REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Contract Owners of Talcott Resolution Life and Annuity Insurance Company Separate Account Three and the Board of Directors of Talcott Resolution Life Insurance Company

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities for each of the Sub-Accounts listed below comprising Talcott Resolution Life and Annuity Insurance Company Separate Account Three (the “Account”), as of December 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes.

AB VPS Balanced Hedged Allocation Portfolio			Lord Abbett Series Fund - Fundamental Equity Portfolio
AB VPS International Value Portfolio			Lord Abbett Series Fund –Dividend Growth Portfolio
AB VPS Discovery Value Portfolio (Formerly AB VPS Small/Mid Cap Value Portfolio)			Lord Abbett Series Fund - Bond Debenture Portfolio
AB VPS Sustainable International Thematic Portfolio			Lord Abbett Series Fund - Growth and Income Portfolio
Invesco V.I. Government Securities Fund			MFS® Growth Series
Invesco V.I. High Yield Fund			MFS® Investors Trust Series
Invesco V.I. EQV International Equity Fund			MFS® Total Return Series
Invesco V.I. Diversified Dividend Fund			MFS® Value Series
Invesco V.I. Government Money Market Fund			BlackRock S&P 500 Index V.I. Fund
American Funds Insurance Series® The Bond Fund of America			Invesco V.I. Equity and Income Fund
American Funds Insurance Series® Global Growth Fund			Morgan Stanley VIF Emerging Markets Debt Portfolio
American Funds Insurance Series® Growth Fund			Morgan Stanley VIF Emerging Markets Equity Portfolio
American Funds Insurance Series® Growth-Income Fund			Morgan Stanley VIF Growth Portfolio
American Funds Insurance Series® International Fund			Morgan Stanley VIF Discovery Portfolio
American Funds Insurance Series® Global Small Capitalization Fund			Invesco V.I. American Value Fund
Allspring VT Discovery All Cap Growth Fund (Formerly Allspring VT Omega Growth Fund)			Invesco V.I. Equally-Weighted S&P 500 Fund
Fidelity® VIP Equity-Income Portfolio			Invesco V.I. Discovery Mid Cap Growth Fund
Fidelity® VIP Growth Portfolio			Invesco V.I. Capital Appreciation Fund
Fidelity® VIP Contrafund® Portfolio			Invesco V.I. Global Fund
Fidelity® VIP Mid Cap Portfolio			Invesco V.I. Main Street Fund®
Fidelity® VIP Value Strategies Portfolio			Invesco V.I. Main Street Small Cap Fund®
Fidelity® VIP Dynamic Capital Appreciation Portfolio			Putnam VT Diversified Income Fund
Franklin Income VIP Fund			Putnam VT Global Asset Allocation Fund
Franklin Small-Mid Cap Growth VIP Fund			Putnam VT Large Cap Growth Fund (Formerly Putnam VT Growth Opportunities Fund)
Franklin Small Cap Value VIP Fund			Putnam VT International Value Fund
Franklin Strategic Income VIP Fund			Putnam VT International Equity Fund
Franklin Mutual Shares VIP Fund			Putnam VT Core Equity Fund (Formerly Putnam VT Multi-Cap Core Fund)
Templeton Developing Markets VIP Fund			Putnam VT Sustainable Leaders Fund
Templeton Growth VIP Fund			Putnam VT Small Cap Value Fund
Franklin Mutual Global Discovery VIP Fund			Putnam VT George Putnam Balanced Fund
Templeton Global Bond VIP Fund			Putnam VT Large Cap Value Fund
Hartford Balanced HLS Fund			Invesco V.I. Growth and Income Fund
Hartford Total Return Bond HLS Fund			Invesco V.I. Comstock Fund
Hartford Capital Appreciation HLS Fund			Invesco V.I. American Franchise Fund
Hartford Dividend and Growth HLS Fund			Allspring VT Index Asset Allocation Fund
Hartford Disciplined Equity HLS Fund			Allspring VT International Equity Fund
Hartford International Opportunities HLS Fund			Allspring VT Small Cap Growth Fund

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Hartford Ultrashort Bond HLS Fund			Allspring VT Discovery SMID Cap Growth Fund (Formerly Allspring VT Discovery Fund)
Hartford Small Company HLS Fund			Allspring VT Opportunity Fund
Hartford SmallCap Growth HLS Fund			Morgan Stanley VIF Global Infrastructure Portfolio
Hartford Stock HLS Fund			MFS® Core Equity Portfolio
			MFS® Massachusetts Investors Growth Stock Portfolio

We have also audited the accompanying statements of assets and liabilities of AB VPS Relative Value Portfolio (Formerly AB VPS Growth and Income Portfolio) and Hartford MidCap HLS Fund, and the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in the table below, and the related notes. We have also audited the accompanying statements of operations, statements of changes in net assets, and financial highlights of Morgan Stanley VIF Core Plus Fixed Income and Morgan Stanley VIF Global Franchise Portfolio for the periods indicated in the table below, and the related notes.

Sub-Account

Statements of Assets and Liabilities

Statements of Operations

Statements of Changes in Net Assets

Financial Highlights

As of

For the

For the

For the

AB VPS Relative Value Portfolio (Formerly AB VPS Growth and Income Portfolio)

December 31, 2023

Year ended December 31, 2023

Two years in the period ended December 31, 2023

Four years in the period ended December 31, 2023 and the period from April 30, 2019 to December 31, 2019

Hartford MidCap HLS Fund

December 31, 2023

Year ended December 31, 2023

Two years in the period ended December 31, 2023

Three years in the period ended December 31, 2023 and the period from September 18, 2020 to December 31, 2020

Morgan Stanley VIF Core Plus Fixed Income

Not Applicable

Period from January 1, 2023 to July 28, 2023

Period from January 1, 2023 to July 28, 2023 and the year ended December 31, 2022

Period from January 1, 2023 to July 28, 2023 and the four years in the period ended December 31, 2022

Morgan Stanley VIF Global Franchise Portfolio

Not Applicable

Period from January 1, 2023 to September 18, 2023

Period from January 1, 2023 to September 18, 2023 and the year ended December 31, 2022

Period from January 1, 2023 to September 18, 2023 and the four years in the period ended December 31, 2022

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Sub-Accounts listed above comprising Talcott Resolution Life and Annuity Insurance Company Separate Account Three as of December 31, 2023, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table above), in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Account’s management. Our responsibility is to express an opinion on the Account’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the 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 and financial highlights are free of material misstatement, whether due to error or fraud. The Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Account’s internal control over financial reporting. Accordingly, we express no such opinion.

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. 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 and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Hartford, Connecticut

April 19, 2024

We have served as the auditor of the Talcott Resolution Life and Annuity Insurance Company Separate Account Three since 2002.

    

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SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities
December 31, 2023
			AB VPS Balanced Hedged Allocation Portfolio			AB VPS International Value Portfolio			AB VPS Discovery Value Portfolio			AB VPS Sustainable International Thematic Portfolio			Invesco V.I. Government Securities Fund			Invesco V.I. High Yield Fund			Invesco V.I. EQV International Equity Fund			Invesco V.I. Diversified Dividend Fund			Invesco V.I. Government Money Market Fund			AB VPS Relative Value Portfolio
			Sub-Account			Sub-Account			Sub-Account (1)			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account (2)
Assets:
Investments, at fair value
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			11,660,195			28,799,091			9,379,460			2,006,572			—			—			—			—			—			17,145,888
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			2,256,258			3,992,951			—			24,531,720			40,360,729			—
class S2			—			—			—			—			4,405,088			—			354,057			5,690,956			31,527,512			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total investments			11,660,195			28,799,091			9,379,460			2,006,572			6,661,346			3,992,951			354,057			30,222,676			71,888,241			17,145,888
Due from Sponsor Company			—			—			—			—			—			—			—			—			—			—
Receivable for fund shares sold			40,751			12,864			5,312			299			1,389			742			31			4,856			15,634			8,733
Other assets			—			—			—			—			1			—			—			—			148			—
Total assets			11,700,946			28,811,955			9,384,772			2,006,871			6,662,736			3,993,693			354,088			30,227,532			71,904,023			17,154,621
Liabilities:
Due to Sponsor Company			40,751			12,864			5,312			299			1,389			742			31			4,856			15,634			8,733
Payable for fund shares purchased			—			—			—			—			—			—			—			—			—			—
Other liabilities			3			1			2			2			—			2			—			—			—			1
Total liabilities			40,754			12,865			5,314			301			1,389			744			31			4,856			15,634			8,734
Net assets:
For contract liabilities			$	11,660,192		$	28,799,090		$	9,379,458		$	2,006,570		$	6,661,347		$	3,992,949		$	354,057		$	30,222,676		$	71,888,389		$	17,145,887
Contract Liabilities:
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			11,660,192			28,799,090			9,379,458			2,006,570			—			—			—			—			—			17,145,887
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			2,256,259			3,992,949			—			24,531,719			40,360,817			—
class S2			—			—			—			—			4,405,088			—			354,057			5,690,957			31,527,572			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total contract liabilities			$	11,660,192		$	28,799,090		$	9,379,458		$	2,006,570		$	6,661,347		$	3,992,949		$	354,057		$	30,222,676		$	71,888,389		$	17,145,887
Shares:
class 1			—			—			—			—			—			—			—			—			—			—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			1,351,123			1,957,790			537,813			115,786			—			—			—			—			—			595,757
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			218,630			851,375			—			1,012,035			40,360,729			—
class S2			—			—			—			—			430,605			—			10,578			237,222			31,527,512			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total shares			1,351,123			1,957,790			537,813			115,786			649,235			851,375			10,578			1,249,257			71,888,241			595,757
Cost			$	14,361,338		$	29,724,899		$	9,459,310		$	2,334,858		$	6,977,602		$	4,386,826		$	318,136		$	25,769,919		$	71,888,241		$	17,345,031
Deferred contracts in the accumulation period:
Units owned by participants #			594,008			2,668,329			279,027			186,346			723,701			292,538			22,403			1,123,987			7,483,962			1,165,668
Minimum unit fair value #*			$	16.288071		$	6.111459		$	27.286884		$	9.005945		$	8.078920		$	10.064253		$	15.197821		$	21.754727		$	8.399495		$	13.757293
Maximum unit fair value #*			$	24.074012		$	16.088355		$	47.436481		$	18.624002		$	9.601834		$	14.341966		$	15.936985		$	27.390728		$	10.271479		$	15.081277
Contract liability			$	11,561,831		$	28,458,908		$	9,285,295		$	1,997,980		$	6,505,595		$	3,902,307		$	354,057		$	29,776,421		$	71,091,752		$	16,849,900
Contracts in payout (annuitization) period:
Units owned by participants #			4,717			31,498			2,739			771			16,273			6,474			—			16,552			81,429			20,190
Minimum unit fair value #*			$	18.937101		$	7.289865		$	32.024303		$	10.258755		$	9.240382		$	13.453467		$	—		$	24.882012		$	9.387366		$	14.438960
Maximum unit fair value #*			$	22.435505		$	12.284363		$	37.583809		$	11.781243		$	9.601834		$	14.159715		$	—		$	27.390728		$	10.271479		$	14.792373
Contract liability			$	98,361		$	340,182		$	94,163		$	8,590		$	155,752		$	90,642		$	—		$	446,255		$	796,637		$	295,987
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
			American Funds Insurance Series® The Bond Fund of America®			American Funds Insurance Series® Global Growth Fund			American Funds Insurance Series® Growth Fund			American Funds Insurance Series® Growth-Income Fund			American Funds Insurance Series® International Fund			American Funds Insurance Series® Global Small Capitalization Fund			Allspring VT Discovery All Cap Growth Fund			Fidelity® VIP Equity-Income Portfolio			Fidelity® VIP Growth Portfolio			Fidelity® VIP Contrafund® Portfolio
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account (3)			Sub-Account			Sub-Account			Sub-Account
Assets:
Investments, at fair value
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			18,715,773			134,630,741			91,480,409			17,965,317			6,813,251			566,612			—			—			—
class 4			2,145,160			228,135			2,446,646			1,707,747			1,270,564			532,962			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			25,176,343			23,655,662			132,712,474
class VC			—			—			—			—			—			—			—			—			—			—
Total investments			2,145,160			18,943,908			137,077,387			93,188,156			19,235,881			7,346,213			566,612			25,176,343			23,655,662			132,712,474
Due from Sponsor Company			—			—			—			—			—			—			—			—			—			—
Receivable for fund shares sold			230			3,339			27,538			20,603			3,900			1,175			116			8,837			4,280			94,914
Other assets			—			3			2			—			1			5			2			—			—			—
Total assets			2,145,390			18,947,250			137,104,927			93,208,759			19,239,782			7,347,393			566,730			25,185,180			23,659,942			132,807,388
Liabilities:
Due to Sponsor Company			230			3,339			27,538			20,603			3,900			1,175			116			8,837			4,280			94,914
Payable for fund shares purchased			—			—			—			—			—			—			—			—			—			—
Other liabilities			1			—			—			—			—			—			—			—			2			—
Total liabilities			231			3,339			27,538			20,603			3,900			1,175			116			8,837			4,282			94,914
Net assets:
For contract liabilities			$	2,145,159		$	18,943,911		$	137,077,389		$	93,188,156		$	19,235,882		$	7,346,218		$	566,614		$	25,176,343		$	23,655,660		$	132,712,474
Contract Liabilities:
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			18,715,775			134,630,743			91,480,408			17,965,317			6,813,255			566,614			—			—			—
class 4			2,145,159			228,136			2,446,646			1,707,748			1,270,565			532,963			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			25,176,343			23,655,660			132,712,474
class VC			—			—			—			—			—			—			—			—			—			—
Total contract liabilities			$	2,145,159		$	18,943,911		$	137,077,389		$	93,188,156		$	19,235,882		$	7,346,218		$	566,614		$	25,176,343		$	23,655,660		$	132,712,474
Shares:
class 1			—			—			—			—			—			—			—			—			—			—
class 2			—			559,683			1,370,985			1,569,132			1,031,896			389,328			23,718			—			—			—
class 4			229,429			6,896			25,566			29,783			74,172			30,525			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			1,052,963			263,075			2,833,920
class VC			—			—			—			—			—			—			—			—			—			—
Total shares			229,429			566,579			1,396,551			1,598,915			1,106,068			419,853			23,718			1,052,963			263,075			2,833,920
Cost			$	2,453,223		$	15,529,211		$	105,372,869		$	72,516,887		$	19,368,191		$	7,997,975		$	600,564		$	23,884,003		$	19,469,536		$	99,813,354
Deferred contracts in the accumulation period:
Units owned by participants #			212,925			530,087			2,931,133			2,288,719			1,155,374			271,650			12,766			892,109			425,076			2,934,619
Minimum unit fair value #*			$	9.931331		$	5.412091		$	6.536003		$	4.434534		$	2.632914		$	3.964128		$	38.083129		$	22.993730		$	46.586474		$	33.635936
Maximum unit fair value #*			$	10.124707		$	50.709608		$	66.601092		$	45.721867		$	23.829198		$	40.117653		$	46.595382		$	40.901283		$	76.958177		$	55.920041
Contract liability			$	2,145,159		$	18,778,119		$	135,154,603		$	92,041,836		$	19,001,929		$	7,279,363		$	565,707		$	24,868,158		$	23,569,523		$	131,674,558
Contracts in payout (annuitization) period:
Units owned by participants #			—			3,712			36,402			25,543			13,620			1,897			19			10,896			1,512			23,057
Minimum unit fair value #*			$	—		$	35.198430		$	23.295757		$	41.664197		$	10.901003		$	28.502534		$	46.595382		$	26.734388		$	54.163766		$	35.332107
Maximum unit fair value #*			$	—		$	50.709608		$	66.601092		$	45.721867		$	23.829198		$	40.117653		$	46.595382		$	31.674495		$	63.569172		$	51.114669
Contract liability			$	—		$	165,792		$	1,922,786		$	1,146,320		$	233,953		$	66,855		$	907		$	308,185		$	86,137		$	1,037,916
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
			Fidelity® VIP Mid Cap Portfolio			Fidelity® VIP Value Strategies Portfolio			Fidelity® VIP Dynamic Capital Appreciation Portfolio			Franklin Income VIP Fund			Franklin Small-Mid Cap Growth VIP Fund			Franklin Small Cap Value VIP Fund			Franklin Strategic Income VIP Fund			Franklin Mutual Shares VIP Fund			Templeton Developing Markets VIP Fund			Templeton Growth VIP Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Assets:
Investments, at fair value
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	15,506,736		$	—		$	3,066,017		$	—
class 2			—			—			—			—			13,353,931			—			—			21,539,218			—			4,279,131
class 4			—			—			—			1,016,901			—			386,867			—			915,266			—			233,384
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			31,671,997			4,901,394			4,437,902			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total investments			31,671,997			4,901,394			4,437,902			1,016,901			13,353,931			386,867			15,506,736			22,454,484			3,066,017			4,512,515
Due from Sponsor Company			—			—			—			—			—			—			—			—			—			—
Receivable for fund shares sold			7,269			863			1,093			94			2,587			33			2,998			4,320			497			693
Other assets			—			—			1			1			—			—			3			—			—			1
Total assets			31,679,266			4,902,257			4,438,996			1,016,996			13,356,518			386,900			15,509,737			22,458,804			3,066,514			4,513,209
Liabilities:
Due to Sponsor Company			7,269			863			1,093			94			2,587			33			2,998			4,320			497			693
Payable for fund shares purchased			—			—			—			—			—			—			—			—			—			—
Other liabilities			5			2			—			—			1			1			—			1			—			—
Total liabilities			7,274			865			1,093			94			2,588			34			2,998			4,321			497			693
Net assets:
For contract liabilities			$	31,671,992		$	4,901,392		$	4,437,903		$	1,016,902		$	13,353,930		$	386,866		$	15,506,739		$	22,454,483		$	3,066,017		$	4,512,516
Contract Liabilities:
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	15,506,739		$	—		$	3,066,017		$	—
class 2			—			—			—			—			13,353,930			—			—			21,539,217			—			4,279,132
class 4			—			—			—			1,016,902			—			386,866			—			915,266			—			233,384
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			31,671,992			4,901,392			4,437,903			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total contract liabilities			$	31,671,992		$	4,901,392		$	4,437,903		$	1,016,902		$	13,353,930		$	386,866		$	15,506,739		$	22,454,483		$	3,066,017		$	4,512,516
Shares:
class 1			—			—			—			—			—			—			1,651,410			—			369,400			—
class 2			—			—			—			—			1,002,547			—			—			1,405,037			—			356,892
class 4			—			—			—			69,318			—			27,872			—			58,935			—			19,145
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			913,001			292,621			277,716			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total shares			913,001			292,621			277,716			69,318			1,002,547			27,872			1,651,410			1,463,972			369,400			376,037
Cost			$	30,190,208		$	4,236,856		$	3,699,966		$	996,486		$	15,959,241		$	401,612		$	18,040,474		$	23,906,195		$	3,245,364		$	4,309,240
Deferred contracts in the accumulation period:
Units owned by participants #			879,087			139,987			122,255			50,381			493,068			12,857			812,041			850,897			139,121			276,201
Minimum unit fair value #*			$	26.453394		$	28.525875		$	29.445089		$	19.251204		$	3.833178		$	28.875989		$	2.227529		$	2.691512		$	3.286986		$	2.035137
Maximum unit fair value #*			$	44.547940		$	55.132323		$	58.707582		$	20.187913		$	43.208059		$	30.281326		$	23.913183		$	30.975391		$	25.758175		$	21.208643
Contract liability			$	31,443,472		$	4,848,652		$	4,329,020		$	996,812		$	13,236,369		$	386,866		$	15,208,328		$	22,098,944		$	3,054,106		$	4,383,914
Contracts in payout (annuitization) period:
Units owned by participants #			6,374			1,554			3,017			995			3,788			—			13,210			11,943			504			6,576
Minimum unit fair value #*			$	34.510033		$	33.166919		$	36.091025		$	20.187913		$	24.190912		$	—		$	21.791236		$	19.681118		$	22.608887		$	15.393042
Maximum unit fair value #*			$	40.886884		$	36.101840		$	36.091025		$	20.187913		$	43.070653		$	—		$	23.913183		$	30.975391		$	25.758175		$	21.208643
Contract liability			$	228,520		$	52,740		$	108,883		$	20,090		$	117,561		$	—		$	298,411		$	355,539		$	11,911		$	128,602
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
			Franklin Mutual Global Discovery VIP Fund			Templeton Global Bond VIP Fund			Hartford Balanced HLS Fund			Hartford Total Return Bond HLS Fund			Hartford Capital Appreciation HLS Fund			Hartford Dividend and Growth HLS Fund			Hartford Disciplined Equity HLS Fund			Hartford International Opportunities HLS Fund			Hartford MidCap HLS Fund			Hartford Ultrashort Bond HLS Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Assets:
Investments, at fair value
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			93,962			298,082			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			24,344,251			243,077,444			41,064,090			173,117,403			157,405,056			51,744,275			7,587,329			56,690,414
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total investments			93,962			298,082			24,344,251			243,077,444			41,064,090			173,117,403			157,405,056			51,744,275			7,587,329			56,690,414
Due from Sponsor Company			—			—			—			—			—			—			—			—			—			—
Receivable for fund shares sold			8			26			50,310			63,713			5,815			108,493			91,320			20,858			3,134			31,050
Other assets			1			1			2			14			—			—			—			—			1			11
Total assets			93,971			298,109			24,394,563			243,141,171			41,069,905			173,225,896			157,496,376			51,765,133			7,590,464			56,721,475
Liabilities:
Due to Sponsor Company			8			26			50,310			63,713			5,815			108,493			91,320			20,858			3,134			31,050
Payable for fund shares purchased			—			—			—			—			—			—			—			—			—			—
Other liabilities			—			—			—			—			1			4			2			1			—			—
Total liabilities			8			26			50,310			63,713			5,816			108,497			91,322			20,859			3,134			31,050
Net assets:
For contract liabilities			$	93,963		$	298,083		$	24,344,253		$	243,077,458		$	41,064,089		$	173,117,399		$	157,405,054		$	51,744,274		$	7,587,330		$	56,690,425
Contract Liabilities:
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			93,963			298,083			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			24,344,253			243,077,458			41,064,089			173,117,399			157,405,054			51,744,274			7,587,330			56,690,425
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total contract liabilities			$	93,963		$	298,083		$	24,344,253		$	243,077,458		$	41,064,089		$	173,117,399		$	157,405,054		$	51,744,274		$	7,587,330		$	56,690,425
Shares:
class 1			—			—			—			—			—			—			—			—			—			—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			4,951			22,702			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			846,462			25,399,942			891,728			7,649,907			8,345,973			3,419,979			277,416			5,482,632
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total shares			4,951			22,702			846,462			25,399,942			891,728			7,649,907			8,345,973			3,419,979			277,416			5,482,632
Cost			$	89,033		$	361,495		$	23,330,589		$	282,139,762		$	39,428,382		$	169,084,185		$	129,741,175		$	48,992,838		$	9,221,584		$	55,248,913
Deferred contracts in the accumulation period:
Units owned by participants #			4,219			23,277			6,218,246			82,484,911			1,177,181			24,773,326			26,368,283			17,393,009			688,802			43,604,035
Minimum unit fair value #*			$	21.244054		$	11.846118		$	2.383726		$	1.660779		$	28.855488		$	4.269445		$	3.701813		$	1.957175		$	10.527675		$	0.814060
Maximum unit fair value #*			$	22.277771		$	12.422552		$	34.812662		$	16.617143		$	50.111122		$	48.424088		$	59.085899		$	24.873360		$	11.227349		$	10.030509
Contract liability			$	93,963		$	285,590		$	24,098,608		$	240,995,547		$	40,693,010		$	171,079,380		$	155,781,414		$	51,393,082		$	7,495,769		$	55,975,443
Contracts in payout (annuitization) period:
Units owned by participants #			—			1,006			61,171			736,887			10,304			257,766			334,400			116,121			8,251			511,061
Minimum unit fair value #*			$	—		$	12.422552		$	3.007728		$	1.854821		$	30.259659		$	5.007406		$	4.643868		$	2.273927		$	10.908782		$	1.053343
Maximum unit fair value #*			$	—		$	12.422552		$	11.955310		$	14.424874		$	39.719430		$	33.324157		$	5.114998		$	4.102867		$	11.227349		$	1.806830
Contract liability			$	—		$	12,493		$	245,645		$	2,081,911		$	371,079		$	2,038,019		$	1,623,640		$	351,192		$	91,561		$	714,982
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
			Hartford Small Company HLS Fund			Hartford SmallCap Growth HLS Fund			Hartford Stock HLS Fund			Lord Abbett Series Fund - Fundamental Equity Portfolio			Lord Abbett Series Fund - Dividend Growth Portfolio			Lord Abbett Series Fund - Bond Debenture Portfolio			Lord Abbett Series Fund - Growth and Income Portfolio			MFS® Growth Series			MFS® Investors Trust Series			MFS® Total Return Series
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Assets:
Investments, at fair value
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			16,813,456			11,661,804			10,544,181			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			5,004,501			4,469,174			34,375,291
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			207,964
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			16,136,615			8,402,143			22,196,557			49,052,799			—			—			—
Total investments			16,813,456			11,661,804			10,544,181			16,136,615			8,402,143			22,196,557			49,052,799			5,004,501			4,469,174			34,583,255
Due from Sponsor Company			—			—			—			—			—			—			—			—			—			—
Receivable for fund shares sold			2,764			8,519			1,527			2,436			887			3,473			8,103			766			769			9,345
Other assets			—			—			—			2			—			—			—			—			—			—
Total assets			16,816,220			11,670,323			10,545,708			16,139,053			8,403,030			22,200,030			49,060,902			5,005,267			4,469,943			34,592,600
Liabilities:
Due to Sponsor Company			2,764			8,519			1,527			2,436			887			3,473			8,103			766			769			9,345
Payable for fund shares purchased			—			—			—			—			—			—			—			—			—			—
Other liabilities			1			3			6			—			—			1			2			1			—			2
Total liabilities			2,765			8,522			1,533			2,436			887			3,474			8,105			767			769			9,347
Net assets:
For contract liabilities			$	16,813,455		$	11,661,801		$	10,544,175		$	16,136,617		$	8,402,143		$	22,196,556		$	49,052,797		$	5,004,500		$	4,469,174		$	34,583,253
Contract Liabilities:
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			16,813,455			11,661,801			10,544,175			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			5,004,500			4,469,174			34,375,288
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			207,965
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			16,136,617			8,402,143			22,196,556			49,052,797			—			—			—
Total contract liabilities			$	16,813,455		$	11,661,801		$	10,544,175		$	16,136,617		$	8,402,143		$	22,196,556		$	49,052,797		$	5,004,500		$	4,469,174		$	34,583,253
Shares:
class 1			—			—			—			—			—			—			—			—			—			—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			1,062,126			453,590			109,063			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			83,007			124,178			1,477,872
class S1			—			—			—			—			—			—			—			—			—			—
class S2			—			—			—			—			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			9,169
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			961,085			518,331			2,150,829			1,360,311			—			—			—
Total shares			1,062,126			453,590			109,063			961,085			518,331			2,150,829			1,360,311			83,007			124,178			1,487,041
Cost			$	20,397,893		$	12,357,858		$	8,395,418		$	16,012,928		$	8,087,418		$	25,480,579		$	43,709,615		$	4,287,307		$	3,485,027		$	33,106,338
Deferred contracts in the accumulation period:
Units owned by participants #			2,815,648			2,222,140			2,125,162			518,246			216,153			1,095,892			1,862,155			157,551			145,301			1,281,180
Minimum unit fair value #*			$	4.243128		$	3.668286		$	2.930317		$	25.078491		$	30.847303		$	16.436815		$	21.496692		$	5.965556		$	4.175054		$	2.769969
Maximum unit fair value #*			$	45.812213		$	54.246960		$	48.748879		$	35.129977		$	44.695534		$	22.682493		$	35.028751		$	59.291386		$	40.228236		$	30.442337
Contract liability			$	16,656,762		$	11,567,565		$	10,494,494		$	15,929,911		$	8,270,790		$	21,928,097		$	48,650,106		$	4,849,284		$	4,453,773		$	33,897,434
Contracts in payout (annuitization) period:
Units owned by participants #			25,595			20,651			6,714			6,860			3,383			13,224			15,383			4,430			503			22,878
Minimum unit fair value #*			$	4.818830		$	4.187215		$	3.575242		$	28.883414		$	35.527321		$	19.109867		$	22.461671		$	28.865080		$	30.230402		$	27.740785
Maximum unit fair value #*			$	7.127972		$	5.005793		$	20.242459		$	34.218665		$	42.089333		$	22.639803		$	29.332036		$	44.150326		$	32.600363		$	30.442337
Contract liability			$	156,693		$	94,236		$	49,681		$	206,706		$	131,353		$	268,459		$	402,691		$	155,216		$	15,401		$	685,819
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
			MFS® Value Series			BlackRock S&P 500 Index V.I. Fund			Invesco V.I. Equity and Income Fund			Morgan Stanley VIF Emerging Markets Debt Portfolio			Morgan Stanley VIF Emerging Markets Equity Portfolio			Morgan Stanley VIF Growth Portfolio			Morgan Stanley VIF Discovery Portfolio			Invesco V.I. American Value Fund			Invesco V.I. Equally-Weighted S&P 500 Fund			Invesco V.I. Discovery Mid Cap Growth Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Assets:
Investments, at fair value
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			18,819,605			—			1,254,189			2,119,977			47,230,959			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			7,182,566			16,918,889			6,779,380			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			7,876,358			—			—			—			—			14,258,309			18,149,646			—
class S2			—			—			5,440,280			—			—			—			—			4,863,408			21,255,467			4,409,526
class SRV			753,552			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total investments			753,552			18,819,605			13,316,638			1,254,189			9,302,543			64,149,848			6,779,380			19,121,717			39,405,113			4,409,526
Due from Sponsor Company			—			—			—			—			—			—			—			—			—			—
Receivable for fund shares sold			66			2,846			3,430			205			6,277			9,889			840			3,158			5,970			804
Other assets			—			—			—			1			—			—			—			1			—			—
Total assets			753,618			18,822,451			13,320,068			1,254,395			9,308,820			64,159,737			6,780,220			19,124,876			39,411,083			4,410,330
Liabilities:
Due to Sponsor Company			66			2,846			3,430			205			6,277			9,889			840			3,158			5,970			804
Payable for fund shares purchased			—			—			—			—			—			—			—			—			—			—
Other liabilities			—			—			—			—			1			2			2			—			2			3
Total liabilities			66			2,846			3,430			205			6,278			9,891			842			3,158			5,972			807
Net assets:
For contract liabilities			$	753,552		$	18,819,605		$	13,316,638		$	1,254,190		$	9,302,542		$	64,149,846		$	6,779,378		$	19,121,718		$	39,405,111		$	4,409,523
Contract Liabilities:
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			18,819,605			—			1,254,190			2,119,978			47,230,956			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			7,182,564			16,918,890			6,779,378			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			7,876,356			—			—			—			—			14,258,311			18,149,645			—
class S2			—			—			5,440,282			—			—			—			—			4,863,407			21,255,466			4,409,523
class SRV			753,552			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total contract liabilities			$	753,552		$	18,819,605		$	13,316,638		$	1,254,190		$	9,302,542		$	64,149,846		$	6,779,378		$	19,121,718		$	39,405,111		$	4,409,523
Shares:
class 1			—			—			—			—			—			—			—			—			—			—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			635,797			—			228,034			164,339			3,537,899			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			—			—			—			—			—			—
class II			—			—			—			—			558,955			1,670,177			1,673,921			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			477,935			—			—			—			—			1,019,907			692,206			—
class S2			—			—			332,535			—			—			—			—			354,218			844,476			81,643
class SRV			36,386			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total shares			36,386			635,797			810,470			228,034			723,294			5,208,076			1,673,921			1,374,125			1,536,682			81,643
Cost			$	613,580		$	16,485,981		$	12,953,161		$	1,650,819		$	10,603,448		$	105,222,761		$	14,814,409		$	20,497,472		$	29,154,493		$	5,474,701
Deferred contracts in the accumulation period:
Units owned by participants #			25,790			1,103,757			517,006			56,903			505,954			1,840,147			158,329			454,919			728,565			150,496
Minimum unit fair value #*			$	28.154132		$	15.856676		$	20.117104		$	2.502761		$	2.970136		$	29.365454		$	34.692533		$	4.076355		$	5.309587		$	12.019661
Maximum unit fair value #*			$	29.523514		$	17.794309		$	33.950443		$	30.998234		$	25.914868		$	35.473001		$	52.937173		$	52.173849		$	127.482385		$	54.865904
Contract liability			$	753,552		$	18,705,080		$	13,041,877		$	1,247,322		$	9,223,635		$	63,137,184		$	6,739,454		$	18,876,376		$	38,863,090		$	4,402,682
Contracts in payout (annuitization) period:
Units owned by participants #			—			6,687			11,368			254			4,039			29,030			918			5,756			7,421			224
Minimum unit fair value #*			$	—		$	16.922210		$	22.570982		$	26.552881		$	17.635685		$	32.791976		$	40.334472		$	32.888856		$	5.309587		$	30.383121
Maximum unit fair value #*			$	—		$	17.378448		$	33.950443		$	29.891510		$	25.914868		$	35.473001		$	43.902057		$	50.311209		$	127.482385		$	33.070307
Contract liability			$	—		$	114,525		$	274,761		$	6,868		$	78,907		$	1,012,662		$	39,924		$	245,342		$	542,021		$	6,841
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
			Invesco V.I. Capital Appreciation Fund			Invesco V.I. Global Fund			Invesco V.I. Main Street Fund®			Invesco V.I. Main Street Small Cap Fund®			Putnam VT Diversified Income Fund			Putnam VT Global Asset Allocation Fund			Putnam VT Large Cap Growth Fund			Putnam VT International Value Fund			Putnam VT International Equity Fund			Putnam VT Core Equity Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account (4)			Sub-Account			Sub-Account			Sub-Account (5)
Assets:
Investments, at fair value
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			10,441,370			2,807,892			6,841,320			7,037,551			19,591,922			13,122,272
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			18,547,613			62,646,826			4,254,268			27,173,715			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total investments			18,547,613			62,646,826			4,254,268			27,173,715			10,441,370			2,807,892			6,841,320			7,037,551			19,591,922			13,122,272
Due from Sponsor Company			—			—			—			—			—			—			—			—			—			—
Receivable for fund shares sold			6,015			13,910			857			9,855			6,283			560			1,007			1,035			8,900			2,236
Other assets			1			—			2			1			3			—			—			—			1			1
Total assets			18,553,629			62,660,736			4,255,127			27,183,571			10,447,656			2,808,452			6,842,327			7,038,586			19,600,823			13,124,509
Liabilities:
Due to Sponsor Company			6,015			13,910			857			9,855			6,283			560			1,007			1,035			8,900			2,236
Payable for fund shares purchased			—			—			—			—			—			—			—			—			—			—
Other liabilities			—			1			—			—			—			—			1			1			—			—
Total liabilities			6,015			13,911			857			9,855			6,283			560			1,008			1,036			8,900			2,236
Net assets:
For contract liabilities			$	18,547,614		$	62,646,825		$	4,254,270		$	27,173,716		$	10,441,373		$	2,807,892		$	6,841,319		$	7,037,550		$	19,591,923		$	13,122,273
Contract Liabilities:
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			10,441,373			2,807,892			6,841,319			7,037,550			19,591,923			13,122,273
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			18,547,614			62,646,825			4,254,270			27,173,716			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total contract liabilities			$	18,547,614		$	62,646,825		$	4,254,270		$	27,173,716		$	10,441,373		$	2,807,892		$	6,841,319		$	7,037,550		$	19,591,923		$	13,122,273
Shares:
class 1			—			—			—			—			—			—			—			—			—			—
class 2			—			—			—			—			—			—			—			—			—			—
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			—			—			—			—			2,245,456			157,217			507,516			598,431			1,283,034			696,881
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			—			—			—			—			—			—
class S2			415,493			1,764,699			239,407			1,033,221			—			—			—			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total shares			415,493			1,764,699			239,407			1,033,221			2,245,456			157,217			507,516			598,431			1,283,034			696,881
Cost			$	18,841,655		$	62,699,894		$	5,076,277		$	22,738,633		$	13,676,404		$	2,622,222		$	5,796,762		$	5,837,259		$	18,678,141		$	11,549,598
Deferred contracts in the accumulation period:
Units owned by participants #			507,291			1,882,128			127,609			720,522			514,407			72,271			232,867			648,937			923,416			408,536
Minimum unit fair value #*			$	30.107115		$	20.709220		$	27.755406		$	30.745419		$	13.431024		$	19.897351		$	27.598303		$	9.072227		$	9.945757		$	21.347833
Maximum unit fair value #*			$	54.591718		$	42.417248		$	41.965082		$	53.877429		$	27.140190		$	88.697468		$	31.274360		$	19.162415		$	33.896567		$	53.303375
Contract liability			$	18,355,553		$	62,131,110		$	4,250,075		$	26,876,383		$	10,384,419		$	2,791,127		$	6,831,547		$	6,991,539		$	19,396,310		$	13,014,354
Contracts in payout (annuitization) period:
Units owned by participants #			5,311			15,613			117			7,973			2,299			201			333			4,336			6,603			3,226
Minimum unit fair value #*			$	34.675213		$	31.478042		$	35.758484		$	35.409894		$	22.740434		$	74.318327		$	29.323323		$	10.250734		$	12.241057		$	23.918574
Maximum unit fair value #*			$	38.099572		$	37.292993		$	35.758484		$	41.950511		$	27.140190		$	88.697468		$	30.340565		$	11.868748		$	33.896567		$	38.080668
Contract liability			$	192,061		$	515,715		$	4,195		$	297,333		$	56,954		$	16,765		$	9,772		$	46,011		$	195,613		$	107,919
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
			Putnam VT Sustainable Leaders Fund			Putnam VT Small Cap Value Fund			Putnam VT George Putnam Balanced Fund			Putnam VT Large Cap Value Fund			Invesco V.I. Growth and Income Fund			Invesco V.I. Comstock Fund			Invesco V.I. American Franchise Fund			Allspring VT Index Asset Allocation Fund			Allspring VT International Equity Fund			Allspring VT Small Cap Growth Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Assets:
Investments, at fair value
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			214,495			19,338			491,132
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			9,389,531			15,408,807			3,534,153			13,997,991			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			5,734,858			—			—			—			—			—
class S2			—			—			—			—			30,112,364			37,440,335			1,103,800			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total investments			9,389,531			15,408,807			3,534,153			13,997,991			35,847,222			37,440,335			1,103,800			214,495			19,338			491,132
Due from Sponsor Company			—			—			—			—			—			—			—			—			—			—
Receivable for fund shares sold			1,368			5,082			483			2,342			6,005			11,991			193			32			2			84
Other assets			2			2			—			—			—			1			—			2			—			1
Total assets			9,390,901			15,413,891			3,534,636			14,000,333			35,853,227			37,452,327			1,103,993			214,529			19,340			491,217
Liabilities:
Due to Sponsor Company			1,368			5,082			483			2,342			6,005			11,991			193			32			2			84
Payable for fund shares purchased			—			—			—			—			—			—			—			—			—			—
Other liabilities			—			—			—			3			1			—			—			—			—			—
Total liabilities			1,368			5,082			483			2,345			6,006			11,991			193			32			2			84
Net assets:
For contract liabilities			$	9,389,533		$	15,408,809		$	3,534,153		$	13,997,988		$	35,847,221		$	37,440,336		$	1,103,800		$	214,497		$	19,338		$	491,133
Contract Liabilities:
class 1			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
class 2			—			—			—			—			—			—			—			214,497			19,338			491,133
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			9,389,533			15,408,809			3,534,153			13,997,988			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			5,734,857			—			—			—			—			—
class S2			—			—			—			—			30,112,364			37,440,336			1,103,800			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total contract liabilities			$	9,389,533		$	15,408,809		$	3,534,153		$	13,997,988		$	35,847,221		$	37,440,336		$	1,103,800		$	214,497		$	19,338		$	491,133
Shares:
class 1			—			—			—			—			—			—			—			—			—			—
class 2			—			—			—			—			—			—			—			11,483			9,866			62,485
class 4			—			—			—			—			—			—			—			—			—			—
class B			—			—			—			—			—			—			—			—			—			—
class I			—			—			—			—			—			—			—			—			—			—
class IA			—			—			—			—			—			—			—			—			—			—
class IB			237,109			1,348,102			258,723			485,704			—			—			—			—			—			—
class II			—			—			—			—			—			—			—			—			—			—
class INIT			—			—			—			—			—			—			—			—			—			—
class S1			—			—			—			—			304,075			—			—			—			—			—
class S2			—			—			—			—			1,595,780			1,912,172			20,744			—			—			—
class SRV			—			—			—			—			—			—			—			—			—			—
class SRV2			—			—			—			—			—			—			—			—			—			—
class VC			—			—			—			—			—			—			—			—			—			—
Total shares			237,109			1,348,102			258,723			485,704			1,899,855			1,912,172			20,744			11,483			9,866			62,485
Cost			$	7,874,639		$	15,604,458		$	3,068,833		$	11,027,599		$	36,146,163		$	31,164,217		$	1,104,620		$	192,752		$	24,691		$	590,029
Deferred contracts in the accumulation period:
Units owned by participants #			182,244			281,282			128,384			272,739			906,885			879,113			22,206			66,110			1,154			115,415
Minimum unit fair value #*			$	43.243834		$	39.533648		$	20.449269		$	42.999259		$	3.756620		$	35.400481		$	42.444391		$	2.691677		$	16.760793		$	3.595410
Maximum unit fair value #*			$	55.720208		$	69.301939		$	34.004263		$	57.278787		$	46.339756		$	50.341058		$	59.399654		$	30.469056		$	16.760793		$	42.972595
Contract liability			$	9,318,100		$	15,263,166		$	3,467,765		$	13,863,956		$	35,387,334		$	37,114,292		$	1,103,773		$	214,497		$	19,338		$	487,547
Contracts in payout (annuitization) period:
Units owned by participants #			1,387			2,365			2,602			2,518			10,924			7,135			1			—			—			812
Minimum unit fair value #*			$	49.415926		$	58.066304		$	25.075141		$	50.004151		$	38.507256		$	41.723076		$	50.025286		$	—		$	—		$	4.416647
Maximum unit fair value #*			$	55.720208		$	69.301939		$	29.926809		$	57.278787		$	46.339756		$	50.341058		$	50.025286		$	—		$	—		$	4.416647
Contract liability			$	71,433		$	145,643		$	66,388		$	134,032		$	459,887		$	326,044		$	27		$	—		$	—		$	3,586
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (concluded)
December 31, 2023
			Allspring VT Discovery SMID Cap Growth Fund			Allspring VT Opportunity Fund			Morgan Stanley VIF Global Infrastructure Portfolio			MFS® Core Equity Portfolio			MFS® Massachusetts Investors Growth Stock Portfolio
			Sub-Account (6)			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Assets:
Investments, at fair value
class 1			$	—		$	—		$	—		$	—		$	—
class 2			101,974			23,411			—			—			—
class 4			—			—			—			—			—
class B			—			—			—			—			—
class I			—			—			4,425,762			—			—
class IA			—			—			—			—			—
class IB			—			—			—			—			—
class II			—			—			2,018,483			—			—
class INIT			—			—			—			4,102,711			2,917,904
class S1			—			—			—			—			—
class S2			—			—			—			—			—
class SRV			—			—			—			—			—
class SRV2			—			—			—			—			—
class VC			—			—			—			—			—
Total investments			101,974			23,411			6,444,245			4,102,711			2,917,904
Due from Sponsor Company			—			—			—			—			—
Receivable for fund shares sold			10			2			1,604			671			463
Other assets			—			—			—			—			2
Total assets			101,984			23,413			6,445,849			4,103,382			2,918,369
Liabilities:
Due to Sponsor Company			10			2			1,604			671			463
Payable for fund shares purchased			—			—			—			—			—
Other liabilities			1			1			1			4			—
Total liabilities			11			3			1,605			675			463
Net assets:
For contract liabilities			$	101,973		$	23,410		$	6,444,244		$	4,102,707		$	2,917,906
Contract Liabilities:
class 1			$	—		$	—		$	—		$	—		$	—
class 2			101,973			23,410			—			—			—
class 4			—			—			—			—			—
class B			—			—			—			—			—
class I			—			—			4,425,762			—			—
class IA			—			—			—			—			—
class IB			—			—			—			—			—
class II			—			—			2,018,482			—			—
class INIT			—			—			—			4,102,707			2,917,906
class S1			—			—			—			—			—
class S2			—			—			—			—			—
class SRV			—			—			—			—			—
class SRV2			—			—			—			—			—
class VC			—			—			—			—			—
Total contract liabilities			$	101,973		$	23,410		$	6,444,244		$	4,102,707		$	2,917,906
Shares:
class 1			—			—			—			—			—
class 2			4,984			901			—			—			—
class 4			—			—			—			—			—
class B			—			—			—			—			—
class I			—			—			724,347			—			—
class IA			—			—			—			—			—
class IB			—			—			—			—			—
class II			—			—			334,186			—			—
class INIT			—			—			—			148,273			128,940
class S1			—			—			—			—			—
class S2			—			—			—			—			—
class SRV			—			—			—			—			—
class SRV2			—			—			—			—			—
class VC			—			—			—			—			—
Total shares			4,984			901			1,058,533			148,273			128,940
Cost			$	118,508		$	21,476		$	8,042,129		$	3,673,741		$	2,638,221
Deferred contracts in the accumulation period:
Units owned by participants #			2,180			533			445,124			175,235			112,252
Minimum unit fair value #*			$	39.686318		$	40.195353		$	12.343532		$	21.607006		$	23.696069
Maximum unit fair value #*			$	47.347504		$	44.108468		$	14.766236		$	24.809699		$	26.967085
Contract liability			$	101,973		$	23,410		$	6,336,331		$	4,086,312		$	2,884,836
Contracts in payout (annuitization) period:
Units owned by participants #			—			—			7,484			673			1,238
Minimum unit fair value #*			$	—		$	—		$	13.971020		$	24.371170		$	26.022134
Maximum unit fair value #*			$	—		$	—		$	14.766236		$	24.371170		$	26.967085
Contract liability			$	—		$	—		$	107,913		$	16,395		$	33,070
# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.
The accompanying notes are an integral part of these financial statements.

(1) Formerly AB VPS Small/Mid Cap Value Portfolio. Change effective May 1, 2023.
(2) Formerly AB VPS Growth and Income Portfolio. Change effective May 1, 2023.
(3) Formerly Allspring VT Omega Growth Fund. Change effective May 1, 2023.
(4) Formerly Putnam VT Growth Opportunities Fund. Change effective April 30, 2023.
(5) Formerly Putnam VT Multi-Cap Core Fund. Change effective April 30, 2023.
(6) Formerly Allspring VT Discovery Fund. Change effective May 1, 2023.

---

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations
For the Periods Ended December 31, 2023
			AB VPS Balanced Hedged Allocation Portfolio			AB VPS International Value Portfolio			AB VPS Discovery Value Portfolio			AB VPS Sustainable International Thematic Portfolio			Invesco V.I. Government Securities Fund			Invesco V.I. High Yield Fund			Invesco V.I. EQV International Equity Fund			Invesco V.I. Diversified Dividend Fund			Invesco V.I. Government Money Market Fund			AB VPS Relative Value Portfolio
			Sub-Account			Sub-Account			Sub-Account (1)			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account (2)
Investment income:
Dividends			$	102,241		$	197,228		$	74,371		$	—		$	144,244		$	209,304		$	—		$	577,157		$	2,993,331		$	224,947
Expenses:
Administrative charges			(21,196)			(52,739)			(16,984)			—			—			—			—			—			—			—
Mortality and expense risk charges			(149,608)			(411,098)			(124,983)			(30,488)			(106,908)			(69,941)			(3,594)			(457,096)			(1,053,496)			(281,771)
Total expenses			(170,804)			(463,837)			(141,967)			(30,488)			(106,908)			(69,941)			(3,594)			(457,096)			(1,053,496)			(281,771)
Net investment income (loss)			(68,563)			(266,609)			(67,596)			(30,488)			37,336			139,363			(3,594)			120,061			1,939,835			(56,824)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions			(457,034)			(690,402)			(143,492)			(81,571)			(144,473)			(91,558)			1,776			946,654			—			(185,978)
Net realized gain distributions			585,814			—			781,925			76,101			—			—			254			2,438,807			—			1,420,903
Change in unrealized appreciation (depreciation) during the period			1,145,389			4,633,526			718,008			243,178			299,946			253,956			58,267			(1,384,522)			—			440,958
Net gain (loss) on investments			1,274,169			3,943,124			1,356,441			237,708			155,473			162,398			60,297			2,000,939			—			1,675,883
Net increase (decrease) in net assets resulting from operations			$	1,205,606		$	3,676,515		$	1,288,845		$	207,220		$	192,809		$	301,761		$	56,703		$	2,121,000		$	1,939,835		$	1,619,059
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
			American Funds Insurance Series® The Bond Fund of America®			American Funds Insurance Series® Global Growth Fund			American Funds Insurance Series® Growth Fund			American Funds Insurance Series® Growth-Income Fund			American Funds Insurance Series® International Fund			American Funds Insurance Series® Global Small Capitalization Fund			Allspring VT Discovery All Cap Growth Fund			Fidelity® VIP Equity-Income Portfolio			Fidelity® VIP Growth Portfolio			Fidelity® VIP Contrafund® Portfolio
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account (3)			Sub-Account			Sub-Account			Sub-Account
Investment income:
Dividends			$	68,598		$	160,440		$	445,797		$	1,180,927		$	241,583		$	17,221		$	—		$	422,934		$	796		$	317,643
Expenses:
Administrative charges			—			(20,848)			(140,187)			(98,527)			(19,747)			(7,380)			—			(45,256)			(37,979)			(234,769)
Mortality and expense risk charges			(22,176)			(333,508)			(2,372,851)			(1,619,615)			(343,949)			(127,845)			(8,552)			(350,343)			(296,971)			(1,671,789)
Total expenses			(22,176)			(354,356)			(2,513,038)			(1,718,142)			(363,696)			(135,225)			(8,552)			(395,599)			(334,950)			(1,906,558)
Net investment income (loss)			46,422			(193,916)			(2,067,241)			(537,215)			(122,113)			(118,004)			(8,552)			27,335			(334,154)			(1,588,915)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions			(48,348)			400,795			3,084,302			2,196,091			(213,788)			(171,065)			(24,565)			109,148			319,109			3,971,661
Net realized gain distributions			—			1,380,442			7,171,690			4,655,748			—			93,396			58,516			725,751			1,025,310			4,571,852
Change in unrealized appreciation (depreciation) during the period			80,169			1,734,256			30,242,205			12,392,781			2,814,214			1,132,374			127,440			1,197,062			5,009,579			27,146,455
Net gain (loss) on investments			31,821			3,515,493			40,498,197			19,244,620			2,600,426			1,054,705			161,391			2,031,961			6,353,998			35,689,968
Net increase (decrease) in net assets resulting from operations			$	78,243		$	3,321,577		$	38,430,956		$	18,707,405		$	2,478,313		$	936,701		$	152,839		$	2,059,296		$	6,019,844		$	34,101,053
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
			Fidelity® VIP Mid Cap Portfolio			Fidelity® VIP Value Strategies Portfolio			Fidelity® VIP Dynamic Capital Appreciation Portfolio			Franklin Income VIP Fund			Franklin Small-Mid Cap Growth VIP Fund			Franklin Small Cap Value VIP Fund			Franklin Strategic Income VIP Fund			Franklin Mutual Shares VIP Fund			Templeton Developing Markets VIP Fund			Templeton Growth VIP Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Investment income:
Dividends			$	116,789		$	41,665		$	4,892		$	51,230		$	—		$	1,645		$	710,844		$	405,680		$	73,081		$	147,758
Expenses:
Administrative charges			(53,668)			(9,844)			—			—			(14,461)			—			(16,821)			(23,453)			(3,400)			(5,115)
Mortality and expense risk charges			(423,430)			(78,159)			(62,624)			(11,389)			(226,126)			(3,776)			(287,132)			(412,984)			(58,919)			(77,479)
Total expenses			(477,098)			(88,003)			(62,624)			(11,389)			(240,587)			(3,776)			(303,953)			(436,437)			(62,319)			(82,594)
Net investment income (loss)			(360,309)			(46,338)			(57,732)			39,841			(240,587)			(2,131)			406,891			(30,757)			10,762			65,164
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions			(23,293)			(19,759)			45,804			2,268			(755,321)			(8,424)			(523,700)			(208,731)			(65,232)			(30,801)
Net realized gain distributions			873,931			179,686			211,231			63,122			—			20,797			—			1,871,277			2,366			—
Change in unrealized appreciation (depreciation) during the period			3,311,183			675,014			775,391			(32,154)			3,684,533			32,440			1,048,164			703,625			365,907			730,748
Net gain (loss) on investments			4,161,821			834,941			1,032,426			33,236			2,929,212			44,813			524,464			2,366,171			303,041			699,947
Net increase (decrease) in net assets resulting from operations			$	3,801,512		$	788,603		$	974,694		$	73,077		$	2,688,625		$	42,682		$	931,355		$	2,335,414		$	313,803		$	765,111
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
			Franklin Mutual Global Discovery VIP Fund			Templeton Global Bond VIP Fund			Hartford Balanced HLS Fund			Hartford Total Return Bond HLS Fund			Hartford Capital Appreciation HLS Fund			Hartford Dividend and Growth HLS Fund			Hartford Disciplined Equity HLS Fund			Hartford International Opportunities HLS Fund			Hartford MidCap HLS Fund			Hartford Ultrashort Bond HLS Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Investment income:
Dividends			$	2,089		$	—		$	439,244		$	8,384,640		$	338,606		$	2,598,551		$	1,235,780		$	602,207		$	3,177		$	753,935
Expenses:
Administrative charges			—			—			(41,616)			(462,215)			—			(308,308)			(272,316)			(94,137)			—			(110,856)
Mortality and expense risk charges			(909)			(3,250)			(343,709)			(3,019,924)			(620,705)			(2,252,070)			(2,154,645)			(685,712)			(122,138)			(811,806)
Total expenses			(909)			(3,250)			(385,325)			(3,482,139)			(620,705)			(2,560,378)			(2,426,961)			(779,849)			(122,138)			(922,662)
Net investment income (loss)			1,180			(3,250)			53,919			4,902,501			(282,099)			38,173			(1,191,181)			(177,642)			(118,961)			(168,727)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions			52			(34,909)			(19,188)			(8,286,985)			(247,298)			137,053			2,585,237			37,405			(355,287)			89,026
Net realized gain distributions			4,815			—			677,558			—			682,447			14,791,761			983,492			—			527,742			—
Change in unrealized appreciation (depreciation) during the period			9,636			46,007			2,200,128			16,033,663			6,574,817			5,062,198			24,789,804			5,157,705			863,672			2,122,742
Net gain (loss) on investments			14,503			11,098			2,858,498			7,746,678			7,009,966			19,991,012			28,358,533			5,195,110			1,036,127			2,211,768
Net increase (decrease) in net assets resulting from operations			$	15,683		$	7,848		$	2,912,417		$	12,649,179		$	6,727,867		$	20,029,185		$	27,167,352		$	5,017,468		$	917,166		$	2,043,041
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
			Hartford Small Company HLS Fund			Hartford SmallCap Growth HLS Fund			Hartford Stock HLS Fund			Lord Abbett Series Fund - Fundamental Equity Portfolio			Lord Abbett Series Fund - Dividend Growth Portfolio			Lord Abbett Series Fund - Bond Debenture Portfolio			Lord Abbett Series Fund - Growth and Income Portfolio			MFS® Growth Series			MFS® Investors Trust Series			MFS® Total Return Series
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Investment income:
Dividends			$	—		$	—		$	135,252		$	90,524		$	65,704		$	1,113,088		$	443,365		$	—		$	31,653		$	687,041
Expenses:
Administrative charges			—			(20,684)			(19,225)			(31,905)			(16,033)			(42,018)			(93,455)			(5,834)			(4,899)			(39,801)
Mortality and expense risk charges			(245,699)			(159,265)			(168,358)			(186,699)			(91,673)			(286,156)			(598,763)			(78,069)			(80,955)			(615,793)
Total expenses			(245,699)			(179,949)			(187,583)			(218,604)			(107,706)			(328,174)			(692,218)			(83,903)			(85,854)			(655,594)
Net investment income (loss)			(245,699)			(179,949)			(52,331)			(128,080)			(42,002)			784,914			(248,853)			(83,903)			(54,201)			31,447
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions			(1,180,801)			(305,327)			339,681			(170,978)			(4,389)			(604,272)			486,119			69,134			127,486			105,767
Net realized gain distributions			—			—			513,206			461,189			460,672			—			965,889			346,497			243,596			1,432,611
Change in unrealized appreciation (depreciation) during the period			3,786,765			2,225,361			(210,650)			1,820,845			739,365			892,901			4,122,970			949,676			344,044			1,134,937
Net gain (loss) on investments			2,605,964			1,920,034			642,237			2,111,056			1,195,648			288,629			5,574,978			1,365,307			715,126			2,673,315
Net increase (decrease) in net assets resulting from operations			$	2,360,265		$	1,740,085		$	589,906		$	1,982,976		$	1,153,646		$	1,073,543		$	5,326,125		$	1,281,404		$	660,925		$	2,704,762
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
			MFS® Value Series			BlackRock S&P 500 Index V.I. Fund			Invesco V.I. Equity and Income Fund			Morgan Stanley VIF Core Plus Fixed Income Portfolio			Morgan Stanley VIF Emerging Markets Debt Portfolio			Morgan Stanley VIF Emerging Markets Equity Portfolio			Morgan Stanley VIF Growth Portfolio			Morgan Stanley VIF Discovery Portfolio			Invesco V.I. American Value Fund			Invesco V.I. Equally-Weighted S&P 500 Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account (4)			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Investment income:
Dividends			$	10,324		$	236,284		$	249,300		$	882,795		$	118,152		$	143,281		$	—		$	—		$	104,178		$	479,274
Expenses:
Administrative charges			—			—			(6,397)			(13,218)			(1,438)			(13,394)			—			(10,814)			(25,683)			(47,238)
Mortality and expense risk charges			(7,814)			(269,396)			(220,122)			(215,930)			(25,342)			(148,087)			(882,238)			(72,963)			(285,505)			(633,360)
Total expenses			(7,814)			(269,396)			(226,519)			(229,148)			(26,780)			(161,481)			(882,238)			(83,777)			(311,188)			(680,598)
Net investment income (loss)			2,510			(33,112)			22,781			653,647			91,372			(18,200)			(882,238)			(83,777)			(207,010)			(201,324)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions			36,584			179,434			35,867			(5,946,721)			(173,950)			(259,064)			(10,051,198)			(1,460,765)			(146,694)			1,530,612
Net realized gain distributions			51,748			693,225			691,417			—			—			159,212			—			—			3,827,285			2,813,830
Change in unrealized appreciation (depreciation) during the period			(43,049)			2,877,416			350,797			5,645,968			196,269			982,789			32,724,689			3,630,451			(1,152,073)			83,078
Net gain (loss) on investments			45,283			3,750,075			1,078,081			(300,753)			22,319			882,937			22,673,491			2,169,686			2,528,518			4,427,520
Net increase (decrease) in net assets resulting from operations			$	47,793		$	3,716,963		$	1,100,862		$	352,894		$	113,691		$	864,737		$	21,791,253		$	2,085,909		$	2,321,508		$	4,226,196
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
			Morgan Stanley VIF Global Franchise Portfolio			Invesco V.I. Discovery Mid Cap Growth Fund			Invesco V.I. Capital Appreciation Fund			Invesco V.I. Global Fund			Invesco V.I. Main Street Fund®			Invesco V.I. Main Street Small Cap Fund®			Putnam VT Diversified Income Fund			Putnam VT Global Asset Allocation Fund			Putnam VT Large Cap Growth Fund			Putnam VT International Value Fund
			Sub-Account (5)			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account (6)			Sub-Account
Investment income:
Dividends			$	28,220		$	—		$	—		$	—		$	19,801		$	240,100		$	639,581		$	42,181		$	—		$	107,437
Expenses:
Administrative charges			(4,056)			(6,851)			(31,817)			(113,802)			(5,724)			(45,307)			(16,775)			(4,962)			—			—
Mortality and expense risk charges			(76,634)			(63,282)			(249,842)			(774,785)			(56,454)			(375,460)			(138,078)			(38,284)			(72,894)			(99,741)
Total expenses			(80,690)			(70,133)			(281,659)			(888,587)			(62,178)			(420,767)			(154,853)			(43,246)			(72,894)			(99,741)
Net investment income (loss)			(52,470)			(70,133)			(281,659)			(888,587)			(42,377)			(180,667)			484,728			(1,065)			(72,894)			7,696
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions			(1,185,344)			(253,122)			(686,800)			(580,308)			(202,457)			362,451			(600,614)			(9,055)			30,147			236,615
Net realized gain distributions			296,222			—			—			6,953,568			282,719			—			—			—			60,868			—
Change in unrealized appreciation (depreciation) during the period			1,391,171			774,326			5,969,037			11,438,036			755,759			3,730,418			442,377			407,468			1,667,793			847,332
Net gain (loss) on investments			502,049			521,204			5,282,237			17,811,296			836,021			4,092,869			(158,237)			398,413			1,758,808			1,083,947
Net increase (decrease) in net assets resulting from operations			$	449,579		$	451,071		$	5,000,578		$	16,922,709		$	793,644		$	3,912,202		$	326,491		$	397,348		$	1,685,914		$	1,091,643
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
			Putnam VT International Equity Fund			Putnam VT Core Equity Fund			Putnam VT Sustainable Leaders Fund			Putnam VT Small Cap Value Fund			Putnam VT George Putnam Balanced Fund			Putnam VT Large Cap Value Fund			Invesco V.I. Growth and Income Fund			Invesco V.I. Comstock Fund			Invesco V.I. American Franchise Fund			Allspring VT Index Asset Allocation Fund
			Sub-Account			Sub-Account (7)			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Investment income:
Dividends			$	6,951		$	56,918		$	52,275		$	22,310		$	43,407		$	276,740		$	473,682		$	591,667		$	—		$	1,923
Expenses:
Administrative charges			(34,191)			(21,051)			—			(25,520)			(5,884)			—			(53,955)			(59,787)			(970)			(373)
Mortality and expense risk charges			(282,880)			(154,551)			(132,129)			(209,874)			(45,207)			(204,968)			(525,464)			(607,057)			(19,486)			(3,206)
Total expenses			(317,071)			(175,602)			(132,129)			(235,394)			(51,091)			(204,968)			(579,419)			(666,844)			(20,456)			(3,579)
Net investment income (loss)			(310,120)			(118,684)			(79,854)			(213,084)			(7,684)			71,772			(105,737)			(75,177)			(20,456)			(1,656)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions			(222,439)			61,396			183,055			(514,513)			14,896			396,580			34,581			1,531,906			(10,534)			(46)
Net realized gain distributions			—			1,020,820			320,430			1,717,898			—			775,747			4,471,493			4,261,022			23,786			6,224
Change in unrealized appreciation (depreciation) during the period			3,496,561			1,681,252			1,658,185			1,872,857			562,682			532,347			(848,646)			(2,096,695)			313,998			23,024
Net gain (loss) on investments			3,274,122			2,763,468			2,161,670			3,076,242			577,578			1,704,674			3,657,428			3,696,233			327,250			29,202
Net increase (decrease) in net assets resulting from operations			$	2,964,002		$	2,644,784		$	2,081,816		$	2,863,158		$	569,894		$	1,776,446		$	3,551,691		$	3,621,056		$	306,794		$	27,546
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (concluded)
For the Periods Ended December 31, 2023
			Allspring VT International Equity Fund			Allspring VT Small Cap Growth Fund			Allspring VT Discovery SMID Cap Growth Fund			Allspring VT Opportunity Fund			Morgan Stanley VIF Global Infrastructure Portfolio			MFS® Core Equity Portfolio			MFS® Massachusetts Investors Growth Stock Portfolio
			Sub-Account			Sub-Account			Sub-Account (8)			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Investment income:
Dividends			$	264		$	—		$	—		$	—		$	165,341		$	19,849		$	8,215
Expenses:
Administrative charges			—			(980)			—			—			—			—			—
Mortality and expense risk charges			(218)			(6,629)			(1,251)			(254)			(107,557)			(70,664)			(51,650)
Total expenses			(218)			(7,609)			(1,251)			(254)			(107,557)			(70,664)			(51,650)
Net investment income (loss)			46			(7,609)			(1,251)			(254)			57,784			(50,815)			(43,435)
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions			(2,160)			(27,029)			(5,078)			18			(317,664)			23,802			10,756
Net realized gain distributions			—			—			—			1,853			945,414			177,039			142,129
Change in unrealized appreciation (depreciation) during the period			4,817			48,260			24,206			3,244			(476,033)			548,346			410,023
Net gain (loss) on investments			2,657			21,231			19,128			5,115			151,717			749,187			562,908
Net increase (decrease) in net assets resulting from operations			$	2,703		$	13,622		$	17,877		$	4,861		$	209,501		$	698,372		$	519,473
The accompanying notes are an integral part of these financial statements.

(1) Formerly AB VPS Small/Mid Cap Value Portfolio. Change effective May 1, 2023.
(2) Formerly AB VPS Growth and Income Portfolio. Change effective May 1, 2023.
(3) Formerly Allspring VT Omega Growth Fund. Change effective May 1, 2023.
(4) Liquidated as of July 28, 2023.
(5) Liquidated as of September 18, 2023.
(6) Formerly Putnam VT Growth Opportunities Fund. Change effective April 30, 2023.
(7) Formerly Putnam VT Multi-Cap Core Fund. Change effective April 30, 2023.
(8) Formerly Allspring VT Discovery Fund. Change effective May 1, 2023.

---

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets
For the Periods Ended December 31, 2023
			AB VPS Balanced Hedged Allocation Portfolio			AB VPS International Value Portfolio			AB VPS Discovery Value Portfolio			AB VPS Sustainable International Thematic Portfolio			Invesco V.I. Government Securities Fund			Invesco V.I. High Yield Fund			Invesco V.I. EQV International Equity Fund			Invesco V.I. Diversified Dividend Fund			Invesco V.I. Government Money Market Fund			AB VPS Relative Value Portfolio
			Sub-Account			Sub-Account			Sub-Account (1)			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account (2)
Operations:
Net investment income (loss)			$	(68,563)		$	(266,609)		$	(67,596)		$	(30,488)		$	37,336		$	139,363		$	(3,594)		$	120,061		$	1,939,835		$	(56,824)
Net realized gain (loss) on security transactions			(457,034)			(690,402)			(143,492)			(81,571)			(144,473)			(91,558)			1,776			946,654			—			(185,978)
Net realized gain distributions			585,814			—			781,925			76,101			—			—			254			2,438,807			—			1,420,903
Change in unrealized appreciation (depreciation) during the period			1,145,389			4,633,526			718,008			243,178			299,946			253,956			58,267			(1,384,522)			—			440,958
Net increase (decrease) in net assets resulting from operations			1,205,606			3,676,515			1,288,845			207,220			192,809			301,761			56,703			2,121,000			1,939,835			1,619,059
Unit transactions:
Purchases			430			83,309			23,978			5,523			3,577			575,072			—			161,591			410,591			94,888
Net transfers			185,621			(2,875,091)			(362,939)			(29,012)			3,520,256			446,244			(63,131)			(741,167)			25,827,700			(495,459)
Surrenders for benefit payments and fees			(1,013,701)			(2,575,614)			(783,421)			(194,565)			(951,581)			(207,101)			(22,936)			(2,564,539)			(11,157,474)			(1,457,658)
Other transactions			6			1,449			(2)			(6)			217			6			—			(477)			5,375			582
Death benefits			(349,166)			(375,755)			(195,453)			(42,762)			(361,139)			(826,404)			(3,852)			(1,267,180)			(2,703,856)			(305,104)
Net annuity transactions			(12,025)			(25,027)			(4,322)			(3,231)			48,789			(43,033)			—			(277,173)			366,900			(27,685)
Net increase (decrease) in net assets resulting from unit transactions			(1,188,835)			(5,766,729)			(1,322,159)			(264,053)			2,260,119			(55,216)			(89,919)			(4,688,945)			12,749,236			(2,190,436)
Net increase (decrease) in net assets			16,771			(2,090,214)			(33,314)			(56,833)			2,452,928			246,545			(33,216)			(2,567,945)			14,689,071			(571,377)
Net assets:
Beginning of period			11,643,421			30,889,304			9,412,772			2,063,403			4,208,419			3,746,404			387,273			32,790,621			57,199,318			17,717,264
End of period			$	11,660,192		$	28,799,090		$	9,379,458		$	2,006,570		$	6,661,347		$	3,992,949		$	354,057		$	30,222,676		$	71,888,389		$	17,145,887
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
			American Funds Insurance Series® The Bond Fund of America®			American Funds Insurance Series® Global Growth Fund			American Funds Insurance Series® Growth Fund			American Funds Insurance Series® Growth-Income Fund			American Funds Insurance Series® International Fund			American Funds Insurance Series® Global Small Capitalization Fund			Allspring VT Discovery All Cap Growth Fund			Fidelity® VIP Equity-Income Portfolio			Fidelity® VIP Growth Portfolio			Fidelity® VIP Contrafund® Portfolio
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account (3)			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	46,422		$	(193,916)		$	(2,067,241)		$	(537,215)		$	(122,113)		$	(118,004)		$	(8,552)		$	27,335		$	(334,154)		$	(1,588,915)
Net realized gain (loss) on security transactions			(48,348)			400,795			3,084,302			2,196,091			(213,788)			(171,065)			(24,565)			109,148			319,109			3,971,661
Net realized gain distributions			—			1,380,442			7,171,690			4,655,748			—			93,396			58,516			725,751			1,025,310			4,571,852
Change in unrealized appreciation (depreciation) during the period			80,169			1,734,256			30,242,205			12,392,781			2,814,214			1,132,374			127,440			1,197,062			5,009,579			27,146,455
Net increase (decrease) in net assets resulting from operations			78,243			3,321,577			38,430,956			18,707,405			2,478,313			936,701			152,839			2,059,296			6,019,844			34,101,053
Unit transactions:
Purchases			50,000			73,395			267,932			453,862			82,958			21,109			—			72,494			63,427			345,490
Net transfers			84,429			(255,603)			(1,723,778)			(63,402)			(304,703)			(156,717)			(11,430)			(72,967)			803,956			(4,059,587)
Surrenders for benefit payments and fees			(149,178)			(842,019)			(11,211,457)			(7,180,571)			(1,543,728)			(406,399)			(68,930)			(2,018,606)			(1,569,730)			(12,207,984)
Other transactions			(1)			(1)			1,336			2,316			83			(26)			1			829			483			166
Death benefits			(11,201)			(521,444)			(2,908,312)			(2,833,628)			(643,793)			(90,469)			(10,107)			(580,791)			(200,794)			(3,065,948)
Net annuity transactions			—			(44,526)			(294,470)			(384,462)			(45,615)			(11,882)			(10,646)			20,611			659			(37,160)
Net increase (decrease) in net assets resulting from unit transactions			(25,951)			(1,590,198)			(15,868,749)			(10,005,885)			(2,454,798)			(644,384)			(101,112)			(2,578,430)			(901,999)			(19,025,023)
Net increase (decrease) in net assets			52,292			1,731,379			22,562,207			8,701,520			23,515			292,317			51,727			(519,134)			5,117,845			15,076,030
Net assets:
Beginning of period			2,092,867			17,212,532			114,515,182			84,486,636			19,212,367			7,053,901			514,887			25,695,477			18,537,815			117,636,444
End of period			$	2,145,159		$	18,943,911		$	137,077,389		$	93,188,156		$	19,235,882		$	7,346,218		$	566,614		$	25,176,343		$	23,655,660		$	132,712,474
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
			Fidelity® VIP Mid Cap Portfolio			Fidelity® VIP Value Strategies Portfolio			Fidelity® VIP Dynamic Capital Appreciation Portfolio			Franklin Income VIP Fund			Franklin Small-Mid Cap Growth VIP Fund			Franklin Small Cap Value VIP Fund			Franklin Strategic Income VIP Fund			Franklin Mutual Shares VIP Fund			Templeton Developing Markets VIP Fund			Templeton Growth VIP Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	(360,309)		$	(46,338)		$	(57,732)		$	39,841		$	(240,587)		$	(2,131)		$	406,891		$	(30,757)		$	10,762		$	65,164
Net realized gain (loss) on security transactions			(23,293)			(19,759)			45,804			2,268			(755,321)			(8,424)			(523,700)			(208,731)			(65,232)			(30,801)
Net realized gain distributions			873,931			179,686			211,231			63,122			—			20,797			—			1,871,277			2,366			—
Change in unrealized appreciation (depreciation) during the period			3,311,183			675,014			775,391			(32,154)			3,684,533			32,440			1,048,164			703,625			365,907			730,748
Net increase (decrease) in net assets resulting from operations			3,801,512			788,603			974,694			73,077			2,688,625			42,682			931,355			2,335,414			313,803			765,111
Unit transactions:
Purchases			41,086			10,118			17,969			—			15,200			—			25,728			58,477			2,400			10,079
Net transfers			178,212			(1,128,040)			149,210			34,048			8,688			3,116			511,849			(44,806)			(166,186)			(63,828)
Surrenders for benefit payments and fees			(2,631,788)			(406,611)			(419,374)			(63,064)			(785,005)			(59,598)			(1,047,411)			(1,378,425)			(139,444)			(344,003)
Other transactions			154			(13)			2			—			37			—			465			(63)			10			2
Death benefits			(431,637)			(243,257)			(70,442)			(66,220)			(296,611)			(2,575)			(609,113)			(554,217)			(181,995)			(223,281)
Net annuity transactions			(97,318)			(7,673)			(13,751)			(2,977)			18,570			—			(11,086)			(69,919)			2,348			7,646
Net increase (decrease) in net assets resulting from unit transactions			(2,941,291)			(1,775,476)			(336,386)			(98,213)			(1,039,121)			(59,057)			(1,129,568)			(1,988,953)			(482,867)			(613,385)
Net increase (decrease) in net assets			860,221			(986,873)			638,308			(25,136)			1,649,504			(16,375)			(198,213)			346,461			(169,064)			151,726
Net assets:
Beginning of period			30,811,771			5,888,265			3,799,595			1,042,038			11,704,426			403,241			15,704,952			22,108,022			3,235,081			4,360,790
End of period			$	31,671,992		$	4,901,392		$	4,437,903		$	1,016,902		$	13,353,930		$	386,866		$	15,506,739		$	22,454,483		$	3,066,017		$	4,512,516
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
			Franklin Mutual Global Discovery VIP Fund			Templeton Global Bond VIP Fund			Hartford Balanced HLS Fund			Hartford Total Return Bond HLS Fund			Hartford Capital Appreciation HLS Fund			Hartford Dividend and Growth HLS Fund			Hartford Disciplined Equity HLS Fund			Hartford International Opportunities HLS Fund			Hartford MidCap HLS Fund			Hartford Ultrashort Bond HLS Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	1,180		$	(3,250)		$	53,919		$	4,902,501		$	(282,099)		$	38,173		$	(1,191,181)		$	(177,642)		$	(118,961)		$	(168,727)
Net realized gain (loss) on security transactions			52			(34,909)			(19,188)			(8,286,985)			(247,298)			137,053			2,585,237			37,405			(355,287)			89,026
Net realized gain distributions			4,815			—			677,558			—			682,447			14,791,761			983,492			—			527,742			—
Change in unrealized appreciation (depreciation) during the period			9,636			46,007			2,200,128			16,033,663			6,574,817			5,062,198			24,789,804			5,157,705			863,672			2,122,742
Net increase (decrease) in net assets resulting from operations			15,683			7,848			2,912,417			12,649,179			6,727,867			20,029,185			27,167,352			5,017,468			917,166			2,043,041
Unit transactions:
Purchases			—			—			123,398			405,550			17,086			438,209			340,970			79,171			7,206			213,552
Net transfers			(535)			(69,494)			(80,177)			14,883,936			(793,742)			(1,043,715)			(2,590,223)			467,595			(27,705)			554,521
Surrenders for benefit payments and fees			(9,665)			(48,667)			(2,053,015)			(28,649,816)			(3,907,654)			(16,753,590)			(13,968,394)			(5,356,465)			(699,003)			(6,238,228)
Other transactions			—			—			(29)			2,580			32			925			2,847			563			19			1,219
Death benefits			(23)			(94)			(678,490)			(7,101,786)			(941,857)			(4,464,002)			(2,890,874)			(1,023,072)			(135,523)			(1,226,390)
Net annuity transactions			—			(740)			39,777			40,492			(27,224)			(114,096)			(347,990)			(59,761)			(11,511)			34,425
Net increase (decrease) in net assets resulting from unit transactions			(10,223)			(118,995)			(2,648,536)			(20,419,044)			(5,653,359)			(21,936,269)			(19,453,664)			(5,891,969)			(866,517)			(6,660,901)
Net increase (decrease) in net assets			5,460			(111,147)			263,881			(7,769,865)			1,074,508			(1,907,084)			7,713,688			(874,501)			50,649			(4,617,860)
Net assets:
Beginning of period			88,503			409,230			24,080,372			250,847,323			39,989,581			175,024,483			149,691,366			52,618,775			7,536,681			61,308,285
End of period			$	93,963		$	298,083		$	24,344,253		$	243,077,458		$	41,064,089		$	173,117,399		$	157,405,054		$	51,744,274		$	7,587,330		$	56,690,425
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
			Hartford Small Company HLS Fund			Hartford SmallCap Growth HLS Fund			Hartford Stock HLS Fund			Lord Abbett Series Fund - Fundamental Equity Portfolio			Lord Abbett Series Fund - Dividend Growth Portfolio			Lord Abbett Series Fund - Bond Debenture Portfolio			Lord Abbett Series Fund - Growth and Income Portfolio			MFS® Growth Series			MFS® Investors Trust Series			MFS® Total Return Series
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	(245,699)		$	(179,949)		$	(52,331)		$	(128,080)		$	(42,002)		$	784,914		$	(248,853)		$	(83,903)		$	(54,201)		$	31,447
Net realized gain (loss) on security transactions			(1,180,801)			(305,327)			339,681			(170,978)			(4,389)			(604,272)			486,119			69,134			127,486			105,767
Net realized gain distributions			—			—			513,206			461,189			460,672			—			965,889			346,497			243,596			1,432,611
Change in unrealized appreciation (depreciation) during the period			3,786,765			2,225,361			(210,650)			1,820,845			739,365			892,901			4,122,970			949,676			344,044			1,134,937
Net increase (decrease) in net assets resulting from operations			2,360,265			1,740,085			589,906			1,982,976			1,153,646			1,073,543			5,326,125			1,281,404			660,925			2,704,762
Unit transactions:
Purchases			31,018			28,878			11,938			3,020			29,172			67,802			77,259			3,069			3,434			54,026
Net transfers			(110,206)			(148,671)			(1,070,215)			(141,352)			(283,693)			50,412			559,123			3,737			84,546			293,308
Surrenders for benefit payments and fees			(1,839,386)			(919,734)			(570,441)			(2,068,205)			(983,378)			(1,960,000)			(5,196,918)			(176,941)			(403,773)			(2,264,839)
Other transactions			338			382			(11)			135			42			207			1,899			(5)			(21)			46
Death benefits			(422,641)			(131,504)			(170,741)			(358,100)			(250,303)			(589,689)			(1,373,620)			(123,127)			(89,893)			(748,409)
Net annuity transactions			32,793			(13,383)			(9,258)			(17,743)			(4,003)			(36,911)			67,036			84,785			(16,041)			(49,897)
Net increase (decrease) in net assets resulting from unit transactions			(2,308,084)			(1,184,032)			(1,808,728)			(2,582,245)			(1,492,163)			(2,468,179)			(5,865,221)			(208,482)			(421,748)			(2,715,765)
Net increase (decrease) in net assets			52,181			556,053			(1,218,822)			(599,269)			(338,517)			(1,394,636)			(539,096)			1,072,922			239,177			(11,003)
Net assets:
Beginning of period			16,761,274			11,105,748			11,762,997			16,735,886			8,740,660			23,591,192			49,591,893			3,931,578			4,229,997			34,594,256
End of period			$	16,813,455		$	11,661,801		$	10,544,175		$	16,136,617		$	8,402,143		$	22,196,556		$	49,052,797		$	5,004,500		$	4,469,174		$	34,583,253
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
			MFS® Value Series			BlackRock S&P 500 Index V.I. Fund			Invesco V.I. Equity and Income Fund			Morgan Stanley VIF Core Plus Fixed Income Portfolio			Morgan Stanley VIF Emerging Markets Debt Portfolio			Morgan Stanley VIF Emerging Markets Equity Portfolio			Morgan Stanley VIF Growth Portfolio			Morgan Stanley VIF Discovery Portfolio			Invesco V.I. American Value Fund			Invesco V.I. Equally-Weighted S&P 500 Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account (4)			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	2,510		$	(33,112)		$	22,781		$	653,647		$	91,372		$	(18,200)		$	(882,238)		$	(83,777)		$	(207,010)		$	(201,324)
Net realized gain (loss) on security transactions			36,584			179,434			35,867			(5,946,721)			(173,950)			(259,064)			(10,051,198)			(1,460,765)			(146,694)			1,530,612
Net realized gain distributions			51,748			693,225			691,417			—			—			159,212			—			—			3,827,285			2,813,830
Change in unrealized appreciation (depreciation) during the period			(43,049)			2,877,416			350,797			5,645,968			196,269			982,789			32,724,689			3,630,451			(1,152,073)			83,078
Net increase (decrease) in net assets resulting from operations			47,793			3,716,963			1,100,862			352,894			113,691			864,737			21,791,253			2,085,909			2,321,508			4,226,196
Unit transactions:
Purchases			—			99,935			31,366			41,880			78,095			22,420			387,132			4,118			9,713			142,237
Net transfers			(68,011)			860,931			55,121			(20,244,264)			(33,588)			183,670			(1,292,392)			21,643			(456,985)			351,094
Surrenders for benefit payments and fees			(50,513)			(952,218)			(1,290,875)			(912,184)			(101,306)			(729,578)			(3,403,351)			(385,415)			(1,453,250)			(2,217,190)
Other transactions			—			(9)			(1,723)			299			(13)			6			2,051			36			149			(48)
Death benefits			(10,150)			(493,262)			(635,269)			(710,748)			(282,679)			(239,239)			(2,094,195)			(63,978)			(416,558)			(1,638,491)
Net annuity transactions			—			(23,647)			(202,106)			(575,444)			(3,071)			(19,422)			(915,881)			(3,445)			22,348			(484,850)
Net increase (decrease) in net assets resulting from unit transactions			(128,674)			(508,270)			(2,043,486)			(22,400,461)			(342,562)			(782,143)			(7,316,636)			(427,041)			(2,294,583)			(3,847,248)
Net increase (decrease) in net assets			(80,881)			3,208,693			(942,624)			(22,047,567)			(228,871)			82,594			14,474,617			1,658,868			26,925			378,948
Net assets:
Beginning of period			834,433			15,610,912			14,259,262			22,047,566			1,483,061			9,219,948			49,675,229			5,120,510			19,094,793			39,026,163
End of period			$	753,552		$	18,819,605		$	13,316,638		$	(1)		$	1,254,190		$	9,302,542		$	64,149,846		$	6,779,378		$	19,121,718		$	39,405,111
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
			Morgan Stanley VIF Global Franchise Portfolio			Invesco V.I. Discovery Mid Cap Growth Fund			Invesco V.I. Capital Appreciation Fund			Invesco V.I. Global Fund			Invesco V.I. Main Street Fund®			Invesco V.I. Main Street Small Cap Fund®			Putnam VT Diversified Income Fund			Putnam VT Global Asset Allocation Fund			Putnam VT Large Cap Growth Fund			Putnam VT International Value Fund
			Sub-Account (5)			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account (6)			Sub-Account
Operations:
Net investment income (loss)			$	(52,470)		$	(70,133)		$	(281,659)		$	(888,587)		$	(42,377)		$	(180,667)		$	484,728		$	(1,065)		$	(72,894)		$	7,696
Net realized gain (loss) on security transactions			(1,185,344)			(253,122)			(686,800)			(580,308)			(202,457)			362,451			(600,614)			(9,055)			30,147			236,615
Net realized gain distributions			296,222			—			—			6,953,568			282,719			—			—			—			60,868			—
Change in unrealized appreciation (depreciation) during the period			1,391,171			774,326			5,969,037			11,438,036			755,759			3,730,418			442,377			407,468			1,667,793			847,332
Net increase (decrease) in net assets resulting from operations			449,579			451,071			5,000,578			16,922,709			793,644			3,912,202			326,491			397,348			1,685,914			1,091,643
Unit transactions:
Purchases			11,562			22,778			76,167			133,158			2,511			87,823			81,399			5,268			2,606			1,333
Net transfers			(5,296,573)			59,923			(480,726)			(3,007,804)			(164,122)			605,091			92,513			513			1,658,380			181,642
Surrenders for benefit payments and fees			(244,394)			(315,699)			(1,384,719)			(6,330,944)			(411,728)			(2,493,978)			(875,413)			(264,703)			(253,989)			(924,678)
Other transactions			(2)			179			610			84			30			571			(22)			—			29			(5)
Death benefits			(281,482)			(48,926)			(314,462)			(1,609,679)			(40,055)			(441,948)			(340,996)			(36,729)			(31,219)			(161,537)
Net annuity transactions			(46,786)			(1,525)			(23,620)			67,269			(15)			(32,639)			19,204			(8,095)			(1,167)			3,489
Net increase (decrease) in net assets resulting from unit transactions			(5,857,675)			(283,270)			(2,126,750)			(10,747,916)			(613,379)			(2,275,080)			(1,023,315)			(303,746)			1,374,640			(899,756)
Net increase (decrease) in net assets			(5,408,096)			167,801			2,873,828			6,174,793			180,265			1,637,122			(696,824)			93,602			3,060,554			191,887
Net assets:
Beginning of period			5,408,096			4,241,722			15,673,786			56,472,032			4,074,005			25,536,594			11,138,197			2,714,290			3,780,765			6,845,663
End of period			$	—		$	4,409,523		$	18,547,614		$	62,646,825		$	4,254,270		$	27,173,716		$	10,441,373		$	2,807,892		$	6,841,319		$	7,037,550
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
			Putnam VT International Equity Fund			Putnam VT Core Equity Fund			Putnam VT Sustainable Leaders Fund			Putnam VT Small Cap Value Fund			Putnam VT George Putnam Balanced Fund			Putnam VT Large Cap Value Fund			Invesco V.I. Growth and Income Fund			Invesco V.I. Comstock Fund			Invesco V.I. American Franchise Fund			Allspring VT Index Asset Allocation Fund
			Sub-Account			Sub-Account (7)			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	(310,120)		$	(118,684)		$	(79,854)		$	(213,084)		$	(7,684)		$	71,772		$	(105,737)		$	(75,177)		$	(20,456)		$	(1,656)
Net realized gain (loss) on security transactions			(222,439)			61,396			183,055			(514,513)			14,896			396,580			34,581			1,531,906			(10,534)			(46)
Net realized gain distributions			—			1,020,820			320,430			1,717,898			—			775,747			4,471,493			4,261,022			23,786			6,224
Change in unrealized appreciation (depreciation) during the period			3,496,561			1,681,252			1,658,185			1,872,857			562,682			532,347			(848,646)			(2,096,695)			313,998			23,024
Net increase (decrease) in net assets resulting from operations			2,964,002			2,644,784			2,081,816			2,863,158			569,894			1,776,446			3,551,691			3,621,056			306,794			27,546
Unit transactions:
Purchases			65,407			10,954			3,547			40,811			3,418			4,894			72,555			74,348			—			—
Net transfers			(1,291,799)			1,032,210			(740,278)			180,327			(44,675)			252,666			(550,650)			(2,177,827)			(6,079)			60
Surrenders for benefit payments and fees			(1,611,305)			(716,286)			(1,220,271)			(1,335,943)			(269,801)			(955,126)			(2,902,016)			(3,945,995)			(39,625)			(2,773)
Other transactions			934			336			(10)			688			(10)			633			282			935			1			1
Death benefits			(228,782)			(181,138)			(322,867)			(192,427)			(40,164)			(322,214)			(947,377)			(800,307)			(1,953)			—
Net annuity transactions			(31,551)			(13,360)			1,062			(28,898)			(21,900)			(24,538)			(104,368)			(97,391)			(4)			—
Net increase (decrease) in net assets resulting from unit transactions			(3,097,096)			132,716			(2,278,817)			(1,335,442)			(373,132)			(1,043,685)			(4,431,574)			(6,946,237)			(47,660)			(2,712)
Net increase (decrease) in net assets			(133,094)			2,777,500			(197,001)			1,527,716			196,762			732,761			(879,883)			(3,325,181)			259,134			24,834
Net assets:
Beginning of period			19,725,017			10,344,773			9,586,534			13,881,093			3,337,391			13,265,227			36,727,104			40,765,517			844,666			189,663
End of period			$	19,591,923		$	13,122,273		$	9,389,533		$	15,408,809		$	3,534,153		$	13,997,988		$	35,847,221		$	37,440,336		$	1,103,800		$	214,497
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (concluded)
For the Periods Ended December 31, 2023
			Allspring VT International Equity Fund			Allspring VT Small Cap Growth Fund			Allspring VT Discovery SMID Cap Growth Fund			Allspring VT Opportunity Fund			Morgan Stanley VIF Global Infrastructure Portfolio			MFS® Core Equity Portfolio			MFS® Massachusetts Investors Growth Stock Portfolio
			Sub-Account			Sub-Account			Sub-Account (8)			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	46		$	(7,609)		$	(1,251)		$	(254)		$	57,784		$	(50,815)		$	(43,435)
Net realized gain (loss) on security transactions			(2,160)			(27,029)			(5,078)			18			(317,664)			23,802			10,756
Net realized gain distributions			—			—			—			1,853			945,414			177,039			142,129
Change in unrealized appreciation (depreciation) during the period			4,817			48,260			24,206			3,244			(476,033)			548,346			410,023
Net increase (decrease) in net assets resulting from operations			2,703			13,622			17,877			4,861			209,501			698,372			519,473
Unit transactions:
Purchases			—			24			—			—			—			—			3,270
Net transfers			(1,689)			70,376			(15,469)			—			(96,590)			571,429			114,296
Surrenders for benefit payments and fees			(3,510)			(72,191)			(2,565)			(1,633)			(523,087)			(151,902)			(103,264)
Other transactions			—			—			(1)			2			1,423			(2)			18
Death benefits			—			(13,687)			—			—			(550,152)			(192,267)			(14,760)
Net annuity transactions			—			(4,827)			—			—			(208,388)			(3,000)			(36,987)
Net increase (decrease) in net assets resulting from unit transactions			(5,199)			(20,305)			(18,035)			(1,631)			(1,376,794)			224,258			(37,427)
Net increase (decrease) in net assets			(2,496)			(6,683)			(158)			3,230			(1,167,293)			922,630			482,046
Net assets:
Beginning of period			21,834			497,816			102,131			20,180			7,611,537			3,180,077			2,435,860
End of period			$	19,338		$	491,133		$	101,973		$	23,410		$	6,444,244		$	4,102,707		$	2,917,906
The accompanying notes are an integral part of these financial statements.

(1) Formerly AB VPS Small/Mid Cap Value Portfolio. Change effective May 1, 2023.
(2) Formerly AB VPS Growth and Income Portfolio. Change effective May 1, 2023.
(3) Formerly Allspring VT Omega Growth Fund. Change effective May 1, 2023.
(4) Liquidated as of July 28, 2023.
(5) Liquidated as of September 18, 2023.
(6) Formerly Putnam VT Growth Opportunities Fund. Change effective April 30, 2023.
(7) Formerly Putnam VT Multi-Cap Core Fund. Change effective April 30, 2023.
(8) Formerly Allspring VT Discovery Fund. Change effective May 1, 2023.

---

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets
For the Periods Ended December 31, 2022
			AB VPS Balanced Hedged Allocation Portfolio			AB VPS International Value Portfolio			AB VPS Small/Mid Cap Value Portfolio			AB VPS Sustainable International Thematic Portfolio			Invesco V.I. Government Securities Fund			Invesco V.I. High Yield Fund			Invesco V.I. EQV International Equity Fund			Invesco V.I. Diversified Dividend Fund			Invesco V.I. Government Money Market Fund			AB VPS Growth and Income Portfolio
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	210,316		$	816,737		$	(82,219)		$	(34,839)		$	(19,548)		$	107,188		$	1,634		$	108,406		$	(95,555)		$	(100,506)
Net realized gain (loss) on security transactions			(258,149)			(628,252)			108,871			(53,605)			(115,224)			(78,992)			4,673			1,192,668			—			313,142
Net realized gain distributions			1,344,950			—			1,599,549			389,649			—			—			45,431			4,149,925			—			3,112,885
Change in unrealized appreciation (depreciation) during the period			(4,458,262)			(5,562,746)			(3,833,336)			(1,164,916)			(479,828)			(544,380)			(143,680)			(6,594,579)			—			(4,621,850)
Net increase (decrease) in net assets resulting from operations			(3,161,145)			(5,374,261)			(2,207,135)			(863,711)			(614,600)			(516,184)			(91,942)			(1,143,580)			(95,555)			(1,296,329)
Unit transactions:
Purchases			263,192			185,314			82,612			9,599			985			12,845			3,534			311,711			456,322			145,486
Net transfers			257,886			2,764,775			(1,288,456)			216,595			331,353			14,233			26,939			1,637,319			13,549,945			(754,077)
Surrenders for benefit payments and fees			(1,158,021)			(2,669,055)			(936,052)			(265,883)			(504,863)			(343,169)			(30,862)			(1,838,277)			(9,375,597)			(1,902,067)
Other transactions			675			935			117			(1)			87			5			—			138			2,826			819
Death benefits			(443,006)			(573,338)			(134,853)			(31,018)			(65,250)			(82,752)			(1,293)			(1,256,926)			(2,056,050)			(352,682)
Net annuity transactions			(27,477)			(44,145)			(12,741)			(3,479)			16,821			(32,399)			—			(156,903)			(129,061)			(49,300)
Net increase (decrease) in net assets resulting from unit transactions			(1,106,751)			(335,514)			(2,289,373)			(74,187)			(220,867)			(431,237)			(1,682)			(1,302,938)			2,448,385			(2,911,821)
Net increase (decrease) in net assets			(4,267,896)			(5,709,775)			(4,496,508)			(937,898)			(835,467)			(947,421)			(93,624)			(2,446,518)			2,352,830			(4,208,150)
Net assets:
Beginning of period			15,911,317			36,599,079			13,909,280			3,001,301			5,043,886			4,693,825			480,897			35,237,139			54,846,488			21,925,414
End of period			$	11,643,421		$	30,889,304		$	9,412,772		$	2,063,403		$	4,208,419		$	3,746,404		$	387,273		$	32,790,621		$	57,199,318		$	17,717,264
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
			American Funds Insurance Series® The Bond Fund of America®			American Funds Insurance Series® Global Growth Fund			American Funds Insurance Series® Growth Fund			American Funds Insurance Series® Growth-Income Fund			American Funds Insurance Series® International Fund			American Funds Insurance Series® Global Small Capitalization Fund			Allspring VT Omega Growth Fund			Fidelity® VIP Equity-Income Portfolio			Fidelity® VIP Growth Portfolio			Fidelity® VIP Contrafund® Portfolio
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	36,186		$	(254,611)		$	(2,304,981)		$	(666,790)		$	(43,069)		$	(151,624)		$	(8,902)		$	17,291		$	(270,002)		$	(1,704,140)
Net realized gain (loss) on security transactions			(43,731)			965,308			3,899,250			2,868,687			82,455			(1,106)			(3,066)			283,434			580,854			3,441,263
Net realized gain distributions			28,201			2,167,335			19,776,988			9,188,422			2,916,380			2,680,730			139,706			912,916			1,640,521			6,563,047
Change in unrealized appreciation (depreciation) during the period			(385,107)			(9,651,578)			(77,222,560)			(31,558,961)			(8,753,384)			(5,835,411)			(432,199)			(3,272,673)			(8,937,359)			(56,133,244)
Net increase (decrease) in net assets resulting from operations			(364,451)			(6,773,546)			(55,851,303)			(20,168,642)			(5,797,618)			(3,307,411)			(304,461)			(2,059,032)			(6,985,986)			(47,833,074)
Unit transactions:
Purchases			11,400			224,222			829,722			833,441			114,595			2,283			—			139,050			37,526			402,188
Net transfers			(112,817)			(656,512)			(1,020,672)			777,512			175,434			106,708			99,637			(1,124,387)			(1,811,924)			3,034,078
Surrenders for benefit payments and fees			(164,087)			(1,344,250)			(8,959,629)			(7,071,236)			(1,255,045)			(427,688)			(50,356)			(2,202,942)			(1,744,713)			(11,738,513)
Other transactions			—			(175)			2,196			(616)			66			(168)			10			702			851			899
Death benefits			(10,564)			(824,503)			(3,301,317)			(2,343,384)			(429,798)			(152,140)			(7,199)			(447,689)			(315,784)			(3,832,713)
Net annuity transactions			—			(64,243)			(656,350)			(531,425)			(100,970)			(32,724)			8,552			(49,352)			(36,800)			(313,579)
Net increase (decrease) in net assets resulting from unit transactions			(276,068)			(2,665,461)			(13,106,050)			(8,335,708)			(1,495,718)			(503,729)			50,644			(3,684,618)			(3,870,844)			(12,447,640)
Net increase (decrease) in net assets			(640,519)			(9,439,007)			(68,957,353)			(28,504,350)			(7,293,336)			(3,811,140)			(253,817)			(5,743,650)			(10,856,830)			(60,280,714)
Net assets:
Beginning of period			2,733,386			26,651,539			183,472,535			112,990,986			26,505,703			10,865,041			768,704			31,439,127			29,394,645			177,917,158
End of period			$	2,092,867		$	17,212,532		$	114,515,182		$	84,486,636		$	19,212,367		$	7,053,901		$	514,887		$	25,695,477		$	18,537,815		$	117,636,444
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
			Fidelity® VIP Mid Cap Portfolio			Fidelity® VIP Value Strategies Portfolio			Fidelity® VIP Dynamic Capital Appreciation Portfolio			Franklin Income VIP Fund			Franklin Small-Mid Cap Growth VIP Fund			Franklin Small Cap Value VIP Fund			Franklin Strategic Income VIP Fund			Franklin Mutual Shares VIP Fund			Templeton Developing Markets VIP Fund			Templeton Growth VIP Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	(443,881)		$	(46,870)		$	(62,084)		$	40,572		$	(267,106)		$	(513)		$	421,416		$	(48,598)		$	32,483		$	(81,882)
Net realized gain (loss) on security transactions			13,359			(30,771)			111,783			20,751			(411,577)			11,266			(470,454)			39,107			40,382			(80,393)
Net realized gain distributions			2,306,042			272,511			562,888			21,724			3,512,875			76,510			—			2,608,573			258,941			—
Change in unrealized appreciation (depreciation) during the period			(8,525,596)			(819,423)			(1,785,238)			(162,416)			(9,419,024)			(137,795)			(2,347,261)			(5,087,313)			(1,334,615)			(548,459)
Net increase (decrease) in net assets resulting from operations			(6,650,076)			(624,553)			(1,172,651)			(79,369)			(6,584,832)			(50,532)			(2,396,299)			(2,488,231)			(1,002,809)			(710,734)
Unit transactions:
Purchases			96,241			3,132			15,172			21,508			16,472			2,186			48,303			92,518			2,400			75,812
Net transfers			(352,110)			1,510,770			(386,002)			(74,934)			168,373			(53,262)			(369,495)			(487,373)			46,978			(17,970)
Surrenders for benefit payments and fees			(3,221,037)			(315,612)			(325,517)			(54,241)			(747,389)			(16,986)			(1,143,065)			(2,071,476)			(218,710)			(436,990)
Other transactions			(288)			(121)			(17)			—			(309)			—			100			40			64			190
Death benefits			(484,388)			(21,758)			(6,402)			(49,915)			(203,228)			(450)			(483,114)			(369,066)			(34,296)			(120,838)
Net annuity transactions			(42,803)			32,135			(17,455)			(2,993)			(23,444)			—			(102,360)			(64,305)			(3,834)			(31,244)
Net increase (decrease) in net assets resulting from unit transactions			(4,004,385)			1,208,546			(720,221)			(160,575)			(789,525)			(68,512)			(2,049,631)			(2,899,662)			(207,398)			(531,040)
Net increase (decrease) in net assets			(10,654,461)			583,993			(1,892,872)			(239,944)			(7,374,357)			(119,044)			(4,445,930)			(5,387,893)			(1,210,207)			(1,241,774)
Net assets:
Beginning of period			41,466,232			5,304,272			5,692,467			1,281,982			19,078,783			522,285			20,150,882			27,495,915			4,445,288			5,602,564
End of period			$	30,811,771		$	5,888,265		$	3,799,595		$	1,042,038		$	11,704,426		$	403,241		$	15,704,952		$	22,108,022		$	3,235,081		$	4,360,790
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
			Franklin Mutual Global Discovery VIP Fund			Templeton Global Bond VIP Fund			Hartford Balanced HLS Fund			Hartford Total Return Bond HLS Fund			Hartford Capital Appreciation HLS Fund			Hartford Dividend and Growth HLS Fund			Hartford Disciplined Equity HLS Fund			Hartford International Opportunities HLS Fund			Hartford MidCap HLS Fund			Hartford Ultrashort Bond HLS Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	(969)		$	(4,901)		$	32,624		$	4,207,356		$	(278,609)		$	230,735		$	(1,024,113)		$	69,363		$	(60,390)		$	(946,256)
Net realized gain (loss) on security transactions			(10,055)			(18,225)			317,305			(9,122,370)			5,746			3,826,800			3,658,014			708,591			(158,389)			(369,846)
Net realized gain distributions			7,368			—			3,351,731			3,317,595			5,809,103			19,833,712			9,179,297			9,799,510			1,157,081			—
Change in unrealized appreciation (depreciation) during the period			(3,575)			(6,175)			(8,290,669)			(50,052,508)			(14,287,358)			(46,071,136)			(52,610,206)			(23,919,487)			(3,533,930)			(25,922)
Net increase (decrease) in net assets resulting from operations			(7,231)			(29,301)			(4,589,009)			(51,649,927)			(8,751,118)			(22,179,889)			(40,797,008)			(13,342,023)			(2,595,628)			(1,342,024)
Unit transactions:
Purchases			—			911			84,726			687,437			291,812			665,783			654,265			165,042			27,566			555,170
Net transfers			(29,246)			(15,333)			75,480			(5,973,035)			(552,049)			(6,503,786)			(3,067,989)			1,592,757			255,738			(4,431,921)
Surrenders for benefit payments and fees			(198,261)			(36,234)			(2,289,074)			(30,117,226)			(4,190,338)			(16,444,460)			(14,174,843)			(5,173,823)			(520,828)			(6,738,968)
Other transactions			—			—			424			5,529			(1,327)			756			1,574			1,383			(175)			1,751
Death benefits			(27)			(2,334)			(640,600)			(7,151,775)			(1,094,189)			(4,529,199)			(2,619,313)			(1,302,300)			(99,512)			(2,298,501)
Net annuity transactions			(310)			(785)			69,499			25,976			10,592			(159,349)			(386,612)			(35,971)			1,699			(168,435)
Net increase (decrease) in net assets resulting from unit transactions			(227,844)			(53,775)			(2,699,545)			(42,523,094)			(5,535,499)			(26,970,255)			(19,592,918)			(4,752,912)			(335,512)			(13,080,904)
Net increase (decrease) in net assets			(235,075)			(83,076)			(7,288,554)			(94,173,021)			(14,286,617)			(49,150,144)			(60,389,926)			(18,094,935)			(2,931,140)			(14,422,928)
Net assets:
Beginning of period			323,578			492,306			31,368,926			345,020,344			54,276,198			224,174,627			210,081,292			70,713,710			10,467,821			75,731,213
End of period			$	88,503		$	409,230		$	24,080,372		$	250,847,323		$	39,989,581		$	175,024,483		$	149,691,366		$	52,618,775		$	7,536,681		$	61,308,285
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
			Hartford Small Company HLS Fund			Hartford SmallCap Growth HLS Fund			Hartford Stock HLS Fund			Lord Abbett Series Fund - Fundamental Equity Portfolio			Lord Abbett Series Fund - Dividend Growth Portfolio			Lord Abbett Series Fund - Bond Debenture Portfolio			Lord Abbett Series Fund - Growth and Income Portfolio			MFS® Growth Series			MFS® Investors Trust Series			MFS® Total Return Series
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	(279,878)		$	(200,507)		$	(10,523)		$	(59,627)		$	(44,418)		$	710,256		$	(105,729)		$	(89,381)		$	(61,478)		$	(93,458)
Net realized gain (loss) on security transactions			(630,237)			(157,602)			593,211			134,800			159,869			(450,754)			1,531,174			167,835			191,520			591,130
Net realized gain distributions			3,792,243			2,147,031			1,216,084			2,351,270			1,310,267			71,147			4,150,844			537,446			587,101			3,172,565
Change in unrealized appreciation (depreciation) during the period			(10,737,204)			(6,701,362)			(2,624,549)			(5,263,686)			(3,104,379)			(4,596,545)			(12,334,834)			(2,698,931)			(1,707,095)			(8,491,406)
Net increase (decrease) in net assets resulting from operations			(7,855,076)			(4,912,440)			(825,777)			(2,837,243)			(1,678,661)			(4,265,896)			(6,758,545)			(2,083,031)			(989,952)			(4,821,169)
Unit transactions:
Purchases			67,311			116,346			35,218			20,912			1,508			41,022			295,451			3,168			925			122,315
Net transfers			2,114,962			522,720			1,068,737			(802,050)			(901)			(618,948)			(2,889,076)			114,496			(136,236)			468,396
Surrenders for benefit payments and fees			(1,622,127)			(980,505)			(840,513)			(1,797,595)			(653,774)			(1,900,715)			(4,978,332)			(578,319)			(223,338)			(2,752,760)
Other transactions			(157)			56			469			420			(73)			(438)			1,424			53			55			22
Death benefits			(475,828)			(237,670)			(310,758)			(434,329)			(587,732)			(526,292)			(2,083,208)			(74,716)			(78,672)			(1,708,046)
Net annuity transactions			37,302			(21,149)			(11,109)			(8,311)			(15,218)			(43,434)			(171,631)			2,487			(6,613)			(157,333)
Net increase (decrease) in net assets resulting from unit transactions			121,463			(600,202)			(57,956)			(3,020,953)			(1,256,190)			(3,048,805)			(9,825,372)			(532,831)			(443,879)			(4,027,406)
Net increase (decrease) in net assets			(7,733,613)			(5,512,642)			(883,733)			(5,858,196)			(2,934,851)			(7,314,701)			(16,583,917)			(2,615,862)			(1,433,831)			(8,848,575)
Net assets:
Beginning of period			24,494,887			16,618,390			12,646,730			22,594,082			11,675,511			30,905,893			66,175,810			6,547,440			5,663,828			43,442,831
End of period			$	16,761,274		$	11,105,748		$	11,762,997		$	16,735,886		$	8,740,660		$	23,591,192		$	49,591,893		$	3,931,578		$	4,229,997		$	34,594,256
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
			MFS® Value Series			BlackRock S&P 500 Index V.I. Fund			Invesco V.I. Equity and Income Fund			Morgan Stanley VIF Core Plus Fixed Income Portfolio			Morgan Stanley VIF Emerging Markets Debt Portfolio			Morgan Stanley VIF Emerging Markets Equity Portfolio			Morgan Stanley VIF Growth Portfolio			Morgan Stanley VIF Discovery Portfolio			Invesco V.I. American Value Fund			Invesco V.I. Equally-Weighted S&P 500 Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	(651)		$	(38,101)		$	(11,623)		$	486,667		$	88,769		$	(143,046)		$	(1,127,731)		$	(111,578)		$	(203,121)		$	(379,766)
Net realized gain (loss) on security transactions			103,691			266,399			260,542			(932,504)			(87,497)			(88,189)			(4,945,724)			(1,141,502)			410,600			1,855,034
Net realized gain distributions			52,281			767,581			2,000,008			439,484			—			1,069,973			36,431,786			3,524,575			3,549,123			2,217,337
Change in unrealized appreciation (depreciation) during the period			(248,654)			(5,070,197)			(3,740,482)			(4,601,609)			(426,218)			(4,335,537)			(111,841,466)			(11,395,925)			(4,776,351)			(10,249,627)
Net increase (decrease) in net assets resulting from operations			(93,333)			(4,074,318)			(1,491,555)			(4,607,962)			(424,946)			(3,496,799)			(81,483,135)			(9,124,430)			(1,019,749)			(6,557,022)
Unit transactions:
Purchases			9,091			26,150			123,333			143,100			—			10,409			366,204			3,339			14,406			86,656
Net transfers			(25,551)			70,673			49,790			(457,894)			(122,693)			(168,532)			(159,704)			192,603			(174,609)			(350,682)
Surrenders for benefit payments and fees			(327,623)			(1,198,977)			(959,262)			(1,876,005)			(107,220)			(746,045)			(3,257,020)			(598,805)			(1,332,342)			(2,052,692)
Other transactions			—			185			303			21			1			(1,274)			14,412			(7)			289			516
Death benefits			(2,642)			(174,943)			(335,060)			(1,094,068)			(11,353)			(260,829)			(1,832,246)			(127,285)			(429,401)			(1,096,314)
Net annuity transactions			—			34,034			(98,834)			(176,223)			(4,496)			(23,816)			(876,192)			(6,969)			(46,230)			(372,689)
Net increase (decrease) in net assets resulting from unit transactions			(346,725)			(1,242,878)			(1,219,730)			(3,461,069)			(245,761)			(1,190,087)			(5,744,546)			(537,124)			(1,967,887)			(3,785,205)
Net increase (decrease) in net assets			(440,058)			(5,317,196)			(2,711,285)			(8,069,031)			(670,707)			(4,686,886)			(87,227,681)			(9,661,554)			(2,987,636)			(10,342,227)
Net assets:
Beginning of period			1,274,491			20,928,108			16,970,547			30,116,597			2,153,768			13,906,834			136,902,910			14,782,064			22,082,429			49,368,390
End of period			$	834,433		$	15,610,912		$	14,259,262		$	22,047,566		$	1,483,061		$	9,219,948		$	49,675,229		$	5,120,510		$	19,094,793		$	39,026,163
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
			Morgan Stanley VIF Global Franchise Portfolio			Invesco V.I. Discovery Mid Cap Growth Fund			Invesco V.I. Capital Appreciation Fund			Invesco V.I. Global Fund			Invesco V.I. Main Street Fund®			Invesco V.I. Main Street Small Cap Fund®			Putnam VT Diversified Income Fund			Putnam VT Global Asset Allocation Fund			Putnam VT Growth Opportunities Fund			Putnam VT International Value Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	(89,930)		$	(80,325)		$	(297,014)		$	(949,015)		$	(20,129)		$	(393,548)		$	680,070		$	(5,974)		$	(70,065)		$	51,799
Net realized gain (loss) on security transactions			(189,376)			24,626			298,010			355,559			105,965			695,040			(858,251)			(17,241)			263,391			113,571
Net realized gain distributions			604,623			1,437,578			6,559,640			11,397,889			1,744,143			3,276,789			273,443			307,586			804,334			274,886
Change in unrealized appreciation (depreciation) during the period			(1,769,171)			(3,665,120)			(14,114,456)			(39,297,944)			(3,078,590)			(9,433,207)			(591,484)			(940,452)			(2,971,576)			(1,107,796)
Net increase (decrease) in net assets resulting from operations			(1,443,854)			(2,283,241)			(7,553,820)			(28,493,511)			(1,248,611)			(5,854,926)			(496,222)			(656,081)			(1,973,916)			(667,540)
Unit transactions:
Purchases			10,792			10,347			92,560			107,610			10,905			117,982			48,598			2,261			9,693			2,883
Net transfers			(183,289)			(483,200)			372,497			5,263,110			(413,221)			(19,517)			(362,316)			(78,971)			(1,362,119)			(588,643)
Surrenders for benefit payments and fees			(427,197)			(446,527)			(1,417,172)			(5,875,114)			(467,088)			(2,428,949)			(1,359,878)			(426,538)			(208,628)			(852,696)
Other transactions			(1)			399			306			593			1			167			41			1			(1)			257
Death benefits			(145,336)			(31,703)			(292,123)			(1,602,554)			(35,080)			(499,062)			(341,666)			(28,522)			(103,916)			(137,960)
Net annuity transactions			(17,349)			(2,910)			(25,051)			(74,281)			(487)			(27,620)			(4,409)			(8,203)			(1,110)			19,426
Net increase (decrease) in net assets resulting from unit transactions			(762,380)			(953,594)			(1,268,983)			(2,180,636)			(904,970)			(2,856,999)			(2,019,630)			(539,972)			(1,666,081)			(1,556,733)
Net increase (decrease) in net assets			(2,206,234)			(3,236,835)			(8,822,803)			(30,674,147)			(2,153,581)			(8,711,925)			(2,515,852)			(1,196,053)			(3,639,997)			(2,224,273)
Net assets:
Beginning of period			7,614,330			7,478,557			24,496,589			87,146,179			6,227,586			34,248,519			13,654,049			3,910,343			7,420,762			9,069,936
End of period			$	5,408,096		$	4,241,722		$	15,673,786		$	56,472,032		$	4,074,005		$	25,536,594		$	11,138,197		$	2,714,290		$	3,780,765		$	6,845,663
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
			Putnam VT International Equity Fund			Putnam VT Multi-Cap Core Fund			Putnam VT Sustainable Leaders Fund			Putnam VT Small Cap Value Fund			Putnam VT George Putnam Balanced Fund			Putnam VT Large Cap Value Fund			Invesco V.I. Growth and Income Fund			Invesco V.I. Comstock Fund			Invesco V.I. American Franchise Fund			Allspring VT Index Asset Allocation Fund
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	(30,434)		$	(67,796)		$	(88,706)		$	(252,034)		$	(21,868)		$	8,475		$	(129,012)		$	(161,769)		$	(23,187)		$	(2,381)
Net realized gain (loss) on security transactions			(287,759)			394,135			91,982			(358,697)			22,721			636,840			814,947			2,138,794			(29,950)			395
Net realized gain distributions			2,184,121			3,063,794			1,640,481			2,387,537			293,333			1,220,973			3,630,116			1,286,378			310,445			23,623
Change in unrealized appreciation (depreciation) during the period			(5,724,965)			(5,768,622)			(4,817,504)			(4,464,758)			(1,031,114)			(2,542,705)			(7,574,308)			(3,641,865)			(750,368)			(65,362)
Net increase (decrease) in net assets resulting from operations			(3,859,037)			(2,378,489)			(3,173,747)			(2,687,952)			(736,928)			(676,417)			(3,258,257)			(378,462)			(493,060)			(43,725)
Unit transactions:
Purchases			107,080			37,909			4,014			53,477			3,434			255,146			65,608			194,469			—			—
Net transfers			1,997,151			(1,178,725)			672,938			(1,273,086)			154,714			642,053			(273,256)			1,805,630			(28,706)			(458)
Surrenders for benefit payments and fees			(1,615,261)			(962,158)			(1,036,986)			(1,370,978)			(267,626)			(1,044,931)			(2,941,203)			(2,940,940)			(157,835)			(4,345)
Other transactions			1,141			1,664			549			(102)			(10)			(7)			(1,143)			(2,804)			(6)			1
Death benefits			(310,862)			(166,651)			(263,216)			(310,049)			(80,063)			(456,788)			(919,784)			(1,435,942)			(45,423)			—
Net annuity transactions			(19,709)			22,968			15,159			(35,006)			(10,987)			(6,278)			(186,191)			(132,387)			(5)			—
Net increase (decrease) in net assets resulting from unit transactions			159,540			(2,244,993)			(607,542)			(2,935,744)			(200,538)			(610,805)			(4,255,969)			(2,511,974)			(231,975)			(4,802)
Net increase (decrease) in net assets			(3,699,497)			(4,623,482)			(3,781,289)			(5,623,696)			(937,466)			(1,287,222)			(7,514,226)			(2,890,436)			(725,035)			(48,527)
Net assets:
Beginning of period			23,424,514			14,968,255			13,367,823			19,504,789			4,274,857			14,552,449			44,241,330			43,655,953			1,569,701			238,190
End of period			$	19,725,017		$	10,344,773		$	9,586,534		$	13,881,093		$	3,337,391		$	13,265,227		$	36,727,104		$	40,765,517		$	844,666		$	189,663
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT THREE
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (concluded)
For the Periods Ended December 31, 2022
			Allspring VT International Equity Fund			Allspring VT Small Cap Growth Fund			Allspring VT Discovery Fund			Allspring VT Opportunity Fund			Morgan Stanley VIF Global Infrastructure Portfolio			MFS® Core Equity Portfolio			MFS® Massachusetts Investors Growth Stock Portfolio
			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)			$	502		$	(8,578)		$	(1,491)		$	(262)		$	105,931		$	(57,003)		$	(49,424)
Net realized gain (loss) on security transactions			(2,292)			(14,324)			(715)			150			(100,867)			18,708			43,053
Net realized gain distributions			—			100,145			38,038			4,310			469,204			391,927			356,840
Change in unrealized appreciation (depreciation) during the period			(1,401)			(356,413)			(98,059)			(10,154)			(1,327,556)			(1,134,443)			(1,045,056)
Net increase (decrease) in net assets resulting from operations			(3,191)			(279,170)			(62,227)			(5,956)			(853,288)			(780,811)			(694,587)
Unit transactions:
Purchases			—			24			—			—			99,577			3,076			—
Net transfers			840			121,117			7,755			—			(200,394)			128,807			(105,103)
Surrenders for benefit payments and fees			(3,525)			(65,332)			(2,181)			(1,612)			(349,732)			(156,521)			(225,912)
Other transactions			—			3			—			(1)			1,055			117			959
Death benefits			—			(7,223)			—			—			(245,092)			(101,026)			(16,893)
Net annuity transactions			—			3,911			—			—			(151,840)			(3,340)			22,972
Net increase (decrease) in net assets resulting from unit transactions			(2,685)			52,500			5,574			(1,613)			(846,426)			(128,887)			(323,977)
Net increase (decrease) in net assets			(5,876)			(226,670)			(56,653)			(7,569)			(1,699,714)			(909,698)			(1,018,564)
Net assets:
Beginning of period			27,710			724,486			158,784			27,749			9,311,251			4,089,775			3,454,424
End of period			$	21,834		$	497,816		$	102,131		$	20,180		$	7,611,537		$	3,180,077		$	2,435,860
The accompanying notes are an integral part of these financial statements.

---

SEPARATE ACCOUNT THREE

Talcott Resolution Life and Annuity Insurance Company

Notes to Financial Statements

December 31, 2023

1. Organization:

Separate Account Three (the “Account”) is a separate investment account established by Talcott Resolution Life and Annuity Insurance Company (the “Sponsor Company”) and is registered with the Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940, as amended. Both the Sponsor Company and the Account are subject to supervision and regulation by the Department of Insurance of the State of Connecticut and the SEC. The contract owners of the Sponsor Company direct their deposits into various investment options (the “Sub-Accounts”) within the Account.

The Sponsor Company is indirectly owned by Talcott Resolution Life, Inc.

On June 30, 2021, the Account's previous indirect owner, Hopmeadow Holdings GP LLC, completed the sale of the Sponsor Company through the merger of an affiliate of Sixth Street, a global investment firm. Sixth Street obtained 100% control of Talcott Holdings, L.P. and its life and annuity operating subsidiaries including the Account. This transaction does not impact the contracts of the Account or the accounting of the Account.

The Account is comprised of the following Sub-Accounts:

AB VPS Balanced Hedged Allocation Portfolio, AB VPS International Value Portfolio, AB VPS Discovery Value Portfolio (Formerly AB VPS Small/Mid Cap Value Portfolio), AB VPS Sustainable International Thematic Portfolio, Invesco V.I. Government Securities Fund, Invesco V.I. High Yield Fund, Invesco V.I. EQV International Equity Fund, Invesco V.I. Diversified Dividend Fund, Invesco V.I. Government Money Market Fund, AB VPS Relative Value Portfolio (Formerly AB VPS Growth and Income Portfolio), American Funds Insurance Series® The Bond Fund of America®, American Funds Insurance Series® Global Growth Fund, American Funds Insurance Series® Growth Fund, American Funds Insurance Series® Growth-Income Fund, American Funds Insurance Series® International Fund, American Funds Insurance Series® Global Small Capitalization Fund, Allspring VT Discovery All Cap Growth Fund (Formerly Allspring VT Omega Growth Fund), Fidelity® VIP Equity-Income Portfolio, Fidelity® VIP Growth Portfolio, Fidelity® VIP Contrafund® Portfolio, Fidelity® VIP Mid Cap Portfolio, Fidelity® VIP Value Strategies Portfolio, Fidelity® VIP Dynamic Capital Appreciation Portfolio, Franklin Income VIP Fund, Franklin Small-Mid Cap Growth VIP Fund, Franklin Small Cap Value VIP Fund, Franklin Strategic Income VIP Fund, Franklin Mutual Shares VIP Fund, Templeton Developing Markets VIP Fund, Templeton Growth VIP Fund, Franklin Mutual Global Discovery VIP Fund, Templeton Global Bond VIP Fund, Hartford Balanced HLS Fund, Hartford Total Return Bond HLS Fund, Hartford Capital Appreciation HLS Fund, Hartford Dividend and Growth HLS Fund, Hartford Disciplined Equity HLS Fund, Hartford International Opportunities HLS Fund, Hartford MidCap HLS Fund, Hartford Ultrashort Bond HLS Fund, Hartford Small Company HLS Fund, Hartford SmallCap Growth HLS Fund, Hartford Stock HLS Fund, Lord Abbett Series Fund - Fundamental Equity Portfolio, Lord Abbett Series Fund - Dividend Growth Portfolio, Lord Abbett Series Fund - Bond Debenture Portfolio, Lord Abbett Series Fund - Growth and Income Portfolio, MFS® Growth Series, MFS® Investors Trust Series, MFS® Total Return Series, MFS® Value Series, BlackRock S&P 500 Index V.I. Fund, Invesco V.I. Equity and Income Fund, Morgan Stanley VIF Core Plus Fixed Income Portfolio*, Morgan Stanley VIF Emerging Markets Debt Portfolio, Morgan Stanley VIF Emerging Markets Equity Portfolio, Morgan Stanley VIF Growth Portfolio, Morgan Stanley VIF Discovery Portfolio, Invesco V.I. American Value Fund, Invesco V.I. Equally-Weighted S&P 500 Fund, Morgan Stanley VIF Global Franchise Portfolio*, Invesco V.I. Discovery Mid Cap Growth Fund, Invesco V.I. Capital Appreciation Fund, Invesco V.I. Global Fund, Invesco V.I. Main Street Fund®, Invesco V.I. Main Street Small Cap Fund®, Putnam VT Diversified Income Fund, Putnam VT Global Asset Allocation Fund, Putnam VT Large Cap Growth Fund (Formerly Putnam VT Growth Opportunities Fund), Putnam VT International Value Fund, Putnam VT International Equity Fund, Putnam VT Core Equity Fund (Formerly Putnam VT Multi-Cap Core Fund), Putnam VT Sustainable Leaders Fund, Putnam VT Small Cap Value Fund, Putnam VT George Putnam Balanced Fund, Putnam VT Large Cap Value Fund, Invesco V.I. Growth and Income Fund, Invesco V.I. Comstock Fund, Invesco V.I. American Franchise Fund, Allspring VT Index Asset Allocation Fund, Allspring VT International Equity Fund, Allspring VT Small Cap Growth Fund, Allspring VT Discovery SMID Cap Growth Fund (Formerly Allspring VT Discovery Fund), Allspring VT Opportunity Fund, Morgan Stanley VIF Global Infrastructure Portfolio, MFS® Core Equity Portfolio, MFS® Massachusetts Investors Growth Stock Portfolio.

* During 2023, this Sub-Account was liquidated.

The Sub-Accounts are invested in mutual funds (the “Funds”) of the same name. Each Sub-Account may invest in one or more share classes of a Fund, depending upon the product(s) available in that Sub-Account. A contract owner's unitized performance correlates with the share class associated with the contract owner's product.

If a Fund is subject to a merger by the Fund Manager, the Sub-Account invested in the surviving Fund acquires, at fair value, the net assets of the Sub-Account associated with the merging Fund on the date disclosed. These transfers are reflected in net interfund transfers due to corporate actions on the statements of changes in net assets.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the Sponsor Company’s other assets and liabilities and are not chargeable with liabilities arising out of any other business the Sponsor Company may conduct.

2. Significant Accounting Policies:

The Account qualifies as an investment company and follows the accounting and reporting guidance as defined in Accounting Standards Codification 946, "Financial Services - Investment Companies." The following is a summary of significant accounting policies of the Account, which are in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"):

a) Security Transactions - Security transactions are recorded on the trade date (date the order to buy or sell is executed). Realized gains and losses on the sales of securities are computed using the average cost method. Dividend income is either accrued daily or as of the ex-dividend date based upon the Fund. Net realized gain distributions are accrued as of the ex-dividend date. Net realized gain distributions represent those dividends from the Funds which are characterized as capital gains under tax regulations.

b) Unit Transactions - Unit transactions are executed based on the unit values calculated at the close of the business day.

c) Federal Income Taxes - The operations of the Account form a part of, and are taxed with, the total operations of the Sponsor Company, which is taxed as an insurance company under the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Sponsor Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to the contract owners. Based on this, no charge is being made currently to the Account for federal income taxes. The Sponsor Company will review periodically the status of this policy. In the event of changes in the tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.

d) Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. Actual results could differ from those estimates. The most significant estimates contained within the financial statements are the fair value measurements.

e) Mortality Risk - The mortality risk associated with net assets allocated to contracts in the annuity period is determined using certain mortality tables. The mortality risk is fully borne by the Sponsor Company and may result in additional amounts being transferred into the Account by the Sponsor Company to cover greater longevity of contract owners than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Sponsor Company. These amounts are included in net annuity transactions on the accompanying statements of changes in net assets.

f) Fair Value Measurements - The Sub-Accounts' investments are carried at fair value in the Account’s financial statements. The investments in shares of the Funds are valued at the December 31, 2023 closing net asset value as determined by the appropriate Fund Manager. For financial instruments that are carried at fair value, a hierarchy is used to place the instruments into three broad levels (Levels 1, 2 and 3) by prioritizing the inputs in the valuation techniques used to measure fair value.

Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets that the Account has the ability to access at the measurement date. Level 1 investments include mutual funds.

Level 2: Observable inputs, other than unadjusted quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 2 investments include those that are model priced by vendors using observable inputs.

Level 3: Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Because Level 3 fair values, by their nature, contain unobservable market inputs, considerable

judgment is used to determine the Level 3 fair values. Level 3 fair values represent the best estimate of an amount that could be realized in a current market exchange absent actual market exchanges.

In certain cases, the inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

As of December 31, 2023, the Sub-Accounts invest in mutual funds which are carried at fair value and represent Level 1 investments under the fair value hierarchy levels. There were no Level 2 or Level 3 investments in the Sub-Accounts. The Account recognizes transfers of securities among the levels at the beginning of the reporting period. There were no transfers among the levels for the periods ended December 31, 2023 and 2022.

g) Accounting for Uncertain Tax Positions - The statute of limitations is closed through the 2019 tax year and the Sponsor Company is not currently under examination for any open years.  Management evaluates whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required at December 31, 2023.

3. Administration of the Account and Related Charges:

Each Sub-Account is charged certain fees, according to contract terms, as follows:

a) Mortality and Expense Risk Charges - The Sponsor Company, as an issuer of variable annuity contracts, assesses mortality and expense risk charges for which it receives a maximum annual fee of 1.60% of the Sub-Account’s average daily net assets. These charges are reflected in the accompanying statements of operations as a reduction in unit value.

b) Tax Expense Charges - If applicable, the Sponsor Company will make deductions up to a maximum rate of 3.50% of the contract’s average daily net assets to meet premium tax requirements. An additional tax charge based on a percentage of the Sub-Account’s average daily net assets may be assessed on partial withdrawals or surrenders. These charges are a redemption of units from applicable contract owners’ accounts and are reflected in surrenders for benefit payments and fees on the accompanying statements of changes in net assets.

c) Administrative Charges - The Sponsor Company provides administrative services to the Account and receives a maximum annual fee of 0.20% of the Sub-Account’s average daily net assets for these services. These charges are reflected in the accompanying statements of operations as a reduction in unit value.

d) Annual Maintenance Fees - An annual maintenance fee up to a maximum of $30 may be charged. These charges are deducted through a redemption of units from applicable contract owners’ accounts and are reflected in surrenders for benefit payments and fees in the accompanying statements of changes in net assets.

e) Rider Charges - The Sponsor Company will make certain deductions (as a percentage of average daily Sub-Account value) for various rider charges:

MAV/EPB Death Benefit Charge maximum of 0.30%

MAV Plus Benefit Charge maximum of 0.30%

Principal First Charge maximum of 0.75%

Principal First Preferred Charge maximum of 0.20%

Optional Death Benefit Charge maximum of 0.15%

Earnings Protection Benefit Charge maximum of 0.20%

Lifetime Income Builder Charge maximum of 0.75%

Lifetime Income Builder II Charge maximum of 0.75%

Lifetime Income Builder Selects Charge maximum of 1.50%

Lifetime Income Builder Portfolios Charge maximum of 1.50%

Lifetime Income Foundation Charge maximum of 0.30%

These charges can be assessed as a reduction in unit values or a redemption of units from applicable contract owners’ accounts as specified in the product prospectus.

f) Transactions with Related Parties - The Sponsor and its affiliates may receive fees from funds for services provided.

4. Purchases and Sales of Investments:

The cost of purchases and proceeds from sales of investments for the period ended December 31, 2023 were as follows:

									Sub-Account						Purchases at Cost			Proceeds from Sales
									AB VPS Balanced Hedged Allocation Portfolio						$	978,596		$	1,650,179
									AB VPS International Value Portfolio						$	1,471,950		$	7,505,288
									AB VPS Discovery Value Portfolio+						$	1,198,659		$	1,806,489
									AB VPS Sustainable International Thematic Portfolio						$	145,676		$	364,114
									Invesco V.I. Government Securities Fund						$	4,808,819		$	2,511,366
									Invesco V.I. High Yield Fund						$	790,124		$	705,978
									Invesco V.I. EQV International Equity Fund						$	9,828		$	103,087
									Invesco V.I. Diversified Dividend Fund						$	3,291,335		$	5,421,413
									Invesco V.I. Government Money Market Fund						$	39,892,183		$	25,203,204
									AB VPS Relative Value Portfolio+						$	2,733,418		$	3,559,775
									American Funds Insurance Series® The Bond Fund of America®						$	330,150		$	309,678
									American Funds Insurance Series® Global Growth Fund						$	2,615,344		$	3,019,017
									American Funds Insurance Series® Growth Fund						$	11,685,142		$	22,449,445
									American Funds Insurance Series® Growth-Income Fund						$	8,606,641		$	14,493,996
									American Funds Insurance Series® International Fund						$	966,995		$	3,543,907
									American Funds Insurance Series® Global Small Capitalization Fund						$	364,570		$	1,033,564
									Allspring VT Discovery All Cap Growth Fund+						$	108,562		$	159,713
									Fidelity® VIP Equity-Income Portfolio						$	2,299,511		$	4,124,857
									Fidelity® VIP Growth Portfolio						$	3,464,649		$	3,675,492
									Fidelity® VIP Contrafund® Portfolio						$	6,692,808		$	22,734,892
									Fidelity® VIP Mid Cap Portfolio						$	1,739,736		$	4,167,403
									Fidelity® VIP Value Strategies Portfolio						$	1,326,975		$	2,969,103
									Fidelity® VIP Dynamic Capital Appreciation Portfolio						$	641,634		$	824,522
									Franklin Income VIP Fund						$	147,796		$	143,047
									Franklin Small-Mid Cap Growth VIP Fund						$	678,896		$	1,958,604
									Franklin Small Cap Value VIP Fund						$	55,133		$	95,524
									Franklin Strategic Income VIP Fund						$	1,781,220		$	2,503,897
									Franklin Mutual Shares VIP Fund						$	3,122,121		$	3,270,553
									Templeton Developing Markets VIP Fund						$	157,677		$	627,417
									Templeton Growth VIP Fund						$	513,243		$	1,061,464
									Franklin Mutual Global Discovery VIP Fund						$	10,097		$	14,324
									Templeton Global Bond VIP Fund						$	19,973		$	142,218
									Hartford Balanced HLS Fund						$	1,533,941		$	3,450,999
									Hartford Total Return Bond HLS Fund						$	25,058,622		$	40,575,209
									Hartford Capital Appreciation HLS Fund						$	1,952,740		$	7,205,751
									Hartford Dividend and Growth HLS Fund						$	20,750,908		$	27,857,242
									Hartford Disciplined Equity HLS Fund						$	5,901,017		$	25,562,372
									Hartford International Opportunities HLS Fund						$	2,678,750		$	8,748,363
									Hartford MidCap HLS Fund						$	828,321		$	1,286,056
									Hartford Ultrashort Bond HLS Fund						$	5,411,823		$	12,241,469
									Hartford Small Company HLS Fund						$	988,213		$	3,541,997
									Hartford SmallCap Growth HLS Fund						$	480,518		$	1,844,500
									Hartford Stock HLS Fund						$	1,201,400		$	2,549,249
									Lord Abbett Series Fund - Fundamental Equity Portfolio						$	931,392		$	3,180,529
									Lord Abbett Series Fund - Dividend Growth Portfolio						$	716,876		$	1,790,369
									Lord Abbett Series Fund - Bond Debenture Portfolio						$	2,231,114		$	3,914,379
									Lord Abbett Series Fund - Growth and Income Portfolio						$	3,077,767		$	8,225,950
									MFS® Growth Series						$	787,254		$	733,143
									MFS® Investors Trust Series						$	444,289		$	676,643
									MFS® Total Return Series						$	3,556,227		$	4,807,930
									MFS® Value Series						$	95,550		$	169,967
									BlackRock S&P 500 Index V.I. Fund						$	2,429,097		$	2,277,251
									Invesco V.I. Equity and Income Fund						$	1,624,026		$	2,953,313
									Morgan Stanley VIF Core Plus Fixed Income Portfolio+						$	2,345,385		$	24,092,196
									Morgan Stanley VIF Emerging Markets Debt Portfolio						$	201,477		$	452,665
									Morgan Stanley VIF Emerging Markets Equity Portfolio						$	657,821		$	1,298,950
									Morgan Stanley VIF Growth Portfolio						$	2,086,620		$	10,285,493
									Morgan Stanley VIF Discovery Portfolio						$	389,268		$	900,085
									Invesco V.I. American Value Fund						$	4,569,418		$	3,243,726
									Invesco V.I. Equally-Weighted S&P 500 Fund						$	4,238,139		$	5,472,879
									Morgan Stanley VIF Global Franchise Portfolio+						$	395,760		$	6,009,676
									Invesco V.I. Discovery Mid Cap Growth Fund						$	416,681		$	770,079
									Invesco V.I. Capital Appreciation Fund						$	1,423,961		$	3,832,369
									Invesco V.I. Global Fund						$	9,472,733		$	14,155,667
									Invesco V.I. Main Street Fund®						$	431,680		$	804,717
									Invesco V.I. Main Street Small Cap Fund®						$	1,797,000		$	4,252,745
									Putnam VT Diversified Income Fund						$	1,129,206		$	1,667,795
									Putnam VT Global Asset Allocation Fund						$	59,789		$	364,599
									Putnam VT Large Cap Growth Fund+						$	2,003,638		$	641,024
									Putnam VT International Value Fund						$	1,337,158		$	2,229,216
									Putnam VT International Equity Fund						$	943,731		$	4,350,945
									Putnam VT Core Equity Fund+						$	2,793,485		$	1,758,632
									Putnam VT Sustainable Leaders Fund						$	519,734		$	2,557,975
									Putnam VT Small Cap Value Fund						$	3,087,342		$	2,917,971
									Putnam VT George Putnam Balanced Fund						$	63,699		$	444,512
									Putnam VT Large Cap Value Fund						$	2,408,830		$	2,604,994
									Invesco V.I. Growth and Income Fund						$	6,176,357		$	6,242,174
									Invesco V.I. Comstock Fund						$	6,631,103		$	9,391,493
									Invesco V.I. American Franchise Fund						$	54,853		$	99,185
									Allspring VT Index Asset Allocation Fund						$	8,403		$	6,547
									Allspring VT International Equity Fund						$	555		$	5,708
									Allspring VT Small Cap Growth Fund						$	74,718		$	102,633
									Allspring VT Discovery SMID Cap Growth Fund+						$	—		$	19,284
									Allspring VT Opportunity Fund						$	1,855		$	1,885
									Morgan Stanley VIF Global Infrastructure Portfolio						$	1,718,555		$	2,092,150
									MFS® Core Equity Portfolio						$	912,268		$	561,787
									MFS® Massachusetts Investors Growth Stock Portfolio						$	426,057		$	364,790

+ See Note 1 for additional information related to this Sub-Account.

5. Changes in Units Outstanding:

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

									Sub-Account						Units Issued			Units Redeemed			Net Increase/(Decrease)
									AB VPS Balanced Hedged Allocation Portfolio						16,516			84,183			(67,667)
									AB VPS International Value Portfolio						139,718			715,664			(575,946)
									AB VPS Discovery Value Portfolio+						12,385			56,548			(44,163)
									AB VPS Sustainable International Thematic Portfolio						7,107			33,564			(26,457)
									Invesco V.I. Government Securities Fund						524,790			269,992			254,798
									Invesco V.I. High Yield Fund						45,912			50,264			(4,352)
									Invesco V.I. EQV International Equity Fund						671			6,825			(6,154)
									Invesco V.I. Diversified Dividend Fund						14,058			202,407			(188,349)
									Invesco V.I. Government Money Market Fund						3,961,175			2,573,732			1,387,443
									AB VPS Relative Value Portfolio+						89,780			251,587			(161,807)
									American Funds Insurance Series® The Bond Fund of America®						26,906			29,166			(2,260)
									American Funds Insurance Series® Global Growth Fund						28,999			91,088			(62,089)
									American Funds Insurance Series® Growth Fund						96,428			480,306			(383,878)
									American Funds Insurance Series® Growth-Income Fund						82,221			364,067			(281,846)
									American Funds Insurance Series® International Fund						46,834			207,763			(160,929)
									American Funds Insurance Series® Global Small Capitalization Fund						11,393			36,077			(24,684)
									Allspring VT Discovery All Cap Growth Fund+						1,438			3,881			(2,443)
									Fidelity® VIP Equity-Income Portfolio						47,704			146,824			(99,120)
									Fidelity® VIP Growth Portfolio						50,991			70,723			(19,732)
									Fidelity® VIP Contrafund® Portfolio						53,196			535,898			(482,702)
									Fidelity® VIP Mid Cap Portfolio						24,978			112,962			(87,984)
									Fidelity® VIP Value Strategies Portfolio						37,639			101,188			(63,549)
									Fidelity® VIP Dynamic Capital Appreciation Portfolio						12,947			24,038			(11,091)
									Franklin Income VIP Fund						1,789			6,833			(5,044)
									Franklin Small-Mid Cap Growth VIP Fund						23,784			68,211			(44,427)
									Franklin Small Cap Value VIP Fund						1,145			3,221			(2,076)
									Franklin Strategic Income VIP Fund						55,351			116,531			(61,180)
									Franklin Mutual Shares VIP Fund						37,347			119,479			(82,132)
									Templeton Developing Markets VIP Fund						4,205			26,857			(22,652)
									Templeton Growth VIP Fund						58,385			56,948			1,437
									Franklin Mutual Global Discovery VIP Fund						156			663			(507)
									Templeton Global Bond VIP Fund						1,740			11,601			(9,861)
									Hartford Balanced HLS Fund						105,998			834,051			(728,053)
									Hartford Total Return Bond HLS Fund						6,092,479			13,381,433			(7,288,954)
									Hartford Capital Appreciation HLS Fund						32,044			208,791			(176,747)
									Hartford Dividend and Growth HLS Fund						535,040			4,095,339			(3,560,299)
									Hartford Disciplined Equity HLS Fund						725,561			4,509,904			(3,784,343)
									Hartford International Opportunities HLS Fund						778,567			2,904,857			(2,126,290)
									Hartford MidCap HLS Fund						30,597			115,280			(84,683)
									Hartford Ultrashort Bond HLS Fund						3,653,956			9,492,291			(5,838,335)
									Hartford Small Company HLS Fund						190,073			614,815			(424,742)
									Hartford SmallCap Growth HLS Fund						100,584			381,459			(280,875)
									Hartford Stock HLS Fund						151,304			614,650			(463,346)
									Lord Abbett Series Fund - Fundamental Equity Portfolio						14,919			106,483			(91,564)
									Lord Abbett Series Fund - Dividend Growth Portfolio						6,438			48,957			(42,519)
									Lord Abbett Series Fund - Bond Debenture Portfolio						60,385			190,869			(130,484)
									Lord Abbett Series Fund - Growth and Income Portfolio						78,706			321,366			(242,660)
									MFS® Growth Series						15,809			21,846			(6,037)
									MFS® Investors Trust Series						5,802			21,212			(15,410)
									MFS® Total Return Series						58,156			171,316			(113,160)
									MFS® Value Series						1,251			5,842			(4,591)
									BlackRock S&P 500 Index V.I. Fund						98,051			133,543			(35,492)
									Invesco V.I. Equity and Income Fund						23,538			106,102			(82,564)
									Morgan Stanley VIF Core Plus Fixed Income Portfolio+						109,309			1,783,928			(1,674,619)
									Morgan Stanley VIF Emerging Markets Debt Portfolio						3,119			19,028			(15,909)
									Morgan Stanley VIF Emerging Markets Equity Portfolio						21,967			65,692			(43,725)
									Morgan Stanley VIF Growth Portfolio						78,717			325,260			(246,543)
									Morgan Stanley VIF Discovery Portfolio						11,034			23,159			(12,125)
									Invesco V.I. American Value Fund						18,403			83,608			(65,205)
									Invesco V.I. Equally-Weighted S&P 500 Fund						15,203			127,071			(111,868)
									Morgan Stanley VIF Global Franchise Portfolio+						1,513			122,617			(121,104)
									Invesco V.I. Discovery Mid Cap Growth Fund						20,156			23,396			(3,240)
									Invesco V.I. Capital Appreciation Fund						52,246			116,852			(64,606)
									Invesco V.I. Global Fund						95,455			463,015			(367,560)
									Invesco V.I. Main Street Fund®						3,900			25,198			(21,298)
									Invesco V.I. Main Street Small Cap Fund®						51,911			117,494			(65,583)
									Putnam VT Diversified Income Fund						27,406			83,949			(56,543)
									Putnam VT Global Asset Allocation Fund						417			8,532			(8,115)
									Putnam VT Large Cap Growth Fund+						73,211			22,196			51,015
									Putnam VT International Value Fund						128,678			215,277			(86,599)
									Putnam VT International Equity Fund						53,092			217,654			(164,562)
									Putnam VT Core Equity Fund+						66,640			55,035			11,605
									Putnam VT Sustainable Leaders Fund						3,577			52,756			(49,179)
									Putnam VT Small Cap Value Fund						32,026			58,440			(26,414)
									Putnam VT George Putnam Balanced Fund						1,011			16,828			(15,817)
									Putnam VT Large Cap Value Fund						30,805			51,393			(20,588)
									Invesco V.I. Growth and Income Fund						35,154			172,417			(137,263)
									Invesco V.I. Comstock Fund						48,045			225,782			(177,737)
									Invesco V.I. American Franchise Fund						697			1,906			(1,209)
									Allspring VT Index Asset Allocation Fund						10			990			(980)
									Allspring VT International Equity Fund						19			353			(334)
									Allspring VT Small Cap Growth Fund						18,650			23,917			(5,267)
									Allspring VT Discovery SMID Cap Growth Fund+						—			476			(476)
									Allspring VT Opportunity Fund						—			41			(41)
									Morgan Stanley VIF Global Infrastructure Portfolio						25,692			122,091			(96,399)
									MFS® Core Equity Portfolio						34,548			22,754			11,794
									MFS® Massachusetts Investors Growth Stock Portfolio						11,381			13,153			(1,772)

+ See Note 1 for additional information related to this Sub-Account.

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

Sub-Account						Units Issued			Units Redeemed			Net Increase/(Decrease)
AB VPS Balanced Hedged Allocation Portfolio						18,319			77,683			(59,364)
AB VPS International Value Portfolio						377,340			393,708			(16,368)
AB VPS Small/Mid Cap Value Portfolio						16,182			94,028			(77,846)
AB VPS Sustainable International Thematic Portfolio						26,452			34,797			(8,345)
Invesco V.I. Government Securities Fund						107,304			132,433			(25,129)
Invesco V.I. High Yield Fund						17,792			51,945			(34,153)
Invesco V.I. EQV International Equity Fund						2,583			2,608			(25)
Invesco V.I. Diversified Dividend Fund						93,828			148,357			(54,529)
Invesco V.I. Government Money Market Fund						2,348,382			2,054,079			294,303
AB VPS Growth and Income Portfolio						97,007			317,506			(220,499)
American Funds Insurance Series® The Bond Fund of America®						7,135			34,502			(27,367)
American Funds Insurance Series® Global Growth Fund						31,530			119,413			(87,883)
American Funds Insurance Series® Growth Fund						115,984			459,724			(343,740)
American Funds Insurance Series® Growth-Income Fund						125,621			382,030			(256,409)
American Funds Insurance Series® International Fund						79,408			171,615			(92,207)
American Funds Insurance Series® Global Small Capitalization Fund						15,649			32,284			(16,635)
Allspring VT Omega Growth Fund						2,749			1,600			1,149
Fidelity® VIP Equity-Income Portfolio						34,458			178,555			(144,097)
Fidelity® VIP Growth Portfolio						36,562			119,810			(83,248)
Fidelity® VIP Contrafund® Portfolio						144,961			481,506			(336,545)
Fidelity® VIP Mid Cap Portfolio						33,998			160,598			(126,600)
Fidelity® VIP Value Strategies Portfolio						94,193			54,910			39,283
Fidelity® VIP Dynamic Capital Appreciation Portfolio						8,116			32,791			(24,675)
Franklin Income VIP Fund						211			8,522			(8,311)
Franklin Small-Mid Cap Growth VIP Fund						23,858			55,192			(31,334)
Franklin Small Cap Value VIP Fund						1,423			3,685			(2,262)
Franklin Strategic Income VIP Fund						16,100			119,500			(103,400)
Franklin Mutual Shares VIP Fund						20,121			149,844			(129,723)
Templeton Developing Markets VIP Fund						11,890			20,052			(8,162)
Templeton Growth VIP Fund						8,930			45,472			(36,542)
Franklin Mutual Global Discovery VIP Fund						55			12,028			(11,973)
Templeton Global Bond VIP Fund						1,095			5,470			(4,375)
Hartford Balanced HLS Fund						256,587			1,130,434			(873,847)
Hartford Total Return Bond HLS Fund						4,711,394			19,197,565			(14,486,171)
Hartford Capital Appreciation HLS Fund						54,875			233,995			(179,120)
Hartford Dividend and Growth HLS Fund						1,014,217			5,487,518			(4,473,301)
Hartford Disciplined Equity HLS Fund						907,123			4,458,498			(3,551,375)
Hartford International Opportunities HLS Fund						1,659,346			3,394,580			(1,735,234)
Hartford MidCap HLS Fund						85,833			112,495			(26,662)
Hartford Ultrashort Bond HLS Fund						7,120,050			17,284,171			(10,164,121)
Hartford Small Company HLS Fund						579,113			567,035			12,078
Hartford SmallCap Growth HLS Fund						253,300			418,186			(164,886)
Hartford Stock HLS Fund						561,448			472,799			88,649
Lord Abbett Series Fund - Fundamental Equity Portfolio						27,035			133,249			(106,214)
Lord Abbett Series Fund - Dividend Growth Portfolio						5,711			42,794			(37,083)
Lord Abbett Series Fund - Bond Debenture Portfolio						64,864			228,647			(163,783)
Lord Abbett Series Fund - Growth and Income Portfolio						49,548			456,697			(407,149)
MFS® Growth Series						10,887			29,612			(18,725)
MFS® Investors Trust Series						4,966			20,394			(15,428)
MFS® Total Return Series						62,561			230,977			(168,416)
MFS® Value Series						1,474			14,504			(13,030)
BlackRock S&P 500 Index V.I. Fund						105,173			196,877			(91,704)
Invesco V.I. Equity and Income Fund						16,370			68,053			(51,683)
Morgan Stanley VIF Core Plus Fixed Income Portfolio						96,811			349,941			(253,130)
Morgan Stanley VIF Emerging Markets Debt Portfolio						1,306			11,500			(10,194)
Morgan Stanley VIF Emerging Markets Equity Portfolio						54,614			112,650			(58,036)
Morgan Stanley VIF Growth Portfolio						100,011			271,679			(171,668)
Morgan Stanley VIF Discovery Portfolio						18,514			27,672			(9,158)
Invesco V.I. American Value Fund						43,611			101,374			(57,763)
Invesco V.I. Equally-Weighted S&P 500 Fund						17,278			128,584			(111,306)
Morgan Stanley VIF Global Franchise Portfolio						4,152			19,998			(15,846)
Invesco V.I. Discovery Mid Cap Growth Fund						25,259			57,670			(32,411)
Invesco V.I. Capital Appreciation Fund						51,059			89,126			(38,067)
Invesco V.I. Global Fund						234,470			316,973			(82,503)
Invesco V.I. Main Street Fund®						6,516			35,624			(29,108)
Invesco V.I. Main Street Small Cap Fund®						30,765			117,723			(86,958)
Putnam VT Diversified Income Fund						33,739			139,269			(105,530)
Putnam VT Global Asset Allocation Fund						510			17,959			(17,449)
Putnam VT Growth Opportunities Fund						7,985			71,612			(63,627)
Putnam VT International Value Fund						78,663			244,439			(165,776)
Putnam VT International Equity Fund						128,430			129,184			(754)
Putnam VT Multi-Cap Core Fund						29,129			121,724			(92,595)
Putnam VT Sustainable Leaders Fund						23,870			38,213			(14,343)
Putnam VT Small Cap Value Fund						44,256			110,829			(66,573)
Putnam VT George Putnam Balanced Fund						9,931			19,041			(9,110)
Putnam VT Large Cap Value Fund						48,577			60,409			(11,832)
Invesco V.I. Growth and Income Fund						73,213			196,003			(122,790)
Invesco V.I. Comstock Fund						164,351			225,021			(60,670)
Invesco V.I. American Franchise Fund						918			6,772			(5,854)
Allspring VT Index Asset Allocation Fund						8			1,551			(1,543)
Allspring VT International Equity Fund						179			336			(157)
Allspring VT Small Cap Growth Fund						27,824			20,754			7,070
Allspring VT Discovery Fund						209			65			144
Allspring VT Opportunity Fund						—			44			(44)
Morgan Stanley VIF Global Infrastructure Portfolio						30,646			89,603			(58,957)
MFS® Core Equity Portfolio						11,352			18,842			(7,490)
MFS® Massachusetts Investors Growth Stock Portfolio						4,392			18,701			(14,309)

---

6. Financial Highlights:

The following is a summary of units, unit fair values, net assets, expense ratios, investment income ratios, and total return ratios as of or for each of the periods presented for the aggregate of all share classes within each Sub- Account that had outstanding units during the period ended December 31, 2023. The ranges presented are calculated using the results of only the contracts with the highest and lowest expense ratios that had assets during the period reported. A specific unit value or ratio may be outside of the range presented in this table due to the initial assigned unit values, combined with varying performance and/or length of time since inception of the presented expense ratios that had assets during the period reported. Investment income and total return ratios are calculated for the period the related share class within the Sub-Account is active, while the expense ratio is annualized. In the case of fund mergers, the expense, investment income, and total return ratios are calculated using only the results of the surviving fund and exclude the results of the fund merged into the surviving fund. For the fund merged into the surviving fund the results are through the date of the fund merger. Corporate actions are identified for only the current year, prior years’ corporate actions are disclosed in the respective year’s report.

															Units #			Unit Fair Value Lowest to Highest #									Net Assets			Expense Ratio Lowest to Highest*									Investment Income Ratio Lowest to Highest**									Total Return Ratio Lowest to Highest***
									AB VPS Balanced Hedged Allocation Portfolio
												2023			598,725			$	16.288071		to			$22.435505			$11,660,192			0.75		%	to			2.45%			0.91		%	to			0.92%			9.93		%	to			11.82%
												2022			666,392			$	14.816305		to			$20.064446			$11,643,421			0.75		%	to			2.45%			2.98		%	to			3.06%			(21.13)		%	to			(19.77)%
												2021			725,756			$	18.785026		to			$25.009654			$15,911,317			0.75		%	to			2.45%			0.26		%	to			0.27%			10.62		%	to			12.52%
												2020			826,183			$	16.981292		to			$22.227308			$16,221,767			0.75		%	to			2.45%			2.16		%	to			2.17%			6.61		%	to			8.44%
												2019			920,203			$	15.928658		to			$20.498130			$16,790,829			0.75		%	to			2.45%			2.31		%	to			2.33%			15.34		%	to			17.32%
									AB VPS International Value Portfolio
												2023			2,699,827			$	12.284363		to			$13.524767			$28,799,090			0.75		%	to			2.65%			0.70		%	to			0.71%			11.83		%	to			13.97%
												2022			3,275,773			$	10.778252		to			$12.094043			$30,889,304			0.75		%	to			2.65%			4.16		%	to			4.17%			(16.05)		%	to			(14.44)%
												2021			3,292,141			$	12.597182		to			$14.406340			$36,599,079			0.75		%	to			2.65%			1.68		%	to			1.73%			7.96		%	to			10.03%
												2020			3,771,921			$	11.449274		to			$13.344661			$38,358,783			0.75		%	to			2.65%			1.55		%	to			1.57%			(0.46)		%	to			1.45%
												2019			3,836,709			$	11.285929		to			$13.406621			$38,797,563			0.75		%	to			2.65%			0.79		%	to			0.82%			13.74		%	to			15.92%
									AB VPS Discovery Value Portfolio+
												2023			281,766			$	37.583809		to			$39.880851			$9,379,458			0.75		%	to			2.65%			0.75		%	to			0.82%			13.81		%	to			15.99%
												2022			325,929			$	32.402717		to			$35.042020			$9,412,772			0.75		%	to			2.65%			0.83		%	to			0.83%			(18.02)		%	to			(16.45)%
												2021			403,775			$	38.781078		to			$42.745107			$13,909,280			0.75		%	to			2.65%			0.55		%	to			0.60%			32.06		%	to			34.59%
												2020			429,891			$	28.813717		to			$32.367390			$11,191,467			0.75		%	to			2.65%			0.80		%	to			0.82%			0.36		%	to			2.28%
												2019			467,366			$	28.170423		to			$32.251700			$11,951,465			0.75		%	to			2.65%			0.27		%	to			0.31%			16.77		%	to			19.01%
									AB VPS Sustainable International Thematic Portfolio
												2023			187,117			$	11.781243		to			$17.799546			$2,006,570			0.75		%	to			2.65%			—		%	to			—%			9.42		%	to			11.51%
												2022			213,574			$	10.564730		to			$16.267568			$2,063,403			0.75		%	to			2.65%			—		%	to			—%			(29.70)		%	to			(28.35)%
												2021			221,919			$	14.744088		to			$23.139121			$3,001,301			0.75		%	to			2.65%			—		%	to			—%			5.18		%	to			7.20%
												2020			247,476			$	13.753754		to			$21.998874			$3,136,285			0.75		%	to			2.65%			1.00		%	to			1.12%			26.21		%	to			28.63%
												2019			291,269			$	10.692174		to			$17.429695			$2,875,392			0.75		%	to			2.65%			0.27		%	to			0.28%			23.91		%	to			26.28%
									Invesco V.I. Government Securities Fund
												2023			739,974			$	8.078920		to			$9.462822			$6,661,347			0.75		%	to			2.85%			1.71		%	to			5.16%			1.53		%	to			3.84%
												2022			485,176			$	7.957505		to			$9.112942			$4,208,419			0.75		%	to			2.85%			1.51		%	to			2.10%			(13.09)		%	to			(8.87)%
												2021			510,305			$	9.156184		to			$10.592198			$5,043,886			1.50		%	to			2.85%			2.18		%	to			2.39%			(5.18)		%	to			(3.89)%
												2020			470,514			$	9.655950		to			$11.020532			$4,868,055			1.50		%	to			2.85%			2.21		%	to			2.29%			2.99		%	to			4.39%
												2019			478,606			$	9.375253		to			$10.556720			$4,779,327			1.50		%	to			2.85%			2.28		%	to			2.36%			2.78		%	to			4.18%
									Invesco V.I. High Yield Fund
												2023			299,012			$	10.092045		to			$11.762747			$3,992,949			1.00		%	to			2.85%			—		%	to			0.78%			7.08		%	to			9.08%
												2022			303,364			$	9.240400		to			$10.984969			$3,746,404			1.15		%	to			2.85%			3.40		%	to			4.70%			(12.10)		%	to			(7.60)%
												2021			337,517			$	12.496733		to			$14.771739			$4,693,825			1.30		%	to			2.85%			4.53		%	to			4.78%			1.45		%	to			3.03%
												2020			357,551			$	12.318201		to			$14.336765			$4,855,403			1.30		%	to			2.85%			5.75		%	to			6.04%			0.42		%	to			1.98%
												2019			390,640			$	12.267129		to			$14.057815			$5,223,313			1.30		%	to			2.85%			3.20		%	to			4.61%			10.32		%	to			12.04%
									Invesco V.I. EQV International Equity Fund
												2023			22,403			$	15.197821		to			$15.936985			$354,057			1.00		%	to			1.30%			—		%	to			—%			16.35		%	to			16.69%
												2022			28,557			$	13.062716		to			$13.657031			$387,273			1.00		%	to			1.30%			1.44		%	to			1.51%			(19.56)		%	to			(19.32)%
												2021			28,582			$	16.238587		to			$16.926482			$480,897			1.00		%	to			1.30%			1.07		%	to			1.11%			4.24		%	to			4.56%
												2020			32,971			$	15.577711		to			$16.188985			$531,236			1.00		%	to			1.30%			2.12		%	to			2.14%			12.27		%	to			12.61%
												2019			38,093			$	13.875077		to			$14.376364			$545,021			1.00		%	to			1.30%			1.23		%	to			1.24%			26.58		%	to			26.96%
									Invesco V.I. Diversified Dividend Fund
												2023			1,140,539			$	21.754727		to			$27.390728			$30,222,676			1.30		%	to			2.85%			1.74		%	to			1.90%			5.71		%	to			7.64%
												2022			1,328,888			$	20.578662		to			$25.447325			$32,790,621			1.30		%	to			2.85%			1.57		%	to			1.76%			(4.68)		%	to			(2.95)%
												2021			1,383,417			$	21.589428		to			$26.220885			$35,237,139			1.30		%	to			2.85%			1.98		%	to			2.05%			15.26		%	to			17.36%
												2020			1,514,346			$	18.730463		to			$22.342569			$32,943,004			1.30		%	to			2.85%			2.94		%	to			3.10%			(2.94)		%	to			(1.15)%
												2019			1,725,159			$	19.298093		to			$22.602936			$38,065,695			1.30		%	to			2.85%			2.71		%	to			2.91%			21.27		%	to			23.48%
									Invesco V.I. Government Money Market Fund
												2023			7,565,391			$	8.769509		to			$10.271479			$71,888,389			0.75		%	to			2.85%			4.38		%	to			4.71%			1.67		%	to			4.09%
												2022			6,177,948			$	8.625496		to			$9.868202			$57,199,318			0.75		%	to			2.85%			1.19		%	to			1.48%			(1.59)		%	to			0.70%
												2021			5,883,645			$	8.764919		to			$9.799820			$54,846,488			0.75		%	to			2.85%			0.01		%	to			0.01%			(2.80)		%	to			(0.74)%
												2020			6,264,163			$	9.017706		to			$9.872922			$59,084,535			0.75		%	to			2.85%			0.21		%	to			0.25%			(2.60)		%	to			(0.46)%
												2019			5,239,601			$	9.258696		to			$9.918056			$50,362,145			0.75		%	to			2.85%			1.64		%	to			1.89%			(1.21)		%	to			1.14%
									AB VPS Relative Value Portfolio+
												2023			1,185,858			$	13.757293		to			$15.081277			$17,145,887			0.75		%	to			2.65%			1.13		%	to			1.31%			8.80		%	to			10.89%
												2022			1,347,665			$	12.644319		to			$13.600517			$17,717,264			0.75		%	to			2.65%			1.06		%	to			1.15%			(6.92)		%	to			(5.13)%
												2021			1,568,164			$	13.584235		to			$14.336472			$21,925,414			0.75		%	to			2.65%			0.63		%	to			0.63%			24.50		%	to			26.88%
												2020			1,921,191			$	10.911315		to			$11.299007			$21,358,213			0.75		%	to			2.65%			1.35		%	to			1.49%			(0.21)		%	to			1.71%
												2019♦			1,977,719			$	10.933892		to			$11.109324			$21,808,512			0.75		%	to			2.65%			1.02		%	to			1.03%			9.34		%	to			11.09%
									American Funds Insurance Series® The Bond Fund of America®
												2023			212,925			$	9.931331		to			$10.124707			$2,145,159			1.00		%	to			1.30%			3.32		%	to			3.33%			3.37		%	to			3.68%
												2022			215,185			$	9.607514		to			$9.765234			$2,092,867			1.00		%	to			1.30%			2.60		%	to			2.66%			(13.88)		%	to			(13.62)%
												2021			242,552			$	11.155537		to			$11.304674			$2,733,386			1.00		%	to			1.30%			1.15		%	to			1.29%			(1.87)		%	to			(1.58)%
												2020			237,275			$	11.368267		to			$11.485731			$2,719,489			1.00		%	to			1.30%			1.84		%	to			1.96%			7.97		%	to			8.29%
												2019			257,840			$	10.529337		to			$10.606271			$2,730,961			1.00		%	to			1.30%			2.15		%	to			2.27%			7.67		%	to			8.00%
									American Funds Insurance Series® Global Growth Fund
												2023			533,799			$	17.069693		to			$39.660359			$18,943,911			1.00		%	to			2.85%			0.68		%	to			0.88%			19.16		%	to			21.08%
												2022			595,888			$	14.098184		to			$33.283094			$17,212,532			1.00		%	to			2.85%			0.43		%	to			0.66%			(26.86)		%	to			(25.67)%
												2021			683,771			$	18.966415		to			$45.504456			$26,651,539			1.00		%	to			2.85%			0.22		%	to			0.33%			13.15		%	to			14.98%
												2020			756,574			$	16.495357		to			$40.216053			$25,523,193			1.00		%	to			2.85%			0.16		%	to			0.35%			26.80		%	to			28.87%
												2019			857,183			$	12.799788		to			$31.715873			$22,648,098			1.00		%	to			2.85%			0.95		%	to			1.22%			31.48		%	to			33.53%
									American Funds Insurance Series® Growth Fund
												2023			2,967,535			$	23.295757		to			$62.581829			$137,077,389			1.00		%	to			2.85%			0.17		%	to			0.36%			34.60		%	to			36.76%
												2022			3,351,413			$	17.033506		to			$46.496267			$114,515,182			1.00		%	to			2.85%			0.10		%	to			0.31%			(31.91)		%	to			(30.81)%
												2021			3,695,153			$	24.618843		to			$68.286186			$183,472,535			1.00		%	to			2.85%			0.06		%	to			0.22%			18.56		%	to			20.47%
												2020			4,157,085			$	20.435039		to			$57.594694			$171,418,048			1.00		%	to			2.85%			0.21		%	to			0.31%			47.81		%	to			50.21%
												2019			4,855,480			$	13.604692		to			$38.964778			$133,729,036			1.00		%	to			2.85%			0.54		%	to			0.76%			27.10		%	to			29.14%
									American Funds Insurance Series® Growth-Income Fund
												2023			2,314,262			$	18.422119		to			$42.479747			$93,188,156			1.00		%	to			2.85%			1.16		%	to			1.31%			22.60		%	to			24.57%
												2022			2,596,108			$	14.788099		to			$34.650125			$84,486,636			1.00		%	to			2.85%			1.06		%	to			1.26%			(18.84)		%	to			(17.54)%
												2021			2,852,517			$	17.932740		to			$42.694898			$112,990,986			1.00		%	to			2.85%			0.95		%	to			1.12%			20.61		%	to			22.57%
												2020			3,180,287			$	14.630813		to			$35.399020			$103,151,803			1.00		%	to			2.85%			1.14		%	to			1.35%			10.36		%	to			12.12%
												2019			3,601,449			$	13.049109		to			$32.077355			$105,162,978			1.00		%	to			2.85%			1.42		%	to			1.61%			22.59		%	to			24.60%
									American Funds Insurance Series® International Fund
												2023			1,168,994			$	10.901003		to			$18.572411			$19,235,882			1.00		%	to			2.85%			1.07		%	to			1.26%			12.59		%	to			14.41%
												2022			1,329,923			$	9.528196		to			$16.495693			$19,212,367			1.00		%	to			2.85%			1.54		%	to			1.69%			(23.02)		%	to			(21.81)%
												2021			1,422,130			$	12.185706		to			$21.427362			$26,505,703			1.00		%	to			2.85%			2.20		%	to			2.45%			(4.26)		%	to			(2.69)%
												2020			1,547,236			$	12.522654		to			$22.381819			$29,777,983			1.00		%	to			2.85%			0.45		%	to			0.66%			10.77		%	to			12.53%
												2019			1,709,753			$	11.128469		to			$20.205671			$29,274,283			1.00		%	to			2.85%			1.09		%	to			1.33%			19.43		%	to			21.45%
									American Funds Insurance Series® Global Small Capitalization Fund
												2023			273,547			$	13.432974		to			$29.345395			$7,346,218			1.00		%	to			2.85%			0.03		%	to			0.26%			12.91		%	to			14.63%
												2022			298,231			$	11.718135		to			$25.990328			$7,053,901			1.00		%	to			2.85%			—		%	to			—%			(31.54)		%	to			(30.39)%
												2021			314,866			$	16.833983		to			$37.963283			$10,865,041			1.00		%	to			2.85%			—		%	to			—%			3.74		%	to			5.37%
												2020			345,076			$	15.976393		to			$36.595066			$11,355,265			1.00		%	to			2.85%			0.13		%	to			0.17%			26.08		%	to			28.10%
												2019			397,419			$	12.471597		to			$29.025539			$10,242,355			1.00		%	to			2.85%			0.01		%	to			0.15%			27.82		%	to			29.94%
									Allspring VT Discovery All Cap Growth Fund+
												2023			12,785			$	38.083129		to			$46.595382			$566,614			1.15		%	to			2.65%			—		%	to			—%			29.69		%	to			31.65%
												2022			15,228			$	29.364709		to			$35.394087			$514,887			1.15		%	to			2.65%			—		%	to			—%			(38.85)		%	to			(37.92)%
												2021			14,079			$	48.017615		to			$57.013070			$768,704			1.15		%	to			2.65%			—		%	to			—%			11.97		%	to			13.66%
												2020			16,647			$	44.020458		to			$50.162098			$800,357			1.15		%	to			2.40%			—		%	to			—%			39.79		%	to			41.55%
												2019			23,919			$	31.489875		to			$35.437921			$812,799			1.15		%	to			2.40%			—		%	to			—%			33.80		%	to			35.48%
									Fidelity® VIP Equity-Income Portfolio
												2023			903,005			$	31.674495		to			$34.382983			$25,176,343			0.75		%	to			2.65%			1.76		%	to			1.77%			7.49		%	to			9.55%
												2022			1,002,125			$	28.912311		to			$31.986452			$25,695,477			0.75		%	to			2.65%			1.73		%	to			1.79%			(7.72)		%	to			(5.95)%
												2021			1,146,222			$	30.742567		to			$34.664189			$31,439,127			0.75		%	to			2.65%			1.61		%	to			1.66%			21.35		%	to			23.67%
												2020			1,338,590			$	24.857625		to			$28.565809			$29,873,495			0.75		%	to			2.65%			1.56		%	to			1.64%			3.66		%	to			5.65%
												2019			1,475,395			$	23.529296		to			$27.558115			$31,411,559			0.75		%	to			2.65%			1.75		%	to			1.81%			23.78		%	to			26.16%
									Fidelity® VIP Growth Portfolio
												2023			426,588			$	63.569172		to			$64.695630			$23,655,660			0.75		%	to			2.65%			—		%	to			—%			32.34		%	to			34.87%
												2022			446,320			$	47.132170		to			$48.886270			$18,537,815			0.75		%	to			2.65%			0.25		%	to			0.31%			(26.62)		%	to			(25.21)%
												2021			529,568			$	63.017825		to			$66.619281			$29,394,645			0.75		%	to			2.65%			—		%	to			—%			19.69		%	to			21.99%
												2020			585,242			$	51.660305		to			$55.659715			$27,043,881			0.75		%	to			2.65%			0.03		%	to			0.04%			39.80		%	to			42.48%
												2019			619,212			$	36.258606		to			$39.814253			$20,293,959			0.75		%	to			2.65%			0.06		%	to			0.07%			30.47		%	to			32.98%
									Fidelity® VIP Contrafund® Portfolio
												2023			2,957,676			$	47.008865		to			$51.114669			$132,712,474			0.75		%	to			2.65%			0.26		%	to			0.26%			29.64		%	to			32.12%
												2022			3,440,378			$	36.261376		to			$38.687306			$117,636,444			0.75		%	to			2.65%			0.24		%	to			0.26%			(28.41)		%	to			(27.04)%
												2021			3,776,923			$	50.654083		to			$53.023928			$177,917,158			0.75		%	to			2.65%			0.03		%	to			0.03%			24.18		%	to			26.56%
												2020			4,407,922			$	40.791530		to			$41.896828			$165,330,401			0.75		%	to			2.65%			0.08		%	to			0.08%			26.83		%	to			29.26%
												2019			5,254,287			$	32.162459		to			$32.412549			$153,524,716			0.75		%	to			2.65%			0.22		%	to			0.22%			27.84		%	to			30.29%
									Fidelity® VIP Mid Cap Portfolio
												2023			885,461			$	37.448097		to			$40.886884			$31,671,992			0.75		%	to			2.65%			0.38		%	to			0.39%			11.80		%	to			13.94%
												2022			973,445			$	33.495370		to			$35.883166			$30,811,771			0.75		%	to			2.65%			0.27		%	to			0.28%			(17.19)		%	to			(15.60)%
												2021			1,100,045			$	40.450461		to			$42.517207			$41,466,232			0.75		%	to			2.65%			0.34		%	to			0.37%			22.03		%	to			24.37%
												2020			1,282,075			$	33.147797		to			$34.185988			$39,186,155			0.75		%	to			2.65%			0.39		%	to			0.40%			14.79		%	to			16.99%
												2019			1,492,144			$	28.878159		to			$29.222127			$39,234,678			0.75		%	to			2.65%			0.63		%	to			0.65%			19.95		%	to			22.25%
									Fidelity® VIP Value Strategies Portfolio
												2023			141,541			$	28.525875		to			$38.927886			$4,901,392			0.75		%	to			2.40%			0.86		%	to			0.92%			17.75		%	to			19.71%
												2022			205,090			$	24.226233		to			$32.519569			$5,888,265			0.75		%	to			2.40%			0.81		%	to			0.95%			(9.55)		%	to			(8.04)%
												2021			165,807			$	35.363338		to			$48.607551			$5,304,272			0.75		%	to			2.65%			—		%	to			1.27%			29.86		%	to			32.35%
												2020			133,240			$	20.573961		to			$26.720428			$3,389,374			0.75		%	to			2.40%			1.06		%	to			1.07%			5.46		%	to			7.21%
												2019			142,001			$	24.922653		to			$35.583144			$3,335,581			0.75		%	to			2.65%			0.70		%	to			1.37%			30.59		%	to			33.10%
									Fidelity® VIP Dynamic Capital Appreciation Portfolio
												2023			125,272			$	38.519677		to			$54.852222			$4,437,903			0.75		%	to			2.65%			0.11		%	to			0.13%			25.36		%	to			27.76%
												2022			136,363			$	30.149475		to			$43.755669			$3,799,595			0.75		%	to			2.65%			0.06		%	to			0.11%			(23.12)		%	to			(21.64)%
												2021			161,038			$	38.476007		to			$56.912837			$5,692,467			0.75		%	to			2.65%			0.06		%	to			0.12%			21.02		%	to			23.34%
												2020			186,707			$	31.194560		to			$47.026877			$5,466,892			0.75		%	to			2.65%			0.04		%	to			0.05%			29.86		%	to			32.35%
												2019			200,421			$	23.570538		to			$36.214599			$4,472,635			0.75		%	to			2.65%			0.38		%	to			0.39%			26.43		%	to			28.85%
									Franklin Income VIP Fund
												2023			51,376			$	19.251204		to			$20.187913			$1,016,902			1.00		%	to			1.30%			4.90		%	to			5.10%			7.14		%	to			7.47%
												2022			56,420			$	17.967441		to			$18.785252			$1,042,038			1.00		%	to			1.30%			4.61		%	to			4.74%			(6.81)		%	to			(6.53)%
												2021			64,731			$	19.281159		to			$20.098329			$1,281,982			1.00		%	to			1.30%			4.42		%	to			4.45%			15.08		%	to			15.43%
												2020			71,451			$	16.754360		to			$17.412153			$1,227,205			1.00		%	to			1.30%			5.27		%	to			5.55%			(0.72)		%	to			(0.42)%
												2019			103,461			$	16.876056		to			$17.486077			$1,779,030			1.00		%	to			1.30%			5.14		%	to			5.25%			14.55		%	to			14.89%
									Franklin Small-Mid Cap Growth VIP Fund
												2023			496,856			$	3.833178		to			$41.294567			$13,353,930			1.30		%	to			2.85%			—		%	to			—%			23.18		%	to			25.10%
												2022			541,283			$	3.064066		to			$33.524031			$11,704,426			1.30		%	to			2.85%			—		%	to			—%			(35.56)		%	to			(34.55)%
												2021			572,617			$	4.681498		to			$52.022538			$19,078,783			1.30		%	to			2.85%			—		%	to			—%			6.92		%	to			8.59%
												2020			640,066			$	4.311080		to			$48.654992			$19,893,729			1.30		%	to			2.85%			—		%	to			—%			50.74		%	to			53.09%
												2019			736,906			$	2.816027		to			$32.277769			$14,899,175			1.30		%	to			2.85%			—		%	to			—%			27.74		%	to			29.74%
									Franklin Small Cap Value VIP Fund
												2023			12,857			$	28.875989		to			$30.281326			$386,866			1.00		%	to			1.30%			0.44		%	to			0.45%			11.22		%	to			11.55%
												2022			14,933			$	25.963306		to			$27.145328			$403,241			1.00		%	to			1.30%			0.91		%	to			0.93%			(11.27)		%	to			(11.00)%
												2021			17,195			$	29.261561		to			$30.501997			$522,285			1.00		%	to			1.30%			0.87		%	to			0.88%			23.56		%	to			23.93%
												2020			20,347			$	23.682808		to			$24.612870			$498,889			1.00		%	to			1.30%			1.20		%	to			1.42%			3.77		%	to			4.08%
												2019			21,739			$	22.821822		to			$23.647005			$511,049			1.00		%	to			1.30%			0.91		%	to			0.93%			24.60		%	to			24.97%
									Franklin Strategic Income VIP Fund
												2023			825,251			$	2.227529		to			$14.108825			$15,506,739			1.30		%	to			2.85%			4.69		%	to			4.98%			5.32		%	to			6.97%
												2022			886,431			$	2.082403		to			$13.395686			$15,704,952			1.30		%	to			2.85%			4.39		%	to			4.47%			(12.97)		%	to			(11.61)%
												2021			989,831			$	2.356008		to			$15.392745			$20,150,882			1.30		%	to			2.85%			3.41		%	to			3.43%			(0.59)		%	to			0.96%
												2020			1,075,101			$	2.333541		to			$15.484162			$21,882,207			1.30		%	to			2.85%			5.04		%	to			5.05%			0.84		%	to			2.41%
												2019			1,209,141			$	2.278537		to			$15.355343			$24,376,941			1.30		%	to			2.85%			5.32		%	to			5.46%			5.36		%	to			7.01%
									Franklin Mutual Shares VIP Fund
												2023			862,840			$	19.681118		to			$23.209108			$22,454,483			1.00		%	to			2.85%			1.74		%	to			1.80%			10.28		%	to			12.18%
												2022			944,972			$	17.543583		to			$21.046236			$22,108,022			1.00		%	to			2.85%			1.70		%	to			1.90%			(10.03)		%	to			(8.39)%
												2021			1,074,695			$	19.150370		to			$23.393774			$27,495,915			1.00		%	to			2.85%			2.70		%	to			2.80%			15.82		%	to			17.88%
												2020			1,226,032			$	16.245933		to			$20.198195			$26,272,266			1.00		%	to			2.85%			2.79		%	to			2.85%			(7.71)		%	to			(6.11)%
												2019			1,316,436			$	17.303895		to			$21.886323			$30,472,706			1.00		%	to			2.85%			1.73		%	to			1.90%			19.13		%	to			21.22%
									Templeton Developing Markets VIP Fund
												2023			139,625			$	3.286986		to			$16.953750			$3,066,017			1.30		%	to			2.85%			2.30		%	to			2.30%			9.60		%	to			11.32%
												2022			162,277			$	2.952835		to			$15.468099			$3,235,081			1.30		%	to			2.85%			2.91		%	to			3.38%			(23.91)		%	to			(22.71)%
												2021			170,439			$	3.820693		to			$20.327621			$4,445,288			1.30		%	to			2.85%			1.08		%	to			1.08%			(8.17)		%	to			(6.73)%
												2020			181,239			$	4.096390		to			$22.135044			$5,114,690			1.30		%	to			2.85%			4.18		%	to			4.35%			14.09		%	to			15.87%
												2019			202,966			$	3.535300		to			$19.401747			$4,994,480			1.30		%	to			2.85%			1.24		%	to			1.25%			23.35		%	to			25.28%
									Templeton Growth VIP Fund
												2023			282,777			$	15.393042		to			$19.759961			$4,512,516			1.00		%	to			2.85%			3.10		%	to			3.32%			17.61		%	to			19.59%
												2022			281,340			$	12.871631		to			$16.801090			$4,360,790			1.00		%	to			2.85%			0.10		%	to			0.16%			(13.99)		%	to			(12.50)%
												2021			317,882			$	14.710195		to			$19.534551			$5,602,564			1.00		%	to			2.85%			0.96		%	to			1.06%			1.92		%	to			3.80%
												2020			357,560			$	14.171226		to			$19.165649			$6,132,897			1.00		%	to			2.85%			2.94		%	to			2.96%			2.83		%	to			4.60%
												2019			396,590			$	13.547671		to			$18.638810			$6,537,260			1.00		%	to			2.85%			2.75		%	to			2.78%			11.92		%	to			13.82%
									Franklin Mutual Global Discovery VIP Fund
												2023			4,219			$	21.244054		to			$22.277771			$93,963			1.00		%	to			1.30%			2.23		%	to			2.30%			18.58		%	to			18.94%
												2022			4,726			$	17.915080		to			$18.730573			$88,503			1.00		%	to			1.30%			0.01		%	to			1.16%			(6.08)		%	to			(5.80)%
												2021			16,699			$	19.075311		to			$19.883813			$323,578			1.00		%	to			1.30%			2.48		%	to			2.53%			17.44		%	to			17.80%
												2020			18,736			$	16.242055		to			$16.879776			$309,282			1.00		%	to			1.30%			2.21		%	to			2.22%			(5.77)		%	to			(5.49)%
												2019			18,434			$	17.237338		to			$17.860434			$322,461			1.00		%	to			1.30%			1.42		%	to			1.46%			22.67		%	to			23.04%
									Templeton Global Bond VIP Fund
												2023			24,283			$	11.846118		to			$12.422552			$298,083			1.00		%	to			1.30%			—		%	to			—%			1.49		%	to			1.80%
												2022			34,144			$	11.672122		to			$12.203414			$409,230			1.00		%	to			1.30%			—		%	to			—%			(6.35)		%	to			(6.07)%
												2021			38,519			$	12.463909		to			$12.992177			$492,306			1.00		%	to			1.30%			—		%	to			—%			(6.24)		%	to			(5.96)%
												2020			42,608			$	13.293114		to			$13.815011			$580,173			1.00		%	to			1.30%			7.69		%	to			7.98%			(6.57)		%	to			(6.29)%
												2019			45,213			$	14.228473		to			$14.742780			$657,701			1.00		%	to			1.30%			6.86		%	to			6.88%			0.54		%	to			0.84%
									Hartford Balanced HLS Fund
												2023			6,279,417			$	3.269672		to			$29.044820			$24,344,253			0.75		%	to			2.70%			1.82		%	to			1.86%			11.72		%	to			13.92%
												2022			7,007,470			$	2.870135		to			$25.997550			$24,080,372			0.75		%	to			2.70%			1.77		%	to			1.77%			(15.73)		%	to			(14.07)%
												2021			7,881,317			$	3.340183		to			$30.851727			$31,368,926			0.75		%	to			2.70%			0.95		%	to			0.99%			16.46		%	to			18.75%
												2020			8,831,167			$	2.812788		to			$26.652450			$30,624,934			0.75		%	to			2.65%			1.80		%	to			1.85%			8.70		%	to			10.78%
												2019			9,700,777			$	2.539028		to			$24.384267			$30,107,163			0.75		%	to			2.70%			—		%	to			1.92%			19.53		%	to			21.88%
									Hartford Total Return Bond HLS Fund
												2023			83,221,798			$	2.307021		to			$12.165947			$243,077,458			0.75		%	to			2.65%			3.41		%	to			3.46%			4.17		%	to			6.17%
												2022			90,510,752			$	2.172954		to			$11.678799			$250,847,323			0.75		%	to			2.65%			2.82		%	to			2.95%			(16.46)		%	to			(14.85)%
												2021			104,996,923			$	2.552039		to			$13.888442			$345,020,344			0.75		%	to			2.70%			0.75		%	to			2.44%			(3.58)		%	to			(1.69)%
												2020			107,667,448			$	2.595793		to			$14.404813			$360,967,883			0.75		%	to			2.70%			3.57		%	to			3.69%			6.12		%	to			8.21%
												2019			109,547,017			$	2.398795		to			$13.573620			$339,798,705			0.75		%	to			2.70%			3.95		%	to			6.71%			7.70		%	to			9.82%
									Hartford Capital Appreciation HLS Fund
												2023			1,187,485			$	39.719430		to			$42.124991			$41,064,089			0.75		%	to			2.65%			0.81		%	to			0.86%			16.86		%	to			19.10%
												2022			1,364,232			$	33.348664		to			$36.046325			$39,989,581			0.75		%	to			2.65%			0.93		%	to			0.93%			(17.52)		%	to			(15.93)%
												2021			1,543,352			$	39.668677		to			$43.701215			$54,276,198			0.75		%	to			2.65%			0.46		%	to			0.47%			11.76		%	to			13.90%
												2020			1,737,477			$	34.826417		to			$39.102540			$54,172,335			0.75		%	to			2.65%			0.53		%	to			0.96%			18.73		%	to			21.00%
												2019			2,052,512			$	28.781166		to			$32.934724			$53,336,045			0.75		%	to			2.65%			1.16		%	to			1.19%			27.85		%	to			30.30%
									Hartford Dividend and Growth HLS Fund
												2023			25,031,092			$	6.258917		to			$40.707201			$173,117,399			0.75		%	to			2.65%			1.53		%	to			1.57%			11.19		%	to			13.32%
												2022			28,591,391			$	5.523075		to			$36.610157			$175,024,483			0.75		%	to			2.65%			1.67		%	to			1.99%			(11.32)		%	to			(9.62)%
												2021			33,064,692			$	6.110626		to			$41.282540			$224,174,627			0.75		%	to			2.65%			1.24		%	to			1.27%			28.55		%	to			31.01%
												2020			39,231,121			$	4.664227		to			$32.114764			$204,938,429			0.75		%	to			2.65%			1.71		%	to			2.19%			4.95		%	to			6.96%
												2019			35,589,844			$	4.360565		to			$30.600049			$173,907,938			0.75		%	to			2.65%			1.88		%	to			1.88%			25.24		%	to			27.64%
									Hartford Disciplined Equity HLS Fund
												2023			26,702,683			$	5.051377		to			$49.670934			$157,405,054			0.75		%	to			2.65%			0.81		%	to			0.81%			18.08		%	to			20.34%
												2022			30,487,026			$	4.197602		to			$42.066752			$149,691,366			0.75		%	to			2.65%			0.96		%	to			1.01%			(21.08)		%	to			(19.56)%
												2021			34,038,401			$	5.218570		to			$53.303179			$210,081,292			0.75		%	to			2.65%			0.54		%	to			0.56%			22.24		%	to			24.58%
												2020			40,085,862			$	4.188959		to			$43.606715			$198,923,579			0.75		%	to			2.65%			0.49		%	to			0.66%			14.95		%	to			17.16%
												2019			23,825,288			$	3.575440		to			$37.933869			$97,630,948			0.75		%	to			2.65%			0.73		%	to			0.84%			30.62		%	to			33.12%
									Hartford International Opportunities HLS Fund
												2023			17,509,130			$	2.633044		to			$20.908619			$51,744,274			0.75		%	to			2.65%			1.16		%	to			1.19%			8.79		%	to			10.88%
												2022			19,635,420			$	2.374658		to			$19.218494			$52,618,775			0.75		%	to			2.65%			1.65		%	to			1.80%			(20.29)		%	to			(18.76)%
												2021			21,370,654			$	2.922935		to			$24.110339			$70,713,710			0.75		%	to			2.65%			0.99		%	to			1.02%			5.00		%	to			7.01%
												2020			23,766,005			$	2.731401		to			$22.962539			$73,741,139			0.75		%	to			2.65%			1.72		%	to			1.93%			17.30		%	to			19.55%
												2019			28,045,775			$	2.284757		to			$19.576026			$73,113,954			0.75		%	to			2.65%			1.83		%	to			1.84%			23.12		%	to			25.48%
									Hartford MidCap HLS Fund
												2023			697,053			$	10.527675		to			$11.227349			$7,587,330			0.75		%	to			2.65%			0.04		%	to			0.04%			11.87		%	to			14.02%
												2022			781,736			$	9.410569		to			$9.847167			$7,536,681			0.75		%	to			2.65%			0.88		%	to			0.92%			(26.29)		%	to			(24.87)%
												2021			808,398			$	12.757386		to			$13.106566			$10,467,821			0.75		%	to			2.70%			—		%	to			—%			6.98		%	to			9.09%
												2020♦			933,822			$	11.925056		to			$12.014847			$11,183,739			0.75		%	to			2.70%			0.05		%	to			0.05%			19.25		%	to			20.15%
									Hartford Ultrashort Bond HLS Fund
												2023			44,115,096			$	1.243883		to			$7.615314			$56,690,425			0.75		%	to			2.65%			1.31		%	to			1.31%			2.43		%	to			4.40%
												2022			49,953,431			$	1.191494		to			$7.434425			$61,308,285			0.75		%	to			2.65%			0.22		%	to			0.30%			(2.78)		%	to			(0.91)%
												2021			60,117,552			$	1.202495		to			$7.597367			$75,731,213			0.75		%	to			2.70%			0.69		%	to			0.74%			(2.85)		%	to			(0.94)%
												2020			63,099,285			$	1.213845		to			$7.819891			$80,065,994			0.75		%	to			2.70%			1.47		%	to			2.08%			(1.26)		%	to			0.68%
												2019			23,424,583			$	1.205675		to			$7.919998			$29,418,414			0.75		%	to			2.70%			1.87		%	to			1.98%			0.07		%	to			2.04%
									Hartford Small Company HLS Fund
												2023			2,841,243			$	5.277903		to			$38.510485			$16,813,455			0.75		%	to			2.65%			—		%	to			—%			13.69		%	to			15.87%
												2022			3,265,985			$	4.555081		to			$33.873583			$16,761,274			0.75		%	to			2.65%			—		%	to			—%			(32.75)		%	to			(31.45)%
												2021			3,253,907			$	6.645218		to			$50.367119			$24,494,887			0.75		%	to			2.65%			—		%	to			—%			(1.10)		%	to			0.80%
												2020			3,848,112			$	6.592358		to			$50.925435			$28,947,698			0.75		%	to			2.65%			—		%	to			—%			51.46		%	to			54.36%
												2019			4,771,175			$	4.270872		to			$33.624032			$23,243,129			0.75		%	to			2.65%			—		%	to			—%			33.42		%	to			35.97%
									Hartford SmallCap Growth HLS Fund
												2023			2,242,791			$	5.005793		to			$45.601391			$11,661,801			0.75		%	to			2.65%			—		%	to			—%			15.33		%	to			17.54%
												2022			2,523,666			$	4.258789		to			$39.540148			$11,105,748			0.75		%	to			2.65%			—		%	to			—%			(30.33)		%	to			(28.99)%
												2021			2,688,552			$	5.997735		to			$56.755923			$16,618,390			0.75		%	to			2.65%			—		%	to			—%			1.30		%	to			3.24%
												2020			3,001,068			$	5.809475		to			$56.029517			$18,386,101			0.75		%	to			2.65%			—		%	to			—%			29.72		%	to			32.20%
												2019			3,604,276			$	4.394407		to			$43.194042			$17,102,135			0.75		%	to			2.65%			—		%	to			—%			32.26		%	to			34.80%
									Hartford Stock HLS Fund
												2023			2,131,876			$	3.886647		to			$46.590419			$10,544,175			0.75		%	to			2.65%			1.17		%	to			1.34%			4.90		%	to			6.91%
												2022			2,595,222			$	3.635356		to			$44.413857			$11,762,997			0.75		%	to			2.65%			2.01		%	to			2.36%			(7.62)		%	to			(5.85)%
												2021			2,506,573			$	3.861095		to			$48.077266			$12,646,730			0.75		%	to			2.65%			0.44		%	to			1.23%			21.71		%	to			24.05%
												2020			3,950,018			$	3.112617		to			$39.500475			$14,609,155			0.75		%	to			2.65%			1.58		%	to			1.73%			9.15		%	to			11.24%
												2019			4,444,162			$	2.798119		to			$36.190648			$15,006,154			0.75		%	to			2.65%			1.63		%	to			1.65%			27.79		%	to			30.24%
									Lord Abbett Series Fund - Fundamental Equity Portfolio
												2023			525,106			$	29.533817		to			$34.218665			$16,136,617			0.75		%	to			2.65%			0.57		%	to			0.60%			11.64		%	to			13.78%
												2022			616,670			$	26.454814		to			$30.074871			$16,735,886			0.75		%	to			2.65%			1.04		%	to			1.06%			(14.29)		%	to			(12.64)%
												2021			722,884			$	30.864038		to			$34.426590			$22,594,082			0.75		%	to			2.65%			0.78		%	to			0.88%			23.99		%	to			26.36%
												2020			892,684			$	24.893133		to			$27.244354			$22,211,923			0.75		%	to			2.65%			1.07		%	to			1.28%			(0.89)		%	to			1.01%
												2019			916,417			$	25.116148		to			$26.971120			$22,702,055			0.75		%	to			2.65%			1.23		%	to			1.25%			18.34		%	to			20.61%
									Lord Abbett Series Fund - Dividend Growth Portfolio
												2023			219,536			$	30.847303		to			$42.089333			$8,402,143			0.75		%	to			2.40%			0.79		%	to			0.82%			13.57		%	to			15.46%
												2022			262,055			$	27.161341		to			$36.454063			$8,740,660			0.75		%	to			2.40%			0.85		%	to			0.86%			(15.60)		%	to			(14.20)%
												2021			299,138			$	32.182358		to			$42.485423			$11,675,511			0.75		%	to			2.40%			0.69		%	to			0.73%			22.64		%	to			24.68%
												2020			340,378			$	26.240321		to			$34.074738			$10,713,345			0.75		%	to			2.40%			0.95		%	to			1.01%			12.68		%	to			14.55%
												2019			391,625			$	23.287618		to			$29.745758			$10,806,892			0.75		%	to			2.40%			1.53		%	to			1.58%			23.45		%	to			25.50%
									Lord Abbett Series Fund - Bond Debenture Portfolio
												2023			1,109,116			$	19.069070		to			$22.639803			$22,196,556			0.75		%	to			2.65%			4.96		%	to			5.09%			3.77		%	to			5.76%
												2022			1,239,600			$	18.376929		to			$21.407522			$23,591,192			0.75		%	to			2.65%			3.31		%	to			4.43%			(15.08)		%	to			(13.45)%
												2021			1,403,383			$	21.641087		to			$24.735288			$30,905,893			0.75		%	to			2.65%			2.85		%	to			3.94%			0.58		%	to			2.51%
												2020			1,504,618			$	21.516952		to			$24.130598			$32,521,996			0.75		%	to			2.65%			3.89		%	to			4.14%			4.50		%	to			6.50%
												2019			1,686,657			$	20.590588		to			$22.657286			$34,410,634			0.75		%	to			2.65%			3.78		%	to			3.85%			10.39		%	to			12.51%
									Lord Abbett Series Fund - Growth and Income Portfolio
												2023			1,877,538			$	29.332036		to			$29.448694			$49,052,797			0.75		%	to			2.65%			0.91		%	to			0.91%			10.23		%	to			12.34%
												2022			2,120,198			$	26.109662		to			$26.715928			$49,591,893			0.75		%	to			2.65%			0.92		%	to			1.24%			(11.81)		%	to			(10.12)%
												2021			2,527,347			$	29.048295		to			$30.293262			$66,175,810			0.75		%	to			2.65%			0.84		%	to			1.01%			25.65		%	to			28.06%
												2020			3,057,194			$	22.683992		to			$24.109553			$62,885,630			0.75		%	to			2.65%			1.66		%	to			1.70%			0.01		%	to			1.93%
												2019			3,281,557			$	22.254489		to			$24.106738			$66,580,562			0.75		%	to			2.65%			1.62		%	to			1.65%			19.29		%	to			21.58%
									MFS® Growth Series
												2023			161,981			$	5.965556		to			$56.666395			$5,004,500			1.30		%	to			2.85%			—		%	to			—%			32.05		%	to			34.11%
												2022			168,018			$	4.448239		to			$42.912754			$3,931,578			1.30		%	to			2.85%			—		%	to			—%			(33.56)		%	to			(32.52)%
												2021			186,743			$	6.591909		to			$64.588578			$6,547,440			1.30		%	to			2.85%			—		%	to			—%			20.06		%	to			21.94%
												2020			206,853			$	5.405960		to			$53.795606			$5,988,789			1.30		%	to			2.85%			—		%	to			—%			28.15		%	to			30.15%
												2019			228,806			$	4.153483		to			$41.977321			$5,031,764			1.30		%	to			2.85%			—		%	to			—%			34.27		%	to			36.37%
									MFS® Investors Trust Series
												2023			145,804			$	4.175054		to			$38.447047			$4,469,174			1.30		%	to			2.85%			0.72		%	to			0.81%			15.64		%	to			17.44%
												2022			161,214			$	3.554964		to			$33.247846			$4,229,997			1.30		%	to			2.85%			0.38		%	to			0.67%			(18.84)		%	to			(17.57)%
												2021			176,642			$	4.312657		to			$40.965050			$5,663,828			1.30		%	to			2.85%			0.62		%	to			0.62%			23.25		%	to			25.18%
												2020			195,867			$	3.445277		to			$33.236919			$5,062,184			1.30		%	to			2.85%			0.63		%	to			0.65%			10.67		%	to			12.40%
												2019			211,376			$	3.065248		to			$30.032763			$4,874,506			1.30		%	to			2.85%			0.69		%	to			0.69%			27.88		%	to			29.88%
									MFS® Total Return Series
												2023			1,304,058			$	22.004809		to			$22.107438			$34,583,253			1.00		%	to			2.85%			1.86		%	to			1.95%			7.34		%	to			9.12%
												2022			1,417,218			$	20.165572		to			$20.595658			$34,594,256			1.00		%	to			2.85%			1.49		%	to			1.72%			(12.13)		%	to			(10.74)%
												2021			1,585,634			$	22.591204		to			$23.437536			$43,442,831			1.00		%	to			2.85%			1.60		%	to			1.76%			10.91		%	to			12.70%
												2020			1,731,092			$	20.044839		to			$21.131954			$42,486,457			1.00		%	to			2.85%			1.98		%	to			2.27%			6.73		%	to			8.43%
												2019			1,969,886			$	18.487003		to			$19.799841			$45,003,821			1.00		%	to			2.85%			2.10		%	to			2.44%			17.00		%	to			18.92%

									MFS® Value Series
												2023			25,790			$28.154132			to			$29.523514			$753,552			1.00%			to			1.30%			1.40%			to			1.41%			6.24%			to			6.56%

---

												2022			30,381			$26.499655			to			$27.705352			$834,433			1.00%			to			1.30%			0.68%			to			1.16%			(7.36)%			to			(7.08)%
												2021			43,411			$28.603764			to			$29.815545			$1,274,491			1.00%			to			1.30%			1.11%			to			1.16%			23.54%			to			23.91%
												2020			54,025			$23.153119			to			$24.061732			$1,283,836			1.00%			to			1.30%			1.36%			to			1.39%			1.89%			to			2.19%
												2019			57,334			$22.724241			to			$23.545252			$1,334,660			1.00%			to			1.30%			1.84%			to			1.87%			27.83%			to			28.22%
									BlackRock S&P 500 Index V.I. Fund
												2023			1,110,444			$15.856676			to			$17.794309			$18,819,605			0.75%			to			2.70%			1.39%			to			1.48%			22.86%			to			25.28%
												2022			1,145,936			$12.906224			to			$14.203887			$15,610,912			0.75%			to			2.70%			1.48%			to			1.60%			(20.41)%			to			(18.84)%
												2021			1,237,640			$16.216069			to			$17.501407			$20,928,108			0.75%			to			2.70%			1.14%			to			1.22%			25.11%			to			27.58%
												2020			1,235,942			$12.961089			to			$13.718509			$16,503,276			0.75%			to			2.70%			1.82%			to			1.91%			15.09%			to			17.36%
												2019			1,231,799			$11.261579			to			$11.689558			$14,153,852			0.75%			to			2.70%			1.99%			to			2.20%			27.85%			to			30.36%
									Invesco V.I. Equity and Income Fund
												2023			528,374			$22.861556			to			$24.902977			$13,316,638			1.30%			to			2.85%			1.51%			to			2.01%			7.14%			to			9.13%
												2022			610,938			$20.949259			to			$23.242905			$14,259,262			1.30%			to			2.85%			1.43%			to			1.70%			(10.31)%			to			(8.71)%
												2021			662,621			$22.946864			to			$25.914112			$16,970,547			1.30%			to			2.85%			1.65%			to			1.74%			15.03%			to			17.12%
												2020			709,066			$19.592639			to			$22.528701			$15,603,270			1.30%			to			2.85%			2.02%			to			2.22%			6.57%			to			8.53%
												2019			806,219			$18.052374			to			$21.139861			$16,324,393			1.30%			to			2.85%			2.52%			to			3.13%			16.64%			to			18.81%
									Morgan Stanley VIF Core Plus Fixed Income Portfolio+
												2023			—			$1.544197			to			$11.505641			$—			1.30%			to			2.85%			3.28%			to			4.26%			0.42%			to			1.63%
												2022			1,674,619			$1.519499			to			$11.458070			$22,047,566			1.30%			to			2.85%			3.87%			to			4.07%			(16.74)%			to			(15.44)%
												2021			1,927,749			$1.796906			to			$13.761716			$30,116,597			1.30%			to			2.85%			3.84%			to			3.96%			(3.12)%			to			(1.61)%
												2020			2,063,052			$1.826339			to			$14.205628			$33,164,329			1.30%			to			2.85%			2.86%			to			2.94%			4.77%			to			6.41%
												2019			2,177,485			$1.716369			to			$13.558720			$32,642,061			1.30%			to			2.85%			3.78%			to			4.20%			7.77%			to			9.45%
									Morgan Stanley VIF Emerging Markets Debt Portfolio
												2023			57,157			$2.502761			to			$14.102745			$1,254,190			1.30%			to			2.85%			8.60%			to			9.68%			8.70%			to			10.39%
												2022			73,066			$2.267115			to			$12.974359			$1,483,061			1.30%			to			2.85%			6.84%			to			7.51%			(21.02)%			to			(19.79)%
												2021			83,260			$2.826377			to			$16.427782			$2,153,768			1.30%			to			2.85%			4.42%			to			5.07%			(4.78)%			to			(3.29)%
												2020			77,231			$2.922509			to			$17.251902			$2,155,902			1.30%			to			2.85%			4.51%			to			4.56%			2.58%			to			4.18%
												2019			87,639			$2.805178			to			$16.817855			$2,389,569			1.30%			to			2.85%			5.28%			to			5.61%			11.04%			to			12.78%
									Morgan Stanley VIF Emerging Markets Equity Portfolio
												2023			509,993			$16.413715			to			$20.697657			$9,302,542			0.75%			to			2.85%			1.53%			to			1.62%			8.83%			to			11.13%
												2022			553,718			$15.082118			to			$18.625066			$9,219,948			0.75%			to			2.85%			0.37%			to			0.42%			(27.19)%			to			(25.69)%
												2021			611,754			$20.714426			to			$25.064486			$13,906,834			0.75%			to			2.85%			0.79%			to			0.83%			0.09%			to			2.18%
												2020			643,374			$20.695059			to			$24.528745			$14,505,408			0.75%			to			2.85%			1.36%			to			1.39%			11.22%			to			13.51%
												2019			721,861			$18.606606			to			$21.609331			$14,518,148			0.75%			to			2.85%			1.01%			to			1.28%			16.23%			to			18.62%
									Morgan Stanley VIF Growth Portfolio
												2023			1,869,177			$29.365454			to			$35.473001			$64,149,846			1.30%			to			2.85%			—%			to			—%			44.15%			to			46.75%

---

												2022			2,115,720			$20.370945			to			$24.173091			$49,675,229			1.30%			to			2.85%			—%			to			—%			(61.29)%			to			(60.59)%
												2021			2,287,388			$52.621816			to			$61.330363			$136,902,910			1.30%			to			2.85%			—%			to			—%			(2.95)%			to			(1.19)%
												2020			2,570,390			$54.222607			to			$62.067071			$156,134,083			1.30%			to			2.85%			—%			to			—%			110.68%			to			114.51%
												2019			2,981,552			$25.736385			to			$28.934684			$84,627,879			1.30%			to			2.85%			—%			to			—%			27.78%			to			30.11%
									Morgan Stanley VIF Discovery Portfolio
												2023			159,247			$44.504568			to			$47.337054			$6,779,378			0.75%			to			2.65%			—%			to			—%			40.36%			to			43.05%
												2022			171,372			$31.706780			to			$33.090703			$5,120,510			0.75%			to			2.65%			—%			to			—%			(63.94)%			to			(63.25)%
												2021			180,530			$87.931002			to			$90.031761			$14,782,064			0.75%			to			2.65%			—%			to			—%			(13.52)%			to			(11.86)%
												2020			253,531			$101.673558			to			$102.143757			$23,506,109			0.75%			to			2.65%			—%			to			—%			145.47%			to			150.16%
												2019			225,861			$40.830716			to			$41.420160			$8,497,925			0.75%			to			2.65%			—%			to			—%			36.31%			to			38.92%
									Invesco V.I. American Value Fund
												2023			460,675			$37.556159			to			$38.598207			$19,121,718			0.75%			to			2.85%			0.36%			to			0.65%			12.35%			to			14.43%
												2022			525,880			$33.426587			to			$33.730989			$19,094,793			0.75%			to			2.85%			0.46%			to			0.76%			(5.35)%			to			(3.59)%
												2021			583,643			$34.986734			to			$35.315751			$22,082,429			0.75%			to			2.85%			0.21%			to			0.45%			24.36%			to			26.67%
												2020			653,855			$27.620017			to			$28.398415			$19,614,927			0.75%			to			2.85%			0.64%			to			0.92%			(1.72)%			to			0.10%
												2019			726,246			$27.591378			to			$28.895086			$21,903,166			0.75%			to			2.85%			0.41%			to			0.71%			21.52%			to			23.78%
									Invesco V.I. Equally-Weighted S&P 500 Fund
												2023			735,986			$5.309587			to			$47.209957			$39,405,111			1.30%			to			2.85%			1.16%			to			1.23%			10.24%			to			12.24%
												2022			847,854			$4.730371			to			$42.823308			$39,026,163			1.30%			to			2.85%			0.74%			to			0.89%			(14.53)%			to			(12.95)%
												2021			959,160			$5.433875			to			$50.104678			$49,368,390			1.30%			to			2.85%			1.04%			to			1.12%			25.27%			to			27.51%
												2020			1,082,956			$4.261601			to			$39.998584			$43,651,796			1.30%			to			2.85%			1.27%			to			1.33%			9.26%			to			11.29%
												2019			1,297,855			$3.829355			to			$36.609563			$45,155,805			1.30%			to			2.85%			1.60%			to			1.85%			24.85%			to			27.13%
									Morgan Stanley VIF Global Franchise Portfolio+
												2023			—			$35.777777			to			$56.915492			$—			1.50%			to			2.85%			0.45%			to			0.53%			7.95%			to			9.08%
												2022			121,104			$33.142580			to			$52.176776			$5,408,096			1.50%			to			2.85%			0.57%			to			0.60%			(19.89)%			to			(18.80)%
												2021			136,950			$41.368811			to			$64.253294			$7,614,330			1.50%			to			2.85%			0.67%			to			0.67%			18.26%			to			19.86%
												2020			147,076			$34.981861			to			$53.605210			$6,921,888			1.50%			to			2.85%			0.85%			to			0.85%			10.03%			to			11.52%
												2019			174,522			$31.793543			to			$48.066491			$7,374,828			1.50%			to			2.85%			0.86%			to			0.93%			25.89%			to			27.60%
									Invesco V.I. Discovery Mid Cap Growth Fund
												2023			150,720			$12.019661			to			$35.657635			$4,409,523			0.75%			to			2.85%			—%			to			—%			9.68%			to			12.01%
												2022			153,960			$10.958706			to			$31.835071			$4,241,722			0.75%			to			2.85%			—%			to			—%			(33.07)%			to			(31.65)%
												2021			186,371			$16.373274			to			$46.573883			$7,478,557			0.75%			to			2.85%			—%			to			—%			15.46%			to			17.91%
												2020			218,005			$14.180959			to			$39.500672			$7,541,966			0.75%			to			2.85%			—%			to			—%			39.19%			to			41.81%
												2019			241,463			$28.378075			to			$39.608394			$6,306,716			0.75%			to			2.65%			—%			to			—%			35.38%			to			37.97%
									Invesco V.I. Capital Appreciation Fund
												2023			512,602			$41.080661			to			$45.895639			$18,547,614			0.75%			to			2.65%			—%			to			—%			31.50%			to			34.02%

---

												2022			577,208			$30.652739			to			$34.901591			$15,673,786			0.75%			to			2.65%			—%			to			—%			(32.77)%			to			(31.48)%
												2021			615,275			$44.735153			to			$51.915077			$24,496,589			0.75%			to			2.65%			—%			to			—%			19.09%			to			21.37%
												2020			713,862			$36.859188			to			$43.594579			$23,766,075			0.75%			to			2.65%			—%			to			—%			32.68%			to			35.22%
												2019			890,485			$27.258340			to			$32.857358			$22,062,689			0.75%			to			2.65%			—%			to			—%			32.30%			to			34.83%
									Invesco V.I. Global Fund
												2023			1,897,741			$35.660017			to			$37.292993			$62,646,825			0.75%			to			2.65%			—%			to			—%			30.93%			to			33.44%
												2022			2,265,301			$27.235024			to			$27.946836			$56,472,032			0.75%			to			2.65%			—%			to			—%			(33.72)%			to			(32.45)%
												2021			2,347,804			$41.090879			to			$41.369564			$87,146,179			0.75%			to			2.65%			—%			to			—%			12.16%			to			14.31%
												2020			2,690,952			$36.190441			to			$36.635664			$87,947,291			0.75%			to			2.65%			0.42%			to			0.44%			24.01%			to			26.39%
												2019			3,217,462			$28.634834			to			$29.542783			$83,655,540			0.75%			to			2.65%			0.63%			to			0.64%			28.02%			to			30.47%
									Invesco V.I. Main Street Fund®
												2023			127,726			$38.556323			to			$40.107867			$4,254,270			0.75%			to			2.65%			0.49%			to			0.61%			19.62%			to			21.91%
												2022			149,024			$31.626400			to			$33.529518			$4,074,005			0.75%			to			2.65%			1.00%			to			1.10%			(22.40)%			to			(20.91)%
												2021			178,132			$39.985769			to			$43.206106			$6,227,586			0.75%			to			2.65%			0.51%			to			0.51%			23.91%			to			26.28%
												2020			208,424			$31.664050			to			$34.869839			$5,824,931			0.75%			to			2.65%			1.17%			to			1.18%			10.72%			to			12.84%
												2019			238,460			$28.059885			to			$31.493335			$5,953,833			0.75%			to			2.65%			0.81%			to			0.82%			28.30%			to			30.75%
									Invesco V.I. Main Street Small Cap Fund®
												2023			728,495			$41.950511			to			$44.955617			$27,173,716			0.75%			to			2.70%			0.91%			to			0.95%			14.68%			to			16.94%
												2022			794,078			$35.873738			to			$39.199858			$25,536,594			0.75%			to			2.70%			0.25%			to			0.26%			(18.28)%			to			(16.67)%
												2021			881,036			$43.050411			to			$47.969172			$34,248,519			0.75%			to			2.70%			0.17%			to			0.18%			19.01%			to			21.35%
												2020			1,080,222			$35.476339			to			$40.307414			$34,827,090			0.75%			to			2.70%			0.37%			to			0.38%			16.45%			to			18.74%
												2019			1,260,004			$29.876845			to			$34.613533			$34,453,131			0.75%			to			2.70%			—%			to			—%			22.78%			to			25.19%
									Putnam VT Diversified Income Fund
												2023			516,706			$16.439856			to			$27.140190			$10,441,373			0.75%			to			2.65%			5.93%			to			6.00%			2.08%			to			4.03%
												2022			573,249			$16.105544			to			$26.087902			$11,138,197			0.75%			to			2.65%			6.80%			to			6.85%			(4.90)%			to			(3.08)%
												2021			678,779			$16.935383			to			$26.915716			$13,654,049			0.75%			to			2.65%			0.44%			to			0.64%			(9.38)%			to			(7.65)%
												2020			717,798			$18.689170			to			$29.143816			$15,653,655			0.75%			to			2.65%			7.45%			to			7.56%			(3.50)%			to			(1.64)%
												2019			774,559			$19.366147			to			$29.631179			$17,392,727			0.75%			to			2.65%			3.10%			to			4.70%			8.32%			to			10.40%
									Putnam VT Global Asset Allocation Fund
												2023			72,472			$19.897351			to			$88.697468			$2,807,892			0.75%			to			2.40%			1.51%			to			1.57%			14.70%			to			16.61%
												2022			80,587			$17.347198			to			$76.064988			$2,714,290			0.75%			to			2.40%			1.36%			to			1.39%			(18.02)%			to			(16.66)%
												2021			98,036			$21.160525			to			$91.266043			$3,910,343			0.75%			to			2.40%			0.70%			to			0.76%			11.25%			to			13.10%
												2020			106,211			$19.020992			to			$80.696251			$3,799,164			0.75%			to			2.40%			1.86%			to			1.99%			9.65%			to			11.47%
												2019			124,756			$24.098186			to			$72.392460			$4,237,503			0.75%			to			2.65%			1.43%			to			1.51%			14.07%			to			16.26%
									Putnam VT Large Cap Growth Fund+
												2023			233,200			$27.598303			to			$31.274360			$6,841,319			0.75%			to			2.40%			—%			to			—%			41.05%			to			43.40%

---

												2022			182,185			$19.565790			to			$21.809652			$3,780,765			0.75%			to			2.40%			—%			to			—%			(32.15)%			to			(31.02)%
												2021			245,812			$28.439127			to			$31.618739			$7,420,762			0.75%			to			2.65%			—%			to			—%			19.45%			to			21.74%
												2020			303,307			$23.808344			to			$25.972541			$7,550,881			0.75%			to			2.65%			0.03%			to			0.06%			35.08%			to			37.67%
												2019			277,097			$17.624970			to			$18.865477			$5,055,664			0.75%			to			2.65%			0.13%			to			0.13%			33.17%			to			35.72%
									Putnam VT International Value Fund
												2023			653,273			$11.868748			to			$18.313939			$7,037,550			0.75%			to			2.65%			1.52%			to			1.54%			15.58%			to			17.79%
												2022			739,872			$10.075850			to			$15.845463			$6,845,663			0.75%			to			2.65%			2.01%			to			2.03%			(9.24)%			to			(7.50)%
												2021			905,648			$10.893230			to			$17.459598			$9,069,936			0.75%			to			2.65%			2.03%			to			2.13%			11.93%			to			14.08%
												2020			1,061,686			$9.548857			to			$15.598314			$9,366,508			0.75%			to			2.65%			2.62%			to			2.69%			1.22%			to			3.16%
												2019			1,086,309			$9.255912			to			$15.409764			$9,339,551			0.75%			to			2.65%			2.68%			to			2.77%			17.08%			to			19.32%
									Putnam VT International Equity Fund
												2023			930,019			$18.219985			to			$33.896567			$19,591,923			0.75%			to			2.70%			0.04%			to			0.04%			15.35%			to			17.62%
												2022			1,094,581			$15.795173			to			$28.818359			$19,725,017			0.75%			to			2.70%			1.54%			to			1.60%			(17.04)%			to			(15.41)%
												2021			1,095,335			$19.039511			to			$34.066311			$23,424,514			0.75%			to			2.70%			1.14%			to			1.33%			5.92%			to			8.01%
												2020			1,176,236			$17.975032			to			$31.540766			$23,460,892			0.75%			to			2.70%			1.62%			to			1.71%			9.11%			to			11.26%
												2019			1,347,561			$16.474127			to			$28.349164			$24,207,500			0.75%			to			2.70%			1.39%			to			1.43%			21.82%			to			24.22%
									Putnam VT Core Equity Fund+
												2023			411,762			$41.273055			to			$49.803595			$13,122,273			0.75%			to			2.65%			0.44%			to			0.51%			24.74%			to			27.13%
												2022			400,157			$32.465799			to			$39.926530			$10,344,773			0.75%			to			2.65%			0.98%			to			0.98%			(17.97)%			to			(16.40)%
												2021			492,752			$38.834016			to			$48.675114			$14,968,255			0.75%			to			2.65%			0.59%			to			0.64%			27.59%			to			30.03%
												2020			560,481			$29.864980			to			$38.150428			$13,550,279			0.75%			to			2.65%			0.92%			to			1.23%			14.26%			to			16.45%
												2019			663,563			$25.646352			to			$33.389635			$13,746,418			0.75%			to			2.65%			1.09%			to			1.11%			28.19%			to			30.65%
									Putnam VT Sustainable Leaders Fund
												2023			183,631			$43.243834			to			$55.720208			$9,389,533			0.75%			to			2.65%			0.55%			to			0.57%			22.81%			to			25.16%
												2022			232,810			$35.211555			to			$44.517527			$9,586,534			0.75%			to			2.65%			0.54%			to			0.55%			(24.93)%			to			(23.49)%
												2021			247,153			$46.904217			to			$58.182800			$13,367,823			0.75%			to			2.65%			0.14%			to			0.15%			20.30%			to			22.61%
												2020			303,967			$38.987859			to			$47.453470			$13,485,424			0.75%			to			2.65%			0.43%			to			0.49%			25.38%			to			27.78%
												2019			385,164			$31.095944			to			$37.136111			$13,425,536			0.75%			to			2.65%			0.45%			to			0.45%			32.80%			to			35.34%
									Putnam VT Small Cap Value Fund
												2023			283,647			$39.533648			to			$69.301939			$15,408,809			0.75%			to			2.65%			0.15%			to			0.15%			20.52%			to			22.83%
												2022			310,061			$32.802514			to			$56.421431			$13,881,093			0.75%			to			2.65%			0.17%			to			0.18%			(15.26)%			to			(13.63)%
												2021			376,634			$38.708570			to			$65.326285			$19,504,789			0.75%			to			2.65%			0.74%			to			0.75%			36.25%			to			38.86%
												2020			464,039			$28.410525			to			$47.045557			$17,560,304			0.75%			to			2.65%			0.95%			to			1.01%			1.24%			to			3.19%
												2019			475,126			$28.061200			to			$45.592713			$17,641,119			0.75%			to			2.65%			0.65%			to			0.71%			21.00%			to			23.31%
									Putnam VT George Putnam Balanced Fund
												2023			130,986			$28.586077			to			$29.926809			$3,534,153			0.75%			to			2.65%			1.24%			to			1.36%			16.77%			to			19.01%

---

												2022			146,803			$24.480969			to			$25.147226			$3,337,391			0.75%			to			2.65%			0.72%			to			0.91%			(18.19)%			to			(16.62)%
												2021			155,913			$29.925419			to			$30.160767			$4,274,857			0.75%			to			2.65%			0.82%			to			0.83%			10.98%			to			13.10%
												2020			181,745			$26.666460			to			$26.965609			$4,460,220			0.75%			to			2.65%			0.98%			to			1.18%			12.39%			to			14.54%
												2019			183,577			$23.280691			to			$23.993232			$3,864,726			0.75%			to			2.65%			1.38%			to			1.40%			20.76%			to			23.08%
									Putnam VT Large Cap Value Fund
												2023			275,257			$42.999259			to			$57.278787			$13,997,988			0.75%			to			2.65%			2.03%			to			2.08%			12.64%			to			14.80%
												2022			295,845			$38.172937			to			$49.893492			$13,265,227			0.75%			to			2.65%			1.50%			to			1.53%			(5.66)%			to			(3.86)%
												2021			307,677			$40.465294			to			$51.894015			$14,552,449			0.75%			to			2.65%			1.20%			to			1.24%			23.98%			to			26.35%
												2020			346,634			$32.639476			to			$41.070792			$13,091,257			0.75%			to			2.65%			1.68%			to			1.72%			3.04%			to			5.01%
												2019			400,350			$31.677548			to			$39.110370			$14,472,195			0.75%			to			2.65%			1.99%			to			2.04%			27.00%			to			29.43%
									Invesco V.I. Growth and Income Fund
												2023			917,809			$30.284608			to			$46.339756			$35,847,221			0.75%			to			2.85%			1.19%			to			1.27%			9.25%			to			11.57%
												2022			1,055,072			$27.720824			to			$41.535968			$36,727,104			0.75%			to			2.85%			1.23%			to			1.26%			(8.64)%			to			(6.70)%
												2021			1,177,862			$30.343527			to			$44.520591			$44,241,330			0.75%			to			2.85%			1.33%			to			1.37%			24.59%			to			27.23%
												2020			1,378,201			$24.354979			to			$34.992069			$40,582,056			0.75%			to			2.85%			1.94%			to			2.00%			(1.01)%			to			1.09%
												2019			1,524,671			$24.603987			to			$34.615136			$44,782,129			0.75%			to			2.85%			1.54%			to			1.70%			21.35%			to			23.92%
									Invesco V.I. Comstock Fund
												2023			886,248			$36.829537			to			$50.341058			$37,440,336			0.75%			to			2.85%			1.54%			to			1.56%			8.95%			to			11.26%
												2022			1,063,985			$33.804915			to			$45.247300			$40,765,517			0.75%			to			2.85%			1.33%			to			1.34%			(1.99)%			to			0.09%
												2021			1,124,655			$34.490444			to			$45.205513			$43,655,953			0.75%			to			2.85%			1.56%			to			1.64%			29.31%			to			32.05%
												2020			1,337,292			$26.673255			to			$34.233870			$39,710,265			0.75%			to			2.85%			2.17%			to			2.20%			(3.87)%			to			(1.83)%
												2019			1,451,151			$27.746310			to			$34.870955			$44,302,628			0.75%			to			2.85%			1.68%			to			1.88%			21.43%			to			24.01%
									Invesco V.I. American Franchise Fund
												2023			22,207			$53.225028			to			$56.771035			$1,103,800			1.50%			to			2.85%			—%			to			—%			36.65%			to			38.51%
												2022			23,416			$38.427911			to			$41.544432			$844,666			1.50%			to			2.85%			—%			to			—%			(33.23)%			to			(32.32)%
												2021			29,270			$56.778911			to			$62.219757			$1,569,701			1.50%			to			2.85%			—%			to			—%			8.51%			to			9.99%
												2020			31,446			$51.623288			to			$57.338447			$1,544,663			1.50%			to			2.85%			—%			to			—%			38.01%			to			39.88%
												2019			33,180			$36.904503			to			$41.546902			$1,154,415			1.50%			to			2.85%			—%			to			—%			32.60%			to			34.40%
									Allspring VT Index Asset Allocation Fund
												2023			66,110			$2.691677			to			$3.475370			$214,497			1.15%			to			2.40%			0.96%			to			0.96%			13.94%			to			15.37%
												2022			67,090			$2.362462			to			$3.012446			$189,663			1.15%			to			2.40%			0.63%			to			0.63%			(18.99)%			to			(17.97)%
												2021			68,633			$2.916369			to			$3.672509			$238,190			1.15%			to			2.40%			0.06%			to			0.58%			13.25%			to			14.67%
												2020			117,668			$2.575230			to			$3.202665			$339,581			1.15%			to			2.40%			0.82%			to			0.82%			13.82%			to			15.26%
												2019			138,604			$2.262447			to			$2.778741			$349,302			1.15%			to			2.40%			1.05%			to			1.09%			17.31%			to			18.78%
									Allspring VT International Equity Fund
												2023			1,154			$16.760793			to			$16.760793			$19,338			1.15%			to			1.15%			1.39%			to			1.39%			14.24%			to			14.24%

---

												2022			1,488			$14.671687			to			$14.671687			$21,834			1.15%			to			1.15%			3.44%			to			3.44%			(12.89)%			to			(12.89)%
												2021			1,645			$16.843032			to			$16.843032			$27,710			1.15%			to			1.15%			1.03%			to			1.03%			5.65%			to			5.65%
												2020			1,622			$15.125708			to			$15.942763			$25,859			1.15%			to			1.65%			—%			to			2.76%			3.21%			to			3.73%
												2019			1,778			$14.654856			to			$15.369429			$27,104			1.15%			to			1.65%			3.42%			to			3.69%			13.60%			to			14.17%
									Allspring VT Small Cap Growth Fund
												2023			116,227			$4.416647			to			$41.070963			$491,133			1.15%			to			2.65%			—%			to			—%			1.38%			to			2.92%
												2022			121,494			$4.291503			to			$40.510205			$497,816			1.15%			to			2.65%			—%			to			—%			(36.14)%			to			(35.17)%
												2021			114,424			$6.619924			to			$63.436482			$724,486			1.15%			to			2.65%			—%			to			—%			4.83%			to			6.41%
												2020			134,321			$5.002186			to			$6.221110			$801,765			1.15%			to			2.40%			—%			to			—%			54.05%			to			55.98%
												2019			186,564			$3.247220			to			$3.988378			$732,029			1.15%			to			2.40%			—%			to			—%			21.87%			to			23.40%
									Allspring VT Discovery SMID Cap Growth Fund+
												2023			2,180			$39.686318			to			$47.347504			$101,973			1.15%			to			2.10%			—%			to			—%			17.65%			to			18.77%
												2022			2,656			$33.733506			to			$39.865357			$102,131			1.15%			to			2.10%			—%			to			—%			(39.14)%			to			(38.56)%
												2021			2,512			$55.430787			to			$64.885614			$158,784			1.15%			to			2.10%			—%			to			—%			(7.01)%			to			(6.13)%
												2020			4,007			$59.611638			to			$69.120111			$265,345			1.15%			to			2.10%			—%			to			—%			59.27%			to			60.79%
												2019			4,036			$37.426886			to			$42.987024			$166,675			1.15%			to			2.10%			—%			to			—%			36.14%			to			37.43%
									Allspring VT Opportunity Fund
												2023			533			$40.195353			to			$44.108468			$23,410			1.15%			to			1.65%			—%			to			—%			24.43%			to			25.05%
												2022			574			$32.303320			to			$35.271536			$20,180			1.15%			to			1.65%			—%			to			—%			(22.10)%			to			(21.71)%
												2021			618			$41.469985			to			$45.054370			$27,749			1.15%			to			1.65%			0.04%			to			0.04%			22.74%			to			23.35%
												2020			657			$33.787618			to			$36.525094			$23,922			1.15%			to			1.65%			0.44%			to			0.44%			19.03%			to			19.62%
												2019			707			$27.370593			to			$30.533706			$21,532			1.15%			to			1.90%			—%			to			0.29%			28.99%			to			29.96%
									Morgan Stanley VIF Global Infrastructure Portfolio
												2023			452,608			$12.343532			to			$14.766236			$6,444,244			1.30%			to			2.85%			2.32%			to			2.54%			1.34%			to			3.20%
												2022			549,007			$12.180120			to			$14.308408			$7,611,537			1.30%			to			2.85%			2.73%			to			2.90%			(10.89)%			to			(9.20)%
												2021			607,964			$13.887139			to			$15.758919			$9,311,251			1.30%			to			2.65%			2.37%			to			2.53%			11.02%			to			12.78%
												2020			641,035			$12.508380			to			$13.972601			$8,751,964			1.30%			to			2.65%			1.42%			to			1.57%			(4.01)%			to			(2.43)%
												2019			726,927			$12.878148			to			$14.320177			$10,200,916			1.30%			to			2.85%			—%			to			2.90%			24.28%			to			26.65%
									MFS® Core Equity Portfolio
												2023			175,908			$21.607006			to			$24.809699			$4,102,707			1.30%			to			2.85%			0.54%			to			0.54%			19.68%			to			21.55%
												2022			164,114			$18.053527			to			$20.410901			$3,180,077			1.30%			to			2.85%			0.32%			to			0.32%			(19.60)%			to			(18.34)%
												2021			171,604			$22.454026			to			$24.994966			$4,089,775			1.30%			to			2.85%			0.42%			to			0.43%			21.79%			to			23.69%
												2020			173,399			$18.436294			to			$20.207117			$3,366,146			1.30%			to			2.85%			0.73%			to			0.73%			15.37%			to			17.18%
												2019			181,243			$15.979690			to			$17.245228			$3,025,044			1.30%			to			2.85%			0.71%			to			0.78%			29.45%			to			31.47%
									MFS® Massachusetts Investors Growth Stock Portfolio
												2023			113,490			$23.696069			to			$26.967085			$2,917,906			1.40%			to			2.85%			0.30%			to			0.39%			20.52%			to			22.28%

---

												2022			115,262			$19.660809			to			$22.052900			$2,435,860			1.40%			to			2.85%			0.11%			to			0.12%			(21.53)%			to			(20.38)%
												2021			129,571			$25.055307			to			$27.698488			$3,454,424			1.40%			to			2.85%			0.25%			to			0.25%			22.43%			to			24.22%
												2020			132,527			$20.464186			to			$22.297504			$2,858,382			1.40%			to			2.85%			0.36%			to			0.46%			19.08%			to			20.82%
												2019			162,565			$17.184736			to			$18.454748			$2,923,081			1.40%			to			2.85%			0.38%			to			0.59%			36.02%			to			38.01%

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*Represents the annualized contract expenses of the Sub-Account for the period indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the Funds and charges made directly to contract owner accounts through the redemption of units. Where the expense ratio is the same for each unit value, it is presented in both the lowest and highest columns.

**These amounts represent the dividends, excluding distributions of capital gains, received by the Sub-Account from the Fund, net of management fees assessed by the Fund’s manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense risk charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the Fund in which the Sub-Account invests. Where the investment income ratio is the same for each unit value, it is presented in both the lowest and highest columns.    

***Represents the total return for the period indicated and reflects a deduction only for expenses assessed through the daily unit value calculation. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Investment options with a date notation in the notes on the Statements of Operations indicate the effective date of that investment option in the Account. The total return is calculated for the period indicated.

# Rounded units/unit fair values. Where only one unit value exists, it is presented in both the lowest and highest columns.

+ See Note 1 for additional information related to this Sub-Account.

♦ Investment income and total return ratios are calculated for the period the related share class within the Sub-Account is active, while the expense ratio is annualized.

7. Subsequent Events:

Management has evaluated events subsequent to December 31, 2023 and through April 19, 2024, the date the financial statements were available to be issued, noting there are no other subsequent events requiring adjustment or disclosure in the financial statements.

 

Talcott Resolution Life and Annuity

Insurance Company

Independent Auditor's Report

Financial Statements - Statutory Basis

As of December 31, 2023, 2022, and 2021 and for the

Years Ended December 31, 2023, 2022 and 2021

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			Deloitte & Touche LLP City Place I, 33rd Floor 185 Asylum Street Hartford, CT 06103-3402 USA Tel: +1 860 725 3000 Fax: +1 860 725 3500 www.deloitte.com

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of

Talcott Resolution Life and Annuity Insurance Company

Opinions

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

Unmodified Opinion on Statutory-Basis of Accounting

In our opinion, the accompanying statutory-basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the period ended December 31, 2023, in accordance with the accounting practices prescribed or permitted by the State of Connecticut Department of Insurance described in Note 2.

Adverse Opinion on Accounting Principles Generally Accepted in the United States of America

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory-basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2023 and 2022, or the results of its operations or its cash flows for the years then ended.

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Statutory-Basis Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our 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 Accounting Principles Generally Accepted in the United States of America

As described in Note 2 to the statutory-basis financial statements, the statutory-basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the State of Connecticut Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the State of Connecticut Department of Insurance. The effects on the statutory-basis financial statements of the variances between the statutory-basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

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Responsibilities of Management for the Statutory-Basis Financial Statements

Management is responsible for the preparation and fair presentation of the statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by the State of Connecticut Department of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory-basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory-basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the statutory-basis financial statements are issued.

Auditor’s Responsibilities for the Audit of the Statutory-Basis Financial Statements

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

In performing an audit in accordance with GAAS, we:

•Exercise professional judgment and maintain professional skepticism throughout the audit.

•Identify and assess the risks of material misstatement of the statutory-basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory-basis financial statements.

•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory-basis financial statements.

•

•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

April 23, 2024

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS

(STATUTORY-BASIS)

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS

(STATUTORY-BASIS)

Admitted assets			As of December 31,
			2023						2022
Bonds			$	3,900,300,751					$	4,138,348,506
Common and preferred stocks			17,140,552						41,343,111
Mortgage loans on real estate			791,529,037						994,929,174
Contract loans			86,752,510						88,064,702
Cash, cash equivalents and short-term investments			497,261,087						308,374,219
Derivatives			98,129,305						324,672,074
Other invested assets			703,703,713						741,703,744
Total cash and invested assets			6,094,816,955						6,637,435,530
Investment income due and accrued			45,609,260						50,857,847
Amounts recoverable for reinsurance			85,525,728						61,453,139
Federal income tax recoverable			2,036,674						6,228,345
Net deferred tax asset			55,790,000						50,724,082
Other assets			35,090,464						43,578,817
Separate Account assets			23,305,545,372						22,177,651,722
Total admitted assets			$	29,624,414,453					$	29,027,929,482
Liabilities
Aggregate reserves for future benefits			$	4,438,635,186					$	4,665,137,323
Liability for deposit-type contracts			156,535,550						169,982,853
Policy and contract claim liabilities			23,873,312						18,096,785
Asset valuation reserve			138,843,958						150,405,868
Interest maintenance reserve			40,472,783						44,552,487
Payables to parent, subsidiaries and affiliates			15,010,012						—
Accrued expense allowances and amounts due from Separate Accounts			(32,724,256)						(29,215,545)
Derivatives			30,077,135						82,797,458
Collateral on derivatives			1,217,000						67,775,933
Payable for repurchase agreements			99,275,837						117,625,113
Payable for securities			239,844,743						382,568,267
Other liabilities			280,868,262						286,032,802
Separate Account liabilities			23,305,545,372						22,177,651,722
Total liabilities			$	28,737,474,894					$	28,079,300,311
Capital and surplus
Common stock - par value $1,250 per share, 3,000 shares authorized, 2,000 shares issued and outstanding			2,500,000						2,500,000
Aggregate write-ins for other than special surplus funds			135,822,092						152,270,975
Gross paid-in and contributed surplus			85,431,561						85,431,561
Unassigned surplus			663,185,906						708,426,635
Total capital and surplus			886,939,559						948,629,171
Total liabilities and capital and surplus			$	29,624,414,453					$	29,027,929,482

See notes to financial statements.

                         4

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
STATEMENTS OF OPERATIONS
(STATUTORY-BASIS)

Revenues			For the years ended December 31,
			2023			2022			2021
Premiums and annuity considerations			$	74,015,374		$	53,657,635		$	(13,324,595,621)
Net investment income			274,931,065			264,978,097			408,082,476
Commissions and expense allowances on reinsurance ceded			110,570,839			122,225,247			39,512,222
Reserve adjustments on reinsurance ceded			(1,389,948,223)			(1,774,178,634)			12,877,758,325
Fee income			501,612,185			532,738,067			608,547,614
Other revenues			2,424,209			3,512,061			9,315,635
Total revenues			(426,394,551)			(797,067,527)			618,620,651
Benefits and expenses
Death and annuity benefits			209,818,126			225,544,078			327,677,837
Disability and other benefits			1,409,180			1,496,188			1,606,730
Surrenders and other fund withdrawals			1,206,573,608			1,117,014,637			2,758,605,951
Commissions and expense allowances			110,130,356			118,867,688			147,142,508
Decrease in aggregate reserves for life and accident and health policies			(226,502,136)			(135,623,991)			(34,516,791)
General insurance expenses			86,779,049			83,024,619			102,920,029
Net transfers from Separate Accounts			(2,144,561,129)			(2,126,951,518)			(2,813,979,291)
Modified coinsurance adjustment on reinsurance assumed			(129,276,050)			(106,703,339)			(142,346,945)
IMR adjustment on reinsurance ceded			957,014			(20,735,675)			(104,364,668)
Other expenses			10,373,178			9,082,975			9,698,947
Total benefits and expenses			(874,298,804)			(834,984,338)			252,444,307
Net gain from operations before federal income tax benefit			447,904,253			37,916,811			337,428,399
Federal income tax expense (benefit)			19,898,443			(24,113,001)			(65,215,649)
Net gain from operations			428,005,810			62,029,812			402,644,048
Net realized capital losses, after tax			(411,793,622)			(64,448,103)			(355,549,269)
Net income (loss)			$16,212,188			$(2,418,291)			$47,094,779

See notes to financial statements.

                            5

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS
(STATUTORY-BASIS)

Common stock - Par value $1,250 per share, 3,000 shares authorized, 2,000 shares issued and outstanding			For the years ended December 31,
			2023			2022			2021
Balance, beginning and end of year			$	2,500,000		$	2,500,000		$	2,500,000
Gross paid-in and contributed surplus
Balance, beginning and end of year			85,431,561			85,431,561			85,431,561
Aggregate write-ins for other than special surplus funds
Balance, beginning of year			152,270,975			175,960,103			199,649,231
Amortization, decreases of gain on inforce reinsurance			(16,448,883)			(23,689,128)			(23,689,128)
Balance, end of year			135,822,092			152,270,975			175,960,103
Unassigned funds
Balance, beginning of year			708,426,635			508,552,534			334,109,048
Net income (loss)			16,212,188			(2,418,291)			134,611,056
Change in net unrealized capital gains (losses) on investments, net of tax			28,927,296			178,330,164			63,027,827
Change in net unrealized foreign exchange capital gains (losses)			(966,839)			(66,229)			74,876
Change in net deferred income tax			32,720,836			(29,476,801)			(8,023,900)
Change in reserve on account of change in valuation basis decrease			—			29,658,787			—
Change in asset valuation reserve			11,561,910			(7,952,711)			(7,759,456)
Change in nonadmitted assets			(38,896,120)			31,799,182			(7,486,917)
Dividends to stockholder			(94,800,000)			—			—
Balance, end of year			663,185,906			708,426,635			508,552,534
Capital and surplus
Balance, end of year			$	886,939,559		$	948,629,171		$	772,444,198

See notes to financial statements.

                         6

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
STATEMENTS OF CASH FLOWS
(STATUTORY-BASIS)

Operating activities			For the years ended December 31,
			2023			2022			2021
Premiums and annuity considerations			$	44,441,167		$	69,239,339		$	146,190,683
Net investment income			284,481,875			277,363,687			431,210,702
Reserve adjustments on reinsurance			(1,396,429,938)			(1,774,178,634)			(477,668,735)
Miscellaneous income			596,191,264			624,065,016			624,769,152
Total income			(471,315,632)			(803,510,592)			724,501,802
Benefits paid			1,436,126,796			1,355,290,002			3,100,030,507
Federal income tax recovered (paid)			27,895,132			(32,346,128)			(66,707,900)
Net transfers from Separate Accounts			(2,141,052,418)			(2,132,913,293)			(2,819,180,559)
Other expenses			151,593,092			147,741,656			190,060,371
Total benefits and expenses			(525,437,398)			(662,227,763)			404,202,419
Net cash (used for) provided by operating activities			54,121,766			(141,282,829)			320,299,383
Investing activities
Proceeds from investments sold, matured or repaid
Bonds			371,905,191			1,487,473,862			1,397,586,532
Common and preferred stocks			1,361,746			1,027,964			7,838,285
Mortgage loans			269,464,752			94,776,584			144,650,434
Derivatives and other			166,062,944			101,806,791			494,141,313
Total investment proceeds			808,794,633			1,685,085,201			2,044,216,564
Cost of investments acquired
Bonds			118,736,760			955,896,139			1,438,251,127
Common and preferred stocks			1,368,839			2,485,870			30,216,379
Mortgage loans			70,086,833			279,402,635			187,868,518
Derivatives and other			417,047,643			205,246,216			782,188,617
Total investments acquired			607,240,075			1,443,030,860			2,438,524,641
Net decrease in contract loans			(1,312,192)			(3,267,743)			(3,709,863)
Net cash provided by (used for) investing activities			202,866,750			245,322,084			(390,598,214)
Financing and miscellaneous activities
Return of paid-in surplus			—			—			—
Dividends to stockholder			(94,800,000)			—			—
Other cash (used) provided			26,698,352			(19,140,219)			3,923,187
Net cash (used for) provided by financing and miscellaneous activities			(68,101,648)			(19,140,219)			3,923,187
Net increase (decrease) in cash, cash equivalents and short-term investments			188,886,868			84,899,036			(66,375,644)
Cash, cash equivalents and short-term investments, beginning of year			308,374,219			223,475,184			289,850,828
Cash, cash equivalents and short-term investments, end of year			$	497,261,087		$	308,374,220		$	223,475,184
Note: Supplemental disclosures of cash flow information for non-cash transactions:
Non-cash proceeds from invested asset exchanges - bonds, mortgage loans, and other invested assets			(47,551,763)			(65,993,960)			(47,978,871)
Non-cash acquisitions from invested asset exchanges - bonds, mortgage loans and other invested assets			(47,551,763)			(65,993,960)			(47,978,871)
Non-cash reserve adjustments on reinsurance ceded			—			—			(13,355,427,060)
Non-cash ceded premiums for reinsurance			(957,014)			20,735,675			13,467,654,534
Non-cash transfer of funds witheld for unauthorized reinsurance			7,438,729			(13,148,500)			(102,388,675)
Non-cash transfer of IMR liability for reinsurance			957,014			20,735,675			(104,364,668)
Non-cash IMR adjustment on reinsurance ceded			(957,014)			(20,735,675)			104,364,668
Non-cash transfer of other balances for reinsurance			—			—			(9,838,799)
Non-cash transfer of reserves for assumption reinsurance			(6,481,715)			(7,587,175)			—

See notes to financial statements.

7    

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

1. Organization and Description of Business

Talcott Resolution Life and Annuity Insurance Company (“TLA” or the “Company”) is a wholly-owned subsidiary of Talcott Resolution Life Insurance Company ("TL"), which is a direct subsidiary of TR Re, Ltd.

The Company maintains a complete line of fixed and variable annuities, universal and traditional individual life insurance and benefit products such as disability insurance.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying statutory-basis financial statements of TLA have been prepared in conformity with statutory accounting practices prescribed or permitted by State of Connecticut Insurance Department (the "Department"). The Department recognizes only statutory accounting practices prescribed or permitted by the State of Connecticut for determining and reporting the financial condition and results of operations of an insurance company and for determining solvency under the State of Connecticut Insurance Law. The National Association of Insurance Commissioners’ Accounting Practices and Procedures Manual (“NAIC SAP”) has been adopted as a component of prescribed practices by the State of Connecticut.

A difference prescribed by Connecticut state law allows the Company to receive a reinsurance reserve credit for a reinsurance treaty that provides for a limited right of unilateral cancellation by the reinsurer. Even if the Company did not obtain reinsurance reserve credit for this reinsurance treaty, the Company's risk-based capital would not have triggered a regulatory event.

A reconciliation of the Company’s net (loss) income and capital and surplus between NAIC SAP and practices prescribed by the Department is shown below for the years ended December 31:

			SSAP #			F/S Page						2023			2022			2021
Net (loss) income
1. TLA state basis												$	16,212,188		$	(2,418,291)		$	134,611,056
2. State prescribed practices that change NAIC SAP:
Less: Reinsurance reserve credit (as described above)			61R			4						(15,876,410)			7,516,210			(16,926,181)
												(15,876,410)			7,516,210			(16,926,181)
3. State permitted practices that change NAIC SAP												—			—			—
4. Net SAP (1-2-3=4)			61R			4						$	32,088,598		$	(9,934,501)		$	151,537,237
Surplus
5. TLA state basis												$	886,939,559		$	948,629,171		$	772,444,198
6. State prescribed practices that change NAIC SAP:
Less: Reinsurance reserve credit (as described above)			61R			5						18,386,767			34,263,177			26,746,967
												18,386,767			34,263,177			26,746,967
7. State permitted practices that change NAIC SAP												—			—			—
8. NAIC SAP (5-6-7=8)			61R			5						$	868,552,792		$	914,365,994		$	745,697,231

                

The Company does not follow any other prescribed or permitted statutory accounting practices that have a material effect on statutory surplus, statutory net income or risk-based capital of the Company.

The preparation of financial statements in conformity with NAIC SAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported periods. Actual results could differ from those estimates. The most significant estimates include those used in determining the liability for aggregate reserves for life, accident and health, and fixed and variable annuity policies; evaluation of other-than-temporary impairments ("OTTI"); valuation of derivatives; and contingencies relating to corporate litigation and regulatory matters. Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the statutory-basis financial statements. Although some variability is inherent in these estimates, management believes the amounts recorded are adequate.  

8

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

Accounting practices and procedures as prescribed or permitted by the Department are different in certain material respects from accounting principles generally accepted in the United States of America (“GAAP”). The more significant differences are:

1.for statutory purposes, policy acquisition costs (commissions, underwriting and selling expenses, etc.) and sales inducements are charged to expense when incurred rather than capitalized and amortized for GAAP purposes;

2.recognition of premium revenues, which for statutory purposes are generally recorded as collected or when due during the premium paying period of the contract and which for GAAP purposes, for universal life policies and investment products, generally only consist of charges assessed to policy account balances for cost of insurance, policy administration and surrenders. For GAAP, when policy charges received relate to coverage or services to be provided in the future, the charges are recognized as revenue on a pro-rata basis over the expected life and gross profit stream of the policy. Also, for GAAP purposes, premiums for traditional life insurance policies are recognized as revenues when they are due from policyholders;

3.development of liabilities for future benefits, which for statutory purposes predominantly use interest rate and mortality assumptions prescribed by the National Association of Insurance Commissioners (“NAIC”), which may vary considerably from interest and mortality assumptions used under GAAP. Additionally for GAAP, reserves for guaranteed minimum death benefits (“GMDB”) are based on models that involve a range of scenarios and assumptions, including those regarding expected market rates of return and volatility, contract surrender rates and mortality experience, and, reserves for guaranteed withdrawal benefits are considered market risk benefits and reported at fair value;

4.exclusion of certain assets designated as nonadmitted assets from the Statements of Admitted Assets, Liabilities and Capital and Surplus for statutory purposes by directly charging surplus;

5.establishment of a formula reserve for realized and unrealized losses due to default and equity risk associated with certain invested assets (Asset Valuation Reserve (“AVR”)) for statutory purposes; as well as the deferral and amortization of realized gains and losses, caused by changes in interest rates during the period the asset is held, into income over the original life to maturity of the asset sold (Interest Maintenance Reserve (“IMR”)) for statutory purposes; whereas on a GAAP basis, no such formula reserve is required and realized gains and losses are recognized in the period the asset is sold;

6.the reporting of reserves and benefits, net of reinsurance ceded for statutory purposes; whereas on a GAAP basis, reserves are reported gross of reinsurance with reserve credits presented as recoverable assets, net of an allowance for expected credit losses:

7.for statutory purposes, investments in unaffiliated bonds, other than loan-backed and structured securities, rated in NAIC classes 1 through 5 are carried at amortized cost, and unaffiliated bonds, other than loan-backed and structured securities, rated in NAIC class 6 are carried at the lower of amortized cost or fair value. Loan-backed bonds and structured securities are carried at either amortized cost or the lower of amortized cost or fair value in accordance with the provisions of Statement of Statutory Accounting Principles (“SSAP”) No. 43 - Revised ("43R") (Loan-backed and Structured Securities). GAAP requires that fixed maturities and loan-backed and structured securities be classified as "held-to-maturity,” "available-for-sale" or "trading,” based on the Company's intentions with respect to the ultimate disposition of the security and its ability to affect those intentions. The Company's bonds and loan-backed securities were classified on a GAAP basis as "available-for-sale" and accordingly, these investments were reflected at fair value with the corresponding impact included as a separate component of Stockholder's Equity;

8.for statutory purposes, Separate Account liabilities are calculated using prescribed actuarial methodologies, which approximate the market value of Separate Account assets, less applicable surrender charges. The Separate Account surplus generated by these reserving methods is recorded as an amount due to or from Separate Accounts on the Statements of Admitted Assets, Liabilities and Capital and Surplus, with changes reflected in the Statements of Operations. On a GAAP basis, Separate Account assets and liabilities must meet specific conditions to qualify as a Separate Account asset or liability. Amounts reported for Separate Account assets and liabilities are based upon the fair value of the underlying assets;

9

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

9.the consolidation of financial statements for GAAP reporting, whereas statutory accounting requires standalone financial statements with earnings of subsidiaries reflected as changes in unrealized gains or losses in surplus;

10.deferred income taxes, which provide for statutory/tax temporary differences, are subject to limitation and are charged directly to surplus, whereas, GAAP would include GAAP/tax temporary differences recognized as a component of net income;

11.comprehensive income and its components are not presented in the statutory-basis financial statements;

12.for statutory purposes derivative instruments that qualify for hedging, replication, or income generation are accounted for in a manner consistent with the hedged item, cash instrument and covered asset, respectively, which is typically amortized cost. Derivative instruments held for other investment and risk management activities, which do not receive hedge accounting treatment, receive fair value accounting for statutory purposes and are recorded at fair value with corresponding changes in value reported in unrealized gains and losses within surplus. For GAAP, derivative instruments are recorded at fair value with changes in value reported in earnings, with the exception of cash flow hedges and net investment hedges of a foreign operation, which are carried at fair value with changes in value reported as a separate component of Stockholder’s Equity.

13.embedded derivatives for statutory accounting are not bifurcated from the host contract, whereas, GAAP accounting requires the embedded derivative to be bifurcated from the host instrument, accounted for and reported separately.

14.for statutory purposes securities that are in an unrealized loss position are reviewed to determine if an OTTI is present based on (a) the length of time and the extent to which fair value has been less than cost or amortized cost, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, and (c) whether the debtor is current on contractually obligated payments; if the decline is determined other than temporary, an impairment charge is recorded and the previous cost less impairment becomes the new cost basis. For GAAP, credit impairment is recognized through an allowance for credit losses as opposed to a direct write down of the security and improvements in expected cash flows are recognized immediately in income as a reduction in the allowance; the amount of time a security is in an unrealized loss position is not considered when assessing impairment.

Aggregate Reserves for Life and Accident and Health Policies and Contracts and Liability for Deposit-Type Contracts

Aggregate reserves for payment of future life, health and annuity benefits were computed in accordance with applicable actuarial standards. Reserves for life insurance policies are generally based on the 1941, 1958, 1980 and 2001 Commissioner's Standard Ordinary Mortality Tables and various valuation rates ranging from 2.00% to 6.00%. Fixed Accumulation and On-benefit annuity reserves are based principally on individual and group annuity mortality tables at various rates ranging from 1.00% to 8.75% and using the Commissioner’s Annuity Reserve Valuation Method (“CARVM”). Variable Annuity reserves are calculated based on Section 21 of the Valuation Manual Requirements for Principle-Based Reserves for Variable Annuities ("VM-21") and Actuarial Guidelines XLIII CARVM for Variable Annuities ("AG43"). Accident and health reserves are established using a two year preliminary term method and morbidity tables based primarily on Company experience.

For non-interest sensitive ordinary life plans, the Company waives deduction of deferred fractional premiums upon death of insured. Return of the unearned portion of the final premium is governed by the terms of the contract. The Company does not have any forms for which the cash values are in excess of the legally computed reserve.

Extra premiums are charged for substandard lives, in addition to the regular gross premiums for the true age. Mean reserves for traditional insurance products are determined by computing the regular mean reserve for the plan at the true age, and adding one-half (1/2) of the extra premium charge for the year. For plans with explicit mortality charges, mean reserves are based on appropriate multiples of standard rates of mortality.

As of December 31, 2023 and 2022, the Company had $23,519,091 and $25,950,347, respectively, of insurance in force, subject to 100% reinsurance to The Prudential Insurance Company of America (“Prudential”), for which the gross premiums are less than the net premiums according to the standard valuation set by the State of Connecticut. Reserves to cover the above insurance at December 31, 2023 and 2022 totaled $60,420 and $63,152 respectively, also subject to 100% reinsurance to Prudential.

10

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

The Company has established Separate Accounts to segregate the assets and liabilities of certain life insurance, pension and annuity contracts that must be segregated from the Company's General Account assets under the terms of its contracts. The assets consist primarily of marketable securities and are reported at fair value. Premiums, benefits and expenses relating to these contracts are reported in the Statements of Operations.

An analysis of annuity actuarial reserves and deposit fund liabilities by withdrawal characteristics for General and Separate Account liabilities as of December 31, 2023 is presented below:

A. INDIVIDUAL ANNUITIES

						Separate			Separate
			General			Accounts with			Accounts						% of
			Account			Guarantees			Nonguaranteed			Total			Total
1. Subject to discretionary withdrawal
a. With market value adjustment			$	2,691,615		$	—		$	—		$	2,691,615		0.01		%
b. At book value less current surrender charge of 5% or more			1,856,806			—			—			1,856,806			0.01		%
c. At fair value			—			—			17,734,225,853			17,734,225,853			77.78		%
d. Total with market value adjustment or at fair value (total of 1 through 3)			4,548,421			—			17,734,225,853			17,738,774,274			77.80		%
e. At book value without adjustment (minimal or no charge or adjustment)			1,252,102,862			—			—			1,252,102,862			5.49		%
2. Not subject to discretionary withdrawal			3,593,265,403			—			215,448,869			3,808,714,272			16.71		%
3. Total (gross: direct + assumed)			4,849,916,686			—			17,949,674,722			22,799,591,408			100.00		%
4. Reinsurance ceded			1,052,092,910			—			—			1,052,092,910
5. Total (net)			$	3,797,823,776		$	—		$	17,949,674,722		$	21,747,498,498
6. Amount included in A(1)b above that will move to A(1)e in the year after the statement date:			$	928,403		$	—		$	—		$	928,403

B. GROUP ANNUITIES

						Separate			Separate
			General			Accounts with			Accounts						% of
			Account			Guarantees			Nonguaranteed			Total			Total
1. Subject to discretionary withdrawal
a.. With market value adjustment			$	—		$	—		$	—		$	—		0.00		%
b.. At book value less current surrender charge of 5% or more			478			—			—			478			0.03		%
c. At fair value			—			—			1,503,681			1,503,681			84.65		%
d. Total with market value adjustment or at fair value (total of 1 through 3)			478			—			1,503,681			1,504,159			84.68		%
e. At book value without adjustment (minimal or no charge or adjustment)			272,108			—			—			272,108			15.32		%
2. Not subject to discretionary withdrawal			—			—			—			—			0.00		%
3. Total (gross: direct + assumed)			272,586			—			1,503,681			1,776,267			100.00		%
4. Reinsurance ceded			—			—			—			—
5. Total (net)			$	272,586		$	—		$	1,503,681		$	1,776,267
6. Amount included in B(1)b above that will move to B(1)e in the year after the statement date:			$	239		$	—		$	—		$	239

11

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

C. DEPOSIT-TYPE CONTRACTS

						Separate			Separate
			General			Accounts with			Accounts						% of
			Account			Guarantees			Nonguaranteed			Total			Total
1. Subject to discretionary withdrawal
a.. With market value adjustment			$	—		$	—		$	—		$	—		0.00		%
b.. At book value less current surrender charge of 5% or more			—			—			—			—			0.00		%
c. At fair value			—			—			—			—			0.00		%
d. Total with market value adjustment or at fair value (total of 1 through 3)			—			—			—			—			0.00		%
e. At book value without adjustment (minimal or no charge or adjustment)			13,002,365			—			—			13,002,365			1.77		%
2. Not subject to discretionary withdrawal			720,855,752			—			—			720,855,752			98.23		%
3. Total (gross: direct + assumed)			733,858,117			—			—			733,858,117			100.00		%
4. Reinsurance ceded			577,322,569			—			—			577,322,569
5. Total (net)			$	156,535,548		$	—		$	—		$	156,535,548
6. Amount included in C(1)b above that will move to C(1)e in the year after the statement date:			$	—		$	—		$	—		$	—

Reconciliation of total annuity actuarial reserves and deposit fund liabilities:
F. Life and Accident & Health Annual Statement:
1. Exhibit 5, Annuities Section, Total (net)			$	3,792,045,531
2. Exhibit 5, Supplementary Contract Section, Total (net)			6,050,831
3. Exhibit 7, Deposit-Type Contracts Section, Total (net)			156,535,548
4. Subtotal			3,954,631,910
Separate Account Annual Statement:			—
5. Exhibit 3, Annuities Section, Total (net)			17,951,178,403
6. Exhibit 3, Supplemental Contract Section, Total (net)			—
7. Policyholder dividend and coupon accumulations			—
8. Policyholder premiums			—
9. Guaranteed interest contracts			—
10. Exhibit 4, Deposit-Type Contracts Section, Total (net)			—
11. Subtotal			17,951,178,403
12. Combined total			$	21,905,810,313

12

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

An analysis of life actuarial reserves by withdrawal characteristics for General and Separate Account liabilities as of December 31, 2023 is presented below:

A.    General Account

			Account Value			Cash Value			Reserve
1. Subject to discretionary withdrawal, surrender values, or policy loans:
a. Term Policies with Cash Value			$	82,325,835		$	82,505,255		$	977,636,450
b. Universal Life			822,018,858			819,322,897			873,857,417
c. Universal Life with Secondary Guarantees			3,517,092,314			3,100,062,995			10,942,046,833
d. Indexed Universal Life			431,561,384			410,405,471			486,367,886
e. Indexed Universal Life with Secondary Guarantees			—			—			—
f. Indexed Life			—			—			—
g. Other Permanent Cash Value Life Insurance			—			2,828,796			3,404,916
h. Variable Life			—			—			—
i. Variable Universal Life			508,662,613			507,249,244			634,966,757
j. Miscellaneous Reserves			—			—			—
2. Not subject to discretionary withdrawal or no cash values
a. Term Policies without Cash Value			XXX			XXX			84,950,163
b. Accidental Death Benefits			XXX			XXX			58,433
c. Disability - Active Lives			XXX			XXX			630,342
d. Disability - Disabled Lives			XXX			XXX			43,823,217
e. Miscellaneous Reserves			XXX			XXX			373,794,101
3. Total (gross: direct + assumed)			5,361,661,004			4,922,374,658			14,421,536,515
4. Reinsurance Ceded			4,806,789,307			4,364,988,437			13,823,886,770
5. Total (net) (3) - (4)			$	554,871,697		$	557,386,221		$	597,649,745

B.    Separate Account with Guarantees

Not applicable.

C.    Separate Account Nonguaranteed

			Account Value			Cash Value			Reserve
1. Subject to discretionary withdrawal, surrender values, or policy loans:
a. Term Policies with Cash Value			$	—		$	—		$	—
b. Universal Life			—			—			—
c. Universal Life with Secondary Guarantees			—			—			—
d. Indexed Universal Life			—			—			—
e. Indexed Universal Life with Secondary Guarantees			—			—			—
f. Indexed Life			—			—			—
g. Other Permanent Cash Value Life Insurance			—			—			—
h. Variable Life			—			—			—
i. Variable Universal Life			5,302,909,204			5,302,909,204			5,302,909,204
j. Miscellaneous Reserves			—			—			—
2. Not subject to discretionary withdrawal or no cash values
a. Term Policies without Cash Value			XXX			XXX			—
b. Accidental Death Benefits			XXX			XXX			—
c. Disability - Active Lives			XXX			XXX			—
d. Disability - Disabled Lives			XXX			XXX			—
e. Miscellaneous Reserves			XXX			XXX			—
3. Total (gross: direct + assumed)			5,302,909,204			5,302,909,204			5,302,909,204
4. Reinsurance Ceded			—			—			—
5. Total (net) (3) - (4)			$	5,302,909,204		$	5,302,909,204		$	5,302,909,204

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

Reconciliation of total life actuarial reserves and deposit fund liabilities:
D. Life and Accident & Health Annual Statement:
1. Exhibit 5, Life Insurance Section, Total (net)			$	589,076,064
2. Exhibit 5, Accidental Death Benefits Section, Total (net)			58,433
3. Exhibit 5, Disability - Active Lives Section, Total (net)			459,893
4. Exhibit 5, Disability - Disabled Lives Section, Total (net)			3,814,113
5. Exhibit 5, Miscellaneous Reserves Section, Total (net)			4,241,242
6. Subtotal			597,649,745
Separate Account Annual Statement:
7. Exhibit 3, Line 0199999, Column 2			5,302,909,204
8. Exhibit 3, Line 0499999, Column 2			—
9. Exhibit 3, Line 0599999, Column 2			—
10. Subtotal (Lines (7) through (9))			5,302,909,204
11. Combined Total ((6) and (10))			$	5,900,558,949

Investments

Investments in unaffiliated bonds, other than loan-backed and structured securities, rated in NAIC classes 1-5 are carried at amortized cost and unaffiliated bonds rated in NAIC class 6 are carried at the lower of amortized cost or fair value. Short-term investments include all investments whose maturities, at the time of acquisition, are one year or less and are stated at amortized cost. Money market mutual funds, which are included in cash equivalents, are reported at fair value. Unaffiliated common stocks are carried at fair value. Investments in stocks of subsidiaries, controlled and affiliated (“SCA”) companies are based on the net worth of the subsidiary in accordance with SSAP No. 97 (Investment in Subsidiary, Controlled, and Affiliated Entities). The change in the carrying value is recorded as a change in net unrealized capital gains (losses), a component of unassigned surplus. Highest-quality or high-quality redeemable unaffiliated preferred stocks (NAIC designations 1 to 3), which have characteristics of debt securities, are valued at cost or amortized cost. All other unaffiliated redeemable preferred stocks (NAIC designation 4 to 6) are reported at the lower of cost, amortized cost, or fair value. Unaffiliated perpetual preferred stocks are valued at fair value, not to exceed any currently effective call price. Mortgage loans on real estate are stated at the outstanding principal balance, less any allowances for credit losses. Loan-backed bonds and structured securities are carried at either amortized cost or the lower of amortized cost or fair value in accordance with the provisions of SSAP No. 43R. Significant changes in estimated cash flows from the original purchase assumptions are accounted for using the prospective method, except for highly rated securities, which use the retrospective method. The Company has ownership interests in joint ventures, investment partnerships and limited liability companies. The Company carries these interests based upon audited financial statements in accordance with SSAP No. 48 (Joint Ventures, Partnerships and Limited Liability Companies). Contract loans are carried at outstanding balance which approximates fair value.

Interest income from fixed maturities and mortgage loans on real estate is recognized when earned on the constant effective yield method based on estimated timing of cash flows. The amortization of premium and accretion of discount for fixed maturities also takes into consideration call and maturity dates that produce the lowest yield. For fixed rate securitized financial assets subject to prepayment risk, yields are recalculated and adjusted periodically to reflect historical and/or estimated future repayments using the retrospective method; however, if these investments are impaired, any yield adjustments are made using the prospective method. The Company has not elected under SSAP No. 43R to use the book value as of January 1, 1994 as the cost for applying the retrospective adjustment method to securities purchased prior to that date. Investment income on variable rate and interest only securities is determined using the prospective method. Prepayment fees on bonds and mortgage loans on real estate are recorded in net investment income when earned. Dividends are recorded as earned on the ex-dividend date. For partnership investments, income is earned when cash distributions of income are received and the total distribution amount is less than undistributed accumulated earnings related to the investment. If the distributions are in excess of the investment’s undistributed accumulated earnings, the carrying value of investment will instead be reduced. For impaired debt securities, the Company accretes the new cost basis to the estimated future cash flows over the expected remaining life of the security by prospectively adjusting the security’s yield.

Due and accrued investment income amounts over 90 days past due are nonadmitted. The Company had investment income due and accrued of $1,500 and $0 excluded from surplus at December 31, 2023 and 2022.

Net realized gains and losses from investment sales represent the difference between the sales proceeds and the cost or amortized cost of the investment sold, determined on a specific identification basis. Net realized capital gains and losses also

14

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

result from termination or settlement of derivative contracts that do not qualify, or are not designated, as a hedge for accounting purposes. Impairments are recognized within net realized capital losses when investment declines in value are deemed other-than-temporary. Foreign currency transaction gains and losses are also recognized within net realized capital gains and losses.

The AVR is designed to provide a standardized reserving process for realized and unrealized losses due to default and equity risks associated with invested assets in accordance with SSAP No. 7 (Asset Valuation Reserve and Interest Maintenance Reserve). The AVR balances were $138,843,958 and $150,405,868 as of December 31, 2023 and 2022, respectively. Additionally, the IMR captures net realized capital gains and losses, net of applicable income taxes, resulting from changes in interest rates and amortizes these gains or losses into income over the life of the bond, redeemable preferred stock or mortgage loan sold or adjusts the IMR when an insurer reinsures a block of its in-force liabilities. The IMR balances as of December 31, 2023 and 2022 were $40,472,783 and $44,552,487, respectively. The net capital (losses) gains captured in the IMR, net of taxes, in 2023, 2022 and 2021 were ($3,207,953), $35,423,578 and $44,948,213, respectively. The amount of income amortized from the IMR, net of taxes, included in the Company’s Statements of Operations in 2023, 2022 and 2021 was $1,828,765, $3,374,714 and $8,778,483, respectively. Realized capital gains and losses, net of taxes, not included in the IMR are reported in the Statements of Operations. The Company released (gains) / losses from the reserve of ($957,014) and $20,735,676 as of December 31, 2023 and 2022, respectively, as a result of reinsurance, see Note 6.

The Company’s accounting policy requires that a decline in the value of a bond or equity security below its cost or amortized cost basis be assessed to determine if the decline is other-than-temporary. In addition, for securities expected to be sold, an OTTI charge is recognized if the Company does not expect the fair value of a security to recover to its cost or amortized cost basis prior to the expected date of sale. The previous cost basis less the impairment becomes the new cost basis. The Company has a security monitoring process overseen by a committee of investment and accounting professionals that identifies securities that, due to certain characteristics, as described below, are subjected to an enhanced analysis on a quarterly basis.

Securities that are in an unrealized loss position are reviewed at least quarterly to determine if an OTTI is present based on certain quantitative and qualitative factors. The primary factors considered in evaluating whether a decline in value for securities not subject to SSAP No. 43R is other-than-temporary include: (a) the length of time and the extent to which the fair value has been less than cost or amortized cost, (b) changes in the financial condition, credit rating and near-term prospects of the issuer, and (c) whether the debtor is current on contractually obligated payments. Once an impairment charge has been recorded, the Company continues to review the impaired securities for further OTTI on an ongoing basis.

For securities that are not subject to SSAP No. 43R, if the decline in value of a bond or equity security is other-than-temporary, a charge is recorded in net realized capital losses equal to the difference between the fair value and cost or amortized cost basis of the security.

For certain securitized financial assets with contractual cash flows (including asset-backed securities), SSAP No. 43R requires the Company to periodically update its best estimate of cash flows over the life of the security. If management determines that its best estimate of expected future cash flows discounted at the security’s effective yield prior to the impairment are less than its amortized cost, then management will assess for OTTI. The Company’s best estimate of expected future cash flows discounted at the security’s effective yield prior to the impairment becomes its new cost basis. Estimating future cash flows is a quantitative and qualitative process that incorporates information received from third-party sources along with certain internal assumptions and judgments regarding the future performance of the underlying collateral. As a result, actual results may differ from estimates. Projections of expected future cash flows may change based upon new information regarding the performance of the underlying collateral. In addition, if the Company does not have the intent and ability to hold a security subject to the provisions of SSAP No. 43R until the recovery of value, the security is written down to fair value.

Net realized capital losses resulting from write-downs for OTTI on corporate and asset-backed bonds were $1,351,669, $232,434, and $100,788 for the years ended December 31, 2023, 2022 and 2021, respectively. Net realized capital losses resulting from write-downs for OTTI on equities were immaterial for the years ended December 31, 2023, 2022, and 2021. See additional information on OTTI in Section J of Note 3.

Mortgage loans on real estate are considered to be impaired when management estimates that, based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. For mortgage loans on real estate that are determined to be impaired, a valuation allowance is established for the difference between the carrying amount and the Company’s share of the fair value of the collateral. Additionally, a loss contingency valuation allowance is established for estimated probable credit losses on certain homogenous groups of loans. Changes in valuation allowances are recorded in net unrealized capital gains and losses. Interest income on an impaired loan is

15

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

accrued to the extent it is deemed collectable and the loan continues to perform under its original or restructured terms. Interest income on defaulted loans is recognized when received. As of December 31, 2023, 2022 and 2021, the Company had $0 impaired mortgage loans on real estate with related allowances for credit losses, respectively.

For derivative instruments accounted for in accordance with SSAP No. 86, Derivatives ("SSAP No. 86"), on the date the derivative contract is entered into, the Company designates the derivative as hedging, replication, or held for other investment and/or risk management activities. The Company’s derivative transactions are permitted uses of derivatives under the derivative use plans required by the Department.

Derivatives used in hedging relationships are accounted for in a manner consistent with the hedged item. Typically, cost paid or consideration received at inception of a contract is reported on the balance sheet as a derivative asset or liability, respectively. Periodic cash flows and accruals are recorded in a manner consistent with the hedged item.

Derivatives used in replication relationships are accounted for in a manner consistent with the cash instrument and the replicated asset. Typically, cost paid or consideration received at inception of the contract is recorded on the balance sheet as a derivative asset or liability, respectively. Periodic cash flows and accruals of income/expense are recorded as a component of derivative net investment income. Upon termination of the derivative, any gain or loss is recognized as a derivative capital gain or loss.

Derivatives used in income generation relationships are accounted for in a manner consistent with the associated covered asset. Typically, consideration received at inception of the contract is recorded on the balance sheet as a derivative liability. Periodic cash flows and accruals of income/expense are recorded as a component of derivative net investment income. Upon termination, any remaining derivative liability, along with any disposition payments are recorded as a derivative capital gain or loss.

Derivatives held for other investment and/or risk management activities are reported at fair value in accordance with SSAP No. 86 and the changes in fair value are recorded in derivative unrealized gains and losses. Periodic cash flows and accruals of income/expense are recorded as components of derivative net investment income.

Adoption of Accounting Standards

Accounting Changes

In 2022, the Company changed the statutory reserve basis for lifetime withdrawal benefits for variable annuities where the underlying account value is $0 to the Commissioners Annuity Reserve Valuation Method using the principle-based approach per Section 21 of the Valuation Manual. In 2021, the Commissioners Annuity Reserve Valuation Method using statutory valuation interest rates and mortality tables was used. As of January 1, 2022, the impact of this change is to decrease statutory reserves by approximately $30 million.

Recently Issued Accounting Standards

In 2023, the NAIC modified SSAP No. 34 – Investment Income Due and Accrued to require additional disclosures to capture gross, non-admitted and admitted amounts of accrued interest income and to separately identify the cumulative amount of paid-in-kind interest income included in the current principal balance. The guidance is effective December 31, 2023. The Company adopted this guidance in 2023, however, it is not material to the Company.

In 2023, the NAIC modified SSAP No. 43 – Revised Loan-Backed and Structured Securities to add collateralized loan obligations (CLO) to the financial modeling guidance and clarify CLOs are not captured as legacy securities. This guidance is effective December 31, 2023 and will eventually result in CLOs no longer being eligible to use credit rating provider ratings to determine NAIC designation. The Company adopted this guidance in 2023, but effects of the guidance will not have an impact until CLO modeling methodology is implemented by the Securities Valuation Office.

In 2023, the NAIC modified several statutory statements to ensure consistency in the reporting of residual interests, irrespective of legal form. The changes incorporate the 2022 principles-based definition of residual interests, which are characterized as investments in structures backed by a discrete pool of collateral assets, where cash flows first provide principal and interest payments to debt holders, with remaining funds provided to holders of residual interests. The changes modify the following statutory statements: SSAP No. 30 – Revised Common Stock, SSAP No. 32 – Revised Preferred Stock, SSAP 43 – Revised

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

Loan-Backed and Structured Securities, and SSAP No. 48 – Joint Ventures, Partnerships and Limited Liability Companies. All changes are effective December 31, 2023. The Company adopted this guidance in 2023, however, it is not material to the Company.

In 2023, the NAIC adopted revisions to several statutory statements to finalize guidance throughout applicable standards related to the updated definition of a bond. The changes incorporate a principles-based definition which categories bonds as either issuer credit obligations or asset-backed securities. The changes primarily modify the following statutory statements: SSAP No. 26R – Bonds and SSAP No. 43R – Loan-Backed and Structured Securities, and in conjunction with the changes modify the title of SSAP No. 43R to Asset-Backed Securities. All changes will be effective January 1, 2025. The Company is currently evaluating the impact of the changes.

The Inflation Reduction Act of 2022 introduced a 15% Corporate Alternative Minimum Tax (“CAMT”) among other tax provisions. The provisions had an effective date beginning after December 31, 2022. Generally, the CAMT imposes a minimum tax on the adjusted financial statement income ("AFSI") of certain corporations (determined on an affiliated group basis) with average annual AFSI over a three-year period in excess of $1 billion ("applicable corporations"). The Company and its affiliated group have determined that the Company is a nonapplicable entity for 2023.

In 2022, the NAIC clarified the identification and reporting requirements of affiliate transactions within SSAP No. 25 - Affiliated and Other Related Parties and SSAP No. 43 - Revised Loan-Backed and Structured Securities and incorporated new reporting codes for affiliate transactions in the investment schedules of the annual statement blank. The new reporting requirements are intended to identify investments acquired through, or in, related parties, regardless of whether they meet the definition of an affiliate. The Company adopted this guidance in 2022, however, it is not material to the Company.

3. Investments

A. Components of Net Investment Income

			For the years ended December 31,
			2023			2022			2021
Interest income from bonds and short-term investments			$	217,743,428		$	197,643,122		$	204,348,305
Dividends from common and preferred stocks			244,909			1,368,815			1,072,120
Interest income from contract loans			16,073			15,218			18,830
Interest income from mortgage loans on real estate			38,351,807			36,239,548			32,482,103
Interest and dividends from other investments			24,128,880			38,399,308			179,577,541
Gross investment income			280,485,097			273,666,011			417,498,899
Less: Investment expenses			5,554,032			8,687,914			9,416,423
Net investment income			$	274,931,065		$	264,978,097		$	408,082,476

B. Components of Net Unrealized Capital (Losses) Gains on Bonds and Short-Term Investments

			As of December 31,
			2023			2022			2021
Gross unrealized capital gains			$	55,090,753		$	34,340,702		$	639,251,334
Gross unrealized capital losses			(346,996,508)			(445,990,597)			(20,594,504)
Net unrealized capital (losses) gains			(291,905,755)			(411,649,895)			618,656,830
Balance, beginning of year			(411,649,895)			618,656,830			871,062,591
Change in net unrealized capital (losses) gains on bonds
and short-term investments			$	119,744,140		$	(1,030,306,725)		$	(252,405,761)

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

C. Components of Net Unrealized Capital Gains (Losses) on Common and Preferred Stocks

			As of December 31,
			2023			2022			2021
Gross unrealized capital gains			$	1,123,927		$	719,442		$	2,389,192
Gross unrealized capital losses			(233,112)			(5,185,629)			(859,129)
Net unrealized capital gains (losses)			890,815			(4,466,187)			1,530,063
Balance, beginning of year			(4,466,187)			1,530,063			873,735
Change in net unrealized capital gains (losses) on
common and preferred stocks			$	5,357,002		$	(5,996,250)		$	656,328

D. Components of Net Realized Capital Losses

			For the years ended December 31,
			2023			2022			2021
Bonds and short-term investments			$	(9,560,845)		$	46,770,390		$	57,132,912
Common stocks - unaffiliated			167,016			761,126			(432,016)
Mortgage loans on real estate			(7,828,471)			(703)			72,556
Derivatives			(440,250,241)			(68,649,340)			(253,796,348)
Other invested assets			54,659,326			(630,974)			(3,625,325)
Net realized capital losses			(402,813,215)			(21,749,501)			(200,648,221)
Capital loss tax expense			12,188,360			7,275,024			13,735,771
Net realized capital losses, after tax			(415,001,575)			(29,024,525)			(214,383,992)
Less: Amounts transferred to IMR			(3,207,953)			35,423,578			44,948,213
Net realized capital losses, after tax			$	(411,793,622)		$	(64,448,103)		$	(259,332,205)

The following table summarizes sales activity of unaffiliated bond, short-term investments and equity securities before tax and transfers to the IMR (without maturities and calls):

			For the years ended December 31,
			2023			2022			2021
Bonds and short-term investments
Sale proceeds			$	3,652,187,797		$	3,596,298,320		$	3,003,178,211
Gross realized capital gains on sales			3,257,654			79,525,009			61,482,074
Gross realized capital losses on sales			(9,657,467)			(32,321,058)			(3,902,409)
Unaffiliated common and preferred stock
Sale proceeds			25,987,746			1,027,964			7,838,285
Gross realized capital gains on sales			167,016			—			18,805
Gross realized capital losses on sales			—			—			(1,068,769)

Additionally, for the years ended December 31, 2023, 2022 and 2021, there was $269,680, $2,819,889 and $15,589,499 of investment income generated on 9, 24 and 36 securities, respectively, as a result of prepayment penalties and acceleration fees on disposed securities with callable features.

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

E. Investments - Derivative Instruments

Overview

The Company utilizes a variety of Over-the counter ("OTC") derivatives, including OTC-cleared transactions, and exchange-traded derivative instruments as part of its overall risk management strategy. The types of instruments may include swaps, caps, floors, forwards, futures and options to achieve one of four Company-approved objectives: to hedge risk arising from interest rate, equity market, credit spread and issuer default, price or currency exchange rate risk or volatility; to manage liquidity; to control transaction costs; or to enter into replication transactions. On the date the derivative contract is entered into, the Company designates the derivative as hedging (fair value, cash flow, or net investment in a foreign operation), replication, or held for other investment and/or risk management activities, which primarily involves managing asset or liability related risks which do not qualify for hedge accounting under SSAP No. 86. The Company’s derivative transactions are used in strategies permitted under the derivative use plans required by the Department.

Interest rate swaps, equity, and index swaps involve the periodic exchange of payments with other parties, at specified intervals, calculated using agreed upon rates or indices and notional principal amounts. Generally, no cash or principal payments are exchanged at the inception of the contract. Typically, at the time a swap is entered into, the cash flow streams exchanged by the counterparties are equal in value.

Credit default swaps entitle one party to receive a periodic fee in exchange for an obligation to compensate the other party should a credit event occur on the part of the referenced issuer.

Forward contracts are customized commitments that specify a rate of interest or currency exchange rate to be paid or received on an obligation beginning on a future start date and are typically settled in cash.

Financial futures are standardized commitments to either purchase or sell designated financial instruments at a future date for a specified price and may be settled in cash or through delivery of the underlying instrument. Futures contracts trade on organized exchanges. Margin requirements for futures are met by pledging securities or cash, and changes in the futures’ contract values are settled daily in cash.

Option contracts grant the purchaser, for a premium payment, the right to either purchase from or sell to the issuer a financial instrument at a specified price, within a specified period or on a stated date.

Swaption contracts grant the purchaser, for a premium payment, the right to enter into an interest rate swap with the issuer on a specified future date.

Foreign currency swaps exchange an initial principal amount in two currencies, agreeing to re-exchange the currencies at a future date, at an agreed upon exchange rate. There may also be a periodic exchange of payments at specified intervals calculated using agreed upon rates and exchanged principal amounts.

The Company clears interest rate swap and certain credit default swap derivative transactions through central clearing houses. OTC-cleared derivatives require initial collateral at the inception of the trade in the form of cash or highly liquid collateral, such as U.S. Treasuries and government agency investments. Central clearing houses also require additional cash collateral as variation margin based on daily market value movements. In addition, OTC-cleared transactions include price alignment interest either received or paid on the variation margin, which is reflected in net investment income.

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

Strategies

The notional value, fair value, and carrying value of derivative instruments used during the years 2023 and 2022 are disclosed in the table presented below. During the years 2023 and 2022, the Company did not transact in or hold any positions related to net investment hedges in a foreign operation or income generation transactions. The notional amounts of derivative contracts represent the basis upon which pay or receive amounts are calculated and are not reflective of credit risk. The fair value of derivative instruments are based upon widely accepted pricing valuation models which utilize independent third-party data as inputs or independent broker quotations. For the years ended December 31, 2023 and 2022, the average fair values for derivatives held for other investment and/or risk management activities were $114,493,038 and $175,742,877, respectively. The Company did not have any unrealized gains or losses during 2023 and 2022 representing the component of the derivative instruments gain or loss from derivatives that no longer qualify for hedge accounting.

(Amounts in thousands)						As of December 31, 2023									As of December 31, 2022
Derivative type by strategy						Notional Value			Fair Value			Carrying Value			Notional Value			Fair Value			Carrying Value
Cash flow hedges
			Interest rate swaps			$	125,000		$	(14,489)		$	(24)		$	125,000		$	(17,075)		$	—
			Foreign currency swaps			23,959			1,135			177			24,232			2,418			1,134
Replication transactions
			Interest rate swaps			200,000			(36,893)			66			200,000			(37,477)			—
			Credit default swaps			250,000			4,858			3,460			250,000			1,992			272
Other investment and/or Risk Management activities
			Interest rate swaps - offsetting			—			—			—			132,000			(140)			(140)
			Macro hedge program			2,138,928			64,349			64,349			9,914,924			240,609			240,609
Total						$	2,737,887		$	18,960		$	68,028		$	10,646,156		$	190,327		$	241,875

Cash Flow Hedges

Interest rate swaps and index swaps: Interest rate swaps and index swaps are primarily used to convert interest receipts on floating-rate fixed maturity investments and liabilities to fixed rates or other floating rates. There were no gains and losses classified in unrealized gains and losses related to cash flow hedges that have been discontinued because it was no longer probable that the original forecasted transactions would occur by the end of the originally specified time period.

Foreign currency swaps: Foreign currency swaps are used to convert foreign currency denominated cash flows associated with certain foreign denominated fixed maturity investments and liabilities to U.S. dollars. The foreign fixed maturities and liabilities are hedged to minimize cash flow fluctuations due to changes in currency rates.

Replication Transactions

Interest rate swaps: The Company periodically enters into interest rate swaps as part of replication transactions.

Credit default swaps: The Company periodically enters into credit default swaps that assume credit risk as part of replication transactions. Replication transactions are used as an economical means to synthetically replicate the characteristics and performance of assets that are permissible investments under the Company's investment policies.

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

Other Investment and/or Risk Management Activities

The table below presents realized capital gains and (losses) on derivative instruments used for other investment and/or risk management activities.

(Amounts in thousands)			Realized Gains (Losses)
By strategy			For the year ended December 31, 2023			For the year ended December 31, 2022			For the year ended December 31, 2021
Credit default swaps			$	4,286		$	—		$	—
Foreign currency swaps and forwards			(23)			—			—
Interest rate swaps and swaptions			176			—			(17)
Macro hedge program			(444,681)			(66,849)			(254,324)
Total			$	(440,242)		$	(66,849)		$	(254,341)

Credit default swaps: The Company enters into swap agreements in which the Company reduces or assumes credit exposure from an individual entity, referenced index or asset pool. In addition, the Company may enter into credit default swaps to terminate existing swaps in hedging relationships, thereby offsetting the changes in value of the original swap.

Guaranteed Minimum Withdrawal Benefits (“GMWB”) hedging derivatives: The Company utilizes GMWB hedging derivatives as part of an actively managed program designed to hedge a portion of the capital market risk exposures of the non-reinsured GMWB riders due to changes in interest rates, equity market levels, and equity volatility. These derivatives include customized swaps, interest rates swaps and futures, and equity swaps, options and futures, on certain indices including the S&P 500 index, EAFE index and NASDAQ index.

Equity index swaps, options, and futures: The Company enters into equity index swaps and futures to hedge equity risk of equity common stock investments. The Company also enters into equity index options to economically hedge the equity risk associated with various equity indexed products.

Interest rate swaps and swaptions: The Company enters into interest rate swaps and swaptions to manage duration between assets and liabilities. In addition, the Company may enter into interest rate swaps to terminate existing swaps in hedging relationships, thereby offsetting the changes in value in the original swap.

Macro hedge program: The Company utilizes equity options, swaps, futures, and foreign currency options to hedge against a decline in the equity markets and the resulting statutory surplus and capital impact primarily arising from GMDB and GMWB obligations. Included are equity options with financing premiums for which the premium is paid at the end of the derivative contract.

Credit Risk Assumed through Credit Derivatives

The Company enters into credit default swaps that assume credit risk of a single entity or referenced index in order to synthetically replicate investment transactions that would be permissible under the Company's investment policies. The Company will receive periodic payments based on an agreed upon rate and notional amount and will only make a payment if there is a credit event. A credit event payment will typically be equal to the notional value of the swap contract less the value of the referenced security issuer’s debt obligation after the occurrence of the credit event. A credit event is generally defined as a default on contractually obligated interest or principal payments or bankruptcy of the referenced entity. The credit default swaps in which the Company assumes credit risk primarily reference investment grade single corporate issuers and baskets, which include standard diversified portfolios of corporate and commercial mortgage-backed securities ("CMBS") issuers. The diversified portfolios of corporate issuers are established within sector concentration limits and may be divided into tranches that possess different credit ratings.

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

The following tables present the notional amount, fair value, carrying value, weighted average years to maturity, underlying referenced credit obligation type and average credit ratings, and offsetting notional amount, fair value, and carrying value for credit derivatives in which the Company is assuming credit risk as of December 31, 2023 and 2022, respectively:

December 31, 2023
(Amounts in thousands)															Underlying Referenced Credit Obligation(s)
Credit Derivative type by derivative risk exposure			Notional Amount [2]			Fair Value			Carrying Value			Weighted Average Years to Maturity			Type			Average Credit Rating [1]			Offsetting Notional Amount [3]			Offsetting Fair Value [3]			Offsetting Carrying Value [3]
Basket credit default swaps [4]
Investment grade risk exposure			$	250,000		$	4,858		$	3,460		5 years			Corporate Credit			BBB+			$	—		$	—		$	—
Total			$	250,000		$	4,858		$	3,460											$	—		$	—		$	—

December 31, 2022
(Amounts in thousands)															Underlying Referenced Credit Obligation(s)
Credit Derivative type by derivative risk exposure			Notional Amount [2]			Fair Value			Carrying Value			Weighted Average Years to Maturity			Type			Average Credit Rating [1]			Offsetting Notional Amount [3]			Offsetting Fair Value [3]			Offsetting Carrying Value [3]
Basket credit default swaps [4]
Investment grade risk exposure			$	250,000		$	1,992		$	272		5 years			Corporate Credit			BBB+			$	—		$	—		$	—
Total			$	250,000		$	1,992		$	272											$	—		$	—		$	—

[1]    The average credit ratings are based on availability and the midpoint of the applicable ratings among Moody’s, S&P, Fitch, and Morningstar. If no rating is available from a rating agency, then an internally developed rating is used.

[2]    Notional amount is equal to the maximum potential future loss amount. These derivatives are governed by agreements, clearing house rules, and applicable law which include collateral posting requirements. There is no specific collateral related to these contracts or recourse provisions included in the contracts to offset losses.

[3]    The Company has entered into offsetting credit default swaps to terminate certain existing credit default swaps, thereby offsetting the future changes in value of, or losses paid, related to the original swap.

[4]    Comprised of swaps of standard market indices of diversified portfolios of corporate and CMBS issuers referenced through credit default swaps. These swaps are subsequently valued based upon the observable standard market index.

Credit Risk

The Company’s derivative counterparty exposure policy establishes market-based credit limits, favors long-term financial stability and creditworthiness of the counterparty and typically requires credit enhancement/credit risk reducing agreements. The Company minimizes the credit risk in derivative instruments by entering into transactions with high quality counterparties primarily rated A or better, which are monitored and evaluated by the Company’s risk management team and reviewed by senior management. OTC-cleared transactions reduce risk due to their ability to require daily variation margin, monitor the Company's ability to request additional collateral in the event of a counterparty downgrade, and act as an independent valuation source.

The Company has developed credit exposure thresholds which are based upon counterparty ratings. Credit exposures are measured using the market value of the derivatives, resulting in amounts owed to the Company by its counterparties or potential payment obligations from the Company to its counterparties. Credit exposures are generally quantified daily based on the prior business day’s market value and collateral is pledged to and held by, or on behalf of, the Company to the extent the current value of derivatives exceeds the contractual thresholds. In accordance with industry standards and the contractual agreements, collateral is typically settled on the next business day. The Company has exposure to credit risk for amounts below the exposure thresholds which are uncollateralized, as well as for market fluctuations that may occur between contractual settlement periods of collateral movements.

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

Counterparty exposure thresholds are developed for each of the counterparties based upon their ratings. The maximum uncollateralized threshold for a derivative counterparty is $5 million. In addition, the Company monitors counterparty credit exposure on a monthly basis to ensure compliance with Company policies and statutory limitations. The Company also generally requires that OTC derivative contracts be governed by an International Swaps and Derivatives Association Master Agreement which is structured by legal entity and by counterparty.

For the years ended December 31, 2023, 2022, and 2021, the Company had no losses on derivative instruments due to counterparty nonperformance.

F. Concentration of Credit Risk

The Company aims to maintain a diversified investment portfolio including issuer, sector and geographic stratification, where applicable, and has established certain exposure limits, diversification standards and review procedures to mitigate credit risk. As of December 31, 2023, the Company was not exposed to any credit concentration risk of a single issuer, excluding U.S. government and certain U.S. government agencies, greater than 10% of the Company's capital and surplus. As of December 31, 2022, the Company had a significant concentration of credit risk, excluding U.S. government and certain U.S. government agencies, greater than 10% of the Company’s capital and surplus in one residential mortgage loan trust. The carrying value, gross unrealized gain, and estimated fair value of this investment were $99,199,445, $1,020,555, and $100,220,000, respectively, as of December 31, 2022. Further, the Company closely monitors this concentration of credit risk and the potential impact on capital and surplus should the issuer fail to perform according to the contractual terms of the investment.

G. Bonds, Cash Equivalents, Short-Term Investments, Common Stocks and Preferred Stocks

						Gross			Gross			Estimated
Bonds, Cash Equivalents and Short-Term Investments			Statement			Unrealized			Unrealized			Fair
As of December 31, 2023			Value			Gains			Losses			Value
U.S. government and government agencies and authorities
Guaranteed and sponsored - excluding asset-backed			$	513,446,656		$	—		$	(140,449,618)		$	372,997,038
Guaranteed and sponsored - asset-backed			92,027,637			1,472,889			(7,217,824)			86,282,702
States, municipalities and political subdivisions			132,317,815			2,166,838			(7,556,420)			126,928,233
International governments			76,658,371			170,171			(3,169,483)			73,659,059
All other corporate - excluding asset-backed			2,129,483,759			47,706,176			(120,850,850)			2,056,339,085
All other corporate - asset-backed			849,782,364			2,670,194			(57,750,363)			794,702,195
Hybrid securities			106,584,149			904,485			(10,001,950)			97,486,684
Cash equivalents and short-term investments			419,274,329			—			—			419,274,329
Total bonds, cash equivalents and short-term investments			$	4,319,575,080		$	55,090,753		$	(346,996,508)		$	4,027,669,325

						Gross			Gross			Estimated
Common Stocks						Unrealized			Unrealized			Fair
As of December 31, 2023			Cost			Gains			Losses			Value
Common stocks - unaffiliated			$	8,949,512		$	407,537		$	(233,112)		$	9,123,937
Common stocks - affiliated			7,300,225			716,390			—			8,016,615
Total common stocks			$	16,249,737		$	1,123,927		$	(233,112)		$	17,140,552

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

						Gross			Gross			Estimated
Bonds, Cash Equivalents and Short-Term Investments			Statement			Unrealized			Unrealized			Fair
As of December 31, 2022			Value			Gains			Losses			Value
U.S. government and government agencies and authorities:
Guaranteed and sponsored - excluding asset-backed			$	498,927,624		$	—		$	(136,467,050)		$	362,460,574
Guaranteed and sponsored - asset-backed			89,141,017			814,903			(6,110,435)			83,845,485
States, municipalities and political subdivisions			195,228,269			1,820,768			(17,065,179)			179,983,858
International governments			81,178,121			101,999			(4,703,803)			76,576,317
All other corporate - excluding asset-backed			2,235,394,468			30,598,214			(184,304,616)			2,081,688,066
All other corporate - asset-backed			968,922,014			983,769			(90,447,886)			879,457,897
Hybrid securities			69,556,994			—			(6,872,593)			62,684,401
Cash equivalents and short-term investments			299,200,866			21,050			(19,036)			299,202,880
Total bonds, cash equivalents and short-term investments			$	4,437,549,373		$	34,340,703		$	(445,990,598)		$	4,025,899,478

						Gross			Gross			Estimated
Common Stocks						Unrealized			Unrealized			Fair
As of December 31, 2022			Cost			Gains			Losses			Value
Common stocks - unaffiliated			$	9,497,997		$	361,778		$	(722,344)		$	9,137,431
Common stocks - affiliated			7,300,225			357,664			—			7,657,889
Total common stocks			$	16,798,222		$	719,442		$	(722,344)		$	16,795,320

						Gross			Gross			Estimated
Preferred Stocks			Statement			Unrealized			Unrealized			Fair
As of December 31, 2022			Value			Gains			Losses			Value
Preferred stocks - unaffiliated			$	29,089,285		$	—		$	(4,463,285)		$	24,626,000
Total preferred stocks			$	29,089,285		$	—		$	(4,463,285)		$	24,626,000

The statement value and estimated fair value of bonds, cash equivalents and short-term investments at December 31, 2023 by expected maturity year are shown below. Expected maturities may differ from contractual maturities due to call or prepayment provisions. Asset-backed securities (“ABS”), including mortgage-backed securities and collateralized mortgage obligations are distributed to maturity year based on the Company’s estimate of the rate of future prepayments of principal over the remaining lives of the securities. These estimates are developed using prepayment speeds provided in broker consensus data. Such estimates are derived from prepayment speeds experienced at the interest rate levels projected for the applicable underlying collateral. Actual prepayment experience may vary from these estimates.

			Statement			Estimated
Maturity			Value			Fair Value
Due in one year or less			$	476,780,792		$	476,039,556
Due after one year through five years			646,193,696			631,177,845
Due after five years through ten years			570,024,432			559,216,376
Due after ten years			2,626,576,160			2,361,235,554
Total			$	4,319,575,080		$	4,027,669,331

At December 31, 2023 and 2022, securities with a statement value of $4,622,170 and $4,326,584 respectively, were on deposit with government agencies as required by law in various jurisdictions in which the Company conducts business.

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

H. Mortgage Loans on Real Estate

The Company had a maximum and minimum lending rate of 9.95% and 3.76% for loans during 2023 and had a maximum and minimum lending rate of 8.82% and 2.59% for loans during 2022. During 2023 and 2022, the Company did not reduce interest rates on any outstanding mortgage loans on real estate. For loans held as of December 31, 2023 and 2022, the highest loan to value percentage of any one loan at the time of loan origination, exclusive of insured, guaranteed, purchase money mortgages or construction loans was 64.20% and 71.54%, respectively. There were no taxes, assessments or amounts advanced and not included in the mortgage loan total. As of December 31, 2023 and 2022, the Company did not hold mortgages with interest more than 180 days past due. As of December 31, 2023 and 2022, there were immaterial amounts of impaired loans and immaterial related allowances for credit losses, and the interest income recognized during the period the loans were impaired was also immaterial.

I. Restructured Debt in which the Company is a Creditor

The Company had one restructured commercial mortgage loan during the year ended December 31, 2023. The loan had an extension on the maturity date and no loss was incurred. The Company had no recorded investments in restructured debt, as of December 31, 2022.

J.    Joint Ventures, Partnerships and Limited Liability Companies

The Company has no investments in joint ventures, partnerships or limited liability companies that exceed 10% of admitted assets. The Company recognized OTTI of $586,972, $1,130,581, and $3,453,536 for the years ended December 31, 2023, 2022, and 2021, respectively, on certain limited partnerships and one state tax credit limited liability company (LLC).The partnerships were impaired because their cost basis sustained a decline in value that the Company determined to be other-than-temporary. The OTTI were determined as the difference between the fair value from the partnership financial statements and the carrying value of the investments based on the equity method of accounting. The state tax credit LLC was impaired because the Company recovered a portion of the cost of the investment through receipt of tax credits and other tax benefits and not through investment activity. The LLC OTTI was determined as the difference between the remaining expected future tax credits and other tax benefits expected to be received over the life of the investment and the carrying value of the investment.

K. Repurchase Agreements and Other Collateral Transactions

From time to time, the Company enters into repurchase agreements to manage liquidity or to earn incremental spread income. A repurchase agreement is a transaction in which one party (transferor) agrees to sell securities to another party (transferee) in return for cash (or securities), with a simultaneous agreement to repurchase the same securities at a specified price at a later date. A dollar roll is a type of repurchase transaction where a mortgage-backed security is sold with an agreement to repurchase substantially the same security at a specified time in the future. These transactions generally have a contractual maturity of 90 days or less. Therefore, the carrying amounts of these instruments approximate fair value.

Under repurchase agreements, the Company transfers collateral of U.S. government, government agency and corporate securities and receives cash. For the repurchase agreements, the Company obtains cash in an amount equal to at least 95% of the fair value of the securities transferred. The agreements require additional collateral to be transferred when necessary and provide the counterparty the right to sell or re-pledge the securities transferred. The cash received from the repurchase program is typically invested in short-term investments or bonds and is reported as an asset on the Company's Statements of Admitted Assets, Liabilities and Capital and Surplus. Repurchase agreements include master netting provisions that provide both counterparties the right to offset claims and apply securities held by them with respect of their obligations in the event of default. The Company accounts for the repurchase agreements as collateralized borrowings. The securities transferred under repurchase agreements are included in bonds, with the obligation to repurchase those securities recorded in other liabilities in the Statements of Admitted Assets, Liabilities and Capital and Surplus. As of December 31, 2023, the fair value and amortized cost of the US. government securities transferred were $63,873,223 and $82,545,748 respectively, with maturities greater than 3 years. The corresponding liability to repurchase was $99,275,838 with a contractual maturity less than one year as of December 31, 2023. The securities acquired from the use of the collateral in connection with the repurchase agreement transactions were short-term investments with amortized cost approximating fair value of $99,275,838 with a maturity date less than 360 as of December 31, 2023. As of December 31, 2022, the fair value and amortized cost of the US. government securities transferred were $157,666,368 and $235,516,633 respectively, with maturities greater than 3 years and cash collateral transferred of $104,826,114. The corresponding liability to repurchase was $117,625,113 with a contractual maturity less than one year as of December 31, 2022. The securities acquired from the use of the collateral in connection with the

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

repurchase agreement transactions were short-term investments with amortized cost approximating fair value of $117,625,113 with a maturity date less than 360 as of December 31, 2022.

The Company also may enter into reverse repurchase agreements where the Company purchases securities and simultaneously agrees to resell the same or substantially the same securities. The agreements require additional collateral to be transferred to the Company when necessary and the Company has the right to sell or re-pledge the securities received. The agreements have a contractual maturity of one year or less, and are accounted for as collateralized financing. The receivable for reverse repurchase agreements, included within Short-term investments on the Company's Statements of Admitted Assets, Liabilities and Capital and Surplus, as of December 31, 2023 and 2022, was $0, as the Company did not participate in reverse repurchase agreements during 2023 and 2022.

Reinvested proceeds from repurchase agreements transactions consist of short-term, high quality investments and U.S. government and government agency securities. These can be sold and used to meet collateral calls in a stress scenario. In addition, the liquidity resources of most of its general account investment portfolio are available to meet any potential cash demand when securities are returned to the Company. The potential impacts of repurchase agreements on the Company’s liquidity and capital position are stress tested monthly, under Talcott's Liquidity Risk Policy.

The Company also enters into various collateral arrangements in connection with its derivative instruments, which require both the pledging and accepting of collateral. As of December 31, 2023 and 2022, securities pledged of $148,657,585 and $208,837,950, respectively, were included in Bonds and Cash, cash equivalents and short-term investments, on the Statements of Admitted Assets, Liabilities and Capital and Surplus. The counterparties have the right to sell or re-pledge these securities. The Company also pledged cash collateral associated with derivative instruments with a statement value of $49,062,260 and $104,826,114, respectively, as of December 31, 2023 and 2022, included in Other invested assets, on the Statements of Admitted Assets, Liabilities and Capital and Surplus.

As of December 31, 2023 and 2022, the Company accepted cash collateral associated with derivative instruments with a statement value of $1,217,000 and $67,775,933, respectively, which was invested and recorded in the Statements of Admitted Assets, Liabilities and Capital and Surplus in Bonds and Cash, cash equivalents and short-term investments with a corresponding amount recorded in Collateral on derivatives reported in Liabilities. The Company also accepted securities collateral as of December 31, 2023 and 2022 of $995,790 and $28,802,725, respectively, of which the Company has the ability to sell or repledge. As of December 31, 2023 and 2022, the Company did not repledge securities and did not sell any securities collateral. In addition, as of December 31, 2023 and 2022, noncash collateral accepted was held in separate custodial accounts and was not included in the Company’s Statements of Admitted Assets, Liabilities and Capital and Surplus.

l. Security Unrealized Loss Aging

The Company has a security monitoring process overseen by a committee of investment and accounting professionals that, on a quarterly basis, identifies securities in an unrealized loss position that could potentially be other-than-temporarily impaired. For further discussion regarding the Company’s OTTI policy, see Note 2. Due to the issuers’ continued satisfaction of the securities’ obligations in accordance with their contractual terms and the expectation that they will continue to do so, as well as the evaluation of the fundamentals of the issuers’ financial condition and other objective evidence, the Company believes that the prices of the securities in the sectors identified in the tables below were temporarily depressed as of December 31, 2023 and 2022.

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

The following table presents amortized cost or statement value, fair value, and unrealized losses for the Company’s bond and equity securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2023 and 2022:

December 31, 2023			Less Than 12 Months									12 Months or More									Total
			Amortized						Unrealized			Amortized						Unrealized			Amortized						Unrealized
(Amounts in thousands)			Cost			Fair Value			Losses			Cost			Fair Value			Losses			Cost			Fair Value			Losses
U.S. government and government agencies & authorities:
Guaranteed & sponsored - excluding asset-backed			$	116,814		$	100,115		$	(16,699)		$	396,632		$	272,882		$	(123,750)		$	513,446		$	372,997		$	(140,449)
Guaranteed & sponsored - asset-backed			2,412			2,390			(22)			52,173			44,977			(7,196)			54,585			47,367			(7,218)
States, municipalities & political subdivisions			18,139			15,898			(2,241)			45,259			39,943			(5,316)			63,398			55,841			(7,557)
International governments			2,479			2,465			(14)			70,847			67,691			(3,156)			73,326			70,156			(3,170)
All other corporate - excluding asset-backed			310,781			283,923			(26,858)			1,080,872			986,879			(93,993)			1,391,653			1,270,802			(120,851)
All other corporate - asset-backed			94,503			87,521			(6,982)			550,847			500,079			(50,768)			645,350			587,600			(57,750)
Hybrid securities			—			—			—			84,429			74,427			(10,002)			84,429			74,427			(10,002)
Short-term investments			—			—			—			—			—			—			—			—			—
Total fixed maturities			545,128			492,312			(52,816)			2,281,059			1,986,878			(294,181)			2,826,187			2,479,190			(346,997)
Common stock-unaffiliated			6			6			—			1,372			1,139			(233)			1,378			1,145			(233)
Total stocks			6			6			—			1,372			1,139			(233)			1,378			1,145			(233)
Total securities			$	545,134		$	492,318		$	(52,816)		$	2,282,431		$	1,988,017		$	(294,414)		$	2,827,565		$	2,480,335		$	(347,230)

December 31, 2022			Less Than 12 Months									12 Months or More									Total
			Amortized						Unrealized			Amortized						Unrealized			Amortized						Unrealized
(Amounts in thousands)			Cost			Fair Value			Losses			Cost			Fair Value			Losses			Cost			Fair Value			Losses
U.S. government and government agencies & authorities:
Guaranteed & sponsored - excluding asset-backed			$	397,195		$	305,415		$	(91,780)		$	101,732		$	57,045		$	(44,687)		$	498,927		$	362,460		$	(136,467)
Guaranteed & sponsored - asset-backed			56,073			52,554			(3,519)			16,014			13,423			(2,591)			72,087			65,977			(6,110)
States, municipalities & political subdivisions			131,812			115,401			(16,411)			4,322			3,667			(655)			136,134			119,068			(17,066)
International governments			77,740			73,139			(4,601)			1,315			1,212			(103)			79,055			74,351			(4,704)
All other corporate - excluding asset-backed			1,555,891			1,400,797			(155,094)			239,447			210,236			(29,211)			1,795,338			1,611,033			(184,305)
All other corporate - asset-backed			613,135			565,198			(47,937)			337,033			294,522			(42,511)			950,168			859,720			(90,448)
Hybrid securities			29,031			28,274			(757)			40,526			34,411			(6,115)			69,557			62,685			(6,872)
Short-term investments			88,909			88,890			(19)			—			—			—			88,909			88,890			(19)
Total fixed maturities			2,949,786			2,629,668			(320,118)			740,389			614,516			(125,873)			3,690,175			3,244,184			(445,991)
Common stock-unaffiliated			—			—			—			722			—			(722)			722			—			(722)
Preferred stock - unaffiliated			29,089			24,626			(4,463)			—			—			—			29,089			24,626			(4,463)
Total stocks			29,089			24,626			(4,463)			722			—			(722)			29,811			24,626			(5,185)
Total securities			$	2,978,875		$	2,654,294		$	(324,581)		$	741,111		$	614,516		$	(126,595)		$	3,719,986		$	3,268,810		$	(451,176)

As of December 31, 2023, fixed maturities, comprised of 1,061 securities, accounted for approximately 99% of the Company’s total unrealized loss amount. The securities were primarily related to US. government agency securities, corporate securities concentrated in the technology & financial services sector, commercial mortgage-backed securities ("CMBS"), and residential mortgage-backed securities ("RMBS), which were depressed primarily due to an increase in interest rates and/or widening of credit spreads since the securities were purchased. As of December 31, 2023, 90% of the securities in an unrealized loss position were depressed less than 20% of amortized cost. The increase in fixed maturities' unrealized losses during 2023 was primarily attributable to increase in interest rates and widening spreads on higher yielding corporate securities and asset-back securities.

Most of the securities depressed for twelve months or more primarily related to US. government agency securities, residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS"), and corporate securities concentrated in the technology & communications sector, which were depressed primarily due to an increase in interest rates

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

and/or widening of credit spreads since the securities were purchased. As of December 31, 2023, the Company does not have an intention to sell any securities in an unrealized loss position, and for loan-backed and structured securities, has the intent and ability to hold these securities until values recover.

As of December 31, 2022, fixed maturities, comprised of 876 securities, accounted for approximately 99% of the Company’s total unrealized loss amount. The securities were primarily related to US. government agency securities, corporate securities concentrated in the technology & financial services sector, commercial mortgage-backed securities ("CMBS"), and residential mortgage-backed securities ("RMBS), which were depressed primarily due to an increase in interest rates and/or widening of credit spreads since the securities were purchased. As of December 31, 2022, 92% of the securities in an unrealized loss position were depressed less than 20% of amortized cost. The increase in fixed maturities' unrealized losses during 2022 was primarily attributable to increase in interest rates and widening spreads on higher yielding corporate securities and asset-back securities.

M. Loan-backed and Structured Securities OTTI

For the years ended December 31, 2023, 2022 and 2021, the Company did not recognize losses for OTTI on loan-backed and structured securities due to the intent to sell impaired securities or due to the inability or lack of intent to retain an investment in a security for a period of time sufficient to recover the amortized cost basis.

N. 5GI Securities

A 5GI is assigned by the NAIC Securities Valuation Office (“SVO”) to certain obligations when an insurer certifies that the documentation necessary to permit a full credit analysis of a security does not exist, that the issuer or obligator is current on all contracted interest and principal pay downs and that the insurer has the expectation of ultimate payment of all contracted payments.  The 5GI securities for the Company are immaterial for the years ended December 31, 2023 and 2022.

4. Fair Value Measurements

Fair value is determined based on the "exit price" notion which is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Financial instruments carried at fair value in the Company’s financial statements include certain bonds, stocks, derivatives, and Separate Account assets.

The Company utilizes the services of third-party investment managers, including Hartford Investment Management Company (“HIMCO”) and Sixth Street Insurance Solutions, L.P., that are registered investment advisers under the Investment Advisers Act of 1940. The Company's Investment Valuation Committee ("IVC"), a working group chaired by the Chief Financial Officer ("CFO") of the Talcott Financial Group Investments, LLC subsidiaries, oversees the investment activities of these investment managers and directs other investments to maximize economic value and generate the returns necessary to support the Company’s various product obligations, within internally established objectives, guidelines and risk tolerances. The portfolio objectives and guidelines are developed, by the Company, based upon the asset/liability profile, including duration, convexity and other characteristics within specified risk tolerances. The risk tolerances considered include, but are not limited to, asset sector, credit issuer allocation limits, and maximum portfolio limits for below investment grade holdings. The Company attempts to minimize adverse impacts to the investment portfolio and the Company’s results of operations from changes in economic conditions through asset diversification, asset allocation limits, and asset/liability duration matching and the use of derivatives. The following section applies the fair value hierarchy and disclosure requirements for the Company's Separate Account assets, and categorizes the inputs in the valuation techniques used to measure fair value into three broad Levels (Level 1, 2, or 3):

Level 1    Unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date.

Level 2    Observable inputs, other than quoted prices included in Level 1, for the asset or liability, or prices for similar assets and liabilities.

Level 3     Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Because Level 3 fair values, by their nature, contain one or more significant unobservable inputs as there is little or no observable market for these assets and liabilities, considerable judgment is used to

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

determine the Level 3 fair values. Level 3 fair values represent the Company’s best estimate of amounts that could be realized in a current market exchange absent actual market exchanges.

In many situations, inputs used to measure the fair value of an asset or liability position may fall into different levels of the fair value hierarchy. In these situations, the Company's investment manager will determine the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value. In most cases, both observable (e.g., changes in interest rates) and unobservable (e.g. changes in risk assumptions) inputs are used in determination of fair values that the Company's investment manager has classified within Level 3. Consequently, these values and the related gains and losses are based upon both observable and unobservable inputs. The Company's bonds included in Level 3 are classified as such because these securities are primarily within illiquid markets and/or priced by independent brokers.

The following table presents assets and (liabilities) carried at fair value by hierarchy level:

As of December 31, 2023
			(Amounts in thousands)			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Net Asset Value (NAV)			Total
a.			Assets accounted for at fair value
			Common stocks - unaffiliated			$	5,681		$	—		$	3,443		$	—		9,124
			Cash equivalents			357,261			—			—			—			357,261
			Total bonds and stocks			362,942			—			3,443			—			366,385
			Derivative assets
			Macro hedge program			—			—			94,133			—			94,133
			Total derivative assets			—			—			94,133			—			94,133
			Separate Account assets [1]			23,294,728			—			—			—			23,294,728
			Total assets accounted for at fair value			$	23,657,670		$	—		$	97,576		$	—		$	23,755,246
b.			Liabilities accounted for at fair value
			Derivative liabilities
			Macro hedge program			$	—		$	(29,784)		$	—		$	—		$	(29,784)
			Total liabilities accounted for at fair value			$	—		$	(29,784)		$	—		$	—		$	(29,784)

[1]Excludes approximately $(11) million of investment sales receivable net of investment purchases payable that are not subject to SSAP No. 100 (Fair Value Measurements.)

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

As of December 31, 2022
			(Amounts in thousands)			Quoted Prices in Active Markets for Identical Assets (Level 1)			Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Net Asset Value (NAV)			Total
a.			Assets accounted for at fair value
			Common stocks - unaffiliated			$	5,594		$	—		$	3,443		$	—		$	9,037
			Preferred stocks - unaffiliated			—			24,626			—			—			24,626
			Cash equivalents			184,334			—			—			—			184,334
			Total bonds and stocks			189,928			24,626			3,443			—			217,997
			Derivative assets
			Interest rate derivatives			—			1,831			—			—			1,831
			Macro hedge program			—			38,845			282,590			—			321,435
			Total derivative assets			—			40,676			282,590						323,266
			Separate Account assets [1]			22,171,530			—			—			—			$	22,171,530
			Total assets accounted for at fair value			$	22,361,458		$	65,302		$	286,033		$	—		$	22,712,793
b.			Liabilities accounted for at fair value
			Derivative liabilities
			Interest rate derivatives			$	—		$	(1,972)		$	—		$	—		$	(1,972)
			Macro hedge program			—			(49,316)			(31,509)			—			(80,825)
			Total liabilities accounted for at fair value			$	—		$	(51,288)		$	(31,509)					$	(82,797)

[1] Excludes approximately $7 million of investment sales receivable net of investment purchases payable that are not subject to SSAP No. 100 (Fair Value Measurements.)

Valuation Techniques, Procedures and Controls

The Company determines the fair values of certain financial assets and liabilities based on quoted market prices where available and where prices represent reasonable estimates of fair value. The Company also determines fair values based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company’s default spreads, liquidity and, where appropriate, risk margins on unobservable parameters. The following is a discussion of the methodologies used to determine fair values for the financial instruments listed in the preceding tables.

The fair value process is monitored by the respective Valuation Committees of the Company's investment managers, which are comprised of senior management that meets at least quarterly. The purpose of the committee is to oversee the pricing policy and procedures by ensuring objective and reliable valuation practices and pricing of financial instruments as well as addressing valuation issues and approving changes to valuation methodologies and pricing sources.

In addition, the IVC is responsible for the approval and monitoring of the Valuation Policy of the Company as well as the adjudication of any valuation disputes thereunder. The Valuation Policy addresses valuation of all financial instruments held in the general account and guaranteed separate accounts of the Company, including all derivative positions. The IVC meets regularly, and its members include a cross-functional group of senior management as well as various investment, accounting, finance, and risk management professionals.

The Company also has an enterprise-wide Operational Risk Management function with Enterprise Risk Management (“ERM”) which is responsible for establishing, maintaining and communicating the framework, principles and guidelines of the Company’s operational risk management program. The Enterprise Model Oversight Working Group ensures compliance with the ERM framework by providing an independent review of the suitability, characteristics and reliability of model inputs as well as an analysis of significant changes to current models.

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

Bonds and Stocks

The fair values of bonds and stocks in an active and orderly market (e.g., not distressed or forced liquidation) are determined by the Company's investment managers using a "waterfall" approach utilizing the following pricing sources: quoted prices for identical assets or liabilities, prices from third-party pricing services, independent broker quotations, or internal matrix pricing processes. Typical inputs used by these pricing sources include, but are not limited to, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and/or estimated cash flows, prepayment speeds, and default rates. Most bonds do not trade daily. Based on the typical trading volumes and the lack of quoted market prices for bonds, third-party pricing services utilize matrix pricing to derive security prices. Matrix pricing relies on securities' relationships to other benchmark quoted securities, which trade more frequently. Pricing services utilize recently reported trades of identical or similar securities making adjustments through the reporting date based on the preceding outlined available market observable information. If there are no recently reported trades, the third-party pricing services may develop a security price using expected future cash flows based upon collateral performance and discounted at an estimated market rate. Both matrix pricing and discounted cash flow techniques develop prices by factoring in the time value for cash flows and risk, including liquidity and credit.

Prices from third-party pricing services may be unavailable for securities that are rarely traded or are traded only in privately negotiated transactions. As a result, certain securities are priced via independent broker quotations which utilize inputs that may be difficult to corroborate with observable market based data. Additionally, the majority of these independent broker quotations are non-binding.

The Company's investment managers utilize an internally developed matrix pricing process for private placement securities for which the Company is unable to obtain a price from a third-party pricing service. The process is similar to the third-party pricing services. The Company's investment managers develop credit spreads each month using market based data for public securities adjusted for credit spread differentials between public and private securities which are obtained from a survey of multiple private placement brokers. The credit spreads determined through this survey approach are based upon the issuer’s financial strength and term to maturity, utilizing independent public security index and trade information and adjusting for the non-public nature of the securities. Credit spreads combined with risk-free rates are applied to contractual cash flows to develop a price.

The Company's investment managers perform ongoing analyses of the prices and credit spreads received from third parties to ensure that the prices represent a reasonable estimate of the fair value. In addition, the Company's investment managers ensure that prices received from independent brokers represent a reasonable estimate of fair value through the use of internal and external cash flow models utilizing spreads, and when available, market indices. As a result of these analyses, if the Company's investment managers determine that there is a more appropriate fair value based upon the available market data, the price received from the third party is adjusted accordingly and approved by the Valuation Committee of the Company's investment managers.

The Company's investment managers conduct other specific monitoring controls around pricing. Daily, weekly and monthly analyses identify price changes over pre-determined thresholds for bonds and equity securities. Monthly analyses identify prices that have not changed, and missing prices. Also on a monthly basis, a second source validation is performed on most sectors. Analyses are conducted by a dedicated pricing unit that follows up with trading and investment sector professionals and challenges prices with vendors when the estimated assumptions used differs from what the Company's investment managers feel a market participant would use. Examples of other procedures performed include, but are not limited to, initial and ongoing review of third-party pricing services’ methodologies, review of pricing statistics and trends and back testing recent trades.

The Company's investment managers have analyzed the third-party pricing services’ valuation methodologies and related inputs, and has also evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Most prices provided by third-party pricing services are classified into Level 2 because the inputs used in pricing the securities are observable. Due to the lack of transparency in the process that brokers use to develop prices, most valuations that are based on brokers’ prices are classified as Level 3. Some valuations may be classified as Level 2 if the price can be corroborated with observable market data.

31

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

Derivative Instruments

Derivative instruments are fair valued using pricing valuation models for OTC derivatives that utilize independent market data inputs, quoted market prices for exchange-traded derivatives and OTC-cleared derivatives, or independent broker quotations.

The Company performs ongoing analysis of the valuations, assumptions, and methodologies used to ensure that the prices represent a reasonable estimate of the fair value. The Company performs various controls on derivative valuations which include both quantitative and qualitative analyses. Analyses are conducted by a cross-functional group of investment, actuarial, risk and information technology professionals that analyze impacts of changes in the market environment and investigate variances. There is a monthly analysis to identify market value changes greater than pre-defined thresholds, stale prices, missing prices and zero prices. Also on a monthly basis, a second source validation, typically to broker quotations, is performed for certain of the more complex derivatives and all new deals during the month. A model validation review is performed on any new models, which typically includes detailed documentation and validation to a second source. As to certain derivatives that are held by the Company as well as its investment manager's other clients, the Company's investment manager performs ongoing analysis of the valuations, assumptions, and methodologies used to ensure that the prices represent a reasonable estimate of the fair value. On a daily basis, the Company’s derivatives collateral agent compares market valuations to counterparty valuations for all OTC derivatives held by the Company for collateral purposes.

The Company utilizes derivative instruments to manage the risk associated with certain assets and liabilities. However, the derivative instrument may not be classified with the same fair value hierarchy level as the associated assets and liabilities. Therefore the realized and unrealized gains and losses on derivatives reported in Level 3 may not reflect the offsetting impact of the realized and unrealized gains and losses of the associated assets and liabilities.

Valuation Inputs for Investments

For Level 1 investments, which are comprised of exchange traded securities and open-ended mutual funds, valuations are based on observable inputs that reflect quoted prices for identical assets in active markets that the Company has the ability to access at the measurement date.

For the Company’s Level 2 and 3 bonds and stocks, typical inputs used by pricing techniques include, but are not limited to, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and/or estimated cash flows, prepayment speeds, and default rates. Derivative instruments are valued using mid-market inputs that are predominantly observable in the market.

Descriptions of additional inputs used in the Company’s Level 2 and Level 3 measurements are included in the following discussion:

Level 2    The fair values of most of the Company’s Level 2 investments are determined by management after considering prices received from third-party pricing services. These investments include mostly bonds and preferred stocks.

Asset-backed securities, collateralized loan obligations, commercial and residential mortgage-backed securities - Primary inputs also include monthly payment information, collateral performance, which varies by vintage year and includes delinquency rates, collateral valuation loss severity rates, collateral refinancing assumptions, and credit default swap indices. Commercial and residential mortgage-backed securities prices also include estimates of the rate of future principal prepayments over the remaining life of the securities. Such estimates are derived based on the characteristics of the underlying structure and prepayment speeds previously experienced at the interest rate levels projected for the underlying collateral.

Foreign government/government agencies - Primary inputs also include observations of credit default swap curves related to the issuer and political events in emerging market economies.

Interest rate derivatives - Primary input is the swap yield curve.

Level 3    Most of the Company’s securities classified as Level 3 include less liquid securities such as lower quality asset-backed securities, commercial and residential mortgage-backed securities primarily backed by sub-prime loans. Also included in Level 3 are securities valued based on broker prices or broker spreads, without adjustments. Primary inputs for non-broker priced investments, including structured securities, are consistent with the typical inputs used in Level 2

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

measurements noted above, but are Level 3 due to their less liquid markets. Additionally, certain long-dated securities are priced based on third-party pricing services, including municipal securities, foreign government/government agency securities, and bank loans. Primary inputs for these long-dated securities are consistent with the typical inputs used in the preceding noted Level 1 and Level 2 measurements, but include benchmark interest rate or credit spread assumptions that are not observable in the marketplace. Also included in Level 3 are certain derivative instruments that either have significant unobservable inputs or are valued based on broker quotations. Significant inputs for these derivative contracts primarily include the typical inputs used in the Level 1 and Level 2 measurements noted above, but also may include equity and interest rate volatility and swap yield curves beyond observable limits.

Separate Account assets

Non-guaranteed Separate Account assets are primarily invested in mutual funds and are valued by the underlying mutual funds in accordance to their valuation policies and procedures.

Significant Unobservable Inputs for Level 3 Assets Measured at Fair Values

The following tables present information about significant unobservable inputs used in Level 3 assets measured at fair value. The tables exclude corporate securities for which fair values are predominantly based on broker quotations. As of December 31, 2023 and 2022, the Company did not have any material Level 3 bonds measured at fair value that were not based on broker quotations.

(Amounts in thousands)

December 31, 2023

Free Standing Derivatives

Fair Value

Predominant Valuation Method

Significant Unobservable Input

Minimum

Maximum

Impact of Increase in Input on Fair Value [1]

Macro hedge program

Interest rate swaptions

$

33,850

Option model

Interest rate volatility

—%

3%

Increase

Equity options [2]

54,849

Option model

Equity volatility

12%

20%

Increase

[1] The impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions.

[2] Level 3 macro hedge derivatives excludes those for which the Company bases fair value on broker quotations as noted in the following discussion.

(Amounts in thousands)

December 31, 2022

Free Standing Derivatives

Fair Value

Predominant Valuation Method

Significant Unobservable Input

Minimum

Maximum

Impact of Increase in Input on Fair Value [1]

Macro hedge program

Equity options [2]

$

235,827

Option model

Equity volatility

18%

64%

Increase

[1] The impact of a decrease in input would have the opposite impact to the fair value as that presented in the table. Changes are based on long positions, unless otherwise noted. Changes in fair value will be inversely impacted for short positions.

[2] Level 3 macro hedge derivatives excludes those for which the Company bases fair value on broker quotations as noted in the following discussion.

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3)

The tables below provides a roll-forward of financial instruments measured at fair value using significant unobservable inputs (Level 3) for the years ended December 31, 2023 and 2022:

												Total Realized/
												Unrealized Gains
			Fair Value			Transfers			Transfers			(Losses) Included in:															Fair Value
			as of			into			out of			Net						Purchases/			Sales/						as of
(Amounts in thousands)			Jan. 1, 2023			Level 3 [2]			Level 3 [2]			Income [1]			Surplus			Increases			Decreases			Settlements			Dec. 31, 2023
Assets
Common stocks - unaffiliated			$	3,443		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	3,443
Total bonds and stocks			3,443			—			—			—			—			—			—			—			3,443
Derivatives
Macro hedge program			251,081			—			—			—			(61,387)			119,831			—			(215,392)			94,133
Total derivatives [3]			251,081			—			—			—			(61,387)			119,831			—			(215,392)			94,133
Total assets			$	254,524		$	—		$	—		$	—		$	(61,387)		$	119,831		$	—		$	(215,392)		$	97,576
Total liabilities			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

[1]All amounts in this column are reported in net realized capital gains (losses). All amounts are before income taxes.

[2]Transfers in and/or (out) of Level 3 are primarily attributable to changes in the availability of market observable information and changes to the bond and stock carrying value based on the lower of cost and market requirement.

[3]Derivative instruments are reported in this table on a net basis for asset/(liability) positions.

												Total Realized/
												Unrealized Gains
			Fair Value			Transfers			Transfers			(Losses) Included in:															Fair Value
			as of			into			out of			Net						Purchases/			Sales/						as of
(Amounts in thousands)			Jan. 1, 2022			Level 3 [2]			Level 3 [2]			Income [1]			Surplus			Increases			Decreases			Settlements			Dec. 31, 2022
Assets
Common stocks - unaffiliated			$	1,681		$	—		$	—		$	—		$	—		$	1,762		$	—		$	—		$	3,443
Total bonds and stocks			1,681			—			—			—			—			1762			—			—			3,443
Derivatives
Macro hedge program			203,683			—			—			—			116,000			115,897			—			(184,499)			251,081
Total derivatives [3]			203,683			—			—			—			116,000			115,897			—			(184,499)			251,081
Total assets			$	205,364		$	—		$	—		$	—		$	116,000		$	117,659		$	—		$	(184,499)		$	254,524
Total liabilities			$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—

[1]All amounts in this column are reported in net realized capital gains (losses). All amounts are before income taxes.

[2]Transfers in and/or (out) of Level 3 are primarily attributable to changes in the availability of market observable information and changes to the bond and stock carrying value based on the lower of cost and market requirement.

[3]Derivative instruments are reported in this table on a net basis for asset/(liability) positions.

Fair Values for All Financial Instruments by Levels 1, 2 and 3

The tables below reflects the fair values and admitted values of all admitted assets and liabilities that are financial instruments excluding those accounted for under the equity method (subsidiaries, joint ventures and partnerships). The fair values are also categorized into the three-level fair value hierarchy.

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(Amounts in thousands)			December 31, 2023
Type of Financial Instrument			Aggregate Fair Value			Admitted Value			(Level 1)			(Level 2)			(Level 3)			Net Asset Value (NAV)			Not Practicable (Carrying Value)
Assets
Bonds - unaffiliated			$	3,608,395		$	3,900,301		$	—		$	3,002,289		$	606,106		$	—		$	—
Common stocks - unaffiliated			9,124			9,124			5,681			—			3,443			—			—
Mortgage loans			724,253			791,529			—			—			724,253			—			—
Cash, cash equivalents and short-term investments - unaffiliated			357,261			357,261			357,261			—			—			—			—
Cash, cash equivalents and short-term investments - affiliated			140,000			140,000			—			—			140,000			—			—
Derivative related assets			98,064			98,129			3,931			94,133			—			—			—
Contract loans			86,753			86,753			—			—			86,753			—			—
Surplus debentures			41,383			41,836			—			41,383			—			—			—
Separate Account assets [1]			23,294,728			23,294,728			23,294,728			—			—			—			—
Total assets			$	28,359,961		$	28,719,661		$	23,661,601		$	3,137,805		$	1,560,555		$	—		$	—
Liabilities
Liability for deposit-type contracts			$	(156,536)		$	(156,536)		$	—		$	—		$	(156,536)		$	—		$	—
Derivative related liabilities			(30,011)			$	(30,077)		—			(30,011)			—			—			—
Separate Account liabilities			(23,294,728)			(23,294,728)			(23,294,728)			—			—			—			—
Total liabilities			$	(23,481,275)		$	(23,481,341)		$	(23,294,728)		$	(30,011)		$	(156,536)		$	—		$	—

[1] Excludes approximately $(11) million, at December 31, 2023, of investment sales receivable net of investment purchases payable that are not subject to SSAP No. 100.

(Amounts in thousands)			December 31, 2022
Type of Financial Instrument			Aggregate Fair Value			Admitted Value			(Level 1)			(Level 2)			(Level 3)			Net Asset Value(NAV)			Not Practicable (Carrying Value)
Assets
Bonds - unaffiliated			$	3,726,696		$	4,138,349		$	—		$	3,259,227		$	467,469		$	—		$	—
Bonds - affiliated			—			—			—			—			—			—			—
Preferred stocks - unaffiliated			24,626			24,626			—			24,626			—			—			—
Common stocks - unaffiliated			9,037			9,037			5,594			—			3,443			—			—
Mortgage loans			907,343			994,929			—			—			907,343			—			—
Cash, cash equivalents and short-term investments - unaffiliated			308,374			308,374			193,508			114,866			—			—			—
Derivative related assets			327,677			324,672			—			45,087			282,590			—			—
Contract loans			88,065			88,065			—			—			88,065			—			—
Surplus debentures			41,174			41,838			—			24,825			16,349			—			—
Low-income housing tax credits			8			8			—			—			8			—			—
Separate Account assets [1]			22,171,530			22,171,530			22,171,530			—			—			—			—
Total assets			$	27,604,530		$	28,101,428		$	22,370,632		$	3,468,631		$	1,765,267		$	—		$	—
Liabilities
Liability for deposit-type contracts			$	(169,983)		$	(169,983)		$	—		$	—		$	(169,983)		$	—		$	—
Derivative related liabilities			(137,350)			(82,797)			—			(105,841)			(31,509)			—			—
Separate Account liabilities			(22,171,530)			(22,171,530)			(22,171,530)			—			—			—			—
Total liabilities			$	(22,478,863)		$	(22,424,310)		$	(22,171,530)		$	(105,841)		$	(201,492)		$	—		$	—

[1] Excludes approximately $7 million, at December 31, 2022, of investment sales receivable net of investment purchases payable that are not subject to SSAP No. 100.

35

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

The valuation methodologies used to determine the fair values of bonds, stocks and derivatives are described in the above Fair Value Measurements section of this note.

The amortized cost of cash, cash equivalents and short-term investments approximates fair value.

Fair values for mortgage loans on real estate were estimated using discounted cash flow calculations based on current lending rates for similar type loans. Current lending rates reflect changes in credit spreads and the remaining terms of the loans.

The carrying amounts of the liability for deposit-type contracts and Separate Account liabilities approximate their fair values.

The fair value of contract loans was determined using current loan coupon rates which reflect the current rates available under the contracts. As a result, the fair value approximates the carrying value of the contract loans.

At December 31, 2023 and 2022 the Company had no investments where it was not practicable to estimate fair value.

5. Income Taxes

A.The components of the net deferred tax asset/(deferred tax liability) ("DTA"/"(DTL)") at period end and the change in those components are as follows:

1												2023
									Ordinary			Capital			Total
			(a)			Gross DTA			$	162,998,357		$	2,721,299		$	165,719,656
			(b)			Statutory valuation allowance adjustments			—			—			—
			(c)			Adjusted gross DTA			162,998,357			2,721,299			165,719,656
			(d)			Deferred tax assets nonadmitted			38,638,543			—			38,638,543
			(e)			Subtotal net admitted deferred tax assets			124,359,814			2,721,299			127,081,113
			(f)			Deferred tax liabilities			35,857,023			35,434,090			71,291,113
			(g)			Net admitted deferred tax asset/(net deferred tax liability)			$	88,502,791		$	(32,712,791)		$	55,790,000

2												2023
									Ordinary			Capital			Total
			Admission Calculation Components SSAP No. 101 :
			(a)			Federal income taxes paid in prior years recoverable by carrybacks			$	—		$	—		$	—
			(b)			Adjusted gross DTA expected to be realized			53,178,189			2,611,811			55,790,000
						(1) DTAs expected to be realized after the balance sheet date			53,178,189			2,611,811			55,790,000
						(2) DTAs allowed per limitation threshold			XXX			XXX			124,672,434
			(c)			DTAs offset against DTLs			71,181,625			109,488			71,291,113
			(d)			DTAs admitted as a result of application of SSAP No. 101			$	124,359,814		$	2,721,299		$	127,081,113

3			(a)			Ratio % used to determine recovery period and threshold limitation			966%
			(b)			Adjusted capital and surplus used to determine 2(b) thresholds			831,149,559

4									2023
									Ordinary			Capital
			Impact of Tax Planning Strategies:
			(a)			Determination of adjusted gross DTA and net admitted DTA,
						by tax character as a %.
						(1) Adjusted gross DTAs amount from Note 5A1c			$	162,998,357		$	2,721,299
						(2) % of adjusted gross DTAs by tax character attributable to the impact of
						planning strategies			—		%	—		%
						(3) Net admitted adj. gross DTAs amount from Note 5A1e			$	124,359,814		$	2,721,299
						(4) % of net admitted adjusted gross DTAs by tax character admitted
						because of the impact of planning strategies			2		%	—		%
			(b)			Do the tax planning strategies include the use of reinsurance?			Yes ___			No _X_

36

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

1												2022
									Ordinary			Capital			Total
			(a)			Gross DTA			$	148,502,633		$	2,806,771		$	151,309,404
			(b)			Statutory valuation allowance adjustments			—			—			—
			(c)			Adjusted gross DTA			148,502,633			2,806,771			151,309,404
			(d)			Deferred tax assets nonadmitted			—			—			—
			(e)			Subtotal net admitted deferred tax assets			148,502,633			2,806,771			151,309,404
			(f)			Deferred tax liabilities			51,934,982			48,650,340			100,585,322
			(g)			Net admitted deferred tax asset/(net deferred tax liability)			$	96,567,651		$	(45,843,569)		$	50,724,082

2												2022
									Ordinary			Capital			Total
			Admission Calculation Components SSAP No. 101 :
			(a)			Federal income taxes paid in prior years recoverable by carrybacks			$	—		$	—		$	—
			(b)			Adjusted gross DTA expected to be realized			48,587,737			2,641,263			51,229,000
						(1) DTAs expected to be realized after the balance sheet date			48,587,737			2,641,263			51,229,000
						(2) DTAs allowed per limitation threshold			XXX			XXX			107,757,330
			(c)			DTAs offset against DTLs			99,914,896			165,508			100,080,404
			(d)			DTAs admitted as a result of application of SSAP No. 101			$	148,502,633		$	2,806,771		$	151,309,404

3			(a)			Ratio % used to determine recovery period and threshold limitation			1043%
			(b)			Adjusted capital and surplus used to determine 2(b) thresholds			897,905,089

4									2022
									Ordinary			Capital
			Impact of Tax Planning Strategies:
			(a)			Determination of adjusted gross DTA and net admitted DTA,
						by tax character as a %.
						(1) Adjusted gross DTAs amount from Note 5A1c			$	148,502,633		$	2,806,771
						(2) % of adjusted gross DTAs by tax character attributable to the impact of
						planning strategies			1		%	—		%
						(3) Net admitted adj. gross DTAs amount from Note 5A1e			$	148,502,633		$	2,806,771
						(4) % of net admitted adjusted gross DTAs by tax character admitted
						because of the impact of planning strategies			2		%	—		%
			(b)			Do the tax planning strategies include the use of reinsurance?			Yes ___			No _X_

1									Change During 2023
									Ordinary			Capital			Total
			(a)			Gross DTA			$	14,495,724		$	(85,472)		$	14,410,252
			(b)			Statutory valuation allowance adjustments			—			—			—
			(c)			Adjusted gross DTA			14,495,724			(85,472)			14,410,252
			(d)			Deferred tax assets nonadmitted			38,638,543			—			38,638,543
			(e)			Subtotal net admitted deferred tax assets			(24,142,819)			(85,472)			(24,228,291)
			(f)			Deferred tax liabilities			(16,077,959)			(13,216,250)			(29,294,209)
			(g)			Net admitted deferred tax asset/(net deferred tax liability)			$	(8,064,860)		$	13,130,778		$	5,065,918

37

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

2									Change During 2023
									Ordinary			Capital			Total
			Admission Calculation Components SSAP No. 101 :
			(a)			Federal income taxes paid in prior years recoverable by carrybacks			$	—		$	—		$	—
			(b)			Adjusted gross DTA expected to be realized			4,590,452			(29,452)			4,561,000
						(1) DTAs expected to be realized after the balance sheet date			4,590,452			(29,452)			4,561,000
						(2) DTAs allowed per limitation threshold			XXX			XXX			(10,013,329)
			(c)			DTAs offset against DTLs			(28,733,271)			(56,020)			(28,789,291)
			(d)			DTAs admitted as a result of application of SSAP No. 101			$	(24,142,819)		$	(85,472)		$	(24,228,291)

3			(a)			Ratio % used to determine recovery period and threshold limitation			(77)%
			(b)			Adjusted capital and surplus used to determine 2(b) thresholds			$(66,755,530)

4									Change During 2023
									Ordinary			Capital
			Impact of Tax Planning Strategies:
			(a)			Determination of adjusted gross DTA and net admitted DTA,
						by tax character as a %.
						(1) Adjusted gross DTAs amount from Note 5A1c			$	14,495,724		$	(85,472)
						(2) % of adjusted gross DTAs by tax character attributable to the impact of
						planning strategies			(1)		%	—		%
						(3) Net admitted adj. gross DTAs amount from Note 5A1e			$	(24,142,819)		$	(85,472)
						(4) % of net admitted adjusted gross DTAs by tax character admitted
						because of the impact of planning strategies			—		%	—		%

B.    DTLs are not recognized for the following amounts:

Not Applicable.

38

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

C.    Significant Components of Income Taxes Incurred

1.			The components of current income tax (benefit)/expense are as follows:
									2023			2022			Change
			(a)			Federal			$	19,898,443		$	(24,113,001)		$	44,011,444
			(b)			Foreign			—			—			—
			(c)			Subtotal			19,898,443			(24,113,001)			44,011,444
			(d)			Federal income tax on net capital gains			12,188,360			7,275,024			4,913,336
			(e)			Utilization of capital loss carryforwards			—			—			—
			(f)			Other			—			—			—
			(g)			Federal and foreign income taxes incurred			$	32,086,803		$	(16,837,977)		$	48,924,780

2.			The main components of the period end deferred tax amounts and the change in those components are as follows:
									2023			2022			Change
						DTA: Ordinary
						Policyholder reserves			$	43,481,897		$	44,037,752		$	(555,855)
						Deferred acquisition costs			100,349,364			88,959,591			11,389,773
						Compensation and benefits			—			31,500			(31,500)
						Investments						—			—
						Net operating loss carryforward						—			—
						Tax credit carryforward			13,130,850			9,330,850			3,800,000
						Other			6,036,246			6,142,940			(106,694)
						Subtotal: DTA Ordinary			162,998,357			148,502,633			14,495,724
						Ordinary statutory valuation allowance			—			—			—
						Total adjusted gross ordinary DTA			162,998,357			148,502,633			14,495,724
						Nonadmitted ordinary DTA			38,638,543			—			38,638,543
						Admitted ordinary DTA			124,359,814			148,502,633			(24,142,819)
						DTA: Capital
						Investments			2,721,299			2,806,771			(85,472)
						Subtotal: DTA Capital			2,721,299			2,806,771			(85,472)
						Capital statutory valuation allowance			—			—			—
						Total adjusted gross capital DTA			2,721,299			2,806,771			(85,472)
						Nonadmitted capital DTA			—			—			—
						Admitted capital DTA			2,721,299			2,806,771			(85,472)
						Total Admitted DTA			$	127,081,113		$	151,309,404		$	(24,228,291)

						DTL: Ordinary
						Investments			$	33,473,247		$	48,359,318		$	(14,886,071)
						Deferred and uncollected premium			—			—			—
						Policyholder reserves			2,383,776			3,575,664			(1,191,888)
						Other			—			—			—
						Gross DTL ordinary			35,857,023			51,934,982			(16,077,959)
						DTL: Capital
						Investments			35,434,090			48,650,340			(13,216,250)
						Other			—			—			—
						Gross DTL capital			35,434,090			48,650,340			(13,216,250)
						Total DTL			71,291,113			100,585,322			(29,294,209)
						Net adjusted DTA/(DTL)			$	55,790,000		$	50,724,082		$	5,065,918
						Adjust for the change in deferred tax on unrealized gains/losses									(10,983,625)
						Adjust for the change in nonadmitted deferred tax									38,638,543
						Adjusted change in net deferred Income Tax									$	32,720,836

39

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

D.    Reconciliation of federal income tax rate to actual effective rate:

The sum of the income tax incurred and the change in the DTA/DTL is different from the result obtained by applying the statutory federal income tax rate to the pretax income. The significant items causing this difference are as follows:

						% of Pre-tax						% of Pre-tax						% of Pre-tax
			2023			income			2022			income			2021			income
			Tax effect			$	48,298,991		Tax effect			$	(19,256,266)		Tax effect			$	120,579,910
Statutory tax			$	10,142,788		21.00		%	$	(4,043,816)		21.00		%	$	25,321,781		21.00		%
Tax preferred investments			(17,031,728)			(35.26)		%	(18,282,825)			94.94		%	(14,088,142)			(11.68)		%
Interest maintenance reserve			(856,738)			(1.77)		%	2,375,769			(12.34)		%	(14,320,937)			(11.88)		%
Amortization of inception gain			(3,454,265)			(7.15)		%	(4,974,717)			25.83		%	(4,974,717)			(4.13)		%
VA Hedge gains reported in surplus			14,478,051			29.98		%	34,656,802			(179.98)		%	4,415,554			3.66		%
Change in basis of computing reserves			—			—		%	5,136,894			(26.68)		%	—			—		%
Prior period adjustments			(593,187)			(1.23)		%	(890,709)			4.63		%	610,865			0.51		%
Change in deferred tax on non-admitted assets			(54,419)			(0.11)		%	454,237			(2.36)		%	(258,548)			(0.21)		%
Foreign related investments			(3,002,000)			(6.22)		%	(1,824,900)			9.48		%	(2,765,000)			(2.29)		%
All other			(262,535)			(0.56)		%	32,089			(0.16)		%	51,898			0.02		%
Total statutory income tax			(634,033)			(1.32)		%	12,638,824			(65.64)		%	(6,007,246)			(5.00)		%
Federal and foreign income taxes incurred			32,086,803			66.43		%	(16,837,977)			87.44		%	(14,031,146)			(11.64)		%
Change in net deferred income taxes			(32,720,836)			(67.75)		%	29,476,801			(153.09)		%	8,023,900			6.64		%
Total statutory income tax			$	(634,033)		(1.32)		%	$	12,638,824		(65.64)		%	$	(6,007,246)		(5.00)		%

E.    Operating loss and tax credit carryforwards and protective tax deposits

1. At December 31, 2023, the Company had $0 of net operating loss carryforwards, and $13,130,850 of foreign tax credit carryovers which expire between 2028 and 2033.

2. The amount of federal income taxes incurred in the current year and each preceding year that will be available for recoupment in the event of future net losses are:

2023			—
2022			—
2021			—

3. The aggregate amount of deposits reported as admitted assets under Section 6603 of the IRS Code was $0 as of December 31, 2023.

F.    Consolidated Federal Income Tax Return

1. The Company's federal income tax return is included within TR Re, Ltd.'s ("TR Re"), consolidated federal income tax return. The consolidated federal income tax return includes the following entities:

TR Re, Ltd.
Talcott Resolution Life Insurance Company
Talcott Resolution Life and Annuity Insurance Company
American Maturity Life Insurance Company

2. Federal Income Tax Allocation

Estimated tax payments are made quarterly (if necessary), at which time intercompany tax balances are settled. In the subsequent year, additional settlements (if necessary) are made on the unextended due date of the return and at the time the return is filed. The method of allocation among affiliates of the Company is subject to written agreement approved by the Board of Directors and based upon separate return calculations with current credit for net losses to the extent the losses provide a benefit in the consolidated tax return.

40

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

6. Reinsurance

The amount of reinsurance recoverables from and payables to affiliated and unaffiliated reinsurers were $85,525,728 and $5,122,615 respectively, as of December 31, 2023 and $61,453,139 and $28,770,054 respectively, as of December 31, 2022.

The effect of reinsurance as of and for the years ended December 31 is summarized as follows:

2023			Direct			Assumed			Ceded			Net
Aggregate reserves for future benefits			$	18,910,472,242		$	430,711,040		$	(14,902,548,096)		$	4,438,635,186
Liability for deposit-type contracts			733,418,140			430,092			(577,312,682)			156,535,550
Policy and contract claim liabilities			209,526,698			14,022,376			(199,675,762)			23,873,312
Premium and annuity considerations			774,475,502			51,512,860			(751,972,988)			74,015,374
Death, annuity, disability and other benefits			1,600,431,230			80,743,759			(1,469,947,683)			211,227,306
Surrenders and other fund withdrawals			2,452,684,835			158,857,240			(1,404,968,467)			1,206,573,608

2022			Direct			Assumed			Ceded			Net
Aggregate reserves for future benefits			$	19,616,158,015		$	456,864,211		$	(15,407,884,903)		$	4,665,137,323
Liability for deposit-type contracts			812,556,516			334,089			(642,907,752)			169,982,853
Policy and contract claim liabilities			188,184,446			9,608,492			(179,696,152)			18,096,786
Premium and annuity considerations			819,381,471			62,675,930			(828,399,766)			53,657,635
Death, annuity, disability and other benefits			1,550,348,958			97,923,497			(1,421,232,189)			227,040,266
Surrenders and other fund withdrawals			2,340,373,565			131,470,492			(1,354,829,420)			1,117,014,637

2021			Direct			Assumed			Ceded			Net
Aggregate reserves for future benefits			$	18,830,507,419		$	859,279,164		$	(14,859,366,482)		$	4,830,420,101
Liability for deposit-type contracts			899,531,652			246,818			(716,010,403)			183,768,067
Policy and contract claim liabilities			231,270,273			21,147,387			(228,987,444)			23,430,216
Premium and annuity considerations			901,362,020			82,943,229			(14,308,900,870)			(13,324,595,621)
Death, annuity, disability and other benefits			1,654,726,072			127,708,572			(1,453,150,077)			329,284,567
Surrenders and other fund withdrawals			2,981,648,379			178,837,868			(401,880,296)			2,758,605,951

41

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

A. External reinsurance

The Company cedes insurance to unaffiliated insurers in order to limit its maximum losses. Such agreements do not relieve the Company from its primary liability to policyholders. The inability or unwillingness of a reinsurer to meet its financial obligations to the Company, including the impact of any insolvency or rehabilitation proceedings involving a reinsurer that could affect the Company's access to collateral held in trust, could have a material adverse effect on the Company's financial condition, results of operations and liquidity. The Company reduces this risk by evaluating the financial condition of reinsurers and monitoring for possible concentrations of credit risk. As of December 31, 2023, the Company has two reinsurance-related concentrations of credit risk greater than 10% of the Company’s capital and surplus. The concentrations, which are actively monitored, are as follows: reserve credits totaling $13.8 billion for Prudential Financial Inc. ("Prudential") offset by $10.3 billion of market value of assets held in trust, for a net exposure of $3.5 billion. In addition, reserve credits totaling $1.6 billion for Commonwealth Annuity and Life Insurance Company are offset by $1.5 billion of market value of assets held in trust, for a net exposure of $0.1 billion. As of December 31, 2022, the Company had two reinsurance-related concentrations of credit risk greater than 10% of the Company’s capital and surplus. The concentrations, which were actively monitored, were as follows: reserve credits totaling $14.3 billion for Prudential offset by $10.0 billion of market value of assets held in trust, for a net exposure of $4.3 billion. In addition, reserve credits totaling $1.7 billion for Commonwealth Annuity and Life Insurance Company were offset by $1.7 billion of market value of assets held in trust, for no net exposure.

The Company has a reinsurance agreement under which the reinsurer has a limited right to unilaterally cancel the reinsurance for reasons other than for nonpayment of premium or other similar credits. The estimated amount of aggregate reduction in the Company’s surplus of this limited right to unilaterally cancel this reinsurance agreement by the reinsurer for which such obligation is not presently accrued is $18,386,767 in 2023, a decrease of $15,876,410 from the 2022 balance of $34,263,177. The total amount of reinsurance credits taken for this agreement was $23,274,388 in 2023, a decrease of $20,096,723 from the 2022 balance of $43,371,111.

On January 2, 2013, The Hartford completed the sale of its Individual Life insurance business to Prudential. The net gain totaling $600 million, before tax, was deferred as a component of Other than special surplus funds on the Company's Statements of Admitted Assets, Liability and Capital and Surplus, and will be amortized over 20 years as earnings are projected to emerge from this block of business. Amortization amounts, which are recorded as Commissions and expense allowances on reinsurance ceded on the Statements of Operations and as Amortization and a decrease of Gain on inforce reinsurance on the Statements of Changes in Capital and Surplus totaled $13.2 million, $19.0 million, and $19.0 million in 2023, 2022 and 2021, respectively.

In 2018, the Company and TL entered into reinsurance agreements with Commonwealth Annuity and Life Insurance Company, a subsidiary of Global Atlantic Financial Group. The net gain totaling $73 million, after tax, was deferred as a component of Other than special surplus funds on the Company’s Statements of Admitted Assets, Liabilities and Capital and Surplus, and will be amortized over a period of 25 years as earnings are projected to emerge from this block of business. Amortization amounts, which are recorded as Commission and expense allowances on reinsurance ceded on the Statements of Operation and as amortization and a decrease of Gain on inforce reinsurance on the Statements of Changes in Capital and Surplus totaled $3.3 million, $4.7 million, and $4.7 million in 2023, 2022, and 2021, respectively.

B. Reinsurance Ceded to Affiliates

The Company entered into an affiliated reinsurance agreement with its indirect parent, TR Re, Ltd., an unauthorized reinsurer, which was effective October 1, 2021, and implemented December 30, 2021. Pursuant to such reinsurance agreement, the Company generally ceded 50% of the Company’s variable annuity and payout annuity blocks with certain variable annuity guarantees ceded at 100% and certain structured settlement contracts ceded at a lesser quota share percentage. All such business is ceded on a modified coinsurance basis. The net impact of this reinsurance transaction on the Company’s results of operations and financial condition included ceded premiums totaling $13.5 billion, substantially offset by reserve adjustments on reinsurance totaling $13.4 billion and the transfer of IMR totaling approximately $104.4 million. The transfer of IMR was offset by funds held under reinsurance treaties with unauthorized reinsurers totaling $104.4 million which are included in Other liabilities. The Company paid additional amounts totaling $35.6 million (before tax) and as a result, incurred a net loss for the same amount.

42

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

7. Related Party Transactions

Transactions between the Company and its affiliates, relate principally to tax settlements, reinsurance, insurance coverages, rental and service fees, capital contributions, returns of capital and payments of dividends. Substantially all general insurance expenses related to the Company, including rent and benefit plan expenses, are initially paid by TL.

Direct expenses are allocated using specific identification and indirect expenses are allocated using other applicable methods. Indirect expenses include those for corporate areas which, depending on type, are allocated based on either a percentage of direct expenses or on utilization. As a result of a new Amended and Restated Services and Cost Allocation Agreement effective July 1, 2021, certain indirect expense are allocated on a cost plus basis.

The Company reported $15,010,012 and $0 as payable to parents, subsidiaries and affiliates as of December 31, 2023 and 2022, respectively. Amounts are settled in accordance with terms of the agreements.

Effective September 21, 2022, TLA entered into an intercompany liquidity agreement between several Talcott entities: including TR Re, TLR and TLAR. TLA may lend a total of $200M in aggregate to the affiliates. TLA may also borrow a total of $600M consisting of $200M from each of the aforementioned entities. Under the agreement, TLR, TLAR and TR Re cannot extend loans between one another. On January 27, 2023, TLA loaned $60M to TR Re per the intercompany liquidity agreement. The interest rate of this loan was 4.5% and the maturity date was January 26, 2024. The loan was repaid on December 21, 2023. On October 16, 2023, TLA loaned $140M to TR Re per the intercompany liquidity agreement. The interest rate of this loan is 5.22% and the maturity date is October 15, 2024.

Effective June 1, 2018, TL entered into an Intercompany Liquidity Agreement (the “Liquidity Agreement”) with TLA. The Liquidity Agreement allows for short-term advances of funds between TL, TLA and certain TL subsidiaries who become parties to the Liquidity Agreement in the future. The Company had no issued and outstanding notes as of December 31, 2023 and 2022.

On July 6, 2023, TLA paid a dividend of $94,800,000 to TL, the Company's parent.

Related party transactions may not be indicative of the costs that would have been incurred on a stand-alone basis. For additional information, see Notes 5, 6, 8 and 11.

8. Retirement Plans, Other Postretirement Benefit Plans and Postemployment Benefits

In September, 2021, the Company adopted a new Long-term Cash Incentive Plan (“the Plan”) to attract and retain executive and management level employees of the Company and its affiliates in support of the continued growth and long-term performance of the Company. U.S. employees in certain employment bands (generally executive and management level) are eligible to participate in the Plan. Targets vary by employment level. Awards are issued annually at the discretion of management, and vest in full on the third anniversary of the date of the grant, subject to the participant’s continued employment with the Company. The expenses accrued for the Company during 2023 and 2022 were immaterial.

As of June 1, 2018, Talcott Resolution Life Insurance Company adopted an investment and savings plan, the Talcott 401(k) Plan and a non-qualified savings plan, the Talcott Resolution Deferred Compensation Plan. Effective December 31, 2018, both plans were assigned to Talcott Resolution Life Inc., the Company's indirect parent. Substantially all U.S. employees of the Company are eligible to participate in Talcott 401 (k) Plan under which designated contributions can be invested in a variety of investments. The Company's contributions include a non-elective contribution of 2% of eligible compensation and a dollar-for-dollar matching contribution of up to 6% of eligible compensation contributed by the employee each pay period. The Talcott Resolution Deferred Compensation Savings Plan has a 6% matching contribution for eligible compensation earned in excess of the 401(a)(17) limit, currently $275,000. Eligible compensation includes salary and bonuses and participants can defer up to 80% of their eligible pay. The costs allocated to the Company for the years ended December 31, 2023 and 2022, were immaterial.

The Company participates in Talcott sponsored postemployment plans that provide for medical and salary replacement benefits for employees on long-term disability. The expenses allocated to the Company for long term disability were not material to the results of operations for the years ended December 31, 2023 and 2022.

43

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

9. Debt

A. FHLB (Federal Home Loan Bank) Agreements

1.The Company is a member of the Federal Home Loan Bank of Boston (“FHLB”). Membership allows the Company access to collateralized advances, which may be used to support various spread-based businesses or to enhance liquidity management. FHLB membership requires the Company to own member stock and borrowings require the purchase of activity-based stock in an amount (generally between 3.0% and 4.0% of the principal balance) based upon the term of the outstanding advances. FHLB stock held by the Company is classified within Common stocks on the Statements of Admitted Assets, Liabilities and Capital and Surplus. As of December 31, 2023 and 2022, there were no advances outstanding.

State law limits the Company's ability to pledge, hypothecate or otherwise encumber its assets. The amount of advances that can be taken by the Company are dependent on the assets pledged by the Company to secure the advances, and are therefore subject to this legal limit. The pledge limit is recalculated annually based on statutory admitted assets and capital and surplus. For 2023 and 2022, the Company's pledge limits were $222 million and $237 million, respectively. The Company would need to seek prior written approval from the Department in order to exceed this limit. If the Company were to pursue borrowing additional amounts under its estimated capacity it may have to purchase additional shares of activity stock.

2. FHLB Capital Stock

a. Aggregate Totals

1.As of December 31, 2023

						1 Total 2+3			2 General Account			3 Separate Accounts
a.			Membership Stock - Class A			—			—			—
b.			Membership Stock - Class B			3,443,100			3,443,100			—
c.			Activity Stock			—			—			—
d.			Excess Stock			—			—			—
e.			Aggregate Total (a+b+c+d)			3,443,100			3,443,100			—
f.			Actual or estimated borrowing capacity as determined by the insurer			222,000,000			222,000,000			—

2. As of December 31, 2022

						1 Total 2+3			2 General Account			3 Separate Accounts
a.			Membership Stock - Class A			—			—			—
b.			Membership Stock - Class B			3,443,100			3,443,100			—
c.			Activity Stock			—			—			—
d.			Excess Stock			—			—			—
e.			Aggregate Total (a+b+c+d)			3,443,100			3,443,100			—
f.			Actual or estimated borrowing capacity as determined by the insurer			237,000,000			237,000,000			—

44

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

b. Membership Stock (Class A and B) Eligible for Redemption as of December 31, 2023

												Eligible for Redemption
Membership Stock						1 Current Period Total (2+3+4+5+6)			2 Not Eligible for Redemption			3 Less Than 6 Months			4 6 Months to Less than 1 Year			5 1 to Less than 3 Years			6 3 to 5 Years
1			Class A			$	—					$	—		$	—		$	—		$	—
2			Class B			3,443,100			3,425,139			17,961			—			—			—

3. Collateral Pledged to FHLB

a. Amount Pledged as of December 31, 2023

						1 Fair Value			2 Carrying Value			Aggregate Total Borrowing
1			Current Year Total General and Separate Accounts (Total Collateral Pledged (Lines 2 + 3)			$	107,759,543		$	115,270,467		$	—
2			Current Year General Account: Total Collateral Pledged			107,759,543			115,270,467			—
3			Current Year Separate Account: Total Collateral Pledged			—			—			—
4			Prior Year-end Total General and Separate Accounts: Total Collateral Pledged			186,029,443			198,182,721			—

    b. Maximum Amount Pledged During Reporting Period

						1 Fair Value			2 Carrying Value			3 Amount Borrowed at Time of Maximum Collateral
1			Current Year Total General and Separate Accounts (Maximum Collateral Pledged (Lines 2 + 3)			189,629,200			197,338,243			$	—
2			Current Year General Account Maximum Collateral Pledged			189,629,200			197,338,243			—
3			Current Year Separate Account Maximum Collateral Pledged			—			—			—
4			Prior Year-end Total General and Separate Accounts Maximum Collateral Pledged			186,029,443			198,182,721			—

4. a. & b. Borrowing from FHLB - Amount as of the Reporting Date

The Company had no borrowings from the FHLB as of December 31, 2023 and 2022.

c. FHLB - Prepayment Obligations

The Company does not have any prepayment obligations as of December 31, 2023 and 2022.

45

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

10. Capital and Surplus and Shareholder Dividend Restrictions

Dividend Restrictions

The maximum amount of dividends which can be paid to shareholders by Connecticut domiciled insurance companies, without prior approval of the Connecticut Insurance Commissioner (the “Commissioner”), is generally restricted to the greater of 10% of surplus as of the preceding December 31st or the net gain from operations after dividends to policyholders, federal income taxes and before realized capital gains or (losses) for the previous year. In addition, if any dividend exceeds the insurer's earned surplus, it requires the prior approval of the Commissioner. Dividends are paid as determined by the Board of Directors in accordance with state statutes and regulations, and are not cumulative. No dividends were paid in 2022, and 2021. For additional information on dividends paid in 2023, see Note 7. With respect to dividends to its parent, TL, the Company’s dividend limitation under the holding company laws of Connecticut is $428,005,810 in 2024.

Unassigned Funds

The portion of unassigned funds represented or reduced by each item below at December 31 was as follows:

			2023			2022
Unrealized capital losses, gross of tax			$	48,131,871		$	31,155,039
Asset valuation reserve			(138,843,958)			(150,405,868)
Nonadmitted asset values			(55,038,614)			(16,142,494)
Separate Account expense allowance			24,470,651			25,657,707

11. Separate Accounts

The Company maintained Separate Account assets totaling $23,305,545,372 and $22,177,651,722 as of December 31, 2023 and 2022, respectively. The Company utilizes Separate Accounts to record and account for assets and liabilities for particular lines of business. For the current reporting year, the Company recorded assets and liabilities for individual variable annuities, variable life and variable universal life product lines in the Separate Accounts.

The Separate Account classifications are supported by state statute and are in accordance with the domiciliary state procedures for approving items within the Separate Accounts. Separate Account assets are segregated from other investments and reported at fair value. Some assets are considered legally insulated whereas others are not legally insulated from the General Account. As of December 31, 2023 and 2022, the Company’s Separate Account statement included legally insulated assets of $23,305,545,372 and $22,177,651,722, respectively.

Separate Account liabilities are determined in accordance with prescribed actuarial methodologies, which approximate the market value less applicable surrender charges. The resulting surplus is recorded in the General Account Statements of Operations as a component of Net transfers from Separate Accounts. The Company’s Separate Accounts are non-guaranteed, wherein the policyholder assumes substantially all the investment risks and rewards. Investment income (including investment gains and losses) and interest credited to policyholders on Separate Account assets are not separately reflected in the Statements of Operations.

Separate Account fees, net of minimum guarantees, were $458,449,252, $487,028,149 and $551,133,174 for the years ended December 31, 2023, 2022 and 2021, respectively, and are recorded as a component of fee income on the Company’s Statements of Operations.

46

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

An analysis of the Separate Accounts as of December 31, 2023 is as follows:

			Indexed			Nonindexed Guaranteed Less Than or Equal to 4%			Nonindexed Guaranteed More Than 4%			Nonguaranteed Separate Accounts			Total
Premium considerations or deposits for the
year ended December 31, 2023			$	—		$	—		$	—		$	254,614,684		$	254,614,684
Reserves at year-end:
For accounts with assets at:
Fair value			$	—		$	—		$	—		$	23,254,087,606		$	23,254,087,606
Amortized cost			—			—			—			—			—
Total reserves			$	—		$	—		$	—		$	23,254,087,606		$	23,254,087,606
By withdrawal characteristics:
Subject to discretionary withdrawal			$	—		$	—		$	—		$	—		$	—
With market value adjustment			—			—			—			—			—
At book value without market value adjustment
and with surrender charge of 5% or more			—			—			—			—			—
At fair value			—			—			—			23,038,638,737			23,038,638,737
At book value without market value adjustment
and with surrender charge of less than 5%			—			—			—			—			—
Subtotal			—			—			—			23,038,638,737			23,038,638,737
Not subject to discretionary withdrawal			—			—			—			215,448,869			215,448,869
Total			$	—		$	—		$	—		$	23,254,087,606		$	23,254,087,606

Below is a reconciliation of net transfers from Separate Accounts:

			December 31, 2023			December 31, 2022			December 31, 2021
Transfer to Separate Accounts			254,614,683			$	267,966,954		$	324,159,709
Transfer from Separate Accounts			2,394,979,793			2,380,057,675			3,133,066,954
Net Transfer from Separate Accounts			(2,140,365,110)			(2,112,090,721)			(2,808,907,245)
Internal exchanges and other Separate Account activity			(4,196,019)			(14,860,797)			(5,072,046)
Transfer from Separate Accounts on the Statements of Operations			$	(2,144,561,129)		$	(2,126,951,518)		$	(2,813,979,291)

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

12. Commitments and Contingent Liabilities

A. Litigation

On August 15, 2023, Talcott Resolution Life Insurance Company and Talcott Resolution Life and Annuity Insurance Company (collectively “Talcott Resolution”) were named as defendants in two putative class action lawsuits in the United States District Courts for the District of Connecticut and the District of Massachusetts. These cases are captioned as follows: Casey v. Talcott Resolution Life Insurance Company and Talcott Resolution Life and Annuity Insurance Company, et al. (MA) and Guitang v. Talcott Resolution Life Insurance Company (CT). The lawsuits relate to data security events involving the MOVEit file transfer system (“MOVEit Cybersecurity Incident”). The MOVEit file transfer system is software used by a broad range of companies to move sensitive electronic data. PBI Research Services (“PBI”), a third-party service provider for Talcott Resolution, uses the MOVEit file transfer system in the performance of its services. PBI has used the software on behalf of Talcott Resolution to, among other things, search various databases to identify the deaths of insured persons and annuitants under life insurance policies and annuity contracts, respectively, as required by applicable law. Plaintiffs seek to represent various classes and subclasses of Talcott Resolution insurance policy and annuity contract holders whose data allegedly was accessed or potentially accessed in connection with the MOVEit Cybersecurity Incident. Plaintiffs allege that Talcott Resolution breached a purported duty to safeguard their sensitive data from unauthorized access. The complaints assert claims for, among other things, negligence, negligence per se, breach of contract, unjust enrichment, and violations of various consumer protection statutes, and the Plaintiffs seek declaratory and injunctive relief, compensatory and punitive damages, restitution, attorneys’ fees and costs, and other relief. On October 4, 2023, the Judicial Panel on Multidistrict Litigation issued an order consolidating all actions relating to the MOVEit Cybersecurity Incident before a single federal judge in the United States District Court for the District of Massachusetts. We intend to vigorously defend these actions.

The Company is or may become involved in various legal actions, some of which assert claims for substantial amounts. Management expects that the ultimate liability, if any, with respect to such lawsuits, after consideration of provisions made for estimated losses and costs of defense, will not be material to the financial condition of the Company.

B. Guaranty Funds

In all states, insurers licensed to transact certain classes of insurance are required to become members of a guaranty fund. In most states, in the event of the insolvency of an insurer writing any such class of insurance in the state, members of the funds are assessed to pay certain claims of the insolvent insurer. A particular state’s fund assesses its members based on their respective written premiums in the state for the classes of insurance in which the insolvent insurer was engaged. Assessments are generally limited for any year to one or two percent of premiums written per year, depending on the state.

Under insurance guaranty fund laws in each state, the District of Columbia and Puerto Rico, insurers licensed to do business can be assessed by state insurance guaranty associations for certain obligations of insolvent insurance companies to policyholders and claimants. Part of the assessments paid by/refunded to the Company pursuant to these laws may be used as credits for a portion of the associated premium taxes. The Company paid immaterial net guaranty fund assessments in 2023, 2022, and 2021. The Company had immaterial guaranty fund receivables as of December 31, 2023 and 2022, respectively.

C. Contingent Commitments

As of December 31, 2023 and 2022, the Company has outstanding commitments totaling $263,685,006 and $320,634,407, respectively, of which $182,114,249 and $179,360,416, respectively, is committed to fund limited partnership and other alternative investments, which may be called by the partnership during the commitment period to fund the purchase of new investments and partnership expenses. Additionally, at December 31, 2023 and 2022, $81,570,757 and $141,273,991, respectively, is largely related to commercial whole loans. The remaining outstanding commitments of $0 and $0 are related to various funding obligations associated with private placement securities, as of December 31, 2023 and 2022, respectively.

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TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY

NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS

YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

Detail of Other Contingent Commitments

1 Nature and  Circumstances of  Guarantee and Key  Attributes, Including  Date and Duration of  Agreement

2           Liability  Recognition of  Guarantee

3     Ultimate  Financial  Statement  Impact if Action  Under the Guarantee  is Required

4 Maximum  Potential Amount  of Future  Payments  the Guarantor Could  be Required to  Make

5       Current Status of Payment or  Performance Risk of Guarantee

Effective February 1, 2018, TLA guaranteed the obligations of Talcott Resolution Comprehensive Employee Benefit Service Company ("TCB"), a wholly-owned subsidiary, with respect to certain structured settlement liability obligations to provide an increased level of security to claimants under such structured settlements; these obligations were assumed from TL on February 1, 2018. As of December 31, 2023 and December 31, 2022, no liability was recorded for this guarantee, as TCB was able to meet these policyholder obligations..

$

—

Increase in Investments in SCA, Dividends to stockholders (capital contribution), Expense, or Other

Unlimited (1)

The guaranteed affiliate maintains surplus in addition to policyholder reserves. The payment or performance risk of this guarantee is low as It is unlikely that this guarantee will be triggered.

(1) There is no limit on the Company's guarantee to pay policyholder obligations on behalf of the affiliate for the      contracts covered in the guarantee agreement.

D. Leases

Transactions include rental facilities and equipment. Rent paid by the Company for its share of space occupied and equipment used by the Company was $723,965, $767,400 and $836,059 in 2023, 2022, and 2021, respectively. Future minimum rental commitments are immaterial.

The office of the Company, together with its parent and other life insurance affiliates, is located in Hartford, Connecticut. The Company relocated its office from Windsor, Connecticut to Hartford, Connecticut in September 2023.

E. Tax Matters

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is no longer subject to U.S. federal or state and local income tax examinations for years prior to 2019, with the exception of net operating loss carryforwards utilized in open tax years. Management believes that adequate provision has been made in the financial statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years.

The Company believes it is more likely than not that all deferred tax assets will be fully realized. Consequently, no valuation allowance has been provided. In assessing the need for a valuation allowance, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies. From time to time, tax planning strategies could include holding a portion of debt securities with market value losses until recovery, making investments which have specific tax characteristics, and business considerations such as asset-liability matching.

13. Subsequent Events

The Company has evaluated events subsequent to December 31, 2023, through April 23, 2024, the date the statutory-basis financial statements were available to be issued. The Company has not evaluated subsequent events after that date for presentation in these statutory-basis financial statements. There were no other subsequent events that had a material impact on the financial results of the Company.

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