REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Contract Owners of Talcott Resolution Life and Annuity Insurance Company Separate Account Seven 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 Seven (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.

American Century VP Value Fund
Hartford Small Company HLS Fund
American Century VP Growth Fund
Hartford SmallCap Growth HLS Fund
AB VPS Balanced Hedged Allocation Portfolio
Hartford Stock HLS Fund
AB VPS International Value Portfolio
Lord Abbett Series Fund - Fundamental Equity Portfolio
AB VPS Discovery Value Portfolio (Formerly AB VPS Small/Mid Cap Value Portfolio)
Lord Abbett Series Fund - Dividend Growth Portfolio
AB VPS Sustainable International Thematic Portfolio
Lord Abbett Series Fund - Bond Debenture Portfolio
Invesco V.I. Core Equity Fund
Lord Abbett Series Fund - Growth and Income Portfolio
Invesco V.I. Government Securities Fund
MFS® Growth Series
Invesco V.I. High Yield Fund
MFS® Global Equity Series
Invesco V.I. EQV International Equity Fund
MFS® Investors Trust Series
Invesco V.I. Main Street Mid Cap Fund®
MFS® Mid Cap Growth Series
Invesco V.I. Small Cap Equity Fund
MFS® New Discovery Series
Invesco V.I. Balanced-Risk Allocation Fund
MFS® Total Return Series
Invesco V.I. Diversified Dividend Fund
MFS® Value Series
Invesco V.I. Government Money Market Fund
MFS® Total Return Bond Series
American Century VP Mid Cap Value Fund
MFS® Research Series
American Funds Insurance Series® Capital World Bond Fund®
MFS® High Yield Portfolio
American Funds Insurance Series® Capital World Growth and Income Fund®
BlackRock Managed Volatility V.I. Fund
American Funds Insurance Series® Asset Allocation Fund
BlackRock Global Allocation V.I. Fund
American Funds Insurance Series® Washington Mutual Investors FundSM
BlackRock S&P 500 Index V.I. Fund
American Funds Insurance Series® The Bond Fund of America®
BlackRock Large Cap Focus Growth V.I. Fund
American Funds Insurance Series® Global Growth Fund
BlackRock Equity Dividend V.I. Fund
American Funds Insurance Series® Growth Fund
Morgan Stanley VIF Growth Portfolio
American Funds Insurance Series® Growth-Income Fund
Morgan Stanley VIF Discovery Portfolio
American Funds Insurance Series® International Fund
Invesco V.I. American Value Fund
American Funds Insurance Series® New World Fund®
BlackRock Capital Appreciation V.I. Fund
American Funds Insurance Series® Global Small Capitalization Fund
Invesco V.I. Capital Appreciation Fund
Allspring VT Discovery All Cap Growth Fund (Formerly Allspring VT Omega Growth Fund)
Invesco V.I. Global Fund
Fidelity® VIP Growth Portfolio
Invesco V.I. Main Street Fund®
Fidelity® VIP Contrafund® Portfolio
Invesco V.I. Main Street Small Cap Fund®
Fidelity® VIP Mid Cap Portfolio
Putnam VT Diversified Income Fund
Fidelity® VIP Value Strategies Portfolio
Putnam VT Global Asset Allocation Fund
Fidelity® VIP Dynamic Capital Appreciation Portfolio
Putnam VT Large Cap Growth Fund (Formerly Putnam VT Growth Opportunities Fund)
Fidelity® VIP Strategic Income Portfolio
Putnam VT International Value Fund
Franklin Rising Dividends VIP Fund
Putnam VT International Equity Fund
Franklin Income VIP Fund
Putnam VT Core Equity Fund (Formerly Putnam VT Multi-Cap Core Fund)
Franklin Large Cap Growth VIP Fund
Putnam VT Small Cap Value Fund
Franklin Global Real Estate VIP Fund
Putnam VT Large Cap Value Fund
Franklin Small-Mid Cap Growth VIP Fund
PIMCO VIT All Asset Portfolio
Franklin Small Cap Value VIP Fund
PIMCO StocksPLUS® Global Portfolio


Franklin Strategic Income VIP Fund
PIMCO VIT Global Managed Asset Allocation Portfolio
Franklin Mutual Shares VIP Fund
PSF PGIM Jennison Value Portfolio
Templeton Developing Markets VIP Fund
Invesco V.I. Growth and Income Fund
Templeton Foreign VIP Fund
Invesco V.I. Comstock Fund
Templeton Growth VIP Fund
Invesco V.I. American Franchise Fund
Franklin Mutual Global Discovery VIP Fund
Allspring VT Index Asset Allocation Fund
Franklin DynaTech VIP Fund
Allspring VT International Equity Fund
Templeton Global Bond VIP Fund
Allspring VT Small Cap Growth Fund
Hartford Balanced HLS Fund
Allspring VT Discovery SMID Cap Growth Fund (Formerly Allspring VT Discovery Fund)
Hartford Total Return Bond HLS Fund
Allspring VT Opportunity Fund
Hartford Capital Appreciation HLS Fund
MFS® Core Equity Portfolio
Hartford Dividend and Growth HLS Fund
MFS® Massachusetts Investors Growth Stock Portfolio
Hartford Disciplined Equity HLS Fund
MFS® Research International Portfolio
Hartford International Opportunities HLS Fund
Hartford Ultrashort Bond HLS Fund
We have also audited the accompanying statements of assets and liabilities of Hartford MidCap HLS Fund, AB VPS Relative Value Portfolio (Formerly AB VPS Growth and Income Portfolio), Invesco V.I. Discovery Mid Cap Growth Fund, and PSF PGIM Jennison Blend Portfolio 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 Portfolio and PSF PGIM Jennison Focused Blend 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
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
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
Invesco V.I. Discovery Mid Cap Growth 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 April 30, 2020 to December 31, 2020
PSF PGIM Jennison Blend Portfolio
December 31, 2023
Period from December 8, 2023 to December 31, 2023
Period from December 8, 2023 to December 31, 2023
Period from December 8, 2023 to December 31, 2023
Morgan Stanley VIF Core Plus Fixed Income Portfolio
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, 2023
PSF PGIM Jennison Focused Blend Portfolio
Not Applicable
Period from January 1, 2023 to December 8, 2023
Period from January 1, 2023 to December 8, 2023 and the year ended December 31, 2022
Period from January 1, 2023 to December 8, 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 Seven 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.

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 Seven since 2002.





SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities
December 31, 2023
American Century VP Value FundAmerican Century VP Growth FundAB VPS Balanced Hedged Allocation PortfolioAB VPS International Value PortfolioAB VPS Discovery Value PortfolioAB VPS Sustainable International Thematic PortfolioInvesco V.I. Core Equity FundInvesco V.I. Government Securities FundInvesco V.I. High Yield FundInvesco V.I. EQV International Equity Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (1)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — 6,799,224 7,936,159 5,862,069 947,022 — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II3,120,688 1,166,463 — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — 61,236,979 104,333,834 921,973 39,484,262 
class S2— — — — — — 3,076,622 — — 21,929,259 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
                   Total investments3,120,688 1,166,463 6,799,224 7,936,159 5,862,069 947,022 64,313,601 104,333,834 921,973 61,413,521 
  Due from Sponsor Company— — — — — — — 34,579 — — 
  Receivable for fund shares sold490 98 1,817 12,335 1,250 128 39,727 — 122 16,646 
  Other assets1 — — — — — — — — — 
 Total assets3,121,179 1,166,561 6,801,041 7,948,494 5,863,319 947,150 64,353,328 104,368,413 922,095 61,430,167 
Liabilities:
  Due to Sponsor Company490 98 1,817 12,335 1,250 128 39,727 — 122 16,646 
  Payable for fund shares purchased— — — — — — — 34,579 — — 
  Other liabilities— — 2 3 1 — — 7 1 — 
 Total liabilities490 98 1,819 12,338 1,251 128 39,727 34,586 123 16,646 
Net assets:
  For contract liabilities$3,120,689 $1,166,463 $6,799,222 $7,936,156 $5,862,068 $947,022 $64,313,601 $104,333,827 $921,972 $61,413,521 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — 6,799,222 7,936,156 5,862,068 947,022 — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II3,120,689 1,166,463 — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — 61,236,980 104,333,827 921,972 39,484,264 
class S2— — — — — — 3,076,621 — — 21,929,257 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total contract liabilities$3,120,689 $1,166,463 $6,799,222 $7,936,156 $5,862,068 $947,022 $64,313,601 $104,333,827 $921,972 $61,413,521 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — 787,859 539,508 336,128 54,646 — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II255,585 59,272 — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — 2,090,713 10,109,868 196,583 1,158,236 
class S2— — — — — — 105,653 — — 655,191 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total shares255,585 59,272 787,859 539,508 336,128 54,646 2,196,366 10,109,868 196,583 1,813,427 
Cost$2,559,823 $893,758 $8,103,657 $7,030,650 $5,865,572 $1,062,508 $64,718,062 $117,184,567 $905,315 $57,490,950 
Deferred contracts in the accumulation period:
  Units owned by participants #105,096 28,121 382,952 950,435 188,936 79,958 2,227,021 83,403,326 97,447 13,405,442 
  Minimum unit fair value #*$27.627289 $39.096461 $14.473636 $6.689746 $24.962923 $9.232864 $21.049803 $1.040450 $1.897845 $2.631485 
  Maximum unit fair value #*$31.396943 $44.373661 $25.475491 $16.402809 $47.436481 $18.765030 $38.140444 $8.899849 $10.185231 $24.918263 
  Contract liability$3,096,723 $1,166,463 $6,642,073 $7,897,073 $5,858,021 $932,404 $63,706,605 $103,340,769 $921,972 $60,985,809 
Contracts in payout (annuitization) period:
Units owned by participants #855 — 9,367 4,937 139 1,309 20,259 766,915 — 108,165 
Minimum unit fair value #*$27.627289 $— $16.298019 $7.593103 $28.332137 $11.164604 $23.891293 $1.235498 $— $3.124634 
Maximum unit fair value #*$31.396943 $— $25.475491 $8.618429 $29.709690 $11.164604 $34.274932 $1.485261 $— $24.918263 
Contract liability$23,966 $— $157,149 $39,083 $4,047 $14,618 $606,996 $993,058 $— $427,712 
# 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 SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
Invesco V.I. Main Street Mid Cap Fund®Invesco V.I. Small Cap Equity FundInvesco V.I. Balanced-Risk Allocation FundInvesco V.I. Diversified Dividend FundInvesco V.I. Government Money Market FundAmerican Century VP Mid Cap Value FundAB VPS Relative Value PortfolioAmerican Funds Insurance Series® Capital World Bond Fund®American Funds Insurance Series® Capital World Growth and Income Fund®American Funds Insurance Series® Asset Allocation Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (2)Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — 32,063,113 107,230,457 431,801,676 
class 4— — — — — — — 3,662,714 16,968,448 16,774,067 
class ADV— — — — — — — — — — 
class B— — — — — — 963,620 — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — 420,041 — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S163,807,987 32,830,557 — — 128,172,038 — — — — — 
class S2815,637 7,663,951 4,695,185 139,435 2,058,490 — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
                   Total investments64,623,624 40,494,508 4,695,185 139,435 130,230,528 420,041 963,620 35,725,827 124,198,905 448,575,743 
  Due from Sponsor Company— — — — 775,381 — — — — — 
  Receivable for fund shares sold53,870 99,766 1,537 24 — 46 157 26,006 120,375 122,046 
  Other assets— — — — 282 1 — — 5 — 
 Total assets64,677,494 40,594,274 4,696,722 139,459 131,006,191 420,088 963,777 35,751,833 124,319,285 448,697,789 
Liabilities:
  Due to Sponsor Company53,870 99,766 1,537 24 — 46 157 26,006 120,375 122,046 
  Payable for fund shares purchased— — — — 775,381 — — — — — 
  Other liabilities6 8 — 1 — — 2 1 — 4 
 Total liabilities53,876 99,774 1,537 25 775,381 46 159 26,007 120,375 122,050 
Net assets:
  For contract liabilities$64,623,618 $40,494,500 $4,695,185 $139,434 $130,230,810 $420,042 $963,618 $35,725,826 $124,198,910 $448,575,739 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — 32,063,114 107,230,465 431,801,673 
class 4— — — — — — — 3,662,712 16,968,445 16,774,066 
class ADV— — — — — — — — — — 
class B— — — — — — 963,618 — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — 420,042 — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S163,807,982 32,830,551 — — 128,172,315 — — — — — 
class S2815,636 7,663,949 4,695,185 139,434 2,058,495 — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total contract liabilities$64,623,618 $40,494,500 $4,695,185 $139,434 $130,230,810 $420,042 $963,618 $35,725,826 $124,198,910 $448,575,739 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — 3,196,721 7,764,697 18,351,113 
class 4— — — — — — — 370,720 1,260,657 718,683 
class ADV— — — — — — — — — — 
class B— — — — — — 33,482 — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — 21,574 — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S16,517,670 1,908,753 — — 128,172,038 — — — — — 
class S286,862 494,768 553,677 5,812 2,058,490 — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total shares6,604,532 2,403,521 553,677 5,812 130,230,528 21,574 33,482 3,567,441 9,025,354 19,069,796 
Cost$71,687,004 $41,629,353 $5,825,061 $117,877 $130,230,528 $417,261 $1,024,431 $40,802,577 $116,817,616 $389,419,949 
Deferred contracts in the accumulation period:
  Units owned by participants #17,444,369 1,214,369 314,242 5,831 14,096,765 14,511 67,547 3,288,616 5,523,990 15,172,563 
  Minimum unit fair value #*$3.037745 $22.766508 $12.750480 $23.640924 $8.267118 $27.849936 $13.724072 $8.058960 $13.085228 $12.830321 
  Maximum unit fair value #*$31.912369 $41.531254 $16.894448 $25.364028 $10.546976 $31.687692 $15.008521 $12.931306 $36.729949 $39.405164 
  Contract liability$63,893,383 $40,193,894 $4,652,384 $139,434 $129,061,550 $420,042 $963,618 $35,386,643 $122,869,615 $444,407,812 
Contracts in payout (annuitization) period:
Units owned by participants #190,795 8,704 2,808 — 122,768 — — 29,709 56,936 129,854 
Minimum unit fair value #*$3.607039 $24.976591 $14.583470 $— $9.288435 $— $— $8.846403 $13.954159 $13.726216 
Maximum unit fair value #*$22.202694 $41.531254 $16.154823 $— $9.639181 $— $— $12.931306 $28.058708 $39.175948 
Contract liability$730,235 $300,606 $42,801 $— $1,169,260 $— $— $339,183 $1,329,295 $4,167,927 
# 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 SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
American Funds Insurance Series® Washington Mutual Investors FundSMAmerican Funds Insurance Series® The Bond Fund of America®American Funds Insurance Series® Global Growth FundAmerican Funds Insurance Series® Growth FundAmerican Funds Insurance Series® Growth-Income FundAmerican Funds Insurance Series® International FundAmerican Funds Insurance Series® New World Fund®American Funds Insurance Series® Global Small Capitalization FundAllspring VT Discovery All Cap Growth FundFidelity® VIP Growth Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (3)Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 2294,549,464 335,900,186 167,977,728 1,189,901,409 966,951,467 162,858,468 59,166,613 76,449,279 666,589 — 
class 422,051,414 61,422,356 12,072,716 128,200,262 80,031,387 56,461,818 9,078,569 16,884,926 — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — 9,780,333 
class VC— — — — — — — — — — 
                   Total investments316,600,878 397,322,542 180,050,444 1,318,101,671 1,046,982,854 219,320,286 68,245,182 93,334,205 666,589 9,780,333 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold262,608 791,898 89,798 783,897 681,463 151,439 91,544 188,400 167 3,125 
  Other assets6 — 8 — 5 3 — — — 1 
 Total assets316,863,492 398,114,440 180,140,250 1,318,885,568 1,047,664,322 219,471,728 68,336,726 93,522,605 666,756 9,783,459 
Liabilities:
  Due to Sponsor Company262,608 791,898 89,798 783,897 681,463 151,439 91,544 188,400 167 3,125 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities— 2 — — — — 2 2 — — 
 Total liabilities262,608 791,900 89,798 783,897 681,463 151,439 91,546 188,402 167 3,125 
Net assets:
  For contract liabilities$316,600,884 $397,322,540 $180,050,452 $1,318,101,671 $1,046,982,859 $219,320,289 $68,245,180 $93,334,203 $666,589 $9,780,334 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2294,549,471 335,900,183 167,977,736 1,189,901,409 966,951,469 162,858,472 59,166,609 76,449,277 666,589 — 
class 422,051,413 61,422,357 12,072,716 128,200,262 80,031,390 56,461,817 9,078,571 16,884,926 — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — 9,780,334 
class VC— — — — — — — — — — 
  Total contract liabilities$316,600,884 $397,322,540 $180,050,452 $1,318,101,671 $1,046,982,859 $219,320,289 $68,245,180 $93,334,203 $666,589 $9,780,334 
Shares:
class 1— — — — — — — — — — 
class 220,728,323 35,734,062 5,023,258 12,117,122 16,585,788 9,354,306 2,350,679 4,368,531 27,902 — 
class 41,568,379 6,569,236 364,955 1,339,606 1,395,734 3,296,078 363,871 967,063 — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — 108,767 
class VC— — — — — — — — — — 
  Total shares22,296,702 42,303,298 5,388,213 13,456,728 17,981,522 12,650,384 2,714,550 5,335,594 27,902 108,767 
Cost$273,115,348 $453,316,610 $146,860,476 $1,011,243,799 $795,680,421 $231,867,014 $58,398,603 $105,840,667 $697,734 $8,241,286 
Deferred contracts in the accumulation period:
  Units owned by participants #90,680,705 27,532,077 4,717,243 28,529,656 26,338,652 13,752,728 2,301,853 3,663,357 16,148 214,185 
  Minimum unit fair value #*$2.683775 $9.047426 $15.302552 $20.817758 $16.515203 $9.740731 $11.696725 $12.041925 $38.859190 $38.105263 
  Maximum unit fair value #*$49.055350 $19.133946 $55.608219 $76.387564 $56.748976 $25.238179 $49.108292 $42.489992 $45.358884 $75.805434 
  Contract liability$313,752,449 $394,003,899 $177,827,974 $1,307,182,116 $1,034,302,103 $217,871,917 $67,771,906 $92,715,668 $665,958 $9,744,866 
Contracts in payout (annuitization) period:
Units owned by participants #838,005 214,980 46,302 210,453 276,869 84,479 14,562 21,866 15 717 
Minimum unit fair value #*$3.188940 $9.710388 $16.371137 $22.271028 $17.668330 $10.421189 $12.513762 $12.883083 $43.273290 $49.483687 
Maximum unit fair value #*$16.229925 $19.133946 $55.608219 $76.387564 $56.748976 $25.026289 $48.875758 $41.781959 $43.273290 $49.483687 
Contract liability$2,848,435 $3,318,641 $2,222,478 $10,919,555 $12,680,756 $1,448,372 $473,274 $618,535 $631 $35,468 
# 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 SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
Fidelity® VIP Contrafund® PortfolioFidelity® VIP Mid Cap PortfolioFidelity® VIP Value Strategies PortfolioFidelity® VIP Dynamic Capital Appreciation PortfolioFidelity® VIP Strategic Income PortfolioFranklin Rising Dividends VIP FundFranklin Income VIP FundFranklin Large Cap Growth VIP FundFranklin Global Real Estate VIP FundFranklin Small-Mid Cap 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$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — 269,766,995 283,845,582 45,082,190 1,921,800 92,367,845 
class 4— — — — — 4,493,055 39,871,487 — — 4,720,385 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV243,377,365 25,035,784 2,424,306 2,030,743 525,384 — — — — — 
class VC— — — — — — — — — — 
                   Total investments43,377,365 25,035,784 2,424,306 2,030,743 525,384 274,260,050 323,717,069 45,082,190 1,921,800 97,088,230 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold11,942 14,017 396 536 87 90,359 144,356 99,006 279 236,446 
  Other assets2 2 3 1 1 — 1 — — — 
 Total assets43,389,309 25,049,803 2,424,705 2,031,280 525,472 274,350,409 323,861,426 45,181,196 1,922,079 97,324,676 
Liabilities:
  Due to Sponsor Company11,942 14,017 396 536 87 90,359 144,356 99,006 279 236,446 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities— — — — — — — 1 1 2 
 Total liabilities11,942 14,017 396 536 87 90,359 144,356 99,007 280 236,448 
Net assets:
  For contract liabilities$43,377,367 $25,035,786 $2,424,309 $2,030,744 $525,385 $274,260,050 $323,717,070 $45,082,189 $1,921,799 $97,088,228 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — 269,766,997 283,845,582 45,082,189 1,921,799 92,367,846 
class 4— — — — — 4,493,053 39,871,488 — — 4,720,382 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV243,377,367 25,035,786 2,424,309 2,030,744 525,385 — — — — — 
class VC— — — — — — — — — — 
  Total contract liabilities$43,377,367 $25,035,786 $2,424,309 $2,030,744 $525,385 $274,260,050 $323,717,070 $45,082,189 $1,921,799 $97,088,228 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — 10,017,341 19,989,125 2,452,785 153,131 6,934,523 
class 4— — — — — 166,656 2,717,893 — — 329,406 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2926,273 721,700 144,735 127,080 50,762 — — — — — 
class VC— — — — — — — — — — 
  Total shares926,273 721,700 144,735 127,080 50,762 10,183,997 22,707,018 2,452,785 153,131 7,263,929 
Cost$31,136,676 $22,274,954 $2,177,920 $1,680,628 $570,997 $242,686,517 $337,784,541 $45,013,936 $2,293,280 $116,999,120 
Deferred contracts in the accumulation period:
  Units owned by participants #1,109,140 855,361 72,523 49,553 32,761 5,877,181 12,397,427 1,239,208 76,457 3,296,029 
  Minimum unit fair value #*$29.619166 $23.441266 $27.452459 $35.619960 $12.854620 $35.736463 $15.919386 $31.308292 $18.566277 $19.264799 
  Maximum unit fair value #*$60.370063 $44.547940 $57.686781 $64.272839 $18.441318 $58.195476 $34.506572 $44.490320 $33.568484 $50.482275 
  Contract liability$43,098,155 $24,921,816 $2,380,751 $2,025,462 $525,385 $271,558,902 $319,836,901 $44,683,955 $1,881,249 $96,396,270 
Contracts in payout (annuitization) period:
Units owned by participants #7,830 3,848 1,308 137 — 54,932 143,520 10,306 1,557 22,121 
Minimum unit fair value #*$33.619940 $26.398047 $31.658856 $38.555238 $— $46.841265 $18.069597 $37.109896 $22.355579 $23.300865 
Maximum unit fair value #*$57.382737 $44.547940 $33.729737 $38.555238 $— $55.904335 $32.949967 $44.490320 $26.228777 $45.568165 
Contract liability$279,212 $113,970 $43,558 $5,282 $— $2,701,148 $3,880,169 $398,234 $40,550 $691,958 
# 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 SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
Franklin Small Cap Value VIP FundFranklin Strategic Income VIP FundFranklin Mutual Shares VIP FundTempleton Developing Markets VIP FundTempleton Foreign VIP FundTempleton Growth VIP FundFranklin Mutual Global Discovery VIP FundFranklin DynaTech VIP FundTempleton Global Bond VIP FundHartford Balanced 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$— $98,477,652 $— $20,296,150 $— $— $— $— $— $— 
class 223,984,928 7,470,597 219,747,947 66,908 91,738,163 75,478,889 100,468,175 20,417,597 2,521,725 — 
class 410,466,623 26,354,521 39,007,697 2,525,482 13,659,376 11,078,835 13,025,705 2,822,689 17,194,843 — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — 13,072,814 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
                   Total investments34,451,551 132,302,770 258,755,644 22,888,540 105,397,539 86,557,724 113,493,880 23,240,286 19,716,568 13,072,814 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold30,796 28,784 102,090 59,633 53,255 41,523 17,316 2,971 5,472 17,925 
  Other assets7 3 — 3 — 5 6 — — 5 
 Total assets34,482,354 132,331,557 258,857,734 22,948,176 105,450,794 86,599,252 113,511,202 23,243,257 19,722,040 13,090,744 
Liabilities:
  Due to Sponsor Company30,796 28,784 102,090 59,633 53,255 41,523 17,316 2,971 5,472 17,925 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities— — 1 — 3 — — 1 — — 
 Total liabilities30,796 28,784 102,091 59,633 53,258 41,523 17,316 2,972 5,472 17,925 
Net assets:
  For contract liabilities$34,451,558 $132,302,773 $258,755,643 $22,888,543 $105,397,536 $86,557,729 $113,493,886 $23,240,285 $19,716,568 $13,072,819 
Contract Liabilities:
class 1$— $98,477,653 $— $20,296,154 $— $— $— $— $— $— 
class 223,984,932 7,470,597 219,747,945 66,909 91,738,160 75,478,892 100,468,180 20,417,596 2,521,724 — 
class 410,466,626 26,354,523 39,007,698 2,525,480 13,659,376 11,078,837 13,025,706 2,822,689 17,194,844 — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — 13,072,819 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total contract liabilities$34,451,558 $132,302,773 $258,755,643 $22,888,543 $105,397,536 $86,557,729 $113,493,886 $23,240,285 $19,716,568 $13,072,819 
Shares:
class 1— 10,487,503 — 2,445,319 — — — — — — 
class 21,807,455 829,145 14,334,504 8,130 6,442,286 6,295,154 5,466,168 4,781,639 196,396 — 
class 4754,079 2,830,776 2,511,764 304,275 938,789 908,846 686,286 756,753 1,309,584 — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — 454,548 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total shares2,561,534 14,147,424 16,846,268 2,757,724 7,381,075 7,204,000 6,152,454 5,538,392 1,505,980 454,548 
Cost$37,569,971 $155,546,434 $272,925,203 $24,461,725 $97,395,821 $84,442,588 $111,436,050 $28,054,801 $24,111,521 $12,807,413 
Deferred contracts in the accumulation period:
  Units owned by participants #1,365,098 7,054,025 9,593,944 1,066,889 7,223,124 4,532,482 3,074,526 664,949 1,729,110 520,922 
  Minimum unit fair value #*$20.853319 $11.622550 $15.642694 $8.261139 $9.505382 $12.234194 $17.567057 $30.448052 $8.914958 $20.658185 
  Maximum unit fair value #*$46.016037 $27.172097 $38.182542 $31.704742 $19.210535 $25.107714 $50.734914 $51.778129 $12.939738 $34.291114 
  Contract liability$34,291,490 $131,035,935 $256,240,399 $22,794,622 $104,634,673 $85,754,393 $112,504,869 $23,162,982 $19,615,711 $12,726,710 
Contracts in payout (annuitization) period:
Units owned by participants #6,032 59,912 86,097 4,140 48,172 40,075 23,352 2,083 8,497 13,919 
Minimum unit fair value #*$23.754894 $11.729624 $17.615798 $9.377412 $10.704568 $13.777491 $19.940007 $32.957210 $8.914958 $23.448583 
Maximum unit fair value #*$44.349781 $27.172097 $38.182542 $28.854114 $19.118499 $25.107714 $50.734914 $40.868045 $12.939738 $26.827294 
Contract liability$160,068 $1,266,838 $2,515,244 $93,921 $762,863 $803,336 $989,017 $77,303 $100,857 $346,109 
# 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 SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
Hartford Total Return Bond HLS FundHartford Capital Appreciation HLS FundHartford Dividend and Growth HLS FundHartford Disciplined Equity HLS FundHartford International Opportunities HLS FundHartford MidCap HLS FundHartford Ultrashort Bond HLS FundHartford Small Company HLS FundHartford SmallCap Growth HLS FundHartford Stock 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— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA239,581,601 210,429,064 174,398,498 104,020,124 14,466,668 4,375,964 97,453,965 4,856,336 4,384,225 3,493,442 
class IB3,856,776 6,374,463 8,246,761 1,585,772 3,148,028 — 375,007 — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
                   Total investments243,438,377 216,803,527 182,645,259 105,605,896 17,614,696 4,375,964 97,828,972 4,856,336 4,384,225 3,493,442 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold200,761 97,547 157,161 116,466 10,646 773 39,072 3,427 2,417 430 
  Other assets— — 6 — — — — — — 1 
 Total assets243,639,138 216,901,074 182,802,426 105,722,362 17,625,342 4,376,737 97,868,044 4,859,763 4,386,642 3,493,873 
Liabilities:
  Due to Sponsor Company200,761 97,547 157,161 116,466 10,646 773 39,072 3,427 2,417 430 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities3 — — — 2 1 1 1 3 — 
 Total liabilities200,764 97,547 157,161 116,466 10,648 774 39,073 3,428 2,420 430 
Net assets:
  For contract liabilities$243,438,374 $216,803,527 $182,645,265 $105,605,896 $17,614,694 $4,375,963 $97,828,971 $4,856,335 $4,384,222 $3,493,443 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA239,581,598 210,429,063 174,398,502 104,020,124 14,466,665 4,375,963 97,453,967 4,856,335 4,384,222 3,493,443 
class IB3,856,776 6,374,464 8,246,763 1,585,772 3,148,029 — 375,004 — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total contract liabilities$243,438,374 $216,803,527 $182,645,265 $105,605,896 $17,614,694 $4,375,963 $97,828,971 $4,856,335 $4,384,222 $3,493,443 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA25,034,650 4,569,578 7,706,517 5,515,383 956,158 159,999 9,424,948 306,781 170,526 36,134 
class IB405,124 142,065 367,831 85,625 203,756 — 36,303 — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total shares25,439,774 4,711,643 8,074,348 5,601,008 1,159,914 159,999 9,461,251 306,781 170,526 36,134 
Cost$278,717,387 $200,583,147 $170,277,779 $86,054,266 $16,297,705 $5,475,850 $95,287,685 $5,883,323 $4,780,233 $2,927,143 
Deferred contracts in the accumulation period:
  Units owned by participants #18,657,104 7,194,782 5,150,320 2,574,549 1,129,168 399,439 75,201,781 159,961 121,815 100,731 
  Minimum unit fair value #*$10.843555 $23.860593 $28.761393 $32.982019 $12.369591 $10.492087 $0.797975 $25.045549 $31.697913 $28.821434 
  Maximum unit fair value #*$15.793281 $50.111122 $54.623864 $64.779430 $25.083917 $11.227349 $10.558973 $48.456398 $53.434121 $54.592365 
  Contract liability$241,896,143 $215,243,842 $181,224,906 $104,957,943 $17,434,887 $4,352,119 $97,099,855 $4,834,567 $4,366,623 $3,493,443 
Contracts in payout (annuitization) period:
Units owned by participants #116,864 51,151 38,881 15,927 8,764 2,178 639,674 724 507 — 
Minimum unit fair value #*$11.702077 $27.084080 $32.381910 $37.436582 $14.152649 $10.890313 $0.960626 $28.429232 $34.310297 $— 
Maximum unit fair value #*$15.793281 $50.111122 $53.062430 $64.779430 $25.083917 $11.189385 $10.075113 $30.288760 $36.554341 $— 
Contract liability$1,542,231 $1,559,685 $1,420,359 $647,953 $179,807 $23,844 $729,116 $21,768 $17,599 $— 
# 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 SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
Lord Abbett Series Fund - Fundamental Equity PortfolioLord Abbett Series Fund - Dividend Growth PortfolioLord Abbett Series Fund - Bond Debenture PortfolioLord Abbett Series Fund - Growth and Income PortfolioMFS® Growth SeriesMFS® Global Equity SeriesMFS® Investors Trust SeriesMFS® Mid Cap Growth SeriesMFS® New Discovery SeriesMFS® 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 ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — 89,435,221 10,758,947 85,031,789 39,148,633 54,394,039 224,149,243 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — 12,426,987 — 1,448,552 — 576,638 20,810,886 
class SRV2— — — — — — — — — — 
class VC5,563,527 10,739,232 17,049,491 3,930,171 — — — — — — 
                   Total investments5,563,527 10,739,232 17,049,491 3,930,171 101,862,208 10,758,947 86,480,341 39,148,633 54,970,677 244,960,129 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold12,790 2,782 6,639 464 63,438 51,054 31,040 11,572 190,760 80,135 
  Other assets— 1 3 4 4 — — — 2 3 
 Total assets5,576,317 10,742,015 17,056,133 3,930,639 101,925,650 10,810,001 86,511,381 39,160,205 55,161,439 245,040,267 
Liabilities:
  Due to Sponsor Company12,790 2,782 6,639 464 63,438 51,054 31,040 11,572 190,760 80,135 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities1 — — — — — 5 2 — — 
 Total liabilities12,791 2,782 6,639 464 63,438 51,054 31,045 11,574 190,760 80,135 
Net assets:
  For contract liabilities$5,563,526 $10,739,233 $17,049,494 $3,930,175 $101,862,212 $10,758,947 $86,480,336 $39,148,631 $54,970,679 $244,960,132 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — 89,435,223 10,758,947 85,031,789 39,148,631 54,394,042 224,149,244 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — 12,426,989 — 1,448,547 — 576,637 20,810,888 
class SRV2— — — — — — — — — — 
class VC5,563,526 10,739,233 17,049,494 3,930,175 — — — — — — 
  Total contract liabilities$5,563,526 $10,739,233 $17,049,494 $3,930,175 $101,862,212 $10,758,947 $86,480,336 $39,148,631 $54,970,679 $244,960,132 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — 1,483,417 501,115 2,362,650 4,568,102 4,203,558 9,636,682 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — 223,186 — 41,059 — 57,093 917,588 
class SRV2— — — — — — — — — — 
class VC331,360 662,507 1,652,082 108,990 — — — — — — 
  Total shares331,360 662,507 1,652,082 108,990 1,706,603 501,115 2,403,709 4,568,102 4,260,651 10,554,270 
Cost$5,446,345 $10,383,707 $19,114,656 $3,367,247 $87,386,971 $9,786,040 $65,874,653 $42,385,066 $71,977,304 $232,495,990 
Deferred contracts in the accumulation period:
  Units owned by participants #188,581 311,342 921,294 157,411 2,866,209 303,854 2,821,515 2,004,913 1,522,925 9,167,545 
  Minimum unit fair value #*$25.526924 $30.427939 $15.201787 $20.097921 $22.987931 $28.441925 $25.962692 $16.407407 $25.289577 $17.491430 
  Maximum unit fair value #*$35.026701 $44.026244 $22.682493 $34.828762 $69.416965 $46.510898 $49.483111 $54.905125 $59.356033 $36.235516 
  Contract liability$5,563,526 $10,536,491 $16,901,231 $3,916,073 $101,236,855 $10,691,815 $85,797,674 $38,837,399 $54,519,725 $242,359,733 
Contracts in payout (annuitization) period:
Units owned by participants #— 6,087 7,873 552 17,225 1,741 20,675 15,018 10,685 92,173 
Minimum unit fair value #*$— $32.933528 $15.201787 $24.301689 $27.429202 $33.904901 $30.544608 $19.174452 $30.451121 $19.696609 
Maximum unit fair value #*$— $37.378275 $19.960485 $25.889815 $67.923464 $46.510898 $41.396673 $22.577575 $59.256042 $36.235516 
Contract liability$— $202,742 $148,263 $14,102 $625,357 $67,132 $682,662 $311,232 $450,954 $2,600,399 
# 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 SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
MFS® Value SeriesMFS® Total Return Bond SeriesMFS® Research SeriesMFS® High Yield PortfolioBlackRock Managed Volatility V.I. FundBlackRock Global Allocation V.I. FundBlackRock S&P 500 Index V.I. FundBlackRock Large Cap Focus Growth V.I. FundBlackRock Equity Dividend V.I. FundMorgan Stanley VIF Growth Portfolio
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 ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — 728,735 — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — 1,640,549 
class III— — — — 129,541,011 2,197,495 19,060,599 — 4,116,158 — 
class INIT91,856,740 210,723,848 15,997,366 42,765,792 — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV54,448,933 69,319,017 — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
                   Total investments146,305,673 280,042,865 15,997,366 42,765,792 129,541,011 2,197,495 19,060,599 728,735 4,116,158 1,640,549 
  Due from Sponsor Company— — — 285 — — — — — — 
  Receivable for fund shares sold166,670 184,112 37,333 — 39,647 223 4,406 106 1,528 234 
  Other assets— — 2 — — — 2 — — — 
 Total assets146,472,343 280,226,977 16,034,701 42,766,077 129,580,658 2,197,718 19,065,007 728,841 4,117,686 1,640,783 
Liabilities:
  Due to Sponsor Company166,670 184,112 37,333 — 39,647 223 4,406 106 1,528 234 
  Payable for fund shares purchased— — — 285 — — — — — — 
  Other liabilities4 — — 1 — — — 1 — — 
 Total liabilities166,674 184,112 37,333 286 39,647 223 4,406 107 1,528 234 
Net assets:
  For contract liabilities$146,305,669 $280,042,865 $15,997,368 $42,765,791 $129,541,011 $2,197,495 $19,060,601 $728,734 $4,116,158 $1,640,549 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — 728,734 — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — 1,640,549 
class III— — — — 129,541,011 2,197,495 19,060,601 — 4,116,158 — 
class INIT91,856,737 210,723,847 15,997,368 42,765,791 — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV54,448,932 69,319,018 — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total contract liabilities$146,305,669 $280,042,865 $15,997,368 $42,765,791 $129,541,011 $2,197,495 $19,060,601 $728,734 $4,116,158 $1,640,549 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — 38,314 — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — 161,950 
class III— — — — 9,806,284 168,649 652,090 — 388,317 — 
class INIT4,318,606 18,010,586 500,387 8,553,158 — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV2,629,113 6,043,506 — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total shares6,947,719 24,054,092 500,387 8,553,158 9,806,284 168,649 652,090 38,314 388,317 161,950 
Cost$123,688,283 $310,850,760 $13,916,124 $48,240,665 $133,601,940 $2,443,002 $16,097,713 $557,499 $4,094,239 $2,661,726 
Deferred contracts in the accumulation period:
  Units owned by participants #3,855,819 20,085,120 386,578 3,326,821 11,812,882 132,296 1,069,033 16,542 139,889 49,076 
  Minimum unit fair value #*$23.467847 $11.137261 $34.660066 $11.465291 $10.628048 $15.562576 $17.323490 $38.978276 $27.367299 $30.465911 
  Maximum unit fair value #*$54.159993 $16.144919 $47.743911 $14.073414 $11.403745 $17.708217 $18.587901 $49.159851 $31.140063 $34.380217 
  Contract liability$145,400,321 $278,000,224 $15,812,516 $42,220,118 $129,460,238 $2,197,495 $19,048,428 $712,790 $4,094,390 $1,624,058 
Contracts in payout (annuitization) period:
Units owned by participants #21,170 143,777 4,139 41,912 7,500 — 663 328 723 493 
Minimum unit fair value #*$26.426524 $11.175704 $40.679378 $12.803205 $10.628048 $— $18.370957 $48.626470 $30.089403 $33.138449 
Maximum unit fair value #*$54.159993 $16.144919 $47.743911 $14.073414 $11.270658 $— $18.370957 $48.626470 $30.089403 $34.380217 
Contract liability$905,348 $2,042,641 $184,852 $545,673 $80,773 $— $12,173 $15,944 $21,768 $16,491 
# 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 SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
Morgan Stanley VIF Discovery PortfolioInvesco V.I. American Value FundBlackRock Capital Appreciation V.I. FundInvesco V.I. Discovery Mid Cap Growth FundInvesco V.I. Capital Appreciation FundInvesco V.I. Global FundInvesco V.I. Main Street Fund®Invesco V.I. Main Street Small Cap Fund®Putnam VT Diversified Income FundPutnam VT Global Asset Allocation 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 ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — 18,648,701 2,111,428 
class II7,919,840 — — — — — — — — — 
class III— — 3,518,147 — — — — — — — 
class INIT— — — — — — — — — — 
class S1— 34,105,373 — 5,932,705 — — — — — — 
class S2— 6,138,303 — 690,826 1,737,290 6,679,998 3,205,522 8,937,039 — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
                   Total investments7,919,840 40,243,676 3,518,147 6,623,531 1,737,290 6,679,998 3,205,522 8,937,039 18,648,701 2,111,428 
  Due from Sponsor Company— 29,687 — — — — — — — — 
  Receivable for fund shares sold9,398 — 1,151 17,484 248 5,790 825 3,132 9,397 296 
  Other assets— — — — — 1 1 2 3 1 
 Total assets7,929,238 40,273,363 3,519,298 6,641,015 1,737,538 6,685,789 3,206,348 8,940,173 18,658,101 2,111,725 
Liabilities:
  Due to Sponsor Company9,398 — 1,151 17,484 248 5,790 825 3,132 9,397 296 
  Payable for fund shares purchased— 29,687 — — — — — — — — 
  Other liabilities1 1 1 5 1 — — — — — 
 Total liabilities9,399 29,688 1,152 17,489 249 5,790 825 3,132 9,397 296 
Net assets:
  For contract liabilities$7,919,839 $40,243,675 $3,518,146 $6,623,526 $1,737,289 $6,679,999 $3,205,523 $8,937,041 $18,648,704 $2,111,429 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — 18,648,704 2,111,429 
class II7,919,839 — — — — — — — — — 
class III— — 3,518,146 — — — — — — — 
class INIT— — — — — — — — — — 
class S1— 34,105,374 — 5,932,701 — — — — — — 
class S2— 6,138,301 — 690,825 1,737,289 6,679,999 3,205,523 8,937,041 — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total contract liabilities$7,919,839 $40,243,675 $3,518,146 $6,623,526 $1,737,289 $6,679,999 $3,205,523 $8,937,041 $18,648,704 $2,111,429 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — 4,010,473 118,221 
class II1,955,516 — — — — — — — — — 
class III— — 433,804 — — — — — — — 
class INIT— — — — — — — — — — 
class S1— 2,439,583 — 94,454 — — — — — — 
class S2— 447,072 — 12,791 38,918 188,169 180,390 339,811 — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total shares1,955,516 2,886,655 433,804 107,245 38,918 188,169 180,390 339,811 4,010,473 118,221 
Cost$13,618,980 $47,159,280 $3,477,286 $8,261,314 $1,780,465 $6,599,693 $3,938,279 $7,167,307 $23,227,192 $1,858,454 
Deferred contracts in the accumulation period:
  Units owned by participants #243,048 2,886,589 88,889 517,810 51,111 239,628 96,142 249,355 1,362,945 94,265 
  Minimum unit fair value #*$25.834535 $12.293203 $36.610201 $12.088939 $27.368300 $22.370637 $27.868795 $28.964674 $11.438622 $19.270745 
  Maximum unit fair value #*$52.144476 $43.891575 $42.460349 $13.110338 $48.384417 $38.745811 $42.282867 $53.070776 $19.263054 $28.849818 
  Contract liability$7,890,624 $39,837,769 $3,518,146 $6,503,897 $1,737,289 $6,650,111 $3,164,765 $8,907,038 $18,525,205 $2,037,431 
Contracts in payout (annuitization) period:
Units owned by participants #955 30,748 — 9,314 — 1,164 1,340 865 9,117 3,430 
Minimum unit fair value #*$29.321880 $12.682851 $— $12.690199 $— $25.390545 $30.163843 $32.873959 $12.983444 $21.024260 
Maximum unit fair value #*$33.279693 $29.468836 $— $12.861538 $— $27.050048 $34.235085 $37.310580 $14.736763 $22.398934 
Contract liability$29,215 $405,906 $— $119,629 $— $29,888 $40,758 $30,003 $123,499 $73,998 
# 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 SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
Putnam VT Large Cap Growth FundPutnam VT International Value FundPutnam VT International Equity FundPutnam VT Core Equity FundPutnam VT Small Cap Value FundPutnam VT Large Cap Value FundPIMCO VIT All Asset PortfolioPIMCO StocksPLUS® Global PortfolioPIMCO VIT Global Managed Asset Allocation PortfolioPSF PGIM Jennison Value Portfolio
Sub-Account (4)Sub-Account Sub-Account Sub-Account (5)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — 451,295 3,167,916 265,291 — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB4,341,366 484,124 1,296,886 360,658 923,231 1,681,487 — — — — 
class II— — — — — — — — — 475,519 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
                   Total investments4,341,366 484,124 1,296,886 360,658 923,231 1,681,487 451,295 3,167,916 265,291 475,519 
  Due from Sponsor Company— — — — — — — — — — 
  Receivable for fund shares sold19,451 379 520 27 471 14,863 147 1,018 31 69 
  Other assets1 — — — 1 1 — 2 — — 
 Total assets4,360,818 484,503 1,297,406 360,685 923,703 1,696,351 451,442 3,168,936 265,322 475,588 
Liabilities:
  Due to Sponsor Company19,451 379 520 27 471 14,863 147 1,018 31 69 
  Payable for fund shares purchased— — — — — — — — — — 
  Other liabilities— 1 1 — — — 1 — — — 
 Total liabilities19,451 380 521 27 471 14,863 148 1,018 31 69 
Net assets:
  For contract liabilities$4,341,367 $484,123 $1,296,885 $360,658 $923,232 $1,681,488 $451,294 $3,167,918 $265,291 $475,519 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — 451,294 3,167,918 265,291 — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB4,341,367 484,123 1,296,885 360,658 923,232 1,681,488 — — — — 
class II— — — — — — — — — 475,519 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total contract liabilities$4,341,367 $484,123 $1,296,885 $360,658 $923,232 $1,681,488 $451,294 $3,167,918 $265,291 $475,519 
Shares:
class 1— — — — — — — — — — 
class 2— — — — — — — — — — 
class 4— — — — — — — — — — 
class ADV— — — — — — 49,054 453,856 28,222 — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB322,060 41,167 84,930 19,153 80,773 58,344 — — — — 
class II— — — — — — — — — 9,760 
class III— — — — — — — — — — 
class INIT— — — — — — — — — — 
class S1— — — — — — — — — — 
class S2— — — — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total shares322,060 41,167 84,930 19,153 80,773 58,344 49,054 453,856 28,222 9,760 
Cost$3,392,178 $403,585 $1,143,009 $342,466 $919,962 $1,450,681 $528,834 $3,517,772 $324,749 $186,126 
Deferred contracts in the accumulation period:
  Units owned by participants #140,131 37,446 97,673 6,674 30,875 33,807 29,433 155,293 19,636 154,835 
  Minimum unit fair value #*$29.546382 $10.997769 $11.180553 $44.833052 $24.867019 $37.776880 $14.210602 $19.123354 $13.455184 $2.805991 
  Maximum unit fair value #*$31.872497 $19.307634 $19.354088 $63.491185 $41.678214 $53.642442 $15.757049 $21.759027 $14.446653 $32.816866 
  Contract liability$4,311,924 $484,123 $1,293,902 $360,658 $919,531 $1,663,245 $441,062 $3,167,918 $265,291 $475,519 
Contracts in payout (annuitization) period:
Units owned by participants #990 — 217 — 116 348 720 — — — 
Minimum unit fair value #*$29.546382 $— $13.736792 $— $32.037799 $52.488516 $14.210602 $— $— $— 
Maximum unit fair value #*$31.872497 $— $13.736792 $— $32.037799 $52.488516 $14.210602 $— $— $— 
Contract liability$29,443 $— $2,983 $— $3,701 $18,243 $10,232 $— $— $— 
# 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 SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023
Invesco V.I. Growth and Income FundInvesco V.I. Comstock FundInvesco V.I. American Franchise FundAllspring VT Index Asset Allocation FundAllspring VT International Equity FundAllspring VT Small Cap Growth FundAllspring VT Discovery SMID Cap Growth FundAllspring VT Opportunity FundMFS® Core Equity PortfolioMFS® Massachusetts Investors Growth Stock Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (6)Sub-Account Sub-Account Sub-Account
Assets:
  Investments, at fair value
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — 197,297 356,856 509,453 361,926 98,516 — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — 18,106,360 29,058,317 
class S1— — 34,020,914 — — — — — — — 
class S215,909,925 1,193,095 1,385,245 — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
                   Total investments15,909,925 1,193,095 35,406,159 197,297 356,856 509,453 361,926 98,516 18,106,360 29,058,317 
  Due from Sponsor Company— — — — — — — — — 11,598 
  Receivable for fund shares sold2,358 168 13,417 28 92 280 63 19 13,128 — 
  Other assets— — — — 1 — — — — — 
 Total assets15,912,283 1,193,263 35,419,576 197,325 356,949 509,733 361,989 98,535 18,119,488 29,069,915 
Liabilities:
  Due to Sponsor Company2,358 168 13,417 28 92 280 63 19 13,128 — 
  Payable for fund shares purchased— — — — — — — — — 11,598 
  Other liabilities1 — 6 2 — — — — 2 1 
 Total liabilities2,359 168 13,423 30 92 280 63 19 13,130 11,599 
Net assets:
  For contract liabilities$15,909,924 $1,193,095 $35,406,153 $197,295 $356,857 $509,453 $361,926 $98,516 $18,106,358 $29,058,316 
Contract Liabilities:
class 1$— $— $— $— $— $— $— $— $— $— 
class 2— — — 197,295 356,857 509,453 361,926 98,516 — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — 18,106,358 29,058,316 
class S1— — 34,020,912 — — — — — — — 
class S215,909,924 1,193,095 1,385,241 — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total contract liabilities$15,909,924 $1,193,095 $35,406,153 $197,295 $356,857 $509,453 $361,926 $98,516 $18,106,358 $29,058,316 
Shares:
class 1— — — — — — — — — — 
class 2— — — 10,562 182,069 64,816 17,689 3,791 — — 
class 4— — — — — — — — — — 
class ADV— — — — — — — — — — 
class B— — — — — — — — — — 
class I— — — — — — — — — — 
class IA— — — — — — — — — — 
class IB— — — — — — — — — — 
class II— — — — — — — — — — 
class III— — — — — — — — — — 
class INIT— — — — — — — — 654,368 1,284,062 
class S1— — 577,016 — — — — — — — 
class S2843,133 60,934 26,034 — — — — — — — 
class SRV— — — — — — — — — — 
class SRV2— — — — — — — — — — 
class VC— — — — — — — — — — 
  Total shares843,133 60,934 603,050 10,562 182,069 64,816 17,689 3,791 654,368 1,284,062 
Cost$15,105,600 $1,007,027 $34,062,239 $196,194 $497,012 $603,983 $434,672 $90,142 $16,394,979 $26,187,896 
Deferred contracts in the accumulation period:
  Units owned by participants #536,282 28,110 1,002,150 52,623 23,155 121,059 8,106 2,181 752,343 1,100,103 
  Minimum unit fair value #*$23.538669 $38.412741 $29.643249 $2.768339 $13.964221 $3.517782 $38.955792 $35.293026 $21.703569 $23.801989 
  Maximum unit fair value #*$42.218311 $45.538273 $40.289122 $3.326841 $16.313610 $44.624227 $46.806331 $52.601040 $25.596200 $28.322628 
  Contract liability$15,851,869 $1,193,095 $35,140,432 $159,725 $356,395 $509,057 $361,926 $98,516 $17,925,669 $28,810,620 
Contracts in payout (annuitization) period:
Units owned by participants #1,678 — 7,183 12,184 30 101 — — 7,342 9,268 
Minimum unit fair value #*$28.916014 $— $35.400407 $3.083600 $15.559577 $3.918501 $— $— $23.940431 $26.255250 
Maximum unit fair value #*$42.218311 $— $39.777229 $3.083600 $15.559577 $3.918501 $— $— $25.596200 $28.071183 
Contract liability$58,055 $— $265,721 $37,570 $462 $396 $— $— $180,689 $247,696 
# 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 SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Assets and Liabilities (concluded)
December 31, 2023
MFS® Research International PortfolioPSF PGIM Jennison Blend Portfolio
Sub-Account Sub-Account (7)(8)
Assets:
  Investments, at fair value
class 1$— $— 
class 2— — 
class 4— — 
class ADV— — 
class B— — 
class I— — 
class IA— — 
class IB— — 
class II— 662,638 
class III— — 
class INIT11,377,833 — 
class S1— — 
class S2— — 
class SRV— — 
class SRV2— — 
class VC— — 
                   Total investments11,377,833 662,638 
  Due from Sponsor Company— — 
  Receivable for fund shares sold2,051 93 
  Other assets2 — 
 Total assets11,379,886 662,731 
Liabilities:
  Due to Sponsor Company2,051 93 
  Payable for fund shares purchased— — 
  Other liabilities— — 
 Total liabilities2,051 93 
Net assets:
  For contract liabilities$11,377,835 $662,638 
Contract Liabilities:
class 1$— $— 
class 2— — 
class 4— — 
class ADV— — 
class B— — 
class I— — 
class IA— — 
class IB— — 
class II— 662,638 
class III— — 
class INIT11,377,835 — 
class S1— — 
class S2— — 
class SRV— — 
class SRV2— — 
class VC— — 
  Total contract liabilities$11,377,835 $662,638 
Shares:
class 1— — 
class 2— — 
class 4— — 
class ADV— — 
class B— — 
class I— — 
class IA— — 
class IB— — 
class II— 7,037 
class III— — 
class INIT674,042 — 
class S1— — 
class S2— — 
class SRV— — 
class SRV2— — 
class VC— — 
  Total shares674,042 7,037 
Cost$10,801,513 $638,009 
Deferred contracts in the accumulation period:
  Units owned by participants #838,796 58,196 
  Minimum unit fair value #*$12.403407 $11.374088 
  Maximum unit fair value #*$14.759758 $11.386415 
  Contract liability$11,323,760 $662,638 
Contracts in payout (annuitization) period:
Units owned by participants #3,900 — 
Minimum unit fair value #*$13.621228 $— 
Maximum unit fair value #*$14.628668 $— 
Contract liability$54,075 $— 
# 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.
(7) Funded as of December 8, 2023.
(8) Merged assets from PSF PGIM Jennison Focused Blend Portfolio. Change effective December 8, 2023.






SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations
For the Periods Ended December 31, 2023
American Century VP Value FundAmerican Century VP Growth FundAB VPS Balanced Hedged Allocation PortfolioAB VPS International Value PortfolioAB VPS Discovery Value PortfolioAB VPS Sustainable International Thematic PortfolioInvesco V.I. Core Equity FundInvesco V.I. Government Securities FundInvesco V.I. High Yield FundInvesco V.I. EQV International Equity Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (1)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$72,329 $— $60,256 $54,541 $45,758 $— $441,114 $2,152,350 $42,086 $75,939 
Expenses:
  Administrative charges— — — — — — (105,084)(137,493)— (55,781)
  Mortality and expense risk charges(31,834)(11,709)(102,453)(130,665)(82,447)(15,007)(1,022,749)(1,829,319)(11,804)(898,673)
    Total expenses(31,834)(11,709)(102,453)(130,665)(82,447)(15,007)(1,127,833)(1,966,812)(11,804)(954,454)
    Net investment income (loss)40,495 (11,709)(42,197)(76,124)(36,689)(15,007)(686,719)185,538 30,282 (878,515)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions175,986 44,341 (300,894)180,605 (106,068)(14,005)(967,786)(2,750,587)401 (184,882)
  Net realized gain distributions260,500 — 345,249 — 481,094 34,579 1,447,386 — — 44,758 
  Change in unrealized appreciation (depreciation) during the period(209,206)361,244 708,236 954,786 473,239 88,789 12,414,841 5,274,286 32,367 10,403,160 
    Net gain (loss) on investments227,280 405,585 752,591 1,135,391 848,265 109,363 12,894,441 2,523,699 32,768 10,263,036 
    Net increase (decrease) in net assets resulting from operations$267,775 $393,876 $710,394 $1,059,267 $811,576 $94,356 $12,207,722 $2,709,237 $63,050 $9,384,521 
The accompanying notes are an integral part of these financial statements.






SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
Invesco V.I. Main Street Mid Cap Fund®Invesco V.I. Small Cap Equity FundInvesco V.I. Balanced-Risk Allocation FundInvesco V.I. Diversified Dividend FundInvesco V.I. Government Money Market FundAmerican Century VP Mid Cap Value FundAB VPS Relative Value PortfolioAmerican Funds Insurance Series® Capital World Bond Fund®American Funds Insurance Series® Capital World Growth and Income Fund®American Funds Insurance Series® Asset Allocation Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (2)Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$179,186 $— $— $2,340 $6,514,035 $11,344 $16,071 $— $2,185,969 $9,552,213 
Expenses:
  Administrative charges(81,803)(4,514)— — — — — — — (626,853)
  Mortality and expense risk charges(1,079,786)(693,078)(71,867)(2,765)(2,492,733)(5,628)(23,201)(611,549)(1,941,526)(7,074,300)
    Total expenses(1,161,589)(697,592)(71,867)(2,765)(2,492,733)(5,628)(23,201)(611,549)(1,941,526)(7,701,153)
    Net investment income (loss)(982,403)(697,592)(71,867)(425)4,021,302 5,716 (7,130)(611,549)244,443 1,851,060 
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(2,210,710)(788,283)(216,350)530 — (24,186)(79,203)(1,265,739)(340,381)5,791,866 
  Net realized gain distributions— 741,145 — 11,113 — 66,304 101,513 — — 17,040,639 
  Change in unrealized appreciation (depreciation) during the period10,676,897 6,212,885 511,260 (2,679)— (28,789)77,851 3,372,139 20,832,494 26,057,830 
    Net gain (loss) on investments8,466,187 6,165,747 294,910 8,964 — 13,329 100,161 2,106,400 20,492,113 48,890,335 
    Net increase (decrease) in net assets resulting from operations$7,483,784 $5,468,155 $223,043 $8,539 $4,021,302 $19,045 $93,031 $1,494,851 $20,736,556 $50,741,395 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
American Funds Insurance Series® Washington Mutual Investors FundSMAmerican Funds Insurance Series® The Bond Fund of America®American Funds Insurance Series® Global Growth FundAmerican Funds Insurance Series® Growth FundAmerican Funds Insurance Series® Growth-Income FundAmerican Funds Insurance Series® International FundAmerican Funds Insurance Series® New World Fund®American Funds Insurance Series® Global Small Capitalization FundAllspring VT Discovery All Cap Growth FundFidelity® VIP Growth Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (3)Sub-Account
Investment income:
  Dividends$5,604,821 $13,385,368 $1,514,955 $4,144,369 $13,242,935 $2,681,064 $947,436 $198,813 $— $324 
Expenses:
  Administrative charges(387,657)(549,322)(248,642)(1,651,892)(1,399,993)(251,267)(90,232)(119,124)— — 
  Mortality and expense risk charges(4,973,654)(5,693,646)(2,724,618)(19,812,915)(15,491,145)(3,322,773)(1,108,001)(1,414,493)(12,931)(140,682)
    Total expenses(5,361,311)(6,242,968)(2,973,260)(21,464,807)(16,891,138)(3,574,040)(1,198,233)(1,533,617)(12,931)(140,682)
    Net investment income (loss)243,510 7,142,400 (1,458,305)(17,320,438)(3,648,203)(892,976)(250,797)(1,334,804)(12,931)(140,358)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions2,982,989 (9,714,752)4,049,999 27,457,965 26,640,039 (4,939,113)1,155,567 (3,399,155)(54,849)90,745 
  Net realized gain distributions2,877,269 — 13,415,641 69,787,696 52,838,850 — — 1,203,830 66,407 423,247 
  Change in unrealized appreciation (depreciation) during the period37,601,404 15,276,848 16,234,282 294,939,917 138,221,211 34,643,816 8,022,733 15,824,177 170,169 2,103,246 
    Net gain (loss) on investments43,461,662 5,562,096 33,699,922 392,185,578 217,700,100 29,704,703 9,178,300 13,628,852 181,727 2,617,238 
    Net increase (decrease) in net assets resulting from operations$43,705,172 $12,704,496 $32,241,617 $374,865,140 $214,051,897 $28,811,727 $8,927,503 $12,294,048 $168,796 $2,476,880 
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
Fidelity® VIP Contrafund® PortfolioFidelity® VIP Mid Cap PortfolioFidelity® VIP Value Strategies PortfolioFidelity® VIP Dynamic Capital Appreciation PortfolioFidelity® VIP Strategic Income PortfolioFranklin Rising Dividends VIP FundFranklin Income VIP FundFranklin Large Cap Growth VIP FundFranklin Global Real Estate VIP FundFranklin Small-Mid Cap 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$103,864 $91,911 $20,418 $2,452 $21,925 $2,520,266 $16,801,033 $— $58,157 $— 
Expenses:
  Administrative charges— — — — — (367,332)(421,340)(59,162)(3,219)(129,888)
  Mortality and expense risk charges(613,984)(379,773)(50,959)(33,894)(4,170)(4,489,105)(5,383,461)(727,328)(27,979)(1,552,412)
    Total expenses(613,984)(379,773)(50,959)(33,894)(4,170)(4,856,437)(5,804,801)(786,490)(31,198)(1,682,300)
    Net investment income (loss)(510,120)(287,862)(30,541)(31,442)17,755 (2,336,171)10,996,232 (786,490)26,959 (1,682,300)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions1,844,760 277,927 (50,632)32,858 (8,102)4,609,035 (2,185,562)(1,690,872)(119,007)(5,801,049)
  Net realized gain distributions1,500,042 689,509 88,942 105,864 — 28,958,472 20,407,763 1,264,166 — — 
  Change in unrealized appreciation (depreciation) during the period8,423,860 2,369,531 362,852 355,826 30,961 (4,870,534)(8,186,797)14,632,147 262,947 27,691,737 
    Net gain (loss) on investments11,768,662 3,336,967 401,162 494,548 22,859 28,696,973 10,035,404 14,205,441 143,940 21,890,688 
    Net increase (decrease) in net assets resulting from operations$11,258,542 $3,049,105 $370,621 $463,106 $40,614 $26,360,802 $21,031,636 $13,418,951 $170,899 $20,208,388 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
Franklin Small Cap Value VIP FundFranklin Strategic Income VIP FundFranklin Mutual Shares VIP FundTempleton Developing Markets VIP FundTempleton Foreign VIP FundTempleton Growth VIP FundFranklin Mutual Global Discovery VIP FundFranklin DynaTech VIP FundTempleton Global Bond VIP FundHartford Balanced 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$164,510 $6,295,245 $4,716,433 $520,294 $3,316,532 $2,860,471 $2,703,043 $— $— $235,356 
Expenses:
  Administrative charges— (151,083)(350,070)(30,549)(138,863)(118,294)(138,297)(30,167)— — 
  Mortality and expense risk charges(582,973)(2,234,736)(4,040,554)(399,196)(1,686,240)(1,355,202)(1,769,448)(344,743)(284,490)(207,392)
    Total expenses(582,973)(2,385,819)(4,390,624)(429,745)(1,825,103)(1,473,496)(1,907,745)(374,910)(284,490)(207,392)
    Net investment income (loss)(418,463)3,909,426 325,809 90,549 1,491,429 1,386,975 795,298 (374,910)(284,490)27,964 
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(1,282,706)(5,246,747)(2,952,108)(518,652)11,390 (769,487)(390,438)(2,229,876)(1,079,048)(31,544)
  Net realized gain distributions1,862,869 — 21,886,195 17,130 — — 5,919,174 — — 366,915 
  Change in unrealized appreciation (depreciation) during the period3,290,225 9,633,709 8,903,089 2,778,155 16,570,317 14,359,055 12,589,815 9,388,756 1,609,636 1,191,082 
    Net gain (loss) on investments3,870,388 4,386,962 27,837,176 2,276,633 16,581,707 13,589,568 18,118,551 7,158,880 530,588 1,526,453 
    Net increase (decrease) in net assets resulting from operations$3,451,925 $8,296,388 $28,162,985 $2,367,182 $18,073,136 $14,976,543 $18,913,849 $6,783,970 $246,098 $1,554,417 
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
Hartford Total Return Bond HLS FundHartford Capital Appreciation HLS FundHartford Dividend and Growth HLS FundHartford Disciplined Equity HLS FundHartford International Opportunities HLS FundHartford MidCap HLS FundHartford Ultrashort Bond HLS FundHartford Small Company HLS FundHartford SmallCap Growth HLS FundHartford Stock 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$8,393,335 $1,769,335 $2,725,930 $825,575 $197,064 $1,819 $1,322,305 $— $— $44,742 
Expenses:
  Administrative charges— — — — — — (115,975)— — — 
  Mortality and expense risk charges(3,403,725)(3,024,361)(2,502,461)(1,575,448)(254,869)(69,641)(1,635,087)(76,972)(71,390)(55,604)
    Total expenses(3,403,725)(3,024,361)(2,502,461)(1,575,448)(254,869)(69,641)(1,751,062)(76,972)(71,390)(55,604)
    Net investment income (loss)4,989,610 (1,255,026)223,469 (749,873)(57,805)(67,822)(428,757)(76,972)(71,390)(10,862)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(6,871,958)865 1,919,682 2,395,792 118,458 (231,149)167,219 (415,348)(169,656)(22,822)
  Net realized gain distributions— 3,563,884 15,688,898 666,936 — 302,285 — — — 175,339 
  Change in unrealized appreciation (depreciation) during the period14,820,963 33,952,748 3,677,953 16,411,448 1,702,300 527,939 3,660,495 1,173,957 918,896 55,421 
    Net gain (loss) on investments7,949,005 37,517,497 21,286,533 19,474,176 1,820,758 599,075 3,827,714 758,609 749,240 207,938 
    Net increase (decrease) in net assets resulting from operations$12,938,615 $36,262,471 $21,510,002 $18,724,303 $1,762,953 $531,253 $3,398,957 $681,637 $677,850 $197,076 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
Lord Abbett Series Fund - Fundamental Equity PortfolioLord Abbett Series Fund - Dividend Growth PortfolioLord Abbett Series Fund - Bond Debenture PortfolioLord Abbett Series Fund - Growth and Income PortfolioMFS® Growth SeriesMFS® Global Equity SeriesMFS® Investors Trust SeriesMFS® Mid Cap Growth SeriesMFS® New Discovery SeriesMFS® 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$32,212 $84,155 $858,689 $35,481 $— $84,601 $598,565 $— $— $4,898,767 
Expenses:
  Administrative charges— — — — (140,098)(16,775)(125,025)(54,725)(78,330)(327,909)
  Mortality and expense risk charges(55,239)(154,152)(257,565)(55,613)(1,468,218)(182,499)(1,438,501)(650,687)(935,100)(4,124,469)
    Total expenses(55,239)(154,152)(257,565)(55,613)(1,608,316)(199,274)(1,563,526)(705,412)(1,013,430)(4,452,378)
    Net investment income (loss)(23,027)(69,997)601,124 (20,132)(1,608,316)(114,673)(964,961)(705,412)(1,013,430)446,389 
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(76,236)29,640 (340,638)72,651 1,575,022 114,045 2,685,207 (1,209,717)(3,472,389)855,994 
  Net realized gain distributions163,734 589,628 — 77,286 7,457,556 467,564 4,634,410 501,848 — 10,318,434 
  Change in unrealized appreciation (depreciation) during the period691,041 871,321 556,517 298,317 20,664,864 805,410 6,711,739 7,964,598 10,822,264 7,951,796 
    Net gain (loss) on investments778,539 1,490,589 215,879 448,254 29,697,442 1,387,019 14,031,356 7,256,729 7,349,875 19,126,224 
    Net increase (decrease) in net assets resulting from operations$755,512 $1,420,592 $817,003 $428,122 $28,089,126 $1,272,346 $13,066,395 $6,551,317 $6,336,445 $19,572,613 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
MFS® Value SeriesMFS® Total Return Bond SeriesMFS® Research SeriesMFS® High Yield PortfolioBlackRock Managed Volatility V.I. FundBlackRock Global Allocation V.I. FundBlackRock S&P 500 Index V.I. FundBlackRock Large Cap Focus Growth V.I. FundBlackRock Equity Dividend V.I. FundMorgan Stanley VIF Core Plus Fixed Income Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (4)
Investment income:
  Dividends$2,247,890 $8,741,098 $76,730 $2,468,321 $10,497,218 $53,116 $204,975 $— $74,826 $10,035 
Expenses:
  Administrative charges(126,115)(379,016)(26,556)— — — — (975)— — 
  Mortality and expense risk charges(2,197,298)(3,858,358)(225,540)(791,416)(1,270,956)(21,242)(196,844)(10,352)(39,574)(2,333)
    Total expenses(2,323,413)(4,237,374)(252,096)(791,416)(1,270,956)(21,242)(196,844)(11,327)(39,574)(2,333)
    Net investment income (loss)(75,523)4,503,724 (175,366)1,676,905 9,226,262 31,874 8,131 (11,327)35,252 7,702 
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions4,320,052 (6,644,179)194,409 (1,506,716)1,161,665 (33,815)679,361 8,039 (18,834)(64,273)
  Net realized gain on distributions10,067,495 — 810,930 — — — 745,812 12,420 202,794 — 
  Change in unrealized appreciation (depreciation) during the period(5,701,088)17,398,546 1,995,855 4,066,285 (7,828,647)234,271 2,885,907 243,324 227,037 60,885 
    Net gain (loss) on investments8,686,459 10,754,367 3,001,194 2,559,569 (6,666,982)200,456 4,311,080 263,783 410,997 (3,388)
    Net increase (decrease) in net assets resulting from operations$8,610,936 $15,258,091 $2,825,828 $4,236,474 $2,559,280 $232,330 $4,319,211 $252,456 $446,249 $4,314 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
Morgan Stanley VIF Growth PortfolioMorgan Stanley VIF Discovery PortfolioInvesco V.I. American Value FundBlackRock Capital Appreciation V.I. FundInvesco V.I. Discovery Mid Cap Growth FundInvesco V.I. Capital Appreciation FundInvesco V.I. Global FundInvesco V.I. Main Street Fund®Invesco V.I. Main Street Small Cap Fund®Putnam VT Diversified Income Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$— $— $227,210 $— $— $— $— $14,847 $78,826 $1,137,902 
Expenses:
  Administrative charges— — — — — — — — — — 
  Mortality and expense risk charges(24,728)(100,180)(711,282)(35,073)(130,580)(27,176)(107,418)(54,101)(140,754)(302,938)
    Total expenses(24,728)(100,180)(711,282)(35,073)(130,580)(27,176)(107,418)(54,101)(140,754)(302,938)
    Net investment income (loss)(24,728)(100,180)(484,072)(35,073)(130,580)(27,176)(107,418)(39,254)(61,928)834,964 
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions(247,798)(2,769,673)(1,102,315)(299,938)(587,526)(69,847)(27,367)(211,160)174,226 (932,819)
  Net realized gain distributions— — 7,962,410 182,200 — — 714,425 211,991 — — 
  Change in unrealized appreciation (depreciation) during the period826,975 5,519,552 (1,566,153)1,611,431 1,413,183 559,210 1,090,043 645,937 1,175,606 647,021 
    Net gain (loss) on investments579,177 2,749,879 5,293,942 1,493,693 825,657 489,363 1,777,101 646,768 1,349,832 (285,798)
    Net increase (decrease) in net assets resulting from operations$554,449 $2,649,699 $4,809,870 $1,458,620 $695,077 $462,187 $1,669,683 $607,514 $1,287,904 $549,166 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
Putnam VT Global Asset Allocation FundPutnam VT Large Cap Growth FundPutnam VT International Value FundPutnam VT International Equity FundPutnam VT Core Equity FundPutnam VT Small Cap Value FundPutnam VT Large Cap Value FundPIMCO VIT All Asset PortfolioPIMCO StocksPLUS® Global PortfolioPIMCO VIT Global Managed Asset Allocation Portfolio
Sub-Account Sub-Account (5)Sub-Account Sub-Account Sub-Account (6)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Investment income:
  Dividends$31,419 $— $9,154 $435 $1,162 $1,479 $33,404 $14,146 $87,636 $5,527 
Expenses:
  Administrative charges— — — — — — — — — — 
  Mortality and expense risk charges(34,355)(40,811)(9,480)(19,750)(2,584)(14,685)(11,798)(5,032)(30,328)(3,595)
    Total expenses(34,355)(40,811)(9,480)(19,750)(2,584)(14,685)(11,798)(5,032)(30,328)(3,595)
    Net investment income (loss)(2,936)(40,811)(326)(19,315)(1,422)(13,206)21,606 9,114 57,308 1,932 
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions6,570 167,286 11,493 11,928 (8,700)(37,085)23,001 (35,203)(192,585)(5,780)
  Net realized gain distributions— 60,153 — — 20,834 113,910 93,637 — — — 
  Change in unrealized appreciation (depreciation) during the period292,040 1,338,821 75,408 192,570 47,987 99,691 90,565 59,784 781,457 31,343 
    Net gain (loss) on investments298,610 1,566,260 86,901 204,498 60,121 176,516 207,203 24,581 588,872 25,563 
    Net increase (decrease) in net assets resulting from operations$295,674 $1,525,449 $86,575 $185,183 $58,699 $163,310 $228,809 $33,695 $646,180 $27,495 
The accompanying notes are an integral part of these financial statements.


SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023
PSF PGIM Jennison Focused Blend PortfolioPSF PGIM Jennison Value PortfolioInvesco V.I. Growth and Income FundInvesco V.I. Comstock FundInvesco V.I. American Franchise FundAllspring VT Index Asset Allocation FundAllspring VT International Equity FundAllspring VT Small Cap Growth FundAllspring VT Discovery SMID Cap Growth FundAllspring VT Opportunity Fund
Sub-Account (7)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (8)Sub-Account
Investment income:
  Dividends$— $— $203,466 $18,700 $— $1,813 $4,950 $— $— $— 
Expenses:
  Administrative charges(819)— (3,751)(2,320)— — — — — — 
  Mortality and expense risk charges(8,509)(7,750)(197,183)(18,502)(613,489)(3,431)(6,459)(10,099)(7,020)(1,747)
    Total expenses(9,328)(7,750)(200,934)(20,822)(613,489)(3,431)(6,459)(10,099)(7,020)(1,747)
    Net investment income (loss)(9,328)(7,750)2,532 (2,122)(613,489)(1,618)(1,509)(10,099)(7,020)(1,747)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions504,661 5,887 354,652 40,416 (673,987)457 (56,485)(62,642)(16,957)211 
  Net realized gain distributions— — 1,990,003 134,676 708,896 5,861 — — — 7,923 
  Change in unrealized appreciation (depreciation) during the period(369,735)55,626 (670,325)(59,319)10,938,142 21,789 101,381 87,722 78,685 8,821 
    Net gain (loss) on investments134,926 61,513 1,674,330 115,773 10,973,051 28,107 44,896 25,080 61,728 16,955 
    Net increase (decrease) in net assets resulting from operations$125,598 $53,763 $1,676,862 $113,651 $10,359,562 $26,489 $43,387 $14,981 $54,708 $15,208 
The accompanying notes are an integral part of these financial statements.


SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Operations (concluded)
For the Periods Ended December 31, 2023
MFS® Core Equity PortfolioMFS® Massachusetts Investors Growth Stock PortfolioMFS® Research International PortfolioPSF PGIM Jennison Blend Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account (9)(10)
Investment income:
  Dividends$91,507 $82,096 $118,022 $— 
Expenses:
  Administrative charges— — — — 
  Mortality and expense risk charges(297,285)(477,803)(206,617)(646)
    Total expenses(297,285)(477,803)(206,617)(646)
    Net investment income (loss)(205,778)(395,707)(88,595)(646)
Net realized and unrealized gain (loss) on investments:
  Net realized gain (loss) on security transactions72,082 145,466 9,145 21 
  Net realized gain distributions816,187 1,420,297 — — 
  Change in unrealized appreciation (depreciation) during the period2,603,001 4,302,548 1,263,889 24,628 
    Net gain (loss) on investments3,491,270 5,868,311 1,273,034 24,649 
    Net increase (decrease) in net assets resulting from operations$3,285,492 $5,472,604 $1,184,439 $24,003 
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) Formerly Putnam VT Growth Opportunities Fund. Change effective April 30, 2023.
(6) Formerly Putnam VT Multi-Cap Core Fund. Change effective April 30, 2023.
(7) Merged into PSF PGIM Jennison Blend Portfolio. Change effective December 8, 2023.
(8) Formerly Allspring VT Discovery Fund. Change effective May 1, 2023.
(9) Funded as of December 8, 2023.
(10) Merged assets from PSF PGIM Jennison Focused Blend Portfolio. Change effective December 8, 2023.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets
For the Periods Ended December 31, 2023
American Century VP Value FundAmerican Century VP Growth FundAB VPS Balanced Hedged Allocation PortfolioAB VPS International Value PortfolioAB VPS Discovery Value PortfolioAB VPS Sustainable International Thematic PortfolioInvesco V.I. Core Equity FundInvesco V.I. Government Securities FundInvesco V.I. High Yield FundInvesco V.I. EQV International Equity Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (1)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$40,495 $(11,709)$(42,197)$(76,124)$(36,689)$(15,007)$(686,719)$185,538 $30,282 $(878,515)
  Net realized gain (loss) on security transactions175,986 44,341 (300,894)180,605 (106,068)(14,005)(967,786)(2,750,587)401 (184,882)
  Net realized gain distributions260,500 — 345,249 — 481,094 34,579 1,447,386 — — 44,758 
  Change in unrealized appreciation (depreciation) during the period(209,206)361,244 708,236 954,786 473,239 88,789 12,414,841 5,274,286 32,367 10,403,160 
  Net increase (decrease) in net assets resulting from operations267,775 393,876 710,394 1,059,267 811,576 94,356 12,207,722 2,709,237 63,050 9,384,521 
Unit transactions:
  Purchases— 653 6,622 63,263 8,355 2,029 151,168 491,144 — 154,962 
  Net transfers(41,539)(160,299)22,759 (1,156,851)(230,512)22,142 (1,818,247)7,919,623 356,789 (1,556,725)
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(466,371)(119,891)(699,276)(832,886)(587,776)(55,657)(6,086,688)(10,506,468)(106,954)(6,921,090)
  Other transactions— (2)4 52 8 (2)272 518 (1)284 
  Death benefits(20,158)(8,010)(361,109)(252,342)(105,580)(7,339)(1,348,371)(3,047,893)— (1,508,930)
  Net annuity transactions(2,823)— (23,396)(2,706)(3,504)(1,339)(83,303)(79,991)— (5,425)
  Net increase (decrease) in net assets resulting from unit transactions(530,891)(287,549)(1,054,396)(2,181,470)(919,009)(40,166)(9,185,169)(5,223,067)249,834 (9,836,924)
  Net increase (decrease) in net assets(263,116)106,327 (344,002)(1,122,203)(107,433)54,190 3,022,553 (2,513,830)312,884 (452,403)
Net assets:
  Beginning of period3,383,805 1,060,136 7,143,224 9,058,359 5,969,501 892,832 61,291,048 106,847,657 609,088 61,865,924 
  End of period$3,120,689 $1,166,463 $6,799,222 $7,936,156 $5,862,068 $947,022 $64,313,601 $104,333,827 $921,972 $61,413,521 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Invesco V.I. Main Street Mid Cap Fund®Invesco V.I. Small Cap Equity FundInvesco V.I. Balanced-Risk Allocation FundInvesco V.I. Diversified Dividend FundInvesco V.I. Government Money Market FundAmerican Century VP Mid Cap Value FundAB VPS Relative Value PortfolioAmerican Funds Insurance Series® Capital World Bond Fund®American Funds Insurance Series® Capital World Growth and Income Fund®American Funds Insurance Series® Asset Allocation Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (2)Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$(982,403)$(697,592)$(71,867)$(425)$4,021,302 $5,716 $(7,130)$(611,549)$244,443 $1,851,060 
  Net realized gain (loss) on security transactions(2,210,710)(788,283)(216,350)530 — (24,186)(79,203)(1,265,739)(340,381)5,791,866 
  Net realized gain distributions— 741,145 — 11,113 — 66,304 101,513 — — 17,040,639 
  Change in unrealized appreciation (depreciation) during the period10,676,897 6,212,885 511,260 (2,679)— (28,789)77,851 3,372,139 20,832,494 26,057,830 
  Net increase (decrease) in net assets resulting from operations7,483,784 5,468,155 223,043 8,539 4,021,302 19,045 93,031 1,494,851 20,736,556 50,741,395 
Unit transactions:
  Purchases222,100 160,561 2,790 — 1,208,489 120 — 142,181 804,372 3,588,418 
  Net transfers(46,733)(10,118)1,865 839 17,928,340 (121,062)(255,141)1,110,604 (713,166)1,044,090 
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(5,858,867)(4,061,157)(471,018)(141)(29,830,767)(70,787)(78,846)(3,114,207)(8,480,273)(33,694,851)
  Other transactions(27)139 16 — 14,235 40 (1)220 2,351 13,798 
  Death benefits(1,795,775)(1,069,974)(108,565)— (8,100,440)(11,184)(5,252)(1,259,046)(3,808,110)(16,532,315)
  Net annuity transactions(36,421)(40,255)13,290 — (1,326,970)— — (82,312)(231,429)(470,938)
  Net increase (decrease) in net assets resulting from unit transactions(7,515,723)(5,020,804)(561,622)698 (20,107,113)(202,873)(339,240)(3,202,560)(12,426,255)(46,051,798)
  Net increase (decrease) in net assets(31,939)447,351 (338,579)9,237 (16,085,811)(183,828)(246,209)(1,707,709)8,310,301 4,689,597 
Net assets:
  Beginning of period64,655,557 40,047,149 5,033,764 130,197 146,316,621 603,870 1,209,827 37,433,535 115,888,609 443,886,142 
  End of period$64,623,618 $40,494,500 $4,695,185 $139,434 $130,230,810 $420,042 $963,618 $35,725,826 $124,198,910 $448,575,739 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
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® Washington Mutual Investors FundSMAmerican Funds Insurance Series® The Bond Fund of America®American Funds Insurance Series® Global Growth FundAmerican Funds Insurance Series® Growth FundAmerican Funds Insurance Series® Growth-Income FundAmerican Funds Insurance Series® International FundAmerican Funds Insurance Series® New World Fund®American Funds Insurance Series® Global Small Capitalization FundAllspring VT Discovery All Cap Growth FundFidelity® VIP Growth Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (3)Sub-Account
Operations:
  Net investment income (loss)$243,510 $7,142,400 $(1,458,305)$(17,320,438)$(3,648,203)$(892,976)$(250,797)$(1,334,804)$(12,931)$(140,358)
  Net realized gain (loss) on security transactions2,982,989 (9,714,752)4,049,999 27,457,965 26,640,039 (4,939,113)1,155,567 (3,399,155)(54,849)90,745 
  Net realized gain distributions2,877,269 — 13,415,641 69,787,696 52,838,850 — — 1,203,830 66,407 423,247 
  Change in unrealized appreciation (depreciation) during the period37,601,404 15,276,848 16,234,282 294,939,917 138,221,211 34,643,816 8,022,733 15,824,177 170,169 2,103,246 
  Net increase (decrease) in net assets resulting from operations43,705,172 12,704,496 32,241,617 374,865,140 214,051,897 28,811,727 8,927,503 12,294,048 168,796 2,476,880 
Unit transactions:
  Purchases2,139,414 1,100,603 1,368,669 5,335,958 4,383,374 569,649 303,796 321,623 560 4,079 
  Net transfers(5,089,426)31,375,534 (730,588)(32,188,034)(12,553,475)(2,824,847)(1,231,972)(80,297)57,475 360,178 
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(24,665,631)(41,526,883)(13,856,648)(100,541,751)(80,456,540)(20,003,702)(5,595,029)(7,758,648)(21,202)(461,798)
  Other transactions5,716 12,386 4,215 26,593 36,245 2,329 505 184 (5)1 
  Death benefits(10,071,369)(12,986,945)(5,259,098)(35,045,778)(32,288,921)(5,661,371)(1,643,898)(2,392,970)(164,970)(179,610)
  Net annuity transactions(832,014)(57,950)464,560 (1,706,023)(1,912,578)(345,208)(57,753)(221,504)(592)32,889 
  Net increase (decrease) in net assets resulting from unit transactions(38,513,310)(22,083,255)(18,008,890)(164,119,035)(122,791,895)(28,263,150)(8,224,351)(10,131,612)(128,734)(244,261)
  Net increase (decrease) in net assets5,191,862 (9,378,759)14,232,727 210,746,105 91,260,002 548,577 703,152 2,162,436 40,062 2,232,619 
Net assets:
  Beginning of period311,409,022 406,701,299 165,817,725 1,107,355,566 955,722,857 218,771,712 67,542,028 91,171,767 626,527 7,547,715 
  End of period$316,600,884 $397,322,540 $180,050,452 $1,318,101,671 $1,046,982,859 $219,320,289 $68,245,180 $93,334,203 $666,589 $9,780,334 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Fidelity® VIP Contrafund® PortfolioFidelity® VIP Mid Cap PortfolioFidelity® VIP Value Strategies PortfolioFidelity® VIP Dynamic Capital Appreciation PortfolioFidelity® VIP Strategic Income PortfolioFranklin Rising Dividends VIP FundFranklin Income VIP FundFranklin Large Cap Growth VIP FundFranklin Global Real Estate VIP FundFranklin Small-Mid Cap 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)$(510,120)$(287,862)$(30,541)$(31,442)$17,755 $(2,336,171)$10,996,232 $(786,490)$26,959 $(1,682,300)
  Net realized gain (loss) on security transactions1,844,760 277,927 (50,632)32,858 (8,102)4,609,035 (2,185,562)(1,690,872)(119,007)(5,801,049)
  Net realized gain distributions1,500,042 689,509 88,942 105,864 — 28,958,472 20,407,763 1,264,166 — — 
  Change in unrealized appreciation (depreciation) during the period8,423,860 2,369,531 362,852 355,826 30,961 (4,870,534)(8,186,797)14,632,147 262,947 27,691,737 
  Net increase (decrease) in net assets resulting from operations11,258,542 3,049,105 370,621 463,106 40,614 26,360,802 21,031,636 13,418,951 170,899 20,208,388 
Unit transactions:
  Purchases110,228 138,861 3,275 7,523 — 943,997 1,154,832 182,423 6,492 447,861 
  Net transfers(2,250,036)87,841 (992,743)(127,000)43,680 380,314 2,158,206 (406,047)22,943 (1,510,068)
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(4,414,745)(2,653,830)(226,398)(158,519)(20,973)(25,042,435)(30,344,667)(4,007,567)(317,519)(8,176,496)
  Other transactions12 218 — 1 — 874 6,024 234 4 2,970 
  Death benefits(878,957)(595,344)(47,961)(55,733)(39,964)(7,629,649)(11,265,062)(1,446,627)(48,973)(1,786,601)
  Net annuity transactions34,019 29,671 32,197 4,848 — (429,130)(913,112)(59,380)27,539 (138,746)
  Net increase (decrease) in net assets resulting from unit transactions(7,399,479)(2,992,583)(1,231,630)(328,880)(17,257)(31,776,029)(39,203,779)(5,736,964)(309,514)(11,161,080)
  Net increase (decrease) in net assets3,859,063 56,522 (861,009)134,226 23,357 (5,415,227)(18,172,143)7,681,987 (138,615)9,047,308 
Net assets:
  Beginning of period39,518,304 24,979,264 3,285,318 1,896,518 502,028 279,675,277 341,889,213 37,400,202 2,060,414 88,040,920 
  End of period$43,377,367 $25,035,786 $2,424,309 $2,030,744 $525,385 $274,260,050 $323,717,070 $45,082,189 $1,921,799 $97,088,228 
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Franklin Small Cap Value VIP FundFranklin Strategic Income VIP FundFranklin Mutual Shares VIP FundTempleton Developing Markets VIP FundTempleton Foreign VIP FundTempleton Growth VIP FundFranklin Mutual Global Discovery VIP FundFranklin DynaTech VIP FundTempleton Global Bond VIP FundHartford Balanced 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)$(418,463)$3,909,426 $325,809 $90,549 $1,491,429 $1,386,975 $795,298 $(374,910)$(284,490)$27,964 
  Net realized gain (loss) on security transactions(1,282,706)(5,246,747)(2,952,108)(518,652)11,390 (769,487)(390,438)(2,229,876)(1,079,048)(31,544)
  Net realized gain distributions1,862,869 — 21,886,195 17,130 — — 5,919,174 — — 366,915 
  Change in unrealized appreciation (depreciation) during the period3,290,225 9,633,709 8,903,089 2,778,155 16,570,317 14,359,055 12,589,815 9,388,756 1,609,636 1,191,082 
  Net increase (decrease) in net assets resulting from operations3,451,925 8,296,388 28,162,985 2,367,182 18,073,136 14,976,543 18,913,849 6,783,970 246,098 1,554,417 
Unit transactions:
  Purchases97,538 557,726 891,676 78,943 328,163 307,695 692,945 22,205 47,518 93,308 
  Net transfers47,937 1,904,496 (3,061,224)(468,348)(8,097,229)(2,154,662)(3,705,236)2,347,888 911,816 353,569 
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(3,584,056)(13,634,710)(25,988,098)(1,784,302)(10,039,709)(9,155,856)(11,205,220)(2,110,635)(2,430,983)(1,210,559)
  Other transactions(13)1,749 7,001 (8)96 4,487 403 (184)269 107 
  Death benefits(637,876)(4,772,648)(8,118,880)(271,396)(2,371,848)(2,374,761)(3,421,533)(355,586)(536,133)(284,976)
  Net annuity transactions(20,602)(157,610)(410,826)(29,232)(28,626)(130,783)(95,499)(28,228)(11,123)(60,311)
  Net increase (decrease) in net assets resulting from unit transactions(4,097,072)(16,100,997)(36,680,351)(2,474,343)(20,209,153)(13,503,880)(17,734,140)(124,540)(2,018,636)(1,108,862)
  Net increase (decrease) in net assets(645,147)(7,804,609)(8,517,366)(107,161)(2,136,017)1,472,663 1,179,709 6,659,430 (1,772,538)445,555 
Net assets:
  Beginning of period35,096,705 140,107,382 267,273,009 22,995,704 107,533,553 85,085,066 112,314,177 16,580,855 21,489,106 12,627,264 
  End of period$34,451,558 $132,302,773 $258,755,643 $22,888,543 $105,397,536 $86,557,729 $113,493,886 $23,240,285 $19,716,568 $13,072,819 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Hartford Total Return Bond HLS FundHartford Capital Appreciation HLS FundHartford Dividend and Growth HLS FundHartford Disciplined Equity HLS FundHartford International Opportunities HLS FundHartford MidCap HLS FundHartford Ultrashort Bond HLS FundHartford Small Company HLS FundHartford SmallCap Growth HLS FundHartford Stock 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)$4,989,610 $(1,255,026)$223,469 $(749,873)$(57,805)$(67,822)$(428,757)$(76,972)$(71,390)$(10,862)
  Net realized gain (loss) on security transactions(6,871,958)865 1,919,682 2,395,792 118,458 (231,149)167,219 (415,348)(169,656)(22,822)
  Net realized gain distributions— 3,563,884 15,688,898 666,936 — 302,285 — — — 175,339 
  Change in unrealized appreciation (depreciation) during the period14,820,963 33,952,748 3,677,953 16,411,448 1,702,300 527,939 3,660,495 1,173,957 918,896 55,421 
  Net increase (decrease) in net assets resulting from operations12,938,615 36,262,471 21,510,002 18,724,303 1,762,953 531,253 3,398,957 681,637 677,850 197,076 
Unit transactions:
  Purchases280,270 684,770 544,621 166,370 57,804 8,466 1,270,685 1,450 11,193 13,181 
  Net transfers17,378,262 (10,118,076)(5,304,971)(4,541,775)(311,355)(75,051)(899,841)(291,380)(123,226)(471,611)
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(28,430,563)(23,362,393)(19,465,838)(10,299,132)(1,976,401)(476,855)(10,565,675)(520,976)(488,167)(141,436)
  Other transactions5,235 2,534 1,729 1,116 108 — (39)57 2 (13)
  Death benefits(6,089,185)(4,914,089)(4,266,728)(2,845,525)(401,245)(30,211)(2,890,323)(128,240)(43,280)(34,796)
  Net annuity transactions52,004 47,330 27,236 (162,002)3,839 (693)(178,923)17,435 (2,813)— 
  Net increase (decrease) in net assets resulting from unit transactions(16,803,977)(37,659,924)(28,463,951)(17,680,948)(2,627,250)(574,344)(13,264,116)(921,654)(646,291)(634,675)
  Net increase (decrease) in net assets(3,865,362)(1,397,453)(6,953,949)1,043,355 (864,297)(43,091)(9,865,159)(240,017)31,559 (437,599)
Net assets:
  Beginning of period247,303,736 218,200,980 189,599,214 104,562,541 18,478,991 4,419,054 107,694,130 5,096,352 4,352,663 3,931,042 
  End of period$243,438,374 $216,803,527 $182,645,265 $105,605,896 $17,614,694 $4,375,963 $97,828,971 $4,856,335 $4,384,222 $3,493,443 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Lord Abbett Series Fund - Fundamental Equity PortfolioLord Abbett Series Fund - Dividend Growth PortfolioLord Abbett Series Fund - Bond Debenture PortfolioLord Abbett Series Fund - Growth and Income PortfolioMFS® Growth SeriesMFS® Global Equity SeriesMFS® Investors Trust SeriesMFS® Mid Cap Growth SeriesMFS® New Discovery SeriesMFS® 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)$(23,027)$(69,997)$601,124 $(20,132)$(1,608,316)$(114,673)$(964,961)$(705,412)$(1,013,430)$446,389 
  Net realized gain (loss) on security transactions(76,236)29,640 (340,638)72,651 1,575,022 114,045 2,685,207 (1,209,717)(3,472,389)855,994 
  Net realized gain distributions163,734 589,628 — 77,286 7,457,556 467,564 4,634,410 501,848 — 10,318,434 
  Change in unrealized appreciation (depreciation) during the period691,041 871,321 556,517 298,317 20,664,864 805,410 6,711,739 7,964,598 10,822,264 7,951,796 
  Net increase (decrease) in net assets resulting from operations755,512 1,420,592 817,003 428,122 28,089,126 1,272,346 13,066,395 6,551,317 6,336,445 19,572,613 
Unit transactions:
  Purchases2,300 13,621 54,808 149,592 335,040 9,478 448,063 141,004 193,152 669,819 
  Net transfers(206,667)417,174 944,817 (224,865)(6,347,030)(478,880)(174,870)429,022 1,085,421 671,428 
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(1,236,973)(1,181,392)(1,844,095)(272,359)(9,258,575)(1,097,952)(6,975,440)(3,048,981)(4,394,438)(20,226,312)
  Other transactions3 1 96 2 4,924 144 (88)1,741 220 2,563 
  Death benefits(58,969)(228,005)(350,288)(143,533)(2,091,874)(68,770)(2,128,550)(1,267,874)(1,158,952)(6,832,383)
  Net annuity transactions— (38,760)13,441 9,588 (12,041)(24,687)(99,053)(37,183)(73,127)(362,121)
  Net increase (decrease) in net assets resulting from unit transactions(1,500,306)(1,017,361)(1,181,221)(481,575)(17,369,556)(1,660,667)(8,929,938)(3,782,271)(4,347,724)(26,077,006)
  Net increase (decrease) in net assets(744,794)403,231 (364,218)(53,453)10,719,570 (388,321)4,136,457 2,769,046 1,988,721 (6,504,393)
Net assets:
  Beginning of period6,308,320 10,336,002 17,413,712 3,983,628 91,142,642 11,147,268 82,343,879 36,379,585 52,981,958 251,464,525 
  End of period$5,563,526 $10,739,233 $17,049,494 $3,930,175 $101,862,212 $10,758,947 $86,480,336 $39,148,631 $54,970,679 $244,960,132 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
MFS® Value SeriesMFS® Total Return Bond SeriesMFS® Research SeriesMFS® High Yield PortfolioBlackRock Managed Volatility V.I. FundBlackRock Global Allocation V.I. FundBlackRock S&P 500 Index V.I. FundBlackRock Large Cap Focus Growth V.I. FundBlackRock Equity Dividend V.I. FundMorgan Stanley VIF Core Plus Fixed Income Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (4)
Operations:
  Net investment income (loss)$(75,523)$4,503,724 $(175,366)$1,676,905 $9,226,262 $31,874 $8,131 $(11,327)$35,252 $7,702 
  Net realized gain (loss) on security transactions4,320,052 (6,644,179)194,409 (1,506,716)1,161,665 (33,815)679,361 8,039 (18,834)(64,273)
  Net realized gain distributions10,067,495 — 810,930 — — — 745,812 12,420 202,794 — 
  Change in unrealized appreciation (depreciation) during the period(5,701,088)17,398,546 1,995,855 4,066,285 (7,828,647)234,271 2,885,907 243,324 227,037 60,885 
  Net increase (decrease) in net assets resulting from operations8,610,936 15,258,091 2,825,828 4,236,474 2,559,280 232,330 4,319,211 252,456 446,249 4,314 
Unit transactions:
  Purchases383,219 694,690 63,347 246,291 47,654 1,200 4,276 — 648 — 
  Net transfers2,155,491 17,346,706 122,971 49,040 11,919,141 1,580 (1,877,862)(15,907)70,523 (262,836)
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(14,604,415)(32,344,048)(1,034,313)(4,442,198)(17,993,790)(167,197)(2,390,522)(7,062)(734,800)(1,419)
  Other transactions3,175 4,883 304 71 868 — 192 16 — — 
  Death benefits(3,964,488)(7,724,496)(382,574)(1,642,873)(1,135,549)(2,460)(236,518)(8,422)(34,115)— 
  Net annuity transactions(70,666)(8,670)2,815 (47,823)(14,967)— (1,437)(8,238)(1,099)— 
  Net increase (decrease) in net assets resulting from unit transactions(16,097,684)(22,030,935)(1,227,450)(5,837,492)(7,176,643)(166,877)(4,501,871)(39,613)(698,843)(264,255)
  Net increase (decrease) in net assets(7,486,748)(6,772,844)1,598,378 (1,601,018)(4,617,363)65,453 (182,660)212,843 (252,594)(259,941)
Net assets:
  Beginning of period153,792,417 286,815,709 14,398,990 44,366,809 134,158,374 2,132,042 19,243,261 515,891 4,368,752 259,941 
  End of period$146,305,669 $280,042,865 $15,997,368 $42,765,791 $129,541,011 $2,197,495 $19,060,601 $728,734 $4,116,158 $— 
The accompanying notes are an integral part of these financial statements.


SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Morgan Stanley VIF Growth PortfolioMorgan Stanley VIF Discovery PortfolioInvesco V.I. American Value FundBlackRock Capital Appreciation V.I. FundInvesco V.I. Discovery Mid Cap Growth FundInvesco V.I. Capital Appreciation FundInvesco V.I. Global FundInvesco V.I. Main Street Fund®Invesco V.I. Main Street Small Cap Fund®Putnam VT Diversified Income 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)$(24,728)$(100,180)$(484,072)$(35,073)$(130,580)$(27,176)$(107,418)$(39,254)$(61,928)$834,964 
  Net realized gain (loss) on security transactions(247,798)(2,769,673)(1,102,315)(299,938)(587,526)(69,847)(27,367)(211,160)174,226 (932,819)
  Net realized gain distributions— — 7,962,410 182,200 — — 714,425 211,991 — — 
  Change in unrealized appreciation (depreciation) during the period826,975 5,519,552 (1,566,153)1,611,431 1,413,183 559,210 1,090,043 645,937 1,175,606 647,021 
  Net increase (decrease) in net assets resulting from operations554,449 2,649,699 4,809,870 1,458,620 695,077 462,187 1,669,683 607,514 1,287,904 549,166 
Unit transactions:
  Purchases5,614 180,388 153,480 612 3,290 1,544 17,861 4,758 22,563 48,603 
  Net transfers13,890 199,367 (1,005,563)(1,002,855)(327,827)47,853 112,434 (35,807)125,901 1,310,350 
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(79,732)(693,210)(3,590,367)(766,123)(477,704)(100,476)(469,593)(278,028)(762,166)(2,002,547)
  Other transactions1 (172)1,317 5 10 (1)1 — 37 167 
  Death benefits(29,002)(323,538)(1,120,857)(14,964)(158,039)(155,565)(106,398)(324,988)(201,195)(488,218)
  Net annuity transactions(2,439)(9,930)64,081 — (23,042)— (4,586)31,667 (4,665)(15,842)
  Net increase (decrease) in net assets resulting from unit transactions(91,668)(647,095)(5,497,909)(1,783,325)(983,312)(206,645)(450,281)(602,398)(819,525)(1,147,487)
  Net increase (decrease) in net assets462,781 2,002,604 (688,039)(324,705)(288,235)255,542 1,219,402 5,116 468,379 (598,321)
Net assets:
  Beginning of period1,177,768 5,917,235 40,931,714 3,842,851 6,911,761 1,481,747 5,460,597 3,200,407 8,468,662 19,247,025 
  End of period$1,640,549 $7,919,839 $40,243,675 $3,518,146 $6,623,526 $1,737,289 $6,679,999 $3,205,523 $8,937,041 $18,648,704 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
Putnam VT Global Asset Allocation FundPutnam VT Large Cap Growth FundPutnam VT International Value FundPutnam VT International Equity FundPutnam VT Core Equity FundPutnam VT Small Cap Value FundPutnam VT Large Cap Value FundPIMCO VIT All Asset PortfolioPIMCO StocksPLUS® Global PortfolioPIMCO VIT Global Managed Asset Allocation Portfolio
Sub-Account Sub-Account (5)Sub-Account Sub-Account Sub-Account (6)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
Operations:
  Net investment income (loss)$(2,936)$(40,811)$(326)$(19,315)$(1,422)$(13,206)$21,606 $9,114 $57,308 $1,932 
  Net realized gain (loss) on security transactions6,570 167,286 11,493 11,928 (8,700)(37,085)23,001 (35,203)(192,585)(5,780)
  Net realized gain distributions— 60,153 — — 20,834 113,910 93,637 — — — 
  Change in unrealized appreciation (depreciation) during the period292,040 1,338,821 75,408 192,570 47,987 99,691 90,565 59,784 781,457 31,343 
  Net increase (decrease) in net assets resulting from operations295,674 1,525,449 86,575 185,183 58,699 163,310 228,809 33,695 646,180 27,495 
Unit transactions:
  Purchases662 750 289 — — 53 470 837 540 — 
  Net transfers4,230 (621,663)(101,791)130,869 137,810 9,969 (112,977)6,327 (216,070)(1,177)
  Net interfund transfers due to corporate actions— — — — — — — — — — 
  Surrenders for benefit payments and fees(74,533)(594,836)(24,774)(89,274)(43,207)(65,935)(68,910)(168,269)(415,238)(14,382)
  Other transactions(1)(34)— (1)(1)— 1 — 3 — 
  Death benefits(75,645)(29,619)(57,706)(49,369)— (54,353)(13,278)(4,409)(13,146)— 
  Net annuity transactions(10,326)(3,118)— (262)— (275)(2,340)9,859 — — 
  Net increase (decrease) in net assets resulting from unit transactions(155,613)(1,248,520)(183,982)(8,037)94,602 (110,541)(197,034)(155,655)(643,911)(15,559)
  Net increase (decrease) in net assets140,061 276,929 (97,407)177,146 153,301 52,769 31,775 (121,960)2,269 11,936 
Net assets:
  Beginning of period1,971,368 4,064,438 581,530 1,119,739 207,357 870,463 1,649,713 573,254 3,165,649 253,355 
  End of period$2,111,429 $4,341,367 $484,123 $1,296,885 $360,658 $923,232 $1,681,488 $451,294 $3,167,918 $265,291 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023
PSF PGIM Jennison Focused Blend PortfolioPSF PGIM Jennison Value PortfolioInvesco V.I. Growth and Income FundInvesco V.I. Comstock FundInvesco V.I. American Franchise FundAllspring VT Index Asset Allocation FundAllspring VT International Equity FundAllspring VT Small Cap Growth FundAllspring VT Discovery SMID Cap Growth FundAllspring VT Opportunity Fund
Sub-Account (7)Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account (8)Sub-Account
Operations:
  Net investment income (loss)$(9,328)$(7,750)$2,532 $(2,122)$(613,489)$(1,618)$(1,509)$(10,099)$(7,020)$(1,747)
  Net realized gain (loss) on security transactions504,661 5,887 354,652 40,416 (673,987)457 (56,485)(62,642)(16,957)211 
  Net realized gain distributions— — 1,990,003 134,676 708,896 5,861 — — — 7,923 
  Change in unrealized appreciation (depreciation) during the period(369,735)55,626 (670,325)(59,319)10,938,142 21,789 101,381 87,722 78,685 8,821 
  Net increase (decrease) in net assets resulting from operations125,598 53,763 1,676,862 113,651 10,359,562 26,489 43,387 14,981 54,708 15,208 
Unit transactions:
  Purchases— — 156,955 1,305 159,647 — 700 420 — — 
  Net transfers— — (720,436)(46,161)5,149 — (17,170)35,375 10,861 60,114 
  Net interfund transfers due to corporate actions(638,699)— — — — — — — — — 
  Surrenders for benefit payments and fees(694)(2,349)(1,950,022)(116,811)(2,679,991)(4,880)(14,447)(60,491)(12,174)(7,289)
  Other transactions(1)— 1,439 — 4,215 — (6)(3)— — 
  Death benefits— — (867,780)(7,031)(688,338)(25,418)(42,242)(132,979)— — 
  Net annuity transactions— — (33,081)419 (45,110)(6,685)(464)(416)— — 
  Net increase (decrease) in net assets resulting from unit transactions(639,394)(2,349)(3,412,925)(168,279)(3,244,428)(36,983)(73,629)(158,094)(1,313)52,825 
  Net increase (decrease) in net assets(513,796)51,414 (1,736,063)(54,628)7,115,134 (10,494)(30,242)(143,113)53,395 68,033 
Net assets:
  Beginning of period513,796 424,105 17,645,987 1,247,723 28,291,019 207,789 387,099 652,566 308,531 30,483 
  End of period$— $475,519 $15,909,924 $1,193,095 $35,406,153 $197,295 $356,857 $509,453 $361,926 $98,516 
The accompanying notes are an integral part of these financial statements.



SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (concluded)
For the Periods Ended December 31, 2023
MFS® Core Equity PortfolioMFS® Massachusetts Investors Growth Stock PortfolioMFS® Research International PortfolioPSF PGIM Jennison Blend Portfolio
Sub-Account Sub-Account Sub-Account Sub-Account (9)(10)
Operations:
  Net investment income (loss)$(205,778)$(395,707)$(88,595)$(646)
  Net realized gain (loss) on security transactions72,082 145,466 9,145 21 
  Net realized gain distributions816,187 1,420,297 — — 
  Change in unrealized appreciation (depreciation) during the period2,603,001 4,302,548 1,263,889 24,628 
  Net increase (decrease) in net assets resulting from operations3,285,492 5,472,604 1,184,439 24,003 
Unit transactions:
  Purchases30,340 183,173 82,453 — 
  Net transfers256,772 289,148 72,128 — 
  Net interfund transfers due to corporate actions— — — 638,699 
  Surrenders for benefit payments and fees(1,438,942)(1,927,009)(1,013,795)(64)
  Other transactions1,618 2,975 (525)— 
  Death benefits(424,876)(1,110,418)(268,306)— 
  Net annuity transactions(38,042)(84,879)(19,799)— 
  Net increase (decrease) in net assets resulting from unit transactions(1,613,130)(2,647,010)(1,147,844)638,635 
  Net increase (decrease) in net assets1,672,362 2,825,594 36,595 662,638 
Net assets:
  Beginning of period16,433,996 26,232,722 11,341,240 — 
  End of period$18,106,358 $29,058,316 $11,377,835 $662,638 
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) Formerly Putnam VT Growth Opportunities Fund. Change effective April 30, 2023.
(6) Formerly Putnam VT Multi-Cap Core Fund. Change effective April 30, 2023.
(7) Merged into PSF PGIM Jennison Blend Portfolio. Change effective December 8, 2023.
(8) Formerly Allspring VT Discovery Fund. Change effective May 1, 2023.
(9) Funded as of December 8, 2023.
(10) Merged assets from PSF PGIM Jennison Focused Blend Portfolio. Change effective December 8, 2023.


SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets
For the Periods Ended December 31, 2022
American Century VP Value FundAmerican Century VP Growth FundAB VPS Balanced Hedged Allocation PortfolioAB VPS International Value PortfolioAB VPS Small/Mid Cap Value PortfolioAB VPS Sustainable International Thematic PortfolioInvesco V.I. Core Equity FundInvesco V.I. Government Securities FundInvesco V.I. High Yield FundInvesco V.I. EQV International Equity Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$34,468 $(13,358)$129,542 $240,910 $(42,581)$(16,455)$(623,256)$10,135 $6,656 $34,858 
Net realized gain (loss) on security transactions322,345 16,405 (153,880)55,553 152,722 (5,279)408,590 (3,421,197)(4,632)181,265 
Net realized gain distributions287,274 107,453 830,655 — 1,026,030 161,022 10,603,497 — — 7,492,280 
Change in unrealized appreciation (depreciation) during the period(653,795)(603,751)(2,777,657)(1,882,458)(2,549,125)(526,550)(28,619,489)(12,951,395)(17,319)(23,953,093)
Net increase (decrease) in net assets resulting from operations(9,708)(493,251)(1,971,340)(1,585,995)(1,412,954)(387,262)(18,230,658)(16,362,457)(15,295)(16,244,690)
Unit transactions:
Purchases— 638 417,845 18,651 12,431 9,877 340,468 639,675 4,500 228,316 
Net transfers(82,759)247,727 119,493 798,751 (701,039)(9,838)(1,090,876)(6,809,115)563,950 2,685,649 
Surrenders for benefit payments and fees(573,219)(204,297)(810,826)(890,809)(822,066)(66,854)(6,071,610)(11,454,425)(11,972)(7,282,847)
Other transactions(25)1 (1)73 (859)— 1,086 3,975 — 1,160 
Death benefits(3,166)(14)(542,568)(289,791)(57,607)(31,360)(1,713,009)(3,732,255)— (1,656,119)
Net annuity transactions21,754 — 12,745 (2,664)970 (1,554)(156,321)(305,738)— (63,129)
Net increase (decrease) in net assets resulting from unit transactions(637,415)44,055 (803,312)(365,789)(1,568,170)(99,729)(8,690,262)(21,657,883)556,478 (6,086,970)
Net increase (decrease) in net assets(647,123)(449,196)(2,774,652)(1,951,784)(2,981,124)(486,991)(26,920,920)(38,020,340)541,183 (22,331,660)
Net assets:
Beginning of period4,030,928 1,509,332 9,917,876 11,010,143 8,950,625 1,379,823 88,211,968 144,867,997 67,905 84,197,584 
End of period$3,383,805 $1,060,136 $7,143,224 $9,058,359 $5,969,501 $892,832 $61,291,048 $106,847,657 $609,088 $61,865,924 
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
Invesco V.I. Main Street Mid Cap Fund®Invesco V.I. Small Cap Equity FundInvesco V.I. Balanced-Risk Allocation FundInvesco V.I. Diversified Dividend FundInvesco V.I. Government Money Market FundAmerican Century VP Mid Cap Value FundAB VPS Growth and Income PortfolioAmerican Funds Insurance Series® Capital World Bond Fund®American Funds Insurance Series® Capital World Growth and Income Fund®American Funds Insurance Series® Asset Allocation Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(1,065,339)$(778,136)$332,382 $(1,214)$(423,727)$6,632 $(3,291)$(623,911)$771,374 $305,034 
Net realized gain (loss) on security transactions(893,541)333,404 (177,365)(1,760)— 27,161 (29,112)(1,259,223)775,979 11,920,717 
Net realized gain distributions14,534,375 8,146,769 203,897 16,458 — 77,962 177,100 691,146 28,342,005 50,786,595 
Change in unrealized appreciation (depreciation) during the period(25,988,262)(19,976,060)(1,381,402)(22,564)— (125,280)(198,636)(8,517,774)(59,096,294)(148,110,575)
Net increase (decrease) in net assets resulting from operations(13,412,767)(12,274,023)(1,022,488)(9,080)(423,727)(13,525)(53,939)(9,709,762)(29,206,936)(85,098,229)
Unit transactions:
Purchases106,604 91,689 2,705 — 845,947 137 — 234,638 430,883 2,890,078 
Net transfers(2,094,960)(1,530,124)(131,356)1,818 76,357,465 81,705 908,005 (299,232)(1,586,768)(1,118,856)
Surrenders for benefit payments and fees(5,616,078)(4,193,065)(494,363)(157)(27,148,385)(65,464)(19,219)(3,715,552)(10,063,029)(37,009,202)
Other transactions3,222 861 1 — 12,795 — (1)389 3,768 16,174 
Death benefits(1,521,649)(862,706)(79,417)— (11,463,712)— (40,825)(1,067,830)(2,976,283)(16,799,528)
Net annuity transactions(138,077)(74,624)(6,286)— 751,638 — — 23,459 (170,364)(835,908)
Net increase (decrease) in net assets resulting from unit transactions(9,260,938)(6,567,969)(708,716)1,661 39,355,748 16,378 847,960 (4,824,128)(14,361,793)(52,857,242)
Net increase (decrease) in net assets(22,673,705)(18,841,992)(1,731,204)(7,419)38,932,021 2,853 794,021 (14,533,890)(43,568,729)(137,955,471)
Net assets:
Beginning of period87,329,262 58,889,141 6,764,968 137,616 107,384,600 601,017 415,806 51,967,425 159,457,338 581,841,613 
End of period$64,655,557 $40,047,149 $5,033,764 $130,197 $146,316,621 $603,870 $1,209,827 $37,433,535 $115,888,609 $443,886,142 
The accompanying notes are an integral part of these financial statements.
    
SEPARATE ACCOUNT SEVEN
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® Washington Mutual Investors FundSMAmerican Funds Insurance Series® The Bond Fund of America®American Funds Insurance Series® Global Growth FundAmerican Funds Insurance Series® Growth FundAmerican Funds Insurance Series® Growth-Income FundAmerican Funds Insurance Series® International FundAmerican Funds Insurance Series® New World Fund®American Funds Insurance Series® Global Small Capitalization FundAllspring VT Omega Growth FundFidelity® VIP Growth Portfolio
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$424,115 $5,363,022 $(1,975,666)$(19,305,742)$(5,051,507)$45,151 $(376,708)$(1,733,242)$(15,395)$(115,345)
Net realized gain (loss) on security transactions7,671,787 (10,267,295)5,381,813 37,865,850 34,207,543 (4,110,760)1,186,013 (1,293,670)(3,510)39,192 
Net realized gain distributions74,489,358 5,503,856 20,691,064 189,396,073 104,741,521 33,843,433 6,885,178 35,211,084 171,043 694,843 
Change in unrealized appreciation (depreciation) during the period(119,849,370)(75,056,706)(87,345,895)(741,197,463)(362,050,227)(95,996,313)(30,102,650)(74,799,580)(549,090)(3,533,088)
Net increase (decrease) in net assets resulting from operations(37,264,110)(74,457,123)(63,248,684)(533,241,282)(228,152,670)(66,218,489)(22,408,167)(42,615,408)(396,952)(2,914,398)
Unit transactions:
Purchases2,288,205 1,712,742 1,204,256 5,899,044 5,829,499 1,113,452 395,911 390,174 560 3,457 
Net transfers2,373,109 (20,396,417)(2,285,899)4,556,536 (21,187,890)12,772,778 (218,370)5,138,246 39,218 (808,242)
Surrenders for benefit payments and fees(22,331,117)(43,569,089)(12,088,259)(100,435,010)(77,709,251)(20,665,155)(5,578,766)(8,195,144)(30,214)(547,530)
Other transactions11,565 9,930 6,982 48,293 43,208 11,592 1,091 278 (757)990 
Death benefits(10,438,134)(12,839,076)(4,316,992)(34,637,123)(29,914,672)(6,221,993)(1,146,450)(2,221,382)(12,262)(55,533)
Net annuity transactions(663,596)(202,614)(357,114)(2,160,299)(1,167,340)(340,656)(103,465)(117,169)(613)— 
Net increase (decrease) in net assets resulting from unit transactions(28,759,968)(75,284,524)(17,837,026)(126,728,559)(124,106,446)(13,329,982)(6,650,049)(5,004,997)(4,068)(1,406,858)
Net increase (decrease) in net assets(66,024,078)(149,741,647)(81,085,710)(659,969,841)(352,259,116)(79,548,471)(29,058,216)(47,620,405)(401,020)(4,321,256)
Net assets:
Beginning of period377,433,100 556,442,946 246,903,435 1,767,325,407 1,307,981,973 298,320,183 96,600,244 138,792,172 1,027,547 11,868,971 
End of period$311,409,022 $406,701,299 $165,817,725 $1,107,355,566 $955,722,857 $218,771,712 $67,542,028 $91,171,767 $626,527 $7,547,715 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
Fidelity® VIP Contrafund® PortfolioFidelity® VIP Mid Cap PortfolioFidelity® VIP Value Strategies PortfolioFidelity® VIP Dynamic Capital Appreciation PortfolioFidelity® VIP Strategic Income PortfolioFranklin Rising Dividends VIP FundFranklin Income VIP FundFranklin Large Cap Growth VIP FundFranklin Global Real Estate VIP FundFranklin Small-Mid Cap Growth VIP Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(540,292)$(358,425)$(30,082)$(32,682)$13,602 $(2,891,131)$11,465,880 $(842,112)$19,886 $(1,866,861)
Net realized gain (loss) on security transactions1,583,375 497,730 2,065 23,403 (14,584)9,922,627 2,299,355 (683,016)(26,837)(4,303,227)
Net realized gain distributions2,174,816 1,868,284 148,157 260,300 667 38,170,167 7,345,232 10,324,875 171,206 26,280,108 
Change in unrealized appreciation (depreciation) during the period(18,564,867)(7,442,758)(476,233)(779,353)(82,748)(88,775,645)(49,685,771)(31,821,500)(958,647)(69,535,935)
Net increase (decrease) in net assets resulting from operations(15,346,968)(5,435,169)(356,093)(528,332)(83,063)(43,573,982)(28,575,304)(23,021,753)(794,392)(49,425,915)
Unit transactions:
Purchases161,266 107,928 2,327 1,497 — 2,927,835 1,555,566 518,222 5,251 450,973 
Net transfers2,695,847 (1,044,714)1,181,511 151,275 (51,784)(2,899,419)(4,212,957)3,544,648 30,910 5,301,299 
Surrenders for benefit payments and fees(3,664,609)(2,391,358)(201,490)(160,966)(65,431)(26,618,894)(30,904,666)(3,640,067)(93,490)(7,996,079)
Other transactions656 117 (339)— — 16,258 30,803 380 3 4,958 
Death benefits(753,247)(764,009)(19,772)284 — (9,349,249)(10,884,321)(1,485,602)(89,439)(2,464,470)
Net annuity transactions(86,862)(1,441)(821)— — (674,847)(882,465)(203,991)(7,602)(158,403)
Net increase (decrease) in net assets resulting from unit transactions(1,646,949)(4,093,477)961,416 (7,910)(117,215)(36,598,316)(45,298,040)(1,266,410)(154,367)(4,861,722)
Net increase (decrease) in net assets(16,993,917)(9,528,646)605,323 (536,242)(200,278)(80,172,298)(73,873,344)(24,288,163)(948,759)(54,287,637)
Net assets:
Beginning of period56,512,221 34,507,910 2,679,995 2,432,760 702,306 359,847,575 415,762,557 61,688,365 3,009,173 142,328,557 
End of period$39,518,304 $24,979,264 $3,285,318 $1,896,518 $502,028 $279,675,277 $341,889,213 $37,400,202 $2,060,414 $88,040,920 
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
Franklin Small Cap Value VIP FundFranklin Strategic Income VIP FundFranklin Mutual Shares VIP FundTempleton Developing Markets VIP FundTempleton Foreign VIP FundTempleton Growth VIP FundFranklin Mutual Global Discovery VIP FundFranklin DynaTech VIP FundTempleton Global Bond VIP FundHartford Balanced HLS Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(307,239)$4,154,198 $258,847 $251,532 $1,429,381 $(1,452,199)$(428,281)$(395,505)$(340,608)$5,967 
Net realized gain (loss) on security transactions(813,523)(6,664,551)1,539,195 (609,613)(1,617,903)(1,864,305)(364,195)(1,961,197)(1,509,240)(84,284)
Net realized gain distributions7,181,060 — 31,802,293 1,893,662 — — 9,949,662 10,903,104 — 1,838,246 
Change in unrealized appreciation (depreciation) during the period(11,243,930)(19,679,852)(62,635,855)(9,025,301)(10,946,018)(10,602,688)(17,754,311)(21,731,755)201,758 (4,336,328)
Net increase (decrease) in net assets resulting from operations(5,183,632)(22,190,205)(29,035,520)(7,489,720)(11,134,540)(13,919,192)(8,597,125)(13,185,353)(1,648,090)(2,576,399)
Unit transactions:
Purchases103,899 987,703 1,277,580 94,445 593,078 369,179 429,462 63,910 58,639 163,737 
Net transfers(1,039,514)(6,286,790)(8,160,531)899,500 (1,721,738)160,692 (4,210,281)(3,217,827)(1,280,693)(702,450)
Surrenders for benefit payments and fees(3,280,952)(14,866,179)(25,529,444)(2,293,388)(9,854,237)(8,065,191)(9,961,403)(1,739,058)(2,288,492)(1,385,955)
Other transactions(1,815)12,371 5,673 304 1,747 (82)758 (222)13 7,972 
Death benefits(666,119)(5,327,602)(8,208,612)(544,240)(2,826,295)(2,439,812)(2,539,329)(475,598)(803,046)(404,772)
Net annuity transactions30,263 (416,381)(397,804)(20,524)(67,419)(191,725)(117,551)(31,880)(8,062)200,853 
Net increase (decrease) in net assets resulting from unit transactions(4,854,238)(25,896,878)(41,013,138)(1,863,903)(13,874,864)(10,166,939)(16,398,344)(5,400,675)(4,321,641)(2,120,615)
Net increase (decrease) in net assets(10,037,870)(48,087,083)(70,048,658)(9,353,623)(25,009,404)(24,086,131)(24,995,469)(18,586,028)(5,969,731)(4,697,014)
Net assets:
Beginning of period45,134,575 188,194,465 337,321,667 32,349,327 132,542,957 109,171,197 137,309,646 35,166,883 27,458,837 17,324,278 
End of period$35,096,705 $140,107,382 $267,273,009 $22,995,704 $107,533,553 $85,085,066 $112,314,177 $16,580,855 $21,489,106 $12,627,264 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
Hartford Total Return Bond HLS FundHartford Capital Appreciation HLS FundHartford Dividend and Growth HLS FundHartford Disciplined Equity HLS FundHartford International Opportunities HLS FundHartford MidCap HLS FundHartford Ultrashort Bond HLS FundHartford Small Company HLS FundHartford SmallCap Growth HLS FundHartford Stock HLS Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$4,288,078 $(1,197,795)$511,323 $(624,789)$23,338 $(39,647)$(1,678,809)$(89,351)$(85,307)$13,008 
Net realized gain (loss) on security transactions(8,049,009)1,657,494 8,515,158 3,789,548 431,164 (260,175)(477,564)(244,322)(140,474)35,072 
Net realized gain distributions3,312,175 31,468,328 21,362,431 6,498,345 3,420,831 737,750 — 1,157,924 832,147 388,821 
Change in unrealized appreciation (depreciation) during the period(50,758,786)(78,061,429)(53,222,858)(38,363,241)(8,556,746)(2,158,678)(35,910)(3,225,614)(2,664,017)(617,416)
Net increase (decrease) in net assets resulting from operations(51,207,542)(46,133,402)(22,833,946)(28,700,137)(4,681,413)(1,720,750)(2,192,283)(2,401,363)(2,057,651)(180,515)
Unit transactions:
Purchases695,845 779,057 776,631 527,155 152,722 35,910 528,216 42,363 6,546 2,616 
Net transfers1,809,486 7,536,251 (7,982,572)(3,324,115)823,971 (307,177)6,376,546 757,542 16,702 1,204,436 
Surrenders for benefit payments and fees(31,293,140)(23,679,668)(20,566,194)(11,972,918)(1,958,351)(399,278)(12,153,613)(628,623)(427,636)(95,834)
Other transactions3,326 (1,245)13,402 1,182 (21)(2)1,279 1,995 206 (38)
Death benefits(8,746,240)(6,746,697)(6,439,014)(3,375,294)(634,412)(108,692)(2,520,956)(194,243)(79,945)(32,064)
Net annuity transactions64,138 63,206 77,791 (115,469)(12,425)(4,308)(82,785)(3,954)(9,578)— 
Net increase (decrease) in net assets resulting from unit transactions(37,466,585)(22,049,096)(34,119,956)(18,259,459)(1,628,516)(783,547)(7,851,313)(24,920)(493,705)1,079,116 
Net increase (decrease) in net assets(88,674,127)(68,182,498)(56,953,902)(46,959,596)(6,309,929)(2,504,297)(10,043,596)(2,426,283)(2,551,356)898,601 
Net assets:
Beginning of period335,977,863 286,383,478 246,553,116 151,522,137 24,788,920 6,923,351 117,737,726 7,522,635 6,904,019 3,032,441 
End of period$247,303,736 $218,200,980 $189,599,214 $104,562,541 $18,478,991 $4,419,054 $107,694,130 $5,096,352 $4,352,663 $3,931,042 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
Lord Abbett Series Fund - Fundamental Equity PortfolioLord Abbett Series Fund - Dividend Growth PortfolioLord Abbett Series Fund - Bond Debenture PortfolioLord Abbett Series Fund - Growth and Income PortfolioMFS® Growth SeriesMFS® Global Equity SeriesMFS® Investors Trust SeriesMFS® Mid Cap Growth SeriesMFS® New Discovery SeriesMFS® Total Return Series
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$6,633 $(74,409)$513,167 $(6,438)$(1,732,835)$(156,396)$(1,107,207)$(807,888)$(1,129,884)$(449,166)
Net realized gain (loss) on security transactions109,599 191,286 (348,651)163,531 2,067,552 226,520 5,165,232 (985,013)(2,631,801)4,910,761 
Net realized gain distributions840,288 1,530,031 53,772 331,440 12,093,942 1,134,518 11,582,124 5,799,408 18,582,757 23,344,917 
Change in unrealized appreciation (depreciation) during the period(1,917,522)(3,634,699)(3,567,077)(1,015,800)(57,691,303)(3,992,836)(35,189,516)(21,597,788)(40,032,915)(63,314,920)
Net increase (decrease) in net assets resulting from operations(961,002)(1,987,791)(3,348,789)(527,267)(45,262,644)(2,788,194)(19,549,367)(17,591,281)(25,211,843)(35,508,408)
Unit transactions:
Purchases2,964 13,652 58,591 1,002 385,391 28,478 667,302 73,473 309,235 1,512,097 
Net transfers154,854 153,114 (978,972)330,244 8,178,668 358,719 (3,229,229)(2,679,860)3,797,561 (7,648,175)
Surrenders for benefit payments and fees(717,505)(1,145,551)(1,946,807)(453,782)(9,318,799)(978,231)(6,449,695)(2,908,027)(4,665,778)(22,043,039)
Other transactions26 (4)(94)14 (276)143 7,868 37 508 6,220 
Death benefits(128,680)(269,275)(674,098)(73,331)(2,404,252)(299,260)(2,211,347)(855,224)(1,604,278)(8,638,553)
Net annuity transactions— (35,352)(57,129)(8,860)(122,906)(47,834)(345,400)48,118 (100,221)(509,307)
Net increase (decrease) in net assets resulting from unit transactions(688,341)(1,283,416)(3,598,509)(204,713)(3,282,174)(937,985)(11,560,501)(6,321,483)(2,262,973)(37,320,757)
Net increase (decrease) in net assets(1,649,343)(3,271,207)(6,947,298)(731,980)(48,544,818)(3,726,179)(31,109,868)(23,912,764)(27,474,816)(72,829,165)
Net assets:
Beginning of period7,957,663 13,607,209 24,361,010 4,715,608 139,687,460 14,873,447 113,453,747 60,292,349 80,456,774 324,293,690 
End of period$6,308,320 $10,336,002 $17,413,712 $3,983,628 $91,142,642 $11,147,268 $82,343,879 $36,379,585 $52,981,958 $251,464,525 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
MFS® Value SeriesMFS® Total Return Bond SeriesMFS® Research SeriesMFS® High Yield PortfolioBlackRock Managed Volatility V.I. FundBlackRock Global Allocation V.I. FundBlackRock S&P 500 Index V.I. FundBlackRock Large Cap Focus Growth V.I. FundBlackRock Equity Dividend V.I. FundMorgan Stanley VIF Core Plus Fixed Income Portfolio
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(497,436)$3,590,556 $(184,733)$1,792,965 $(1,397,077)$(24,415)$36,298 $(13,000)$23,837 $3,133 
Net realized gain (loss) on security transactions8,429,664 (7,364,223)385,920 (1,564,425)(1,362,791)(83,683)578,955 21,045 112,134 (9,346)
Net realized gain distributions9,685,641 3,705,410 1,919,610 — — 35,984 929,338 34,866 514,034 4,411 
Change in unrealized appreciation (depreciation) during the period(32,070,442)(58,176,096)(5,502,569)(7,115,020)8,897,973 (432,102)(5,990,257)(456,602)(882,223)(48,174)
Net increase (decrease) in net assets resulting from operations(14,452,573)(58,244,353)(3,381,772)(6,886,480)6,138,105 (504,216)(4,445,666)(413,691)(232,218)(49,976)
Unit transactions:
Purchases735,978 763,305 68,503 405,442 154,583 1,200 58,444 — 2,535 — 
Net transfers(6,010,468)(9,298,515)438,208 (1,424,799)(18,366,954)(12,474)2,532,962 (110,567)(254,530)24,587 
Surrenders for benefit payments and fees(15,412,163)(34,406,227)(1,157,040)(4,190,384)(17,613,918)(102,417)(2,606,707)(28,278)(484,707)(44,621)
Other transactions4,290 (722)24 746 (94)— 1,684 1 (1)(1)
Death benefits(4,246,873)(9,172,002)(351,557)(1,593,754)(2,799,421)(231,971)(132,842)(375,513)(116,948)— 
Net annuity transactions(116,250)108,293 (46,752)(182,416)83,028 — 11,819 (10,365)(1,366)— 
Net increase (decrease) in net assets resulting from unit transactions(25,045,486)(52,005,868)(1,048,614)(6,985,165)(38,542,776)(345,662)(134,640)(524,722)(855,017)(20,035)
Net increase (decrease) in net assets(39,498,059)(110,250,221)(4,430,386)(13,871,645)(32,404,671)(849,878)(4,580,306)(938,413)(1,087,235)(70,011)
Net assets:
Beginning of period193,290,476 397,065,930 18,829,376 58,238,454 166,563,045 2,981,920 23,823,567 1,454,304 5,455,987 329,952 
End of period$153,792,417 $286,815,709 $14,398,990 $44,366,809 $134,158,374 $2,132,042 $19,243,261 $515,891 $4,368,752 $259,941 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
Morgan Stanley VIF Growth PortfolioMorgan Stanley VIF Discovery PortfolioInvesco V.I. American Value FundBlackRock Capital Appreciation V.I. FundInvesco V.I. Discovery Mid Cap Growth FundInvesco V.I. Capital Appreciation FundInvesco V.I. Global FundInvesco V.I. Main Street Fund®Invesco V.I. Main Street Small Cap Fund®Putnam VT Diversified Income Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(28,942)$(111,965)$(466,837)$(38,193)$(147,882)$(30,010)$(110,021)$(21,110)$(132,769)$1,267,020 
Net realized gain (loss) on security transactions(203,428)(1,621,052)(101,070)(141,871)(370,906)(4,254)54,180 (15,571)345,337 (1,644,675)
Net realized gain distributions896,597 4,020,406 7,459,683 210,815 2,180,435 618,623 1,109,813 1,383,564 1,085,607 512,061 
Change in unrealized appreciation (depreciation) during the period(2,467,775)(11,065,409)(9,034,179)(2,010,236)(5,352,740)(1,318,179)(3,880,239)(2,273,635)(3,258,619)(1,025,131)
Net increase (decrease) in net assets resulting from operations(1,803,548)(8,778,020)(2,142,403)(1,979,485)(3,691,093)(733,820)(2,826,267)(926,752)(1,960,444)(890,725)
Unit transactions:
Purchases4,535 19,075 177,981 612 48,065 888 2,620 1,913 17,755 40,271 
Net transfers257,323 3,490,521 3,364,488 1,533,887 (1,881,380)5,615 424,107 18,068 (109,971)(1,927,490)
Surrenders for benefit payments and fees(163,255)(557,388)(2,797,602)(460,505)(559,342)(138,296)(528,577)(286,769)(815,572)(2,294,940)
Other transactions508 232 (147)30 (32)(2)(1)(2)(87)(21)
Death benefits(29,535)(180,107)(967,332)(87,833)(129,474)18,129 (206,313)(55,975)(224,710)(689,567)
Net annuity transactions(6,291)(6,369)(37,845)(252)(54,619)— (1,621)(755)(1,571)(7,766)
Net increase (decrease) in net assets resulting from unit transactions63,285 2,765,964 (260,457)985,939 (2,576,782)(113,666)(309,785)(323,520)(1,134,156)(4,879,513)
Net increase (decrease) in net assets(1,740,263)(6,012,056)(2,402,860)(993,546)(6,267,875)(847,486)(3,136,052)(1,250,272)(3,094,600)(5,770,238)
Net assets:
Beginning of period2,918,031 11,929,291 43,334,574 4,836,397 13,179,636 2,329,233 8,596,649 4,450,679 11,563,262 25,017,263 
End of period$1,177,768 $5,917,235 $40,931,714 $3,842,851 $6,911,761 $1,481,747 $5,460,597 $3,200,407 $8,468,662 $19,247,025 
The accompanying notes are an integral part of these financial statements.

SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
Putnam VT Global Asset Allocation FundPutnam VT Growth Opportunities FundPutnam VT International Value FundPutnam VT International Equity FundPutnam VT Multi-Cap Core FundPutnam VT Small Cap Value FundPutnam VT Large Cap Value FundPIMCO VIT All Asset PortfolioPIMCO StocksPLUS® Global PortfolioPIMCO VIT Global Managed Asset Allocation Portfolio
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(7,449)$(42,958)$3,430 $(2,378)$689 $(24,048)$11,379 $40,286 $5,909 $1,353 
Net realized gain (loss) on security transactions5,307 187,737 (735)(6,918)(50,221)(192,066)22,169 (5,797)(176,036)(3,779)
Net realized gain distributions192,824 737,280 23,586 105,160 100,141 223,190 130,720 49,172 793,342 49,384 
Change in unrealized appreciation (depreciation) during the period(612,398)(2,569,767)(91,727)(274,338)(131,448)(294,294)(223,454)(171,471)(1,385,529)(110,671)
Net increase (decrease) in net assets resulting from operations(421,716)(1,687,708)(65,446)(178,474)(80,839)(287,218)(59,186)(87,810)(762,314)(63,713)
Unit transactions:
Purchases673 1,300 — — — 1,669 — 783 540 — 
Net transfers30,659 824,535 140,978 204,996 (212,177)(595,477)369,340 (18,341)398,634 1,491 
Surrenders for benefit payments and fees(58,921)(651,186)(22,230)(59,789)(10,364)(116,673)(74,050)(25,158)(381,945)(14,848)
Other transactions(1)14 — — 688 (137)(253)— 11 — 
Death benefits(15,228)(1,339)4,532 (3,806)— 2,406 — — (81,771)— 
Net annuity transactions(10,801)21,763 — (680)— (4,219)(2,457)— (180)— 
Net increase (decrease) in net assets resulting from unit transactions(53,619)195,087 123,280 140,721 (221,853)(712,431)292,580 (42,716)(64,711)(13,357)
Net increase (decrease) in net assets(475,335)(1,492,621)57,834 (37,753)(302,692)(999,649)233,394 (130,526)(827,025)(77,070)
Net assets:
Beginning of period2,446,703 5,557,059 523,696 1,157,492 510,049 1,870,112 1,416,319 703,780 3,992,674 330,425 
End of period$1,971,368 $4,064,438 $581,530 $1,119,739 $207,357 $870,463 $1,649,713 $573,254 $3,165,649 $253,355 
The accompanying notes are an integral part of these financial statements.
SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022
PSF PGIM Jennison Focused Blend PortfolioPSF PGIM Jennison Value PortfolioInvesco V.I. Growth and Income FundInvesco V.I. Comstock FundInvesco V.I. American Franchise FundAllspring VT Index Asset Allocation FundAllspring VT International Equity FundAllspring VT Small Cap Growth FundAllspring VT Discovery FundAllspring VT Opportunity Fund
Sub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(9,673)$(7,684)$5,251 $(5,174)$(668,734)$(3,744)$7,009 $(14,952)$(11,004)$(1,620)
Net realized gain (loss) on security transactions8,533 5,718 1,025,735 34,504 350,197 (10,951)(27,228)(17,828)(143,265)(11,750)
Net realized gain distributions— — 1,739,724 37,473 8,924,761 29,628 — 134,324 210,122 10,741 
Change in unrealized appreciation (depreciation) during the period(192,411)(44,701)(4,259,755)(79,673)(23,453,282)(102,971)(42,082)(483,739)(352,015)(21,504)
Net increase (decrease) in net assets resulting from operations(193,551)(46,667)(1,489,045)(12,870)(14,847,058)(88,038)(62,301)(382,195)(296,162)(24,133)
Unit transactions:
Purchases— — 49,154 1,275 107,861 — 700 420 — — 
Net transfers79 — (884,538)118,924 (727,496)(160,124)15,882 64,660 (134,569)(91,225)
Surrenders for benefit payments and fees(2,015)(2,374)(1,629,939)(76,203)(2,908,702)(15,215)(16,809)(54,970)(18,146)(12,647)
Other transactions1 — 1,362 — (36)— (112)(573)19 1 
Death benefits— — (774,481)(28,428)(915,032)(27,019)(19,315)(27,307)— — 
Net annuity transactions— — (18,235)— (119,590)(7,336)(455)(475)— — 
Net increase (decrease) in net assets resulting from unit transactions(1,935)(2,374)(3,256,677)15,568 (4,562,995)(209,694)(20,109)(18,245)(152,696)(103,871)
Net increase (decrease) in net assets(195,486)(49,041)(4,745,722)2,698 (19,410,053)(297,732)(82,410)(400,440)(448,858)(128,004)
Net assets:
Beginning of period709,282 473,146 22,391,709 1,245,025 47,701,072 505,521 469,509 1,053,006 757,389 158,487 
End of period$513,796 $424,105 $17,645,987 $1,247,723 $28,291,019 $207,789 $387,099 $652,566 $308,531 $30,483 
The accompanying notes are an integral part of these financial statements.


SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Statements of Changes in Net Assets (concluded)
For the Periods Ended December 31, 2022
MFS® Core Equity PortfolioMFS® Massachusetts Investors Growth Stock PortfolioMFS® Research International Portfolio
Sub-AccountSub-AccountSub-Account
Operations:
Net investment income (loss)$(266,841)$(476,163)$(1,708)
Net realized gain (loss) on security transactions249,152 482,932 (31,954)
Net realized gain distributions2,053,571 3,915,292 263,324 
Change in unrealized appreciation (depreciation) during the period(6,126,110)(11,178,390)(2,864,539)
Net increase (decrease) in net assets resulting from operations(4,090,228)(7,256,329)(2,634,877)
Unit transactions:
Purchases21,652 132,502 17,520 
Net transfers364,591 204,628 989,610 
Surrenders for benefit payments and fees(1,689,919)(1,688,077)(851,196)
Other transactions(700)11,361 579 
Death benefits(615,841)(627,517)(186,786)
Net annuity transactions(30,305)(320,539)(22,446)
Net increase (decrease) in net assets resulting from unit transactions(1,950,522)(2,287,642)(52,719)
Net increase (decrease) in net assets(6,040,750)(9,543,971)(2,687,596)
Net assets:
Beginning of period22,474,746 35,776,693 14,028,836 
End of period$16,433,996 $26,232,722 $11,341,240 
The accompanying notes are an integral part of these financial statements.








SEPARATE ACCOUNT SEVEN
Talcott Resolution Life and Annuity Insurance Company
Notes to Financial Statements
December 31, 2023

1. Organization:

Separate Account Seven (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:

American Century VP Value Fund, American Century VP Growth Fund, 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. Core Equity Fund, Invesco V.I. Government Securities Fund, Invesco V.I. High Yield Fund, Invesco V.I. EQV International Equity Fund, Invesco V.I. Main Street Mid Cap Fund®, Invesco V.I. Small Cap Equity Fund, Invesco V.I. Balanced-Risk Allocation Fund, Invesco V.I. Diversified Dividend Fund, Invesco V.I. Government Money Market Fund, American Century VP Mid Cap Value Fund, AB VPS Relative Value Portfolio (Formerly AB VPS Growth and Income Portfolio), American Funds Insurance Series® Capital World Bond Fund®, American Funds Insurance Series® Capital World Growth and Income Fund®, American Funds Insurance Series® Asset Allocation Fund, American Funds Insurance Series® Washington Mutual Investors FundSM, 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® New World Fund®, American Funds Insurance Series® Global Small Capitalization Fund, Allspring VT Discovery All Cap Growth Fund (Formerly Allspring VT Omega Growth Fund), Fidelity® VIP Growth Portfolio, Fidelity® VIP Contrafund® Portfolio, Fidelity® VIP Mid Cap Portfolio, Fidelity® VIP Value Strategies Portfolio, Fidelity® VIP Dynamic Capital Appreciation Portfolio, Fidelity® VIP Strategic Income Portfolio, Franklin Rising Dividends VIP Fund, Franklin Income VIP Fund, Franklin Large Cap Growth VIP Fund, Franklin Global Real Estate 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 Foreign VIP Fund, Templeton Growth VIP Fund, Franklin Mutual Global Discovery VIP Fund, Franklin DynaTech 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® Global Equity Series, MFS® Investors Trust Series, MFS® Mid Cap Growth Series, MFS® New Discovery Series, MFS® Total Return Series, MFS® Value Series, MFS® Total Return Bond Series, MFS® Research Series, MFS® High Yield Portfolio, BlackRock Managed Volatility V.I. Fund, BlackRock Global Allocation V.I. Fund, BlackRock S&P 500 Index V.I. Fund, BlackRock Large Cap Focus Growth V.I. Fund, BlackRock Equity Dividend V.I. Fund, Morgan Stanley VIF Core Plus Fixed Income Portfolio*, Morgan Stanley VIF Growth Portfolio, Morgan Stanley VIF Discovery Portfolio, Invesco V.I. American Value Fund, BlackRock Capital Appreciation V.I. Fund, 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 Small Cap Value Fund, Putnam VT Large Cap Value Fund, PIMCO VIT All Asset Portfolio, PIMCO StocksPLUS® Global Portfolio, PIMCO VIT Global Managed Asset Allocation Portfolio, PSF PGIM Jennison Focused Blend Portfolio (Merged into PSF PGIM Jennison Blend Portfolio), PSF PGIM Jennison Value Portfolio, 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, MFS® Core Equity Portfolio, MFS® Massachusetts Investors Growth Stock Portfolio, MFS® Research International Portfolio, PSF PGIM Jennison Blend Portfolio (Merged assets from PSF PGIM Jennison Focused Blend 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 1.55% 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 $50 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 1.50%
MAV Plus maximum of 0.30%
Principal First Charge maximum of 0.75%
Principal First Preferred Charge maximum of 0.20%
MAV 70 Death Benefit Charge maximum of 0.20%
Optional Death Benefit Charge maximum of 0.15%
Earnings Protection Benefit Charge maximum of 0.20%
Return of Premium Death Benefit maximum of 0.75%
MAV III maximum of 1.50%
MAV IV maximum of 1.50%
MAV V maximum of 1.50%
Legacy lock maximum of 1.50%
Daily lock maximum of 2.50%
Return of Premium III maximum of 0.75%
Return of Premium IV maximum of 0.75%
Return of Premium V maximum of 0.75%
Maximum daily value maximum of 1.50%
Safety Plus maximum of 2.50%
Future6 maximum of 2.50%
Future5 maximum of 2.50%
Premium Based Charges maximum of 0.71%
Lifetime Income Builder Charge maximum of 0.75%
Lifetime Income Builder II Charge maximum of 0.75%
Lifetime Income Foundation Charge maximum of 0.30%
Lifetime Income Builder Selects Charge maximum of 1.50%
Lifetime Income Builder Portfolios Charge maximum of 1.50%
Income Foundation Builder maximum of 2.50%

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) Distribution Charge - A Distribution Charge of 0.75% may be charged, by the Sponsor Company, to the contract’s value each year at the contract anniversary date. This charge is based on a percentage of remaining gross premiums with each premium payment having its own Distribution Charge schedule. The Distribution Charge is reduced to zero after the completion of eight years after each respective premium payment. 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.

g) 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-AccountPurchases at CostProceeds from Sales
American Century VP Value Fund$794,255 $1,024,150 
American Century VP Growth Fund$111,277 $410,535 
AB VPS Balanced Hedged Allocation Portfolio$517,796 $1,269,142 
AB VPS International Value Portfolio$476,467 $2,734,061 
AB VPS Discovery Value Portfolio+$1,060,066 $1,534,668 
AB VPS Sustainable International Thematic Portfolio$72,697 $93,291 
Invesco V.I. Core Equity Fund$3,826,713 $12,251,215 
Invesco V.I. Government Securities Fund$13,499,329 $18,536,854 
Invesco V.I. High Yield Fund$419,596 $139,479 
Invesco V.I. EQV International Equity Fund$3,882,606 $14,553,290 
Invesco V.I. Main Street Mid Cap Fund®$2,425,853 $10,923,974 
Invesco V.I. Small Cap Equity Fund$2,736,898 $7,714,144 
Invesco V.I. Balanced-Risk Allocation Fund$119,240 $752,729 
Invesco V.I. Diversified Dividend Fund$14,382 $2,996 
Invesco V.I. Government Money Market Fund$45,797,853 $61,883,801 
American Century VP Mid Cap Value Fund$113,743 $244,596 
AB VPS Relative Value Portfolio+$401,518 $646,375 
American Funds Insurance Series® Capital World Bond Fund®$2,360,482 $6,174,594 
American Funds Insurance Series® Capital World Growth and Income Fund®$5,307,350 $17,489,165 
American Funds Insurance Series® Asset Allocation Fund$37,332,053 $64,492,148 
American Funds Insurance Series® Washington Mutual Investors FundSM$15,883,533 $51,276,079 
American Funds Insurance Series® The Bond Fund of America®$45,495,240 $60,436,089 
American Funds Insurance Series® Global Growth Fund$21,701,637 $27,753,196 
American Funds Insurance Series® Growth Fund$94,051,488 $205,703,265 
American Funds Insurance Series® Growth-Income Fund$81,537,072 $155,138,329 
American Funds Insurance Series® International Fund$9,570,420 $38,726,550 
American Funds Insurance Series® New World Fund®$2,750,855 $11,226,000 
American Funds Insurance Series® Global Small Capitalization Fund$4,954,560 $15,217,146 
Allspring VT Discovery All Cap Growth Fund+$141,452 $216,710 
Fidelity® VIP Growth Portfolio$1,312,391 $1,273,766 
Fidelity® VIP Contrafund® Portfolio$2,850,589 $9,260,144 
Fidelity® VIP Mid Cap Portfolio$1,686,362 $4,277,296 
Fidelity® VIP Value Strategies Portfolio$668,126 $1,841,355 
Fidelity® VIP Dynamic Capital Appreciation Portfolio$240,272 $494,729 
Fidelity® VIP Strategic Income Portfolio$67,787 $67,290 
Franklin Rising Dividends VIP Fund$37,520,953 $42,674,684 
Franklin Income VIP Fund$44,329,974 $52,129,759 
Franklin Large Cap Growth VIP Fund$5,024,102 $10,283,388 
Franklin Global Real Estate VIP Fund$109,862 $392,416 
Franklin Small-Mid Cap Growth VIP Fund$2,980,267 $15,823,645 
Franklin Small Cap Value VIP Fund$4,715,193 $7,367,861 
Franklin Strategic Income VIP Fund$12,575,661 $24,767,234 
Franklin Mutual Shares VIP Fund$32,738,469 $47,206,817 
Templeton Developing Markets VIP Fund$2,698,496 $5,065,161 
Templeton Foreign VIP Fund$7,885,684 $26,603,400 
Templeton Growth VIP Fund$4,512,396 $16,629,304 
Franklin Mutual Global Discovery VIP Fund$10,753,367 $21,773,031 
Franklin DynaTech VIP Fund$4,573,184 $5,072,634 
Templeton Global Bond VIP Fund$1,404,031 $3,707,155 
Hartford Balanced HLS Fund$1,197,544 $1,911,526 
Hartford Total Return Bond HLS Fund$26,331,414 $38,145,787 
Hartford Capital Appreciation HLS Fund$7,251,803 $42,602,868 
Hartford Dividend and Growth HLS Fund$22,046,048 $34,597,640 
Hartford Disciplined Equity HLS Fund$3,497,017 $21,260,904 
Hartford International Opportunities HLS Fund$1,145,824 $3,830,879 
Hartford MidCap HLS Fund$411,098 $750,978 
Hartford Ultrashort Bond HLS Fund$11,292,887 $24,985,763 
Hartford Small Company HLS Fund$201,661 $1,200,286 
Hartford SmallCap Growth HLS Fund$203,856 $921,535 
Hartford Stock HLS Fund$620,597 $1,090,800 
Lord Abbett Series Fund - Fundamental Equity Portfolio$695,343 $2,054,941 
Lord Abbett Series Fund - Dividend Growth Portfolio$1,181,187 $1,678,919 
Lord Abbett Series Fund - Bond Debenture Portfolio$2,098,493 $2,678,590 
Lord Abbett Series Fund - Growth and Income Portfolio$411,669 $836,093 
MFS® Growth Series$11,176,259 $22,696,576 
MFS® Global Equity Series$857,297 $2,165,075 
MFS® Investors Trust Series$7,714,707 $12,975,194 
MFS® Mid Cap Growth Series$2,034,865 $6,020,699 
MFS® New Discovery Series$3,115,250 $8,476,404 
MFS® Total Return Series$21,114,901 $36,427,085 
MFS® Value Series$21,452,366 $27,558,073 
MFS® Total Return Bond Series$27,722,971 $45,250,187 
MFS® Research Series$2,094,919 $2,686,805 
MFS® High Yield Portfolio$4,396,476 $8,557,057 
BlackRock Managed Volatility V.I. Fund$31,281,469 $29,231,846 
BlackRock Global Allocation V.I. Fund$65,475 $200,479 
BlackRock S&P 500 Index V.I. Fund$2,265,571 $6,013,498 
BlackRock Large Cap Focus Growth V.I. Fund$94,301 $132,822 
BlackRock Equity Dividend V.I. Fund$734,156 $1,194,954 
Morgan Stanley VIF Core Plus Fixed Income Portfolio+$12,145 $268,698 
Morgan Stanley VIF Growth Portfolio$143,389 $259,786 
Morgan Stanley VIF Discovery Portfolio$1,820,243 $2,567,518 
Invesco V.I. American Value Fund$10,218,437 $8,238,007 
BlackRock Capital Appreciation V.I. Fund$435,313 $2,071,511 
Invesco V.I. Discovery Mid Cap Growth Fund$783,930 $1,897,823 
Invesco V.I. Capital Appreciation Fund$171,067 $404,888 
Invesco V.I. Global Fund$1,504,804 $1,348,079 
Invesco V.I. Main Street Fund®$292,530 $722,191 
Invesco V.I. Main Street Small Cap Fund®$528,656 $1,410,111 
Putnam VT Diversified Income Fund$2,789,635 $3,102,160 
Putnam VT Global Asset Allocation Fund$49,370 $207,919 
Putnam VT Large Cap Growth Fund+$490,092 $1,719,270 
Putnam VT International Value Fund$77,444 $261,752 
Putnam VT International Equity Fund$266,967 $294,319 
Putnam VT Core Equity Fund+$183,108 $69,094 
Putnam VT Small Cap Value Fund$225,971 $235,807 
Putnam VT Large Cap Value Fund$282,890 $364,682 
PIMCO VIT All Asset Portfolio$20,903 $167,443 
PIMCO StocksPLUS® Global Portfolio$373,787 $960,392 
PIMCO VIT Global Managed Asset Allocation Portfolio$5,743 $19,370 
PSF PGIM Jennison Focused Blend Portfolio+$— $648,722 
PSF PGIM Jennison Value Portfolio$— $10,100 
Invesco V.I. Growth and Income Fund$2,796,873 $4,217,260 
Invesco V.I. Comstock Fund$228,013 $263,737 
Invesco V.I. American Franchise Fund$3,262,132 $6,411,148 
Allspring VT Index Asset Allocation Fund$8,764 $41,504 
Allspring VT International Equity Fund$70,265 $145,403 
Allspring VT Small Cap Growth Fund$35,364 $203,558 
Allspring VT Discovery SMID Cap Growth Fund+$30,866 $39,199 
Allspring VT Opportunity Fund$68,247 $9,246 
MFS® Core Equity Portfolio$1,856,627 $2,859,346 
MFS® Massachusetts Investors Growth Stock Portfolio$2,744,813 $4,367,233 
MFS® Research International Portfolio$1,485,205 $2,721,643 
PSF PGIM Jennison Blend Portfolio+$638,699 $711 

+ 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 IssuedUnits RedeemedNet Increase/(Decrease)
American Century VP Value Fund17,200 34,939 (17,739)
American Century VP Growth Fund3,069 11,275 (8,206)
AB VPS Balanced Hedged Allocation Portfolio7,544 73,748 (66,204)
AB VPS International Value Portfolio44,816 331,758 (286,942)
AB VPS Discovery Value Portfolio+19,081 50,683 (31,602)
AB VPS Sustainable International Thematic Portfolio3,777 7,361 (3,584)
Invesco V.I. Core Equity Fund82,617 427,280 (344,663)
Invesco V.I. Government Securities Fund8,990,846 13,629,466 (4,638,620)
Invesco V.I. High Yield Fund39,703 13,952 25,751 
Invesco V.I. EQV International Equity Fund922,699 3,009,808 (2,087,109)
Invesco V.I. Main Street Mid Cap Fund®694,077 2,905,048 (2,210,971)
Invesco V.I. Small Cap Equity Fund66,999 233,740 (166,741)
Invesco V.I. Balanced-Risk Allocation Fund9,685 47,689 (38,004)
Invesco V.I. Diversified Dividend Fund40 10 30 
Invesco V.I. Government Money Market Fund4,399,622 6,605,124 (2,205,502)
American Century VP Mid Cap Value Fund1,297 8,106 (6,809)
AB VPS Relative Value Portfolio+21,199 46,212 (25,013)
American Funds Insurance Series® Capital World Bond Fund®236,428 549,136 (312,708)
American Funds Insurance Series® Capital World Growth and Income Fund®165,935 768,282 (602,347)
American Funds Insurance Series® Asset Allocation Fund452,376 2,195,319 (1,742,943)
American Funds Insurance Series® Washington Mutual Investors FundSM2,411,949 14,839,505 (12,427,556)
American Funds Insurance Series® The Bond Fund of America®2,513,234 4,002,497 (1,489,263)
American Funds Insurance Series® Global Growth Fund215,132 765,235 (550,103)
American Funds Insurance Series® Growth Fund705,335 5,022,018 (4,316,683)
American Funds Insurance Series® Growth-Income Fund610,209 4,152,545 (3,542,336)
American Funds Insurance Series® International Fund521,175 2,475,602 (1,954,427)
American Funds Insurance Series® New World Fund®79,224 349,828 (270,604)
American Funds Insurance Series® Global Small Capitalization Fund182,045 607,566 (425,521)
Allspring VT Discovery All Cap Growth Fund+2,251 5,965 (3,714)
Fidelity® VIP Growth Portfolio22,418 28,366 (5,948)
Fidelity® VIP Contrafund® Portfolio38,410 249,034 (210,624)
Fidelity® VIP Mid Cap Portfolio35,812 148,461 (112,649)
Fidelity® VIP Value Strategies Portfolio20,536 70,691 (50,155)
Fidelity® VIP Dynamic Capital Appreciation Portfolio3,591 12,650 (9,059)
Fidelity® VIP Strategic Income Portfolio2,696 3,788 (1,092)
Franklin Rising Dividends VIP Fund158,031 888,808 (730,777)
Franklin Income VIP Fund360,777 1,968,203 (1,607,426)
Franklin Large Cap Growth VIP Fund130,114 309,612 (179,498)
Franklin Global Real Estate VIP Fund3,845 16,963 (13,118)
Franklin Small-Mid Cap Growth VIP Fund121,297 545,096 (423,799)
Franklin Small Cap Value VIP Fund116,517 295,662 (179,145)
Franklin Strategic Income VIP Fund387,132 1,273,192 (886,060)
Franklin Mutual Shares VIP Fund295,513 1,780,624 (1,485,111)
Templeton Developing Markets VIP Fund118,128 231,977 (113,849)
Templeton Foreign VIP Fund372,304 1,917,147 (1,544,843)
Templeton Growth VIP Fund110,197 892,577 (782,380)
Franklin Mutual Global Discovery VIP Fund80,421 610,896 (530,475)
Franklin DynaTech VIP Fund155,198 161,165 (5,967)
Templeton Global Bond VIP Fund136,441 321,551 (185,110)
Hartford Balanced HLS Fund27,583 76,943 (49,360)
Hartford Total Return Bond HLS Fund1,515,040 2,861,595 (1,346,555)
Hartford Capital Appreciation HLS Fund91,964 1,490,487 (1,398,523)
Hartford Dividend and Growth HLS Fund131,011 1,008,986 (877,975)
Hartford Disciplined Equity HLS Fund61,183 543,879 (482,696)
Hartford International Opportunities HLS Fund67,548 247,339 (179,791)
Hartford MidCap HLS Fund11,100 67,631 (56,531)
Hartford Ultrashort Bond HLS Fund7,317,947 18,247,732 (10,929,785)
Hartford Small Company HLS Fund8,407 42,266 (33,859)
Hartford SmallCap Growth HLS Fund6,358 25,791 (19,433)
Hartford Stock HLS Fund11,336 34,174 (22,838)
Lord Abbett Series Fund - Fundamental Equity Portfolio19,482 72,809 (53,327)
Lord Abbett Series Fund - Dividend Growth Portfolio16,093 48,224 (32,131)
Lord Abbett Series Fund - Bond Debenture Portfolio73,428 142,019 (68,591)
Lord Abbett Series Fund - Growth and Income Portfolio12,692 32,821 (20,129)
MFS® Growth Series123,063 676,556 (553,493)
MFS® Global Equity Series9,515 60,157 (50,642)
MFS® Investors Trust Series96,127 414,672 (318,545)
MFS® Mid Cap Growth Series88,520 308,766 (220,246)
MFS® New Discovery Series99,987 221,841 (121,854)
MFS® Total Return Series272,584 1,333,001 (1,060,417)
MFS® Value Series272,103 739,181 (467,078)
MFS® Total Return Bond Series1,485,761 3,148,643 (1,662,882)
MFS® Research Series33,627 65,973 (32,346)
MFS® High Yield Portfolio171,823 662,936 (491,113)
BlackRock Managed Volatility V.I. Fund1,918,820 2,570,025 (651,205)
BlackRock Global Allocation V.I. Fund830 11,291 (10,461)
BlackRock S&P 500 Index V.I. Fund83,784 360,122 (276,338)
BlackRock Large Cap Focus Growth V.I. Fund2,342 3,738 (1,396)
BlackRock Equity Dividend V.I. Fund17,236 41,710 (24,474)
Morgan Stanley VIF Core Plus Fixed Income Portfolio+194 25,008 (24,814)
Morgan Stanley VIF Growth Portfolio6,293 8,655 (2,362)
Morgan Stanley VIF Discovery Portfolio76,428 92,156 (15,728)
Invesco V.I. American Value Fund180,862 609,770 (428,908)
BlackRock Capital Appreciation V.I. Fund7,812 61,466 (53,654)
Invesco V.I. Discovery Mid Cap Growth Fund66,648 149,882 (83,234)
Invesco V.I. Capital Appreciation Fund5,687 12,753 (7,066)
Invesco V.I. Global Fund34,500 53,257 (18,757)
Invesco V.I. Main Street Fund®3,481 24,390 (20,909)
Invesco V.I. Main Street Small Cap Fund®15,199 40,682 (25,483)
Putnam VT Diversified Income Fund128,886 218,467 (89,581)
Putnam VT Global Asset Allocation Fund977 8,519 (7,542)
Putnam VT Large Cap Growth Fund+15,594 63,724 (48,130)
Putnam VT International Value Fund6,329 21,590 (15,261)
Putnam VT International Equity Fund22,111 22,753 (642)
Putnam VT Core Equity Fund+2,696 1,191 1,505 
Putnam VT Small Cap Value Fund4,506 9,091 (4,585)
Putnam VT Large Cap Value Fund3,350 7,259 (3,909)
PIMCO VIT All Asset Portfolio1,318 11,864 (10,546)
PIMCO StocksPLUS® Global Portfolio15,891 49,461 (33,570)
PIMCO VIT Global Managed Asset Allocation Portfolio23 1,258 (1,235)
PSF PGIM Jennison Focused Blend Portfolio+— 153,589 (153,589)
PSF PGIM Jennison Value Portfolio— 78 (78)
Invesco V.I. Growth and Income Fund23,531 153,031 (129,500)
Invesco V.I. Comstock Fund1,808 6,142 (4,334)
Invesco V.I. American Franchise Fund88,062 194,719 (106,657)
Allspring VT Index Asset Allocation Fund414 14,462 (14,048)
Allspring VT International Equity Fund4,797 10,436 (5,639)
Allspring VT Small Cap Growth Fund9,367 18,594 (9,227)
Allspring VT Discovery SMID Cap Growth Fund+803 775 28 
Allspring VT Opportunity Fund1,386 185 1,201 
MFS® Core Equity Portfolio47,478 122,084 (74,606)
MFS® Massachusetts Investors Growth Stock Portfolio54,342 167,004 (112,662)
MFS® Research International Portfolio106,658 198,253 (91,595)
PSF PGIM Jennison Blend Portfolio+58,202 6 58,196 

+ 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 IssuedUnits RedeemedNet Increase/(Decrease)
American Century VP Value Fund19,785 42,509 (22,724)
American Century VP Growth Fund11,532 10,571 961 
AB VPS Balanced Hedged Allocation Portfolio16,570 65,357 (48,787)
AB VPS International Value Portfolio145,462 188,308 (42,846)
AB VPS Small/Mid Cap Value Portfolio28,600 83,779 (55,179)
AB VPS Sustainable International Thematic Portfolio7,255 15,809 (8,554)
Invesco V.I. Core Equity Fund198,325 525,907 (327,582)
Invesco V.I. Government Securities Fund5,945,970 23,325,375 (17,379,405)
Invesco V.I. High Yield Fund68,944 6,203 62,741 
Invesco V.I. EQV International Equity Fund1,268,950 3,006,224 (1,737,274)
Invesco V.I. Main Street Mid Cap Fund®968,118 3,664,779 (2,696,661)
Invesco V.I. Small Cap Equity Fund139,005 347,674 (208,669)
Invesco V.I. Balanced-Risk Allocation Fund16,632 65,311 (48,679)
Invesco V.I. Diversified Dividend Fund4,506 4,588 (82)
Invesco V.I. Government Money Market Fund11,959,819 7,506,336 4,453,483 
American Century VP Mid Cap Value Fund4,862 4,546 316 
AB VPS Growth and Income Portfolio94,013 31,166 62,847 
American Funds Insurance Series® Capital World Bond Fund®205,223 664,103 (458,880)
American Funds Insurance Series® Capital World Growth and Income Fund®200,963 937,480 (736,517)
American Funds Insurance Series® Asset Allocation Fund544,345 2,574,227 (2,029,882)
American Funds Insurance Series® Washington Mutual Investors FundSM5,971,646 15,662,716 (9,691,070)
American Funds Insurance Series® The Bond Fund of America®1,069,153 6,404,814 (5,335,661)
American Funds Insurance Series® Global Growth Fund286,815 824,288 (537,473)
American Funds Insurance Series® Growth Fund1,653,502 4,692,055 (3,038,553)
American Funds Insurance Series® Growth-Income Fund874,740 4,604,678 (3,729,938)
American Funds Insurance Series® International Fund1,529,410 2,404,858 (875,448)
American Funds Insurance Series® New World Fund®141,072 369,522 (228,450)
American Funds Insurance Series® Global Small Capitalization Fund420,119 578,345 (158,226)
Allspring VT Omega Growth Fund1,071 1,283 (212)
Fidelity® VIP Growth Portfolio14,741 48,644 (33,903)
Fidelity® VIP Contrafund® Portfolio137,695 196,914 (59,219)
Fidelity® VIP Mid Cap Portfolio54,390 212,559 (158,169)
Fidelity® VIP Value Strategies Portfolio89,834 57,747 32,087 
Fidelity® VIP Dynamic Capital Appreciation Portfolio6,040 6,052 (12)
Fidelity® VIP Strategic Income Portfolio1,879 8,572 (6,693)
Franklin Rising Dividends VIP Fund270,846 1,128,947 (858,101)
Franklin Income VIP Fund614,605 2,494,182 (1,879,577)
Franklin Large Cap Growth VIP Fund251,189 291,306 (40,117)
Franklin Global Real Estate VIP Fund2,530 8,406 (5,876)
Franklin Small-Mid Cap Growth VIP Fund307,532 505,070 (197,538)
Franklin Small Cap Value VIP Fund244,380 454,545 (210,165)
Franklin Strategic Income VIP Fund343,626 1,793,086 (1,449,460)
Franklin Mutual Shares VIP Fund352,318 2,034,851 (1,682,533)
Templeton Developing Markets VIP Fund116,720 222,898 (106,178)
Templeton Foreign VIP Fund968,003 2,025,237 (1,057,234)
Templeton Growth VIP Fund250,822 877,715 (626,893)
Franklin Mutual Global Discovery VIP Fund164,845 733,162 (568,317)
Franklin DynaTech VIP Fund106,491 281,982 (175,491)
Templeton Global Bond VIP Fund135,882 509,898 (374,016)
Hartford Balanced HLS Fund48,921 141,335 (92,414)
Hartford Total Return Bond HLS Fund1,436,804 4,452,640 (3,015,836)
Hartford Capital Appreciation HLS Fund473,190 1,314,031 (840,841)
Hartford Dividend and Growth HLS Fund356,151 1,381,165 (1,025,014)
Hartford Disciplined Equity HLS Fund128,827 618,045 (489,218)
Hartford International Opportunities HLS Fund161,360 279,064 (117,704)
Hartford MidCap HLS Fund47,812 124,459 (76,647)
Hartford Ultrashort Bond HLS Fund17,229,728 21,718,359 (4,488,631)
Hartford Small Company HLS Fund38,403 38,343 60 
Hartford SmallCap Growth HLS Fund22,547 39,721 (17,174)
Hartford Stock HLS Fund52,299 15,748 36,551 
Lord Abbett Series Fund - Fundamental Equity Portfolio38,169 63,283 (25,114)
Lord Abbett Series Fund - Dividend Growth Portfolio17,046 59,445 (42,399)
Lord Abbett Series Fund - Bond Debenture Portfolio35,700 238,571 (202,871)
Lord Abbett Series Fund - Growth and Income Portfolio35,152 46,181 (11,029)
MFS® Growth Series406,185 518,044 (111,859)
MFS® Global Equity Series27,215 54,304 (27,089)
MFS® Investors Trust Series130,392 543,856 (413,464)
MFS® Mid Cap Growth Series86,219 447,739 (361,520)
MFS® New Discovery Series250,143 329,487 (79,344)
MFS® Total Return Series360,353 1,870,859 (1,510,506)
MFS® Value Series255,656 1,000,729 (745,073)
MFS® Total Return Bond Series1,206,094 4,997,563 (3,791,469)
MFS® Research Series39,346 64,608 (25,262)
MFS® High Yield Portfolio159,036 752,422 (593,386)
BlackRock Managed Volatility V.I. Fund803,855 4,574,010 (3,770,155)
BlackRock Global Allocation V.I. Fund741 24,787 (24,046)
BlackRock S&P 500 Index V.I. Fund280,744 281,014 (270)
BlackRock Large Cap Focus Growth V.I. Fund869 11,950 (11,081)
BlackRock Equity Dividend V.I. Fund20,703 51,468 (30,765)
Morgan Stanley VIF Core Plus Fixed Income Portfolio3,644 5,312 (1,668)
Morgan Stanley VIF Growth Portfolio11,335 9,873 1,462 
Morgan Stanley VIF Discovery Portfolio113,079 46,045 67,034 
Invesco V.I. American Value Fund659,733 671,935 (12,202)
BlackRock Capital Appreciation V.I. Fund54,175 22,074 32,101 
Invesco V.I. Discovery Mid Cap Growth Fund177,294 354,966 (177,672)
Invesco V.I. Capital Appreciation Fund9,474 13,488 (4,014)
Invesco V.I. Global Fund27,372 44,018 (16,646)
Invesco V.I. Main Street Fund®8,821 19,250 (10,429)
Invesco V.I. Main Street Small Cap Fund®11,087 46,825 (35,738)
Putnam VT Diversified Income Fund116,309 478,941 (362,632)
Putnam VT Global Asset Allocation Fund2,387 4,892 (2,505)
Putnam VT Growth Opportunities Fund59,638 48,030 11,608 
Putnam VT International Value Fund34,378 24,714 9,664 
Putnam VT International Equity Fund23,356 9,666 13,690 
Putnam VT Multi-Cap Core Fund2,188 6,641 (4,453)
Putnam VT Small Cap Value Fund32,681 64,356 (31,675)
Putnam VT Large Cap Value Fund10,597 4,795 5,802 
PIMCO VIT All Asset Portfolio429 3,355 (2,926)
PIMCO StocksPLUS® Global Portfolio36,835 39,558 (2,723)
PIMCO VIT Global Managed Asset Allocation Portfolio194 1,227 (1,033)
PSF PGIM Jennison Focused Blend Portfolio24 606 (582)
PSF PGIM Jennison Value Portfolio— 79 (79)
Invesco V.I. Growth and Income Fund66,401 182,598 (116,197)
Invesco V.I. Comstock Fund6,258 6,031 227 
Invesco V.I. American Franchise Fund75,122 230,843 (155,721)
Allspring VT Index Asset Allocation Fund3,004 70,436 (67,432)
Allspring VT International Equity Fund1,591 3,053 (1,462)
Allspring VT Small Cap Growth Fund18,839 22,014 (3,175)
Allspring VT Discovery Fund3,534 7,779 (4,245)
Allspring VT Opportunity Fund13 2,513 (2,500)
MFS® Core Equity Portfolio63,786 158,327 (94,541)
MFS® Massachusetts Investors Growth Stock Portfolio107,157 208,866 (101,709)
MFS® Research International Portfolio125,590 125,945 (355)




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 AssetsExpense
Ratio Lowest to Highest*		Investment
Income
Ratio Lowest to Highest**		Total Return Ratio
Lowest to Highest***
American Century VP Value Fund
2023105,951$27.627289 to$31.396943$3,120,6890.50 %to1.50%2.03 %to2.10%7.40 %to8.47%
2022123,690$25.724852 to$28.944111$3,383,8050.50 %to1.50%1.94 %to2.04%(1.18)%to(0.19)%
2021146,414$26.033120 to$28.999366$4,030,9280.50 %to1.50%1.49 %to1.56%22.43 %to23.66%
2020205,195$21.263397 to$23.450700$4,609,9720.50 %to1.50%2.18 %to2.19%(0.67)%to0.33%
2019217,965$21.406970 to$23.374017$4,906,1310.50 %to1.50%1.86 %to1.96%25.03 %to26.29%
American Century VP Growth Fund
202328,121$39.096461 to$44.373661$1,166,4630.50 %to1.50%— %to—%41.00 %to42.41%
202236,327$27.728046 to$31.158088$1,060,1360.50 %to1.50%— %to—%(32.36)%to(31.68)%
202135,366$40.994163 to$45.605985$1,509,3320.50 %to1.50%— %to—%25.24 %to26.50%
202043,314$32.731181 to$36.051511$1,469,2840.50 %to1.50%0.32 %to0.55%32.67 %to34.00%
201967,339$24.671989 to$26.904514$1,721,3250.50 %to1.50%0.22 %to0.26%33.32 %to34.66%
AB VPS Balanced Hedged Allocation Portfolio
2023392,319$20.086573 to$25.475491$6,799,2220.50 %to2.70%0.91 %to0.92%9.66 %to12.10%
2022458,523$18.317304 to$22.726310$7,143,2240.50 %to2.70%3.08 %to3.08%(21.32)%to(19.57)%
2021507,310$23.281991 to$28.256774$9,917,8760.50 %to2.70%0.26 %to0.27%10.35 %to12.80%
2020560,480$21.099126 to$25.050508$9,813,1890.50 %to2.70%2.16 %to2.18%6.34 %to8.71%
2019628,172$19.840768 to$23.044027$10,239,7770.50 %to2.70%2.32 %to2.33%15.06 %to17.61%
AB VPS International Value Portfolio
2023955,371$13.322204 to$16.402809$7,936,1560.50 %to2.75%0.53 %to0.70%11.72 %to14.26%
20221,242,313$11.924821 to$14.355854$9,058,3590.50 %to2.75%4.28 %to4.34%(16.13)%to(14.22)%
20211,285,159$14.218987 to$16.736638$11,010,1430.50 %to2.75%1.62 %to1.71%7.85 %to10.30%
20201,569,529$13.184279 to$15.173551$12,268,5390.50 %to2.75%1.19 %to1.60%(0.56)%to1.70%
20191,576,294$13.258740 to$14.919716$12,313,7620.50 %to2.75%0.63 %to0.85%13.62 %to16.21%
AB VPS Discovery Value Portfolio+
2023189,074$39.581002 to$48.210756$5,862,0680.30 %to2.70%— %to0.82%13.75 %to16.51%
2022220,677$34.795935 to$41.378256$5,969,5010.30 %to2.70%0.84 %to0.91%(18.06)%to(16.07)%
2021275,856$42.466171 to$49.300894$8,950,6250.30 %to2.70%0.60 %to0.60%32.00 %to35.20%
2020313,583$32.172236 to$35.636456$7,689,0890.50 %to2.70%0.73 %to0.74%0.31 %to2.54%
2019346,271$32.073274 to$34.753847$8,423,3250.50 %to2.70%0.31 %to0.32%16.71 %to19.30%
AB VPS Sustainable International Thematic Portfolio
202381,267$11.894500 to$17.665799$947,0220.85 %to2.70%— %to—%9.36 %to11.40%
202284,851$10.676949 to$16.153403$892,8320.85 %to2.70%— %to—%(29.73)%to(28.42)%
202193,405$14.915629 to$22.988228$1,379,8230.85 %to2.70%— %to—%5.13 %to7.09%
202099,130$13.927695 to$21.866344$1,372,0500.85 %to2.70%0.76 %to1.13%26.15 %to28.51%
2019125,738$10.838230 to$17.333346$1,332,2150.85 %to2.70%0.28 %to0.29%23.85 %to26.15%
Invesco V.I. Core Equity Fund
20232,247,280$29.273943 to$38.140444$64,313,6010.30 %to2.80%— %to0.71%19.96 %to22.72%
20222,591,943$24.403061 to$31.080033$61,291,0480.30 %to2.80%— %to0.70%(22.74)%to(20.99)%
20212,919,525$31.586991 to$39.337168$88,211,9680.30 %to2.80%0.34 %to0.72%24.22 %to27.00%
20203,482,739$25.429266 to$30.270210$84,067,2390.50 %to2.80%1.08 %to1.33%10.71 %to13.01%
20193,994,880$22.969659 to$26.786554$86,225,3190.50 %to2.80%0.17 %to0.94%25.41 %to28.02%
Invesco V.I. Government Securities Fund
202384,170,241$1.485261 to$8.635198$104,333,8270.85 %to2.80%2.02 %to2.09%1.73 %to3.73%
202288,808,861$8.488134 to$9.132074$106,847,6570.50 %to2.80%— %to1.93%(12.77)%to(8.68)%
2021106,188,266$1.609700 to$9.730853$144,867,9970.85 %to2.80%2.38 %to2.39%(4.97)%to(3.09)%
2020110,267,853$1.661102 to$10.239324$156,247,5710.85 %to2.80%2.48 %to2.54%3.34 %to5.37%
2019112,063,027$1.576383 to$9.908485$152,304,3000.85 %to2.80%2.53 %to2.60%3.14 %to5.18%
Invesco V.I. High Yield Fund
202397,447$9.826598 to$10.185231$921,9720.50 %to2.45%5.28 %to20.91%7.51 %to9.63%
202271,696$9.140217 to$9.290907$609,0880.50 %to2.45%— %to4.75%(8.60)%to(7.09)%
20218,955$1.956677 to$13.697106$67,9051.35 %to2.00%— %to—%2.32 %to2.98%
20203,520$13.387155 to$13.853825$48,2981.65 %to2.00%— %to6.03%1.27 %to1.63%
20191,836$13.218851 to$13.631880$24,7911.65 %to2.00%5.82 %to5.89%11.26 %to11.65%
Invesco V.I. EQV International Equity Fund
202313,513,607$20.915486 to$24.918263$61,413,5210.30 %to2.80%— %to0.20%14.89 %to17.51%
202215,600,716$18.205497 to$21.204620$61,865,9240.30 %to2.80%1.48 %to1.74%(20.56)%to(18.75)%
202117,337,990$22.918186 to$26.097468$84,197,5840.30 %to2.80%1.03 %to1.30%2.97 %to5.29%
202019,026,679$22.258091 to$24.786293$88,569,5420.30 %to2.80%1.81 %to2.58%10.85 %to13.40%
201921,719,116$20.079731 to$21.857569$90,790,9290.30 %to2.80%1.24 %to1.56%25.03 %to27.85%
Invesco V.I. Main Street Mid Cap Fund®
202317,635,164$25.663997 to$31.912369$64,623,6180.50 %to2.80%0.04 %to0.28%11.31 %to13.58%
202219,846,135$23.056781 to$28.097920$64,655,5570.50 %to2.80%0.07 %to0.27%(16.63)%to(14.88)%
202122,542,796$27.655875 to$33.009900$87,329,2620.50 %to2.80%0.21 %to0.47%19.84 %to22.25%
202026,015,090$23.076506 to$27.001393$83,283,1760.50 %to2.80%0.50 %to0.69%6.23 %to8.40%
201929,594,363$21.722629 to$24.909576$88,269,0670.50 %to2.80%0.20 %to0.41%21.82 %to24.41%
Invesco V.I. Small Cap Equity Fund
20231,223,073$31.401310 to$40.601611$40,494,5000.30 %to2.80%— %to—%13.36 %to15.91%
20221,389,815$27.700771 to$35.028997$40,047,1490.30 %to2.80%— %to—%(22.70)%to(20.97)%
20211,598,484$35.837174 to$44.323102$58,889,1410.30 %to2.80%— %to0.17%17.08 %to19.73%
20201,857,996$30.608904 to$37.017915$57,826,9920.30 %to2.80%0.02 %to0.35%23.73 %to26.49%
20192,203,192$24.738082 to$29.265634$54,897,5380.30 %to2.80%— %to—%23.11 %to25.94%
Invesco V.I. Balanced-Risk Allocation Fund
2023317,050$12.750480 to$17.332222$4,695,1850.30 %to2.70%— %to—%3.56 %to6.08%
2022355,054$12.311609 to$16.338778$5,033,7640.30 %to2.70%7.15 %to7.55%(16.80)%to(14.77)%
2021403,733$14.796967 to$18.761536$6,764,9680.50 %to2.70%2.99 %to3.02%6.35 %to8.72%
2020429,842$13.913283 to$17.257367$6,714,8370.50 %to2.70%5.85 %to7.87%7.06 %to9.44%
2019502,491$12.995732 to$16.048355$7,265,2340.30 %to2.70%— %to—%11.82 %to14.54%
Invesco V.I. Diversified Dividend Fund
20235,831$23.640924 to$25.364028$139,4341.65 %to2.20%1.78 %to1.82%6.40 %to6.99%
20225,801$21.445754 to$23.706700$130,1971.65 %to2.50%0.32 %to1.62%(4.35)%to(3.53)%
20215,883$22.420441 to$24.574246$137,6161.65 %to2.50%1.19 %to1.98%15.67 %to16.65%
20205,919$19.383503 to$21.693797$119,2581.35 %to2.50%— %to0.34%(2.60)%to(1.47)%
20197,293$19.901129 to$22.018320$151,3891.35 %to2.50%2.11 %to2.72%21.69 %to23.10%
Invesco V.I. Government Money Market Fund
202314,219,533$8.267118 to$10.406533$130,230,8100.50 %to2.80%4.46 %to4.66%1.97 %to4.09%
202216,425,035$8.107010 to$10.303359$146,316,6210.30 %to2.80%1.27 %to1.72%(1.35)%to1.15%
202111,971,552$8.217581 to$10.186019$107,384,6000.30 %to2.80%— %to0.01%(2.75)%to(0.29)%
202014,493,188$8.450353 to$10.215856$132,351,1830.30 %to2.80%0.12 %to0.36%(2.48)%to(0.01)%
201910,076,214$8.664829 to$10.216489$93,646,3410.30 %to2.80%1.89 %to2.01%(0.92)%to1.59%
American Century VP Mid Cap Value Fund
202314,511$27.849936 to$31.687692$420,0420.50 %to1.50%1.96 %to2.16%4.45 %to5.50%
202221,320$26.663752 to$30.036372$603,8700.50 %to1.50%2.11 %to2.31%(2.85)%to(1.88)%
202121,004$27.446798 to$30.610848$601,0170.50 %to1.50%1.03 %to1.03%21.19 %to22.40%
202037,119$22.648611 to$25.008360$888,9960.50 %to1.50%1.67 %to1.72%(0.39)%to0.61%
201938,899$22.738331 to$24.857624$929,7990.50 %to1.50%1.89 %to1.92%27.07 %to28.35%
AB VPS Relative Value Portfolio+
202367,547$13.724072 to$15.008521$963,6180.85 %to2.70%1.28 %to1.29%8.75 %to10.78%
202292,560$12.620085 to$13.548439$1,209,8270.85 %to2.70%1.10 %to1.11%(6.97)%to(5.23)%
202129,713$13.564989 to$14.295871$415,8060.85 %to2.70%0.62 %to0.64%24.43 %to26.76%
202030,882$10.901294 to$11.278271$344,1230.85 %to2.70%1.33 %to1.34%(0.26)%to1.61%
2019♦33,330$10.929310 to$11.100020$367,9480.85 %to2.70%1.02 %to1.21%9.29 %to11.00%
American Funds Insurance Series® Capital World Bond Fund®
20233,318,325$9.077227 to$9.403551$35,725,8260.30 %to2.80%— %to—%3.21 %to5.58%
20223,631,033$8.795203 to$8.906755$37,433,5350.30 %to2.80%0.21 %to0.25%(19.97)%to(18.09)%
20214,089,913$10.873729 to$10.990013$51,967,4250.30 %to2.80%1.50 %to1.79%(7.55)%to(5.46)%
20204,350,355$11.501867 to$11.886905$59,149,2360.30 %to2.80%0.06 %to1.21%6.87 %to9.29%
20194,851,360$10.473324 to$11.123236$61,195,1280.50 %to2.80%1.33 %to1.57%4.79 %to7.00%
American Funds Insurance Series® Capital World Growth and Income Fund®
20235,580,926$15.268362 to$30.936167$124,198,9100.30 %to2.80%0.25 %to2.10%17.54 %to20.29%
20226,183,273$12.692995 to$26.318882$115,888,6090.30 %to2.80%1.81 %to1.92%(19.62)%to(17.82)%
20216,919,790$15.444908 to$32.743126$159,457,3380.30 %to2.80%1.54 %to1.61%11.61 %to14.12%
20207,671,764$13.533845 to$29.337784$157,099,3320.30 %to2.80%1.05 %to1.19%5.73 %to8.22%
20198,729,004$12.505852 to$27.748187$167,704,9470.30 %to2.80%1.82 %to1.87%27.52 %to30.34%
American Funds Insurance Series® Asset Allocation Fund
202315,302,417$15.018665 to$27.597288$448,575,7390.30 %to2.80%0.45 %to3.12%11.12 %to13.68%
202217,045,360$13.211042 to$24.836676$443,886,1420.30 %to2.80%1.27 %to1.90%(15.80)%to(13.92)%
202119,075,242$15.347624 to$29.496576$581,841,6130.30 %to2.80%1.43 %to1.44%11.92 %to14.50%
202020,523,089$13.404283 to$26.354191$555,981,9700.30 %to2.80%1.49 %to1.50%9.35 %to11.82%
201923,156,079$11.928983 to$24.100232$566,177,0640.50 %to2.80%1.18 %to1.84%17.88 %to20.32%
American Funds Insurance Series® Washington Mutual Investors FundSM
202391,518,710$17.475030 to$37.761801$316,600,8840.30 %to2.80%0.42 %to2.83%14.05 %to16.62%
2022103,946,266$14.984343 to$33.109906$311,409,0220.30 %to2.80%1.83 %to2.28%(10.98)%to(8.96)%
2021113,637,336$16.459154 to$37.195024$377,433,1000.30 %to2.80%1.44 %to1.66%24.25 %to27.13%
2020127,537,810$12.946697 to$29.934644$336,670,3380.30 %to2.80%1.79 %to1.99%5.68 %to8.15%
2019144,266,897$11.971410 to$28.325310$355,231,0970.30 %to2.80%— %to2.07%18.03 %to20.67%
American Funds Insurance Series® The Bond Fund of America®
202327,747,058$10.590708 to$10.953037$397,322,5400.30 %to2.80%3.95 %to4.56%2.12 %to4.41%
202229,236,321$10.143414 to$10.725800$406,701,2990.30 %to2.80%1.98 %to2.83%(15.00)%to(13.01)%
202134,571,982$11.660473 to$12.618054$556,442,9460.30 %to2.80%— %to1.30%(3.06)%to(0.88)%
202035,559,846$11.764578 to$13.016424$584,861,8280.30 %to2.80%1.75 %to2.02%6.71 %to9.05%
201937,063,700$10.788013 to$12.198508$565,041,5890.30 %to2.80%1.75 %to2.57%6.34 %to8.75%
American Funds Insurance Series® Global Growth Fund
20234,763,545$17.627257 to$39.904446$180,050,4520.50 %to2.80%0.69 %to1.44%19.22 %to21.68%
20225,313,648$14.486127 to$33.471202$165,817,7250.50 %to2.80%0.44 %to0.61%(26.82)%to(25.29)%
20215,851,121$19.390920 to$45.738710$246,903,4350.50 %to2.80%0.22 %to0.33%13.21 %to15.56%
20206,519,515$16.780459 to$40.402880$240,606,6710.50 %to2.80%0.15 %to0.35%26.86 %to29.52%
20197,429,510$13.019155 to$31.847295$215,164,6560.30 %to2.80%0.10 %to0.98%31.54 %to34.47%
American Funds Insurance Series® Growth Fund
202328,740,109$24.367619 to$63.016490$1,318,101,6710.30 %to2.80%0.17 %to0.42%34.66 %to37.72%
202233,056,792$17.693114 to$46.795835$1,107,355,5660.30 %to2.80%0.10 %to0.32%(31.88)%to(30.32)%
202136,095,345$25.393402 to$68.691717$1,767,325,4070.30 %to2.80%0.06 %to0.22%18.62 %to21.32%
202042,048,873$20.931017 to$57.907788$1,708,113,8640.30 %to2.80%0.20 %to0.31%47.89 %to51.26%
201951,000,801$13.837838 to$39.157035$1,371,182,8460.30 %to2.80%0.57 %to0.71%27.16 %to30.05%
American Funds Insurance Series® Growth-Income Fund
202326,615,521$19.269834 to$42.784091$1,046,982,8590.30 %to2.80%1.59 %to1.70%22.66 %to25.45%
202230,157,857$15.360794 to$34.880928$955,722,8570.30 %to2.80%1.09 %to1.26%(18.80)%to(16.96)%
202133,887,795$18.497110 to$42.957770$1,307,981,9730.30 %to2.80%0.14 %to1.15%20.67 %to23.43%
202038,775,765$14.986062 to$35.599175$1,225,140,0840.30 %to2.80%1.42 %to2.11%10.41 %to12.91%
201943,821,658$13.272731 to$32.242598$1,243,617,1580.30 %to2.80%0.54 %to1.58%22.65 %to25.48%
American Funds Insurance Series® International Fund
202313,837,207$11.402911 to$18.708441$219,320,2890.30 %to2.80%0.98 %to2.10%12.65 %to15.21%
202215,791,634$9.897380 to$16.608215$218,771,7120.30 %to2.80%1.56 %to1.74%(22.98)%to(21.26)%
202116,667,082$12.569372 to$21.562722$298,320,1830.30 %to2.80%1.43 %to2.37%(4.22)%to(2.01)%
202018,518,892$12.826795 to$22.511944$341,719,0540.30 %to2.80%0.52 %to0.65%10.83 %to13.32%
201920,391,196$11.319229 to$20.312988$337,219,1100.30 %to2.80%1.08 %to1.26%19.49 %to22.30%
American Funds Insurance Series® New World Fund®
20232,316,415$13.692502 to$21.697360$68,245,1800.30 %to2.80%1.51 %to2.41%12.79 %to15.32%
20222,587,019$11.873212 to$19.236322$67,542,0280.30 %to2.80%— %to1.23%(24.25)%to(22.49)%
20212,815,469$15.317447 to$25.394896$96,600,2440.30 %to2.80%0.71 %to0.82%2.02 %to4.32%
20203,136,390$14.683658 to$24.891107$104,708,0140.30 %to2.80%— %to0.07%20.17 %to22.92%
20193,634,115$11.945320 to$20.713392$100,053,3420.30 %to2.80%— %to0.88%25.58 %to28.43%
American Funds Insurance Series® Global Small Capitalization Fund
20233,685,223$14.051364 to$29.530921$93,334,2030.30 %to2.80%0.02 %to0.37%12.97 %to15.44%
20224,110,745$12.172109 to$26.141567$91,171,7670.30 %to2.80%— %to—%(31.50)%to(29.90)%
20214,268,971$17.363886 to$38.165054$138,792,1720.30 %to2.80%— %to—%3.79 %to6.11%
20204,815,037$16.364324 to$36.771169$148,707,3670.30 %to2.80%0.09 %to0.19%26.14 %to29.00%
20195,655,203$12.685349 to$29.150643$136,661,7070.30 %to2.80%— %to0.16%27.89 %to30.85%
Allspring VT Discovery All Cap Growth Fund+
202316,162$38.859190 to$45.358884$666,5891.35 %to2.50%— %to—%29.88 %to31.38%
202219,876$29.918255 to$34.523711$626,5271.35 %to2.50%— %to—%(38.75)%to(38.04)%
202120,088$48.849268 to$55.722666$1,027,5471.35 %to2.50%— %to—%12.14 %to13.43%
202024,778$43.562889 to$49.124812$1,127,4571.35 %to2.50%— %to—%39.65 %to41.27%
201925,237$31.193708 to$34.774531$821,9761.35 %to2.50%— %to—%33.67 %to35.21%
Fidelity® VIP Growth Portfolio
2023214,901$50.273389 to$64.209266$9,780,3340.75 %to2.70%— %to—%32.27 %to34.87%
2022220,849$37.274265 to$48.542991$7,547,7150.75 %to2.70%0.34 %to0.37%(26.66)%to(25.21)%
2021254,752$49.837358 to$65.752765$11,868,9710.75 %to2.75%— %to—%19.57 %to21.99%
2020271,621$40.855311 to$54.990687$10,415,5400.75 %to2.75%— %to0.04%39.66 %to42.48%
2019308,581$28.337613 to$39.375002$8,323,5890.85 %to2.75%0.05 %to0.06%30.34 %to32.84%
Fidelity® VIP Contrafund® Portfolio
20231,116,970$46.304525 to$60.370063$43,377,3670.30 %to2.75%0.25 %to0.26%29.51 %to32.72%
20221,327,594$35.753764 to$45.487569$39,518,3040.30 %to2.75%— %to0.26%(28.49)%to(26.71)%
20211,386,813$49.995060 to$62.063797$56,512,2210.30 %to2.75%0.02 %to0.03%24.05 %to27.13%
20201,635,634$40.301088 to$48.819647$53,215,3350.30 %to2.75%— %to0.08%26.70 %to29.84%
20192,008,837$31.807540 to$37.598764$51,135,4560.30 %to2.75%— %to0.22%27.71 %to30.88%
Fidelity® VIP Mid Cap Portfolio
2023859,209$36.887000 to$44.452299$25,035,7860.30 %to2.75%0.39 %to0.57%11.69 %to14.46%
2022971,858$33.026498 to$38.837167$24,979,2640.30 %to2.75%0.13 %to0.27%(17.28)%to(15.22)%
20211,130,027$39.924194 to$45.810411$34,507,9100.30 %to2.75%0.34 %to0.41%21.91 %to24.93%
20201,412,659$32.749253 to$36.668590$34,907,7280.30 %to2.75%0.38 %to0.40%14.67 %to17.51%
20191,657,431$28.559485 to$31.203547$35,292,9310.30 %to2.75%0.69 %to0.70%19.83 %to22.80%
Fidelity® VIP Value Strategies Portfolio
202373,831$33.729737 to$53.492552$2,424,3090.85 %to2.40%0.91 %to1.16%17.75 %to19.59%
2022123,986$28.205318 to$45.429736$3,285,3180.85 %to2.40%0.90 %to0.94%(9.55)%to(8.13)%
202191,899$30.702538 to$50.225344$2,679,9950.85 %to2.40%1.20 %to1.24%30.18 %to32.21%
202058,531$23.221930 to$38.580890$1,377,8540.85 %to2.40%0.98 %to1.10%5.46 %to7.11%
201963,955$21.681228 to$36.584116$1,393,1860.85 %to2.40%1.37 %to1.43%30.92 %to32.96%
Fidelity® VIP Dynamic Capital Appreciation Portfolio
202349,690$43.762935 to$54.439766$2,030,7440.85 %to2.70%0.12 %to0.20%25.30 %to27.63%
202258,749$34.287624 to$43.448354$1,896,5180.85 %to2.70%0.10 %to0.17%(23.16)%to(21.72)%
202158,761$43.800871 to$56.541411$2,432,7600.85 %to2.70%0.12 %to0.14%20.96 %to23.22%
202060,999$35.547216 to$46.743316$2,064,7000.85 %to2.70%0.04 %to0.05%29.79 %to32.21%
201978,281$26.886246 to$36.014225$2,049,3500.85 %to2.70%0.16 %to0.38%26.36 %to28.72%
Fidelity® VIP Strategic Income Portfolio
202332,761$12.854620 to$18.441318$525,3850.30 %to1.50%4.36 %to5.62%7.55 %to8.85%
202233,853$11.952020 to$16.941938$502,0280.30 %to1.50%3.33 %to3.41%(12.84)%to(11.78)%
202140,546$13.712324 to$19.205083$702,3060.30 %to1.50%2.45 %to2.45%1.99 %to3.22%
202048,941$13.444665 to$18.182550$833,4890.50 %to1.50%2.82 %to3.17%5.56 %to6.63%
201964,987$12.735981 to$17.414673$1,055,7290.30 %to1.50%(0.01)%to0.71%9.01 %to10.32%
Franklin Rising Dividends VIP Fund
20235,932,113$39.440656 to$54.890607$274,260,0500.30 %to2.80%0.83 %to0.91%8.98 %to11.65%
20226,662,890$36.190149 to$49.163228$279,675,2770.30 %to2.80%0.80 %to0.92%(13.04)%to(10.95)%
20217,520,991$41.618059 to$55.206263$359,847,5750.30 %to2.80%— %to0.90%23.29 %to26.25%
20208,729,463$33.756131 to$43.727995$335,263,1910.30 %to2.80%— %to1.33%12.77 %to15.50%
201910,150,461$29.934183 to$37.859431$341,912,0100.30 %to2.80%1.14 %to1.25%25.66 %to28.77%
Franklin Income VIP Fund
202312,540,946$22.989693 to$27.354992$323,717,0700.30 %to2.80%4.79 %to4.89%5.62 %to8.22%
202214,148,372$21.765659 to$25.276796$341,889,2130.30 %to2.80%4.44 %to4.83%(8.09)%to(5.88)%
202116,027,949$23.680426 to$26.191692$415,762,5570.50 %to2.80%4.39 %to4.58%13.53 %to16.01%
202018,456,475$20.857865 to$22.578017$416,687,2170.50 %to2.80%5.51 %to5.84%(2.09)%to0.08%
201921,159,503$21.302460 to$22.560764$483,728,4610.50 %to2.80%5.42 %to6.06%12.85 %to15.47%
Franklin Large Cap Growth VIP Fund
20231,249,514$40.466625 to$44.490320$45,082,1890.85 %to2.80%— %to—%36.57 %to39.25%
20221,429,012$29.630980 to$31.949102$37,400,2020.85 %to2.80%— %to—%(38.29)%to(37.07)%
20211,469,129$48.018817 to$50.772968$61,688,3650.85 %to2.80%— %to—%12.09 %to14.30%
20201,718,447$42.838646 to$44.420936$63,707,7340.85 %to2.80%— %to—%40.64 %to43.41%
20192,109,124$30.459066 to$30.974741$55,208,3430.85 %to2.80%— %to—%30.86 %to33.44%
Franklin Global Real Estate VIP Fund
202378,015$18.566277 to$33.568484$1,921,7990.95 %to2.55%2.85 %to3.04%8.63 %to10.38%
202291,133$17.091875 to$30.412284$2,060,4140.95 %to2.55%2.39 %to2.41%(27.93)%to(26.76)%
202197,009$23.714385 to$41.524470$3,009,1730.95 %to2.55%0.87 %to0.87%23.60 %to25.59%
2020125,482$19.186362 to$33.062977$3,130,6830.95 %to2.55%3.24 %to3.45%(7.77)%to(6.28)%
2019142,301$20.391204 to$35.279198$3,807,3590.95 %to2.65%— %to2.63%19.17 %to21.22%
Franklin Small-Mid Cap Growth VIP Fund
20233,318,150$41.607501 to$50.482275$97,088,2280.50 %to2.80%— %to—%23.24 %to26.07%
20223,741,949$33.761207 to$40.042792$88,040,9200.50 %to2.80%— %to—%(35.53)%to(34.09)%
20213,939,487$52.364348 to$62.295841$142,328,5570.30 %to2.80%— %to—%6.97 %to9.53%
20204,529,499$48.950188 to$56.876734$152,574,6170.30 %to2.80%— %to—%50.81 %to54.54%
20195,493,379$32.457390 to$36.803193$121,802,7590.30 %to2.80%— %to—%27.81 %to30.87%
Franklin Small Cap Value VIP Fund
20231,371,130$35.719406 to$46.016037$34,451,5580.30 %to2.75%0.07 %to0.50%9.69 %to12.34%
20221,550,275$32.336134 to$40.962778$35,096,7050.30 %to2.80%— %to1.07%(12.55)%to(10.38)%
20211,760,440$36.977000 to$45.706594$45,134,5750.30 %to2.80%1.00 %to1.18%21.91 %to24.80%
20202,030,425$30.516310 to$36.624803$42,493,9660.30 %to2.75%1.05 %to1.25%2.34 %to4.82%
20192,268,542$29.819901 to$34.942097$45,900,6090.30 %to2.75%0.76 %to1.01%22.92 %to25.85%
Franklin Strategic Income VIP Fund
20237,113,936$14.215760 to$16.633371$132,302,7730.30 %to2.80%4.19 %to4.31%5.38 %to7.66%
20227,999,996$13.490446 to$15.449399$140,107,3820.30 %to2.80%4.12 %to4.50%(12.93)%to(11.11)%
20219,449,456$15.493879 to$17.380494$188,194,4650.30 %to2.80%3.15 %to3.50%(0.54)%to1.75%
20209,831,510$15.578112 to$17.081450$195,538,9960.30 %to2.80%4.47 %to5.04%0.89 %to3.04%
201910,906,278$15.440780 to$16.578242$213,860,8820.30 %to2.80%5.04 %to5.51%5.41 %to7.61%
Franklin Mutual Shares VIP Fund
20239,680,040$23.384954 to$31.057914$258,755,6430.30 %to2.80%0.99 %to1.89%10.33 %to12.97%
202211,165,152$21.195092 to$27.491722$267,273,0090.30 %to2.80%1.73 %to1.84%(9.99)%to(7.75)%
202112,847,685$23.547457 to$29.800088$337,321,6670.30 %to2.80%2.87 %to3.35%15.88 %to18.71%
202015,239,936$20.320731 to$25.104208$339,985,3770.30 %to2.80%2.82 %to2.86%(7.67)%to(5.45)%
201916,452,736$22.008085 to$26.552413$394,139,4650.30 %to2.80%1.76 %to1.85%19.19 %to22.07%
Templeton Developing Markets VIP Fund
20231,071,029$10.814368 to$17.082273$22,888,5430.75 %to2.80%1.59 %to1.93%9.66 %to11.70%
20221,184,878$9.681912 to$15.577570$22,995,7040.75 %to2.80%2.42 %to2.91%(23.87)%to(22.59)%
20211,291,056$12.506718 to$20.461234$32,349,3270.75 %to2.80%0.89 %to1.06%(8.12)%to(6.60)%
20201,416,425$13.390894 to$22.269389$38,175,6670.75 %to2.80%4.06 %to4.38%14.15 %to16.17%
20191,708,196$11.526961 to$19.509720$40,186,8100.75 %to2.80%0.85 %to1.21%23.41 %to25.54%
Templeton Foreign VIP Fund
20237,271,296$15.412708 to$18.953515$105,397,5360.30 %to2.80%2.29 %to3.20%17.42 %to20.33%
20228,816,139$13.125711 to$15.751712$107,533,5530.30 %to2.80%2.84 %to3.03%(10.16)%to(8.02)%
20219,873,373$14.610145 to$17.126068$132,542,9570.30 %to2.80%1.44 %to1.86%1.28 %to3.79%
202011,005,281$14.425058 to$16.500981$144,275,1590.30 %to2.80%2.51 %to3.15%(3.89)%to(1.63)%
201910,962,095$15.008576 to$16.775065$147,918,4070.30 %to2.80%1.34 %to1.72%9.42 %to12.16%
Templeton Growth VIP Fund
20234,572,557$19.909685 to$24.781247$86,557,7290.50 %to2.80%3.20 %to3.27%17.67 %to20.19%
20225,354,938$16.919938 to$20.618744$85,085,0660.50 %to2.80%0.10 %to0.16%(13.95)%to(12.06)%
20215,981,831$19.662894 to$24.039915$109,171,1970.30 %to2.80%— %to1.11%1.98 %to4.53%
20206,742,880$19.281926 to$22.474536$119,117,1310.50 %to2.80%2.79 %to3.10%2.88 %to5.13%
20197,943,769$18.742523 to$21.378475$134,621,9420.50 %to2.80%2.71 %to2.77%11.98 %to14.39%
Franklin Mutual Global Discovery VIP Fund
20233,097,878$23.086033 to$29.249752$113,493,8860.50 %to2.80%1.39 %to2.16%16.99 %to19.53%
20223,628,353$19.733351 to$25.139786$112,314,1770.30 %to2.80%— %to1.44%(7.38)%to(5.14)%
20214,196,670$21.306071 to$26.501293$137,309,6460.30 %to2.80%— %to2.66%15.84 %to18.62%
20204,945,128$18.392654 to$22.340643$137,702,9730.30 %to2.80%1.37 %to2.14%(7.10)%to(4.83)%
20195,469,708$19.798818 to$22.985609$162,335,8510.50 %to2.80%1.35 %to1.62%20.93 %to23.66%
Franklin DynaTech VIP Fund
2023667,031$39.373498 to$51.778129$23,240,2850.30 %to2.75%— %to—%39.88 %to43.58%
2022672,998$27.950733 to$36.061003$16,580,8550.30 %to2.80%— %to—%(41.62)%to(40.38)%
2021848,489$47.876154 to$60.486497$35,166,8830.30 %to2.80%— %to—%12.94 %to15.74%
2020930,870$42.391561 to$52.261385$33,881,9060.30 %to2.80%— %to—%40.89 %to44.28%
20191,054,205$30.256268 to$36.223168$27,111,3730.30 %to2.75%— %to—%27.61 %to30.63%
Templeton Global Bond VIP Fund
20231,737,606$10.231874 to$12.939738$19,716,5680.30 %to2.75%— %to—%0.03 %to2.51%
20221,922,716$10.228894 to$12.622777$21,489,1060.30 %to2.75%— %to—%(7.70)%to(5.41)%
20212,296,732$11.082463 to$13.344830$27,458,8370.30 %to2.75%— %to—%(7.59)%to(5.30)%
20202,305,775$11.992471 to$14.090979$29,449,1630.30 %to2.75%7.37 %to7.94%(7.92)%to(5.63)%
20192,409,606$13.023897 to$14.932338$32,981,4090.30 %to2.75%3.87 %to6.83%(0.91)%to1.55%
Hartford Balanced HLS Fund
2023534,841$27.255559 to$28.826413$13,072,8190.75 %to2.75%1.92 %to1.94%11.67 %to13.92%
2022584,201$23.925068 to$25.814964$12,627,2640.75 %to2.75%1.83 %to1.84%(15.78)%to(14.07)%
2021676,615$27.843308 to$30.650377$17,324,2780.75 %to2.75%1.03 %to1.04%16.40 %to18.75%
2020709,408$23.446984 to$26.332005$15,342,5720.75 %to2.75%1.74 %to1.75%8.59 %to10.78%
2019760,872$21.164966 to$24.249355$15,115,1770.75 %to2.75%— %to1.97%19.47 %to21.88%

Hartford Total Return Bond HLS Fund
202318,773,968$11.983686 to$15.793281$243,438,3740.30 %to2.75%3.75 %to4.08%4.07 %to6.65%
202220,120,523$11.515356 to$14.808691$247,303,7360.30 %to2.75%2.93 %to2.94%(16.54)%to(14.47)%
202123,136,359$13.797838 to$17.313982$335,977,8630.30 %to2.75%2.33 %to2.37%(3.63)%to(1.24)%
202023,292,596$14.318003 to$17.531791$346,178,6050.30 %to2.75%3.11 %to3.62%6.07 %to8.70%
201923,918,067$13.498558 to$16.128537$331,007,7220.30 %to2.75%3.81 %to3.96%7.65 %to10.32%
Hartford Capital Appreciation HLS Fund
20237,245,933$41.493793 to$49.781444$216,803,5270.30 %to2.75%0.85 %to0.99%16.75 %to19.64%
20228,644,456$35.541711 to$41.609267$218,200,9800.30 %to2.75%0.94 %to0.95%(17.60)%to(15.55)%
20219,485,297$43.132622 to$49.272253$286,383,4780.30 %to2.75%0.47 %to0.47%11.65 %to14.42%
202011,076,126$38.632384 to$43.063520$295,109,9240.30 %to2.75%0.97 %to1.07%18.61 %to21.55%
201913,511,833$32.571271 to$35.428709$299,528,2440.30 %to2.75%1.16 %to1.22%27.72 %to30.89%
Hartford Dividend and Growth HLS Fund
20235,189,201$40.097346 to$54.623864$182,645,2650.30 %to2.75%0.70 %to1.32%11.08 %to13.83%
20226,067,176$36.097745 to$47.985573$189,599,2140.30 %to2.75%1.64 %to1.90%(11.41)%to(9.21)%
20217,092,190$40.745500 to$52.851697$246,553,1160.30 %to2.75%1.21 %to1.80%28.42 %to31.60%
20208,886,092$31.728677 to$40.160573$236,980,5710.30 %to2.75%1.96 %to1.98%4.85 %to7.45%
20199,426,039$30.262417 to$37.377415$236,220,7370.30 %to2.75%1.62 %to1.94%25.12 %to28.22%
Hartford Disciplined Equity HLS Fund
20232,590,475$48.926746 to$64.779430$105,605,8960.30 %to2.75%0.82 %to0.84%17.96 %to20.88%
20223,073,171$41.477921 to$53.589029$104,562,5410.30 %to2.75%1.01 %to1.02%(21.16)%to(19.20)%
20213,562,389$52.609743 to$66.323768$151,522,1370.30 %to2.75%0.48 %to0.55%22.11 %to25.14%
20204,434,271$43.082464 to$52.999310$152,409,1140.30 %to2.75%0.46 %to0.61%14.84 %to17.69%
20192,031,399$37.515305 to$45.033974$59,400,2170.30 %to2.75%0.87 %to0.90%30.48 %to33.72%
Hartford International Opportunities HLS Fund
20231,137,932$20.595291 to$25.083917$17,614,6940.50 %to2.75%1.17 %to1.20%8.69 %to11.16%
20221,317,723$18.949431 to$22.565920$18,478,9910.50 %to2.75%1.67 %to1.68%(20.37)%to(18.55)%


20211,435,427$23.796615 to$27.706532$24,788,9200.50 %to2.75%0.95 %to0.97%4.89 %to7.28%
20201,595,382$22.686433 to$25.826368$25,943,0900.50 %to2.75%1.54 %to1.92%17.18 %to19.85%
20191,893,376$19.359982 to$21.549247$25,954,9620.50 %to2.75%1.83 %to1.86%23.00 %to25.80%
Hartford MidCap HLS Fund
2023401,616$10.492087 to$11.227349$4,375,9630.75 %to2.75%0.03 %to0.04%11.76 %to14.02%
2022458,148$9.388131 to$9.847167$4,419,0540.75 %to2.75%0.89 %to0.90%(26.36)%to(24.87)%
2021534,795$12.748560 to$13.106566$6,923,3510.75 %to2.75%— %to—%6.93 %to9.09%
2020♦516,206$11.922760 to$12.014847$6,182,0880.75 %to2.75%0.05 %to0.05%19.23 %to20.15%
Hartford Ultrashort Bond HLS Fund
202375,841,455$7.444818 to$10.869772$97,828,9710.30 %to2.80%0.87 %to1.30%2.28 %to4.87%
202286,771,240$7.278883 to$10.365150$107,694,1300.30 %to2.80%0.23 %to0.24%(2.93)%to(0.47)%
202191,259,871$7.498523 to$10.247895$117,737,7260.30 %to2.80%0.64 %to0.72%(2.94)%to(0.76)%
202098,403,523$7.725870 to$10.326324$133,152,3370.30 %to2.80%2.00 %to2.75%(1.36)%to0.97%
201998,205,746$7.832605 to$10.227567$115,074,6160.30 %to2.80%1.67 %to1.85%(0.03)%to2.24%
Hartford Small Company HLS Fund
2023160,684$38.220782 to$48.456398$4,856,3350.50 %to2.70%— %to—%13.63 %to16.16%
2022194,543$33.635572 to$41.715769$5,096,3520.50 %to2.70%— %to—%(32.78)%to(31.28)%
2021194,483$50.038304 to$62.241896$7,522,6350.30 %to2.70%— %to—%(1.15)%to1.26%
2020212,058$50.618292 to$61.469444$8,299,3160.30 %to2.70%— %to—%51.38 %to55.05%
2019305,316$33.437917 to$39.644606$7,933,1150.30 %to2.70%— %to—%33.35 %to36.59%
Hartford SmallCap Growth HLS Fund
2023122,322$38.945037 to$45.258547$4,384,2220.85 %to2.70%— %to—%15.27 %to17.42%
2022141,755$33.166465 to$39.262490$4,352,6630.85 %to2.70%— %to—%(30.37)%to(29.06)%
2021158,929$46.755776 to$56.385620$6,904,0190.85 %to2.70%— %to—%1.25 %to3.14%
2020170,120$45.333541 to$55.691814$7,246,4060.85 %to2.70%— %to—%29.65 %to32.07%
2019223,561$34.325486 to$42.955144$7,206,4610.85 %to2.70%— %to—%32.20 %to34.67%
Hartford Stock HLS Fund
2023100,731$37.726518 to$46.240177$3,493,4430.75 %to2.70%0.67 %to1.36%4.85 %to6.91%
2022123,569$35.287343 to$44.102006$3,931,0420.75 %to2.70%1.67 %to1.69%(7.67)%to(5.85)%
202187,018$37.478505 to$47.451817$3,032,4410.75 %to2.75%— %to1.25%21.59 %to24.05%
202093,608$30.213209 to$39.025590$2,658,7700.75 %to2.75%1.73 %to1.76%9.04 %to11.24%
2019113,659$27.160468 to$35.791325$2,970,0450.75 %to2.75%1.62 %to1.70%27.66 %to30.24%
Lord Abbett Series Fund - Fundamental Equity Portfolio
2023188,581$26.189226 to$35.026701$5,563,5260.30 %to1.50%0.52 %to0.61%12.93 %to14.29%


2022241,908$23.190902 to$30.646970$6,308,3200.30 %to1.50%1.00 %to1.09%(13.29)%to(12.25)%
2021267,022$26.746522 to$34.923848$7,957,6630.30 %to1.50%0.81 %to0.82%25.42 %to26.93%
2020339,677$21.325736 to$27.513897$8,007,6100.30 %to1.50%1.28 %to1.30%0.26 %to1.47%
2019348,920$21.270769 to$27.115679$8,131,8760.30 %to1.50%1.27 %to1.29%19.71 %to21.15%
Lord Abbett Series Fund - Dividend Growth Portfolio
2023317,429$37.293850 to$37.378275$10,739,2330.85 %to2.70%0.58 %to0.76%13.23 %to15.34%
2022349,560$32.406126 to$32.936168$10,336,0020.85 %to2.70%0.79 %to0.86%(15.85)%to(14.28)%
2021391,959$37.805561 to$39.142080$13,607,2090.85 %to2.70%0.71 %to0.72%22.28 %to24.56%
2020435,309$30.351644 to$32.010824$12,212,6430.85 %to2.70%0.99 %to1.00%12.34 %to14.44%
2019503,414$26.522169 to$28.494124$12,422,0020.85 %to2.70%1.21 %to1.65%23.08 %to25.38%
Lord Abbett Series Fund - Bond Debenture Portfolio
2023929,166$18.783464 to$20.987333$17,049,4940.30 %to2.75%5.24 %to5.26%3.66 %to6.23%
2022997,758$18.119796 to$19.755915$17,413,7120.30 %to2.75%— %to4.35%(15.17)%to(13.06)%
20211,200,629$21.359651 to$22.724399$24,361,0100.30 %to2.75%3.03 %to3.04%0.48 %to2.97%
20201,277,240$21.258370 to$22.069358$25,427,2990.30 %to2.75%— %to3.91%4.39 %to6.98%
20191,403,234$20.363491 to$20.628919$26,401,9050.30 %to2.75%3.90 %to4.60%10.28 %to13.01%
Lord Abbett Series Fund - Growth and Income Portfolio
2023157,963$29.227345 to$34.828762$3,930,1750.50 %to2.70%0.62 %to0.68%10.17 %to12.62%
2022178,092$26.528381 to$30.925188$3,983,6280.50 %to2.70%1.48 %to1.56%(11.85)%to(9.89)%
2021189,121$30.095647 to$34.319846$4,715,6080.50 %to2.70%1.03 %to1.06%25.59 %to28.38%
2020222,717$23.964248 to$26.733735$4,345,4950.50 %to2.70%1.42 %to1.63%(0.04)%to2.19%
2019254,257$23.973427 to$26.162084$4,885,6170.50 %to2.70%1.14 %to1.66%19.23 %to21.88%
MFS® Growth Series
20232,883,434$57.095620 to$71.459513$101,862,2120.30 %to2.80%— %to—%32.12 %to35.10%
20223,436,927$43.216206 to$52.892757$91,142,6420.30 %to2.80%— %to—%(33.53)%to(32.01)%
20213,548,786$65.012733 to$75.873965$139,687,4600.50 %to2.80%— %to—%20.12 %to22.62%
20204,203,094$54.121821 to$63.315526$136,880,9440.30 %to2.80%— %to—%28.22 %to31.14%
20195,093,709$42.210773 to$48.280216$128,071,2530.30 %to2.80%— %to—%34.34 %to37.37%
MFS® Global Equity Series
2023305,594$31.184837 to$46.510898$10,758,9470.85 %to2.80%0.74 %to0.76%11.03 %to13.22%
2022356,236$28.086601 to$41.081238$11,147,2680.85 %to2.80%0.49 %to0.51%(20.00)%to(18.43)%
2021383,325$35.110198 to$50.361007$14,873,4470.85 %to2.80%0.62 %to0.64%13.97 %to16.22%
2020441,123$30.805206 to$43.333033$14,819,5420.85 %to2.80%1.14 %to1.18%10.16 %to12.33%
2019515,166$27.964174 to$38.576897$15,510,7570.85 %to2.80%1.06 %to1.07%26.97 %to29.46%


MFS® Investors Trust Series
20232,842,191$38.738382 to$49.483111$86,480,3360.50 %to2.80%0.46 %to0.72%15.70 %to18.07%
20223,160,736$33.483041 to$43.056236$82,343,8790.30 %to2.80%— %to0.67%(18.80)%to(16.94)%
20213,574,200$41.234188 to$51.836044$113,453,7470.30 %to2.80%— %to0.61%23.31 %to26.13%
20204,174,746$33.438558 to$41.097703$106,269,6990.30 %to2.80%— %to0.58%10.72 %to13.26%
20194,725,447$30.199846 to$36.286223$107,691,4050.30 %to2.80%— %to0.67%27.95 %to30.85%
MFS® Mid Cap Growth Series
20232,019,931$23.933978 to$53.272160$39,148,6310.70 %to2.80%— %to—%17.97 %to20.48%
20222,240,177$19.866193 to$45.155742$36,379,5850.70 %to2.80%— %to—%(30.67)%to(29.20)%
20212,601,697$28.058038 to$65.132381$60,292,3490.70 %to2.80%— %to—%10.96 %to13.32%
20203,009,086$24.760771 to$58.698293$62,012,3300.70 %to2.80%— %to—%32.71 %to35.53%
20193,452,452$18.269827 to$44.229437$53,237,8010.70 %to2.80%— %to—%34.83 %to37.69%
MFS® New Discovery Series
20231,533,610$29.635740 to$51.849826$54,970,6790.30 %to2.80%— %to—%11.25 %to13.91%
20221,655,464$26.016503 to$46.604879$52,981,9580.30 %to2.80%— %to—%(31.70)%to(30.20)%
20211,734,808$37.275551 to$68.237219$80,456,7740.30 %to2.80%— %to—%(1.01)%to1.27%
20201,977,726$36.808596 to$68.934908$92,010,5700.30 %to2.80%— %to—%41.86 %to45.15%
20192,455,801$25.359412 to$48.592365$80,406,2640.30 %to2.80%— %to—%37.79 %to40.85%
MFS® Total Return Series
20239,259,718$22.274907 to$28.350001$244,960,1320.50 %to2.80%1.77 %to2.05%7.39 %to9.67%
202210,320,135$20.741302 to$25.850873$251,464,5250.50 %to2.80%1.39 %to1.71%(12.08)%to(10.29)%
202111,830,641$23.591459 to$28.815788$324,293,6900.50 %to2.80%1.62 %to1.80%10.97 %to13.27%
202012,903,213$21.260098 to$25.440330$316,131,5030.50 %to2.80%2.02 %to2.33%6.78 %to8.97%
201914,239,045$19.909961 to$23.841697$324,003,9450.30 %to2.80%1.83 %to2.32%17.06 %to19.76%
MFS® Value Series
20233,876,989$33.299452 to$43.390548$146,305,6690.30 %to2.80%1.29 %to1.66%4.95 %to7.31%
20224,344,067$31.728135 to$40.434463$153,792,4170.30 %to2.80%0.97 %to1.47%(8.51)%to(6.42)%
20215,089,140$34.678532 to$43.210412$193,290,4760.30 %to2.80%1.00 %to1.41%21.99 %to24.78%
20206,149,126$28.427263 to$34.628548$188,125,6150.30 %to2.80%1.22 %to1.37%0.62 %to2.91%
20196,646,655$28.253107 to$33.648755$200,487,2440.30 %to2.80%0.89 %to2.13%26.22 %to29.12%
MFS® Total Return Bond Series
202320,228,897$11.909546 to$15.149736$280,042,8650.30 %to2.80%2.80 %to3.12%4.41 %to6.81%
202221,891,779$11.406068 to$14.184032$286,815,7090.30 %to2.80%2.44 %to2.69%(16.31)%to(14.44)%
202125,683,248$13.629638 to$16.578034$397,065,9300.30 %to2.80%2.55 %to2.90%(3.55)%to(1.36)%


202026,519,609$14.131653 to$16.807267$419,720,7670.30 %to2.80%3.19 %to3.31%5.47 %to7.85%
201928,555,926$13.398268 to$15.584006$423,526,3670.30 %to2.80%2.70 %to3.42%7.16 %to9.59%
MFS® Research Series
2023390,717$44.202237 to$47.743911$15,997,3680.85 %to2.75%0.51 %to0.51%19.10 %to21.38%
2022423,063$36.852790 to$39.333271$14,398,9900.85 %to2.80%0.33 %to0.49%(19.50)%to(17.91)%
2021448,325$45.779792 to$47.916199$18,829,3760.85 %to2.80%0.52 %to0.62%21.36 %to23.75%
2020516,944$37.722972 to$38.721351$17,695,6420.85 %to2.80%0.70 %to0.71%13.37 %to15.61%
2019610,051$33.272925 to$33.494040$18,194,5070.85 %to2.80%0.77 %to0.77%29.28 %to31.82%
MFS® High Yield Portfolio
20233,368,732$11.465291 to$14.073414$42,765,7910.85 %to2.80%5.77 %to5.79%9.31 %to11.46%
20223,859,845$10.489210 to$12.626768$44,366,8090.85 %to2.80%5.49 %to5.56%(12.99)%to(11.27)%
20214,453,231$12.054708 to$14.230920$58,238,4540.85 %to2.80%4.68 %to4.98%0.63 %to2.61%
20204,656,625$11.979282 to$13.868809$59,909,0660.85 %to2.80%5.62 %to5.94%2.19 %to4.20%
20195,272,232$11.723106 to$13.310228$65,743,2240.85 %to2.80%5.69 %to5.80%11.64 %to13.84%
BlackRock Managed Volatility V.I. Fund
202311,820,382$10.628048 to$11.403745$129,541,0110.30 %to1.50%7.69 %to8.59%1.35 %to2.57%
202212,471,587$10.486566 to$11.117692$134,158,3740.30 %to1.50%— %to—%4.34 %to5.60%
202116,241,742$10.050212 to$10.528032$166,563,0450.30 %to1.50%0.68 %to0.69%(0.97)%to0.23%
202016,718,927$10.148217 to$10.503914$172,259,3920.30 %to1.50%3.57 %to3.91%1.71 %to2.94%
201917,999,683$9.977691 to$10.204233$181,417,0220.30 %to1.50%3.12 %to3.33%0.33 %to1.54%
BlackRock Global Allocation V.I. Fund
2023132,296$15.562576 to$17.708217$2,197,4950.50 %to1.50%2.30 %to2.57%10.82 %to11.93%
2022142,757$14.043678 to$15.820947$2,132,0420.50 %to1.50%— %to—%(17.33)%to(16.49)%
2021166,803$16.986623 to$18.945652$2,981,9200.50 %to1.50%0.80 %to0.82%4.83 %to5.88%
2020175,215$16.203754 to$17.892685$2,972,6350.50 %to1.50%1.12 %to1.24%18.91 %to20.11%
2019208,799$13.626681 to$14.897373$2,964,1170.50 %to1.50%0.89 %to0.97%16.00 %to17.17%
BlackRock S&P 500 Index V.I. Fund
20231,069,695$17.323490 to$18.587901$19,060,6010.30 %to1.50%1.09 %to1.11%24.03 %to25.52%
20221,346,034$13.967436 to$14.664737$19,243,2610.50 %to1.50%1.18 %to1.23%(19.64)%to(18.83)%
20211,346,304$17.380425 to$18.206649$23,823,5670.30 %to1.50%— %to0.96%26.32 %to27.85%
20201,729,473$13.758540 to$14.240813$24,120,3030.30 %to1.50%1.01 %to1.51%16.17 %to17.57%
20192,203,268$11.843536 to$12.067255$26,337,2350.50 %to1.50%1.71 %to1.83%29.02 %to30.32%
BlackRock Large Cap Focus Growth V.I. Fund
202316,870$40.561870 to$42.313422$728,7341.40 %to2.55%— %to—%49.01 %to50.73%


202218,266$27.220256 to$28.071552$515,8911.40 %to2.55%— %to—%(39.67)%to(38.97)%
202129,347$45.118429 to$45.995891$1,454,3041.40 %to2.55%— %to—%15.11 %to16.45%
202033,025$39.194292 to$39.499726$1,452,6541.40 %to2.55%— %to—%40.13 %to41.75%
201931,924$27.866648 to$27.970691$945,9251.40 %to2.55%— %to—%29.36 %to30.86%
BlackRock Equity Dividend V.I. Fund
2023140,613$27.367299 to$31.140063$4,116,1580.50 %to1.50%1.38 %to1.80%10.32 %to11.43%
2022165,087$24.806224 to$27.945176$4,368,7520.50 %to1.50%1.43 %to1.48%(5.53)%to(4.58)%
2021195,852$26.259233 to$29.287454$5,455,9870.50 %to1.50%1.28 %to1.29%18.51 %to19.70%
2020247,229$22.158237 to$24.467754$5,780,7830.50 %to1.50%1.99 %to2.00%2.03 %to3.05%
2019263,654$21.717742 to$23.742678$6,014,1270.50 %to1.50%1.66 %to1.82%25.56 %to26.82%
Morgan Stanley VIF Core Plus Fixed Income Portfolio+
2023—$9.647315 to$10.858595$—1.35 %to2.50%3.89 %to3.93%0.56 %to1.45%
202224,814$9.593845 to$10.702893$259,9411.35 %to2.50%2.12 %to2.85%(16.69)%to(15.73)%
202126,482$11.516363 to$12.700625$329,9521.35 %to2.50%2.54 %to2.66%(2.99)%to(1.87)%
202025,042$11.871423 to$12.942491$317,6141.35 %to2.50%2.57 %to2.68%4.89 %to6.11%
201948,296$11.317636 to$12.197706$576,0341.35 %to2.50%2.85 %to3.79%7.88 %to9.13%
Morgan Stanley VIF Growth Portfolio
202349,569$30.465911 to$34.380217$1,640,5491.35 %to2.50%— %to—%44.66 %to46.33%
202251,931$21.060578 to$23.495032$1,177,7681.35 %to2.50%— %to—%(61.15)%to(60.70)%
202150,469$54.212144 to$59.783461$2,918,0311.35 %to2.50%— %to—%(2.61)%to(1.49)%
202053,789$55.666283 to$60.685679$3,171,2231.35 %to2.50%— %to—%111.42 %to113.86%
201971,462$26.329522 to$28.376220$1,981,1411.35 %to2.50%— %to—%28.23 %to29.71%
Morgan Stanley VIF Discovery Portfolio
2023244,003$33.810668 to$43.838051$7,919,8390.75 %to2.75%— %to—%40.22 %to43.05%
2022259,731$23.635155 to$31.263138$5,917,2350.75 %to2.75%— %to—%(63.98)%to(63.25)%
2021192,697$64.305507 to$86.787914$11,929,2910.75 %to2.75%— %to—%(13.60)%to(11.86)%
2020241,229$72.956541 to$100.452206$16,754,7870.75 %to2.75%— %to—%145.22 %to150.16%
2019359,511$29.163487 to$40.963429$10,190,3010.75 %to2.75%— %to—%36.18 %to38.92%
Invesco V.I. American Value Fund
20232,917,337$12.293203 to$29.468836$40,243,6750.85 %to2.80%0.36 %to0.64%12.41 %to14.32%
20223,346,245$10.936014 to$25.778561$40,931,7140.85 %to2.80%0.44 %to0.74%(5.30)%to(3.69)%
20213,358,447$11.548300 to$26.765010$43,334,5740.85 %to2.80%0.22 %to0.43%15.48 %to26.55%
2020351,958$21.150556 to$28.207094$7,392,6710.85 %to2.70%0.67 %to0.71%(1.83)%to—%
2019367,044$21.149754 to$28.732744$7,803,1670.85 %to2.70%0.41 %to0.46%21.39 %to23.66%


BlackRock Capital Appreciation V.I. Fund
202388,889$36.610201 to$41.657394$3,518,1460.50 %to1.50%— %to—%46.38 %to47.85%
2022142,543$25.010056 to$28.175317$3,842,8510.50 %to1.50%— %to—%(38.74)%to(38.12)%
2021110,442$40.825547 to$45.533466$4,836,3970.50 %to1.50%— %to—%19.09 %to20.29%
2020138,263$34.280772 to$37.853614$5,059,8000.50 %to1.50%— %to—%39.41 %to40.81%
2019197,264$24.589436 to$26.882304$5,149,7010.50 %to1.50%— %to—%29.59 %to30.89%
Invesco V.I. Discovery Mid Cap Growth Fund
2023527,124$12.189701 to$13.026922$6,623,5260.75 %to2.75%— %to—%10.08 %to12.01%
2022610,358$11.073126 to$11.630409$6,911,7610.75 %to2.75%— %to—%(32.86)%to(31.65)%
2021788,030$16.492001 to$17.014987$13,179,6360.75 %to2.75%— %to—%15.87 %to17.91%
2020♦658,006$14.232850 to$14.430906$9,431,4870.75 %to2.75%— %to—%42.33 %to44.31%
Invesco V.I. Capital Appreciation Fund
202351,111$35.535633 to$45.208312$1,737,2890.85 %to2.75%— %to—%31.37 %to33.89%
202258,177$26.541755 to$34.413264$1,481,7470.85 %to2.75%— %to—%(32.84)%to(31.55)%
202162,191$38.774335 to$51.240034$2,329,2330.85 %to2.75%— %to—%18.97 %to21.25%
202067,896$31.979744 to$43.070737$2,110,9600.85 %to2.75%— %to—%32.55 %to35.09%
201983,918$23.673502 to$32.494995$1,935,8350.85 %to2.75%— %to—%32.17 %to34.70%
Invesco V.I. Global Fund
2023240,792$29.277716 to$35.391998$6,679,9990.75 %to2.70%— %to—%30.87 %to33.44%
2022259,549$21.940304 to$27.043831$5,460,5970.75 %to2.70%— %to—%(33.75)%to(32.45)%
2021276,195$32.478133 to$40.822860$8,596,6490.75 %to2.70%— %to—%12.10 %to14.31%
2020317,265$28.412144 to$36.414905$8,633,5580.75 %to2.70%0.46 %to0.46%23.95 %to26.39%
2019388,080$22.480450 to$29.379437$8,456,1040.75 %to2.70%0.64 %to0.64%27.96 %to30.47%
Invesco V.I. Main Street Fund®
202397,483$34.235085 to$39.507301$3,205,5230.85 %to2.75%0.49 %to0.51%19.50 %to21.79%
2022118,392$28.109904 to$33.060463$3,200,4070.85 %to2.75%0.85 %to1.10%(22.47)%to(20.99)%
2021128,821$35.575411 to$42.644352$4,450,6790.85 %to2.75%0.50 %to0.52%23.78 %to26.16%
2020146,831$28.199727 to$34.450876$4,024,4320.85 %to2.75%1.18 %to1.19%10.61 %to12.73%
2019158,494$25.014872 to$31.146070$3,853,0900.85 %to2.75%0.82 %to0.82%28.17 %to30.62%
Invesco V.I. Main Street Small Cap Fund®
2023250,219$37.905739 to$44.617784$8,937,0410.75 %to2.75%0.95 %to0.96%14.63 %to16.94%
2022275,702$32.414873 to$38.924711$8,468,6620.75 %to2.75%0.25 %to0.25%(18.32)%to(16.67)%
2021311,440$38.899581 to$47.656306$11,563,2620.75 %to2.75%0.18 %to0.18%18.95 %to21.35%
2020405,759$32.055781 to$40.064537$12,455,6600.75 %to2.75%0.36 %to0.36%16.39 %to18.74%


2019454,024$26.996174 to$34.422168$11,802,0940.75 %to2.75%— %to—%22.72 %to25.19%
Putnam VT Diversified Income Fund
20231,372,062$14.971959 to$16.193579$18,648,7040.75 %to2.75%5.82 %to5.89%1.97 %to4.03%
20221,461,643$14.391464 to$15.880140$19,247,0250.75 %to2.75%7.22 %to7.29%(5.00)%to(3.08)%
20211,824,275$14.848115 to$16.715081$25,017,2630.75 %to2.75%0.61 %to0.62%(9.47)%to(7.65)%
20201,814,681$16.077243 to$18.464522$27,098,2610.75 %to2.75%7.48 %to7.50%(3.59)%to(1.64)%
20191,872,504$16.346098 to$19.152513$28,636,8330.75 %to2.75%2.60 %to3.12%8.21 %to10.40%
Putnam VT Global Asset Allocation Fund
202397,695$23.863420 to$28.417582$2,111,4290.85 %to2.40%1.51 %to1.55%14.70 %to16.49%
2022105,237$20.485200 to$24.775442$1,971,3680.85 %to2.40%1.21 %to1.32%(18.02)%to(16.74)%
2021107,742$24.603639 to$30.221676$2,446,7030.85 %to2.40%0.68 %to0.71%11.25 %to12.99%
2020102,313$21.775976 to$27.165979$2,079,1680.85 %to2.40%— %to1.87%9.65 %to11.36%
2019107,541$18.872712 to$24.775815$1,973,9031.15 %to2.40%1.43 %to1.43%14.35 %to15.79%
Putnam VT Large Cap Growth Fund+
2023141,121$29.546382 to$31.872497$4,341,3670.50 %to1.50%— %to—%42.33 %to43.76%
2022189,251$20.759486 to$22.171363$4,064,4380.50 %to1.50%— %to—%(31.54)%to(30.85)%
2021177,643$30.323257 to$32.422408$5,557,0590.30 %to1.50%— %to—%20.83 %to22.29%
2020224,512$25.095714 to$26.513258$5,785,3370.30 %to1.50%0.04 %to0.08%36.64 %to38.29%
2019313,608$18.365711 to$19.035053$5,881,3790.50 %to1.50%0.14 %to0.15%34.71 %to36.06%
Putnam VT International Value Fund
202337,446$12.385119 to$19.018383$484,1231.25 %to2.40%1.57 %to2.90%15.87 %to17.21%
202252,707$10.566890 to$16.413898$581,5301.25 %to2.40%2.10 %to2.56%(9.02)%to(7.97)%
202143,043$11.481388 to$18.040757$523,6961.25 %to2.40%1.93 %to1.97%12.21 %to13.51%
202044,389$10.114857 to$16.077292$478,2421.25 %to2.40%2.30 %to2.45%1.48 %to2.65%
201945,311$9.853684 to$15.843295$475,2431.25 %to2.40%2.59 %to2.65%17.37 %to18.73%
Putnam VT International Equity Fund
202397,891$13.736792 to$18.082955$1,296,8850.85 %to2.75%0.04 %to0.04%15.29 %to17.50%
202298,533$11.690498 to$15.684217$1,119,7390.85 %to2.75%1.40 %to1.56%(17.08)%to(15.49)%
202184,843$13.833220 to$18.915231$1,157,4920.85 %to2.75%1.17 %to1.17%5.87 %to7.90%
202083,761$12.820487 to$17.866625$1,074,5720.85 %to2.75%1.60 %to1.64%9.06 %to11.15%
201992,264$11.534710 to$16.382955$1,083,1930.85 %to2.75%1.34 %to1.39%21.76 %to24.09%
Putnam VT Core Equity Fund+
20236,674$44.833052 to$63.491185$360,6580.50 %to1.45%0.42 %to0.50%26.24 %to27.45%
20225,169$35.296708 to$49.818266$207,3570.50 %to1.50%0.89 %to1.12%(17.02)%to(16.19)%


20219,622$42.538338 to$59.441281$510,0490.50 %to1.50%0.54 %to0.63%29.06 %to30.36%
20205,984$32.959760 to$45.598830$224,8520.50 %to1.50%0.92 %to0.96%15.58 %to16.74%
20197,722$28.516968 to$39.059945$248,8810.50 %to1.50%1.13 %to1.44%29.67 %to30.98%
Putnam VT Small Cap Value Fund
202330,991$32.549242 to$39.236407$923,2320.75 %to2.70%0.15 %to0.16%20.46 %to22.83%
202235,576$26.499619 to$32.572138$870,4630.75 %to2.70%0.16 %to0.16%(15.30)%to(13.63)%
202167,251$30.681995 to$38.455959$1,870,1120.75 %to2.70%0.71 %to0.72%36.18 %to38.86%
202042,874$22.096036 to$28.239224$900,1640.75 %to2.70%1.08 %to1.23%1.19 %to3.19%
201943,704$21.413659 to$27.905966$892,7370.75 %to2.70%0.64 %to0.65%20.93 %to23.31%
Putnam VT Large Cap Value Fund
202334,155$38.420947 to$53.642442$1,681,4880.50 %to1.50%1.73 %to2.03%13.95 %to15.09%
202238,064$33.718826 to$46.609433$1,649,7130.50 %to1.50%1.38 %to1.41%(4.57)%to(3.61)%
202132,262$35.334896 to$48.357208$1,416,3190.50 %to1.50%1.16 %to1.24%25.41 %to26.67%
202032,706$28.175653to$39.064389$1,095,0110.30%to1.50%—%to1.72%4.23%to5.49%
201940,681$27.032683to$36.263155$1,366,3750.50%to1.50%1.93%to2.12%28.47%to29.75%
PIMCO VIT All Asset Portfolio
202330,153$14.210602 to$16.065250$451,2940.50 %to1.45%0.68 %to2.75%6.46 %to7.48%
202240,699$13.268634 to$14.947344$573,2540.50 %to1.50%2.00 %to7.54%(13.18)%to(12.31)%
202143,625$15.283244 to$17.045431$703,7800.50 %to1.50%10.20 %to11.00%14.31 %to15.46%
202044,561$13.369505 to$14.762743$625,0490.50 %to1.50%4.60 %to4.97%6.30 %to7.37%
201960,872$12.576923 to$13.749444$792,6690.50 %to1.50%1.96 %to2.09%10.08 %to11.19%
PIMCO StocksPLUS® Global Portfolio
2023155,293$19.123354 to$21.759027$3,167,9180.50 %to1.50%2.74 %to2.74%21.01 %to22.23%
2022188,863$15.802617 to$17.801902$3,165,6490.50 %to1.50%0.98 %to1.13%(20.00)%to(19.19)%
2021191,586$19.752364 to$22.029739$3,992,6740.50 %to1.50%0.06 %to0.06%17.56 %to18.74%
2020239,112$16.802412 to$18.553325$4,219,1620.50 %to1.50%1.09 %to1.09%11.35 %to12.47%
2019277,912$15.089366 to$16.496037$4,383,6440.50 %to1.50%1.40 %to1.51%25.63 %to26.89%
PIMCO VIT Global Managed Asset Allocation Portfolio
202319,636$13.455184 to$14.446653$265,2910.70 %to1.45%2.16 %to2.20%11.23 %to12.06%
202220,871$12.097249 to$12.891673$253,3550.70 %to1.45%1.90 %to1.92%(19.57)%to(18.97)%
202121,904$15.041219 to$15.909085$330,4250.70 %to1.45%2.32 %to2.39%10.98 %to11.82%
202028,046$13.552839 to$14.671524$380,8460.65 %to1.45%8.01 %to8.46%15.03 %to15.96%
201936,762$11.729235 to$12.652540$434,7690.65 %to1.50%0.25 %to2.09%15.22 %to16.20%
PSF PGIM Jennison Focused Blend Portfolio+


2023—$3.757446 to$4.336552$—1.70 %to2.35%— %to—%28.56 %to29.38%
2022153,589$2.922785 to$3.351723$513,7961.70 %to2.35%— %to—%(27.76)%to(27.29)%
2021154,171$4.045894 to$4.609546$709,2821.70 %to2.35%— %to—%13.64 %to14.39%
2020152,898$4.029826 to$40.249876$615,1891.70 %to2.60%— %to—%27.07 %to28.21%
2019158,684$3.143028 to$31.676262$654,2791.70 %to2.60%— %to—%25.11 %to26.24%

PSF PGIM Jennison Value Portfolio
2023154,835$2.805991 to$32.816866$475,5191.70 %to2.45%— %to—%11.97 %to12.81%
2022154,913$2.487342 to$29.308982$424,1051.70 %to2.45%— %to—%(10.48)%to(9.80)%
2021154,992$2.757629 to$32.738564$473,1461.70 %to2.45%— %to—%24.20 %to25.14%
2020155,062$2.203655 to$26.358552$380,2291.70 %to2.45%— %to—%0.65 %to1.41%
2019155,158$2.173014 to$26.187551$377,7691.70 %to2.45%— %to—%22.54 %to23.47%
Invesco V.I. Growth and Income Fund
2023537,959$29.377262 to$30.744959$15,909,9240.75 %to2.75%1.31 %to1.31%9.36 %to11.57%
2022667,460$26.331873 to$28.114096$17,645,9870.75 %to2.75%1.28 %to1.29%(8.55)%to(6.70)%
2021783,657$28.223981 to$30.743240$22,391,7090.75 %to2.75%1.31 %to1.36%24.71 %to27.23%
20201,027,494$22.183346 to$24.651166$23,155,4120.75 %to2.75%2.00 %to2.07%(0.91)%to1.09%
20191,010,366$21.944393 to$24.878310$22,615,6660.75 %to2.75%1.56 %to2.64%21.47 %to23.92%
Invesco V.I. Comstock Fund
202328,110$36.435599 to$45.538273$1,193,0951.35 %to2.50%— %to1.56%9.33 %to10.59%
202232,444$33.326562 to$41.176612$1,247,7231.35 %to2.50%1.36 %to1.37%(1.64)%to(0.51)%
202132,217$33.883583 to$41.386148$1,245,0251.35 %to2.50%1.61 %to1.64%29.76 %to31.26%
202035,087$26.112461 to$31.529939$1,038,5111.35 %to2.50%2.09 %to2.21%(3.53)%to(2.41)%
201938,836$27.068034 to$32.309992$1,185,3661.35 %to2.50%1.68 %to1.72%21.86 %to23.27%
Invesco V.I. American Franchise Fund
20231,009,333$31.397143 to$40.289122$35,406,1530.85 %to2.80%— %to—%37.04 %to39.73%
20221,115,990$22.911017 to$28.832670$28,291,0190.85 %to2.80%— %to—%(33.02)%to(31.70)%
20211,271,711$34.205098 to$42.212923$47,701,0720.85 %to2.80%— %to—%8.84 %to10.98%
20201,516,013$31.427475 to$38.036567$51,711,5030.85 %to2.80%0.07 %to0.07%38.43 %to41.15%
20191,691,339$22.703518 to$26.947741$41,267,0990.85 %to2.80%— %to—%32.98 %to35.60%
Allspring VT Index Asset Allocation Fund
202364,806$3.326841 to$30.012755$197,2951.35 %to2.45%0.85 %to0.96%13.88 %to15.14%
202278,855$2.889469 to$26.355167$207,7891.35 %to2.45%0.47 %to0.64%(19.03)%to(18.14)%


2021146,287$3.529654 to$32.550723$505,5211.35 %to2.45%0.61 %to0.63%13.19 %to14.44%
202086,558$3.084251 to$28.757519$304,4771.35 %to2.45%0.82 %to0.82%13.77 %to15.03%
201997,246$2.681360 to$25.277336$293,0481.35 %to2.45%1.09 %to1.10%17.25 %to18.55%
Allspring VT International Equity Fund
202323,185$13.964221 to$16.313610$356,8571.35 %to2.50%1.45 %to1.45%12.71 %to14.01%
202228,824$12.389735 to$14.308811$387,0991.35 %to2.50%3.66 %to3.73%(14.06)%to(13.07)%
202130,286$14.416739 to$16.459345$469,5091.35 %to2.50%1.00 %to1.07%4.23 %to5.44%
202034,214$13.831618 to$15.610776$507,0911.35 %to2.50%2.62 %to2.66%2.34 %to3.52%
201933,256$13.515446 to$15.079507$478,1521.35 %to2.50%3.67 %to3.73%12.64 %to13.94%
Allspring VT Small Cap Growth Fund
2023121,160$4.227670 to$42.329101$509,4531.35 %to2.45%— %to—%1.59 %to2.71%
2022130,387$3.260402 to$4.116106$652,5661.35 %to2.50%— %to—%(36.04)%to(35.30)%
2021133,562$5.097922 to$6.362103$1,053,0061.35 %to2.50%— %to—%4.98 %to6.20%
2020164,409$4.855858 to$5.990778$1,252,2431.35 %to2.50%— %to—%53.89 %to55.67%
2019218,872$3.155376 to$3.848392$973,3381.35 %to2.50%— %to—%21.75 %to23.16%
Allspring VT Discovery SMID Cap Growth Fund+
20238,106$45.620458 to$46.806331$361,9261.35 %to2.45%— %to—%17.24 %to18.53%
20228,078$38.488057 to$39.924896$308,5311.35 %to2.45%— %to—%(39.36)%to(38.68)%
202112,323$62.769637 to$65.835089$757,3891.35 %to2.45%— %to—%(7.34)%to(6.31)%
202014,888$66.999860 to$71.048827$985,8771.35 %to2.45%— %to—%58.72 %to60.47%
201913,563$41.751703 to$44.763851$556,9991.35 %to2.45%— %to—%35.66 %to37.16%
Allspring VT Opportunity Fund
20232,181$38.729073 to$49.895662$98,5161.85 %to2.45%— %to—%23.44 %to24.18%
2022981$31.187166 to$40.420758$30,4831.85 %to2.45%— %to—%(22.73)%to(22.26)%
20213,481$40.117369 to$52.308233$158,4871.85 %to2.45%0.02 %to0.04%21.76 %to22.49%
20201,612$30.296199 to$32.750950$52,6481.85 %to2.35%0.36 %to0.47%18.20 %to18.79%
20192,880$25.632132 to$28.180488$78,4831.70 %to2.35%0.28 %to0.28%28.42 %to29.25%
MFS® Core Equity Portfolio
2023759,685$21.703569 to$25.596200$18,106,3580.95 %to2.80%0.54 %to0.56%19.74 %to21.98%
2022834,291$18.125145 to$20.984442$16,433,9960.95 %to2.80%0.31 %to0.32%(19.56)%to(18.05)%
2021928,832$22.531808 to$25.607394$22,474,7460.95 %to2.80%0.27 %to0.42%21.85 %to24.13%
2020986,834$18.490912 to$20.629950$19,413,3460.95 %to2.80%0.71 %to0.72%15.43 %to17.59%
20191,044,681$16.019026 to$17.544576$17,620,0270.95 %to2.80%0.80 %to0.81%29.52 %to31.93%
MFS® Massachusetts Investors Growth Stock Portfolio


20231,109,371$23.801989 to$28.322628$29,058,3160.85 %to2.80%0.30 %to0.30%20.58 %to22.96%
20221,222,033$19.738827 to$23.034466$26,232,7220.85 %to2.80%0.10 %to0.13%(21.49)%to(19.94)%
20211,323,742$25.142142 to$28.772410$35,776,6930.85 %to2.80%0.23 %to0.24%22.50 %to24.91%
20201,494,784$20.524845 to$23.035049$32,630,2140.85 %to2.80%0.45 %to0.55%19.14 %to21.49%
20191,772,969$17.227055 to$18.960641$32,083,1360.85 %to2.80%0.54 %to0.57%36.09 %to38.77%
MFS® Research International Portfolio
2023842,696$12.403407 to$14.759758$11,377,8350.85 %to2.80%1.05 %to1.08%9.89 %to12.06%
2022934,291$11.286641 to$13.171538$11,341,2400.85 %to2.80%1.79 %to1.88%(19.86)%to(18.28)%
2021934,646$14.083391 to$16.117376$14,028,8360.85 %to2.80%0.83 %to0.86%8.49 %to10.63%
2020901,446$12.981200 to$14.569220$12,358,3210.85 %to2.80%1.87 %to2.15%9.83 %to11.99%
20191,107,207$11.819708 to$13.009415$13,679,7160.85 %to2.80%1.44 %to1.48%24.51 %to26.96%
PSF PGIM Jennison Blend Portfolio+
2023♦58,196$11.374088 to$11.386415$662,6381.70 %to2.35%— %to—%13.74 %to13.86%




*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.




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.



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April 23, 2024





















TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS
(STATUTORY-BASIS)


TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS
(STATUTORY-BASIS)
Admitted assets
As of December 31,
20232022
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)
Derivatives30,077,135 82,797,458 
Collateral on derivatives
1,217,000 67,775,933 
Payable for repurchase agreements99,275,837 117,625,113 
Payable for securities239,844,743 382,568,267 
Other liabilities280,868,262 286,032,802 
Separate Account liabilities23,305,545,372 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


TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
STATEMENTS OF OPERATIONS
(STATUTORY-BASIS)
Revenues
For the years ended December 31,
202320222021
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 ceded957,014 (20,735,675)(104,364,668)
Other expenses10,373,178 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 benefit447,904,253 37,916,811 337,428,399 
Federal income tax expense (benefit)19,898,443 (24,113,001)(65,215,649)
Net gain from operations428,005,810 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


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,
202320222021
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 reserve11,561,910 (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


TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
STATEMENTS OF CASH FLOWS
(STATUTORY-BASIS)
Operating activities
For the years ended December 31,
202320222021
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 activities54,121,766 (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 other417,047,643 205,246,216 782,188,617 
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 activities202,866,750 245,322,084 (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 investments188,886,868 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 reinsurance7,438,729 (13,148,500)(102,388,675)
Non-cash transfer of IMR liability for reinsurance957,014 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    

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 Page202320222021
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)61R4(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)61R4$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)61R518,386,767 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)61R5$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
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
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
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
SeparateSeparate
GeneralAccounts withAccounts% of
AccountGuaranteesNonguaranteedTotalTotal
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 more1,856,806 — — 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 withdrawal3,593,265,403 — 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 ceded1,052,092,910 — — 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
SeparateSeparate
GeneralAccounts withAccounts% of
AccountGuaranteesNonguaranteedTotalTotal
1. Subject to discretionary withdrawal
  a.. With market value adjustment$— $— $— $— 0.00 %
  b.. At book value less current surrender charge of 5% or more478 — — 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
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
SeparateSeparate
GeneralAccounts withAccounts% of
AccountGuaranteesNonguaranteedTotalTotal
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 withdrawal720,855,752 — — 720,855,752 98.23 %
3. Total (gross: direct + assumed)733,858,117 — — 733,858,117 100.00 %
4. Reinsurance ceded577,322,569 — — 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. Subtotal3,954,631,910 
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. Subtotal17,951,178,403 
12. Combined total$21,905,810,313 



12
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 ValueCash ValueReserve
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 Guarantees3,517,092,314 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 Life508,662,613 507,249,244 634,966,757 
j. Miscellaneous Reserves— — — 
2. Not subject to discretionary withdrawal or no cash values
 a. Term Policies without Cash ValueXXXXXX84,950,163 
 b. Accidental Death BenefitsXXXXXX58,433 
 c. Disability - Active LivesXXXXXX630,342 
 d. Disability - Disabled LivesXXXXXX43,823,217 
e. Miscellaneous ReservesXXXXXX373,794,101 
3. Total (gross: direct + assumed)5,361,661,004 4,922,374,658 14,421,536,515 
4. Reinsurance Ceded4,806,789,307 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 ValueCash ValueReserve
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 Life5,302,909,204 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 ValueXXXXXX— 
 b. Accidental Death BenefitsXXXXXX— 
 c. Disability - Active LivesXXXXXX— 
 d. Disability - Disabled LivesXXXXXX— 
e. Miscellaneous ReservesXXXXXX— 
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 
13
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
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
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
16
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,
202320222021
Interest income from bonds and short-term investments$217,743,428 $197,643,122 $204,348,305 
Dividends from common and preferred stocks244,909 1,368,815 1,072,120 
Interest income from contract loans16,073 15,218 18,830 
Interest income from mortgage loans on real estate38,351,807 36,239,548 32,482,103 
Interest and dividends from other investments24,128,880 38,399,308 179,577,541 
Gross investment income280,485,097 273,666,011 417,498,899 
Less: Investment expenses5,554,032 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,
202320222021
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)

17
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,
202320222021
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,
202320222021
Bonds and short-term investments$(9,560,845)$46,770,390 $57,132,912 
Common stocks - unaffiliated167,016 761,126 (432,016)
Mortgage loans on real estate(7,828,471)(703)72,556 
Derivatives(440,250,241)(68,649,340)(253,796,348)
Other invested assets54,659,326 (630,974)(3,625,325)
Net realized capital losses(402,813,215)(21,749,501)(200,648,221)
Capital loss tax expense 12,188,360 7,275,024 13,735,771 
Net realized capital losses, after tax(415,001,575)(29,024,525)(214,383,992)
   Less: Amounts transferred to IMR(3,207,953)35,423,578 44,948,213 
Net realized capital losses, after tax$(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,
202320222021
Bonds and short-term investments
   Sale proceeds$3,652,187,797 $3,596,298,320 $3,003,178,211 
   Gross realized capital gains on sales3,257,654 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 proceeds25,987,746 1,027,964 7,838,285 
   Gross realized capital gains on sales167,016 — 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.

18
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.

19
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, 2023As of December 31, 2022
Derivative type by strategyNotional ValueFair ValueCarrying ValueNotional ValueFair ValueCarrying Value
Cash flow hedges
Interest rate swaps$125,000 $(14,489)$(24)$125,000 $(17,075)$— 
Foreign currency swaps23,959 1,135 177 24,232 2,418 1,134 
Replication transactions
Interest rate swaps200,000 (36,893)66 200,000 (37,477)— 
Credit default swaps250,000 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 program2,138,928 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.
20
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 strategyFor the year ended December 31, 2023For the year ended December 31, 2022For the year ended December 31, 2021
Credit default swaps$4,286 $— $— 
Foreign currency swaps and forwards(23)— — 
Interest rate swaps and swaptions176 — (17)
Macro hedge program(444,681)(66,849)(254,324)
Total$(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.


21
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 exposureNotional Amount [2]Fair ValueCarrying ValueWeighted Average Years to MaturityTypeAverage 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 $3,460 5 yearsCorporate CreditBBB+$— $— $— 
Total$250,000 $4,858 $3,460 $— $— $— 

December 31, 2022
(Amounts in thousands) Underlying Referenced Credit Obligation(s)
Credit Derivative type by derivative risk exposureNotional Amount [2]Fair ValueCarrying ValueWeighted Average Years to MaturityTypeAverage 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 $272 5 yearsCorporate CreditBBB+$— $— $— 
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.


22
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
GrossGrossEstimated
Bonds, Cash Equivalents and Short-Term InvestmentsStatementUnrealizedUnrealizedFair
As of December 31, 2023ValueGainsLossesValue
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-backed92,027,637 1,472,889 (7,217,824)86,282,702 
States, municipalities and political subdivisions132,317,815 2,166,838 (7,556,420)126,928,233 
International governments76,658,371 170,171 (3,169,483)73,659,059 
All other corporate - excluding asset-backed2,129,483,759 47,706,176 (120,850,850)2,056,339,085 
All other corporate - asset-backed849,782,364 2,670,194 (57,750,363)794,702,195 
Hybrid securities106,584,149 904,485 (10,001,950)97,486,684 
Cash equivalents and short-term investments419,274,329 — — 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 
GrossGrossEstimated
Common StocksUnrealizedUnrealizedFair
As of December 31, 2023CostGainsLossesValue
Common stocks - unaffiliated$8,949,512 $407,537 $(233,112)$9,123,937 
Common stocks - affiliated7,300,225 716,390 — 8,016,615 
Total common stocks$16,249,737 $1,123,927 $(233,112)$17,140,552 


23
TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021


GrossGrossEstimated
Bonds, Cash Equivalents and Short-Term InvestmentsStatementUnrealizedUnrealizedFair
As of December 31, 2022ValueGainsLossesValue
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-backed89,141,017 814,903 (6,110,435)83,845,485 
States, municipalities and political subdivisions195,228,269 1,820,768 (17,065,179)179,983,858 
International governments81,178,121 101,999 (4,703,803)76,576,317 
All other corporate - excluding asset-backed2,235,394,468 30,598,214 (184,304,616)2,081,688,066 
All other corporate - asset-backed968,922,014 983,769 (90,447,886)879,457,897 
Hybrid securities69,556,994 — (6,872,593)62,684,401 
Cash equivalents and short-term investments299,200,866 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 
GrossGrossEstimated
Common StocksUnrealizedUnrealizedFair
As of December 31, 2022CostGainsLossesValue
Common stocks - unaffiliated$9,497,997 $361,778 $(722,344)$9,137,431 
Common stocks - affiliated7,300,225 357,664 — 7,657,889 
Total common stocks$16,798,222 $719,442 $(722,344)$16,795,320 
GrossGrossEstimated
Preferred StocksStatementUnrealizedUnrealizedFair
As of December 31, 2022ValueGainsLossesValue
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.

StatementEstimated
MaturityValueFair Value
Due in one year or less$476,780,792 $476,039,556 
Due after one year through five years646,193,696 631,177,845 
Due after five years through ten years570,024,432 559,216,376 
Due after ten years2,626,576,160 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.

24
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
25
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.
26
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, 2023Less Than 12 Months12 Months or MoreTotal
AmortizedUnrealizedAmortizedUnrealizedAmortizedUnrealized
 (Amounts in thousands)CostFair ValueLossesCostFair ValueLossesCostFair ValueLosses
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-backed2,412 2,390 (22)52,173 44,977 (7,196)54,585 47,367 (7,218)
States, municipalities & political subdivisions18,139 15,898 (2,241)45,259 39,943 (5,316)63,398 55,841 (7,557)
International governments2,479 2,465 (14)70,847 67,691 (3,156)73,326 70,156 (3,170)
All other corporate - excluding asset-backed310,781 283,923 (26,858)1,080,872 986,879 (93,993)1,391,653 1,270,802 (120,851)
All other corporate - asset-backed94,503 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 maturities545,128 492,312 (52,816)2,281,059 1,986,878 (294,181)2,826,187 2,479,190 (346,997)
Common stock-unaffiliated6 6 — 1,372 1,139 (233)1,378 1,145 (233)
    Total stocks6 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, 2022Less Than 12 Months12 Months or MoreTotal
AmortizedUnrealizedAmortizedUnrealizedAmortizedUnrealized
 (Amounts in thousands)CostFair ValueLossesCostFair ValueLossesCostFair ValueLosses
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-backed56,073 52,554 (3,519)16,014 13,423 (2,591)72,087 65,977 (6,110)
States, municipalities & political subdivisions131,812 115,401 (16,411)4,322 3,667 (655)136,134 119,068 (17,066)
International governments77,740 73,139 (4,601)1,315 1,212 (103)79,055 74,351 (4,704)
All other corporate - excluding asset-backed1,555,891 1,400,797 (155,094)239,447 210,236 (29,211)1,795,338 1,611,033 (184,305)
All other corporate - asset-backed613,135 565,198 (47,937)337,033 294,522 (42,511)950,168 859,720 (90,448)
Hybrid securities29,031 28,274 (757)40,526 34,411 (6,115)69,557 62,685 (6,872)
Short-term investments88,909 88,890 (19)— — — 88,909 88,890 (19)
    Total fixed maturities2,949,786 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 - unaffiliated29,089 24,626 (4,463)— — — 29,089 24,626 (4,463)
    Total stocks29,089 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 equivalents357,261 — — — 357,261 
Total bonds and stocks362,942 — 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 equivalents184,334 — — — 184,334 
Total bonds and stocks189,928 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.

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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 DerivativesFair ValuePredominant Valuation MethodSignificant Unobservable InputMinimumMaximumImpact of Increase in Input on Fair Value [1]
Macro hedge program
Interest rate swaptions$33,850 Option modelInterest rate volatility—%3%Increase
Equity options [2]54,849 Option modelEquity volatility12%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 DerivativesFair ValuePredominant Valuation MethodSignificant Unobservable InputMinimumMaximumImpact of Increase in Input on Fair Value [1]
Macro hedge program
Equity options [2]$235,827 Option modelEquity volatility18%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 ValueTransfersTransfers(Losses) Included in:Fair Value
as ofintoout ofNetPurchases/Sales/as of
(Amounts in thousands)Jan. 1, 2023Level 3 [2]Level 3 [2]Income [1]SurplusIncreasesDecreasesSettlementsDec. 31, 2023
Assets
Common stocks - unaffiliated$3,443 $— $— $— $— $— $— $— $3,443 
Total bonds and stocks3,443 — — — — — — — 3,443 
Derivatives
Macro hedge program251,081 — — — (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 ValueTransfersTransfers(Losses) Included in:Fair Value
as ofintoout ofNetPurchases/Sales/as of
(Amounts in thousands)Jan. 1, 2022Level 3 [2]Level 3 [2]Income [1]SurplusIncreasesDecreasesSettlementsDec. 31, 2022
Assets
Common stocks - unaffiliated$1,681 $— $— $— $— $1,762 $— $— $3,443 
Total bonds and stocks1,681 — — — — 1762 — — 3,443 
Derivatives
Macro hedge program203,683 — — — 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 ValueAdmitted 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 - unaffiliated9,124 9,124 5,681 — 3,443 — — 
Mortgage loans724,253 791,529 — — 724,253 — — 
Cash, cash equivalents and short-term investments - unaffiliated 357,261 357,261 357,261 — — — — 
Cash, cash equivalents and short-term investments - affiliated140,000 140,000 — — 140,000 — — 
Derivative related assets98,064 98,129 3,931 94,133 — — — 
Contract loans86,753 86,753 — — 86,753 — — 
Surplus debentures41,383 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 ValueAdmitted 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 - unaffiliated24,626 24,626 — 24,626 — — — 
Common stocks - unaffiliated9,037 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 assets327,677 324,672 — 45,087 282,590 — — 
Contract loans88,065 88,065 — — 88,065 — — 
Surplus debentures41,174 41,838 — 24,825 16,349 — — 
Low-income housing tax credits8 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
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:

12023
OrdinaryCapitalTotal
(a)Gross DTA$162,998,357 $2,721,299 $165,719,656 
(b)Statutory valuation allowance adjustments— — — 
(c)Adjusted gross DTA162,998,357 2,721,299 165,719,656 
(d)Deferred tax assets nonadmitted38,638,543 — 38,638,543 
(e)Subtotal net admitted deferred tax assets124,359,814 2,721,299 127,081,113 
(f)Deferred tax liabilities35,857,023 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 

22023
OrdinaryCapitalTotal
Admission Calculation Components SSAP No. 101 :
(a)Federal income taxes paid in prior years recoverable by carrybacks$— $— $— 
(b)Adjusted gross DTA expected to be realized53,178,189 2,611,811 55,790,000 
(1) DTAs expected to be realized after the balance sheet date53,178,189 2,611,811 55,790,000 
(2) DTAs allowed per limitation thresholdXXXXXX124,672,434 
(c)DTAs offset against DTLs71,181,625 109,488 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 limitation966%
(b)Adjusted capital and surplus used to determine 2(b) thresholds831,149,559
42023
OrdinaryCapital
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 strategies2 %— %
(b)Do the tax planning strategies include the use of reinsurance?Yes ___No _X_

36
TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021


12022
OrdinaryCapitalTotal
(a)Gross DTA$148,502,633 $2,806,771 $151,309,404 
(b)Statutory valuation allowance adjustments— — — 
(c)Adjusted gross DTA148,502,633 2,806,771 151,309,404 
(d)Deferred tax assets nonadmitted— — — 
(e)Subtotal net admitted deferred tax assets148,502,633 2,806,771 151,309,404 
(f)Deferred tax liabilities51,934,982 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 

22022
OrdinaryCapitalTotal
Admission Calculation Components SSAP No. 101 :
(a)Federal income taxes paid in prior years recoverable by carrybacks$— $— $— 
(b)Adjusted gross DTA expected to be realized48,587,737 2,641,263 51,229,000 
(1) DTAs expected to be realized after the balance sheet date48,587,737 2,641,263 51,229,000 
(2) DTAs allowed per limitation thresholdXXXXXX107,757,330 
(c)DTAs offset against DTLs99,914,896 165,508 100,080,404 
(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 limitation1043%
(b)Adjusted capital and surplus used to determine 2(b) thresholds897,905,089

42022
OrdinaryCapital
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 strategies1 %— %
(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 strategies2 %— %
(b)Do the tax planning strategies include the use of reinsurance?Yes ___No _X_

1Change During 2023
OrdinaryCapitalTotal
(a)Gross DTA$14,495,724 $(85,472)$14,410,252 
(b)Statutory valuation allowance adjustments— — — 
(c)Adjusted gross DTA14,495,724 (85,472)14,410,252 
(d)Deferred tax assets nonadmitted38,638,543 — 38,638,543 
(e)Subtotal net admitted deferred tax assets(24,142,819)(85,472)(24,228,291)
(f)Deferred tax liabilities(16,077,959)(13,216,250)(29,294,209)
(g)Net admitted deferred tax asset/(net deferred tax liability)$(8,064,860)$13,130,778 $5,065,918 

37
TALCOTT RESOLUTION LIFE AND ANNUITY INSURANCE COMPANY
NOTES TO STATUTORY-BASIS FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021


2Change During 2023
OrdinaryCapitalTotal
Admission Calculation Components SSAP No. 101 :
(a)Federal income taxes paid in prior years recoverable by carrybacks$— $— $— 
(b)Adjusted gross DTA expected to be realized4,590,452 (29,452)4,561,000 
(1) DTAs expected to be realized after the balance sheet date4,590,452 (29,452)4,561,000 
(2) DTAs allowed per limitation thresholdXXXXXX(10,013,329)
(c)DTAs offset against DTLs(28,733,271)(56,020)(28,789,291)
(d)DTAs admitted as a result of application of SSAP No. 101$(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)

4Change During 2023
OrdinaryCapital
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
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:
20232022Change
(a)Federal$19,898,443 $(24,113,001)$44,011,444 
(b)Foreign— — — 
(c)Subtotal19,898,443 (24,113,001)44,011,444 
(d)Federal income tax on net capital gains12,188,360 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:
20232022Change
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 DTL71,291,113 100,585,322 (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 tax38,638,543 
Adjusted change in net deferred Income Tax$32,720,836 





39
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
2023income2022income2021income
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 surplus14,478,051 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 incurred32,086,80366.43 %(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)%8,023,9006.64 %
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
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:
2023DirectAssumedCededNet
Aggregate reserves for future benefits$18,910,472,242 $430,711,040 $(14,902,548,096)$4,438,635,186 
Liability for deposit-type contracts733,418,140 430,092 (577,312,682)156,535,550 
Policy and contract claim liabilities209,526,698 14,022,376 (199,675,762)23,873,312 
Premium and annuity considerations774,475,502 51,512,860 (751,972,988)74,015,374 
Death, annuity, disability and other benefits1,600,431,230 80,743,759 (1,469,947,683)211,227,306 
Surrenders and other fund withdrawals2,452,684,835 158,857,240 (1,404,968,467)1,206,573,608 
2022DirectAssumedCededNet
Aggregate reserves for future benefits$19,616,158,015 $456,864,211 $(15,407,884,903)$4,665,137,323 
Liability for deposit-type contracts812,556,516 334,089 (642,907,752)169,982,853 
Policy and contract claim liabilities188,184,446 9,608,492 (179,696,152)18,096,786 
Premium and annuity considerations819,381,471 62,675,930 (828,399,766)53,657,635 
Death, annuity, disability and other benefits1,550,348,958 97,923,497 (1,421,232,189)227,040,266 
Surrenders and other fund withdrawals2,340,373,565 131,470,492 (1,354,829,420)1,117,014,637 

2021DirectAssumedCededNet
Aggregate reserves for future benefits$18,830,507,419 $859,279,164 $(14,859,366,482)$4,830,420,101 
Liability for deposit-type contracts899,531,652 246,818 (716,010,403)183,768,067 
Policy and contract claim liabilities231,270,273 21,147,387 (228,987,444)23,430,216 
Premium and annuity considerations901,362,020 82,943,229 (14,308,900,870)(13,324,595,621)
Death, annuity, disability and other benefits1,654,726,072 127,708,572 (1,453,150,077)329,284,567 
Surrenders and other fund withdrawals2,981,648,379 178,837,868 (401,880,296)2,758,605,951 

41
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
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
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 B3,443,100 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 insurer222,000,000 222,000,000 — 

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 B3,443,100 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 insurer237,000,000 237,000,000 — 





44
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 Stock1 Current Period Total (2+3+4+5+6)2 Not Eligible for Redemption3 Less Than 6 Months                                  4 6 Months to Less than 1 Year                           5 1 to Less than 3 Years                        6 3 to 5 Years
1Class A$— $— $— $— $— 
2Class B3,443,100 3,425,139 17,961 — — — 

3. Collateral Pledged to FHLB

a. Amount Pledged as of December 31, 2023

1 Fair Value2 Carrying ValueAggregate Total Borrowing
1Current Year Total General and Separate Accounts (Total Collateral Pledged (Lines 2 + 3)$107,759,543 $115,270,467 $— 
2Current Year General Account: Total Collateral Pledged107,759,543 115,270,467 — 
3Current Year Separate Account: Total Collateral Pledged— — — 
4Prior Year-end Total General and Separate Accounts: Total Collateral Pledged186,029,443 198,182,721 — 

    b. Maximum Amount Pledged During Reporting Period
1 Fair Value2 Carrying Value3 Amount Borrowed at Time of Maximum Collateral
1Current Year Total General and Separate Accounts (Maximum Collateral Pledged (Lines 2 + 3)189,629,200 197,338,243 $— 
2Current Year General Account Maximum Collateral Pledged189,629,200 197,338,243 — 
3Current Year Separate Account Maximum Collateral Pledged— — — 
4Prior Year-end Total General and Separate Accounts Maximum Collateral Pledged186,029,443 198,182,721 — 

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
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:
20232022
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 allowance24,470,651 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
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:
IndexedNonindexed Guaranteed Less Than or Equal to 4%Nonindexed Guaranteed More Than 4%Nonguaranteed Separate AccountsTotal
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, 2023December 31, 2022December 31, 2021
Transfer to Separate Accounts254,614,683$267,966,954 $324,159,709 
Transfer from Separate Accounts2,394,979,7932,380,057,6753,133,066,954
Net Transfer from Separate Accounts(2,140,365,110)(2,112,090,721)(2,808,907,245)
Internal exchanges and other Separate Account activity(4,196,019)(14,860,797)(5,072,046)
Transfer from Separate Accounts on the Statements of Operations$(2,144,561,129)$(2,126,951,518)$(2,813,979,291)

47
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.
48
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 OtherUnlimited (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.


49