FINANCIAL STATEMENTS

Separate Account I of National Integrity Life Insurance Company
Year Ended December 31, 2023
With Report of Independent Registered
Public Accounting Firm





Separate Account I
of
National Integrity Life Insurance Company

Financial Statements

Year Ended December 31, 2023



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


Report of Independent Registered Public Accounting Firm

The Board of Directors of National Integrity Life Insurance Company and
The Contract Owners of Separate Account I of National Integrity Life Insurance Company

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

Basis for Opinion
These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on each of the subaccounts’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP
We have served as the Separate Account’s auditor since 1993.
Cincinnati, Ohio
April 17, 2024
1

Appendix A

Subaccounts comprising Separate Account I of National Integrity Life Insurance Company
SubaccountsStatement of operationsStatements of changes in net assets
American Funds Insurance Series
Non-Affiliated Class 2
For the year ended December 31, 2023
For each of the two years in the period ended December 31, 2023

American Funds I.S. Managed Risk Asset Allocation Fund
Non-Affiliated Class 4
American Funds I.S. The Bond Fund of America
American Funds I.S. Capital Income Builder Fund
American Funds I.S. Global Growth Fund
American Funds I.S. Growth Fund
American Funds I.S. Growth-Income Fund
American Funds I.S. New World Fund
BlackRock Variable Series Funds
Non-Affiliated Class 3
BlackRock Capital Appreciation V.I. Fund
BlackRock Global Allocation V.I. Fund
BlackRock High Yield V.I. Fund
BlackRock Total Return V.I. Fund
Columbia Funds Variable Portfolios
Non-Affiliated Class 1
Columbia VP – Select Mid Cap Value Fund
Non-Affiliated Class 2
Columbia VP – Small Cap Value Fund
DWS Investments VIT Funds
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund
Fidelity Variable Insurance Products
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio
Fidelity VIP Overseas Portfolio
Fidelity VIP Equity-Income Portfolio
Fidelity VIP Growth Portfolio
Fidelity VIP High Income Portfolio
Fidelity VIP Asset Manager Portfolio
Fidelity VIP Contrafund® Portfolio
Fidelity VIP Index 500 Portfolio
2

Appendix A (continued)
SubaccountsStatement of operationsStatements of changes in net assets
Non-Affiliated Initial Class (continued):
For the year ended December 31, 2023
For each of the two years in the period ended December 31, 2023
Fidelity VIP Investment Grade Bond Portfolio
Fidelity VIP Government Money Market
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio
Fidelity VIP Mid Cap Portfolio
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio
Fidelity VIP Balanced Portfolio
Fidelity VIP Bond Index Portfolio
Fidelity VIP Contrafund® Portfolio
Fidelity VIP Disciplined Small Cap Portfolio
Fidelity VIP Equity-Income Portfolio
Fidelity VIP Extended Market Index Portfolio
Fidelity VIP Freedom 2010 Portfolio
Fidelity VIP Freedom 2015 Portfolio
Fidelity VIP Freedom 2020 Portfolio
Fidelity VIP Freedom 2025 Portfolio
Fidelity VIP Freedom 2030 Portfolio
Fidelity VIP Growth Portfolio
Fidelity VIP High Income Portfolio
Fidelity VIP Index 500 Portfolio
Fidelity VIP International Index Portfolio
Fidelity VIP Investment Grade Bond Portfolio
Fidelity VIP Mid Cap Portfolio
Fidelity VIP Overseas Portfolio
Fidelity VIP Target Volatility Portfolio
Fidelity VIP Total Market Index Portfolio
Franklin Templeton VIP Trust
Non-Affiliated Class 1:
Franklin Growth and Income VIP Fund
Franklin Income VIP Fund
Non-Affiliated Class 2:
Franklin Growth and Income VIP Fund
Franklin Income VIP Fund
Franklin Large Cap Growth VIP Fund
Franklin Mutual Shares VIP Fund
Franklin Small Cap Value VIP Fund
Templeton Foreign VIP Fund
Templeton Global Bond VIP Fund
Templeton Growth VIP Fund
3

Appendix A (continued)
SubaccountsStatement of operationsStatements of changes in net assets
Rydex Variable Trust (Guggenheim Variable Insurance Funds)
For the year ended December 31, 2023
For each of the two years in the period ended December 31, 2023
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund
Guggenheim VT Multi-Hedge Strategies Fund
Guggenheim VT Long Short Equity Fund
iShares Trust
ETF Shares:
iShares® Core S&P 500 ETF
iShares® Core S&P Mid-Cap ETF
iShares® Core S&P Small-Cap ETF
iShares® Core U.S. Aggregate Bond ETF
iShares® iBoxx $ High Yield Corporate Bond ETF
iShares® 5-10 Year Investment Grade Corporate Bond ETF
iShares® International Treasury Bond ETF
iShares® S&P 500 Growth ETF
iShares® S&P 500 Value ETF
iShares® TIPS Bond ETF
Invesco (AIM) Variable Insurance Funds
Non-Affiliated Class 2:
Invesco V.I. American Franchise Fund
Invesco V.I. American Value Fund
Invesco V.I. Comstock Fund
Invesco V.I. EQV International Equity Fund
Invesco V.I. Discovery Mid Cap Growth Fund
Lincoln Financial Group
Non-Affiliated Class 1:
LVIP JPMorgan Mid Cap Value Fund (formerly,
JPMorgan IT Mid Cap Value)
Morgan Stanley Variable Insurance Funds, Inc.
Non-Affiliated Class 1:
Morgan Stanley VIF Emerging Markets Debt Portfolio
Morgan Stanley VIF U.S. Real Estate Portfolio
Non-Affiliated Class 2:
Morgan Stanley VIF Emerging Markets Debt Portfolio
Morgan Stanley VIF Emerging Markets Equity Portfolio
Morgan Stanley VIF U.S. Real Estate Portfolio
4

Appendix A (continued)
SubaccountsStatement of operationsStatements of changes in net assets
Pimco Variable Insurance Trust
For the year ended December 31, 2023
For each of the two years in the period ended December 31, 2023
Advisor Class:
PIMCO VIT All Asset Portfolio
PIMCO VIT International Bond Portfolio (US Dollar Hedged)
PIMCO VIT CommodityRealReturn® Strategy Portfolio
PIMCO VIT Long-Term U.S. Government Portfolio
PIMCO VIT Low Duration Portfolio
PIMCO VIT Real Return Portfolio
PIMCO VIT Total Return Portfolio
Northern Lights Variable Trust
Non-Affiliated Class 3:
TOPS® Managed Risk Moderate Growth ETF Portfolio
Touchstone Variable Series Trust
Affiliated Service Class:
Touchstone VST Balanced Fund
Touchstone VST Bond Fund
Touchstone VST Common Stock Fund
The Vanguard Index Funds
ETF Shares:
Vanguard® Developed Markets Index Fund, ETF Shares
Vanguard® Dividend Appreciation Index Fund, ETF Shares
Vanguard® Emerging Markets Stock Index Fund, ETF Shares
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares
Vanguard® Large-Cap Index Fund, ETF Shares
Vanguard® Mega Cap Index Fund, ETF Shares
Vanguard® Real Estate Index Fund, ETF Shares
Vanguard® Short-Term Bond Index Fund, ETF Shares
Vanguard® Total Bond Market Index Fund, ETF Shares
5

Separate Account I
of
National Integrity Life Insurance Company
Statement of Assets and Liabilities
December 31, 2023
Subaccount Investments
at fair value		 Receivable from
(payable to)
the general account
of National Integrity		 Net Assets Unit Value Range
(Lowest to Highest)		 Units Outstanding
Affiliated:
Touchstone VST Balanced Fund$14,552,134 $— $14,552,134 $10.19 to$10.63 1,399,863 
Touchstone VST Bond Fund1,222,199 (3)1,222,196 9.36 to9.82 129,431 
Touchstone VST Common Stock Fund18,337,161 2 18,337,163 16.49 to17.31 1,098,291 
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio1,901,297 (2)1,901,295 28.33 to46.14 53,448 
Fidelity VIP Overseas Portfolio943,237 1 943,238 13.68 to56.69 22,435 
Fidelity VIP Equity-Income Portfolio7,789,092 — 7,789,092 41.52 to146.48 74,807 
Fidelity VIP Growth Portfolio6,099,315 (1)6,099,314 314.31 19,406 
Fidelity VIP High Income Portfolio1,432,043 — 1,432,043 30.84 46,439 
Fidelity VIP Asset Manager Portfolio2,641,229 (2)2,641,227 69.72 37,881 
Fidelity VIP Contrafund® Portfolio14,681,965 — 14,681,965 77.72 to153.00 122,106 
Fidelity VIP Index 500 Portfolio4,045,751 — 4,045,751 34.54 to123.39 55,617 
Fidelity VIP Investment Grade Bond Portfolio838,457 1 838,458 11.91 to37.01 45,299 
Fidelity VIP Government Money Market3,406,861 (1)3,406,860 9.11 to10.60 345,670 
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio334,078 (1)334,077 45.60 to46.99 7,326 
Fidelity VIP Mid Cap Portfolio3,161,212 2 3,161,214 94.75 to100.25 32,911 
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio707,563 — 707,563 17.34 to25.50 36,932 
Fidelity VIP Balanced Portfolio9,632,791 (5)9,632,786 25.41 to38.60 341,599 
Fidelity VIP Bond Index Portfolio1,569,474 — 1,569,474 9.10 to9.33 171,657 
Fidelity VIP Contrafund® Portfolio17,723,097 (4)17,723,093 32.96 to63.85 425,770 
Fidelity VIP Disciplined Small Cap Portfolio2,033,766 (1)2,033,765 22.34 to30.79 84,646 
Fidelity VIP Equity-Income Portfolio4,524,800 1 4,524,801 20.36 to35.47 167,288 
Fidelity VIP Extended Market Index Portfolio83,786 — 83,786 13.33 to13.66 6,287 
Fidelity VIP Freedom 2010 Portfolio268,710 — 268,710 15.59 to18.67 16,543 
Fidelity VIP Freedom 2015 Portfolio226,838 1 226,839 16.46 to19.72 13,407 
Fidelity VIP Freedom 2020 Portfolio284,758 1 284,759 16.99 to20.36 16,046 
Fidelity VIP Freedom 2025 Portfolio2,244,299 1 2,244,300 18.36 to22.00 120,385 
Fidelity VIP Freedom 2030 Portfolio359,172 4 359,176 18.93 to23.21 18,286 
Fidelity VIP Growth Portfolio5,188,901 (2)5,188,899 39.11 to61.89 107,739 
Fidelity VIP High Income Portfolio4,215,376 3 4,215,379 14.71 to26.66 211,069 
Fidelity VIP Index 500 Portfolio33,693,825 3 33,693,828 31.95 to47.03 1,006,755 
Fidelity VIP International Index Portfolio459,135 — 459,135 10.12 to11.79 39,740 
Fidelity VIP Investment Grade Bond Portfolio11,377,337 2 11,377,339 11.52 to17.82 859,333 
Fidelity VIP Mid Cap Portfolio6,469,081 3 6,469,084 26.01 to63.26 183,194 
Fidelity VIP Overseas Portfolio2,394,761 (2)2,394,759 13.17 to26.48 150,761 
Fidelity VIP Target Volatility Portfolio395,948 — 395,948 14.61 to15.53 26,819 
Fidelity VIP Total Market Index Portfolio719,945 2 719,947 15.41 to15.80 46,462 
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund1,562,324 (2)1,562,322 24.82 to27.05 60,504 
Franklin Growth and Income VIP Fund1,630,142 — 1,630,142 39.42 to40.63 41,349 
Franklin Income VIP Fund2,149,679 — 2,149,679 33.12 to34.13 64,845 
LVIP JPMorgan Mid Cap Value Fund (a)406,075 1 406,076 32.77 to49.87 8,841 
Morgan Stanley VIF Emerging Markets Debt Portfolio73,204 1 73,205 15.97 to31.49 2,496 
Morgan Stanley VIF U.S. Real Estate Portfolio428,531 1 428,532 15.60 to47.14 11,206 
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund1,926,963 — 1,926,963 13.89 to14.76 137,568 
Columbia VP – Small Cap Value Fund1,555,747 1 1,555,748 30.09 to43.23 38,855 
Franklin Growth and Income VIP Fund4,022,541 3 4,022,544 21.93 to40.29 137,174 
Franklin Income VIP Fund7,520,324 2 7,520,326 17.14 to33.85 364,646 
Franklin Large Cap Growth VIP Fund1,926,747 (2)1,926,745 29.65 to50.13 49,082 
Franklin Mutual Shares VIP Fund8,565,527 (1)8,565,526 15.91 to33.00 463,435 
Franklin Small Cap Value VIP Fund1,123,657 4 1,123,661 23.02 to29.77 46,607 
Invesco V.I. American Franchise Fund348,848 1 348,849 36.85 to59.63 8,204 
Invesco V.I. American Value Fund4,398,245 1 4,398,246 24.97 to28.85 169,874 
Invesco V.I. Comstock Fund3,232,228 — 3,232,228 24.03 to48.54 116,117 
Invesco V.I. EQV International Equity Fund1,785,499 (1)1,785,498 14.13 to15.26 123,642 
Invesco V.I. Discovery Mid Cap Growth Fund683,851 — 683,851 13.04 to13.31 52,320 
Templeton Foreign VIP Fund3,485,695 2 3,485,697 10.68 to24.92 274,119 
Templeton Global Bond VIP Fund281,550 (5)281,545 7.74 to8.26 35,858 
Templeton Growth VIP Fund900,465 — 900,465 12.22 to26.62 51,039 
Morgan Stanley VIF Emerging Markets Debt Portfolio539,886 (1)539,885 11.62 to23.60 36,603 
Morgan Stanley VIF Emerging Markets Equity Portfolio1,594,440 — 1,594,440 8.56 to37.92 113,757 
Morgan Stanley VIF U.S. Real Estate Portfolio1,793,269 (1)1,793,268 11.65 to35.91 133,907 

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

Separate Account I
of
National Integrity Life Insurance Company
Statement of Assets and Liabilities (continued)
December 31, 2023
Subaccount Investments
at fair value		 Receivable from
(payable to)
the general account
of National Integrity		 Net Assets Unit Value Range
(Lowest to Highest)		 Units Outstanding
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund$3,644,158 $1 $3,644,159 $34.33 to$37.08 104,164 
BlackRock Global Allocation V.I. Fund519,725 1 519,726 14.54 to15.71 35,157 
BlackRock High Yield V.I. Fund242,481 2 242,483 12.92 to13.49 18,818 
BlackRock Total Return V.I. Fund428,100 1 428,101 9.52 to9.93 45,114 
TOPS® Managed Risk Moderate Growth ETF Portfolio996,701 — 996,701 12.47 to13.31 79,315 
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America1,200,001 — 1,200,001 9.77 to10.20 122,502 
American Funds I.S. Capital Income Builder Fund2,732,535 1 2,732,536 12.61 to13.23 214,167 
American Funds I.S. Global Growth Fund2,030,389 2 2,030,391 21.70 to23.06 91,196 
American Funds I.S. Growth Fund4,197,427 (2)4,197,425 33.11 to35.20 125,467 
American Funds I.S. Growth-Income Fund3,097,647 (2)3,097,645 24.41 to25.95 124,746 
American Funds I.S. New World Fund1,404,123 1 1,404,124 13.53 to14.39 101,525 
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund432,612 2 432,614 40.13 to42.78 10,418 
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund1,743,465 2 1,743,467 21.83 to38.63 67,388 
Advisor Class:
PIMCO VIT All Asset Portfolio906,463 (1)906,462 14.72 to16.78 58,080 
PIMCO VIT International Bond Portfolio (US Dollar Hedged)40,373 — 40,373 10.39 to10.85 3,825 
PIMCO VIT CommodityRealReturn® Strategy Portfolio1,524,577 1 1,524,578 4.92 to7.02 298,913 
PIMCO VIT Long-Term U.S. Government Portfolio195,883 — 195,883 8.72 to9.31 21,500 
PIMCO VIT Low Duration Portfolio1,628,626 1 1,628,627 9.87 to11.51 152,613 
PIMCO VIT Real Return Portfolio831,771 (3)831,768 11.23 to13.36 66,976 
PIMCO VIT Total Return Portfolio16,598,862 (4)16,598,858 10.97 to13.83 1,280,494 
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund114,449 (2)114,447 6.85 to8.86 16,223 
Guggenheim VT Multi-Hedge Strategies Fund266,475 2 266,476 9.10 to12.04 27,930 
Guggenheim VT Long Short Equity Fund54,321 3 54,324 11.28 to14.29 4,563 
ETF Shares:
iShares® Core S&P 500 ETF12,412,865 4 12,412,869 27.25 to96.63 141,881 
iShares® Core S&P Mid-Cap ETF3,748,365 2 3,748,367 24.54 to75.09 54,497 
iShares® Core S&P Small-Cap ETF2,052,278 3 2,052,281 22.88 to75.80 29,525 
iShares® Core U.S. Aggregate Bond ETF401,505 (4)401,501 21.31 to25.99 18,344 
iShares® iBoxx $ High Yield Corporate Bond ETF35,682 — 35,682 23.34 to35.03 1,144 
iShares® 5-10 Year Investment Grade Corporate Bond ETF670,873 2 670,875 21.76 to28.93 26,985 
iShares® International Treasury Bond ETF1,623,572 — 1,623,572 16.24 to18.38 97,217 
iShares® S&P 500 Growth ETF1,764,243 — 1,764,243 25.93 to108.10 18,326 
iShares® S&P 500 Value ETF352,921 — 352,921 28.01 to79.94 4,760 
iShares® TIPS Bond ETF46,199 — 46,199 21.66 to27.45 2,067 
Vanguard® Developed Markets Index Fund, ETF Shares1,815,275 — 1,815,275 22.90 to43.73 45,379 
Vanguard® Dividend Appreciation Index Fund, ETF Shares715,212 (1)715,211 26.65 to83.75 9,774 
Vanguard® Emerging Markets Stock Index Fund, ETF Shares186,803 1 186,804 19.15 to28.86 7,146 
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares15,547 (1)15,546 21.71 to32.07 509 
Vanguard® Large-Cap Index Fund, ETF Shares496,344 — 496,344 26.75 to95.30 5,732 
Vanguard® Mega Cap Index Fund, ETF Shares136,103 (3)136,100 27.40 to100.51 1,471 
Vanguard® Real Estate Index Fund, ETF Shares246,483 1 246,484 21.95 to53.97 5,254 
Vanguard® Short-Term Bond Index Fund, ETF Shares8,734 (1)8,733 20.99 to23.66 416 
Vanguard® Total Bond Market Index Fund, ETF Shares12,086,422 3 12,086,425 21.30 to26.07 538,398 
(a) Name Change. See Note 1.
7
(b) New Underlying Fund. See Note 1

Separate Account I
of
National Integrity Life Insurance Company
Statement of Operations
For the Year Ended December 31, 2023
Investment
 IncomeExpensesRealized and unrealized gain (loss) on investments
Subaccount Reinvested
dividends		Mortality and
expense risk and
administrative
charges		Net investment
income (loss)		Realized gain (loss)
on sales of
investments		Realized gain
distributions		Change in net unrealized
appreciation
(depreciation)
during the period		Net realized and
unrealized gain (loss)
on investments		Net increase
(decrease) in net
assets resulting from
operations
Affiliated:
Touchstone VST Balanced Fund$180,906 $203,330 $(22,424)$(596,500)$— $2,823,196 $2,226,696 $2,204,272 
Touchstone VST Bond Fund59,381 20,113 39,268 (73,766)— 89,767 16,001 55,269 
Touchstone VST Common Stock Fund108,862 243,880 (135,018)471,994 1,120,374 2,349,158 3,941,526 3,806,508 
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio31,101 24,894 6,207 45,845 67,232 213,043 326,120 332,327 
Fidelity VIP Overseas Portfolio9,378 13,064 (3,686)73,784 2,371 89,706 165,861 162,175 
Fidelity VIP Equity-Income Portfolio143,673 103,526 40,147 122,038 215,658 290,695 628,391 668,538 
Fidelity VIP Growth Portfolio7,114 73,811 (66,697)257,374 255,905 1,164,414 1,677,693 1,610,996 
Fidelity VIP High Income Portfolio78,477 18,431 60,046 (79,325)— 134,053 54,728 114,774 
Fidelity VIP Asset Manager Portfolio59,604 34,505 25,099 11,174 27,362 211,489 250,025 275,124 
Fidelity VIP Contrafund® Portfolio65,529 180,662 (115,133)276,859 476,536 3,024,991 3,778,386 3,663,253 
Fidelity VIP Index 500 Portfolio55,538 51,853 3,685 323,948 35,450 475,538 834,936 838,621 
Fidelity VIP Investment Grade Bond Portfolio21,376 12,373 9,003 (33,354)— 63,720 30,366 39,369 
Fidelity VIP Government Money Market247,070 74,957 172,113 — — — — 172,113 
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio113 4,087 (3,974)14,326 14,193 64,501 93,020 89,046 
Fidelity VIP Mid Cap Portfolio15,330 39,996 (24,666)3,427 82,991 318,259 404,677 380,011 
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio14,931 10,895 4,036 (2,250)8,665 66,032 72,447 76,483 
Fidelity VIP Balanced Portfolio153,133 148,193 4,940 322,815 408,838 1,099,463 1,831,116 1,836,056 
Fidelity VIP Bond Index Portfolio35,117 22,815 12,302 (29,770)— 73,896 44,126 56,428 
Fidelity VIP Contrafund® Portfolio42,199 237,248 (195,049)609,687 605,228 3,487,129 4,702,044 4,506,995 
Fidelity VIP Disciplined Small Cap Portfolio16,240 26,313 (10,073)(17,531)— 363,578 346,047 335,974 
Fidelity VIP Equity-Income Portfolio75,679 61,311 14,368 59,279 129,856 169,834 358,969 373,337 
Fidelity VIP Extended Market Index Portfolio1,246 1,140 106 742 — 9,600 10,342 10,448 
Fidelity VIP Freedom 2010 Portfolio10,784 4,425 6,359 (5,986)23,030 (1,413)15,631 21,990 
Fidelity VIP Freedom 2015 Portfolio7,405 3,209 4,196 (105)4,184 10,483 14,562 18,758 
Fidelity VIP Freedom 2020 Portfolio10,712 5,017 5,695 (16,704)3,477 41,666 28,439 34,134 
Fidelity VIP Freedom 2025 Portfolio56,780 33,737 23,043 37,839 — 192,770 230,609 253,652 
Fidelity VIP Freedom 2030 Portfolio7,632 4,773 2,859 1,276 — 36,839 38,115 40,974 
Fidelity VIP Growth Portfolio186 67,694 (67,508)151,612 226,654 1,090,699 1,468,965 1,401,457 
Fidelity VIP High Income Portfolio254,832 48,697 206,135 (259,850)— 247,844 (12,006)194,129 
Fidelity VIP Index 500 Portfolio393,024 452,427 (59,403)2,053,523 303,287 4,591,602 6,948,412 6,889,009 
Fidelity VIP International Index Portfolio11,533 6,192 5,341 (6,625)— 57,758 51,133 56,474 
(a) Name Change. See Note 1.
8
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I
of
National Integrity Life Insurance Company
Statement of Operations (continued)
For the Year Ended December 31, 2023
Investment
 IncomeExpensesRealized and unrealized gain (loss) on investments
Subaccount Reinvested
dividends		Mortality and
expense risk and
administrative
charges		Net investment
income (loss)		Realized gain (loss)
on sales of
investments		Realized gain
distributions		Change in net unrealized
appreciation
(depreciation)
during the period		Net realized and
unrealized gain (loss)
on investments		Net increase
(decrease) in net
assets resulting from
operations
Non-Affiliated Service Class 2 (continued):
Fidelity VIP Investment Grade Bond Portfolio$277,368 $165,642 $111,726 $(274,684)$— $656,731 $382,047 $493,773 
Fidelity VIP Mid Cap Portfolio23,717 89,295 (65,578)18,433 177,831 659,072 855,336 789,758 
Fidelity VIP Overseas Portfolio18,077 33,622 (15,545)59,407 6,057 343,881 409,345 393,800 
Fidelity VIP Target Volatility Portfolio7,791 5,597 2,194 (32)— 41,396 41,364 43,558 
Fidelity VIP Total Market Index Portfolio5,719 9,754 (4,035)5,171 — 144,767 149,938 145,903 
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund— 20,194 (20,194)34,674 — 113,537 148,211 128,017 
Franklin Growth and Income VIP Fund36,536 21,594 14,942 (190,270)78,989 214,136 102,855 117,797 
Franklin Income VIP Fund115,963 29,765 86,198 (36,515)133,559 (26,323)70,721 156,919 
LVIP JPMorgan Mid Cap Value Fund (a)12,424 5,494 6,930 41 34,617 (6,232)28,426 35,356 
Morgan Stanley VIF Emerging Markets Debt Portfolio5,990 937 5,053 (2,764)— 4,652 1,888 6,941 
Morgan Stanley VIF U.S. Real Estate Portfolio9,120 5,759 3,361 (2,905)— 49,155 46,250 49,611 
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund33,684 27,972 5,712 (562)215,263 (65,065)149,636 155,348 
Columbia VP – Small Cap Value Fund6,032 20,197 (14,165)(57,333)102,752 235,360 280,779 266,614 
Franklin Growth and Income VIP Fund88,450 55,580 32,870 (511,145)214,541 546,996 250,392 283,262 
Franklin Income VIP Fund430,674 119,169 311,505 (301,951)522,115 (8,544)211,620 523,125 
Franklin Large Cap Growth VIP Fund— 25,618 (25,618)(99,091)54,441 648,172 603,522 577,904 
Franklin Mutual Shares VIP Fund154,180 121,076 33,104 (334,786)709,643 531,532 906,389 939,493 
Franklin Small Cap Value VIP Fund5,233 15,047 (9,814)(16,847)56,722 86,727 126,602 116,788 
Invesco V.I. American Franchise Fund— 5,227 (5,227)(27,201)9,958 126,410 109,167 103,940 
Invesco V.I. American Value Fund16,024 61,156 (45,132)(11,614)892,582 (282,296)598,672 553,540 
Invesco V.I. Comstock Fund48,288 44,413 3,875 54,515 347,749 (89,504)312,760 316,635 
Invesco V.I. EQV International Equity Fund— 25,002 (25,002)(72,906)1,276 367,685 296,055 271,053 
Invesco V.I. Discovery Mid Cap Growth Fund— 9,617 (9,617)(18,069)— 98,073 80,004 70,387 
Templeton Foreign VIP Fund107,101 48,893 58,208 (85,483)— 627,477 541,994 600,202 
Templeton Global Bond VIP Fund— 4,319 (4,319)(13,871)— 20,528 6,657 2,338 
Templeton Growth VIP Fund30,588 13,263 17,325 (24,098)— 159,053 134,955 152,280 
Morgan Stanley VIF Emerging Markets Debt Portfolio46,235 7,872 38,363 (33,612)— 46,041 12,429 50,792 
Morgan Stanley VIF Emerging Markets Equity Portfolio24,085 22,467 1,618 (41,409)26,974 168,863 154,428 156,046 
Morgan Stanley VIF U.S. Real Estate Portfolio34,727 25,806 8,921 (169,088)— 365,306 196,218 205,139 
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund— 48,627 (48,627)(62,383)182,919 1,190,641 1,311,177 1,262,550 
BlackRock Global Allocation V.I. Fund12,574 7,981 4,593 (12,160)— 62,341 50,181 54,774 
BlackRock High Yield V.I. Fund14,308 3,485 10,823 (686)— 14,173 13,487 24,310 
BlackRock Total Return V.I. Fund15,199 6,645 8,554 (7,946)— 14,872 6,926 15,480 
TOPS® Managed Risk Moderate Growth ETF Portfolio3,375 14,788 (11,413)(240,025)2,908 327,751 90,634 79,221 
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America38,285 17,251 21,034 (14,817)— 30,495 15,678 36,712 
American Funds I.S. Capital Income Builder Fund72,793 38,672 34,121 36,677 — 118,354 155,031 189,152 

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

Separate Account I
of
National Integrity Life Insurance Company
Statement of Operations (continued)
For the Year Ended December 31, 2023
Investment
 IncomeExpensesRealized and unrealized gain (loss) on investments
Subaccount Reinvested
dividends		Mortality and
expense risk and
administrative
charges		Net investment
income (loss)		Realized gain (loss)
on sales of
investments		Realized gain
distributions		Change in net unrealized
appreciation
(depreciation)
during the period		Net realized and
unrealized gain (loss)
on investments		Net increase
(decrease) in net
assets resulting from
operations
Non-Affiliated Class 4 (continued):
American Funds I.S. Global Growth Fund$13,617 $26,917 $(13,300)$52,400 $155,952 $176,872 $385,224 $371,924 
American Funds I.S. Growth Fund6,741 59,346 (52,605)98,092 227,345 931,837 1,257,274 1,204,669 
American Funds I.S. Growth-Income Fund34,382 42,728 (8,346)31,729 162,055 452,881 646,665 638,319 
American Funds I.S. New World Fund16,691 19,474 (2,783)3,021 — 181,124 184,145 181,362 
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund4,510 5,445 (935)(9,141)9,668 57,697 58,224 57,289 
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund13,268 20,728 (7,460)(34,233)37,702 227,999 231,468 224,008 
Advisor Class:
PIMCO VIT All Asset Portfolio29,482 15,194 14,288 (82,852)— 129,803 46,951 61,239 
PIMCO VIT International Bond Portfolio (US Dollar Hedged)1,046 578 468 (693)1,137 2,121 2,565 3,033 
PIMCO VIT CommodityRealReturn® Strategy Portfolio183,635 19,382 164,253 (52,064)— (246,128)(298,192)(133,939)
PIMCO VIT Long-Term U.S. Government Portfolio3,962 2,097 1,865 (2,107)— 6,074 3,967 5,832 
PIMCO VIT Low Duration Portfolio58,106 24,431 33,675 (30,510)— 50,801 20,291 53,966 
PIMCO VIT Real Return Portfolio25,866 12,497 13,369 (24,042)— 29,726 5,684 19,053 
PIMCO VIT Total Return Portfolio568,825 241,201 327,624 (413,415)— 779,361 365,946 693,570 
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund4,315 1,829 2,486 (364)2,747 (2,108)275 2,761 
Guggenheim VT Multi-Hedge Strategies Fund9,137 4,430 4,707 2,261 — 1,720 3,981 8,688 
Guggenheim VT Long Short Equity Fund142 815 (673)534 — 5,954 6,488 5,815 
ETF Shares:
iShares® Core S&P 500 ETF198,479 325,867 (127,388)1,899,322 — 901,277 2,800,599 2,673,211 
iShares® Core S&P Mid-Cap ETF57,511 95,062 (37,551)328,112 — 197,399 525,511 487,960 
iShares® Core S&P Small-Cap ETF28,166 50,153 (21,987)155,020 — 124,377 279,397 257,410 
iShares® Core U.S. Aggregate Bond ETF12,708 11,022 1,686 (6,458)— 15,978 9,520 11,206 
iShares® iBoxx $ High Yield Corporate Bond ETF2,087 920 1,167 (842)— 2,622 1,780 2,947 
iShares® 5-10 Year Investment Grade Corporate Bond ETF25,152 17,791 7,361 2,334 — 30,143 32,477 39,838 
iShares® International Treasury Bond ETF— 41,963 (41,963)(57,144)— 145,781 88,637 46,674 
iShares® S&P 500 Growth ETF20,574 46,632 (26,058)339,711 — 131,640 471,351 445,293 
iShares® S&P 500 Value ETF6,206 8,706 (2,500)23,772 — 39,306 63,078 60,578 
iShares® TIPS Bond ETF1,353 1,235 118 (265)— 813 548 666 
Vanguard® Developed Markets Index Fund, ETF Shares58,858 47,122 11,736 107,355 — 146,315 253,670 265,406 
Vanguard® Dividend Appreciation Index Fund, ETF Shares13,944 18,364 (4,420)45,775 — 35,620 81,395 76,975 
Vanguard® Emerging Markets Stock Index Fund, ETF Shares6,389 4,892 1,497 (5,334)— 16,302 10,968 12,465 
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares954 495 459 (270)— 1,255 985 1,444 
Vanguard® Large-Cap Index Fund, ETF Shares7,526 12,996 (5,470)56,966 — 54,424 111,390 105,920 
Vanguard® Mega Cap Index Fund, ETF Shares1,945 3,203 (1,258)14,702 — 17,580 32,282 31,024 
Vanguard® Real Estate Index Fund, ETF Shares9,476 5,919 3,557 2,331 — 15,772 18,103 21,660 
Vanguard® Short-Term Bond Index Fund, ETF Shares336 351 (15)(872)— 1,187 315 300 
Vanguard® Total Bond Market Index Fund, ETF Shares389,281 320,321 68,960 (204,082)— 485,433 281,351 350,311 
(a) Name Change. See Note 1.
10
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I
of
National Integrity Life Insurance Company
Statements of Changes in Net Assets
For the Year Ended December 31, 2023
 Inccrease (deccrease) in net assets from operations Increase (decrease) in net assets from contract related transactions Unit Transactions
Subaccount Net investment income (loss) Realized gain (loss) Change in net unrealized appreciation (depreciation) during the period Net increase (decrease) in net assets resulting from operations Contributions from contract holders Contract terminations and benefits Net transfers among investment options Contract maintenance charges Net increase (decrease) in net assets from contract related transactions Increase (decrease) in net assets Net assets, beginning of period Net assets, end of period Units purchased Units redeemed Increase (decrease) in units
Affiliated:
Touchstone VST Balanced Fund$(22,424)$(596,500)$2,823,196 $2,204,272 $342,830 $(1,611,435)$(51,961)$(19,691)$(1,340,257)$864,015 $13,688,119 $14,552,134 9,914 (149,219)(139,305)
Touchstone VST Bond Fund39,268 (73,766)89,767 55,269 1,750 (526,649)61,400 (11,514)(475,013)(419,744)1,641,940 1,222,196 6,686 (58,250)(51,564)
Touchstone VST Common Stock Fund(135,018)1,592,368 2,349,158 3,806,508 36,646 (1,418,401)(234,549)(22,269)(1,638,573)2,167,935 16,169,228 18,337,163 26,238 (134,454)(108,216)
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio6,207 113,077 213,043 332,327 — (180,075)(1)(299)(180,375)151,952 1,749,343 1,901,295 — (4,698)(4,698)
Fidelity VIP Overseas Portfolio(3,686)76,155 89,706 162,175 — (140,442)100 (226)(140,568)21,607 921,631 943,238 2 (3,360)(3,358)
Fidelity VIP Equity-Income Portfolio40,147 337,696 290,695 668,538 292,631 (1,016,491)2,876 (1,343)(722,327)(53,789)7,842,881 7,789,092 322 (6,454)(6,132)
Fidelity VIP Growth Portfolio(66,697)513,279 1,164,414 1,610,996 — (347,385)— (769)(348,154)1,262,842 4,836,472 6,099,314 — (1,276)(1,276)
Fidelity VIP High Income Portfolio60,046 (79,325)134,053 114,774 560 (114,004)3,305 (231)(110,370)4,404 1,427,639 1,432,043 10,005 (14,024)(4,019)
Fidelity VIP Asset Manager Portfolio25,099 38,536 211,489 275,124 3,728 (99,926)1,498 (611)(95,311)179,813 2,461,414 2,641,227 58 (1,512)(1,454)
Fidelity VIP Contrafund® Portfolio(115,133)753,395 3,024,991 3,663,253 351,505 (1,439,583)(34,101)(2,218)(1,124,397)2,538,856 12,143,109 14,681,965 794 (11,335)(10,541)
Fidelity VIP Index 500 Portfolio3,685 359,398 475,538 838,621 — (393,290)(4)(711)(394,005)444,616 3,601,135 4,045,751 1 (4,662)(4,661)
Fidelity VIP Investment Grade Bond Portfolio9,003 (33,354)63,720 39,369 — (166,922)5 (323)(167,240)(127,871)966,329 838,458 — (11,777)(11,777)
Fidelity VIP Government Money Market172,113 — — 172,113 33,485 (833,866)822,624 (3,320)18,923 191,036 3,215,824 3,406,860 1,035,772 (1,027,095)8,677 
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio(3,974)28,519 64,501 89,046 — (38,777)115 (117)(38,779)50,267 283,810 334,077 — (1,030)(1,030)
Fidelity VIP Mid Cap Portfolio(24,666)86,418 318,259 380,011 — (101,782)(11)(196)(101,989)278,022 2,883,192 3,161,214 — (1,146)(1,146)
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio4,036 6,415 66,032 76,483 10,951 (122,881)(5,252)(2,399)(119,581)(43,098)750,661 707,563 530 (6,942)(6,412)
Fidelity VIP Balanced Portfolio4,940 731,653 1,099,463 1,836,056 78,495 (2,550,726)12,933 (8,491)(2,467,789)(631,733)10,264,519 9,632,786 3,442 (98,837)(95,395)
Fidelity VIP Bond Index Portfolio12,302 (29,770)73,896 56,428 540 (80,575)50,467 (18,097)(47,665)8,763 1,560,711 1,569,474 10,266 (15,497)(5,231)
Fidelity VIP Contrafund® Portfolio(195,049)1,214,915 3,487,129 4,506,995 151,709 (1,815,518)(499,125)(47,117)(2,210,051)2,296,944 15,426,149 17,723,093 7,800 (69,086)(61,286)
Fidelity VIP Disciplined Small Cap Portfolio(10,073)(17,531)363,578 335,974 25,754 (233,103)3,590 (7,037)(210,796)125,178 1,908,587 2,033,765 2,322 (12,064)(9,742)
Fidelity VIP Equity-Income Portfolio14,368 189,135 169,834 373,337 45,921 (490,057)59,636 (4,045)(388,545)(15,208)4,540,009 4,524,801 6,435 (20,543)(14,108)
Fidelity VIP Extended Market Index Portfolio106 742 9,600 10,448 — (3,999)25,060 — 21,061 31,509 52,277 83,786 2,096 (332)1,764 
Fidelity VIP Freedom 2010 Portfolio6,359 17,044 (1,413)21,990 — (85,436)65 (710)(86,081)(64,091)332,801 268,710 5 (5,632)(5,627)
Fidelity VIP Freedom 2015 Portfolio4,196 4,079 10,483 18,758 — (75)— (104)(179)18,579 208,260 226,839 1 (12)(11)
Fidelity VIP Freedom 2020 Portfolio5,695 (13,227)41,666 34,134 75 (228,894)239 (2,830)(231,410)(197,276)482,035 284,759 20 (14,468)(14,448)
Fidelity VIP Freedom 2025 Portfolio23,043 37,839 192,770 253,652 — (341,930)(240)(30,685)(372,855)(119,203)2,363,503 2,244,300 1 (21,236)(21,235)
Fidelity VIP Freedom 2030 Portfolio2,859 1,276 36,839 40,974 — (1,844)(1)(41)(1,886)39,088 320,088 359,176 — (106)(106)
Fidelity VIP Growth Portfolio(67,508)378,266 1,090,699 1,401,457 63,622 (493,675)(79,096)(13,376)(522,525)878,932 4,309,967 5,188,899 3,112 (15,160)(12,048)
Fidelity VIP High Income Portfolio206,135 (259,850)247,844 194,129 50,339 (825,328)(586,122)(2,144)(1,363,255)(1,169,126)5,384,505 4,215,379 435,815 (517,325)(81,510)
Fidelity VIP Index 500 Portfolio(59,403)2,356,810 4,591,602 6,889,009 553,809 (2,985,595)(819,333)(103,276)(3,354,395)3,534,614 30,159,214 33,693,828 24,545 (137,320)(112,775)
Fidelity VIP International Index Portfolio5,341 (6,625)57,758 56,474 150 (9,256)16,503 (4,182)3,215 59,689 399,446 459,135 4,053 (3,802)251 
Fidelity VIP Investment Grade Bond Portfolio111,726 (274,684)656,731 493,773 100,279 (1,409,633)620,040 (130,972)(820,286)(326,513)11,703,852 11,377,339 47,854 (112,134)(64,280)
Fidelity VIP Mid Cap Portfolio(65,578)196,264 659,072 789,758 104,081 (878,491)(89,416)(11,431)(875,257)(85,499)6,554,583 6,469,084 4,687 (31,780)(27,093)
Fidelity VIP Overseas Portfolio(15,545)65,464 343,881 393,800 3,670 (174,303)(38,680)(3,688)(213,001)180,799 2,213,960 2,394,759 2,934 (16,212)(13,278)
Fidelity VIP Target Volatility Portfolio2,194 (32)41,396 43,558 5,022 (4,633)(4,074)(5,655)(9,340)34,218 361,730 395,948 517 (1,195)(678)
Fidelity VIP Total Market Index Portfolio(4,035)5,171 144,767 145,903 240 (18,952)(41,550)(7,054)(67,316)78,587 641,360 719,947 751 (5,581)(4,830)
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund(20,194)34,674 113,537 128,017 5,830 (68,187)4,164 (565)(58,758)69,259 1,493,063 1,562,322 468 (2,900)(2,432)
Franklin Growth and Income VIP Fund14,942 (111,281)214,136 117,797 — (135,462)(33)(356)(135,851)(18,054)1,648,196 1,630,142 — (3,680)(3,680)
Franklin Income VIP Fund86,198 97,044 (26,323)156,919 2,600 (337,901)719 (504)(335,086)(178,167)2,327,846 2,149,679 86 (10,674)(10,588)
LVIP JPMorgan Mid Cap Value Fund (a)6,930 34,658 (6,232)35,356 — (36,259)20 (142)(36,381)(1,025)407,101 406,076 — (935)(935)
Morgan Stanley VIF Emerging Markets Debt Portfolio5,053 (2,764)4,652 6,941 — (2,905)(268)(17)(3,190)3,751 69,454 73,205 1 (116)(115)
Morgan Stanley VIF U.S. Real Estate Portfolio3,361 (2,905)49,155 49,611 300 (20,167)987 (102)(18,982)30,629 397,903 428,532 38 (571)(533)
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund5,712 214,701 (65,065)155,348 100,000 (215,020)1,166 (11,939)(125,793)29,555 1,897,408 1,926,963 8,114 (17,624)(9,510)
Columbia VP – Small Cap Value Fund(14,165)45,419 235,360 266,614 557 (83,596)1,083 (4,510)(86,466)180,148 1,375,600 1,555,748 972 (3,312)(2,340)
Franklin Growth and Income VIP Fund32,870 (296,604)546,996 283,262 130,467 (432,980)(18,897)(2,270)(323,680)(40,418)4,062,962 4,022,544 6,787 (17,927)(11,140)




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

Separate Account I
of
National Integrity Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Year Ended December 31, 2023
 Inccrease (deccrease) in net assets from operations Increase (decrease) in net assets from contract related transactions Unit Transactions
Subaccount Net investment income (loss) Realized gain (loss) Change in net unrealized appreciation (depreciation) during the period Net increase (decrease) in net assets resulting from operations Contributions from contract holders Contract terminations and benefits Net transfers among investment options Contract maintenance charges Net increase (decrease) in net assets from contract related transactions Increase (decrease) in net assets Net assets, beginning of period Net assets, end of period Units purchased Units redeemed Increase (decrease) in units
Non-Affiliated Class 2 (continued):
Franklin Income VIP Fund$311,505 $220,164 $(8,544)$523,125 $134,575 $(1,818,793)$(167,825)$(2,793)$(1,854,836)$(1,331,711)$8,852,037 $7,520,326 10,824 (109,640)(98,816)
Franklin Large Cap Growth VIP Fund(25,618)(44,650)648,172 577,904 5,214 (193,772)(56,383)(5,667)(250,608)327,296 1,599,449 1,926,745 305 (9,380)(9,075)
Franklin Mutual Shares VIP Fund33,104 374,857 531,532 939,493 101,238 (804,284)8,520 (60,711)(755,237)184,256 8,381,270 8,565,526 18,799 (63,271)(44,472)
Franklin Small Cap Value VIP Fund(9,814)39,875 86,727 116,788 42,522 (22,547)(12,760)(1,238)5,977 122,765 1,000,896 1,123,661 3,426 (2,825)601 
Invesco V.I. American Franchise Fund(5,227)(17,243)126,410 103,940 — (105,293)51,686 (1,649)(55,256)48,684 300,165 348,849 1,360 (2,945)(1,585)
Invesco V.I. American Value Fund(45,132)880,968 (282,296)553,540 80,594 (519,190)(16,694)(36,503)(491,793)61,747 4,336,499 4,398,246 10,770 (31,150)(20,380)
Invesco V.I. Comstock Fund3,875 402,264 (89,504)316,635 23,401 (266,502)35,242 (25,722)(233,581)83,054 3,149,174 3,232,228 5,152 (14,468)(9,316)
Invesco V.I. EQV International Equity Fund(25,002)(71,630)367,685 271,053 4,224 (196,158)(56,446)(15,319)(263,699)7,354 1,778,144 1,785,498 3,790 (23,269)(19,479)
Invesco V.I. Discovery Mid Cap Growth Fund(9,617)(18,069)98,073 70,387 22,430 (37,691)18,091 (3,666)(836)69,551 614,300 683,851 3,552 (3,466)86 
Templeton Foreign VIP Fund58,208 (85,483)627,477 600,202 8,621 (317,257)(181,053)(27,424)(517,113)83,089 3,402,608 3,485,697 6,701 (54,627)(47,926)
Templeton Global Bond VIP Fund(4,319)(13,871)20,528 2,338 19,833 (53,282)5,089 (55)(28,415)(26,077)307,622 281,545 1,334 (5,199)(3,865)
Templeton Growth VIP Fund17,325 (24,098)159,053 152,280 39,342 (119,388)(5,999)(1,088)(87,133)65,147 835,318 900,465 4,347 (7,676)(3,329)
Morgan Stanley VIF Emerging Markets Debt Portfolio38,363 (33,612)46,041 50,792 122 (47,966)(8,272)(1,532)(57,648)(6,856)546,741 539,885 744 (5,408)(4,664)
Morgan Stanley VIF Emerging Markets Equity Portfolio1,618 (14,435)168,863 156,046 36,991 (136,176)6,462 (4,198)(96,921)59,125 1,535,315 1,594,440 2,101 (8,168)(6,067)
Morgan Stanley VIF U.S. Real Estate Portfolio8,921 (169,088)365,306 205,139 7,930 (233,606)33,657 (9,170)(201,189)3,950 1,789,318 1,793,268 6,122 (22,877)(16,755)
 Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund(48,627)120,536 1,190,641 1,262,550 62,959 (338,972)(220,731)(20,225)(516,969)745,581 2,898,578 3,644,159 4,832 (21,804)(16,972)
BlackRock Global Allocation V.I. Fund4,593 (12,160)62,341 54,774 11,265 (101,023)4,841 (2,900)(87,817)(33,043)552,769 519,726 641 (6,995)(6,354)
BlackRock High Yield V.I. Fund10,823 (686)14,173 24,310 5,022 (1,300)224 (184)3,762 28,072 214,411 242,483 557 (244)313 
BlackRock Total Return V.I. Fund8,554 (7,946)14,872 15,480 — (32,681)32,145 (5,341)(5,877)9,603 418,498 428,101 3,526 (4,182)(656)
TOPS® Managed Risk Moderate Growth ETF Portfolio(11,413)(237,117)327,751 79,221 — (37,564)4,336 (9,354)(42,582)36,639 960,062 996,701 355 (3,976)(3,621)
 Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America21,034 (14,817)30,495 36,712 27,338 (23,737)57,707 (12,023)49,285 85,997 1,114,004 1,200,001 12,102 (6,829)5,273 
American Funds I.S. Capital Income Builder Fund34,121 36,677 118,354 189,152 266,814 (470,322)23,070 (9,233)(189,671)(519)2,733,055 2,732,536 12,256 (27,386)(15,130)
American Funds I.S. Global Growth Fund(13,300)208,352 176,872 371,924 24,513 (236,123)(46,833)(7,628)(266,071)105,853 1,924,538 2,030,391 625 (13,773)(13,148)
American Funds I.S. Growth Fund(52,605)325,437 931,837 1,204,669 119,060 (499,815)(149,692)(10,222)(540,669)664,000 3,533,425 4,197,425 7,003 (24,903)(17,900)
American Funds I.S. Growth-Income Fund(8,346)193,784 452,881 638,319 53,969 (364,419)(49,117)(9,652)(369,219)269,100 2,828,545 3,097,645 1,207 (17,799)(16,592)
American Funds I.S. New World Fund(2,783)3,021 181,124 181,362 32,995 (192,878)(14,539)(7,391)(181,813)(451)1,404,575 1,404,124 2,718 (16,976)(14,258)
 Non-Affiliated Class A:
DWS Small Cap Index VIP Fund(935)527 57,697 57,289 1,300 (18,310)1,008 (87)(16,089)41,200 391,414 432,614 57 (497)(440)
 Non-Affiliated Class B:
DWS Small Cap Index VIP Fund(7,460)3,469 227,999 224,008 1,204 (92,006)34,806 (1,505)(57,501)166,507 1,576,960 1,743,467 1,752 (4,039)(2,287)
 Advisor Class:
PIMCO VIT All Asset Portfolio14,288 (82,852)129,803 61,239 40,591 (302,887)(72,192)(689)(335,177)(273,938)1,180,400 906,462 1,598 (23,876)(22,278)
PIMCO VIT International Bond Portfolio (US Dollar Hedged)468 444 2,121 3,033 — (4,066)(2)(3)(4,071)(1,038)41,411 40,373 — (394)(394)
PIMCO VIT CommodityRealReturn® Strategy Portfolio164,253 (52,064)(246,128)(133,939)5,876 (83,529)544,575 (6,167)460,755 326,816 1,197,762 1,524,578 116,027 (29,659)86,368 
PIMCO VIT Long-Term U.S. Government Portfolio1,865 (2,107)6,074 5,832 2,796 (1,151)21,870 (14)23,501 29,333 166,550 195,883 2,851 (128)2,723 
PIMCO VIT Low Duration Portfolio33,675 (30,510)50,801 53,966 878 (168,514)34,129 (8,432)(141,939)(87,973)1,716,600 1,628,627 24,648 (38,453)(13,805)
PIMCO VIT Real Return Portfolio13,369 (24,042)29,726 19,053 800 (111,593)(77,202)(853)(188,848)(169,795)1,001,563 831,768 3,830 (19,568)(15,738)
PIMCO VIT Total Return Portfolio327,624 (413,415)779,361 693,570 306,405 (1,940,706)897,173 (160,424)(897,552)(203,982)16,802,840 16,598,858 77,349 (148,030)(70,681)
 Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund2,486 2,383 (2,108)2,761 48 (12,366)3,306 (824)(9,836)(7,075)121,522 114,447 942 (2,325)(1,383)
Guggenheim VT Multi-Hedge Strategies Fund4,707 2,261 1,720 8,688 — (23,308)(45,953)(903)(70,164)(61,476)327,952 266,476 1,245 (8,681)(7,436)
Guggenheim VT Long Short Equity Fund(673)534 5,954 5,815 — (4,918)(545)(53)(5,516)299 54,025 54,324 2 (474)(472)
 ETF Shares:
iShares® Core S&P 500 ETF(127,388)1,899,322 901,277 2,673,211 7,350 (2,158,657)(957,993)— (3,109,300)(436,089)12,848,958 12,412,869 606 (39,285)(38,679)
iShares® Core S&P Mid-Cap ETF(37,551)328,112 197,399 487,960 3,100 (650,252)66,869 — (580,283)(92,323)3,840,690 3,748,367 3,629 (12,348)(8,719)
iShares® Core S&P Small-Cap ETF(21,987)155,020 124,377 257,410 2,000 (322,431)113,205 — (207,226)50,184 2,002,097 2,052,281 2,905 (5,910)(3,005)
iShares® Core U.S. Aggregate Bond ETF1,686 (6,458)15,978 11,206 1,200 (44,523)22,618 — (20,705)(9,499)411,000 401,501 1,533 (2,437)(904)
iShares® iBoxx $ High Yield Corporate Bond ETF1,167 (842)2,622 2,947 — (4,239)408 — (3,831)(884)36,566 35,682 29 (159)(130)
iShares® 5-10 Year Investment Grade Corporate Bond ETF7,361 2,334 30,143 39,838 900 (43,302)31,321 — (11,081)28,757 642,118 670,875 1,537 (1,974)(437)
iShares® International Treasury Bond ETF(41,963)(57,144)145,781 46,674 1,100 (294,791)126,031 — (167,660)(120,986)1,744,558 1,623,572 7,394 (17,693)(10,299)
iShares® S&P 500 Growth ETF(26,058)339,711 131,640 445,293 1,450 (358,835)(165,140)— (522,525)(77,232)1,841,475 1,764,243 541 (6,395)(5,854)
iShares® S&P 500 Value ETF(2,500)23,772 39,306 60,578 — (49,418)(14,626)— (64,044)(3,466)356,387 352,921 39 (993)(954)



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

Separate Account I
of
National Integrity Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Year Ended December 31, 2023
 Inccrease (deccrease) in net assets from operations Increase (decrease) in net assets from contract related transactions Unit Transactions
Subaccount Net investment income (loss) Realized gain (loss) Change in net unrealized appreciation (depreciation) during the period Net increase (decrease) in net assets resulting from operations Contributions from contract holders Contract terminations and benefits Net transfers among investment options Contract maintenance charges Net increase (decrease) in net assets from contract related transactions Increase (decrease) in net assets Net assets, beginning of period Net assets, end of period Units purchased Units redeemed Increase (decrease) in units
 ETF Shares (continued):
iShares® TIPS Bond ETF$118 $(265)$813 $666 $— $(9,921)$2,880 $— $(7,041)$(6,375)$52,574 $46,199 139 (441)(302)
Vanguard® Developed Markets Index Fund, ETF Shares11,736 107,355 146,315 265,406 1,100 (302,012)(97,738)— (398,650)(133,244)1,948,519 1,815,275 1,216 (11,769)(10,553)
Vanguard® Dividend Appreciation Index Fund, ETF Shares(4,420)45,775 35,620 76,975 2,100 (59,187)(11,129)— (68,216)8,759 706,452 715,211 205 (1,177)(972)
Vanguard® Emerging Markets Stock Index Fund, ETF Shares1,497 (5,334)16,302 12,465 — (30,123)3,399 — (26,724)(14,259)201,063 186,804 388 (1,383)(995)
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares459 (270)1,255 1,444 — (16,249)2,344 — (13,905)(12,461)28,007 15,546 96 (586)(490)
Vanguard® Large-Cap Index Fund, ETF Shares(5,470)56,966 54,424 105,920 — (94,467)(29,183)— (123,650)(17,730)514,074 496,344 60 (1,643)(1,583)
Vanguard® Mega Cap Index Fund, ETF Shares(1,258)14,702 17,580 31,024 — (12,620)(8,441)— (21,061)9,963 126,137 136,100 13 (268)(255)
Vanguard® Real Estate Index Fund, ETF Shares3,557 2,331 15,772 21,660 — (5,851)11,082 — 5,231 26,891 219,593 246,484 416 (255)161 
Vanguard® Short-Term Bond Index Fund, ETF Shares(15)(872)1,187 300 — (8,293)644 — (7,649)(7,349)16,082 8,733 36 (381)(345)
Vanguard® Total Bond Market Index Fund, ETF Shares68,960 (204,082)485,433 350,311 7,700 (2,105,824)898,194 — (1,199,930)(849,619)12,936,044 12,086,425 35,771 (90,820)(55,049)

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

Separate Account I
of
National Integrity Life Insurance Company
Statements of Changes in Net Assets
For the Year Ended December 31, 2022
 Inccrease (deccrease) in net assets from operations Increase (decrease) in net assets from contract related transactions Unit Transactions
Subaccount Net investment income (loss) Realized gain (loss) Change in net unrealized appreciation (depreciation) during the period Net increase (decrease) in net assets resulting from operations Contributions from contract holders Contract terminations and benefits Net transfers among investment options Contract maintenance charges Net increase (decrease) in net assets from contract related transactions Increase (decrease) in net assets Net assets, beginning of period Net assets, end of period Units purchased Units redeemed Increase (decrease) in units
Affiliated:
Touchstone VST Balanced Fund$(150,511)$3,202,302 $(6,144,157)$(3,092,366)$82,863 $(1,383,742)$(227,845)$(17,979)$(1,546,703)$(4,639,069)$18,327,188 $13,688,119 11,919 (180,212)(168,293)
Touchstone VST Bond Fund4,565 (5,445)(319,998)(320,878)3,550 (196,810)(9,966)(11,010)(214,236)(535,114)2,177,054 1,641,940 4,777 (27,413)(22,636)
Touchstone VST Common Stock Fund(222,389)3,171,263 (7,245,147)(4,296,273)27,076 (2,005,566)(970,549)(18,312)(2,967,351)(7,263,624)23,432,852 16,169,228 7,764 (218,884)(211,120)
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio(1,907)153,726 (580,167)(428,348)— (108,542)(1,702)(316)(110,560)(538,908)2,288,251 1,749,343 1 (3,585)(3,584)
Fidelity VIP Overseas Portfolio(4,208)35,001 (399,407)(368,614)— (150,353)(19,876)(248)(170,477)(539,091)1,460,722 921,631 — (4,857)(4,857)
Fidelity VIP Equity-Income Portfolio46,535 425,936 (977,444)(504,973)231,992 (856,038)805,708 (964)180,698 (324,275)8,167,156 7,842,881 15,177 (9,017)6,160 
Fidelity VIP Growth Portfolio(42,807)896,688 (2,686,569)(1,832,688)— (443,585)(320,473)(900)(764,958)(2,597,646)7,434,118 4,836,472 1 (3,010)(3,009)
Fidelity VIP High Income Portfolio57,632 (42,549)(212,326)(197,243)640 (59,298)29,473 (239)(29,424)(226,667)1,654,306 1,427,639 26,005 (26,667)(662)
Fidelity VIP Asset Manager Portfolio17,987 216,894 (732,632)(497,751)3,609 (63,239)(75,394)(674)(135,698)(633,449)3,094,863 2,461,414 511 (2,679)(2,168)
Fidelity VIP Contrafund® Portfolio(120,925)1,299,247 (6,076,159)(4,897,837)147,023 (1,357,837)288,340 (2,058)(924,532)(5,822,369)17,965,478 12,143,109 6,941 (17,495)(10,554)
Fidelity VIP Index 500 Portfolio3,001 309,977 (1,226,962)(913,984)— (252,637)(61,724)(722)(315,083)(1,229,067)4,830,202 3,601,135 2 (4,696)(4,694)
Fidelity VIP Investment Grade Bond Portfolio8,251 41,828 (222,966)(172,887)— (86,937)(35,023)(352)(122,312)(295,199)1,261,528 966,329 2 (5,650)(5,648)
Fidelity VIP Government Money Market(10,693)— (1)(10,694)31,728 (651,133)182,356 (3,297)(440,346)(451,040)3,666,864 3,215,824 2,525,960 (2,573,991)(48,031)
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio(2,943)56,626 (164,267)(110,584)— (59,483)(1)(118)(59,602)(170,186)453,996 283,810 — (1,597)(1,597)
Fidelity VIP Mid Cap Portfolio(29,717)227,429 (782,436)(584,724)— (219,045)(13,030)(209)(232,284)(817,008)3,700,200 2,883,192 1 (2,649)(2,648)
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio674 74,236 (269,655)(194,745)43,752 (288,649)(33,498)(2,370)(280,765)(475,510)1,226,171 750,661 3,043 (19,734)(16,691)
Fidelity VIP Balanced Portfolio(42,757)1,032,669 (3,652,558)(2,662,646)1,225,649 (2,649,515)554,051 (6,344)(876,159)(3,538,805)13,803,324 10,264,519 50,788 (86,634)(35,846)
Fidelity VIP Bond Index Portfolio(204)(25,580)(229,614)(255,398)313,128 (85,317)114,286 (13,214)328,883 73,485 1,487,226 1,560,711 48,964 (16,000)32,964 
Fidelity VIP Contrafund® Portfolio(202,055)1,598,795 (7,380,982)(5,984,242)228,559 (1,997,258)1,483,560 (38,181)(323,320)(6,307,562)21,733,711 15,426,149 56,765 (73,909)(17,144)
Fidelity VIP Disciplined Small Cap Portfolio(14,807)284,522 (692,474)(422,759)33,747 (72,360)467,373 (5,233)423,527 768 1,907,819 1,908,587 26,252 (7,799)18,453 
Fidelity VIP Equity-Income Portfolio25,595 240,771 (473,595)(207,229)31,547 (560,156)1,740,307 (3,083)1,208,615 1,001,386 3,538,623 4,540,009 67,257 (31,280)35,977 
Fidelity VIP Extended Market Index Portfolio(123)1,034 (10,952)(10,041)— — 12,505 — 12,505 2,464 49,813 52,277 1,056 — 1,056 
Fidelity VIP Freedom 2010 Portfolio1,688 22,108 (84,648)(60,852)— (19,960)16 (707)(20,651)(81,503)414,304 332,801 3 (1,329)(1,326)
Fidelity VIP Freedom 2015 Portfolio1,090 24,355 (70,066)(44,621)— (47,599)(3)(107)(47,709)(92,330)300,590 208,260 — (2,883)(2,883)
Fidelity VIP Freedom 2020 Portfolio2,277 64,764 (184,126)(117,085)75 (120,299)(206)(3,609)(124,039)(241,124)723,159 482,035 13 (7,526)(7,513)
Fidelity VIP Freedom 2025 Portfolio7,157 171,834 (701,720)(522,729)— (14,412)245 (24,085)(38,252)(560,981)2,924,484 2,363,503 22 (2,269)(2,247)
Fidelity VIP Freedom 2030 Portfolio1,026 24,496 (97,227)(71,705)— (1,459)— (42)(1,501)(73,206)393,294 320,088 — (82)(82)
Fidelity VIP Growth Portfolio(51,073)501,385 (1,989,673)(1,539,361)150,209 (370,799)70,049 (10,158)(160,699)(1,700,060)6,010,027 4,309,967 8,952 (13,297)(4,345)
Fidelity VIP High Income Portfolio242,311 (552,962)(232,498)(543,149)120 (192,423)(182,994)(1,751)(377,048)(920,197)6,304,702 5,384,505 1,083,544 (1,089,994)(6,450)
Fidelity VIP Index 500 Portfolio(86,898)2,625,101 (10,367,023)(7,828,820)891,362 (2,817,191)(74,132)(76,308)(2,076,269)(9,905,089)40,064,303 30,159,214 92,483 (169,040)(76,557)
Fidelity VIP International Index Portfolio3,192 (2,592)(73,970)(73,370)70,160 (19,488)62,669 (2,952)110,389 37,019 362,427 399,446 13,044 (3,150)9,894 
Fidelity VIP Investment Grade Bond Portfolio78,083 491,179 (2,649,272)(2,080,010)184,355 (1,327,470)285,481 (103,530)(961,164)(3,041,174)14,745,026 11,703,852 66,434 (138,284)(71,850)
Fidelity VIP Mid Cap Portfolio(87,086)535,564 (1,934,546)(1,486,068)44,165 (833,967)(603,184)(9,146)(1,402,132)(2,888,200)9,442,783 6,554,583 5,677 (48,907)(43,230)
Fidelity VIP Overseas Portfolio(14,436)60,743 (807,584)(761,277)33,023 (139,946)334,078 (2,907)224,248 (537,029)2,750,989 2,213,960 46,241 (30,303)15,938 
Fidelity VIP Target Volatility Portfolio2,537 3,659 (104,334)(98,138)41,591 (138,816)4,395 (4,259)(97,089)(195,227)556,957 361,730 3,281 (10,993)(7,712)
Fidelity VIP Total Market Index Portfolio(1,381)11,019 (163,308)(153,670)140,086 (34,755)56,512 (4,996)156,847 3,177 638,183 641,360 15,039 (4,289)10,750 
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund(22,162)99,689 (284,551)(207,024)72,968 (122,990)(88,021)(753)(138,796)(345,820)1,838,883 1,493,063 5,606 (11,901)(6,295)
Franklin Growth and Income VIP Fund33,876 750,820 (929,531)(144,835)— (60,062)— (352)(60,414)(205,249)1,853,445 1,648,196 — (1,629)(1,629)
Franklin Income VIP Fund96,308 60,283 (338,537)(181,946)— (165,729)(147,737)(540)(314,006)(495,952)2,823,798 2,327,846 — (10,123)(10,123)
JP Morgan IT Mid Cap Value(1,834)114,109 (176,137)(63,862)— (158,461)(19)(161)(158,641)(222,503)629,604 407,101 1 (3,960)(3,959)
Morgan Stanley VIF Emerging Markets Debt Portfolio4,495 (3,571)(18,681)(17,757)— (11,712)1,616 (22)(10,118)(27,875)97,329 69,454 59 (373)(314)
Morgan Stanley VIF U.S. Real Estate Portfolio(1,016)112,266 (274,193)(162,943)300 (25,208)(23,316)(119)(48,343)(211,286)609,189 397,903 89 (1,197)(1,108)
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund13,816 87,218 (470,776)(369,742)166,545 (293,992)(1,756)(9,249)(138,452)(508,194)2,405,602 1,897,408 13,183 (24,107)(10,924)
Columbia VP – Small Cap Value Fund(14,460)550,357 (711,949)(176,052)10,247 (193,355)(38,092)(3,754)(224,954)(401,006)1,776,606 1,375,600 1,004 (7,516)(6,512)
Franklin Growth and Income VIP Fund74,964 1,473,765 (1,969,083)(420,354)50,008 (492,931)(192,852)(2,656)(638,431)(1,058,785)5,121,747 4,062,962 2,771 (25,618)(22,847)




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

Separate Account I
of
National Integrity Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Year Ended December 31, 2022
 Inccrease (deccrease) in net assets from operations Increase (decrease) in net assets from contract related transactions Unit Transactions
Subaccount Net investment income (loss) Realized gain (loss) Change in net unrealized appreciation (depreciation) during the period Net increase (decrease) in net assets resulting from operations Contributions from contract holders Contract terminations and benefits Net transfers among investment options Contract maintenance charges Net increase (decrease) in net assets from contract related transactions Increase (decrease) in net assets Net assets, beginning of period Net assets, end of period Units purchased Units redeemed Increase (decrease) in units
Non-Affiliated Class 2 (continued):
Franklin Income VIP Fund$352,927 $277,169 $(1,397,745)$(767,649)$73,427 $(2,389,238)$(70,966)$(2,895)$(2,389,672)$(3,157,321)$12,009,358 $8,852,037 20,126 (154,605)(134,479)
Franklin Large Cap Growth VIP Fund(42,146)448,429 (2,038,704)(1,632,421)867 (159,353)(2,582,180)(4,702)(2,745,368)(4,377,789)5,977,238 1,599,449 4,466 (72,247)(67,781)
Franklin Mutual Shares VIP Fund30,248 802,787 (1,732,183)(899,148)271,698 (955,171)(346,330)(47,238)(1,077,041)(1,976,189)10,357,459 8,381,270 25,049 (87,108)(62,059)
Franklin Small Cap Value VIP Fund(5,203)170,038 (303,119)(138,284)— (49,545)(40,372)(996)(90,913)(229,197)1,230,093 1,000,896 548 (4,610)(4,062)
Invesco V.I. American Franchise Fund(5,237)101,365 (244,142)(148,014)22 (30,807)17,843 (1,216)(14,158)(162,172)462,337 300,165 564 (835)(271)
Invesco V.I. American Value Fund(57,983)1,020,398 (1,289,256)(326,841)231,793 (398,947)(3,006,439)(27,395)(3,200,988)(3,527,829)7,864,328 4,336,499 11,925 (149,555)(137,630)
Invesco V.I. Comstock Fund(4,875)212,398 (236,452)(28,929)99,493 (605,566)(331,398)(20,191)(857,662)(886,591)4,035,765 3,149,174 5,225 (37,697)(32,472)
Invesco V.I. EQV International Equity Fund(9)195,951 (648,725)(452,783)42,368 (207,951)134,373 (11,718)(42,928)(495,711)2,273,855 1,778,144 14,277 (18,220)(3,943)
Invesco V.I. Discovery Mid Cap Growth Fund(9,156)208,688 (449,115)(249,583)145,618 (17,926)23,275 (1,799)149,168 (100,415)714,715 614,300 13,346 (2,343)11,003 
Templeton Foreign VIP Fund58,899 (96,515)(321,185)(358,801)92,895 (402,867)21,567 (20,711)(309,116)(667,917)4,070,525 3,402,608 26,708 (55,021)(28,313)
Templeton Global Bond VIP Fund(4,486)(24,600)7,256 (21,830)— (51,148)52,129 (55)926 (20,904)328,526 307,622 10,182 (10,011)171 
Templeton Growth VIP Fund(11,553)(40,506)(74,354)(126,413)33,752 (74,493)(29,481)(1,022)(71,244)(197,657)1,032,975 835,318 5,383 (7,782)(2,399)
Morgan Stanley VIF Emerging Markets Debt Portfolio35,327 (18,645)(155,531)(138,849)277 (28,051)24,132 (1,170)(4,812)(143,661)690,402 546,741 2,040 (2,664)(624)
Morgan Stanley VIF Emerging Markets Equity Portfolio(18,521)31,105 (614,146)(601,562)13,487 (134,891)305,289 (3,183)180,702 (420,860)1,956,175 1,535,315 30,067 (23,131)6,936 
Morgan Stanley VIF U.S. Real Estate Portfolio(10,605)400,228 (1,103,656)(714,033)39,105 (191,220)61,026 (7,328)(98,417)(812,450)2,601,768 1,789,318 15,680 (19,944)(4,264)
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund24,477 38,993 (1,841,119)(1,777,649)155,771 (304,279)351,113 (13,918)188,687 (1,588,962)4,487,540 2,898,578 21,108 (14,746)6,362 
BlackRock Global Allocation V.I. Fund(8,791)5,354 (112,332)(115,769)63,640 (31,325)2,792 (2,353)32,754 (83,015)635,784 552,769 4,749 (2,691)2,058 
BlackRock High Yield V.I. Fund8,753 (2,881)(38,568)(32,696)2,110 (5,808)(25,601)(119)(29,418)(62,114)276,525 214,411 258 (2,701)(2,443)
BlackRock Total Return V.I. Fund1,460 (4,867)(76,445)(79,852)16,400 (11,643)(18,791)(3,902)(17,936)(97,788)516,286 418,498 2,857 (4,650)(1,793)
TOPS® Managed Risk Moderate Growth ETF Portfolio150,272 601,655 (945,041)(193,114)58,227 (171,939)(5,568)(7,000)(126,280)(319,394)1,279,456 960,062 4,554 (15,749)(11,195)
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America14,608 542 (190,206)(175,056)128,689 (20,899)(33,441)(7,789)66,560 (108,496)1,222,500 1,114,004 14,958 (8,217)6,741 
American Funds I.S. Capital Income Builder Fund32,646 37,003 (352,793)(283,144)157,543 (379,543)(32,272)(6,837)(261,109)(544,253)3,277,308 2,733,055 3,983 (25,715)(21,732)
American Funds I.S. Global Growth Fund(18,767)261,863 (929,161)(686,065)5,189 (107,731)56,571 (5,598)(51,569)(737,634)2,662,172 1,924,538 3,758 (6,233)(2,475)
American Funds I.S. Growth Fund(54,741)653,471 (2,177,226)(1,578,496)133,630 (247,732)164,744 (6,529)44,113 (1,534,383)5,067,808 3,533,425 11,683 (9,857)1,826 
American Funds I.S. Growth-Income Fund(13,708)407,505 (1,119,500)(725,703)65,639 (614,973)(16,820)(7,393)(573,547)(1,299,250)4,127,795 2,828,545 8,415 (36,482)(28,067)
American Funds I.S. New World Fund(2,257)104,011 (419,563)(317,809)63,148 (42,300)481,220 (5,598)496,470 178,661 1,225,914 1,404,575 42,221 (3,963)38,258 
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund(1,873)65,737 (168,614)(104,750)350 (7,210)27,053 (43)20,150 (84,600)476,014 391,414 703 (183)520 
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund(11,596)244,685 (682,196)(449,107)18,738 (133,141)163,534 (1,169)47,962 (401,145)1,978,105 1,576,960 11,190 (9,351)1,839 
Advisor Class:
PIMCO VIT All Asset Portfolio77,498 93,119 (358,768)(188,151)18,000 (69,347)(28,507)(643)(80,497)(268,648)1,449,048 1,180,400 1,993 (7,291)(5,298)
PIMCO VIT International Bond Portfolio (US Dollar Hedged)7 (94)(5,314)(5,401)— (473)— (3)(476)(5,877)47,288 41,411 — (46)(46)
PIMCO VIT CommodityRealReturn® Strategy Portfolio248,041 96,808 (223,725)121,124 15,282 (178,600)(20,580)(5,176)(189,074)(67,950)1,265,712 1,197,762 57,562 (85,570)(28,008)
PIMCO VIT Long-Term U.S. Government Portfolio1,359 (27,539)(48,329)(74,509)41,917 (39,095)(71,686)(22)(68,886)(143,395)309,945 166,550 1,318 (7,298)(5,980)
PIMCO VIT Low Duration Portfolio458 (46,310)(126,460)(172,312)53,679 (187,574)(382,978)(6,700)(523,573)(695,885)2,412,485 1,716,600 21,966 (73,407)(51,441)
PIMCO VIT Real Return Portfolio53,481 (1,722)(198,869)(147,110)1,000 (88,502)170,629 (928)82,199 (64,911)1,066,474 1,001,563 14,405 (7,808)6,597 
PIMCO VIT Total Return Portfolio190,308 (467,702)(3,004,613)(3,282,007)891,765 (2,075,095)93,107 (125,907)(1,216,130)(4,498,137)21,300,977 16,802,840 113,931 (209,422)(95,491)
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund994 (2,333)15,864 14,525 48 (10,055)(18,822)(671)(29,500)(14,975)136,497 121,522 752 (4,846)(4,094)
Guggenheim VT Multi-Hedge Strategies Fund(716)8,572 (24,141)(16,285)— (11,322)35,888 (749)23,817 7,532 320,420 327,952 5,268 (2,843)2,425 
Guggenheim VT Long Short Equity Fund(569)211 (9,801)(10,159)— (1,489)3 (49)(1,535)(11,694)65,719 54,025 — (134)(134)
ETF Shares:
iShares® Core S&P 500 ETF(146,500)1,128,495 (4,354,721)(3,372,726)126,961 (1,271,362)(40,523)— (1,184,924)(4,557,650)17,406,608 12,848,958 9,198 (22,302)(13,104)
iShares® Core S&P Mid-Cap ETF(40,674)313,954 (1,033,375)(760,095)35,237 (420,163)(145,874)— (530,800)(1,290,895)5,131,585 3,840,690 3,210 (11,115)(7,905)
iShares® Core S&P Small-Cap ETF(27,675)120,793 (565,586)(472,468)17,980 (190,198)(10,927)— (183,145)(655,613)2,657,710 2,002,097 1,747 (4,298)(2,551)
iShares® Core U.S. Aggregate Bond ETF(2,447)(4,567)(76,752)(83,766)590 (61,140)(2,752)— (63,302)(147,068)558,068 411,000 973 (3,834)(2,861)
iShares® iBoxx $ High Yield Corporate Bond ETF946 (592)(6,398)(6,044)— (4,761)(1,082)— (5,843)(11,887)48,453 36,566 6 (190)(184)
iShares® 5-10 Year Investment Grade Corporate Bond ETF573 11,851 (153,591)(141,167)2,893 (109,072)6,365 — (99,814)(240,981)883,099 642,118 1,542 (5,668)(4,126)
iShares® International Treasury Bond ETF(45,716)(12,479)(468,159)(526,354)17,257 (162,360)205,635 — 60,532 (465,822)2,210,380 1,744,558 13,240 (9,258)3,982 
iShares® S&P 500 Growth ETF(35,598)148,431 (913,609)(800,776)12,426 (186,383)212,566 — 38,609 (762,167)2,603,642 1,841,475 3,280 (2,503)777 
iShares® S&P 500 Value ETF(2,095)46,661 (82,985)(38,419)280 (90,271)(39,212)— (129,203)(167,622)524,009 356,387 51 (2,086)(2,035)



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

Separate Account I
of
National Integrity Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Year Ended December 31, 2022
 Inccrease (deccrease) in net assets from operations Increase (decrease) in net assets from contract related transactions Unit Transactions
Subaccount Net investment income (loss) Realized gain (loss) Change in net unrealized appreciation (depreciation) during the period Net increase (decrease) in net assets resulting from operations Contributions from contract holders Contract terminations and benefits Net transfers among investment options Contract maintenance charges Net increase (decrease) in net assets from contract related transactions Increase (decrease) in net assets Net assets, beginning of period Net assets, end of period Units purchased Units redeemed Increase (decrease) in units
 ETF Shares (continued):
iShares® TIPS Bond ETF$2,619 $460 $(14,120)$(11,041)$— $(12,763)$(1,110)$— $(13,873)$(24,914)$77,488 $52,574 88 (726)(638)
Vanguard® Developed Markets Index Fund, ETF Shares3,896 57,340 (471,947)(410,711)17,467 (179,135)78,451 — (83,217)(493,928)2,442,447 1,948,519 5,286 (7,062)(1,776)
Vanguard® Dividend Appreciation Index Fund, ETF Shares(6,475)109,680 (228,942)(125,737)1,733 (160,121)(41,671)— (200,059)(325,796)1,032,248 706,452 101 (3,164)(3,063)
Vanguard® Emerging Markets Stock Index Fund, ETF Shares2,425 773 (54,202)(51,004)140 (22,342)12,829 — (9,373)(60,377)261,440 201,063 675 (943)(268)
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares259 177 (6,080)(5,644)— (3,595)142 — (3,453)(9,097)37,104 28,007 14 (131)(117)
Vanguard® Large-Cap Index Fund, ETF Shares(7,150)69,814 (235,407)(172,743)700 (156,656)13,332 — (142,624)(315,367)829,441 514,074 324 (2,147)(1,823)
Vanguard® Mega Cap Index Fund, ETF Shares(1,327)8,265 (43,653)(36,715)280 (9,112)2,270 — (6,562)(43,277)169,414 126,137 58 (139)(81)
Vanguard® Real Estate Index Fund, ETF Shares1,804 5,248 (91,120)(84,068)350 (13,417)17,847 — 4,780 (79,288)298,881 219,593 585 (470)115 
Vanguard® Short-Term Bond Index Fund, ETF Shares(198)(67)(1,246)(1,511)— (1,311)(1,030)— (2,341)(3,852)19,934 16,082 4 (114)(110)
Vanguard® Total Bond Market Index Fund, ETF Shares(30,491)(57,600)(2,388,930)(2,477,021)120,800 (1,214,715)(263,828)— (1,357,743)(3,834,764)16,770,808 12,936,044 28,734 (87,078)(58,344)

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

Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements
December 31, 2023
1. Organization and Nature of Operations

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

Contract holders may allocate or transfer their account values to one or more of the Separate Account’s investment subaccounts, or for certain contract holders, to one or more fixed guarantee rate options of the Company’s Separate Account Guaranteed Principal Option (“GPO”). Options in the Separate Account GPO include fixed guaranteed rate options over various maturity periods that are subject to a market value adjustment (“MVA”). In addition, certain contract holders may also allocate or transfer their account values to options held in the Company’s general account. Such options include a guaranteed interest division, a quarterly rate option or a Systematic Transfer Option (“STO”). All STO contributions must be transferred to other investment divisions or to a guaranteed rate option within either six months or one year of the contribution.
Each subaccount invests all its investible assets in shares of corresponding investment portfolios (“Underlying Funds”) of the investment companies listed below:

American Funds Insurance SeriesColumbia Funds Variable Portfolios
Non-Affiliated Class 2Non-Affiliated Class 1
American Funds I.S. Managed Risk Asset Allocation Fund
Columbia VP – Select Mid Cap Value Fund
Non-Affiliated Class 4Non-Affiliated Class 2
American Funds I.S. The Bond Fund of America
Columbia VP – Small Cap Value Fund
American Funds I.S. Capital Income Builder Fund
American Funds I.S. Global Growth Fund
DWS Investments VIT Funds
American Funds I.S. Growth Fund
Non-Affiliated Class A:
American Funds I.S. Growth-Income Fund
DWS Small Cap Index VIP Fund
American Funds I.S. New World Fund
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund
BlackRock Variable Series Funds
Non-Affiliated Class 3
BlackRock Capital Appreciation V.I. Fund
BlackRock Global Allocation V.I. Fund
BlackRock High Yield V.I. Fund
BlackRock Total Return V.I. Fund
17
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)
1. Organization and Nature of Operations (continued)
Fidelity Variable Insurance ProductsFranklin Templeton VIP Trust (continued)
Non-Affiliated Initial Class:Non-Affiliated Class 2 (continued):
Fidelity VIP Balanced Portfolio
Franklin Large Cap Growth VIP Fund
Fidelity VIP Overseas Portfolio
Franklin Mutual Shares VIP Fund
Fidelity VIP Equity-Income Portfolio
Franklin Small Cap Value VIP Fund
Fidelity VIP Growth Portfolio
Templeton Foreign VIP Fund
Fidelity VIP High Income Portfolio
Templeton Global Bond VIP Fund
Fidelity VIP Asset Manager Portfolio
Templeton Growth VIP Fund
Fidelity VIP Contrafund® Portfolio
Fidelity VIP Index 500 Portfolio
Rydex Variable Trust (Guggenheim Variable Insurance Funds)
Fidelity VIP Investment Grade Bond Portfolio
Investor Class:
Fidelity VIP Government Money Market
Guggenheim VT Global Managed Futures Strategy Fund
Non-Affiliated Service Class:Guggenheim VT Multi-Hedge Strategies Fund
Fidelity VIP Growth Portfolio
Guggenheim VT Long Short Equity Fund
Fidelity VIP Mid Cap Portfolio
Non-Affiliated Service Class 2:iShares Trust
Fidelity VIP Asset Manager Portfolio
ETF Shares:
Fidelity VIP Balanced Portfolio
iShares® Core S&P 500 ETF
Fidelity VIP Bond Index PortfolioiShares® Core S&P Mid-Cap ETF
Fidelity VIP Contrafund® Portfolio
iShares® Core S&P Small-Cap ETF
Fidelity VIP Disciplined Small Cap Portfolio
iShares® Core U.S. Aggregate Bond ETF
Fidelity VIP Equity-Income Portfolio
iShares® iBoxx $ High Yield Corporate Bond ETF
Fidelity VIP Extended Market Index PortfolioiShares® 5-10 Year Investment Grade Corporate Bond ETF
Fidelity VIP Freedom 2010 Portfolio
iShares® International Treasury Bond ETF
Fidelity VIP Freedom 2015 Portfolio
iShares® S&P 500 Growth ETF
Fidelity VIP Freedom 2020 Portfolio
iShares® S&P 500 Value ETF
Fidelity VIP Freedom 2025 Portfolio
iShares® TIPS Bond ETF
Fidelity VIP Freedom 2030 Portfolio
Fidelity VIP Growth Portfolio
Invesco (AIM) Variable Insurance Funds
Fidelity VIP High Income Portfolio
Non-Affiliated Class 2:
Fidelity VIP Index 500 Portfolio
Invesco V.I. American Franchise Fund
Fidelity VIP International Index PortfolioInvesco V.I. American Value Fund
Fidelity VIP Investment Grade Bond Portfolio
Invesco V.I. Comstock Fund
Fidelity VIP Mid Cap Portfolio
Invesco V.I. EQV International Equity Fund
Fidelity VIP Overseas Portfolio
Invesco V.I. Discovery Mid Cap Growth Fund
Fidelity VIP Target Volatility Portfolio
Fidelity VIP Total Market Index PortfolioLincoln Financial Group
Franklin Templeton VIP TrustNon-Affiliated:
Non-Affiliated Class 1:LVIP JPMorgan Mid Cap Value Fund
Franklin Growth and Income VIP Fund
Franklin Income VIP FundMorgan Stanley Variable Insurance Funds, Inc.
Non-Affiliated Class 2:Non-Affiliated Class 1:
Franklin Growth and Income VIP Fund
Morgan Stanley VIF Emerging Markets Debt Portfolio
Franklin Income VIP Fund
Morgan Stanley VIF U.S. Real Estate Portfolio
18
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)
1. Organization and Nature of Operations (continued)
Morgan Stanley Variable Insurance Funds, Inc.Touchstone Variable Series Trust
Non-Affiliated Class 2:Affiliated Service Class:
Morgan Stanley VIF Emerging Markets Debt Portfolio
Touchstone VST Balanced Fund
Morgan Stanley VIF Emerging Markets Equity Portfolio
Touchstone VST Bond Fund
Morgan Stanley VIF U.S. Real Estate Portfolio
Touchstone VST Common Stock Fund
Pimco Variable Insurance TrustThe Vanguard Index Funds
Advisor Class:ETF Shares:
PIMCO VIT All Asset Portfolio
Vanguard® Developed Markets Index Fund, ETF Shares
PIMCO VIT International Bond Portfolio (US Dollar Hedged)Vanguard® Dividend Appreciation Index Fund, ETF Shares
PIMCO VIT CommodityRealReturn® Strategy Portfolio
Vanguard® Emerging Markets Stock Index Fund, ETF Shares
PIMCO VIT Long-Term U.S. Government Portfolio
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares
PIMCO VIT Low Duration Portfolio
Vanguard® Large-Cap Index Fund, ETF Shares
PIMCO VIT Real Return Portfolio
Vanguard® Mega Cap Index Fund, ETF Shares
PIMCO VIT Total Return Portfolio
Vanguard® Real Estate Index Fund, ETF Shares
Vanguard® Short-Term Bond Index Fund, ETF Shares
Northern Lights Variable TrustVanguard® Total Bond Market Index Fund, ETF Shares
Non-Affiliated Class 3:
TOPS® Managed Risk Moderate Growth ETF Portfolio















19
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)
1. Organization and Nature of Operations (continued)
During the year ended December 31, 2023, the following Underlying Funds had name changes that were made effective:
Date:New Name:Old Name:
4/30/2023LVIP JPMorgan Mid Cap Value FundJPMorgan IT Mid Cap Value
American Trust Custody, a South Dakota registered non-depository trust company, is the custodian for the Vanguard ETFs and the iShares ETFs held by the subaccounts.

The contract holder’s account value in a subaccount will vary depending on the performance of the corresponding Underlying Fund. The Separate Account currently has 102 investment subaccounts available. The investment objective of each subaccount is to invest in the corresponding Underlying Fund. Refer to each Underlying Fund’s prospectus for a description of investment objectives.

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

2. Summary of Significant Accounting Policies

Basis of Presentation

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

Investments

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

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

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




20
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)
2. Summary of Significant Accounting Policies (continued)

The Separate Account’s investments are held at fair value. Fair value is the price that the Separate Account would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Fair Value is established using a three-level hierarchy based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or
liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assessment regarding the assumptions market participants would
use in pricing the asset or liability and are developed based on the best information available in the circumstances. The Separate Account’s investments are assigned a level based upon the observability of the inputs that are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

•Level 1 - inputs to the valuation methodology are quoted prices in active markets.
•    Level 2 - inputs to the valuation methodology are observable, directly or indirectly.
•    Level 3 - inputs to the valuation methodology are unobservable and reflect assumptions on the part of the reporting entity.

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

Unit Value

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

Taxes

Operations of the Separate Account are included in the income tax return of the Company, which is taxed as a life insurance company under the Internal Revenue Code (“IRC”). The Separate Account is not taxed as a regulated investment company under Subchapter M of the IRC. Under the provisions of the policies, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge is currently being made against the Separate Account for such tax since, under current tax law, the Company pays no tax on investment income and capital gains reflected in variable life insurance policy reserves. However, the Company retains the right to charge for any federal income tax incurred, which is attributable to the Separate Account if the law is changed. Charges for state and local taxes, if any, attributable to the Separate Account may also be made.

21
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)
2. Summary of Significant Accounting Policies (continued)

Use of Estimates

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

Subsequent Events

Management has evaluated subsequent events though the issuance of these financial statements and
determined that no additional disclosures are required.



22
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)
3. Investments

The aggregate cost of Underlying Fund shares purchased and proceeds from Underlying Fund shares sold during the period ended December 31, 2023 and the cost of investments held at December 31, 2023, for each subaccount, were as follows:
Subaccount Purchases  Sales  Cost
Affiliated:
Touchstone VST Balanced Fund$275,303 $(1,637,987)$16,834,414 
Touchstone VST Bond Fund120,450 (556,200)1,407,150 
Touchstone VST Common Stock Fund1,656,937 (2,310,153)15,310,747 
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio98,334 (205,268)1,530,719 
Fidelity VIP Overseas Portfolio11,751 (153,632)671,608 
Fidelity VIP Equity-Income Portfolio395,202 (861,725)7,060,729 
Fidelity VIP Growth Portfolio263,020 (421,965)4,859,798 
Fidelity VIP High Income Portfolio371,622 (421,944)1,499,684 
Fidelity VIP Asset Manager Portfolio90,809 (133,655)2,583,858 
Fidelity VIP Contrafund® Portfolio652,935 (1,415,928)11,172,051 
Fidelity VIP Index 500 Portfolio90,990 (445,924)1,742,484 
Fidelity VIP Investment Grade Bond Portfolio21,376 (179,618)952,834 
Fidelity VIP Government Money Market10,226,359 (10,035,321)3,406,861 
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio14,306 (42,868)275,348 
Fidelity VIP Mid Cap Portfolio98,322 (141,992)2,982,183 
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio32,620 (139,504)706,222 
Fidelity VIP Balanced Portfolio650,960 (2,704,958)9,157,460 
Fidelity VIP Bond Index Portfolio126,250 (161,612)1,747,041 
Fidelity VIP Contrafund® Portfolio906,794 (2,706,661)14,317,709 
Fidelity VIP Disciplined Small Cap Portfolio63,762 (284,629)1,874,018 
Fidelity VIP Equity-Income Portfolio393,897 (638,228)4,312,574 
Fidelity VIP Extended Market Index Portfolio26,308 (5,140)71,700 
Fidelity VIP Freedom 2010 Portfolio33,892 (90,581)287,915 
Fidelity VIP Freedom 2015 Portfolio11,592 (3,391)244,991 
Fidelity VIP Freedom 2020 Portfolio14,481 (236,720)318,171 
Fidelity VIP Freedom 2025 Portfolio56,785 (406,601)2,276,450 
Fidelity VIP Freedom 2030 Portfolio7,632 (6,660)325,029 
Fidelity VIP Growth Portfolio350,472 (713,856)4,716,772 
Fidelity VIP High Income Portfolio8,669,214 (9,826,341)4,247,269 
Fidelity VIP Index 500 Portfolio1,446,834 (4,557,351)23,474,057 
Fidelity VIP International Index Portfolio55,902 (47,342)474,236 
Fidelity VIP Investment Grade Bond Portfolio891,840 (1,600,394)13,060,461 
Fidelity VIP Mid Cap Portfolio342,187 (1,105,202)6,172,509 
Fidelity VIP Overseas Portfolio62,833 (285,320)2,058,827 
Fidelity VIP Target Volatility Portfolio14,810 (21,956)407,964 
Fidelity VIP Total Market Index Portfolio15,694 (87,047)678,816 





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

Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

3. Investments
Subaccount Purchases  Sales  Cost
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund$10,812 $(89,770)$988,062 
Franklin Growth and Income VIP Fund115,525 (157,442)2,130,966 
Franklin Income VIP Fund252,284 (367,616)2,232,802 
LVIP JPMorgan Mid Cap Value Fund (a)47,059 (41,896)388,422 
Morgan Stanley VIF Emerging Markets Debt Portfolio5,990 (4,127)96,834 
Morgan Stanley VIF U.S. Real Estate Portfolio10,724 (26,346)492,004 
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund354,290 (259,106)2,044,611 
Columbia VP – Small Cap Value Fund141,470 (139,346)1,587,830 
Franklin Growth and Income VIP Fund454,170 (530,434)4,999,272 
Franklin Income VIP Fund1,150,728 (2,171,949)7,858,113 
Franklin Large Cap Growth VIP Fund61,774 (283,555)1,919,902 
Franklin Mutual Shares VIP Fund1,170,192 (1,182,686)9,131,373 
Franklin Small Cap Value VIP Fund131,661 (78,776)1,144,638 
Invesco V.I. American Franchise Fund77,534 (128,058)385,466 
Invesco V.I. American Value Fund1,142,310 (786,646)4,628,835 
Invesco V.I. Comstock Fund521,564 (403,522)2,757,033 
Invesco V.I. EQV International Equity Fund51,716 (339,141)1,869,199 
Invesco V.I. Discovery Mid Cap Growth Fund42,115 (52,569)894,736 
Templeton Foreign VIP Fund214,377 (673,285)3,171,890 
Templeton Global Bond VIP Fund9,666 (42,400)306,173 
Templeton Growth VIP Fund81,824 (151,629)840,441 
Morgan Stanley VIF Emerging Markets Debt Portfolio56,151 (75,438)695,220 
Morgan Stanley VIF Emerging Markets Equity Portfolio77,270 (145,593)1,788,048 
Morgan Stanley VIF U.S. Real Estate Portfolio109,192 (301,459)2,092,390 
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund318,144 (700,827)3,821,927 
BlackRock Global Allocation V.I. Fund21,351 (104,574)575,171 
BlackRock High Yield V.I. Fund21,055 (6,470)256,479 
BlackRock Total Return V.I. Fund47,697 (45,025)493,707 
TOPS® Managed Risk Moderate Growth ETF Portfolio10,572 (61,657)1,442,256 
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America153,720 (83,396)1,399,977 
American Funds I.S. Capital Income Builder Fund220,644 (376,200)2,472,513 
American Funds I.S. Global Growth Fund182,077 (305,492)1,946,576 
American Funds I.S. Growth Fund429,421 (795,350)3,919,135 
American Funds I.S. Growth-Income Fund221,282 (436,781)2,723,797 
American Funds I.S. New World Fund52,176 (236,775)1,403,687 
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund16,418 (23,768)463,634 
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund93,211 (120,469)1,919,709 
Advisor Class:
PIMCO VIT All Asset Portfolio53,297 (374,189)1,020,216 
PIMCO VIT International Bond Portfolio (US Dollar Hedged)2,183 (4,646)45,236 
PIMCO VIT CommodityRealReturn® Strategy Portfolio802,929 (177,932)1,795,466 
PIMCO VIT Long-Term U.S. Government Portfolio28,634 (3,262)270,451 
PIMCO VIT Low Duration Portfolio309,727 (417,991)1,721,395 
PIMCO VIT Real Return Portfolio72,442 (247,917)933,232 
PIMCO VIT Total Return Portfolio1,537,573 (2,107,477)19,296,332 
(a) Name Change. See Note 1.
24
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

3. Investments
Subaccount Purchases  Sales  Cost
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund$13,527 $(18,123)$110,755 
Guggenheim VT Multi-Hedge Strategies Fund20,479 (85,936)241,305 
Guggenheim VT Long Short Equity Fund143 (6,330)46,387 
ETF Shares:
iShares® Core S&P 500 ETF243,507 (3,480,175)8,510,771 
iShares® Core S&P Mid-Cap ETF276,860 (894,686)2,761,247 
iShares® Core S&P Small-Cap ETF201,126 (430,361)1,549,188 
iShares® Core U.S. Aggregate Bond ETF45,554 (64,555)500,978 
iShares® iBoxx $ High Yield Corporate Bond ETF2,912 (5,562)96,558 
iShares® 5-10 Year Investment Grade Corporate Bond ETF61,857 (65,582)797,494 
iShares® International Treasury Bond ETF118,056 (327,682)1,890,370 
iShares® S&P 500 Growth ETF62,726 (611,294)1,122,098 
iShares® S&P 500 Value ETF8,673 (75,221)268,688 
iShares® TIPS Bond ETF4,363 (11,280)58,709 
Vanguard® Developed Markets Index Fund, ETF Shares103,654 (490,560)1,864,134 
Vanguard® Dividend Appreciation Index Fund, ETF Shares27,280 (99,915)538,874 
Vanguard® Emerging Markets Stock Index Fund, ETF Shares16,034 (41,257)221,813 
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares3,462 (16,918)25,803 
Vanguard® Large-Cap Index Fund, ETF Shares11,732 (140,845)336,976 
Vanguard® Mega Cap Index Fund, ETF Shares2,820 (25,133)80,433 
Vanguard® Real Estate Index Fund, ETF Shares26,219 (17,427)272,881 
Vanguard® Short-Term Bond Index Fund, ETF Shares1,089 (8,742)12,293 
Vanguard® Total Bond Market Index Fund, ETF Shares1,175,490 (2,306,447)15,553,074 
(a) Name Change. See Note 1.
25
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.

Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)
4. Expenses and Related Party Transactions

The Company assumes mortality and expense risks and incurs certain administrative expenses related to the operations of the Separate Account. All charges listed below are under “Mortality and Expense %” are the annual rates deducted as a daily charge, thus affecting the unit values. All other charges, including the annual administration fee, some optional benefit fees (those not listed under “Mortality and Expense %”), withdrawal charges and transfer charges, if any, are taken from the contract’s account value by redeeming units. Fourteen contracts are currently included in the Separate Account. The products are stated in the table below, along with the mortality and expense charges and the annual administration fee:
ContractsMortality andAnnual Administration
Expense %Fee
1GrandMaster1.35 $30 
2GrandMaster flex31.55 $50 
3IQ1.35 $30 
4IQ31.45 $30 
5IQ Advisor - Standard0.60 N/A
IQ Advisor - Enhanced0.80 N/A
6AnnuiChoice1.00 $30 
7AnnuiChoice II1.15 $30 
AnnuiChoice II - GMAB Rider1.75 $30 
8Pinnacle Plus1.67 $40 
Pinnacle Plus- Reduced M&E1.15 $40 
9Pinnacle1.35 $30 
Pinnacle-Reduced M&E1.10 $30 
10Pinnacle IV1.45 $30 
Pinnacle IV - GMAB2.05 $30 
11Pinnacle V1.55 $30 
Pinnacle V - GMAB2.15 $30 
12AdvantEdge1.60 $50 
13Varoom1.75 N/A
Varoom - Standard option2.35 N/A
Varoom - Self Styled Option2.55 N/A
14Varoom II1.90 N/A
Varoom II - Standard Option2.55 N/A
Varoom II - Self Styled Option2.75 N/A
VAROOM II - Standard Option II3.00 N/A
VAROOM II - Self Styled Option II3.20 N/A
For optional benefits that are not included in the daily mortality and expense charge, the Company deducts an amount either quarterly or annually, depending on the benefit, to cover the cost of the additional benefits elected.
26
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

4. Expenses and Related Party Transactions (continued)

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

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

27
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)
5. Financial Highlights

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

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

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

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


28
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2023UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Affiliated:
Touchstone VST Balanced Fund1,400 $10.19 to$10.63$14,552 1.28 %0.60 %to2.15%16.03 %to17.86%
Touchstone VST Bond Fund129 9.36to9.821,222 4.34 %0.60 %to1.67%3.94 %to5.07%
Touchstone VST Common Stock Fund1098 16.49to17.3118,337 0.62 %0.60 %to1.67%24.25 %to25.60%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio53 28.33to29.191,901 1.69 %1.10 %to1.35%19.89 %to20.20%
Fidelity VIP Overseas Portfolio22 13.68to16.39943 0.98 %0.60 %to1.67%18.50 %to19.79%
Fidelity VIP Equity-Income Portfolio75 41.52to42.797,789 1.88 %1.10 %to1.35%9.16 %to9.43%
Fidelity VIP Growth Portfolio19 314.31to314.316,099 0.13 %1.35 %to1.35%34.40 %to34.40%
Fidelity VIP High Income Portfolio46 30.841,432 5.77 %1.35%8.99%
Fidelity VIP Asset Manager Portfolio38 69.722,641 2.34 %1.35%11.42%
Fidelity VIP Contrafund® Portfolio122 77.72to80.0914,682 0.49 %1.10 %to1.35%31.66 %to31.99%
Fidelity VIP Index 500 Portfolio56 34.54to36.204,046 1.45 %1.10 %to1.45%24.37 %to24.81%
Fidelity VIP Investment Grade Bond Portfolio45 13.14to15.74838 2.38 %0.60 %to1.67%4.43 %to5.57%
Fidelity VIP Government Money Market346 9.79to10.603,407 4.77 %0.60 %to3.20%1.55 %to4.27%
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio7 45.60to46.99334 0.04 %1.10 %to1.35%34.27 %to34.60%
Fidelity VIP Mid Cap Portfolio33 94.75to100.253,161 0.52 %1.10 %to1.35%13.46 %to13.74%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio37 21.80to25.50708 2.05 %0.60 %to1.67%10.78 %to11.98%
Fidelity VIP Balanced Portfolio342 32.86to38.609,633 1.47 %0.60 %to1.67%19.22 %to20.51%
Fidelity VIP Bond Index Portfolio172 9.10to9.331,569 2.25 %1.00 %to1.55%3.50 %to4.08%
Fidelity VIP Contrafund® Portfolio426 55.47to60.1617,723 0.25 %0.60 %to1.67%30.90 %to32.32%
Fidelity VIP Disciplined Small Cap Portfolio85 22.34to26.762,034 0.85 %0.60 %to1.67%18.66 %to19.95%
Fidelity VIP Equity-Income Portfolio167 33.05to35.474,525 1.72 %0.60 %to1.67%8.54 %to9.72%
Fidelity VIP Extended Market Index Portfolio6 13.33to13.6684 1.70 %1.00 %to1.55%15.30 %to15.94%
Fidelity VIP Freedom 2010 Portfolio17 15.59to18.67269 3.51 %0.60 %to1.67%7.27 %to8.43%
Fidelity VIP Freedom 2015 Portfolio13 16.46to19.72227 3.42 %0.60 %to1.67%8.80 %to9.98%
Fidelity VIP Freedom 2020 Portfolio16 16.99to20.36285 3.06 %0.60 %to1.67%10.35 %to11.55%
Fidelity VIP Freedom 2025 Portfolio120 18.36to22.002,244 2.57 %0.60 %to1.67%11.44 %to12.65%
Fidelity VIP Freedom 2030 Portfolio18 18.93to22.68359 2.26 %0.60 %to1.67%12.55 %to13.77%
Fidelity VIP Growth Portfolio108 58.20to61.895,189 — %0.60 %to1.67%33.63 %to35.08%
Fidelity VIP High Income Portfolio211 20.20to23.014,215 7.76 %0.60 %to1.67%8.40 %to9.58%
Fidelity VIP Index 500 Portfolio1007 47.03to38.2333,694 1.23 %0.60 %to1.67%23.78 %to25.13%
Fidelity VIP International Index Portfolio40 11.50to11.79459 2.71 %1.00 %to1.55%14.09 %to14.72%
Fidelity VIP Investment Grade Bond Portfolio859 13.42to16.4511,377 2.43 %0.60 %to1.67%4.23 %to5.37%
Fidelity VIP Mid Cap Portfolio183 53.28to53.336,469 0.38 %0.60 %to1.67%12.89 %to14.12%
Fidelity VIP Overseas Portfolio151 26.48to25.882,395 0.78 %0.60 %to1.67%18.22 %to19.50%
Fidelity VIP Target Volatility Portfolio27 14.61to15.53396 2.09 %1.00 %to1.60%12.11 %to12.79%
Fidelity VIP Total Market Index Portfolio46 15.41to15.80720 0.84 %1.00 %to1.55%23.76 %to24.45%
(a) Name Change. See Note 1.
29
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.
-*Less than 500.
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2023UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund61 $24.82 to$27.05$1,562 — %1.00 %to1.67%8.46 %to9.20%
Franklin Growth and Income VIP Fund41 39.42to40.631,630 2.29 %1.10 %to1.35%7.71 %to7.98%
Franklin Income VIP Fund65 33.12to34.132,150 5.26 %1.10 %to1.35%7.41 %to7.68%
LVIP JPMorgan Mid Cap Value Fund (a)9 45.14to49.87406 3.18 %1.00 %to1.67%9.07 %to9.81%
Morgan Stanley VIF Emerging Markets Debt Portfolio2 24.55to26.6473 8.61 %1.00 %to1.55%10.11 %to10.72%
Morgan Stanley VIF U.S. Real Estate Portfolio11 33.17to37.56429 2.24 %1.00 %to1.55%12.75 %to13.37%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund138 13.89to14.761,927 1.83 %1.00 %to1.60%8.47 %to9.13%
Columbia VP – Small Cap Value Fund39 39.13to43.231,556 0.43 %1.00 %to1.67%19.64 %to20.45%
Franklin Growth and Income VIP Fund137 33.50to36.034,023 2.22 %0.60 %to1.67%7.17 %to8.33%
Franklin Income VIP Fund365 26.11to28.507,520 5.27 %0.60 %to1.67%6.81 %to7.97%
Franklin Large Cap Growth VIP Fund49 39.70to44.271,927 — %0.60 %to1.67%38.11 %to39.60%
Franklin Mutual Shares VIP Fund463 26.33to29.048,566 1.86 %0.60 %to1.67%11.57 %to12.78%
Franklin Small Cap Value VIP Fund47 23.02to27.581,124 0.52 %0.60 %to1.67%10.87 %to12.07%
Invesco V.I. American Franchise Fund8 45.86to51.79349 — %0.60 %to1.67%38.26 %to39.76%
Invesco V.I. American Value Fund170 24.97to27.774,398 0.38 %1.00 %to1.67%13.37 %to14.14%
Invesco V.I. Comstock Fund116 38.57to41.493,232 1.55 %0.60 %to1.67%10.23 %to11.42%
Invesco V.I. EQV International Equity Fund124 14.13to15.261,785 — %1.00 %to1.60%15.99 %to16.69%
Invesco V.I. Discovery Mid Cap Growth Fund52 13.04to13.31684 — %1.00 %to1.55%11.11 %to11.73%
Templeton Foreign VIP Fund274 20.10to20.823,486 3.14 %0.60 %to1.67%18.75 %to20.03%
Templeton Global Bond VIP Fund36 7.74to8.26282 — %1.00 %to1.60%1.24 %to1.86%
Templeton Growth VIP Fund51 21.36to22.48900 3.41 %0.60 %to1.67%19.00 %to20.29%
Morgan Stanley VIF Emerging Markets Debt Portfolio37 19.47to21.52540 8.65 %0.60 %to1.67%9.83 %to11.02%
Morgan Stanley VIF Emerging Markets Equity Portfolio114 28.88to27.711,594 1.56 %0.60 %to1.67%10.10 %to11.29%
Morgan Stanley VIF U.S. Real Estate Portfolio134 28.93to31.171,793 1.96 %0.60 %to1.67%12.32 %to13.53%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund104 34.33to37.083,644 — %1.00 %to1.60%46.22 %to47.11%
BlackRock Global Allocation V.I. Fund35 14.54to15.71520 2.34 %1.00 %to1.60%10.70 %to11.37%
BlackRock High Yield V.I. Fund19 12.92to13.49242 6.28 %1.00 %to1.55%11.18 %to11.80%
BlackRock Total Return V.I. Fund45 9.52to9.93428 3.57 %1.00 %to1.55%3.79 %to4.37%
TOPS® Managed Risk Moderate Growth ETF Portfolio79 12.47to13.31997 0.35 %1.00 %to1.60%8.47 %to9.13%
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America123 9.77to10.201,200 3.37 %1.00 %to1.55%3.10 %to3.68%
American Funds I.S. Capital Income Builder Fund214 12.61to13.232,733 2.65 %1.00 %to1.55%7.07 %to7.67%
American Funds I.S. Global Growth Fund91 21.70to23.062,030 0.69 %1.00 %to1.60%20.34 %to21.07%
American Funds I.S. Growth Fund125 33.11to35.204,197 0.17 %1.00 %to1.60%35.94 %to36.76%
American Funds I.S. Growth-Income Fund125 24.41to25.953,098 1.16 %1.00 %to1.60%23.82 %to24.57%
American Funds I.S. New World Fund102 13.53to14.391,404 1.19 %1.00 %to1.60%13.82 %to14.52%
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund10 40.13to42.78433 1.12 %1.10 %to1.45%15.07 %to15.48%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund67 35.02to35.541,743 0.84 %0.60 %to1.67%14.39 %to15.63%
(a) Name Change. See Note 1.
30
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.
-*Less than 500.
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2023UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Advisor Class:
PIMCO VIT All Asset Portfolio58 $15.08 to$16.78$906 2.79 %1.00 %to1.67%6.22 %to6.94%
PIMCO VIT International Bond Portfolio (US Dollar Hedged)4 10.39to10.8540 2.49 %1.00 %to1.55%7.22 %to7.82%
PIMCO VIT CommodityRealReturn® Strategy Portfolio299 4.92to5.471,525 14.19 %1.00 %to1.67%(9.47)%to(8.85)%
PIMCO VIT Long-Term U.S. Government Portfolio22 8.72to9.31196 2.28 %1.00 %to1.60%2.22 %to2.85%
PIMCO VIT Low Duration Portfolio153 10.35to11.511,629 3.49 %1.00 %to1.67%3.12 %to3.82%
PIMCO VIT Real Return Portfolio67 12.01to13.36832 2.90 %1.00 %to1.67%1.84 %to2.53%
PIMCO VIT Total Return Portfolio1280 12.43to13.8316,599 3.46 %1.00 %to1.67%4.06 %to4.77%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund16 6.85to7.59114 3.57 %1.00 %to1.67%2.07 %to2.77%
Guggenheim VT Multi-Hedge Strategies Fund28 9.10to10.12266 2.96 %1.00 %to1.67%2.63 %to3.33%
Guggenheim VT Long Short Equity Fund5 11.28to12.5454 0.26 %1.00 %to1.67%10.88 %to11.63%
ETF Shares:
iShares® Core S&P 500 ETF142 27.25to96.6312,413 1.56 %1.75 %to3.20%22.28 %to24.10%
iShares® Core S&P Mid-Cap ETF54 24.54to73.633,748 1.55 %1.75 %to3.20%12.69 %to14.37%
iShares® Core S&P Small-Cap ETF30 22.88to74.452,052 1.43 %1.75 %to3.20%12.35 %to14.02%
iShares® Core U.S. Aggregate Bond ETF18 21.31to25.99402 3.17 %1.75 %to3.20%2.28 %to3.81%
iShares® iBoxx $ High Yield Corporate Bond ETF1 23.34to35.0336 5.91 %1.75 %to3.20%7.97 %to9.59%
iShares® 5-10 Year Investment Grade Corporate Bond ETF27 21.76to28.93671 3.91 %1.75 %to3.20%5.74 %to7.32%
iShares® International Treasury Bond ETF97 17.97to18.381,624 — %1.75 %to3.20%2.20 %to3.73%
iShares® S&P 500 Growth ETF18 25.93to108.101,764 1.11 %1.75 %to3.20%25.69 %to27.57%
iShares® S&P 500 Value ETF5 28.01to78.53353 1.80 %1.75 %to3.20%18.18 %to19.94%
iShares® TIPS Bond ETF2 22.01to27.4546 2.70 %1.75 %to3.20%0.50 %to2.00%
Vanguard® Developed Markets Index Fund, ETF Shares45 22.90to39.381,815 3.21 %1.75 %to3.20%14.15 %to15.86%
Vanguard® Dividend Appreciation Index Fund, ETF Shares10 26.65to83.75715 2.00 %1.75 %to3.20%10.84 %to12.50%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares7 19.15to25.08187 3.46 %1.75 %to3.20%5.79 %to7.37%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares1 21.71to32.0716 3.79 %1.75 %to3.20%5.50 %to7.08%
Vanguard® Large-Cap Index Fund, ETF Shares6 26.75to95.30496 1.54 %1.75 %to3.20%23.12 %to24.96%
Vanguard® Mega Cap Index Fund, ETF Shares1 27.40to100.51136 1.49 %1.75 %to3.20%25.63 %to27.50%
Vanguard® Real Estate Index Fund, ETF Shares5 21.95to53.97246 4.25 %1.75 %to3.20%8.21 %to9.82%
Vanguard® Short-Term Bond Index Fund, ETF Shares*-22.62to23.669 2.41 %1.75 %to3.20%1.57 %to3.09%
Vanguard® Total Bond Market Index Fund, ETF Shares538 21.30to26.0712,086 3.12 %1.75 %to3.20%2.28 %to3.81%







(a) Name Change. See Note 1.
31
(b) New Underlying Fund. See Note 1.
(c) Merger. See Note 1.
-*Less than 500.
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2022UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Affiliated:
Touchstone VST Balanced Fund1,539 $8.78 to$9.02$13,688 0.46 %0.60 %to2.15%(17.75)%to(16.45)%
Touchstone VST Bond Fund181 9.00to9.351,642 1.72 %0.60 %to1.67%(15.34)%to(14.42)%
Touchstone VST Common Stock Fund1207 13.27to13.7816,169 0.22 %0.60 %to1.67%(19.16)%to(18.28)%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio58 23.63to24.291,749 1.26 %1.10 %to1.35%(19.05)%to(18.84)%
Fidelity VIP Overseas Portfolio26 11.54to13.68922 0.97 %0.60 %to1.67%(25.74)%to(24.94)%
Fidelity VIP Equity-Income Portfolio81 38.04to39.107,843 1.96 %1.10 %to1.35%(6.24)%to(6.00)%
Fidelity VIP Growth Portfolio21 233.85to233.854,836 0.62 %1.35 %to1.35%(25.48)%to(25.48)%
Fidelity VIP High Income Portfolio50 28.291,428 5.47 %1.35%(12.57)%
Fidelity VIP Asset Manager Portfolio39 62.582,461 2.03 %1.35%(16.08)%
Fidelity VIP Contrafund® Portfolio133 59.04to60.6812,143 0.49 %1.10 %to1.35%(27.31)%to(27.12)%
Fidelity VIP Index 500 Portfolio60 27.77to29.013,601 1.43 %1.10 %to1.45%(19.40)%to(19.11)%
Fidelity VIP Investment Grade Bond Portfolio57 12.58to14.91966 2.14 %0.60 %to1.67%(14.41)%to(13.48)%
Fidelity VIP Government Money Market337 9.64to10.173,216 1.29 %0.60 %to3.20%(1.80)%to0.83%
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio8 33.96to34.91284 0.51 %1.10 %to1.35%(25.54)%to(25.35)%
Fidelity VIP Mid Cap Portfolio34 83.51to88.142,883 0.40 %1.10 %to1.35%(16.00)%to(15.79)%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio43 19.68to22.77751 1.57 %0.60 %to1.67%(16.57)%to(15.66)%
Fidelity VIP Balanced Portfolio437 27.56to32.0310,265 1.06 %0.60 %to1.67%(19.55)%to(18.68)%
Fidelity VIP Bond Index Portfolio177 8.80to8.971,561 1.45 %1.00 %to1.55%(14.72)%to(14.24)%
Fidelity VIP Contrafund® Portfolio487 42.37to45.4715,426 0.26 %0.60 %to1.67%(27.71)%to(26.93)%
Fidelity VIP Disciplined Small Cap Portfolio94 18.82to22.311,909 0.60 %0.60 %to1.67%(19.81)%to(18.94)%
Fidelity VIP Equity-Income Portfolio181 30.45to32.334,540 2.08 %0.60 %to1.67%(6.82)%to(5.81)%
Fidelity VIP Extended Market Index Portfolio5 11.56to11.7852 1.27 %1.00 %to1.55%(19.56)%to(19.12)%
Fidelity VIP Freedom 2010 Portfolio22 14.53to17.22333 1.92 %0.60 %to1.67%(15.10)%to(14.18)%
Fidelity VIP Freedom 2015 Portfolio13 15.13to17.93208 1.96 %0.60 %to1.67%(16.21)%to(15.30)%
Fidelity VIP Freedom 2020 Portfolio30 15.40to18.25482 1.89 %0.60 %to1.67%(17.37)%to(16.47)%
Fidelity VIP Freedom 2025 Portfolio142 16.48to19.532,364 1.82 %0.60 %to1.67%(18.03)%to(17.14)%
Fidelity VIP Freedom 2030 Portfolio18 16.82to19.93320 1.72 %0.60 %to1.67%(18.47)%to(17.58)%
Fidelity VIP Growth Portfolio120 43.56to45.824,310 0.35 %0.60 %to1.67%(25.90)%to(25.10)%
Fidelity VIP High Income Portfolio293 18.63to21.005,385 9.23 %0.60 %to1.67%(13.15)%to(12.20)%
Fidelity VIP Index 500 Portfolio1120 37.99to30.5530,159 1.17 %0.60 %to1.67%(19.78)%to(18.91)%
Fidelity VIP International Index Portfolio39 10.08to10.28399 2.26 %1.00 %to1.55%(17.51)%to(17.05)%
Fidelity VIP Investment Grade Bond Portfolio924 12.87to15.6111,704 2.07 %0.60 %to1.67%(14.66)%to(13.73)%
Fidelity VIP Mid Cap Portfolio210 47.19to46.746,555 0.25 %0.60 %to1.67%(16.39)%to(15.48)%
Fidelity VIP Overseas Portfolio164 22.40to21.652,214 0.83 %0.60 %to1.67%(25.94)%to(25.13)%
Fidelity VIP Target Volatility Portfolio27 13.03to13.77362 2.05 %1.00 %to1.60%(17.00)%to(16.50)%
Fidelity VIP Total Market Index Portfolio51 12.45to12.70641 1.23 %1.00 %to1.55%(20.66)%to(20.22)%
-*Less than 500.
32
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2022UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund63 $22.88 to$24.77$1,493 — %1.00 %to1.67%(10.95)%to(10.34)%
Franklin Growth and Income VIP Fund45 36.60to37.621,648 3.37 %1.10 %to1.35%(7.86)%to(7.62)%
Franklin Income VIP Fund75 30.84to31.702,328 5.12 %1.10 %to1.35%(6.51)%to(6.28)%
JP Morgan IT Mid Cap Value10 41.39to45.42407 1.06 %1.00 %to1.67%(9.69)%to(9.07)%
Morgan Stanley VIF Emerging Markets Debt Portfolio3 22.30to24.0669 7.45 %1.00 %to1.55%(20.00)%to(19.55)%
Morgan Stanley VIF U.S. Real Estate Portfolio12 29.42to33.13398 1.20 %1.00 %to1.55%(28.18)%to(27.78)%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund147 12.80to13.531,897 2.20 %1.00 %to1.60%(15.34)%to(14.83)%
Columbia VP – Small Cap Value Fund41 32.71to35.891,376 0.48 %1.00 %to1.67%(10.49)%to(9.88)%
Franklin Growth and Income VIP Fund148 31.26to33.264,063 3.09 %0.60 %to1.67%(8.36)%to(7.37)%
Franklin Income VIP Fund463 24.44to26.398,852 4.93 %0.60 %to1.67%(7.05)%to(6.04)%
Franklin Large Cap Growth VIP Fund58 28.75to31.711,599 — %0.60 %to1.67%(37.60)%to(36.92)%
Franklin Mutual Shares VIP Fund508 23.60to25.758,381 1.79 %0.60 %to1.67%(8.97)%to(7.99)%
Franklin Small Cap Value VIP Fund46 20.77to24.611,001 0.99 %0.60 %to1.67%(11.56)%to(10.60)%
Invesco V.I. American Franchise Fund10 33.17to37.06300 — %0.60 %to1.67%(32.44)%to(31.71)%
Invesco V.I. American Value Fund190 22.02to24.334,336 0.38 %1.00 %to1.67%(4.48)%to(3.83)%
Invesco V.I. Comstock Fund125 34.99to37.233,149 1.29 %0.60 %to1.67%(0.83)%to0.24%
Invesco V.I. EQV International Equity Fund143 12.18to13.081,778 1.44 %1.00 %to1.60%(19.81)%to(19.32)%
Invesco V.I. Discovery Mid Cap Growth Fund52 11.74to11.92614 — %1.00 %to1.55%(32.20)%to(31.82)%
Templeton Foreign VIP Fund322 16.92to17.353,403 3.06 %0.60 %to1.67%(9.15)%to(8.16)%
Templeton Global Bond VIP Fund40 7.65to8.11308 — %1.00 %to1.60%(6.47)%to(5.90)%
Templeton Growth VIP Fund54 17.95to18.69835 0.16 %0.60 %to1.67%(12.98)%to(12.03)%
Morgan Stanley VIF Emerging Markets Debt Portfolio41 17.72to19.39547 7.59 %0.60 %to1.67%(20.16)%to(19.29)%
Morgan Stanley VIF Emerging Markets Equity Portfolio120 26.23to24.901,535 0.39 %0.60 %to1.67%(26.38)%to(25.58)%
Morgan Stanley VIF U.S. Real Estate Portfolio151 25.76to27.451,789 0.94 %0.60 %to1.67%(28.43)%to(27.65)%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund121 23.48to25.202,899 2.15 %1.00 %to1.60%(38.81)%to(38.43)%
BlackRock Global Allocation V.I. Fund42 13.14to14.10553 — %1.00 %to1.60%(17.41)%to(16.91)%
BlackRock High Yield V.I. Fund19 11.62to12.06214 5.02 %1.00 %to1.55%(11.94)%to(11.45)%
BlackRock Total Return V.I. Fund46 9.17to9.52418 1.88 %1.00 %to1.55%(15.59)%to(15.12)%
TOPS® Managed Risk Moderate Growth ETF Portfolio83 11.50to12.19960 14.95 %1.00 %to1.60%(14.91)%to(14.39)%
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America117 9.48to9.831,114 2.80 %1.00 %to1.55%(14.10)%to(13.62)%
American Funds I.S. Capital Income Builder Fund229 11.77to12.292,733 2.50 %1.00 %to1.55%(8.81)%to(8.30)%
American Funds I.S. Global Growth Fund104 18.03to19.051,925 0.44 %1.00 %to1.60%(26.12)%to(25.67)%
American Funds I.S. Growth Fund143 24.36to25.743,533 0.10 %1.00 %to1.60%(31.23)%to(30.81)%
American Funds I.S. Growth-Income Fund141 19.71to20.832,829 1.02 %1.00 %to1.60%(18.04)%to(17.54)%
American Funds I.S. New World Fund116 11.89to12.561,405 1.20 %1.00 %to1.60%(23.50)%to(23.03)%
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund11 34.88to37.04391 0.89 %1.10 %to1.45%(21.79)%to(21.51)%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund70 30.61to30.731,577 0.64 %0.60 %to1.67%(22.21)%to(21.36)%
-*Less than 500.
33
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2022UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Advisor Class:
PIMCO VIT All Asset Portfolio80 $14.20 to$15.69$1,180 7.51 %1.00 %to1.67%(13.34)%to(12.75)%
PIMCO VIT International Bond Portfolio (US Dollar Hedged)4 9.69to10.0641 1.39 %1.00 %to1.55%(11.63)%to(11.14)%
PIMCO VIT CommodityRealReturn® Strategy Portfolio213 5.43to6.001,198 20.52 %1.00 %to1.67%6.85 %to7.58%
PIMCO VIT Long-Term U.S. Government Portfolio19 8.53to9.05167 1.93 %1.00 %to1.60%(30.08)%to(29.66)%
PIMCO VIT Low Duration Portfolio166 10.04to11.091,717 1.48 %1.00 %to1.67%(7.40)%to(6.78)%
PIMCO VIT Real Return Portfolio83 11.79to13.031,002 6.75 %1.00 %to1.67%(13.46)%to(12.87)%
PIMCO VIT Total Return Portfolio1351 11.94to13.2016,803 2.50 %1.00 %to1.67%(15.81)%to(15.24)%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund18 6.71to7.38122 2.26 %1.00 %to1.67%9.43 %to10.17%
Guggenheim VT Multi-Hedge Strategies Fund35 8.86to9.79328 1.22 %1.00 %to1.67%(5.01)%to(4.36)%
Guggenheim VT Long Short Equity Fund5 10.17to11.2454 0.47 %1.00 %to1.67%(15.81)%to(15.24)%
ETF Shares:
iShares® Core S&P 500 ETF181 22.28to77.8712,849 1.54 %1.75 %to3.20%(20.75)%to(19.57)%
iShares® Core S&P Mid-Cap ETF63 21.77to64.383,841 1.60 %1.75 %to3.20%(15.86)%to(14.60)%
iShares® Core S&P Small-Cap ETF33 20.37to65.292,002 1.31 %1.75 %to3.20%(18.85)%to(17.64)%
iShares® Core U.S. Aggregate Bond ETF19 20.84to25.03411 2.23 %1.75 %to3.20%(15.79)%to(14.54)%
iShares® iBoxx $ High Yield Corporate Bond ETF1 21.61to31.9737 4.98 %1.75 %to3.20%(13.83)%to(12.54)%
iShares® 5-10 Year Investment Grade Corporate Bond ETF27 20.58to26.96642 2.84 %1.75 %to3.20%(16.75)%to(15.50)%
iShares® International Treasury Bond ETF108 17.58to17.721,745 0.10 %1.75 %to3.20%(24.56)%to(23.43)%
iShares® S&P 500 Growth ETF24 20.63to84.741,841 0.78 %1.75 %to3.20%(31.76)%to(30.74)%
iShares® S&P 500 Value ETF6 23.70to65.48356 2.01 %1.75 %to3.20%(8.39)%to(7.02)%
iShares® TIPS Bond ETF2 21.90to26.9153 6.45 %1.75 %to3.20%(15.03)%to(13.76)%
Vanguard® Developed Markets Index Fund, ETF Shares56 20.06to33.991,949 2.76 %1.75 %to3.20%(18.06)%to(16.83)%
Vanguard® Dividend Appreciation Index Fund, ETF Shares11 24.04to74.44706 1.87 %1.75 %to3.20%(12.69)%to(11.38)%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares8 18.10to23.36201 3.69 %1.75 %to3.20%(20.60)%to(19.41)%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares1 20.57to29.9528 2.85 %1.75 %to3.20%(16.73)%to(15.48)%
Vanguard® Large-Cap Index Fund, ETF Shares7 21.72to76.26514 1.47 %1.75 %to3.20%(22.47)%to(21.31)%
Vanguard® Mega Cap Index Fund, ETF Shares2 21.81to78.83126 1.51 %1.75 %to3.20%(22.52)%to(21.36)%
Vanguard® Real Estate Index Fund, ETF Shares5 20.28to49.14220 3.39 %1.75 %to3.20%(28.60)%to(27.53)%
Vanguard® Short-Term Bond Index Fund, ETF Shares1 22.27to22.9516 1.42 %1.75 %to3.20%(8.49)%to(7.12)%
Vanguard® Total Bond Market Index Fund, ETF Shares593 20.82to25.1212,936 2.36 %1.75 %to3.20%(15.88)%to(14.62)%







-*Less than 500.
34
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)

For Year Ended 2021UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Affiliated:
Touchstone VST Balanced Fund (April 17, 2021)1,707 $10.68to$10.80$18,327 0.31 %0.60 %to2.15 %6.77 %to7.99 %
Touchstone VST Bond Fund204 10.64to10.922,177 2.30 %0.60 %to1.67 %(2.95)%to(1.89)%
Touchstone VST Common Stock Fund1418 16.42to16.8623,433 0.39 %0.60 %to1.67 %25.44 %to26.80 %
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio62 29.19to29.932,288 0.93 %1.10 %to1.35 %16.67 %to16.96 %
Fidelity VIP Overseas Portfolio31 15.55to18.221,461 0.52 %0.60 %to1.67 %17.70 %to18.98 %
Fidelity VIP Equity-Income Portfolio75 40.57to41.598,167 1.82 %1.10 %to1.35 %23.21 %to23.52 %
Fidelity VIP Growth Portfolio24 313.79to313.797,434 — %1.35 %to1.35 %21.55 %to21.55 %
Fidelity VIP High Income Portfolio51 32.361,654 4.99 %1.35 %3.00 %
Fidelity VIP Asset Manager Portfolio42 74.573,095 1.58 %1.35 %8.44 %
Fidelity VIP Contrafund® Portfolio143 81.21to83.2717,965 0.06 %1.10 %to1.35 %26.11 %to26.43 %
Fidelity VIP Index 500 Portfolio65 34.46to35.864,830 1.14 %1.10 %to1.45 %26.71 %to27.16 %
Fidelity VIP Investment Grade Bond Portfolio63 14.70to17.231,262 2.00 %0.60 %to1.67 %(2.27)%to(1.20)%
Fidelity VIP Government Money Market385 9.81to10.083,667 0.01 %0.60 %to3.20 %(1.86)%to(0.59)%
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio10 45.61to46.77454 — %1.10 %to1.35 %21.42 %to21.73 %
Fidelity VIP Mid Cap Portfolio37 99.42to104.663,700 0.51 %1.10 %to1.35 %23.81 %to24.13 %
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio60 23.58to26.991,226 1.39 %0.60 %to1.67 %7.85 %to9.02 %
Fidelity VIP Balanced Portfolio473 34.26to39.3813,803 0.72 %0.60 %to1.67 %16.02 %to17.28 %
Fidelity VIP Bond Index Portfolio144 10.31to10.461,487 1.23 %1.00 %to1.55 %(3.75)%to(3.22)%
Fidelity VIP Contrafund® Portfolio504 58.62to62.2221,734 0.03 %0.60 %to1.67 %25.38 %to26.75 %
Fidelity VIP Disciplined Small Cap Portfolio76 23.48to27.521,908 0.17 %0.60 %to1.67 %18.38 %to19.67 %
Fidelity VIP Equity-Income Portfolio145 32.68to34.333,539 1.60 %0.60 %to1.67 %22.53 %to23.86 %
Fidelity VIP Extended Market Index Portfolio3 14.37to14.5750 0.89 %1.00 %to1.55 %19.06 %to19.72 %
Fidelity VIP Freedom 2010 Portfolio23 17.12to20.06414 0.80 %0.60 %to1.67 %3.83 %to4.96 %
Fidelity VIP Freedom 2015 Portfolio16 18.05to21.16301 0.57 %0.60 %to1.67 %5.60 %to6.75 %
Fidelity VIP Freedom 2020 Portfolio38 18.64to21.85723 0.95 %0.60 %to1.67 %7.44 %to8.61 %
Fidelity VIP Freedom 2025 Portfolio144 20.10to23.572,924 0.98 %0.60 %to1.67 %8.70 %to9.89 %
Fidelity VIP Freedom 2030 Portfolio18 20.63to24.19393 0.87 %0.60 %to1.67 %10.20 %to11.40 %
Fidelity VIP Growth Portfolio124 58.78to61.176,010 — %0.60 %to1.67 %20.85 %to22.17 %
Fidelity VIP High Income Portfolio299 21.45to23.916,305 2.61 %0.60 %to1.67 %2.55 %to3.66 %
Fidelity VIP Index 500 Portfolio1196 47.36to37.6840,064 1.06 %0.60 %to1.67 %26.12 %to27.49 %
Fidelity VIP International Index Portfolio30 12.22to12.39362 4.68 %1.00 %to1.55 %5.81 %to6.40 %
Fidelity VIP Investment Grade Bond Portfolio995 15.08to18.1014,745 1.79 %0.60 %to1.67 %(2.55)%to(1.49)%
Fidelity VIP Mid Cap Portfolio254 56.44to55.309,443 0.35 %0.60 %to1.67 %23.21 %to24.55 %
Fidelity VIP Overseas Portfolio148 30.24to28.922,751 0.32 %0.60 %to1.67 %17.40 %to18.67 %
Fidelity VIP Target Volatility Portfolio35 15.70to16.49557 0.02 %1.00 %to1.60 %10.24 %to10.91 %
Fidelity VIP Total Market Index Portfolio41 15.70to15.92638 1.77 %1.00 %to1.55 %23.44 %to24.13 %
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund69 25.70to27.631,839 — %1.00 %to1.67 %30.12 %to31.01 %
Franklin Growth and Income VIP Fund47 39.72to40.731,853 2.58 %1.10 %to1.35 %23.89 %to24.21 %
Franklin Income VIP Fund86 32.99to33.822,824 4.71 %1.10 %to1.35 %15.43 %to15.72 %
JP Morgan IT Mid Cap Value14 45.83to49.95630 0.89 %1.00 %to1.67 %27.72 %to28.59 %
Morgan Stanley VIF Emerging Markets Debt Portfolio3 27.87to29.9197 5.10 %1.00 %to1.55 %(3.54)%to(3.00)%
35
-*Less than 500.
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2021UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Non-Affiliated Class 1:
Morgan Stanley VIF U.S. Real Estate Portfolio13 $40.96to$45.88$609 2.07 %1.00 %to1.55 %37.64 %to38.40 %
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund158 15.13to15.882,406 1.34 %1.00 %to1.60 %10.70 %to11.38 %
Columbia VP – Small Cap Value Fund48 36.54to39.831,777 0.51 %1.00 %to1.67 %26.65 %to27.52 %
Franklin Growth and Income VIP Fund171 34.11to35.905,122 2.46 %0.60 %to1.67 %23.15 %to24.49 %
Franklin Income VIP Fund598 26.29to28.0912,009 4.76 %0.60 %to1.67 %14.81 %to16.05 %
Franklin Large Cap Growth VIP Fund126 46.07to50.265,977 — %0.60 %to1.67 %13.35 %to14.58 %
Franklin Mutual Shares VIP Fund570 25.93to27.9810,357 2.90 %0.60 %to1.67 %17.18 %to18.45 %
Franklin Small Cap Value VIP Fund50 23.48to27.531,230 0.98 %0.60 %to1.67 %23.27 %to24.61 %
Invesco V.I. American Franchise Fund10 49.10to54.26462 — %0.60 %to1.67 %9.78 %to10.98 %
Invesco V.I. American Value Fund328 23.05to25.307,864 0.23 %1.00 %to1.67 %25.49 %to26.35 %
Invesco V.I. Comstock Fund158 35.28to37.144,036 1.58 %0.60 %to1.67 %30.82 %to32.24 %
Invesco V.I. International Growth Fund147 15.19to16.212,274 1.08 %1.00 %to1.60 %3.92 %to4.55 %
Invesco V.I. Discovery Mid Cap Growth Series II (a)41 17.32to17.48715 — %1.00 %to1.55 %16.95 %to17.61 %
Templeton Foreign VIP Fund350 18.63to18.894,071 1.81 %0.60 %to1.67 %2.42 %to3.53 %
Templeton Global Bond VIP Fund40 8.18to8.62329 — %1.00 %to1.60 %(6.51)%to(5.94)%
Templeton Growth VIP Fund57 20.62to21.241,033 1.10 %0.60 %to1.67 %3.12 %to4.24 %
Morgan Stanley VIF Emerging Markets Debt Portfolio42 22.20to24.02690 5.17 %0.60 %to1.67 %(3.60)%to(2.55)%
Morgan Stanley VIF Emerging Markets Equity Portfolio113 35.64to33.461,956 0.79 %0.60 %to1.67 %1.23 %to2.34 %
Morgan Stanley VIF U.S. Real Estate Portfolio155 35.99to37.942,602 1.83 %0.60 %to1.67 %37.11 %to38.60 %
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund115 38.36to40.944,488 — %1.00 %to1.60 %18.96 %to19.68 %
BlackRock Global Allocation V.I. Fund39 15.91to16.97636 0.84 %1.00 %to1.60 %4.71 %to5.35 %
BlackRock High Yield V.I. Fund21 13.20to13.62277 3.86 %1.00 %to1.55 %3.58 %to4.16 %
BlackRock Total Return V.I. Fund48 10.86to11.21516 1.25 %1.00 %to1.55 %(3.22)%to(2.68)%
TOPS® Managed Risk Moderate Growth ETF Portfolio94 13.51to14.241,279 1.03 %1.00 %to1.60 %9.21 %to9.87 %
Non-Affiliated Class 4:
American Funds I.S. The Bond Fund of America (a)110 11.03to11.381,223 1.37 %1.00 %to1.55 %(2.13)%to(1.58)%
American Funds I.S. Capital Income Builder Fund251 12.91to13.403,277 2.49 %1.00 %to1.55 %12.90 %to13.53 %
American Funds I.S. Global Growth Fund107 24.40to25.632,662 0.21 %1.00 %to1.60 %14.28 %to14.97 %
American Funds I.S. Growth Fund142 35.42to37.205,068 0.06 %1.00 %to1.60 %19.74 %to20.47 %
American Funds I.S. Growth-Income Fund169 24.05to25.264,128 0.95 %1.00 %to1.60 %21.82 %to22.56 %
American Funds I.S. New World Fund78 15.54to16.321,226 0.69 %1.00 %to1.60 %2.96 %to3.58 %
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund10 44.59to47.19476 0.85 %1.10 %to1.45 %12.84 %to13.24 %
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund68 39.35to39.081,978 0.55 %0.60 %to1.67 %12.28 %to13.50 %
Advisor Class:
PIMCO VIT All Asset Portfolio86 $16.39to$17.981,449 10.95 %1.00 %to1.67 %14.10 %to14.88 %
PIMCO VIT International Bond Portfolio (US Dollar Hedged)4 10.97to11.3247 1.48 %1.00 %to1.55 %(3.57)%to(3.03)%
PIMCO VIT CommodityRealReturn® Strategy Portfolio241 5.08to5.581,266 3.96 %1.00 %to1.67 %30.89 %to31.78 %
PIMCO VIT Long-Term U.S. Government Portfolio25 12.21to12.87310 1.46 %1.00 %to1.60 %(6.40)%to(5.83)%
36
-*Less than 500.
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2021UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Advisor Class (continued):
PIMCO VIT Low Duration Portfolio218 10.84to11.892,412 0.42 %1.00 %to1.67 %(2.68)%to(2.02)%
PIMCO VIT Real Return Portfolio76 13.63to14.951,066 4.88 %1.00 %to1.67 %3.72 %to4.43 %
PIMCO VIT Total Return Portfolio1447 14.19to15.5721,301 1.73 %1.00 %to1.67 %(3.01)%to(2.35)%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund22 6.13to6.70136 — %1.00 %to1.67 %(0.75)%to(0.07)%
Guggenheim VT Multi-Hedge Strategies Fund33 9.33to10.24320 — %1.00 %to1.67 %6.30 %to7.02 %
Guggenheim VT Long Short Equity Fund5 12.08to13.2666 0.65 %1.00 %to1.67 %21.73 %to22.56 %
ETF Shares:
iShares® Core S&P 500 ETF194 28.12to96.8117,407 1.31 %1.75 %to3.20 %12.46 %to26.51 %
iShares® Core S&P Mid-Cap ETF71 25.88to75.395,132 1.22 %1.75 %to3.20 %3.52 %to22.53 %
iShares® Core S&P Small-Cap ETF35 25.10to79.272,658 1.53 %1.75 %to3.20 %0.38 %to24.38 %
iShares® Core U.S. Aggregate Bond ETF22 24.75to29.29558 1.75 %1.75 %to3.20 %(1.01)%to(3.49)%
iShares® iBoxx $ High Yield Corporate Bond ETF1 25.08to36.5548 4.03 %1.75 %to3.20 %0.32 %to1.93 %
iShares® 5-10 Year Investment Grade Corporate Bond ETF32 24.72to31.90883 2.30 %1.75 %to3.20 %(1.13)%to(3.38)%
iShares® International Treasury Bond ETF104 23.31to23.142,210 0.38 %1.75 %to3.20 %(6.77)%to(10.84)%
iShares® S&P 500 Growth ETF23 30.23to122.342,604 0.53 %1.75 %to3.20 %20.90 %to29.50 %
iShares® S&P 500 Value ETF8 25.87to70.42524 1.92 %1.75 %to3.20 %3.48 %to22.54 %
iShares® TIPS Bond ETF3 25.78 to31.20 77 4.34 %1.75 %to3.20 %3.12 %to3.82 %
Vanguard® Developed Markets Index Fund, ETF Shares58 24.48to40.862,442 3.09 %1.75 %to3.20 %(2.08)%to9.69 %
Vanguard® Dividend Appreciation Index Fund, ETF Shares14 27.53to84.011,032 1.69 %1.75 %to3.20 %10.13 %to21.59 %
Vanguard® Emerging Markets Stock Index Fund, ETF Shares8 22.80to28.98261 2.56 %1.75 %to3.20 %(8.79)%to(0.51)%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares1 24.71to35.4337 2.16 %1.75 %to3.20 %(1.18)%to(3.49)%
Vanguard® Large-Cap Index Fund, ETF Shares9 28.02to96.91829 1.29 %1.75 %to3.20 %12.07 %to25.17 %
Vanguard® Mega Cap Index Fund, ETF Shares2 28.16to100.24169 1.27 %1.75 %to3.20 %12.62 %to25.34 %
Vanguard® Real Estate Index Fund, ETF Shares5 28.41to67.80299 2.89 %1.75 %to3.20 %13.63 %to38.06 %
Vanguard® Short-Term Bond Index Fund, ETF Shares1 24.34to24.7120 1.15 %1.75 %to3.20 %(2.66)%to(2.80)%
Vanguard® Total Bond Market Index Fund, ETF Shares652 24.76to29.4216,771 1.89 %1.75 %to3.20 %(0.98)%to(3.58)%









37
-*Less than 500.
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2020UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Affiliated:
Touchstone VST Aggressive ETF Fund240 $19.98 to$25.30 $5,979 1.81 %1.00 %to1.60 %10.05 %to10.72 %
Touchstone VST Bond Fund208 10.96 to11.07 2,281 1.77 %1.00 %to1.67 %7.79 %to8.53 %
Touchstone VST Common Stock Fund1,580 13.09 to13.22 20,755 0.60 %1.00 %to1.67 %21.42 %to22.25 %
Touchstone VST Conservative ETF Fund286 16.25 to20.04 5,280 2.52 %1.00 %to1.60 %8.15 %to8.81 %
Touchstone VST Moderate ETF Fund350 22.20 to23.13 6,967 2.22 %1.00 %to2.05 %8.79 %to9.96 %
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio67 25.02to40.752,153 1.43 %1.35 %to1.35 %20.74 %to20.74 %
Fidelity VIP Overseas Portfolio34 13.43to17.881,330 0.45 %1.15 %to1.55 %13.82 %to14.28 %
Fidelity VIP Equity-Income Portfolio88 32.93to33.677,700 1.82 %1.10 %to1.35 %5.25 %to5.52 %
Fidelity VIP Growth Portfolio27 258.15to258.156,921 0.07 %1.35 %to1.35 %41.95 %to41.95 %
Fidelity VIP High Income Portfolio53 31.421,680 5.23 %1.35 %1.36 %
Fidelity VIP Asset Manager Portfolio45 68.773,064 1.53 %1.35 %13.32 %
Fidelity VIP Contrafund® Portfolio157 64.40to65.8615,609 0.25 %1.10 %to1.35 %28.80 %to29.13 %
Fidelity VIP Index 500 Portfolio90 27.19to28.205,033 1.74 %1.10 %to1.45 %16.52 %to16.94 %
Fidelity VIP Investment Grade Bond Portfolio68 15.30to16.511,402 2.14 %1.00 %to1.55 %7.70 %to8.30 %
Fidelity VIP Government Money Market448 9.30to9.914,345 0.31 %1.00 %to2.75 %(2.44)%to(0.68)%
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio10 37.57to37.57386 0.06 %1.35 %to1.35 %41.81 %to41.81 %
Fidelity VIP Mid Cap Portfolio38 80.30to84.323,114 0.56 %1.10 %to1.35 %16.45 %to16.74 %
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio64 17.36to25.011,226 1.32 %1.00 %to1.60 %12.70 %to13.39 %
Fidelity VIP Balanced Portfolio513 24.05to33.8312,865 1.29 %1.00 %to1.60 %20.17 %to20.91 %
Fidelity VIP Bond Index Portfolio33 10.72to10.78354 2.03 %1.15 %to1.55 %5.60 %to6.03 %
Fidelity VIP Contrafund® Portfolio565 46.75to52.7419,355 0.08 %1.00 %to1.67 %28.06 %to28.93 %
Fidelity VIP Disciplined Small Cap Portfolio76 20.16to21.761,602 0.57 %1.00 %to1.55 %16.29 %to16.94 %
Fidelity VIP Equity-Income Portfolio170 26.67to27.563,358 1.63 %1.00 %to1.67 %4.66 %to5.38 %
Fidelity VIP Extended Market Index Portfolio5 12.07to12.1159 1.67 %1.35 %to1.55 %14.39 %to14.62 %
Fidelity VIP Freedom 2010 Portfolio25 17.02to17.63420 1.07 %1.15 %to1.60 %10.44 %to10.95 %
Fidelity VIP Freedom 2015 Portfolio26 17.76to18.62456 1.05 %1.15 %to1.60 %11.75 %to12.26 %
Fidelity VIP Freedom 2020 Portfolio35 18.20to18.64613 0.98 %1.15 %to1.60 %12.89 %to13.40 %
Fidelity VIP Freedom 2025 Portfolio122 19.47to19.882,274 1.00 %1.15 %to1.60 %13.83 %to14.35 %
Fidelity VIP Freedom 2030 Portfolio18 18.78to20.12353 1.04 %1.15 %to1.55 %14.84 %to15.30 %
Fidelity VIP Growth Portfolio129 36.00to44.895,173 0.04 %1.00 %to1.60 %41.25 %to42.11 %
Fidelity VIP High Income Portfolio331 17.12to27.056,779 6.88 %1.00 %to1.60 %0.78 %to1.40 %
Fidelity VIP Index 500 Portfolio1223 37.55to35.1932,420 1.56 %1.00 %to1.67 %15.98 %to16.77 %
Fidelity VIP International Index Portfolio5 11.55to11.6257 3.86 %1.15 %to1.55 %8.63 %to9.07 %
Fidelity VIP Investment Grade Bond Portfolio1019 14.53to20.1415,439 2.05 %1.00 %to1.60 %7.42 %to8.07 %
Fidelity VIP Mid Cap Portfolio287 22.90to53.308,708 0.40 %1.00 %to1.60 %15.98 %to16.69 %
Fidelity VIP Overseas Portfolio166 13.39to25.092,617 0.22 %1.00 %to1.60 %13.49 %to14.18 %
Fidelity VIP Target Volatility Portfolio35 14.29to14.71499 1.29 %1.15 %to1.55 %7.30 %to7.74 %
Fidelity VIP Total Market Index Portfolio6 12.72to12.7982 2.17 %1.15 %to1.55 %18.12 %to18.60 %
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund71 19.89to20.781,442 — %1.15 %to1.60 %5.76 %to6.25 %
Franklin Growth and Income VIP Fund50 32.06to32.061,600 3.89 %1.35 %to1.35 %4.38 %to4.38 %
Franklin Income VIP Fund91 28.58to29.232,599 5.97 %1.10 %to1.35 %(0.39)%to(0.14)%
JP Morgan IT Mid Cap Value15 36.40to38.85548 1.49 %1.00 %to1.55 %(1.19)%to(0.63)%
Morgan Stanley VIF Emerging Markets Debt Portfolio3 28.78to36.55104 4.47 %1.10 %to1.45 %4.01 %to4.38 %
Morgan Stanley VIF U.S. Real Estate Portfolio14 29.76to33.15480 2.69 %1.00 %to1.55 %(18.14)%to(17.68)%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund161 13.71to14.262,215 1.50 %1.00 %to1.55 %4.24 %to4.82 %
Columbia VP – Small Cap Value Fund59 29.09to30.681,738 0.34 %1.15 %to1.60 %6.85 %to7.34 %
Franklin Growth and Income VIP Fund184 21.45to32.654,444 3.78 %1.00 %to1.60 %3.83 %to4.47 %
Franklin Income VIP Fund728 16.22to29.1012,556 5.88 %1.00 %to1.60 %(0.92)%to(0.31)%
Franklin Large Cap Growth VIP Fund147 33.81to50.296,183 — %1.00 %to1.60 %42.32 %to43.19 %
Franklin Mutual Shares VIP Fund607 15.07to27.179,423 2.92 %1.00 %to1.60 %(6.56)%to(5.99)%
Franklin Small Cap Value VIP Fund54 22.66to24.241,076 1.51 %1.15 %to1.60 %3.51 %to3.98 %
-*Less than 500.
38
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2020UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Non-Affiliated Class 2 (continued):
Invesco V.I. American Franchise Fund11 $37.03 to$38.53 $460 — %1.15 %to1.60 %39.73 %to40.36 %
Invesco V.I. American Value Fund355 18.54to20.026,771 0.64 %1.00 %to1.60 %(0.76)%to(0.15)%
Invesco V.I. Comstock Fund183 19.57to33.263,515 2.20 %1.00 %to1.60 %(2.67)%to(2.08)%
Invesco V.I. International Growth Fund142 14.62to15.272,103 2.09 %1.15 %to1.60 %11.92 %to12.43 %
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Series II (b)46 14.81to14.85676 — %1.15 %to1.55 %48.06 %to48.47 %
Templeton Foreign VIP Fund355 10.09to22.104,045 3.44 %1.00 %to1.60 %(2.74)%to(2.15)%
Templeton Global Bond VIP Fund38 8.78to9.06333 8.64 %1.15 %to1.55 %(6.75)%to(6.37)%
Templeton Growth VIP Fund60 13.22to24.431,068 3.06 %1.00 %to1.60 %4.11 %to4.74 %
Morgan Stanley VIF Emerging Markets Debt Portfolio52 15.67to13.54870 4.51 %1.15 %to1.60 %3.84 %to4.32 %
Morgan Stanley VIF Emerging Markets Equity Portfolio118 10.42to45.282,034 1.28 %1.00 %to1.60 %12.53 %to13.22 %
Morgan Stanley VIF U.S. Real Estate Portfolio176 13.72to15.002,130 2.56 %1.15 %to1.60 %(18.43)%to(18.05)%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund126 32.25to33.714,150 — %1.15 %to1.60 %39.25 %to39.89 %
BlackRock Global Allocation V.I. Fund41 15.19to16.11623 1.26 %1.00 %to1.60 %18.78 %to19.50 %
BlackRock High Yield V.I. Fund18 12.74to12.99230 5.05 %1.15 %to1.55 %5.38 %to5.80 %
BlackRock Total Return V.I. Fund33 11.23to11.33374 1.87 %1.35 %to1.55 %6.87 %to7.09 %
TOPS® Managed Risk Moderate Growth ETF Portfolio95 12.42to12.811,178 2.17 %1.15 %to1.55 %4.26 %to4.68 %
Non-Affiliated Class 4:
American Funds I.S. Bond Fund104 11.27to11.491,176 2.33 %1.15 %to1.55 %7.68 %to8.12 %
American Funds I.S. Capital Income Builder Fund253 11.43to11.802,926 2.75 %1.00 %to1.55 %2.50 %to3.07 %
American Funds I.S. Global Growth Fund132 21.36to22.052,877 0.16 %1.15 %to1.60 %28.08 %to28.67 %
American Funds I.S. Growth Fund134 29.69to30.554,001 0.20 %1.15 %to1.55 %49.36 %to49.97 %
American Funds I.S. Growth-Income Fund193 19.74to20.393,851 1.22 %1.15 %to1.60 %11.44 %to11.95 %
American Funds I.S. New World Fund69 15.15to15.591,062 0.04 %1.15 %to1.55 %21.38 %to21.88 %
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund11 39.52to41.67429 1.14 %1.10 %to1.45 %17.70 %to18.12 %
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund67 21.77to37.881,742 0.91 %1.00 %to1.55 %17.24 %to17.90 %
Advisor Class:
PIMCO VIT All Asset Portfolio92 14.60to13.801,368 4.87 %1.15 %to1.60 %6.18 %to6.67 %
PIMCO VIT International Bond Portfolio (US Dollar Hedged)4 11.38to11.5949 5.88 %1.15 %to1.55 %3.82 %to4.24 %
PIMCO VIT CommodityRealReturn® Strategy Portfolio309 3.95to4.231,237 6.32 %1.00 %to1.60 %(0.39)%to0.22 %
PIMCO VIT Long-Term U.S. Government Portfolio21 13.04to13.50275 1.59 %1.15 %to1.60 %15.40 %to15.93 %
PIMCO VIT Low Duration Portfolio217 11.20to12.142,457 1.07 %1.00 %to1.60 %1.24 %to1.86 %
PIMCO VIT Real Return Portfolio69 13.23to12.09935 1.32 %1.15 %to1.60 %9.82 %to10.32 %
PIMCO VIT Total Return Portfolio1315 14.96to15.9419,908 2.03 %1.00 %to1.60 %6.80 %to7.45 %
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund24 6.23to6.71151 3.85 %1.00 %to1.60 %0.96 %to1.57 %
Guggenheim VT Multi-Hedge Strategies Fund34 8.97to9.57313 1.28 %1.00 %to1.60 %5.67 %to6.31 %
Guggenheim VT Long Short Equity Fund6 10.30to10.8259 0.83 %1.00 %to1.60 %3.25 %to3.88 %
ETF Shares:
iShares® Core S&P 500 ETF243 70.26to76.5217,460 1.79 %1.75 %to2.75 %15.10 %to16.28 %
iShares® Core S&P Mid-Cap ETF90 58.24to61.525,332 1.56 %1.75 %to2.75 %10.43 %to11.56 %
iShares® Core S&P Small-Cap ETF47 60.23to63.732,891 1.40 %1.75 %to2.75 %8.19 %to9.30 %
iShares® Core U.S. Aggregate Bond ETF22 26.28to30.35586 2.16 %1.75 %to2.75 %4.52 %to5.60 %
iShares® iBoxx $ High Yield Corporate Bond ETF2 32.24to34.8971 5.07 %1.90 %to2.75 %1.57 %to2.46 %
iShares® 5-10 Year Investment Grade Corporate Bond ETF (a)27 29.21to31.62778 2.85 %1.90 %to2.75 %6.62 %to7.55 %
iShares® International Treasury Bond ETF93 23.65to25.952,235 — %1.75 %to2.75 %7.83 %to8.94 %
iShares® S&P 500 Growth ETF28 84.37to94.472,444 0.97 %1.75 %to2.75 %29.57 %to30.90 %
iShares® S&P 500 Value ETF9 54.30to58.77520 2.63 %1.90 %to2.75 %(1.62)%to(0.76)%
iShares® TIPS Bond ETF3 24.46to26.4778 1.23 %1.90 %to2.75 %7.78 %to8.73 %
Vanguard® Developed Markets Index Fund, ETF Shares65 38.40to37.262,539 2.32 %1.75 %to2.75 %6.67 %to7.77 %
-*Less than 500.
39
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2020UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
ETF Shares (continued):
Vanguard® Dividend Appreciation Index Fund, ETF Shares16 $61.24 to$66.27 $1,017 1.81 %1.90 %to2.75 %12.21 %to13.19 %
Vanguard® Emerging Markets Stock Index Fund, ETF Shares8 31.12to33.68247 2.27 %1.90 %to2.75 %12.02 %to13.00 %
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares2 31.67to36.7268 2.68 %1.75 %to2.75 %6.45 %to7.55 %
Vanguard® Large-Cap Index Fund, ETF Shares11 71.55to77.43815 1.70 %1.90 %to2.75 %17.66 %to18.69 %
Vanguard® Mega Cap Index Fund, ETF Shares2 73.23to79.98157 1.70 %1.75 %to2.75 %18.19 %to19.40 %
Vanguard® Real Estate Index Fund, ETF Shares6 43.39to46.96261 4.16 %1.90 %to2.75 %(7.20)%to(6.39)%
Vanguard® Short-Term Bond Index Fund, ETF Shares1 23.26to25.0823 1.82 %1.90 %to2.75 %1.82 %to2.71 %
Vanguard® Total Bond Market Index Fund, ETF Shares609 26.34to30.5116,393 2.23 %1.75 %to2.75 %4.75 %to5.83 %
-*Less than 500.
40
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2019UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Affiliated:
Touchstone VST Aggressive ETF Fund250 $20.62 to$22.85 $5,628 1.65 %1.00 %to1.67 %20.34 %to21.16%
Touchstone VST Bond Fund (July 12, 2019)209 10.17 to10.20 2,129 1.26 %1.00 %to1.67 %1.67 %to2.00%
Touchstone VST Common Stock Fund (July 12, 2019)1,834 10.78 to10.81 19,789 0.55 %1.00 %to1.67 %7.77 %to8.12%
Touchstone VST Conservative ETF Fund331 15.03 to18.42 5,619 2.47 %1.00 %to1.60 %13.62 %to14.31%
Touchstone VST Moderate ETF Fund376 20.40 to21.04 6,855 2.03 %1.00 %to2.05 %16.53 %to17.77%
Non-Affiliated Initial Class:
Fidelity VIP Balanced Portfolio76 20.72 to33.75 2,023 1.73 %1.35 %to1.35 %22.83 %to22.83%
Fidelity VIP Overseas Portfolio36 11.80 to15.65 1,223 1.68 %1.15 %to1.55 %25.79 %to26.30%
Fidelity VIP Equity-Income Portfolio93 31.28 to31.91 7,810 1.98 %1.10 %to1.35 %25.72 %to26.04%
Fidelity VIP Growth Portfolio29 181.86 to181.86 5,227 0.26 %1.35 %to1.35 %32.50 %to32.50%
Fidelity VIP High Income Portfolio56 31.00 to31.00 1,743 5.31 %1.35 %to1.35 %13.55 %to13.55%
Fidelity VIP Asset Manager Portfolio46 60.68 to60.68 2,777 1.76 %1.35 %to1.35 %16.65 %to16.65%
Fidelity VIP Contrafund® Portfolio178 50.00 to51.00 13,551 0.45 %1.10 %to1.35 %29.80 %to30.13%
Fidelity VIP Index 500 Portfolio101 23.34 to24.11 4,690 1.91 %1.10 %to1.45 %29.45 %to29.91%
Fidelity VIP Investment Grade Bond Portfolio76 14.20 to15.24 1,426 2.65 %1.00 %to1.55 %7.97 %to8.57%
Fidelity VIP Government Money Market344 9.53 to9.98 3,369 2.06 %1.00 %to2.75 %(0.79)%to1.00%
Non-Affiliated Service Class:
Fidelity VIP Growth Portfolio12 26.49 to26.49 323 0.16 %1.35 %to1.35 %32.37 %to32.37%
Fidelity VIP Mid Cap Portfolio41 68.96 to72.23 2,892 0.78 %1.10 %to1.35 %21.68 %to21.99%
Non-Affiliated Service Class 2:
Fidelity VIP Asset Manager Portfolio65 19.42 to22.06 1,103 1.72 %1.00 %to1.67 %16.04 %to16.83%
Fidelity VIP Balanced Portfolio498 24.59 to27.98 10,560 1.62 %1.00 %to1.67 %22.04 %to22.88%
Fidelity VIP Bond Index Portfolio (July 12, 2019)8 10.15 to10.15 85 3.77 %1.55 %to1.55 %1.48 %to1.48%
Fidelity VIP Contrafund® Portfolio667 36.51 to40.90 17,646 0.21 %1.00 %to1.67 %29.08 %to29.96%
Fidelity VIP Disciplined Small Cap Portfolio87 17.07 to18.61 1,546 0.81 %1.00 %to1.67 %21.31 %to22.14%
Fidelity VIP Equity-Income Portfolio176 25.48 to26.16 3,356 1.87 %1.00 %to1.67 %24.99 %to25.84%
Fidelity VIP Extended Market Index Portfolio (July 12, 2019)3 10.55 to10.55 37 1.20 %1.55 %to1.55 %5.51 %to5.51%
Fidelity VIP Freedom 2010 Portfolio26 14.94 to15.56 397 1.81 %1.35 %to1.67 %13.82 %to14.19%
Fidelity VIP Freedom 2015 Portfolio26 15.89 to16.59 413 1.70 %1.15 %to1.60 %16.09 %to16.62%
Fidelity VIP Freedom 2020 Portfolio42 16.12 to16.44 653 1.78 %1.15 %to1.60 %17.96 %to18.50%
Fidelity VIP Freedom 2025 Portfolio120 17.11 to17.38 1,969 1.84 %1.15 %to1.60 %19.57 %to20.12%
Fidelity VIP Freedom 2030 Portfolio22 16.32 to19.60 363 1.33 %1.15 %to1.67 %22.04 %to22.69%
Fidelity VIP Growth Portfolio136 34.46 to31.59 3,900 0.05 %1.00 %to1.67 %31.74 %to32.64%
Fidelity VIP High Income Portfolio336 20.77 to26.68 6,807 6.67 %1.00 %to1.67 %12.85 %to13.62%
Fidelity VIP Index 500 Portfolio1,273 32.38 to30.14 29,166 1.73 %1.00 %to1.67 %28.83 %to29.71%
Fidelity VIP International Index Portfolio (July 12, 2019)*-10.65 to10.65 2 12.35 %1.15 %to1.15 %6.52 %to6.52%
Fidelity VIP Investment Grade Bond Portfolio1,065 14.42 to18.64 15,005 2.58 %1.00 %to1.67 %7.58 %to8.31%
Fidelity VIP Mid Cap Portfolio335 39.52 to45.68 8,716 0.70 %1.00 %to1.67 %21.12 %to21.94%
Fidelity VIP Overseas Portfolio196 22.72 to21.97 2,673 1.20 %1.00 %to1.67 %25.37 %to26.23%
Fidelity VIP Target Volatility Portfolio36 13.32 to13.65 486 1.37 %1.15 %to1.55 %16.81 %to17.28%
Non-Affiliated Class 1:
Columbia VP – Select Mid Cap Value Fund (a)80 18.69 to19.56 1,539 — %1.15 %to1.67 %29.43 %to30.11%
Franklin Growth and Income VIP Fund57 30.72 to30.72 1,751 2.50 %1.35 %to1.35 %24.35 %to24.35%
Franklin Income VIP Fund106 28.69 to29.27 3,053 5.59 %1.10 %to1.35 %14.85 %to15.14%
JP Morgan IT Mid Cap Value18 36.84 to39.09 630 1.70 %1.00 %to1.55 %24.80 %to25.49%
Morgan Stanley VIF Emerging Markets Debt Portfolio3 27.81 to35.02 107 5.33 %1.10 %to1.55 %12.48 %to13.00%
Morgan Stanley VIF U.S. Real Estate Portfolio17 36.36 to40.27 714 1.86 %1.00 %to1.55 %17.10 %to17.75%
Non-Affiliated Class 2:
American Funds I.S. Managed Risk Asset Allocation Fund163 13.15 to13.61 2,148 2.35 %1.00 %to1.55 %16.16 %to16.81%
Columbia VP – Small Cap Value Fund65 27.02 to28.58 1,751 0.27 %1.15 %to1.67 %18.97 %to19.59%
Franklin Growth and Income VIP Fund215 26.69 to31.25 4,983 2.23 %1.00 %to1.67 %23.56 %to24.40%
Franklin Income VIP Fund842 23.13 to29.19 14,513 5.40 %1.00 %to1.67 %14.12 %to14.90%
Franklin Large Cap Growth VIP Fund170 28.58 to35.12 5,003 — %1.00 %to1.67 %32.33 %to33.23%
Franklin Mutual Shares VIP Fund593 23.70 to28.91 9,919 1.84 %1.00 %to1.67 %20.53 %to21.35%
Franklin Small Cap Value VIP Fund58 18.42 to23.32 1,104 1.06 %1.15 %to1.67 %24.24 %to24.90%
Invesco V.I. American Franchise Fund12 32.03 to27.45 356 — %1.15 %to1.67 %34.15 %to34.86%
41
-*Less than 500.
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2019UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
Non-Affiliated Class 2 (continued):
Invesco V.I. American Value Fund386 $18.52 to$20.05 $7,406 0.44 %1.00 %to1.67 %22.63 %to23.46%
Invesco V.I. Comstock Fund188 27.73 to33.97 3,722 1.74 %1.00 %to1.67 %22.86 %to23.69%
Invesco V.I. International Growth Fund162 13.06 to13.59 2,146 1.33 %1.15 %to1.60 %26.19 %to26.77%
Invesco V.I. Mid Cap Growth Fund20 15.17 to15.40 305 — %1.15 %to1.55 %31.93 %to32.46%
Templeton Foreign VIP Fund366 18.71 to22.58 4,336 1.69 %1.00 %to1.67 %10.65 %to11.40%
Templeton Global Bond VIP Fund62 9.42 to9.68 585 6.16 %1.15 %to1.55 %0.43 %to0.84%
Templeton Growth VIP Fund75 19.23 to23.32 1,234 2.80 %1.00 %to1.67 %13.23 %to14.00%
Morgan Stanley VIF Emerging Markets Debt Portfolio60 22.19 to12.98 953 5.39 %1.15 %to1.67 %12.26 %to12.86%
Morgan Stanley VIF Emerging Markets Equity Portfolio146 31.30 to39.99 2,323 1.01 %1.00 %to1.67 %17.52 %to18.32%
Morgan Stanley VIF U.S. Real Estate Portfolio169 32.21 to18.31 2,526 1.61 %1.15 %to1.67 %16.69 %to17.31%
Non-Affiliated Class 3:
BlackRock Capital Appreciation V.I. Fund134 23.16 to24.09 3,164 — %1.15 %to1.60 %29.45 %to30.04%
BlackRock Global Allocation V.I. Fund47 12.79 to13.48 613 1.22 %1.00 %to1.60 %15.87 %to16.58%
BlackRock High Yield V.I. Fund17 12.09 to12.27 210 5.15 %1.15 %to1.55 %13.08 %to13.54%
BlackRock Total Return V.I. Fund29 10.50 to10.58 303 2.59 %1.35 %to1.55 %7.46 %to7.67%
TOPS® Managed Risk Moderate Growth ETF Portfolio97 11.91 to12.24 1,153 2.12 %1.15 %to1.55 %14.36 %to14.83%
Non-Affiliated Class 4:
American Funds I.S. Bond Fund65 10.47 to10.62 680 2.61 %1.15 %to1.55 %7.39 %to7.83%
American Funds I.S. Capital Income Builder Fund270 11.16 to11.45 3,032 2.77 %1.00 %to1.55 %15.80 %to16.44%
American Funds I.S. Global Growth Fund133 16.67 to17.14 2,255 0.99 %1.15 %to1.60 %32.72 %to33.33%
American Funds I.S. Growth Fund128 19.82 to20.37 2,567 0.61 %1.15 %to1.60 %28.35 %to28.94%
American Funds I.S. Growth-Income Fund169 17.72 to18.21 3,013 1.49 %1.15 %to1.60 %23.84 %to24.41%
American Funds I.S. New World Fund74 12.48 to12.79 937 0.81 %1.15 %to1.55 %26.82 %to27.34%
Non-Affiliated Class A:
DWS Small Cap Index VIP Fund12 33.58 to35.28 431 1.08 %1.10 %to1.45 %23.41 %to23.85%
Non-Affiliated Class B:
DWS Small Cap Index VIP Fund75 29.93 to32.13 1,678 0.75 %1.00 %to1.67 %22.79 %to23.62%
Advisor Class:
PIMCO VIT All Asset Portfolio110 13.53 to12.94 1,533 2.79 %1.15 %to1.67 %9.88 %to10.46%
PIMCO VIT International Bond Portfolio (US Dollar Hedged)4 10.96 to11.12 40 1.63 %1.15 %to1.55 %5.25 %to5.68%
PIMCO VIT CommodityRealReturn® Strategy Portfolio318 3.90 to5.46 1,280 4.29 %1.15 %to1.67 %9.49 %to10.07%
PIMCO VIT Long-Term U.S. Government Portfolio17 11.30 to11.65 200 1.97 %1.15 %to1.60 %11.40 %to11.91%
PIMCO VIT Low Duration Portfolio189 11.01 to11.92 2,125 2.66 %1.00 %to1.67 %2.19 %to2.88%
PIMCO VIT Real Return Portfolio74 11.97 to10.96 906 1.54 %1.15 %to1.67 %6.52 %to7.08%
PIMCO VIT Total Return Portfolio1,376 13.71 to14.84 19,494 2.92 %1.00 %to1.67 %6.44 %to7.17%
Investor Class:
Guggenheim VT Global Managed Futures Strategy Fund27 6.17 to6.60 168 0.96 %1.00 %to1.60 %6.41 %to7.06%
Guggenheim VT Multi-Hedge Strategies Fund40 8.49 to9.00 345 2.28 %1.00 %to1.60 %3.33 %to3.96%
Guggenheim VT Long Short Equity Fund7 9.97 to10.41 72 0.58 %1.00 %to1.60 %3.85 %to4.48%
ETF Shares:
iShares® Core S&P 500 ETF300 61.04 to65.80 18,622 2.24 %1.75 %to2.75 %27.64 %to28.95%
iShares® Core S&P Mid-Cap ETF101 52.74 to55.15 5,399 1.70 %1.75 %to2.75 %22.63 %to23.89%
iShares® Core S&P Small-Cap ETF51 55.67 to58.31 2,870 1.50 %1.75 %to2.75 %19.44 %to20.67%
iShares® Core U.S. Aggregate Bond ETF23 25.15 to28.74 582 2.74 %1.75 %to2.75 %5.47 %to6.56%
iShares® iBoxx $ High Yield Corporate Bond ETF2 31.74 to34.05 74 5.04 %1.90 %to2.75 %10.96 %to11.93%
iShares® Intermediate-Term Corporate Bond ETF26 27.40 to29.40 716 3.55 %1.90 %to2.75 %11.44 %to12.42%
iShares® International Treasury Bond ETF104 21.93 to23.82 2,326 0.22 %1.75 %to2.75 %0.91 %to1.95%
iShares® S&P 500 Growth ETF35 65.12 to72.17 2,339 1.73 %1.75 %to2.75 %27.17 %to28.47%
iShares® S&P 500 Value ETF9 55.20 to59.22 520 2.31 %1.90 %to2.75 %28.00 %to29.12%
iShares® TIPS Bond ETF6 22.69 to24.35 127 1.83 %1.90 %to2.75 %5.37 %to6.29%
Vanguard® Developed Markets Index Fund, ETF Shares71 36.00 to34.57 2,603 3.14 %1.75 %to2.75 %19.22 %to20.45%
42
-*Less than 500.
Separate Account I
of
National Integrity Life Insurance Company
Notes to Financial Statements (continued)

5. Financial Highlights (continued)
For Year Ended 2019UnitNetInvestmentExpenseTotal
 UnitsValueAssetsIncomeRatioReturn
Subaccount (000s)Range (000s)Ratio (**)Range (***)Range (****)
ETF Shares (continued):
Vanguard® Dividend Appreciation Index Fund, ETF Shares19 $54.58 to$58.55 $1,049 1.83 %1.90 %to2.75 %26.04 %to27.14%
Vanguard® Emerging Markets Stock Index Fund, ETF Shares8 27.78 to29.81 222 3.24 %1.90 %to2.75 %17.42 %to18.44%
Vanguard® Intermediate-Term Corporate Bond Index Fund, ETF Shares2 31.92 to34.14 61 3.47 %1.75 %to1.90 %11.92 %to12.09%
Vanguard® Large-Cap Index Fund, ETF Shares12 60.81 to65.24 728 1.98 %1.90 %to2.75 %27.62 %to28.74%
Vanguard® Mega Cap Index Fund, ETF Shares2 61.96 to66.98 140 1.96 %1.75 %to2.75 %27.55 %to28.86%
Vanguard® Real Estate Index Fund, ETF Shares5 46.76 to50.17 244 3.44 %1.90 %to2.75 %25.31 %to26.41%
Vanguard® Short-Term Bond Index Fund, ETF Shares1 22.84 to24.42 15 2.31 %1.90 %to2.75 %2.11 %to3.01%
Vanguard® Total Bond Market Index Fund, ETF Shares686 25.15 to28.83 17,584 2.76 %1.75 %to2.75 %5.84 %to6.93%
43
-*Less than 500.









STATUTORY-BASIS FINANCIAL STATEMENTS

National Integrity Life Insurance Company
Years Ended December 31, 2023, 2022 and 2021
With Report of Independent Auditors





National Integrity Life Insurance Company

Statutory-Basis Financial Statements

Years Ended December 31, 2023, 2022 and 2021



Contents
Report of Independent Auditors
Financial Statements
Balance Sheets (Statutory-Basis)
Statements of Operations (Statutory-Basis)
Statements of Changes in Capital and Surplus (Statutory-Basis)
Statements of Cash Flow (Statutory-Basis)
Notes to Financial Statements (Statutory-Basis)







Report of Independent Auditors

The Board of Directors
National Integrity Life Insurance Company
Opinion
We have audited the statutory-basis financial statements of National Integrity Life Insurance Company (the Company), which comprise the balance sheets as of December 31, 2023 and 2022, and the related statements of operations, changes in capital and surplus and cash flows for each of the three years ended December 31, 2023, and the related notes to the financial statements (collectively referred to as the “financial statements”).
Unmodified Opinion on Statutory Basis of Accounting
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for the three years ended December 31, 2023, on the basis of accounting described in Note 1.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company at December 31, 2023 and 2022, or the results of its operations or its cash flows for the three years ended December 31, 2023.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 1 to the financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the New York Department of Financial Services, Division of Insurance, which is a basis of accounting other than accounting principles generally accepted in the
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United States of America. The effects on the financial statements of the variances between these statutory accounting practices described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the New York Department of Financial Services, Division of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are issued.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, we:
•Exercise professional judgment and maintain professional skepticism throughout the audit.
•Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.
•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
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•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
/s/ Ernst & Young, LLP

April 17, 2024

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National Integrity Life Insurance Company
Balance Sheets (Statutory-Basis)


December 31
20232022
Admitted assets(In Thousands)
Cash and invested assets:
Debt securities$3,731,501 $3,346,348 
Preferred and common stocks113,665 20,164 
Mortgage loans211,831 237,106 
Policy loans54,426 52,173 
Cash, cash equivalents and short-term investments85,587 37,529 
Receivable for securities350 596 
Other invested assets101,298 94,558 
Total cash and invested assets4,298,658 3,788,474 
Investment income due and accrued34,048 29,109 
Current federal income taxes recoverable— 2,341 
Net deferred income tax asset39,043 21,043 
Other admitted assets7,894 1,344 
Separate account assets1,510,443 1,388,012 
Total admitted assets$5,890,086 $5,230,323 
Liabilities and capital and surplus
Liabilities:
Policy and contract liabilities:
Life and annuity reserves$3,652,313 $3,185,099 
Accident and health reserves6 4 
Liability for deposit-type contracts154,948 165,718 
Policy and contract claims961 1,345 
Total policy and contract liabilities
3,808,228 3,352,166 
General expense due and accrued179 38 
Current federal income taxes payable6,346 — 
Transfer to (from) separate accounts due and accrued, net(5,194)4,897 
Asset valuation reserve64,497 50,592 
Other liabilities32,271 75,436 
Separate account liabilities1,510,443 1,388,012 
Total liabilities5,416,770 4,871,141 
Capital and surplus:
Common stock, $10 par value, authorized 200 shares, issued and outstanding 200 shares
2,000 2,000 
Paid-in surplus312,228 312,228 
Accumulated surplus159,088 44,954 
Total capital and surplus473,316 359,182 
Total liabilities and capital and surplus$5,890,086 $5,230,323 
See accompanying notes.
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National Integrity Life Insurance Company
Statements of Operations (Statutory-Basis)


Year Ended December 31
202320222021
(In Thousands)
Premiums and other revenues:
Premiums and annuity considerations $1,069,864 $934,357 $359,341 
Net investment income 182,550 139,355 114,981 
Considerations for supplementary contracts with life contingencies
8,637 10,740 8,065 
Amortization of the interest maintenance reserve (97)3,256 3,838 
Fees from management of separate accounts6,560 8,127 7,636 
Other revenues 1,197 1,399 1,254 
Total premiums and other revenues 1,268,711 1,097,234 495,115 
Benefits paid or provided:
Death benefits 6,559 6,620 6,720 
Annuity benefits 131,497 135,158 127,456 
Surrender benefits 471,779 274,149 254,990 
Payments on supplementary contracts with life contingencies
11,345 10,610 10,275 
Increase (decrease) in policy reserves and other policyholders’ funds
472,626 563,493 157,628 
Total benefits paid or provided 1,093,806 990,030 557,069 
Insurance expenses and other deductions:
Commissions 27,928 25,218 11,426 
General expenses 18,650 15,881 13,057 
Net transfers to (from) separate accounts9,192 111,477 (182,616)
Other deductions 454 713 807 
Total insurance expenses and other deductions 56,224 153,289 (157,326)
    
Gain (loss) from operations before federal income tax expense and net realized capital gains (losses)
118,681 (46,085)95,372 
Federal income tax expense (benefit), excluding tax on capital gains
26,818 9,110 10,620 
Gain (loss) from operations before net realized capital gains (losses)
91,863 (55,195)84,752 
Net realized capital gains (losses) (excluding gains (losses) transferred to IMR and capital gains tax)
(650)(1,784)1,188 
Net income (loss) $91,213 $(56,979)$85,940 
See accompanying notes.

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National Integrity Life Insurance Company
Statements of Changes in Capital and Surplus (Statutory-Basis)


Common
Stock		Paid-In
Surplus		Accumulated SurplusTotal Capital
and Surplus
(In Thousands)
Balance, January 1, 2021$2,000 $312,228 $29,448 $343,676 
Net income (loss)— — 85,940 85,940 
Change in net deferred income tax— — (7,552)(7,552)
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of $697)— — 2,619 2,619 
Net change in nonadmitted assets and related items— — 10,748 10,748 
Change in asset valuation reserve— — (9,119)(9,119)
Change in surplus in separate accounts— — 5 5 
Balance, December 31, 20212,000 312,228 112,089 426,317 
Net income (loss) — — (56,979)(56,979)
Change in net deferred income tax — — 21,766 21,766 
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($1,905))— — (7,174)(7,174)
Net change in nonadmitted assets and related items
— — (23,930)(23,930)
Change in asset valuation reserve— — (825)(825)
Change in surplus in separate accounts— — 7 7 
Balance, December 31, 20222,000 312,228 44,954 359,182 
Net income (loss) — — 91,213 91,213 
Change in net deferred income tax — — 1,249 1,249 
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of $2,406)— — 9,050 9,050 
Net change in nonadmitted assets and related items
— — 26,527 26,527 
Change in asset valuation reserve — — (13,905)(13,905)
Balance, December 31, 2023$2,000 $312,228 $159,088 $473,316 
See accompanying notes.
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National Integrity Life Insurance Company
Statements of Cash Flow (Statutory-Basis)


Year Ended December 31
202320222021
(In Thousands)
Operating activities
Premiums collected net of reinsurance$1,078,501 $945,097 $367,407 
Net investment income received175,823 139,943 120,224 
Benefits paid(627,116)(429,955)(400,997)
Net transfers from (to) separate accounts(13,985)(94,782)183,485 
Commissions and expense paid(46,285)(41,650)(24,785)
Federal income taxes recovered (paid)(16,569)(19,678)(8,358)
Other, net 7,757 9,526 8,890 
Net cash from (for) operations558,126 508,501 245,866 
Investing activities
Proceeds from investments sold, matured or repaid:
Debt securities542,270 602,488 516,760 
Preferred and common stocks3,028 5,982 4,783 
Mortgage loans26,695 17,088 57,544 
Other invested assets3,321 8,287 10,045 
Net gains (losses) on cash, cash equivalents and short-term investments— — 1 
Miscellaneous proceeds245 14,699 52,660 
Net proceeds from investments sold, matured or repaid575,559 648,544 641,793 
Cost of investments acquired:
Debt securities(945,953)(1,206,125)(733,339)
Preferred and common stocks(81,448)(5,444)(3,385)
Mortgage loans(1,420)(24,378)(87,151)
Other invested assets(714)(1,283)(4,261)
Miscellaneous applications(10,098)— — 
Total cost of investments acquired(1,039,633)(1,237,230)(828,136)
Net change in policy and other loans(2,254)(2,764)(1,387)
Net cash from (for) investments(466,328)(591,450)(187,730)
Financing and miscellaneous activities
Net deposits on deposit-type contract funds and other insurance liabilities(10,771)37,051 21 
Other cash provided (applied)(32,969)53,059 (52,417)
Net cash from (for) financing and miscellaneous sources(43,740)90,110 (52,396)
Net change in cash, cash equivalents and short-term investments48,058 7,161 5,740 
Cash, cash equivalents and short-term investments:
Beginning of year37,529 30,368 24,628 
End of year$85,587 $37,529 $30,368 
See accompanying notes.

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National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021

1. Nature of Operations and Significant Accounting Policies
National Integrity Life Insurance Company (the Company) is a wholly-owned subsidiary of Integrity Life Insurance Company (Integrity), which is a wholly-owned subsidiary of The Western and Southern Life Insurance Company (Western and Southern). The Company, domiciled in the state of New York and currently licensed in eight states and the District of Columbia, specializes in the asset accumulation business with particular emphasis on retirement savings and investment products. The Company also offers interest-sensitive life insurance products. For the year ended December 31, 2023, approximately 98.1% of the gross premiums and annuity considerations for the Company were derived from New York. Fort Washington Investment Advisors, Inc. (Fort Washington), a registered investment adviser, is a nonlife insurance subsidiary of Western and Southern and is the investment manager for the Company.
State regulatory authorities have powers relating to granting and revoking licenses to transact business, the licensing of agents, the regulation of premium rates and trade practices, the form and content of insurance policies, the content of advertising material, financial statements and the nature of permitted practices.
Use of Estimates
The preparation of statutory-basis financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Basis of Presentation
The accompanying financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the New York Department of Financial Services, Division of Insurance (the Department). The National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual (NAIC SAP or SSAP) has been adopted as a component of prescribed or permitted practices by the State of New York. These practices differ in some respects from U.S. generally accepted accounting principles (GAAP). The more significant differences follow.
Investments
Investments in debt securities and mandatory redeemable preferred stocks are reported at amortized cost or fair value based on the NAIC rating; for GAAP, such fixed maturity investments are designated at purchase as held-to-maturity, trading or available-for-sale. Held-to-maturity fixed investments are reported at amortized cost, and the remaining fixed maturity investments are reported at fair value with unrealized holding gains and losses reported in the statement of operations for those designated as trading and as a separate component of other comprehensive income (loss) for those designated as available-for-sale.
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National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
All single-class and multiclass mortgage-backed/asset-backed securities (e.g., CMOs) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium of such securities using the retrospective method. The prospective method is used to determine amortized cost for securities that experience a decline that is deemed to be other-than-temporary. Securities that are in an unrealized loss position which the Company intends to sell, or does not have the intent and ability to hold until recovery, are written down to fair value as a realized loss. Securities that are in an unrealized loss position which the Company has the intent and ability to hold until recovery are written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. For GAAP purposes, all securities, purchased or retained, that represent beneficial interests in securitized assets (e.g., CMO, CBO, CDO, CLO, MBS and ABS securities), other than high credit quality securities, are adjusted using the prospective method when there is a change in estimated future cash flows. If it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. If high credit quality securities are adjusted, the retrospective method is used.
The Company monitors other investments to determine if there has been an other-than-temporary decline in fair value. Factors that management considers for each identified security include the following:
•The extent the fair value has been below the book/adjusted carrying value;
•The reasons for the decline in value;
•Specific credit issues related to the issuer and current economic conditions, including the current and future impact of any specific events;
•For structured investments (e.g., residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and other structured investments), factors such as overall deal structure and the Company’s position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections are considered;
•For all equity securities and other debt securities with credit-related declines in fair value, the Company’s intent and ability to hold the security long enough for it to recover its value to book/adjusted carrying value; and
•For all other debt securities with interest-related declines in fair value, the Company’s intent to sell the security before recovery of its book/adjusted carrying value.
If the decline is judged to be other-than-temporary, an impairment charge to fair value is recorded as a net realized capital loss in the period the determination is made. Under GAAP, if the decline is judged to be other-than-temporary because the Company has the intent to sell the debt security or is more likely than not to be required to sell the debt security before its anticipated recovery, an impairment charge to fair value is recorded as a net realized capital loss. If the decline is judged to be other-than-temporary because the Company does not expect to recover the entire amortized cost basis of the security due to expected credit losses, an impairment charge is recorded to net realized capital loss as the difference between amortized cost and the net present value of expected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment.
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National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments, principally debt securities and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity of the individual security sold using the seriatim method. The net deferral is reported as the interest maintenance reserve (IMR) in the accompanying balance sheets. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses are reported in the the statements of operations on a pretax basis in the period that the assets giving rise to the gains or losses are sold.
The asset valuation reserve (AVR) provides a valuation allowance for invested assets. The AVR is determined by an NAIC prescribed formula with changes reflected directly in capital and surplus. AVR is not recognized for GAAP.
Policy Acquisition Costs
The costs of acquiring and renewing business are expensed when incurred. Under GAAP, policy acquisition costs, related to traditional life insurance and certain long-duration accident and health insurance policies sold, to the extent recoverable from future policy revenues, would be deferred and amortized over the premium-paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves; for universal life insurance and investment products, to the extent recoverable from future gross profits, deferred policy acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges and investments, mortality, and expense margins.
Nonadmitted Assets
Certain assets designated as “nonadmitted” (principally a portion of deferred tax assets), and other assets not specifically identified as admitted assets within the NAIC’s Accounting Practices and Procedures Manual, are excluded from the accompanying balance sheets and are charged directly to accumulated surplus. Under GAAP, such assets are included in the balance sheets.
Premiums and Benefits
Revenues for universal life and annuity policies with mortality or morbidity risk, except for guaranteed interest and group annuity contracts, consist of the entire premium received, and benefits incurred represent the total of death benefits paid and the change in policy reserves. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting, and credited directly to an appropriate policy reserve account, without recognizing premium income. Under GAAP, premiums received in excess of policy charges would not be recognized as premium revenue and benefits would represent the excess of benefits paid over the policy account value and interest credited to the account values.
Benefit Reserves
Certain policy reserves are calculated using statutorily prescribed interest and mortality assumptions rather than on estimated expected experience or actual account balances as would be required under GAAP.
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National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Reinsurance
A liability for reinsurance balances is required to be provided for unsecured policy reserves ceded to reinsurers not authorized to assume such business. Changes to those amounts are credited or charged directly to capital and surplus. Under GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings.
Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves rather than as assets as would be required under GAAP. Commissions allowed by reinsurers on business ceded are reported as income when incurred rather than being deferred and amortized with policy acquisition costs as required under GAAP.
Deferred Income Taxes
Deferred tax assets are recorded for the amount of gross deferred tax assets expected to be realized in future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold. Deferred tax assets are limited to 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse during a time frame corresponding with Internal Revenue Service (IRS) tax loss carryback provisions, not to exceed three years, including amounts established in accordance with the provision of SSAP No. 5R, plus 2) for entities who meet the required realization threshold in SSAP No. 101, the lesser of the remaining gross deferred tax assets expected to be realized within three years of the balance sheet date or 15% of capital and surplus excluding any net deferred tax assets, electronic data processing equipment and operating software and any net positive goodwill, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities. The remaining deferred tax assets are nonadmitted. Under GAAP, a deferred tax asset is recorded for the amount of gross deferred tax assets expected to be realized in all future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold.
Statements of Cash Flow
Cash, cash equivalents and short-term investments in the statements of cash flow represent cash balances and investments with initial maturities of one year or less. Under GAAP, the corresponding captions of cash and cash equivalents include cash balances and investments with initial maturities of three months or less.
Other significant statutory accounting practices follow.
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National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Restricted Assets
The Company has assets pledged as collateral, or otherwise not exclusively under control of the Company, totaling $220.6 million and $174.2 million as of December 31, 2023 and 2022, respectively. These assets are primarily collateral pledged to the Federal Home Loan Bank (FHLB). These restricted assets are discussed in more detail in their relevant section.
Investments
Debt securities, common stocks, preferred stocks, and short-term investments are stated at values prescribed by the NAIC, as follows:
Debt securities not backed by other loans are principally stated at amortized cost using the interest method.
Single-class and multiclass mortgage-backed/asset-backed securities are valued at amortized cost using the interest method including anticipated prepayments. Prepayment assumptions are obtained from Bloomberg and broker-dealer prepayment models or derived from empirical data and are based on the current interest rate and economic environment. The retrospective adjustment method is used to value all such securities except securities that are deemed to be other-than-temporarily impaired and securities that are principal-only or interest-only, which are valued using the prospective method.
Unaffiliated common stocks, other than FHLB stock, are unrestricted and reported at fair value utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes. FHLB stock is carried at cost and is restricted. At December 31, 2023 and 2022, the Company owned $7.0 million and $8.5 million, of FHLB stock, respectively. The FHLB stock is held in conjunction with the issuance of deposit contracts to the FHLB. See Note 9 for further description.
Redeemable preferred stocks that have characteristics of debt securities and are rated as medium quality or better are reported or amortized cost. All other redeemable preferred stocks are reported at the lower of amortized cost or fair value. Perpetual preferred stocks are valued at fair value, not exceeding any currently effective call price, utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes.
Short-term investments include investments with remaining maturities of one year or less at the date of acquisition and are principally stated at amortized cost, which approximates fair value.
Cash equivalents are short-term highly liquid investments with original maturities of three months or less and are principally stated at amortized cost, which approximates fair value.
Joint ventures, partnerships, and limited liability companies are carried at the Company’s interest in the underlying audited GAAP equity of the investee. Undistributed earnings allocated to the Company are reported in the change in net unrealized capital gains or losses. Distributions from earnings of the investees are reported as net investment income when received. Because of the indirect nature of these
12
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
investments, there is an inherent reduction in transparency and liquidity and increased complexity in valuing the underlying investments. As a result, these investments are actively managed by the Company’s management via detailed evaluation of the investment performance relative to risk.
Mortgage loans are reported at unpaid principal balances, less an allowance for impairment. A mortgage loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage agreement. When management determines foreclosure is probable, the impairment is other than temporary; the mortgage loan is written down to realizable value and a realized loss is recognized.
Policy loans are reported at unpaid principal balances.
Debt securities and other loan interest are credited to income as it accrues. Dividends are recorded as income on ex-dividend dates. To the extent income is uncertain, due and accrued income is excluded and treated as nonadmitted through surplus.
Realized capital gains and losses are determined using the specific identification method.
Premiums
Life and accident and health premiums are recognized as revenue when due. Premiums for annuity policies with mortality and morbidity risk, except for guaranteed interest and group annuity contracts, are also recognized as revenue when due. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting.
Policy Reserves
Life and annuity reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the Department. The Company waives deduction of deferred fractional premiums on the death of life and annuity policy insureds and does not return any premium beyond the date of death. Surrender values on policies do not exceed the corresponding benefit reserves. Policies issued subject to multiple table substandard extra premiums are valued on the standard reserve basis which recognizes the nonlevel incidence of the excess mortality costs. Additional reserves are established when the results of cash flow testing under various interest rate scenarios indicate the need for such reserves, or the net premiums exceed the gross premiums on any insurance in-force.
For policies issued in 2020 or after, life insurance reserves are developed using principle-based policyholder and asset assumptions with margins and floored at formulaic reserves based upon published tables using statutorily specified interest rates and valuation methods.

13
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The mean reserve method is used to adjust the calculated terminal reserve to the appropriate reserve at December 31. Mean reserves are determined by computing the regular mean reserve for the plan at the rated age and holding, in addition, one-half of the extra premium charge for the year. Policies issued after July 1 for substandard lives, are charged an extra premium plus the regular premium for the true age. Mean reserves are based on appropriate multiples of standard rates of mortality. An asset is recorded for deferred premiums net of loading to adjust the reserve for modal premium payments.
For substandard table ratings, mean reserves are based on 125% to 500% of standard mortality rates. For flat extra ratings, mean reserves are based on the standard or substandard mortality rates increased by 1 to 25 deaths per thousand.
Tabular interest, tabular less actual reserves released, and tabular cost have been determined by formula as prescribed by the NAIC. Tabular interest on funds not involving life contingencies was derived from basic data.
Variable annuities are reserved under VM-21 and are based on principle-based policyholder and asset assumptions with margins and floored at cash values and additional prescribed NY Regulation 213 methods and assumptions.
Contracts issued that do not incorporate mortality or morbidity risk, such as guaranteed interest contracts, are accounted for as deposit-type contracts. Amounts received as payments and amounts withdrawn on deposit-type contracts are recorded directly to the liability for deposit-type contracts.
The establishment of appropriate reserves is an inherently uncertain process, and there can be no assurance that the ultimate liability will not exceed the Company’s policy reserves and have an adverse effect on the Company’s results of operations and financial condition. Due to the inherent uncertainty of estimating reserves, it has been necessary, and may over time continue to be necessary, to revise estimated future liabilities as reflected in the Company’s policy reserves.
Reinsurance
Reinsurance premiums and benefits paid or provided are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.
Securities Lending
At December 31, 2023, and December 31, 2022, the Company had no securities on loan in the general and separate account, respectively. The Company has the ability to loan various debt securities, preferred stocks, and common stocks as part of a lending program administered by Deutsche Bank. The Company maintains effective control over all loaned securities and, therefore, continues to report such securities as invested assets in the balance sheets.
The Company requires at the initial transaction that the fair value of the cash collateral received must be equal to 102% of the fair value of the loaned securities. The Company monitors the ratio of the fair value of the collateral to loaned securities to ensure it does not fall below 100%. If the fair value of the collateral falls below 100% of the fair value of the securities loaned, the Company nonadmits that portion of the
14
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
loaned security. At December 31, 2023 and 2022, the Company did not nonadmit any portion of the loaned securities.
The Company reports all collateral on the balance sheet with an offsetting liability recognized for the obligation to return the collateral. Collateral for the securities lending program is managed by Deutsche Bank, an unaffiliated agent. At December 31, 2023 and 2022, total collateral, which approximated $0.0 million and $0.0 million, respectively, was invested in cash equivalents and was included in securities lending reinvested collateral assets on the balance sheet.
At December 31, 2023, the collateral for all securities on loan could be requested to be returned on demand by the borrower. At December 31, 2023 and 2022, the fair value of the total collateral in the general account was $0.0 million and $0.0 million. The fair value of the total collateral in the separate account was $0.0 million and $0.0 million at December 31, 2023 and 2022, respectively, which was all managed by an unaffiliated agent.
The Company does not accept collateral that is not permitted by contract or custom to sell or repledge. The Company does not have any securities lending transactions that extend beyond one year from the reporting date.
Separate Accounts
Separate account assets and liabilities reported in the accompanying balance sheets represent funds that are separately administered, principally for nonguaranteed variable annuity contracts and guaranteed market value adjustment annuity contracts. Assets held in the separate account supporting variable annuities are carried at fair value. Assets held in the separate account supporting market value adjusted annuities are carried at the general account basis. These separate account assets are considered legally insulated from the general account. Surrender charges collectible by the general account in the event of annuity contract surrenders are reported as a negative liability rather than an asset. Policy-related activity involving cash flow, such as premiums and benefits, are reported in the accompanying statements of operations in separate line items combined with related general account amounts. Investment income and interest credited on deposits held in guaranteed separate accounts are included in the accompanying statements of operations as a net amount included in net transfers to (from) separate accounts. The Company receives administrative fees for managing the nonguaranteed separate accounts and other fees for assuming mortality and certain expense risks.
Federal Income Taxes
Western and Southern files a consolidated income tax return with its eligible subsidiaries and affiliates, including the Company. The provision for federal income taxes is allocated to the Company using a separate return method based upon a written tax-sharing agreement. The benefits from losses of subsidiaries and affiliates, which are utilized in the consolidated return, will be retained by the subsidiaries and affiliates under the tax-sharing agreement. Western and Southern pays all federal income taxes due for all members of the consolidated group. The Company will then charge or reimburse, as the case may be, the members of the group an amount consistent with the method described in the tax-sharing agreement.
15
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The Company includes interest and penalties in the federal income tax line on the statements of operations.
Accounting Changes
In 2023, the Statutory Accounting Principles Working Group issued INT 23-01 Net Negative (Disallowed) Interest Maintenance Reserve that allows for admission of IMR in a net asset position, which was previously non-admitted, if certain criteria are met. The amount allowed to be admitted is limited to 10% of an entity's adjusted capital and surplus. Having adopted this interpretation, the Company has admitted $7.1 million of general account IMR assets and $5.8 million of separate account IMR assets.
The Company did not have any material accounting changes in 2022 or 2021.
Subsequent Events
The Company recognizes in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date. For nonrecognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Company is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements on April 17, 2024.
Note 4 describes events that occurred subsequent to the December 31, 2023, financial statement date; the Company purchased equity securities from Western and Southern.

16
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
2. Investments
The book/adjusted carrying value and fair value of the Company’s investments in debt securities are summarized as follows:
Book/Adjusted Carrying Value
Gross Unrealized GainsGross Unrealized LossesFair
Value
(In Thousands)
At December 31, 2023:
U.S. Treasury securities and obligations of U.S. government corporation and agencies
$61,782 $1,132 $(16)$62,898 
Debt securities issued by states of the U.S. and political subdivisions of the states
950 51 — 1,001 
Non-U.S. government securities
53,099 — (8,869)44,230 
Corporate securities
1,903,226 25,078 (142,286)1,786,018 
Commercial mortgage-backed securities
434,600 2,642 (19,979)417,263 
Residential mortgage-backed securities
454,450 3,683 (27,360)430,773 
Asset-backed securities
823,394 5,525 (24,124)804,795 
Total$3,731,501 $38,111 $(222,634)$3,546,978 
At December 31, 2022:
U.S. Treasury securities and obligations of U.S. government corporation and agencies
$2,239 $93 $(186)$2,146 
Debt securities issued by states of the U.S. and political subdivisions of the states
948 38 — 986 
Non-U.S. government securities
55,823 90 (11,269)44,644 
Corporate securities
1,863,417 9,045 (213,328)1,659,134 
Commercial mortgage-backed securities
481,364 579 (21,468)460,475 
Residential mortgage-backed securities
263,501 929 (30,787)233,643 
Asset-backed securities
679,056 835 (44,642)635,249 
Total$3,346,348 $11,609 $(321,680)$3,036,277 

At December 31, 2023 and 2022, the Company held unrated or below-investment-grade corporate debt securities with a book/adjusted carrying value of $190.0 million and $198.3 million, respectively, and an aggregate fair value of $180.0 million and $176.3 million, respectively. As of December 31, 2023 and 2022, such holdings amount to 5.1% and 5.9%, respectively, of the Company’s investment in debt securities and 3.2% and 3.8%, respectively, of the Company’s total admitted assets. The Company performs periodic evaluations of the relative credit standing of the issuers of these debt securities. The Company considers these evaluations in its overall investment strategy.
17
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Unrealized gains and losses on investments in unaffiliated common stocks are reported directly in capital and surplus and do not affect net income. The unrealized gains and unrealized losses on, and the cost and fair value of preferred and common stocks are as follows:
CostGross Unrealized GainsGross Unrealized Losses
Fair Value
(In Thousands)
At December 31, 2023:
Preferred stocks$12,905 $— $(535)$12,370 
Common stocks, unaffiliated$95,961 $13,932 $(8,598)$101,295 
At December 31, 2022:
Preferred stocks$1,413 $— $(384)$1,029 
Common stocks, unaffiliated$17,534 $2,255 $(654)$19,135 

The following table shows unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
Unrealized Losses Less Than 12 MonthsUnrealized Losses Greater Than or Equal to 12 Months
UnrealizedFairUnrealizedFair
LossesValueLossesValue
(In Thousands)
At December 31, 2023:
U.S. Treasury securities and obligations of U.S. government corporations and agencies$— $— $(16)$224 
Debt securities issued by states of the U.S. and political subdivisions of the states— — — — 
Non-U.S. government securities— — (8,869)44,230 
Corporate securities(4,559)72,604 (137,727)1,234,460 
Commercial mortgage-backed securities(1)(650)24,535 (19,329)244,230 
Residential mortgage-backed securities(1)(270)11,621 (27,090)198,127 
Asset-backed securities(1)(576)64,872 (23,548)435,067 
Total$(6,055)$173,632 $(216,579)$2,156,338 
Preferred stocks$(535)$12,371 $— $— 
Common stocks, unaffiliated$(8,598)$45,834 $— $— 
(1) Amounts relate to securities subject to SSAP 43R.
18
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Unrealized Losses Less Than 12 MonthsUnrealized Losses Greater Than or Equal to 12 Months
UnrealizedFairUnrealizedFair
LossesValueLossesValue
(In Thousands)
At December 31, 2022:
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$(162)$1,029 $(24)$215 
Debt securities issued by states of the U.S. and political subdivisions of the states
— — — — 
Non-U.S. government securities
(9,317)35,644 (1,952)7,713 
Corporate securities(156,755)1,310,971 (56,573)220,640 
Commercial mortgage-backed securities(1)
(17,873)333,865 (3,595)20,711 
Residential mortgage-backed securities(1)
(14,495)143,045 (16,292)78,915 
Asset-backed securities(1)
(34,245)466,519 (10,397)117,301 
Total$(232,847)$2,291,073 $(88,833)$445,495 
Preferred stocks$(384)$1,029 $— $— 
Common stocks, unaffiliated$(654)$5,709 $— $— 
(1) Amounts relate to securities subject to SSAP 43R.
Investments that are impaired at December 31, 2023 and 2022, for which other-than-temporary impairments have not been recognized, consist mainly of corporate debt securities, asset-backed securities and residential mortgage-backed securities. The aggregated unrealized loss is approximately 8.8% and 10.5% of the carrying value of securities considered temporarily impaired at December 31, 2023 and 2022, respectively. At December 31, 2023, there were a total of 668 securities held that are considered temporarily impaired, of which 613 have been impaired for 12 months or longer. At December 31, 2022, there were a total of 827 securities held that are considered temporarily impaired, of which 103 have been impaired for 12 months or longer. The Company recorded other-than-temporary impairments on securities of $0.4 million, $0.7 million, and $2.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.
19
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The following is a list of each loan-backed security held at December 31, 2023, with a recognized other-than-temporary impairment (OTTI) for the year ended December 31, 2023, where the present value of future cash flows expected to be collected was less than the amortized cost basis of the securities.
CUSIPBook/
Adjusted Carrying Value Amortized Cost Before Current Period OTTI		Present Value of Future Cash FlowsRecognized Other-
Than- Temporary Impairment		Amortized Cost After Other-Than-Temporary ImpairmentFair ValueDate of Other-Than-Temporary Impairment
(In Thousands)
For the year ended, December 31, 2023:
12667G-BD-4$297 $243 $54 $243 $243 6/30/2023
52520Q-AG-9561 533 28 533 508 6/30/2023
52521H-AD-5236 234 2 234 219 6/30/2023
760985-7P-080 77 3 77 69 6/30/2023
576434-RW-6329 324 5 324 324 9/30/2023
76111X-ZU-076 73 3 73 73 9/30/2023
126378-AD-0137 75 62 75 75 12/31/2023
251513-AQ-088 71 17 71 71 12/31/2023
TotalXXXXXX$174 XXXXXXXXX
The Company had no OTTI on loan-backed securities for the year ended December 31, 2023, due to the intent to sell the security or the inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis of the security.
20
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
A summary of the cost or amortized cost and fair value of the Company’s debt securities at December 31, 2023, by contractual maturity, is as follows:
Book/Adjusted Carrying ValueFair
Value
(In Thousands)
Years to maturity:
One or less$54,200 $53,262 
After one through five638,687 620,957 
After five through ten751,703 701,522 
After ten574,467 518,406 
Mortgage-backed securities/asset-backed securities1,712,444 1,652,831 
Total$3,731,501 $3,546,978 
The expected maturities may differ from the contractual maturities in the foregoing table because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties and because asset-backed and mortgage-backed securities (including floating-rate securities) provide for periodic payments throughout their lives.
Proceeds from the sales of investments in debt securities during 2023, 2022 and 2021 were $239.6 million, $300.2 million, and $119.2 million; gross gains of $1.1 million, $1.4 million, and $3.4 million and gross losses of $7.4 million, $9.9 million, and $1.1 million were realized on these sales in 2023, 2022, and 2021, respectively.
Proceeds from the sales of investments in equity securities during 2023, 2022 and 2021 were $0.0 million, $5.0 million, and $4.4 million; gross gains of $0.0 million, $0.1 million, and $1.8 million and gross losses of $0.0 million, $0.5 million, and $0.2 million were realized on these sales in 2023, 2022 and 2021, respectively.
Realized capital gains (losses) are reported net of federal income taxes and amounts transferred to the IMR as follows for the years ended December 31:
202320222021
(In Thousands)
Realized capital gains (losses)$(7,486)$(10,543)$5,511 
Less amount transferred to (from) IMR (net of related taxes (benefits) of $(1,402) in 2023, $(2,073) in 2022, and $711 in 2021)(5,274)(7,799)2,675 
Less federal income tax expense (benefit) of realized capital gains (losses)
(1,562)(960)1,648 
Net realized capital gains (losses)$(650)$(1,784)$1,188 
21
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Net investment income was generated from the following for the years ended December 31:
202320222021
(In Thousands)
Debt securities$161,598 $121,232 $101,000 
Equity securities4,771 2,027 811 
Mortgage loans10,307 10,247 9,224 
Policy loans3,134 3,031 2,963 
Cash, cash equivalents and short-term investments1,951 810 25 
Other invested assets3,129 3,907 3,147 
Other181 367 39 
Gross investment income185,071 141,621 117,209 
Investment expenses2,521 2,266 2,228 
Net investment income$182,550 $139,355 $114,981 
The Company’s investments in mortgage loans principally involve commercial real estate. At December 31, 2023, 50.6% of such mortgages, or $107.2 million, involved properties located in Ohio and California. Such investments consist primarily of first-mortgage liens on completed income-producing properties. The aggregate mortgage outstanding to any one borrower does not exceed $25.0 million. During 2023, no loans were issued. At the issuance of a loan, the percentage of any one loan to value of security, exclusive of insured, guaranteed or purchase money mortgage did not exceed 80.0%. During 2023, the Company did not reduce interest rates on any outstanding mortgages.
22
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
3. Fair Values of Financial Instruments
Included in various investment-related line items in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value such as when impaired or, for certain bonds and preferred stocks, when carried at the lower of cost or market.
The Company uses fair value measurements to record the fair value of certain assets and liabilities and to estimate the fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment-type contracts, are excluded from this fair value discussion.
Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on the following hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three levels. The Company’s policy is to recognize transfers in and transfers out of levels at the beginning of the quarterly reporting period.
•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company’s Level 1 assets and liabilities primarily include exchange-traded equity securities and mutual funds, including those which are part of the Company’s separate account assets.
•Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The Company’s Level 2 assets and liabilities primarily include municipal bonds, preferred stock, NAIC 6 industrial and miscellaneous bonds, initially rated NAIC 6 residential mortgage-backed securities, and surplus notes, including those which are part of the Company's separate account assets. The Company determined fair value through the use of third-party pricing services utilizing market observable inputs.
•Level 3 - Significant unobservable inputs for the asset or liability. The Company's Level 3 assets and liabilities include common stock being priced by utilizing broker quotes.
Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including discount rates, estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses.
For Level 3 investments, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument.
Certain investments utilize net asset value (NAV) as a practical expedient for fair value. These investments are reported separately from the hierarchy. Common stock utilizing NAV consists of an investment in a business development corporation as defined by the Investment Company Act of 1940. The investment can be sold or transferred with prior consent from the corporation. The NAV for this investment is $15.00. The Company does not intend to sell any investments utilizing NAV.
23
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
As described below, certain fair values are determined through the use of third-party pricing services. Management does not adjust prices received from third parties; however, the Company does analyze the third-party pricing services’ valuation methodologies and related inputs and performs additional evaluation to determine the appropriate level within the fair value hierarchy. The Company performs annual due diligence of third-party pricing services, which includes assessing the vendor’s valuation qualifications, control environment, analysis of asset class-specific valuation methodologies and understanding of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. Care should be exercised in deriving conclusions about the Company’s business, its value or financial position based on the fair value information of financial instruments presented below. The following discussion describes the valuation methodologies utilized by the Company for assets and liabilities measured or disclosed at fair value.
Debt and Equity Securities
The fair values of debt securities and asset/mortgage-backed securities have been determined through the use of third-party pricing services utilizing market observable inputs. Private placement securities trading in less liquid or illiquid markets with limited or no pricing information are valued using either broker quotes or by discounting the expected cash flows using current market-consistent rates applicable to the yield, credit quality and maturity of each security.
The fair values of actively traded equity securities and exchange traded funds (including exchange traded funds with debt like characteristics) have been determined utilizing publicly quoted prices obtained from third-party pricing services. The fair values of certain equity securities for which no publicly quoted prices are available have been determined through the use of third-party pricing services utilizing market observable inputs. Actively traded mutual funds are valued using the net asset values of the funds. The fair value of equity securities included in Level 3 has been determined by utilizing broker quotes.
Mortgage Loans
The fair values for mortgage loans, consisting principally of commercial real estate loans, are estimated using discounted cash flow analyses, using interest rates currently being offered for similar loans collateralized by properties with similar investment risk. The fair values for mortgage loans in default are established at the lower of the fair value of the underlying collateral less costs to sell or the carrying amount of the loan.
Cash, Cash Equivalents and Short-Term Investments
The fair values of cash, cash equivalents and short-term investments are based on quoted market prices or stated amounts.
Securities Lending Reinvested Collateral Assets
The fair values of securities lending reinvested collateral assets are determined through the use of third-party sources utilizing publicly quoted prices.
24
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Other Invested Assets
Other invested assets primarily include surplus debentures for which fair values have been determined through the use of third-party pricing services utilizing market observable inputs.
Assets Held in Separate Accounts
Assets held in separate accounts primarily include debt securities, equity securities, mutual funds, surplus notes, and mortgage loans. The fair values of these assets have been determined using the same methodologies as similar assets held in the general account.
Life and Annuity Reserves for Investment-Type Contracts and Deposit Fund Liabilities
The fair value of liabilities for investment-type contracts is based on the present value of estimated liability cash flows, which are discounted using rates that incorporate risk-free rates and margins for the Company’s own credit spread and the riskiness of cash flows. Key assumptions to the cash flow model include the timing of policyholder withdrawals and the level of interest credited to contract balances. Fair values for insurance reserves are not required to be disclosed. However, the estimated fair values of all insurance reserves and investment contracts are taken into consideration in the Company’s overall management of interest rate risk.
Securities Lending Liability
The liability represents the Company’s obligation to return collateral related to securities lending transactions. The liability is short-term in nature and therefore, the fair value of the obligation approximates the carrying amount.
Separate Account Liabilities
Certain separate account liabilities are classified as investment contracts and are carried at an amount equal to the related separate account assets. Carrying value is a reasonable estimate of the fair value as it represents the exit value as evidenced by withdrawal transactions between contract holders and the Company.
25
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Assets and liabilities measured at fair value on a recurring basis are outlined below:
Assets/(Liabilities) Measured at Fair ValueFair Value Hierarchy Level
Level 1Level 2Level 3NAV
(In Thousands)
At December 31, 2023
Assets:
Residential mortgage-backed securities
$84 $— $84 $— $— 
Preferred stock12,370 — 12,370 — — 
Common stocks, unaffiliated
94,323 86,675 — 5,727 1,921 
Separate account assets*
379,162 323,012 56,150 — — 
Total assets$485,939 $409,687 $68,604 $5,727 $1,921 
* Separate account assets measured at fair value in this table do not include assets backing market value adjusted annuities, which are held at amortized cost, with the exception of securities rated NAIC 6 where the security’s fair value is below amortized cost.
Assets/(Liabilities) Measured at Fair ValueFair Value Hierarchy Level
Level 1Level 2Level 3NAV
(In Thousands)
At December 31, 2022
Assets:
Bonds, industrial & misc.
$23 $— $23 $— $— 
Preferred stock
1,029 — 1,029 — — 
Common stocks, unaffiliated
10,613 3,830 — 4,876 1,907 
Separate account assets*
363,696 317,742 45,954 — — 
Total assets$375,361 $321,572 $47,006 $4,876 $1,907 
* Separate account assets measured at fair value in this table do not include assets backing market value adjusted annuities, which are held at amortized cost, with the exception of securities rated NAIC 6 where the security’s fair value is below amortized cost.
The Company did not have any significant assets or liabilities measured at fair value on a nonrecurring basis as of December 31, 2023 and 2022.
26
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2023, is as follows:
Beginning Asset/(Liability) as of January 1, 2023Total Realized/Unrealized Gains (Losses) Included in:Purchases, Sales, Issuances and SettlementsTransfers Into Level 3Transfers Out of Level 3Ending Asset/(Liability) as of December 31, 2023
Net IncomeSurplus
(In Thousands)
Assets:
Common stocks, unaffiliated
$4,876 $—$851 $—$—$— $5,727

The gross purchases, issuances, sales and settlements included in the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2023, is as follows:
PurchasesIssuancesSalesSettlementsNet Purchases, Issuances, Sales and Settlements
(In Thousands)
Assets:
Common stocks, unaffiliated$— $— $— $— $— 

The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2022, is as follows:
Beginning Asset/(Liability) as of January 1, 2022Total Realized/Unrealized Gains (Losses) Included in:Purchases, Sales, Issuances and SettlementsTransfers Into Level 3*Transfers Out of Level 3Ending Asset/(Liability) as of December 31, 2022
Net IncomeSurplus
(In Thousands)
Assets:
Common stocks, unaffiliated
$— $—$2,090 $—$2,786$— $4,876
* Transfers into Level 3 are due to changes in price source.


27
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The gross purchases, issuances, sales and settlements included in the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2022, is as follows:
PurchasesIssuancesSalesSettlementsNet Purchases, Issuances, Sales and Settlements
(In Thousands)
Assets:
Common stocks, unaffiliated$— $— $— $— $— 

The carrying amounts and fair values of the Company’s significant financial instruments follow:
December 31, 2023
Carrying AmountFair ValueLevel 1Level 2Level 3NAV
(In Thousands)
Assets:
Bonds
$3,731,501 $3,546,978 $62,898 $3,468,598 $15,482 $— 
Common stock, unaffiliated**
101,295 101,295 93,647 — 5,727 1,921 
Preferred stock
12,370 12,370 — 12,370 — — 
Mortgage loans
211,831 198,062 — — 198,062 — 
Cash, cash equivalents and short-term investments
85,587 85,588 85,588 — — — 
Other invested assets, surplus notes
3,094 3,166 — 3,166 — — 
Securities lending reinvested collateral assets
— — — — — — 
Separate account assets
1,504,598 1,474,017 344,891 1,075,513 53,613 — 
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities
$(2,749,229)$(2,640,808)$— $— $(2,640,808)$— 
Securities lending liability— — — — — — 
Separate account liabilities*(1,128,174)(1,105,438)— — (1,105,438)— 
* Variable annuity contracts are considered insurance contracts and therefore, are not included in separate account liabilities for purposes of this disclosure.
** Includes FHLB common stock, which is held at cost.

28
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
December 31, 2022
Carrying AmountFair ValueLevel 1Level 2Level 3NAV
(In Thousands)
Assets:
Bonds
$3,346,348 $3,036,277 $2,147 $3,018,540 $15,590 $— 
Common stock, unaffiliated**
19,135 19,135 12,352 — 4,876 1,907 
Preferred stock
1,029 1,029 — 1,029 — — 
Mortgage loans
237,106 219,312 — — 219,312 — 
Cash, cash equivalents and short-term investments
37,529 37,530 37,530 — — — 
Other invested assets, surplus notes
3,095 3,080 — 3,080 — — 
Securities lending reinvested collateral assets
— — — — — — 
Separate account assets
1,388,012 1,336,171 332,475 966,696 37,000 — 
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities
$(2,272,261)$(2,152,885)$— $— $(2,152,885)$— 
Securities lending liability— — — — — — 
Separate account liabilities*(1,031,741)(1,000,440)— — (1,000,440)— 
* Variable annuity contracts are considered insurance contracts and therefore, are not included in separate account liabilities for purposes of this disclosure.
** Includes FHLB common stock, which is held at cost.
29
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
4. Related-Party Transactions
At December 31, 2023 and 2022, the Company had $68.3 million and $59.9 million, respectively, invested in various private debt funds managed by Fort Washington.
In April 2024, the Company purchased $62.9 million of equity securities in exchange for cash from Western and Southern, which was referenced in Note 1, Subsequent Events.
In the the first quarter of 2023, the Company purchased $80.0 million of equity securities in exchange for cash from Western and Southern.
The Company had $0.0 million and $0.5 million receivable from parent, subsidiaries and affiliates as of December 31, 2023 and 2022, respectively. The Company had $2.5 million and $2.8 million payable to parent, subsidiaries and affiliates as of December 31, 2023 and 2022, respectively. The terms of the settlement generally require that these amounts be settled in cash within 30 days.
Western and Southern guarantees the payment of the Company’s policyholder obligations. In the unlikely event the guarantee would be triggered, Western and Southern may be permitted to take control of the Company’s assets to recover all or a portion of the amounts paid under the guarantee.

5. Reinsurance
Certain premiums and benefits are ceded to other insurance companies under various reinsurance agreements. The ceded insurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its capital resources.
The effects of reinsurance on premiums, annuity considerations and deposit-type funds are as follows for the years ended December 31:
202320222021
(In Thousands)
Direct premiums$1,071,937 $936,163 $360,949 
Assumed premiums:
Affiliates— — — 
Nonaffiliates— — — 
Ceded premiums:
Affiliates— — — 
Nonaffiliates(2,073)(1,806)(1,608)
Net premiums$1,069,864 $934,357 $359,341 
30
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The Company’s ceded reinsurance arrangements impacted certain other items in the accompanying financial statements by the following amounts as of and for the years ended December 31:
202320222021
(In Thousands)
Policy and contract claims:
Affiliates$— $— $— 
Nonaffiliates1,711 1,396 1,394 
Policy and contract liabilities:
Affiliates— — — 
Nonaffiliates1,988 1,979 1,653 
Amounts recoverable on reinsurance contracts:
Affiliates— — — 
Nonaffiliates193 22 221 
In 2023, 2022 and 2021, the Company did not commute any ceded reinsurance nor did it enter into or engage in any agreement that reinsures policies or contracts that were in-force or had existing reserves as of the effective date of such agreements.
At December 31, 2023, the Company has no reserves ceded to unauthorized reinsurers. Amounts payable or recoverable for reinsurance on policy and contract liabilities are not subject to periodic or maximum limits.
Neither the Company nor any of its related parties, control directly or indirectly, any reinsurers with whom the Company conducts business. No policies issued by the Company have been reinsured with a foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel the agreement. At December 31, 2023, there are no reinsurance agreements in effect such that the amount of losses paid or accrued exceed the total direct premium collected. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations.
There would be no reduction in surplus at December 31, 2023, if all reinsurance agreements were cancelled.

6. Federal Income Taxes
The Company is included in the consolidated federal income tax return of Western and Southern. The Company had a receivable (payable) from (to) Western and Southern in the amount of $(6.3) million and $2.3 million at December 31, 2023 and 2022, respectively. The tax years 2014 through 2022 remain subject to examination by major tax jurisdictions.
31
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The amount of federal income taxes incurred that will be available for recoupment at December 31, 2023; in the event of future capital losses is $0.0 million, $0.0 million, and $2.5 million from 2023, 2022 and 2021, respectively.
The components of the net deferred tax asset (liability) at December 31 are as follows:
12/31/2023
(In Thousands)
(1)(2)(3)
  (Col 1+2)
OrdinaryCapitalTotal
(a)Gross deferred tax assets$57,564 $5,574 $63,138 
(b)Statutory valuation allowance adjustments— — — 
(c)Adjusted gross deferred tax assets (a - b)57,564 5,574 63,138 
(d)Deferred tax assets nonadmitted15,236 — 15,236 
(e)Subtotal net admitted deferred tax assets (c - d)42,328 5,574 47,902 
(f)Deferred tax liabilities5,449 3,410 8,859 
(g)Net admitted deferred tax asset/(net deferred tax liability) (e - f)$36,879 $2,164 $39,043 
12/31/2022
(In Thousands)
(4)(5)(6)
  (Col 4+5)
OrdinaryCapitalTotal
(a)Gross deferred tax assets$55,310 $4,229 $59,539 
(b)Statutory valuation allowance adjustments— — — 
(c)Adjusted gross deferred tax assets (a - b)55,310 4,229 59,539 
(d)Deferred tax assets nonadmitted34,393 1 34,394 
(e)Subtotal net admitted deferred tax assets (c - d)20,917 4,228 25,145 
(f)Deferred tax liabilities2,875 1,227 4,102 
(g)Net admitted deferred tax asset/(net deferred tax liability) (e - f)$18,042 $3,001 $21,043 
32
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Change
(In Thousands)
(7)(8)(9)
  (Col 7+8)
OrdinaryCapitalTotal
(a)Gross deferred tax assets$2,254 $1,345 $3,599 
(b)Statutory valuation allowance adjustments— — — 
(c)Adjusted gross deferred tax assets (a - b)2,254 1,345 3,599 
(d)Deferred tax assets nonadmitted(19,157)(1)(19,158)
(e)Subtotal net admitted deferred tax assets (c - d)21,411 1,346 22,757 
(f)Deferred tax liabilities2,574 2,183 4,757 
(g)Net admitted deferred tax asset/(net deferred tax liability) (e - f)$18,837 $(837)$18,000 
12/31/2023
(In Thousands)
(1)(2)(3)
  (Col 1+2)
Admission Calculation Components SSAP No. 101OrdinaryCapitalTotal
(a)Federal income taxes paid in prior years recoverable through loss carrybacks$— $2,512 $2,512 
(b)Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)33,494 3,037 36,531 
1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date.33,494 3,037 36,531 
2. Adjusted gross deferred tax assets allowed per limitation threshold. XXX XXX53,371 
(c)Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities8,834 25 8,859 
(d)Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))$42,328 $5,574 $47,902 
33
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
12/31/2022
(In Thousands)
(4)(5)(6)
  (Col 4+5)
Admission Calculation Components SSAP No. 101OrdinaryCapitalTotal
(a)Federal income taxes paid in prior years recoverable through loss carrybacks$— $4,203 $4,203 
(b)Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)16,840 — 16,840 
1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date.16,840 — 16,840 
2. Adjusted gross deferred tax assets allowed per limitation threshold.XXXXXX61,395 
(c)Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities4,077 25 4,102 
(d)Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))$20,917 $4,228 $25,145 
Change
(In Thousands)
(7)(8)(9)
  (Col 7+8)
Admission Calculation Components SSAP No. 101OrdinaryCapitalTotal
(a)Federal income taxes paid in prior years recoverable through loss$— $(1,691)$(1,691)
(b)Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)16,654 3,037 19,691 
1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date.16,654 3,037 19,691 
2. Adjusted gross deferred tax assets allowed per limitation threshold.XXXXXX(8,023)
(c)Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities4,757 — 4,757 
(d)Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))$21,411 $1,346 $22,757 


34
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
20232022
(a)Ratio percentage used to determine recovery period and threshold limitation amount821%681%
12/31/2023
(1)(2)
  
Impact of tax planning strategiesOrdinaryCapital
(In Thousands)
(a)Adjusted gross DTAs amount$57,564$5,574
(b)Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.—%8.79%
(c)Net admitted adjusted gross DTAs amount$42,328$5,574
(d)Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.—%11.58%
12/31/2022
(3)(4)
  
Impact of tax planning strategiesOrdinaryCapital
(In Thousands)
(a)Adjusted gross DTAs amount$55,309$4,228
(b)Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.—%7.06%
(c)Net admitted adjusted gross DTAs amount$20,917$4,228
(d)Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.—%16.71%
Change
(5)(6)
(Col 1-3) (Col 2-4)
Impact of tax planning strategiesOrdinaryCapital
(In Thousands)
(a)Adjusted gross DTAs amount$2,255$1,346
(b)Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.—%1.73%
(c)Net admitted adjusted gross DTAs amount$21,411$1,346
(d)Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies.—%(5.13)%
The Company's tax planning strategies do not include the use of reinsurance.


35
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Current income taxes incurred consist of the following major components:
12/31/202312/31/202212/31/2021
(1)Current income tax(In Thousands)
(a)Federal$26,818 $9,110 $10,620 
(b)Foreign— — — 
(c)Subtotal26,818 9,110 10,620 
(d)Federal income tax on net capital gains(1,562)(960)1,648 
(e)Utilization of capital loss carryforwards— — — 
(f)Other— — — 
(g)Federal and foreign income taxes incurred$25,256 $8,150 $12,268 
(1)(2)(3)
  (Col 1-2)
(2)Deferred tax assets:12/31/202312/31/2022Change
(a)Ordinary(In Thousands)
(1) Discounting of unpaid losses$— $— $— 
(2) Unearned premium revenue— — — 
(3) Policyholder reserves49,045 47,488 1,557 
(4) Investments16 1,239 (1,223)
(5) Deferred acquisition costs8,516 6,560 1,956 
(6) Policyholder dividends accrual— — — 
(7) Fixed assets— — — 
(8) Compensation and benefits accrual— — — 
(9) Pension accrual— — — 
(10) Receivables - nonadmitted(21)7 (28)
(11) Net operating loss carryforward— — — 
(12) Tax credit carryforward— — — 
(13) Other8 16 (8)
(99) Subtotal57,564 55,310 2,254 
(b)Statutory valuation allowance adjustment— — — 
(c)Nonadmitted15,236 34,393 (19,157)
(d)Admitted ordinary deferred tax assets (2a99 - 2b - 2c)42,328 20,917 21,411 
(e)Capital
(1) Investments5,574 4,228 1,346 
(2) Net capital loss carryforward— — — 
(3) Real estate— — — 
(4) Other— — — 
(99) Subtotal5,574 4,228 1,346 
(f)Statutory valuation allowance adjustment— — — 
(g)Nonadmitted— — — 
(h)Admitted capital deferred tax assets (2e99- 2f - 2g)5,574 4,228 1,346 
(i)Admitted deferred tax assets (2d + 2h)$47,902 $25,145 $22,757 
36
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
(1)(2)(3)
  (Col 1-2)
12/31/202312/31/2022Change
(3)Deferred tax liabilities:(In Thousands)
(a)Ordinary
(1) Investments$5,280 $2,622 $2,658 
(2) Fixed assets— — — 
(3) Deferred and uncollected premium— — — 
(4) Policyholder reserves169 253 (84)
(5) Other— 1 (1)
(99) Subtotal5,449 2,876 2,573 
(b)Capital
(1) Investments3,410 1,226 2,184 
(2) Real estate— — — 
(3) Other— — — 
(99) Subtotal3,410 1,226 2,184 
(c)Deferred tax liabilities (3a99 + 3b99)$8,859 $4,102 $4,757 
(4)Net deferred tax assets/liabilities (2i - 3c) $39,043 $21,043 $18,000 
Among the more significant book-to-tax adjustments were the following:
12/31/2023Effective
Tax Rate		12/31/2022Effective
Tax Rate		12/31/2021Effective
Tax Rate
(In Thousands)(In Thousands)(In Thousands)
 Provision computed at statutory rate $24,459 21.00 %$(10,254)21.00 %$21,186 21.00 %
 Dividends received deduction (376)(0.33)(396)0.81 (307)(0.30)
 Tax credits — — — — (29)(0.03)
 IMR adjustments— — (1,287)2.64 (1,006)(1.00)
 Other (76)(0.06)(1,679)3.44 (24)(0.02)
Total statutory income taxes$24,007 20.61 %$(13,616)27.89 %$19,820 19.65 %
 Federal taxes incurred $25,256 21.68 %$8,150 (16.69)%$12,268 12.16 %
 Change in net deferred income taxes (1,249)(1.07)(21,766)44.58 7,552 7.49 
Total statutory income taxes$24,007 20.61 %$(13,616)27.89 %$19,820 19.65 %
At December 31, 2023, the Company had $0.0 million of net operating loss carryforwards, net capital loss carryforwards and tax credit carry forwards; the company had $0.0 million of deferred tax liabilities that are not recognized.
The Inflation Reduction Act (the “IRA”) was enacted on August 16, 2022, and included a provision for a new Corporate Alternative Minimum Tax (CAMT), effective in 2023, that is based on the adjusted financial statement income set forth on the applicable financial statement of an “applicable corporation.” The controlled group of corporations of which the reporting entity is a member has determined that it is not an “applicable corporation” for purposes of CAMT during the reporting period, and is not liable for the CAMT.

37
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
7. Capital and Surplus
The Company is required by statutory regulations to meet minimum risk-based capital standards. Risk-based capital is a method of measuring the minimum amount of capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. At December 31, 2023 and 2022, the Company exceeded the minimum risk-based capital.
The ability of the Company to pay dividends is limited by state insurance laws. Under New York insurance laws, the Company may pay dividends, without the approval of the New York Insurance Superintendent, provided those dividends do not exceed (when added to the other dividends paid in the preceding 12 months) the lesser of (i) 10% of the Company's surplus as of the prior December 31, or (ii) the Company's net gain from operations for the immediately preceding calendar year, not including realized capital gains. Dividends are noncumulative. Based on these limitations, the Company is able to pay dividends of up to $47.3 million by the end of 2024 without seeking regulatory approval based on capital and surplus of $473.3 million at December 31, 2023.

8. Commitments and Contingencies
The Company is named as a defendant in various legal actions arising principally from claims made under insurance policies and contracts. The Company believes the resolution of these actions will not have a material effect on the Company’s financial position or results of operations.
At December 31, 2023, the Company does not have any material lease agreements for office space or equipment.
At December 31, 2023 the Company has future commitments to provide additional capital contributions of $9.3 million to investments in joint ventures, limited partnerships and limited liability companies. Additionally, the Company has commitments to fund $9.6 million of commercial mortgage loans.
38
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
9. Life and Annuity Reserves and Deposit-Type Contract Liabilities
At December 31, 2023, the Company’s general and separate account annuity reserves and deposit fund liabilities that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal provisions are summarized as follows:
Individual AnnuitiesGeneral AccountSeparate Account
With Guarantees		Separate Account
Non-guaranteed		TotalPercent
(In Thousands)
Subject to discretionary withdrawal:
With market value adjustment$1,578,987 $1,128,174 $— $2,707,161 57.0 %
At book value less current surrender charge of 5% or more
9,780 — — 9,780 0.2 
At fair value— — 318,885 318,885 6.7 
Total with adjustment or at fair value
1,588,767 1,128,174 318,885 3,035,826 63.9 
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)
1,018,199 — — 1,018,199 21.4 
Not subject to discretionary withdrawal
696,146 — — 696,146 14.7 
Total individual annuity reserves (before reinsurance)
3,303,112 1,128,174 318,885 4,750,171 100.0 %
Reinsurance ceded
— — — — 
Net individual annuity reserves
$3,303,112 $1,128,174 $318,885 $4,750,171 
Amount subject to greater than a 5% surrender charge that will be subject to minimal or no surrender charge after the statement date
$7,553 $— $— $7,553 
Group AnnuitiesGeneral AccountSeparate Account
With Guarantees		Separate Account
Non-guaranteed		TotalPercent
(In Thousands)
Not subject to discretionary withdrawal$26,941 $— $— $26,941 100.0 %
Total group annuity reserves (before reinsurance)26,941 — — 26,941 100.0 %
Reinsurance ceded— — — — 
Net group annuity reserves$26,941 $— $— $26,941 
39
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Deposit-type contracts (no life contingencies)General AccountSeparate Account
With Guarantees		Separate Account
Non-guaranteed		TotalPercent
(In Thousands)
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)
$749 $— $— $749 0.5 %
Not subject to discretionary withdrawal
154,199 — — 154,199 99.5 
Total deposit-type contract liability (before reinsurance)
154,948 — — 154,948 100.0 %
Reinsurance ceded
— — — — 
Total deposit-type contract liability
$154,948 $— $— $154,948 
Interest rate changes may have temporary effects on the sale and profitability of annuity products offered by the Company. Although the rates offered by the Company are adjustable in the long-term, in the short-term they may be subject to contractual and competitive restrictions, which may prevent timely adjustment. The Company’s management constantly monitors interest rates with respect to a spectrum of product durations and sells annuities that permit flexible responses to interest rate changes as part of the Company’s management of interest spreads. However, adverse changes in investment yields on invested assets will affect the earnings on those products with a guaranteed return.

40
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
At December 31, 2023, the Company's general and separate account life insurance account values, cash value, and reserves for policies subject to discretionary withdrawal, not subject to discretionary withdrawal, or with no cash value are summarized as follows:
General AccountSeparate Account - Nonguaranteed
Account ValueCash ValueReserveAccount ValueCash ValueReserve
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value$— $— $— $— $— $— 
Universal life80,691 80,691 80,795 — — — 
Universal life with secondary guarantees
152,780 176,671 203,021 — — — 
Indexed universal life— — — — — — 
Indexed universal life with secondary guarantees
— — — — — — 
Indexed life— — — — — — 
Other permanent cash value life insurance
— 158 166 — — — 
Variable life— — — — — — 
Variable universal life— — — 57,868 57,868 57,868 
Miscellaneous reserves— — — — — — 
Not subject to discretionary withdrawal or no cash values:
Term policies without cash valueXXXXXX— XXXXXX— 
Accidental death benefitsXXXXXX— XXXXXX— 
Disability - active livesXXXXXX— XXXXXX— 
Disability - disabled livesXXXXXX— XXXXXX— 
Miscellaneous reservesXXXXXX40,000 XXXXXX— 
Total life reserves (before reinsurance)233,471 257,520 323,982 57,868 57,868 57,868 
Reinsurance Ceded— — 1,722 — — — 
Net life reserves$233,471 $257,520 $322,260 $57,868 $57,868 $57,868 
41
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Federal Home Loan Bank
The Company is a member of the FHLB of Cincinnati. Through its membership, the Company has the ability to conduct business activity (borrowings) with the FHLB. The Company’s strategy is to utilize FHLB funds to increase profitability. The Company has determined the actual/estimated maximum borrowing capacity as $170.0 million. The Company calculated this amount after a review of its pledgeable assets (both pledged and unpledged) and after applying the respective FHLB borrowing haircuts.
December 31
20232022
(In Thousands)
Membership stock - Class A (not eligible for redemption)$4,184 $3,664 
Membership stock - Class B— — 
Activity stock2,768 3,285 
Excess stock20 1,573 
Aggregate total$6,972 $8,522 
Actual or estimated borrowing capacity as determined by the insurer$170,000 $125,000 

Collateral Pledged to FHLB – General Account:
20232022
Fair ValueCarrying ValueAggregate Total BorrowingBorrowed at Time of Maximum CollateralFair ValueCarrying ValueAggregate Total BorrowingBorrowed at Time of Maximum Collateral
(In Thousands)
Total as of reporting date
$201,143 $213,399 $61,500 XXX$156,291 $165,433 $73,000 XXX
Maximum during reporting period
221,626 239,335 XXX116,448 175,829 176,747 XXX73,000 

Borrowing from FHLB - General Account:
20232022
At Reporting DateReserves Established at Reporting DateMaximum Amount During PeriodAt Reporting DateReserves Established at Reporting Date
(In Thousands)
Funding agreements$61,500 $61,757 $73,000 $73,000 $73,151 
Debt— XXX43,448 — XXX
Aggregate total$61,500 $61,757 $116,448 $73,000 $73,151 
The Company does not have any prepayment obligations under these FHLB borrowing arrangements.
42
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
10. Separate Accounts
The Company’s guaranteed separate account consists of non-indexed, guaranteed rate options that include market value adjustments. The guaranteed rate options are sold in fixed annuity products and as investment options within the Company’s variable annuity products. These guaranteed rate options carry a minimum interest guarantee based on the guarantee period selected by the policyholder. The fixed annuity products offered provide a death benefit equal to the account value. The fixed investment options within the Company’s variable annuity products provide the death benefits listed below for variable annuities.
The Company’s nonguaranteed separate accounts consist of subaccounts available through variable annuities and group variable universal life insurance. The net investment experience of each subaccount is credited directly to the policyholder and can be positive or negative. The variable annuities include guaranteed minimum death benefits that vary by product and include optional death benefits available on some products. The death benefits offered by the Company include the following: account value, return of premium paid, a death benefit that is adjusted after seven years to the current account value, and a death benefit that is adjusted annually to the current account value. Some variable annuities also provide living benefits, which include guaranteed accumulation amounts on a date certain, guaranteed minimum withdrawal amounts and guaranteed minimum lifetime withdrawal amounts. The death benefit under the group variable universal life insurance policies may vary with the investment performance of the underlying investments in the separate accounts.
To compensate the general account for risk taken, the separate accounts paid risk charges of $1.2 million, $1.0 million, $1.2 million, $1.2 million and $1.2 million in 2023, 2022, 2021, 2020, and 2019, respectively. The Company’s general account paid $0.2 million, $0.1 million, $0.1 million, $0.1 million and $0.0 million towards separate account guarantees in 2023, 2022, 2021, 2020, and 2019, respectively.
43
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Information regarding the separate accounts of the Company as of and for the year ended December 31, 2023, is as follows:
Separate Accounts With Guarantees
Nonindexed Guaranteed Less Than/ Equal to 4%Nonindexed Guaranteed More
Than 4%		Nonguaranteed Separate AccountsTotal
(In Thousands)
Premiums, considerations or deposits$162,228 $31,665 $4,017 $197,910 
Reserves for separate accounts with assets at:
Fair value$— $— $376,753 $376,753 
Amortized cost930,820 197,354 — 1,128,174 
Total reserves$930,820 $197,354 $376,753 $1,504,927 
Reserves for separate accounts by withdrawal characteristics:
Subject to discretionary withdrawal:
With fair value adjustment$930,820 $197,354 $— $1,128,174 
At book value without fair value adjustment and with current surrender charge of 5% or more
— — — — 
At fair value— — 376,753 376,753 
At book value without fair value adjustment and with current surrender charge of less than 5%
— — — — 
Subtotal930,820 197,354 376,753 1,504,927 
Not subject to discretionary withdrawal— — — — 
Total separate accounts reserves$930,820 $197,354 $376,753 $1,504,927 
44
National Integrity Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
A reconciliation of the amounts transferred to and from the separate accounts for the year ended December 31, 2023, is presented below:
2023
(In Thousands)
Transfers as reported in the Summary of Operations of the Separate Accounts Statement:
Transfers to separate accounts$197,910 
Transfers from separate accounts189,406 
Net transfers to (from) separate accounts8,504 
Reconciling adjustments:
Policy deductions and other expenses46 
Change in surplus in separate accounts— 
Other account adjustments642 
Transfers as reported in the Summary of Operations of the Company$9,192 

45









STATUTORY-BASIS FINANCIAL STATEMENTS

The Western and Southern Life Insurance Company
Years Ended December 31, 2023, 2022 and 2021
With Report of Independent Auditors



The Western and Southern Life Insurance Company

Statutory-Basis Financial Statements

Years Ended December 31, 2023, 2022 and 2021



Contents
Report of Independent Auditors
Financial Statements
Balance Sheets (Statutory-Basis)
Statements of Operations (Statutory-Basis)
Statements of Changes in Capital and Surplus (Statutory-Basis)
Statements of Cash Flow (Statutory-Basis)
Notes to Financial Statements (Statutory-Basis)







Report of Independent Auditors

The Board of Directors
The Western and Southern Life Insurance Company

Opinion

We have audited the statutory-basis financial statements of The Western and Southern Life Insurance Company (the Company), which comprise the balance sheets as of December 31, 2023 and 2022, and the related statements of operations, changes in capital and surplus and cash flows for each of the three years ended December 31, 2023, and the related notes to the financial statements (collectively referred to as the “financial statements”).
Unmodified Opinion on Statutory Basis of Accounting
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for the three years ended December 31, 2023, on the basis of accounting described in Note 1.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company at December 31, 2023 and 2022, or the results of its operations or its cash flows for the three years ended December 31, 2023.

Basis for Opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 1 to the financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than accounting principles generally accepted in the United States of America. The effects on the financial statements of the variances between these statutory accounting practices described
1

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

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with the accounting practices prescribed or permitted by the Ohio Department of Insurance. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are issued.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, we:
•Exercise professional judgment and maintain professional skepticism throughout the audit.
•Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.
•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
2

•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
/s/ Ernst & Young LLP
April 17, 2024

3
The Western and Southern Life Insurance Company
Balance Sheets (Statutory-Basis)
December 31
20232022
Admitted assets(In Thousands)
Cash and invested assets:
Debt securities$2,844,267 $2,769,710 
Preferred and common stocks635,714 902,050 
Investments in common stocks of subsidiaries4,798,724 4,592,609 
Mortgage loans54,659 55,841 
Policy loans142,732 142,493 
Real estate:
Properties held for the production of income817 833 
Properties occupied by the Company24,182 24,705 
Cash, cash equivalents and short-term investments153,730 22,479 
Receivable for securities2,114 3,296 
Derivatives — 196 
Securities lending reinvested collateral assets30,767 17,779 
Other invested assets2,438,680 2,471,001 
Total cash and invested assets11,126,386 11,002,992 
Investment income due and accrued37,542 38,913 
Premiums deferred and uncollected46,707 47,582 
Current federal income taxes recoverable102,121 36,220 
Receivables from parent, subsidiaries and affiliates64,239 50,439 
Other admitted assets12,657 15,104 
Separate account assets1,137,428 1,131,631 
Total admitted assets$12,527,080 $12,322,881 
Liabilities and capital and surplus
Liabilities:
Policy and contract liabilities:
Life and annuity reserves$2,831,496 $2,795,292 
Accident and health reserves144,794 143,743 
Liability for deposit-type contracts174,161 183,197 
Policy and contract claims49,917 53,974 
Dividends payable to policyholders31,187 33,995 
Premiums received in advance2,754 2,953 
Total policy and contract liabilities3,234,309 3,213,154 
General expense due and accrued51,754 44,050 
Net deferred income tax liability7,984 10,799 
Transfer to (from) separate accounts due and accrued, net(22)(9)
Asset valuation reserve327,391 370,006 
Interest maintenance reserve49,848 57,350 
Other liabilities515,377 419,442 
Liability for postretirement benefits other than pensions93,081 94,468 
Payable for securities lending76,738 80,925 
Separate account liabilities1,137,428 1,131,631 
Total liabilities5,493,888 5,421,816 
Capital and surplus:
Common stock, $1 par value, authorized 2,500 shares,
     issued and outstanding 2,500 shares		2,500 2,500 
Surplus Notes995,644 995,499 
Paid-in surplus757,103 607,103 
Accumulated surplus5,277,945 5,295,963 
Total capital and surplus7,033,192 6,901,065 
Total liabilities and capital and surplus$12,527,080 $12,322,881 
See accompanying notes.
4
The Western and Southern Life Insurance Company
Statements of Operations (Statutory-Basis)
Year Ended December 31
202320222021
(In Thousands)
Premiums and other revenues:
Premiums and annuity considerations$212,486 $214,967 $220,346 
Net investment income590,763 481,052 542,715 
Considerations for supplementary contracts with life contingencies— 31 8 
Amortization of the interest maintenance reserve6,812 6,802 6,688 
Commissions and expenses on reinsurance ceded1,075 1,061 1,055 
Other revenues336 209 339 
Total premiums and other revenues811,472 704,122 771,151 
Benefits paid or provided:
Death benefits129,169 143,821 153,175 
Annuity benefits117,163 52,603 51,804 
Disability and accident and health benefits11,899 10,903 17,541 
Surrender benefits46,428 40,283 41,512 
Payments on supplementary contracts with life contingencies202 237 276 
Other benefits3,489 2,537 6,246 
Increase in policy reserves and other policyholders’ funds42,911 (91,642)33,034 
Total benefits paid or provided351,261 158,742 303,588 
Insurance expenses and other deductions:
Commissions16,784 14,795 13,563 
General expenses158,625 146,735 197,470 
Net transfers to (from) separate account(117,344)(52,808)(51,774)
Reserve adjustments on reinsurance assumed(74)48 — 
Other deductions42,720 (52,197)60,850 
Total insurance expenses and other deductions100,711 56,573 220,109 
Gain (loss) from operations before dividends to policyholders, federal income tax expense, and net realized capital gains (losses)
359,500 488,807 247,454 
Dividends to policyholders41,140 47,950 43,535 
Gain (loss) from operations before federal income tax expense and net realized capital gains (losses)
318,360 440,857 203,919 
Federal income tax expense (benefit), excluding tax on capital gains
(47,089)34,062 30,313 
Gain (loss) from operations before net realized capital gains (losses)
365,449 406,795 173,606 
Net realized capital gains (losses) (excluding gains (losses) transferred to IMR and capital gains tax)
(16,061)(3,985)(74,945)
Net income (loss)$349,388 $402,810 $98,661 
See accompanying notes.
5
The Western and Southern Life Insurance Company
Statements of Changes in Capital and Surplus (Statutory-Basis)
Common
Stock		Surplus Notes and Paid-In
Surplus		Accumulated SurplusTotal Capital
and Surplus
(In Thousands)
Balance, January 1, 2021$2,500 $914,707 $4,740,533 $5,657,740 
Net income (loss)— — 98,661 98,661 
Change in net deferred income tax— — 30,231 30,231 
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of $111,301)— — 625,648 625,648 
Change in net unrealized foreign exchange capital gain (loss)— — (2,287)(2,287)
Change in surplus notes— 497,750 — 497,750 
Net change in nonadmitted assets and related items— — 67,456 67,456 
Change in asset valuation reserve— — (258,434)(258,434)
Dividends to stockholder— — (50,000)(50,000)
Change in unrecognized post retirement benefit obligation— — 89,365 89,365 
Balance, December 31, 20212,500 1,412,457 5,341,173 6,756,130 
Net income (loss)— — 402,810 402,810 
Change in net deferred income tax— — (44,085)(44,085)
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($53,721))— — (569,358)(569,358)
Change in net unrealized foreign exchange capital gain (loss)
— — 208 208 
 Change in surplus notes— 145 — 145 
Net change in nonadmitted assets and related items— — (89,828)(89,828)
Change in asset valuation reserve— — 133,839 133,839 
Change in unrecognized post retirement benefit obligation
— — 121,204 121,204 
Capital contribution
— 190,000 — 190,000 
Balance, December 31, 20222,500 1,602,602 5,295,963 6,901,065 
Net income (loss)— — 349,388 349,388 
Change in net deferred income tax— — (11,576)(11,576)
Net change in unrealized gains (losses) on investments (net of deferred tax expense (benefit) of ($21,887))— — (162,717)(162,717)
Change in net unrealized foreign exchange capital gain (loss)
— — 913 913 
Change in surplus notes— 145 — 145 
Net change in nonadmitted assets and related items— — (19,841)(19,841)
Change in asset valuation reserve— — 42,615 42,615 
Dividends to stockholder— — (245,000)(245,000)
Change in unrecognized post retirement benefit obligation
— — 28,200 28,200 
Capital contribution
— 150,000 — 150,000 
Balance, December 31, 2023$2,500 $1,752,747 $5,277,945 $7,033,192 
See accompanying notes.
6
The Western and Southern Life Insurance Company
Statements of Cash Flow (Statutory-Basis)
Year Ended December 31
202320222021
(In Thousands)
Operating activities
Premiums collected net of reinsurance$213,828 $216,066 $221,565 
Net investment income received488,006 361,478 453,781 
Benefits paid(317,916)(258,418)(275,261)
Net transfers from (to) separate accounts117,331 52,812 51,778 
Commissions and expense paid(169,178)(218,473)(158,324)
Dividends paid to policyholders(43,947)(46,770)(47,553)
Federal income taxes recovered (paid)(18,157)(75,259)2,619 
Other, net1,409 1,269 1,394 
Net cash from (for) operations271,376 32,705 249,999 
Investing activities
Proceeds from investments sold, matured or repaid:
Debt securities179,708 561,910 236,424 
Preferred and common stocks325,142 396,955 315,580 
Mortgage loans1,182 1,107 970 
Real estate— — 771 
Other invested assets392,898 291,307 528,139 
Net gains (losses) on cash, cash equivalents and short-term investments
(34)(18)(30)
Miscellaneous proceeds2,004 19,350 44,383 
Net proceeds from investments sold, matured or repaid900,900 1,270,611 1,126,237 
Cost of investments acquired:
Debt securities(124,749)(462,989)(347,164)
Preferred and common stocks(379,334)(816,114)(807,957)
Real estate(2,456)(5,348)(4,228)
Other invested assets(439,178)(563,986)(533,987)
Miscellaneous applications(12,988)(830)(6,291)
Total cost of investments acquired(958,705)(1,849,267)(1,699,627)
Net change in policy and other loans(239)2,815 7,002 
Net cash from (for) investments(58,044)(575,841)(566,388)
Financing activities
Surplus notes, capital notes145 — 497,635 
Capital and paid in surplus, less treasury stock150,000 190,000 — 
Borrowed funds60,666 48,967 — 
Net deposits on deposit-type contract funds and other insurance liabilities
(9,036)(6,171)(8,197)
Dividends paid to stockholder
(245,000)— (50,000)
Other cash provided (applied)(38,856)(25,207)(91,150)
Net cash from (for) financing and miscellaneous sources(82,081)207,589 348,288 
Net change in cash, cash equivalents and short-term investments131,251 (335,547)31,899 
Cash, cash equivalents and short-term investments:
Beginning of year22,479 358,026 326,127 
End of year$153,730 $22,479 $358,026 
Cash flow information for noncash transactions:
Dividend from Integrity Life Insurance Company in the form of common stock$50,000 $— $— 
Capital contribution to Western-Southern Life Assurance Company in the form of common stock$(50,000)$— $— 
See accompanying notes.
7
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021

1. Nature of Operations and Significant Accounting Policies
The Western and Southern Life Insurance Company (the Company) is a stock life insurance company that offers primarily individual traditional and whole life insurance policies. The Company is licensed in 46 states and the District of Columbia. For the year ended December 31, 2023, approximately 68.8% of the gross premiums and annuity considerations for the Company were derived from California, Illinois, Indiana, North Carolina, Ohio, and Pennsylvania. The Company is domiciled in Ohio. The Company is an indirect, wholly-owned subsidiary of Western & Southern Mutual Holding Company (Mutual Holding), a mutual holding company formed pursuant to the insurance regulations of the State of Ohio. Ohio law requires Mutual Holding to hold at least a majority voting interest in the Company. Currently, Mutual Holding indirectly holds 100% of the voting interest through Western & Southern Financial Group, Inc. (WSFG), its wholly-owned subsidiary. The Company wholly owns the following insurance entities: Western-Southern Life Assurance Company (WSLAC), Columbus Life Insurance Company (Columbus Life), Integrity Life Insurance Company (Integrity) and Gerber Life Insurance Company (Gerber Life). Integrity Life Insurance Company wholly owns National Integrity Life Insurance Company (National).
State regulatory authorities have powers relating to granting and revoking licenses to transact business, the licensing of agents, the regulation of premium rates and trade practices, the form and content of insurance policies, the content of advertising material, financial statements and the nature of permitted practices.
Included within the financial statements, the Company has established and operates a closed block for the benefit of holders of most participating individual ordinary and weekly industrial life insurance policies issued on or before the formation of Mutual Holding in 2000 (the Closed Block). Assets have been allocated to the Closed Block in an amount that is expected to produce cash flows which, together with anticipated revenue from the policies included in the Closed Block, are reasonably expected to be sufficient to support the Closed Block policies, the continuation of policyholder dividends, in aggregate, in accordance with the 2000 dividend scale if the experience underlying such scale continues, and for appropriate adjustments in the dividend scale if the experience changes. Invested assets allocated to the Closed Block consist primarily of high-quality debt securities, mortgage loans, policy loans, short-term investments, other invested assets, and securities lending reinvested collateral. Invested assets of $1,801.4 million and $1,828.7 million were allocated to the Closed Block as of December 31, 2023 and 2022, respectively. The assets allocated to the Closed Block inure solely for the benefit of the Closed Block policyholders and will not revert to the benefit of the Company. The purpose of the Closed Block is to protect the policy dividend expectations of these policies after the formation of Mutual Holding. The Closed Block will continue in effect until the last policy in the Closed Block is no longer in force.
Use of Estimates
The preparation of statutory-basis financial statements requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
8
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Basis of Presentation
The accompanying financial statements of the Company have been prepared in conformity with accounting practices prescribed or permitted by the Ohio Department of Insurance (the Department). The National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual (NAIC SAP or SSAP) has been adopted as a component of prescribed or permitted practices by the State of Ohio. These practices differ in some respects from U.S. generally accepted accounting principles (GAAP). The more significant differences follow.
Investments
Investments in debt securities and mandatory redeemable preferred stocks are reported at amortized cost or fair value based on the NAIC’s rating; for GAAP, such fixed maturity investments are designated at purchase as held-to-maturity, trading or available-for-sale. Held-to-maturity fixed investments are reported at amortized cost, and the remaining fixed maturity investments are reported at fair value with unrealized holding gains and losses reported in the statement of operations for those designated as trading and as a separate component of other comprehensive income (loss) for those designated as available-for-sale.
All single-class and multiclass mortgage-backed/asset-backed securities (e.g., CMOs) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium of such securities using the retrospective method. The prospective method is used to determine amortized cost for securities that experience a decline that is deemed to be other-than-temporary. Securities that are in an unrealized loss position which the Company intends to sell, or does not have the intent and ability to hold until recovery, are written down to fair value as a realized loss. Securities that are in an unrealized loss position which the Company has the intent and ability to hold until recovery are written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. For GAAP purposes, all securities, purchased or retained, that represent beneficial interests in securitized assets (e.g., CMO, CBO, CDO, CLO, MBS and ABS securities), other than high credit quality securities, are adjusted using the prospective method when there is a change in estimated future cash flows. If it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the extent the present value of expected future cash flows using the security’s effective yield is lower than the amortized cost. If high credit quality securities are adjusted, the retrospective method is used.
The Company monitors other investments to determine if there has been an other-than-temporary decline in fair value. Factors that management considers for each identified security include the following:
•The extent the fair value has been below the book/adjusted carrying value;
•The reasons for the decline in value;
•Specific credit issues related to the issuer and current economic conditions, including the current and future impact of any specific events;
•For structured investments (e.g., residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and other structured investments), factors such as overall deal structure and the Company’s position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments and cumulative loss projections are considered;
9
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
•For all equity securities and other debt securities with credit-related declines in fair value, the Company’s intent and ability to hold the security long enough for it to recover its value to book/adjusted carrying value; and
•For all other debt securities with interest-related declines in fair value, the Company’s intent to sell the security before recovery of its book/adjusted carrying value.
If the decline is judged to be other-than-temporary, an impairment charge to fair value is recorded as a net realized capital loss in the period the determination is made. Under GAAP, if the decline is judged to be other-than-temporary because the Company has the intent to sell the debt security or is more likely than not to be required to sell the debt security before its anticipated recovery, an impairment charge to fair value is recorded as a net realized capital loss. If the decline is judged to be other-than-temporary because the Company does not expect to recover the entire amortized cost basis of the security due to expected credit losses, an impairment charge is recorded to net realized capital loss as the difference between amortized cost and the net present value of expected future cash flows discounted at the effective interest rate implicit in the debt security prior to impairment.
Investments in real estate are reported net of required obligations rather than on a gross basis as for GAAP. Real estate owned and occupied by the Company is included in investments rather than reported as an operating asset as under GAAP, and investment income and operating expenses include rent for the Company’s occupancy of those properties.
Under a formula prescribed by the NAIC, the Company defers the portion of realized capital gains and losses on sales of fixed income investments, principally debt securities and mortgage loans, attributable to changes in the general level of interest rates and amortizes those deferrals over the remaining period to maturity based on groupings of individual security sold in five-year bands. The net deferral is reported as the interest maintenance reserve (IMR) in the accompanying balance sheets. Realized capital gains and losses are reported in income net of federal income tax and transfers to the IMR. Under GAAP, realized capital gains and losses are reported in the statement of operations on a pretax basis in the period that the assets giving rise to the gains or losses are sold.
The asset valuation reserve (AVR) provides a valuation allowance for invested assets. The AVR is determined by an NAIC prescribed formula with changes reflected directly in capital and surplus. AVR is not recognized for GAAP.
Subsidiaries
The accounts and operations of the Company’s subsidiaries are not consolidated with the accounts and operations of the Company as would be required under GAAP.
10
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Policy Acquisition Costs
The costs of acquiring and renewing business are expensed when incurred. Under GAAP, policy acquisition costs, related to traditional life insurance and certain long-duration accident and health insurance policies sold, to the extent recoverable from future policy revenues, would be deferred and amortized over the premium-paying period of the related policies using assumptions consistent with those used in computing policy benefit reserves; for universal life insurance and investment products, to the extent recoverable from future gross profits, deferred policy acquisition costs are amortized generally in proportion to the present value of expected gross profits from surrender charges and investments, mortality, and expense margins.
Nonadmitted Assets
Certain assets designated as “nonadmitted” (principally investments in unaudited subsidiaries and controlled and affiliated entities, the pension asset, and a trademark license agreement), and other assets not specifically identified as admitted assets within the NAIC’s Accounting Practices and Procedures Manual, are excluded from the accompanying balance sheets and are charged directly to accumulated surplus. Under GAAP, such assets are included in the balance sheets.
Premiums and Benefits
Revenues for universal life and annuity policies with mortality or morbidity risk, except for guaranteed interest and group annuity contracts, consist of the entire premium received, and benefits incurred represent the total of death benefits paid and the change in policy reserves. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting, and credited directly to an appropriate policy reserve account, without recognizing premium income. Under GAAP, premiums received in excess of policy charges would not be recognized as premium revenue and benefits would represent the excess of benefits paid over the policy account value and interest credited to the account values.
Benefit Reserves
Certain policy reserves are calculated using statutorily prescribed interest and mortality assumptions rather than on estimated expected experience or actual account balances as would be required under GAAP.
Reinsurance
A liability for reinsurance balances is required to be provided for unsecured policy reserves ceded to reinsurers not authorized to assume such business. Changes to those amounts are credited or charged directly to capital and surplus. Under GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings.
Policy and contract liabilities ceded to reinsurers have been reported as reductions of the related reserves rather than as assets as would be required under GAAP. Commissions allowed by reinsurers on business ceded are reported as income when incurred rather than being deferred and amortized with policy acquisition costs as required under GAAP.
11
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Employee Benefits
For purposes of calculating the Company’s pension and postretirement benefit obligations, vested participants, non-vested participants and current retirees are included in the valuation. The prepaid pension asset resulting from the excess of the fair value of plan assets over the benefit obligation, which is nonadmitted under statutory accounting rules, is included in other comprehensive income under GAAP.
Deferred Income Taxes
Deferred tax assets are recorded for the amount of gross deferred tax assets expected to be realized in future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold. Deferred tax assets are limited to 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse during a time frame corresponding with Internal Revenue Service (IRS) tax loss carryback provisions, not to exceed three years, including amounts established in accordance with the provision of SSAP No. 5R, plus 2) for entities who meet the required realization threshold in SSAP No. 101, the lesser of the remaining gross deferred tax assets expected to be realized within three years of the balance sheet date or 15% of capital and surplus excluding any net deferred tax assets, electronic data processing equipment and operating software and any net positive goodwill, plus 3) the amount of remaining gross deferred tax assets that can be offset against existing gross deferred tax liabilities. The remaining deferred tax assets are nonadmitted. Under GAAP, a deferred tax asset is recorded for the amount of gross deferred tax assets expected to be realized in all future years, and a valuation allowance is established for deferred tax assets not meeting a more-likely-than-not realization threshold.
Policyholder Dividends
Policyholder dividends are recognized when declared rather than over the term of the related policies.
Surplus Notes
Surplus Notes are classified as a component of equity rather than as long-term debt.
Statements of Cash Flow
Cash, cash equivalents and short-term investments in the statements of cash flow represent cash balances and investments with initial maturities of one year or less. Under GAAP, the corresponding captions of cash and cash equivalents include cash balances and investments with initial maturities of three months or less.
Other significant statutory accounting practices follow.
12
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Restricted Assets
The Company has assets pledged as collateral, or otherwise not exclusively under control of the Company, totaling $106.2 million and $147.4 million as of December 31, 2023 and 2022, respectively. These assets are primarily collateral held in relation to the Company's securities lending program. These restricted assets are discussed in more detail in their relevant section.
Investments
Debt securities, common stocks, preferred stocks, and short-term investments are stated at values prescribed by the NAIC, as follows:
Debt securities not backed by other loans are principally stated at amortized cost using the interest method.
Single-class and multiclass mortgage-backed/asset-backed securities are valued at amortized cost using the interest method including anticipated prepayments. Prepayment assumptions are obtained from Bloomberg and broker-dealer prepayment models or derived from empirical data and are based on the current interest rate and economic environment. The retrospective adjustment method is used to value all such securities except securities that are deemed to be other-than-temporarily impaired and securities that are principal-only or interest-only, which are valued using the prospective method.
Unaffiliated common stocks are reported at fair value utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes.
Redeemable preferred stocks that have characteristics of debt securities and are rated as medium quality or better are reported or amortized cost. All other redeemable preferred stocks are reported at the lower of amortized cost or fair value. Perpetual preferred stocks are valued at fair value, not exceeding any currently effective call price, utilizing publicly quoted prices from third-party pricing services and the related unrealized capital gains and losses are reported in capital and surplus along with any adjustment for federal income taxes.
There are no restrictions on unaffiliated common or preferred stocks.
Short-term investments include investments with remaining maturities of one year or less at the date of acquisition and are principally stated at amortized cost, which approximates fair value.
Cash equivalents are short-term highly liquid investments with original maturities of three months or less and are principally stated at amortized cost, which approximates fair value.
The Company’s insurance subsidiaries are reported at their underlying audited statutory equity. The Company’s noninsurance subsidiaries are reported based on underlying audited GAAP equity. The net change in the subsidiaries’ equity is included in capital and surplus.
13
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Joint ventures, partnerships, and limited liability companies are carried at the Company’s interest in the underlying audited GAAP equity of the investee. Undistributed earnings allocated to the Company are reported in the change in net unrealized capital gains or losses. Distributions from earnings of the investees are reported as net investment income when received. Because of the indirect nature of these investments, there is an inherent reduction in transparency and liquidity and increased complexity in valuing the underlying investments. As a result, these investments are actively managed by the Company’s management via detailed evaluation of the investment performance relative to risk.
Mortgage loans are reported at unpaid principal balances, less an allowance for impairment. A mortgage loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all principal and interest amounts due according to the contractual terms of the mortgage agreement. When management determines foreclosure is probable, the impairment is other than temporary; the mortgage loan is written down to realizable value and a realized loss is recognized.
Policy loans are reported at unpaid principal balances.
Real estate occupied by the Company and real estate held for the production of income are reported at depreciated cost net of related obligations. Real estate that the Company has the intent to sell is reported at the lower of depreciated cost or fair value, net of related obligations. Depreciation is computed by the straight-line method over the estimated useful life of the properties.
Property acquired in the satisfaction of debt is recorded at the lower of cost less accumulated depreciation or fair market value.
Debt securities and other loan interest are credited to income as it accrues. Dividends are recorded as income on ex-dividend dates. To the extent income is uncertain, due and accrued income is excluded and treated as nonadmitted through surplus.
The Company utilizes customized call and put options to hedge market volatility related to the S&P 500 index . At the beginning of these contracts, a premium is either paid or received for transferring the related risk. The options are not designated as a hedge for accounting purposes and are carried at fair value on the balance sheet with changes in fair value recorded in surplus. The related gains and losses from terminations or expirations are recorded in realized capital gains and losses.
Realized capital gains and losses are determined using the specific identification method.
Premiums
Life and accident and health premiums are recognized as revenue when due. Premiums for annuity policies with mortality and morbidity risk, except for guaranteed interest and group annuity contracts, are also recognized as revenue when due. Premiums received for annuity policies without mortality or morbidity risk and for guaranteed interest and group annuity contracts are recorded using deposit accounting.
14
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Policy Reserves
Life, annuity and accident and health disability benefit reserves are developed by actuarial methods and are determined based on published tables using statutorily specified interest rates and valuation methods that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the Department. The Company waives deduction of deferred fractional premiums on the death of life and annuity policy insureds and does return any premium beyond the date of death. Surrender values on policies do not exceed the corresponding benefit reserves. Policies issued subject to multiple table substandard extra premiums are valued on the standard reserve basis which recognizes the nonlevel incidence of the excess mortality costs. Additional reserves are established when the results of cash flow testing under various interest rate scenarios indicate the need for such reserves, or the net premiums exceed the gross premiums on any insurance in-force.
For policies issued in 2020 or after, life insurance reserves are developed using principle-based policyholder and asset assumptions with margins and floored at formulaic reserves based upon published tables using statutorily specified interest rates and valuation methods.

Formulaic policy reserves for life insurance and supplemental benefits are computed on the Commissioner’s Reserve Valuation Method. The following mortality tables and interest rates are used:
Percentage of Reserves
20232022
Life insurance:
1941 Commissioners Standard Ordinary, 2-1/4% - 3-1/2%5.7 %6.1 %
1941 Standard Industrial, 2-1/2% - 3-1/2%8.6 8.8 
1958 Commissioners Standard Ordinary, 2-1/2% - 6%15.4 16.3 
1980 Commissioners Standard Ordinary, 4% - 6%40.6 39.8 
2001 Commissioners Standard Ordinary, 3-1/2% - 4-1/2%26.8 23.7 
2017 Commissioners Standard Ordinary, 3-1/2%1.1 — 
Other, 2-1/2% - 6%0.9 4.3 
99.1 99.0 
Other benefits (including annuities):
Various, 2-1/2% - 8-1/4%0.9 1.0 
100.0 %100.0 %
The mean reserve method is used to adjust the calculated terminal reserve to the appropriate reserve at December 31. Mean reserves are determined by computing the regular mean reserve for the plan at the rated age and holding, in addition, one-half of the extra premium charge for the year. Policies issued after July 1 for substandard lives, are charged an extra premium plus the regular premium for the true age. Mean reserves are based on appropriate multiples of standard rates of mortality. An asset is recorded for deferred premiums net of loading to adjust the reserve for modal premium payments.
For substandard table ratings, mean reserves are based on 125% to 500% of standard mortality rates. For flat extra ratings, mean reserves are based on the standard or substandard mortality rates increased by 1 to 25 deaths per thousand.
15
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
As of December 31, 2023 and 2022, reserves of $13.2 million and $13.7 million, respectively, were recorded on in-force amounts of $774.5 million and $803.7 million, respectively, for which gross premiums are less than the net premiums according to the standard of valuation required by the Department. The Company anticipates investment income as a factor in the premium deficiency calculation for all accident and health contracts.
Tabular interest, tabular less actual reserves released, and tabular cost have been determined by formula. Tabular interest on funds not involving life contingencies is calculated as one-hundredth of the product of such valuation rate of interest times the mean of the amount of funds subject to such valuation rate of interest held at the beginning and end of the year of valuation.
The establishment of appropriate reserves is an inherently uncertain process, and there can be no assurance that the ultimate liability will not exceed the Company’s policy reserves and have an adverse effect on the Company’s results of operations and financial condition. Due to the inherent uncertainty of estimating reserves, it has been necessary, and may over time continue to be necessary, to revise estimated future liabilities as reflected in the Company’s policy reserves.
Policyholders’ Dividends
The amount of policyholders’ dividends to be paid (including those on policies included in the Closed Block) is determined annually by the Company’s Board of Directors. The aggregate amount of policyholders’ dividends is related to actual interest, mortality, morbidity and expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by the Company.
Policy and Contract Claims
Policy and contract claims in process of settlement represent the estimated ultimate net cost of all reported and unreported claims incurred through December 31, 2023 and 2022. The reserves for unpaid claims are estimated using individual case-basis valuations and statistical analysis. These estimates are subject to the effects of trends in claim severity and frequency. Although considerable variability is inherent in such estimates, management believes that the reserves for claims are adequate. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.
Reinsurance
Reinsurance premiums and benefits paid or provided are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.
Securities Lending
At December 31, 2023, the Company had loaned various debt securities, preferred stocks and common stocks as part of a securities lending program administered by Deutsche Bank, of which the fair value was $74.5 million and $23.4 million in the general and separate account, respectively. At December 31, 2022, the Company had loaned various debt securities, preferred stocks and common stocks as part of a securities lending program administered by Deutsche Bank, of which the fair value was $78.7 million and
16
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
$59.7 million in the general and separate account, respectively. The Company maintains effective control over all loaned securities and, therefore, continues to report such securities as invested assets in the balance sheets. The general account collateral is managed by both an affiliated and unaffiliated agent. The separate account is managed by an unaffiliated agent.
The Company requires at the initial transaction that the fair value of the cash collateral received must be equal to 102% of the fair value of the loaned securities. The Company monitors the ratio of the fair value of the collateral to loaned securities to ensure it does not fall below 100%. If the fair value of the collateral falls below 100% of the fair value of the securities loaned, the Company nonadmits that portion of the loaned security. At December 31, 2023 and 2022, the Company did not nonadmit any portion of the loaned securities.
The Company reports all collateral on the balance sheet with an offsetting liability recognized for the obligation to return the collateral. Collateral for the securities lending program is either managed by an affiliated agent of the Company or is managed by Deutsche Bank, an unaffiliated agent. Collateral managed by an affiliated agent, which approximated $45.5 million and $62.6 million at December 31, 2023 and 2022, respectively, is invested primarily in investment-grade debt securities and cash equivalents and is included in the applicable amount on the balance sheets because the funds are available for the general use of the Company. At December 31, 2023 and 2022, collateral managed by an unaffiliated agent, which approximated $30.8 million and $17.8 million respectively, was invested in cash equivalents and was included in securities lending reinvested collateral assets on the balance sheet.
At December 31, 2023, the collateral for all securities on loan could be requested to be returned on demand by the borrower. At December 31, 2023 and 2022, the fair value of the total collateral in the general account was $76.3 million and $80.4 million, respectively. The fair value of the total collateral in the separate account was $24.1 million and $61.1 million at December 31, 2023 and 2022, respectively, which was all managed by an unaffiliated agent.
The aggregate collateral broken out by maturity date is as follows at December 31, 2023:

Amortized CostFair
Value
(In Thousands)
Open$— $— 
30 days or less45,348 45,348 
31 to 60 days1,469 1,469 
61 to 90 days747 747 
91 to 120 days266 266 
121 to 180 days— — 
181 to 365 days1,999 1,997 
1 to 2 years5,600 5,607 
2 to 3 years— — 
Greater than 3 years20,826 20,826 
Total collateral$76,255 $76,260 
17
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
At December 31, 2023, all of the collateral held for the securities lending program was invested in tradable securities that could be sold and used to pay for the $76.7 million and $24.1 million in the general and separate accounts, respectively, in collateral calls that could come due under a worst-case scenario where all collateral was called simultaneously.
The Company does not accept collateral that is not permitted by contract or custom to sell or repledge. The Company does not have any securities lending transactions that extend beyond one year from the reporting date.
Separate Account
The Company maintains a separate account, which holds all of the Company’s pension plan assets. The assets of the separate account consist primarily of marketable securities, which are recorded at fair value. These assets are considered legally insulated from the general accounts.
There are no separate account liabilities that are guaranteed by the general account. (See Note 10 for further discussion on the general account’s responsibility as it relates to the obligations of the Company’s pension plan).
The activity within the separate account, including realized and unrealized gains or losses on its investments, has no effect on net income or capital and surplus of the Company. The Company’s statements of operations reflect annuity payments to pension plan participants and other expenses of the separate account, as well as the reimbursement of such expenses from the separate account.
Federal Income Taxes
The Company files a consolidated income tax return with its eligible subsidiaries and affiliates. The provision for federal income taxes is allocated to the individual companies using a separate return method based upon a written tax-sharing agreement. Under the agreement, the benefits from losses of subsidiaries and affiliates are retained by the subsidiary and affiliated companies. The Company pays all federal income taxes due for all members of the group. The Company then immediately charges or reimburses, as the case may be, the members of the group an amount consistent with the method described in the tax-sharing agreement.
The Company includes interest and penalties in the federal income tax line on the statements of operations.
Postretirement Benefits Other Than Pensions
The Company accounts for its postretirement benefits other than pensions on an accrual basis. The postretirement benefit obligation for current retirees and fully eligible employees is measured by estimating the actuarial present value of benefits expected to be received at retirement using explicit assumptions.
Actuarial and investment gains and losses arising from differences between assumptions and actual experience upon subsequent remeasurement of the obligation may be recognized as a component of the
18
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
net periodic benefit cost in the current period or amortized. The net gain or loss will be included as a component of net postretirement benefit cost for a year if, as of the beginning of the year, the unrecognized net gain or loss exceeds 10% of the postretirement benefit obligation. That gain or loss, if not recognized immediately, will be amortized over the average life expectancy of the employer’s fully vested and retiree group.
Accounting Changes
There were no material accounting changes in 2023, 2022, or 2021.
Business Combinations
On December 31, 2018, the Company purchased 100% of the common stock of Gerber Life from Nestlé S.A. ("Nestlé"). Gerber Life is an insurer that operates primarily in the juvenile life insurance and medical stop-loss insurance markets. Gerber Life is New York-domiciled and is licensed in 50 states, the District of Columbia, Puerto Rico and certain Canadian provinces. The cost of the acquired entity was $1,257.3 million. The original goodwill balance was $945.5 million, of which $528.1 million was admitted, based on an admission limit of 10% of adjusted company surplus as of the last reported period..
The transaction was accounted for as a statutory purchase and reflects the following:
YearAdmitted Goodwill at Reporting DateGoodwill Amortized in Period Book Value of AcquisitionAdmitted Goodwill as a % of Admitted Acquisition
(In Thousands)
2023$472,774 $94,555 $1,121,475 42.2 %
2022567,328 94,555 1,149,908 49.3 
20232022
(In Thousands)
Company Surplus as of September 30$6,672,215 $6,532,219 
Less September 30 electronic data processing10,441 10,318 
Less September 30 net deferred tax assets38,823 51,157 
Less September 30 net positive goodwill496,412 590,967 
Adjusted Company surplus as of September 30$6,126,539 $5,879,777 
Admitted goodwill as a percentage of adjusted surplus7.7 %9.6 %


19
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Subsequent Events
The Company recognizes in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the balance sheet date. For nonrecognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Company is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements on April 17, 2024.
Note 4 describes events that occurred subsequent to the December 31, 2023, financial statement date; the Company sold equity and fixed income securities to two subsidiaries, received an ordinary dividend from a subsidiary, and paid an ordinary dividend to its parent.

20
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
2. Investments
The book/adjusted carrying value and fair value of the Company’s investments in debt securities are summarized as follows:
Book/ Adjusted Carrying ValueGross Unrealized GainsGross Unrealized LossesFair
Value
(In Thousands)
At December 31, 2023:
U.S. Treasury securities and obligations of U.S. government corporation and agencies
$18,882 $— $(287)$18,595 
Debt securities issued by states of the U.S. and political subdivisions of the states
9,810 401 — 10,211 
Non-U.S. government securities
61,405 1,069 (12,055)50,419 
Corporate securities
2,516,971 94,263 (172,694)2,438,540 
Commercial mortgage-backed securities
22,356 42 (4,483)17,915 
Residential mortgage-backed securities
109,326 2,867 (10,142)102,051 
Asset-backed securities
105,517 2,356 (4,585)103,288 
Total$2,844,267 $100,998 $(204,246)$2,741,019 
At December 31, 2022:
U.S. Treasury securities and obligations of U.S. government corporation and agencies
$23,341 $314 $(394)$23,261 
Debt securities issued by states of the U.S. and political subdivisions of the states
9,805 341 — 10,146 
Non-U.S. government securities
77,002 23 (12,656)64,369 
Corporate securities
2,385,532 62,279 (235,690)2,212,121 
Commercial mortgage-backed securities
22,852 32 (4,447)18,437 
Residential mortgage-backed securities
120,923 3,874 (11,603)113,194 
Asset-backed securities
130,255 1,844 (8,123)123,976 
Total$2,769,710 $68,707 $(272,913)$2,565,504 
At December 31, 2023 and 2022, the Company held unrated or below-investment-grade corporate debt securities with a book/adjusted carrying value of $185.7 million and $90.7 million, respectively, and an aggregate fair value of $177.2 million and $78.3 million, respectively. As of December 31, 2023 and 2022, such holdings amounted to 6.5% and 3.3%, respectively, of the Company’s investments in debt securities and 1.5% and 0.7%, respectively, of the Company’s total admitted assets. The Company performs periodic evaluations of the relative credit standing of the issuers of these debt securities. The Company considers these evaluations in its overall investment strategy.
21
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Unrealized gains and losses on investments in unaffiliated common stocks, mutual funds and common stocks of subsidiaries are reported directly in capital and surplus and do not affect net income. The unrealized gains and unrealized losses on, and the cost and fair value of those investments and preferred stocks are as follows:



CostGross Unrealized GainsGross Unrealized LossesFair
Value
(In Thousands)
At December 31, 2023:
Preferred stocks$53,381 $1,804 $(406)$54,779 
Common stocks, unaffiliated$206,721 $163,213 $(1,346)$368,588 
Common stocks, mutual funds190,611 21,865 (129)212,347 
Common stocks, subsidiaries4,024,050 942,652 (167,978)4,798,724 
$4,421,382 $1,127,730 $(169,453)$5,379,659 

CostGross Unrealized GainsGross Unrealized LossesFair
Value
(In Thousands)
At December 31, 2022:
Preferred stocks$44,868 $2,453 $(4,807)$42,514 
Common stocks, unaffiliated$290,425 $212,017 $(8,987)$493,455 
Common stocks, mutual funds390,433 1,629 (25,981)366,081 
Common stocks, subsidiaries3,843,604 956,870 (207,865)4,592,609 
$4,524,462 $1,170,516 $(242,833)$5,452,145 
22
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The following table shows unrealized losses and fair values, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
Unrealized Losses Less
Than 12 Months		Unrealized Losses Greater Than or Equal to 12 Months
Unrealized Losses
Fair
Value
Unrealized LossesFair
Value
(In Thousands)
At December 31, 2023:
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$— $— $(287)$5,574 
Debt securities issued by states of the U.S. and political subdivisions of the states
— — — — 
Non-U.S. government securities
— — (12,055)39,135 
Corporate securities
(1,056)70,371 (171,638)1,143,248 
Commercial mortgage-backed securities(1)
— — (4,483)16,622 
Residential mortgage-backed securities(1)
(118)5,364 (10,024)76,108 
Asset-backed securities(1)
(105)4,776 (4,480)66,938 
Total$(1,279)$80,511 $(202,967)$1,347,625 
Preferred stocks$(406)$11,144 $— $— 
Common stocks, unaffiliated$(1,346)$22,807 $— $— 
Common stocks, mutual funds(129)5,865 — 
Total$(1,475)$28,672 $— $— 
(1) Amounts relate to securities subject to SSAP 43R.
23
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Unrealized Losses Less
Than 12 Months		Unrealized Losses Greater Than or Equal to 12 Months
Unrealized Losses
Fair
Value
Unrealized LossesFair
Value
(In Thousands)
At December 31, 2022:
U.S. Treasury securities and obligations of U.S. government corporations and agencies
$(316)$4,746 $(78)$722 
Debt securities issued by states of the U.S. and political subdivisions of the states
— — — — 
Non-U.S. government securities
(8,514)49,059 (4,142)14,328 
Corporate securities
(205,116)1,258,582 (30,574)83,859 
Commercial mortgage-backed securities(1)
(2,573)9,681 (1,874)7,117 
Residential mortgage-backed securities(1)
(11,331)89,104 (272)2,028 
Asset-backed securities(1)
(6,719)70,775 (1,404)16,583 
Total$(234,569)$1,481,947 $(38,344)$124,637 
Preferred stocks$(4,807)$26,923 $— $— 
Common stocks, unaffiliated$(8,987)$42,253 $— $— 
Common stocks, mutual funds(25,981)327,028 — — 
Total$(34,968)$369,281 $— $— 
(1) Amounts relate to securities subject to SSAP 43R.
Investments that are impaired at December 31, 2023 and 2022, for which other-than-temporary impairments have not been recognized, consist mainly of corporate debt securities, asset-backed securities, residential mortgage-backed securities and unaffiliated common stocks.
The aggregated unrealized loss is approximately 12.3% and 13.5% of the carrying value of securities considered temporarily impaired at December 31, 2023 and 2022, respectively. At December 31, 2023, there were a total of 424 securities held that are considered temporarily impaired, 346 of which have been impaired for 12 months or longer. At December 31, 2022, there were a total of 570 securities held that were considered temporarily impaired, 29 of which had been impaired for 12 months or longer. The Company recorded other-than-temporary impairments on securities of $20.1 million, $12.4 million and $3.0 million for the years ended December 31, 2023, 2022 and 2021, respectively.
24
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The following is a list of each loan-backed security held at December 31, 2023, with a recognized other-than-temporary impairment (OTTI) for the year ended December 31, 2023, where the present value of future cash flows expected to be collected was less than the amortized cost basis of the securities.
CUSIPBook/Adj Carrying Value Amortized Cost Before Current Period OTTIPresent Value of Future Cash FlowsRecognized Other-
Than- Temporary Impairment		Amortized Cost After Other-Than-Temporary ImpairmentFair
Value		Date of Other-Than-Temporary Impairment
(In Thousands)
For the year ended, December 31, 2023:
52521H-AJ-2$423 $422 $1 $422 $391 06/30/2023
Total              XXX        XXX$1            XXX       XXXXXX
The Company had no OTTI on loan-backed securities for the year ended December 31, 2023, due to the intent to sell the security or the inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis of the security.
A summary of the cost or amortized cost and fair value of the Company’s debt securities at December 31, 2023, by contractual maturity, is as follows:
Book/Adjusted Carrying ValueFair
Value
(In Thousands)
Years to maturity:
One or less$22,031 $21,943 
After one through five315,795 320,525 
After five through ten436,766 449,543 
After ten1,832,476 1,725,754 
Mortgage-backed securities/asset-backed securities237,199 223,254 
Total$2,844,267 $2,741,019 
The expected maturities may differ from contractual maturities in the foregoing table because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties and because asset-backed and mortgage-backed securities (including floating-rate securities) provide for periodic payments throughout their lives.
25
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Proceeds from sales of investments in debt securities during 2023, 2022 and 2021 were $60.6 million, $248.3 million, and $33.6 million; gross gains of $0.6 million, $5.1 million, and $1.0 million and gross losses of $1.5 million, $1.0 million, and $0.0 million were realized on these sales in 2023, 2022 and 2021, respectively.
Proceeds from the sales of investments in equity securities during 2023, 2022 and 2021 were $357.2 million, $372.1 million, and $284.5 million; gross gains of $80.7 million, $67.6 million, and $45.3 million and gross losses of $12.4 million, $22.3 million, and $4.1 million were realized on these sales in 2023, 2022 and 2021, respectively.
Realized capital gains (losses) are reported net of federal income taxes and amounts transferred to the IMR as follows for the years ended December 31:
202320222021
(In Thousands)
Realized capital gains (losses)$(17,404)$10,230 $(78,811)
Less amount transferred to IMR (net of related taxes (benefits) of $(183) in 2023, $1,327 in 2022, and $248 in 2021)(689)4,993 932 
Less federal income tax expense (benefit) of realized capital gains (losses)
(654)9,222 (4,798)
Net realized capital gains (losses)$(16,061)$(3,985)$(74,945)
Net investment income was generated from the following for the years ended December 31:
202320222021
(In Thousands)
Debt securities$145,319 $141,466 $158,760 
Equity securities294,929 107,536 32,007 
Mortgage loans2,273 2,318 2,363 
Real estate10,536 9,982 12,377 
Policy loans10,582 10,704 11,067 
Cash, cash equivalents and short-term investments2,588 1,567 688 
Other invested assets195,684 274,692 390,541 
Other621 252 (785)
Gross investment income662,532 548,517 607,018 
Investment expenses71,769 67,465 64,303 
Net investment income$590,763 $481,052 $542,715 
The Company’s investments in mortgage loans principally involve commercial real estate. At December 31, 2023, 79.7% of such mortgages, or $43.6 million, involved properties located in Ohio, Washington, and South Carolina. Such investments consist of primarily first-mortgage liens on completed income-producing properties. The aggregate mortgage outstanding to any one borrower does not exceed $21.2 million. During 2023, there were no loans issued. At the issuance of a loan, the percentage of any one loan to value of security, exclusive of insured, guaranteed or purchase money mortgage did not exceed 80.0%. During 2023, the Company did not reduce interest rates on any outstanding mortgages.
26
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Derivative Instruments
The Company entered into an equity hedge program designed to hedge the market value risks associated with the broad equity market. Hedging this risk reduces the economic sensitivity to price declines. At the beginning of these contracts, a premium is either paid or received for transferring the related risk. The options are not designated as a hedge for accounting purposes and are carried at fair value on the balance sheet with changes in fair value recorded in surplus. The related gains and losses from terminations or expirations are recorded in realized capital gains and losses. The change in fair value was $0.0 million, $0.0 million, and $50.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. The net gain/(loss) recognized through net income within realized gains and losses was $0.0 million, $0.0 million, and $(97.2) million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company closed the hedge in the first quarter of 2021.
Information related to the Company’s derivative instruments as described above and the effects of offsetting on the balance sheet consisted of the following for the years ended December 31:
20232022
(In Thousands)
Derivative assets:
Gross amount of recognized assets$— $196 
Gross amounts offset— — 
Net amount of assets$— $196 
Derivative liabilities:
Gross amount of recognized liabilities$— $— 
Gross amounts offset— — 
Net amount of liabilities$— $— 

3. Fair Values of Financial Instruments
Included in various investment-related line items in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value such as when impaired or, for certain bonds and preferred stocks, when carried at the lower of cost or market.
The Company uses fair value measurements to record the fair value of certain assets and liabilities and to estimate the fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment-type contracts, are excluded from this fair value discussion.
Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on the following hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three levels. The
27
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Company’s policy is to recognize transfers in and transfers out of levels at the beginning of the quarterly reporting period.
•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company’s Level 1 assets and liabilities primarily include exchange-traded equity securities and mutual funds, including those which are part of the Company’s separate account assets.
•Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The Company’s Level 2 assets and liabilities primarily include debt securities within the Company’s separate account for which public quotations are not available, but that are priced by third-party pricing services or internal models using observable inputs. Also included in Level 2 assets and liabilities are preferred stock, fixed income residual tranches, and stock warrants. The fair value of these instruments is determined through the use of third-party pricing services or models utilizing market observable inputs.
•Level 3 - Significant unobservable inputs for the asset or liability. The Company’s Level 3 assets and liabilities primarily include private real estate funds within the Company’s separate account that are priced utilizing significant unobservable inputs. Also included in Level 3 assets and liabilities are common and preferred stocks being priced by broker quotes or utilizing recent financing for similar securities.
Fair value estimates are made at a specific point in time, based on available market information and judgments about the financial instrument, including discount rates, estimates of timing, amount of expected future cash flows and the credit standing of the issuer. Such estimates do not consider the tax impact of the realization of unrealized gains or losses.
For Level 3 investments, the fair value estimates cannot be substantiated by comparison to independent markets. In addition, the disclosed fair value may not be realized in the immediate settlement of the financial instrument.
Certain investments utilize net asset value (NAV) as a practical expedient for fair value. These investments are reported separately from the hierarchy. Investments utilizing NAV consist mainly of equity interest in limited partnerships and limited liabilities in the separate account. These investments contain fixed income, common stock, and real estate characteristics. The interests in these partnerships can be sold or transferred with prior consent from the general partner. The average remaining life of the investments is 16.7 years. The Company's unfunded commitment for these investments is $74.5 million. In addition, a collective trust in the separate account utilizing NAV is primarily investing in domestic fixed income securities. Shares in the trust can be redeemed at their net asset value. The NAV for this investment is $10.91. The Company does not intend to sell any investments utilizing NAV.
As described below, certain fair values are determined through the use of third-party pricing services. Management does not adjust prices received from third parties; however, the Company does analyze the third-party pricing services’ valuation methodologies and related inputs and performs additional evaluation to determine the appropriate level within the fair value hierarchy. The Company performs annual due diligence of third-party pricing services, which includes assessing the vendor’s valuation qualifications, control environment, analysis of asset class-specific valuation methodologies and
28
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
understanding of market observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. Care should be exercised in deriving conclusions about the Company’s business, its value or financial position based on the fair value information of financial instruments presented below. The following discussion describes the valuation methodologies utilized by the Company for assets and liabilities measured or disclosed at fair value.
Debt and Equity Securities
The fair values of debt securities and asset/mortgage-backed securities have been determined through the use of third-party pricing services utilizing market observable inputs. Private placement securities trading in less liquid or illiquid markets with limited or no pricing information are valued using either broker quotes or by discounting the expected cash flows using current market-consistent rates applicable to the yield, credit quality and maturity of each security.
The fair values of actively traded equity securities and exchange traded funds (including exchange traded funds with debt like characteristics) have been determined utilizing publicly quoted prices obtained from third-party pricing services. The fair values of certain equity securities for which no publicly quoted prices are available have been determined through the use of third-party pricing services utilizing market observable inputs. Actively traded mutual funds are valued using the net asset values of the funds. The fair value of equity securities included in Level 3 has been determined by utilizing broker quotes or recent financing for similar securities.
Mortgage Loans
The fair values for mortgage loans, consisting principally of commercial real estate loans, are estimated using discounted cash flow analyses, using interest rates currently being offered for similar loans collateralized by properties with similar investment risk. The fair values for mortgage loans in default are established at the lower of the fair value of the underlying collateral less costs to sell or the carrying amount of the loan.
Cash, Cash Equivalents and Short-Term Investments
The fair values of cash, cash equivalents and short-term investments are based on quoted market prices or stated amounts.
Securities Lending Reinvested Collateral Assets
The fair values of securities lending reinvested collateral assets are determined through the use of third-party sources utilizing publicly quoted prices.
Other Invested Assets
Other invested assets primarily include surplus debentures and fixed income residual tranches for which fair values have been determined through the use of third-party pricing services utilizing market observable inputs.
29
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Derivative Instruments
The fair values of free-standing derivative instruments, primarily stock warrants, are determined through the use of third-party pricing services or models utilizing market observable inputs.
Assets Held in Separate Accounts
Assets held in separate accounts include debt securities, equity securities, mutual funds, surplus notes, private equity, and private debt fund investments. The fair values of debt securities, equity securities and mutual funds have been determined using the same methodologies as similar assets held in the general account. The fair values of private equity and private debt fund investments have been determined utilizing the net asset values of the funds. The fair values of the private real estate funds have been determined by significant unobservable inputs.
Life and Annuity Reserves for Investment-Type Contracts and Deposit Fund Liabilities
The fair value of liabilities for investment-type contracts is based on the present value of estimated liability cash flows, which are discounted using rates that incorporate risk-free rates and margins for the Company’s own credit spread and the riskiness of cash flows. Key assumptions to the cash flow model include the timing of policyholder withdrawals and the level of interest credited to contract balances. Fair values for insurance reserves are not required to be disclosed. However, the estimated fair values of all insurance reserves and investment contracts are taken into consideration in the Company’s overall management of interest rate risk.
Securities Lending Liability
The liability represents the Company’s obligation to return collateral related to securities lending transactions. The liability is short-term in nature and therefore, the fair value of the obligation approximates the carrying amount.

30
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Assets and liabilities measured at fair value on a recurring basis are outlined below:
Assets/(Liabilities) Measured at Fair ValueFair Value Hierarchy Level
Level 1Level 2Level 3NAV
(In Thousands)
At December 31, 2023
Assets:
Bonds, exchange traded funds$151,108 $151,108 $— $— $— 
Common stocks, unaffiliated368,588 348,596 — 17,110 2,882 
Common stocks, mutual funds212,347 212,347 — — — 
Preferred stocks54,779 — 40,161 14,618 — 
Other invested assets, fixed income residual tranche28,626 — 28,626 — — 
Separate account assets1,137,428 731,114 125,126 23,734 257,454 
Total assets$1,952,876 $1,443,165 $193,913 $55,462 $260,336 
Assets/(Liabilities) Measured at Fair ValueFair Value Hierarchy Level
Level 1Level 2Level 3NAV
(In Thousands)
At December 31, 2022
Assets:
Common stocks, unaffiliated$493,455 $467,200 $— $23,394 $2,861 
Common stocks, mutual funds366,081 366,081 — — — 
Preferred stocks42,514 — 26,917 15,597 — 
Other invested assets, fixed income residual tranche28,701 — 28,701 — 
Derivative assets196 — 196 — — 
Separate account assets1,131,631 709,833 134,147 — 287,651 
Total assets$2,062,578 $1,543,114 $189,961 $38,991 $290,512 

31
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2023 are as follows:
Beginning Asset/(Liability) as of January 1, 2023Total Realized/Unrealized Gains (Losses) Included in:Purchases, Sales, Issuances and SettlementsTransfers Into Level 3**Transfers Out of Level 3Ending Asset/ (Liability) as of December 31,
2023
Net IncomeSurplusOther*
(In Thousands)
Assets:
Common stocks, unaffiliated
$23,394 $— $(6,284)$— $— $— $— $17,110 
Preferred stocks
15,597 — (1,979)— 1,000 — — 14,618 
Separate account assets
— — — — — 23,734 — 23,734 
Total assets$38,991 $— $(8,263)$— $1,000 $23,734 $— $55,462 
* Gains and losses for assets held in separate accounts do not impact net income or surplus as the change in value of assets held in separate accounts is offset by a change in value of liabilities related to separate accounts.
** Transfers into Level 3 are due to using a pricing source with unobservable inputs.
The gross purchases, issuances, sales and settlements included in the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2023, are as follows:
PurchasesIssuancesSalesSettlementsNet Purchases, Issuances, Sales and Settlements
(In Thousands)
Assets:
Common stocks, unaffiliated$— $— $— $— $— 
Preferred stocks1,000 — — — 1,000 
Separate account assets— — — — — 
Total assets$1,000 $— $— $— $1,000 

32
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2022, is as follows:
Beginning Asset/(Liability )as of January 1, 2022Total Realized/Unrealized Gains (Losses) Included in:Purchases, Sales, Issuances and SettlementsTransfers Into Level 3*Transfers Out of Level 3Ending Asset/ (Liability) as of December 31, 2022
Net IncomeSurplusOther
(In Thousands)
Assets:
Common stocks, unaffiliated
$21,416 $—$848$— $— $1,130$— $23,394 
Preferred stocks
4,227 —2,370— 9,000 —— 15,597 
Total assets$25,643 $—$3,218$— $9,000 $1,130$— $38,991 
* Transfers into Level 3 are due to changes in the price source.
The gross purchases, issuances, sales and settlements included in the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2022, are as follows:
PurchasesIssuancesSalesSettlementsNet Purchases, Issuances, Sales and Settlements
(In Thousands)
Assets:
Common stocks, unaffiliated$— $—$—$— $— 
Preferred stocks9,000 ——— 9,000 
Total Assets$9,000 $—$—$— $9,000 

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

33
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The carrying amounts and fair values of the Company’s significant financial instruments follow:
December 31, 2023
Carrying AmountFair ValueLevel 1Level 2Level 3NAV
(In Thousands)
Assets:
Bonds$2,844,267 $2,741,019 $156,682 $2,577,577 $6,760 $— 
Common stock:
Unaffiliated368,588 368,588 348,596 — 17,110 2,882 
Mutual funds212,347 212,347 212,347 — — — 
Preferred stock54,779 54,779 — 40,161 14,618 — 
Mortgage loans54,659 49,978 — — 49,978 — 
Cash, cash equivalents and short-term investments
153,730 153,733 153,733 — — — 
Other invested assets:
Surplus notes38,977 37,495 — 37,495 — — 
Fixed income residual tranche28,626 28,626 — 28,626 — — 
Securities lending reinvested collateral assets
30,767 30,767 30,767 — — — 
Separate account assets1,137,428 1,137,428 731,114 125,126 23,734 257,454 
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities
$(2,476)$(2,417)$— $— $(2,417)$— 
Securities lending liability(76,738)(76,738)— (76,738)— — 

34
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
December 31, 2022
Carrying AmountFair ValueLevel 1Level 2Level 3NAV
(In Thousands)
Assets:
Bonds$2,769,710 $2,565,504 $8,887 $2,553,262 $3,355 $— 
Common stock:
Unaffiliated493,455 493,455 467,200 — 23,394 2,861 
Mutual funds366,081 366,081 366,081 — — — 
Preferred stock42,514 42,514 — 26,917 15,597 — 
Mortgage loans55,841 50,158 — — 50,158 — 
Cash, cash equivalents and short-term investments
22,479 22,479 22,479 — — — 
Other invested assets:
Surplus notes39,025 35,761 — 35,761 — — 
Fixed income residual tranche28,701 28,701 — 28,701 — — 
Securities lending reinvested collateral assets
17,779 17,779 17,779 — — — 
Derivative assets196 196 — 196 — 
Separate account assets1,131,631 1,131,631 709,833 134,147 — 287,651 
Liabilities:
Life and annuity reserves for investment-type contracts and deposit fund liabilities
$(2,823)$(2,733)$— $— $(2,733)$— 
Securities lending liability(80,925)(80,925)— (80,925)— — 

35
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
4. Related-Party Transactions
The Company owns a 100% interest in Integrity and WSLAC, whose carrying values based on underlying statutory surplus at December 31, 2023, are $1.3 billion and $1.9 billion, respectively. The accounting policies of Integrity and WSLAC are the same as those of the Company described in Note 1. The summary financial data for Integrity and WSLAC follows:
20232022
(In Thousands)
Integrity:
Admitted Assets$9,057,180 $9,377,215 
Liabilities7,729,686 8,081,440 
Statutory Surplus$1,327,494 $1,295,775 
Net Income$28,010 $5,477 
WSLAC:
Admitted Assets$30,938,412 $25,363,432 
Liabilities28,998,249 23,586,209 
Statutory Surplus$1,940,163 $1,777,223 
Net Income$(62,605)$(84,549)
The Company has an equity interest in certain partnerships that made payments of principal and interest under mortgage financing arrangements to subsidiaries in the amount of $26.0 million, $18.1 million, and $39.0 million in 2023, 2022 and 2021, respectively. The principal balance of the mortgage financing arrangements with subsidiaries was $259.9 million and $267.3 million at December 31, 2023 and 2022, respectively.
At December 31, 2023 and 2022, the Company had $294.7 million and $275.7 million, respectively, invested in the Touchstone Funds, which are exchange traded and mutual funds administered by Touchstone Advisors, Inc., an indirect subsidiary of the company.
At December 31, 2023 and 2022, the Company had $630.6 million and $709.4 million, respectively, invested in fixed income residual tranches and various private equity and private debt funds managed by Fort Washington Investment Advisors, Inc., an indirect subsidiary of the Company.
At December 31, 2023 and 2022, the Company had $1,255.8 million and $1,214.0 million, respectively, invested in WS Real Estate Holdings, LLC, which is a holding company managed by Eagle Realty Group, LLC, an indirect subsidiary of the Company.
36
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
In April 2024, the Company sold $62.9 million of equity securities in exchange for cash to National, which was referenced in Note 1, Subsequent Events.
In March 2024, the Company paid a $155.0 million ordinary dividend to WSFG, which was referenced in Note 1, Subsequent Events. The dividend was in the form of cash.
In March 2024, the Company received a $155.0 million ordinary dividend from WSLAC, which was referenced in Note 1, Subsequent Events. The dividend was in the form of cash.
In March 2024, the Company sold $50.0 million of fixed income securities in exchange for cash to Gerber Life, which was referenced in Note 1, Subsequent Events.
In December 2023, the Company received a $150.0 million capital contribution from WSFG. The contribution was in the form of cash.
In December 2023, the Company paid a $275.0 million capital contribution to WSLAC. The contribution was in the form of $225.0 million and $50.0 million in cash and equity securities, respectively.
In December 2023, the Company received a $125.0 million ordinary dividend from Integrity. The dividend was in the form of $75.0 million and $50.0 million in cash and equity securities, respectively.
In August 2023, the Company entered into a Pension Risk Transfer agreement with WSLAC. Refer to Note 10 for more detail.
In June and July 2023, the Company sold $25.0 million and $24.0 million of equity securities, respectively, in exchange for cash to Gerber Life.
In March 2023, the Company paid a $245.0 million ordinary dividend to WSFG. The dividend was in the form of cash.
In March 2023, the Company received a $150.0 million ordinary dividend from WSLAC. The dividend was in the form of cash.
In the the first quarter of 2023, the Company sold $80.0 million of equity securities in exchange for cash to National.
The Company has an outstanding loan issued January 6, 2023, in the amount of $72.2 million due to WSLAC. Any outstanding principal is due January 6, 2033.
In December 2022, the Company received a $190.0 million capital contribution from WSFG. The contribution was in the form of cash.
In December 2022, the company paid a $320.0 million capital contribution to WSLAC. The contribution was in the form of cash.
37
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
In December 2022, the Company paid a $50.0 million capital contribution to Columbus Life. The contribution was in the form of cash.
In December 2022, the Company received an $80.0 million ordinary dividend from Integrity. The dividend was in the form of cash.
In December 2021, the company paid a $250.0 million capital contribution to WSLAC. The contribution was in the form of cash.
In November 2021, the Company paid a $50.0 million ordinary dividend to WSFG. The dividend was in the form of cash.
In March 2021, the Company paid a $100.0 million capital contribution to Columbus Life. The contribution was in the form of cash.    
The Company had $64.2 million and $50.4 million receivable from parent, subsidiaries and affiliates as of December 31, 2023 and 2022, respectively. The Company had $0.3 million and $0.5 million payable to parent, subsidiaries and affiliates as of December 31, 2023 and 2022, respectively. The terms of the settlement generally require that these amounts be settled in cash within 30 days.
The Company has entered into multiple reinsurance agreements with affiliated entities. See Note 5 for further description.

5. Reinsurance
Certain premiums and benefits are assumed from and ceded to other insurance companies under various reinsurance agreements. The ceded reinsurance agreements provide the Company with increased capacity to write larger risks and maintain its exposure to loss within its capital resources.
The Company has a ceded reinsurance agreement with Columbus Life. Under the reinsurance agreement, Columbus Life reinsures the former liabilities of Columbus Mutual, a former affiliate, which was merged into the Company. Life and accident and health reserves ceded from the Company to Columbus Life totaled $421.5 million and $443.8 million at December 31, 2023 and 2022, respectively.
In 2006, the Company entered into a yearly renewable term reinsurance agreement with Lafayette Life, an affiliated entity, whereby the Company provides reinsurance coverage on certain life products and associated riders as this coverage is recaptured by Lafayette Life from unaffiliated reinsurers. Life reserves ceded from Lafayette Life to the Company under this agreement totaled $0.8 million and $0.9 million at December 31, 2023 and 2022, respectively.
Certain premiums and benefits are ceded to other unaffiliated insurance companies under various reinsurance agreements. The majority of the ceded business is due to ceding substandard business to reinsurers (facultative basis).
38
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The effects of reinsurance on premiums, annuity considerations and deposit-type funds are as follows for the years ended December 31:
202320222021
(In Thousands)
Direct premiums$218,455 $220,548 $225,660 
Assumed premiums:
Affiliates1,074 1,185 1,203 
Nonaffiliates— — — 
Ceded premiums:
Affiliates— — — 
Nonaffiliates(7,043)(6,766)(6,517)
Net premiums$212,486 $214,967 $220,346 
The Company’s ceded reinsurance arrangements impacted certain other items in the accompanying financial statements by the following amounts as of and for the years ended December 31:
202320222021
(In Thousands)
Policy and contract claims:
Affiliates$— $— $— 
Nonaffiliates3,846 2,401 4,696 
Policy and contract liabilities:
Affiliates421,470 443,797 460,048 
Nonaffiliates33,465 30,758 28,786 
Amounts recoverable on reinsurance contracts:
Affiliates— — — 
Nonaffiliates118 221 303 
In 2023, 2022 and 2021, the Company did not commute any ceded reinsurance nor did it enter into or engage in any agreement that reinsures policies or contracts that were in-force or had existing reserves as of the effective date of such agreements.
At December 31, 2023, the Company has no significant reserves ceded to unauthorized reinsurers. Amounts payable or recoverable for reinsurance on policy and contract liabilities are not subject to periodic or maximum limits.
Neither the Company nor any of its related parties, control directly or indirectly, any reinsurers with whom the Company conducts business. No policies issued by the Company have been reinsured with a foreign company, which is controlled, either directly or indirectly, by a party not primarily engaged in the business of insurance. The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel the agreement. At December 31, 2023, there are no reinsurance
39
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
agreements in effect such that the amount of losses paid or accrued exceed the total direct premium collected. The Company remains obligated for amounts ceded in the event that the reinsurers do not meet their obligations.
There would be no reduction in surplus at December 31, 2023, if all reinsurance agreements were cancelled.

6. Federal Income Taxes
The Company and its eligible subsidiaries and affiliates file a consolidated federal income tax return. Amounts due (to)/from the Internal Revenue Service for federal income taxes, net of the amounts due (to)/from subsidiaries and affiliates, were $102.1 million and $36.2 million at December 31, 2023 and 2022, respectively. The tax years 2014 through 2022 remain subject to examination by major tax jurisdictions.
The amount of federal income taxes incurred that will be available for recoupment at December 31, 2023, in the event of future capital losses is $0.0 million, $27.6 million, and $61.2 million from 2023, 2022 and 2021, respectively.
The components of the net deferred tax asset (liability) at December 31 are as follows:

12/31/2023
(In Thousands)
(1)(2)(3)
  (Col 1+2)
OrdinaryCapitalTotal
(a)Gross deferred tax assets$203,714 $8,217 $211,931 
(b)Statutory valuation allowance adjustments— — — 
(c)Adjusted gross deferred tax assets (a - b)203,714 8,217 211,931 
(d)Deferred tax assets nonadmitted— — — 
(e)Subtotal net admitted deferred tax assets (c - d)203,714 8,217 211,931 
(f)Deferred tax liabilities168,514 51,401 219,915 
(g)Net admitted deferred tax asset/(net deferred tax liability) (e - f)$35,200 $(43,184)$(7,984)
40
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
12/31/2022
(In Thousands)
(4)(5)(6)
  (Col 4+5)
OrdinaryCapitalTotal
(a)Gross deferred tax assets$180,314 $13,498 $193,812 
(b)Statutory valuation allowance adjustments— — — 
(c)Adjusted gross deferred tax assets (a - b)180,314 13,498 193,812 
(d)Deferred tax assets nonadmitted— — — 
(e)Subtotal net admitted deferred tax assets (c - d)180,314 13,498 193,812 
(f)Deferred tax liabilities167,632 36,979 204,611 
(g)Net admitted deferred tax asset/(net deferred tax liability) (e - f)$12,682 $(23,481)$(10,799)
Change
(In Thousands)
(7)(8)(9)
  (Col 7+8)
OrdinaryCapitalTotal
(a)Gross deferred tax assets$23,400 $(5,281)$18,119 
(b)Statutory valuation allowance adjustments— — — 
(c)Adjusted gross deferred tax assets (a - b)23,400 (5,281)18,119 
(d)Deferred tax assets nonadmitted— — — 
(e)Subtotal net admitted deferred tax assets (c - d)23,400 (5,281)18,119 
(f)Deferred tax liabilities882 14,422 15,304 
(g)Net admitted deferred tax asset/(net deferred tax liability) (e - f)$22,518 $(19,703)$2,815 
12/31/2023
(In Thousands)
(1)(2)(3)
  (Col 1+2)
Admission Calculation Components SSAP No. 101OrdinaryCapitalTotal
(a)Federal income taxes paid in prior years recoverable through loss carrybacks$— $8,217 $8,217 
(b)Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)20,977 — 20,977 
1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date20,977 — 20,977 
2. Adjusted gross deferred tax assets allowed per limitation threshold. XXX XXX934,023 
(c)Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities182,737 — 182,737 
(d)Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))$203,714 $8,217 $211,931 
41
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
12/31/2022
(In Thousands)
(4)(5)(6)
  (Col 4+5)
Admission Calculation Components SSAP No. 101OrdinaryCapitalTotal
(a)Federal income taxes paid in prior years recoverable through loss carrybacks$— $13,498 $13,498 
(b)
Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)
39,349 — 39,349 
1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date
39,349 — 39,349 
2. Adjusted gross deferred tax assets allowed per limitation threshold. XXX XXX982,746 
(c)
Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities
140,965 — 140,965 
(d)
Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))
$180,314 $13,498 $193,812 
Change
(In Thousands)
(7)(8)(9)
  (Col 7+8)
Admission Calculation Components SSAP No. 101OrdinaryCapitalTotal
(a)Federal income taxes paid in prior years recoverable through loss carrybacks$— $(5,281)$(5,281)
(b)Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from (a) above) after application of the threshold limitation (the lesser of (b)1 and (b)2 below)(18,372)— (18,372)
1. Adjusted gross deferred tax assets expected to be realized following the balance sheet date(18,372)— (18,372)
2. Adjusted gross deferred tax assets allowed per limitation threshold. XXX XXX(48,723)
(c)Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from (a) and (b) above) offset by gross deferred tax liabilities41,772 — 41,772 
(d)Deferred tax assets admitted as the result of application of SSAP No. 101 Total ((a) + (b) + (c))$23,400 $(5,281)$18,119 
20232022
Ratio percentage used to determine recovery period and threshold limitation amount879%848%
12/31/2023
(1)(2)
Impact of tax planning strategiesOrdinaryCapital
(In Thousands)
(a)Adjusted gross DTAs amount$203,714$8,217
(b)Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies11.28%3.88%
(c)Net admitted adjusted gross DTAs amount$203,714$8,217
(d)Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies11.28%3.88%
42
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
12/31/2022
(3)(4)
Impact of tax planning strategiesOrdinaryCapital
(In Thousands)
(a)Adjusted gross DTAs amount$180,314$13,498
(b)
Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies
11.99%6.96%
(c)
Net admitted adjusted gross DTAs amount
$180,314$13,498
(d)
Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies
11.99%6.96%
Change
(5)(6)
Impact of tax planning strategiesOrdinaryCapital
(In Thousands)
(a)Adjusted gross DTAs amount$23,400$(5,281)
(b)Percentage of adjusted gross DTAs by tax character attributable to the impact of tax planning strategies(0.71)%(3.08)%
(c)Net admitted adjusted gross DTAs amount$23,400$(5,281)
(d)Percentage of net admitted adjusted gross DTAs by tax character attributable to the impact of tax planning strategies(0.71)%(3.08)%
The Company's tax planning strategies include the use of reinsurance.
Current income taxes incurred consist of the following major components:
12/31/202312/31/202212/31/2021
(In Thousands)
(1)Current income tax
(a)Federal$(47,285)$33,781 $30,114 
(b)Foreign196 281 199 
(c)Subtotal(47,089)34,062 30,313 
(d)Federal income tax on net capital gains(654)9,222 (4,798)
(e)Utilization of capital loss carryforwards— — — 
(f)Other— — — 
(g)Federal and foreign income taxes incurred$(47,743)$43,284 $25,515 
43
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
(1)(2)(3)
  (Col 1-2)
(2)Deferred tax assets:12/31/202312/31/2022Change
(a)Ordinary(In Thousands)
(1) Discounting of unpaid losses$— $— $— 
(2) Unearned premium revenue— — — 
(3) Policyholder reserves31,053 30,684 369 
(4) Investments26,058 28,658 (2,600)
(5) Deferred acquisition costs19,527 18,992 535 
(6) Policyholder dividends accrual3,133 3,596 (463)
(7) Fixed assets— — — 
(8) Compensation and benefits accrual45,514 50,512 (4,998)
(9) Pension accrual— — — 
(10) Receivables - nonadmitted74,438 43,517 30,921 
(11) Net operating loss carryforward— — — 
(12) Tax credit carryforward— — — 
(13) Other3,991 4,355 (364)
(99) Subtotal203,714 180,314 23,400 
(b)Statutory valuation allowance adjustment— — — 
(c)Nonadmitted— — — 
(d)Admitted ordinary deferred tax assets (2a99 - 2b - 2c)203,714 180,314 23,400 
(e)Capital
(1) Investments8,217 13,498 (5,281)
(2) Net capital loss carryforward— — — 
(3) Real estate— — — 
(4) Other— — — 
(99) Subtotal8,217 13,498 (5,281)
(f)Statutory valuation allowance adjustment— — — 
(g)Nonadmitted— — — 
(h)Admitted capital deferred tax assets (2e99- 2f - 2g)8,217 13,498 (5,281)
(i)Admitted deferred tax assets (2d + 2h)$211,931 $193,812 $18,119 
44
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
(1)(2)(3)
  (Col 1-2)
12/31/202312/31/2022Change
(3)Deferred tax liabilities:(In Thousands)
(a)Ordinary
(1) Investments$153,049 $153,707 $(658)
(2) Fixed assets6,054 4,578 1,476 
(3) Deferred and uncollected premium7,264 7,585 (321)
(4) Policyholder reserves1,095 1,762 (667)
(5) Other1,052 — 1,052 
(99) Subtotal168,514 167,632 882 
(b)Capital
(1) Investments51,401 36,979 14,422 
(2) Real estate— — — 
(3) Other— — — 
(99) Subtotal51,401 36,979 14,422 
(c)Deferred tax liabilities (3a99 + 3b99)219,915 204,611 15,304 
(4)Net deferred tax assets/liabilities (2i - 3c) $(7,984)$(10,799)$2,815 
Among the more significant book-to-tax adjustments were the following:
12/31/2023Effective
Tax Rate		12/31/2022Effective
Tax Rate		12/31/2021Effective
Tax Rate
(In Thousands)(In Thousands)(In Thousands)
Provision computed at statutory rate$63,345 21.00 %$94,728 21.00 %$26,273 21.00 %
Dividends received deduction(2,781)(0.93)(3,577)(0.79)(2,613)(2.09)
Tax credits(195)(0.06)652 0.14 (1,227)(0.98)
Other invested assets and nonadmitted change39,127 12.97 2,072 0.46 (19,292)(15.42)
Affiliated income(57,750)(19.15)— — — — 
Nonadmitted pension asset(34,098)(11.30)— — — — 
Other(43,815)(14.52)(6,506)(1.44)(7,857)(6.28)
Total statutory income taxes$(36,167)(11.99)%$87,369 19.37 %$(4,716)(3.77)%
Federal and foreign taxes incurred
$(47,743)(15.83)%$43,284 9.60 %$25,515 20.39 %
Change in net deferred income taxes
11,576 3.84 44,085 9.77 (30,231)(24.16)
Total statutory income taxes$(36,167)(11.99)%$87,369 19.37 %$(4,716)(3.77)%
At December 31, 2023, the Company had $0.0 million of net operating loss carryforwards, net capital loss carryforwards and tax credit carry forwards; the company had $0.0 million of deferred tax liabilities that are not recognized.
The Inflation Reduction Act (the “IRA”) was enacted on August 16, 2022, and included a provision for a new Corporate Alternative Minimum Tax (CAMT), effective in 2023, that is based on the adjusted financial statement income set forth on the applicable financial statement of an “applicable corporation.”
45
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The controlled group of corporations of which the reporting entity is a member has determined that it is not an “applicable corporation” for purposes of CAMT during the reporting period, and is not liable for the CAMT.

7. Capital and Surplus
The Company is required by statutory regulations to meet minimum risk-based capital standards. Risk-based capital is a method of measuring the minimum amount of capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. At December 31, 2023 and 2022, the Company exceeded the minimum risk-based capital.
Ohio insurance law limits the amount of dividends that can be paid to a parent in a holding company structure without prior approval of the regulators to the greater of 10% of statutory surplus or statutory net income as of the preceding December 31 less any dividends paid in the preceding 12 months, but only to the extent of earned surplus as of the preceding December 31. Based on these limitations, the Company is able to pay dividends of up to $703.3 million by the end of 2024 without seeking prior regulatory approval based on capital and surplus of $7,033.2 million at December 31, 2023.
The Company currently has the following outstanding surplus notes:

20232022
(In Thousands)
2019 Notes, 5.15% interest rate, due 2049$497,861 $497,775 
2021 Notes, 3.75% interest rate, due 2061497,783 497,724 
Total carrying value of surplus notes$995,644 $995,499 

On January 23, 2019, the Company issued $500.0 million in surplus notes (the “2019 Notes”) due January 15, 2049, at a discount of $2.6 million. The entire balance was received in cash, none of which came from related parties. Interest on the 2019 Notes is fixed at 5.15% and payable semiannually on January 15 and July 15 of each year. The 2019 Notes and are administered by The Bank of New York Mellon. Subject to the approval of the Ohio Director of Insurance (the “Director”), the Company has the option to redeem the 2019 Notes (i) in whole within 90 days after the occurrence of a “Tax Event” where the Company receives an opinion of tax counsel that there is a more than insubstantial risk that interest payable on the 2019 Notes is not deductible by the Company, at a redemption price equal to the principal amount of the 2019 Notes to be redeemed (the ‘‘Par Value Redemption Price’’), (ii) in whole or in part, on or after January 23, 2024 but prior to July 15, 2048, at a redemption price equal to the greater of (a) the Par Value Redemption Price or (b) the sum of the present value of the remaining scheduled principal and interest payments on the 2019 Notes from the redemption date to July 15, 2048, discounted to the redemption date on a semi-annual basis at an adjusted treasury rate plus 35 basis points or (iii) in whole or in part, on or after July 15, 2048, at the Par Value Redemption Price, plus, in each case of (i), (ii) and (iii), accrued and unpaid interest payments on the 2019 Notes to be redeemed to the redemption date.
On April 28, 2021, the Company issued $500.0 million in surplus notes (the “2021 Notes”) due April 28, 2061 at a discount of $2.4 million. The entire balance was received in cash, none of which came from related parties. Interest on the 2021 Notes is fixed at 3.75% and payable semiannually on April 28 and
46
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
October 28 of each year. The 2021 Notes are administered by The Bank of New York Mellon. Subject to the approval of the Director, the Company has the option to redeem the 2021 Notes (i) in whole within 90 days after the occurrence of a “Tax Event” where the Company receives an opinion of tax counsel that there is a more than insubstantial risk that interest payable on the 2021 Notes is not deductible by the Company, at a redemption price equal to the principal amount of the 2021 Notes to be redeemed (the ‘‘Par Value Redemption Price’’), (ii) in whole or in part, prior to October 28, 2060, at a redemption price equal to the greater of (a) the Par Value Redemption Price or (b) the sum of the present value of the remaining scheduled principal and interest payments on the 2021 Notes from the redemption date to October 28, 2060, discounted to the redemption date on a semi-annual basis at an adjusted treasury rate plus 25 basis points or (iii) in whole or in part, on or after October 28, 2060, at the Par Value Redemption Price, plus, in each case of (i), (ii) and (iii), accrued and unpaid interest payments on the 2021 Notes to be redeemed to the redemption date.
The 2019 Notes and 2021 Notes (collectively the “Notes”) do not have payments that are contractually linked nor are any of the payments subject to administrative offsetting provisions. Additionally, proceeds from the Notes were not used to purchase an asset directly from the holders. The Notes were issued pursuant to Rule 144A as defined by the Securities Act of 1933. The Notes are unsecured and subordinated to all present and future indebtedness, policy claims and “prior claims” (those claims referred to in classes 1 through 7 of Section 3903.42 of the Ohio Revised Code) against the Company. Under Ohio insurance laws, the Notes are not part of the legal liabilities of the Company. Each payment of principal of, interest on or redemption price with respect to the Notes, may be made only with the prior approval of the Director, and only out of surplus earnings.
Interest expense of $44.5 million and $44.5 million was recognized from the Notes in 2023 and 2022, respectively. Life-to-date interest expense recognized December 31, 2023, was $175.1 million. There has been no principal paid as of December 31, 2023. As of December 31, 2023, there was unapproved interest of $3.2 million related to 2023 that will come due in 2024. In the event the Company was subject to a liquidation event, the Notes would have preference over the common shareholders. No affiliates of the Company hold any of the Notes. As of the closing, Guggenheim Partners was the only holder of more than 10% of the outstanding Notes on record at the Depository Trust Company.

8. Commitments and Contingencies
The Company is named as a defendant in various legal actions arising principally from claims made under insurance policies and contracts. The Company believes the resolution of these actions will not have a material effect on the Company’s financial position or results of operations.
At December 31, 2023, the Company does not have any material lease agreements as a lessee for office space or equipment.
At December 31, 2023, the Company has future commitments to provide additional capital contributions of $723.6 million to investments in joint ventures, limited partnerships and limited liability companies.
The Company guarantees the payment of all policyholder obligations of each of the following wholly-owned subsidiaries: WSLAC, Columbus Life and Integrity. In addition, the Company guarantees all
47
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
policyholder obligations of National and The Lafayette Life Insurance Company (Lafayette Life), an affiliated entity which is wholly-owned by WSFG. Guarantees on behalf of wholly-owned subsidiaries or on behalf of related parties that are considered to be unlimited (as in the case of the guarantee on behalf of Lafayette Life) are exempt from the initial liability recognition criteria and therefore no liability has been recognized in the financial statements. Due to the unlimited nature of the guarantees, the Company is unable to estimate the maximum potential amount of future payments under the guarantees. In the unlikely event the guarantees would be triggered, the Company may be permitted to take control of the underlying assets to recover all or a portion of the amounts paid under the guarantees.
The Company has guaranteed one mortgage loan in which the borrower is an affiliated limited liability company involved in development of real estate. This guarantee has a maximum exposure to the Company of $12.8 million for 506 Phelps Holdings, LLC, in the event the real estate collateral of the affiliated limited liability company is not sufficient to cover the payment of the loan. The fair value of the real estate collateral at December 31, 2023, was approximately $33.1 million. This loan matured in February 2024.
48
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
9. Life and Annuity Reserves and Deposit-Type Contract Liabilities
At December 31, 2023, the Company’s general and separate account annuity reserves and deposit-type contract liabilities that are subject to discretionary withdrawal (with adjustment), subject to discretionary withdrawal (without adjustment), and not subject to discretionary withdrawal provisions are summarized as follows:
Individual AnnuitiesGeneral AccountSeparate Account
With Guarantees		Separate Account
Non-guaranteed		TotalPercent
(In Thousands)
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)
$60,064 $— $— $60,064 95.9 %
Not subject to discretionary withdrawal
2,541 — — 2,541 4.1 
Total individual annuity reserves (before reinsurance)
62,605 — — 62,605 100.0 %
Reinsurance ceded
58,796 — — 58,796 
Net individual annuity reserves
$3,809 $— $— $3,809 
Group AnnuitiesGeneral AccountSeparate Account
With Guarantees		Separate Account
Non-guaranteed		TotalPercent
(In Thousands)
Not subject to discretionary withdrawal
$2,388 $— $1,113,295 $1,115,683 100.0 %
Total group annuity reserves (before reinsurance)
2,388 — 1,113,295 1,115,683 100.0 %
Reinsurance ceded
2,388 — — 2,388 
Net group annuity reserves
$— $— $1,113,295 $1,113,295 
Deposit-type contracts (no life contingencies)General AccountSeparate Account
With Guarantees		Separate Account
Non-guaranteed		TotalPercent
(In Thousands)
Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)
$191,472 $— $— $191,472 98.6 %
Not subject to discretionary withdrawal
2,812 — — 2,812 1.4 
Total deposit-type contract liability (before reinsurance)
194,284 — — 194,284 100.0 %
Reinsurance ceded
20,123 — — 20,123 
Total deposit-type contract liability
$174,161 $— $— $174,161 
Interest rate changes may have temporary effects on the sale and profitability of annuity products offered by the Company. Although the rates offered by the Company are adjustable in the long-term, in the short-term they may be subject to contractual and competitive restrictions, which may prevent timely
49
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
adjustment. The Company’s management constantly monitors interest rates with respect to a spectrum of product durations and sells annuities that permit flexible responses to interest rate changes as part of the Company’s management of interest spreads. However, adverse changes in investment yields on invested assets will affect the earnings on those products with a guaranteed return.
At December 31, 2023, the Company's general and separate account life insurance account values, cash value, and reserves for policies subject to discretionary withdrawal, not subject to discretionary withdrawal, or with no cash value are summarized as follows:
General AccountSeparate Account - Guaranteed and Nonguaranteed
Account ValueCash ValueReserveAccount ValueCash ValueReserve
(In Thousands)
Subject to discretionary withdrawal, surrender values, or policy loans:
Term policies with cash value$— $— $— $— $— $— 
Universal life— — — — — — 
Universal life with secondary guarantees
— — — — — — 
Indexed universal life— — — — — — 
Indexed universal life with secondary guarantees
— — — — — — 
Indexed life— — — — — — 
Other permanent cash value life insurance
— 2,804,330 3,142,811 — — — 
Variable life— — — — — — 
Variable universal life— — — — — — 
Miscellaneous reserves— — — — — — 
Not subject to discretionary withdrawal or no cash values:
Term policies without cash valueXXXXXX— XXXXXX— 
Accidental death benefitsXXXXXX3,538 XXXXXX— 
Disability - active livesXXXXXX4,021 XXXXXX— 
Disability - disabled livesXXXXXX18,536 XXXXXX— 
Miscellaneous reservesXXXXXX— XXXXXX— 
Total life reserves (before reinsurance)— 2,804,330 3,168,906 — — — 
Reinsurance Ceded— — 341,220 — — — 
Net life reserves$— $2,804,330 $2,827,686 $— $— $— 

10. Employee Retirement Benefits
The Company has a noncontributory pension plan under a deposit administration group annuity contract covering substantially all employees and field representatives that meet eligibility requirements while working for the Company and attaining normal retirement age. In addition, the Company provides certain health care and life insurance benefits for certain retired employees or their beneficiaries. Substantially all of the Company’s employees and field representatives may become eligible for those benefits when they reach normal retirement age while working for the Company.
50
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The Company uses a December 31 measurement date for all plans.
A summary of assets, obligations and assumptions of the pension and other postretirement benefit plans at December 31, are as follows:
Pension BenefitsPostretirement Medical
2023202220232022
(In Thousands)
Change in benefit obligation:
Benefit obligation at beginning of year$883,366 $1,208,163 $94,468 $154,087 
Service cost20,373 33,641 79 163 
Interest cost45,899 29,615 4,719 2,921 
Contribution by plan participants— — 4,457 4,626 
Actuarial (gain) loss42,624 (334,481)1,648 (55,388)
Benefits paid(54,372)(53,572)(12,312)(11,941)
Plan amendments— — — — 
Settlements(63,026)— — — 
Benefit obligation at end of year$874,864 $883,366 $93,059 $94,468 
Change in plan assets:
Fair value of plan assets at beginning of year
$1,070,044 $1,284,221 $— $— 
Actual return on plan assets160,648 (160,605)— — 
Employer contribution— — 7,854 7,315 
Plan participants’ contributions— — 4,457 4,626 
Benefits paid(54,371)(53,572)(12,311)(11,941)
Settlements(63,026)— — — 
Fair value of plan assets at end of year$1,113,295 $1,070,044 $— $— 
Pension BenefitsPostretirement Medical
2023202220232022
(In Thousands)
Funded status:
Overfunded (underfunded) obligation$238,431 $186,678 $(93,059)$(94,468)
Unrecognized net (gain) or loss— — — — 
Unrecognized prior service cost— — — — 
Net amount recognized*$238,431 $186,678 $(93,059)$(94,468)
Accumulated benefit obligation for vested employees and partially vested employees to the extent vested
$796,625 $817,582 $93,059 $94,468 
*Nonadmitted if overfunded
51
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Pension Benefits
202320222021
(In Thousands)
Components of net periodic benefit cost:
Service cost$20,373 $33,641 $35,815 
Interest cost45,899 29,615 25,031 
Expected return on plan assets(75,560)(91,126)(83,066)
Amount of recognized gains and losses4,173 9,867 22,281 
Amount of prior service cost recognized531 476 (579)
Total net periodic benefit cost (benefit)$(4,584)$(17,527)$(518)
Postretirement Medical
202320222021
(In Thousands)
Components of net periodic benefit cost:
Service cost$79 $163 $248 
Interest cost4,719 2,921 2,927 
Amount of recognized gains and losses(11,306)(6,777)(1,838)
Amount of prior service cost recognized— (1,392)(1,392)
Total net periodic benefit cost (benefit)$(6,508)$(5,085)$(55)
Pension BenefitsPostretirement Medical
2023202220232022
(In Thousands)
Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost:
Items not yet recognized as a component of net periodic cost - prior year
$149,145 $242,238 $(75,546)$(28,326)
Net transition asset or obligation recognized
— — — — 
Net prior service cost or credit arising during the period
— — — — 
Net prior service cost or credit recognized
(531)(476)— 1,392 
Net gain and loss arising during the period
(42,464)(82,750)1,647 (55,388)
Net gain and loss recognized
(4,173)(9,867)11,306 6,777 
Items not yet recognized as a component of net periodic cost - current year
$101,977 $149,145 $(62,593)$(75,545)
52
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Assumptions used to determine net periodic benefit cost for the year ended December 31:
Pension BenefitsPostretirement Medical
2023202220232022
Discount rate5.46%3.00%5.43%2.88%
Rate of compensation increase4.60%4.60%N/AN/A
Expected long-term rate of return on plan assets
7.25%7.25%N/AN/A

Assumptions used to determine the benefit obligation at December 31:
Pension BenefitsPostretirement Medical
2023202220232022
Discount rate5.13%5.46%5.07%5.43%
Rate of compensation increase4.60%4.60%N/AN/A
The Company's non-admitted pension asset was $238.4 million and $186.7 million at December 31, 2023 and 2022, respectively.
The Company utilizes a full yield curve approach in the estimation of liabilities, service cost, and interest cost for pension and postretirement benefits by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The yield curve utilized in the cash flow analysis is comprised of highly rated (Aaa or Aa) corporate bonds. The discount rate was decreased from 5.46% at December 31, 2022, to 5.13% at December 31, 2023. This resulted in a $34.2 million increase in the pension benefit obligation in 2023. The discount rate was increased from 3.00% at December 31, 2021, to 5.46% at December 31, 2022. This resulted in a $327.6 million decrease in the pension benefit obligation in 2022.
The Company employs a prospective building block approach in determining the long-term expected rate of return for plan assets. Historical returns are determined by asset class. The historical relationships between equities, fixed income securities, and other assets are reviewed. The Company applies long-term asset return estimates to the plan’s target asset allocation to determine the weighted-average long-term return. The Company’s long-term asset allocation was determined through modeling long-term returns and asset return volatilities and is guided by an investment policy statement created for the plan.
53
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The asset allocation for the defined benefit pension plan at the end of 2023 and 2022, and the target allocation for 2023 by asset category, are as follows:
Target Allocation PercentagePercentage of
Plan Assets
202320232022
Asset category:
Equity securities
60 %65 %64 %
Fixed income securities
13 11 12 
Short-term investments
2 — — 
Other
25 24 24 
Total100 %100 %100 %
The plan employs a total return investment approach whereby a mix of fixed income and equity investments are used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The total portfolio is structured with multiple sub-portfolios, each with a specific fixed income or equity asset management discipline. Each sub-portfolio is subject to individual limitations and performance benchmarks as well as limitations at the consolidated portfolio level. Quarterly asset allocation meetings are held to evaluate portfolio asset allocations and to establish the optimal mix of assets given current market conditions and risk tolerance. Investment mix is measured and monitored on an ongoing basis through regular investment reviews, annual liability measurements, and periodic asset/liability studies.
The Company’s pension plan assets consist primarily of debt and equity securities, mutual funds and private equity funds, all of which are carried at fair value.
Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels.
•Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. The Company’s Level 1 assets primarily include exchange-traded equity securities and mutual funds.
•Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The Company’s Level 2 assets include certain debt securities for which public price quotations are not available, but that use other market observable inputs from third-party pricing service quotes or internal valuation models using observable inputs. Level 2 assets also include private funds that invest primarily in domestic debt securities where the Company has the right to redeem its interest at net asset values. The underlying debt securities within these funds employ similar valuation methodologies as the Company’s other investments in debt securities.
•Level 3 - Significant unobservable inputs for the asset or liability. The Company's Level 3 assets primarily include private real estate funds.
54
The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Debt Securities
The fair values of actively traded debt securities have been determined through the use of third-party pricing services utilizing market observable inputs.
Equity Securities
The fair values of actively traded equity securities have been determined utilizing publicly quoted prices from third-party pricing services.
Mutual Funds
The fair values of mutual funds have been determined utilizing the net asset values of the funds.
Private Equity and Fixed Income Funds
The fair values of private equity and fixed income funds have been determined utilizing the net asset values of the funds. The fair values of the private real estate funds have been determined by utilizing significant unobservable inputs.
Other Assets
Other assets primarily include securities lending reinvested collateral and cash equivalents. The fair value of securities lending reinvested collateral assets are from third-party sources utilizing publicly quoted prices. The fair value of the cash equivalents are based on quoted market prices.

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The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
The fair value of the pension plan’s assets by asset category is as follows:
Assets Measured at Fair ValueFair Value Hierarchy Level
Level 1Level 2*Level 3
(In Thousands)
At December 31, 2023:
Debt securities:
Debt securities issued by states of the U.S. and political subdivisions of the states
$2,209 $— $2,209 $— 
Corporate securities
103,856 — 103,856 — 
Residential mortgage-backed securities
701 — 701 — 
Asset-backed securities
10,936 — 10,936 — 
Equity securities:
Common equity
604,439 560,335 44,104 — 
Mutual funds
116,393 116,393 — — 
Preferred stock
2,765 — 2,765 — 
Other invested assets:
Private equity and fixed income funds
213,350 — 213,350 — 
Surplus notes
2,711 — 2,711 — 
Real estate
23,734 — — 23,734 
Other assets
56,334 54,386 1,948 — 
Total plan assets
$1,137,428 $731,114 $382,580 $23,734 
* Includes investments using net asset value (NAV) as a practical expedient.
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The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
Assets Measured at Fair ValueFair Value Hierarchy Level
Level 1Level 2*Level 3
(In Thousands)
At December 31, 2022:
Debt securities:
Debt securities issued by states of the U.S. and political subdivisions of the states
$2,040 $— $2,040 $— 
Corporate securities
112,201 — 112,201 — 
Residential mortgage-backed securities
777 — 777 — 
Asset-backed securities
11,843 — 11,843 — 
Equity securities:
Common equity
555,090 513,330 41,760 — 
Mutual funds
123,560 123,560 — — 
Preferred stock
2,597 — 2,597 — 
Other invested assets:
Private equity and fixed income funds
225,570 — 225,570 — 
Surplus notes
2,542 — 2,542 — 
Real estate
20,321 — 20,321 — 
Other assets
75,090 72,943 `2,147 — 
Total plan assets
$1,131,631 $709,833 $421,798 $— 
* Includes investments using net asset value (NAV) as a practical expedient.
For measurement purposes of the postretirement benefit obligation at December 31, 2023, a 5.275 percent annual rate of increase in the per capita cost of covered health care benefits is assumed for 2024. The rate was assumed to decrease gradually to 4.75 percent for 2031 and remain at that level thereafter.
At December 31, 2023, the assets of the Company’s pension include approximately $52.7 million invested in the Touchstone Family of Funds, which are administered by the Company, and $240.7 million invested in private equity and fixed income funds managed by Fort Washington Investment Advisors, Inc. At December 31, 2022, the assets of the Company’s pension include approximately $67.0 million invested in the Touchstone Family of Funds, which are administered by the Company, $251.4 million invested in private equity and fixed income funds managed by Fort Washington Investment Advisors, Inc.
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The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
As of December 31, 2023, future benefit payments for the pension plan are expected as follows (in millions):
2024$53.4 
202554.1 
202654.6 
202755.4 
202856.3 
Five years thereafter295.2 

Future benefit payments for the postretirement medical plan, net of amounts contributed by plan participants, are expected as follows (in millions):
2024$7.7 
20257.6 
20267.3 
20277.1 
20286.9 
Five years thereafter32.6 
The Company did not make any contributions to the pension plan in 2023 and 2022. The Company does not expect to make contributions to the pension plan during 2024.
In 2023, the Company entered into a group annuity contract with WSLAC to transfer risk and administration costs associated with its pension benefit obligations in the amount of $54.6 million, which is included in the Settlements line in the change in projected benefits obligation table.
The Company made contributions to the postretirement medical plan of $7.9 million in 2023 and expects to contribute $69.1 million between 2024 and 2033, inclusive. The Company received no subsidies in 2023. The Company’s postretirement medical plan did not collect the Medicare Part D Subsidy for claims activity occurring after January 1, 2013.
The Company sponsors a contributory employee retirement savings plan covering substantially all eligible, full-time employees. This plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The Company’s contributions to the plan are based on a combination of the employee’s contributions to the plan and a percentage of the employee’s earnings for the year. The total of the Company’s contributions to the defined contribution plan were $5.7 million, $5.0 million, and $4.8 million for 2023, 2022 and 2021, respectively.
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The Western and Southern Life Insurance Company
Notes to Financial Statements (Statutory-Basis)
December 31, 2023, 2022 and 2021
11. Premium and Annuity Considerations Deferred and Uncollected
Deferred and uncollected life insurance premiums and annuity considerations at December 31, 2023, were as follows:
GrossNet of Loading
(In Thousands)
Ordinary new business$3,585 $270 
Ordinary renewal63,673 45,719 
Accident and health renewal389 324 
Assumed investment type-contracts394 394 
Total$68,041 $46,707 

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