41,118)						—						—
Cash collateral payable			(24,760)						(24,760)						—						(24,760)						—						—
Separate account liabilities*			(943,652)						(920,996)						—						—						(920,996)						—
Securities lending liability			(117,642)						(117,642)						—						(117,642)						—						—

* Variable annuity contracts are considered insurance contracts and therefore, are not included in separate account liabilities for purposes of this disclosure.

** Includes FHLB common stock, which is held at cost.

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

34

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

			December 31, 2022
			Carrying Amount						Fair Value						Level 1						Level 2						Level 3						NAV
			(In Thousands)
Assets:
Bonds			$	5,052,212					$	4,643,834					$	36,644					$	4,571,105					$	36,085					$	—
Common stock:
Unaffiliated**			594,232						594,232						576,589						—						—						17,643
Mutual funds			122						122						122						—						—						—
Preferred stock			12,300						12,300						—						12,300						—						—
Mortgage loans			957,269						908,611						—						—						908,611						—
Cash, cash equivalents and short-term investments			32,458						32,458						32,458						—						—						—
Other invested assets, surplus notes			20,970						20,489						—						20,489						—						—
Securities lending reinvested collateral assets			7,737						7,737						7,737						—						—						—
Derivative assets			47,599						47,599						6,592						18,573						22,434						—
Separate account assets			1,792,139						1,732,579						765,614						936,201						30,764						—
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities			$	(1,413,754)					$	(1,368,740)					$	—					$	—					$	(1,368,740)					$	—
Fixed-indexed annuity contracts			(2,028,663)						(1,933,223)						—						—						(1,933,223)						—
Derivative liabilities			(13,704)						(13,704)						—						(13,704)						—						—
Cash collateral payable			(15,560)						(15,560)						—						(15,560)						—						—
Separate account liabilities*			(1,045,474)						(1,015,192)						—						—						(1,015,192)						—
Securities lending liability			(117,925)						(117,925)						—						(117,925)						—						—
			-152686000

* Variable annuity contracts are considered insurance contracts and therefore, are not included in separate account liabilities for purposes of this disclosure.

** Includes FHLB common stock, which is held at cost.

4. Related-Party Transactions

At December 31, 2023 and 2022, the Company had $206.3 million and $185.9 million, respectively, invested in various private debt funds managed by Fort Washington, an indirect subsidiary of Western and Southern.

In December 2023, the Company paid a $125.0 million ordinary dividend to Western and Southern. The dividend was in the form of $75.0 million and $50.0 million in cash and equity securities, respectively.

In December 2022, the Company paid an $80.0 million ordinary dividend to Western and Southern. The dividend was in the form of cash.

The Company had $0.6 million and $0.0 million receivable from parent, subsidiaries and affiliates as of December 31, 2023 and 2022, respectively. The Company had $5.9 million and $5.0 million payable to parent, subsidiaries and affiliates as of December 31, 2023 and 2022, respectively. The terms of the settlement generally require that these amounts be settled in cash within 30 days.

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Western and Southern guarantees the payment of the Company’s policyholder obligations. In the unlikely event the guarantee would be triggered, Western and Southern may be permitted to take control of the Company’s assets to recover all or a portion of the amounts paid under the guarantee.

5. Reinsurance

Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The ceded reinsurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its capital resources.

The effects of reinsurance on premiums, annuity considerations and deposit-type funds are as follows for the years ended December 31:

			2023						2022						2021
			(In Thousands)
Direct premiums			$	436,835					$	523,317					$	373,337
Assumed premiums:
Affiliates			—						—						—
Nonaffiliates			78						77						77
Ceded premiums:
Affiliates			—						—						—
Nonaffiliates			(6,980)						(5,431)						(168)
Net premiums			$	429,933					$	517,963					$	373,246

The Company’s ceded reinsurance arrangements impacted certain other items in the accompanying financial statements by the following amounts as of and for the years ended December 31:

			2023						2022						2021
			(In Thousands)
Policy and contract claims:
Affiliates			$	—					$	—					$	—
Nonaffiliates			5,674						4,560						279
Policy and contract liabilities:
Affiliates			—						—						—
Nonaffiliates			488						541						656
Amounts recoverable on reinsurance contracts:
Affiliates			—						—						—
Nonaffiliates			1,364						4,208						6

In 2023, 2022 and 2021, the Company did not commute any ceded reinsurance.

At December 31, 2023, the Company has no reserves ceded to unauthorized reinsurers. Amounts payable or recoverable for reinsurance on policy and contract liabilities are not subject to periodic or maximum limits.

36

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Neither the Company nor any of its related parties, control directly or indirectly, any reinsurers with whom the Company conducts business. No policies issued by the Company have been reinsured with a foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. At December 31, 2023, there are no reinsurance agreements in effect such that the amount of losses paid or accrued exceed the total direct premium collected. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

The Company has certain reinsurance agreements in effect under which the reinsurer may unilaterally cancel the agreement under certain conditions. In addition, these reinsurance agreements reinsure contracts that had existing reserves as of the effective date of the agreements. There are no reinsurance credits associated with these agreements, and there would be no reduction in surplus if these reinsurance agreements were cancelled.

There would be no reduction in surplus at December 31, 2023, if all reinsurance agreements were cancelled.

6. Federal Income Taxes

The Company is included in the consolidated federal income tax return of Western and Southern. The Company had a receivable (payable) from (to) Western and Southern in the amount of $(1.0) million and $(1.3) million at December 31, 2023 and 2022, respectively. The tax years 2014 through 2022 remain subject to examination by major tax jurisdictions.

The amount of federal income taxes incurred that will be available for recoupment at December 31, 2023, in the event of future capital losses is $0.0 million, $10.0 million, and $14.9 million from 2023, 2022 and 2021, respectively.

37

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The components of the net deferred tax asset (liability) at December 31 are as follows:

						12/31/2023
						(In Thousands)
						(1)			(2)			(3)
												(Col 1+2)
						Ordinary			Capital			Total
(a)			Gross deferred tax assets			$	54,872		$	11,918		$	66,790
(b)			Statutory valuation allowance adjustments			—			—			—
(c)			Adjusted gross deferred tax assets (a - b)			54,872			11,918			66,790
(d)			Deferred tax assets nonadmitted			—			—			—
(e)			Subtotal net admitted deferred tax assets (c - d)			54,872			11,918			66,790
(f)			Deferred tax liabilities			14,101			33,641			47,742
(g)			Net admitted deferred tax asset/(net deferred tax liability) (e - f)			$	40,771		$	(21,723)		$	19,048
						12/31/2022
						(In Thousands)
						(4)			(5)			(6)
												(Col 4+5)
						Ordinary			Capital			Total
(a)			Gross deferred tax assets			$	60,387		$	14,864		$	75,251
(b)			Statutory valuation allowance adjustments			—			—			—
(c)			Adjusted gross deferred tax assets (a - b)			60,387			14,864			75,251
(d)			Deferred tax assets nonadmitted			972			—			972
(e)			Subtotal net admitted deferred tax assets (c - d)			59,415			14,864			74,279
(f)			Deferred tax liabilities			17,112			28,685			45,797
(g)			Net admitted deferred tax asset/(net deferred tax liability) (e - f)			$	42,303		$	(13,821)		$	28,482

38

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

						Change
						(In Thousands)
						(7)			(8)			(9)
												(Col 7+8)
						Ordinary			Capital			Total
(a)			Gross deferred tax assets			$	(5,515)		$	(2,946)		$	(8,461)
(b)			Statutory valuation allowance adjustments			—			—			—
(c)			Adjusted gross deferred tax assets (a - b)			(5,515)			(2,946)			(8,461)
(d)			Deferred tax assets nonadmitted			(972)			—			(972)
(e)			Subtotal net admitted deferred tax assets (c - d)			(4,543)			(2,946)			(7,489)
(f)			Deferred tax liabilities			(3,011)			4,956			1,945
(g)			Net admitted deferred tax asset/(net deferred tax liability) (e - f)			$	(1,532)		$	(7,902)		$	(9,434)
						12/31/2023
						(In Thousands)
						(1)			(2)			(3)
												(Col 1+2)
Admission Calculation Components SSAP No. 101						Ordinary			Capital			Total
(a)			Federal income taxes paid in prior years recoverable through loss carrybacks			$	—		$	11,918		$	11,918
(b)			Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)			14,587			—			14,587
			1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date.			14,587			—			14,587
			2. Adjusted gross deferred tax assets allowed per limitation threshold.			XXX			XXX			194,455
(c)			Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities			40,285			—			40,285
(d)			Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))			$	54,872		$	11,918		$	66,790

39

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

						12/31/2022
						(In Thousands)
						(4)			(5)			(6)
												(Col 4+5)
Admission Calculation Components SSAP No. 101						Ordinary			Capital			Total
(a)			Federal income taxes paid in prior years recoverable through loss carrybacks			$	—		$	14,864		$	14,864
(b)			Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)			13,618			—			13,618
			1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date.			13,618			—			13,618
			2. Adjusted gross deferred tax assets allowed per limitation threshold.			XXX			XXX			204,840
(c)			Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities			45,797			—			45,797
(d)			Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))			$	59,415		$	14,864		$	74,279
						Change
						(In Thousands)
						(7)			(8)			(9)
												(Col 7+8)
Admission Calculation Components SSAP No. 101						Ordinary			Capital			Total
(a)			Federal income taxes paid in prior years recoverable through loss			$	—		$	(2,946)		$	(2,946)
(b)			Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)			969			—			969
			1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date.			969			—			969
			2. Adjusted gross deferred tax assets allowed per limitation threshold.			XXX			XXX			(10,385)
(c)			Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities			(5,512)			—			(5,512)
(d)			Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))			$	(4,543)		$	(2,946)		$	(7,489)

40

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

						2023			2022
(a)			Ratio percentage used to determine recovery period and threshold limitation amount			891%			820%
						12/31/2023
						(1)			(2)
Impact of tax planning strategies						Ordinary			Capital
						(In Thousands)
(a)			Adjusted gross DTAs amount			$54,872			$11,918
(b)			Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.			—%			17.84%
(c)			Net admitted adjusted gross DTAs amount			$54,872			$11,918
(d)			Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.			—%			17.84%
						12/31/2022
						(3)			(4)
Impact of tax planning strategies						Ordinary			Capital
						(In Thousands)
(a)			Adjusted gross DTAs amount			$60,386			$14,864
(b)			Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.			—%			19.75%
(c)			Net admitted adjusted gross DTAs amount			$59,415			$14,864
(d)			Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.			—%			20.01%
						Change
						(5)			(6)
						(Col 1-3)			(Col 2-4)
Impact of tax planning strategies						Ordinary			Capital
						(In Thousands)
(a)			Adjusted gross DTAs amount			$(5,514)			$(2,946)
(b)			Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.			—%			(1.91)%
(c)			Net admitted adjusted gross DTAs amount			$(4,543)			$(2,946)
(d)			Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.			—%			(2.17)%

The Company’s tax planning strategies do not include the use of reinsurance.

41

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Current income taxes incurred consist of the following major components:

									12/31/2023			12/31/2022			12/31/2021
(1)			Current income tax						(In Thousands)
			(a)			Federal			$	12,736		$	(3,077)		$	5,258
			(b)			Foreign			—			—			—
			(c)			Subtotal			12,736			(3,077)			5,258
			(d)			Federal income tax on net capital gains			(862)			3,098			10,742
			(e)			Utilization of capital loss carryforwards			—			—			—
			(f)			Other			—			—			—
			(g)			Federal and foreign income taxes incurred			$	11,874		$	21		$	16,000
									(1)			(2)			(3)
															(Col 1-2)
(2)			Deferred tax assets:						12/31/2023			12/31/2022			Change
			(a)			Ordinary			(In Thousands)
						(1) Discounting of unpaid losses			$	—		$	—		$	—
						(2) Unearned premium revenue			—			—			—
						(3) Policyholder reserves			44,464			46,135			(1,671)
						(4) Investments			2,695			6,885			(4,190)
						(5) Deferred acquisition costs			7,007			6,704			303
						(6) Policyholder dividends accrual			—			—			—
						(7) Fixed assets			—			—			—
						(8) Compensation and benefits accrual			24			28			(4)
						(9) Pension accrual			—			—			—
						(10) Receivables - nonadmitted			125			125			—
						(11) Net operating loss carryforward			—			—			—
						(12) Tax credit carryforward			—			—			—
						(13) Other			557			510			47
						(99) Subtotal			54,872			60,387			(5,515)
			(b)			Statutory valuation allowance adjustment			—			—			—
			(c)			Nonadmitted			—			972			(972)
			(d)			Admitted ordinary deferred tax assets (2a99 - 2b - 2c)			54,872			59,415			(4,543)
			(e)			Capital
						(1) Investments			11,918			14,864			(2,946)
						(2) Net capital loss carryforward			—			—			—
						(3) Real estate			—			—			—
						(4) Other			—			—			—
						(99) Subtotal			11,918			14,864			(2,946)
			(f)			Statutory valuation allowance adjustment			—			—			—
			(g)			Nonadmitted			—			—			—
			(h)			Admitted capital deferred tax assets (2e99- 2f - 2g)			11,918			14,864			(2,946)
			(i)			Admitted deferred tax assets (2d + 2h)			$	66,790		$	74,279		$	(7,489)

42

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

									(1)			(2)			(3)
															(Col 1-2)
									12/31/2023			12/31/2022			Change
(3)			Deferred tax liabilities:						(In Thousands)
			(a)			Ordinary
						(1) Investments			$	5,845		$	4,582		$	1,263
						(2) Fixed assets			—			—			—
						(3) Deferred and uncollected premium			—			—			—
						(4) Policyholder reserves			8,256			12,530			(4,274)
						(5) Other			—			—			—
						(99) Subtotal			14,101			17,112			(3,011)
			(b)			Capital
						(1) Investments			33,641			28,685			4,956
						(2) Real estate			—			—			—
						(3) Other			—			—			—
						(99) Subtotal			33,641			28,685			4,956
			(c)			Deferred tax liabilities (3a99 + 3b99)			$	47,742		$	45,797		$	1,945
(4)			Net deferred tax assets/liabilities (2i - 3c)						$	19,048		$	28,482		$	(9,434)

Among the more significant book-to-tax adjustments were the following:

			12/31/2023						Effective Tax Rate						12/31/2022						Effective Tax Rate						12/31/2021						Effective Tax Rate
			(In Thousands)												(In Thousands)												(In Thousands)
Provision computed at statutory rate			$	8,376					21.00		%				$	(2,501)					21.00		%				$	15,603					21.00		%
Dividends received deduction			(1,651)						(4.14)						(1,838)						15.43						(995)						(1.34)
Derivative adjustment			—						—						256						(2.15)						11						0.02
Tax credits			—						—						338						(2.84)						(1,625)						(2.19)
Other invested assets and nonadmitted change			—						—						(178)						1.49						252						0.34
Other			(1,668)						(4.18)						529						(4.43)						(2,703)						(3.64)
Total statutory income taxes			$	5,057					12.68		%				$	(3,394)					28.50		%				$	10,543					14.19		%
Federal and foreign taxes incurred			$	11,874					29.77		%				$	21					(0.17)		%				$	16,000					21.53		%
Change in net deferred income taxes			(6,817)						(17.09)						(3,415)						28.67						(5,457)						(7.34)
Total statutory income taxes			$	5,057					12.68		%				$	(3,394)					28.50		%				$	10,543					14.19		%

At December 31, 2023, the Company had $0.0 million of net operating loss carryforwards, net capital loss carryforwards and tax credit carry forwards; the company had $0.0 million of deferred tax liabilities that are not recognized.

The Inflation Reduction Act (the “IRA”) was enacted on August 16, 2022, and included a provision for a new Corporate Alternative Minimum Tax (CAMT), effective in 2023, that is based on the adjusted financial statement income set forth on the applicable financial statement of an “applicable corporation.” The controlled group of corporations of which the reporting entity is a member has determined that it is not an “applicable corporation” for purposes of CAMT during the reporting period, and is not liable for the CAMT.

43

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

7. Capital and Surplus

The Company is required by statutory regulations to meet minimum risk-based capital standards. Risk-based capital is a method of measuring the minimum amount of capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. At December 31, 2023 and 2022, the Company exceeded the minimum risk-based capital.

Ohio insurance law limits the amount of dividends that can be paid to a parent in a holding company structure without prior approval of the regulators to the greater of 10% of statutory surplus or statutory net income as of the preceding December 31 less any dividends paid in the preceding 12 months, but only to the extent of earned surplus as of the preceding December 31. Based on these limitations, the Company is able to pay dividends of up to $132.7 million by the end of 2024 without seeking prior regulatory approval based on capital and surplus of $1,327.5 million at December 31, 2023.

8. Commitments and Contingencies

The Company is named as a defendant in various legal actions arising principally from claims made under insurance policies and contracts. The Company believes the resolution of these actions will not have a material effect on the Company’s financial position or results of operations.

At December 31, 2023, the Company does not have any material lease agreements for office space or equipment.

At December 31, 2023, the Company has future commitments to provide additional capital contributions of $96.0 million to investments in joint ventures, limited partnerships and limited liability companies. Additionally, the Company has commitments to fund $23.3 million of commercial mortgage loans.

44

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

9. Life and Annuity Reserves and Deposit-Type Contract Liabilities

At December 31, 2023, the Company’s general and separate account annuity reserves and deposit-type contract liabilities that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal provisions are summarized as follows:

Individual Annuities			General Account						Separate Account With Guarantees						Separate Account Non-guaranteed						Total						Percent
			(In Thousands)
Subject to discretionary withdrawal:
With market value adjustment			$	500					$	616,110					$	—					$	616,610					9.9		%
At book value less current surrender charge of 5% or more			790,707						2,192						—						792,899						12.8
At fair value			—						—						765,318						765,318						12.3
Total with adjustment or at fair value			791,207						618,302						765,318						2,174,827						35.0
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)			1,389,585						325,350						—						1,714,935						27.6
Not subject to discretionary withdrawal			2,327,632						—						—						2,327,632						37.4
Total individual annuity reserves (before reinsurance)			4,508,424						943,652						765,318						6,217,394						100.0		%
Reinsurance ceded			488						—						—						488
Net individual annuity reserves			$	4,507,936					$	943,652					$	765,318					$	6,216,906
Amount subject to greater than a 5% surrender charge that will be subject to minimal or no surrender charge after the statement date			$	165,742					$	303					$	—					$	166,045
Group Annuities			General Account						Separate Account With Guarantees						Separate Account Non-guaranteed						Total						Percent
			(In Thousands)
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)			$	2,121					$	—					$	—					$	2,121					100.0		%
Not subject to discretionary withdrawal			—						—						—						—						—
Total group annuity reserves (before reinsurance)			2,121						—						—						2,121						100.0		%
Reinsurance ceded			—						—						—						—
Net group annuity reserves			$	2,121					$	—					$	—					$	2,121

45

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Deposit-type contracts (no life contingencies)			General Account						Separate Account With Guarantees						Separate Account Non-guaranteed						Total						Percent
			(In Thousands)
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)			$	1,074					$	—					$	—					$	1,074					0.1		%
Not subject to discretionary withdrawal			897,876						—						—						897,876						99.9
Total deposit-type contract liability (before reinsurance)			898,950						—						—						898,950						100.0		%
Reinsurance ceded			—						—						—						—
Total deposit-type contract liability			$	898,950					$	—					$	—					$	898,950

Interest rate changes may have temporary effects on the sale and profitability of annuity products offered by the Company. Although the rates offered by the Company are adjustable in the long-term, in the short-term they may be subject to contractual and competitive restrictions, which may prevent timely adjustment. The Company’s management constantly monitors interest rates with respect to a spectrum of product durations and sells annuities that permit flexible responses to interest rate changes as part of the Company’s management of interest spreads. However, adverse changes in investment yields on invested assets will affect the earnings on those products with a guaranteed return.

46

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

At December 31, 2023, the Company's general and separate account life insurance account values, cash value, and reserves for policies subject to discretionary withdrawal, not subject to discretionary withdrawal, or with no cash value are summarized as follows:

			General Account									Separate Account - Nonguaranteed
			Account Value			Cash Value			Reserve			Account Value			Cash Value			Reserve
			(In Thousands)
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value			$	—		$	—		$	—		$	—		$	—		$	—
Universal life			170,829			170,829			171,454			—			—			—
Universal life with secondary guarantees			—			—			—			—			—			—
Indexed universal life			—			—			—			—			—			—
Indexed universal life with secondary guarantees			—			—			—			—			—			—
Indexed life			—			—			—			—			—			—
Other permanent cash value life insurance			—			2,607			2,607			—			—			—
Variable life			—			—			—			—			—			—
Variable universal life			2,087			2,087			2,087			7,249			7,249			7,249
Miscellaneous reserves			—			—			—			—			—			—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value			XXX			XXX			—			XXX			XXX			—
Accidental death benefits			XXX			XXX			—			XXX			XXX			—
Disability - active lives			XXX			XXX			—			XXX			XXX			—
Disability - disabled lives			XXX			XXX			—			XXX			XXX			—
Miscellaneous reserves			XXX			XXX			—			XXX			XXX			—
Total life reserves (before reinsurance)			172,916			175,523			176,148			7,249			7,249			7,249
Reinsurance Ceded			—			—			—			—			—			—
Net life reserves			$	172,916		$	175,523		$	176,148		$	7,249		$	7,249		$	7,249

Federal Home Loan Bank

The Company is a member of the FHLB of Cincinnati. Through its membership, the Company has conducted business activity (borrowings) with the FHLB. It is part of the Company’s strategy to utilize these funds to increase profitability. The Company has determined the actual/estimated maximum borrowing capacity as $850.0 million. The Company calculated this amount after a review of its pledgeable assets (both pledged and unpledged) and after applying the respective FHLB borrowing haircuts.

47

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

FHLB Capital Stock – General Account:

			December 31
			2023			2022
			(In Thousands)
Membership stock - Class A (not eligible for redemption)			$	7,502		$	7,965
Membership stock - Class B			—			—
Activity stock			26,856			28,098
Excess stock			1,489			2,424
Aggregate total			$	35,847		$	38,487
Actual or estimated borrowing capacity as determined by the insurer			$	850,000		$	680,000

Collateral Pledged to FHLB – General Account:

			2023												2022
			Fair Value			Carrying Value			Aggregate Total Borrowing			Borrowed at Time of Maximum Collateral			Fair Value			Carrying Value			Aggregate Total Borrowing			Borrowed at Time of Maximum Collateral
			(In Thousands)
Total as of reporting date			$	1,079,610		$	1,139,671		$	596,805		XXX			$	879,471		$	940,306		$	626,304		XXX
Maximum during reporting period			1,079,610			1,139,671			XXX			596,805			879,471			940,306			XXX			626,304

Borrowing from FHLB - General Account:

			2023									2022
			At Reporting Date			Reserves Established at Reporting Date			Maximum Amount During Period			At Reporting Date			Reserves Established at Reporting Date
			(In Thousands)
Funding agreements			$	596,805		$	598,799		$	620,804		$	626,304		$	626,640
Debt			—			XXX			30,000			—			XXX
Aggregate total			$	596,805		$	598,799		$	650,804		$	626,304		$	626,640

The Company does not have any prepayment obligations under these FHLB borrowing arrangements.

48

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Integrity Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

10. Separate Accounts

The Company’s guaranteed separate account consists of non-indexed, guaranteed rate options that include market value adjustments and systematic transfer options. The guaranteed rate options are sold in fixed annuity products and as investment options within the Company’s variable annuity products. The guaranteed rate options and systematic transfer options carry a minimum interest guarantee based on the guarantee period selected by the policyholder. The fixed annuity products offered provide a death benefit equal to the account value, with one product offering an optional death benefit ranging from 25% to 40% of the gain in the contract. The fixed investment options offered within the Company’s variable annuity products provide the death benefits listed below for variable annuities.

The Company’s nonguaranteed separate accounts consist primarily of subaccounts available through variable annuities and variable universal life insurance. The net investment experience of each subaccount is credited directly to the policyholder and can be positive or negative. The variable annuities include guaranteed minimum death benefits that vary by product and include optional death benefits available on some products. The death benefits offered by the Company include the following: account value, return of premium paid, a death benefit that is adjusted after seven years to the current account value, a death benefit that is adjusted annually to the current account value, and an additional death benefit ranging from 25% to 40% of the gain in the contract. Some variable annuities also provide living benefits, which include guaranteed accumulation amounts on a date certain, guaranteed minimum withdrawal amounts and guaranteed minimum lifetime withdrawal amounts. The death benefit under the variable universal life insurance policies may vary with the investment performance of the underlying investments in the separate accounts.

To compensate the general account for risk taken, the separate accounts paid risk charges of $4.3 million, $3.8 million, $4.4 million, $4.1 million and $3.8 million in 2023, 2022, 2021, 2020 and 2019, respectively. The Company’s general account paid $0.3 million, $0.3 million, $0.3 million, $0.3 million and $0.2 million towards separate account guarantees in 2023, 2022, 2021, 2020, and 2019, respectively.

49

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Information regarding the separate accounts of the Company as of and for the year ended December 31, 2023, is as follows:

			Separate Accounts With Guarantees
			Nonindexed Guaranteed Less Than/ Equal to 4%						Nonindexed Guaranteed More Than 4%						Nonguaranteed Separate Accounts						Total
			(In Thousands)
Premiums, considerations or deposits			$	95,770					$	10					$	17,930					$	113,710
Reserves for separate accounts with assets at:
Fair value			$	—					$	—					$	772,567					$	772,567
Amortized cost			943,486						166						—						943,652
Total reserves			$	943,486					$	166					$	772,567					$	1,716,219
Reserves for separate accounts by withdrawal characteristics:
Subject to discretionary withdrawal:
With fair value adjustment			$	616,110					$	—					$	—					$	616,110
At book value without fair value adjustment and with current surrender charge of 5% or more			2,192						—						—						2,192
At fair value			—						—						772,567						772,567
At book value without fair value adjustment and with current surrender charge of less than 5%			325,184						166						—						325,350
Subtotal			943,486						166						772,567						1,716,219
Not subject to discretionary withdrawal			—						—						—						—
Total separate accounts reserves			$	943,486					$	166					$	772,567					$	1,716,219

A reconciliation of the amounts transferred to and from the separate accounts for the year ended December 31, 2023, is presented below:

			2023
			(In Thousands)
Transfers as reported in the Summary of Operations of the Separate Accounts Statement:
Transfers to separate accounts			$	113,710
Transfers from separate accounts			342,875
Net transfers to (from) separate accounts			(229,165)
Reconciling adjustments:
Policy deductions and other expenses			418
Change in surplus in separate accounts			(30)
Other account adjustments			447
Transfers as reported in the Summary of Operations of the Company			$	(228,330)

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STATUTORY-BASIS FINANCIAL STATEMENTS

The Western and Southern Life Insurance Company

Years Ended December 31, 2023, 2022 and 2021

With Report of Independent Auditors

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The Western and Southern Life Insurance Company

Statutory-Basis Financial Statements

Years Ended December 31, 2023, 2022 and 2021

Contents

Report of Independent Auditors			1
Financial Statements
Balance Sheets (Statutory-Basis)			4
Statements of Operations (Statutory-Basis)			5
Statements of Changes in Capital and Surplus (Statutory-Basis)			6
Statements of Cash Flow (Statutory-Basis)			7
Notes to Financial Statements (Statutory-Basis)			8

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Report of Independent Auditors

The Board of Directors

The Western and Southern Life Insurance Company

Opinion

We have audited the statutory-basis financial statements of The Western and Southern Life Insurance Company (the Company), which comprise the balance sheets as of December 31, 2023 and 2022, and the related statements of operations, changes in capital and surplus and cash flows for each of the three years ended December 31, 2023, and the related notes to the financial statements (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for the three years ended December 31, 2023, on the basis of accounting described in Note 1.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter described 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 accounting principles generally accepted in the United States of America, the financial position of the Company at December 31, 2023 and 2022, or the results of its operations or its cash flows for the three years ended December 31, 2023.

Basis for Opinion

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 Auditor’s 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 1 to the financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America. The effects on the financial statements of the variances between these statutory accounting practices described

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in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Ohio 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.

Auditor’s 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the 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.

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•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/ Ernst & Young LLP

April 17, 2024

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The Western and Southern Life Insurance Company

Balance Sheets (Statutory-Basis)

			December 31
			2023						2022
Admitted assets			(In Thousands)
Cash and invested assets:
Debt securities			$	2,844,267					$	2,769,710
Preferred and common stocks			635,714						902,050
Investments in common stocks of subsidiaries			4,798,724						4,592,609
Mortgage loans			54,659						55,841
Policy loans			142,732						142,493
Real estate:
Properties held for the production of income			817						833
Properties occupied by the Company			24,182						24,705
Cash, cash equivalents and short-term investments			153,730						22,479
Receivable for securities			2,114						3,296
Derivatives			—						196
Securities lending reinvested collateral assets			30,767						17,779
Other invested assets			2,438,680						2,471,001
Total cash and invested assets			11,126,386						11,002,992
Investment income due and accrued			37,542						38,913
Premiums deferred and uncollected			46,707						47,582
Current federal income taxes recoverable			102,121						36,220
Receivables from parent, subsidiaries and affiliates			64,239						50,439
Other admitted assets			12,657						15,104
Separate account assets			1,137,428						1,131,631
Total admitted assets			$	12,527,080					$	12,322,881
Liabilities and capital and surplus
Liabilities:
Policy and contract liabilities:
Life and annuity reserves			$	2,831,496					$	2,795,292
Accident and health reserves			144,794						143,743
Liability for deposit-type contracts			174,161						183,197
Policy and contract claims			49,917						53,974
Dividends payable to policyholders			31,187						33,995
Premiums received in advance			2,754						2,953
Total policy and contract liabilities			3,234,309						3,213,154
General expense due and accrued			51,754						44,050
Net deferred income tax liability			7,984						10,799
Transfer to (from) separate accounts due and accrued, net			(22)						(9)
Asset valuation reserve			327,391						370,006
Interest maintenance reserve			49,848						57,350
Other liabilities			515,377						419,442
Liability for postretirement benefits other than pensions			93,081						94,468
Payable for securities lending			76,738						80,925
Separate account liabilities			1,137,428						1,131,631
Total liabilities			5,493,888						5,421,816
Capital and surplus:
Common stock, $1 par value, authorized 2,500 shares,      issued and outstanding 2,500 shares			2,500						2,500
Surplus Notes			995,644						995,499
Paid-in surplus			757,103						607,103
Accumulated surplus			5,277,945						5,295,963
Total capital and surplus			7,033,192						6,901,065
Total liabilities and capital and surplus			$	12,527,080					$	12,322,881

See accompanying notes.

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The Western and Southern Life Insurance Company

Statements of Operations (Statutory-Basis)

			Year Ended December 31
			2023						2022						2021
			(In Thousands)
Premiums and other revenues:
Premiums and annuity considerations			$	212,486					$	214,967					$	220,346
Net investment income			590,763						481,052						542,715
Considerations for supplementary contracts with life contingencies			—						31						8
Amortization of the interest maintenance reserve			6,812						6,802						6,688
Commissions and expenses on reinsurance ceded			1,075						1,061						1,055
Other revenues			336						209						339
Total premiums and other revenues			811,472						704,122						771,151
Benefits paid or provided:
Death benefits			129,169						143,821						153,175
Annuity benefits			117,163						52,603						51,804
Disability and accident and health benefits			11,899						10,903						17,541
Surrender benefits			46,428						40,283						41,512
Payments on supplementary contracts with life contingencies			202						237						276
Other benefits			3,489						2,537						6,246
Increase in policy reserves and other policyholders’ funds			42,911						(91,642)						33,034
Total benefits paid or provided			351,261						158,742						303,588
Insurance expenses and other deductions:
Commissions			16,784						14,795						13,563
General expenses			158,625						146,735						197,470
Net transfers to (from) separate account			(117,344)						(52,808)						(51,774)
Reserve adjustments on reinsurance assumed			(74)						48						—
Other deductions			42,720						(52,197)						60,850
Total insurance expenses and other deductions			100,711						56,573						220,109
Gain (loss) from operations before dividends to policyholders, federal income tax expense, and net realized capital gains (losses)			359,500						488,807						247,454
Dividends to policyholders			41,140						47,950						43,535
Gain (loss) from operations before federal income tax expense and net realized capital gains (losses)			318,360						440,857						203,919
Federal income tax expense (benefit), excluding tax on capital gains			(47,089)						34,062						30,313
Gain (loss) from operations before net realized capital gains (losses)			365,449						406,795						173,606
Net realized capital gains (losses) (excluding gains (losses) transferred to IMR and capital gains tax)			(16,061)						(3,985)						(74,945)
Net income (loss)			$	349,388					$	402,810					$	98,661

See accompanying notes.

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The Western and Southern Life Insurance Company

Statements of Changes in Capital and Surplus (Statutory-Basis)

			Common Stock						Surplus Notes and Paid-In Surplus						Accumulated Surplus						Total Capital and Surplus
			(In Thousands)
Balance, January 1, 2021			$	2,500					$	914,707					$	4,740,533					$	5,657,740
Net income (loss)			—						—						98,661						98,661
Change in net deferred income tax			—						—						30,231						30,231
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of $111,301)			—						—						625,648						625,648
Change in net unrealized foreign exchange capital gain (loss)			—						—						(2,287)						(2,287)
Change in surplus notes			—						497,750						—						497,750
Net change in nonadmitted assets and related items			—						—						67,456						67,456
Change in asset valuation reserve			—						—						(258,434)						(258,434)
Dividends to stockholder			—						—						(50,000)						(50,000)
Change in unrecognized post retirement benefit obligation			—						—						89,365						89,365
Balance, December 31, 2021			2,500						1,412,457						5,341,173						6,756,130
Net income (loss)			—						—						402,810						402,810
Change in net deferred income tax			—						—						(44,085)						(44,085)
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($53,721))			—						—						(569,358)						(569,358)
Change in net unrealized foreign exchange capital gain (loss)			—						—						208						208
Change in surplus notes			—						145						—						145
Net change in nonadmitted assets and related items			—						—						(89,828)						(89,828)
Change in asset valuation reserve			—						—						133,839						133,839
Change in unrecognized post retirement benefit obligation			—						—						121,204						121,204
Capital contribution			—						190,000						—						190,000
Balance, December 31, 2022			2,500						1,602,602						5,295,963						6,901,065
Net income (loss)			—						—						349,388						349,388
Change in net deferred income tax			—						—						(11,576)						(11,576)
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($21,887))			—						—						(162,717)						(162,717)
Change in net unrealized foreign exchange capital gain (loss)			—						—						913						913
Change in surplus notes			—						145						—						145
Net change in nonadmitted assets and related items			—						—						(19,841)						(19,841)
Change in asset valuation reserve			—						—						42,615						42,615
Dividends to stockholder			—						—						(245,000)						(245,000)
Change in unrecognized post retirement benefit obligation			—						—						28,200						28,200
Capital contribution			—						150,000						—						150,000
Balance, December 31, 2023			$	2,500					$	1,752,747					$	5,277,945					$	7,033,192

See accompanying notes.

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The Western and Southern Life Insurance Company

Statements of Cash Flow (Statutory-Basis)

			Year Ended December 31
			2023						2022						2021
			(In Thousands)
Operating activities
Premiums collected net of reinsurance			$	213,828					$	216,066					$	221,565
Net investment income received			488,006						361,478						453,781
Benefits paid			(317,916)						(258,418)						(275,261)
Net transfers from (to) separate accounts			117,331						52,812						51,778
Commissions and expense paid			(169,178)						(218,473)						(158,324)
Dividends paid to policyholders			(43,947)						(46,770)						(47,553)
Federal income taxes recovered (paid)			(18,157)						(75,259)						2,619
Other, net			1,409						1,269						1,394
Net cash from (for) operations			271,376						32,705						249,999
Investing activities
Proceeds from investments sold, matured or repaid:
Debt securities			179,708						561,910						236,424
Preferred and common stocks			325,142						396,955						315,580
Mortgage loans			1,182						1,107						970
Real estate			—						—						771
Other invested assets			392,898						291,307						528,139
Net gains (losses) on cash, cash equivalents and short-term investments			(34)						(18)						(30)
Miscellaneous proceeds			2,004						19,350						44,383
Net proceeds from investments sold, matured or repaid			900,900						1,270,611						1,126,237
Cost of investments acquired:
Debt securities			(124,749)						(462,989)						(347,164)
Preferred and common stocks			(379,334)						(816,114)						(807,957)
Real estate			(2,456)						(5,348)						(4,228)
Other invested assets			(439,178)						(563,986)						(533,987)
Miscellaneous applications			(12,988)						(830)						(6,291)
Total cost of investments acquired			(958,705)						(1,849,267)						(1,699,627)
Net change in policy and other loans			(239)						2,815						7,002
Net cash from (for) investments			(58,044)						(575,841)						(566,388)
Financing activities
Surplus notes, capital notes			145						—						497,635
Capital and paid in surplus, less treasury stock			150,000						190,000						—
Borrowed funds			60,666						48,967						—
Net deposits on deposit-type contract funds and other insurance liabilities			(9,036)						(6,171)						(8,197)
Dividends paid to stockholder			(245,000)						—						(50,000)
Other cash provided (applied)			(38,856)						(25,207)						(91,150)
Net cash from (for) financing and miscellaneous sources			(82,081)						207,589						348,288
Net change in cash, cash equivalents and short-term investments			131,251						(335,547)						31,899
Cash, cash equivalents and short-term investments:
Beginning of year			22,479						358,026						326,127
End of year			$	153,730					$	22,479					$	358,026
Cash flow information for noncash transactions:
Dividend from Integrity Life Insurance Company in the form of common stock			$	50,000					$	—					$	—
Capital contribution to Western-Southern Life Assurance Company in the form of common stock			$	(50,000)					$	—					$	—

See accompanying notes.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

1. Nature of Operations and Significant Accounting Policies

The Western and Southern Life Insurance Company (the Company) is a stock life insurance company that offers primarily individual traditional and whole life insurance policies. The Company is licensed in 46 states and the District of Columbia. For the year ended December 31, 2023, approximately 68.8% of the gross premiums and annuity considerations for the Company were derived from California, Illinois, Indiana, North Carolina, Ohio, and Pennsylvania. The Company is domiciled in Ohio. The Company is an indirect, wholly-owned subsidiary of Western & Southern Mutual Holding Company (Mutual Holding), a mutual holding company formed pursuant to the insurance regulations of the State of Ohio. Ohio law requires Mutual Holding to hold at least a majority voting interest in the Company. Currently, Mutual Holding indirectly holds 100% of the voting interest through Western & Southern Financial Group, Inc. (WSFG), its wholly-owned subsidiary. The Company wholly owns the following insurance entities: Western-Southern Life Assurance Company (WSLAC), Columbus Life Insurance Company (Columbus Life), Integrity Life Insurance Company (Integrity) and Gerber Life Insurance Company (Gerber Life). Integrity Life Insurance Company wholly owns National Integrity Life Insurance Company (National).

State regulatory authorities have powers relating to granting and revoking licenses to transact business, the licensing of agents, the regulation of premium rates and trade practices, the form and content of insurance policies, the content of advertising material, financial statements and the nature of permitted practices.

Included within the financial statements, the Company has established and operates a closed block for the benefit of holders of most participating individual ordinary and weekly industrial life insurance policies issued on or before the formation of Mutual Holding in 2000 (the Closed Block). Assets have been allocated to the Closed Block in an amount that is expected to produce cash flows which, together with anticipated revenue from the policies included in the Closed Block, are reasonably expected to be sufficient to support the Closed Block policies, the continuation of policyholder dividends, in aggregate, in accordance with the 2000 dividend scale if the experience underlying such scale continues, and for appropriate adjustments in the dividend scale if the experience changes. Invested assets allocated to the Closed Block consist primarily of high-quality debt securities, mortgage loans, policy loans, short-term investments, other invested assets, and securities lending reinvested collateral. Invested assets of $1,801.4 million and $1,828.7 million were allocated to the Closed Block as of December 31, 2023 and 2022, respectively. The assets allocated to the Closed Block inure solely for the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. The purpose of the Closed Block is to protect the policy dividend expectations of these policies after the formation of Mutual Holding. The Closed Block will continue in effect until the last policy in the Closed Block is no longer in force.

Use of Estimates

The preparation of statutory-basis financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Basis of Presentation

The accompanying financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the Ohio Department of Insurance (the Department). The National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual (NAIC SAP or SSAP) has been adopted as a component of prescribed or permitted practices by the State of Ohio. These practices differ in some respects from U.S. generally accepted accounting principles (GAAP). The more significant differences follow.

Investments

Investments in debt securities and mandatory redeemable preferred stocks are reported at amortized cost or fair value based on the NAIC’s rating; for GAAP, such fixed maturity investments are designated at purchase as held-to-maturity, trading or available-for-sale. Held-to-maturity fixed investments are reported at amortized cost, and the remaining fixed maturity investments are reported at fair value with unrealized holding gains and losses reported in the statement of operations for those designated as trading and as a separate component of other comprehensive income (loss) for those designated as available-for-sale.

All single-class and multiclass mortgage-backed/asset-backed securities (e.g., CMOs) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium of such securities using the retrospective method. The prospective method is used to determine amortized cost for securities that experience a decline that is deemed to be other-than-temporary. Securities that are in an unrealized loss position which the Company intends to sell, or does not have the intent and ability to hold until recovery, are written down to fair value as a realized loss. Securities that are in an unrealized loss position which the Company has the intent and ability to hold until recovery are written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. For GAAP purposes, all securities, purchased or retained, that represent beneficial interests in securitized assets (e.g., CMO, CBO, CDO, CLO, MBS and ABS securities), other than high credit quality securities, are adjusted using the prospective method when there is a change in estimated future cash flows. If it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. If high credit quality securities are adjusted, the retrospective method is used.

The Company monitors other investments to determine if there has been an other-than-temporary decline in fair value. Factors that management considers for each identified security include the following:

•The extent the fair value has been below the book/adjusted carrying value;

•The reasons for the decline in value;

•Specific credit issues related to the issuer and current economic conditions, including the current and future impact of any specific events;

•For structured investments (e.g., residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and other structured investments), factors such as overall deal structure and the Company’s position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections are considered;

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

•For all equity securities and other debt securities with credit-related declines in fair value, the Company’s intent and ability to hold the security long enough for it to recover its value to book/adjusted carrying value; and

•For all other debt securities with interest-related declines in fair value, the Company’s intent to sell the security before recovery of its book/adjusted carrying value.

If the decline is judged to be other-than-temporary, an impairment charge to fair value is recorded as a net realized capital loss in the period the determination is made. Under GAAP, if the decline is judged to be other-than-temporary because the Company has the intent to sell the debt security or is more likely than not to be required to sell the debt security before its anticipated recovery, an impairment charge to fair value is recorded as a net realized capital loss. If the decline is judged to be other-than-temporary because the Company does not expect to recover the entire amortized cost basis of the security due to expected credit losses, an impairment charge is recorded to net realized capital loss as the difference between amortized cost and the net present value of expected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment.

Investments in real estate are reported net of required obligations rather than on a gross basis as for GAAP. Real estate owned and occupied by the Company is included in investments rather than reported as an operating asset as under GAAP, and investment income and operating expenses include rent for the Company’s occupancy of those properties.

Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments, principally debt securities and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity based on groupings of individual security sold in five-year bands. The net deferral is reported as the interest maintenance reserve (IMR) in the accompanying balance sheets. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses are reported in the statement of operations on a pretax basis in the period that the assets giving rise to the gains or losses are sold.

The asset valuation reserve (AVR) provides a valuation allowance for invested assets. The AVR is determined by an NAIC prescribed formula with changes reflected directly in capital and surplus. AVR is not recognized for GAAP.

Subsidiaries

The accounts and operations of the Company’s subsidiaries are not consolidated with the accounts and operations of the Company as would be required under GAAP.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Policy Acquisition Costs

The costs of acquiring and renewing business are expensed when incurred. Under GAAP, policy acquisition costs, related to traditional life insurance and certain long-duration accident and health insurance policies sold, to the extent recoverable from future policy revenues, would be deferred and amortized over the premium-paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves; for universal life insurance and investment products, to the extent recoverable from future gross profits, deferred policy acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges and investments, mortality, and expense margins.

Nonadmitted Assets

Certain assets designated as “nonadmitted” (principally investments in unaudited subsidiaries and controlled and affiliated entities, the pension asset, and a trademark license agreement), and other assets not specifically identified as admitted assets within the NAIC’s Accounting Practices and Procedures Manual, are excluded from the accompanying balance sheets and are charged directly to accumulated surplus. Under GAAP, such assets are included in the balance sheets.

Premiums and Benefits

Revenues for universal life and annuity policies with mortality or morbidity risk, except for guaranteed interest and group annuity contracts, consist of the entire premium received, and benefits incurred represent the total of death benefits paid and the change in policy reserves. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting, and credited directly to an appropriate policy reserve account, without recognizing premium income. Under GAAP, premiums received in excess of policy charges would not be recognized as premium revenue and benefits would represent the excess of benefits paid over the policy account value and interest credited to the account values.

Benefit Reserves

Certain policy reserves are calculated using statutorily prescribed interest and mortality assumptions rather than on estimated expected experience or actual account balances as would be required under GAAP.

Reinsurance

A liability for reinsurance balances is required to be provided for unsecured policy reserves ceded to reinsurers not authorized to assume such business. Changes to those amounts are credited or charged directly to capital and surplus. Under GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings.

Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves rather than as assets as would be required under GAAP. Commissions allowed by reinsurers on business ceded are reported as income when incurred rather than being deferred and amortized with policy acquisition costs as required under GAAP.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Employee Benefits

For purposes of calculating the Company’s pension and postretirement benefit obligations, vested participants, non-vested participants and current retirees are included in the valuation. The prepaid pension asset resulting from the excess of the fair value of plan assets over the benefit obligation, which is nonadmitted under statutory accounting rules, is included in other comprehensive income under GAAP.

Deferred Income Taxes

Deferred tax assets are recorded for the amount of gross deferred tax assets expected to be realized in future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold. Deferred tax assets are limited to 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse during a time frame corresponding with Internal Revenue Service (IRS) tax loss carryback provisions, not to exceed three years, including amounts established in accordance with the provision of SSAP No. 5R, plus 2) for entities who meet the required realization threshold in SSAP No. 101, the lesser of the remaining gross deferred tax assets expected to be realized within three years of the balance sheet date or 15% of capital and surplus excluding any net deferred tax assets, electronic data processing equipment and operating software and any net positive goodwill, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities. The remaining deferred tax assets are nonadmitted. Under GAAP, a deferred tax asset is recorded for the amount of gross deferred tax assets expected to be realized in all future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold.

Policyholder Dividends

Policyholder dividends are recognized when declared rather than over the term of the related policies.

Surplus Notes

Surplus Notes are classified as a component of equity rather than as long-term debt.

Statements of Cash Flow

Cash, cash equivalents and short-term investments in the statements of cash flow represent cash balances and investments with initial maturities of one year or less. Under GAAP, the corresponding captions of cash and cash equivalents include cash balances and investments with initial maturities of three months or less.

Other significant statutory accounting practices follow.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Restricted Assets

The Company has assets pledged as collateral, or otherwise not exclusively under control of the Company, totaling $106.2 million and $147.4 million as of December 31, 2023 and 2022, respectively. These assets are primarily collateral held in relation to the Company's securities lending program. These restricted assets are discussed in more detail in their relevant section.

Investments

Debt securities, common stocks, preferred stocks, and short-term investments are stated at values prescribed by the NAIC, as follows:

Debt securities not backed by other loans are principally stated at amortized cost using the interest method.

Single-class and multiclass mortgage-backed/asset-backed securities are valued at amortized cost using the interest method including anticipated prepayments. Prepayment assumptions are obtained from Bloomberg and broker-dealer prepayment models or derived from empirical data and are based on the current interest rate and economic environment. The retrospective adjustment method is used to value all such securities except securities that are deemed to be other-than-temporarily impaired and securities that are principal-only or interest-only, which are valued using the prospective method.

Unaffiliated common stocks are reported at fair value utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes.

Redeemable preferred stocks that have characteristics of debt securities and are rated as medium quality or better are reported or amortized cost. All other redeemable preferred stocks are reported at the lower of amortized cost or fair value. Perpetual preferred stocks are valued at fair value, not exceeding any currently effective call price, utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes.

There are no restrictions on unaffiliated common or preferred stocks.

Short-term investments include investments with remaining maturities of one year or less at the date of acquisition and are principally stated at amortized cost, which approximates fair value.

Cash equivalents are short-term highly liquid investments with original maturities of three months or less and are principally stated at amortized cost, which approximates fair value.

The Company’s insurance subsidiaries are reported at their underlying audited statutory equity. The Company’s noninsurance subsidiaries are reported based on underlying audited GAAP equity. The net change in the subsidiaries’ equity is included in capital and surplus.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Joint ventures, partnerships, and limited liability companies are carried at the Company’s interest in the underlying audited GAAP equity of the investee. Undistributed earnings allocated to the Company are reported in the change in net unrealized capital gains or losses. Distributions from earnings of the investees are reported as net investment income when received. Because of the indirect nature of these investments, there is an inherent reduction in transparency and liquidity and increased complexity in valuing the underlying investments. As a result, these investments are actively managed by the Company’s management via detailed evaluation of the investment performance relative to risk.

Mortgage loans are reported at unpaid principal balances, less an allowance for impairment. A mortgage loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage agreement. When management determines foreclosure is probable, the impairment is other than temporary; the mortgage loan is written down to realizable value and a realized loss is recognized.

Policy loans are reported at unpaid principal balances.

Real estate occupied by the Company and real estate held for the production of income are reported at depreciated cost net of related obligations. Real estate that the Company has the intent to sell is reported at the lower of depreciated cost or fair value, net of related obligations. Depreciation is computed by the straight-line method over the estimated useful life of the properties.

Property acquired in the satisfaction of debt is recorded at the lower of cost less accumulated depreciation or fair market value.

Debt securities and other loan interest are credited to income as it accrues. Dividends are recorded as income on ex-dividend dates. To the extent income is uncertain, due and accrued income is excluded and treated as nonadmitted through surplus.

The Company utilizes customized call and put options to hedge market volatility related to the S&P 500 index . At the beginning of these contracts, a premium is either paid or received for transferring the related risk. The options are not designated as a hedge for accounting purposes and are carried at fair value on the balance sheet with changes in fair value recorded in surplus. The related gains and losses from terminations or expirations are recorded in realized capital gains and losses.

Realized capital gains and losses are determined using the specific identification method.

Premiums

Life and accident and health premiums are recognized as revenue when due. Premiums for annuity policies with mortality and morbidity risk, except for guaranteed interest and group annuity contracts, are also recognized as revenue when due. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Policy Reserves

Life, annuity and accident and health disability benefit reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the Department. The Company waives deduction of deferred fractional premiums on the death of life and annuity policy insureds and does return any premium beyond the date of death. Surrender values on policies do not exceed the corresponding benefit reserves. Policies issued subject to multiple table substandard extra premiums are valued on the standard reserve basis which recognizes the nonlevel incidence of the excess mortality costs. Additional reserves are established when the results of cash flow testing under various interest rate scenarios indicate the need for such reserves, or the net premiums exceed the gross premiums on any insurance in-force.

For policies issued in 2020 or after, life insurance reserves are developed using principle-based policyholder and asset assumptions with margins and floored at formulaic reserves based upon published tables using statutorily specified interest rates and valuation methods.

Formulaic policy reserves for life insurance and supplemental benefits are computed on the Commissioner’s Reserve Valuation Method. The following mortality tables and interest rates are used:

			Percentage of Reserves
			2023						2022
Life insurance:
1941 Commissioners Standard Ordinary, 2-1/4% - 3-1/2%			5.7		%				6.1		%
1941 Standard Industrial, 2-1/2% - 3-1/2%			8.6						8.8
1958 Commissioners Standard Ordinary, 2-1/2% - 6%			15.4						16.3
1980 Commissioners Standard Ordinary, 4% - 6%			40.6						39.8
2001 Commissioners Standard Ordinary, 3-1/2% - 4-1/2%			26.8						23.7
2017 Commissioners Standard Ordinary, 3-1/2%			1.1						—
Other, 2-1/2% - 6%			0.9						4.3
			99.1						99.0
Other benefits (including annuities):
Various, 2-1/2% - 8-1/4%			0.9						1.0
			100.0		%				100.0		%

The mean reserve method is used to adjust the calculated terminal reserve to the appropriate reserve at December 31. Mean reserves are determined by computing the regular mean reserve for the plan at the rated age and holding, in addition, one-half of the extra premium charge for the year. Policies issued after July 1 for substandard lives, are charged an extra premium plus the regular premium for the true age. Mean reserves are based on appropriate multiples of standard rates of mortality. An asset is recorded for deferred premiums net of loading to adjust the reserve for modal premium payments.

For substandard table ratings, mean reserves are based on 125% to 500% of standard mortality rates. For flat extra ratings, mean reserves are based on the standard or substandard mortality rates increased by 1 to 25 deaths per thousand.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

As of December 31, 2023 and 2022, reserves of $13.2 million and $13.7 million, respectively, were recorded on in-force amounts of $774.5 million and $803.7 million, respectively, for which gross premiums are less than the net premiums according to the standard of valuation required by the Department. The Company anticipates investment income as a factor in the premium deficiency calculation for all accident and health contracts.

Tabular interest, tabular less actual reserves released, and tabular cost have been determined by formula. Tabular interest on funds not involving life contingencies is calculated as one-hundredth of the product of such valuation rate of interest times the mean of the amount of funds subject to such valuation rate of interest held at the beginning and end of the year of valuation.

The establishment of appropriate reserves is an inherently uncertain process, and there can be no assurance that the ultimate liability will not exceed the Company’s policy reserves and have an adverse effect on the Company’s results of operations and financial condition. Due to the inherent uncertainty of estimating reserves, it has been necessary, and may over time continue to be necessary, to revise estimated future liabilities as reflected in the Company’s policy reserves.

Policyholders’ Dividends

The amount of policyholders’ dividends to be paid (including those on policies included in the Closed Block) is determined annually by the Company’s Board of Directors. The aggregate amount of policyholders’ dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by the Company.

Policy and Contract Claims

Policy and contract claims in process of settlement represent the estimated ultimate net cost of all reported and unreported claims incurred through December 31, 2023 and 2022. The reserves for unpaid claims are estimated using individual case-basis valuations and statistical analysis. These estimates are subject to the effects of trends in claim severity and frequency. Although considerable variability is inherent in such estimates, management believes that the reserves for claims are adequate. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.

Reinsurance

Reinsurance premiums and benefits paid or provided are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.

Securities Lending

At December 31, 2023, the Company had loaned various debt securities, preferred stocks and common stocks as part of a securities lending program administered by Deutsche Bank, of which the fair value was $74.5 million and $23.4 million in the general and separate account, respectively. At December 31, 2022, the Company had loaned various debt securities, preferred stocks and common stocks as part of a securities lending program administered by Deutsche Bank, of which the fair value was $78.7 million and

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

$59.7 million in the general and separate account, respectively. The Company maintains effective control over all loaned securities and, therefore, continues to report such securities as invested assets in the balance sheets. The general account collateral is managed by both an affiliated and unaffiliated agent. The separate account is managed by an unaffiliated agent.

The Company requires at the initial transaction that the fair value of the cash collateral received must be equal to 102% of the fair value of the loaned securities. The Company monitors the ratio of the fair value of the collateral to loaned securities to ensure it does not fall below 100%. If the fair value of the collateral falls below 100% of the fair value of the securities loaned, the Company nonadmits that portion of the loaned security. At December 31, 2023 and 2022, the Company did not nonadmit any portion of the loaned securities.

The Company reports all collateral on the balance sheet with an offsetting liability recognized for the obligation to return the collateral. Collateral for the securities lending program is either managed by an affiliated agent of the Company or is managed by Deutsche Bank, an unaffiliated agent. Collateral managed by an affiliated agent, which approximated $45.5 million and $62.6 million at December 31, 2023 and 2022, respectively, is invested primarily in investment-grade debt securities and cash equivalents and is included in the applicable amount on the balance sheets because the funds are available for the general use of the Company. At December 31, 2023 and 2022, collateral managed by an unaffiliated agent, which approximated $30.8 million and $17.8 million respectively, was invested in cash equivalents and was included in securities lending reinvested collateral assets on the balance sheet.

At December 31, 2023, the collateral for all securities on loan could be requested to be returned on demand by the borrower. At December 31, 2023 and 2022, the fair value of the total collateral in the general account was $76.3 million and $80.4 million, respectively. The fair value of the total collateral in the separate account was $24.1 million and $61.1 million at December 31, 2023 and 2022, respectively, which was all managed by an unaffiliated agent.

The aggregate collateral broken out by maturity date is as follows at December 31, 2023:

			Amortized Cost						Fair Value
			(In Thousands)
Open			$	—					$	—
30 days or less			45,348						45,348
31 to 60 days			1,469						1,469
61 to 90 days			747						747
91 to 120 days			266						266
121 to 180 days			—						—
181 to 365 days			1,999						1,997
1 to 2 years			5,600						5,607
2 to 3 years			—						—
Greater than 3 years			20,826						20,826
Total collateral			$	76,255					$	76,260

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

At December 31, 2023, all of the collateral held for the securities lending program was invested in tradable securities that could be sold and used to pay for the $76.7 million and $24.1 million in the general and separate accounts, respectively, in collateral calls that could come due under a worst-case scenario where all collateral was called simultaneously.

The Company does not accept collateral that is not permitted by contract or custom to sell or repledge. The Company does not have any securities lending transactions that extend beyond one year from the reporting date.

Separate Account

The Company maintains a separate account, which holds all of the Company’s pension plan assets. The assets of the separate account consist primarily of marketable securities, which are recorded at fair value. These assets are considered legally insulated from the general accounts.

There are no separate account liabilities that are guaranteed by the general account. (See Note 10 for further discussion on the general account’s responsibility as it relates to the obligations of the Company’s pension plan).

The activity within the separate account, including realized and unrealized gains or losses on its investments, has no effect on net income or capital and surplus of the Company. The Company’s statements of operations reflect annuity payments to pension plan participants and other expenses of the separate account, as well as the reimbursement of such expenses from the separate account.

Federal Income Taxes

The Company files a consolidated income tax return with its eligible subsidiaries and affiliates. The provision for federal income taxes is allocated to the individual companies using a separate return method based upon a written tax-sharing agreement. Under the agreement, the benefits from losses of subsidiaries and affiliates are retained by the subsidiary and affiliated companies. The Company pays all federal income taxes due for all members of the group. The Company then immediately charges or reimburses, as the case may be, the members of the group an amount consistent with the method described in the tax-sharing agreement.

The Company includes interest and penalties in the federal income tax line on the statements of operations.

Postretirement Benefits Other Than Pensions

The Company accounts for its postretirement benefits other than pensions on an accrual basis. The postretirement benefit obligation for current retirees and fully eligible employees is measured by estimating the actuarial present value of benefits expected to be received at retirement using explicit assumptions.

Actuarial and investment gains and losses arising from differences between assumptions and actual experience upon subsequent remeasurement of the obligation may be recognized as a component of the

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

net periodic benefit cost in the current period or amortized. The net gain or loss will be included as a component of net postretirement benefit cost for a year if, as of the beginning of the year, the unrecognized net gain or loss exceeds 10% of the postretirement benefit obligation. That gain or loss, if not recognized immediately, will be amortized over the average life expectancy of the employer’s fully vested and retiree group.

Accounting Changes

There were no material accounting changes in 2023, 2022, or 2021.

Business Combinations

On December 31, 2018, the Company purchased 100% of the common stock of Gerber Life from Nestlé S.A. ("Nestlé"). Gerber Life is an insurer that operates primarily in the juvenile life insurance and medical stop-loss insurance markets. Gerber Life is New York-domiciled and is licensed in 50 states, the District of Columbia, Puerto Rico and certain Canadian provinces. The cost of the acquired entity was $1,257.3 million. The original goodwill balance was $945.5 million, of which $528.1 million was admitted, based on an admission limit of 10% of adjusted company surplus as of the last reported period..

The transaction was accounted for as a statutory purchase and reflects the following:

Year			Admitted Goodwill at Reporting Date						Goodwill Amortized in Period						Book Value of Acquisition						Admitted Goodwill as a % of Admitted Acquisition
			(In Thousands)
2023			$	472,774					$	94,555					$	1,121,475					42.2		%
2022			567,328						94,555						1,149,908						49.3

			2023						2022
			(In Thousands)
Company Surplus as of September 30			$	6,672,215					$	6,532,219
Less September 30 electronic data processing			10,441						10,318
Less September 30 net deferred tax assets			38,823						51,157
Less September 30 net positive goodwill			496,412						590,967
Adjusted Company surplus as of September 30			$	6,126,539					$	5,879,777
Admitted goodwill as a percentage of adjusted surplus			7.7		%				9.6		%

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Subsequent Events

The Company recognizes in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date. For nonrecognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Company is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements on April 17, 2024.

Note 4 describes events that occurred subsequent to the December 31, 2023, financial statement date; the Company sold equity and fixed income securities to two subsidiaries, received an ordinary dividend from a subsidiary, and paid an ordinary dividend to its parent.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

2. Investments

The book/adjusted carrying value and fair value of the Company’s investments in debt securities are summarized as follows:

			Book/ Adjusted Carrying Value						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(In Thousands)
At December 31, 2023:
U.S. Treasury securities and obligations of U.S. government corporation and agencies			$	18,882					$	—					$	(287)					$	18,595
Debt securities issued by states of the U.S. and political subdivisions of the states			9,810						401						—						10,211
Non-U.S. government securities			61,405						1,069						(12,055)						50,419
Corporate securities			2,516,971						94,263						(172,694)						2,438,540
Commercial mortgage-backed securities			22,356						42						(4,483)						17,915
Residential mortgage-backed securities			109,326						2,867						(10,142)						102,051
Asset-backed securities			105,517						2,356						(4,585)						103,288
Total			$	2,844,267					$	100,998					$	(204,246)					$	2,741,019
At December 31, 2022:
U.S. Treasury securities and obligations of U.S. government corporation and agencies			$	23,341					$	314					$	(394)					$	23,261
Debt securities issued by states of the U.S. and political subdivisions of the states			9,805						341						—						10,146
Non-U.S. government securities			77,002						23						(12,656)						64,369
Corporate securities			2,385,532						62,279						(235,690)						2,212,121
Commercial mortgage-backed securities			22,852						32						(4,447)						18,437
Residential mortgage-backed securities			120,923						3,874						(11,603)						113,194
Asset-backed securities			130,255						1,844						(8,123)						123,976
Total			$	2,769,710					$	68,707					$	(272,913)					$	2,565,504

At December 31, 2023 and 2022, the Company held unrated or below-investment-grade corporate debt securities with a book/adjusted carrying value of $185.7 million and $90.7 million, respectively, and an aggregate fair value of $177.2 million and $78.3 million, respectively. As of December 31, 2023 and 2022, such holdings amounted to 6.5% and 3.3%, respectively, of the Company’s investments in debt securities and 1.5% and 0.7%, respectively, of the Company’s total admitted assets. The Company performs periodic evaluations of the relative credit standing of the issuers of these debt securities. The Company considers these evaluations in its overall investment strategy.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Unrealized gains and losses on investments in unaffiliated common stocks, mutual funds and common stocks of subsidiaries are reported directly in capital and surplus and do not affect net income. The unrealized gains and unrealized losses on, and the cost and fair value of those investments and preferred stocks are as follows:

			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(In Thousands)
At December 31, 2023:
Preferred stocks			$	53,381					$	1,804					$	(406)					$	54,779
Common stocks, unaffiliated			$	206,721					$	163,213					$	(1,346)					$	368,588
Common stocks, mutual funds			190,611						21,865						(129)						212,347
Common stocks, subsidiaries			4,024,050						942,652						(167,978)						4,798,724
			$	4,421,382					$	1,127,730					$	(169,453)					$	5,379,659

			Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(In Thousands)
At December 31, 2022:
Preferred stocks			$	44,868					$	2,453					$	(4,807)					$	42,514
Common stocks, unaffiliated			$	290,425					$	212,017					$	(8,987)					$	493,455
Common stocks, mutual funds			390,433						1,629						(25,981)						366,081
Common stocks, subsidiaries			3,843,604						956,870						(207,865)						4,592,609
			$	4,524,462					$	1,170,516					$	(242,833)					$	5,452,145

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The following table shows unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.

			Unrealized Losses Less Than 12 Months												Unrealized Losses Greater Than or Equal to 12 Months
			Unrealized Losses						Fair Value						Unrealized Losses						Fair Value
			(In Thousands)
At December 31, 2023:
U.S. Treasury securities and obligations of U.S. government corporations and agencies			$	—					$	—					$	(287)					$	5,574
Debt securities issued by states of the U.S. and political subdivisions of the states			—						—						—						—
Non-U.S. government securities			—						—						(12,055)						39,135
Corporate securities			(1,056)						70,371						(171,638)						1,143,248
Commercial mortgage-backed securities(1)			—						—						(4,483)						16,622
Residential mortgage-backed securities(1)			(118)						5,364						(10,024)						76,108
Asset-backed securities(1)			(105)						4,776						(4,480)						66,938
Total			$	(1,279)					$	80,511					$	(202,967)					$	1,347,625
Preferred stocks			$	(406)					$	11,144					$	—					$	—
Common stocks, unaffiliated			$	(1,346)					$	22,807					$	—					$	—
Common stocks, mutual funds			(129)						5,865						—
Total			$	(1,475)					$	28,672					$	—					$	—

(1) Amounts relate to securities subject to SSAP 43R.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

			Unrealized Losses Less Than 12 Months												Unrealized Losses Greater Than or Equal to 12 Months
			Unrealized Losses						Fair Value						Unrealized Losses						Fair Value
			(In Thousands)
At December 31, 2022:
U.S. Treasury securities and obligations of U.S. government corporations and agencies			$	(316)					$	4,746					$	(78)					$	722
Debt securities issued by states of the U.S. and political subdivisions of the states			—						—						—						—
Non-U.S. government securities			(8,514)						49,059						(4,142)						14,328
Corporate securities			(205,116)						1,258,582						(30,574)						83,859
Commercial mortgage-backed securities(1)			(2,573)						9,681						(1,874)						7,117
Residential mortgage-backed securities(1)			(11,331)						89,104						(272)						2,028
Asset-backed securities(1)			(6,719)						70,775						(1,404)						16,583
Total			$	(234,569)					$	1,481,947					$	(38,344)					$	124,637
Preferred stocks			$	(4,807)					$	26,923					$	—					$	—
Common stocks, unaffiliated			$	(8,987)					$	42,253					$	—					$	—
Common stocks, mutual funds			(25,981)						327,028						—						—
Total			$	(34,968)					$	369,281					$	—					$	—

(1) Amounts relate to securities subject to SSAP 43R.

Investments that are impaired at December 31, 2023 and 2022, for which other-than-temporary impairments have not been recognized, consist mainly of corporate debt securities, asset-backed securities, residential mortgage-backed securities and unaffiliated common stocks.

The aggregated unrealized loss is approximately 12.3% and 13.5% of the carrying value of securities considered temporarily impaired at December 31, 2023 and 2022, respectively. At December 31, 2023, there were a total of 424 securities held that are considered temporarily impaired, 346 of which have been impaired for 12 months or longer. At December 31, 2022, there were a total of 570 securities held that were considered temporarily impaired, 29 of which had been impaired for 12 months or longer. The Company recorded other-than-temporary impairments on securities of $20.1 million, $12.4 million and $3.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The following is a list of each loan-backed security held at December 31, 2023, with a recognized other-than-temporary impairment (OTTI) for the year ended December 31, 2023, where the present value of future cash flows expected to be collected was less than the amortized cost basis of the securities.

CUSIP			Book/Adj Carrying Value Amortized Cost Before Current Period OTTI						Present Value of Future Cash Flows						Recognized Other- Than- Temporary Impairment						Amortized Cost After Other-Than-Temporary Impairment						Fair Value						Date of Other-Than-Temporary Impairment
(In Thousands)
For the year ended, December 31, 2023:
52521H-AJ-2			$	423					$	422					$	1					$	422					$	391					06/30/2023
Total			XXX						XXX						$	1					XXX						XXX						XXX

The Company had no OTTI on loan-backed securities for the year ended December 31, 2023, due to the intent to sell the security or the inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis of the security.

A summary of the cost or amortized cost and fair value of the Company’s debt securities at December 31, 2023, by contractual maturity, is as follows:

			Book/Adjusted Carrying Value						Fair Value
			(In Thousands)
Years to maturity:
One or less			$	22,031					$	21,943
After one through five			315,795						320,525
After five through ten			436,766						449,543
After ten			1,832,476						1,725,754
Mortgage-backed securities/asset-backed securities			237,199						223,254
Total			$	2,844,267					$	2,741,019

The expected maturities may differ from contractual maturities in the foregoing table because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties and because asset-backed and mortgage-backed securities (including floating-rate securities) provide for periodic payments throughout their lives.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Proceeds from sales of investments in debt securities during 2023, 2022 and 2021 were $60.6 million, $248.3 million, and $33.6 million; gross gains of $0.6 million, $5.1 million, and $1.0 million and gross losses of $1.5 million, $1.0 million, and $0.0 million were realized on these sales in 2023, 2022 and 2021, respectively.

Proceeds from the sales of investments in equity securities during 2023, 2022 and 2021 were $357.2 million, $372.1 million, and $284.5 million; gross gains of $80.7 million, $67.6 million, and $45.3 million and gross losses of $12.4 million, $22.3 million, and $4.1 million were realized on these sales in 2023, 2022 and 2021, respectively.

Realized capital gains (losses) are reported net of federal income taxes and amounts transferred to the IMR as follows for the years ended December 31:

			2023						2022						2021
			(In Thousands)
Realized capital gains (losses)			$	(17,404)					$	10,230					$	(78,811)
Less amount transferred to IMR (net of related taxes (benefits) of $(183) in 2023, $1,327 in 2022, and $248 in 2021)			(689)						4,993						932
Less federal income tax expense (benefit) of realized capital gains (losses)			(654)						9,222						(4,798)
Net realized capital gains (losses)			$	(16,061)					$	(3,985)					$	(74,945)

Net investment income was generated from the following for the years ended December 31:

			2023						2022						2021
			(In Thousands)
Debt securities			$	145,319					$	141,466					$	158,760
Equity securities			294,929						107,536						32,007
Mortgage loans			2,273						2,318						2,363
Real estate			10,536						9,982						12,377
Policy loans			10,582						10,704						11,067
Cash, cash equivalents and short-term investments			2,588						1,567						688
Other invested assets			195,684						274,692						390,541
Other			621						252						(785)
Gross investment income			662,532						548,517						607,018
Investment expenses			71,769						67,465						64,303
Net investment income			$	590,763					$	481,052					$	542,715

The Company’s investments in mortgage loans principally involve commercial real estate. At December 31, 2023, 79.7% of such mortgages, or $43.6 million, involved properties located in Ohio, Washington, and South Carolina. Such investments consist of primarily first-mortgage liens on completed income-producing properties. The aggregate mortgage outstanding to any one borrower does not exceed $21.2 million. During 2023, there were no loans issued. At the issuance of a loan, the percentage of any one loan to value of security, exclusive of insured, guaranteed or purchase money mortgage did not exceed 80.0%. During 2023, the Company did not reduce interest rates on any outstanding mortgages.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Derivative Instruments

The Company entered into an equity hedge program designed to hedge the market value risks associated with the broad equity market. Hedging this risk reduces the economic sensitivity to price declines. At the beginning of these contracts, a premium is either paid or received for transferring the related risk. The options are not designated as a hedge for accounting purposes and are carried at fair value on the balance sheet with changes in fair value recorded in surplus. The related gains and losses from terminations or expirations are recorded in realized capital gains and losses. The change in fair value was $0.0 million, $0.0 million, and $50.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. The net gain/(loss) recognized through net income within realized gains and losses was $0.0 million, $0.0 million, and $(97.2) million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company closed the hedge in the first quarter of 2021.

Information related to the Company’s derivative instruments as described above and the effects of offsetting on the balance sheet consisted of the following for the years ended December 31:

			2023						2022
			(In Thousands)
Derivative assets:
Gross amount of recognized assets			$	—					$	196
Gross amounts offset			—						—
Net amount of assets			$	—					$	196
Derivative liabilities:
Gross amount of recognized liabilities			$	—					$	—
Gross amounts offset			—						—
Net amount of liabilities			$	—					$	—

3. Fair Values of Financial Instruments

Included in various investment-related line items in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value such as when impaired or, for certain bonds and preferred stocks, when carried at the lower of cost or market.

The Company uses fair value measurements to record the fair value of certain assets and liabilities and to estimate the fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment-type contracts, are excluded from this fair value discussion.

Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on the following hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three levels. The

27

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Company’s policy is to recognize transfers in and transfers out of levels at the beginning of the quarterly reporting period.

•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company’s Level 1 assets and liabilities primarily include exchange-traded equity securities and mutual funds, including those which are part of the Company’s separate account assets.

•Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The Company’s Level 2 assets and liabilities primarily include debt securities within the Company’s separate account for which public quotations are not available, but that are priced by third-party pricing services or internal models using observable inputs. Also included in Level 2 assets and liabilities are preferred stock, fixed income residual tranches, and stock warrants. The fair value of these instruments is determined through the use of third-party pricing services or models utilizing market observable inputs.

•Level 3 - Significant unobservable inputs for the asset or liability. The Company’s Level 3 assets and liabilities primarily include private real estate funds within the Company’s separate account that are priced utilizing significant unobservable inputs. Also included in Level 3 assets and liabilities are common and preferred stocks being priced by broker quotes or utilizing recent financing for similar securities.

Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including discount rates, estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses.

For Level 3 investments, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument.

Certain investments utilize net asset value (NAV) as a practical expedient for fair value. These investments are reported separately from the hierarchy. Investments utilizing NAV consist mainly of equity interest in limited partnerships and limited liabilities in the separate account. These investments contain fixed income, common stock, and real estate characteristics. The interests in these partnerships can be sold or transferred with prior consent from the general partner. The average remaining life of the investments is 16.7 years. The Company's unfunded commitment for these investments is $74.5 million. In addition, a collective trust in the separate account utilizing NAV is primarily investing in domestic fixed income securities. Shares in the trust can be redeemed at their net asset value. The NAV for this investment is $10.91. The Company does not intend to sell any investments utilizing NAV.

As described below, certain fair values are determined through the use of third-party pricing services. Management does not adjust prices received from third parties; however, the Company does analyze the third-party pricing services’ valuation methodologies and related inputs and performs additional evaluation to determine the appropriate level within the fair value hierarchy. The Company performs annual due diligence of third-party pricing services, which includes assessing the vendor’s valuation qualifications, control environment, analysis of asset class-specific valuation methodologies and

28

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

understanding of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. Care should be exercised in deriving conclusions about the Company’s business, its value or financial position based on the fair value information of financial instruments presented below. The following discussion describes the valuation methodologies utilized by the Company for assets and liabilities measured or disclosed at fair value.

Debt and Equity Securities

The fair values of debt securities and asset/mortgage-backed securities have been determined through the use of third-party pricing services utilizing market observable inputs. Private placement securities trading in less liquid or illiquid markets with limited or no pricing information are valued using either broker quotes or by discounting the expected cash flows using current market-consistent rates applicable to the yield, credit quality and maturity of each security.

The fair values of actively traded equity securities and exchange traded funds (including exchange traded funds with debt like characteristics) have been determined utilizing publicly quoted prices obtained from third-party pricing services. The fair values of certain equity securities for which no publicly quoted prices are available have been determined through the use of third-party pricing services utilizing market observable inputs. Actively traded mutual funds are valued using the net asset values of the funds. The fair value of equity securities included in Level 3 has been determined by utilizing broker quotes or recent financing for similar securities.

Mortgage Loans

The fair values for mortgage loans, consisting principally of commercial real estate loans, are estimated using discounted cash flow analyses, using interest rates currently being offered for similar loans collateralized by properties with similar investment risk. The fair values for mortgage loans in default are established at the lower of the fair value of the underlying collateral less costs to sell or the carrying amount of the loan.

Cash, Cash Equivalents and Short-Term Investments

The fair values of cash, cash equivalents and short-term investments are based on quoted market prices or stated amounts.

Securities Lending Reinvested Collateral Assets

The fair values of securities lending reinvested collateral assets are determined through the use of third-party sources utilizing publicly quoted prices.

Other Invested Assets

Other invested assets primarily include surplus debentures and fixed income residual tranches for which fair values have been determined through the use of third-party pricing services utilizing market observable inputs.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Derivative Instruments

The fair values of free-standing derivative instruments, primarily stock warrants, are determined through the use of third-party pricing services or models utilizing market observable inputs.

Assets Held in Separate Accounts

Assets held in separate accounts include debt securities, equity securities, mutual funds, surplus notes, private equity, and private debt fund investments. The fair values of debt securities, equity securities and mutual funds have been determined using the same methodologies as similar assets held in the general account. The fair values of private equity and private debt fund investments have been determined utilizing the net asset values of the funds. The fair values of the private real estate funds have been determined by significant unobservable inputs.

Life and Annuity Reserves for Investment-Type Contracts and Deposit Fund Liabilities

The fair value of liabilities for investment-type contracts is based on the present value of estimated liability cash flows, which are discounted using rates that incorporate risk-free rates and margins for the Company’s own credit spread and the riskiness of cash flows. Key assumptions to the cash flow model include the timing of policyholder withdrawals and the level of interest credited to contract balances. Fair values for insurance reserves are not required to be disclosed. However, the estimated fair values of all insurance reserves and investment contracts are taken into consideration in the Company’s overall management of interest rate risk.

Securities Lending Liability

The liability represents the Company’s obligation to return collateral related to securities lending transactions. The liability is short-term in nature and therefore, the fair value of the obligation approximates the carrying amount.

30

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Assets and liabilities measured at fair value on a recurring basis are outlined below:

			Assets/(Liabilities) Measured at Fair Value						Fair Value Hierarchy Level
									Level 1						Level 2						Level 3						NAV
			(In Thousands)
At December 31, 2023
Assets:
Bonds, exchange traded funds			$	151,108					$	151,108					$	—					$	—					$	—
Common stocks, unaffiliated			368,588						348,596						—						17,110						2,882
Common stocks, mutual funds			212,347						212,347						—						—						—
Preferred stocks			54,779						—						40,161						14,618						—
Other invested assets, fixed income residual tranche			28,626						—						28,626						—						—
Separate account assets			1,137,428						731,114						125,126						23,734						257,454
Total assets			$	1,952,876					$	1,443,165					$	193,913					$	55,462					$	260,336

			Assets/(Liabilities) Measured at Fair Value						Fair Value Hierarchy Level
									Level 1						Level 2						Level 3						NAV
			(In Thousands)
At December 31, 2022
Assets:
Common stocks, unaffiliated			$	493,455					$	467,200					$	—					$	23,394					$	2,861
Common stocks, mutual funds			366,081						366,081						—						—						—
Preferred stocks			42,514						—						26,917						15,597						—
Other invested assets, fixed income residual tranche			28,701						—						28,701						—
Derivative assets			196						—						196						—						—
Separate account assets			1,131,631						709,833						134,147						—						287,651
Total assets			$	2,062,578					$	1,543,114					$	189,961					$	38,991					$	290,512

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2023 are as follows:

			Beginning Asset/(Liability) as of January 1, 2023						Total Realized/Unrealized Gains (Losses) Included in:																		Purchases, Sales, Issuances and Settlements						Transfers Into Level 3**						Transfers Out of Level 3						Ending Asset/ (Liability) as of December 31, 2023
									Net Income						Surplus						Other*
			(In Thousands)
Assets:
Common stocks, unaffiliated			$	23,394					$	—					$	(6,284)					$	—					$	—					$	—					$	—					$	17,110
Preferred stocks			15,597						—						(1,979)						—						1,000						—						—						14,618
Separate account assets			—						—						—						—						—						23,734						—						23,734
Total assets			$	38,991					$	—					$	(8,263)					$	—					$	1,000					$	23,734					$	—					$	55,462

* Gains and losses for assets held in separate accounts do not impact net income or surplus as the change in value of assets held in separate accounts is offset by a change in value of liabilities related to separate accounts.

** Transfers into Level 3 are due to using a pricing source with unobservable inputs.

The gross purchases, issuances, sales and settlements included in the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2023, are as follows:

			Purchases						Issuances						Sales						Settlements						Net Purchases, Issuances, Sales and Settlements
			(In Thousands)
Assets:
Common stocks, unaffiliated			$	—					$	—					$	—					$	—					$	—
Preferred stocks			1,000						—						—						—						1,000
Separate account assets			—						—						—						—						—
Total assets			$	1,000					$	—					$	—					$	—					$	1,000

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2022, is as follows:

			Beginning Asset/(Liability )as of January 1, 2022						Total Realized/Unrealized Gains (Losses) Included in:																		Purchases, Sales, Issuances and Settlements						Transfers Into Level 3*						Transfers Out of Level 3						Ending Asset/ (Liability) as of December 31, 2022
									Net Income						Surplus						Other
			(In Thousands)
Assets:
Common stocks, unaffiliated			$	21,416					$	—					$	848					$	—					$	—					$	1,130					$	—					$	23,394
Preferred stocks			4,227						—						2,370						—						9,000						—						—						15,597
Total assets			$	25,643					$	—					$	3,218					$	—					$	9,000					$	1,130					$	—					$	38,991

* Transfers into Level 3 are due to changes in the price source.

The gross purchases, issuances, sales and settlements included in the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2022, are as follows:

			Purchases						Issuances						Sales						Settlements						Net Purchases, Issuances, Sales and Settlements
			(In Thousands)
Assets:
Common stocks, unaffiliated			$	—					$	—					$	—					$	—					$	—
Preferred stocks			9,000						—						—						—						9,000
Total Assets			$	9,000					$	—					$	—					$	—					$	9,000

The Company did not have any significant assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The carrying amounts and fair values of the Company’s significant financial instruments follow:

			December 31, 2023
			Carrying Amount						Fair Value						Level 1						Level 2						Level 3						NAV
			(In Thousands)
Assets:
Bonds			$	2,844,267					$	2,741,019					$	156,682					$	2,577,577					$	6,760					$	—
Common stock:
Unaffiliated			368,588						368,588						348,596						—						17,110						2,882
Mutual funds			212,347						212,347						212,347						—						—						—
Preferred stock			54,779						54,779						—						40,161						14,618						—
Mortgage loans			54,659						49,978						—						—						49,978						—
Cash, cash equivalents and short-term investments			153,730						153,733						153,733						—						—						—
Other invested assets:
Surplus notes			38,977						37,495						—						37,495						—						—
Fixed income residual tranche			28,626						28,626						—						28,626						—						—
Securities lending reinvested collateral assets			30,767						30,767						30,767						—						—						—
Separate account assets			1,137,428						1,137,428						731,114						125,126						23,734						257,454
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities			$	(2,476)					$	(2,417)					$	—					$	—					$	(2,417)					$	—
Securities lending liability			(76,738)						(76,738)						—						(76,738)						—						—

34

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

			December 31, 2022
			Carrying Amount						Fair Value						Level 1						Level 2						Level 3						NAV
			(In Thousands)
Assets:
Bonds			$	2,769,710					$	2,565,504					$	8,887					$	2,553,262					$	3,355					$	—
Common stock:
Unaffiliated			493,455						493,455						467,200						—						23,394						2,861
Mutual funds			366,081						366,081						366,081						—						—						—
Preferred stock			42,514						42,514						—						26,917						15,597						—
Mortgage loans			55,841						50,158						—						—						50,158						—
Cash, cash equivalents and short-term investments			22,479						22,479						22,479						—						—						—
Other invested assets:
Surplus notes			39,025						35,761						—						35,761						—						—
Fixed income residual tranche			28,701						28,701						—						28,701						—						—
Securities lending reinvested collateral assets			17,779						17,779						17,779						—						—						—
Derivative assets			196						196						—						196						—
Separate account assets			1,131,631						1,131,631						709,833						134,147						—						287,651
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities			$	(2,823)					$	(2,733)					$	—					$	—					$	(2,733)					$	—
Securities lending liability			(80,925)						(80,925)						—						(80,925)						—						—

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

4. Related-Party Transactions

The Company owns a 100% interest in Integrity and WSLAC, whose carrying values based on underlying statutory surplus at December 31, 2023, are $1.3 billion and $1.9 billion, respectively. The accounting policies of Integrity and WSLAC are the same as those of the Company described in Note 1. The summary financial data for Integrity and WSLAC follows:

			2023						2022
			(In Thousands)
Integrity:
Admitted Assets			$	9,057,180					$	9,377,215
Liabilities			7,729,686						8,081,440
Statutory Surplus			$	1,327,494					$	1,295,775
Net Income			$	28,010					$	5,477
WSLAC:
Admitted Assets			$	30,938,412					$	25,363,432
Liabilities			28,998,249						23,586,209
Statutory Surplus			$	1,940,163					$	1,777,223
Net Income			$	(62,605)					$	(84,549)

The Company has an equity interest in certain partnerships that made payments of principal and interest under mortgage financing arrangements to subsidiaries in the amount of $26.0 million, $18.1 million, and $39.0 million in 2023, 2022 and 2021, respectively. The principal balance of the mortgage financing arrangements with subsidiaries was $259.9 million and $267.3 million at December 31, 2023 and 2022, respectively.

At December 31, 2023 and 2022, the Company had $294.7 million and $275.7 million, respectively, invested in the Touchstone Funds, which are exchange traded and mutual funds administered by Touchstone Advisors, Inc., an indirect subsidiary of the company.

At December 31, 2023 and 2022, the Company had $630.6 million and $709.4 million, respectively, invested in fixed income residual tranches and various private equity and private debt funds managed by Fort Washington Investment Advisors, Inc., an indirect subsidiary of the Company.

At December 31, 2023 and 2022, the Company had $1,255.8 million and $1,214.0 million, respectively, invested in WS Real Estate Holdings, LLC, which is a holding company managed by Eagle Realty Group, LLC, an indirect subsidiary of the Company.

36

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

In April 2024, the Company sold $62.9 million of equity securities in exchange for cash to National, which was referenced in Note 1, Subsequent Events.

In March 2024, the Company paid a $155.0 million ordinary dividend to WSFG, which was referenced in Note 1, Subsequent Events. The dividend was in the form of cash.

In March 2024, the Company received a $155.0 million ordinary dividend from WSLAC, which was referenced in Note 1, Subsequent Events. The dividend was in the form of cash.

In March 2024, the Company sold $50.0 million of fixed income securities in exchange for cash to Gerber Life, which was referenced in Note 1, Subsequent Events.

In December 2023, the Company received a $150.0 million capital contribution from WSFG. The contribution was in the form of cash.

In December 2023, the Company paid a $275.0 million capital contribution to WSLAC. The contribution was in the form of $225.0 million and $50.0 million in cash and equity securities, respectively.

In December 2023, the Company received a $125.0 million ordinary dividend from Integrity. The dividend was in the form of $75.0 million and $50.0 million in cash and equity securities, respectively.

In August 2023, the Company entered into a Pension Risk Transfer agreement with WSLAC. Refer to Note 10 for more detail.

In June and July 2023, the Company sold $25.0 million and $24.0 million of equity securities, respectively, in exchange for cash to Gerber Life.

In March 2023, the Company paid a $245.0 million ordinary dividend to WSFG. The dividend was in the form of cash.

In March 2023, the Company received a $150.0 million ordinary dividend from WSLAC. The dividend was in the form of cash.

In the the first quarter of 2023, the Company sold $80.0 million of equity securities in exchange for cash to National.

The Company has an outstanding loan issued January 6, 2023, in the amount of $72.2 million due to WSLAC. Any outstanding principal is due January 6, 2033.

In December 2022, the Company received a $190.0 million capital contribution from WSFG. The contribution was in the form of cash.

In December 2022, the company paid a $320.0 million capital contribution to WSLAC. The contribution was in the form of cash.

37

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

In December 2022, the Company paid a $50.0 million capital contribution to Columbus Life. The contribution was in the form of cash.

In December 2022, the Company received an $80.0 million ordinary dividend from Integrity. The dividend was in the form of cash.

In December 2021, the company paid a $250.0 million capital contribution to WSLAC. The contribution was in the form of cash.

In November 2021, the Company paid a $50.0 million ordinary dividend to WSFG. The dividend was in the form of cash.

In March 2021, the Company paid a $100.0 million capital contribution to Columbus Life. The contribution was in the form of cash.    

The Company had $64.2 million and $50.4 million receivable from parent, subsidiaries and affiliates as of December 31, 2023 and 2022, respectively. The Company had $0.3 million and $0.5 million payable to parent, subsidiaries and affiliates as of December 31, 2023 and 2022, respectively. The terms of the settlement generally require that these amounts be settled in cash within 30 days.

The Company has entered into multiple reinsurance agreements with affiliated entities. See Note 5 for further description.

5. Reinsurance

Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The ceded reinsurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its capital resources.

The Company has a ceded reinsurance agreement with Columbus Life. Under the reinsurance agreement, Columbus Life reinsures the former liabilities of Columbus Mutual, a former affiliate, which was merged into the Company. Life and accident and health reserves ceded from the Company to Columbus Life totaled $421.5 million and $443.8 million at December 31, 2023 and 2022, respectively.

In 2006, the Company entered into a yearly renewable term reinsurance agreement with Lafayette Life, an affiliated entity, whereby the Company provides reinsurance coverage on certain life products and associated riders as this coverage is recaptured by Lafayette Life from unaffiliated reinsurers. Life reserves ceded from Lafayette Life to the Company under this agreement totaled $0.8 million and $0.9 million at December 31, 2023 and 2022, respectively.

Certain premiums and benefits are ceded to other unaffiliated insurance companies under various reinsurance agreements. The majority of the ceded business is due to ceding substandard business to reinsurers (facultative basis).

38

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The effects of reinsurance on premiums, annuity considerations and deposit-type funds are as follows for the years ended December 31:

			2023						2022						2021
			(In Thousands)
Direct premiums			$	218,455					$	220,548					$	225,660
Assumed premiums:
Affiliates			1,074						1,185						1,203
Nonaffiliates			—						—						—
Ceded premiums:
Affiliates			—						—						—
Nonaffiliates			(7,043)						(6,766)						(6,517)
Net premiums			$	212,486					$	214,967					$	220,346

The Company’s ceded reinsurance arrangements impacted certain other items in the accompanying financial statements by the following amounts as of and for the years ended December 31:

			2023						2022						2021
			(In Thousands)
Policy and contract claims:
Affiliates			$	—					$	—					$	—
Nonaffiliates			3,846						2,401						4,696
Policy and contract liabilities:
Affiliates			421,470						443,797						460,048
Nonaffiliates			33,465						30,758						28,786
Amounts recoverable on reinsurance contracts:
Affiliates			—						—						—
Nonaffiliates			118						221						303

In 2023, 2022 and 2021, the Company did not commute any ceded reinsurance nor did it enter into or engage in any agreement that reinsures policies or contracts that were in-force or had existing reserves as of the effective date of such agreements.

At December 31, 2023, the Company has no significant reserves ceded to unauthorized reinsurers. Amounts payable or recoverable for reinsurance on policy and contract liabilities are not subject to periodic or maximum limits.

Neither the Company nor any of its related parties, control directly or indirectly, any reinsurers with whom the Company conducts business. No policies issued by the Company have been reinsured with a foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel the agreement. At December 31, 2023, there are no reinsurance

39

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

agreements in effect such that the amount of losses paid or accrued exceed the total direct premium collected. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations.

There would be no reduction in surplus at December 31, 2023, if all reinsurance agreements were cancelled.

6. Federal Income Taxes

The Company and its eligible subsidiaries and affiliates file a consolidated federal income tax return. Amounts due (to)/from the Internal Revenue Service for federal income taxes, net of the amounts due (to)/from subsidiaries and affiliates, were $102.1 million and $36.2 million at December 31, 2023 and 2022, respectively. The tax years 2014 through 2022 remain subject to examination by major tax jurisdictions.

The amount of federal income taxes incurred that will be available for recoupment at December 31, 2023, in the event of future capital losses is $0.0 million, $27.6 million, and $61.2 million from 2023, 2022 and 2021, respectively.

The components of the net deferred tax asset (liability) at December 31 are as follows:

						12/31/2023
						(In Thousands)
						(1)			(2)			(3)
												(Col 1+2)
						Ordinary			Capital			Total
(a)			Gross deferred tax assets			$	203,714		$	8,217		$	211,931
(b)			Statutory valuation allowance adjustments			—			—			—
(c)			Adjusted gross deferred tax assets (a - b)			203,714			8,217			211,931
(d)			Deferred tax assets nonadmitted			—			—			—
(e)			Subtotal net admitted deferred tax assets (c - d)			203,714			8,217			211,931
(f)			Deferred tax liabilities			168,514			51,401			219,915
(g)			Net admitted deferred tax asset/(net deferred tax liability) (e - f)			$	35,200		$	(43,184)		$	(7,984)

40

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

						12/31/2022
						(In Thousands)
						(4)			(5)			(6)
												(Col 4+5)
						Ordinary			Capital			Total
(a)			Gross deferred tax assets			$	180,314		$	13,498		$	193,812
(b)			Statutory valuation allowance adjustments			—			—			—
(c)			Adjusted gross deferred tax assets (a - b)			180,314			13,498			193,812
(d)			Deferred tax assets nonadmitted			—			—			—
(e)			Subtotal net admitted deferred tax assets (c - d)			180,314			13,498			193,812
(f)			Deferred tax liabilities			167,632			36,979			204,611
(g)			Net admitted deferred tax asset/(net deferred tax liability) (e - f)			$	12,682		$	(23,481)		$	(10,799)

						Change
						(In Thousands)
						(7)			(8)			(9)
												(Col 7+8)
						Ordinary			Capital			Total
(a)			Gross deferred tax assets			$	23,400		$	(5,281)		$	18,119
(b)			Statutory valuation allowance adjustments			—			—			—
(c)			Adjusted gross deferred tax assets (a - b)			23,400			(5,281)			18,119
(d)			Deferred tax assets nonadmitted			—			—			—
(e)			Subtotal net admitted deferred tax assets (c - d)			23,400			(5,281)			18,119
(f)			Deferred tax liabilities			882			14,422			15,304
(g)			Net admitted deferred tax asset/(net deferred tax liability) (e - f)			$	22,518		$	(19,703)		$	2,815

						12/31/2023
						(In Thousands)
						(1)			(2)			(3)
												(Col 1+2)
Admission Calculation Components SSAP No. 101						Ordinary			Capital			Total
(a)			Federal income taxes paid in prior years recoverable through loss carrybacks			$	—		$	8,217		$	8,217
(b)			Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)			20,977			—			20,977
			1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date			20,977			—			20,977
			2. Adjusted gross deferred tax assets allowed per limitation threshold.			XXX			XXX			934,023
(c)			Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities			182,737			—			182,737
(d)			Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))			$	203,714		$	8,217		$	211,931

41

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

						12/31/2022
						(In Thousands)
						(4)			(5)			(6)
												(Col 4+5)
Admission Calculation Components SSAP No. 101						Ordinary			Capital			Total
(a)			Federal income taxes paid in prior years recoverable through loss carrybacks			$	—		$	13,498		$	13,498
(b)			Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)			39,349			—			39,349
			1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date			39,349			—			39,349
			2. Adjusted gross deferred tax assets allowed per limitation threshold.			XXX			XXX			982,746
(c)			Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities			140,965			—			140,965
(d)			Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))			$	180,314		$	13,498		$	193,812

						Change
						(In Thousands)
						(7)			(8)			(9)
												(Col 7+8)
Admission Calculation Components SSAP No. 101						Ordinary			Capital			Total
(a)			Federal income taxes paid in prior years recoverable through loss carrybacks			$	—		$	(5,281)		$	(5,281)
(b)			Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)			(18,372)			—			(18,372)
			1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date			(18,372)			—			(18,372)
			2. Adjusted gross deferred tax assets allowed per limitation threshold.			XXX			XXX			(48,723)
(c)			Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities			41,772			—			41,772
(d)			Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))			$	23,400		$	(5,281)		$	18,119

			2023			2022
Ratio percentage used to determine recovery period and threshold limitation amount			879%			848%

						12/31/2023
						(1)			(2)
Impact of tax planning strategies						Ordinary			Capital
						(In Thousands)
(a)			Adjusted gross DTAs amount			$203,714			$8,217
(b)			Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies			11.28%			3.88%
(c)			Net admitted adjusted gross DTAs amount			$203,714			$8,217
(d)			Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies			11.28%			3.88%

42

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

						12/31/2022
						(3)			(4)
Impact of tax planning strategies						Ordinary			Capital
						(In Thousands)
(a)			Adjusted gross DTAs amount			$180,314			$13,498
(b)			Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies			11.99%			6.96%
(c)			Net admitted adjusted gross DTAs amount			$180,314			$13,498
(d)			Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies			11.99%			6.96%

						Change
						(5)			(6)
Impact of tax planning strategies						Ordinary			Capital
						(In Thousands)
(a)			Adjusted gross DTAs amount			$23,400			$(5,281)
(b)			Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies			(0.71)%			(3.08)%
(c)			Net admitted adjusted gross DTAs amount			$23,400			$(5,281)
(d)			Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies			(0.71)%			(3.08)%

The Company's tax planning strategies include the use of reinsurance.

Current income taxes incurred consist of the following major components:

									12/31/2023			12/31/2022			12/31/2021
									(In Thousands)
(1)			Current income tax
			(a)			Federal			$	(47,285)		$	33,781		$	30,114
			(b)			Foreign			196			281			199
			(c)			Subtotal			(47,089)			34,062			30,313
			(d)			Federal income tax on net capital gains			(654)			9,222			(4,798)
			(e)			Utilization of capital loss carryforwards			—			—			—
			(f)			Other			—			—			—
			(g)			Federal and foreign income taxes incurred			$	(47,743)		$	43,284		$	25,515

43

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

									(1)			(2)			(3)
															(Col 1-2)
(2)			Deferred tax assets:						12/31/2023			12/31/2022			Change
			(a)			Ordinary			(In Thousands)
						(1) Discounting of unpaid losses			$	—		$	—		$	—
						(2) Unearned premium revenue			—			—			—
						(3) Policyholder reserves			31,053			30,684			369
						(4) Investments			26,058			28,658			(2,600)
						(5) Deferred acquisition costs			19,527			18,992			535
						(6) Policyholder dividends accrual			3,133			3,596			(463)
						(7) Fixed assets			—			—			—
						(8) Compensation and benefits accrual			45,514			50,512			(4,998)
						(9) Pension accrual			—			—			—
						(10) Receivables - nonadmitted			74,438			43,517			30,921
						(11) Net operating loss carryforward			—			—			—
						(12) Tax credit carryforward			—			—			—
						(13) Other			3,991			4,355			(364)
						(99) Subtotal			203,714			180,314			23,400
			(b)			Statutory valuation allowance adjustment			—			—			—
			(c)			Nonadmitted			—			—			—
			(d)			Admitted ordinary deferred tax assets (2a99 - 2b - 2c)			203,714			180,314			23,400
			(e)			Capital
						(1) Investments			8,217			13,498			(5,281)
						(2) Net capital loss carryforward			—			—			—
						(3) Real estate			—			—			—
						(4) Other			—			—			—
						(99) Subtotal			8,217			13,498			(5,281)
			(f)			Statutory valuation allowance adjustment			—			—			—
			(g)			Nonadmitted			—			—			—
			(h)			Admitted capital deferred tax assets (2e99- 2f - 2g)			8,217			13,498			(5,281)
			(i)			Admitted deferred tax assets (2d + 2h)			$	211,931		$	193,812		$	18,119

44

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

									(1)			(2)			(3)
															(Col 1-2)
									12/31/2023			12/31/2022			Change
(3)			Deferred tax liabilities:						(In Thousands)
			(a)			Ordinary
						(1) Investments			$	153,049		$	153,707		$	(658)
						(2) Fixed assets			6,054			4,578			1,476
						(3) Deferred and uncollected premium			7,264			7,585			(321)
						(4) Policyholder reserves			1,095			1,762			(667)
						(5) Other			1,052			—			1,052
						(99) Subtotal			168,514			167,632			882
			(b)			Capital
						(1) Investments			51,401			36,979			14,422
						(2) Real estate			—			—			—
						(3) Other			—			—			—
						(99) Subtotal			51,401			36,979			14,422
			(c)			Deferred tax liabilities (3a99 + 3b99)			219,915			204,611			15,304
(4)			Net deferred tax assets/liabilities (2i - 3c)						$	(7,984)		$	(10,799)		$	2,815

Among the more significant book-to-tax adjustments were the following:

			12/31/2023						Effective Tax Rate						12/31/2022						Effective Tax Rate						12/31/2021						Effective Tax Rate
			(In Thousands)												(In Thousands)												(In Thousands)
Provision computed at statutory rate			$	63,345					21.00		%				$	94,728					21.00		%				$	26,273					21.00		%
Dividends received deduction			(2,781)						(0.93)						(3,577)						(0.79)						(2,613)						(2.09)
Tax credits			(195)						(0.06)						652						0.14						(1,227)						(0.98)
Other invested assets and nonadmitted change			39,127						12.97						2,072						0.46						(19,292)						(15.42)
Affiliated income			(57,750)						(19.15)						—						—						—						—
Nonadmitted pension asset			(34,098)						(11.30)						—						—						—						—
Other			(43,815)						(14.52)						(6,506)						(1.44)						(7,857)						(6.28)
Total statutory income taxes			$	(36,167)					(11.99)		%				$	87,369					19.37		%				$	(4,716)					(3.77)		%
Federal and foreign taxes incurred			$	(47,743)					(15.83)		%				$	43,284					9.60		%				$	25,515					20.39		%
Change in net deferred income taxes			11,576						3.84						44,085						9.77						(30,231)						(24.16)
Total statutory income taxes			$	(36,167)					(11.99)		%				$	87,369					19.37		%				$	(4,716)					(3.77)		%

At December 31, 2023, the Company had $0.0 million of net operating loss carryforwards, net capital loss carryforwards and tax credit carry forwards; the company had $0.0 million of deferred tax liabilities that are not recognized.

The Inflation Reduction Act (the “IRA”) was enacted on August 16, 2022, and included a provision for a new Corporate Alternative Minimum Tax (CAMT), effective in 2023, that is based on the adjusted financial statement income set forth on the applicable financial statement of an “applicable corporation.”

45

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The controlled group of corporations of which the reporting entity is a member has determined that it is not an “applicable corporation” for purposes of CAMT during the reporting period, and is not liable for the CAMT.

7. Capital and Surplus

The Company is required by statutory regulations to meet minimum risk-based capital standards. Risk-based capital is a method of measuring the minimum amount of capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. At December 31, 2023 and 2022, the Company exceeded the minimum risk-based capital.

Ohio insurance law limits the amount of dividends that can be paid to a parent in a holding company structure without prior approval of the regulators to the greater of 10% of statutory surplus or statutory net income as of the preceding December 31 less any dividends paid in the preceding 12 months, but only to the extent of earned surplus as of the preceding December 31. Based on these limitations, the Company is able to pay dividends of up to $703.3 million by the end of 2024 without seeking prior regulatory approval based on capital and surplus of $7,033.2 million at December 31, 2023.

The Company currently has the following outstanding surplus notes:

			2023			2022
			(In Thousands)
2019 Notes, 5.15% interest rate, due 2049			$	497,861		$	497,775
2021 Notes, 3.75% interest rate, due 2061			497,783			497,724
Total carrying value of surplus notes			$	995,644		$	995,499

On January 23, 2019, the Company issued $500.0 million in surplus notes (the “2019 Notes”) due January 15, 2049, at a discount of $2.6 million. The entire balance was received in cash, none of which came from related parties. Interest on the 2019 Notes is fixed at 5.15% and payable semiannually on January 15 and July 15 of each year. The 2019 Notes and are administered by The Bank of New York Mellon. Subject to the approval of the Ohio Director of Insurance (the “Director”), the Company has the option to redeem the 2019 Notes (i) in whole within 90 days after the occurrence of a “Tax Event” where the Company receives an opinion of tax counsel that there is a more than insubstantial risk that interest payable on the 2019 Notes is not deductible by the Company, at a redemption price equal to the principal amount of the 2019 Notes to be redeemed (the ‘‘Par Value Redemption Price’’), (ii) in whole or in part, on or after January 23, 2024 but prior to July 15, 2048, at a redemption price equal to the greater of (a) the Par Value Redemption Price or (b) the sum of the present value of the remaining scheduled principal and interest payments on the 2019 Notes from the redemption date to July 15, 2048, discounted to the redemption date on a semi-annual basis at an adjusted treasury rate plus 35 basis points or (iii) in whole or in part, on or after July 15, 2048, at the Par Value Redemption Price, plus, in each case of (i), (ii) and (iii), accrued and unpaid interest payments on the 2019 Notes to be redeemed to the redemption date.

On April 28, 2021, the Company issued $500.0 million in surplus notes (the “2021 Notes”) due April 28, 2061 at a discount of $2.4 million. The entire balance was received in cash, none of which came from related parties. Interest on the 2021 Notes is fixed at 3.75% and payable semiannually on April 28 and

46

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

October 28 of each year. The 2021 Notes are administered by The Bank of New York Mellon. Subject to the approval of the Director, the Company has the option to redeem the 2021 Notes (i) in whole within 90 days after the occurrence of a “Tax Event” where the Company receives an opinion of tax counsel that there is a more than insubstantial risk that interest payable on the 2021 Notes is not deductible by the Company, at a redemption price equal to the principal amount of the 2021 Notes to be redeemed (the ‘‘Par Value Redemption Price’’), (ii) in whole or in part, prior to October 28, 2060, at a redemption price equal to the greater of (a) the Par Value Redemption Price or (b) the sum of the present value of the remaining scheduled principal and interest payments on the 2021 Notes from the redemption date to October 28, 2060, discounted to the redemption date on a semi-annual basis at an adjusted treasury rate plus 25 basis points or (iii) in whole or in part, on or after October 28, 2060, at the Par Value Redemption Price, plus, in each case of (i), (ii) and (iii), accrued and unpaid interest payments on the 2021 Notes to be redeemed to the redemption date.

The 2019 Notes and 2021 Notes (collectively the “Notes”) do not have payments that are contractually linked nor are any of the payments subject to administrative offsetting provisions. Additionally, proceeds from the Notes were not used to purchase an asset directly from the holders. The Notes were issued pursuant to Rule 144A as defined by the Securities Act of 1933. The Notes are unsecured and subordinated to all present and future indebtedness, policy claims and “prior claims” (those claims referred to in classes 1 through 7 of Section 3903.42 of the Ohio Revised Code) against the Company. Under Ohio insurance laws, the Notes are not part of the legal liabilities of the Company. Each payment of principal of, interest on or redemption price with respect to the Notes, may be made only with the prior approval of the Director, and only out of surplus earnings.

Interest expense of $44.5 million and $44.5 million was recognized from the Notes in 2023 and 2022, respectively. Life-to-date interest expense recognized December 31, 2023, was $175.1 million. There has been no principal paid as of December 31, 2023. As of December 31, 2023, there was unapproved interest of $3.2 million related to 2023 that will come due in 2024. In the event the Company was subject to a liquidation event, the Notes would have preference over the common shareholders. No affiliates of the Company hold any of the Notes. As of the closing, Guggenheim Partners was the only holder of more than 10% of the outstanding Notes on record at the Depository Trust Company.

8. Commitments and Contingencies

The Company is named as a defendant in various legal actions arising principally from claims made under insurance policies and contracts. The Company believes the resolution of these actions will not have a material effect on the Company’s financial position or results of operations.

At December 31, 2023, the Company does not have any material lease agreements as a lessee for office space or equipment.

At December 31, 2023, the Company has future commitments to provide additional capital contributions of $723.6 million to investments in joint ventures, limited partnerships and limited liability companies.

The Company guarantees the payment of all policyholder obligations of each of the following wholly-owned subsidiaries: WSLAC, Columbus Life and Integrity. In addition, the Company guarantees all

47

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

policyholder obligations of National and The Lafayette Life Insurance Company (Lafayette Life), an affiliated entity which is wholly-owned by WSFG. Guarantees on behalf of wholly-owned subsidiaries or on behalf of related parties that are considered to be unlimited (as in the case of the guarantee on behalf of Lafayette Life) are exempt from the initial liability recognition criteria and therefore no liability has been recognized in the financial statements. Due to the unlimited nature of the guarantees, the Company is unable to estimate the maximum potential amount of future payments under the guarantees. In the unlikely event the guarantees would be triggered, the Company may be permitted to take control of the underlying assets to recover all or a portion of the amounts paid under the guarantees.

The Company has guaranteed one mortgage loan in which the borrower is an affiliated limited liability company involved in development of real estate. This guarantee has a maximum exposure to the Company of $12.8 million for 506 Phelps Holdings, LLC, in the event the real estate collateral of the affiliated limited liability company is not sufficient to cover the payment of the loan. The fair value of the real estate collateral at December 31, 2023, was approximately $33.1 million. This loan matured in February 2024.

48

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

9. Life and Annuity Reserves and Deposit-Type Contract Liabilities

At December 31, 2023, the Company’s general and separate account annuity reserves and deposit-type contract liabilities that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal provisions are summarized as follows:

Individual Annuities			General Account						Separate Account With Guarantees						Separate Account Non-guaranteed						Total						Percent
			(In Thousands)
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)			$	60,064					$	—					$	—					$	60,064					95.9		%
Not subject to discretionary withdrawal			2,541						—						—						2,541						4.1
Total individual annuity reserves (before reinsurance)			62,605						—						—						62,605						100.0		%
Reinsurance ceded			58,796						—						—						58,796
Net individual annuity reserves			$	3,809					$	—					$	—					$	3,809
Group Annuities			General Account						Separate Account With Guarantees						Separate Account Non-guaranteed						Total						Percent
			(In Thousands)
Not subject to discretionary withdrawal			$	2,388					$	—					$	1,113,295					$	1,115,683					100.0		%
Total group annuity reserves (before reinsurance)			2,388						—						1,113,295						1,115,683						100.0		%
Reinsurance ceded			2,388						—						—						2,388
Net group annuity reserves			$	—					$	—					$	1,113,295					$	1,113,295
Deposit-type contracts (no life contingencies)			General Account						Separate Account With Guarantees						Separate Account Non-guaranteed						Total						Percent
			(In Thousands)
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)			$	191,472					$	—					$	—					$	191,472					98.6		%
Not subject to discretionary withdrawal			2,812						—						—						2,812						1.4
Total deposit-type contract liability (before reinsurance)			194,284						—						—						194,284						100.0		%
Reinsurance ceded			20,123						—						—						20,123
Total deposit-type contract liability			$	174,161					$	—					$	—					$	174,161

Interest rate changes may have temporary effects on the sale and profitability of annuity products offered by the Company. Although the rates offered by the Company are adjustable in the long-term, in the short-term they may be subject to contractual and competitive restrictions, which may prevent timely

49

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

adjustment. The Company’s management constantly monitors interest rates with respect to a spectrum of product durations and sells annuities that permit flexible responses to interest rate changes as part of the Company’s management of interest spreads. However, adverse changes in investment yields on invested assets will affect the earnings on those products with a guaranteed return.

At December 31, 2023, the Company's general and separate account life insurance account values, cash value, and reserves for policies subject to discretionary withdrawal, not subject to discretionary withdrawal, or with no cash value are summarized as follows:

			General Account									Separate Account - Guaranteed and Nonguaranteed
			Account Value			Cash Value			Reserve			Account Value			Cash Value			Reserve
			(In Thousands)
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			—			2,804,330			3,142,811			—			—			—
Variable life			—			—			—			—			—			—
Variable universal life			—			—			—			—			—			—
Miscellaneous reserves			—			—			—			—			—			—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value			XXX			XXX			—			XXX			XXX			—
Accidental death benefits			XXX			XXX			3,538			XXX			XXX			—
Disability - active lives			XXX			XXX			4,021			XXX			XXX			—
Disability - disabled lives			XXX			XXX			18,536			XXX			XXX			—
Miscellaneous reserves			XXX			XXX			—			XXX			XXX			—
Total life reserves (before reinsurance)			—			2,804,330			3,168,906			—			—			—
Reinsurance Ceded			—			—			341,220			—			—			—
Net life reserves			$	—		$	2,804,330		$	2,827,686		$	—		$	—		$	—

10. Employee Retirement Benefits

The Company has a noncontributory pension plan under a deposit administration group annuity contract covering substantially all employees and field representatives that meet eligibility requirements while working for the Company and attaining normal retirement age. In addition, the Company provides certain health care and life insurance benefits for certain retired employees or their beneficiaries. Substantially all of the Company’s employees and field representatives may become eligible for those benefits when they reach normal retirement age while working for the Company.

50

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The Company uses a December 31 measurement date for all plans.

A summary of assets, obligations and assumptions of the pension and other postretirement benefit plans at December 31, are as follows:

			Pension Benefits												Postretirement Medical
			2023						2022						2023						2022
			(In Thousands)
Change in benefit obligation:
Benefit obligation at beginning of year			$	883,366					$	1,208,163					$	94,468					$	154,087
Service cost			20,373						33,641						79						163
Interest cost			45,899						29,615						4,719						2,921
Contribution by plan participants			—						—						4,457						4,626
Actuarial (gain) loss			42,624						(334,481)						1,648						(55,388)
Benefits paid			(54,372)						(53,572)						(12,312)						(11,941)
Plan amendments			—						—						—						—
Settlements			(63,026)						—						—						—
Benefit obligation at end of year			$	874,864					$	883,366					$	93,059					$	94,468
Change in plan assets:
Fair value of plan assets at beginning of year			$	1,070,044					$	1,284,221					$	—					$	—
Actual return on plan assets			160,648						(160,605)						—						—
Employer contribution			—						—						7,854						7,315
Plan participants’ contributions			—						—						4,457						4,626
Benefits paid			(54,371)						(53,572)						(12,311)						(11,941)
Settlements			(63,026)						—						—						—
Fair value of plan assets at end of year			$	1,113,295					$	1,070,044					$	—					$	—

			Pension Benefits												Postretirement Medical
			2023						2022						2023						2022
			(In Thousands)
Funded status:
Overfunded (underfunded) obligation			$	238,431					$	186,678					$	(93,059)					$	(94,468)
Unrecognized net (gain) or loss			—						—						—						—
Unrecognized prior service cost			—						—						—						—
Net amount recognized*			$	238,431					$	186,678					$	(93,059)					$	(94,468)
Accumulated benefit obligation for vested employees and partially vested employees to the extent vested			$	796,625					$	817,582					$	93,059					$	94,468

*Nonadmitted if overfunded

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

			Pension Benefits
			2023						2022						2021
			(In Thousands)
Components of net periodic benefit cost:
Service cost			$	20,373					$	33,641					$	35,815
Interest cost			45,899						29,615						25,031
Expected return on plan assets			(75,560)						(91,126)						(83,066)
Amount of recognized gains and losses			4,173						9,867						22,281
Amount of prior service cost recognized			531						476						(579)
Total net periodic benefit cost (benefit)			$	(4,584)					$	(17,527)					$	(518)

			Postretirement Medical
			2023						2022						2021
			(In Thousands)
Components of net periodic benefit cost:
Service cost			$	79					$	163					$	248
Interest cost			4,719						2,921						2,927
Amount of recognized gains and losses			(11,306)						(6,777)						(1,838)
Amount of prior service cost recognized			—						(1,392)						(1,392)
Total net periodic benefit cost (benefit)			$	(6,508)					$	(5,085)					$	(55)

			Pension Benefits												Postretirement Medical
			2023						2022						2023						2022
			(In Thousands)
Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost:
Items not yet recognized as a component of net periodic cost - prior year			$	149,145					$	242,238					$	(75,546)					$	(28,326)
Net transition asset or obligation recognized			—						—						—						—
Net prior service cost or credit arising during the period			—						—						—						—
Net prior service cost or credit recognized			(531)						(476)						—						1,392
Net gain and loss arising during the period			(42,464)						(82,750)						1,647						(55,388)
Net gain and loss recognized			(4,173)						(9,867)						11,306						6,777
Items not yet recognized as a component of net periodic cost - current year			$	101,977					$	149,145					$	(62,593)					$	(75,545)

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Assumptions used to determine net periodic benefit cost for the year ended December 31:

			Pension Benefits												Postretirement Medical
			2023						2022						2023						2022
Discount rate			5.46%						3.00%						5.43%						2.88%
Rate of compensation increase			4.60%						4.60%						N/A						N/A
Expected long-term rate of return on plan assets			7.25%						7.25%						N/A						N/A

Assumptions used to determine the benefit obligation at December 31:

			Pension Benefits												Postretirement Medical
			2023						2022						2023						2022
Discount rate			5.13%						5.46%						5.07%						5.43%
Rate of compensation increase			4.60%						4.60%						N/A						N/A

The Company's non-admitted pension asset was $238.4 million and $186.7 million at December 31, 2023 and 2022, respectively.

The Company utilizes a full yield curve approach in the estimation of liabilities, service cost, and interest cost for pension and postretirement benefits by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The yield curve utilized in the cash flow analysis is comprised of highly rated (Aaa or Aa) corporate bonds. The discount rate was decreased from 5.46% at December 31, 2022, to 5.13% at December 31, 2023. This resulted in a $34.2 million increase in the pension benefit obligation in 2023. The discount rate was increased from 3.00% at December 31, 2021, to 5.46% at December 31, 2022. This resulted in a $327.6 million decrease in the pension benefit obligation in 2022.

The Company employs a prospective building block approach in determining the long-term expected rate of return for plan assets. Historical returns are determined by asset class. The historical relationships between equities, fixed income securities, and other assets are reviewed. The Company applies long-term asset return estimates to the plan’s target asset allocation to determine the weighted-average long-term return. The Company’s long-term asset allocation was determined through modeling long-term returns and asset return volatilities and is guided by an investment policy statement created for the plan.

53

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The asset allocation for the defined benefit pension plan at the end of 2023 and 2022, and the target allocation for 2023 by asset category, are as follows:

			Target Allocation Percentage						Percentage of Plan Assets
			2023						2023						2022
Asset category:
Equity securities			60		%				65		%				64		%
Fixed income securities			13						11						12
Short-term investments			2						—						—
Other			25						24						24
Total			100		%				100		%				100		%

The plan employs a total return investment approach whereby a mix of fixed income and equity investments are used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The total portfolio is structured with multiple sub-portfolios, each with a specific fixed income or equity asset management discipline. Each sub-portfolio is subject to individual limitations and performance benchmarks as well as limitations at the consolidated portfolio level. Quarterly asset allocation meetings are held to evaluate portfolio asset allocations and to establish the optimal mix of assets given current market conditions and risk tolerance. Investment mix is measured and monitored on an ongoing basis through regular investment reviews, annual liability measurements, and periodic asset/liability studies.

The Company’s pension plan assets consist primarily of debt and equity securities, mutual funds and private equity funds, all of which are carried at fair value.

Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels.

•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company’s Level 1 assets primarily include exchange-traded equity securities and mutual funds.

•Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The Company’s Level 2 assets include certain debt securities for which public price quotations are not available, but that use other market observable inputs from third-party pricing service quotes or internal valuation models using observable inputs. Level 2 assets also include private funds that invest primarily in domestic debt securities where the Company has the right to redeem its interest at net asset values. The underlying debt securities within these funds employ similar valuation methodologies as the Company’s other investments in debt securities.

•Level 3 - Significant unobservable inputs for the asset or liability. The Company's Level 3 assets primarily include private real estate funds.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

Debt Securities

The fair values of actively traded debt securities have been determined through the use of third-party pricing services utilizing market observable inputs.

Equity Securities

The fair values of actively traded equity securities have been determined utilizing publicly quoted prices from third-party pricing services.

Mutual Funds

The fair values of mutual funds have been determined utilizing the net asset values of the funds.

Private Equity and Fixed Income Funds

The fair values of private equity and fixed income funds have been determined utilizing the net asset values of the funds. The fair values of the private real estate funds have been determined by utilizing significant unobservable inputs.

Other Assets

Other assets primarily include securities lending reinvested collateral and cash equivalents. The fair value of securities lending reinvested collateral assets are from third-party sources utilizing publicly quoted prices. The fair value of the cash equivalents are based on quoted market prices.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

The fair value of the pension plan’s assets by asset category is as follows:

			Assets Measured at Fair Value						Fair Value Hierarchy Level
									Level 1						Level 2*						Level 3
			(In Thousands)
At December 31, 2023:
Debt securities:
Debt securities issued by states of the U.S. and political subdivisions of the states			$	2,209					$	—					$	2,209					$	—
Corporate securities			103,856						—						103,856						—
Residential mortgage-backed securities			701						—						701						—
Asset-backed securities			10,936						—						10,936						—
Equity securities:
Common equity			604,439						560,335						44,104						—
Mutual funds			116,393						116,393						—						—
Preferred stock			2,765						—						2,765						—
Other invested assets:
Private equity and fixed income funds			213,350						—						213,350						—
Surplus notes			2,711						—						2,711						—
Real estate			23,734						—						—						23,734
Other assets			56,334						54,386						1,948						—
Total plan assets			$	1,137,428					$	731,114					$	382,580					$	23,734

* Includes investments using net asset value (NAV) as a practical expedient.

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

			Assets Measured at Fair Value						Fair Value Hierarchy Level
									Level 1						Level 2*						Level 3
			(In Thousands)
At December 31, 2022:
Debt securities:
Debt securities issued by states of the U.S. and political subdivisions of the states			$	2,040					$	—					$	2,040					$	—
Corporate securities			112,201						—						112,201						—
Residential mortgage-backed securities			777						—						777						—
Asset-backed securities			11,843						—						11,843						—
Equity securities:
Common equity			555,090						513,330						41,760						—
Mutual funds			123,560						123,560						—						—
Preferred stock			2,597						—						2,597						—
Other invested assets:
Private equity and fixed income funds			225,570						—						225,570						—
Surplus notes			2,542						—						2,542						—
Real estate			20,321						—						20,321						—
Other assets			75,090						72,943			`			2,147						—
Total plan assets			$	1,131,631					$	709,833					$	421,798					$	—

* Includes investments using net asset value (NAV) as a practical expedient.

For measurement purposes of the postretirement benefit obligation at December 31, 2023, a 5.275 percent annual rate of increase in the per capita cost of covered health care benefits is assumed for 2024. The rate was assumed to decrease gradually to 4.75 percent for 2031 and remain at that level thereafter.

At December 31, 2023, the assets of the Company’s pension include approximately $52.7 million invested in the Touchstone Family of Funds, which are administered by the Company, and $240.7 million invested in private equity and fixed income funds managed by Fort Washington Investment Advisors, Inc. At December 31, 2022, the assets of the Company’s pension include approximately $67.0 million invested in the Touchstone Family of Funds, which are administered by the Company, $251.4 million invested in private equity and fixed income funds managed by Fort Washington Investment Advisors, Inc.

57

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

As of December 31, 2023, future benefit payments for the pension plan are expected as follows (in millions):

2024			$	53.4
2025			54.1
2026			54.6
2027			55.4
2028			56.3
Five years thereafter			295.2

Future benefit payments for the postretirement medical plan, net of amounts contributed by plan participants, are expected as follows (in millions):

2024			$	7.7
2025			7.6
2026			7.3
2027			7.1
2028			6.9
Five years thereafter			32.6

The Company did not make any contributions to the pension plan in 2023 and 2022. The Company does not expect to make contributions to the pension plan during 2024.

In 2023, the Company entered into a group annuity contract with WSLAC to transfer risk and administration costs associated with its pension benefit obligations in the amount of $54.6 million, which is included in the Settlements line in the change in projected benefits obligation table.

The Company made contributions to the postretirement medical plan of $7.9 million in 2023 and expects to contribute $69.1 million between 2024 and 2033, inclusive. The Company received no subsidies in 2023. The Company’s postretirement medical plan did not collect the Medicare Part D Subsidy for claims activity occurring after January 1, 2013.

The Company sponsors a contributory employee retirement savings plan covering substantially all eligible, full-time employees. This plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Company’s contributions to the plan are based on a combination of the employee’s contributions to the plan and a percentage of the employee’s earnings for the year. The total of the Company’s contributions to the defined contribution plan were $5.7 million, $5.0 million, and $4.8 million for 2023, 2022 and 2021, respectively.

58

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The Western and Southern Life Insurance Company

Notes to Financial Statements (Statutory-Basis)

December 31, 2023, 2022 and 2021

11. Premium and Annuity Considerations Deferred and Uncollected

Deferred and uncollected life insurance premiums and annuity considerations at December 31, 2023, were as follows:

			Gross						Net of Loading
			(In Thousands)
Ordinary new business			$	3,585					$	270
Ordinary renewal			63,673						45,719
Accident and health renewal			389						324
Assumed investment type-contracts			394						394
Total			$	68,041					$	46,707

59

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