POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

As filed with the Securities and Exchange Commission on April 26, 2024

File No. 033-19946; 811-03072-01

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No. 48 ☒

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Post-Effective Amendment No. 900 ☒
(Check appropriate box or boxes)

TALCOTT RESOLUTION LIFE INSURANCE COMPANY DC VARIABLE ACCOUNT-I
and
TALCOTT RESOLUTION LIFE INSURANCE COMPANY SEPARATE ACCOUNT TWO
(Exact Name of Registrant)

TALCOTT RESOLUTION LIFE INSURANCE COMPANY
(Name of Depositor)

1 American Row
Hartford, CT 06103
(Address of Depositor’s Principal Offices)

(860) 791-0286
(Depositor’s Telephone Number, Including Area Code)

Edmund F. Murphy III
President & Chief Executive Officer
Empower Annuity Insurance Company of America
8515 E. Orchard Road
Greenwood Village, Colorado 80111
(Name and Address of Agent for Service)

Copy To:

Stephen E. Roth, Esq.
Eversheds Sutherland (US) LLP
700 Sixth Street, NW, Suite 700
Washington, D.C. 20001

Approximate date of proposed public offering:
As soon as practicable after the effective date of the registration statement.

It is proposed that this filing will become effective:

	immediately upon filing pursuant to paragraph (b) of Rule 485
x	on May 1, 2024 pursuant to paragraph (b) of Rule 485
	60 days after filing pursuant to paragraph (a)(1) of Rule 485
	on pursuant to paragraph (a)(1) of Rule 485
	this post-effective amendment designates a new effective date for a previously filed post- effective amendment.

Talcott Resolution Life Insurance Company
Group Variable Annuity Contracts
Separate Account DC Variable Account-I and
Separate Account Two
Sub-Administered by Empower Annuity Insurance Company of America

This Prospectus sets forth information you should know before you purchase or become a Participant under the group variable annuity contract (the “Contract” or “Contracts”). Please read it carefully before you purchase or become a Participant under the Contract. We no longer sell the Contract. However, we continue to administer existing Contracts. The Contract provides for accumulation of Participant Account value and Annuity payments on a fixed and/or variable basis.

Talcott Resolution Life Insurance Company issues the Contracts in connection with Deferred Compensation Plans of tax-exempt and governmental employers. We can also issue the Contracts in connection with certain Qualified Plans of employers (generally tax-exempt or non-tax-exempt).

We hold Contributions to Contracts issued in connection with Deferred Compensation Plans in a Separate Account known as Talcott Resolution Life Insurance Company DC Variable Account-I (“DC-I”) during the period before annuity payouts start. When annuity payouts start, Contract values are held in our Separate Account that is known as Talcott Resolution Life Insurance Company Separate Account Two (“DC-II”).

For Contracts issued in connection with Qualified Plans, we hold Contributions in DC-II during the period before annuity payouts start and during the period after annuity payouts start.

The Contracts may contain a General Account option or a different General Account contract may be issued in conjunction with the Contracts. The General Account option or contract may contain restrictions. The General Account option or contract and these restrictions are not described in this Prospectus. The General Account option or contract is not required to be registered with the Securities and Exchange Commission (“SEC”).

We allocate the Contributions to the “Sub-Accounts” as directed by the Contract Owner or Participant, as applicable. Sub-Accounts are divisions of a Separate Account.

The Sub-Accounts purchase shares of underlying mutual funds (“Funds”) that have investment strategies ranging from conservative to aggressive. Because your Contributions purchase Sub-Accounts, you do not invest directly in any of the underlying Funds.

For additional information on the underlying Funds see Appendix A: Underlying Funds.

If you decide to become a Contract Owner or a Participant, you should keep this Prospectus for your records. You can also call us at 1-800-528-9009 to get a Statement of Additional Information, free of charge. The Statement of Additional Information contains more information about the Contract, and like this Prospectus, is filed with the SEC.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.

The SEC doesn’t approve or disapprove these securities or determine if the information in this Prospectus is truthful or complete. Anyone who represents that the SEC does these things may be guilty of a criminal offense.

This Prospectus and the Statement of Additional Information can also be obtained from the SEC’s website (http://www.sec.gov).

This group variable annuity contract IS NOT:

♦A bank or credit union deposit or obligation

♦FDIC or NCUA insured

♦Insured by any federal government agency

♦Guaranteed by any bank or credit union

♦May go down in value

Prospectus Dated: May 1, 2024

TABLE OF CONTENTS

Section	Page
Glossary Of Special Terms	4
Important Information You Should Consider About the Contract	6
Overview of the Contract	8
Phases of the Contract	8
Contract Features	8
FEE TABLE	9
Principal Risks of Investing in the Contract	13
Talcott Resolution Life Insurance Company	14
The Separate Account	14
Underlying Funds	15
Fees and Payments Received by Talcott Resolution from the Fund Families	15
Endorsement/Sponsorship Fees Paid By Talcott Resolution	16
Voting Rights	16
Changes to the Funds and Separate Account	16
General Account Option	17
Contract Charges	17
Sales Charge	17
Is there ever a time when the Sales Charge does not apply?	18
Mortality and Expense Risk and Administrative Charge:	19
Transfer Fee	20
Premium Taxes	21
Loan Fees	21
Experience Rating under the Contracts	21
Negotiated Charges and Fees	21
Charges of the Funds	21
Plan Related Expenses	21
Assignments	22
Pricing and Crediting of Contributions	22
Canceling your Individual Contract	22
Transfers between Sub-Accounts	22
Restrictions on Sub-Account Transfers	23
Fund Trading Policies	24
Impact of Frequent Transfers	24
General Account Option Transfers	25
Telephone and Internet Transfers	25
Contract Value	25
Surrenders and Withdrawals	26
Systematic Withdrawal Option	27
Payment of Surrender Value	27
Annuity Options	27
Annuity Payout Options	27
Calculation of Annuity Payment	28
Variable Annuity Payments	29
Benefits Available Under the Contract	30
Death Benefits	31
Federal Tax Considerations	33
Civil Unions & Domestic Partnerships	33
Tax Reporting	33
Taxation of Talcott Resolution and the Separate Account	33
Diversification of the Separate Account	34
Tax Ownership of the Assets in the Separate Account	34
Non-Natural Persons as Owners	35
Annuity Purchases by Nonresident Aliens and Foreign Corporations	35
Generation Skipping Transfer Tax	35
Tax-Qualified Retirement Plans	35
Individual Retirement Annuities (“IRAs”)	36
Qualified Pension or Profit-Sharing Plan or Section 401(k) Plan	38

Section	Page
Tax-Sheltered Annuity under Section 403(b) (“TSA”)	38
Deferred Compensation Plans under Section 457 (“Section 457 Plans”)	39
Taxation of Amounts Received from Qualified Plans	39
Penalty Taxes for Qualified Plans	40
Tax Withholding for Qualified Plans	41
Rollover Distributions	42
Distribution	43
More Information	44
Modification of the Contracts	44
Reservation of Rights Under the Contract	44
Legal Proceeding	44
Appendix A Underlying Funds	APP A-1

Glossary Of Special Terms

The defined terms set out in this prospectus also appear in and apply to the related Statement of Additional Information (“SAI”).

Accumulation Period: The period before the start of Annuity payouts.

Accumulation Units: If you allocate your Contributions to any of the Sub-Accounts, we will convert those payments into Accumulation Units in the selected Sub-Accounts. Accumulation Units are valued at the end of each Valuation Day and are used to calculate the value of Participant Accounts invested in the Sub-Accounts prior to Annuitization.

Annual Maintenance Fee: An annual charge for establishing and maintaining a Participant Account under a Contract.

Annuitant: The person on whose life Annuity payouts are based.

Annuitant’s Account: An account established at the beginning of the Annuity Period for making Annuity payouts under the Contracts.

Annuity: A series of payments for life or another designated period.

Annuity Commencement Date: The date we start to make Annuity payouts to you.

Annuity Period: The period during which we make Annuity payouts to you.

Annuity Unit: A unit of measure we use to calculate the value of Annuity payments under a Variable Annuity payout option.

Beneficiary: The person or persons designated to receive Contract values in the event of the Participant’s or Annuitant’s death.

Code: The Internal Revenue Code of 1986, as amended.

Contract Owner: The Employer or entity owning the Contract.

Contract Year: A period of 12 months beginning with the effective date of the Contract or with any anniversary of the effective date.

Contribution(s): The amount(s) paid or transferred to Us by the Contract Owner on behalf of Participants pursuant to the terms of the Contracts.

Date of Coverage: The date on which we receive the application on behalf of a Participant.

DC Variable Account I or DC-I: Our Separate Account, Talcott Resolution Life Insurance Company DC Variable Account-I.

DC-II: Our Separate Account, Talcott Resolution Life Insurance Company Separate Account Two.

Deferred Compensation Plan: A plan established and maintained in accordance with the provisions of Section 457 of the Code and the regulations issued thereunder.

Due Proof of Death: A certified copy of the death certificate, an order of a court of competent jurisdiction, a statement from a physician who attended the deceased or any other proof acceptable to us.

Employer: A governmental or tax-exempt employer maintaining a Deferred Compensation Plan for its employees or other eligible persons, or an employer sponsoring a Qualified Plan for its employees.

Fixed Annuity: An Annuity providing for guaranteed payments which remain fixed in amount throughout the payment period and which do not vary with the investment experience of a separate account.

General Account: Our General Account that consists of all of our company assets, including any money you have invested in the General Account option. The assets in the General Account are available to the creditors of Talcott Resolution.

Empower: Empower Annuity Insurance Company of America, which serves as sub-administrator of the Contracts and the Separate Account. You may contact Empower at 1-844-804-8989, Participantservices@empower.com, or at 8515 E. Orchard Road, Greenwood Village, CO 80111.

Empower Administrative Office: Overnight and Standard mailing address: Empower, 8515 E. Orchard Road, Greenwood Village, CO 80111.

Minimum Death Benefit: The minimum amount payable upon the death of a Participant prior to age 65 and before Annuity payments have started.

Participant: A term used to describe, for record keeping purposes, any employee, former employee or other eligible person with a Participant Account under the Contract.

Participant Account: An account under a Contract to which the General Account values and the Separate Account Accumulation Units are allocated on behalf of a Participant under the Contract.

Participant’s Contract Year: A period of twelve (12) months beginning with the Date of Coverage of a Participant and each successive 12-month period.

Plan: The Deferred Compensation Plan or Qualified Plan of an Employer.

Premium Tax: A tax or amount of tax, if any, charged by a state, federal, or other governmental entity on Contributions or Contract values.

Qualified Plan: A retirement plan of an Employer that qualifies for special tax treatment under section 401, 403 or 408 of the Code.

Separate Account: Separate Account Two of Talcott Resolution Life Insurance Company.

Sub-Account Value: The value on or before the Annuity Commencement Date, which is determined on any day by multiplying the number of Accumulation Units by the Accumulation Unit value for that Sub-Account.

Surrender: Any withdrawal of Contract values.

Talcott Resolution, We, Us or Our: Talcott Resolution Life Insurance Company

Termination Value: The value of a Participant’s Account on any Valuation Day before the Annuity Commencement Date less any applicable Premium Taxes not already deducted and any applicable contingent deferred sales charges.

Valuation Day: Every day the New York Stock Exchange is open for trading. The value of a Separate Account is determined as of the close of the New York Stock Exchange (generally 4:00 p.m. Eastern Time) on such days.

Valuation Period: The time span between the close of trading on the New York Stock Exchange from one Valuation Day to the next.

Variable Annuity: An Annuity providing for payments varying in amount in accordance with the investment experience of the assets held in the underlying Funds of the Separate Account.

Important Information You Should Consider About the Contract

FEES AND EXPENSES

LOCATION IN

PROSPECTUS

Charges for Early

Withdrawals

You do not pay a sales charge at the time you make a Contribution to your

Participant Account. But you may pay a Sales Charge if you fully or partially

surrender your Participant Account value during the first 12 years of the

contract.

As of August 1, 2011, the CDSC is no longer charged for any Surrenders.

Fee Table;

Contract

Charges; Sales

Charge

Transaction Charges

In addition to the Sales Charge, you may be charged for other transactions.

These may include charges for Transfers, Loans, and Premium Taxes that are

imposed by a State or other government entity.

Fee Table:

Transfer Fee;

Loan Set-up Fee;

Annual Loan

Administration

Fee; Contract

Charges;

Premium Taxes

Ongoing Fees and Expenses (annual charges)	The table below describes the fees and expenses that you may pay each year. Please refer to your Contract specifications page for information about the specific fees you will pay each year. The fees and expenses don’t reflect advisory fees that are paid to investment advisors from the Participant Account. If such charges were reflected, such fees and expenses would be higher.			Fee Table: Participant Transaction Expenses; Annual Contract Expenses; Annual Underlying Funds Operating Expenses
	Annual Fee	Minimum	Maximum
	Base Contract1	0%	2.00%
	Investment options (Fund fees and expenses)2	0.14%	1.31%
	1 As a percentage of Total Value of Participant Accounts under the Contract. 2 As a percentage of Underlying Fund assets.
	Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year, based on current charges.

	Lowest Annual Cost: $970	Highest Annual Cost: $2,812
	Assumes: Investment of $100,000 •5% annual appreciation •Least expensive Contract and Underlying Fund fees and expenses •No CDSC charge •No additional Purchase Payments, transfers, or withdrawals	Assumes: Investment of $100,000 •5% annual appreciation •Most expensive Contract and Underlying Fund fees and expenses •No CDSC charge •No additional Purchase Payments, transfers, or withdrawals

Other Plan or

Participant Charges

Any plan-specifc fees.

Fee Table:

Participant

Transaction

Expenses

RISKS		LOCATION IN PROSPECTUS
Risk of Loss	You can lose money by investing in this Contract, including loss of principal and prior credited earnings.	Principal Risks
Not a Short Term Investment	The Contract is designed as a long-term accumulation Investment for retirement savings. It is not designed for short term investment and is not appropriate for an investor who needs ready access to cash.	Principal Risks
Risks Associated with Investment Options	•An investment in this Contract is subject to the risk of poor investment performance of the Underlying Funds available under the Contract. •Each Underlying Fund has its own unique risks. •You should review the prospectus for each Underlying Fund before making an investment decision.	Principal Risks
Insurance Company Risks	Any obligations, guarantees, and benefits of the Contract are subject to the claims- paying ability of the Talcott Resolution. If Talcott Resolution experiences financial distress, it may not be able to meet its obligations to you. More information about Talcott Resolution, including its financial strength ratings, is available upon request. You may make such request by calling 844- 804-8989 or visiting https://www.talcottresolution.com	Principal Risks

RESTRICTIONS		LOCATION IN PROSPECTUS
Investments	Talcott may add or remove an Underlying Fund as an investment option under the Contract or to limit its availability to new Contributions or Transfers of Participant Account Value.	Changes of the Funds and Separate Account
Optional Benefits	Loans will have a permanent effect on the Participant’s Account because the investment results of each Sub-account will apply only to amounts remaining in the Sub-accounts. A loan that is not repaid will also reduce the death benefit. If the Participant elects to pay third-party advisory fees out of the Contract, they may be subject to federal and state taxes, and a 10% federal tax penalty may apply if the Participant is under age 59 1∕2.	Description of the Contracts – Transfers between Sub- Accounts; Restrictions on Sub-Account Transfers
TAXES		LOCATION IN PROSPECTUS
Tax Implications	•You should consult with a tax professional to determine the tax implications of an investment in and payments received under the Contract. •Because you purchase the Contract through a qualified retirement plan, it does not provide any additional tax benefit. •Earnings on your Contract are taxed at ordinary income tax rates when you withdraw them, and you may have to pay a penalty if you take a withdrawal before age 59 1∕2.	Federal Tax Considerations
CONFLICTS OF INTEREST		LOCATION IN PROSPECTUS
Investment Professional Compensation	Your registered representative may receive compensation in the form of commissions for selling this Contract to you. Such compensation may influence your registered representative to recommend this Contract over another investment.	Distribution
Exchanges	Because this Contract is no longer available for sale, it should not be offered to you in exchange for another annuity contract that you own. But you should be aware, in general, that some investment professionals have a financial incentive to offer you a new contract in place of the one that you own. You should	N/A

exchange an annuity contract only if you determine, after comparing the

features, fees, and risks of both contracts, that it is preferable for you to

purchase the new annuity contract rather than continue to own the existing

annuity contract.

Overview of the Contract

Purpose

The Contract is designed for purchase by sponsors of retirement plans established under Sections 403(b) and 408 of the Code as an investment option for their participants. The Contract offers a number of Underlying Funds in which participants may invest through the Sub-Accounts. A General Account Option that guarantees payment of a minimum interest rate may also be available.

Phases of the Contract

The Contract has two periods: (1) the Accumulation Period and (2) the Annuity Period:

During the Accumulation Period, the Employer makes Contributions to the Contract on behalf of Plan Participants that Participants may allocate among the Sub-Accounts and, if available through the Plan, to the General Account Option. For additional information about the Underlying Funds available for investment through the Sub-Accounts, see Appendix A: Underlying Funds, at the back of this prospectus. For Deferred Compensation Plans, Contributions are allocated to DC-I during the Accumulation Period. For Qualified Plans, Contributions are allocated to DC-II during the Accumulation Period.

During the Accumulation Period, participants may request full or partial surrenders of their Participant Account value. In addition, participants may be able to request a loan from their Participant Account value.

The Accumulation Period ends on the Annuity Commencement Date when annuity payments begin. A Participant selects an Annuity Commencement Date and an Annuity Payout Option. The Contract provides five annuity options, which may be selected on either a Fixed or Variable Annuity basis or a combination thereof. For Deferred Compensation Plans, there is an automatic transfer of all DC-I values from the Participant Account to DC-II to establish an Annuitant Account.

During the Annuity Period, neither partial nor full surrenders are permitted except from annuities under Annuity Payout Option No. 5 - Payments for a Designated Period – that are selected on a variable basis. Nor may Participants request a loan during the Annuity Period.

Contract Features

Death Benefit: In the event that a participant dies during the Accumulation Period, the Contract pays a death benefit equal to the Participant Account Value, less any outstanding charges and loan balances. The form of the death benefit payable is subject to any limitation imposed by the Plan and the terms of the Contract.

Withdrawal Options: Full and Partial Surrenders are permitted during the Accumulation Period. They are allowed during the Annuity Period only from an annuity under Option No. 5 – Payments for a Designated Period – that is selected on a variable basis.

Loans: Participants may request loans under certain Plans. To obtain a loan, the participant must enter into an agreement with the Contract administrator that describes the terms, conditions and fees or charges of the loan. The Plan may restrict the amount of Participant Account value available for a loan. See the more detailed section “Participant Loans”.

Systemic Withdrawal Option: If permitted by Internal Revenue Service Regulations and the Plan, Participants who have terminated their employment with the Employer may elect systemic withdrawals based on a specific payment of amount, the frequency of payments and the duration of payments, while remaining in the Accumulation Period.

FEE TABLE

The following tables describe the fees and expenses that a Contract Owner will pay when purchasing, owning and surrendering the Contract or, if you are a Participant, when opening, holding and surrendering a Participant Account under the Contract. In addition to the fees described below, the Contract Owner may direct us to deduct additional fees for certain Plan related expenses (see “Plan Related Expenses” under the section entitled “Contract Charges”).

If you are a Contract Owner, this table describes the fees and expenses that you will pay at the time that you purchase the Contract or Surrender the Contract. If you are a Participant, this table describes the fees and expenses that you will pay at the time that you open a Participant Account or surrender a Participant Account under the Contract. Charges for state Premium Taxes may also be deducted when you contribute to the Contract, upon Surrender or when we start to make Annuity payouts.

Fee Table A below lists the applicable fees and expenses for Contracts issued on or after May 2, 1983. Fee Table B below lists the applicable fees and expenses for Contracts issued before May 2, 1983.

FEE TABLE A: Contracts issued on or after May 2, 1983

Participant Transaction Expenses

Maximum Sales Load on Purchases	None
Maximum Surrender Charge (as a % of Participant Account value Surrendered) (1)	7%
Transfer Fee (2)	$5
Loan Set-Up Fee	$50

The next table describes the fees that you will pay each year during the time that you hold Participant Account value under the Contract (not including Underlying Fund fees and expenses).

Annual Contract Expenses

	Maximum Fee	Minimum Fee
Annual Maintenance Fee (3)	$18	$0
Base Contract Fee (as a percentage of average daily Sub-Account value) (DC-I) (4) Base Contract Fee (as a percentage of average daily Sub-Account value) (DC-II) (4)	0.90% 1.25%	0.00% 0.00%
Loan Administration Fee (5)	$50	$0

This table shows the minimum and maximum Total Annual Fund Operating Expenses charged by the underlying Funds that you may pay on a daily basis during the time that you own the Contract or have a Participant Account under the Contract. More details concerning each underlying Fund’s fees and expenses is contained in the prospectus for each Fund.

Annual Underlying Funds Operating Expenses	Minimum	Maximum
Expenses that are deducted from Underlying Fund assets, including management fees, distribution and/or service (12b-1) fees and other expenses	0.14%	1.31%

(1)

Effective August 1, 2011, the Sales Charge was removed from the Contracts and ceased to apply to all Surrenders after August 1, 2011. For Surrenders prior to August 1, 2011, the following applied:

Each Participant Account has its own Sales Charge schedule. The percentage of the Sales Charge depends on the number of Participant’s Contract Years completed with respect to the Participant’s Account before the Surrender. We waive the Sales Charge on certain types of Surrenders.

Sales Charge (as a percentage of Participant Account value Surrendered)
Participant’s Contract Years
During the First through Sixth Year	7%
During the Seventh through Twelfth Year	5%
During the Thirteenth Year and thereafter	0%

(2)

The Transfer Fee applies to each transfer in excess of 12 made in a Participant Contract Year. We currently waive the Transfer Fee.

(3)

We deduct this $18 annual maintenance fee from each Participant Account on a quarterly basis. We deduct 25 percent of the annual fee on the last Valuation Day of each quarter, or from the proceeds of a full surrender of a Participant Account. We deduct the fee proportionately from the Sub-Accounts and any General Account value in a Participant Account.

(4)

The Base Contract Fee consists of the Mortality and Expense Risk and Administrative Charge, which is deducted daily at an annual rate against all Contracts values in the Sub-Accounts.

(5)

We deduct this $50 annual loan administration fee on a quarterly basis from a Participant Account. We currently waive the loan administration fee. This fee does not include any rate of interest charged under the terms of a loan. Any interest charged in connection with a loan is deposited to your Participant Account upon repayment of your loan.

We may also deduct a charge for Premium Taxes at the time of Surrender. We may eliminate or change the Transfer Fee, Sales Charge, Annual Maintenance Fee, and Mortality and Expense Risk and Administrative Charge.

EXAMPLE

This Example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include Participant administrative expenses, Base Contract Expenses and Underlying Fund fees and expenses.

Please note that there may be additional extra-contractual fees and charges that are not reflected in the Example, such as custodian or advisory fees that are plan and/or participant specific. Depending on the type of charge, these may reduce only your Participant Account Value, and/or could have tax consequences. See the section “Plan Related Expenses” later in this Prospectus.

The Example assumes that you invest $100,000 in the Contract for the time periods indicated. The Example also assumes that your investment has a 5% return each year and assumes the highest Total Annual Fund Operating Expenses. This Example also does not take into consideration any fee waiver or expense reimbursement arrangements of the underlying funds. If these arrangements were taken into consideration, the expenses shown would be lower.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

	If you Surrender your Contract at the end of the applicable time period
Mortality and Expense Risk and Administrative Charge	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
1.25% (DC-II)	$9,106	$14,919	$20,842	$34,387
0.90% (DC-I)	$8,772	$13,921	$19,047	$30,813

	If you annuitize at the end of the applicable time period
Mortality and Expense Risk and Administrative Charge	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
1.25% (DC-II)	$2,642	$8,113	$13,844	$29,388
0.90% (DC-I)	$2,283	$7,036	$12,049	$25,814

	If you do not Surrender your Contract
Mortality and Expense Risk and Administrative Charge	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
1.25% (DC-II)	$2,642	$8,113	$13,844	$29,388
0.90% (DC-I)	$2,283	$7,036	$12,049	$25,814

FEE TABLE B: Contracts issued on or after December 7, 1981 and prior to May 2, 1983

Participant Transaction Expenses

Maximum Sales Load on Purchases	None
Maximum Surrender Charge (as a % of Participant Account value Surrendered) (6)	6%
Transfer Fee (7)	$5

The next table describes the fees that you will pay each year during the time that you hold Participant Account value under the Contract (not including Underlying Fund fees and expenses).

Annual Contract Expenses

	Maximum Fee	Minimum Fee
Annual Maintenance Fee (8)	$18	$0
Base Contract Fee (as a percentage of average daily Sub-Account value) (9)	2%	1.25%

(6)

Effective August 1, 2011, The Sales Charge was removed from the Contracts, and ceased to apply to all Surrenders after August 1, 2011. Talcott Resolution charges a contingent deferred sales charge that begins to phase out after the 12th Participation Contract Year. During the first 10 Participation Contract Years, a maximum deduction of 6% will be made against the full amount of any such surrender. Thereafter, if a surrender occurs between the 10th and 12th Participant Contract Years, a 5% contingent deferred sales charge will be made against the full amount of such surrender. Effective October 1, 1997, after the 12th Participant Contract Year, the 5% charge will be reduced by 1% each subsequent year until the charge is eliminated. In some states, the contingent deferred sales charge structure noted above may not yet be available. In these states, Talcott Resolution will deduct 6% from the amount surrendered from any Participant’s Individual Account under a Master Contract during the first ten Participant’s Contract Years and 5% thereafter prior to the Annuity Commencement Date.

(7)

The Transfer Fee applies to each transfer in excess of 12 made in a Participant Contract Year. We Currently waive the Transfer Fee.

(8)

The Annual Maintenance Fee is deducted from each Participant’s Individual Account under the Contracts. This fee will be deducted from the value of each such account on the last business day of each calendar year; provided, however, that if the value of a Participant’s Individual Account is redeemed in full at any time before the last business day of the each Participant’s Contract year, then the Annual Maintenance Fee charge will be deducted from the proceeds of such redemption. No contract fee deduction will be made during the Annuity Payment period under the contracts.

In the event that the Contributions made on behalf of a Participant are allocated partially to the fixed annuity portion of the Participant’s Individual Account and partially to the variable annuity portion of the Participant’s Individual

Account, then the Annual Maintenance Fee will be deducted first from the value of the fixed annuity portion of the Participant’s Individual Account. If the value of the fixed annuity portion of the Participant’s Individual Account is insufficient to pay the fee, then any deficit will be deducted from the value of the variable annuity portion of the Participant’s Individual Account in the following manner: if there are no accumulation units in the General Account or if their value is less than $10.00, the General Account portion of an account will be made against values held in the Hartford Stock HLS Fund Sub-Account of DC-I. If the Hartford Stock HLS Fund Sub-Account values are insufficient to cover the fee, the fee shall be deducted from the account values held in the Hartford Total Return Bond HLS Fund Sub-Account of DC-I. The fee is not applicable to the Hartford Ultrashort Bond HLS Fund Sub-Account where available. In the even that the Contributions made on behalf of a Participant are allocated partially to the General Account and partially to the Separate Account, the Annual Maintenance Fee will be charged against the Separate Account and General Account on a pro rata basis.

(9)

The Base Contract Fee consists of the Mortality and Expense Risk and Administrative Charge, which is deducted daily at an annual rate against the average daily assets held under the DC-I and DC-II separate accounts.

EXAMPLE

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

	If you Surrender your Contract at the end of the applicable time period
Mortality and Expense Risk and Administrative Charge	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
2.00%	$9,821	$17,033	$24,475	$41,640

	If you annuitize at the end of the applicable time period
Mortality and Expense Risk and Administrative Charge	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
2.00%	$3,411	$10,395	$17,602	$36,641

	If you do not Surrender your Contract
Mortality and Expense Risk and Administrative Charge	1 Yr.	3 Yrs.	5 Yrs.	10 Yrs.
2.00%	$3,411	$10,395	$17,602	$36,641

Principal Risks of Investing in the Contract

Not a Short Term Investment Vehicle. The Contract is designed for retirement savings or other long-term purposes. It is not appropriate for investors who need ready access to cash.

Risks Associated with Underlying Funds. The value of your investment and any returns will depend on the performance of the Underlying Fund(s) you select. You bear the risk of any decline in your Participant Account value resulting from the Underlying Fund(s)’ performance.

Company’s Claims Paying Ability. Guarantees and benefits provided by the Talcott Resolution are subject to the financial strength and claims paying ability of the company. If the Talcott experiences financial difficulty, it may not be able to make guaranteed payments that exceed the assets in the Separate Account.

Deduction of Third-Party Advisory Fees. Risks relating to the deduction of advisory fees will reduce your Participant Account Value and subject to state and federal income tax, as well as a 10% federal penalty tax if the Participant is under age 59 1/2.

Limitations on Surrenders and Withdrawals. During the first Twelve Contract Years we will deduct a contingent deferred Surrender Charge if you surrender or take a withdrawal from the Contract. You should purchase the Contract only if you have the ability to keep it in force for a substantial period of time.

Contract Suspension. The Contract may be suspended where new Contributions and new Participant Accounts will not be accepted.

Tax Consequences. Withdrawals are generally taxable as ordinary income. Withdrawals before age 59 1∕2 may be subject to a tax penalty.

Cyber Security and Business Continuity Risk. Our business is highly dependent upon the effective operation of our computer systems and those of our business partners and service providers. Our business is therefore vulnerable to disruptions from utility outages and susceptible to operational and information security risks resulting from system failures and cybersecurity incidents. These risks include, among other things, the theft, misuse, corruption and destruction of electronic data, interference with or denial of service, attacks on systems or websites and other operational disruptions that could severely impede our ability to conduct our business and administer the Contract. Financial services companies and their third-party service providers are increasingly the targets of cyber-attacks involving the encryption of data (e.g., ransomware), disruptions in communications (e.g., denial of service), or unauthorized access to or release of personal or confidential information. In 2023, we were notified of a data security incident involving the MOVEit file transfer system used by numerous financial services companies. A third-party vendor uses that software on our behalf to, among other things, identify the deaths of insured persons and annuitants under life insurance policies and annuity contracts. We notified affected customers as required by law, and we continue to assess and investigate the overall impact of the incident. The techniques used to attack systems and networks change frequently, are becoming more sophisticated, and can originate from a wide variety of sources. The use of remote or flexible work arrangements, remote access tools, and mobile technology has expanded potential targets for cyber-attack.

System failures and cybersecurity incidents may adversely affect you and/or your Contract. For instance, a cyber-attack may interfere with our ability to process Contract transactions or calculate Contract values, including Accumulation Unit values, or could result in the release of confidential customer information. Such events could also adversely affect us, as they may result in regulatory fines, financial losses and reputational damage. Cybersecurity incidents may also impact the issuers of securities in which the underlying funds invest, which may cause the funds underlying your Contract to lose value. Although we take efforts to protect our systems from cybersecurity incidents, there can be no assurance that we or our service providers or the underlying funds will be able to avoid cybersecurity incidents affecting Contract owners in the future. It is possible that a cybersecurity incident could persist for an extended period of time without detection.

We are also exposed to risks related to natural and man-made disasters, and other severe events, such as storms, public health crises, terrorist acts, and military actions, any of which could adversely affect our business operations. While we have a business continuity plan and have taken precautions, we cannot assure you that severe events will not result in interruptions to our business operations, particularly if such events affect our computer systems or result in a significant number of our employees becoming unavailable. Interruptions to our business operations may impair our ability to effectively administer the Contract, including our ability to process orders and calculate Contract values. Additionally, our third-party service providers and

other third-parties related to our business (such as financial intermediaries or underlying funds) are subject to similar risks. Successful implementation and execution of their business continuity policies and procedures are largely beyond our control. Disruptions to their business operations may impair our own business operations.

Talcott Resolution Life Insurance Company

Talcott Resolution Life Insurance Company is a stock life insurance company originally incorporated under the laws of Massachusetts on June 5, 1902, and subsequently re-domiciled to Connecticut. Talcott Resolution Life Insurance Company is authorized to do business in all states of the United States and the District of Columbia. In June 2018, the Company changed its name from Hartford Life and Annuity Insurance Company to Talcott Resolution Life and Annuity Insurance Company. Our corporate offices are located at 1 American Row, Hartford, CT 06103.

On January 1, 2013, Talcott Resolution entered into a reinsurance agreement and administrative services agreement with Massachusetts Mutual Life Insurance Company (“MassMutual”) to re-insure the obligations of Talcott Resolution under the Contracts and to provide administration of the Contracts.

On December 20, 2020, MassMutual entered into a reinsurance agreement and subcontractor administrative services agreement with Great-West Life & Annuity Insurance (“Great-West”) to further re-insure the obligations of Talcott Resolution under the Contracts and to provide administration of the Contracts. On September 2, 2022, Great-West Life & Annuity Insurance Company was re-named Empower Annuity Insurance Company of America (“Empower”).

Empower has primary responsibility for administration of the Contract and the Separate Account. Empower or its affiliates may also provide recordkeeping and other service to the Plan for which they receive compensation from Plan assets.

Talcott Resolution Life Insurance Company is a direct, wholly owned subsidiary of TR Re, Ltd. an approved Class E insurer under the Bermuda Monetary Authority. Our indirect parents are Talcott Resolution Life, Inc., a Delaware corporation and Talcott Holdings, L.P., a Delaware limited partnership. Our ultimate parent is Talcott Financial Group Investments, LLC. (“TFGI”), a Bermuda exempted limited liability company. We are ultimately controlled by A. Michael Muscolino and Alan Waxman.

Financial Condition of Talcott Resolution

We are obligated to pay all amounts promised to you under your Contract. All guarantees under the Contract are subject to our financial strength and claims-paying capabilities. We provide information about our financial strength in reports filed with state insurance departments. You may obtain information about us by contacting us using the information stated on the cover page of this prospectus, visiting our website at www.talcottresolution.com or visiting the SEC’s website at www.sec.gov. You may also obtain reports and other financial information about us by contacting your state insurance department.

The Separate Account

Talcott Resolution Life Insurance Company Separate Account DC Variable Account-I (“DC-I”) and Talcott Resolution Life Insurance Company Separate Account Two (“DC-II”) are where we set aside and invest assets of some of our annuity contracts, including the Contracts. We hold Contributions to Contracts issued in connection with Deferred Compensation Plans in DC-I during the Accumulation Period and in DC-II during the Annuity Period. We hold Contributions to Contracts issued in connection with Qualified Plans in DC-II during both the Accumulation Period and the Annuity Period. The assets of DC-I and DC-II were transferred from Hartford Variable Annuity Life Insurance Company Separate Account DC-I and Separate Account DC-II, respectively, on December 31, 1987.

Each Separate Account is registered as a unit investment trust under the Investment Company Act of 1940. This registration does not involve supervision by the SEC of the management or the investment practices of the Separate Accounts or Talcott Resolution.

Each Separate Account meets the definition of “separate account” under federal securities law. Each Separate Account holds only assets for variable annuity contracts. Each Separate Account, respectively:

•Holds assets for the benefit of Participants and Contract Owners, and the persons entitled to the payments described in the Contract.

•Is not subject to the liabilities arising out of any other business Talcott Resolution may conduct. The General Account is subject to the Company’s claims-paying ability. Investors must look to the strength of the insurance company with regard to insurance company guarantees. Our ability to honor all guarantees under the Contract is subject to our claims-paying capabilities and/or financial strength.

•Is not affected by the rate of return of Talcott Resolution’s General Account or by the investment performance of any of Talcott Resolution’s other separate accounts.

•May be subject to liabilities from a Sub-Account of the Separate Account that holds assets of other contracts offered by the Separate Account which are not described in this Prospectus.

•Is credited with income and gains, and takes losses, whether or not realized, from the assets it holds.

We do not guarantee the investment results of the Separate Accounts. There is no assurance that the value of your Participant Account will equal the total of the Contributions made to your Participant Account.

Underlying Funds

Each Underlying Fund is registered with the SEC as a diversified open–end management investment company under the 1940 Act. But the SEC does not supervise their management, investment practices or policies. The (i) name of each Underlying Fund, (ii) its investment objective, (iii) investment adviser and any sub-adviser, (iv) current expenses and (v) performance information is provided in Appendix A: Underlying Funds. Not all Underlying Funds may be available in all states.

The Underlying Fund each issues a prospectus, which contains additional important information about the Fund. You may obtain copies of the prospectuses for the Underlying Funds by contacting Empower at 1-844-804-8989.

For Contracts issued in connection with Employer-sponsored retirement plans, the Contract owner decides which Sub-Accounts described in this prospectus are available to Participants. As a result, if you are a Participant in an Employer-sponsored Plan, you may not be able to allocate Contributions to all the Sub-Accounts described in the Prospectus. For additional information about the Sub-Accounts available to you, please refer to materials describing your employer’s Plan.

The Contract may contain a General Account option. The General Account option has certain restrictions. Neither the General Account option nor these restrictions are described in this prospectus. The General Account option is not required to be registered with the SEC.

Fees and Payments Received by Talcott Resolution from the Fund Families

On January 1, 2013, Talcott Resolution entered into a reinsurance agreement with Massachusetts Mutual Life Insurance Company (“MassMutual”) to reinsure the obligations of Talcott Resolution under the Contracts and to provide all of the administrative services necessary to support the Contracts. In this role, MassMutual receives all charges, fees, payments and compensation described in this Prospectus as payable to Talcott Resolution. On December 31, 2020, MassMutual entered into a reinsurance agreement with Empower Annuity Insurance Company of America (“Empower”) to further reinsure the obligations of Talcott Resolution under the Contracts. MassMutual also entered into an administrative services agreement and subcontract services agreement for Empower to provide all of the administrative services necessary to support the Contracts. Under these arrangements, Empower now receives (through MassMutual) all charges, fees, payments and compensation described in this Prospectus as payable to Talcott Resolution.

The Contracts are no longer available for sale. The MassMutual affiliate formerly responsible for marketing and selling the Contracts continues to pay sales commissions and other compensation to financial intermediaries for sales and marketing activities related to the Contracts.

Talcott Resolution receives substantial fees and payments with respect to the Underlying Funds that are offered as Sub-Accounts to your Plan through the Contract. These types of fees and payments, which are sometimes called “revenue sharing” payments, are among a number of factors considered when deciding to include a fund in the menu of Underlying Funds offered through the Contract. All of the Underlying Funds on the overall menu make payments to Talcott Resolution or an affiliate. These fees and payments under agreements between Talcott Resolution and the principal underwriters, transfer agents, investment advisers and/or other entities related to the Funds may be in amounts up to 0.80% of assets invested in a Underlying Fund. The fees and payments may include asset based sales compensation and service fees under distribution and/or servicing plans adopted by funds pursuant to Rule 12b-1 under the Investment Company Act of 1940. They may also include administrative service fees and additional payments, expense reimbursements and other compensation. The fees may result in a profit to the extent they exceed expenses, including the expenses of paying compensation to broker-dealers, financial institutions and other persons for selling the Contracts.

Not all fund families pay the same amount of fees and compensation to Us and not all Funds pay according to the same formula. Because of this, the amount of the fees and payments received by Talcott Resolution varies by Fund and Talcott Resolution may receive greater or less fees and payments depending on which variable investment options your Plan selects.

For information on which Underlying Funds pay Talcott Resolution such fees and at what level, please visit https://plan.empower-retirement.com/plancloudws/fundprospectus or call 1-844-804-8989. Written information will be provided upon request.

Endorsement/Sponsorship Fees Paid By Talcott Resolution

Empower, as sub-administrator for the Talcott Resolution Contracts, has entered into endorsement/sponsorship arrangements with the National Association of Police Organizations (NAPO), Fraternal Order of Police (FOP), and National Association of Government Defined Contribution Administrators (NAGDCA). Under the arrangements, Great West pays endorsement/sponsorship fees to NAPO, FOP and NAGDCA, which allows Great West to advertise its retirement products and services to their member organizations and individuals.

For additional information on the amount of fees and payments made by Empower, as sub-administrator for the Talcott Resolution Contracts, please call 1-844-804-8989. Written information will be provided upon request.

Voting Rights

Talcott Resolution is the legal owner of all Underlying Fund shares held in the Separate Account and has the right to vote at the Fund’s shareholder meetings.

As Sub-administrator of the Separate Account, Empower has assumed responsibility of voting the shares of the Underlying Funds on behalf of Talcott Resolution. To the extent required by federal securities laws or regulations, we will:

• Notify the Contract Owner or Participant of any Fund shareholders’ meeting if the shares held for the Contract may be voted;

•Send proxy materials and a form of instructions to the Contract Owner or Participant that may be used to provide instructions on how to vote the Fund shares held for the Contract;

•Arrange for the handling and tallying of proxies received from Contract Owners or Participants;

•Vote all Fund shares attributable to a Contract according to instructions received from the Contract Owner or Participant; and

•Vote all Fund shares for which no voting instructions are received in the same proportion as shares for which instructions have been received.

All Fund shares for which no voting instructions are received will be voted in the same proportion as shares for which voting instructions have been received may result in a small number of Contract Owners or Participants determining the outcome of a proposal subject to a shareholder vote.

If any federal securities laws or regulations, or their present interpretation, change to permit voting shares without obtaining Contract Owner or Participant instructions, Empower may decide to do so. Contract Owners or Participants may attend any shareholder meeting at which shares held for their Contract may be voted.

During the Annuity Period under a Contract, the number of votes will decrease as the number of shares in the Underlying Funds held to fund the Annuity benefits decrease.

Changes to the Funds and Separate Account

We reserve the right, subject to any applicable law, to substitute the shares of any other registered investment company for the shares of any Fund held by the Separate Account. Substitution may occur if shares of the Fund(s) become unavailable or due to changes in applicable law or interpretations of law or as we deem appropriate. Current law requires notification to you of any such substitution and approval of the Securities and Exchange Commission. We also reserve the right, subject to any applicable law, to offer additional Sub-Accounts with differing investment objectives, and to make existing Sub-Account options unavailable under the Contracts in the future.

We may offer additional separate account options from time to time under these Contracts. Such new options will be subject to the then in effect charges, fees, and or transfer restrictions for the Contracts for such additional separate accounts.

General Account Option

Important information you should know: The portion of the Contract relating to the General Account option is not registered under the Securities Act of 1933 (“1933 Act”) and the General Account option is not registered as an investment company under the Investment Company Act of 1940 (“1940 Act”). Neither the General Account option nor any interest in the General Account option is subject to the provisions or restrictions of the 1933 Act or the 1940 Act, and the staff of the Securities and Exchange Commission has not reviewed the disclosure regarding the General Account option.

The General Account option is part of our General Account that includes our company assets. Contributions and Contract values allocated to the General Account option are available to our general creditors.

Declared Rate of Interest: We credit interest on Contributions made to the General Account at a rate we declare for any period of time that we determine. We may change the declared interest rate from time to time at our discretion.

Guaranteed Rate of Interest: Talcott Resolution guarantees a minimum rate of interest. The declared interest rate will not be less than the minimum guaranteed rate of interest.

Distributions and Transfers: We generally process distributions and transfers from the General Account within a reasonable period of time after we receive a Participant request at our Administrative Office. However, under certain conditions, transfers from the General Account may be limited or deferred. Distributions may be subject to a contingent deferred Sales Charge and may be deferred.

The General Account is subject to the Company’s claims-paying ability. Investors must look to the strength of the insurance company with regard to insurance company guarantees. Our ability to honor all guarantees under the Contract is subject to our claims-paying capabilities and/or financial strength.

Contract Charges

Sales Charge

Effective August 1, 2011, the Sales Charge was removed from the Contracts and ceased to apply to all Surrenders after August 1, 2011. Prior to August 1, 2011, the Sales Charge that was applicable to you depended on whether your Contract was issued (a) on or after May 2, 1983, or (b) on or after December 7, 1981 and prior to May 2, 1983.

Sales Charge: Contracts issued on or after May 2, 1983

The Sales Charge covers some of the expenses relating to the sale and distribution of the Contracts, including:

•the cost of preparing sales literature,

•commissions and other compensation paid to broker dealers and their registered representatives, and

•other promotional and distribution related activities.

If the Sales Charge is not sufficient to cover sales and distribution expenses, we pay those expenses from our general assets, including surplus. Surplus might include profits resulting from unused mortality and expense risk charges.

We do not deduct a sales charge at the time Contributions are made to the Contract. We may assess a Sales Charge when you partially or fully Surrender amounts held in your Participant Account under the Contract. The Sales Charge is based on the amount you choose to Surrender from your Participant Account and the number of Participant Contract Years completed with respect to your Participant Account before the Surrender.

The percentage used to calculate the contingent deferred Sales Charge is equal to:

Participant’s Contract Years	Sales Charge as a percentage of Participant Account value Surrendered
During the First through the Sixth Year	7 %
During the Seventh through the Twelfth Year	5 %
During the Thirteenth Year and thereafter	0 %

We will not assess any Sales Charge when you partially or fully Surrender the Contract.

We may reduce the amount or term of the Sales Charge (See “Experience Rating under the Contracts” and “Negotiated Charges and Fees”).

When you request a full Surrender, the Sales Charge is deducted from the amount Surrendered and the balance is paid to you.

➢Example: You request a full Surrender when the value of your Participant Account is $1,000 and the applicable Sales Charge is 5%: Your Sub-Account(s) will be surrendered by $1,000 and you will receive $950 (i.e., the $1,000 Surrender less the 5% Sales Charge).

If you request a partial Surrender and ask for a specific dollar amount, the Sales Charge will be calculated on the total amount that must be withdrawn from your Sub-Account(s) to provide you with the amount requested.

➢Example: You ask for $1,000 when the applicable Sales Charge is 5%: Your Sub-Account(s) will be reduced by $1,052.63 (i.e., a total withdrawal of $1,052.63 made up of $52.63 in Sales Charge plus the $1,000 you requested). The net amount of $1,000 is paid to you.

Sales Charge: Contracts issued on or after December 7, 1981 and prior to May 2, 1983

Contributions made to a Participant’s Individual Account pursuant to the terms of contracts issued on or after December 7, 1981 and prior to May 2, 1983 are subject to the following:

No deduction for sales expenses is made at the time of allocation of Contributions to the Contracts. Talcott Resolution charges a contingent deferred sales charge that begins to phase out after the 12th Participation Contract Year. During the first 10 Participation Contract Years, a maximum deduction of 6% will be made against the full amount of any such surrender. Thereafter, if a surrender occurs between the 10th and 12th Participant Contract Years, a 5% contingent deferred sales charge will be made against the full amount of such surrender. Effective October 1, 1997, after the 12th Participant Contract Year, the 5% charge will be reduced by 1% each subsequent year until the charge is eliminated.

In some states, the contingent deferred sales charge structure noted above may not yet be available. In these states, Talcott Resolution will deduct 6% from the amount surrendered from any Participant’s Individual Account under a Master Contract during the first ten Participant’s Contract Years and 5% thereafter prior to the Annuity Commencement Date.

The full value of a surrender is subject to such charges when applied as a percentage against the sum of all Contributions to a Participant’s Individual Account.

No deduction for contingent deferred sales charges will be made: (1) in the event of death of a Participant; or (2) if the value of a Participant’s Individual Account is paid out under one of the available annuity options under the contracts; or, (3) if, on Public Employee Deferred Compensation Plans only, a Participant in a Plan makes a financial hardship withdrawal as defined in the Regulations issued by the IRS with respect to the IRC Section 457 governmental deferred compensation plans. The Plan of the Employer must also provide for such hardship withdrawals.

Talcott Resolution reserves the right to limit any increase in the Contributions made to a Participant’s Individual Account to not more than three times the total Contributions made on behalf of such Participant during the initial 12 consecutive months of the Account’s existence under the contract of the present guaranteed deduction rates. Increases in excess of those described will be accepted only with the consent of Talcott Resolution and subject to the then current deductions being made for Sales Charges, the Minimum Death Benefit guarantee and mortality and expense undertaking.

Each contract provides for experience rating of the deduction for sales expenses and/or the Annual Maintenance Fee. In order to experience rate a contract, actual sales costs applicable to a particular contract are determined. If the costs exceed the amounts deducted for such expenses, no additional deduction will be made. If however, the amounts deducted for such expenses exceed actual costs, Talcott Resolution, in its discretion, may allocate all, a portion, or none of such excess as an experience rating credit. If such an allocation is made, the experience credit will be made appropriate: (1) by a reduction in the amount deducted from subsequent contributions for sales expenses; (2) by the crediting of a number of additional Accumulation Units or by Annuity Units, as applicable, without deduction of any sales or other expenses therefrom; (3) or by waiver of the Annual Maintenance Fees or by a combination of the above. To date experience rating credits have been provided on certain cases.

Is there ever a time when the Sales Charge does not apply?

We do not deduct the Sales Charge from a Surrender from Participant’s Account under a Contract in the event of the Participant’s:

•death,

•disability, within the meaning of Code section 72(m)(7) (provided that any such disability would entitle the Participant to receive social security disability benefits),

•confinement in a nursing home, provided the Participant is confined immediately following at least 90 days of continuous confinement in a hospital or long term care facility,

•financial hardship (e.g., an immediate and heavy financial need of the Participant other than purchase of a principal residence or payment for post-secondary education), or

•in the event that a Participant Account is paid out under one of the available Annuity payout options under the Contracts or under the Systematic Withdrawal Option (except that a Surrender out of Annuity payout option 5 is subject to Sales Charges, if applicable).

•See Appendix II for the percentage used to calculate the Sales Charge for prior group contracts.

Participants with a Date of Coverage prior to October 15, 1986 may withdraw up to 10% of the value of their Participant Account on a non-cumulative basis each Participant’s Contract Year, after the first, without application of Sales Charges. Participants with a Date of Coverage on or after October 15, 1986 do not have this 10% withdrawal privilege.

Annual Maintenance Fee: The Annual Maintenance Fee is applicable to you depends on whether your Contract was issued (a) on or after May 2, 1983, or (b) on or after December 7, 1981 and prior to May 2, 1983.

Annual Maintenance Fee (Contracts issued on or after May 2, 1983): The Annual Maintenance Fee is an annual $18 fee that we deduct from each Participant Account on a quarterly basis. The fee compensates us for our administrative services related to maintaining the Contract and the Participant Accounts. We deduct 25 percent of the annual fee on the last Valuation Day of each quarter, or from the proceeds of a full surrender of a Participant Account. We deduct the fee proportionately from the Sub-Accounts and any General Account value in a Participant Account.

Annual Maintenance Fee (Contracts issued on or after December 7, 1981 and prior to May 2, 1983): There will be an Annual Maintenance Fee deduction in the amount of $18 from the value of each such Participant’s Individual Account under the contracts, except as set forth below.

This fee will be deducted from the value of each such account on the last business day of each calendar year; provided, however, that if the value of a Participant’s Individual Account is redeemed in full at any time before the last business day of the each Participant’s Contract year, then the Annual Maintenance Fee charge will be deducted from the proceeds of such redemption. No contract fee deduction will be made during the Annuity Payment period under the contracts.

In the event that the Contributions made on behalf of a Participant are allocated partially to the fixed annuity portion of the Participant’s Individual Account and partially to the variable annuity portion of the Participant’s Individual Account, then the Annual Maintenance Fee will be deducted first from the value of the fixed annuity portion of the Participant’s Individual Account. If the value of the fixed annuity portion of the Participant’s Individual Account is insufficient to pay the fee, then any deficit will be deducted from the value of the variable annuity portion of the Participant’s Individual Account in the following manner: if there are no accumulation units in the General Account or if their value is less than $10, the General Account portion of an account will be made against values held in the Hartford Stock HLS Fund Sub-Account of DC-I. If the Hartford Stock HLS Fund Sub-Account values are insufficient to cover the fee, the fee shall be deducted from the account values held in the Hartford Total Return Bond HLS Fund Sub-Account of DC-I. In the event that the Contributions made on behalf of a Participant are allocated partially to the General Account and partially to the Separate Account, the Annual Maintenance Fee will be charged against the Separate Account and General Account on a pro rata basis.

Mortality and Expense Risk and Administrative Charge:

The Mortality and Expense Risk and Administrative Charge applicable to you depends on whether your Contract was issued (a) on or after May 2, 1983, or (b) on or after December 7, 1981 and prior to May 2, 1983.

Mortality and Expense Risk and Administrative Charge (Contracts issued on or after May 2, 1983):

For providing administrative services, and for assuming mortality and expense risks under the Contract, we deduct a daily charge at an annual rate against all Contract values in the Sub-Accounts. The amount of the charge differs between DC-I and DC-II:

Mortality and Expense Risk and Administrative Charge	DC-I	DC-II
Annual rate	0.90 %	1.25 %

Mortality Risk During The Accumulation Period

During the period your Contributions are accumulating, we are required to cover any difference between the Minimum Death Benefit paid and the Participant Account value. These differences may occur during periods of declining value or in periods where the Contingent Deferred Sales Charges would have been applicable. The risk that we bear during this period is that actual mortality rates, in aggregate, may exceed expected mortality rates.

Mortality Risk During The Annuity Period

Once Annuity payouts have begun, we may be required to make Annuity payouts as long as the Annuitant is living, regardless of how long the Annuitant lives. The risk that we bear during this period is that the actual mortality rates, in aggregate, may be lower than the expected mortality rates.

Expense Risk

We also bear an expense risk that the Sales Charges and the Annual Maintenance Fee collected before the Annuity Commencement Date may not be enough to cover the actual cost of selling, distributing and administering the Contract.

Although variable Annuity payouts will fluctuate with the performance of the underlying Fund selected, your Annuity payouts will not be affected by (a) the actual mortality experience of our Annuitants, or (b) our actual expenses if they are greater than the deductions stated in the Contract. Because we cannot be certain how long our Annuitants will live, we charge this percentage fee based on the mortality tables currently in use. This charge enables us to keep our commitments and to pay you as planned.

We also provide various administrative support services for plans. These services include recordkeeping, statements of account, internet and automated voice response account access, and participant educational materials.

If the mortality and expense risk and administrative charge under a Contract is insufficient to cover actual costs incurred by us, we will bear the loss. If the mortality and expense risk and administrative charge exceeds these costs, we will keep the excess as profit. We may use these profits, as well as revenue sharing and Rule 12b-1 fees received from certain Funds, for any proper corporate purpose including, among other things, payment of sales expenses, including the fees paid to distributors. We expect to make a profit from the mortality and expense risk and administrative charge.

We may reduce the mortality and expense risk and administrative charge under the Contracts (See “Experience Rating under the Contracts” and “Negotiated Charges and Fees”).

Mortality and Expense Risk and Administrative Charge (Contracts issued on or after December 7, 1981 and prior to May 2, 1983)

Although Variable Annuity payments made under the contracts will vary in accordance with the investment performance of the Fund shares, the payments will not be affected by (a) Talcott Resolution’s actual expenses, if greater than the deductions provided for in the contracts, or (b) Talcott Resolution’s actual mortality experience among Annuitants after retirement because of the expense and mortality undertakings by Talcott Resolution.

In providing an expense undertaking, Talcott Resolution assumes the risk that the deductions for sales expenses, the Annual Maintenance Fee and the Minimum Death Benefit during the Accumulation Period may be insufficient to cover the actual costs of providing such items.

The mortality undertaking provided by Talcott Resolution under the contracts, assuming the selection of one of the forms of life annuities, is to make monthly annuity payments (determined in accordance with the annuity tables and other provisions contained in the contract) to Contract Owners or Annuitant’s Accounts regardless of how long an Annuitant may live and regardless of how long all Annuitants as a group may live. This undertaking assures a Contract Owner that neither the longevity of an Annuitant nor an improvement in life expectancy will have any adverse effect on the monthly annuity payments the Employees will receive under the contract. It thus relieves the Contract Owner from the risk that Participants in the Plan will outlive the funds accumulated.

The mortality undertaking is based on Talcott Resolution’s actuarial determination of expected mortality rates among all Annuitants. If actual experience among Annuitants deviates from Talcott Resolution’s actuarial determination of expected mortality rates among Annuitants because, as a group, their longevity is longer than anticipated, Talcott Resolution must provide amounts from its general funds to fulfill its contract obligations. In that event, a loss will fall on Talcott Resolution. Conversely, if longevity among Annuitants is lower than anticipated, a gain will result to Talcott Resolution.

For assuming these risks Talcott Resolution makes a minimum daily charge against the value of the average daily assets held under DC-I and DC-II, as appropriate, of 1.25% with respect to the Hartford Total Return Bond HLS Fund, Hartford Stock HLS Fund and Hartford Ultrashort Bond HLS Fund Sub-Accounts where available, on an annual basis. This rate may be periodically increased by Talcott Resolution subject to a maximum annual rate of 2.00%. However, no increase will occur unless the Securities and Exchange Commission first approves the increase.

Transfer Fee

The Contracts provide for a Transfer Fee of $5 that applies to each transfer in excess of 12 made in a Participant Contract Year. We do not currently charge the $5 Transfer Fee.

Premium Taxes

We reserve the right to deduct a charge for Premium Tax imposed on Us by a state or other governmental entity. Certain states and municipalities impose a Premium Tax. In some cases, Premium Taxes are deducted at the time purchase payments are made; in other cases Premium Tax is assessed on the Annuity Commencement Date. We will pay Premium Taxes at the time imposed under applicable law. At Our sole discretion, We may deduct Premium Taxes at the time We pay such taxes to the applicable taxing authorities, at the time the Contract is surrendered, at the time a death benefit is paid, or at the time a Participant annuitizes.

Loan Fees

Loans may be subject to a one-time set-up fee of $50. In addition, loans may also be subject to an annual loan administration fee of $50. We do not currently charge the annual loan administration fee.

Experience Rating under the Contracts

We may apply experience credits under a Contract based on investment, administrative or other factors, including, but not limited to: (1) the total number of Participants, (2) the sum of all Participants’ Account values, (3) the allocation of Contract values between the General Account and the Separate Accounts under the Contract, (4) present or anticipated levels of Contributions, distributions, transfers, administrative expenses or commissions, and (5) whether We are the exclusive annuity contract provider. Experience credits can take the form of a reduction in the deduction for Program and Administrative Charges, a reduction in the term or amount of any applicable Contingent Deferred Sales Charges, an increase in the rate of interest credited under the Contract, a reduction in the amount of the Annual Maintenance Fee or any combination of the foregoing. We may apply experience credits either prospectively or retrospectively. We may apply and allocate experience credits in such manner as We deem appropriate. Any such credit will not be unfairly discriminatory against any person, including the affected Contract Owners or Participants. Experience credits have been given in certain cases. Owners of Contracts receiving experience credits will receive notification regarding such credits. Experience credits may be discontinued at Our sole discretion in the event of a change in applicable factors. For Contracts issued in New York, We may only apply experience credits prospectively.

Negotiated Charges and Fees

The charges and fees described in this section vary from Contract to Contract, depending on plan characteristics. The Contract Owner can negotiate charges and fees. This flexibility allows Us and the Contract Owner to custom design a charge and fee structure that meets the financial goals of both the Contract Owner and Talcott Resolution.

Charges of the Funds

The Separate Account purchases shares of the Funds at net asset value. The net asset value of the fund reflects investment advisory fees, distribution fees and operating expenses and administrative expenses already deducted from the assets of the Funds. These charges are described in the Underlying Fund’s prospectuses.

Plan Related Expenses: We can agree with the Contract Owner may direct us to deduct amounts from the assets under a Contract to pay certain administrative expenses or other Plan Related Expenses including, but not limited to, fees to consultants, auditors, counsel, Talcott Resolution and other Plan service providers. We will deduct and pay such amounts to the Contract Owner or as directed by the Contract Owner. We may agree to include these amounts as an adjustment to the charge for administrative undertakings for the Separate Account.

You should consult a tax advisor regarding the tax treatment of adviser fee payments. Please consult with your investment adviser before requesting us to pay financial adviser fees from this Contract compared to other assets you may have.

Any financial adviser fee you pay is in addition to this Contract’s fees and expenses.

You should ask your financial adviser about compensation they receive for this Contract. We are not an investment adviser, and we do not provide investment advice in connection with sales of the Contract. We are not a fiduciary to you, and do not make recommendations or assess suitability.

THE CONTRACTS

The Contracts are group variable annuity contracts. We can offer the Contracts for use in connection with Deferred Compensation Plans and Qualified Plans, including annuity purchase plans adopted by public school systems and certain tax-exempt organizations according to section 403(b) of the Code. In addition, we can offer the Contracts in connection with Individual Retirement Annuity Plans under section 408 of the Code.

Contract Owners who purchased a prior series of Contracts can make Contributions, subject to the terms and provisions of such Contracts. New Participants may be added to such existing Contracts, but no new Contracts under that prior series will be issued.

It is important that you notify us if you change your address. If your mail is returned to us, we are likely to suspend future mailings until an updated address is obtained. In addition, we may rely on a third party, including the U.S. Postal Service, to update your current address. Failure to give us a current address may result in payments due and payable on your Participant Account being considered abandoned property under state law (unless preempted by ERISA), and remitted to the applicable state.

Assignments

The Contract belongs to the Contract Owner. However, under certain Deferred Compensation Plans, the Contract Owner must hold the Contract for the exclusive benefit of the Plan’s Participants and Beneficiaries. The Contract Owner’s rights and privileges may only be exercised in a manner that is consistent with the written Plan adopted by the Contract Owner. Under certain circumstances, the Contract Owner’s interest in the Contract may be assigned. However, amounts held under a Contract on behalf of a Participant are nontransferable and cannot be assigned.

Pricing and Crediting of Contributions

We credit initial Contributions to your Participant Account within two Valuation Days of our receipt of a properly completed application and the initial Contribution at our Administrative Office.

If your application or other necessary information is incomplete when received, your initial Contribution will be credited to your Participant Account not later than two Valuation Days after the application is made complete. However, if an incomplete application is not made complete within five Valuation Days of its initial receipt, the Contribution will be immediately returned unless we inform the Contract Owner of the delay and the Contract Owner tells us not to return it.

Subsequent Contributions properly designated for your Participant Account that are received prior to the close of the New York Stock Exchange will be invested on the same Valuation Day. Subsequent Contributions properly designated for your Participant Account that are received on a Non-Valuation Day or after the close of the New York Stock Exchange will be invested on the next Valuation Day.

Canceling your Individual Contract

For individual annuity contracts, if for any reason you are not satisfied with your Contract, simply return it within ten days after you receive it with a written request for cancellation that indicates your tax withholding instructions. In some states, you may be allowed more time to cancel your Contract. We may require additional information, including a signature guarantee before we can cancel your Contract.

Unless otherwise required by state law, We will pay you your Participant Account value as of the Valuation Day We receive your request to cancel and will refund any sales or Contract charges incurred during the period you participated in the Contract. The Participant Account value may be more or less than your Contributions depending upon the investment performance of your Participant Account. This means that you bear the risk of any decline in your Participant Account value until We receive your notice of cancellation. In certain states, however, We are required to return your Contributions without deduction for any fees or charges.

Transfers between Sub-Accounts

During phases of your Contract when transfers are permissible, you may make transfers between Sub-Accounts according to the following policies and procedures, as they may be amended from time to time.

A Sub-Account transfer is a transaction requested by you that involves reallocating part or all of your Participant Account value among the Funds available in your Contract. Your transfer request will be processed as of the end of the Valuation Day that it is received in good order. Otherwise, your request will be processed on the following Valuation Day. We will send you a confirmation when We process your transfer. You are responsible for verifying transfer confirmations and promptly reporting any inaccuracy or discrepancy to Us and your Registered Representative. Any oral communication should be re-confirmed in writing.

You may request a transfer into (purchases) a particular Sub-Account or transfers out of (redemptions) a particular Sub-Account. In addition, you may allocate Contributions to or request Surrenders from Sub-Accounts. We combine all the daily requests to transfer out of a Sub-Account along with all Surrenders from that Sub-Account and determine how many shares of that Fund We would need to sell to satisfy all Participants’ “transfer-out” requests. At the same time, We also combine all the daily requests to transfer into a particular Sub-Account or Contributions allocated to that Sub-Account and determine how many shares of that Underlying Fund We would need to buy to satisfy all Participants’ “transfer-in” requests.

In addition, many of the Underlying Funds that are available as investment options in Our variable annuity products are also available as investment options in variable life insurance policies, retirement plans, funding agreements and other products offered by Us or Our affiliates. Each day, investors and participants in these other products engage in similar transfer transactions.

We take advantage of Our size and available technology to combine sales of a particular Underlying Fund for many of the variable annuities, variable life insurance policies, retirement plans, funding agreements or other products offered by Us or Our affiliates. We also combine many of the purchases of that particular Underlying Fund for many of the products We offer. We then “net” these trades by offsetting purchases against redemptions. Netting trades has no impact on the net asset value of the Fund shares that you purchase or sell. This means that We sometimes reallocate shares of a Fund rather than buy new shares or sell shares of the Fund.

For example, if We combine all transfer-out (redemption) requests and Surrenders of a Sub-Account with all other sales of that Underlying Fund from all Our other products, We may have to sell $1 million dollars of that Fund on any particular day. However, if other Participants and the owners of other products offered by Us, want to transfer-in (purchase) an amount equal to $300,000 of that same Fund, then We would send a sell order to the Fund for $700,000 (a $1 million sell order minus the purchase order of $300,000) rather than making two or more transactions.

Restrictions on Sub-Account Transfers

First, you may make only one Sub-Account transfer request each day. We limit each Participants to one Sub-Account transfer request each Valuation Day. We count all Sub-Account transfer activity that occurs on any one Valuation Day as one “Sub-Account transfer,” however, you cannot transfer the same Participant Account value more than once a Valuation Day.

For Example:

•If the only transfer you make on a day is a transfer of $10,000 from one Sub-Account into another Sub-Account, it would count as one Sub-Account transfer.

•If, however, on a single day you transfer $10,000 out of one Sub-Account into five other Sub-Accounts (dividing the $10,000 among the five other Sub-Accounts however you chose), that day’s transfer activity would count as one Sub-Account transfer.

•Likewise, if on a single day you transferred $10,000 out of one Sub-Account into ten other Sub-Accounts (dividing the $10,000 among the ten other Sub-Account however you chose), that day’s transfer activity would count as one Sub-Account transfer.

•Conversely, if you have $10,000 in Participant Account value distribution among 10 different Sub-Accounts and you request to transfer the Participant Account value in all those Sub-Accounts into one Sub-Account, that would also count as one Sub-Account transfer.

•However, you cannot transfer the same Participant Account value more than once in one day. That means if you have $10,000 in a money market fund Sub-Account and you transfer all $10,000 into a stock fund Sub-Account, on that same day you could not then transfer the $10,000 out of the stock fund Sub-Account into another Sub-Account.

Second, you are allowed to submit a total of 20 Sub-Account transfers each Calendar Year (the “Transfer Rule”) by U.S. Mail, Voice Response Unit, internet, or telephone. Once you have reached the maximum number of Sub-Account transfers, you may only submit any additional Sub-Account transfer requests and any trade cancellation requests in writing through U.S. Mail or overnight delivery service. In other words, Voice Response Unit, internet or telephone transfer requests will not be honored. We may, but are not obligated to, notify you when you are in jeopardy of approaching these limits. For example, We will send you a letter after your 10th Sub-Account transfer to remind you about the Transfer Rule. After your 20th transfer request, Our computer system will not allow you to do another Sub-Account transfer by telephone, Voice Response Unit or via the internet. You will then be instructed to send your Sub-Account transfer request by U.S. Mail or overnight delivery service.

We may aggregate a Contract Owner’s Contracts or a Participant’s Participant Accounts for the purposes of enforcing these restrictions.

The Transfer Rule does not apply to Sub-Account transfers that occur automatically as part of a Company sponsored asset allocation program. Reallocations made based on a Fund merger or liquidation also do not count toward this transfer limit. Restrictions may vary based on state law.

The Contracts provide for a Transfer Fee of $5 that applies to each transfer in excess of 12 made in a Participant Contract Year. We do not currently charge the $5 Transfer Fee.

We make no assurances that the Transfer Rule is or will be effective in detecting or preventing market timing.

Third, policies have been designed to restrict excessive Sub-Account transfers. You should not purchase or become a Participant under this Contract if you want to make frequent Sub-Account transfers for any reason. In particular, don’t purchase or

become a Participant under this Contract if you plan to engage in “market timing,” which includes frequent transfer activity into and out of the same Fund, or frequent Sub-Account transfers in order to exploit any inefficiencies in the pricing of a Fund. Even if you do not engage in market timing, certain restrictions may be imposed on you, as discussed below:

Fund Trading Policies

Generally, you are subject to an Underlying Fund’s trading policies, if any. We are obligated to provide, at the Underlying Fund’s request, tax identification numbers and other shareholder identifying information contained in Our records to assist Funds in identifying any pattern or frequency of Sub-Account transfers that may violate their trading policy. In certain instances, We have agreed to serve as a Fund’s agent to help monitor compliance with that Underlying Fund’s trading policy.

We are obligated to follow each Underlying Fund’s instructions regarding enforcement of their trading policy. Penalties for violating these policies may include, among other things, temporarily or permanently limiting or banning Sub-Account transfers into an Underlying Fund or other funds within that fund complex. We are not authorized to grant exceptions to an Fund’s trading policy. Please refer to each Underlying Fund’s prospectus for more information. Transactions that cannot be processed because of the Underlying Fund’s trading policies will be considered not in good order.

In certain circumstances, the Underlying Fund’s trading policies do not apply or may be limited. For instance:

•Certain types of financial intermediaries may not be required to provide Us with shareholder information.

•“Excepted funds” such as money market funds and any Underlying Fund that affirmatively permits short-term trading of its securities may opt not to adopt this type of policy. This type of policy may not apply to any financial intermediary that an Underlying Fund treats as a single investor.

•An Underlying Fund can decide to exempt categories of Contract Owners whose contracts are subject to inconsistent trading restrictions or none at all.

•Non-shareholder initiated purchases or redemptions may not always be monitored. These include Sub-Account transfers that are executed: (i) automatically pursuant to a company sponsored contractual or systematic program such as transfers of assets as a result of asset allocation programs, automatic rebalancing programs, Annuity payouts, loans, or systematic withdrawal programs; (ii) as a result of the payment of a Death Benefit; (iii) as a result of any deduction of charges or fees under a Contract; or (iv) as a result of payments such as loan repayments, scheduled contributions, scheduled withdrawals, surrenders, or retirement plan contributions.

Possibility of Undetected Abusive Trading or Market Timing. We may not be able to detect or prevent all abusive trading activities. For instance,

•Since We net all the purchases and redemptions for a particular Underlying Fund for this and many of Our other products, transfers by any specific market timer could be inadvertently overlooked.

•Certain forms of variable annuities and types of Underlying Funds may be attractive to market timers. We cannot provide assurances that we will be capable of addressing possible abuses in a timely manner.

•These policies apply only to individuals and entities that own or are Participants under this Contract. However, the Underlying Funds that make up the Sub-Accounts of this Contract are available for use with many different variable life insurance policies, variable annuity products and funding agreements, and they are offered directly to certain qualified retirement plans. Some of these products and plans may have different or less restrictive transfer rules or no transfer restrictions at all.

•In some cases, We are unable to count the number of Sub-Account transfers requested by Participants or enforce the Transfer Rule because We do not keep Participant Account records for a Contract. In those cases, the Participant Account records and Participant Sub-Account transfer information are kept by the Contract Owner or its third party service provider. These Contract Owners and third party service providers may provide Us with limited information or no information at all regarding Participant Sub-Account transfers.

Impact of Frequent Transfers

We are not responsible for losses or lost investment opportunities associated with the effectuation of these policies. Frequent Sub-Account transfers may result in the dilution of the value of the outstanding securities issued by a Fund as a result of increased transaction costs and lost investment opportunities typically associated with maintaining greater cash positions. This can adversely impact Fund performance and, as a result, the performance of your Participant Account. This may also lower the Death Benefit paid to your Beneficiary or lower Annuity payouts for your payee as well as reduce value of other optional benefits available under your Contract.

Separate Account investors could be prevented from purchasing Fund shares if We reach an impasse on the execution of a Fund’s trading instructions. In other words, a Fund complex could refuse to allow new purchases of shares by all Our variable

product investors if the Fund and We cannot reach a mutually acceptable agreement on how to treat an investor who, in a Fund’s opinion, has violated the Fund’s trading policy.

In some cases, We do not have the tax identification number or other identifying information requested by a Fund in Our records. In those cases, We rely on the Contract Owner to provide the information. If the Contract Owner does not provide the information, We may be directed by the Fund to restrict the Contract Owner from further purchases of Fund shares. In those cases, all Participants under a plan funded by the Contract will also be precluded from further purchases of Fund shares.

General Account Option Transfers

You may make transfers out of the General Account Option to the Sub-Accounts, subject to the transfer restrictions discussed below. All transfer allocations must be in whole numbers (e.g., 1%). For Contracts issued or amended on or after May 1, 1992:

• Transfers of assets presently held in the General Account option, or which were held in the General Account option at any time during the preceding three months, to any account that we determine is a competing account, are prohibited.

• Similarly, transfers of assets presently held in any account during the preceding three months, that we determine is a competing account, to the General Account option, are prohibited.

In addition, we may limit the maximum amount transferred or Surrendered from the General Account option under a Participant Account to 20% of such portion of the Participant Account held in the General Account option in any one Participant Contract Year.

These restrictions apply to all transfers from the General Account Option, including all systematic transfers. As a result of these limitations, it may take a longer period of time (i.e., several years) to move Participant Account values in the General Account Option to Sub-Accounts and therefore this may not provide an effective short-term defensive strategy.

Telephone and Internet Transfers

Transfer instructions received by telephone on any Valuation Day before the end of any Valuation Day will be carried out that day. Otherwise, the instructions will be carried out at the end of the next Valuation Day.

Transfer instructions you send electronically are considered to be received by Us at the time and date stated on the electronic acknowledgement we return to you. If the time and date indicated on the acknowledgement is before the end of any Valuation Day, the instructions will be carried out that Valuation Day. Otherwise, the instructions will be carried out at the end of the next Valuation Day. If you do not receive an electronic acknowledgement, you should contact Us as soon as possible.

We will send you a confirmation when we process your transfer. You are responsible for verifying transfer confirmations and promptly advising us of any errors within 30 days of receiving the confirmation.

Telephone or internet transfer requests may be cancelled via the internet or by calling Us before the end of the Valuation Day you made the transfer request.

We, Our agents or Our affiliates are not responsible for losses resulting from telephone or electronic requests that We believe are genuine. We will use reasonable procedures to confirm that instructions received by telephone or through Our website are genuine, including a requirement that Contract Owners and Participants provide certain identifying information, including a personal identification number. We record all telephone transfer instructions. We may suspend, modify, or terminate telephone or electronic transfer privileges at any time.

Contract Value

Your Participant Account value reflects the sum of the amounts under your Participant Account allocated to the General Account option and the Sub-Accounts.

There are two things that affect your Sub-Account value: (1) the number of Accumulation Units and (2) the Accumulation Unit value. The Sub-Account value is determined by multiplying the number of Accumulation Units by the Accumulation Unit value. Therefore, on any Valuation Day the portion of your Participant Account allocated to the Sub-Accounts will reflect the investment performance of the Sub-Accounts and will fluctuate with the performance of the Underlying Funds.

Contributions made or Contract values allocated to a Sub-Account are converted into Accumulation Units by dividing the amount of the Contribution or allocation, minus any Premium Taxes, by the Accumulation Unit value for that Valuation Day. The more Contributions or Contract values allocated to the Sub-Accounts under your Participant Account, the more Accumulation Units will be reflected under your Participant Account. You decrease the number of Accumulation Units in a Sub-Account under

your Participant Account by requesting Surrenders, transferring money out of a Sub-Account, submitting a Death Benefit claim or by electing an Annuity payout from your Participant Account.

To determine the current Accumulation Unit value, We take the prior Valuation Day’s Accumulation Unit value and multiply it by the Net Investment Factor for the current Valuation Day. The value of the Separate Account is determined at the close of the New York Stock Exchange (generally 4:00 p.m. Eastern Time).

The Net Investment Factor is used to measure the investment performance of a Sub-Account from one Valuation Day to the next. The Net Investment Factor for each Sub-Account is calculated by dividing (a) by (b) and multiplying (c) where:

(a) is the net asset value per share plus applicable distributions per share of each Fund held in the Sub-Account at the end of the current Valuation Day.

(b) is the net asset value per share of each Fund held in the Sub-Account at the end of the prior Valuation Day.

(c) is the daily factor representing the mortality and expense risk charge and any applicable administration charge deducted from the Sub-Account, adjusted for the number of days in the Valuation Period, and any other applicable charge.

We will send you a statement for each calendar quarter, that tells you how many Accumulation Units you have, their value and your total Participant Account value. You can also call 1-844-804-8989 to obtain your Participant Account value or, where available, you may access your account information through our website at www.massmutual.com/govnp.

Shares of the Underlying Funds are valued at net asset value on a daily basis. A complete description of the valuation method used in valuing Fund shares may be found in the Underlying Funds’ prospectus.

Surrenders and Withdrawals

IMPORTANT TAX INFORMATION: There are certain restrictions on section 403(b) tax-sheltered annuities. As of December 31, 1988, all section 403(b) annuities have limits on full and partial surrenders. Contributions to the Contract made after December 31, 1988 and any increases in cash value after December 31, 1988 may not be distributed unless the Contract Owner/employee has a) attained age 59 1∕2, b) a severance from employment, c) died, d) become disabled or e) experienced financial hardship (cash value increases may not be distributed for hardships prior to age 59 1∕2). Distributions prior to age 59 1∕2 due to financial hardship or separation from service may still be subject to a penalty tax of 10%. We will not assume any responsibility for determining whether a withdrawal is permissible, with or without tax penalty, in any particular situation; or in monitoring withdrawal requests regarding pre or post January 1, 1989 Contract Values. Any full or partial Surrender described above may affect the continuing tax-qualified status of some Contracts or plans and may result in adverse tax consequences to the Contract Owner. The Contract Owner, therefore, should consult with a tax adviser before undertaking any such Surrender (See “ Federal Tax Considerations”).

After termination of Contributions on your behalf and prior to your Annuity Commencement Date, you will have the following options:

Continue your Participant’s Account under the Contract. Under this option, when the selected Annuity Commencement Date arrives, payments will begin under the selected Annuity payout option (See “Annuity Payout Options”). At any time before the Annuity Commencement Date, you may your Participant Account for a lump sum cash settlement in accordance with 3. below.

To provide Annuity payouts immediately. The values in your Participant’s Account may be applied, subject to contractual provisions, to provide for Fixed or Variable Annuity payouts, or a combination thereof, commencing immediately, under the selected Annuity payout option under the Contract (See “Annuity Payout Options”).

To Surrender your Account in a single sum. The amount received will be the value next computed after receipt of a written Surrender request for complete Surrender at the Empower Administrative Office, less any applicable Contingent Deferred Sales Charge, Annual Maintenance Fee and Premium Taxes. Payment will normally be made within seven days after We receive the written request.

To request a partial Surrender of your Participant’s Account. Partial Surrenders are taken from the Sub-Account(s) that you specify. If you do not specify the Sub-Account(s), We will take the amount out of all applicable Sub-Account(s) on a pro rata basis. We will deduct any applicable Sales Charges from the partial Surrender (See “Contract Charges”).

To begin making monthly, quarterly, semi-annual or annual withdrawals while allowing your Participant Account to remain in the Accumulation Period. Your Participant Account remains subject to the Annual

Maintenance Fee and any fluctuations in the investment results of the Sub-Accounts or any of the underlying investments. You may transfer the values of your Participant Account from one or more Sub-Accounts or the General Account option to any other Sub-Account, the General Account option or to any combination thereof, subject to Contract restrictions (See “Systematic Withdrawal Option”).

Systematic Withdrawal Option

If permitted by IRS regulations and the terms of the Plan, a Participant can make withdrawals while allowing his or her Participant Account to remain in the Accumulation Period under the Contract. Eligibility under this provision is limited to Participants who have terminated their employment with the Employer at the time they elect the Systematic Withdrawal Option (“SWO”). Payments are limited to 18.0% of the Participant’s Account annually. The minimum payment amount is $100. SWO payments generally are taxable as ordinary income and, if made prior to age 59 1∕2 , an IRS tax penalty may apply. Any Contingent Deferred Sales Charge otherwise applicable is waived on SWO payments.

Participants elect the specific dollar amount to be withdrawn, the frequency of payments (monthly, quarterly, semi-annually or annually) and the duration of payments (either a fixed number of payments or until the Participant’s Account is depleted). The duration of payments may not extend beyond the Participant’s life expectancy as of the beginning date of SWO payments or the joint and last survivor life expectancy of the Participant and the Participant’s Beneficiary. Participants may not elect the SWO if there is an outstanding loan amount.

A Participant can change the terms of a SWO as often as four times in each calendar year, can terminate the SWO at any time, and can elect one of the five available Annuity options or a partial or full lump sum withdrawal. If a partial or full lump sum withdrawal is elected within 12 months of a SWO payment, the Contingent Deferred Sales Charge that was previously waived, if any, will be deducted from the Participant’s Account upon withdrawal. Unless you direct otherwise, SWO payments will be deducted on a pro rata basis from the General Account option and each Sub-Account to which the Participant’s Account is allocated.

The SWO may only be elected pursuant to an election on a form provided by Us. Election of the SWO does not affect Participants’ other rights under the Contracts.

Payment of Surrender Value

Payments from the Sub-Accounts may be delayed beyond seven days only for periods (1) during which the New York Stock Exchange is closed other than customary weekend or holidays closings, or during which trading on the New York Stock Exchange is restricted; (2) during which an emergency exists that makes the valuation and disposal of the securities not reasonably practical; and (3) such other periods that the SEC may by order permit for the protection of investors.

Annuity Options

You are not required to annuitize this Contract. A Participant selects an Annuity Commencement Date (usually between the Participant’s 50th birthday and the date on which the Participant attains age 70 1∕2) and an Annuity payout option. The Annuity Commencement Date may be any day of any month before or including the month of a Participant’s 75th birthday, or an earlier date if prescribed by applicable law.

The Annuity Commencement Date and/or the Annuity payment option may be changed from time to time, but any such change must be made at least 30 days prior to the date on which Annuity payouts are scheduled to begin. Annuity payouts will normally be made on the first business day of each month, or another mutually agreed upon business day.

The Contract contains five Annuity payout options that may be selected on either a Fixed or Variable Annuity basis, or a combination thereof. If a Participant does not elect otherwise, We reserve the right to begin Annuity payouts at age 75 under Option 2 with 120 monthly payments certain. However, unless required by applicable law, We will not assume responsibility in determining or monitoring any required minimum distributions (See “Federal Tax Considerations”). Generally, depending on the terms of your retirement plan, you may select from the following payment frequencies: monthly, quarterly, semi-annually, and annually.

Annuity Payout Options

Option 1: Life Annuity where We make monthly Annuity payouts for as long as the Annuitant lives.

❖❖ Payments under this option stop with the last monthly payment preceding the death of the Annuitant, even if the Annuitant dies after one payment. This option offers the maximum level of monthly payments of any of the other life annuity options (Options 2-4) since there is no guarantee of a minimum number of payments nor a provision for a death benefit payable to a Beneficiary.

Option 2: Life Annuity with 120, 180 or 240 Monthly Payments Certain where We make monthly payments for the life of the Annuitant with the provision that payments will be made for a minimum of 120, 180 or 240 months, as elected. If, at the death of the Annuitant, payments have been made for less than the minimum elected number of months, then any remaining guaranteed monthly payments will be paid to the Beneficiary unless other provisions have been made and approved by Us.

Option 3: Unit Refund Life Annuity where We make monthly payments during the life of the Annuitant terminating with the last payment due prior to the death of the Annuitant, except that an additional payment will be made to the Beneficiary if (a) below exceeds (b) below:

(a)	=	total amount applied under the option at the Annuity Commencement Date
		Annuity Unit value at the Annuity Commencement Date
(b)	=	number of Annuity Units represented by each monthly Annuity payout made	×	number of monthly Annuity payouts made

The amount of the additional payments is determined by multiplying the excess, if any, by the Annuity Unit value as of the date We receive Due Proof of Death.

Option 4: Joint and Last Survivor Annuity where We make monthly payments during the joint lifetime of the Annuitant and a designated individual (called the joint Annuitant) and then throughout the remaining lifetime of the survivor, ending with the last payment prior to the death of the survivor.

❖When the Annuity is purchased, the Annuitant elects what percentage (50%, 662/3%, 75% or 100%) of the monthly Annuity payout will continue to be paid to the survivor.

❖Under this Option 4, it would be possible for an Annuitant and joint Annuitant to receive only one payment in the event of the common or simultaneous death of the Annuitant and joint Annuitant prior to the due date for the second payment.

Option 5: Payments for a Designated Period where We agree to make monthly payments for the number of years selected. Under the Contracts, the minimum number of years is five. In the event of the Annuitant’s death prior to the end of the designated period, the present value of any then remaining payments will be paid in one lump sum to the Beneficiary unless other provisions have been made and approved by Us.

❖Option 5 does not involve life contingencies and does not provide any mortality guarantee.

❖Surrenders are subject to the limitations set forth in the Contract and any applicable Contingent Deferred Sales Charges (See “Contract Charges”).

For Contracts issued in New York, no surrenders are permitted by the Annuitant after Annuity payments commence under Option 5.

Once Annuity payouts have started, no Surrenders are permitted except from an annuity under Annuity Payout Option 5 - Payments for a Designated Period – that are paid on a variable basis. Such surrenders may be subject to a Contingent Deferred Sales Charge.

Options 2 and 5 are available only if the guaranteed Annuity payout period is less than the life expectancy of the Annuitant or the joint life expectancy of the Annuitant and their Joint Annuitant at the time the option becomes effective. Such life expectancy shall be computed on the basis of the mortality table prescribed by the IRS or, if none is prescribed, the mortality table then in use by Us.

We may offer other Annuity payout options from time to time. Not all Annuity payout options will be available in all states or in all Contracts.

Calculation of Annuity Payment

During the Annuity Period, your Participant Account Value will be applied to the Annuity Payout Option on either a fixed or variable basis, as you select. The minimum Annuity payout is $20. No election may be made which results in a first payment of less than $20. If at any time Annuity payouts are or become less than $20 We have the right to change the frequency of payment to intervals that will result in payments of at least $20.

Variable Annuity Payments

The value of the Annuity Unit for each Sub-Account in the Separate Account for any day is determined by multiplying the value for the preceding day by the product of (1) the Net Investment Factor (see “Contract Value”) for the day for which the Annuity Unit value is being calculated, and (2) a factor to neutralize the assumed net investment rate discussed below.

The value of the Contract is determined as the product of the value of the Accumulation Unit credited to each Sub-Account no earlier than the close of business on the fifth business day preceding the date the first Annuity payout is due and the number of Accumulation Units credited to each Sub-Account as of the date the Annuity is to commence.

The first monthly payment varies according to the Annuity payout option selected. The Contract cites Annuity tables derived from the 1983a Individual Annuitant Mortality Table with an assumed interest rate (“A.I.R.”) of 4.00% per annum. The total first monthly Annuity payout is determined by multiplying the value (expressed in thousands of dollars) of a Sub-Account (less any applicable Premium Taxes) by the amount of the first monthly payment per $1,000 of value obtained from the tables in the Contracts. With respect to Fixed Annuities only, the current rate will be applied if it is higher than the rate under the tables in the Contract.

Level Annuity payouts would be provided if the net investment rate remained constant and equal to the A.I.R. In fact, payments will vary up or down in the proportion that the net investment rate varies up or down from the A.I.R. A higher A.I.R. may produce a higher initial payment but more slowly rising and more rapidly falling subsequent payments than would a lower interest rate assumption.

The amount of the first monthly Annuity payout, determined as described above, is divided by the value of an Annuity Unit for the appropriate Sub-Account not later than the fifth business day preceding the day on which the payment is due in order to determine the number of Annuity Units represented by the first payment. This number of

Annuity Units remains fixed during the Annuity Period, and in each subsequent month the dollar amount of the Annuity payout is determined by multiplying this fixed number of Annuity Units by the then current Annuity Unit value.

The Annuity payouts will be made on the date selected. The Annuity Unit value used in calculating the amount of the Annuity payouts will be based on an Annuity Unit value determined as of the close of business on a day not more than the fifth business day preceding the date of the Annuity payout.

Here is an example of how a Variable Annuity is determined:

ILLUSTRATION OF ANNUITY PAYOUTS: (UNISEX) AGE 65, LIFE ANNUITY WITH 120 PAYMENTS CERTAIN
A.	Net amount applied	$139,782.50
B.	Initial monthly income per $1,000 of payment applied	6.13
C.	Initial monthly payment (A × B ÷ 1,000)	$856.87
D.	Annuity Unit Value	3.125
E.	Number of monthly annuity units (C ÷ D)	274.198
F.	Assume annuity unit value for second month equal to	2.897
G.	Second monthly payment (F × E)	$794.35
H.	Assume annuity unit value for third month equal to	3.415
I.	Third month payment (H × E)	$936.39

The above figures are simply to illustrate the calculation of a Variable Annuity and have no bearing on the actual historical record of any Separate Account.

Benefits Available Under the Contract

The following table summarizes information about the benefits under the Contract.

Benefit	Purpose	Whether Benefit Is Standard or Optional	Maximum Fee	Restrictions/ Limitations
Death Benefit	If the participant dies during the Accumulation Period, then the type of death benefit paid depends on whether the participant died (a) before age 65, or (b) on or after age 65. If the participant died before age 65, a Minimum Death Benefit is payable to the Beneficiary, which is generally the greater of the greater of (a) the value of the Participant Account and (b) 100% of the Contributions to the Participant Account less prior Surrenders and outstanding Participant loans. If the participant dies on or after age 65, then the Contract pays a death benefit equal to the Participant Account Value, less any outstanding charges and loan balances.	Standard	None	• For Minimum Death Benefit, value of Participant account measured on date that all completed paperwork received. • The deduction of advisory fees will reduce your death benefit.
Systemic Withdrawal Option	The Participant may be able request a loan from his or her Participant Account Value during the Accumulation Phase if permitted by the Code and the terms of the Plan.	Standard	None	• Limited to Participants who have terminated their employment with the Employer; • Duration of payments may not extend beyond the Participant’s life expectancy; • A Participant may not elect the Systemic Withdrawal Option if there is an outstanding Loan.

Benefit	Purpose	Whether Benefit Is Standard or Optional	Maximum Fee	Restrictions/ Limitations
Participant Loan	The Participant may be able request a loan from his or her Participant Account Value during the Accumulation Phase if permitted by the Code and the terms of the Plan.	Standard	$50 loan set-up fee and $50 annual loan administration fee	Must be permitted by the Code and the terms of the Plan.

Death Benefits

Determination of the Beneficiary: The Beneficiary is the person or persons designated to receive payment of the death benefit upon the death of the Participant. If no designated Beneficiary remains living at the death of the Participant, the Participant’s estate is the Beneficiary.

Death before the Annuity Commencement Date:

Death Prior to age 65: If the Participant dies before the Annuity Commencement Date or the Participant’s attainment of age 65 (whichever comes first) the Minimum Death Benefit is payable to the Beneficiary. The Minimum Death Benefit is the greater of (a) the Termination Value of your Participant Account determined as of the day we receive Due Proof of Death or (b) 100% of the total Contributions made to your Participant Account, reduced by any prior partial Surrenders. “Termination Value” means the value of a Participant’s Account on any Valuation Day before the Annuity Commencement Date less any applicable Premium Taxes not already deducted and any applicable contingent deferred Sales Charge.

Death on or after age 65: If the Participant dies before the Annuity Commencement Date but on or after the Participant’s 65th birthday, the Beneficiary will receive the Termination Value of your Participant Account as of the date we receive Due Proof of Death at our Administrative Offices.

Calculation of the death benefit: If the Participant dies before the Annuity Commencement Date, the death benefit will be calculated as of the date we receive Due Proof of Death. The death benefit remains invested in the Separate Account and/or General Account option according to your last instructions until the proceeds are paid or We receive new settlement instructions from the Beneficiary(ies). During the time period between our receipt of Due Proof of Death and our receipt of the completed settlement instructions, the calculated death benefit will be subject to market fluctuations.

If the proceeds are taken in a single sum, payment will normally be made within seven days of our receipt of completed settlement instructions.

You may apply the death benefit payment to any one of the Annuity payout options under the Separate Account (See “Annuity Payout Options”) instead of receiving the death benefit payment in a single sum. An election to receive payment of death benefits under an Annuity payout option must be made before a lump sum settlement and within one year after the death by written notice to us at our Administrative Offices. Proceeds due on death may be applied to provide variable payments, fixed payments, or a combination of variable and fixed payments. No election to provide Annuity payouts will become operative unless the initial Annuity payout is at least $20 on either a variable or fixed basis, or $20 on each basis when a combination benefit is elected. The manner in which the Annuity payouts are determined and in which they may vary from month to month are the same as applicable to a Participant’s Account after retirement.

Death on or after the Annuity Commencement Date: If the Annuitant dies on or after the Annuity Commencement Date, there may be no payout at death unless the Annuitant has elected an Annuity payout option that permits the Beneficiary to elect to continue Annuity payouts or to receive the computed value.

Participant Loans

During the Accumulation Period, a Participant under a Tax-Sheltered Annuity plan may request a loan from his or her Participant Account. Loans from a Participant’s Account may not be available in all states or may be subject to restrictions. When you initiate a loan from your Participant Account, we deduct a loan set-up fee of $50. In addition, while your loan is outstanding, we deduct a $50 annual loan administration fee from your Participant Account on a quarterly basis. We currently waive the annual loan administration fee.

When you take a loan from your Participant Account, for record-keeping purposes, an amount equal to your loan, plus interest, is placed into a loan account. When you make loan repayments, the amount of the loan account decreases until your loan

account is re-paid in full. You must pay back your loan according to the payment schedule set by the terms of your loan agreement. The loan agreement describes the terms, conditions, and any fees or charges of your loan.

Loans will have a permanent effect on the Participant’s Account because the investment results of each Sub-Account will apply only to the amount remaining in such Sub-Account. The longer a loan is outstanding, the greater the impact on the Participant’s Account is likely to be. Also, if not repaid, the outstanding loan balance will reduce the death benefit otherwise payable to the Beneficiary.

Federal Tax Considerations

General

The following summary of tax rules does not provide or constitute any tax advice. It provides only a general discussion of certain of the expected federal income tax consequences with respect to amounts contributed to, invested in or received from a Contract, based on Our understanding of the existing provisions of the Code, Treasury Regulations thereunder, and public interpretations thereof by the IRS (e.g., Revenue Rulings, Revenue Procedures or Notices) or by published court decisions. This summary discusses only certain federal income tax consequences to United States Persons, and does not discuss state, local or foreign tax consequences. The term United States Persons means citizens or residents of the United States, domestic corporations, domestic partnerships, trust or estates that are subject to United States federal income tax, regardless of the source of their income.

This summary has been prepared by Us after consultation with tax counsel, but no opinion of tax counsel has been obtained. We do not make any guarantee or representation regarding any tax status (e.g., federal, state, local or foreign) of any Contract or any transaction involving a Contract. In addition, there is always a possibility that the tax treatment of an annuity contract could change by legislation or other means (such as regulations, rulings or judicial decisions). Moreover, it is always possible that any such change in tax treatment could be made retroactive (that is, made effective prior to the date of the change). Accordingly, you should consult a qualified tax adviser for complete information and advice before purchasing a Contract.

THE DISCUSSION SET FORTH BELOW IS INCLUDED FOR GENERAL PURPOSES ONLY. SPECIAL TAX RULES MAY APPLY WITH RESPECT TO CERTAIN SITUATIONS THAT ARE NOT DISCUSSED HEREIN. EACH POTENTIAL PURCHASER OF A CONTRACT IS ADVISED TO CONSULT WITH A QUALIFIED TAX ADVISER AS TO THE CONSEQUENCES OF ANY AMOUNTS INVESTED IN A CONTRACT UNDER APPLICABLE FEDERAL, STATE, LOCAL OR FOREIGN TAX LAW.

Civil Unions & Domestic Partnerships

Upon your death, a surviving spouse may have certain continuation rights under the Contract that he or she may elect to exercise for the Contract’s death benefit and any joint-life coverage under an optional living benefit. All Contract provisions relating to spousal continuation are available only to a person who meets the definition of “spouse” under federal law. The U.S. Supreme Court has held that same-sex marriages must be permitted under state law and that marriages recognized under state law will be recognized for federal law purposes. Parties to a civil union or domestic partnership are not treated as spouses under federal law. Consequently, certain transactions, such as change of ownership or continuation of the contract after death, may be taxable to those individuals. You should consult a tax and/or legal advisor for more information on this subject if it applies to you.

Tax Reporting

The federal, as well as state and local, tax laws and regulations require Us to report certain transactions with respect to the Contract (such as an exchange of or a distribution from the Contract) to the Internal Revenue Service and state and local tax authorities, and generally to provide you with a copy of what was reported. This copy is not intended to supplant your own records. It is your responsibility to ensure that what you report to the Internal Revenue Service and other relevant taxing authorities on your income tax returns is accurate based on your books and records. You should review whatever is reported to the taxing authorities by Us against your own records, and in consultation with your own tax advisor, and should notify Us if you find any discrepancies in case corrections have to be made.

Taxation of Talcott Resolution and the Separate Account

The Separate Account is taxed as part of Talcott Resolution which is taxed as a life insurance company under Subchapter L of Chapter 1 of the Code. Accordingly, the Separate Account will not be taxed as a “regulated investment company” under Subchapter M of Chapter 1 of the Code. Investment income and any realized capital gains on assets of the Separate Account are reinvested and taken into account in determining the value of the Accumulation and Annuity Units. (See “Contract Value”). As a result, such investment income and realized capital gains are automatically applied to increase reserves under the Contract.

Currently, no taxes are due on interest, dividends and short-term or long-term capital gain earned by the Separate Account with respect to the Contracts. Talcott Resolution is entitled to certain tax benefits related to the investment of company assets, including assets of the Separate Account. These tax benefits, which may include the foreign tax credit and the corporate dividends received deduction, are not passed back to you since Talcott Resolution is the owner of the assets from which the tax benefits are derived.

Diversification of the Separate Account

For certain types of Contracts, the Internal Revenue Code (“Code”) requires that investments supporting these Contracts be adequately diversified. Code Section 817(h) provides that a variable annuity contract will not be treated as an annuity contract for any period during which the investments made by the separate account or Underlying Fund are not adequately diversified. If a contract is not treated as an annuity contract, the contract owner will be subject to income tax on annual increases in cash value.

The Treasury Department’s diversification regulations under Code Section 817(h) require, among other things, that:

•no more than 55% of the value of the total assets of the segregated asset account underlying a variable contract is represented by any one investment,

•no more than 70% is represented by any two investments,

•no more than 80% is represented by any three investments and

•no more than 90% is represented by any four investments.

In determining whether the diversification standards are met, all securities of the same issuer, all interests in the same real property project, and all interests in the same commodity are each treated as a single investment. In the case of government securities, each government agency or instrumentality is treated as a separate issuer.

A separate account must be in compliance with the diversification standards on the last day of each calendar quarter or within 30 days after the quarter ends. If an insurance company inadvertently fails to meet the diversification requirements, the company may still comply within a reasonable period and avoid the taxation of contract income on an ongoing basis. However, either the insurer or the contract owner must agree to pay the tax due for the period during which the diversification requirements were not met.

Tax Ownership of the Assets in the Separate Account

In order for certain variable annuity contracts to qualify for tax income deferral, assets in the separate account supporting the contract must be considered to be owned by the insurance company, and not by the contract owner, for tax purposes. The IRS has stated in published rulings that a variable contract owner will be considered the “owner” of separate account assets for income tax purposes if the contract owner possesses sufficient incidents of ownership in those assets, such as the ability to exercise investment control over the assets. In circumstances where the variable contract owner is treated as the “tax owner” of certain separate account assets, income and gain from such assets would be includable in the variable contract owner’s gross income. The U.S. Tax Court followed the IRS position and held that a variable contract owner would be treated for federal tax purposes as the owner of the separate account assets (Webber v. Commissioner, 14 Tax Court No. 17, June 30, 2015). The Treasury Department indicated in 1986 that it would provide guidance on the extent to which contract owners may direct their investments to particular sub-accounts without being treated as tax owners of the underlying shares. Although no such regulations have been issued to date, the IRS has issued a number of rulings that indicate that this issue remains subject to a facts and circumstances test for both variable annuity and variable life insurance contracts. The distinction between when a variable contract owner will be determined to own the separate account under the analysis of the IRS and the Tax Court can best be illustrated by the following IRS rulings.

Rev. Rul. 2003-92, amplified by Rev. Rul. 2007-7, indicates that, where interests in a partnership offered in an insurer’s separate account are not available exclusively through the purchase of a variable insurance contract (e.g., where such interests can be purchased directly by the general public or others without going through such a variable contract), such “public availability” means that such interests should be treated as owned directly by the contract owner (and not by the insurer) for tax purposes, as if such contract owner had chosen instead to purchase such interests directly (without going through the variable contract). None of the shares or other interests in the fund choices offered in Our Separate Account for your Contract are available for purchase except through an insurer’s variable contracts or by other permitted entities.

Rev. Rul. 2003-91 indicates that an insurer could provide as many as 20 fund choices for its variable contract owners (each with a general investment strategy, e.g., a small company stock fund or a special industry fund) under certain circumstances, without causing such a contract owner to be treated as the tax owner of any of the Underlying Fund assets. The ruling does not specify the number of fund options, if any, that might prevent a variable contract owner from receiving favorable tax treatment.

As a result, We believe that any owner of a Contract also should receive the same favorable tax treatment. However, there is necessarily some uncertainty here as long as the IRS continues to use a facts and circumstances test for investor control and other tax ownership issues. Therefore, We reserve the right to modify the Contract as necessary to prevent you from being treated as the tax owner of any underlying assets.

Non-Natural Persons as Owners

Pursuant to Code Section 72(u), an annuity contract held by a taxpayer other than a natural person generally is not treated as an annuity contract under the Code. Instead, such a non-natural Contract Owner generally could be required to include in gross income currently for each taxable year the excess of (a) the sum of the Contract Value as of the close of the taxable year and all previous distributions under the Contract over (b) the sum of net premiums paid for the taxable year and any prior taxable year and the amount includable in gross income for any prior taxable year with respect to the Contract under Section 72(u). However, Section 72(u) does not apply to:

•A contract the nominal owner of which is a non-natural person but the beneficial owner of which is a natural person (e.g., where the non-natural owner holds the contract as an agent for the natural person),

•A contract acquired by the estate of a decedent by reason of such decedent’s death,

•Certain contracts acquired with respect to tax-qualified retirement arrangements,

•Certain contracts held in structured settlement arrangements that may qualify under Code Section 130, or

•A single premium immediate annuity contract under Code Section 72(u)(4), which provides for substantially equal periodic payments and an annuity starting date that is no later than 1 year from the date of the contract’s purchase.

A non-natural Contract Owner that is a tax-exempt entity for federal tax purposes (e.g., a tax-qualified retirement trust or a Charitable Remainder Trust) generally would not be subject to federal income tax as a result of such current gross income under Code Section 72(u). However, such a tax-exempt entity, or any annuity contract that it holds, may need to satisfy certain tax requirements in order to maintain its qualification for such favorable tax treatment. See, e.g., IRS Tech. Adv. Memo. 9825001 for certain Charitable Remainder Trusts.

Pursuant to Code Section 72(s), if the Contract Owner is a non-natural person, the primary annuitant is treated as the “holder” in applying the required distribution rules described below. These rules require that certain distributions be made upon the death of a “holder.” In addition, for a non-natural owner, a change in the primary annuitant is treated as the death of the “holder.” However, the provisions of Code Section 72(s) do not apply to certain contracts held in tax-qualified retirement arrangements or structured settlement arrangements.

Annuity Purchases by Nonresident Aliens and Foreign Corporations

The discussion above provides general information regarding U.S. federal income tax consequences to annuity purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or residents will generally be subject to U.S. federal income tax and withholding on taxable annuity distributions at a 30% rate, unless a lower treaty rate applies and any required tax forms are submitted to Talcott Resolution. If withholding applies, We are required to withhold tax at the 30% rate, or a lower treaty rate if applicable, and remit it to the IRS. In addition, purchasers may be subject to state premium tax, other state and/or municipal taxes, and taxes that may be imposed by the purchaser’s country of citizenship or residence.

Generation Skipping Transfer Tax

Under certain circumstances, the Code may impose a “generation skipping transfer tax” when all or part of an annuity contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the owner. Regulations issued under the Code may require Talcott Resolution to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS.

Tax-Qualified Retirement Plans

This summary does not attempt to provide more than general information about the federal income tax rules associated with use of a Contract by a tax-qualified retirement plan. State income tax rules applicable to tax-qualified retirement plans often differ from federal income tax rules, and this summary does not describe any of these differences. Because of the complexity of the tax rules, owners, participants and beneficiaries are encouraged to consult their own tax advisors as to specific tax consequences.

The Contracts are available to a variety of tax-qualified retirement plans and arrangements (a “Qualified Plan” or “Plan”). Tax restrictions and consequences for Contracts or accounts under each type of Qualified Plan differ from each other and from those for Non-Qualified Contracts. In addition, individual Qualified Plans may have terms and conditions that impose additional

rules. Therefore, no attempt is made herein to provide more than general information about the use of the Contract with the various types of Qualified Plans. Participants under such Qualified Plans, as well as Contract Owners, annuitants and beneficiaries, are cautioned that the rights of any person to any benefits under such Qualified Plans may be subject to terms and conditions of the Plans themselves or limited by applicable law, regardless of the terms and conditions of the Contract issued in connection therewith. Qualified Plans generally provide for the tax deferral of income regardless of whether the Qualified Plan invests in an annuity or other investment. You should consider if the Contract is a suitable investment if you are investing through a Qualified Plan.

The following is only a general discussion about types of Qualified Plans for which the Contracts may be available. We are not the plan administrator for any Qualified Plan. The plan administrator or custodian, whichever is applicable, (but not Us) is responsible for all Plan administrative duties including, but not limited to, notification of distribution options, disbursement of Plan benefits, handling any processing and administration of Qualified Plan loans, compliance with regulatory requirements and federal and state tax reporting of income/distributions from the Plan to Plan participants and, if applicable, beneficiaries of Plan participants and IRA contributions from Plan participants. Our administrative duties are limited to administration of the Contract and any disbursements of any Contract benefits to the Owner, annuitant or beneficiary of the Contract, as applicable. Our tax reporting responsibility is limited to federal and state tax reporting of income/distributions to the applicable payee and IRA contributions from the Owner of a Contract, as recorded on Our books and records. If you are purchasing a Contract through a Qualified Plan, you should consult with your Plan administrator and/or a qualified tax adviser. You also should consult with a qualified tax adviser and/or Plan administrator before you withdraw any portion of your Contract Value.

The tax rules applicable to Qualified Contracts and Qualified Plans, including restrictions on contributions and distributions, taxation of distributions and tax penalties, vary according to the type of Qualified Plan, as well as the terms and conditions of the Plan itself. Various tax penalties may apply to contributions in excess of specified limits, plan distributions (including loans) that do not comply with specified limits, and certain other transactions relating to such Plans. Accordingly, this summary provides only general information about the tax rules associated with use of a Qualified Contract in such a Qualified Plan. In addition, some Qualified Plans are subject to distribution and other requirements that are not incorporated into Our administrative procedures. Owners, participants, and beneficiaries are responsible for determining that contributions, distributions and other transactions comply with applicable tax (and non-tax) law and any applicable Qualified Plan terms. Because of the complexity of these rules, Owners, participants and beneficiaries are advised to consult with a qualified tax adviser as to specific tax consequences.

We do not currently offer the Contracts in connection with all of the types of Qualified Plans discussed below, and may not offer the Contracts for all types of Qualified Plans in the future.

Individual Retirement Annuities (“IRAs”)

In addition to “traditional” IRAs governed by Code Sections 408(a) and (b) (“Traditional IRAs”), there are Roth IRAs governed by Code Section 408A, SEP IRAs governed by Code Section 408(k), and SIMPLE IRAs governed by Code Section 408(p). Also, Qualified Plans under Code Section 401, 403(b) or 457(b) that include after-tax employee contributions may be treated as deemed IRAs subject to the same rules and limitations as Traditional IRAs. Contributions to each of these types of IRAs are subject to differing limitations. The following is a very general description of each type of IRA for which a Contract is available.

a.Traditional IRAs

Traditional IRAs are subject to limits on the amounts that may be contributed each year, the persons who may be eligible, and the time when minimum distributions must begin. Depending upon the circumstances of the individual, contributions to a Traditional IRA may be made on a deductible or non-deductible basis. Failure to make required minimum distributions (“RMDs”) when the Owner reaches their Required Beginning Date or dies (or the distribution qualifies for one of the other exceptions to the penalty on early distributions), as described below, may result in imposition of a 25% penalty tax on any excess of the RMD amount over the amount actually distributed. This excise tax is reduced to 10% if a distribution of the shortfall is made within two years and to the date the excise tax is assessed or imposed by the IRS. In addition, any amount received before the Owner reaches age 59 1∕2 or dies is subject to a 10% penalty tax on premature distributions, unless a special exception applies, as described below. Under Code Section 408(e), an IRA may not be used for borrowing (or as security for any loan) or in certain prohibited transactions, and such a transaction could lead to the complete tax disqualification of an IRA.

You (or your surviving spouse if you die) may rollover funds tax-free from certain existing Qualified Plans (such as proceeds from existing insurance contracts, annuity contracts or securities) into a Traditional IRA under certain circumstances, as indicated below. However, mandatory tax withholding of 20% may apply to any eligible rollover distribution from certain types of Qualified Plans if the distribution is not transferred directly to the Traditional IRA. Effective January 1, 2020, non-spouse “designated beneficiaries” of a deceased Owner must generally receive distributions within 10 years of the death of the Owner. However, the life expectancy payout option (a/k/a “IRA stretch”) is still available for non-spouse beneficiaries who are “Eligible Designated Beneficiaries” enabling them to make a tax-free “direct rollover” (in the form of a direct transfer between Plan

fiduciaries, as described below in “Rollover Distributions”) from certain Qualified Plans to a Traditional IRA for such beneficiary, but such Traditional IRA must be designated and treated as an “inherited IRA” that remains subject to applicable RMD rules (as if such IRA had been inherited from the deceased Plan participant). “Eligible Designated Beneficiaries” include beneficiaries who are not more than 10 years younger, disabled, chronically ill, and minors until age of majority, at which time the 10-year rule applies. In addition, such a Plan is not required to permit such a rollover.

b.SEP IRAs

Code Section 408(k) provides for a Traditional IRA in the form of an employer-sponsored defined contribution plan known as a Simplified Employee Pension (“SEP”) or a SEP IRA. A SEP IRA can have employer, and in limited circumstances employee and salary reduction contributions, as well as higher overall contribution limits than a Traditional IRA, but a SEP is also subject to special tax-qualification requirements (e.g., on participation, nondiscrimination and withdrawals) and sanctions. Otherwise, a SEP IRA is generally subject to the same tax rules as for a Traditional IRA, which are described above. Please note that the IRA rider for the Contract has provisions that are designed to maintain the Contract’s tax qualification as an IRA, and therefore could limit certain benefits under the Contract (including endorsement, rider or option benefits) to maintain the Contract’s tax qualification.

c.SIMPLE IRAs

The Savings Incentive Match Plan for Employees of small employers (“SIMPLE Plan”) is a form of an employer-sponsored Qualified Plan that provides IRA benefits for the participating employees (“SIMPLE IRAs”). Depending upon the SIMPLE Plan, employers may make plan contributions into a SIMPLE IRA established by each eligible participant. Like a Traditional IRA, a SIMPLE IRA is subject to the 25% penalty tax for failure to make a full RMD (or reduced amount), and to the 10% penalty tax on premature distributions, as described below. In addition, the 10% penalty tax is increased to 25% for amounts received during the 2-year period beginning on the date you first participated in a qualified salary reduction arrangement pursuant to a SIMPLE Plan maintained by your employer under Code Section 408(p)(2). Contributions to a SIMPLE IRA may be either salary deferral contributions or employer contributions, and these are subject to different tax limits from those for a Traditional IRA. Please note that the SIMPLE IRA rider for the Contract has provisions that are designed to maintain the Contract’s tax qualification as an SIMPLE IRA, and therefore could limit certain benefits under the Contract (including endorsement, rider or option benefits) to maintain the Contract’s tax qualification.

A SIMPLE Plan may designate a single financial institution (a Designated Financial Institution) as the initial trustee, custodian or issuer (in the case of an annuity contract) of the SIMPLE IRA set up for each eligible participant. However, any such Plan also must allow each eligible participant to have the balance in his SIMPLE IRA held by the Designated Financial Institution transferred without cost or penalty to a SIMPLE IRA maintained by a different financial institution. Absent a Designated Financial Institution, each eligible participant must select the financial institution to hold his SIMPLE IRA, and notify his employer of this selection.

If We do not serve as the Designated Financial Institution for your employer’s SIMPLE Plan, for you to use one of Our Contracts as a SIMPLE IRA, you need to provide your employer with appropriate notification of such a selection under the SIMPLE Plan. If you choose, you may arrange for a qualifying transfer of any amounts currently held in another SIMPLE IRA for your benefit to your SIMPLE IRA with Us.

d.Roth IRAs

Code Section 408A permits eligible individuals to establish a Roth IRA. Contributions to a Roth IRA are not deductible, but withdrawals of amounts contributed and the earnings thereon that meet certain requirements are not subject to federal income tax. In general, Roth IRAs are subject to limitations on the amounts that may be contributed by the persons who may be eligible to contribute, certain Traditional IRA restrictions, and certain RMD rules on the death of the Contract Owner. Unlike a Traditional IRA, Roth IRAs are not subject to RMD rules during the Contract Owner’s lifetime. Generally, however, upon the Owner’s death the amount remaining in a Roth IRA must be distributed by the end of the tenth year after such death for non-spouse designated beneficiaries or distributed over the life or life expectancy of an Eligible Designated Beneficiary. The Owner of a Traditional IRA or other qualified plan assets may convert a Traditional IRA into a Roth IRA under certain circumstances. The conversion of a Traditional IRA or other qualified plan assets to a Roth IRA will subject the fair market value of the converted Traditional IRA to federal income tax in the year of conversion. In addition to the amount held in the converted Traditional IRA, the fair market value may include the value of additional benefits provided by the annuity contract on the date of conversion, based on reasonable actuarial assumptions. Tax-free rollovers from a Roth IRA can be made only to another Roth IRA under limited circumstances, as indicated below. Distributions from eligible Qualified Plans can be “rolled over” directly (subject to tax) into a Roth IRA under certain circumstances. Anyone considering the purchase of a Qualified Contract as a Roth IRA or a “conversion” Roth IRA should consult with a qualified tax adviser. Please note that the Roth IRA rider for the Contract has provisions that are designed to maintain the Contract’s tax qualification as a Roth IRA, and therefore could limit certain benefits under the Contract (including endorsement, rider or option benefits) to maintain the Contract’s tax qualification.

Qualified Pension or Profit-Sharing Plan or Section 401(k) Plan

Provisions of the Code permit eligible employers to establish a tax-qualified pension or profit sharing plan (described in Section 401(a), and Section 401(k) if applicable, and exempt from taxation under Section 501(a)). Such a Plan is subject to limitations on the amounts that may be contributed, the persons who may be eligible to participate, the amounts of “incidental” death benefits, and the time when RMDs must commence. There are annual limits on contributions to 401(a) defined contribution plans generally, and to 401(k) plans specifically. Salary reduction contributions to a 401(k) option cannot exceed the lesser of a dollar limit ($23,000 in 2024) or 100% of the employee’s “includible compensation.” For participants over age 50, a special additional catch-up provision may be available ($7,500 in 2024). In addition, a Plan’s provision of incidental benefits may result in currently taxable income to the participant for some or all of such benefits. In addition, elective deferrals made by participants under a 401(k) arrangement are subject to specific distribution limitations similar to those outlined below for 403(b) plans. Amounts may be rolled over tax-free from a Qualified Plan to another Qualified Plan under certain circumstances, as described below. Anyone considering the use of a Qualified Contract in connection with such a Qualified Plan should seek competent tax and other legal advice.

In particular, please note that these tax rules provide for limits on death benefits provided by a Qualified Plan (to keep such death benefits “incidental” to qualified retirement benefits), and a Qualified Plan (or a Qualified Contract) often contains provisions that effectively limit such death benefits to preserve the tax qualification of the Qualified Plan (or Qualified Contract). In addition, various tax-qualification rules for Qualified Plans specifically limit increases in benefits once RMDs begin, and Qualified Contracts are subject to such limits. As a result, the amounts of certain benefits that can be provided by any option under a Qualified Contract may be limited by the provisions of the Qualified Contract or governing Qualified Plan that are designed to preserve its tax qualification.

Tax-Sheltered Annuity under Section 403(b) (“TSA”)

Code Section 403(b) permits public school employees and employees of certain types of charitable, educational and scientific organizations described in Code Section 501(c)(3) to purchase a “tax-sheltered annuity” (“TSA”) contract and, subject to certain limitations, exclude employer contributions to a TSA from such an employee’s gross income. Generally, total contributions may not exceed the lesser of an annual dollar limit ($23,000 in 2024) or 100% of the employee’s “includable compensation” for the most recent full year of service, subject to other adjustments. There are also legal limits on the annual elective deferrals a participant may be permitted to make under a TSA. In certain cases, such as when the participant is age 50 or older, those limits may be increased ($7,500 in 2024). A TSA participant should contact the Plan administrator to determine applicable elective contribution limits. Special provisions may allow certain employees different overall limitations.

A TSA is subject to a prohibition against distributions from the TSA attributable to contributions made pursuant to a salary reduction agreement, unless such distribution is made:

a.after the employee reaches age 59 1∕2;

b.upon the employee’s separation from service;

c.upon the employee’s death or disability;

d.in the case of hardship as defined in applicable regulations (and in the case of hardship, any income attributable to such contributions may not be distributed);

e.as a qualified reservist distribution upon certain calls to active duty; or

f.with respect to amounts invested in a lifetime income investment, the date that is 90 days prior to the day that such lifetime income investment may no longer be held as an investment option under the plan.

An employer sponsoring a TSA may impose additional restrictions on your TSA through its Plan document.

Please note that the TSA rider for the Contract has provisions that are designed to maintain the Contract’s tax qualification as a TSA, and therefore could limit certain benefits under the Contract (including endorsement, rider or option benefits) to maintain the Contract’s tax qualification. In particular, please note that tax rules provide for limits on death benefits provided by a Qualified Plan (to keep such death benefits “incidental” to qualified retirement benefits), and a Qualified Plan (or a Qualified Contract) often contains provisions that effectively limit such death benefits to preserve the tax qualification of the Qualified Plan (or Qualified Contract). In addition, various tax-qualification rules for Qualified Plans specifically limit increases in benefits once RMDs begin, and Qualified Contracts are subject to such limits. As a result, the amounts of certain benefits that can be provided by any option under a Qualified Contract may be limited by the provisions of the Qualified Contract or governing Qualified Plan that are designed to preserve its tax qualification. In addition, a life insurance contract issued after September 23, 2007 is generally ineligible to qualify as a TSA.

Amounts may be rolled over tax-free from a TSA to another TSA or Qualified Plan (or from a Qualified Plan to a TSA) under certain circumstances, as described below. However, effective for TSA contract exchanges after September 24, 2007,

Reg. 1.403(b)-10(b) allows a TSA contract of a participant or beneficiary under a TSA Plan to be exchanged tax-free for another eligible TSA contract under that same TSA Plan, but only if all of the following conditions are satisfied: (1) such TSA Plan allows such an exchange, (2) the participant or beneficiary has an accumulated benefit after such exchange that is no less than such participant’s or beneficiary’s accumulated benefit immediately before such exchange (taking into account such participant’s or beneficiary’s accumulated benefit under both TSA contracts immediately before such exchange), (3) the second TSA contract is subject to distribution restrictions with respect to the participant that are no less stringent than those imposed on the TSA contract being exchanged, and (4) the employer for such TSA Plan enters into an agreement with the issuer of the second TSA contract under which such issuer and employer will provide each other from time to time with certain information necessary for such second TSA contract (or any other TSA contract that has contributions from such employer) to satisfy the TSA requirements under Code Section 403(b) and other federal tax requirements (e.g., plan loan conditions under Code Section 72(p) to avoid deemed distributions). Such necessary information could include information about the participant’s employment, information about other Qualified Plans of such employer, and whether a severance has occurred, or hardship rules are satisfied, for purposes of the TSA distribution restrictions. Consequently, you are advised to consult with a qualified tax advisor before attempting any such TSA exchange, particularly because it requires an agreement between the employer and issuer to provide each other with certain information.

Deferred Compensation Plans under Section 457 (“Section 457 Plans”)

Certain governmental employers, or tax-exempt employers other than a governmental entity, can establish a Deferred Compensation Plan under Code Section 457. For these purposes, a “governmental employer” is a State, a political subdivision of a State, or an agency or an instrumentality of a State or political subdivision of a State. A Deferred Compensation Plan that meets the requirements of Code Section 457(b) is called an “Eligible Deferred Compensation Plan” or “Section 457(b) Plan.” Code Section 457(b) limits the amount of contributions that can be made to an Eligible Deferred Compensation Plan on behalf of a participant. Generally, the limitation on contributions is the lesser of (1) 100% of a participant’s includible compensation or (2) the applicable dollar amount, ($23,000 in 2024). The Plan may provide for additional “catch-up” contributions. One catch-up contribution allows participants over age 50 to make additional contributions each year ($7,500 in 2024); while another permits 457(b) pre-retirement contributions in the three prior years to, but not including, the year the participant reaches normal retirement age. A participant cannot use both catch-up provisions concurrently. In addition, under Code Section 457(d) a Section 457(b) Plan may not make amounts available for distribution to participants or beneficiaries before (1) the calendar year in which the participant attains age 59 1∕2, (2) the participant has a severance from employment (including death), (3) the participant is faced with an unforeseeable emergency (as determined in accordance with regulations), or (4) with respect to amounts invested in a lifetime income investment, the date that is 90 days prior to the date that such lifetime income investment may no longer be held as an investment option under the Plan.

Under Code Section 457(g) all of the assets and income of an Eligible Deferred Compensation Plan for a governmental employer must be held in trust for the exclusive benefit of participants and their beneficiaries. For this purpose, annuity contracts, certain other insurance contracts, and custodial accounts described in Code Section 401(f) are treated as trusts. This trust requirement does not apply to amounts under an Eligible Deferred Compensation Plan of a tax-exempt (nongovernmental) employer. In addition, this trust requirement does not apply to amounts held under a Deferred Compensation Plan of a governmental employer that is not a Section 457(b) Plan. Where the trust requirement does not apply, amounts held under a Section 457 Plan must remain subject to the claims of the employer’s general creditors under Code Section 457(b)(6).

Taxation of Amounts Received from Qualified Plans

Except under certain circumstances in the case of Roth IRAs or Roth accounts in a Qualified Plan, amounts received from Qualified Contracts or Plans generally are taxed as ordinary income under Code Section 72, to the extent that they are not treated as a tax-free recovery of after-tax contributions or other “investment in the contract.” For annuity payments and other amounts received after the Annuity Commencement Date from a Qualified Contract or Plan, Code Section 72 provides the tax rules for determining what portion of each amount received represents a tax-free recovery of “investment in the contract”.

For non-periodic amounts from certain Qualified Contracts or Plans, Code Section 72(e)(8) provides special rules that generally treat a portion of each amount received as a tax-free recovery of the “investment in the contract,” based on the ratio of the “investment in the contract” over the Contract Value at the time of distribution. However, in determining such a ratio, certain aggregation rules may apply and may vary, depending on the type of Qualified Contract or Plan. For instance, all Traditional IRAs owned by the same individual are generally aggregated for these purposes, but such an aggregation does not include any IRA inherited by such individual or any Roth IRA owned by such individual.

In addition, penalty taxes, mandatory tax withholding or rollover rules may apply to amounts received from a Qualified Contract or Plan, as indicated below, and certain exclusions may apply to certain distributions (e.g., distributions from an eligible

Government Plan to pay qualified health insurance premiums of an eligible retired public safety officer). Accordingly, you are advised to consult with a qualified tax adviser before taking or receiving any amount (including a loan) from a Qualified Contract or Plan.

Penalty Taxes for Qualified Plans

Unlike Non-Qualified Contracts, Qualified Contracts are subject to federal penalty taxes not just on premature distributions, but also on excess contributions and failures to make required minimum distributions (“RMDs”). Penalty taxes on excess contributions can vary by type of Qualified Plan and which person made the excess contribution (e.g., employer or an employee). The penalty taxes on premature distributions and failures to make timely RMDs are more uniform and are described in more detail below.

a.Penalty Taxes on Premature Distributions

Code Section 72(t) imposes a penalty income tax equal to 10% of the taxable portion of a distribution from certain types of Qualified Plans that is made before the employee reaches age 59 1∕2. However, this 10% penalty tax does not apply to a distribution that is either:

(i)made to a beneficiary (or to the employee’s estate) on or after the employee’s death;

(ii)attributable to the employee’s becoming disabled under Code Section 72(m)(7);

(iii) part of a series of substantially equal periodic payments (not less frequently than annually — “SEPPs”) made for the life (or life expectancy) of the employee or the joint lives (or joint life expectancies) of such employee and a designated beneficiary (“SEPP Exception”), and for certain Qualified Plans (other than IRAs) such a series must begin after the employee separates from service;

(iv) (except for IRAs) made to an employee after separation from service after reaching age 55 (or made after age 50 in the case of a qualified public safety employee separated from certain government plans);

(v)(except for IRAs) made to an alternate payee pursuant to a qualified domestic relations order under Code Section 414(p) (a similar exception for IRAs in Code Section 408(d)(6) covers certain transfers for the benefit of a spouse or ex-spouse);

(vi) not greater than the amount allowable as a deduction to the employee for eligible medical expenses during the taxable year which are not reimbursed by health insurance (without regard to whether the taxpayer deducts the unreimbursed medical expenses);

(vii) certain qualified reservist distributions under Code Section 72(t)(2)(G) upon a call to active duty;

(viii) distributions of up to $5,000 from a retirement plan in the case of a birth or adoption of a child under Code Section 72(t)(2)(H); or

(ix) certain designated qualified disaster distributions.

In addition, the 10% penalty tax does not apply to a distribution from an IRA that is either:

(i)made after separation from employment to an unemployed IRA owner for health insurance premiums, if certain conditions are met;

(ii)not in excess of the amount of certain qualifying higher education expenses, as defined by Code Section 72(t)(7);

(iii) for a qualified first-time home buyer and meets the requirements of Code Section 72(t)(8); or

(iv) certain other exceptions to the 10% penalty tax.

If the taxpayer avoids this 10% penalty tax by qualifying for the SEPP Exception and later such series of payments is modified (other than by death or disability), the 10% penalty tax will be applied retroactively to all the prior periodic payments (i.e., penalty tax plus interest thereon), unless such modification is made after both (a) the employee has reached age 59 1∕2 and (b) 5 years have elapsed since the first of these periodic payments.

For any premature distribution from a SIMPLE IRA during the first 2 years that an individual participates in a salary reduction arrangement maintained by that individual’s employer under a SIMPLE Plan, the 10% penalty tax rate is increased to 25%.

b.RMDs and 25% Penalty Tax

If the amount distributed from a Qualified Contract or Plan is less than the amount of the required minimum distribution (“RMD”) for the year, the participant is subject to a 25% penalty tax on the amount that has not been timely distributed. This excise tax is reduced to 10% if a distribution of the shortfall is made within two years and to the date the excise tax is assessed or imposed by the IRS.

An individual’s interest in a Qualified Plan generally must be distributed, or begin to be distributed, not later than the Required Beginning Date. Generally, the Required Beginning Date is April 1 of the calendar year following the later of —

(i)the calendar year in which the individual attains their applicable age, or

(ii)(except in the case of an IRA or a 5% owner, as defined in the Code) the calendar year in which a participant retires from service with the employer sponsoring a Qualified Plan that allows such a later Required Beginning Date.

If the individual attains (1) age 70 1∕2 before 2020, the applicable age is 70 1∕2; (2) age 72 during or after 2020 but before 2023, the applicable age is 72; (3) age 72 during or after 2023 and age 73 before 2033, the applicable age is 73; or (4) age 74 after 2032, the applicable age is 75.

The entire interest of the individual must be distributed beginning no later than the Required Beginning Date over —

(a)the life of the individual or the lives of the individual and a designated beneficiary (as specified in the Code), or

(b)over a period not extending beyond the life expectancy of the individual or the joint life expectancy of the individual and a designated beneficiary.

Effective January 1, 2020, non-spouse “designated beneficiaries” of a deceased plan participant Owner must generally receive distributions within 10 years of the death of the participant. However, the life expectancy payout option (a/k/a “stretch payout”) is still available for non-spouse beneficiaries who are “Eligible Designated Beneficiaries” enabling them to make a tax-free “direct rollover” (in the form of a direct transfer between Plan fiduciaries, as described below in “Rollover Distributions”) from certain Qualified Plans to a Traditional IRA for such beneficiary, but such Traditional IRA must be designated and treated as an “inherited IRA” that remains subject to applicable RMD rules (as if such IRA had been inherited from the deceased Plan participant). “Eligible Designated Beneficiaries” include beneficiaries who are not more than 10 years younger, disabled, chronically ill, and minors until age of majority, at which time the 10-year rule applies.

If an individual dies after RMDs have begun for such individual, any remainder of the individual’s interest generally must be distributed at least as rapidly as under the method of distribution in effect at the time of the individual’s death.

The RMD rules that apply while the Contract Owner is alive do not apply with respect to Roth IRAs. The RMD rules applicable after the death of the Owner apply to all Qualified Plans, including Roth IRAs. In addition, if the Owner of a Traditional or Roth IRA dies and the Owner’s surviving spouse is the sole designated beneficiary, this surviving spouse may elect to treat the Traditional or Roth IRA as his or her own.

The RMD amount for each year is determined generally by dividing the account balance by the applicable life expectancy. This account balance is generally based upon the account value as of the close of business on the last day of the previous calendar year. RMD incidental benefit rules also may require a larger annual RMD amount. RMDs also can be made in the form of Annuity payments that satisfy the rules set forth in Regulations under the Code relating to RMDs.

In addition, in computing any RMD amount based on a contract’s account value, such account value must include the actuarial value of certain additional benefits provided by the contract. As a result, electing an optional benefit under a Qualified Contract may require the RMD amount for such Qualified Contract to be increased each year, and expose such additional RMD amount to the 25% penalty tax for RMDs (or reduced amount) if such additional RMD amount is not timely distributed. There is a recent exception to the RMD rules for certain lifetime income annuity benefits (Qualified Longevity Annuity Contracts, or “QLAC”), provided by Revenue Ruling 2012-3 and proposed Treasury regulations.

Tax Withholding for Qualified Plans

Distributions from a Qualified Contract or Qualified Plan generally are subject to federal income tax withholding requirements. The federal income tax withholding requirements, including any “elections out” and the rate at which withholding applies are different for periodic and non-periodic distributions. Special rules apply when the distribution is an “eligible rollover distribution” from a Qualified Plan (described below in “Rollover Distributions”). In the latter case, tax withholding is mandatory at a rate of 20% of the taxable portion of the “eligible rollover distribution,” to the extent it is not directly rolled over to an IRA or other Eligible Retirement Plan (described below in “Rollover Distributions”). Payees cannot elect out of this mandatory 20% withholding in the case of such an “eligible rollover distribution.”

Also, special withholding rules apply with respect to distributions from non-governmental Section 457(b) Plans, and to distributions made to individuals who are neither citizens nor resident aliens of the United States.

Regardless of any “election out” (or any actual amount of tax actually withheld) on an amount received from a Qualified Contract or Plan, the payee is generally liable for any failure to pay the full amount of tax due on the includable portion of such amount received. A payee also may be required to pay penalties under estimated income tax rules, if the withholding and estimated tax payments are insufficient to satisfy the payee’s total tax liability.

Rollover Distributions

The current tax rules and limits for tax-free rollovers and transfers between Qualified Plans vary according to (1) the type of transferor Plan and transferee Plan, (2) whether the amount involved is transferred directly between Plans (a “direct transfer” or a “direct rollover”) or is distributed first to a participant or beneficiary who then transfers that amount back into another eligible Plan within 60 days (a “60-day rollover”), and (3) whether the distribution is made to a participant, spouse or other beneficiary. Accordingly, We advise you to consult with a qualified tax adviser before receiving any amount from a Qualified Contract or Plan or attempting some form of rollover or transfer with a Qualified Contract or Plan.

For instance, generally any amount can be transferred directly from one type of Qualified Plan to the same type of Plan for the benefit of the same individual, without limit (or federal income tax), if the transferee Plan is subject to the same kinds of restrictions as the transferor Plan and if other applicable conditions are met. Such a “direct transfer” between the same kinds of Plan is generally not treated as any form of “distribution” out of such a Plan for federal income tax purposes.

By contrast, an amount distributed from one type of Plan into a different type of Plan generally is treated as a “distribution” out of the first Plan for federal income tax purposes, and therefore to avoid being subject to such tax, such a distribution must qualify either as a “direct rollover” (made directly to another Plan) or as a “60-day rollover.” The tax restrictions and other rules for a “direct rollover” and a “60-day rollover” are similar in many ways, but if any “eligible rollover distribution” made from certain types of Qualified Plan is not transferred directly to another Plan by a “direct rollover,” then it is subject to mandatory 20% withholding, even if it is later contributed to that same Plan in a “60-day rollover” by the recipient. If any amount less than 100% of such a distribution (e.g., the net amount after the 20% withholding) is transferred to another Plan in a “60-day rollover”, the amount that is not rolled over remains subject to normal income tax plus any applicable penalty.

Under Code Sections 402(f)(2)(A) and 3405(c)(3) an “eligible rollover distribution” (which is both eligible for rollover treatment and subject to 20% mandatory withholding absent a “direct rollover”) is generally any distribution to an employee of any portion (or all) of the balance to the employee’s credit in any of the following types of “Eligible Retirement Plan”: (1) a Qualified Plan under Code Section 401(a) (“Qualified 401(a) Plan”), (2) a qualified annuity plan

under Code Section 403(a) (“Qualified Annuity Plan”), (3) a TSA under Code Section 403(b), or (4) a governmental Section 457(b) Plan. However, an “eligible rollover distribution” does not include any distribution that is either —

a.an RMD amount;

b.one of a series of substantially equal periodic payments (not less frequently than annually) made either (i) for the life (or life expectancy) of the employee or the joint lives (or joint life expectancies) of the employee and a designated beneficiary, or (ii) for a specified period of 10 years or more; or

c.any distribution made upon hardship of the employee.

Before making an “eligible rollover distribution,” a Plan administrator generally is required under Code Section 402(f) to provide the recipient with advance written notice of the “direct rollover” and “60-day rollover” rules and the distribution’s exposure to the 20% mandatory withholding if it is not made by “direct rollover.” Generally, under Code Sections 402(c), 403(b)(8) and 457 (e)(16), a “direct rollover” or a “60-day rollover” of an “eligible rollover distribution” can be made to a Traditional IRA or to another Eligible Retirement Plan that agrees to accept such a rollover. However, the maximum amount of an “eligible rollover distribution” that can qualify for a tax-free “60-day rollover” is limited to the amount that otherwise would be includable in gross income. By contrast, a “direct rollover” of an “eligible rollover distribution” can include after-tax contributions as well, if the direct rollover is made either to a Traditional IRA or to another form of Eligible Retirement Plan that agrees to account separately for such a rollover, including accounting for such after-tax amounts separately from the otherwise taxable portion of this rollover. Separate accounting also is required for all amounts (taxable or not) that are rolled into a governmental Section 457(b) Plan from either a Qualified Section 401(a) Plan, Qualified Annuity Plan, TSA or IRA. These amounts, when later distributed from the governmental Section 457(b) Plan, are subject to any premature distribution penalty tax applicable to distributions from such a “predecessor” Qualified Plan.

Rollover rules for distributions from IRAs under Code Sections 408(d)(3) and 408A(d)(3) also vary according to the type of transferor IRA and type of transferee IRA or other Plan. For instance, generally no tax-free “direct rollover” or “60-day rollover” can be made between a “Non-Roth IRA” (Traditional, SEP or SIMPLE IRA) and a Roth IRA, and a transfer from Non-Roth IRA to a Roth IRA, or a “conversion” of a Non-Roth IRA to a Roth IRA, is subject to special rules. In addition, generally no tax-free “direct rollover” or “60-day rollover” can be made between an “inherited IRA” (Non-Roth or Roth) for a beneficiary and an IRA set up by that same individual as the original owner. Generally, any amount other than an RMD distributed from a Traditional or SEP IRA is eligible for a “direct rollover” or a “60-day rollover” to another Traditional IRA for the same individual. Similarly, any amount other than an RMD distributed from a Roth IRA is generally eligible for a “direct rollover” or a “60-day rollover” to another Roth IRA for the same individual. However, in either case such a tax-free 60-day rollover is limited to 1 per year (365-day period); whereas no l-year limit applies to any such “direct rollover.” Similar rules apply to a “direct rollover” or a “60-day rollover” of a distribution from a SIMPLE IRA to another SIMPLE IRA or a Traditional IRA, except that any distribution of employer

contributions from a SIMPLE IRA during the initial 2-year period in which the individual participates in the employer’s SIMPLE Plan is generally disqualified (and subject to the 25% penalty tax on premature distributions) if it is not rolled into another SIMPLE IRA for that individual. Amounts other than RMDs distributed from a Traditional or SEP IRA (or SIMPLE IRA after the initial 2-year period) also are eligible for a “direct rollover” or a “60-day rollover” to an Eligible Retirement Plan that accepts such a rollover, but any such rollover is limited to the amount of the distribution that otherwise would be includable in gross income (i.e., after-tax contributions are not eligible).

Special rules also apply to transfers or rollovers for the benefit of a spouse (or ex-spouse) or a non-spouse designated beneficiary, Plan distributions of property, and obtaining a waiver of the 60-day limit for a tax-free rollover from the IRS and to qualified Coronavirus Related Distributions.

Distribution

The Contracts are no longer offered for sale. MML Distributors, LLC (“MMLD”), a subsidiary of Massachusetts Mutual Life Insurance Company (“MassMutual”), is the principal underwriter of the Contracts, which are sold by affiliated and unaffiliated broker-dealer, and financial institutions.

MMLD is registered with the Securities and Exchange Commission under the 1934 Act as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). The principal business address of MMLD is 1295 State Street, Springfield, MA 01111.

Financial Intermediaries receive commissions (described below under “Commissions”). Certain selected Financial Intermediaries also receive additional compensation (described below under “Additional Payments”). All or a portion of the payments made to Financial Intermediaries may be passed on to Registered Representatives according to a Financial Intermediaries’ internal compensation practices.

Affiliated broker-dealers also employ individuals called “wholesalers” in the sales process. Wholesalers typically receive commissions based on the type of Contract or optional benefits sold. Commissions are based on a specified amount of Premium Payments or Contract value.

Commissions

Upfront commissions paid to Financial Intermediaries generally range from 0% to up to 7% of each Contribution you pay for your Contract. Trail commissions (fees paid for customers that maintain their Contracts generally for more than 1 year) range up to 1.20% of your Contract value. MMLD pays different commissions based on the Contract variation that you buy.

Commission arrangements vary from one Financial Intermediary to another. We and MMLD are not involved in determining your Registered Representative’s compensation. Under certain circumstances, your Registered Representative may be required to return all or a portion of the commissions paid.

Check with your Registered Representative to verify whether your account is a brokerage or an advisory account. Your interests may differ from Ours and your Registered Representative (or the Financial Intermediary with which they are associated). Please ask questions to make sure you understand your rights and any potential conflicts of interest. If you are an advisory client, your Registered Representative (or the Financial Intermediary with which they are associated) can be paid both by you and MMLD and its affiliates based on what you buy. Therefore, profits, and your Registered Representative’s (or their Financial Intermediary’s) compensation, may vary by product and over time. Contact an appropriate person at your Financial Intermediary with whom you can discuss these differences.

Additional Payments

Subject to FINRA and Financial Intermediary rules, MMLD and its affiliates also make additional payments to Financial Intermediaries (who may or may not be affiliated with Us) to encourage the sale of this Contract and other contracts that We issue to retirement programs that We or Our affiliates offer (“Additional Payments”). Additional Payments are generally based on average net assets (or aged assets) of the contracts or programs attributable to a particular Financial Intermediary, on sales of the contracts or programs attributable to a particular Financial Intermediary, and/or sales expenses. Additional Payments may be used for various purposes, and may take various forms, such as:

•Payments for access to Registered Representatives and/or Financial Intermediaries, such as through one-on-one wholesaler visits or attendance at national sales meetings or similar events.

•Payments for inclusion of Our products on a Financial Intermediary’s “preferred list”; participation in, or visibility at, national and regional conferences; and/or articles in Financial Intermediary publications highlighting Our products and services.

•Payments for various marketing expenses such as joint marketing campaigns and/or Financial Intermediary event advertising/participation; sponsorship of Financial Intermediary sales contests and/or promotions in which participants (including Registered Representatives) receive prizes such as travel awards, merchandise and recognition; and expenses of generating clients.

•Payment and support to Underlying Fund companies including Fund related wholesaler support, training and marketing activities for certain Funds, and providing sales activity reports.

•Sales support through such things as providing hardware and software, operational and systems integration, links to Our website from a Financial Intermediary’s websites; shareholder services (including sub-accounting) sponsorship of Financial Intermediary due diligence meetings; and/or expense allowances and reimbursements.

•“Due diligence” payments for a Financial Intermediary’s examination of a product; payments for educational training, sales or training seminars, conferences and programs, sales and service desk training, and/or client or prospect seminar sponsorships.

•Occasional meals and entertainment, tickets to sporting events and other gifts.

More Information

Modification of the Contracts

Subject to any federal and state regulatory restrictions, we may modify the Contracts at any time by written agreement between the Contract Owner and us. No modification will affect the amount or term of any Annuities begun prior to the effective date of the modification, unless it is required to conform the Contract to, or give the Contract Owner the benefit of, any federal or state statutes or any rule or regulation of the U.S. Treasury Department or the Internal Revenue Service.

On or after the fifth anniversary of any contract we may change, from time to time, any or all of the terms of the Contracts by giving 90 days advance written notice to the Contract Owner, except that the Annuity tables, guaranteed interest rates and the contingent deferred Sales Charges which are applicable at the time a Participant’s Account is established under a contract, will continue to be applicable.

We may modify the Contract at any time if such modification: (i) is necessary to make the Contract or the Separate Account comply with any law or regulation issued by a governmental agency to which we are subject; or (ii) is necessary to assure continued qualification of the Contract under the Code or other federal or state laws relating to retirement annuities or annuity contracts; or (iii) is necessary to reflect a change in the operation of the Separate Account or the Sub-Account(s); or (iv) provides additional Separate Account options; or (v) withdraws Separate Account options. In the event of any such modification we will provide notice to the Contract Owner or to the payee(s) during the Annuity period. Talcott Resolution may also make appropriate endorsement in the Contract to reflect such modification.

A contract may be suspended by the Contract Owner by giving us written notice at least 90 days before the effective date of the suspension at our Administrative Office. A contract will be suspended automatically on its anniversary if the Contract Owner fails to assent to any modification of a contract. In this context, such modifications would have become effective on or before that anniversary.

Upon suspension, we will continue to accept Contributions, subject to the terms of the Contract, as such terms are applicable to Participant’s Accounts under the Contracts prior to such suspension. However, no Contributions will be accepted on behalf of any new Participant Accounts. Annuitants at the time of any suspension will continue to receive their Annuity payouts. The suspension of a contract will not preclude a Contract Owner from applying existing Participant’s Accounts to the purchase of Fixed or Variable Annuity benefits.

Reservation of Rights Under the Contract

We may, at Our sole discretion, elect not to exercise a right or reservation specified in this Contract. If we elect not to exercise a right or reservation, We are not waiving it. We may decide to exercise a right or a reservation that We previously did not exercise.

Legal Proceeding

Like other insurance companies, We are involved in lawsuits, arbitrations, and regulatory/legal proceedings. Certain lawsuits and legal actions the Company is involved in assert claims for substantial amounts. While it is not possible to predict with certainty the ultimate outcome of any pending or future case, legal proceeding or regulatory action, We do not expect the ultimate result of any of these actions to result in a material adverse effect on the Company or its Separate Accounts.

Nonetheless, given the large or indeterminate amounts sought in certain of these actions, and the inherent unpredictability of litigation, an adverse outcome in certain matters could, from time to time, have a material adverse effect on the Company’s results of operations or cash flows in particular quarterly or annual periods.

Appendix A – Underlying Funds

The following is a list of the Underlying Funds currently available under the Contract. In the event more than one Underlying Funds were offered under the Contract, the Underlying Funds available to you may vary by Employer. In such an event, you should refer to your retirement plan documents for a list of Underlying Funds available to you. More information about the Underlying Fund is available in the prospectuses for the Fund, which may be amended from time to time and can be found online at https://plan.empower-retirement.com/plancloudws/fundprospectus. You can also request this information at no cost by calling (844) 804-8989 or sending an email request to participantservices@empower.com.

The current expenses and performance information below reflect fees and expenses of the Underlying Funds, but does not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these charges were included. The past performance of a Fund is not necessarily an indication of future performance.

UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023)
UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	1 YEAR	5 YEARS (or since inception)	10 YEARS (or since inception)
US Insurance Foreign Large Value	AB VPS International Value Portfolio - Class B Adviser: AllianceBernstein L.P. Subadviser: N/A	1.13%	14.83%	5.55%	1.83%
US Insurance Large Growth	American Funds IS® Growth Fund - Class 2 Adviser: Capital Research and Management Company Subadviser: N/A	0.59%	38.48%	18.67%	14.35%
US Insurance Large Blend	BlackRock S&P 500 Index V.I. Fund - Class I Adviser: BlackRock Advisors LLC Subadviser: N/A	0.14%	26.22%	15.55%	11.80%
US Insurance Moderate Allocation	Calvert VP SRI Balanced Portfolio - Class I Adviser: Calvert Research and Management Subadviser: N/A	0.64%	16.82%	10.27%	7.46%
US Insurance Moderate Allocation	Fidelity® VIP Asset Manager Portfolio - Initial Class Adviser: Fidelity Management & Research Company LLC Subadviser: FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd	0.53%	12.94%	7.48%	5.40%

APP A-1

UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023)
UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	1 YEAR	5 YEARS (or since inception)	10 YEARS (or since inception)
US Insurance Large Growth	Fidelity® VIP Contrafund® Portfolio - Initial Class Adviser: Fidelity Management & Research Company LLC Subadviser: FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd	0.56%	33.45%	16.65%	11.61%
US Insurance Target- Date 2015	Fidelity® VIP Freedom 2015 Portfolio - Service Class 2 Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.68%	10.64%	6.29%	4.93%
US Insurance Target- Date 2020	Fidelity® VIP Freedom 2020 Portfolio - Service Class 2 Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.72%	12.22%	7.22%	5.48%
US Insurance Target- Date 2025	Fidelity® VIP Freedom 2025 Portfolio - Service Class 2 Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.74%	13.32%	7.98%	5.93%
US Insurance Target- Date 2030	Fidelity® VIP Freedom 2030 Portfolio - Service Class 2 Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.77%	14.46%	9.02%	6.59%
US Insurance Target- Date 2035	Fidelity® VIP Freedom 2035 Portfolio - Service Class 2 Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.82%	16.53%	10.57%	7.40%
US Insurance Target- Date 2040	Fidelity® VIP Freedom 2040 Portfolio - Service Class 2 Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.86%	18.61%	11.65%	7.87%

APP A-2

UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023)
UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	1 YEAR	5 YEARS (or since inception)	10 YEARS (or since inception)
US Insurance Target- Date 2045	Fidelity® VIP Freedom 2045 Portfolio - Service Class 2 Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.87%	19.13%	11.75%	7.92%
US Insurance Target- Date 2050	Fidelity® VIP Freedom 2050 Portfolio - Service Class 2 Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.87%	19.19%	11.74%	7.91%
US Insurance Target- Date Retirement	Fidelity® VIP Freedom Income Portfolio - Service Class 2 Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.62%	7.65%	3.68%	3.13%
US Insurance Conservative Allocation	Fidelity® VIP FundsManager 20% Portfolio - Service Class 2* Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.70%	7.91%	3.74%	3.03%
US Insurance Moderate Allocation	Fidelity® VIP FundsManager 50% Portfolio - Service Class 2* Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.85%	12.65%	7.36%	5.35%
US Insurance Moderate Allocation	Fidelity® VIP FundsManager 60% Portfolio - Service Class 2* Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.86%	14.08%	8.43%	6.10%
US Insurance Moderately Aggressive Allocation	Fidelity® VIP FundsManager 70% Portfolio - Service Class 2* Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.89%	15.57%	9.58%	6.74%

APP A-3

UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023)
UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	1 YEAR	5 YEARS (or since inception)	10 YEARS (or since inception)
US Insurance Aggressive Allocation	Fidelity® VIP FundsManager 85% Portfolio - Service Class 2* Adviser: Fidelity Management & Research Company LLC Subadviser: N/A	0.93%	17.48%	11.10%	7.72%
US Insurance Large Growth	Fidelity® VIP Growth Portfolio - Initial Class Adviser: Fidelity Management & Research Company LLC Subadviser: FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; Fidelity Management & Research (HK) Ltd	0.58%	36.24%	19.64%	14.80%
US Insurance Foreign Large Growth	Fidelity® VIP Overseas Portfolio - Initial Class Adviser: Fidelity Management & Research Company LLC Subadviser: FMR Investment Management (U.K.) Limited; Fidelity Management & Research (Japan) Limited; FIL Investments (Japan) Limited; Fil Investment Advisors; Fidelity Management & Research (Hong Kong) Ltd; FIL Investment Advisors (UK) Ltd	0.73%	20.55%	9.99%	4.91%
US Insurance Moderately Conservative Allocation	Franklin Income VIP Fund - Class 2 Adviser: Franklin Advisers, Inc. Subadviser: N/A	0.71%	8.62%	6.98%	5.01%

APP A-4

UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023)
UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	1 YEAR	5 YEARS (or since inception)	10 YEARS (or since inception)
US Fund Moderate Allocation	Hartford Balanced HLS Fund - Class IA (Effective 7/13/2018, the underlying Fund is not available as a new Sub-Account for existing Contracts.) Adviser: Hartford Funds Management Company, LLC Subadviser: Wellington Management Company LLP	0.66%	14.78%	10.26%	7.61%
US Fund Large Blend	Hartford Capital Appreciation HLS Fund - Class IA (Closed to Contracts issued on or about 1/3/2005) Adviser: Hartford Funds Management Company, LLC Subadviser: Wellington Management Company LLP	0.67%	20.00%	13.30%	9.27%
US Fund Large Blend	Hartford Disciplined Equity HLS Fund - Class IA (Closed to Contracts issued on or about 6/13/2008) Adviser: Hartford Funds Management Company, LLC Subadviser: Wellington Management Company LLP	0.59%	21.24%	14.32%	11.84%
US Fund Large Value	Hartford Dividend and Growth HLS Fund - Class IA (Effective 7/13/2018, the underlying Fund is not available as a new Sub- Account for existing Contracts) Adviser: Hartford Funds Management Company, LLC Subadviser: Wellington Management Company LLP	0.65%	14.18%	13.72%	10.58%

APP A-5

UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023)
UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	1 YEAR	5 YEARS (or since inception)	10 YEARS (or since inception)
US Fund Foreign Large Blend	Hartford International Opportunities HLS Fund - Class IA (Effective 7/13/2018, the underlying Fund is not available as a new Sub-Account for existing Contracts.) Adviser: Hartford Funds Management Company, LLC Subadviser: Wellington Management Company LLP	0.76%	11.72%	8.47%	4.24%
US Fund Small Growth	Hartford Small Cap Growth HLS Fund - Class IA (Effective 7/13/2018, the underlying Fund is not available as a new Sub- Account for existing Contracts.) Adviser: Hartford Funds Management Company, LLC Subadviser: Wellington Management Company LLP	0.65%	18.42%	9.78%	7.17%
US Fund Large Blend	Hartford Stock HLS Fund - Class IA (Effective 7/13/2018, the underlying Fund is not available as a new Sub-Account for existing Contracts.) Adviser: Hartford Funds Management Company, LLC Subadviser: Wellington Management Company LLP	0.51%	7.72%	13.44%	10.69%
US Fund Intermediate Core-Plus Bond	Hartford Total Return Bond HLS Fund - Class IA (Effective 7/13/2018, the underlying Fund is not available as a new Sub- Account for existing Contracts.) Adviser: Hartford Funds Management Company, LLC Subadviser: Wellington Management Company LLP	0.50%	6.97%	1.86%	2.32%

APP A-6

UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023)
UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	1 YEAR	5 YEARS (or since inception)	10 YEARS (or since inception)
US Fund Ultrashort Bond	Hartford Ultrashort Bond HLS Fund - Class IA (Effective 7/13/2018, the underlying Fund is not available as a new Sub- Account for existing Contracts.) Adviser: Hartford Funds Management Company, LLC Subadviser: Wellington Management Company LLP	0.43%	5.18%	1.80%	1.27%
US Insurance Large Value	Invesco V.I. Comstock Fund - Series II Adviser: Invesco Advisers, Inc. Subadviser: N/A	1.00%	12.09%	13.20%	8.65%
US Insurance Moderate Allocation	Invesco V.I. Equity and Income Fund - Series II Adviser: Invesco Advisers, Inc. Subadviser: N/A	0.82%	10.24%	9.64%	6.78%
US Insurance Global Large-Stock Growth	Invesco V.I. Global Fund - Series II Adviser: Invesco Advisers, Inc. Subadviser: N/A	1.06%	34.45%	12.02%	8.20%
US Insurance Mid-Cap Growth	LVIP American Century Capital Appreciation Fund - Standard Class II* (Formerly American Century VP Capital Appreciation Fund - Class I) Adviser: American Century Investment Management Inc Subadviser: N/A	0.79%	20.69%	13.24%	9.36%
US Insurance Mid-Cap Growth	MSVI Fund, Inc. Discovery Portfolio - Class II* Adviser: Morgan Stanley Investment Management, Inc. Subadviser: N/A	1.05%	44.13%	10.83%	8.38%

APP A-7

UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2023)
UNDERLYING FUND TYPE	UNDERLYING FUND AND ADVISER/ SUBADVISER	CURRENT EXPENSES	1 YEAR	5 YEARS (or since inception)	10 YEARS (or since inception)
US Insurance Real Estate	MSVI Fund, Inc. U.S. Real Estate Portfolio - Class II* Adviser: Morgan Stanley Investment Management, Inc. Subadviser: N/A	1.05%	14.22%	2.66%	4.26%
US Insurance Inflation- Protected Bond	PIMCO VIT Real Return Portfolio - Administrative Class Adviser: Pacific Investment Management Company, LLC Subadviser: N/A	0.77%	3.67%	3.16%	2.25%
US Insurance Mid-Cap Value	Pioneer Mid Cap Value VCT Portfolio - Class II Adviser: Amundi Asset Management US, Inc. Subadviser: N/A	1.05%	12.20%	12.26%	7.30%
US Insurance Small Value	Putnam VT Small Cap Value Fund - Class IB Adviser: Putnam Investment Management, LLC Subadviser: Putnam Investments Limited	1.03%	23.75%	14.17%	7.82%
US Insurance Small Value	Royce Small-Cap Portfolio - Investment Class Adviser: Royce & Associates, LP Subadviser: N/A	1.15%	25.93%	10.17%	5.61%

Denotes Underlying Funds and their investment advisers that have entered into temporary expense reimbursements and /or fee waivers. See the prospectus for the Underlying Fund for further information.

HV-1524

APP A-8

The Statement of Additional Information (“SAI”), which is incorporated by reference into this Prospectus, includes additional information about the Separate Account and the Contract. The SAI is available without charge, upon request. To request copies of the SAI and make other inquiries about your Contracts, call us at 1-844-804-8989. Copies of the SAI and other information are also available on the following website https://plan.empower.com/plancloudws/fundprospectus and by e-mail request to participantservices@empower.com. Reports and other information about the Separate Account and the Contract are available on the Commission’s website at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

C000007835

Statement of Additional Information

DC Variable Account-I and Separate Account Two

(DC-II)

Group Variable Annuity Contracts

HV-1524

Issued by

Talcott Resolution Life Insurance Company

1 American Row, Hartford, CT 06103

This Statement of Additional Information is not a prospectus. The information contained in this document should be read in conjunction with the Prospectus. The SAI is available without charge, upon request. To request copies of the SAI and make other inquiries about your Contracts, call us at 1-844-804-8989. Copies of the SAI and other information are also available on the following following website https://plan.empower-retirement.com/plancloudws/fundprospectus and by e-mail request to participantservices@empower.com. Reports and other information about the Separate Account and the Contract are available on the Commission’s website at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

Date of Prospectus: May 1, 2024

Date of Statement of Additional Information: May 1, 2024

General Information

In order to supplement the description in the Prospectus, the following provides additional information about the Contracts and other matters which may be of interest to you. Terms used in this Statement of Additional Information have the same meanings as are defined in the Prospectus under the “Glossary of Special Terms.”

Talcott Resolution Life Insurance Company

Financial Condition of Talcott Resolution

We are obligated to pay all amounts promised to you under your Contract. All guarantees under the Contract are subject to our financial strength and claims-paying capabilities. We provide information about our financial strength in reports filed with state insurance departments. You may obtain information about us by contacting us using the information stated on the cover page of this prospectus, visiting our website at www.talcottresolution.com [talcottresolution.com] or visiting the SEC’s website at www.sec.gov [sec.gov]. You may also obtain reports and other financial information about us by contacting your state insurance department.

Non-Principal Risks of Investing in the Contract

Material weaknesses in the Company’s internal controls over financial reporting may increase the risk of financial statement errors.

As previously disclosed, management determined that there was a material weakness in the Company’s controls over the financial accounting and reporting for intercompany reinsurance, which was identified in connection with the restatement of the Company’s audited financial statements for the fiscal year ended December 31, 2022.The restatement corrected an error related to the accounting associated with affiliated reinsurance agreements entered into between the Company and its parent TR Re, Ltd., in which certain of the Company’s liabilities were reinsured to TR Re. During 2023, in the course of management’s continued assessment of internal controls, management has also determined there to be a material weakness in the implementation of control activities designed to reduce risks associated with changes to the Company’s control environment, stemming from significant changes in our business, regulatory requirements, or operations. The Company has taken steps to remediate these matters, including to enhance its processes and procedures related to the appropriate accounting for intercompany reinsurance, and to improve its

overall control activities aimed at reducing risks associated with changes to its control environment. The Company believes these changes will remediate the material weaknesses but if the Company's enhancements in internal controls fail to remediate the material weaknesses, or if the Company experiences additional internal control weaknesses, there could be a greater risk that current or future financial statements may not be accurate.

Legal Matters

All matters of applicable state law pertaining to the Contracts, including the Company’s right to issue the Contracts, have been passed upon by the Company’s Chief Compliance Officer. Eversheds Sutherland (USA) LLP of Washington, DC has provided advice on certain matters relating to the federal securities laws.

Services

A. Safekeeping of Separate Account Assets

Talcott Resolution holds title to the assets of the Separate Account. The assets are kept physically segregated and are held separate and apart from Talcott Resolution’s general corporate assets. Records are maintained of all purchases and redemptions of the underlying Fund shares held in each of the Sub-Accounts.

B. Independent Registered Public Accounting Firm

The consolidated financial statements and the related financial statement schedules of Talcott Resolution Life Insurance Company as of December 31, 2023 and 2022 (Successor Company), and for the years ended December 31, 2023 and December 31, 2022 (Successor Company), the period of July 1, 2021 to December 31, 2021 (Successor Company) and the six months ended June 30, 2021 (Predecessor Company), included in this Statement of Additional Information, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their reports. The financial statements of each of the individual Sub-Accounts which comprise Talcott Resolution Life Insurance Company Separate Account Two as of December 31, 2023, included in this Statement of Additional Information, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements and financial statement schedules are included in reliance upon the reports of such firm given their authority as experts in accounting and auditing. The principal business address of Deloitte & Touche LLP is City Place I, 33rd Floor, 185 Asylum Street, Hartford, Connecticut 06103-3402.

The financial statements and financial highlights for the year or period ended December 31, 2023 of each of the Sub-accounts of Talcott Resolution Life Insurance Company DC Variable Account I have been included in this Statement of Additional Information in reliance upon the report of Deloitte & Touche LLP, an independent registered public accounting firm, and in reliance upon the report of such firm given their authority as experts in accounting and auditing.

Deloitte & Touche LLP, 1601 Wewatta Street, Suite 400, Denver, Colorado 80202, serves as the Talcott Resolution Life Insurance Company DC Variable Account I’s independent registered public accounting firm.

C. Principal Underwriter

Effective January 31, 2013, we have entered into a distribution agreement with MML Distributors, LLC (“MMLD”) under which MMLD serves as Principal Underwriter for the Contracts, which are offered on a continuous basis. MMLD is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). MMLD is an affiliate of Massachusetts Mutual Life Insurance Company (“MassMutual”), the administrator of the Contracts. The principal business address of MMLD is 1295 State Street, Springfield, MA 01111.

MMLD may, by written notice to us, require that we pay MMLD, underwriting commissions for its services. Currently, we do not pay MMLD underwriting commissions for the Contracts offered through the Separate Account. For 2023, 2022, and 2021, the aggregate dollar amount of underwriting commissions paid to MMLD in its role as principal underwriter was $0.

Withholding

Annuity payments and other amounts received under the Contract are subject to income tax withholding unless the recipient elects not to have taxes withheld. The amounts withheld will vary among recipients depending on the tax status of the individual and the type of payments from which taxes are withheld.

Notwithstanding the recipient's election, withholding may be required with respect to certain payments to be delivered outside the United States. Moreover, special “backup withholding” rules may require the Company to disregard the recipient's election if the recipient fails to supply the Company with a “TIN” or taxpayer identification number (social security number for individuals), or if the Internal Revenue Service notifies the Company that the TIN provided by the recipient is incorrect.

We may be required to withhold at a rate of 30% under the Foreign Account Tax Compliance Act (“FATCA”) on certain distributions to foreign financial institutions and non-financial foreign entities holding accounts on behalf of and/or the assets of U.S. persons unless the foreign entities provide us with certain certifications regarding their status under FATCA on the applicable IRS forms. Prospective purchasers with accounts in foreign financial institutions or non-financial foreign entities are advised to consult with a competent tax advisor regarding the application of FATCA to their purchase situation.

Financial Statements

The financial statements for Talcott Resolution Life Insurance Company DC Variable Account-I and Talcott Resolution Life Insurance Company Separate Account Two and the statutory financial statements and supplemental information of Talcott Resolution Life Insurance Company as of December 31, 2023 and for the period then ended, are included herein.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Contract Owners of Talcott Resolution Life Insurance Company Separate Account Two and the

Board of Directors of Talcott Resolution Life Insurance Company

Opinion on the Financial Statements and Financial Highlights

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


American Century VP Capital Appreciation Fund			Hartford Small Company HLS Fund
AB VPS International Value Portfolio			Hartford SmallCap Growth HLS Fund
Invesco V.I. Core Equity Fund			Hartford Stock HLS Fund
Invesco V.I. High Yield Fund			BlackRock S&P 500 Index V.I. Fund
Invesco V.I. Government Money Market Fund			BlackRock Large Cap Focus Growth V.I. Fund
AB VPS Relative Value Portfolio (Formerly AB VPS Growth and Income Portfolio)			Morgan Stanley VIF U.S. Real Estate Portfolio
American Funds Insurance Series® Growth Fund			Invesco V.I. Equity and Income Fund
Calvert VP SRI Balanced Portfolio			Morgan Stanley VIF Discovery Portfolio
Columbia Variable Portfolio - Small Company Growth fund			Columbia Variable Portfolio - Dividend Opportunity Fund
Allspring VT Discovery All Cap Growth Fund (Formerly Allspring VT Omega Growth Fund)			Columbia Variable Portfolio - Income Opportunities Fund
Fidelity® VIP Asset Manager Portfolio			Columbia Variable Portfolio – Select Mid Cap Growth Fund
Fidelity® VIP Growth Portfolio			Invesco V.I. Global Fund
Fidelity® VIP Contrafund® Portfolio			Putnam VT Small Cap Value Fund
Fidelity® VIP Overseas Portfolio			PIMCO VIT Real Return Portfolio
Fidelity® VIP Freedom 2020 Portfolio			Pioneer Fund VCT Portfolio
Fidelity® VIP Freedom 2030 Portfolio			Pioneer Mid Cap Value VCT Portfolio
Fidelity® VIP Freedom 2015 Portfolio			PSF PGIM Jennison Growth Portfolio
Fidelity® VIP Freedom 2025 Portfolio			PSF PGIM Jennison Value Portfolio
Fidelity® VIP Freedom Income Portfolio			Royce Capital Fund–Small-Cap Portfolio
Fidelity® VIP Funds Manager 70% Portfolio			Invesco V.I. Comstock Fund
Franklin Income VIP Fund			Invesco V.I. American Franchise Fund
Hartford Balanced HLS Fund			Allspring VT Index Asset Allocation Fund
Hartford Total Return Bond HLS Fund			Allspring VT International Equity Fund
Hartford Capital Appreciation HLS Fund			Allspring VT Small Cap Growth Fund
Hartford Dividend and Growth HLS Fund			Allspring VT Opportunity Fund
Hartford Healthcare HLS Fund			Columbia Variable Portfolio - Large Cap Growth Fund
Hartford Disciplined Equity HLS Fund			Columbia Variable Portfolio - Overseas Core Fund
Hartford International Opportunities HLS Fund			CTIVP® - Principal Blue Chip Growth Fund
Hartford MidCap HLS Fund
Hartford Ultrashort Bond HLS Fund

We have also audited the accompanying statements of assets and liabilities of Fidelity ® VIP Funds Manager 50% Portfolio,

Invesco V.I. Government Securities, AST International Equity Portfolio and PSF PGIM Jennison Blend Portfolio and the related statements of operations, statements of changes in net assets, and the financial highlights for the periods indicated in the table below, and the related notes.

We have also audited the accompanying statements of operations, statements of changes in net assets, and the financial highlights of PSF PGIM Jennison Focused Blend Portfolio and PSF International Growth Portfolio for the periods indicated in the table below, and the related notes.

Sub-Account

Statements of Assets and Liabilities

Statements of Operations

Statements of Changes in Net Assets

Financial Highlights

As of

For the

Fidelity® VIP Funds Manager 50% Portfolio

December 31, 2023

Year ended December 31, 2023

Two years in the period ended December 31, 2023

Four years in the period ended December 31, 2023 and the period from September 11, 2019 to December 31, 2019

Invesco V.I. Government Securities Fund

December 31, 2023

Year ended December 31, 2023

Year ended December 31, 2023 and for the period from May 9, 2022 to December 31, 2022

AST International Equity Portfolio

December 31, 2023

Period from March 10, 2023 to December 31, 2023

PSF PGIM Jennison Blend Portfolio

December 31, 2023

Period from December 8, 2023 to December 31, 2023

PSF PGIM Jennison Focused Blend Portfolio

Not Applicable

Period from January 1, 2023 to December 8, 2023

Period from January 1, 2023 to December 8, 2023 and the year ended December 31, 2022

Period from January 1, 2023 to December 8, 2023 and the four years in the period ended December 31, 2022

PSF International Growth Portfolio

Not Applicable

Period from January 1, 2023 to March 10, 2023

Period from January 1, 2023, to March 10, 2023 and the year ended December 31, 2022

Period from January 1, 2023 to March 10, 2023 and the four years in the period ended December 31, 2022

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

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Account’s internal control over financial reporting. Accordingly, we express no such opinion.

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

/s/ Deloitte & Touche LLP

Hartford, Connecticut

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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities
December 31, 2023

	American Century VP Capital Appreciation Fund		AB VPS International Value Portfolio		Invesco V.I. Core Equity Fund		Invesco V.I. Government Securities Fund		Invesco V.I. High Yield Fund		Invesco V.I. Government Money Market Fund		AB VPS Relative Value Portfolio		American Funds Insurance Series® Growth Fund		Calvert VP SRI Balanced Portfolio		Columbia Variable Portfolio - Small Company Growth Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account (1)		Sub-Account		Sub-Account		Sub-Account




Assets:
Investments, at fair value
class 1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,180,341
class 2	—		—		—		—		—		—		—		457,478		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		57,544		—		—		—		—		1,130,479		—		—		—
class I	2,237,653		—		—		—		—		—		—		—		923,850		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		—		—		—		—		—		—
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		2,117,714		801,980		1,318,293		47,785,723		—		—		—		—
class S2	—		—		—		50,734		22,094		6,366,539		—		—		—		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total investments	2,237,653		57,544		2,117,714		852,714		1,340,387		54,152,262		1,130,479		457,478		923,850		3,180,341
Due from Sponsor Company	—		—		—		16,183		5,133		47,505		—		—		—		—
Receivable for fund shares sold	1,276		—		229		—		—		—		131		—		26,309		674
Other assets	—		—		—		1		—		117		—		—		—		—
Total assets	2,238,929		57,544		2,117,943		868,898		1,345,520		54,199,884		1,130,610		457,478		950,159		3,181,015

Liabilities:
Due to Sponsor Company	—		—		229		—		—		—		131		—		—		674
Payable for fund shares purchased	1,276		—		—		16,183		5,133		47,505		—		—		26,309		—
Other liabilities	—		—		3		—		2		—		2		—		—		—
Total liabilities	1,276		—		232		16,183		5,135		47,505		133		—		26,309		674


Net assets:
For contract liabilities	$	2,237,653	$	57,544	$	2,117,711	$	852,715	$	1,340,385	$	54,152,379	$	1,130,477	$	457,478	$	923,850	$	3,180,341

Contract Liabilities:
class 1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	3,180,341
class 2	—		—		—		—		—		—		—		457,478		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		57,544		—		—		—		—		1,130,477		—		—		—
class I	2,237,653		—		—		—		—		—		—		—		923,850		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		—		—		—		—		—		—
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		2,117,711		801,981		1,318,291		47,785,824		—		—		—		—
class S2	—		—		—		50,734		22,094		6,366,555		—		—		—		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total contract liabilities	$	2,237,653	$	57,544	$	2,117,711	$	852,715	$	1,340,385	$	54,152,379	$	1,130,477	$	457,478	$	923,850	$	3,180,341

Shares:
class 1	—		—		—		—		—		—		—		—		—		272,991
class 2	—		—		—		—		—		—		—		9,231		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		6,461		—		—		—		—		39,280		—		—		—
class I	308,303		—		—		—		—		—		—		—		118,247		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		—		—		—		—		—		—
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		72,302		77,712		281,086		47,785,723		—		—		—		—
class S2	—		—		—		4,959		4,772		6,366,539		—		—		—		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total shares	308,303		6,461		72,302		82,671		285,858		54,152,262		39,280		9,231		118,247		272,991

Cost	$	2,163,710	$	69,492	$	2,018,410	$	832,012	$	1,490,801	$	54,152,262	$	1,134,831	$	431,991	$	744,744	$	4,016,103

Deferred contracts in the accumulation period:
Units owned by participants #	308,303		6,461		778,609		91,336		676,357		5,533,096		307,346		9,231		118,247		752,306
Minimum unit fair value #*	$	6.381790	$	8.907148	$	2.276982	$	9.247815	$	1.595392	$	8.420312	$	3.075309	$	49.560739	$	7.379194	$	3.493228
Maximum unit fair value #*	$	65.499788	$	8.907148	$	2.754294	$	9.393478	$	22.388959	$	10.829879	$	3.955087	$	49.560739	$	22.452082	$	47.841219
Contract liability	$	2,237,592	$	57,544	$	2,110,757	$	850,517	$	1,322,873	$	53,096,332	$	1,119,655	$	457,478	$	897,590	$	3,132,688

Contracts in payout (annuitization) period:
Units owned by participants #	10		—		2,525		234		8,985		108,311		2,793		—		3,559		10,938
Minimum unit fair value #*	$	6.381790	$	—	$	2.754294	$	9.376231	$	1.949163	$	9.410616	$	3.874188	$	—	$	7.379194	$	4.312979
Maximum unit fair value #*	$	6.381790	$	—	$	2.754294	$	9.376231	$	1.949163	$	9.845476	$	3.874188	$	—	$	7.379194	$	4.475695
Contract liability	$	61	$	—	$	6,954.00	$	2,198.00	$	17,512.00	$	1,056,047.00	$	10,822.00	$	—	$	26,260.00	$	47,653.00

# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023

	Allspring VT Discovery All Cap Growth Fund		Fidelity® VIP Asset Manager Portfolio		Fidelity® VIP Growth Portfolio		Fidelity® VIP Contrafund® Portfolio		Fidelity® VIP Overseas Portfolio		Fidelity® VIP Freedom 2020 Portfolio		Fidelity® VIP Freedom 2030 Portfolio		Fidelity® VIP Freedom 2015 Portfolio		Fidelity® VIP Freedom 2025 Portfolio		Fidelity® VIP Freedom Income Portfolio
	Sub-Account (2)		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Assets:
Investments, at fair value
class 1	$	2,248,949	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
class 2	—		—		—		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		—		—		—		—		—		—
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		747,442		7,788,015		8,503,306		780,390		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		—		—		—		—		—		—		—

class SRV2	—		—		—		—		—		163,472		250,482		307,872		308,737		7,388

Total investments	2,248,949		747,442		7,788,015		8,503,306		780,390		163,472		250,482		307,872		308,737		7,388
Due from Sponsor Company	—		—		—		—		—		—		—		—		—		—
Receivable for fund shares sold	286		431		1,588		2,563		961		—		—		—		—		—
Other assets	1		—		—		—		—		—		—		—		—		—
Total assets	2,249,236		747,873		7,789,603		8,505,869		781,351		163,472		250,482		307,872		308,737		7,388

Liabilities:
Due to Sponsor Company	286		—		—		—		—		—		—		—		—		—
Payable for fund shares purchased	—		431		1,588		2,563		961		—		—		—		—		—
Other liabilities	—		—		—		—		—		—		—		—		—		—
Total liabilities	286		431		1,588		2,563		961		—		—		—		—		—

Net assets:
For contract liabilities	$	2,248,950	$	747,442	$	7,788,015	$	8,503,306	$	780,390	$	163,472	$	250,482	$	307,872	$	308,737	$	7,388

Contract Liabilities:
class 1	$	2,248,950	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
class 2	—		—		—		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		—		—		—		—		—		—
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		747,442		7,788,015		8,503,306		780,390		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		—		—		—		—		—		—		—

class SRV2	—		—		—		—		—		163,472		250,482		307,872		308,737		7,388

Total contract liabilities	$	2,248,950	$	747,442	$	7,788,015	$	8,503,306	$	780,390	$	163,472	$	250,482	$	307,872	$	308,737	$	7,388

Shares:
class 1	88,891		—		—		—		—		—		—		—		—		—
class 2	—		—		—		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		—		—		—		—		—		—
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		162,214		685,014		614,489		188,367		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		—		—		—		—		—		—		—

class SRV2	—		—		—		—		—		5,258		6,490		11,319		8,904		445

Total shares	88,891		162,214		685,014		614,489		188,367		5,258		6,490		11,319		8,904		445

Cost	$	2,409,315	$	732,004	$	5,663,294	$	5,424,150	$	669,488	$	178,284	$	256,488	$	359,169	$	291,648	$	7,505

Deferred contracts in the accumulation period:
Units owned by participants #	656,564		162,214		685,014		614,489		188,367		5,258		6,490		11,319		8,904		445
Minimum unit fair value #*	$	2.686496	$	4.122595	$	10.869500	$	13.024817	$	3.412584	$	31.092793	$	38.597996	$	27.198816	$	34.675765	$	16.616792
Maximum unit fair value #*	$	55.748907	$	25.969218	$	67.751244	$	61.203001	$	26.343538	$	31.092793	$	38.597996	$	27.198816	$	34.675765	$	16.616792
Contract liability	$	2,227,971	$	747,442	$	7,783,519	$	8,502,808	$	780,390	$	163,472	$	250,482	$	307,872	$	308,737	$	7,388

Contracts in payout (annuitization) period:
Units owned by participants #	6,370		—		414		38		—		—		—		—		—		—
Minimum unit fair value #*	$	3.205359	$	—	$	10.869500	$	13.024817	$	—	$	—	$	—	$	—	$	—	$	—
Maximum unit fair value #*	$	4.286347	$	—	$	10.869500	$	13.024817	$	—	$	—	$	—	$	—	$	—	$	—
Contract liability	$	20,979	$	—	$	4,496	$	498	$	—	$	—	$	—	$	—	$	—	$	—

# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023

	Fidelity® VIP FundsManager 50% Portfolio		Fidelity® VIP FundsManager 70% Portfolio		Franklin Income VIP Fund		Hartford Balanced HLS Fund		Hartford Total Return Bond HLS Fund		Hartford Capital Appreciation HLS Fund		Hartford Dividend and Growth HLS Fund		Hartford Healthcare HLS Fund		Hartford Disciplined Equity HLS Fund		Hartford International Opportunities HLS Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Assets:
Investments, at fair value
class 1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
class 2	—		—		576,059		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		479,119,957		138,714,166		889,571,680		426,774,806		23,078,464		227,209,277		92,129,925
class IB	—		—		—		45,544,045		33,266,596		79,453,103		73,649,062		2,949,525		47,892,634		14,163,301
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		—		—		—		—		—		—		—

class SRV2	128,848		23,248		—		—		—		—		—		—		—		—

Total investments	128,848		23,248		576,059		524,664,002		171,980,762		969,024,783		500,423,868		26,027,989		275,101,911		106,293,226
Due from Sponsor Company	—		—		—		—		—		—		—		—		—		—
Receivable for fund shares sold	—		—		—		486,700		14,580		745,802		528,334		4,569		97,135		28,498
Other assets	—		—		—		17		—		—		10		2		—		—
Total assets	128,848		23,248		576,059		525,150,719		171,995,342		969,770,585		500,952,212		26,032,560		275,199,046		106,321,724

Liabilities:
Due to Sponsor Company	—		—		—		485,610		14,180		742,929		524,990		4,569		97,135		27,119
Payable for fund shares purchased	—		—		—		1,090		400		2,873		3,344		—		—		1,379
Other liabilities	—		—		—		—		2		16		—		—		4		4
Total liabilities	—		—		—		486,700		14,582		745,818		528,334		4,569		97,139		28,502

Net assets:
For contract liabilities	$	128,848	$	23,248	$	576,059	$	524,664,019	$	171,980,760	$	969,024,767	$	500,423,878	$	26,027,991	$	275,101,907	$	106,293,222

Contract Liabilities:
class 1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
class 2	—		—		576,059		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		479,119,974		138,714,161		889,571,670		426,774,817		23,078,467		227,209,275		92,129,928
class IB	—		—		—		45,544,045		33,266,599		79,453,097		73,649,061		2,949,524		47,892,632		14,163,294
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		—		—		—		—		—		—		—

class SRV2	128,848		23,248		—		—		—		—		—		—		—		—

Total contract liabilities	$	128,848	$	23,248	$	576,059	$	524,664,019	$	171,980,760	$	969,024,767	$	500,423,878	$	26,027,991	$	275,101,907	$	106,293,222

Shares:
class 1	—		—		—		—		—		—		—		—		—		—
class 2	—		—		26,412		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		16,721,373		14,445,753		18,963,412		19,055,118		1,406,366		12,065,819		6,406,698
class IB	—		—		—		1,545,962		3,494,390		1,770,740		3,284,972		204,544		2,585,995		916,718
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		—		—		—		—		—		—		—

class SRV2	4,959		668		—		—		—		—		—		—		—		—

Total shares	4,959		668		26,412		18,267,335		17,940,143		20,734,152		22,340,090		1,610,910		14,651,814		7,323,416

Cost	$	143,719	$	23,575	$	612,711	$	420,697,537	$	197,751,664	$	879,522,377	$	457,019,125	$	30,127,609	$	228,543,394	$	92,742,619

Deferred contracts in the accumulation period:
Units owned by participants #	4,959		668		26,412		63,934,069		54,938,114		51,109,609		56,990,824		2,777,951		51,051,046		32,096,739
Minimum unit fair value #*	$	25.983879	$	34.815650	$	21.810871	$	2.093453	$	1.350635	$	3.525806	$	3.606571	$	7.078646	$	3.025041	$	1.465865
Maximum unit fair value #*	$	25.983879	$	34.815650	$	21.810871	$	30.162877	$	16.617143	$	103.451469	$	43.137561	$	52.328725	$	52.762087	$	22.210347
Contract liability	$	128,848	$	23,248	$	576,059	$	509,200,163	$	169,138,919	$	948,960,676	$	489,471,499	$	25,614,297	$	272,070,626	$	104,227,518

Contracts in payout (annuitization) period:
Units owned by participants #	—		—		—		1,519,740		874,088		758,797		1,060,292		43,560		625,906		557,610
Minimum unit fair value #*	$	—	$	—	$	—	$	2.508163	$	1.826878	$	4.210954	$	5.110059	$	8.528479	$	3.645409	$	1.714189
Maximum unit fair value #*	$	—	$	—	$	—	$	29.332074	$	10.832233	$	73.809172	$	14.595200	$	9.719575	$	13.211004	$	4.848083
Contract liability	$	—	$	—	$	—	$	15,463,856	$	2,841,841	$	20,064,091	$	10,952,379	$	413,694	$	3,031,281	$	2,065,704

# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023

	Hartford MidCap HLS Fund		Hartford Ultrashort Bond HLS Fund		Hartford Small Company HLS Fund		Hartford SmallCap Growth HLS Fund		Hartford Stock HLS Fund		BlackRock S&P 500 Index V.I. Fund		BlackRock Large Cap Focus Growth V.I. Fund		Morgan Stanley VIF U.S. Real Estate Portfolio		Invesco V.I. Equity and Income Fund		Morgan Stanley VIF Discovery Portfolio
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Assets:
Investments, at fair value
class 1	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
class 2	—		—		—		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		172,886,907		1,699		—		—		—
class IA	157,323,911		66,715,573		55,810,618		32,974,447		387,184,634		—		—		—		—		—
class IB	13,404,844		12,146,612		8,359,047		7,790,265		26,078,391		—		—		—		—		—
class II	—		—		—		—		—		—		—		180,907		—		140,819
class III	—		—		—		—		—		9,316,448		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		—		—		—		—		—		146,588		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total investments	170,728,755		78,862,185		64,169,665		40,764,712		413,263,025		182,203,355		1,699		180,907		146,588		140,819
Due from Sponsor Company	—		—		—		—		—		—		—		—		—		—
Receivable for fund shares sold	112,351		11,988		20,895		7,564		249,597		45,155		—		—		—		—
Other assets	—		6		—		—		—		1		—		—		—		—
Total assets	170,841,106		78,874,179		64,190,560		40,772,276		413,512,622		182,248,511		1,699		180,907		146,588		140,819

Liabilities:
Due to Sponsor Company	112,351		11,739		20,895		7,564		249,317		43,532		—		—		—		—
Payable for fund shares purchased	—		249		—		—		280		1,623		—		—		—		—
Other liabilities	2		—		2		—		4		—		—		—		—		—
Total liabilities	112,353		11,988		20,897		7,564		249,601		45,155		—		—		—		—

Net assets:
For contract liabilities	$	170,728,753	$	78,862,191	$	64,169,663	$	40,764,712	$	413,263,021	$	182,203,356	$	1,699	$	180,907	$	146,588	$	140,819

Contract Liabilities:
class 1	—		—		—		—		—		—		—		—		—		—
class 2	—		—		—		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		172,886,910		1,699		—		—		—
class IA	157,323,909		66,715,576		55,810,615		32,974,448		387,184,635		—		—		—		—		—
class IB	13,404,844		12,146,615		8,359,048		7,790,264		26,078,386		—		—		—		—		—
class II	—		—		—		—		—		—		—		180,907		—		140,819
class III	—		—		—		—		—		9,316,446		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		—		—		—		—		—		146,588		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total contract liabilities	$	170,728,753	$	78,862,191	$	64,169,663	$	40,764,712	$	413,263,021	$	182,203,356	$	1,699	$	180,907	$	146,588	$	140,819

Shares:
class 1	—		—		—		—		—		—		—		—		—		—
class 2	—		—		—		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		6,123,696		89		—		—		—
class IA	5,752,245		6,622,799		3,525,623		1,280,317		4,169,455		—		—		—		—		—
class IB	523,014		1,175,858		638,583		324,189		269,963		—		—		—		—		—
class II	—		—		—		—		—		—		—		10,995		—		4,170
class III	—		—		—		—		—		318,729		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		—		—		—		—		—		5,644		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total shares	6,275,259		7,798,657		4,164,206		1,604,506		4,439,418		6,442,425		89		10,995		5,644		4,170

Cost	$	189,666,875	$	76,834,588	$	75,907,460	$	42,379,255	$	243,169,998	$	152,459,000	$	1,291	$	225,948	$	147,017	$	197,150

Deferred contracts in the accumulation period:
Units owned by participants #	13,754,751		51,825,341		10,116,973		8,575,880		32,103,650		10,241,247		387		10,995		5,644		4,170
Minimum unit fair value #*	$	4.258222	$	0.503264	$	2.219395	$	3.435616	$	2.486817	$	16.188221	$	4.387493	$	16.452815	$	25.971793	$	33.772146
Maximum unit fair value #*	$	48.072095	$	10.052988	$	39.720952	$	45.948510	$	78.631350	$	19.139196	$	4.387493	$	16.452815	$	25.971793	$	33.772146
Contract liability	$	168,395,379	$	77,071,260	$	63,448,202	$	40,302,091	$	401,386,859	$	177,243,056	$	1,699	$	180,907	$	146,588	$	140,819

Contracts in payout (annuitization) period:
Units owned by participants #	176,257		1,041,321		103,938		106,805		708,260		285,299		—		—		—		—
Minimum unit fair value #*	$	5.131712	$	0.562822	$	2.595753	$	4.116725	$	2.908367	$	17.276047	$	—	$	—	$	—	$	—
Maximum unit fair value #*	$	14.199147	$	3.371433	$	7.743475	$	4.616348	$	75.754506	$	17.961280	$	—	$	—	$	—	$	—
Contract liability	$	2,333,374	$	1,790,931	$	721,461	$	462,621	$	11,876,162	$	4,960,300	$	—	$	—	$	—	$	—

# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023

	Columbia Variable Portfolio - Dividend Opportunity Fund		Columbia Variable Portfolio - Income Opportunities Fund		Columbia Variable Portfolio – Select Mid Cap Growth Fund		Invesco V.I. Global Fund		Putnam VT Small Cap Value Fund		PIMCO VIT Real Return Portfolio		Pioneer Fund VCT Portfolio		Pioneer Mid Cap Value VCT Portfolio		PSF PGIM Jennison Growth Portfolio		PSF PGIM Jennison Value Portfolio
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Assets:
Investments, at fair value
class 1	$	5,332,855	$	2,547,178	$	4,798,376	$	—	$	—	$	—	$	—	$	—	$	—	$	—
class 2	—		—		—		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		282,104		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		43,860		—		—		—		—		—
class II	—		—		—		—		—		—		9,375,660		103,724		611,891		267,043
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		374,286		—		—		—		—		—		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total investments	5,332,855		2,547,178		4,798,376		374,286		43,860		282,104		9,375,660		103,724		611,891		267,043
Due from Sponsor Company	—		10,417		5,375		—		—		—		—		—		—		—
Receivable for fund shares sold	1,614		—		—		—		—		—		5,100		—		78		41
Other assets	—		1		—		—		—		—		—		—		1		—
Total assets	5,334,469		2,557,596		4,803,751		374,286		43,860		282,104		9,380,760		103,724		611,970		267,084

Liabilities:
Due to Sponsor Company	1,614		—		—		—		—		—		5,100		—		78		41
Payable for fund shares purchased	—		10,417		5,375		—		—		—		—		—		—		—
Other liabilities	—		—		3		—		—		—		5		—		—		1
Total liabilities	1,614		10,417		5,378		—		—		—		5,105		—		78		42

Net assets:
For contract liabilities	$	5,332,855	$	2,547,179	$	4,798,373	$	374,286	$	43,860	$	282,104	$	9,375,655	$	103,724	$	611,892	$	267,042

Contract Liabilities:
class 1	$	5,332,855	$	2,547,179	$	4,798,373	$	—	$	—	$	—	$	—	$	—	$	—	$	—
class 2	—		—		—		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		282,104		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		43,860		—		—		—		—		—
class II	—		—		—		—		—		—		9,375,655		103,724		611,892		267,042
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		374,286		—		—		—		—		—		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total contract liabilities	$	5,332,855	$	2,547,179	$	4,798,373	$	374,286	$	43,860	$	282,104	$	9,375,655	$	103,724	$	611,892	$	267,042

Shares:
class 1	135,904		401,130		105,691		—		—		—		—		—		—		—
class 2	—		—		—		—		—		—		—		—		—		—

class ADM	—		—		—		—		—		18,736		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		1,764		—		—		—		—		—
class II	—		—		—		—		—		—		579,102		4,153		4,596		5,481
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	—		—		—		—		—		—		—		—		—		—
class S1	—		—		—		—		—		—		—		—		—		—
class S2	—		—		—		13,553		—		—		—		—		—		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total shares	135,904		401,130		105,691		13,553		1,764		18,736		579,102		4,153		4,596		5,481

Cost	$	2,519,048	$	3,131,316	$	2,276,907	$	382,994	$	40,526	$	317,999	$	9,442,942	$	124,174	$	107,881	$	112,586

Deferred contracts in the accumulation period:
Units owned by participants #	230,867		190,025		184,506		13,553		1,764		18,736		2,400,338		4,153		176,815		51,759
Minimum unit fair value #*	$	20.507517	$	12.266346	$	23.842087	$	27.617293	$	24.870007	$	15.057137	$	3.416770	$	24.974855	$	3.195112	$	2.743145
Maximum unit fair value #*	$	23.276533	$	13.662625	$	26.844350	$	27.617293	$	24.870007	$	15.057137	$	4.138627	$	24.974855	$	4.511290	$	34.078309
Contract liability	$	5,160,404	$	2,505,774	$	4,712,404	$	374,286	$	43,860	$	282,104	$	9,350,011	$	103,724	$	611,892	$	267,042

Contracts in payout (annuitization) period:
Units owned by participants #	7,470		3,068		3,245		—		—		—		6,495		—		—		—
Minimum unit fair value #*	$	22.838543	$	13.443500	$	26.413700	$	—	$	—	$	—	$	3.917978	$	—	$	—	$	—
Maximum unit fair value #*	$	23.276533	$	13.662625	$	26.844350	$	—	$	—	$	—	$	4.063743	$	—	$	—	$	—
Contract liability	$	172,451	$	41,405	$	85,969	$	—	$	—	$	—	$	25,644	$	—	$	—	$	—

# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (continued)
December 31, 2023

	Royce Capital Fund–Small-Cap Portfolio		Invesco V.I. Comstock Fund		Invesco V.I. American Franchise Fund		Allspring VT Index Asset Allocation Fund		Allspring VT International Equity Fund		Allspring VT Small Cap Growth Fund		Allspring VT Opportunity Fund		Columbia Variable Portfolio - Large Cap Growth Fund		Columbia Variable Portfolio - Overseas Core Fund		CTIVP® - Principal Blue Chip Growth Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Assets:
Investments, at fair value
class 1	$	—	$	—	$	—	$	—	$	1,719,715	$	1,170,974	$	2,548,981	$	25,971,385	$	—	$	9,711,180
class 2	—		—		—		22,497		—		2,928		—		—		3,692,195		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		—		—		—		—		—		—
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	117,787		—		—		—		—		—		—		—		—		—
class S1	—		—		1,134,713		—		—		—		—		—		—		—
class S2	—		113,685		—		—		—		—		—		—		—		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total investments	117,787		113,685		1,134,713		22,497		1,719,715		1,173,902		2,548,981		25,971,385		3,692,195		9,711,180
Due from Sponsor Company	—		—		—		—		—		—		—		—		—		—
Receivable for fund shares sold	—		—		127		4		206		143		942		18,217		6,778		21,185
Other assets	—		—		—		—		—		—		1		—		1		1
Total assets	117,787		113,685		1,134,840		22,501		1,719,921		1,174,045		2,549,924		25,989,602		3,698,974		9,732,366

Liabilities:
Due to Sponsor Company	—		—		127		4		206		143		942		18,217		6,778		21,185
Payable for fund shares purchased	—		—		—		—		—		—		—		—		—		—
Other liabilities	—		—		2		—		1		—		—		—		—		—
Total liabilities	—		—		129		4		207		143		942		18,217		6,778		21,185

Net assets:
For contract liabilities	$	117,787	$	113,685	$	1,134,711	$	22,497	$	1,719,714	$	1,173,902	$	2,548,982	$	25,971,385	$	3,692,196	$	9,711,181

Contract Liabilities:
class 1	$	—	$	—	$	—	$	—	$	1,719,714	$	1,170,974	$	2,548,982	$	25,971,385	$	—	$	9,711,181
class 2	—		—		—		22,497		—		2,928		—		—		3,692,196		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		—		—		—		—		—		—
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	117,787		—		—		—		—		—		—		—		—		—
class S1	—		—		1,134,711		—		—		—		—		—		—		—
class S2	—		113,685		—		—		—		—		—		—		—		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total contract liabilities	$	117,787	$	113,685	$	1,134,711	$	22,497	$	1,719,714	$	1,173,902	$	2,548,982	$	25,971,385	$	3,692,196	$	9,711,181

Shares:
class 1	—		—		—		—		909,902		139,568		98,189		696,657		—		164,568
class 2	—		—		—		1,204		—		372		—		—		279,289		—

class ADM	—		—		—		—		—		—		—		—		—		—
class B	—		—		—		—		—		—		—		—		—		—
class I	—		—		—		—		—		—		—		—		—		—
class IA	—		—		—		—		—		—		—		—		—		—
class IB	—		—		—		—		—		—		—		—		—		—
class II	—		—		—		—		—		—		—		—		—		—
class III	—		—		—		—		—		—		—		—		—		—
class INIT	—		—		—		—		—		—		—		—		—		—
class INV	4,788		—		—		—		—		—		—		—		—		—
class S1	—		—		19,245		—		—		—		—		—		—		—
class S2	—		3,710		—		—		—		—		—		—		—		—

class SRV2	—		—		—		—		—		—		—		—		—		—

Total shares	4,788		3,710		19,245		1,204		909,902		139,940		98,189		696,657		279,289		164,568

Cost	$	109,269	$	110,970	$	1,017,125	$	19,076	$	2,453,729	$	1,372,302	$	2,349,198	$	9,632,996	$	3,577,211	$	4,048,057

Deferred contracts in the accumulation period:
Units owned by participants #	4,788		3,710		31,433		7,616		896,079		37,247		68,816		937,360		265,436		368,926
Minimum unit fair value #*	$	24.603032	$	30.640376	$	32.592683	$	2.953968	$	1.213640	$	3.959302	$	32.137070	$	25.431881	$	12.874724	$	24.141613
Maximum unit fair value #*	$	24.603032	$	30.640376	$	36.470205	$	2.953968	$	2.487019	$	33.327879	$	37.961169	$	27.703673	$	14.025099	$	26.298126
Contract liability	$	117,787	$	113,685	$	1,131,072	$	22,497	$	1,664,700	$	1,168,357	$	2,526,443	$	25,740,848	$	3,633,718	$	9,555,067

Contracts in payout (annuitization) period:
Units owned by participants #	—		—		100		—		22,566		173		596		8,342		4,201		5,956
Minimum unit fair value #*	$	—	$	—	$	36.470205	$	—	$	2.347689	$	32.009967	$	36.808255	$	27.382332	$	13.862361	$	25.993115
Maximum unit fair value #*	$	—	$	—	$	36.470205	$	—	$	2.487019	$	32.882721	$	37.961169	$	27.703673	$	14.025099	$	26.298126
Contract liability	$	—	$	—	$	3,639	$	—	$	55,014	$	5,545	$	22,539	$	230,537	$	58,478	$	156,114

# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Assets and Liabilities (concluded)
December 31, 2023

	AST International Equity Portfolio		PSF PGIM Jennison Blend Portfolio
	Sub-Account (3)(4)		Sub-Account (5)(6)




Assets:
Investments, at fair value
class 1	$	36,812	$	—
class 2	—		—

class ADM	—		—
class B	—		—
class I	—		—
class IA	—		—
class IB	—		—
class II	—		60,554
class III	—		—
class INIT	—		—
class INV	—		—
class S1	—		—
class S2	—		—

class SRV2	—		—

Total investments	36,812		60,554
Due from Sponsor Company	—		—
Receivable for fund shares sold	4		8
Other assets	—		—
Total assets	36,816		60,562

Liabilities:
Due to Sponsor Company	4		8
Payable for fund shares purchased	—		—
Other liabilities	—		—
Total liabilities	4		8

Net assets:
For contract liabilities	$	36,812	$	60,554

Contract Liabilities:
class 1	$	36,812	$	—
class 2	—		—

class ADM	—		—
class B	—		—
class I	—		—
class IA	—		—
class IB	—		—
class II	—		60,554
class III	—		—
class INIT	—		—
class INV	—		—
class S1	—		—
class S2	—		—

class SRV2	—		—

Total contract liabilities	$	36,812	$	60,554

Shares:
class 1	1,445		—
class 2	—		—

class ADM	—		—
class B	—		—
class I	—		—
class IA	—		—
class IB	—		—
class II	—		643
class III	—		—
class INIT	—		—
class INV	—		—
class S1	—		—
class S2	—		—

class SRV2	—		—

Total shares	1,445		643

Cost	$	32,606	$	58,304

Deferred contracts in the accumulation period:
Units owned by participants #	3,449		4,563
Minimum unit fair value #*	$	10.658144	$	11.384517
Maximum unit fair value #*	$	10.672780	$	11.394947
Contract liability	$	36,812	$	51,951

Contracts in payout (annuitization) period:
Units owned by participants #	—		755
Minimum unit fair value #*	$	—	$	11.391157
Maximum unit fair value #*	$	—	$	11.391157
Contract liability	$	—	$	8,603

# Rounded units/unit fair values
* For Sub-Accounts with only one unit fair value, the unit fair value is illustrated in both the minimum and maximum unit fair value rows.



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


(1) Formerly AB VPS Growth and Income Portfolio. Change effective May 1, 2023.
(2) Formerly Allspring VT Omega Growth Fund. Change effective May 1, 2023.
(3) Funded as of March 10, 2023.
(4) Merged assets from PSF International Growth Portfolio. Change effective March 10, 2023.
(5) Funded as of December 8, 2023.
(6) Merged assets from PSF PGIM Jennison Focused Blend Portfolio. Change effective December 8, 2023.


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Operations
For the Periods Ended December 31, 2023

	American Century VP Capital Appreciation Fund		AB VPS International Value Portfolio		Invesco V.I. Core Equity Fund		Invesco V.I. Government Securities Fund		Invesco V.I. High Yield Fund		Invesco V.I. Government Money Market Fund		AB VPS Relative Value Portfolio		American Funds Insurance Series® Growth Fund		Calvert VP SRI Balanced Portfolio		Columbia Variable Portfolio - Small Company Growth Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account (1)		Sub-Account		Sub-Account		Sub-Account




Investment income:
Dividends	$	—	$	402	$	14,532	$	9,107	$	61,486	$	2,561,432	$	14,356	$	1,416	$	14,492	$	—

Expenses:
Administrative charges	—		—		—		—		(223)		—		—		—		—		—
Mortality and expense risk charges	(27,139)		(726)		(29,151)		(15,618)		(19,041)		(750,110)		(16,090)		(5,005)		(10,843)		(46,248)
Total expenses	(27,139)		(726)		(29,151)		(15,618)		(19,264)		(750,110)		(16,090)		(5,005)		(10,843)		(46,248)
Net investment income (loss)	(27,139)		(324)		(14,619)		(6,511)		42,222		1,811,322		(1,734)		(3,589)		3,649		(46,248)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions	(49,750)		(1,473)		19,391		(14,160)		(50,341)		—		419		(6,987)		10,189		(109,410)
Net realized gain distributions	3,517		—		46,895		—		—		—		90,680		21,157		3,472		—
Change in unrealized appreciation (depreciation) during the period	464,262		8,794		363,355		37,971		91,425		—		19,112		112,837		113,189		808,495
Net gain (loss) on investments	418,029		7,321		429,641		23,811		41,084		—		110,211		127,007		126,850		699,085
Net increase (decrease) in net assets resulting from operations	$	390,890	$	6,997	$	415,022	$	17,300	$	83,306	$	1,811,322	$	108,477	$	123,418	$	130,499	$	652,837



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023

	Allspring VT Discovery All Cap Growth Fund		Fidelity® VIP Asset Manager Portfolio		Fidelity® VIP Growth Portfolio		Fidelity® VIP Contrafund® Portfolio		Fidelity® VIP Overseas Portfolio		Fidelity® VIP Freedom 2020 Portfolio		Fidelity® VIP Freedom 2030 Portfolio		Fidelity® VIP Freedom 2015 Portfolio		Fidelity® VIP Freedom 2025 Portfolio		Fidelity® VIP Freedom Income Portfolio
	Sub-Account (2)		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Investment income:
Dividends	$	—	$	16,853	$	9,150	$	37,895	$	7,629	$	4,661	$	5,240	$	10,068	$	8,502	$	289

Expenses:
Administrative charges	—		—		—		—		—		—		—		—		—		—
Mortality and expense risk charges	(30,088)		(8,139)		(85,017)		(97,346)		(8,403)		(1,941)		(2,836)		(3,666)		(4,416)		(89)
Total expenses	(30,088)		(8,139)		(85,017)		(97,346)		(8,403)		(1,941)		(2,836)		(3,666)		(4,416)		(89)
Net investment income (loss)	(30,088)		8,714		(75,867)		(59,451)		(774)		2,720		2,404		6,402		4,086		200

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions	(57,690)		(3,954)		227,310		353,045		51,366		(609)		(781)		(1,253)		4,141		(3)
Net realized gain distributions	195,209		7,745		329,595		278,180		1,929		1,082		—		5,705		—		—
Change in unrealized appreciation (depreciation) during the period	429,558		67,772		1,618,480		1,625,118		76,044		12,903		26,008		15,364		32,540		243
Net gain (loss) on investments	567,077		71,563		2,175,385		2,256,343		129,339		13,376		25,227		19,816		36,681		240
Net increase (decrease) in net assets resulting from operations	$	536,989	$	80,277	$	2,099,518	$	2,196,892	$	128,565	$	16,096	$	27,631	$	26,218	$	40,767	$	440



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023

	Fidelity® VIP FundsManager 50% Portfolio		Fidelity® VIP FundsManager 70% Portfolio		Franklin Income VIP Fund		Hartford Balanced HLS Fund		Hartford Total Return Bond HLS Fund		Hartford Capital Appreciation HLS Fund		Hartford Dividend and Growth HLS Fund		Hartford Healthcare HLS Fund		Hartford Disciplined Equity HLS Fund		Hartford International Opportunities HLS Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Investment income:
Dividends	$	3,004	$	414	$	31,008	$	9,339,148	$	5,807,844	$	7,772,909	$	7,345,725	$	119,972	$	2,050,955	$	1,201,475

Expenses:
Administrative charges	—		—		—		(4,628)		(6,932)		(15,608)		(12,501)		—		—		(2,977)
Mortality and expense risk charges	(1,513)		(270)		(7,456)		(6,906,351)		(2,518,271)		(12,399,982)		(6,992,079)		(376,328)		(3,927,978)		(1,487,083)
Total expenses	(1,513)		(270)		(7,456)		(6,910,979)		(2,525,203)		(12,415,590)		(7,004,580)		(376,328)		(3,927,978)		(1,490,060)
Net investment income (loss)	1,491		144		23,552		2,428,169		3,282,641		(4,642,681)		341,145		(256,356)		(1,877,023)		(288,585)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions	(259)		(22)		(7,181)		11,441,939		(4,631,992)		1,115,491		5,076,840		(744,287)		3,443,637		1,285,070
Net realized gain distributions	—		—		37,592		14,664,111		—		15,898,874		42,599,929		348,717		1,718,363		—
Change in unrealized appreciation (depreciation) during the period	11,804		2,756		(12,445)		35,909,053		10,334,671		146,070,843		9,888,332		1,242,504		43,648,141		9,345,708
Net gain (loss) on investments	11,545		2,734		17,966		62,015,103		5,702,679		163,085,208		57,565,101		846,934		48,810,141		10,630,778
Net increase (decrease) in net assets resulting from operations	$	13,036	$	2,878	$	41,518	$	64,443,272	$	8,985,320	$	158,442,527	$	57,906,246	$	590,578	$	46,933,118	$	10,342,193



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023

	Hartford MidCap HLS Fund		Hartford Ultrashort Bond HLS Fund		Hartford Small Company HLS Fund		Hartford SmallCap Growth HLS Fund		Hartford Stock HLS Fund		BlackRock S&P 500 Index V.I. Fund		BlackRock Large Cap Focus Growth V.I. Fund		Morgan Stanley VIF U.S. Real Estate Portfolio		Invesco V.I. Equity and Income Fund		Morgan Stanley VIF Discovery Portfolio
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Investment income:
Dividends	$	66,475	$	1,048,512	$	—	$	—	$	5,242,081	$	2,279,752	$	—	$	3,086	$	2,449	$	—

Expenses:
Administrative charges	—		(1,902)		(1,310)		—		(3,872)		—		—		—		—		—
Mortality and expense risk charges	(2,247,067)		(1,205,523)		(824,305)		(606,369)		(5,271,022)		(2,141,212)		(22)		(2,073)		(1,762)		(2,655)
Total expenses	(2,247,067)		(1,207,425)		(825,615)		(606,369)		(5,274,894)		(2,141,212)		(22)		(2,073)		(1,762)		(2,655)
Net investment income (loss)	(2,180,592)		(158,913)		(825,615)		(606,369)		(32,813)		138,540		(22)		1,013		687		(2,655)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions	(3,421,610)		129,405		(2,297,394)		(1,029,681)		23,342,277		2,004,513		100		(10,463)		(342)		(556,117)
Net realized gain distributions	12,033,376		—		—		—		20,072,519		6,747,685		29		—		7,434		—
Change in unrealized appreciation (depreciation) during the period	14,357,633		3,006,441		11,713,708		7,622,294		(18,546,250)		27,779,188		601		31,086		4,299		608,559
Net gain (loss) on investments	22,969,399		3,135,846		9,416,314		6,592,613		24,868,546		36,531,386		730		20,623		11,391		52,442
Net increase (decrease) in net assets resulting from operations	$	20,788,807	$	2,976,933	$	8,590,699	$	5,986,244	$	24,835,733	$	36,669,926	$	708	$	21,636	$	12,078	$	49,787



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023

	Columbia Variable Portfolio - Dividend Opportunity Fund		Columbia Variable Portfolio - Income Opportunities Fund		Columbia Variable Portfolio – Select Mid Cap Growth Fund		Invesco V.I. Global Fund		Putnam VT Small Cap Value Fund		PIMCO VIT Real Return Portfolio		Pioneer Fund VCT Portfolio		Pioneer Mid Cap Value VCT Portfolio		PSF PGIM Jennison Focused Blend Portfolio		PSF PGIM Jennison Growth Portfolio
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account (3)		Sub-Account




Investment income:
Dividends	$	—	$	128,277	$	—	$	—	$	161	$	11,350	$	49,692	$	1,161	$	—	$	—

Expenses:
Administrative charges	—		(569)		(1,125)		—		—		—		—		—		—		—
Mortality and expense risk charges	(81,748)		(38,397)		(69,996)		(4,285)		(1,191)		(4,678)		(123,831)		(930)		(878)		(8,552)
Total expenses	(81,748)		(38,966)		(71,121)		(4,285)		(1,191)		(4,678)		(123,831)		(930)		(878)		(8,552)
Net investment income (loss)	(81,748)		89,311		(71,121)		(4,285)		(1,030)		6,672		(74,139)		231		(878)		(8,552)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions	294,623		(77,832)		271,030		(7,788)		(36,782)		(18,051)		(179,817)		(310)		49,729		53,959
Net realized gain distributions	—		—		—		39,788		12,428		—		343,627		7,814		—		—
Change in unrealized appreciation (depreciation) during the period	(35,836)		219,182		713,648		68,618		19,422		20,660		1,922,230		2,414		(36,331)		178,548
Net gain (loss) on investments	258,787		141,350		984,678		100,618		(4,932)		2,609		2,086,040		9,918		13,398		232,507
Net increase (decrease) in net assets resulting from operations	$	177,039	$	230,661	$	913,557	$	96,333	$	(5,962)	$	9,281	$	2,011,901	$	10,149	$	12,520	$	223,955



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Operations (continued)
For the Periods Ended December 31, 2023

	PSF PGIM Jennison Value Portfolio		PSF International Growth Portfolio		Royce Capital Fund–Small-Cap Portfolio		Invesco V.I. Comstock Fund		Invesco V.I. American Franchise Fund		Allspring VT Index Asset Allocation Fund		Allspring VT International Equity Fund		Allspring VT Small Cap Growth Fund		Allspring VT Opportunity Fund		Columbia Variable Portfolio - Large Cap Growth Fund
	Sub-Account		Sub-Account (4)		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Investment income:
Dividends	$	—	$	—	$	924	$	1,753	$	—	$	201	$	33,388	$	—	$	—	$	—

Expenses:
Administrative charges	—		—		—		—		—		—		—		—		—		—
Mortality and expense risk charges	(4,710)		(106)		(1,418)		(1,739)		(13,655)		(397)		(26,968)		(17,636)		(33,381)		(309,386)
Total expenses	(4,710)		(106)		(1,418)		(1,739)		(13,655)		(397)		(26,968)		(17,636)		(33,381)		(309,386)
Net investment income (loss)	(4,710)		(106)		(494)		14		(13,655)		(196)		6,420		(17,636)		(33,381)		(309,386)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions	7,266		17,138		(1,153)		4,595		(2,122)		39		(199,944)		(19,687)		(23,112)		1,247,359
Net realized gain distributions	—		—		9,601		12,624		22,539		649		—		—		196,296		—
Change in unrealized appreciation (depreciation) during the period	27,566		(15,573)		16,284		(5,832)		319,393		2,357		420,610		71,329		380,758		6,844,470
Net gain (loss) on investments	34,832		1,565		24,732		11,387		339,810		3,045		220,666		51,642		553,942		8,091,829
Net increase (decrease) in net assets resulting from operations	$	30,122	$	1,459	$	24,238	$	11,401	$	326,155	$	2,849	$	227,086	$	34,006	$	520,561	$	7,782,443



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Operations (concluded)
For the Periods Ended December 31, 2023

	Columbia Variable Portfolio - Overseas Core Fund		CTIVP® - Principal Blue Chip Growth Fund		AST International Equity Portfolio		PSF PGIM Jennison Blend Portfolio
	Sub-Account		Sub-Account		Sub-Account (5)(6)		Sub-Account (7)(8)




Investment income:
Dividends	$	57,370	$	—	$	—	$	—

Expenses:
Administrative charges	—		—		—		—
Mortality and expense risk charges	(51,213)		(122,483)		(419)		(58)
Total expenses	(51,213)		(122,483)		(419)		(58)
Net investment income (loss)	6,157		(122,483)		(419)		(58)

Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on security transactions	(15,352)		854,924		223		2
Net realized gain distributions	—		—		—		—
Change in unrealized appreciation (depreciation) during the period	443,255		2,023,850		4,206		2,251
Net gain (loss) on investments	427,903		2,878,774		4,429		2,253
Net increase (decrease) in net assets resulting from operations	$	434,060	$	2,756,291	$	4,010	$	2,195



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


(1) Formerly AB VPS Growth and Income Portfolio. Change effective May 1, 2023.
(2) Formerly Allspring VT Omega Growth Fund. Change effective May 1, 2023.
(3) Merged into PSF PGIM Jennison Blend Portfolio. Change effective December 8, 2023.
(4) Merged into AST International Equity Portfolio. Change effective March 10, 2023.
(5) Funded as of March 10, 2023.
(6) Merged assets from PSF International Growth Portfolio. Change effective March 10, 2023.
(7) Funded as of December 8, 2023.
(8) Merged assets from PSF PGIM Jennison Focused Blend Portfolio. Change effective December 8, 2023.


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets
For the Periods Ended December 31, 2023

	American Century VP Capital Appreciation Fund		AB VPS International Value Portfolio		Invesco V.I. Core Equity Fund		Invesco V.I. Government Securities Fund		Invesco V.I. High Yield Fund		Invesco V.I. Government Money Market Fund		AB VPS Relative Value Portfolio		American Funds Insurance Series® Growth Fund		Calvert VP SRI Balanced Portfolio		Columbia Variable Portfolio - Small Company Growth Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account (1)		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	(27,139)	$	(324)	$	(14,619)	$	(6,511)	$	42,222	$	1,811,322	$	(1,734)	$	(3,589)	$	3,649	$	(46,248)
Net realized gain (loss) on security transactions	(49,750)		(1,473)		19,391		(14,160)		(50,341)		—		419		(6,987)		10,189		(109,410)
Net realized gain distributions	3,517		—		46,895		—		—		—		90,680		21,157		3,472		—
Change in unrealized appreciation (depreciation) during the period	464,262		8,794		363,355		37,971		91,425		—		19,112		112,837		113,189		808,495
Net increase (decrease) in net assets resulting from operations	390,890		6,997		415,022		17,300		83,306		1,811,322		108,477		123,418		130,499		652,837

Unit transactions:
Purchases	31,461		—		4,560		7,493		60		328,594		—		—		9,024		7,747
Net transfers	(145,056)		2,145		48,003		570,940		457,316		13,674,307		(21,353)		43,317		(4,233)		(8,716)
Net interfund transfers due to corporate actions	—		—		—		—		—		—		—		—		—		—
Surrenders for benefit payments and fees	(298,497)		(4,957)		(86,461)		(149,862)		(107,110)		(14,365,320)		(79,598)		(65,774)		(66,703)		(161,429)
Other transactions	—		—		124		1		111		5,924		1,977		—		—		251
Death benefits	—		—		(20,379)		(8,679)		(3,875)		(1,789,394)		(19,071)		—		—		(33,348)

Net annuity transactions	—		—		(13,564)		2,098		(2,894)		505,648		(7,334)		—		(10,078)		(8,759)

Net increase (decrease) in net assets resulting from unit transactions	(412,092)		(2,812)		(67,717)		421,991		343,608		(1,640,241)		(125,379)		(22,457)		(71,990)		(204,254)
Net increase (decrease) in net assets	(21,202)		4,185		347,305		439,291		426,914		171,081		(16,902)		100,961		58,509		448,583

Net assets:
Beginning of period	2,258,855		53,359		1,770,406		413,424		913,471		53,981,298		1,147,379		356,517		865,341		2,731,758
End of period	$	2,237,653	$	57,544	$	2,117,711	$	852,715	$	1,340,385	$	54,152,379	$	1,130,477	$	457,478	$	923,850	$	3,180,341



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023

	Allspring VT Discovery All Cap Growth Fund		Fidelity® VIP Asset Manager Portfolio		Fidelity® VIP Growth Portfolio		Fidelity® VIP Contrafund® Portfolio		Fidelity® VIP Overseas Portfolio		Fidelity® VIP Freedom 2020 Portfolio		Fidelity® VIP Freedom 2030 Portfolio		Fidelity® VIP Freedom 2015 Portfolio		Fidelity® VIP Freedom 2025 Portfolio		Fidelity® VIP Freedom Income Portfolio
	Sub-Account (2)		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	(30,088)	$	8,714	$	(75,867)	$	(59,451)	$	(774)	$	2,720	$	2,404	$	6,402	$	4,086	$	200
Net realized gain (loss) on security transactions	(57,690)		(3,954)		227,310		353,045		51,366		(609)		(781)		(1,253)		4,141		(3)
Net realized gain distributions	195,209		7,745		329,595		278,180		1,929		1,082		—		5,705		—		—
Change in unrealized appreciation (depreciation) during the period	429,558		67,772		1,618,480		1,625,118		76,044		12,903		26,008		15,364		32,540		243
Net increase (decrease) in net assets resulting from operations	536,989		80,277		2,099,518		2,196,892		128,565		16,096		27,631		26,218		40,767		440

Unit transactions:
Purchases	—		4,343		33,318		61,404		15,443		—		—		—		—		—
Net transfers	59,389		49,170		208,300		(8,695)		90,098		—		17,065		—		—		—
Net interfund transfers due to corporate actions	—		—		—		—		—		—		—		—		—		—
Surrenders for benefit payments and fees	(73,643)		(109,691)		(756,782)		(934,043)		(48,583)		(2,460)		(5,938)		(2,370)		(94,671)		(5)
Other transactions	—		—		—		—		—		—		—		—		—		—
Death benefits	(26,723)		—		—		—		—		—		—		—		—		—

Net annuity transactions	(3,207)		—		(1,069)		—		—		—		—		—		—		—

Net increase (decrease) in net assets resulting from unit transactions	(44,184)		(56,178)		(516,233)		(881,334)		56,958		(2,460)		11,127		(2,370)		(94,671)		(5)
Net increase (decrease) in net assets	492,805		24,099		1,583,285		1,315,558		185,523		13,636		38,758		23,848		(53,904)		435

Net assets:
Beginning of period	1,756,145		723,343		6,204,730		7,187,748		594,867		149,836		211,724		284,024		362,641		6,953
End of period	$	2,248,950	$	747,442	$	7,788,015	$	8,503,306	$	780,390	$	163,472	$	250,482	$	307,872	$	308,737	$	7,388



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023

	Fidelity® VIP FundsManager 50% Portfolio		Fidelity® VIP FundsManager 70% Portfolio		Franklin Income VIP Fund		Hartford Balanced HLS Fund		Hartford Total Return Bond HLS Fund		Hartford Capital Appreciation HLS Fund		Hartford Dividend and Growth HLS Fund		Hartford Healthcare HLS Fund		Hartford Disciplined Equity HLS Fund		Hartford International Opportunities HLS Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	1,491	$	144	$	23,552	$	2,428,169	$	3,282,641	$	(4,642,681)	$	341,145	$	(256,356)	$	(1,877,023)	$	(288,585)
Net realized gain (loss) on security transactions	(259)		(22)		(7,181)		11,441,939		(4,631,992)		1,115,491		5,076,840		(744,287)		3,443,637		1,285,070
Net realized gain distributions	—		—		37,592		14,664,111		—		15,898,874		42,599,929		348,717		1,718,363		—
Change in unrealized appreciation (depreciation) during the period	11,804		2,756		(12,445)		35,909,053		10,334,671		146,070,843		9,888,332		1,242,504		43,648,141		9,345,708
Net increase (decrease) in net assets resulting from operations	13,036		2,878		41,518		64,443,272		8,985,320		158,442,527		57,906,246		590,578		46,933,118		10,342,193

Unit transactions:
Purchases	—		—		94		2,436,815		536,438		3,831,823		2,670,057		83,862		596,343		462,847
Net transfers	—		—		(33,851)		(2,002,126)		4,716,870		(7,710,926)		(4,940,928)		(101,564)		(3,413,192)		(2,057,107)
Net interfund transfers due to corporate actions	—		—		—		—		—		—		—		—		—		—
Surrenders for benefit payments and fees	(19)		—		(59,150)		(41,501,790)		(13,775,050)		(76,676,666)		(39,968,382)		(1,965,896)		(18,709,242)		(8,295,873)
Other transactions	—		4		—		2,818		2,886		31,255		6,990		(3)		7,667		3,981
Death benefits	—		—		—		(19,392,759)		(6,222,529)		(22,768,370)		(15,968,245)		(719,061)		(5,418,835)		(2,650,639)

Net annuity transactions	—		—		—		(3,500,306)		(975,255)		(2,979,027)		(1,855,135)		(83,344)		(914,338)		(120,802)

Net increase (decrease) in net assets resulting from unit transactions	(19)		4		(92,907)		(63,957,348)		(15,716,640)		(106,271,911)		(60,055,643)		(2,786,006)		(27,851,597)		(12,657,593)
Net increase (decrease) in net assets	13,017		2,882		(51,389)		485,924		(6,731,320)		52,170,616		(2,149,397)		(2,195,428)		19,081,521		(2,315,400)

Net assets:
Beginning of period	115,831		20,366		627,448		524,178,095		178,712,080		916,854,151		502,573,275		28,223,419		256,020,386		108,608,622
End of period	$	128,848	$	23,248	$	576,059	$	524,664,019	$	171,980,760	$	969,024,767	$	500,423,878	$	26,027,991	$	275,101,907	$	106,293,222



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023

	Hartford MidCap HLS Fund		Hartford Ultrashort Bond HLS Fund		Hartford Small Company HLS Fund		Hartford SmallCap Growth HLS Fund		Hartford Stock HLS Fund		BlackRock S&P 500 Index V.I. Fund		BlackRock Large Cap Focus Growth V.I. Fund		Morgan Stanley VIF U.S. Real Estate Portfolio		Invesco V.I. Equity and Income Fund		Morgan Stanley VIF Discovery Portfolio
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	(2,180,592)	$	(158,913)	$	(825,615)	$	(606,369)	$	(32,813)	$	138,540	$	(22)	$	1,013	$	687	$	(2,655)
Net realized gain (loss) on security transactions	(3,421,610)		129,405		(2,297,394)		(1,029,681)		23,342,277		2,004,513		100		(10,463)		(342)		(556,117)
Net realized gain distributions	12,033,376		—		—		—		20,072,519		6,747,685		29		—		7,434		—
Change in unrealized appreciation (depreciation) during the period	14,357,633		3,006,441		11,713,708		7,622,294		(18,546,250)		27,779,188		601		31,086		4,299		608,559
Net increase (decrease) in net assets resulting from operations	20,788,807		2,976,933		8,590,699		5,986,244		24,835,733		36,669,926		708		21,636		12,078		49,787

Unit transactions:
Purchases	516,821		362,571		235,291		93,239		1,833,329		700,337		—		2,517		—		1,088
Net transfers	(598,083)		(660,357)		33,479		(39,706)		(4,782,604)		6,328,344		(428)		14,614		(1,635)		(11,811)
Net interfund transfers due to corporate actions	—		—		—		—		—		—		—		—		—		—
Surrenders for benefit payments and fees	(11,121,081)		(8,521,348)		(3,992,100)		(2,608,047)		(33,300,615)		(11,209,153)		(3)		(25,944)		(8,622)		(109,843)
Other transactions	6,236		218		357		3,808		5,916		(89)		1		—		—		—
Death benefits	(3,924,940)		(2,288,095)		(1,065,264)		(754,402)		(11,303,704)		(3,815,644)		—		—		—		—

Net annuity transactions	(925,743)		(309,427)		(106,543)		(87,985)		(1,760,602)		(995,126)		—		—		—		—

Net increase (decrease) in net assets resulting from unit transactions	(16,046,790)		(11,416,438)		(4,894,780)		(3,393,093)		(49,308,280)		(8,991,331)		(430)		(8,813)		(10,257)		(120,566)
Net increase (decrease) in net assets	4,742,017		(8,439,505)		3,695,919		2,593,151		(24,472,547)		27,678,595		278		12,823		1,821		(70,779)

Net assets:
Beginning of period	165,986,736		87,301,696		60,473,744		38,171,561		437,735,568		154,524,761		1,421		168,084		144,767		211,598
End of period	$	170,728,753	$	78,862,191	$	64,169,663	$	40,764,712	$	413,263,021	$	182,203,356	$	1,699	$	180,907	$	146,588	$	140,819



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023

	Columbia Variable Portfolio - Dividend Opportunity Fund		Columbia Variable Portfolio - Income Opportunities Fund		Columbia Variable Portfolio – Select Mid Cap Growth Fund		Invesco V.I. Global Fund		Putnam VT Small Cap Value Fund		PIMCO VIT Real Return Portfolio		Pioneer Fund VCT Portfolio		Pioneer Mid Cap Value VCT Portfolio		PSF PGIM Jennison Focused Blend Portfolio		PSF PGIM Jennison Growth Portfolio
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account (3)		Sub-Account




Operations:
Net investment income (loss)	$	(81,748)	$	89,311	$	(71,121)	$	(4,285)	$	(1,030)	$	6,672	$	(74,139)	$	231	$	(878)	$	(8,552)
Net realized gain (loss) on security transactions	294,623		(77,832)		271,030		(7,788)		(36,782)		(18,051)		(179,817)		(310)		49,729		53,959
Net realized gain distributions	—		—		—		39,788		12,428		—		343,627		7,814		—		—
Change in unrealized appreciation (depreciation) during the period	(35,836)		219,182		713,648		68,618		19,422		20,660		1,922,230		2,414		(36,331)		178,548
Net increase (decrease) in net assets resulting from operations	177,039		230,661		913,557		96,333		(5,962)		9,281		2,011,901		10,149		12,520		223,955

Unit transactions:
Purchases	10,270		3,406		210		4,008		1,083		5,939		176,906		881		—		—
Net transfers	72,689		61,785		386,302		8,729		(32,092)		(50,107)		154,055		28,326		8,289		(934)
Net interfund transfers due to corporate actions	—		—		—		—		—		—		—		—		(58,359)		—
Surrenders for benefit payments and fees	(335,496)		(144,834)		(258,913)		(47,233)		(571)		(67,676)		(447,617)		(82)		(2,256)		(62,418)
Other transactions	518		389		245		—		—		—		(140)		—		4		6
Death benefits	(41,891)		(28,251)		(155)		—		—		—		(364,621)		—		(12,684)		—

Net annuity transactions	11,695		(8,768)		(15,959)		—		—		—		(36,536)		—		(10,378)		—

Net increase (decrease) in net assets resulting from unit transactions	(282,215)		(116,273)		111,730		(34,496)		(31,580)		(111,844)		(517,953)		29,125		(75,384)		(63,346)
Net increase (decrease) in net assets	(105,176)		114,388		1,025,287		61,837		(37,542)		(102,563)		1,493,948		39,274		(62,864)		160,609

Net assets:
Beginning of period	5,438,031		2,432,791		3,773,086		312,449		81,402		384,667		7,881,707		64,450		62,864		451,283
End of period	$	5,332,855	$	2,547,179	$	4,798,373	$	374,286	$	43,860	$	282,104	$	9,375,655	$	103,724	$	—	$	611,892



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2023

	PSF PGIM Jennison Value Portfolio		PSF International Growth Portfolio		Royce Capital Fund–Small-Cap Portfolio		Invesco V.I. Comstock Fund		Invesco V.I. American Franchise Fund		Allspring VT Index Asset Allocation Fund		Allspring VT International Equity Fund		Allspring VT Small Cap Growth Fund		Allspring VT Opportunity Fund		Columbia Variable Portfolio - Large Cap Growth Fund
	Sub-Account		Sub-Account (4)		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	(4,710)	$	(106)	$	(494)	$	14	$	(13,655)	$	(196)	$	6,420	$	(17,636)	$	(33,381)	$	(309,386)
Net realized gain (loss) on security transactions	7,266		17,138		(1,153)		4,595		(2,122)		39		(199,944)		(19,687)		(23,112)		1,247,359
Net realized gain distributions	—		—		9,601		12,624		22,539		649		—		—		196,296		—
Change in unrealized appreciation (depreciation) during the period	27,566		(15,573)		16,284		(5,832)		319,393		2,357		420,610		71,329		380,758		6,844,470
Net increase (decrease) in net assets resulting from operations	30,122		1,459		24,238		11,401		326,155		2,849		227,086		34,006		520,561		7,782,443

Unit transactions:
Purchases	—		—		700		700		—		—		—		—		1,083		92,301
Net transfers	—		—		25,114		(15,192)		(1,812)		—		(18,057)		(2,162)		(45,046)		378,974
Net interfund transfers due to corporate actions	—		(35,814)		—		—		—		—		—		—		—		—
Surrenders for benefit payments and fees	(10,563)		(1,199)		(31,338)		(38,448)		(24,805)		—		(159,183)		(62,139)		(83,332)		(1,095,082)
Other transactions	(1)		—		—		—		(10)		1		(16)		(1)		—		399
Death benefits	—		—		—		—		(15,954)		—		(50,591)		(18,719)		(76,863)		(414,096)

Net annuity transactions	—		—		—		—		(710)		—		(10,337)		(5,820)		(16,059)		(23,076)

Net increase (decrease) in net assets resulting from unit transactions	(10,564)		(37,013)		(5,524)		(52,940)		(43,291)		1		(238,184)		(88,841)		(220,217)		(1,060,580)
Net increase (decrease) in net assets	19,558		(35,554)		18,714		(41,539)		282,864		2,850		(11,098)		(54,835)		300,344		6,721,863

Net assets:
Beginning of period	247,484		35,554		99,073		155,224		851,847		19,647		1,730,812		1,228,737		2,248,638		19,249,522
End of period	$	267,042	$	—	$	117,787	$	113,685	$	1,134,711	$	22,497	$	1,719,714	$	1,173,902	$	2,548,982	$	25,971,385



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (concluded)
For the Periods Ended December 31, 2023

	Columbia Variable Portfolio - Overseas Core Fund		CTIVP® - Principal Blue Chip Growth Fund		AST International Equity Portfolio		PSF PGIM Jennison Blend Portfolio
	Sub-Account		Sub-Account		Sub-Account (5)(6)		Sub-Account (7)(8)




Operations:
Net investment income (loss)	$	6,157	$	(122,483)	$	(419)	$	(58)
Net realized gain (loss) on security transactions	(15,352)		854,924		223		2
Net realized gain distributions	—		—		—		—
Change in unrealized appreciation (depreciation) during the period	443,255		2,023,850		4,206		2,251
Net increase (decrease) in net assets resulting from operations	434,060		2,756,291		4,010		2,195

Unit transactions:
Purchases	17,028		46,732		—		—
Net transfers	174,105		286,611		(1,639)		(8,289)

Surrenders for benefit payments and fees	(195,444)		(626,750)		—		—
Other transactions	130		545		(3)		(1)
Death benefits	(36,028)		(361,409)		(1,370)		—

Net annuity transactions	(13,134)		(66,912)		—		8,290

Net increase (decrease) in net assets resulting from unit transactions	(53,343)		(721,183)		32,802		58,359
Net increase (decrease) in net assets	380,717		2,035,108		36,812		60,554

Net assets:
Beginning of period	3,311,479		7,676,073		—		—
End of period	$	3,692,196	$	9,711,181	$	36,812	$	60,554



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


(1) Formerly AB VPS Growth and Income Portfolio. Change effective May 1, 2023.
(2) Formerly Allspring VT Omega Growth Fund. Change effective May 1, 2023.
(3) Merged into PSF PGIM Jennison Blend Portfolio. Change effective December 8, 2023.
(4) Merged into AST International Equity Portfolio. Change effective March 10, 2023.
(5) Funded as of March 10, 2023.
(6) Merged assets from PSF International Growth Portfolio. Change effective March 10, 2023.
(7) Funded as of December 8, 2023.
(8) Merged assets from PSF PGIM Jennison Focused Blend Portfolio. Change effective December 8, 2023.


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets
For the Periods Ended December 31, 2022

	American Century VP Capital Appreciation Fund		AB VPS International Value Portfolio		Invesco V.I. Core Equity Fund		Invesco V.I. Government Securities Fund		Invesco V.I. High Yield Fund		Invesco V.I. Government Money Market Fund		AB VPS Growth and Income Portfolio		American Funds Insurance Series® Growth Fund		Calvert VP SRI Balanced Portfolio
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	(30,833)	$	1,570	$	(9,275)	$	8,583	$	27,740	$	10,694	$	(3,486)	$	(5,836)	$	(204)
Net realized gain (loss) on security transactions	(44,004)		(1,980)		(1,912)		(16,244)		(129,207)		—		105,059		(21,962)		32,277
Net realized gain distributions	382,701		—		298,573		—		—		—		198,943		89,618		89,261
Change in unrealized appreciation (depreciation) during the period	(1,367,841)		(9,568)		(808,720)		(17,269)		(34,930)		—		(360,781)		(312,354)		(305,635)
Net increase (decrease) in net assets resulting from operations	(1,059,977)		(9,978)		(521,334)		(24,930)		(136,397)		10,694		(60,265)		(250,534)		(184,301)

Unit transactions:
Purchases	28,620		—		149,352		—		40,005		284,447		113,599		3,898		2,868
Net transfers	(30,214)		(5,206)		(9,247)		477,188		(193,009)		19,187,270		(434,072)		(8,350)		31,917

Surrenders for benefit payments and fees	(387,981)		(795)		(111,703)		(38,857)		(37,174)		(9,671,502)		(40,971)		(299,123)		(128,038)
Other transactions	—		—		(1)		23		1		921		(354)		—		—
Death benefits	—		—		(165,097)		—		(31,595)		(3,493,216)		(124,767)		—		—

Net annuity transactions	—		—		(4,371)		—		12,454		176,559		(7,930)		—		(8,431)

Net increase (decrease) in net assets resulting from unit transactions	(389,575)		(6,001)		(141,067)		438,354		(209,318)		6,484,479		(494,495)		(303,575)		(101,684)
Net increase (decrease) in net assets	(1,449,552)		(15,979)		(662,401)		413,424		(345,715)		6,495,173		(554,760)		(554,109)		(285,985)

Net assets:
Beginning of period	3,708,407		69,338		2,432,807		—		1,259,186		47,486,125		1,702,139		910,626		1,151,326
End of period	$	2,258,855	$	53,359	$	1,770,406	$	413,424	$	913,471	$	53,981,298	$	1,147,379	$	356,517	$	865,341



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022

	Columbia Variable Portfolio - Small Company Growth Fund		Allspring VT Omega Growth Fund		Fidelity® VIP Asset Manager Portfolio		Fidelity® VIP Growth Portfolio		Fidelity® VIP Contrafund® Portfolio		Fidelity® VIP Overseas Portfolio		Fidelity® VIP Freedom 2020 Portfolio		Fidelity® VIP Freedom 2030 Portfolio		Fidelity® VIP Freedom 2015 Portfolio		Fidelity® VIP Freedom 2025 Portfolio
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	(49,769)	$	(32,619)	$	6,724	$	(43,847)	$	(61,367)	$	(1,187)	$	910	$	1,038	$	2,023	$	1,604
Net realized gain (loss) on security transactions	(35,551)		(10,940)		175		320,411		566,321		19,768		12,591		5,458		(1,196)		(3,646)
Net realized gain distributions	1,247,441		478,155		56,443		579,539		391,606		6,233		16,294		16,040		30,027		37,275
Change in unrealized appreciation (depreciation) during the period	(2,876,302)		(1,563,169)		(211,729)		(3,263,046)		(3,888,944)		(245,154)		(63,755)		(72,782)		(82,306)		(149,895)
Net increase (decrease) in net assets resulting from operations	(1,714,181)		(1,128,573)		(148,387)		(2,406,943)		(2,992,384)		(220,340)		(33,960)		(50,246)		(51,452)		(114,662)

Unit transactions:
Purchases	1,406		—		5,735		39,262		62,127		15,369		—		—		—		—
Net transfers	(103,290)		(21,875)		(50,929)		(117,490)		(502,540)		49,198		(143,277)		3,865		143,277		2,362

Surrenders for benefit payments and fees	(201,888)		(84,522)		(68,927)		(1,378,585)		(976,514)		(140,877)		(2,959)		(79,161)		(2,837)		(177,958)
Other transactions	10		(1)		—		—		—		—		—		—		—		—
Death benefits	(11,641)		(13,037)		—		—		—		—		—		—		—		—

Net annuity transactions	(33,799)		(332)		—		(311)		—		—		—		—		—		—

Net increase (decrease) in net assets resulting from unit transactions	(349,202)		(119,767)		(114,121)		(1,457,124)		(1,416,927)		(76,310)		(146,236)		(75,296)		140,440		(175,596)
Net increase (decrease) in net assets	(2,063,383)		(1,248,340)		(262,508)		(3,864,067)		(4,409,311)		(296,650)		(180,196)		(125,542)		88,988		(290,258)

Net assets:
Beginning of period	4,795,141		3,004,485		985,851		10,068,797		11,597,059		891,517		330,032		337,266		195,036		652,899
End of period	$	2,731,758	$	1,756,145	$	723,343	$	6,204,730	$	7,187,748	$	594,867	$	149,836	$	211,724	$	284,024	$	362,641



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022

	Fidelity® VIP Freedom Income Portfolio		Fidelity® VIP FundsManager 50% Portfolio		Fidelity® VIP FundsManager 70% Portfolio		Franklin Income VIP Fund		Hartford Balanced HLS Fund		Hartford Total Return Bond HLS Fund		Hartford Capital Appreciation HLS Fund		Hartford Dividend and Growth HLS Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	375	$	772	$	33	$	23,818	$	2,311,483	$	2,905,786	$	(4,287,273)	$	1,003,128
Net realized gain (loss) on security transactions	(2,401)		(232)		(612)		(614)		18,129,733		(4,631,368)		6,361,527		12,559,790
Net realized gain distributions	2,854		20,352		4,723		13,040		71,649,592		2,390,114		130,696,326		56,185,982
Change in unrealized appreciation (depreciation) during the period	(11,814)		(41,496)		(9,099)		(83,549)		(188,987,770)		(36,753,081)		(327,622,884)		(131,694,084)
Net increase (decrease) in net assets resulting from operations	(10,986)		(20,604)		(4,955)		(47,305)		(96,896,962)		(36,088,549)		(194,852,304)		(61,945,184)

Unit transactions:
Purchases	—		—		—		327		6,316,894		1,478,510		4,042,937		3,405,259
Net transfers	—		—		—		1,235		(548,952)		(973,345)		(10,724,163)		(5,106,280)

Surrenders for benefit payments and fees	(72,269)		(14)		(4,240)		(37,143)		(41,610,947)		(16,813,837)		(65,664,164)		(37,853,285)
Other transactions	—		—		—		—		18,881		881		79,452		19,594
Death benefits	—		—		—		—		(21,197,919)		(8,106,728)		(21,174,089)		(15,506,373)

Net annuity transactions	—		—		—		—		(3,352,561)		(493,021)		(2,566,782)		(1,416,097)

Net increase (decrease) in net assets resulting from unit transactions	(72,269)		(14)		(4,240)		(35,581)		(60,374,604)		(24,907,540)		(96,006,809)		(56,457,182)
Net increase (decrease) in net assets	(83,255)		(20,618)		(9,195)		(82,886)		(157,271,566)		(60,996,089)		(290,859,113)		(118,402,366)

Net assets:
Beginning of period	90,208		136,449		29,561		710,334		681,449,661		239,708,169		1,207,713,264		620,975,641
End of period	$	6,953	$	115,831	$	20,366	$	627,448	$	524,178,095	$	178,712,080	$	916,854,151	$	502,573,275



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022

	Hartford Healthcare HLS Fund		Hartford Disciplined Equity HLS Fund		Hartford International Opportunities HLS Fund		Hartford MidCap HLS Fund		Hartford Ultrashort Bond HLS Fund		Hartford Small Company HLS Fund		Hartford SmallCap Growth HLS Fund		Hartford Stock HLS Fund		BlackRock S&P 500 Index V.I. Fund		BlackRock Large Cap Focus Growth V.I. Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	(420,269)	$	(1,634,654)	$	215,163	$	(914,506)	$	(1,160,128)	$	(954,786)	$	(676,332)	$	1,409,821	$	246,976	$	(542)
Net realized gain (loss) on security transactions	(242,477)		5,312,756		2,496,069		(538,514)		(320,152)		(996,321)		(289,853)		29,091,012		2,599,664		(15,536)
Net realized gain distributions	6,604,629		15,780,263		20,008,180		27,135,635		—		13,749,276		7,408,817		44,360,439		7,585,613		73
Change in unrealized appreciation (depreciation) during the period	(10,432,444)		(90,257,965)		(50,496,270)		(86,302,683)		(135,672)		(41,967,274)		(23,553,302)		(108,181,133)		(49,120,070)		(6,844)
Net increase (decrease) in net assets resulting from operations	(4,490,561)		(70,799,600)		(27,776,858)		(60,620,068)		(1,615,952)		(30,169,105)		(17,110,670)		(33,319,861)		(38,687,817)		(22,849)

Unit transactions:
Purchases	183,030		2,235,046		707,808		1,275,021		587,517		563,219		195,608		2,479,889		1,154,393		—
Net transfers	(160,628)		(6,640,513)		1,682,271		(2,569,439)		6,522		(519,266)		479,793		(3,941,454)		2,280,474		(60,235)

Surrenders for benefit payments and fees	(2,156,302)		(19,960,490)		(7,583,376)		(12,026,716)		(8,319,185)		(4,476,117)		(2,518,411)		(32,244,744)		(10,996,883)		(2)
Other transactions	76		32,803		5,451		20,298		2,737		4,234		1,493		(10,024)		7,614		—
Death benefits	(666,595)		(9,752,620)		(2,857,504)		(4,508,501)		(3,628,005)		(1,469,956)		(833,389)		(11,312,649)		(3,599,770)		—

Net annuity transactions	(90,422)		(1,278,374)		(376,919)		(365,548)		(148,784)		(183,107)		(118,322)		(1,812,805)		(197,276)		—

Net increase (decrease) in net assets resulting from unit transactions	(2,890,841)		(35,364,148)		(8,422,269)		(18,174,885)		(11,499,198)		(6,080,993)		(2,793,228)		(46,841,787)		(11,351,448)		(60,237)
Net increase (decrease) in net assets	(7,381,402)		(106,163,748)		(36,199,127)		(78,794,953)		(13,115,150)		(36,250,098)		(19,903,898)		(80,161,648)		(50,039,265)		(83,086)

Net assets:
Beginning of period	35,604,821		362,184,134		144,807,749		244,781,689		100,416,846		96,723,842		58,075,459		517,897,216		204,564,026		84,507
End of period	$	28,223,419	$	256,020,386	$	108,608,622	$	165,986,736	$	87,301,696	$	60,473,744	$	38,171,561	$	437,735,568	$	154,524,761	$	1,421



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022

	Morgan Stanley VIF U.S. Real Estate Portfolio		Invesco V.I. Equity and Income Fund		Morgan Stanley VIF Discovery Portfolio		Columbia Variable Portfolio - Dividend Opportunity Fund		Columbia Variable Portfolio - Income Opportunities Fund		Columbia Variable Portfolio – Select Mid Cap Growth Fund		Invesco V.I. Global Fund		Putnam VT Small Cap Value Fund		PIMCO VIT Real Return Portfolio		Pioneer Fund VCT Portfolio
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	(607)	$	293	$	(5,772)	$	(87,916)	$	96,931	$	(70,078)	$	(4,725)	$	(1,548)	$	23,806	$	(99,692)
Net realized gain (loss) on security transactions	(6,524)		780		(383,200)		330,775		(101,031)		389,767		(679)		(10,017)		(1,802)		(88,885)
Net realized gain distributions	45,460		20,063		225,282		—		92,372		—		61,782		21,395		—		1,428,265
Change in unrealized appreciation (depreciation) during the period	(109,487)		(35,563)		(387,646)		(399,285)		(421,248)		(2,207,517)		(230,460)		(33,392)		(82,087)		(3,463,020)
Net increase (decrease) in net assets resulting from operations	(71,158)		(14,427)		(551,336)		(156,426)		(332,976)		(1,887,828)		(174,082)		(23,562)		(60,083)		(2,223,332)

Unit transactions:
Purchases	2,380		2		1,037		58,871		73,428		51,705		4,172		1,629		7,707		70,574
Net transfers	113		(319)		(81,380)		(128,231)		(52,159)		5,670		(37,037)		(38,769)		19,212		(63,350)

Surrenders for benefit payments and fees	(17,708)		(4,543)		(116,016)		(229,871)		(136,594)		(352,290)		(19,902)		(77,317)		(32,022)		(573,411)
Other transactions	—		—		—		3		3		4		—		—		—		3
Death benefits	—		—		—		(116,271)		(86,066)		(77,764)		—		—		—		(305,767)

Net annuity transactions	—		—		—		(13,402)		(27,445)		(43,298)		—		—		—		(24,140)

Net increase (decrease) in net assets resulting from unit transactions	(15,215)		(4,860)		(196,359)		(428,901)		(228,833)		(415,973)		(52,767)		(114,457)		(5,103)		(896,091)
Net increase (decrease) in net assets	(86,373)		(19,287)		(747,695)		(585,327)		(561,809)		(2,303,801)		(226,849)		(138,019)		(65,186)		(3,119,423)

Net assets:
Beginning of period	254,457		164,054		959,293		6,023,358		2,994,600		6,076,887		539,298		219,421		449,853		11,001,130
End of period	$	168,084	$	144,767	$	211,598	$	5,438,031	$	2,432,791	$	3,773,086	$	312,449	$	81,402	$	384,667	$	7,881,707



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (continued)
For the Periods Ended December 31, 2022

	Pioneer Mid Cap Value VCT Portfolio		PSF PGIM Jennison Focused Blend Portfolio		PSF PGIM Jennison Growth Portfolio		PSF PGIM Jennison Value Portfolio		PSF International Growth Portfolio		Royce Capital Fund–Small-Cap Portfolio		Invesco V.I. Comstock Fund		Invesco V.I. American Franchise Fund		Allspring VT Index Asset Allocation Fund		Allspring VT International Equity Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	220	$	(1,288)	$	(10,743)	$	(4,863)	$	(621)	$	(919)	$	328	$	(14,475)	$	(267)	$	47,345
Net realized gain (loss) on security transactions	(22,954)		8,637		422,628		7,035		(3,495)		(2,121)		1,344		(24,554)		69		(165,940)
Net realized gain distributions	54,964		—		—		—		—		1,770		4,807		263,864		2,423		—
Change in unrealized appreciation (depreciation) during the period	(47,116)		(38,355)		(852,134)		(30,294)		(17,874)		(13,676)		(8,971)		(686,008)		(6,711)		(156,395)
Net increase (decrease) in net assets resulting from operations	(14,886)		(31,006)		(440,249)		(28,122)		(21,990)		(14,946)		(2,492)		(461,173)		(4,486)		(274,990)

Unit transactions:
Purchases	581		—		—		—		—		119		1,297		38,131		—		14,868
Net transfers	(7,620)		(23,811)		(132,001)		—		(22,089)		(28,034)		45,782		(274,025)		—		(7,068)

Surrenders for benefit payments and fees	(113,260)		(7,083)		(65,490)		(10,228)		(2)		(3,682)		(4,104)		(36,090)		—		(168,442)
Other transactions	—		(4)		3		(1)		1		—		—		(4)		—		9
Death benefits	—		—		(364,825)		—		—		—		—		(101,490)		—		(34,645)

Net annuity transactions	—		(2,023)		—		—		—		—		—		(745)		—		52,049

Net increase (decrease) in net assets resulting from unit transactions	(120,299)		(32,921)		(562,313)		(10,229)		(22,090)		(31,597)		42,975		(374,223)		—		(143,229)
Net increase (decrease) in net assets	(135,185)		(63,927)		(1,002,562)		(38,351)		(44,080)		(46,543)		40,483		(835,396)		(4,486)		(418,219)

Net assets:
Beginning of period	199,635		126,791		1,453,845		285,835		79,634		145,616		114,741		1,687,243		24,133		2,149,031
End of period	$	64,450	$	62,864	$	451,283	$	247,484	$	35,554	$	99,073	$	155,224	$	851,847	$	19,647	$	1,730,812



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


SEPARATE ACCOUNT TWO
Talcott Resolution Life Insurance Company
Statements of Changes in Net Assets (concluded)
For the Periods Ended December 31, 2022

	Allspring VT Small Cap Growth Fund		Allspring VT Opportunity Fund		Columbia Variable Portfolio - Large Cap Growth Fund		Columbia Variable Portfolio - Overseas Core Fund		CTIVP® - Principal Blue Chip Growth Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account




Operations:
Net investment income (loss)	$	(21,214)	$	(36,277)	$	(314,804)	$	(26,719)	$	(126,844)
Net realized gain (loss) on security transactions	(6,377)		13,028		1,397,227		(11,325)		642,062
Net realized gain distributions	229,685		483,894		—		258,290		—
Change in unrealized appreciation (depreciation) during the period	(923,228)		(1,137,043)		(10,888,378)		(888,633)		(3,867,882)
Net increase (decrease) in net assets resulting from operations	(721,134)		(676,398)		(9,805,955)		(668,387)		(3,352,664)

Unit transactions:
Purchases	—		48		300,022		77,420		1,460
Net transfers	(87,364)		(87,878)		(982,219)		(1,222)		(4,099)

Surrenders for benefit payments and fees	(33,373)		(81,884)		(955,884)		(193,157)		(538,050)
Other transactions	—		12		45		4		8
Death benefits	(19,812)		(52,431)		(466,282)		(73,195)		(310,141)

Net annuity transactions	(2,294)		10,758		(33,262)		(21,326)		(27,775)

Net increase (decrease) in net assets resulting from unit transactions	(142,843)		(211,375)		(2,137,580)		(211,476)		(878,597)
Net increase (decrease) in net assets	(863,977)		(887,773)		(11,943,535)		(879,863)		(4,231,261)

Net assets:
Beginning of period	2,092,714		3,136,411		31,193,057		4,191,342		11,907,334
End of period	$	1,228,737	$	2,248,638	$	19,249,522	$	3,311,479	$	7,676,073



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

SEPARATE ACCOUNT TWO

Talcott Resolution Life Insurance Company

Notes to Financial Statements

December 31, 2023

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

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

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

The Account is comprised of the following Sub-Accounts:

American Century VP Capital Appreciation Fund, AB VPS International Value Portfolio, Invesco V.I. Core Equity Fund, Invesco V.I. Government Securities Fund, Invesco V.I. High Yield Fund, Invesco V.I. Government Money Market Fund, AB VPS Relative Value Portfolio (Formerly AB VPS Growth and Income Portfolio), American Funds Insurance Series® Growth Fund, Calvert VP SRI Balanced Portfolio, Columbia Variable Portfolio - Small Company Growth Fund, Allspring VT Discovery All Cap Growth Fund (Formerly Allspring VT Omega Growth Fund), Fidelity® VIP Asset Manager Portfolio, Fidelity® VIP Growth Portfolio, Fidelity® VIP Contrafund® Portfolio, Fidelity® VIP Overseas Portfolio, Fidelity® VIP Freedom 2020 Portfolio, Fidelity® VIP Freedom 2030 Portfolio, Fidelity® VIP Freedom 2015 Portfolio, Fidelity® VIP Freedom 2025 Portfolio, Fidelity® VIP Freedom Income Portfolio, Fidelity® VIP FundsManager 50% Portfolio, Fidelity® VIP FundsManager 70% Portfolio, Franklin Income VIP Fund, Hartford Balanced HLS Fund, Hartford Total Return Bond HLS Fund, Hartford Capital Appreciation HLS Fund, Hartford Dividend and Growth HLS Fund, Hartford Healthcare HLS Fund, Hartford Disciplined Equity HLS Fund, Hartford International Opportunities HLS Fund, Hartford MidCap HLS Fund, Hartford Ultrashort Bond HLS Fund, Hartford Small Company HLS Fund, Hartford SmallCap Growth HLS Fund, Hartford Stock HLS Fund, BlackRock S&P 500 Index V.I. Fund, BlackRock Large Cap Focus Growth V.I. Fund, Morgan Stanley VIF U.S. Real Estate Portfolio, Invesco V.I. Equity and Income Fund, Morgan Stanley VIF Discovery Portfolio, Columbia Variable Portfolio - Dividend Opportunity Fund, Columbia Variable Portfolio - Income Opportunities Fund, Columbia Variable Portfolio – Select Mid Cap Growth Fund, Invesco V.I. Global Fund, Putnam VT Small Cap Value Fund, PIMCO VIT Real Return Portfolio, Pioneer Fund VCT Portfolio, Pioneer Mid Cap Value VCT Portfolio, PSF PGIM Jennison Focused Blend Portfolio (Merged into PSF PGIM Jennison Blend Portfolio), PSF PGIM Jennison Growth Portfolio, PSF PGIM Jennison Value Portfolio, PSF International Growth Portfolio (Merged into AST International Equity Portfolio), Royce Capital Fund–Small-Cap Portfolio, Invesco V.I. Comstock Fund, Invesco V.I. American Franchise Fund, Allspring VT Index Asset Allocation Fund, Allspring VT International Equity Fund, Allspring VT Small Cap Growth Fund, Allspring VT Opportunity Fund, Columbia Variable Portfolio - Large Cap Growth Fund, Columbia Variable Portfolio - Overseas Core Fund, CTIVP® - Principal Blue Chip Growth Fund, AST International Equity Portfolio (Merged assets from PSF International Growth Portfolio), PSF PGIM Jennison Blend Portfolio (Merged assets from PSF PGIM Jennison Focused Blend Portfolio).

Sub-Account may invest in one or more share classes of a Fund, depending upon the product(s) available in that Sub-Account. A contract owner's unitized performance correlates with the share class associated with the contract owner's product.

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

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

2. Significant Accounting Policies:

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

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

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

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

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

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

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

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

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

Level 3: Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk). Because Level 3 fair values, by their nature, contain unobservable market inputs, considerable judgment is used to determine the Level 3 fair values. Level 3 fair values represent the best estimate of an amount that could be realized in a current market exchange absent actual market exchanges.

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

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

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

3. Administration of the Account and Related Charges:

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

a) Mortality and Expense Risk Charges - The Sponsor Company, as an issuer of variable annuity contracts, assesses mortality and expense risk charges for which it receives a maximum annual fee of 1.50% of the Sub-Account’s average daily net assets. These charges are reflected in the accompanying statements of operations as a reduction in unit value.

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

c) Administrative Charges - The Sponsor Company provides administrative services to the Account and receives a maximum annual fee of 0.15% of the Sub-Account’s average daily net assets for these services. These charges are reflected in the accompanying statements of operations as a reduction in unit value.

d) Annual Maintenance Fees - An annual maintenance fee up to a maximum of $30 may be charged. In addition, an annual contract fee up to a maximum of $100 may be charged. These charges are deducted through a redemption of units from applicable contract owners’ accounts and are reflected in surrenders for benefit payments and fees in the accompanying statements of changes in net assets.

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

Optional Death Benefit Charge maximum of 0.15%

Earnings Protection Benefit Charge maximum of 0.20%

Principal First Charge maximum of 0.75%

Principal First Preferred Charge maximum of 0.20%

MAV/EPB Death Benefit Charge maximum of 0.30%

MAV 70 Death Benefit Charge maximum of 0.20%

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

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

4. Purchases and Sales of Investments:

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


Sub-Account	Purchases at Cost		Proceeds from Sales
American Century VP Capital Appreciation Fund	$	108,145	$	543,859
AB VPS International Value Portfolio	$	2,553	$	5,686
Invesco V.I. Core Equity Fund	$	692,555	$	727,994
Invesco V.I. Government Securities Fund	$	2,362,413	$	1,946,934
Invesco V.I. High Yield Fund	$	1,401,434	$	1,015,601
Invesco V.I. Government Money Market Fund	$	26,176,329	$	26,005,307
AB VPS Relative Value Portfolio+	$	140,844	$	177,273
American Funds Insurance Series® Growth Fund	$	64,884	$	69,769
Calvert VP SRI Balanced Portfolio	$	32,399	$	97,274
Columbia Variable Portfolio - Small Company Growth Fund	$	19,132	$	269,635
Allspring VT Discovery All Cap Growth Fund+	$	391,477	$	270,542
Fidelity® VIP Asset Manager Portfolio	$	78,310	$	118,024
Fidelity® VIP Growth Portfolio	$	827,594	$	1,090,104
Fidelity® VIP Contrafund® Portfolio	$	451,926	$	1,114,530
Fidelity® VIP Overseas Portfolio	$	498,785	$	440,674
Fidelity® VIP Freedom 2020 Portfolio	$	5,744	$	4,402
Fidelity® VIP Freedom 2030 Portfolio	$	22,281	$	8,748
Fidelity® VIP Freedom 2015 Portfolio	$	15,773	$	6,038
Fidelity® VIP Freedom 2025 Portfolio	$	8,503	$	99,090
Fidelity® VIP Freedom Income Portfolio	$	289	$	91
Fidelity® VIP FundsManager 50% Portfolio	$	3,003	$	1,530
Fidelity® VIP FundsManager 70% Portfolio	$	415	$	270
Franklin Income VIP Fund	$	68,988	$	100,749
Hartford Balanced HLS Fund	$	26,379,556	$	73,244,708
Hartford Total Return Bond HLS Fund	$	11,850,165	$	24,284,148
Hartford Capital Appreciation HLS Fund	$	28,352,438	$	123,367,726
Hartford Dividend and Growth HLS Fund	$	53,996,376	$	71,110,942
Hartford Healthcare HLS Fund	$	709,900	$	3,403,547
Hartford Disciplined Equity HLS Fund	$	9,188,347	$	37,198,601
Hartford International Opportunities HLS Fund	$	3,871,807	$	16,817,977
Hartford MidCap HLS Fund	$	14,072,919	$	20,266,918
Hartford Ultrashort Bond HLS Fund	$	6,483,937	$	18,059,290
Hartford Small Company HLS Fund	$	1,402,072	$	7,122,468
Hartford SmallCap Growth HLS Fund	$	2,247,770	$	6,247,230
Hartford Stock HLS Fund	$	27,499,968	$	56,768,243
BlackRock S&P 500 Index V.I. Fund	$	16,317,464	$	18,422,261
BlackRock Large Cap Focus Growth V.I. Fund	$	29	$	451
Morgan Stanley VIF U.S. Real Estate Portfolio	$	19,942	$	27,733
Invesco V.I. Equity and Income Fund	$	11,593	$	13,731
Morgan Stanley VIF Discovery Portfolio	$	353,194	$	476,414
Columbia Variable Portfolio - Dividend Opportunity Fund	$	213,944	$	577,905
Columbia Variable Portfolio - Income Opportunities Fund	$	233,823	$	260,784
Columbia Variable Portfolio – Select Mid Cap Growth Fund	$	1,071,446	$	1,030,836
Invesco V.I. Global Fund	$	74,410	$	73,400
Putnam VT Small Cap Value Fund	$	373,937	$	394,120
PIMCO VIT Real Return Portfolio	$	36,466	$	141,654
Pioneer Fund VCT Portfolio	$	866,595	$	1,115,057
Pioneer Mid Cap Value VCT Portfolio	$	38,086	$	914
PSF PGIM Jennison Focused Blend Portfolio+	$	6	$	76,269
PSF PGIM Jennison Growth Portfolio	$	2	$	71,901
PSF PGIM Jennison Value Portfolio	$	—	$	15,272
PSF International Growth Portfolio+	$	1,374	$	38,493
Royce Capital Fund–Small-Cap Portfolio	$	55,423	$	51,838
Invesco V.I. Comstock Fund	$	41,824	$	82,126
Invesco V.I. American Franchise Fund	$	23,368	$	57,774
Allspring VT Index Asset Allocation Fund	$	851	$	397
Allspring VT International Equity Fund	$	228,843	$	460,610
Allspring VT Small Cap Growth Fund	$	1,544	$	108,019
Allspring VT Opportunity Fund	$	357,741	$	415,044
Columbia Variable Portfolio - Large Cap Growth Fund	$	1,356,624	$	2,726,588
Columbia Variable Portfolio - Overseas Core Fund	$	411,850	$	459,037
CTIVP® - Principal Blue Chip Growth Fund	$	1,279,181	$	2,122,845
AST International Equity Portfolio+	$	35,815	$	3,432
PSF PGIM Jennison Blend Portfolio+	$	58,360	$	58

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

5. Changes in Units Outstanding:

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


Sub-Account	Units Issued	Units Redeemed	Net Increase/(Decrease)
American Century VP Capital Appreciation Fund	1,796	53,983	(52,187)
AB VPS International Value Portfolio	246	579	(333)
Invesco V.I. Core Equity Fund	101,357	118,946	(17,589)
Invesco V.I. Government Securities Fund	258,970	212,985	45,985
Invesco V.I. High Yield Fund	324,122	168,564	155,558
Invesco V.I. Government Money Market Fund	2,628,608	2,838,748	(210,140)
AB VPS Relative Value Portfolio+	9,358	47,874	(38,516)
American Funds Insurance Series® Growth Fund	975	1,582	(607)
Calvert VP SRI Balanced Portfolio	1,833	12,166	(10,333)
Columbia Variable Portfolio - Small Company Growth Fund	4,624	57,635	(53,011)
Allspring VT Discovery All Cap Growth Fund+	70,309	83,869	(13,560)
Fidelity® VIP Asset Manager Portfolio	4,054	27,728	(23,674)
Fidelity® VIP Growth Portfolio	33,344	75,192	(41,848)
Fidelity® VIP Contrafund® Portfolio	4,051	74,715	(70,664)
Fidelity® VIP Overseas Portfolio	24,237	13,433	10,804
Fidelity® VIP Freedom 2020 Portfolio	—	83	(83)
Fidelity® VIP Freedom 2030 Portfolio	454	165	289
Fidelity® VIP Freedom 2015 Portfolio	—	92	(92)
Fidelity® VIP Freedom 2025 Portfolio	—	2,801	(2,801)
Fidelity® VIP Freedom Income Portfolio	—	—	—
Fidelity® VIP FundsManager 50% Portfolio	—	1	(1)
Fidelity® VIP FundsManager 70% Portfolio	—	—	—
Franklin Income VIP Fund	5	4,454	(4,449)
Hartford Balanced HLS Fund	999,344	10,306,483	(9,307,139)
Hartford Total Return Bond HLS Fund	2,708,852	8,209,116	(5,500,264)
Hartford Capital Appreciation HLS Fund	886,544	7,725,232	(6,838,688)
Hartford Dividend and Growth HLS Fund	817,362	8,597,093	(7,779,731)
Hartford Healthcare HLS Fund	26,997	353,961	(326,964)
Hartford Disciplined Equity HLS Fund	1,286,232	7,107,842	(5,821,610)
Hartford International Opportunities HLS Fund	1,090,520	5,393,982	(4,303,462)
Hartford MidCap HLS Fund	258,513	1,685,407	(1,426,894)
Hartford Ultrashort Bond HLS Fund	4,060,750	12,553,915	(8,493,165)
Hartford Small Company HLS Fund	263,373	1,146,817	(883,444)
Hartford SmallCap Growth HLS Fund	589,724	1,365,804	(776,080)
Hartford Stock HLS Fund	800,081	4,905,017	(4,104,936)
BlackRock S&P 500 Index V.I. Fund	493,939	1,089,619	(595,680)
BlackRock Large Cap Focus Growth V.I. Fund	—	102	(102)
Morgan Stanley VIF U.S. Real Estate Portfolio	1,171	1,700	(529)
Invesco V.I. Equity and Income Fund	—	425	(425)
Morgan Stanley VIF Discovery Portfolio	39	4,788	(4,749)
Columbia Variable Portfolio - Dividend Opportunity Fund	11,484	25,176	(13,692)
Columbia Variable Portfolio - Income Opportunities Fund	8,336	18,011	(9,675)
Columbia Variable Portfolio – Select Mid Cap Growth Fund	49,482	42,290	7,192
Invesco V.I. Global Fund	572	2,041	(1,469)
Putnam VT Small Cap Value Fund	51	2,287	(2,236)
PIMCO VIT Real Return Portfolio	401	7,823	(7,422)
Pioneer Fund VCT Portfolio	141,435	303,180	(161,745)
Pioneer Mid Cap Value VCT Portfolio	1,297	4	1,293
PSF PGIM Jennison Focused Blend Portfolio+	2	18,723	(18,721)
PSF PGIM Jennison Growth Portfolio	—	19,439	(19,439)
PSF PGIM Jennison Value Portfolio	—	852	(852)
PSF International Growth Portfolio+	790	23,159	(22,369)
Royce Capital Fund–Small-Cap Portfolio	1,242	1,462	(220)
Invesco V.I. Comstock Fund	25	1,923	(1,898)
Invesco V.I. American Franchise Fund	36	1,415	(1,379)
Allspring VT Index Asset Allocation Fund	—	—	—
Allspring VT International Equity Fund	148,943	309,933	(160,990)
Allspring VT Small Cap Growth Fund	64	2,870	(2,806)
Allspring VT Opportunity Fund	4,832	12,145	(7,313)
Columbia Variable Portfolio - Large Cap Growth Fund	67,999	111,628	(43,629)
Columbia Variable Portfolio - Overseas Core Fund	27,778	32,150	(4,372)
CTIVP® - Principal Blue Chip Growth Fund	64,791	96,428	(31,637)
AST International Equity Portfolio+	3,744	295	3,449
PSF PGIM Jennison Blend Portfolio+	5,318	—	5,318

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

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


Sub-Account	Units Issued	Units Redeemed	Net Increase/(Decrease)
American Century VP Capital Appreciation Fund	248,969	323,348	(74,379)
AB VPS International Value Portfolio	4,311	5,033	(722)
Invesco V.I. Core Equity Fund	63,627	129,126	(65,499)
Invesco V.I. Government Securities Fund	150,186	104,601	45,585
Invesco V.I. High Yield Fund	276,810	412,241	(135,431)
Invesco V.I. Government Money Market Fund	3,070,055	2,346,696	723,359
AB VPS Growth and Income Portfolio	83,295	233,294	(149,999)

American Funds Insurance Series® Growth Fund	10,489	18,039	(7,550)
Calvert VP SRI Balanced Portfolio	64,248	79,318	(15,070)
Columbia Variable Portfolio - Small Company Growth Fund	40,818	123,073	(82,255)
Allspring VT Omega Growth Fund	11,411	51,790	(40,379)
Fidelity® VIP Asset Manager Portfolio	126,130	147,328	(21,198)
Fidelity® VIP Growth Portfolio	533,896	683,874	(149,978)
Fidelity® VIP Contrafund® Portfolio	409,445	537,861	(128,416)
Fidelity® VIP Overseas Portfolio	113,792	138,841	(25,049)
Fidelity® VIP Freedom 2020 Portfolio	—	4,422	(4,422)
Fidelity® VIP Freedom 2030 Portfolio	4,983	6,870	(1,887)
Fidelity® VIP Freedom 2015 Portfolio	5,135	318	4,817
Fidelity® VIP Freedom 2025 Portfolio	13,047	18,691	(5,644)
Fidelity® VIP Freedom Income Portfolio	5,001	9,557	(4,556)
Fidelity® VIP FundsManager 50% Portfolio	—	—	—

Fidelity® VIP FundsManager 70% Portfolio	138	276	(138)

Franklin Income VIP Fund	11,118	12,872	(1,754)
Hartford Balanced HLS Fund	1,856,219	10,398,316	(8,542,097)
Hartford Total Return Bond HLS Fund	2,881,613	10,883,803	(8,002,190)
Hartford Capital Appreciation HLS Fund	1,986,444	7,992,265	(6,005,821)
Hartford Dividend and Growth HLS Fund	2,318,404	9,873,064	(7,554,660)
Hartford Healthcare HLS Fund	52,357	381,422	(329,065)
Hartford Disciplined Equity HLS Fund	1,650,878	9,187,827	(7,536,949)
Hartford International Opportunities HLS Fund	2,670,954	5,238,299	(2,567,345)
Hartford MidCap HLS Fund	476,572	1,956,590	(1,480,018)
Hartford Ultrashort Bond HLS Fund	6,096,989	14,890,214	(8,793,225)
Hartford Small Company HLS Fund	513,940	1,492,497	(978,557)
Hartford SmallCap Growth HLS Fund	739,795	1,433,243	(693,448)
Hartford Stock HLS Fund	1,890,415	6,035,451	(4,145,036)
BlackRock S&P 500 Index V.I. Fund	1,227,881	1,991,518	(763,637)
BlackRock Large Cap Focus Growth V.I. Fund	118	16,500	(16,382)
Morgan Stanley VIF U.S. Real Estate Portfolio	9,190	10,207	(1,017)
Invesco V.I. Equity and Income Fund	2,336	2,535	(199)
Morgan Stanley VIF Discovery Portfolio	12,325	18,193	(5,868)
Columbia Variable Portfolio - Dividend Opportunity Fund	13,175	33,180	(20,005)
Columbia Variable Portfolio - Income Opportunities Fund	11,113	29,579	(18,466)
Columbia Variable Portfolio – Select Mid Cap Growth Fund	16,116	33,347	(17,231)
Invesco V.I. Global Fund	13,615	16,022	(2,407)
Putnam VT Small Cap Value Fund	6,471	11,738	(5,267)
PIMCO VIT Real Return Portfolio	22,336	22,792	(456)
Pioneer Fund VCT Portfolio	71,536	341,128	(269,592)
Pioneer Mid Cap Value VCT Portfolio	5,985	11,358	(5,373)
PSF PGIM Jennison Focused Blend Portfolio	1	8,224	(8,223)
PSF PGIM Jennison Growth Portfolio	—	196,453	(196,453)
PSF PGIM Jennison Value Portfolio	—	713	(713)
PSF International Growth Portfolio	—	12,056	(12,056)
Royce Capital Fund–Small-Cap Portfolio	2,889	4,482	(1,593)
Invesco V.I. Comstock Fund	3,596	2,117	1,479
Invesco V.I. American Franchise Fund	2,432	14,705	(12,273)
Allspring VT Index Asset Allocation Fund	—	—	—
Allspring VT International Equity Fund	86,238	194,092	(107,854)
Allspring VT Small Cap Growth Fund	514	4,700	(4,186)
Allspring VT Opportunity Fund	1,044	8,185	(7,141)
Columbia Variable Portfolio - Large Cap Growth Fund	26,477	123,966	(97,489)
Columbia Variable Portfolio - Overseas Core Fund	11,034	27,778	(16,744)
CTIVP® - Principal Blue Chip Growth Fund	10,428	51,589	(41,161)

6. Financial Highlights:

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


		Units #	Unit Fair Value Lowest to Highest #			Net Assets	Expense Ratio Lowest to Highest*				Investment Income Ratio Lowest to Highest**				Total Return Ratio Lowest to Highest***
American Century VP Capital Appreciation Fund
	2023	308,313	$6.381790	to	$7.344924	$2,237,653	0.70	%	to	1.25%	—	%	to	—%	15.58	%	to	19.85%
	2022	360,500	$5.521427	to	$6.128433	$2,258,855	0.70	%	to	1.25%	—	%	to	—%	(29.00)	%	to	(28.61)%
	2021	434,879	$7.776960	to	$8.584606	$3,708,407	0.70	%	to	1.25%	—	%	to	—%	9.77	%	to	10.38%
	2020	499,464	$7.084488	to	$7.777304	$3,844,130	0.70	%	to	1.25%	—	%	to	—%	40.69	%	to	41.46%
	2019	570,803	$5.035628	to	$5.497771	$3,119,191	0.70	%	to	1.25%	—	%	to	—%	33.88	%	to	34.62%
AB VPS International Value Portfolio
	2023	6,461	$8.907148	to	$8.907148	$57,544	1.25	%	to	1.25%	0.69	%	to	0.69%	13.41	%	to	13.41%
	2022	6,794	$7.854008	to	$7.854008	$53,359	1.25	%	to	1.25%	4.07	%	to	4.07%	(14.86)	%	to	(14.86)%
	2021	7,517	$9.225312	to	$9.225312	$69,338	1.25	%	to	1.25%	1.74	%	to	1.74%	9.48	%	to	9.48%
	2020	7,259	$8.426670	to	$8.426670	$61,167	1.25	%	to	1.25%	1.43	%	to	1.43%	0.94	%	to	0.94%
	2019	16,287	$8.348089	to	$8.348089	$135,969	1.25	%	to	1.25%	0.78	%	to	0.78%	15.34	%	to	15.34%
Invesco V.I. Core Equity Fund
	2023	781,134	$2.754294	to	$31.330716	$2,117,711	1.25	%	to	2.35%	—	%	to	0.76%	20.50	%	to	21.83%
	2022	798,723	$1.884883	to	$2.260725	$1,770,406	1.25	%	to	2.10%	0.87	%	to	0.89%	(22.20)	%	to	(21.54)%
	2021	864,222	$2.881196	to	$33.503331	$2,432,807	1.25	%	to	2.35%	—	%	to	0.61%	24.77	%	to	26.15%
	2020	1,162,850	$2.283879	to	$27.342346	$2,632,633	1.25	%	to	2.20%	1.38	%	to	1.40%	11.37	%	to	12.44%
	2019	1,319,790	$2.031248	to	$24.550001	$2,657,607	1.25	%	to	2.20%	0.95	%	to	0.97%	26.16	%	to	27.36%
Invesco V.I. Government Securities Fund
	2023	91,570	$9.147223	to	$9.393478	$852,715	1.15	%	to	2.35%	—	%	to	2.10%	2.03	%	to	3.42%
	2022♦	45,585	$9.017886	to	$9.082416	$413,424	1.15	%	to	2.00%	2.07	%	to	2.18%	(9.82)	%	to	(9.18)%



Invesco V.I. High Yield Fund
	2023	685,342	$10.064253	to	$22.388959	$1,340,385	1.15	%	to	2.35%	—	%	to	2.99%	7.62	%	to	8.92%
	2022	529,784	$1.479508	to	$1.791401	$913,471	1.25	%	to	2.15%	4.59	%	to	5.10%	(11.48)	%	to	(10.68)%
	2021	665,215	$1.671360	to	$2.005572	$1,259,186	1.25	%	to	2.15%	4.65	%	to	4.69%	2.16	%	to	3.09%
	2020	627,366	$1.945541	to	$23.097104	$1,157,349	1.25	%	to	2.35%	—	%	to	6.00%	0.92	%	to	2.04%
	2019	634,238	$1.906735	to	$22.886653	$1,161,123	1.25	%	to	2.35%	—	%	to	5.80%	10.87	%	to	12.10%
Invesco V.I. Government Money Market Fund
	2023	5,641,407	$8.420312	to	$10.829879	$54,152,379	0.25	%	to	2.50%	1.44	%	to	4.50%	2.03	%	to	4.61%
	2022	5,851,547	$8.253098	to	$10.352797	$53,981,298	0.25	%	to	2.50%	0.58	%	to	1.22%	(1.25)	%	to	1.20%
	2021	5,128,188	$8.357192	to	$10.229794	$47,486,125	0.25	%	to	2.50%	0.01	%	to	0.01%	(2.46)	%	to	(0.24)%
	2020	5,221,048	$8.568172	to	$10.254705	$49,061,716	0.25	%	to	2.50%	0.22	%	to	0.31%	(2.26)	%	to	0.04%
	2019	3,741,660	$8.766410	to	$10.250184	$35,611,655	0.25	%	to	2.50%	1.74	%	to	1.87%	(0.87)	%	to	1.64%
AB VPS Relative Value Portfolio+
	2023	310,139	$3.116109	to	$3.955087	$1,130,477	1.15	%	to	2.20%	0.74	%	to	1.29%	9.29	%	to	10.45%
	2022	348,655	$2.851169	to	$3.581039	$1,147,379	1.15	%	to	2.20%	1.07	%	to	1.11%	(6.50)	%	to	(5.51)%
	2021	498,654	$3.049360	to	$3.789953	$1,702,139	1.15	%	to	2.20%	0.61	%	to	0.64%	25.06	%	to	26.38%
	2020	507,148	$2.438366	to	$2.998938	$1,371,732	1.15	%	to	2.20%	1.33	%	to	1.36%	0.24	%	to	1.30%
	2019	571,574	$2.432447	to	$2.960406	$1,511,378	1.15	%	to	2.20%	0.99	%	to	1.03%	20.92	%	to	22.20%
American Funds Insurance Series® Growth Fund
	2023	9,231	$49.560739	to	$49.560739	$457,478	1.25	%	to	1.25%	0.35	%	to	0.35%	36.77	%	to	36.77%
	2022	9,838	$36.237092	to	$36.237092	$356,517	1.25	%	to	1.25%	0.26	%	to	0.26%	(30.81)	%	to	(30.81)%
	2021	17,388	$52.370713	to	$52.370713	$910,626	1.25	%	to	1.25%	0.22	%	to	0.22%	20.47	%	to	20.47%
	2020	13,040	$43.470381	to	$43.470381	$566,860	1.25	%	to	1.25%	0.31	%	to	0.31%	50.19	%	to	50.19%
	2019	11,123	$28.943038	to	$28.943038	$321,937	1.25	%	to	1.25%	0.71	%	to	0.71%	29.15	%	to	29.15%
Calvert VP SRI Balanced Portfolio
	2023	121,806	$7.379194	to	$8.492077	$923,850	0.70	%	to	1.25%	1.60	%	to	1.60%	15.37	%	to	16.01%
	2022	132,139	$6.395982	to	$7.320321	$865,341	0.70	%	to	1.25%	1.19	%	to	1.19%	(16.50)	%	to	(16.00)%
	2021	147,210	$7.656437	to	$29.900767	$1,151,326	0.50	%	to	1.25%	—	%	to	1.18%	13.69	%	to	14.54%
	2020	159,802	$6.734610	to	$26.104312	$1,100,820	0.50	%	to	1.25%	—	%	to	1.54%	13.83	%	to	291.91%
	2019	163,769	$5.916500	to	$6.660830	$989,419	0.70	%	to	1.25%	1.43	%	to	1.57%	22.86	%	to	23.54%
Columbia Variable Portfolio - Small Company Growth Fund
	2023	763,244	$4.475695	to	$47.481664	$3,180,341	1.25	%	to	2.40%	—	%	to	—%	23.63	%	to	25.06%
	2022	816,255	$3.578845	to	$37.868425	$2,731,758	1.25	%	to	2.50%	—	%	to	—%	(37.36)	%	to	(36.57)%
	2021	898,510	$5.641790	to	$60.449547	$4,795,141	1.25	%	to	2.50%	—	%	to	—%	(5.30)	%	to	(4.11)%
	2020	1,061,570	$5.883402	to	$63.830696	$6,648,935	1.25	%	to	2.50%	—	%	to	—%	66.91	%	to	69.00%
	2019	1,282,522	$3.481257	to	$38.243556	$4,798,052	1.25	%	to	2.50%	—	%	to	—%	37.23	%	to	38.95%
Allspring VT Discovery All Cap Growth Fund+
	2023	662,934	$4.375735	to	$55.748907	$2,248,950	1.15	%	to	2.50%	—	%	to	—%	30.20	%	to	31.97%
	2022	676,494	$3.315676	to	$42.816554	$1,756,145	1.15	%	to	2.50%	—	%	to	—%	(38.60)	%	to	(37.77)%
	2021	716,873	$5.327777	to	$69.737046	$3,004,485	1.15	%	to	2.50%	—	%	to	—%	12.43	%	to	13.95%
	2020	998,487	$4.675376	to	$62.028484	$3,730,856	1.15	%	to	2.50%	—	%	to	—%	39.87	%	to	41.77%
	2019	1,019,602	$3.297851	to	$44.346970	$2,712,957	1.15	%	to	2.50%	—	%	to	—%	34.01	%	to	35.83%
Fidelity® VIP Asset Manager Portfolio
	2023	162,214	$4.122595	to	$4.744350	$747,442	0.70	%	to	1.25%	2.36	%	to	2.36%	11.55	%	to	12.16%
	2022	185,888	$3.695901	to	$4.230051	$723,343	0.70	%	to	1.25%	1.98	%	to	1.98%	(15.99)	%	to	(15.53)%
	2021	207,086	$4.399403	to	$5.007650	$985,851	0.70	%	to	1.25%	1.54	%	to	1.59%	8.55	%	to	9.15%
	2020	229,684	$4.052719	to	$4.587746	$980,427	0.70	%	to	1.25%	1.41	%	to	1.45%	13.44	%	to	14.07%
	2019	261,623	$3.572443	to	$4.021894	$996,234	0.70	%	to	1.25%	1.78	%	to	1.82%	16.78	%	to	17.42%
Fidelity® VIP Growth Portfolio
	2023	685,428	$10.869500	to	$12.507380	$7,788,015	0.70	%	to	1.25%	0.13	%	to	0.13%	34.55	%	to	35.29%
	2022	727,276	$8.078376	to	$9.244893	$6,204,730	0.70	%	to	1.25%	0.63	%	to	0.63%	(25.39)	%	to	(24.98)%
	2021	877,254	$10.828016	to	$12.323662	$10,068,797	0.70	%	to	1.25%	—	%	to	—%	21.68	%	to	22.36%
	2020	1,012,853	$8.898417	to	$10.072010	$9,458,841	0.70	%	to	1.25%	0.07	%	to	0.08%	42.11	%	to	42.89%
	2019	1,100,229	$6.261781	to	$7.048797	$7,239,719	0.70	%	to	1.25%	0.26	%	to	0.26%	32.65	%	to	33.38%
Fidelity® VIP Contrafund® Portfolio
	2023	614,527	$13.024817	to	$14.987913	$8,503,306	0.70	%	to	1.25%	0.47	%	to	0.47%	31.80	%	to	32.52%
	2022	685,191	$9.882287	to	$11.309614	$7,187,748	0.70	%	to	1.25%	0.49	%	to	0.49%	(27.23)	%	to	(26.83)%
	2021	813,607	$13.579629	to	$15.455820	$11,597,059	0.70	%	to	1.25%	0.06	%	to	0.06%	26.25	%	to	26.94%
	2020	908,669	$10.756339	to	$12.175354	$10,336,550	0.70	%	to	1.25%	0.24	%	to	0.25%	28.95	%	to	29.66%
	2019	1,047,818	$8.341777	to	$9.390500	$9,323,809	0.70	%	to	1.25%	0.46	%	to	0.47%	29.94	%	to	30.66%
Fidelity® VIP Overseas Portfolio
	2023	188,367	$3.412584	to	$3.927530	$780,390	0.70	%	to	1.25%	1.03	%	to	1.03%	19.01	%	to	19.67%
	2022	177,563	$2.867384	to	$3.282021	$594,867	0.70	%	to	1.25%	1.02	%	to	1.02%	(25.42)	%	to	(25.01)%
	2021	202,612	$3.844780	to	$4.376645	$891,517	0.70	%	to	1.25%	0.53	%	to	0.54%	18.21	%	to	18.86%
	2020	241,589	$3.252429	to	$3.682058	$887,280	0.70	%	to	1.25%	0.43	%	to	0.44%	14.18	%	to	14.81%
	2019	282,437	$2.848563	to	$3.207144	$910,301	0.70	%	to	1.25%	1.67	%	to	1.74%	26.18	%	to	26.87%
Fidelity® VIP Freedom 2020 Portfolio
	2023	5,258	$31.092793	to	$31.092793	$163,472	1.25	%	to	1.25%	2.99	%	to	2.99%	10.83	%	to	10.83%
	2022	5,341	$28.053983	to	$28.053983	$149,836	1.25	%	to	1.25%	1.81	%	to	1.81%	(17.01)	%	to	(17.01)%
	2021	9,763	$33.804293	to	$33.804293	$330,032	1.25	%	to	1.25%	1.12	%	to	1.12%	7.91	%	to	7.91%
	2020	6,734	$31.327415	to	$31.327415	$210,948	1.25	%	to	1.25%	0.61	%	to	0.61%	13.30	%	to	13.30%
	2019	19,871	$27.650888	to	$27.650888	$549,454	1.25	%	to	1.25%	1.69	%	to	1.69%	18.39	%	to	18.39%
Fidelity® VIP Freedom 2030 Portfolio
	2023	6,490	$38.597996	to	$38.597996	$250,482	1.25	%	to	1.25%	2.30	%	to	2.30%	13.04	%	to	13.04%
	2022	6,201	$34.145559	to	$34.145559	$211,724	1.25	%	to	1.25%	1.71	%	to	1.71%	(18.11)	%	to	(18.11)%
	2021	8,088	$41.699217	to	$41.699217	$337,266	1.25	%	to	1.25%	1.06	%	to	1.06%	10.68	%	to	10.68%
	2020	3,288	$37.676011	to	$37.676011	$123,866	1.25	%	to	1.25%	1.00	%	to	1.00%	15.19	%	to	15.19%
	2019	3,223	$32.706439	to	$32.706439	$105,415	1.25	%	to	1.25%	1.69	%	to	1.69%	22.57	%	to	22.57%
Fidelity® VIP Freedom 2015 Portfolio
	2023	11,319	$27.198816	to	$27.198816	$307,872	1.25	%	to	1.25%	3.42	%	to	3.42%	9.27	%	to	9.27%
	2022	11,411	$24.891168	to	$24.891168	$284,024	1.25	%	to	1.25%	1.94	%	to	1.94%	(15.85)	%	to	(15.85)%
	2021	6,594	$29.577914	to	$29.577914	$195,036	1.25	%	to	1.25%	1.21	%	to	1.21%	6.06	%	to	6.06%
	2020	2,820	$27.888192	to	$27.888192	$78,655	1.25	%	to	1.25%	0.96	%	to	0.96%	12.15	%	to	12.15%
	2019	5,840	$24.865841	to	$24.865841	$145,224	1.25	%	to	1.25%	1.80	%	to	1.80%	16.51	%	to	16.51%
Fidelity® VIP Freedom 2025 Portfolio
	2023	8,904	$34.675765	to	$34.675765	$308,737	1.25	%	to	1.25%	2.40	%	to	2.40%	11.92	%	to	11.92%
	2022	11,705	$30.982548	to	$30.982548	$362,641	1.25	%	to	1.25%	1.56	%	to	1.56%	(17.67)	%	to	(17.67)%
	2021	17,349	$37.633270	to	$37.633270	$652,899	1.25	%	to	1.25%	0.72	%	to	0.72%	9.18	%	to	9.18%
	2020	21,810	$34.470217	to	$34.470217	$751,797	1.25	%	to	1.25%	1.14	%	to	1.14%	14.24	%	to	14.24%
	2019	17,675	$30.173393	to	$30.173393	$533,305	1.25	%	to	1.25%	1.70	%	to	1.70%	20.00	%	to	20.00%
Fidelity® VIP Freedom Income Portfolio
	2023	445	$16.616792	to	$16.616792	$7,388	1.25	%	to	1.25%	4.06	%	to	4.06%	6.32	%	to	6.32%
	2022	445	$15.629729	to	$15.629729	$6,953	1.25	%	to	1.25%	2.23	%	to	2.23%	(13.35)	%	to	(13.35)%
	2021	5,001	$18.037397	to	$18.037397	$90,208	1.25	%	to	1.25%	0.46	%	to	0.46%	1.75	%	to	1.75%
	2020	11,685	$17.727614	to	$17.727614	$207,152	1.25	%	to	1.25%	1.35	%	to	1.35%	8.92	%	to	8.92%
	2019	822	$16.276430	to	$16.276430	$13,377	1.25	%	to	1.25%	1.88	%	to	1.88%	10.25	%	to	10.25%
Fidelity® VIP FundsManager 50% Portfolio
	2023	4,959	$25.983879	to	$25.983879	$128,848	1.25	%	to	1.25%	2.47	%	to	2.47%	11.26	%	to	11.26%
	2022	4,960	$23.355073	to	$23.355073	$115,831	1.25	%	to	1.25%	1.90	%	to	1.90%	(15.10)	%	to	(15.10)%
	2021	4,960	$27.509751	to	$27.509751	$136,449	1.25	%	to	1.25%	0.87	%	to	0.87%	8.51	%	to	8.51%
	2020	11,943	$25.352072	to	$25.352072	$302,786	1.25	%	to	1.25%	1.86	%	to	1.86%	12.47	%	to	12.47%
	2019♦	5,640	$22.540507	to	$22.540507	$127,121	1.25	%	to	1.25%	1.30	%	to	1.30%	4.42	%	to	4.42%
Fidelity® VIP FundsManager 70% Portfolio
	2023	668	$34.815650	to	$34.815650	$23,248	1.25	%	to	1.25%	1.91	%	to	1.91%	14.14	%	to	14.14%
	2022	668	$30.503598	to	$30.503598	$20,366	1.25	%	to	1.25%	1.40	%	to	1.40%	(16.84)	%	to	(16.84)%
	2021	806	$36.680084	to	$36.680084	$29,561	1.25	%	to	1.25%	0.77	%	to	0.77%	13.02	%	to	13.02%
	2020	905	$32.455662	to	$32.455662	$29,367	1.25	%	to	1.25%	0.80	%	to	0.80%	14.50	%	to	14.50%
	2019	1,772	$28.345062	to	$28.345062	$50,219	1.25	%	to	1.25%	1.22	%	to	1.22%	20.97	%	to	20.97%
Franklin Income VIP Fund
	2023	26,412	$21.810871	to	$21.810871	$576,059	1.25	%	to	1.25%	5.19	%	to	5.19%	7.28	%	to	7.28%
	2022	30,861	$20.331297	to	$20.331297	$627,448	1.25	%	to	1.25%	4.85	%	to	4.85%	(6.65)	%	to	(6.65)%
	2021	32,615	$21.778648	to	$21.778648	$710,334	1.25	%	to	1.25%	4.77	%	to	4.77%	15.30	%	to	15.30%
	2020	35,015	$18.887870	to	$18.887870	$661,368	1.25	%	to	1.25%	5.87	%	to	5.87%	(0.56)	%	to	(0.56)%
	2019	43,783	$18.993690	to	$18.993690	$831,608	1.25	%	to	1.25%	5.20	%	to	5.20%	14.62	%	to	14.62%
Hartford Balanced HLS Fund
	2023	65,453,809	$29.332074	to	$29.710066	$524,664,019	0.15	%	to	2.55%	1.81	%	to	1.94%	11.89	%	to	14.61%
	2022	74,760,948	$25.593781	to	$26.553152	$524,178,095	0.15	%	to	2.55%	1.80	%	to	1.84%	(15.61)	%	to	(13.55)%
	2021	83,303,045	$29.606797	to	$31.463773	$681,449,661	0.15	%	to	2.55%	1.01	%	to	1.03%	16.63	%	to	19.46%
	2020	91,762,064	$24.782960	to	$26.976803	$634,789,244	0.15	%	to	2.55%	1.65	%	to	1.77%	8.81	%	to	11.45%
	2019	102,870,312	$22.237105	to	$24.793523	$648,929,045	0.15	%	to	2.55%	1.82	%	to	1.90%	19.71	%	to	22.61%
Hartford Total Return Bond HLS Fund
	2023	55,812,202	$11.892252	to	$12.522353	$171,980,760	0.15	%	to	2.55%	3.12	%	to	3.51%	4.00	%	to	6.81%
	2022	61,312,466	$11.435001	to	$11.724029	$178,712,080	0.15	%	to	2.55%	1.87	%	to	3.04%	(16.57)	%	to	(14.34)%
	2021	69,314,656	$13.686833	to	$13.705925	$239,708,169	0.15	%	to	2.55%	2.20	%	to	2.42%	(3.67)	%	to	(1.09)%
	2020	75,382,386	$13.838237	to	$14.228234	$268,751,953	0.15	%	to	2.55%	3.14	%	to	3.83%	5.97	%	to	8.86%
	2019	67,990,758	$12.711543	to	$13.426648	$225,368,061	0.15	%	to	2.55%	3.68	%	to	3.93%	7.54	%	to	10.49%
Hartford Capital Appreciation HLS Fund
	2023	51,868,406	$42.765706	to	$103.451469	$969,024,767	0.15	%	to	2.55%	0.83	%	to	0.87%	16.98	%	to	19.82%
	2022	58,707,094	$36.558029	to	$86.338894	$916,854,151	0.15	%	to	2.55%	0.90	%	to	0.95%	(17.43)	%	to	(15.43)%
	2021	64,712,915	$44.277231	to	$102.085663	$1,207,713,264	0.15	%	to	2.55%	0.42	%	to	0.49%	11.87	%	to	14.59%
	2020	72,975,505	$39.578343	to	$89.088282	$1,185,428,242	0.15	%	to	2.55%	0.95	%	to	0.99%	18.85	%	to	21.73%
	2019	82,713,393	$33.302162	to	$73.183856	$1,105,575,254	0.15	%	to	2.55%	1.14	%	to	1.14%	27.98	%	to	31.08%
Hartford Dividend and Growth HLS Fund
	2023	58,051,116	$18.251379	to	$41.326372	$500,423,878	0.25	%	to	2.55%	1.57	%	to	1.62%	11.30	%	to	13.89%
	2022	65,830,847	$16.025328	to	$37.129860	$502,573,275	0.25	%	to	2.55%	1.69	%	to	1.76%	(11.23)	%	to	(9.16)%
	2021	73,385,507	$17.641599	to	$41.826671	$620,975,641	0.25	%	to	2.55%	1.29	%	to	1.30%	28.68	%	to	31.67%
	2020	82,108,595	$13.398675	to	$32.505565	$532,428,147	0.25	%	to	2.55%	2.30	%	to	3.35%	5.06	%	to	7.50%
	2019	82,424,398	$12.463895	to	$30.941438	$508,097,172	0.25	%	to	2.55%	1.82	%	to	1.87%	25.37	%	to	28.28%
Hartford Healthcare HLS Fund
	2023	2,821,511	$12.008823	to	$49.635851	$26,027,991	0.25	%	to	2.55%	0.27	%	to	0.49%	1.19	%	to	3.85%
	2022	3,148,475	$11.564059	to	$49.050503	$28,223,419	0.25	%	to	2.55%	—	%	to	—%	(13.70)	%	to	(11.46)%
	2021	3,477,540	$13.060600	to	$56.839193	$35,604,821	0.25	%	to	2.55%	—	%	to	0.22%	6.99	%	to	9.74%
	2020	3,830,993	$11.901594	to	$53.123447	$36,104,500	0.25	%	to	2.55%	0.30	%	to	0.51%	19.70	%	to	22.79%
	2019	4,324,664	$9.692509	to	$44.382154	$33,562,772	0.25	%	to	2.55%	—	%	to	—%	30.32	%	to	33.62%
Hartford Disciplined Equity HLS Fund
	2023	51,676,952	$7.176699	to	$48.547308	$275,101,907	0.25	%	to	2.55%	0.86	%	to	0.95%	17.90	%	to	20.94%
	2022	57,498,562	$5.933987	to	$41.175100	$256,020,386	0.25	%	to	2.55%	0.78	%	to	1.05%	(21.24)	%	to	(19.16)%
	2021	65,035,511	$7.340448	to	$52.276870	$362,184,134	0.25	%	to	2.55%	0.32	%	to	0.57%	22.06	%	to	25.20%
	2020	74,094,397	$5.862820	to	$42.830212	$334,313,994	0.25	%	to	2.55%	0.57	%	to	0.64%	14.82	%	to	17.75%
	2019	19,921,043	$4.979188	to	$37.303401	$76,548,019	0.25	%	to	2.55%	0.61	%	to	0.93%	30.39	%	to	33.79%
Hartford International Opportunities HLS Fund
	2023	32,654,349	$6.444847	to	$20.448102	$106,293,222	0.25	%	to	2.55%	0.88	%	to	1.16%	8.64	%	to	11.55%
	2022	36,957,811	$5.777612	to	$18.821726	$108,608,622	0.15	%	to	2.55%	1.37	%	to	1.59%	(20.38)	%	to	(18.27)%
	2021	39,525,156	$7.068910	to	$23.639932	$144,807,749	0.15	%	to	2.55%	0.73	%	to	1.17%	4.87	%	to	7.66%
	2020	43,361,801	$6.566190	to	$22.543185	$150,089,434	0.15	%	to	2.55%	1.65	%	to	1.96%	17.06	%	to	20.27%
	2019	49,063,585	$5.459618	to	$19.257297	$143,068,695	0.15	%	to	2.55%	1.56	%	to	1.89%	22.97	%	to	26.24%
Hartford MidCap HLS Fund
	2023	13,931,008	$10.563409	to	$18.492982	$170,728,753	0.25	%	to	2.55%	0.04	%	to	0.04%	11.98	%	to	14.59%
	2022	15,357,902	$9.433070	to	$16.138764	$165,986,736	0.25	%	to	2.55%	0.90	%	to	0.92%	(26.21)	%	to	(24.49)%
	2021	16,837,920	$12.783927	to	$21.373323	$244,781,689	0.25	%	to	2.55%	—	%	to	—%	7.14	%	to	9.63%
	2020	18,609,729	$11.931942	to	$19.495311	$248,111,081	0.25	%	to	2.55%	0.05	%	to	0.11%	19.32	%	to	24.79%
	2019	12,236,283	$7.537461	to	$15.622200	$146,104,792	0.25	%	to	2.35%	0.11	%	to	0.18%	29.78	%	to	32.53%
Hartford Ultrashort Bond HLS Fund
	2023	52,866,662	$4.461341	to	$7.731130	$78,862,191	0.15	%	to	2.55%	1.30	%	to	1.30%	2.54	%	to	5.03%
	2022	61,359,827	$4.247851	to	$7.539933	$87,301,696	0.15	%	to	2.55%	0.23	%	to	0.23%	(2.69)	%	to	(0.32)%
	2021	70,153,052	$4.261505	to	$7.748045	$100,416,846	0.15	%	to	2.55%	0.70	%	to	0.70%	(2.70)	%	to	(0.34)%
	2020	75,944,542	$4.275973	to	$7.963025	$111,121,609	0.15	%	to	2.55%	1.86	%	to	2.39%	(1.12)	%	to	1.29%
	2019	30,707,562	$4.221706	to	$8.052882	$47,152,472	0.15	%	to	2.55%	1.89	%	to	1.90%	0.22	%	to	2.66%
Hartford Small Company HLS Fund
	2023	10,220,911	$10.183540	to	$37.676567	$64,169,663	0.25	%	to	2.55%	—	%	to	—%	13.53	%	to	16.45%
	2022	11,104,355	$8.745054	to	$33.186932	$60,473,744	0.25	%	to	2.55%	—	%	to	—%	(32.81)	%	to	(31.11)%
	2021	12,082,912	$12.693997	to	$49.395077	$96,723,842	0.25	%	to	2.55%	—	%	to	—%	(1.25)	%	to	1.31%
	2020	13,786,365	$12.530186	to	$50.019901	$109,637,276	0.25	%	to	2.55%	—	%	to	—%	51.13	%	to	55.13%
	2019	15,160,176	$8.077288	to	$33.096769	$78,991,886	0.25	%	to	2.55%	—	%	to	—%	33.33	%	to	36.66%
Hartford SmallCap Growth HLS Fund
	2023	8,682,685	$5.610427	to	$44.581863	$40,764,712	0.25	%	to	2.55%	—	%	to	—%	15.17	%	to	18.13%
	2022	9,458,765	$4.749399	to	$38.710059	$38,171,561	0.25	%	to	2.55%	—	%	to	—%	(30.44)	%	to	(28.64)%
	2021	10,152,214	$6.655218	to	$55.651157	$58,075,459	0.25	%	to	2.55%	—	%	to	—%	1.14	%	to	3.76%
	2020	11,231,822	$6.414153	to	$55.021654	$62,478,862	0.25	%	to	2.55%	—	%	to	—%	29.55	%	to	32.86%
	2019	13,021,186	$4.827611	to	$42.470714	$55,357,023	0.25	%	to	2.55%	—	%	to	—%	32.04	%	to	35.48%
Hartford Stock HLS Fund
	2023	32,811,910	$45.549171	to	$72.165345	$413,263,021	0.15	%	to	2.55%	1.25	%	to	2.17%	4.75	%	to	7.56%
	2022	36,916,846	$43.485346	to	$67.095639	$437,735,568	0.15	%	to	2.55%	1.34	%	to	1.62%	(7.75)	%	to	(5.28)%
	2021	41,061,882	$47.140671	to	$70.835071	$517,897,216	0.15	%	to	2.55%	0.95	%	to	1.21%	21.53	%	to	24.79%
	2020	46,276,435	$38.789748	to	$56.762117	$469,283,432	0.15	%	to	2.55%	1.40	%	to	1.68%	8.98	%	to	11.91%
	2019	51,475,865	$35.594539	to	$50.721581	$474,826,616	0.15	%	to	2.55%	1.37	%	to	1.67%	27.59	%	to	31.02%
BlackRock S&P 500 Index V.I. Fund
	2023	10,526,546	$16.287817	to	$19.139196	$182,203,356	0.15	%	to	2.55%	1.10	%	to	1.35%	22.73	%	to	26.03%
	2022	11,122,227	$13.270899	to	$15.186040	$154,524,761	0.15	%	to	2.55%	1.24	%	to	1.50%	(20.48)	%	to	(18.35)%
	2021	11,885,863	$16.688246	to	$18.599412	$204,564,026	0.15	%	to	2.55%	1.03	%	to	1.33%	25.01	%	to	28.34%
	2020	12,738,303	$13.349933	to	$14.492048	$172,819,103	0.15	%	to	2.55%	1.60	%	to	1.81%	14.96	%	to	20.40%
	2019	13,632,410	$11.613078	to	$11.801894	$158,499,136	0.25	%	to	2.55%	1.76	%	to	2.19%	27.67	%	to	31.02%
BlackRock Large Cap Focus Growth V.I. Fund
	2023	387	$4.387493	to	$4.387493	$1,699	1.25	%	to	1.25%	—	%	to	—%	50.96	%	to	50.96%
	2022	489	$2.906390	to	$3.042178	$1,421	1.25	%	to	2.00%	—	%	to	—%	(39.34)	%	to	(38.88)%
	2021	16,871	$4.755026	to	$5.014776	$84,507	1.25	%	to	2.00%	—	%	to	—%	15.75	%	to	16.62%
	2020	19,908	$4.077333	to	$4.332432	$86,143	1.25	%	to	2.00%	—	%	to	—%	40.90	%	to	41.96%
	2019	532	$2.872208	to	$3.074858	$1,529	1.25	%	to	2.00%	—	%	to	—%	30.07	%	to	31.05%
Morgan Stanley VIF U.S. Real Estate Portfolio
	2023	10,995	$16.452815	to	$16.452815	$180,907	1.25	%	to	1.25%	1.86	%	to	1.86%	12.80	%	to	12.80%
	2022	11,524	$14.585385	to	$14.585385	$168,084	1.25	%	to	1.25%	0.97	%	to	0.97%	(28.12)	%	to	(28.12)%
	2021	12,541	$20.291179	to	$20.291179	$254,457	1.25	%	to	1.25%	1.86	%	to	1.86%	37.71	%	to	37.71%
	2020	13,010	$14.735181	to	$14.735181	$191,704	1.25	%	to	1.25%	2.50	%	to	2.50%	(18.13)	%	to	(18.13)%
	2019	13,857	$17.998228	to	$17.998228	$249,410	1.25	%	to	1.25%	1.59	%	to	1.59%	17.20	%	to	17.20%
Invesco V.I. Equity and Income Fund
	2023	5,644	$25.971793	to	$25.971793	$146,588	1.25	%	to	1.25%	1.73	%	to	1.73%	8.87	%	to	8.87%
	2022	6,069	$23.855211	to	$23.855211	$144,767	1.25	%	to	1.25%	1.48	%	to	1.48%	(8.86)	%	to	(8.86)%
	2021	6,268	$26.173735	to	$26.173735	$164,054	1.25	%	to	1.25%	1.65	%	to	1.65%	16.88	%	to	16.88%
	2020	7,598	$22.393466	to	$22.393466	$170,147	1.25	%	to	1.25%	2.13	%	to	2.13%	8.29	%	to	8.29%
	2019	8,764	$20.679532	to	$20.679532	$181,239	1.25	%	to	1.25%	2.25	%	to	2.25%	18.52	%	to	18.52%
Morgan Stanley VIF Discovery Portfolio
	2023	4,170	$33.772146	to	$33.772146	$140,819	1.25	%	to	1.25%	—	%	to	—%	42.35	%	to	42.35%
	2022	8,919	$23.725388	to	$23.725388	$211,598	1.25	%	to	1.25%	—	%	to	—%	(63.43)	%	to	(63.43)%
	2021	14,787	$64.874039	to	$64.874039	$959,293	1.25	%	to	1.25%	—	%	to	—%	(12.30)	%	to	(12.30)%
	2020	23,013	$73.972240	to	$73.972240	$1,702,311	1.25	%	to	1.25%	—	%	to	—%	148.92	%	to	148.92%
	2019	18,904	$29.717305	to	$29.717305	$561,771	1.25	%	to	1.25%	—	%	to	—%	38.23	%	to	38.23%
Columbia Variable Portfolio - Dividend Opportunity Fund
	2023	238,337	$20.507517	to	$23.276533	$5,332,855	1.25	%	to	2.25%	—	%	to	—%	2.75	%	to	3.78%
	2022	252,029	$19.384722	to	$22.427906	$5,438,031	1.25	%	to	2.50%	—	%	to	—%	(3.55)	%	to	(2.34)%
	2021	272,034	$20.099028	to	$22.965463	$6,023,358	1.25	%	to	2.50%	—	%	to	—%	23.05	%	to	24.60%
	2020	307,352	$16.334249	to	$18.432083	$5,476,797	1.25	%	to	2.50%	—	%	to	—%	(1.35)	%	to	(0.11)%
	2019	332,045	$16.557396	to	$18.451853	$5,949,822	1.25	%	to	2.50%	—	%	to	—%	21.01	%	to	22.53%
Columbia Variable Portfolio - Income Opportunities Fund
	2023	193,093	$12.069599	to	$13.662625	$2,547,179	1.25	%	to	2.40%	0.65	%	to	5.18%	8.92	%	to	10.18%
	2022	202,768	$11.081599	to	$12.400810	$2,432,791	1.25	%	to	2.40%	5.07	%	to	5.31%	(12.15)	%	to	(11.13)%
	2021	221,234	$12.613899	to	$13.953983	$2,994,600	1.25	%	to	2.40%	9.25	%	to	9.35%	2.02	%	to	3.20%
	2020	252,218	$12.364228	to	$13.521422	$3,323,024	1.25	%	to	2.40%	4.77	%	to	4.98%	3.39	%	to	4.58%
	2019	274,044	$11.959297	to	$12.929064	$3,459,988	1.25	%	to	2.40%	5.03	%	to	5.11%	13.71	%	to	15.02%
Columbia Variable Portfolio – Select Mid Cap Growth Fund
	2023	187,751	$23.713888	to	$26.844350	$4,798,373	1.25	%	to	2.40%	—	%	to	—%	22.27	%	to	23.69%
	2022	180,559	$19.205112	to	$21.703393	$3,773,086	1.25	%	to	2.50%	—	%	to	—%	(32.55)	%	to	(31.70)%
	2021	197,790	$28.471480	to	$31.774387	$6,076,887	1.25	%	to	2.50%	—	%	to	—%	13.69	%	to	15.12%
	2020	220,734	$25.042747	to	$27.600635	$5,911,717	1.25	%	to	2.50%	—	%	to	—%	32.08	%	to	33.74%
	2019	281,423	$18.960232	to	$20.637430	$5,620,918	1.25	%	to	2.50%	—	%	to	—%	31.84	%	to	33.50%
Invesco V.I. Global Fund
	2023	13,553	$27.617293	to	$27.617293	$374,286	1.25	%	to	1.25%	—	%	to	—%	32.78	%	to	32.78%
	2022	15,022	$20.798978	to	$20.798978	$312,449	1.25	%	to	1.25%	—	%	to	—%	(32.78)	%	to	(32.78)%
	2021	17,429	$30.942419	to	$30.942419	$539,298	1.25	%	to	1.25%	—	%	to	—%	13.74	%	to	13.74%
	2020	19,718	$27.204456	to	$27.204456	$536,413	1.25	%	to	1.25%	0.37	%	to	0.37%	25.76	%	to	25.76%
	2019	26,539	$21.632816	to	$21.632816	$574,126	1.25	%	to	1.25%	0.63	%	to	0.63%	29.82	%	to	29.82%
Putnam VT Small Cap Value Fund
	2023	1,764	$24.870007	to	$24.870007	$43,860	1.25	%	to	1.25%	0.17	%	to	0.17%	22.22	%	to	22.22%
	2022	4,000	$20.348584	to	$20.348584	$81,402	1.25	%	to	1.25%	0.18	%	to	0.18%	(14.06)	%	to	(14.06)%
	2021	9,267	$23.677722	to	$23.677722	$219,421	1.25	%	to	1.25%	1.20	%	to	1.20%	38.17	%	to	38.17%
	2020	8,146	$17.137155	to	$17.137155	$139,603	1.25	%	to	1.25%	0.91	%	to	0.91%	2.67	%	to	2.67%
	2019	8,175	$16.691256	to	$16.691256	$136,448	1.25	%	to	1.25%	0.63	%	to	0.63%	22.70	%	to	22.70%
PIMCO VIT Real Return Portfolio
	2023	18,736	$15.057137	to	$15.057137	$282,104	1.25	%	to	1.25%	3.03	%	to	3.03%	2.39	%	to	2.39%
	2022	26,158	$14.706304	to	$14.706304	$384,667	1.25	%	to	1.25%	7.03	%	to	7.03%	(13.00)	%	to	(13.00)%
	2021	26,614	$16.904037	to	$16.904037	$449,853	1.25	%	to	1.25%	4.95	%	to	4.95%	4.30	%	to	4.30%
	2020	32,060	$16.207616	to	$16.207616	$519,604	1.25	%	to	1.25%	1.42	%	to	1.42%	10.33	%	to	10.33%
	2019	29,400	$14.690072	to	$14.690072	$431,867	1.25	%	to	1.25%	1.64	%	to	1.64%	7.10	%	to	7.10%
Pioneer Fund VCT Portfolio
	2023	2,406,833	$3.416770	to	$4.138627	$9,375,655	1.15	%	to	2.20%	0.60	%	to	0.60%	25.79	%	to	27.11%
	2022	2,568,578	$2.692944	to	$3.255864	$7,881,707	1.15	%	to	2.25%	—	%	to	0.40%	(21.47)	%	to	(20.60)%
	2021	2,838,170	$4.100453	to	$44.544633	$11,001,130	1.15	%	to	2.45%	—	%	to	0.09%	24.56	%	to	26.19%
	2020	3,182,839	$2.747471	to	$3.249455	$9,802,705	1.15	%	to	2.25%	0.50	%	to	0.50%	21.20	%	to	22.54%
	2019	3,412,127	$2.266865	to	$2.651725	$8,580,074	1.15	%	to	2.25%	0.70	%	to	0.75%	28.12	%	to	29.53%
Pioneer Mid Cap Value VCT Portfolio
	2023	4,153	$24.974855	to	$24.974855	$103,724	1.25	%	to	1.25%	1.55	%	to	1.55%	10.81	%	to	10.81%
	2022	2,860	$22.537655	to	$22.537655	$64,450	1.25	%	to	1.25%	1.45	%	to	1.45%	(7.05)	%	to	(7.05)%
	2021	8,233	$24.247878	to	$24.247878	$199,635	1.25	%	to	1.25%	0.72	%	to	0.72%	27.77	%	to	27.77%
	2020	8,619	$18.978198	to	$18.978198	$163,569	1.25	%	to	1.25%	1.03	%	to	1.03%	0.61	%	to	0.61%
	2019	10,093	$18.863926	to	$18.863926	$190,402	1.25	%	to	1.25%	1.05	%	to	1.05%	26.49	%	to	26.49%
PSF PGIM Jennison Focused Blend Portfolio+
	2023♦	—	$4.238600	to	$4.709521	$—	1.25	%	to	1.80%	—	%	to	—%	29.26	%	to	29.96%
	2022	18,721	$3.279233	to	$3.623884	$62,864	1.25	%	to	1.80%	—	%	to	—%	(27.36)	%	to	(26.96)%
	2021	26,944	$4.514370	to	$4.961425	$126,791	1.25	%	to	1.80%	—	%	to	—%	14.27	%	to	14.90%
	2020	38,075	$3.950572	to	$4.318004	$153,822	1.25	%	to	1.80%	—	%	to	—%	28.09	%	to	28.79%
	2019	37,559	$3.084293	to	$3.352679	$118,301	1.25	%	to	1.80%	—	%	to	—%	26.11	%	to	26.81%
PSF PGIM Jennison Growth Portfolio
	2023	176,815	$3.465102	to	$4.359534	$611,892	1.25	%	to	1.80%	—	%	to	—%	50.17	%	to	51.00%
	2022	196,254	$2.294804	to	$2.903041	$451,283	1.25	%	to	1.80%	—	%	to	—%	(38.96)	%	to	(38.62)%
	2021	392,707	$3.738839	to	$4.755977	$1,453,845	1.25	%	to	1.80%	—	%	to	—%	13.50	%	to	14.12%
	2020	416,889	$3.276225	to	$4.190467	$1,356,000	1.25	%	to	1.80%	—	%	to	—%	52.80	%	to	53.64%
	2019	402,687	$2.132436	to	$2.742528	$855,562	1.25	%	to	1.80%	—	%	to	—%	30.46	%	to	31.17%
PSF PGIM Jennison Value Portfolio
	2023	51,759	$3.107231	to	$34.078309	$267,042	1.25	%	to	2.20%	—	%	to	—%	12.25	%	to	13.32%
	2022	52,611	$2.742021	to	$30.359666	$247,484	1.25	%	to	2.20%	—	%	to	—%	(10.25)	%	to	(9.39)%
	2021	53,324	$3.026328	to	$33.827461	$285,835	1.25	%	to	2.20%	—	%	to	—%	24.52	%	to	25.70%
	2020	53,836	$2.407523	to	$27.167299	$236,876	1.25	%	to	2.20%	—	%	to	—%	0.90	%	to	1.87%
	2019	55,505	$2.363377	to	$26.923665	$246,438	1.25	%	to	2.20%	—	%	to	—%	22.85	%	to	24.02%
PSF International Growth Portfolio+
	2023♦	—	$1.594075	to	$1.800028	$—	1.25	%	to	1.80%	—	%	to	—%	7.80	%	to	8.06%
	2022	22,369	$1.478716	to	$1.665844	$35,554	1.25	%	to	1.80%	—	%	to	—%	(30.42)	%	to	(30.04)%
	2021	34,425	$2.125295	to	$2.381081	$79,634	1.25	%	to	1.80%	—	%	to	—%	10.09	%	to	10.69%
	2020	35,360	$1.930563	to	$2.068105	$72,069	1.45	%	to	1.80%	—	%	to	—%	29.23	%	to	29.69%
	2019	35,362	$1.458932	to	$1.594698	$55,616	1.45	%	to	1.95%	—	%	to	—%	29.36	%	to	30.01%
Royce Capital Fund–Small-Cap Portfolio
	2023	4,788	$24.603032	to	$24.603032	$117,787	1.25	%	to	1.25%	0.81	%	to	0.81%	24.37	%	to	24.37%
	2022	5,008	$19.782738	to	$19.782738	$99,073	1.25	%	to	1.25%	0.38	%	to	0.38%	(10.32)	%	to	(10.32)%
	2021	6,601	$22.059513	to	$22.059513	$145,616	1.25	%	to	1.25%	1.22	%	to	1.22%	27.22	%	to	27.22%
	2020	8,229	$17.339904	to	$17.339904	$142,699	1.25	%	to	1.25%	0.90	%	to	0.90%	(8.31)	%	to	(8.31)%
	2019	12,042	$18.910480	to	$18.910480	$227,718	1.25	%	to	1.25%	0.66	%	to	0.66%	17.19	%	to	17.19%
Invesco V.I. Comstock Fund
	2023	3,710	$30.640376	to	$30.640376	$113,685	1.25	%	to	1.25%	1.26	%	to	1.26%	10.71	%	to	10.71%
	2022	5,608	$27.677152	to	$27.677152	$155,224	1.25	%	to	1.25%	1.48	%	to	1.48%	(0.40)	%	to	(0.40)%
	2021	4,129	$27.789457	to	$27.789457	$114,741	1.25	%	to	1.25%	1.66	%	to	1.66%	31.39	%	to	31.39%
	2020	4,498	$21.150145	to	$21.150145	$95,123	1.25	%	to	1.25%	2.12	%	to	2.12%	(2.32)	%	to	(2.32)%
	2019	5,366	$21.651881	to	$21.651881	$116,182	1.25	%	to	1.25%	1.67	%	to	1.67%	23.39	%	to	23.39%
Invesco V.I. American Franchise Fund
	2023	31,533	$32.592683	to	$36.470205	$1,134,711	1.25	%	to	2.20%	—	%	to	—%	37.86	%	to	39.18%
	2022	32,912	$23.260297	to	$26.204140	$851,847	1.25	%	to	2.35%	—	%	to	—%	(32.72)	%	to	(31.97)%
	2021	45,185	$34.570320	to	$38.518657	$1,687,243	1.25	%	to	2.35%	—	%	to	—%	9.33	%	to	10.54%
	2020	50,422	$31.620519	to	$34.846806	$1,705,306	1.25	%	to	2.35%	0.02	%	to	0.08%	39.05	%	to	40.59%
	2019	68,572	$22.740487	to	$24.786764	$1,633,714	1.25	%	to	2.35%	—	%	to	—%	33.58	%	to	35.06%
Allspring VT Index Asset Allocation Fund
	2023	7,616	$2.953968	to	$2.953968	$22,497	1.90	%	to	1.90%	0.96	%	to	0.96%	14.51	%	to	14.51%
	2022	7,616	$2.579759	to	$2.579759	$19,647	1.90	%	to	1.90%	0.63	%	to	0.63%	(18.59)	%	to	(18.59)%
	2021	7,616	$3.168721	to	$3.168721	$24,133	1.90	%	to	1.90%	0.58	%	to	0.58%	13.81	%	to	13.81%
	2020	7,616	$2.784114	to	$2.784114	$21,203	1.90	%	to	1.90%	0.82	%	to	0.82%	14.40	%	to	14.40%
	2019	7,616	$2.433765	to	$2.433765	$18,536	1.90	%	to	1.90%	1.10	%	to	1.10%	17.90	%	to	17.90%
Allspring VT International Equity Fund
	2023	918,645	$1.213640	to	$2.487019	$1,719,714	1.15	%	to	2.25%	1.74	%	to	1.81%	13.23	%	to	14.48%
	2022	1,079,635	$1.071849	to	$2.172448	$1,730,812	1.15	%	to	2.25%	4.09	%	to	4.46%	(13.45)	%	to	(12.50)%
	2021	1,187,489	$2.482663	to	$17.060139	$2,149,031	1.15	%	to	2.45%	1.34	%	to	1.36%	4.79	%	to	6.16%
	2020	1,469,969	$2.338598	to	$16.280526	$2,630,313	1.15	%	to	2.45%	3.03	%	to	3.08%	2.35	%	to	3.69%
	2019	1,817,353	$2.255411	to	$15.906813	$3,237,847	1.15	%	to	2.45%	4.08	%	to	4.08%	12.71	%	to	14.18%
Allspring VT Small Cap Growth Fund
	2023	37,420	$27.794163	to	$33.327879	$1,173,902	1.15	%	to	2.50%	—	%	to	—%	1.78	%	to	3.16%
	2022	40,226	$27.308751	to	$32.306841	$1,228,737	1.15	%	to	2.50%	—	%	to	—%	(35.92)	%	to	(35.05)%
	2021	44,412	$42.619771	to	$49.742362	$2,092,714	1.15	%	to	2.50%	—	%	to	—%	5.27	%	to	6.70%
	2020	54,615	$40.486664	to	$46.619653	$2,425,531	1.15	%	to	2.50%	—	%	to	—%	54.20	%	to	56.29%
	2019	57,590	$26.256695	to	$29.829102	$1,645,621	1.15	%	to	2.50%	—	%	to	—%	22.22	%	to	23.88%
Allspring VT Opportunity Fund
	2023	69,412	$32.137070	to	$37.961169	$2,548,982	1.15	%	to	2.50%	—	%	to	—%	23.70	%	to	25.38%
	2022	76,725	$25.979024	to	$30.276112	$2,248,638	1.15	%	to	2.50%	—	%	to	—%	(22.57)	%	to	(21.52)%
	2021	83,866	$33.552354	to	$38.577114	$3,136,411	1.15	%	to	2.50%	0.24	%	to	0.25%	21.98	%	to	23.64%
	2020	85,289	$27.506512	to	$31.202215	$2,592,865	1.15	%	to	2.50%	0.64	%	to	0.67%	18.33	%	to	19.94%
	2019	91,552	$23.245449	to	$26.015277	$2,326,266	1.15	%	to	2.50%	0.49	%	to	0.55%	28.56	%	to	30.30%
Columbia Variable Portfolio - Large Cap Growth Fund
	2023	945,702	$25.431881	to	$27.703673	$25,971,385	1.25	%	to	2.35%	—	%	to	—%	39.84	%	to	41.39%
	2022	989,331	$18.001790	to	$19.593962	$19,249,522	1.25	%	to	2.50%	—	%	to	—%	(33.08)	%	to	(32.24)%
	2021	1,086,820	$26.900792	to	$28.915593	$31,193,057	1.25	%	to	2.50%	—	%	to	—%	25.56	%	to	27.13%
	2020	1,176,060	$21.425127	to	$22.744106	$26,594,099	1.25	%	to	2.50%	—	%	to	—%	31.41	%	to	33.06%
	2019	1,304,464	$16.304011	to	$17.092841	$22,195,667	1.25	%	to	2.50%	—	%	to	—%	32.55	%	to	34.21%
Columbia Variable Portfolio - Overseas Core Fund
	2023	269,637	$12.824712	to	$14.025099	$3,692,196	1.25	%	to	2.40%	1.63	%	to	2.93%	12.59	%	to	13.89%
	2022	274,009	$11.313684	to	$12.314470	$3,311,479	1.25	%	to	2.50%	0.75	%	to	0.76%	(17.00)	%	to	(15.96)%
	2021	290,753	$13.631604	to	$14.653008	$4,191,342	1.25	%	to	2.50%	1.08	%	to	1.10%	7.03	%	to	8.38%
	2020	380,306	$12.735735	to	$13.519989	$5,058,947	1.25	%	to	2.50%	1.44	%	to	1.44%	6.14	%	to	7.47%
	2019	388,193	$11.999023	to	$12.579731	$4,833,871	1.25	%	to	2.50%	1.73	%	to	1.81%	22.06	%	to	23.60%
CTIVP® - Principal Blue Chip Growth Fund
	2023	374,882	$24.047876	to	$26.298126	$9,711,181	1.25	%	to	2.40%	—	%	to	—%	36.23	%	to	37.81%
	2022	406,519	$17.532815	to	$19.083456	$7,676,073	1.25	%	to	2.50%	—	%	to	—%	(29.79)	%	to	(28.90)%
	2021	447,680	$24.970289	to	$26.840519	$11,907,334	1.25	%	to	2.50%	—	%	to	—%	15.65	%	to	17.10%
	2020	513,355	$21.592082	to	$22.921194	$11,679,896	1.25	%	to	2.50%	—	%	to	—%	28.68	%	to	30.29%
	2019	586,438	$16.780315	to	$17.592062	$10,253,805	1.25	%	to	2.50%	—	%	to	—%	28.51	%	to	30.12%
AST International Equity Portfolio+
	2023♦	3,449	$10.658144	to	$10.692318	$36,812	1.25	%	to	1.60%	—	%	to	—%	6.58	%	to	6.92%




PSF PGIM Jennison Blend Portfolio+
	2023♦	5,318	$11.384517	to	$11.394947	$60,554	1.25	%	to	1.80%	—	%	to	—%	13.85	%	to	13.95%

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

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

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

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

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

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

7. Subsequent Events:

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

Talcott Resolution Life Insurance Company

Audited Consolidated Financial Statements

As of December 31, 2023 and 2022 (Successor Company)

For years ended December 31, 2023 and 2022 (Successor Company), the period of July 1, 2021 to December 31, 2021 (Successor Company) and the six months ended June 30, 2021 (Predecessor Company)

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES


Description			Page
Report of Independent Registered Public Accounting Firm			F-3
Consolidated Balance Sheets — As of December 31, 2023 and 2022 (Successor Company)			F-6
Consolidated Statements of Operations — For years ended December 31, 2023 and 2022 (Successor Company), the period of July 1, 2021 to December 31, 2021 (Successor Company) and the six months ended June 30, 2021 (Predecessor Company)			F-7
Consolidated Statements of Comprehensive Income (Loss) — For years ended December 31, 2023 and 2022 (Successor Company), the period of July 1, 2021 to December 31, 2021 (Successor Company) and the six months ended June 30, 2021 (Predecessor Company)			F-8
Consolidated Statements of Changes in Stockholder's Equity — For years ended December 31, 2023 and 2022 (Successor Company), the period of July 1, 2021 to December 31, 2021 (Successor Company) and the six months ended June 30, 2021 (Predecessor Company)			F-9
Consolidated Statements of Cash Flows — For years ended December 31, 2023 and 2022 (Successor Company), the period of July 1, 2021 to December 31, 2021 (Successor Company) and the six months ended June 30, 2021 (Predecessor Company)			F-10
Notes to Consolidated Financial Statements			F-12
Report of Independent Registered Public Accounting Firm			S-1
Schedule I — Summary of Investments — Other Than Investments in Related Parties			S-2
Schedule IV — Reinsurance			S-3
Schedule V — Valuation and Qualifying Accounts			S-4

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Stockholder and the Board of Directors of Talcott Resolution Life Insurance Company:

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Talcott Resolution Life Insurance Company and subsidiaries (the "Company") as of December 31, 2023 and 2022 (Successor Company), the related consolidated statements of operations, comprehensive income (loss), changes in stockholder’s equity, and cash flows, for the years ended December 31, 2023 and 2022 (Successor Company), the period of July 1, 2021 to December 31, 2021 (Successor Company) and the six months ended June 30, 2021 (Predecessor Company) 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 the Company as of December 31, 2023 and 2022 (Successor Company), and the results of its operations and its cash flows for the years ended December 31, 2023 and 2022 (Successor Company), the period of July 1, 2021 to December 31, 2021 (Successor Company) and the six months ended June 30, 2021 (Predecessor Company), in conformity with accounting principles generally accepted in the United States of America.

Change in Accounting Principle

As discussed in Notes 1 and 2 to the financial statements, the Company has changed its method of accounting for long-duration contracts due to the adoption of ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"), effective January 1, 2023, with a transition date of July 1, 2021.

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's 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 Company 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 and in accordance with auditing standards generally accepted in the United States of America. 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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 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.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Certain Assumptions Used in the Valuation of Market Risk Benefits – Refer to Notes 1, 2, 5 and 12 to the financial statements

Critical Audit Matter Description

The Company has historically issued and assumes via reinsurance certain guarantees and product features on Variable Annuity (VA) and Fixed Indexed Annuity (FIA) products which protect the contract holder from, and expose the Company to, other-than-nominal- capital market risk. The Company recognizes these features as Market Risk Benefits (MRBs). MRBs

are measured at the individual contract level and multiple MRBs within a single contract are measured and recognized as a single, compound MRB. MRBs are carried at fair value and may be recognized as a liability or an asset and are reported separately as MRB liabilities or assets on the consolidated balance sheet as there is not legal right of offset between contracts.

The fair value of MRBs is measured as the present value of expected future benefits payments to contract holders, less the present value of expected fees attributable to the MRB, if applicable. The Company estimates these cash flows using significant judgment including discount rate assumptions, nonperformance risk, and actuarially determined assumptions about policyholder behavior, such as: withdrawal utilization, withdrawal rates, and lapses.

Given the sensitivity of certain market risk benefits to changes in these assumptions and the significant uncertainty inherent in estimating the market risk benefits, we identified management’s evaluation of these assumptions in the valuation of certain market risk benefits as a critical audit matter. This required a high degree of auditor judgment and an increased extent of effort, including the involvement of our actuarial and fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to testing assumptions used by management to estimate the valuation of MRBs, specifically discount rates, nonperformance risk, and actuarially determined assumptions about policyholder behavior, included the following, among others:

•With the involvement of our valuation and actuarial specialists, we:

◦Evaluated the results of the underlying experience studies, capital market inputs, and judgments applied by management in setting the principal assumptions.

◦Developed an independent estimate, on a sample basis, of the market risk benefits and evaluated differences.

•We tested the completeness and accuracy of the underlying data that served as the basis for the actuarial analysis to test that the inputs to the actuarial estimate were reasonable.

•Evaluated the methods and assumptions used by management to identify potential bias in the determination of the MRBs.

Certain Assumptions Used in the Valuation of Embedded Derivatives for Fixed Indexed Annuities – Refer to Notes 1, 3, 4, and 5 to the financial statements

Critical Audit Matter Description

The Company assumes via reinsurance fixed indexed annuity contracts (FIA) contracts. FIA contract balances appreciate based on a minimum guaranteed credited rate or on the performance of market indices. For FIA contracts where an equity market index is elected, the account value attributable to the equity performance, which is not clearly and closely related to the insurance contract, is recognized as an embedded derivative liability. The liability reported on the consolidated balance sheets is equal to the sum of the fair value of the embedded derivative and the host contract and is reported in other policyholder funds. The fair value of the embedded derivative is measured as the present value of cash flows attributable to the indexed strategies and is derived using assumptions to estimate future account values.

Given the sensitivity of these embedded derivatives to changes in these assumptions, specifically around policyholder lapse and partial withdrawals, as well as discount rates, and the significant uncertainty inherent in estimating them, we identified management’s evaluation of these assumptions as a critical audit matter. This required a high degree of auditor judgment and an increased extent of effort, including the involvement of our actuarial and fair value specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to testing assumptions used by management to estimate the embedded derivatives recorded within other policyholder funds, specifically lapses, partial withdrawals, and discount rates, included the following, among others:

•With the involvement of our valuation and actuarial specialists, we:

◦Evaluated the results of the underlying experience studies, capital market inputs, and judgments applied by management in setting the principal assumptions.

◦Developed an independent estimate, on a sample basis, of the embedded derivative and evaluated differences.

•We tested the completeness and accuracy of the underlying data that served as the basis for the actuarial analysis to test that the inputs to the actuarial estimate were reasonable.

•Tested the completeness and accuracy of the underlying data that served as the basis for the actuarial analysis to test that the inputs of the actuarial estimate were reasonable.

•Evaluated the methods and assumptions used by management to identify potential bias in the determination of the embedded derivatives.

/s/ DELOITTE & TOUCHE LLP

We have served as the Company’s auditor since 2002.

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

Consolidated Balance Sheets


	Successor Company
	As of December 31,
(In millions, except share data)	2023		2022
Assets
Investments
Fixed maturities, available-for-sale, at fair value (related party: $9 and $4) (net of allowance for credit losses: $16 and $—; amortized cost: $17,335 and $18,689)	$	14,854	$	15,383
Fixed maturities, at fair value using the fair value option (related party: $27 and $—)	252		331
Equity securities, at fair value	182		179
Mortgage loans (net of allowance for credit losses: $26 and $15)	2,019		2,520
Policy loans (related party: $(6) and $—)	1,528		1,495
Investment funds (related party: $51 and $8) (portion at fair value: $238 and $58)	1,428		1,300
Other investments (portion at fair value: $35 and $83)	35		95
Short-term investments, at fair value (related party: $440 and $100)	1,181		1,489
Total investments	21,479		22,792
Cash	421		173
Reinsurance recoverables (related party: $9,468 and $9,613) (net of allowance for credit losses: $18 and $21) (portion at fair value: $1,242 and $1,286)	37,706		39,223
Market risk benefits	578		325
Value of business acquired and deferred acquisition costs (related party: $114 and $176)	457		496
Deferred income taxes	828		879
Goodwill and other intangible assets, net	149		155
Other assets	420		441
Separate account assets	89,514		87,255
Total assets	$	151,552	$	151,739

Liabilities and Stockholder's Equity
Liabilities
Reserve for future policy benefits	$	19,379	$	18,738
Other policyholder funds and benefits payable (related party: $526 and $582) (portion at fair value: $536 and $295)	29,502		31,827
Market risk benefits	1,074		1,204
Funds withheld liability (related party: $9,148 and $9,248 (portion at fair value: $(157) and $(560))	10,210		10,474
Other liabilities (related party: $33 and $(1)) (portion at fair value: $57 and $105)	811		981
Separate account liabilities	89,514		87,255
Total liabilities	150,490		150,479
Commitments and Contingencies (Note 15)
Stockholder’s Equity
Common stock (1,000 shares authorized, issued, and outstanding; par value: $5,690 per share)	6		6
Additional paid-in capital	1,877		1,877
Accumulated other comprehensive loss (related party: $(580) and $(762))	(1,325)		(1,659)
Retained earnings	504		1,036
Total stockholder’s equity	1,062		1,260

Total liabilities and stockholder’s equity	$	151,552	$	151,739

See Notes to Consolidated Financial Statements.

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

Consolidated Statements of Operations


	Successor Company						Predecessor Company
	For the Years Ended December 31,				For the Period of July 1, 2021 to December 31, 2021		For the Six Months Ended June 30, 2021
(In millions)	2023		2022
Revenues
Premiums (related party: $(56), $(27), $— , and $—)	$	88	$	99	$	26	$	24
Policy charges and fee income (related party: $(304), $(320), $— , and $—)	646		509		434		438
Net investment income (related party: $(380), $(136), $—, and $—)	590		778		498		534
Investment and derivative related losses, net (related party: $361, $696, $— , and $—)	(929)		(76)		(50)		(242)
Total revenues	395		1,310		908		754

Benefits, Losses and Expenses
Benefits and losses (remeasurement loss (gain): $(17), $10, $14, and $—) (related party: $(276), $(117), $— , and $— )	307		521		161		349
Change in market risk benefits (related party: $77, $4,$—, and $—)	(305)		(295)		2		—
Amortization of value of business acquired and deferred acquisition costs (related party: $14, $19, $—, and $—)	55		61		24		(43)
Insurance operating costs and other expenses (related party: $(136), $(119), $—, and $—)	334		301		212		232
Total benefits, losses and expenses	391		588		399		538

Income before income taxes	4		722		509		216

Income tax expense (benefit)	(39)		107		88		30
Net income	$	43	$	615	$	421	$	186

See Notes to Consolidated Financial Statements.

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

Consolidated Statements of Comprehensive Income (Loss)


	Successor Company						Predecessor Company
	For the Years Ended December 31,				For the Period of July 1, 2021 to December 31, 2021		For the Six Months Ended June 30, 2021
(In millions)	2023		2022
Net income	$	43	$	615	$	421	$	186

Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale securities	675		(2,606)		(16)		(275)

Unrealized gain (loss) on cash flow hedging instruments	4		(27)		—		1
Gain (loss) related to discount rate for reserve for future policy benefits (related party: $182, $(762), $—, and $— )	(212)		873		(14)		—
Gain (loss) related to credit risk for market benefits	(133)		96		35		—

Other comprehensive income (loss)	334		(1,664)		5		(274)

Comprehensive income (loss)	$	377	$	(1,049)	$	426	$	(88)

See Notes to Consolidated Financial Statements.

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

Consolidated Statements of Changes in Stockholder's Equity


(In millions)	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total Stockholder's Equity
Predecessor Company
Balance at January 1, 2021	$	6	$	1,761	$	1,281	$	137	$	3,185
Net income	—		—		—		186		186
Total other comprehensive loss	—		—		(274)		—		(274)
Capital contributions to parent	—		(235)		—		—		(235)
Dividends paid	—		—		—		(265)		(265)
Balance at June 30, 2021	$	6	$	1,526	$	1,007	$	58	$	2,597

Successor Company
Balance at July 1, 2021	$	6	$	1,877	$	—	$	—	$	1,883
Net income	—		—		—		421		421
Other comprehensive loss	—		—		5		—		5
Capital contribution to parent	—		—		—		—		—
Dividends paid	—		—		—		—		—
Balance at December 31, 2021	6		1,877		5		421		2,309

Balance at January 1, 2022	6		1,877		5		421		2,309
Net income	—		—		—		615		615
Other comprehensive loss	—		—		(1,664)		—		(1,664)
Capital contribution to parent	—		—		—		—		—
Dividends paid	—		—		—		—		—
Balance at December 31, 2022	6		1,877		(1,659)		1,036		1,260

Balance at January 1, 2023	6		1,877		(1,659)		1,036		1,260
Net income	—		—		—		43		43
Other comprehensive income	—		—		334		—		334
Capital contribution to parent	—		—		—		—		—
Dividends paid	—		—		—		(575)		(575)
Balance at December 31, 2023	$	6	$	1,877	$	(1,325)	$	504	$	1,062

See Notes to Consolidated Financial Statements.

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

Consolidated Statements of Cash Flows


	Successor Company						Predecessor Company
	For the Years Ended December 31,				For the Period of July 1, 2021 to December 31, 2021		For the Six Months Ended June 30, 2021
(In millions)	2023		2022
Operating Activities
Net income	$	43	$	615	$	421	$	186
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Investment and derivative related losses, net (related party: $(361), $(696), $—, and $—)	929		76		50		242
Amortization of unearned revenue reserve (related party: $(56), $(5) , $—, and $—)	(118)		(68)		—		(26)
Amortization of value of business acquired and deferred acquisition costs (related party: $14, $19, $—, and $—)	55		61		24		(43)
Depreciation and amortization	167		227		102		38
Deferred income taxes	(37)		124		174		29
Interest credited on investment and universal life-type contracts	370		481		314		152
Change in market risk benefits (related party: $77, $4, $—, and $—)	(305)		(295)		2		—
Other operating activities, net (related party: $382, $136, $—, and $—)	(571)		(40)		(273)		(114)
Changes in operating assets and liabilities:
Reinsurance recoverables (related party: $(510), $198, $—, and $—)	178		(741)		(29)		(134)
Reserve for future policy benefits	92		228		(153)		63
Other assets and liabilities (related party: $447, $—, $—, $—)	328		91		(131)		51
Net proceeds from (payments for) reinsurance transactions	—		121		(877)		—
Net cash provided by (used for) operating activities	1,131		880		(376)		444

Investing Activities
Proceeds from sales, maturities, and payments of:
Fixed maturities	2,182		6,185		2,976		1,622
Equity securities	6		26		47		3
Mortgage loans	588		258		294		158
Investment funds (related party: $1, $—, $—, and $—)	295		64		102		71
Other investments	6		—		—		—
Payments for purchases of:
Fixed maturities (related party: $(32), $—, $—, and $—)	(1,200)		(4,607)		(1,974)		(1,197)
Equity securities	(2)		(22)		(121)		(45)
Mortgage loans	(132)		(667)		(207)		(177)
Investment funds (related party: $(44), $—, $—, and $—)	(126)		(158)		(100)		(74)
Net proceeds from (payments for):
Repurchase agreements program	—		25		(11)		8
Policy loans	(33)		(11)		9		(32)

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

Consolidated Statements of Cash Flows


	Successor Company						Predecessor Company
	For the Years Ended December 31,				For the Period of July 1, 2021 to December 31, 2021		For the Six Months Ended June 30, 2021
(In millions)	2023		2022
Derivatives	(913)		(559)		(161)		(539)
Short-term investments (related party: $(340), $(100), $—, and $—)	287		(255)		(314)		200
Net cash provided by (used for) investing activities	958		279		540		(2)
Financing Activities
Investment and universal life-type contracts:
Deposits and other additions	2,693		2,033		872		1,001
Withdrawals and other deductions	(10,635)		(8,109)		(4,766)		(4,862)
Net transfers from separate accounts	6,799		5,140		3,598		3,659
Net change in securities loaned or sold under agreements to repurchase	(123)		(99)		131		270
Dividends to parent	(575)		—		—		(265)
Distributions to parent	—		—		—		(235)
Net cash used for financing activities	(1,841)		(1,035)		(165)		(432)

Net increase (decrease) in cash	248		124		(1)		10
Cash at beginning of year	173		49		50		40
Cash at end of year	$	421	$	173	$	49	$	50

Supplemental Disclosure of Cash Flow Information:
Income taxes received (paid)	$	(74)	$	142	$	(13)	$	2

See Notes to Consolidated Financial Statements.

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in millions, unless otherwise stated)

1. Basis of Presentation and Significant Accounting Policies

Basis of Presentation

Talcott Resolution Life Insurance Company, together with its subsidiaries, (collectively, "TL," the "Company," "we" or "our") is a life insurance and annuity company and comprehensive risk solutions-provider in the United States ("U.S.") and is a wholly-owned subsidiary of TR Re, Ltd. ("TR Re"), a Bermuda based entity. Talcott Resolution Life, Inc. ("TLI"), a Delaware corporation and Talcott Holdings, L.P. ("THLP") are indirect parents of the Company and the Company has an ultimate parent of Talcott Financial Group, Ltd. ("TFG" or "Talcott Financial Group").

The financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”), which differ materially from the accounting practices prescribed by various insurance regulatory authorities. Certain reclassifications were made to prior year balances for the presentation of unearned premiums and deferred gains on reinsurance to be consistent with current year presentation.

Description of Business

As of December 31, 2023, the Company managed approximately 446 thousand annuity contracts with an account value of approximately $38 billion, gross of reinsurance, and private placement life insurance with an account value of approximately $41.7 billion. Upon the Company's acquisition by Sixth Street, the Company's strategy changed to be one of a life insurance aggregator through reinsurance. Since the Sixth Street acquisition, the Company has participated in multiple assumed reinsurance transactions that have positioned the Company, as part of the Talcott Financial Group, as a leading participant in this area of the life insurance marketplace. As part of the Company's growth strategy, the Company assumes life insurance blocks of business, providing external insurers with solutions to create capital flexibility and risk management efficiencies. Since the Sixth Street Acquisition and as of December 31, 2023, the Company has assumed fixed indexed annuities ("FIA") of $7.3 billion and variable annuities ("VA") of $6.4 billion.

On June 30, 2021, the Company’s previous indirect owner, Hopmeadow Holdings GP LLC, completed the sale of the Company (the "Sixth Street Acquisition") through the merger of an affiliate of Sixth Street, a global investment firm, with and into THLP pursuant to an Agreement and Plan of Merger (the “Agreement"). Through the Agreement, TFG indirectly obtained 100% control of THLP and its life and annuity operating subsidiaries for a total purchase price of approximately $2.2 billion, comprised of a $500 pre-closing dividend and cash of $1.7 billion. The merger was accounted for using business combination accounting, together with an election to apply pushdown accounting. Under this method, the purchase price paid was assigned to the identifiable assets acquired and liabilities assumed as of the acquisition date based on their fair value. Determining the fair value of certain assets acquired and liabilities assumed is judgmental in nature and often involves the use of significant estimates and assumptions. The Company’s consolidated financial statements and footnote disclosures are presented into two distinct periods. The periods prior to the consummation of the agreement are labeled ("Predecessor Company") and the periods subsequent to that date are labeled ("Successor Company") to distinguish between the different basis of accounting between the periods presented. As a result of the application of purchase accounting, the consolidated financial statements for the years ended December 31, 2023 and 2022 and period of July 1, 2021 to December 31, 2021 (Successor Company), are not comparable to the prior periods presented. In addition, as a result of the acquisition the Company conformed to TFG’s accounting policies and modified its presentation for certain transactions.

The financial statements include the accounts of the Company and entities the Company directly or indirectly has a controlling financial interest in which the Company is required to consolidate. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated. Entities in which the Company has significant influence over the operating and financing decisions but is not required to consolidate are reported using the equity method.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions affecting the reported amount of assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses for the reporting period. In applying these estimates and assumptions, management makes subjective and complex judgments that are uncertain and subject to change. Many of these policies, estimates, and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

Our principal estimates and assumptions impact the following reported amounts and disclosures:

•Fair value of investments;

•Impairment of investments and allowance for credit losses (“ACL”);

•Derivatives valuation, including embedded derivatives;

TALCOTT RESOLUTION LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

1. Basis of Presentation and Significant Accounting Policies (continued)

•Market risk benefits (“MRB”);

•Reserve for future policy benefits;

•Valuation allowances on deferred tax assets (“DTA”);

•Evaluation of goodwill for impairment.

Certain of these estimates are particularly sensitive to market conditions, and deterioration and/or volatility in the worldwide debt or equity markets could have a material impact on the annual financial statements. Additional details regarding these estimates and assumptions are discussed in the following significant accounting policies and the related footnote disclosures.

Significant Accounting Policies

The Company’s significant accounting policies are as follows:

The Company has one reportable segment and its principal products and services are comprised of variable, fixed and payout annuities, FIAs, and private-placement life insurance. The Company's determination that it has one reportable segment is based on the fact that the Company's chief operating decision maker reviews the Company's financial performance at an aggregate level.

Fixed maturities consist of debt securities including bonds, structured securities, redeemable preferred stock and commercial paper. Structured securities include asset-backed securities (“ABS”), collateralized loan obligations (“CLO”), commercial mortgage-backed securities (“CMBS”), and residential mortgage-backed securities (“RMBS”). Most of these investments are classified as available-for-sale (“AFS”) and are carried at fair value, net of ACL. Unrealized gains and losses (i.e., after-tax difference between fair value and cost or amortized cost) not attributable to ACL are reflected in equity as a component of accumulated other comprehensive loss ("AOCI").

Equity securities are carried at fair value with any changes in fair value recorded in investment and derivative related losses, net in the statement of operations.


Sub-account	Statement of assets and liabilities	Statement of operations	Statements of changes in net assets
AB Variable Products Series AB International Value Portfolio	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

American Funds Insurance Series^® —Growth Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Calvert VP SRI Balanced Portfolio	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Fidelity^® VIP Contrafund^® Portfolio	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Fidelity^® VIP FundsManager 60% Portfolio	N/A	N/A	For the period from January 1, 2022 to December 7, 2022

Franklin Income VIP Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Hartford Balanced HLS Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Hartford Total Return Bond HLS Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Hartford Capital Appreciation HLS Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Hartford Dividend and Growth HLS Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Hartford Disciplined Equity HLS Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Hartford International Opportunities HLS Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Hartford UltraShort Bond HLS Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Hartford Small Cap Growth HLS Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Hartford Stock HLS Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Morgan Stanley VIF, Inc. U.S. Real Estate Portfolio	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Morgan Stanley VIF Discovery Portfolio	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Invesco Global Fund/VA	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Putnam VT Small Cap Value Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

PIMCO VIT Real Return Portfolio	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Pioneer Mid Cap Value VCT Portfolio	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Royce Small-Cap Portfolio	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

Invesco V.I. Comstock Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023

BlackRock S&P 500 Index V.I. Fund	December 31, 2023	For the year ended December 31, 2023	For each of the two years in the period ended December 31, 2023


	AB Variable Products Series AB International Value Portfolio		American Funds Insurance Series^® - Growth Fund		Calvert VP SRI Balanced Portfolio		Fidelity^® VIP Contrafund^® Portfolio		Franklin Income VIP Fund		Hartford Balanced HLS Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account
Assets:
Investments:
Number of shares		1,757		611		20,321		1,730		978		43,770

Cost	$	25,607	$	50,700	$	40,025	$	69,354	$	15,121	$	922,118

Market Value	$	25,843	$	59,961	$	48,161	$	84,137	$	13,881	$	1,258,816

Total assets		25,843		59,961		48,161		84,137		13,881		1,258,816

Liabilities:
Total liabilities		—		—		—		—		—		—

Net assets:
For contract liabilities	$	25,843	$	59,961	$	48,161	$	84,137	$	13,881	$	1,258,816

Deferred contracts in the accumulation period:
Units owned by participants #		2,727		1,137		5,582		1,935		598		60,861
Minimum unit fair value #*		9.476648		52.730352		8.627750		43.486057		23.205649		20.683368
Maximum unit fair value #*		9.476648		52.730352		8.627750		43.486057		23.205649		20.683368
Contract liability	$	25,843	$	59,961	$	48,161	$	84,137	$	13,881	$	1,258,816


	Hartford Total Return Bond HLS Fund		Hartford Capital Appreciation HLS Fund		Hartford Dividend and Growth HLS Fund		Hartford Disciplined Equity HLS Fund		Hartford International Opportunities HLS Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account
Assets:
Investments:
Number of shares		16,621		31,801		13,449		11,216		10,363

Cost	$	172,201	$	1,428,621	$	294,336	$	175,888	$	142,715

Market Value	$	159,060	$	1,464,448	$	304,342	$	211,526	$	156,785

Total assets		159,060		1,464,448		304,342		211,526		156,785

Liabilities:
Total liabilities		—		—		—		—		—

Net assets:
For contract liabilities	$	159,060	$	1,464,448	$	304,342	$	211,526	$	156,785

Deferred contracts in the accumulation period:
Units owned by participants #		14,775		19,858		22,659		16,568		31,903
Minimum unit fair value #*		10.765636		73.744698		13.431360		12.767406		4.914517
Maximum unit fair value #*		10.765636		73.744698		13.431360		12.767406		4.914517
Contract liability	$	159,060	$	1,464,448	$	304,342	$	211,526	$	156,785


	Hartford Ultrashort Bond HLS Fund		Hartford Small Cap Growth HLS Fund		Hartford Stock HLS Fund		Morgan Stanley VIF, Inc. U.S. Real Estate Portfolio		Morgan Stanley VIF Discovery Portfolio		Invesco Global Fund/ VA
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account
Assets:
Investments:
Number of shares		4,812		4,181		4,685		119		24,381		1,366

Cost	$	48,298	$	120,982	$	286,948	$	2,384	$	234,769	$	52,286

Market Value	$	49,756	$	107,492	$	452,936	$	1,717	$	98,743	$	48,492

Total assets		49,756		107,492		452,936		1,717		98,743		48,492

Liabilities:
Total liabilities		—		—		—		—		—		—

Net assets:
For contract liabilities	$	49,756	$	107,492	$	452,936	$	1,717	$	98,743	$	48,492

Deferred contracts in the accumulation period:
Units owned by participants #		13,373		3,247		6,015		98		2,748		1,650
Minimum unit fair value #*		3.720514		33.108220		75.298292		17.504525		35.931164		29.382723
Maximum unit fair value #*		3.720514		33.108220		75.298292		17.504525		35.931164		29.382723
Contract liability	$	49,756	$	107,492	$	452,936	$	1,717	$	98,743	$	48,492


	Putnam VT Small Cap Value Fund		PIMCO VIT Real Return Portfolio		Pioneer Mid Cap Value VCT Portfolio		Royce Small-Cap Portfolio		Invesco V.I. Comstock Fund		BlackRock S&P 500 Index V.I. Fund
	Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account		Sub-Account
Assets:
Investments:
Number of shares		2,205		1,535		324		3,847		119		22,652

Cost	$	26,562	$	21,187	$	4,858	$	37,969	$	2,256	$	566,704

Market Value	$	25,203	$	17,756	$	3,574	$	36,893	$	2,332	$	670,496

Total assets		25,203		17,756		3,574		36,893		2,332		670,496

Liabilities:
Total liabilities		—		—		—		—		—		—

Net assets:
For contract liabilities	$	25,203	$	17,756	$	3,574	$	36,893	$	2,332	$	670,496

Deferred contracts in the accumulation period:
Units owned by participants #		952		1,108		135		1,409		72		36,583
Minimum unit fair value #*		26.460901		16.019705		26.572471		26.176765		32.598835		18.327986
Maximum unit fair value #*		26.460901		16.019705		26.572471		26.176765		32.598835		18.327986
Contract liability	$	25,203	$	17,756	$	3,574	$	36,893	$	2,332	$	670,496


	AB Variable Products Series AB International Value Portfolio			American Funds Insurance Series^® - Growth Fund			Calvert VP SRI Balanced Portfolio			Fidelity^® VIP Contrafund^® Portfolio
	Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)	$	(31	)	$	(275)		$	340		$	(288)
Net realized gain (loss) on security transactions		(74	)		27			214			77
Net realized gain distributions		—			2,917			173			2,655
Change in unrealized appreciation (depreciation) of investments during the year		2,840			13,626			5,566			18,044

Net increase (decrease) in net assets resulting from operations		2,735			16,295			6,293			20,488

Unit transactions:
Purchases		—			—			225			—
Net transfers		3,343			4			4,001			1,159
Surrenders for benefit payments and fees		(1,037	)		(129	)		(1,105	)		(122	)
Contract maintenance charges		(6	)		(7	)		(17	)		(11	)

Net increase (decrease) in net assets resulting from unit transactions		2,300			(132	)		3,104			1,026

Net increase (decrease) in net assets		5,035			16,163			9,397			21,514
Net Assets:
Beginning of year		20,808			43,798			38,764			62,623

End of Year	$	25,843		$	59,961		$	48,161		$	84,137


	AB Variable Products Series AB International Value Portfolio			American Funds^® IS Growth Fund			Calvert VP SRI Balanced Portfolio			Fidelity^® VIP Contrafund^® Portfolio
	Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)	$	702		$	(284	)	$	131		$	(214	)
Net realized gain (loss) on security transactions		(558	)		24			222			36
Net realized gain distributions		—			7,144			3,966			3,075
Change in unrealized appreciation (depreciation) of investments during the year		(4,016	)		(26,229	)		(11,855	)		(23,101	)

Net increase (decrease) in net assets resulting from operations		(3,872	)		(19,345	)		(7,536	)		(20,204	)

Unit transactions:
Purchases		—			8			309			9
Net transfers		1,271			—			(94	)		24,729
Surrenders for benefit payments and fees		(2,287	)		(165	)		(610	)		(153	)
Other transactions		—			—			—			—

Net increase (decrease) in net assets resulting from unit transactions		(1,016	)		(157	)		(395	)		24,585

Net increase (decrease) in net assets		(4,888	)		(19,502	)		(7,931	)		4,381
Net Assets:
Beginning of year		25,696			63,300			46,695			58,242

End of Year	$	20,808		$	43,798		$	38,764		$	62,623


	Fidelity^® VIP FundsManager 60% Portfolio			Franklin Income VIP Fund			Hartford Balanced HLS Fund			Hartford Total Return Bond HLS Fund
	Sub-Account (1)			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)	$	(1,252)		$	693		$	12,805		$	2,495
Net realized gain (loss) on security transactions		(36,525	)		(3	)		24,198			(792	)
Net realized gain distributions		37,597			345			191,996			1,397
Change in unrealized appreciation (depreciation) of investments during the year		(35,485	)		(2,192	)		(470,997	)		(21,139	)

Net increase (decrease) in net assets resulting from operations		(35,665	)		(1,157	)		(241,998	)		(18,039	)

Unit transactions:
Purchases		—			—			1,580			1,784
Net transfers		—			—			(108	)		16,538
Surrenders for benefit payments and fees		(211,583	)		(6	)		(127,300	)		(3,585	)
Other transactions		—			—			—			—

Net increase (decrease) in net assets resulting from unit transactions		(211,583	)		(6	)		(125,828	)		14,737

Net increase (decrease) in net assets		(247,248	)		(1,163	)		(367,826	)		(3,302	)
Net Assets:
Beginning of year		247,248			18,358			1,723,616			111,006

End of Year	$	—		$	17,195		$	1,355,790		$	107,704


	Hartford Capital Appreciation HLS Fund			Hartford Dividend and Growth HLS Fund			Hartford Disciplined Equity HLS Fund			Hartford International Opportunities HLS Fund
	Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)	$	(332)		$	3,632		$	(115)		$	1,038
Net realized gain (loss) on security transactions		(22,927	)		12,379			2,210			2,691
Net realized gain distributions		244,135			70,764			14,310			23,936
Change in unrealized appreciation (depreciation) of investments during the year		(569,763	)		(156,415	)		(75,113	)		(59,062	)

Net increase (decrease) in net assets resulting from operations		(348,887	)		(69,640	)		(58,708	)		(31,397	)

Unit transactions:
Purchases		4,139			5,761			22			3,157
Net transfers		(89,351	)		(27,819	)		—			(4,368	)
Surrenders for benefit payments and fees		(204,233	)		(129,660	)		(61,006	)		(1,788	)
Other transactions		—			—			—			—

Net increase (decrease) in net assets resulting from unit transactions		(289,445	)		(151,718	)		(60,984	)		(2,999	)

Net increase (decrease) in net assets		(638,332	)		(221,358	)		(119,692	)		(34,396	)
Net Assets:
Beginning of year		2,229,105			755,303			303,343			169,313

End of Year	$	1,590,773		$	533,945		$	183,651		$	134,917


	Pioneer Mid Cap Value VCT Portfolio			Royce Small-Cap Portfolio			Invesco V.I. Comstock Fund			BlackRock S&P 500 Index V.I. Fund
	Sub-Account			Sub-Account			Sub-Account			Sub-Account
Operations:
Net investment income (loss)	$	61		$	(201	)	$	22		$	2,417
Net realized gain (loss) on security transactions		(243	)		(1,809	)		11			11,332
Net realized gain distributions		5,150			552			142			25,136
Change in unrealized appreciation (depreciation) of investments during the year		(5,883	)		(3,227	)		(179	)		(172,839	)

Net increase (decrease) in net assets resulting from operations		(915	)		(4,685	)		(4	)		(133,954	)

Unit transactions:
Purchases		21			5			8			2,029
Net transfers		—			—			—			68,569
Surrenders for benefit payments and fees		(546	)		(8,223	)		(231	)		(113,835	)
Other transactions		—			—			—			—

Net increase (decrease) in net assets resulting from unit transactions		(525	)		(8,218	)		(223	)		(43,237	)

Net increase (decrease) in net assets		(1,440	)		(12,903	)		(227	)		(177,191	)
Net Assets:
Beginning of year		13,454			43,683			4,574			679,892

End of Year	$	12,014		$	30,780		$	4,347		$	502,701


Sub-Account	Units Issued		Units Redeemed		Net Increase (Decrease)
AB Variable Products Series AB International Value Portfolio		341		113		228
American Funds Insurance Series^® - Growth Fund		—		3		(3	)
Calvert VP SRI Balanced Portfolio		518		138		380
Fidelity^® VIP Contrafund^® Portfolio		34		4		30
Franklin Income VIP Fund		—		200		(200	)
Hartford Balanced HLS Fund		35		13,739		(13,704	)
Hartford Total Return Bond HLS Fund		7,098		2,929		4,169
Hartford Capital Appreciation HLS Fund		59		5,855		(5,796	)
Hartford Dividend and Growth HLS Fund		433		22,758		(22,325	)
Hartford Disciplined Equity HLS Fund		—		717		(717	)
Hartford International Opportunities HLS Fund		8,750		7,242		1,508
Hartford Ultrashort Bond HLS Fund		286		805		(519	)
Hartford Small Cap Growth HLS Fund		—		158		(158	)
Hartford Stock HLS Fund		5		2,473		(2,468	)
Morgan Stanley VIF Discovery Portfolio		—		67		(67	)
Invesco Global Fund/VA		—		110		(110	)
Putnam VT Small Cap Value Fund		—		4		(4	)
PIMCO VIT Real Return Portfolio		—		194		(194	)
Pioneer Mid Cap Value VCT Portfolio		—		368		(368	)
Royce Small-Cap Portfolio		—		59		(59	)
Invesco V.I. Comstock Fund		—		76		(76	)
BlackRock S&P 500 Index V.I. Fund		5,458		3,186		2,272


Balance as of July 1, 2021	$	14,613
Change in discount rate assumptions	(2,280)
Change in cash flow assumptions and other activity	(554)
Adjusted balance as of July 1, 2021	$	11,779

Less: reinsurance recoverables	(2,938)
Adjusted balance as of July 1, 2021, net of reinsurance	$	8,841


Balance as of July 1, 2021	$	—
Addition of existing balances [1]	261
Fair value adjustments	399
Adjusted balance as of July 1, 2021	$	660

Less: ceded market risk benefits [2]	(776)
Adjusted balance as of July 1, 2021, net of reinsurance	$	(116)


	Value of Business Acquired		Negative VOBA [1]
Balance, as of July 1, 2021	$	565	$	17
Establishment of market risk benefits	(200)
Change in discount rate assumptions for the liability for future policy benefits [2]			2,280
Change in cash flow assumptions and other activity for the liability for future policy benefits			554
Adjusted balance, as of July 1, 2021	$	365	$	2,851



	Reported		Adoption		Adjusted
Assets
Reinsurance recoverables	$	40,400	$	(1,177)	$	39,223
Market risk benefits	—		325		325
Value of business acquired and deferred acquisition costs	518		(22)		496
Deferred income taxes	1,120		(241)		879
Other assets	453		(12)		441
Total assets	$	152,866	$	(1,127)	$	151,739

Liabilities and Stockholder's Equity
Liabilities
Reserve for future policy benefits	$	21,432	$	(2,694)	$	18,738
Other policyholder funds and benefits payable	31,320		507		31,827
Market risk benefits	—		1,204		1,204
Funds withheld liability	10,485		(11)		10,474
Other liabilities	2,018		(1,037)		981
Total liabilities	152,510		(2,031)		150,479

Stockholder's Equity
Accumulated other comprehensive loss	(2,166)		507		(1,659)
Retained earnings	639		397		1,036
Total stockholder's equity	356		904		1,260

Total liabilities and stockholder's equity	$	152,866	$	(1,127)	$	151,739


	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
As of December 31, 2023 (Successor Company)
Fixed maturities, available-for-sale
Asset-backed securities	$	376	$	—	$	3	$	(16)	$	363
Collateralized loan obligations	970		(2)		3		(5)		966
Commercial mortgage-backed securities	1,639		(7)		—		(186)		1,446
Corporate bonds	11,245		(7)		22		(1,715)		9,545
Foreign government and agencies	442		—		10		(48)		404
Municipal bonds	961		—		—		(158)		803
Residential mortgage-backed securities	508		—		—		(63)		445
U.S. Treasury bonds	1,194		—		—		(312)		882
Total fixed maturities, available-for-sale	$	17,335	$	(16)	$	38	$	(2,503)	$	14,854

Short-term investments, available-for-sale	$	28	—		—		—		$	28

As of December 31, 2022 (Successor Company)
Fixed maturities, available-for-sale
Asset-backed securities	$	276	$	—	$	—	$	(22)	$	254
Collateralized loan obligations	703		—		—		(27)		676
Commercial mortgage-backed securities	1,724		—		1		(211)		1,514
Corporate bonds	12,565		—		2		(2,326)		10,241
Foreign government and agencies	377		—		—		(62)		315
Municipal bonds	1,309		—		—		(269)		1,040
Residential mortgage-backed securities	503		—		—		(86)		417
U.S. Treasury bonds	1,232		—		—		(306)		926
Total fixed maturities, available-for-sale	$	18,689	$	—	$	3	$	(3,309)	$	15,383


	Successor Company
	As of December 31, 2023				As of December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
One year or less	$	392	$	378	$	445	$	437
Over one year through five years	2,305		2,178		2,392		2,214
Over five years through ten years	3,351		2,960		4,438		3,732
Over ten years	7,822		6,144		8,209		6,140
Structured securities	3,493		3,222		3,205		2,860
Total	$	17,363	$	14,882	$	18,689	$	15,383


	Less Than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
As of December 31, 2023 (Successor Company)
Fixed maturities, available-for-sale
Asset-backed securities	$	75	$	(2)	$	181	$	(14)	$	256	$	(16)
Collateralized loan obligations	238		(1)		296		(4)		534		(5)
Commercial mortgage-backed securities	43		(4)		1,373		(182)		1,416		(186)
Corporate bonds	376		(32)		8,299		(1,683)		8,675		(1,715)
Foreign government and agencies	1		—		290		(48)		291		(48)
Municipal bonds	8		(1)		794		(157)		802		(158)
Residential mortgage-backed securities	—		—		408		(63)		408		(63)
U.S. Treasury bonds	6		(4)		870		(308)		876		(312)
Total fixed maturities, available-for-sale	$	747	$	(44)	$	12,511	$	(2,459)	$	13,258	$	(2,503)

As of December 31, 2022 (Successor Company)
Fixed maturities, available-for-sale
Asset-backed securities	$	96	$	(5)	$	162	$	(17)	$	258	$	(22)
Collateralized loan obligations	644		(27)		11		—		655		(27)
Commercial mortgage-backed securities	819		(102)		682		(109)		1,501		(211)
Corporate bonds	6,659		(1,544)		3,412		(782)		10,071		(2,326)
Foreign government and agencies	185		(41)		128		(21)		313		(62)
Municipal bonds	859		(219)		180		(50)		1,039		(269)
Residential mortgage-backed securities	123		(20)		293		(66)		416		(86)
U.S. Treasury bonds	864		(293)		63		(13)		927		(306)
Total fixed maturities, available-for-sale	$	10,249	$	(2,251)	$	4,931	$	(1,058)	$	15,180	$	(3,309)


	Successor Company
	December 31, 2023				December 31, 2022
	Amortized Cost		Percent of Total		Amortized Cost		Percent of Total
East North Central	$	87	4.3	%	$	74	2.9	%
East South Central	34		1.7	%	32		1.3	%
Middle Atlantic	175		8.6	%	194		7.7	%
Mountain	176		8.6	%	185		7.3	%
New England	70		3.4	%	82		3.2	%
Pacific	462		22.6	%	535		21.1	%
South Atlantic	621		30.3	%	694		27.4	%
West North Central	40		1.9	%	—		—	%
West South Central	213		10.4	%	180		7.1	%
Other [1]	167		8.2	%	559		22.0	%
Total mortgage loans	$	2,045	100	%	$	2,535	100	%


Less than 0.95x	—		%	77.1		%	50.3		%	—		%	—		%	—		%	75.2		%
Weighted average	42.7		%	57.4		%	59.7		%	56.2		%	56.3		%	50.4		%	54.0		%

As of December 31, 2022 (Successor Company)
	2022			2021			2020			2019			2018			Prior			Total
Amortized cost for loan-to-values:
Greater than 80%	$	54		$	—		$	—		$	—		$	—		$	41		$	95
65% to 80%	10			21			14			27			116			60			248
Less than 65%	461			379			166			220			181			785			2,192
Total	525			400			180			247			297			886			2,535

Amortized cost for debt-service coverage ratios:
Greater than 1.50x	229			372			175			225			181			762			1,944
1.15x to 1.50x	27			28			—			14			74			122			265
0.95x to 1.15x	16			—			—			8			42			—			66
Less than 0.95x	—			—			5			—			—			2			7
Not applicable [1]	253			—			—			—			—			—			253
Total	525			400			180			247			297			886			2,535

Weighted average loan-to-value for debt-service coverage ratios:
Greater than 1.50x	51.1		%	53.9		%	34.4		%	45.1		%	51.7		%	51.3		%	49.6		%
1.15x to 1.50x	29.2		%	55.6		%	—		%	65.0		%	65.4		%	52.0		%	54.4		%
0.95x to 1.15x	50.1		%	—		%	—		%	72.8		%	71.7		%	—		%	66.7		%
Less than 0.95x	—		%	—		%	50.0		%	—		%	—		%	47.3		%	50.8		%
Not applicable [1]	60.9		%	—		%	—		%	—		%	—		%	—		%	60.9		%
Weighted average	54.6		%	54.0		%	34.8		%	47.1		%	57.9		%	51.4		%	51.7		%


	Successor Company
	As of December 31,
(in billions)	2023		2022
Total assets	$	176.4	$	172.7
Total liabilities	29.4		28.6
Net income	12.7		6.6


	Market Value
Pacific Investment Management Inc.	$	370
Morgan Stanley	263
Wells Fargo & Company	256
J.P. Morgan Chase & Co.	229
Citigroup	180
Madison Capital Funding	179
Deutsche Telekom	157
Strategic Partners Fund VIII L.P.	145
Bank Of America Corp.	134
UBS	128
Comm Mortgage Trust	115
HSBC Holdings Plc	113
Goldman Sachs Group Inc.	105


	Notional Amount		Fair Value
			Net		Assets		Liabilities
As of December 31, 2023
Designated and qualifying as hedges
Cash flow hedges
Interest rate swaps	$	250	$	(29)	$	—	$	29

Not designated as hedges
Embedded derivatives
Funds withheld on modified coinsurance [2] [3]	—		302		—		(302)
Fixed indexed annuities [2] [3]	—		(135)		406		541
Other [2] [3]	—		—		(5)		(5)
Total embedded derivatives	—		167		401		234

Freestanding derivatives [1]
Variable annuities macro hedge program	10,340		5		151		146
Foreign currency swaps and forwards	202		12		12		—
Interest rate swaps, swaptions, and futures	1,087		(188)		—		188


	As of December 31, 2023				As of December 31, 2022
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
Gross amounts recognized [1]	$	202	$	(386)	$	529	$	(300)
Gross amounts offset [2]	(167)		329		(446)		195
Net amount presented [3]	35		(57)		83		(105)

Gross amounts not offset:
Cash collateral [2]	(30)		30		—		—
Net amount	5		(27)		83		(105)

Off-balance sheet securities collateral [4]	(1)		58		(68)		103
Net amount	$	4	$	31	$	15	$	(2)


	Notional Amount [2]		Fair Value		Weighted Average Years to Maturity	Underlying Referenced Credit Obligation [1]		Offsetting Notional Amount		Offsetting Fair Value
	Notional Amount [2]		Fair Value		Weighted Average Years to Maturity	Type	Average Credit Rating	Offsetting Notional Amount		Offsetting Fair Value
Basket credit default swaps [3] with investment grade risk exposure:
As of December 31, 2023	$	500	$	10	5 years	Corporate Credit	BBB+	$	—	$	—
As of December 31, 2022	$	500	$	4	5 years	Corporate Credit	BBB+	$	—	$	—


	Total		NAV / Netting [1]		Level 1		Level 2		Level 3
As of December 31, 2023
Assets
Fixed maturities
Asset-backed securities	$	363	$	—	$	—	$	313	$	50
Collateralized loan obligations	966		—		—		847		119
Commercial mortgage-backed securities	1,446		—		—		1,440		6
Corporate bonds	9,545		—		—		8,054		1,491
Foreign government and agencies	404		—		—		404		—
Municipal bonds	803		—		—		803		—
Residential mortgage-backed securities	445		—		—		412		33
U.S. Treasury bonds	882		—		—		882		—
Total fixed maturities, available-for-sale	14,854		—		—		13,155		1,699

Fair value option fixed maturities	252		—		—		27		225
Total fixed maturities	15,106		—		—		13,182		1,924

Equity securities	182		—		9		150		23
Investment funds	238		—		—		—		238

Other investments
Freestanding derivatives [1]	35		(138)		11		22		140

Short-term investments	1,181		—		661		52		468


	Beginning Balance		Total Realized and Unrealized Gains (Losses) in				Net Purchases, Sales, and Settlements		Net Transfers		Ending Balance
			Net Income (Loss)		Other Comprehensive Loss [2]
Year Ended December 31, 2023
Fixed maturities, available-for-sale:
Asset-backed securities	$	41	$	—	$	1	$	8	$	—	$	50
Collateralized loan obligations	109		—		1		9		—		119
Commercial mortgage-backed securities	277		—		6		(65)		(212)		6
Corporate bonds	619		(3)		(68)		497		446		1,491
Foreign government and agencies	4		—		—		—		(4)		—
Municipal bonds	1		—		—		—		(1)		—
Residential mortgage-backed securities	17		—		—		31		(15)		33

Fair value option fixed maturities	306		(24)		—		80		(137)		225
Equity securities	24		—		—		(1)		—		23
Investment funds	58		36		—		7		137		238
Embedded derivatives [1]:
Fixed indexed annuities	(81)		(54)		—		34		(34)		(135)
Other	—		5		—		(5)		—		—

Freestanding derivatives [1]:
Interest rate derivatives	—		(10)		—		—		—		(10)
Variable annuities macro hedge program	148		(498)		—		432		—		82

Short-term investments	137		—		—		368		(37)		468
Fixed indexed annuities hedge program [1]	12		22		—		14		—		48
Ceded market risk benefits	894		(246)		—		—		—		648
Separate account assets	53		3		—		(3)		(5)		48

Year Ended December 31, 2022
Fixed maturities, available-for-sale:
Asset-backed securities	$	—	$	—	$	(2)	$	46	$	(3)	$	41
Collateralized loan obligations	159		—		(1)		26		(75)		109
Commercial mortgage-backed securities	276		—		(26)		34		(7)		277


	Net Investment Income		Investment and Derivative Related Losses, Net		Other [3]		Net Income (Loss)
Year Ended December 31, 2023
Fixed maturities, available-for-sale:



Corporate bonds	$	(3)	$	—	$	—	$	(3)




Fair value option fixed maturities	—		(24)		—		(24)

Investment funds	—		36		—		36
Embedded derivatives:
Fixed indexed annuities	—		(54)		—		(54)
Other	—		5		—		5

Freestanding derivatives:
Interest rate derivatives	—		(10)		—		(10)
Variable annuities macro hedge program	—		(498)		—		(498)


	Purchases		Settlements		Sales		Net		Transfers in		Transfers out		Net
Year Ended December 31, 2023
Fixed maturities, available-for-sale:
Asset-backed securities	$	25	$	(17)	$	—	$	8	$	—	$	—	$	—
Collateralized loan obligations	59		—		(50)		9		—		—		—
Commercial mortgage-backed securities	1		—		(66)		(65)		—		(212)		(212)
Corporate bonds	674		(177)		—		497		488		(42)		446
Foreign government and agencies	—		—		—		—		—		(4)		(4)
Municipal bonds	—		—		—		—		—		(1)		(1)
Residential mortgage-backed securities	33		(2)		—		31		—		(15)		(15)

Fair value option fixed maturities	94		—		(14)		80		—		(137)		(137)
Equity securities	3		—		(4)		(1)		—		—		—
Investment funds	13		(6)		—		7		137		—		137
Embedded derivatives:


	Year Ended December 31,
	2023				2022
	Net Income (Loss)		Other Comprehensive Loss [1]		Net Income (Loss)		Other Comprehensive Loss [1]
Fixed maturities, available-for-sale:
Asset-backed securities	$	—	$	(1)	$	—	$	(2)


		As of December 31,
	Fair Value Hierarchy Level	2023				2022
		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets
Policy loans	Level 2	$	1,528	$	1,528	$	1,495	$	1,495
Mortgage loans	Level 3	2,019		1,814		2,520		2,232

Liabilities
Other policyholder funds and benefits payable [1]	Level 3	$	9,921	$	8,305	$	10,675	$	8,666
Funds withheld liability	Level 2	10,367		10,367		11,034		11,034


Liabilities assumed	$	481
Less: ceding commission received and other settlements	(65)
Less: assets received	(464)
Net gain on reinsurance	$	(48)

Unearned revenue reserve	48


Liabilities assumed [1]	$	7,355
Net ceding commission paid	866
Less: assets received	(8,849)
Net gain on reinsurance	$	(628)

Unearned revenue reserve	628


	Years Ended December 31,
	2023		2022
Revenues
Premiums	$	(56)	$	(27)
Policy charges and fee income	(304)		(320)
Net investment income	(380)		(136)
Investment related gains	361		696
Total revenues	(379)		213

Benefits, Losses, and Expenses
Benefits and losses	(276)		(117)
Change in market risk benefits	77		4
Amortization of deferred acquisition costs	14		19
Insurance operating costs and other expenses	(136)		(119)
Total benefits, losses and expenses	(321)		(213)

Income (loss) before income taxes	(58)		426

Income tax expense (benefit)	(12)		90
Net income (loss)	$	(46)	$	336


	Deferred Acquisition Costs						Value of Business Acquired		Total
	Variable Annuities		Payout Annuities		Fixed Indexed Annuities
Balance as of January 1, 2022	$	94	$	112	$	—	$	341	$	547
Additions	—		—		22		—		22
Amortization	(12)		(7)		—		(42)		(61)
Impact of reinsurance	—		—		(12)		—		(12)
Balance as of December 31, 2022	82		105		10		299		496

Balance as of January 1, 2023	82		105		10		299		496
Additions	—		—		64		—		64
Amortization	(12)		(5)		(1)		(37)		(55)
Impact of reinsurance	—		—		(48)		—		(48)
Balance as of December 31, 2023	$	70	$	100	$	25	$	262	$	457