VARIABLE ANNUITY ACCOUNT B

FINANCIAL STATEMENTS

Variable Annuity Account B

Year Ended December 31, 2023

With Report of Independent Registered Public Accounting Firm

Variable Annuity Account B

Financial Statements

Year Ended December 31, 2023

Contents


Report of Independent Registered Public Accounting Firm			1

Audited Financial Statements

Statements of Net Assets			6

Statements of Operations and Change in Net Assets			9

Notes to Financial Statements			39

1. Organization and Significant Accounting Policies			39

2. Variable Annuity Contract Charges			46

3. Summary of Unit Transactions			48

4. Financial Highlights			51

5. Subsequent Events			69

Report of Independent Registered Public Accounting Firm

To the Board of Directors of First Security Benefit Life Insurance and Annuity Company of New York and Contract Owners of Variable Annuity Account B

Opinion on the Financial Statements

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

Basis for Opinion

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

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

/s/ Ernst & Young LLP

We have served as the Separate Account’s auditor since 1996.

Kansas City, Missouri

April 26, 2024

Appendix

Subaccounts listed that comprising Variable Annuity Account B


Subaccounts		Statements of operations and changes in net assets

AB VPS Discovery Value Portfolio		For each of the two years in the period ended December 31, 2023

AB VPS Dynamic Asset Allocation		For each of the two years in the period ended December 31, 2023

American Century VP Mid Cap Value		For each of the two years in the period ended December 31, 2023

American Century VP Ultra^®		For each of the two years in the period ended December 31, 2023

American Century VP Value		For each of the two years in the period ended December 31, 2023

American Funds IS^® Asset Allocation		For each of the two years in the period ended December 31, 2023

American Funds IS^® Capital World Bond		For each of the two years in the period ended December 31, 2023

American Funds IS^® Global Growth		For each of the two years in the period ended December 31, 2023

American Funds IS^® Growth-Income		For each of the two years in the period ended December 31, 2023

American Funds IS^® International		For each of the two years in the period ended December 31, 2023

American Funds IS^® New World		For each of the two years in the period ended December 31, 2023

BlackRock Equity Dividend V.I.		For each of the two years in the period ended December 31, 2023

BlackRock Global Allocation V.I.		For each of the two years in the period ended December 31, 2023

BlackRock High Yield V.I.		For each of the two years in the period ended December 31, 2023

BNY Mellon IP MidCap Stock		For each of the two years in the period ended December 31, 2023

BNY Mellon IP Small Cap Stock Index		For each of the two years in the period ended December 31, 2023

BNY Mellon IP Technology Growth		For each of the two years in the period ended December 31, 2023

BNY Mellon VIF Appreciation		For each of the two years in the period ended December 31, 2023

ClearBridge Variable Aggressive Growth		For each of the two years in the period ended December 31, 2023

ClearBridge Variable Small Cap Growth		For each of the two years in the period ended December 31, 2023

Delaware Ivy VIP Asset Strategy		For each of the two years in the period ended December 31, 2023


Subaccounts		Statements of operations and changes in net assets

Fidelity^® VIP Equity-Income		For each of the two years in the period ended December 31, 2023

Fidelity^® VIP Growth & Income		For each of the two years in the period ended December 31, 2023

Fidelity^® VIP Growth Opportunities		For each of the two years in the period ended December 31, 2023

Fidelity^® VIP High Income		For each of the two years in the period ended December 31, 2023

Fidelity^® VIP Overseas		For each of the two years in the period ended December 31, 2023

Franklin Allocation VIP Fund		For each of the two years in the period ended December 31, 2023

Franklin Income VIP Fund		For each of the two years in the period ended December 31, 2023

Franklin Mutual Global Discovery VIP Fund		For each of the two years in the period ended December 31, 2023

Franklin Small Cap Value VIP Fund		For each of the two years in the period ended December 31, 2023

Franklin Strategic Income VIP Fund		For each of the two years in the period ended December 31, 2023

Guggenheim VIF All Cap Value		For each of the two years in the period ended December 31, 2023

Guggenheim VIF Alpha Opportunity		For each of the two years in the period ended December 31, 2023

Guggenheim VIF Floating Rate Strategies		For each of the two years in the period ended December 31, 2023

Guggenheim VIF Global Managed Futures Strategy		For each of the two years in the period ended December 31, 2023

Guggenheim VIF High Yield		For each of the two years in the period ended December 31, 2023

Guggenheim VIF Large Cap Value		For each of the two years in the period ended December 31, 2023

Guggenheim VIF Long Short Equity		For each of the two years in the period ended December 31, 2023

Guggenheim VIF Managed Asset Allocation		For each of the two years in the period ended December 31, 2023

Guggenheim VIF Multi-Hedge Strategies		For each of the two years in the period ended December 31, 2023

Guggenheim VIF Small Cap Value		For each of the two years in the period ended December 31, 2023

Guggenheim VIF SMid Cap Value		For each of the two years in the period ended December 31, 2023

Guggenheim VIF StylePlus Large Core		For each of the two years in the period ended December 31, 2023

Guggenheim VIF StylePlus Large Growth		For each of the two years in the period ended December 31, 2023


Subaccounts		Statements of operations and changes in net assets

Guggenheim VIF StylePlus Mid Growth		For each of the two years in the period ended December 31, 2023

Guggenheim VIF StylePlus Small Growth		For each of the two years in the period ended December 31, 2023

Guggenheim VIF Total Return Bond		For each of the two years in the period ended December 31, 2023

Guggenheim VIF World Equity Income		For each of the two years in the period ended December 31, 2023

Invesco V.I. American Value		For each of the two years in the period ended December 31, 2023

Invesco V.I. Comstock		For each of the two years in the period ended December 31, 2023

Invesco V.I. Core Plus Bond		For the year ended December 31, 2023 and the period from April 29, 2022 (commencement of operations) through December 31, 2022

Invesco V.I. Discovery Mid Cap Growth		For each of the two years in the period ended December 31, 2023

Invesco V.I. Equity and Income		For each of the two years in the period ended December 31, 2023

Invesco V.I. EVQ International Equity Fund		For each of the two years in the period ended December 31, 2023

Invesco V.I. Global		For each of the two years in the period ended December 31, 2023

Invesco V.I. Global Real Estate		For each of the two years in the period ended December 31, 2023

Invesco V.I. Government Money Market		For each of the two years in the period ended December 31, 2023

Invesco V.I. Government Securities		For each of the two years in the period ended December 31, 2023

Invesco V.I. Health Care		For each of the two years in the period ended December 31, 2023

Invesco V.I. Main Street Mid Cap Fund^®		For each of the two years in the period ended December 31, 2023

Invesco V.I. Main Street Small Cap Fund^®		For each of the two years in the period ended December 31, 2023

Janus Henderson VIT Enterprise		For each of the two years in the period ended December 31, 2023

Janus Henderson VIT Research		For each of the two years in the period ended December 31, 2023

Lord Abbett Series Bond-Debenture VC		For each of the two years in the period ended December 31, 2023

Lord Abbett Series Developing Growth VC		For each of the two years in the period ended December 31, 2023

LVIP JPMorgan Core Bond Fund		For each of the two years in the period ended December 31, 2023

MFS^® VIT II Research International		For each of the two years in the period ended December 31, 2023


Subaccounts		Statements of operations and changes in net assets

MFS^® VIT Total Return		For each of the two years in the period ended December 31, 2023

MFS^® VIT Utilities		For each of the two years in the period ended December 31, 2023

Morgan Stanley VIF Emerging Markets Equity		For each of the two years in the period ended December 31, 2023

Morningstar Aggressive Growth ETF Asset Allocation Portfolio		For each of the two years in the period ended December 31, 2023

Morningstar Balanced ETF Asset Allocation Portfolio		For each of the two years in the period ended December 31, 2023

Morningstar Conservative ETF Asset Allocation Portfolio		For each of the two years in the period ended December 31, 2023

Morningstar Growth ETF Asset Allocation Portfolio		For each of the two years in the period ended December 31, 2023

Morningstar Income and Growth ETF Asset Allocation Portfolio		For each of the two years in the period ended December 31, 2023

Neuberger Berman AMT Sustainable Equity		For each of the two years in the period ended December 31, 2023

PIMCO VIT All Asset		For each of the two years in the period ended December 31, 2023

PIMCO VIT Commodity Real Return Strategy		For each of the two years in the period ended December 31, 2023

PIMCO VIT Emerging Markets Bond		For each of the two years in the period ended December 31, 2023

PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)		For each of the two years in the period ended December 31, 2023

PIMCO VIT Low Duration		For each of the two years in the period ended December 31, 2023

PIMCO VIT Real Return		For each of the two years in the period ended December 31, 2023

PIMCO VIT Total Return		For each of the two years in the period ended December 31, 2023

Putnam VT Small Cap Value		For each of the two years in the period ended December 31, 2023

Royce Micro-Cap		For each of the two years in the period ended December 31, 2023

T. Rowe Price Health Sciences		For each of the two years in the period ended December 31, 2023

Templeton Developing Markets VIP Fund		For each of the two years in the period ended December 31, 2023

Templeton Global Bond VIP Fund		For each of the two years in the period ended December 31, 2023

Western Asset Variable Global High Yield Bond		For each of the two years in the period ended December 31, 2023

Variable Annuity Account B

Statements of Net Assets

December 31, 2023


Subaccount	Number of Shares		Cost		Assets at Market Value		Investment Income Receivable		Net Assets		Units Outstanding		Range of Unit Values
AB VPS Discovery Value Portfolio (a)		8,070	$	149,599	$	140,749	$	—	$	140,749		10,209	$	13.79	$	13.79
AB VPS Dynamic Asset Allocation		4,397		49,241		39,137		—		39,137		4,162		9.40		9.40
American Century VP Mid Cap Value		29,553		574,958		575,388		—		575,388		30,043		19.17		19.17
American Century VP Ultra^®		204,056		3,931,848		5,032,018		—		5,032,018		127,088		35.03		39.71
American Century VP Value		99,600		1,055,848		1,216,119		—		1,216,119		46,685		23.08		26.16
American Funds IS^® Asset Allocation		74,975		1,726,751		1,749,919		—		1,749,919		129,291		13.54		13.54
American Funds IS^® Capital World Bond		6,595		77,433		65,162		—		65,162		9,637		6.76		6.76
American Funds IS^® Global Growth		81,469		2,491,931		2,694,981		—		2,694,981		156,215		17.25		17.25
American Funds IS^® Growth-Income		22,350		1,091,338		1,281,527		—		1,281,527		68,153		18.81		18.81
American Funds IS^® International		13,142		245,071		225,114		—		225,114		23,898		9.42		9.42
American Funds IS^® New World		5,838		148,926		145,661		—		145,661		13,480		10.81		10.81
BlackRock Equity Dividend V.I.		76,804		874,527		814,126		—		814,126		51,597		15.78		15.78
BlackRock Global Allocation V.I.		21,848		307,874		284,681		—		284,681		26,304		10.82		10.82
BlackRock High Yield V.I.		28,911		204,497		197,750		1,023		198,773		19,546		10.17		10.17
BNY Mellon IP MidCap Stock		5,972		116,066		110,831		—		110,831		8,142		13.67		13.67
BNY Mellon IP Small Cap Stock Index		53,911		974,249		1,001,662		—		1,001,662		65,073		15.40		15.40
BNY Mellon IP Technology Growth		74,006		1,730,613		1,862,730		—		1,862,730		53,650		30.92		34.84
BNY Mellon VIF Appreciation		10,643		383,169		364,855		—		364,855		19,246		18.96		18.96
ClearBridge Variable Aggressive Growth		55,002		1,243,558		910,838		—		910,838		50,263		16.07		18.14
ClearBridge Variable Small Cap Growth		14,898		402,040		407,451		—		407,451		17,472		20.55		23.33
Delaware Ivy VIP Asset Strategy		8,750		77,011		76,650		—		76,650		7,570		10.12		10.12
Fidelity^® VIP Equity-Income		19,753		445,202		472,305		—		472,305		31,484		14.95		14.95
Fidelity^® VIP Growth & Income		38,706		817,113		1,010,989		—		1,010,989		57,004		17.74		17.74
Fidelity^® VIP Growth Opportunities		28,758		1,434,976		1,667,660		—		1,667,660		56,124		29.72		29.72
Fidelity^® VIP High Income		147,497		743,037		646,037		—		646,037		70,205		9.20		9.20
Fidelity^® VIP Overseas		16,356		355,766		417,242		—		417,242		36,833		11.33		11.33
Franklin Allocation VIP Fund		48,222		300,203		245,933		—		245,933		21,007		11.71		11.71
Franklin Income VIP Fund		41,876		635,182		594,645		—		594,645		49,420		11.49		12.06
Franklin Mutual Global Discovery VIP Fund		51,885		949,160		953,642		—		953,642		70,167		12.39		13.59
Franklin Small Cap Value VIP Fund		12,710		192,573		168,666		—		168,666		10,252		16.41		16.41
Franklin Strategic Income VIP Fund		11,314		114,750		101,937		—		101,937		12,609		8.09		8.09
Guggenheim VIF All Cap Value		8,683		256,451		284,983		—		284,983		12,219		23.32		23.32

(a)	Name change. See Note 1.

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

Variable Annuity Account B

Statements of Net Assets (continued)

December 31, 2023


Subaccount	Number of Shares		Cost		Assets at Market Value		Investment Income Receivable		Net Assets		Units Outstanding		Range of Unit Values
Guggenheim VIF Alpha Opportunity		4,145	$	69,818	$	68,514	$	—	$	68,514		4,183	$	16.35	$	16.35
Guggenheim VIF Floating Rate Strategies		49,101		1,264,497		1,244,227		—		1,244,227		129,870		9.58		9.58
Guggenheim VIF Global Managed Futures Strategy		4,180		71,430		71,764		—		71,764		14,203		5.05		5.05
Guggenheim VIF High Yield		32,295		876,741		792,191		—		792,191		25,800		15.22		32.76
Guggenheim VIF Large Cap Value		16,380		593,814		655,522		—		655,522		35,305		18.58		18.70
Guggenheim VIF Long Short Equity		4,442		63,655		75,375		—		75,375		5,784		11.70		13.26
Guggenheim VIF Managed Asset Allocation		15,329		434,628		445,612		—		445,612		31,873		13.97		14.05
Guggenheim VIF Multi-Hedge Strategies		3,634		91,593		94,078		—		94,078		15,393		5.69		6.15
Guggenheim VIF Small Cap Value		9,182		372,930		396,377		—		396,377		9,719		26.88		40.78
Guggenheim VIF SMid Cap Value		16,994		1,130,608		1,226,092		—		1,226,092		27,861		29.84		44.30
Guggenheim VIF StylePlus Large Core		14,201		561,589		578,704		—	$	578,704		39,308		14.41		17.51
Guggenheim VIF StylePlus Large Growth		10,059		180,489		191,214		—		191,214		10,640		17.93		21.54
Guggenheim VIF StylePlus Mid Growth		58,041		2,991,014		2,665,245		—		2,665,245		147,591		18.05		19.08
Guggenheim VIF StylePlus Small Growth		39,654		1,253,376		1,059,957		—		1,059,957		92,653		11.44		19.60
Guggenheim VIF Total Return Bond		110,472		1,758,868		1,589,687		—		1,589,687		163,483		7.85		9.70
Guggenheim VIF World Equity Income		46,520		563,826		629,419		—		629,419		48,983		12.84		14.35
Invesco V.I. American Value		10,808		177,124		148,399		—		148,399		13,819		10.74		10.74
Invesco V.I. Comstock		16,204		285,132		317,275		—		317,275		16,388		16.32		19.49
Invesco V.I. Core Plus Bond		37,098		214,445		210,344		—		210,344		22,279		9.44		9.44
Invesco V.I. Discovery Mid Cap Growth		6,475		421,782		349,688		—		349,688		20,682		16.91		16.91
Invesco V.I. Equity and Income		44,857		758,565		733,868		—		733,868		44,256		13.94		16.60
Invesco V.I. EVQ International Equity Fund		10,342		346,730		346,134		—		346,134		20,951		14.91		16.80
Invesco V.I. Global		17,807		677,327		632,148		—		632,148		41,401		15.25		15.25
Invesco V.I. Global Real Estate		34,628		545,990		484,103		—		484,103		26,652		16.02		18.16
Invesco V.I. Government Money Market		622,298		622,298		622,298		—		622,298		75,825		7.85		8.22
Invesco V.I. Government Securities		61,099		703,863		625,048		—		625,048		87,328		7.14		7.14
Invesco V.I. Health Care		7,597		213,921		196,844		—		196,844		8,078		21.87		24.79
Invesco V.I. Main Street Mid Cap Fund^®		12,689		126,926		119,149		—		119,149		5,335		19.75		22.39
Invesco V.I. Main Street Small Cap Fund^®		7,817		186,742		205,598		—		205,598		5,642		32.40		36.73
Janus Henderson VIT Enterprise		30,101		2,035,290		2,057,994		—		2,057,994		74,144		27.77		27.77
Janus Henderson VIT Research		24,010		822,857		1,033,863		—		1,033,863		42,626		24.23		24.23
Lord Abbett Series Bond-Debenture VC		16,506		199,668		170,338		—		170,338		17,901		9.50		9.50
Lord Abbett Series Developing Growth VC		8,723		304,499		209,011		—		209,011		14,769		14.14		14.14

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

Variable Annuity Account B

Statements of Net Assets (continued)

December 31, 2023


Subaccount	Number of Shares		Cost		Assets at Market Value		Investment Income Receivable		Net Assets		Units Outstanding		Range of Unit Values
LVIP JPMorgan Core Bond Fund (a)		11,518	$	126,592	$	112,262	$	—	$	112,262		14,190	$	7.94	$	7.94
MFS^® VIT II Research International		14,842		230,010		246,824		—		246,824		24,526		7.77		10.06
MFS^® VIT Total Return		34,442		760,356		781,139		—		781,139		54,139		14.40		14.40
MFS^® VIT Utilities		18,204		569,320		574,166		—		574,166		28,848		13.53		20.48
Morgan Stanley VIF Emerging Markets Equity		20,451		289,440		262,790		—		262,790		37,305		5.88		7.05
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		16,127		202,407		222,224		—		222,224		16,535		13.44		13.44
Morningstar Balanced ETF Asset Allocation Portfolio		30,991		340,611		321,994		—		321,994		29,117		11.06		11.06
Morningstar Conservative ETF Asset Allocation Portfolio		2,530		26,809		25,068		—		25,068		2,950		8.52		8.52
Morningstar Growth ETF Asset Allocation Portfolio		18,972		214,995		215,142		—		215,142		17,298		12.44		12.44
Morningstar Income and Growth ETF Asset Allocation Portfolio		11,905		126,059		117,266		—		117,266		12,003		9.78		9.78
Neuberger Berman AMT Sustainable Equity		17,337		407,473		580,616		—		580,616		17,185		30.24		33.66
PIMCO VIT All Asset		11,166		115,438		101,054		—		101,054		7,605		12.20		13.83
PIMCO VIT CommodityRealReturn Strategy		33,995		232,185		181,873		—		181,873		36,557		4.37		5.03
PIMCO VIT Emerging Markets Bond		2,748		34,520		28,995		—		28,995		2,803		9.77		10.34
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)		32,525		338,380		319,725		—		319,725		29,949		9.85		10.73
PIMCO VIT Low Duration		29,163		293,171		279,960		—		279,960		37,977		6.54		7.41
PIMCO VIT Real Return		86,445		1,101,006		1,000,165		—		1,000,165		100,372		8.79		9.96
PIMCO VIT Total Return		44,179		463,719		405,561		—		405,561		50,653		8.01		8.01
Putnam VT Small Cap Value		1,823		22,751		20,835		—		20,835		1,403		14.85		14.85
Royce Micro-Cap		18,452		176,916		169,206		—		169,206		12,576		10.99		13.49
T. Rowe Price Health Sciences		28,580		1,368,911		1,481,854		—		1,481,854		77,322		19.15		19.15
Templeton Developing Markets VIP Fund		20,427		175,397		168,117		—		168,117		18,688		8.99		8.99
Templeton Global Bond VIP Fund		148,084		2,115,032		1,901,403		—		1,901,403		294,954		6.45		6.45
Western Asset Variable Global High Yield Bond		3,686		27,707		23,075		—		23,075		2,250		10.12		10.38

(a)	Name change. See Note 1.

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets

Years Ended December 31, 2023 and 2022, Except as Noted


	AB VPS Discovery Value Portfolio (a)			AB VPS Dynamic Asset Allocation			American Century VP Mid Cap Value
Net assets as of December 31, 2021	$	150,748		$	46,311		$	596,603

Investment income (loss):
Dividend distributions		1,287			1,004			12,161
Investment Expenses:
Mortality and expense risk and administrative charges		(1,026	)		(296	)		(4,335	)

Net investment income (loss)		261			708			7,826

Increase (decrease) in net assets from operations:
Capital gain distributions		23,169			12,746			75,328
Realized capital gain (loss) on investments		(4,261	)		(430	)		6,033
Change in unrealized appreciation (depreciation)		(44,021	)		(21,885	)		(101,523	)

Net gain (loss) on investments		(25,113	)		(9,569	)		(20,162	)

Net increase (decrease) in net assets from operations		(24,852	)		(8,861	)		(12,336	)

Contract owner transactions:
Variable annuity deposits		21,760			120			8,690
Terminations, withdrawals and annuity payments		(13,811	)		(1,484	)		(39,544	)
Transfers between subaccounts, net		(9,895	)		—			24,490
Maintenance charges and mortality adjustments		(538	)		(242	)		(1,007	)

Increase (decrease) in net assets from contract transactions		(2,484	)		(1,606	)		(7,371	)

Total increase (decrease) in net assets		(27,336	)		(10,467	)		(19,707	)

Net assets as of December 31, 2022	$	123,412		$	35,844		$	576,896

Investment income (loss):
Dividend distributions		1,076			225			11,939
Investment Expenses:
Mortality and expense risk and administrative charges		(980	)		(278	)		(4,144	)

Net investment income (loss)		96			(53	)		7,795

Increase (decrease) in net assets from operations:
Capital gain distributions		11,317			—			60,319
Realized capital gain (loss) on investments		(617	)		(497	)		3,805
Change in unrealized appreciation (depreciation)		9,538			5,001			(41,428	)

Net gain (loss) on investments		20,238			4,504			22,696

Net increase (decrease) in net assets from operations		20,334			4,451			30,491

Contract owner transactions:
Variable annuity deposits		3,773			10			7,639
Terminations, withdrawals and annuity payments		(7,217	)		(943	)		(7,815	)
Transfers between subaccounts, net		803			(4	)		(30,846	)
Maintenance charges and mortality adjustments		(356	)		(221	)		(977	)

Increase (decrease) in net assets from contract transactions		(2,997	)		(1,158	)		(31,999	)

Total increase (decrease) in net assets		17,337			3,293			(1,508	)

Net assets as of December 31, 2023	$	140,749		$	39,137		$	575,388

(a)	Name change. See Note 1.

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	American Century VP Ultra^®			American Century VP Value			American Funds IS^® Asset Allocation
Net assets as of December 31, 2021	$	5,423,905		$	1,289,872		$	2,831,316

Investment income (loss):
Dividend distributions		—			23,455			37,974
Investment Expenses:
Mortality and expense risk and administrative charges		(32,688	)		(9,214	)		(17,658	)

Net investment income (loss)		(32,688	)		14,241			20,316

Increase (decrease) in net assets from operations:
Capital gain distributions		471,464			97,226			246,592
Realized capital gain (loss) on investments		38,836			30,401			(3,729	)
Change in unrealized appreciation (depreciation)		(2,279,332	)		(147,877	)		(656,873	)

Net gain (loss) on investments		(1,769,032	)		(20,250	)		(414,010	)

Net increase (decrease) in net assets from operations		(1,801,720	)		(6,009	)		(393,694	)

Contract owner transactions:
Variable annuity deposits		186,461			26,010			120,598
Terminations, withdrawals and annuity payments		(170,608	)		(99,136	)		(381,381	)
Transfers between subaccounts, net		117,116			(834	)		(127,271	)
Maintenance charges and mortality adjustments		(19,592	)		(4,175	)		(14,028	)

Increase (decrease) in net assets from contract transactions		113,377			(78,135	)		(402,082	)

Total increase (decrease) in net assets		(1,688,343	)		(84,144	)		(795,776	)

Net assets as of December 31, 2022	$	3,735,562		$	1,205,728		$	2,035,540

Investment income (loss):
Dividend distributions		—			27,560			34,986
Investment Expenses:
Mortality and expense risk and administrative charges		(34,476	)		(9,346	)		(14,366	)

Net investment income (loss)		(34,476	)		18,214			20,620

Increase (decrease) in net assets from operations:
Capital gain distributions		337,066			95,252			75,724
Realized capital gain (loss) on investments		74,840			14,985			(21,770	)
Change in unrealized appreciation (depreciation)		1,192,467			(37,437	)		152,247

Net gain (loss) on investments		1,604,373			72,800			206,201

Net increase (decrease) in net assets from operations		1,569,897			91,014			226,821

Contract owner transactions:
Variable annuity deposits		29,671			36,446			14,991
Terminations, withdrawals and annuity payments		(162,317	)		(82,154	)		(522,405	)
Transfers between subaccounts, net		(122,251	)		(31,722	)		14,028
Maintenance charges and mortality adjustments		(18,544	)		(3,193	)		(19,056	)

Increase (decrease) in net assets from contract transactions		(273,441	)		(80,623	)		(512,442	)

Total increase (decrease) in net assets		1,296,456			10,391			(285,621	)

Net assets as of December 31, 2023	$	5,032,018		$	1,216,119		$	1,749,919

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	American Funds IS^® Capital World Bond			American Funds IS^® Global Growth			American Funds IS^® Growth- Income
Net assets as of December 31, 2021	$	141,604		$	3,269,653		$	1,473,460

Investment income (loss):
Dividend distributions		215			11,135			12,621
Investment Expenses:
Mortality and expense risk and administrative charges		(710	)		(19,042	)		(8,956	)

Net investment income (loss)		(495	)		(7,907	)		3,665

Increase (decrease) in net assets from operations:
Capital gain distributions		1,688			287,717			119,589
Realized capital gain (loss) on investments		(12,936	)		16,431			25,351
Change in unrealized appreciation (depreciation)		(13,141	)		(1,141,753	)		(399,336	)

Net gain (loss) on investments		(24,389	)		(837,605	)		(254,396	)

Net increase (decrease) in net assets from operations		(24,884	)		(845,512	)		(250,731	)

Contract owner transactions:
Variable annuity deposits		50			150,771			14,095
Terminations, withdrawals and annuity payments		(33,111	)		(234,161	)		(146,344	)
Transfers between subaccounts, net		(19,149	)		52,089			16,093
Maintenance charges and mortality adjustments		(1,158	)		(11,150	)		(3,872	)

Increase (decrease) in net assets from contract transactions		(53,368	)		(42,451	)		(120,028	)

Total increase (decrease) in net assets		(78,252	)		(887,963	)		(370,759	)

Net assets as of December 31, 2022	$	63,352		$	2,381,690		$	1,102,701

Investment income (loss):
Dividend distributions		—			17,703			13,889
Investment Expenses:
Mortality and expense risk and administrative charges		(470	)		(19,024	)		(8,851	)

Net investment income (loss)		(470	)		(1,321	)		5,038

Increase (decrease) in net assets from operations:
Capital gain distributions		—			198,905			62,912
Realized capital gain (loss) on investments		(519	)		5,516			9,902
Change in unrealized appreciation (depreciation)		4,195			287,049			185,601

Net gain (loss) on investments		3,676			491,470			258,415

Net increase (decrease) in net assets from operations		3,206			490,149			263,453

Contract owner transactions:
Variable annuity deposits		—			38,690			25,634
Terminations, withdrawals and annuity payments		(1,371	)		(119,601	)		(86,083	)
Transfers between subaccounts, net		256			(87,336	)		(21,803	)
Maintenance charges and mortality adjustments		(281	)		(8,611	)		(2,375	)

Increase (decrease) in net assets from contract transactions		(1,396	)		(176,858	)		(84,627	)

Total increase (decrease) in net assets		1,810			313,291			178,826

Net assets as of December 31, 2023	$	65,162		$	2,694,981		$	1,281,527

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	American Funds IS^® International			American Funds IS^® New World			BlackRock Equity Dividend V.I.
Net assets as of December 31, 2021	$	355,484		$	205,679		$	765,420

Investment income (loss):
Dividend distributions		4,274			1,864			11,508
Investment Expenses:
Mortality and expense risk and administrative charges		(2,128	)		(1,277	)		(5,845	)

Net investment income (loss)		2,146			587			5,663

Increase (decrease) in net assets from operations:
Capital gain distributions		40,291			16,536			94,562
Realized capital gain (loss) on investments		(8,003	)		(3,597	)		(8,155	)
Change in unrealized appreciation (depreciation)		(110,352	)		(63,083	)		(139,043	)

Net gain (loss) on investments		(78,064	)		(50,144	)		(52,636	)

Net increase (decrease) in net assets from operations		(75,918	)		(49,557	)		(46,973	)

Contract owner transactions:
Variable annuity deposits		1,250			1,449			21,469
Terminations, withdrawals and annuity payments		(50,478	)		(17,835	)		(91,236	)
Transfers between subaccounts, net		30,881			13,662			156,158
Maintenance charges and mortality adjustments		(652	)		(409	)		(1,916	)

Increase (decrease) in net assets from contract transactions		(18,999	)		(3,133	)		84,475

Total increase (decrease) in net assets		(94,917	)		(52,690	)		37,502

Net assets as of December 31, 2022	$	260,567		$	152,989		$	802,922

Investment income (loss):
Dividend distributions		2,384			1,770			14,235
Investment Expenses:
Mortality and expense risk and administrative charges		(1,852	)		(1,185	)		(5,978	)

Net investment income (loss)		532			585			8,257

Increase (decrease) in net assets from operations:
Capital gain distributions		—			—			38,534
Realized capital gain (loss) on investments		(15,139	)		(2,824	)		(12,099	)
Change in unrealized appreciation (depreciation)		47,330			22,882			48,264

Net gain (loss) on investments		32,191			20,058			74,699

Net increase (decrease) in net assets from operations		32,723			20,643			82,956

Contract owner transactions:
Variable annuity deposits		2,060			1,734			14,462
Terminations, withdrawals and annuity payments		(14,540	)		(24,178	)		(93,176	)
Transfers between subaccounts, net		(55,516	)		(5,215	)		9,604
Maintenance charges and mortality adjustments		(180	)		(312	)		(2,642	)

Increase (decrease) in net assets from contract transactions		(68,176	)		(27,971	)		(71,752	)

Total increase (decrease) in net assets		(35,453	)		(7,328	)		11,204

Net assets as of December 31, 2023	$	225,114		$	145,661		$	814,126

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	BlackRock Global Allocation V.I.			BlackRock High Yield V.I.			BNY Mellon IP MidCap Stock
Net assets as of December 31, 2021	$	510,550		$	309,897		$	129,730

Investment income (loss):
Dividend distributions		—			12,009			489
Investment Expenses:
Mortality and expense risk and administrative charges		(3,063	)		(1,817	)		(763	)

Net investment income (loss)		(3,063	)		10,192			(274	)

Increase (decrease) in net assets from operations:
Capital gain distributions		6,227			—			26,989
Realized capital gain (loss) on investments		(18,816	)		(8,589	)		(1,088	)
Change in unrealized appreciation (depreciation)		(66,416	)		(36,353	)		(44,028	)

Net gain (loss) on investments		(79,005	)		(44,942	)		(18,127	)

Net increase (decrease) in net assets from operations		(82,068	)		(34,750	)		(18,401	)

Contract owner transactions:
Variable annuity deposits		8,813			125			4,902
Terminations, withdrawals and annuity payments		(85,322	)		(29,715	)		(20,088	)
Transfers between subaccounts, net		(6,901	)		(57,807	)		(2,053	)
Maintenance charges and mortality adjustments		(2,245	)		(865	)		(274	)

Increase (decrease) in net assets from contract transactions		(85,655	)		(88,262	)		(17,513	)

Total increase (decrease) in net assets		(167,723	)		(123,012	)		(35,914	)

Net assets as of December 31, 2022	$	342,827		$	186,885		$	93,816

Investment income (loss):
Dividend distributions		6,890			12,008			538
Investment Expenses:
Mortality and expense risk and administrative charges		(2,411	)		(1,428	)		(749	)

Net investment income (loss)		4,479			10,580			(211	)

Increase (decrease) in net assets from operations:
Capital gain distributions		—			—			3,160
Realized capital gain (loss) on investments		(13,584	)		(3,011	)		(228	)
Change in unrealized appreciation (depreciation)		43,089			14,002			13,423

Net gain (loss) on investments		29,505			10,991			16,355

Net increase (decrease) in net assets from operations		33,984			21,571			16,144

Contract owner transactions:
Variable annuity deposits		2,802			785			790
Terminations, withdrawals and annuity payments		(97,866	)		(10,503	)		(890	)
Transfers between subaccounts, net		5,043			609			1,016
Maintenance charges and mortality adjustments		(2,109	)		(574	)		(45	)

Increase (decrease) in net assets from contract transactions		(92,130	)		(9,683	)		871

Total increase (decrease) in net assets		(58,146	)		11,888			17,015

Net assets as of December 31, 2023	$	284,681		$	198,773		$	110,831

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	BNY Mellon IP Small Cap Stock Index			BNY Mellon IP Technology Growth			BNY Mellon VIF Appreciation
Net assets as of December 31, 2021	$	1,059,107		$	2,303,121		$	366,583

Investment income (loss):
Dividend distributions		8,326			—			1,305
Investment Expenses:
Mortality and expense risk and administrative charges		(6,736	)		(11,709	)		(2,196	)

Net investment income (loss)		1,590			(11,709	)		(891	)

Increase (decrease) in net assets from operations:
Capital gain distributions		111,495			168,533			88,111
Realized capital gain (loss) on investments		5,080			(21,399	)		(41,242	)
Change in unrealized appreciation (depreciation)		(299,005	)		(1,210,338	)		(110,374	)

Net gain (loss) on investments		(182,430	)		(1,063,204	)		(63,505	)

Net increase (decrease) in net assets from operations		(180,840	)		(1,074,913	)		(64,396	)

Contract owner transactions:
Variable annuity deposits		12,901			11,788			4,704
Terminations, withdrawals and annuity payments		(47,902	)		(71,433	)		(31,118	)
Transfers between subaccounts, net		(2,963	)		43,996			23,084
Maintenance charges and mortality adjustments		(1,272	)		(6,174	)		(182	)

Increase (decrease) in net assets from contract transactions		(39,236	)		(21,823	)		(3,512	)

Total increase (decrease) in net assets		(220,076	)		(1,096,736	)		(67,908	)

Net assets as of December 31, 2022	$	839,031		$	1,206,385		$	298,675

Investment income (loss):
Dividend distributions		9,376			—			1,538
Investment Expenses:
Mortality and expense risk and administrative charges		(6,623	)		(11,928	)		(2,389	)

Net investment income (loss)		2,753			(11,928	)		(851	)

Increase (decrease) in net assets from operations:
Capital gain distributions		48,946			—			28,166
Realized capital gain (loss) on investments		(5,460	)		(20,800	)		(8,273	)
Change in unrealized appreciation (depreciation)		77,326			725,585			38,291

Net gain (loss) on investments		120,812			704,785			58,184

Net increase (decrease) in net assets from operations		123,565			692,857			57,333

Contract owner transactions:
Variable annuity deposits		10,508			6,217			307
Terminations, withdrawals and annuity payments		(30,067	)		(31,114	)		(31,497	)
Transfers between subaccounts, net		59,705			(5,770	)		40,070
Maintenance charges and mortality adjustments		(1,080	)		(5,845	)		(33	)

Increase (decrease) in net assets from contract transactions		39,066			(36,512	)		8,847

Total increase (decrease) in net assets		162,631			656,345			66,180

Net assets as of December 31, 2023	$	1,001,662		$	1,862,730		$	364,855

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	ClearBridge Variable Aggressive Growth			ClearBridge Variable Small Cap Growth			Delaware Ivy VIP Asset Strategy
Net assets as of December 31, 2021	$	1,182,547		$	568,121		$	127,054

Investment income (loss):
Dividend distributions		—			—			1,462
Investment Expenses:
Mortality and expense risk and administrative charges		(7,312	)		(3,401	)		(786	)

Net investment income (loss)		(7,312	)		(3,401	)		676

Increase (decrease) in net assets from operations:
Capital gain distributions		118,532			9,341			7,918
Realized capital gain (loss) on investments		(86,148	)		(2,012	)		(2,692	)
Change in unrealized appreciation (depreciation)		(348,744	)		(174,905	)		(25,852	)

Net gain (loss) on investments		(316,360	)		(167,576	)		(20,626	)

Net increase (decrease) in net assets from operations		(323,672	)		(170,977	)		(19,950	)

Contract owner transactions:
Variable annuity deposits		9,470			6,934			2,340
Terminations, withdrawals and annuity payments		(46,811	)		(15,412	)		(23,351	)
Transfers between subaccounts, net		(17,196	)		45,801			3,153
Maintenance charges and mortality adjustments		(2,475	)		(768	)		(484	)

Increase (decrease) in net assets from contract transactions		(57,012	)		36,555			(18,342	)

Total increase (decrease) in net assets		(380,684	)		(134,422	)		(38,292	)

Net assets as of December 31, 2022	$	801,863		$	433,699		$	88,762

Investment income (loss):
Dividend distributions		535			—			1,559
Investment Expenses:
Mortality and expense risk and administrative charges		(6,229	)		(3,129	)		(679	)

Net investment income (loss)		(5,694	)		(3,129	)		880

Increase (decrease) in net assets from operations:
Capital gain distributions		86,850			—			—
Realized capital gain (loss) on investments		(46,256	)		(3,415	)		(1,016	)
Change in unrealized appreciation (depreciation)		141,338			36,066			10,568

Net gain (loss) on investments		181,932			32,651			9,552

Net increase (decrease) in net assets from operations		176,238			29,522			10,432

Contract owner transactions:
Variable annuity deposits		9,220			6,862			2,871
Terminations, withdrawals and annuity payments		(25,151	)		(4,527	)		(24,847	)
Transfers between subaccounts, net		(49,267	)		(57,485	)		(436	)
Maintenance charges and mortality adjustments		(2,065	)		(620	)		(132	)

Increase (decrease) in net assets from contract transactions		(67,263	)		(55,770	)		(22,544	)

Total increase (decrease) in net assets		108,975			(26,248	)		(12,112	)

Net assets as of December 31, 2023	$	910,838		$	407,451		$	76,650

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Fidelity^® VIP Equity-Income			Fidelity^® VIP Growth & Income			Fidelity^® VIP Growth Opportunities
Net assets as of December 31, 2021	$	653,112		$	865,268		$	2,035,465

Investment income (loss):
Dividend distributions		9,947			12,883			—
Investment Expenses:
Mortality and expense risk and administrative charges		(4,373	)		(6,414	)		(10,994	)

Net investment income (loss)		5,574			6,469			(10,994	)

Increase (decrease) in net assets from operations:
Capital gain distributions		19,927			17,838			290,104
Realized capital gain (loss) on investments		5,994			5,556			(11,918	)
Change in unrealized appreciation (depreciation)		(71,190	)		(79,596	)		(1,054,696	)

Net gain (loss) on investments		(45,269	)		(56,202	)		(776,510	)

Net increase (decrease) in net assets from operations		(39,695	)		(49,733	)		(787,504	)

Contract owner transactions:
Variable annuity deposits		6,364			61,577			19,493
Terminations, withdrawals and annuity payments		(76,216	)		(17,299	)		(55,680	)
Transfers between subaccounts, net		25,936			3,274			16,429
Maintenance charges and mortality adjustments		(3,346	)		(1,389	)		(4,611	)

Increase (decrease) in net assets from contract transactions		(47,262	)		46,163			(24,369	)

Total increase (decrease) in net assets		(86,957	)		(3,570	)		(811,873	)

Net assets as of December 31, 2022	$	566,155		$	861,698		$	1,223,592

Investment income (loss):
Dividend distributions		7,907			14,060			—
Investment Expenses:
Mortality and expense risk and administrative charges		(4,021	)		(6,974	)		(11,026	)

Net investment income (loss)		3,886			7,086			(11,026	)

Increase (decrease) in net assets from operations:
Capital gain distributions		13,569			36,823			—
Realized capital gain (loss) on investments		4,289			8,561			2,134
Change in unrealized appreciation (depreciation)		21,225			98,057			539,965

Net gain (loss) on investments		39,083			143,441			542,099

Net increase (decrease) in net assets from operations		42,969			150,527			531,073

Contract owner transactions:
Variable annuity deposits		11,494			41,982			19,934
Terminations, withdrawals and annuity payments		(82,054	)		(34,765	)		(56,885	)
Transfers between subaccounts, net		(61,601	)		(7,228	)		(46,042	)
Maintenance charges and mortality adjustments		(4,658	)		(1,225	)		(4,012	)

Increase (decrease) in net assets from contract transactions		(136,819	)		(1,236	)		(87,005	)

Total increase (decrease) in net assets		(93,850	)		149,291			444,068

Net assets as of December 31, 2023	$	472,305		$	1,010,989		$	1,667,660

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Fidelity^® VIP High Income			Fidelity^® VIP Overseas			Franklin Allocation VIP Fund
Net assets as of December 31, 2021	$	763,022		$	543,591		$	359,605

Investment income (loss):
Dividend distributions		35,146			4,054			4,202
Investment Expenses:
Mortality and expense risk and administrative charges		(5,105	)		(3,400	)		(2,066	)

Net investment income (loss)		30,041			654			2,136

Increase (decrease) in net assets from operations:
Capital gain distributions		—			3,895			26,483
Realized capital gain (loss) on investments		(5,024	)		(48	)		(18,942	)
Change in unrealized appreciation (depreciation)		(118,207	)		(137,682	)		(67,214	)

Net gain (loss) on investments		(123,231	)		(133,835	)		(59,673	)

Net increase (decrease) in net assets from operations		(93,190	)		(133,181	)		(57,537	)

Contract owner transactions:
Variable annuity deposits		92			43,695			1,000
Terminations, withdrawals and annuity payments		(3,735	)		(41,301	)		(57,809	)
Transfers between subaccounts, net		(10,108	)		42,693			(10,000	)
Maintenance charges and mortality adjustments		(3,733	)		(341	)		(1,506	)

Increase (decrease) in net assets from contract transactions		(17,484	)		44,746			(68,315	)

Total increase (decrease) in net assets		(110,674	)		(88,435	)		(125,852	)

Net assets as of December 31, 2022	$	652,348		$	455,156		$	233,753

Investment income (loss):
Dividend distributions		35,569			3,273			2,980
Investment Expenses:
Mortality and expense risk and administrative charges		(4,775	)		(3,334	)		(1,747	)

Net investment income (loss)		30,794			(61	)		1,233

Increase (decrease) in net assets from operations:
Capital gain distributions		—			1,097			3,700
Realized capital gain (loss) on investments		(12,159	)		12,466			(6,258	)
Change in unrealized appreciation (depreciation)		38,557			66,664			32,074

Net gain (loss) on investments		26,398			80,227			29,516

Net increase (decrease) in net assets from operations		57,192			80,166			30,749

Contract owner transactions:
Variable annuity deposits		232			6,039			1,000
Terminations, withdrawals and annuity payments		(29,082	)		(92,147	)		(18,473	)
Transfers between subaccounts, net		(31,086	)		(31,700	)		—
Maintenance charges and mortality adjustments		(3,567	)		(272	)		(1,096	)

Increase (decrease) in net assets from contract transactions		(63,503	)		(118,080	)		(18,569	)

Total increase (decrease) in net assets		(6,311	)		(37,914	)		12,180

Net assets as of December 31, 2023	$	646,037		$	417,242		$	245,933

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Franklin Income VIP Fund			Franklin Mutual Global Discovery VIP Fund			Franklin Small Cap Value VIP Fund
Net assets as of December 31, 2021	$	653,228		$	954,132		$	216,969

Investment income (loss):
Dividend distributions		28,411			12,300			1,666
Investment Expenses:
Mortality and expense risk and administrative charges		(4,755	)		(6,609	)		(1,301	)

Net investment income (loss)		23,656			5,691			365

Increase (decrease) in net assets from operations:
Capital gain distributions		11,532			73,551			31,435
Realized capital gain (loss) on investments		2,689			(4,063	)		(4,280	)
Change in unrealized appreciation (depreciation)		(77,095	)		(125,590	)		(50,617	)

Net gain (loss) on investments		(62,874	)		(56,102	)		(23,462	)

Net increase (decrease) in net assets from operations		(39,218	)		(50,411	)		(23,097	)

Contract owner transactions:
Variable annuity deposits		4,234			16,124			798
Terminations, withdrawals and annuity payments		(52,758	)		(83,263	)		(30,142	)
Transfers between subaccounts, net		(122	)		3,964			(10,967	)
Maintenance charges and mortality adjustments		(2,273	)		(1,166	)		(456	)

Increase (decrease) in net assets from contract transactions		(50,919	)		(64,341	)		(40,767	)

Total increase (decrease) in net assets		(90,137	)		(114,752	)		(63,864	)

Net assets as of December 31, 2022	$	563,091		$	839,380		$	153,105

Investment income (loss):
Dividend distributions		29,109			22,245			798
Investment Expenses:
Mortality and expense risk and administrative charges		(4,546	)		(6,730	)		(1,163	)

Net investment income (loss)		24,563			15,515			(365	)

Increase (decrease) in net assets from operations:
Capital gain distributions		35,290			48,411			8,648
Realized capital gain (loss) on investments		(1,787	)		(2,087	)		(1,549	)
Change in unrealized appreciation (depreciation)		(15,174	)		97,371			11,244

Net gain (loss) on investments		18,329			143,695			18,343

Net increase (decrease) in net assets from operations		42,892			159,210			17,978

Contract owner transactions:
Variable annuity deposits		2,749			12,846			1,010
Terminations, withdrawals and annuity payments		(15,009	)		(21,598	)		(3,213	)
Transfers between subaccounts, net		2,700			(35,403	)		(86	)
Maintenance charges and mortality adjustments		(1,778	)		(793	)		(128	)

Increase (decrease) in net assets from contract transactions		(11,338	)		(44,948	)		(2,417	)

Total increase (decrease) in net assets		31,554			114,262			15,561

Net assets as of December 31, 2023	$	594,645		$	953,642		$	168,666

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Franklin Strategic Income VIP Fund			Guggenheim VIF All Cap Value			Guggenheim VIF Alpha Opportunity
Net assets as of December 31, 2021	$	121,138		$	315,746		$	72,348

Investment income (loss):
Dividend distributions		4,813			3,218			266
Investment Expenses:
Mortality and expense risk and administrative charges		(808	)		(2,178	)		(501	)

Net investment income (loss)		4,005			1,040			(235	)

Increase (decrease) in net assets from operations:
Capital gain distributions		—			29,959			—
Realized capital gain (loss) on investments		(4,336	)		10,935			(273	)
Change in unrealized appreciation (depreciation)		(13,941	)		(47,963	)		(6,164	)

Net gain (loss) on investments		(18,277	)		(7,069	)		(6,437	)

Net increase (decrease) in net assets from operations		(14,272	)		(6,029	)		(6,672	)

Contract owner transactions:
Variable annuity deposits		4,050			70			2,395
Terminations, withdrawals and annuity payments		(9,819	)		(51,340	)		(1,462	)
Transfers between subaccounts, net		(9,397	)		(5,212	)		(1,030	)
Maintenance charges and mortality adjustments		(711	)		(1,072	)		(81	)

Increase (decrease) in net assets from contract transactions		(15,877	)		(57,554	)		(178	)

Total increase (decrease) in net assets		(30,149	)		(63,583	)		(6,850	)

Net assets as of December 31, 2022	$	90,989		$	252,163		$	65,498

Investment income (loss):
Dividend distributions		4,208			3,988			77
Investment Expenses:
Mortality and expense risk and administrative charges		(712	)		(1,933	)		(499	)

Net investment income (loss)		3,496			2,055			(422	)

Increase (decrease) in net assets from operations:
Capital gain distributions		—			21,675			—
Realized capital gain (loss) on investments		(939	)		618			(405	)
Change in unrealized appreciation (depreciation)		4,329			(3,431	)		5,615

Net gain (loss) on investments		3,390			18,862			5,210

Net increase (decrease) in net assets from operations		6,886			20,917			4,788

Contract owner transactions:
Variable annuity deposits		4,500			—			1,913
Terminations, withdrawals and annuity payments		(749	)		(3,728	)		(4,226	)
Transfers between subaccounts, net		615			16,501			599
Maintenance charges and mortality adjustments		(304	)		(870	)		(58	)

Increase (decrease) in net assets from contract transactions		4,062			11,903			(1,772	)

Total increase (decrease) in net assets		10,948			32,820			3,016

Net assets as of December 31, 2023	$	101,937		$	284,983		$	68,514

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Guggenheim VIF Floating Rate Strategies			Guggenheim VIF Global Managed Futures Strategy			Guggenheim VIF High Yield
Net assets as of December 31, 2021	$	1,227,732		$	63,452		$	927,988

Investment income (loss):
Dividend distributions		27,333			1,684			51,737
Investment Expenses:
Mortality and expense risk and administrative charges		(8,846	)		(529	)		(6,281	)

Net investment income (loss)		18,487			1,155			45,456

Increase (decrease) in net assets from operations:
Capital gain distributions		—			333			—
Realized capital gain (loss) on investments		(3,986	)		47			(13,064	)
Change in unrealized appreciation (depreciation)		(33,677	)		5,099			(125,570	)

Net gain (loss) on investments		(37,663	)		5,479			(138,634	)

Net increase (decrease) in net assets from operations		(19,176	)		6,634			(93,178	)

Contract owner transactions:
Variable annuity deposits		4,843			112			91
Terminations, withdrawals and annuity payments		(20,161	)		(95	)		(71,352	)
Transfers between subaccounts, net		(11,512	)		—			(21,660	)
Maintenance charges and mortality adjustments		(6,361	)		(350	)		(1,697	)

Increase (decrease) in net assets from contract transactions		(33,191	)		(333	)		(94,618	)

Total increase (decrease) in net assets		(52,367	)		6,301			(187,796	)

Net assets as of December 31, 2022	$	1,175,365		$	69,753		$	740,192

Investment income (loss):
Dividend distributions		41,959			2,561			43,565
Investment Expenses:
Mortality and expense risk and administrative charges		(9,070	)		(534	)		(5,952	)

Net investment income (loss)		32,889			2,027			37,613

Increase (decrease) in net assets from operations:
Capital gain distributions		—			1,629			—
Realized capital gain (loss) on investments		(3,380	)		21			(6,524	)
Change in unrealized appreciation (depreciation)		88,787			(1,563	)		49,388

Net gain (loss) on investments		85,407			87			42,864

Net increase (decrease) in net assets from operations		118,296			2,114			80,477

Contract owner transactions:
Variable annuity deposits		5,010			250			—
Terminations, withdrawals and annuity payments		(18,363	)		—			(23,541	)
Transfers between subaccounts, net		(29,524	)		—			(3,340	)
Maintenance charges and mortality adjustments		(6,557	)		(353	)		(1,597	)

Increase (decrease) in net assets from contract transactions		(49,434	)		(103	)		(28,478	)

Total increase (decrease) in net assets		68,862			2,011			51,999

Net assets as of December 31, 2023	$	1,244,227		$	71,764		$	792,191

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Guggenheim VIF Large Cap Value			Guggenheim VIF Long Short Equity			Guggenheim VIF Managed Asset Allocation
Net assets as of December 31, 2021	$	747,458		$	100,035		$	684,602

Investment income (loss):
Dividend distributions		8,519			358			4,359
Investment Expenses:
Mortality and expense risk and administrative charges		(5,155	)		(574	)		(4,061	)

Net investment income (loss)		3,364			(216	)		298

Increase (decrease) in net assets from operations:
Capital gain distributions		59,419			—			50,816
Realized capital gain (loss) on investments		21,094			938			5,956
Change in unrealized appreciation (depreciation)		(96,196	)		(15,159	)		(166,774	)

Net gain (loss) on investments		(15,683	)		(14,221	)		(110,002	)

Net increase (decrease) in net assets from operations		(12,319	)		(14,437	)		(109,704	)

Contract owner transactions:
Variable annuity deposits		2,769			—			9,417
Terminations, withdrawals and annuity payments		(68,018	)		(12,359	)		(65,264	)
Transfers between subaccounts, net		(17,502	)		(8,530	)		(25,537	)
Maintenance charges and mortality adjustments		(587	)		(470	)		(2,421	)

Increase (decrease) in net assets from contract transactions		(83,338	)		(21,359	)		(83,805	)

Total increase (decrease) in net assets		(95,657	)		(35,796	)		(193,509	)

Net assets as of December 31, 2022	$	651,801		$	64,239		$	491,093

Investment income (loss):
Dividend distributions		11,056			193			5,999
Investment Expenses:
Mortality and expense risk and administrative charges		(4,927	)		(545	)		(3,660	)

Net investment income (loss)		6,129			(352	)		2,339

Increase (decrease) in net assets from operations:
Capital gain distributions		65,452			—			3,679
Realized capital gain (loss) on investments		2,701			958			(5,731	)
Change in unrealized appreciation (depreciation)		(21,711	)		7,057			56,412

Net gain (loss) on investments		46,442			8,015			54,360

Net increase (decrease) in net assets from operations		52,571			7,663			56,699

Contract owner transactions:
Variable annuity deposits		3,180			—			830
Terminations, withdrawals and annuity payments		(45,743	)		(5,569	)		(100,908	)
Transfers between subaccounts, net		(5,766	)		9,482			63
Maintenance charges and mortality adjustments		(521	)		(440	)		(2,165	)

Increase (decrease) in net assets from contract transactions		(48,850	)		3,473			(102,180	)

Total increase (decrease) in net assets		3,721			11,136			(45,481	)

Net assets as of December 31, 2023	$	655,522		$	75,375		$	445,612

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Guggenheim VIF Multi-Hedge Strategies			Guggenheim VIF Small Cap Value			Guggenheim VIF SMid Cap Value
Net assets as of December 31, 2021	$	56,395		$	394,141		$	1,248,305

Investment income (loss):
Dividend distributions		649			2,364			10,170
Investment Expenses:
Mortality and expense risk and administrative charges		(474	)		(2,726	)		(8,826	)

Net investment income (loss)		175			(362	)		1,344

Increase (decrease) in net assets from operations:
Capital gain distributions		563			17,044			126,883
Realized capital gain (loss) on investments		63			6,028			20,930
Change in unrealized appreciation (depreciation)		(3,368	)		(40,411	)		(182,122	)

Net gain (loss) on investments		(2,742	)		(17,339	)		(34,309	)

Net increase (decrease) in net assets from operations		(2,567	)		(17,701	)		(32,965	)

Contract owner transactions:
Variable annuity deposits		2,000			7,418			22,908
Terminations, withdrawals and annuity payments		(934	)		(53,481	)		(71,282	)
Transfers between subaccounts, net		32,387			46,611			(45,238	)
Maintenance charges and mortality adjustments		(216	)		(1,165	)		(2,386	)

Increase (decrease) in net assets from contract transactions		33,237			(617	)		(95,998	)

Total increase (decrease) in net assets		30,670			(18,318	)		(128,963	)

Net assets as of December 31, 2022	$	87,065		$	375,823		$	1,119,342

Investment income (loss):
Dividend distributions		2,549			4,820			17,196
Investment Expenses:
Mortality and expense risk and administrative charges		(721	)		(2,787	)		(8,661	)

Net investment income (loss)		1,828			2,033			8,535

Increase (decrease) in net assets from operations:
Capital gain distributions		—			23,514			80,667
Realized capital gain (loss) on investments		(205	)		(1,682	)		3,647
Change in unrealized appreciation (depreciation)		1,453			9,596			5,125

Net gain (loss) on investments		1,248			31,428			89,439

Net increase (decrease) in net assets from operations		3,076			33,461			97,974

Contract owner transactions:
Variable annuity deposits		2,100			5,672			15,625
Terminations, withdrawals and annuity payments		(436	)		(17,269	)		(20,490	)
Transfers between subaccounts, net		2,663			(336	)		15,938
Maintenance charges and mortality adjustments		(390	)		(974	)		(2,297	)

Increase (decrease) in net assets from contract transactions		3,937			(12,907	)		8,776

Total increase (decrease) in net assets		7,013			20,554			106,750

Net assets as of December 31, 2023	$	94,078		$	396,377		$	1,226,092

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Guggenheim VIF StylePlus Large Core			Guggenheim VIF StylePlus Large Growth			Guggenheim VIF StylePlus Mid Growth
Net assets as of December 31, 2021	$	633,084		$	385,304		$	3,100,760

Investment income (loss):
Dividend distributions		2,955			1,124			9,320
Investment Expenses:
Mortality and expense risk and administrative charges		(4,279	)		(2,066	)		(18,956	)

Net investment income (loss)		(1,324	)		(942	)		(9,636	)

Increase (decrease) in net assets from operations:
Capital gain distributions		140,047			63,617			675,023
Realized capital gain (loss) on investments		4,060			2,335			(44,904	)
Change in unrealized appreciation (depreciation)		(277,266	)		(178,266	)		(1,519,198	)

Net gain (loss) on investments		(133,159	)		(112,314	)		(889,079	)

Net increase (decrease) in net assets from operations		(134,483	)		(113,256	)		(898,715	)

Contract owner transactions:
Variable annuity deposits		12,791			474			151,095
Terminations, withdrawals and annuity payments		(49,898	)		(26,154	)		(162,443	)
Transfers between subaccounts, net		17,072			(15,787	)		107,753
Maintenance charges and mortality adjustments		(1,115	)		(1,101	)		(9,719	)

Increase (decrease) in net assets from contract transactions		(21,150	)		(42,568	)		86,686

Total increase (decrease) in net assets		(155,633	)		(155,824	)		(812,029	)

Net assets as of December 31, 2022	$	477,451		$	229,480		$	2,288,731

Investment income (loss):
Dividend distributions		8,464			3,624			36,566
Investment Expenses:
Mortality and expense risk and administrative charges		(4,237	)		(1,903	)		(18,921	)

Net investment income (loss)		4,227			1,721			17,645

Increase (decrease) in net assets from operations:
Capital gain distributions		—			—			—
Realized capital gain (loss) on investments		(4,388	)		(4,933	)		(91,043	)
Change in unrealized appreciation (depreciation)		121,443			80,947			634,710

Net gain (loss) on investments		117,055			76,014			543,667

Net increase (decrease) in net assets from operations		121,282			77,735			561,312

Contract owner transactions:
Variable annuity deposits		7,929			1,787			39,092
Terminations, withdrawals and annuity payments		(17,771	)		(117,428	)		(194,505	)
Transfers between subaccounts, net		(9,205	)		515			(21,260	)
Maintenance charges and mortality adjustments		(982	)		(875	)		(8,125	)

Increase (decrease) in net assets from contract transactions		(20,029	)		(116,001	)		(184,798	)

Total increase (decrease) in net assets		101,253			(38,266	)		376,514

Net assets as of December 31, 2023	$	578,704		$	191,214		$	2,665,245

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Guggenheim VIF StylePlus Small Growth			Guggenheim VIF Total Return Bond			Guggenheim VIF World Equity Income
Net assets as of December 31, 2021	$	1,290,852		$	2,041,211		$	749,106

Investment income (loss):
Dividend distributions		3,137			52,458			13,510
Investment Expenses:
Mortality and expense risk and administrative charges		(7,582	)		(13,006	)		(4,703	)

Net investment income (loss)		(4,445	)		39,452			8,807

Increase (decrease) in net assets from operations:
Capital gain distributions		328,141			4,141			125,741
Realized capital gain (loss) on investments		(1,713	)		(12,840	)		26,217
Change in unrealized appreciation (depreciation)		(671,107	)		(364,422	)		(228,894	)

Net gain (loss) on investments		(344,679	)		(373,121	)		(76,936	)

Net increase (decrease) in net assets from operations		(349,124	)		(333,669	)		(68,129	)

Contract owner transactions:
Variable annuity deposits		1,832			7,102			342
Terminations, withdrawals and annuity payments		(10,894	)		(110,679	)		(98,490	)
Transfers between subaccounts, net		5,013			(35,006	)		14,880
Maintenance charges and mortality adjustments		(5,207	)		(9,272	)		(1,708	)

Increase (decrease) in net assets from contract transactions		(9,256	)		(147,855	)		(84,976	)

Total increase (decrease) in net assets		(358,380	)		(481,524	)		(153,105	)

Net assets as of December 31, 2022	$	932,472		$	1,559,687		$	596,001

Investment income (loss):
Dividend distributions		13,590			57,521			16,144
Investment Expenses:
Mortality and expense risk and administrative charges		(7,326	)		(11,709	)		(4,524	)

Net investment income (loss)		6,264			45,812			11,620

Increase (decrease) in net assets from operations:
Capital gain distributions		—			—			—
Realized capital gain (loss) on investments		(22,302	)		(21,938	)		1,782
Change in unrealized appreciation (depreciation)		195,832			69,844			52,240

Net gain (loss) on investments		173,530			47,906			54,022

Net increase (decrease) in net assets from operations		179,794			93,718			65,642

Contract owner transactions:
Variable annuity deposits		5,512			4,970			887
Terminations, withdrawals and annuity payments		(15,619	)		(53,047	)		(16,910	)
Transfers between subaccounts, net		(37,021	)		(8,385	)		(14,577	)
Maintenance charges and mortality adjustments		(5,181	)		(7,256	)		(1,624	)

Increase (decrease) in net assets from contract transactions		(52,309	)		(63,718	)		(32,224	)

Total increase (decrease) in net assets		127,485			30,000			33,418

Net assets as of December 31, 2023	$	1,059,957		$	1,589,687		$	629,419

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Invesco V.I. American Value			Invesco V.I. Comstock			Invesco V.I. Core Plus Bond
Net assets as of December 31, 2021	$	7,288		$	277,225		$	—

Investment income (loss):
Dividend distributions		597			3,211			1,257
Investment Expenses:
Mortality and expense risk and administrative charges		(367	)		(1,921	)		(1,015	)

Net investment income (loss)		230			1,290			242

Increase (decrease) in net assets from operations:
Capital gain distributions		24,199			7,321			139
Realized capital gain (loss) on investments		(86	)		11,888			(790	)
Change in unrealized appreciation (depreciation)		(19,660	)		(23,201	)		(11,767	)

Net gain (loss) on investments		4,453			(3,992	)		(12,418	)

Net increase (decrease) in net assets from operations		4,683			(2,702	)		(12,176	)

Contract owner transactions:
Variable annuity deposits		—			—			—
Terminations, withdrawals and annuity payments		(168	)		(33,839	)		(14,032	)
Transfers between subaccounts, net		118,984			(7,635	)		240,995
Maintenance charges and mortality adjustments		(280	)		(304	)		(416	)

Increase (decrease) in net assets from contract transactions		118,536			(41,778	)		226,547

Total increase (decrease) in net assets		123,219			(44,480	)		214,371

Net assets as of December 31, 2022	$	130,507		$	232,745		$	214,371

Investment income (loss):
Dividend distributions		519			3,264			5,044
Investment Expenses:
Mortality and expense risk and administrative charges		(993	)		(1,686	)		(1,543	)

Net investment income (loss)		(474	)		1,578			3,501

Increase (decrease) in net assets from operations:
Capital gain distributions		28,930			23,506			—
Realized capital gain (loss) on investments		(310	)		7,501			(756	)
Change in unrealized appreciation (depreciation)		(9,391	)		(3,180	)		7,666

Net gain (loss) on investments		19,229			27,827			6,910

Net increase (decrease) in net assets from operations		18,755			29,405			10,411

Contract owner transactions:
Variable annuity deposits		—			—			665
Terminations, withdrawals and annuity payments		(149	)		(45,702	)		(7,452	)
Transfers between subaccounts, net		(1	)		101,117			(7,131	)
Maintenance charges and mortality adjustments		(713	)		(290	)		(520	)

Increase (decrease) in net assets from contract transactions		(863	)		55,125			(14,438	)

Total increase (decrease) in net assets		17,892			84,530			(4,027	)

Net assets as of December 31, 2023	$	148,399		$	317,275		$	210,344

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Invesco V.I. Discovery Mid Cap Growth			Invesco V.I. Equity and Income			Invesco V.I. EVQ International Equity Fund
Net assets as of December 31, 2021	$	456,732		$	1,103,548		$	471,218

Investment income (loss):
Dividend distributions		—			11,335			4,645
Investment Expenses:
Mortality and expense risk and administrative charges		(2,531	)		(6,683	)		(2,867	)

Net investment income (loss)		(2,531	)		4,652			1,778

Increase (decrease) in net assets from operations:
Capital gain distributions		103,207			104,592			36,337
Realized capital gain (loss) on investments		2,149			24,720			(3,499	)
Change in unrealized appreciation (depreciation)		(243,428	)		(222,756	)		(120,034	)

Net gain (loss) on investments		(138,072	)		(93,444	)		(87,196	)

Net increase (decrease) in net assets from operations		(140,603	)		(88,792	)		(85,418	)

Contract owner transactions:
Variable annuity deposits		21,664			41,615			4,640
Terminations, withdrawals and annuity payments		(38,043	)		(231,658	)		(68,133	)
Transfers between subaccounts, net		14,297			(63,403	)		(9,330	)
Maintenance charges and mortality adjustments		(495	)		(3,737	)		(1,380	)

Increase (decrease) in net assets from contract transactions		(2,577	)		(257,183	)		(74,203	)

Total increase (decrease) in net assets		(143,180	)		(345,975	)		(159,621	)

Net assets as of December 31, 2022	$	313,552		$	757,573		$	311,597

Investment income (loss):
Dividend distributions		—			12,729			—
Investment Expenses:
Mortality and expense risk and administrative charges		(2,498	)		(5,545	)		(2,711	)

Net investment income (loss)		(2,498	)		7,184			(2,711	)

Increase (decrease) in net assets from operations:
Capital gain distributions		—			38,644			256
Realized capital gain (loss) on investments		(4,025	)		(6,633	)		(6,013	)

Change in unrealized appreciation (depreciation)		45,094			26,676			59,589

Net gain (loss) on investments		41,069			58,687			53,832

Net increase (decrease) in net assets from operations		38,571			65,871			51,121

Contract owner transactions:
Variable annuity deposits		2,323			5,739			4,464
Terminations, withdrawals and annuity payments		(13,432	)		(109,066	)		(18,721	)
Transfers between subaccounts, net		9,142			16,372			(1,186	)
Maintenance charges and mortality adjustments		(468	)		(2,621	)		(1,141	)

Increase (decrease) in net assets from contract transactions		(2,435	)		(89,576	)		(16,584	)

Total increase (decrease) in net assets		36,136			(23,705	)		34,537

Net assets as of December 31, 2023	$	349,688		$	733,868		$	346,134

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Invesco V.I. Global			Invesco V.I. Global Real Estate			Invesco V.I. Government Money Market
Net assets as of December 31, 2021	$	741,389		$	663,517		$	920,685

Investment income (loss):
Dividend distributions		—			14,834			9,956
Investment Expenses:
Mortality and expense risk and administrative charges		(4,088	)		(3,948	)		(6,990	)

Net investment income (loss)		(4,088	)		10,886			2,966

Increase (decrease) in net assets from operations:
Capital gain distributions		95,890			—			—
Realized capital gain (loss) on investments		1,718			(4,136	)		—
Change in unrealized appreciation (depreciation)		(331,317	)		(167,099	)		—

Net gain (loss) on investments		(233,709	)		(171,235	)		—

Net increase (decrease) in net assets from operations		(237,797	)		(160,349	)		2,966

Contract owner transactions:
Variable annuity deposits		122			7,177			590
Terminations, withdrawals and annuity payments		(30,383	)		(65,047	)		(247,683	)
Transfers between subaccounts, net		16,827			8,331			46,349
Maintenance charges and mortality adjustments		(2,683	)		(1,321	)		(3,544	)

Increase (decrease) in net assets from contract transactions		(16,117	)		(50,860	)		(204,288	)

Total increase (decrease) in net assets		(253,914	)		(211,209	)		(201,322	)

Net assets as of December 31, 2022	$	487,475		$	452,308		$	719,363

Investment income (loss):
Dividend distributions		—			6,938			30,516
Investment Expenses:
Mortality and expense risk and administrative charges		(4,231	)		(3,435	)		(5,338	)

Net investment income (loss)		(4,231	)		3,503			25,178

Increase (decrease) in net assets from operations:
Capital gain distributions		67,822			—			—
Realized capital gain (loss) on investments		(2,358	)		(8,127	)		—
Change in unrealized appreciation (depreciation)		99,646			40,529			—

Net gain (loss) on investments		165,110			32,402			—

Net increase (decrease) in net assets from operations		160,879			35,905			25,178

Contract owner transactions:
Variable annuity deposits		222			6,946			2,826
Terminations, withdrawals and annuity payments		(13,949	)		(23,713	)		(104,131	)
Transfers between subaccounts, net		425			13,718			(17,241	)
Maintenance charges and mortality adjustments		(2,904	)		(1,061	)		(3,697	)

Increase (decrease) in net assets from contract transactions		(16,206	)		(4,110	)		(122,243	)

Total increase (decrease) in net assets		144,673			31,795			(97,065	)

Net assets as of December 31, 2023	$	632,148		$	484,103		$	622,298

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Invesco V.I. Government Securities			Invesco V.I. Health Care			Invesco V.I. Main Street Mid Cap Fund^®
Net assets as of December 31, 2021	$	792,898		$	247,702		$	111,451

Investment income (loss):
Dividend distributions		11,514			—			62
Investment Expenses:
Mortality and expense risk and administrative charges		(5,219	)		(1,753	)		(702	)

Net investment income (loss)		6,295			(1,753	)		(640	)

Increase (decrease) in net assets from operations:
Capital gain distributions		—			29,313			19,086
Realized capital gain (loss) on investments		(17,250	)		(539	)		(2,688	)
Change in unrealized appreciation (depreciation)		(76,009	)		(62,059	)		(33,004	)

Net gain (loss) on investments		(93,259	)		(33,285	)		(16,606	)

Net increase (decrease) in net assets from operations		(86,964	)		(35,038	)		(17,246	)

Contract owner transactions:
Variable annuity deposits		4,565			3,475			1
Terminations, withdrawals and annuity payments		(118,961	)		(3,238	)		(3,991	)
Transfers between subaccounts, net		7,765			12,863			(7,342	)
Maintenance charges and mortality adjustments		(991	)		(161	)		(142	)

Increase (decrease) in net assets from contract transactions		(107,622	)		12,939			(11,474	)

Total increase (decrease) in net assets		(194,586	)		(22,099	)		(28,720	)

Net assets as of December 31, 2022	$	598,312		$	225,603		$	82,731

Investment income (loss):
Dividend distributions		11,237			—			44
Investment Expenses:
Mortality and expense risk and administrative charges		(4,580	)		(1,689	)		(773	)

Net investment income (loss)		6,657			(1,689	)		(729	)

Increase (decrease) in net assets from operations:
Capital gain distributions		—			—			—
Realized capital gain (loss) on investments		(4,700	)		(6,988	)		(2,183	)
Change in unrealized appreciation (depreciation)		20,126			11,384			17,721

Net gain (loss) on investments		15,426			4,396			15,538

Net increase (decrease) in net assets from operations		22,083			2,707			14,809

Contract owner transactions:
Variable annuity deposits		4,256			1,650			—
Terminations, withdrawals and annuity payments		(22,036	)		(20,002	)		(2,169	)
Transfers between subaccounts, net		23,345			(12,978	)		23,889
Maintenance charges and mortality adjustments		(912	)		(136	)		(111	)

Increase (decrease) in net assets from contract transactions		4,653			(31,466	)		21,609

Total increase (decrease) in net assets		26,736			(28,759	)		36,418

Net assets as of December 31, 2023	$	625,048		$	196,844		$	119,149

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Invesco V.I. Main Street Small Cap Fund^®			Janus Henderson VIT Enterprise			Janus Henderson VIT Research
Net assets as of December 31, 2021	$	211,510		$	2,448,804		$	1,055,169

Investment income (loss):
Dividend distributions		478			1,690			—
Investment Expenses:
Mortality and expense risk and administrative charges		(1,490	)		(15,582	)		(6,266	)

Net investment income (loss)		(1,012	)		(13,892	)		(6,266	)

Increase (decrease) in net assets from operations:
Capital gain distributions		22,397			369,935			154,994
Realized capital gain (loss) on investments		253			(5,323	)		453
Change in unrealized appreciation (depreciation)		(57,415	)		(761,240	)		(474,768	)

Net gain (loss) on investments		(34,765	)		(396,628	)		(319,321	)

Net increase (decrease) in net assets from operations		(35,777	)		(410,520	)		(325,587	)

Contract owner transactions:
Variable annuity deposits		19,682			11,481			16,399
Terminations, withdrawals and annuity payments		(25,702	)		(61,532	)		(9,884	)
Transfers between subaccounts, net		541			(37,047	)		25,151
Maintenance charges and mortality adjustments		(792	)		(9,812	)		(1,734	)

Increase (decrease) in net assets from contract transactions		(6,271	)		(96,910	)		29,932

Total increase (decrease) in net assets		(42,048	)		(507,430	)		(295,655	)

Net assets as of December 31, 2022	$	169,462		$	1,941,374		$	759,514

Investment income (loss):
Dividend distributions		1,866			1,790			557
Investment Expenses:
Mortality and expense risk and administrative charges		(1,492	)		(14,886	)		(6,784	)

Net investment income (loss)		374			(13,096	)		(6,227	)

Increase (decrease) in net assets from operations:
Capital gain distributions		—			147,863			—
Realized capital gain (loss) on investments		1,314			(7,727	)		4,503
Change in unrealized appreciation (depreciation)		30,684			182,110			313,811

Net gain (loss) on investments		31,998			322,246			318,314

Net increase (decrease) in net assets from operations		32,372			309,150			312,087

Contract owner transactions:
Variable annuity deposits		5,391			13,173			13,770
Terminations, withdrawals and annuity payments		(22,044	)		(119,878	)		(28,783	)
Transfers between subaccounts, net		21,013			(74,987	)		(20,338	)
Maintenance charges and mortality adjustments		(596	)		(10,838	)		(2,387	)

Increase (decrease) in net assets from contract transactions		3,764			(192,530	)		(37,738	)

Total increase (decrease) in net assets		36,136			116,620			274,349

Net assets as of December 31, 2023	$	205,598		$	2,057,994		$	1,033,863

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Lord Abbett Series Bond-Debenture VC			Lord Abbett Series Developing Growth VC			LVIP JPMorgan Core Bond Fund (a)
Net assets as of December 31, 2021	$	283,032		$	352,903		$	294,648

Investment income (loss):
Dividend distributions		9,341			—			4,282
Investment Expenses:
Mortality and expense risk and administrative charges		(1,590	)		(1,620	)		(1,388	)

Net investment income (loss)		7,751			(1,620	)		2,894

Increase (decrease) in net assets from operations:
Capital gain distributions		575			—			1,293
Realized capital gain (loss) on investments		(2,913	)		(33,003	)		(19,468	)
Change in unrealized appreciation (depreciation)		(38,116	)		(84,621	)		(19,008	)

Net gain (loss) on investments		(40,454	)		(117,624	)		(37,183	)

Net increase (decrease) in net assets from operations		(32,703	)		(119,244	)		(34,289	)

Contract owner transactions:
Variable annuity deposits		975			2,836			300
Terminations, withdrawals and annuity payments		(19,925	)		(3,132	)		(109,808	)
Transfers between subaccounts, net		(30,126	)		(46,311	)		(43,165	)
Maintenance charges and mortality adjustments		(1,360	)		(15	)		(1,635	)

Increase (decrease) in net assets from contract transactions		(50,436	)		(46,622	)		(154,308	)

Total increase (decrease) in net assets		(83,139	)		(165,866	)		(188,597	)

Net assets as of December 31, 2022	$	199,893		$	187,037		$	106,051

Investment income (loss):
Dividend distributions		8,566			—			3,569
Investment Expenses:
Mortality and expense risk and administrative charges		(1,328	)		(1,452	)		(811	)

Net investment income (loss)		7,238			(1,452	)		2,758

Increase (decrease) in net assets from operations:
Capital gain distributions		—			—			—
Realized capital gain (loss) on investments		(6,953	)		(5,677	)		(220	)
Change in unrealized appreciation (depreciation)		9,763			22,144			2,660

Net gain (loss) on investments		2,810			16,467			2,440

Net increase (decrease) in net assets from operations		10,048			15,015			5,198

Contract owner transactions:
Variable annuity deposits		514			416			—
Terminations, withdrawals and annuity payments		(14,428	)		(4,128	)		—
Transfers between subaccounts, net		(24,526	)		10,686			1,305
Maintenance charges and mortality adjustments		(1,163	)		(15	)		(292	)

Increase (decrease) in net assets from contract transactions		(39,603	)		6,959			1,013

Total increase (decrease) in net assets		(29,555	)		21,974			6,211

Net assets as of December 31, 2023	$	170,338		$	209,011		$	112,262

(a)	Name change. See Note 1.

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	MFS^® VIT II Research International			MFS^® VIT Total Return			MFS^® VIT Utilities
Net assets as of December 31, 2021	$	301,069		$	1,003,892		$	743,597

Investment income (loss):
Dividend distributions		4,131			13,364			15,472
Investment Expenses:
Mortality and expense risk and administrative charges		(1,867	)		(6,642	)		(5,433	)

Net investment income (loss)		2,264			6,722			10,039

Increase (decrease) in net assets from operations:
Capital gain distributions		5,784			79,477			27,205
Realized capital gain (loss) on investments		696			2,045			15,052
Change in unrealized appreciation (depreciation)		(63,797	)		(193,698	)		(56,755	)

Net gain (loss) on investments		(57,317	)		(112,176	)		(14,498	)

Net increase (decrease) in net assets from operations		(55,053	)		(105,454	)		(4,459	)

Contract owner transactions:
Variable annuity deposits		4,736			8,476			15,942
Terminations, withdrawals and annuity payments		(7,768	)		(89,584	)		(49,790	)
Transfers between subaccounts, net		(2,349	)		5,624			(35,403	)
Maintenance charges and mortality adjustments		(1,041	)		(1,982	)		(1,900	)

Increase (decrease) in net assets from contract transactions		(6,422	)		(77,466	)		(71,151	)

Total increase (decrease) in net assets		(61,475	)		(182,920	)		(75,610	)

Net assets as of December 31, 2022	$	239,594		$	820,972		$	667,987

Investment income (loss):
Dividend distributions		2,021			13,644			20,830
Investment Expenses:
Mortality and expense risk and administrative charges		(1,930	)		(5,861	)		(4,913	)

Net investment income (loss)		91			7,783			15,917

Increase (decrease) in net assets from operations:
Capital gain distributions		—			32,566			34,939
Realized capital gain (loss) on investments		(41	)		3,319			2,028
Change in unrealized appreciation (depreciation)		26,843			27,889			(75,402	)

Net gain (loss) on investments		26,802			63,774			(38,435	)

Net increase (decrease) in net assets from operations		26,893			71,557			(22,518	)

Contract owner transactions:
Variable annuity deposits		9,402			443			973
Terminations, withdrawals and annuity payments		(28,057	)		(107,185	)		(49,694	)
Transfers between subaccounts, net		699			(3,133	)		(20,935	)
Maintenance charges and mortality adjustments		(1,707	)		(1,515	)		(1,647	)

Increase (decrease) in net assets from contract transactions		(19,663	)		(111,390	)		(71,303	)

Total increase (decrease) in net assets		7,230			(39,833	)		(93,821	)

Net assets as of December 31, 2023	$	246,824		$	781,139		$	574,166

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Morgan Stanley VIF Emerging Markets Equity			Morningstar Aggressive Growth ETF Asset Allocation Portfolio			Morningstar Balanced ETF Asset Allocation Portfolio
Net assets as of December 31, 2021	$	413,319		$	222,752		$	390,328

Investment income (loss):
Dividend distributions		1,178			2,998			6,105
Investment Expenses:
Mortality and expense risk and administrative charges		(2,398	)		(1,483	)		(2,643	)

Net investment income (loss)		(1,220	)		1,515			3,462

Increase (decrease) in net assets from operations:
Capital gain distributions		33,663			7,079			16,626
Realized capital gain (loss) on investments		(11,679	)		310			(1,432	)
Change in unrealized appreciation (depreciation)		(127,976	)		(39,567	)		(71,053	)

Net gain (loss) on investments		(105,992	)		(32,178	)		(55,859	)

Net increase (decrease) in net assets from operations		(107,212	)		(30,663	)		(52,397	)

Contract owner transactions:
Variable annuity deposits		3,567			1,237			915
Terminations, withdrawals and annuity payments		(13,335	)		(1,384	)		(5,122	)
Transfers between subaccounts, net		2,652			185			6,913
Maintenance charges and mortality adjustments		(186	)		(506	)		(367	)

Increase (decrease) in net assets from contract transactions		(7,302	)		(468	)		2,339

Total increase (decrease) in net assets		(114,514	)		(31,131	)		(50,058	)

Net assets as of December 31, 2022	$	298,805		$	191,621		$	340,270

Investment income (loss):
Dividend distributions		4,810			3,449			6,112
Investment Expenses:
Mortality and expense risk and administrative charges		(2,247	)		(1,529	)		(2,606	)

Net investment income (loss)		2,563			1,920			3,506

Increase (decrease) in net assets from operations:
Capital gain distributions		5,387			4,303			7,114
Realized capital gain (loss) on investments		(15,728	)		101			(5,562	)
Change in unrealized appreciation (depreciation)		35,263			24,352			31,455

Net gain (loss) on investments		24,922			28,756			33,007

Net increase (decrease) in net assets from operations		27,485			30,676			36,513

Contract owner transactions:
Variable annuity deposits		2,220			970			360
Terminations, withdrawals and annuity payments		(38,871	)		—			(54,818	)
Transfers between subaccounts, net		(26,711	)		(518	)		45
Maintenance charges and mortality adjustments		(138	)		(525	)		(376	)

Increase (decrease) in net assets from contract transactions		(63,500	)		(73	)		(54,789	)

Total increase (decrease) in net assets		(36,015	)		30,603			(18,276	)

Net assets as of December 31, 2023	$	262,790		$	222,224		$	321,994

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Morningstar Conservative ETF Asset Allocation Portfolio			Morningstar Growth ETF Asset Allocation Portfolio			Morningstar Income and Growth ETF Asset Allocation Portfolio
Net assets as of December 31, 2021	$	129,519		$	233,855		$	181,133

Investment income (loss):
Dividend distributions		1,713			3,491			1,952
Investment Expenses:
Mortality and expense risk and administrative charges		(1,005	)		(1,609	)		(862	)

Net investment income (loss)		708			1,882			1,090

Increase (decrease) in net assets from operations:
Capital gain distributions		3,968			8,769			4,898
Realized capital gain (loss) on investments		441			65			1,147
Change in unrealized appreciation (depreciation)		(24,301	)		(43,575	)		(24,856	)

Net gain (loss) on investments		(19,892	)		(34,741	)		(18,811	)

Net increase (decrease) in net assets from operations		(19,184	)		(32,859	)		(17,721	)

Contract owner transactions:
Variable annuity deposits		—			908			1,025
Terminations, withdrawals and annuity payments		(2,006	)		(6,340	)		—
Transfers between subaccounts, net		2,304			15,431			(56,804	)
Maintenance charges and mortality adjustments		(21	)		(899	)		(258	)

Increase (decrease) in net assets from contract transactions		277			9,100			(56,037	)

Total increase (decrease) in net assets		(18,907	)		(23,759	)		(73,758	)

Net assets as of December 31, 2022	$	110,612		$	210,096		$	107,375

Investment income (loss):
Dividend distributions		565			3,683			2,394
Investment Expenses:
Mortality and expense risk and administrative charges		(713	)		(1,530	)		(833	)

Net investment income (loss)		(148	)		2,153			1,561

Increase (decrease) in net assets from operations:
Capital gain distributions		285			4,768			1,113
Realized capital gain (loss) on investments		(7,539	)		(1,227	)		(163	)
Change in unrealized appreciation (depreciation)		11,267			22,554			7,941

Net gain (loss) on investments		4,013			26,095			8,891

Net increase (decrease) in net assets from operations		3,865			28,248			10,452

Contract owner transactions:
Variable annuity deposits		—			—			120
Terminations, withdrawals and annuity payments		(89,414	)		(6,714	)		(417	)
Transfers between subaccounts, net		25			(15,553	)		(4	)
Maintenance charges and mortality adjustments		(20	)		(935	)		(260	)

Increase (decrease) in net assets from contract transactions		(89,409	)		(23,202	)		(561	)

Total increase (decrease) in net assets		(85,544	)		5,046			9,891

Net assets as of December 31, 2023	$	25,068		$	215,142		$	117,266

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Neuberger Berman AMT Sustainable Equity			PIMCO VIT All Asset			PIMCO VIT CommodityRealReturn Strategy
Net assets as of December 31, 2021	$	846,913		$	114,415		$	219,245

Investment income (loss):
Dividend distributions		735			7,870			49,875
Investment Expenses:
Mortality and expense risk and administrative charges		(4,622	)		(955	)		(1,840	)

Net investment income (loss)		(3,887	)		6,915			48,035

Increase (decrease) in net assets from operations:
Capital gain distributions		56,091			8,084			—
Realized capital gain (loss) on investments		90,638			(239	)		9,101
Change in unrealized appreciation (depreciation)		(289,414	)		(28,809	)		(33,648	)

Net gain (loss) on investments		(142,685	)		(20,964	)		(24,547	)

Net increase (decrease) in net assets from operations		(146,572	)		(14,049	)		23,488

Contract owner transactions:
Variable annuity deposits		53			2,706			548
Terminations, withdrawals and annuity payments		(140,277	)		(7,583	)		(37,259	)
Transfers between subaccounts, net		(2,672	)		1,627			4,466
Maintenance charges and mortality adjustments		(1,637	)		(473	)		(848	)

Increase (decrease) in net assets from contract transactions		(144,533	)		(3,723	)		(33,093	)

Total increase (decrease) in net assets		(291,105	)		(17,772	)		(9,605	)

Net assets as of December 31, 2022	$	555,808		$	96,643		$	209,640

Investment income (loss):
Dividend distributions		421			2,910			31,689
Investment Expenses:
Mortality and expense risk and administrative charges		(4,239	)		(915	)		(1,544	)

Net investment income (loss)		(3,818	)		1,995			30,145

Increase (decrease) in net assets from operations:
Capital gain distributions		8,856			—			—
Realized capital gain (loss) on investments		23,076			(918	)		(5,722	)
Change in unrealized appreciation (depreciation)		100,351			5,702			(42,112	)

Net gain (loss) on investments		132,283			4,784			(47,834	)

Net increase (decrease) in net assets from operations		128,465			6,779			(17,689	)

Contract owner transactions:
Variable annuity deposits		—			683			3,906
Terminations, withdrawals and annuity payments		(89,265	)		(3,441	)		(15,565	)
Transfers between subaccounts, net		(12,739	)		843			2,238
Maintenance charges and mortality adjustments		(1,653	)		(453	)		(657	)

Increase (decrease) in net assets from contract transactions		(103,657	)		(2,368	)		(10,078	)

Total increase (decrease) in net assets		24,808			4,411			(27,767	)

Net assets as of December 31, 2023	$	580,616		$	101,054		$	181,873

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	PIMCO VIT Emerging Markets Bond			PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)			PIMCO VIT Low Duration
Net assets as of December 31, 2021	$	55,975		$	391,686		$	475,070

Investment income (loss):
Dividend distributions		1,509			4,444			7,223
Investment Expenses:
Mortality and expense risk and administrative charges		(246	)		(2,331	)		(3,280	)

Net investment income (loss)		1,263			2,113			3,943

Increase (decrease) in net assets from operations:
Capital gain distributions		—			115			—
Realized capital gain (loss) on investments		(3,458	)		(3,571	)		(9,337	)
Change in unrealized appreciation (depreciation)		(5,416	)		(34,766	)		(23,707	)

Net gain (loss) on investments		(8,874	)		(38,222	)		(33,044	)

Net increase (decrease) in net assets from operations		(7,611	)		(36,109	)		(29,101	)

Contract owner transactions:
Variable annuity deposits		8			2			1,010
Terminations, withdrawals and annuity payments		(1,656	)		(38,958	)		(86,562	)
Transfers between subaccounts, net		(19,604	)		(40,931	)		33,550
Maintenance charges and mortality adjustments		(122	)		(1,926	)		(2,170	)

Increase (decrease) in net assets from contract transactions		(21,374	)		(81,813	)		(54,172	)

Total increase (decrease) in net assets		(28,985	)		(117,922	)		(83,273	)

Net assets as of December 31, 2022	$	26,990		$	273,764		$	391,797

Investment income (loss):
Dividend distributions		1,563			7,384			12,963
Investment Expenses:
Mortality and expense risk and administrative charges		(213	)		(2,210	)		(2,775	)

Net investment income (loss)		1,350			5,174			10,188

Increase (decrease) in net assets from operations:
Capital gain distributions		—			7,611			—
Realized capital gain (loss) on investments		(454	)		(4,737	)		(11,468	)
Change in unrealized appreciation (depreciation)		1,597			15,047			14,801

Net gain (loss) on investments		1,143			17,921			3,333

Net increase (decrease) in net assets from operations		2,493			23,095			13,521

Contract owner transactions:
Variable annuity deposits		—			—			14,531
Terminations, withdrawals and annuity payments		(566	)		(17,996	)		(115,772	)
Transfers between subaccounts, net		191			42,685			(20,736	)
Maintenance charges and mortality adjustments		(113	)		(1,823	)		(3,381	)

Increase (decrease) in net assets from contract transactions		(488	)		22,866			(125,358	)

Total increase (decrease) in net assets		2,005			45,961			(111,837	)

Net assets as of December 31, 2023	$	28,995		$	319,725		$	279,960

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	PIMCO VIT Real Return			PIMCO VIT Total Return			Putnam VT Small Cap Value
Net assets as of December 31, 2021	$	1,310,338		$	628,822		$	19,400

Investment income (loss):
Dividend distributions		77,524			13,369			29
Investment Expenses:
Mortality and expense risk and administrative charges		(8,460	)		(4,029	)		(135	)

Net investment income (loss)		69,064			9,340			(106	)

Increase (decrease) in net assets from operations:
Capital gain distributions		—			—			2,403
Realized capital gain (loss) on investments		(2,925	)		(19,460	)		(32	)
Change in unrealized appreciation (depreciation)		(220,128	)		(83,018	)		(4,914	)

Net gain (loss) on investments		(223,053	)		(102,478	)		(2,543	)

Net increase (decrease) in net assets from operations		(153,989	)		(93,138	)		(2,649	)

Contract owner transactions:
Variable annuity deposits		22,659			17,953			—
Terminations, withdrawals and annuity payments		(168,506	)		(104,265	)		(2	)
Transfers between subaccounts, net		(13,695	)		22,117			202
Maintenance charges and mortality adjustments		(3,668	)		(3,276	)		(22	)

Increase (decrease) in net assets from contract transactions		(163,210	)		(67,471	)		178

Total increase (decrease) in net assets		(317,199	)		(160,609	)		(2,471	)

Net assets as of December 31, 2022	$	993,139		$	468,213		$	16,929

Investment income (loss):
Dividend distributions		29,577			15,288			27
Investment Expenses:
Mortality and expense risk and administrative charges		(7,531	)		(3,323	)		(134	)

Net investment income (loss)		22,046			11,965			(107	)

Increase (decrease) in net assets from operations:
Capital gain distributions		—			—			2,090
Realized capital gain (loss) on investments		(7,805	)		(28,777	)		(59	)
Change in unrealized appreciation (depreciation)		14,030			37,178			1,964

Net gain (loss) on investments		6,225			8,401			3,995

Net increase (decrease) in net assets from operations		28,271			20,366			3,888

Contract owner transactions:
Variable annuity deposits		25,467			46,879			—
Terminations, withdrawals and annuity payments		(53,096	)		(134,360	)		(2	)
Transfers between subaccounts, net		9,263			8,089			44
Maintenance charges and mortality adjustments		(2,879	)		(3,626	)		(24	)

Increase (decrease) in net assets from contract transactions		(21,245	)		(83,018	)		18

Total increase (decrease) in net assets		7,026			(62,652	)		3,906

Net assets as of December 31, 2023	$	1,000,165		$	405,561		$	20,835

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Royce Micro-Cap			T. Rowe Price Health Sciences			Templeton Developing Markets VIP Fund
Net assets as of December 31, 2021	$	221,819		$	1,850,308		$	184,388

Investment income (loss):
Dividend distributions		—			—			4,509
Investment Expenses:
Mortality and expense risk and administrative charges		(1,330	)		(11,550	)		(1,179	)

Net investment income (loss)		(1,330	)		(11,550	)		3,330

Increase (decrease) in net assets from operations:
Capital gain distributions		46,751			26,101			13,028
Realized capital gain (loss) on investments		3,383			17,300			(1,529	)
Change in unrealized appreciation (depreciation)		(99,175	)		(286,981	)		(57,040	)

Net gain (loss) on investments		(49,041	)		(243,580	)		(45,541	)

Net increase (decrease) in net assets from operations		(50,371	)		(255,130	)		(42,211	)

Contract owner transactions:
Variable annuity deposits		—			13,335			512
Terminations, withdrawals and annuity payments		(33,014	)		(32,907	)		(18,197	)
Transfers between subaccounts, net		7,984			(23,267	)		30,658
Maintenance charges and mortality adjustments		(172	)		(5,930	)		(631	)

Increase (decrease) in net assets from contract transactions		(25,202	)		(48,769	)		12,342

Total increase (decrease) in net assets		(75,573	)		(303,899	)		(29,869	)

Net assets as of December 31, 2022	$	146,246		$	1,546,409		$	154,519

Investment income (loss):
Dividend distributions		—			—			3,412
Investment Expenses:
Mortality and expense risk and administrative charges		(1,167	)		(10,974	)		(1,224	)

Net investment income (loss)		(1,167	)		(10,974	)		2,188

Increase (decrease) in net assets from operations:
Capital gain distributions		—			54,823			124
Realized capital gain (loss) on investments		(1,265	)		11,988			(1,399	)
Change in unrealized appreciation (depreciation)		28,479			(28,635	)		17,092

Net gain (loss) on investments		27,214			38,176			15,817

Net increase (decrease) in net assets from operations		26,047			27,202			18,005

Contract owner transactions:
Variable annuity deposits		—			6,104			8,766
Terminations, withdrawals and annuity payments		(235	)		(70,313	)		(13,365	)
Transfers between subaccounts, net		(2,666	)		(21,988	)		600
Maintenance charges and mortality adjustments		(186	)		(5,560	)		(408	)

Increase (decrease) in net assets from contract transactions		(3,087	)		(91,757	)		(4,407	)

Total increase (decrease) in net assets		22,960			(64,555	)		13,598

Net assets as of December 31, 2023	$	169,206		$	1,481,854		$	168,117

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

Variable Annuity Account B

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022, Except as Noted


	Templeton Global Bond VIP Fund			Western Asset Variable Global High Yield Bond
Net assets as of December 31, 2021	$	2,225,419		$	28,400

Investment income (loss):
Dividend distributions		—			1,381
Investment Expenses:
Mortality and expense risk and administrative charges		(14,462	)		(236	)

Net investment income (loss)		(14,462	)		1,145

Increase (decrease) in net assets from operations:
Capital gain distributions		—			—
Realized capital gain (loss) on investments		(62,237	)		(474	)
Change in unrealized appreciation (depreciation)		(42,837	)		(4,669	)

Net gain (loss) on investments		(105,074	)		(5,143	)

Net increase (decrease) in net assets from operations		(119,536	)		(3,998	)

Contract owner transactions:
Variable annuity deposits		137,603			73
Terminations, withdrawals and annuity payments		(148,451	)		(3,204	)
Transfers between subaccounts, net		(262,690	)		124
Maintenance charges and mortality adjustments		(10,000	)		(80	)

Increase (decrease) in net assets from contract transactions		(283,538	)		(3,087	)

Total increase (decrease) in net assets		(403,074	)		(7,085	)

Net assets as of December 31, 2022	$	1,822,345		$	21,315

Investment income (loss):
Dividend distributions		—			1,143
Investment Expenses:
Mortality and expense risk and administrative charges		(13,389	)		(223	)

Net investment income (loss)		(13,389	)		920

Increase (decrease) in net assets from operations:
Capital gain distributions		—			—
Realized capital gain (loss) on investments		(39,593	)		(110	)
Change in unrealized appreciation (depreciation)		91,880			1,062

Net gain (loss) on investments		52,287			952

Net increase (decrease) in net assets from operations		38,898			1,872

Contract owner transactions:
Variable annuity deposits		30,317			—
Terminations, withdrawals and annuity payments		(114,071	)		(166	)
Transfers between subaccounts, net		131,230			127
Maintenance charges and mortality adjustments		(7,316	)		(73	)

Increase (decrease) in net assets from contract transactions		40,160			(112	)

Total increase (decrease) in net assets		79,058			1,760

Net assets as of December 31, 2023	$	1,901,403		$	23,075

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

Variable Annuity Account B

Notes to Financial Statements

December 31, 2023

1. Organization and Significant Accounting Policies

Variable Annuity Account B (the Account) is a deferred variable annuity contract offered by First Security Benefit Life Insurance and Annuity Company of New York (FSBL). The Account is an investment company as defined by Financial Accounting Standard Board (FASB) Accounting Standard Codification (ASC) 946. The Account follows the accounting guidance as outlined in ASC 946. Purchase payments for SecureDesigns and AdvanceDesigns are allocated to one or more of the subaccounts that comprise the Account. The Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended. As directed by the owners, amounts directed to each subaccount are invested in a designated mutual fund as follows:


Subaccount/Mutual Fund	Class	Investment Adviser	Sub-Adviser
AB VPS Discovery Value Portfolio	B	AllianceBernstein LP	—
AB VPS Dynamic Asset Allocation	B	AllianceBernstein LP	—
American Century VP Mid Cap Value	II	American Century Investment Management, Inc	—
American Century VP Ultra^®	II	American Century Investment Management, Inc	—
American Century VP Value	II	American Century Investment Management, Inc	—
American Funds IS^® Asset Allocation	Class 4	Capital Research and Management Company	—
American Funds IS^® Capital World Bond	Class 4	Capital Research and Management Company	—
American Funds IS^® Global Growth	Class 4	Capital Research and Management Company	—
American Funds IS^® Growth-Income	Class 4	Capital Research and Management Company	—
American Funds IS^® International	Class 4	Capital Research and Management Company	—
American Funds IS^® New World	Class 4	Capital Research and Management Company	—
BlackRock Equity Dividend V.I.	Class 3	BlackRock Advisors LLC	—
BlackRock Global Allocation V.I.	Class 3	BlackRock Advisors LLC	BlackRock (Singapore) Ltd
BlackRock High Yield V.I.	Class 3	BlackRock Advisors LLC	BlackRock International Ltd
BNY Mellon IP MidCap Stock	Service	BNY Mellon Investment Adviser, Inc	Newton Investment Management North America, LLC
BNY Mellon IP Small Cap Stock Index	Service	BNY Mellon Investment Adviser, Inc	—
BNY Mellon IP Technology Growth	Service	BNY Mellon Investment Adviser, Inc	Newton Investment Management North America, LLC
BNY Mellon VIF Appreciation	Service	BNY Mellon Investment Adviser, Inc	Fayez Sarofim & Company
ClearBridge Variable Aggressive Growth	Class II	Legg Mason Partners Fund Advisor, LLC	ClearBridge Investments, LLC
ClearBridge Variable Small Cap Growth	Class I	Legg Mason Partners Fund Advisor, LLC	ClearBridge Investments, LLC

Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)


Subaccount/Mutual Fund	Class	Investment Adviser	Sub-Adviser
Delaware Ivy VIP Asset Strategy	Class II	Delaware Management Company	Macquarie Funds Management HK Ltd. Macquarie Investment Management Global Limited Macquarie Investment Management Austria Kapitalanlage AG Macquarie Investment Management Europe Limited
Fidelity^® VIP Equity-Income	Service Class 2	Fidelity Management & Research Company LLC	Fidelity Management & Research (UK) Ltd Fidelity Management & Research (Japan) Ltd Fidelity Management & Research (HK) Ltd FMR Co., Inc (FMRC)
Fidelity^® VIP Growth & Income	Service Class 2	Fidelity Management & Research Company LLC	Fidelity Management & Research (UK) Ltd Fidelity Management & Research (Japan) Ltd Fidelity Management & Research (HK) Ltd FMR Co., Inc (FMRC)
Fidelity^® VIP Growth Opportunities	Service Class 2	Fidelity Management & Research Company LLC	FMR Investment Management (UK) Ltd Fidelity Management & Research (Japan) Ltd Fidelity Management & Research (HK) Ltd
Fidelity^® VIP High Income	Service Class 2	Fidelity Management & Research Company LLC	FMR Investment Management (UK) Ltd Fidelity Management & Research (Japan) Ltd Fidelity Management & Research (HK) Ltd
Fidelity^® VIP Overseas	Service Class 2	Fidelity Management & Research Company LLC	FMR Investment Management (UK) Ltd Fidelity Management & Research (Japan) Ltd FIL Investments (Japan) Ltd Fil Investment Advisors Fidelity Management & Research (HK) Ltd FIL Investment Advisors (UK) Ltd
Franklin Allocation VIP Fund	Class 4	Franklin Advisers, Inc	Templeton Global Advisors Ltd Franklin Templeton Institutional, LLC
Franklin Income VIP Fund	Class 2	Franklin Advisers, Inc	—
Franklin Mutual Global Discovery VIP Fund	Class 2	Franklin Mutual Advisers, LLC	—
Franklin Small Cap Value VIP Fund	Class 2	Franklin Mutual Advisers, LLC	—
Franklin Strategic Income VIP Fund	Class 2	Franklin Advisers, Inc	—
Guggenheim VIF All Cap Value	—	Security Investors, LLC	—
Guggenheim VIF Alpha Opportunity	—	Security Investors, LLC	—
Guggenheim VIF Floating Rate Strategies	—	Guggenheim Partners Investment Mgmt LLC	—

Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)


Subaccount/Mutual Fund	Class	Investment Adviser	Sub-Adviser
Guggenheim VIF Global Managed Futures Strategy	—	Security Investors, LLC	—
Guggenheim VIF High Yield	—	Security Investors, LLC	—
Guggenheim VIF Large Cap Value	—	Security Investors, LLC	—
Guggenheim VIF Long Short Equity	—	Security Investors, LLC	—
Guggenheim VIF Managed Asset Allocation	—	Security Investors, LLC	—
Guggenheim VIF Multi-Hedge Strategies	—	Security Investors, LLC	—
Guggenheim VIF Small Cap Value	—	Security Investors, LLC	—
Guggenheim VIF SMid Cap Value	—	Security Investors, LLC	—
Guggenheim VIF StylePlus Large Core	—	Security Investors, LLC	—
Guggenheim VIF StylePlus Large Growth	—	Security Investors, LLC	—
Guggenheim VIF StylePlus Mid Growth	—	Security Investors, LLC	—
Guggenheim VIF StylePlus Small Growth	—	Security Investors, LLC	—
Guggenheim VIF Total Return Bond	—	Security Investors, LLC	—
Guggenheim VIF World Equity Income	—	Security Investors, LLC	—
Invesco V.I. American Value	Series II	Invesco Advisers, Inc	—
Invesco V.I. Comstock	Series II	Invesco Advisers, Inc	—
Invesco V.I. Core Plus Bond	Series II	Invesco Advisers, Inc	—
Invesco V.I. Discovery Mid Cap Growth	Series II	Invesco Advisers, Inc	—
Invesco V.I. Equity and Income	Series II	Invesco Advisers, Inc	—
Invesco V.I. EVQ International Equity Fund	Series II	Invesco Advisers, Inc	—
Invesco V.I. Global	Series II	Invesco Advisers, Inc	—
Invesco V.I. Global Real Estate	Series I	Invesco Advisers, Inc	Invesco Asset Management Ltd
Invesco V.I. Government Money Market	Series II	Invesco Advisers, Inc	—
Invesco V.I. Government Securities	Series II	Invesco Advisers, Inc	—
Invesco V.I. Health Care	Series I	Invesco Advisers, Inc	—
Invesco V.I. Main Street Mid Cap Fund^®	Series II	Invesco Advisers, Inc	—
Invesco V.I. Main Street Small Cap Fund^®	Series II	Invesco Advisers, Inc	—
Janus Henderson VIT Enterprise	Service	Janus Capital Management LLC	—
Janus Henderson VIT Research	Service	Janus Capital Management LLC	—
Lord Abbett Series Bond-Debenture VC	VC	Lord, Abbett & Co LLC	—
Lord Abbett Series Developing Growth VC	VC	Lord, Abbett & Co LLC	—
LVIP JPMorgan Core Bond Fund	Service Class	J.P. Morgan Investment Management, Inc	—
MFS^® VIT II Research International	Service	Massachusetts Financial Services Company	—
MFS^® VIT Total Return	Service	Massachusetts Financial Services Company	—
MFS^® VIT Utilities	Service	Massachusetts Financial Services Company	—
Morgan Stanley VIF Emerging Markets Equity	II	Morgan Stanley Investment Management, Inc	Morgan Stanley Investment Management Co

Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)


Subaccount/Mutual Fund	Class	Investment Adviser	Sub-Adviser
Morningstar Aggressive Growth ETF Asset Allocation Portfolio	Class II	ALPS Advisors Inc	Morningstar Investment Management LLC
Morningstar Balanced ETF Asset Allocation Portfolio	Class II	ALPS Advisors Inc	Morningstar Investment Management LLC
Morningstar Conservative ETF Asset Allocation Portfolio	Class II	ALPS Advisors Inc	Morningstar Investment Management LLC
Morningstar Growth ETF Asset Allocation Portfolio	Class II	ALPS Advisors Inc	Morningstar Investment Management LLC
Morningstar Income and Growth ETF Asset Allocation Portfolio	Class II	ALPS Advisors Inc	Morningstar Investment Management LLC
Neuberger Berman AMT Sustainable Equity	S	Neuberger Berman Investment Advisers LLC	—
PIMCO VIT All Asset	Administrative	Pacific Investment Management Company, LLC	Research Affiliates LLC
PIMCO VIT CommodityRealReturn Strategy	Administrative	Pacific Investment Management Company, LLC	—
PIMCO VIT Emerging Markets Bond	Advisor	Pacific Investment Management Company, LLC	—
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)	Administrative	Pacific Investment Management Company, LLC	—
PIMCO VIT Low Duration	Administrative	Pacific Investment Management Company, LLC	—
PIMCO VIT Real Return	Administrative	Pacific Investment Management Company, LLC	—
PIMCO VIT Total Return	Advisor	Pacific Investment Management Company, LLC	—
Putnam VT Small Cap Value	IB	Putnam Investment Management, LLC	Putnam Investments Ltd
Royce Micro-Cap	Investment	Royce & Associates, LP	—
T. Rowe Price Health Sciences	II	T. Rowe Price Associates, Inc	—
Templeton Developing Markets VIP Fund	Class 2	Templeton Asset Management Ltd	Franklin Templeton Inv Mgmt Ltd
Templeton Global Bond VIP Fund	Class 2	Franklin Advisers, Inc	—
Western Asset Variable Global High Yield Bond	II	Legg Mason Partners Fund Advisor, LLC	Western Asset Management Company Pte Ltd – Singapore Inc Western Asset Management Company, LLC Inc Western Asset Management Company Ltd – UK

Eighty-nine subaccounts are currently offered by the Account, all of which had activity.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from FSBL’s other assets and liabilities. The portion of the Account’s assets applicable to the variable annuity contracts is not chargeable with liabilities arising out of any other business FSBL may conduct.

Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

During the current year the following subaccount name changes were made effective:


Date	New Name	Old Name
April 28, 2023	LVIP JPMorgan Core Bond Fund	JPMorgan Insurance Trust Core Bond Portfolio
May 1, 2023	AB VPS Discovery Value Portfolio	AB VPS Small/Mid Cap Value

Investment Valuation

Investments in mutual fund shares are carried in the statements of net assets at market value (net asset value of the underlying mutual fund). Investment transactions are accounted for on the trade date. Realized capital gains and losses on sales of investments are determined based on the average cost of investments sold. The difference between cost and current market value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

The cost of investment purchases and proceeds from investments sold for the year ended December 31, 2023, were as follows:


Subaccount	Cost of Purchases		Proceeds from Sales
AB VPS Discovery Value Portfolio (a)	$	16,987	$	8,571
AB VPS Dynamic Asset Allocation		234		1,445
American Century VP Mid Cap Value		78,376		42,261
American Century VP Ultra^®		619,940		590,791
American Century VP Value		235,852		203,009
American Funds IS^® Asset Allocation		139,368		555,466
American Funds IS^® Capital World Bond		400		2,266
American Funds IS^® Global Growth		330,519		309,793
American Funds IS^® Growth-Income		119,279		135,956
American Funds IS^® International		26,788		94,432
American Funds IS^® New World		8,043		35,429
BlackRock Equity Dividend V.I.		83,237		108,198
BlackRock Global Allocation V.I.		15,862		103,513
BlackRock High Yield V.I.		33,724		32,890
BNY Mellon IP MidCap Stock		5,335		1,515
BNY Mellon IP Small Cap Stock Index		135,736		44,971
BNY Mellon IP Technology Growth		89,252		137,692
BNY Mellon VIF Appreciation		81,128		44,966
ClearBridge Variable Aggressive Growth		115,882		101,989
ClearBridge Variable Small Cap Growth		9,672		68,571
Delaware Ivy VIP Asset Strategy		4,141		25,805
Fidelity^® VIP Equity-Income		37,745		157,109
Fidelity^® VIP Growth & Income		94,900		52,227
Fidelity^® VIP Growth Opportunities		79,180		177,211
Fidelity^® VIP High Income		37,385		70,094
Fidelity^® VIP Overseas		13,490		130,534
Franklin Allocation VIP Fund		7,570		21,206
Franklin Income VIP Fund		72,901		24,386
Franklin Mutual Global Discovery VIP Fund		104,923		85,945
Franklin Small Cap Value VIP Fund		12,958		7,092
Franklin Strategic Income VIP Fund		13,437		5,879
Guggenheim VIF All Cap Value		42,909		7,276
Guggenheim VIF Alpha Opportunity		2,485		4,679

(a)	Name change. See Note 1.

Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)


Subaccount	Cost of Purchases		Proceeds from Sales
Guggenheim VIF Floating Rate Strategies	$	48,720	$	65,265
Guggenheim VIF Global Managed Futures Strategy		4,371		818
Guggenheim VIF High Yield		50,863		41,728
Guggenheim VIF Large Cap Value		79,270		56,539
Guggenheim VIF Long Short Equity		17,727		14,606
Guggenheim VIF Managed Asset Allocation		10,191		106,353
Guggenheim VIF Multi-Hedge Strategies		20,513		14,748
Guggenheim VIF Small Cap Value		56,029		43,389
Guggenheim VIF SMid Cap Value		159,913		61,935
Guggenheim VIF StylePlus Large Core		28,874		44,676
Guggenheim VIF StylePlus Large Growth		8,401		122,681
Guggenheim VIF StylePlus Mid Growth		167,726		334,879
Guggenheim VIF StylePlus Small Growth		19,701		65,746
Guggenheim VIF Total Return Bond		129,112		147,018
Guggenheim VIF World Equity Income		28,934		49,538
Invesco V.I. American Value		29,601		2,008
Invesco V.I. Comstock		139,930		59,721
Invesco V.I. Core Plus Bond		11,875		22,812
Invesco V.I. Discovery Mid Cap Growth		11,479		16,412
Invesco V.I. Equity and Income		76,164		119,912
Invesco V.I. EVQ International Equity Fund		40,205		59,244
Invesco V.I. Global		68,184		20,799
Invesco V.I. Global Real Estate		33,670		34,277
Invesco V.I. Government Money Market		64,427		161,492
Invesco V.I. Government Securities		41,722		30,412
Invesco V.I. Health Care		9,186		42,341
Invesco V.I. Main Street Mid Cap Fund^®		45,278		24,398
Invesco V.I. Main Street Small Cap Fund^®		46,703		42,565
Janus Henderson VIT Enterprise		172,487		230,250
Janus Henderson VIT Research		15,363		59,328
Lord Abbett Series Bond-Debenture VC		8,691		41,056
Lord Abbett Series Developing Growth VC		16,221		10,714
LVIP JPMorgan Core Bond Fund (a)		5,230		1,459
MFS^® VIT II Research International		42,650		62,222
MFS^® VIT Total Return		52,055		123,096
MFS^® VIT Utilities		78,016		98,463
Morgan Stanley VIF Emerging Markets Equity		39,600		95,150
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		8,370		2,220
Morningstar Balanced ETF Asset Allocation Portfolio		13,319		57,488
Morningstar Conservative ETF Asset Allocation Portfolio		1,800		91,072
Morningstar Growth ETF Asset Allocation Portfolio		8,451		24,732
Morningstar Income and Growth ETF Asset Allocation Portfolio		3,536		1,423
Neuberger Berman AMT Sustainable Equity		11,188		109,807
PIMCO VIT All Asset		4,679		5,052
PIMCO VIT CommodityRealReturn Strategy		43,783		23,716
PIMCO VIT Emerging Markets Bond		8,670		7,808
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)		76,865		41,214
PIMCO VIT Low Duration		62,519		177,689
PIMCO VIT Real Return		68,669		67,868

(a)	Name change. See Note 1.

Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)


Subaccount	Cost of Purchases		Proceeds from Sales
PIMCO VIT Total Return	$	82,895	$	153,948
Putnam VT Small Cap Value		2,258		257
Royce Micro-Cap		7,936		12,190
T. Rowe Price Health Sciences		99,654		147,562
Templeton Developing Markets VIP Fund		13,388		15,483
Templeton Global Bond VIP Fund		256,165		229,394
Western Asset Variable Global High Yield Bond		1,269		461

Market Risk

Each subaccount invests in shares of a single underlying fund. The investment performance of each subaccount will reflect the investment performance of the underlying fund less separate account expenses. There is no assurance that the investment objective of any underlying fund will be met. A fund calculates a daily net asset value per share (“NAV”) which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contractholders’ investments in the funds and the amounts reported in the statements of net assets. The contractholder assumes all of the investment performance risk for the subaccounts selected.

Annuity Assets

As of December 31, 2023, annuity reserves have not been established, as there are no contracts that have matured and are in the payout stage. Such reserves would be computed on the basis of published mortality tables using assumed interest rates that will provide reserves as prescribed by law. In cases where the payout option selected is life contingent, FSBL periodically recalculates the required annuity reserves, and any resulting adjustment is either charged or credited to FSBL and not to the Account.

Reinvestment of Dividends

Dividend and capital gain distributions paid by the mutual funds to the Account are reinvested in additional shares of each respective fund. Dividend income and capital gain distributions are recorded as income on the ex-dividend date.

Federal Income Taxes

The operations of the Account are included in the federal income tax return of FSBL, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, FSBL does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under contracts. Based on this, no charge is being made currently to the Account for federal income taxes. FSBL will review periodically the status of this policy in the event of changes in the tax law.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).

Variable Annuity Account B

Notes to Financial Statements (continued)

1. Organization and Significant Accounting Policies (continued)

The Account invests in shares of open-end mutual funds, which process contractholders directed purchases, sales and transfers on a daily basis at the funds’ computed NAVs. The fair value of the Account’s assets is based on the NAVs of mutual funds, which are obtained from the custodians and reflect the fair values of the mutual fund investments. The NAV is calculated daily and is based on the fair values of the underlying securities.

Because the fund provides liquidity for the investments through purchases and redemptions at NAV, this may represent the fair value of the investment in the fund. That is, for an open-ended mutual fund, the fair value of an investment in the fund would not be expected to be higher than the amount that a new investor would be required to spend in order to directly invest in the mutual fund. Similarly, the hypothetical seller of the investment would not be expected to accept less in proceeds than it could receive by directly redeeming its investment with the fund.

The Account had no financial liabilities as of December 31, 2023.

2. Variable Annuity Contract Charges

AdvanceDesigns

Mortality and Expense Risk Charge: The mortality and expense risks assumed by FSBL are compensated for by a fee equivalent to a minimum annual rate of 1.20% of the average daily net assets. The mortality and expense risk charge is based on the daily value of the individual contract.

Administrative Charge: FSBL deducts a daily administrative charge equivalent to an annual rate of 0.15% of the average daily net asset value.

These charges are presented as expenses on the statements of changes in net assets under Mortality and expense risk and administrative charges line item.

Premium Tax Charge: When applicable, an amount for premium taxes is deducted as provided by pertinent state law either from the purchase payments or from the amount applied to effect an annuity at the time annuity payments commence.

Contract owner maintenance charges presented as a decrease in units on the statements of changes in net assets under the Maintenance charges and mortality adjustment line item may include the following:

•

Mortality and Expense Risk Charge: If the net asset value of an individual contract is less than $100,000, FSBL deducts an additional mortality and expense risk charge of 0.25% on contracts with a net asset value less than $25,000 and 0.10% on contracts with a net asset value of at least $25,000 but less than $100,000, as a contract level deduction.

•

Contingent Deferred Sales Charge (CDSC): FSBL deducts a CDSC (also referred to as a “withdrawal charge”) of up to 7% of any portion of a withdrawal, consisting of purchase payments, that exceed the free withdrawal amount for units withdrawn in the first seven years of the contract.

•

Account Administrative Charge: FSBL deducts an account administration charge of $30 annually, except for certain contracts based on a minimum account value and the period of time the contract has been in force.

•

Rider Charge: FSBL deducts an amount for each rider, equal to a percentage of the contract value, not to exceed a total charge of 1.70% of the contract value.

SecureDesigns

Mortality and Expense Risk Charge: Mortality and expense risks assumed by FSBL are compensated for by a fee equivalent to a minimum annual rate of 0.60% of the average daily net asset. The mortality and expense risk charge is based on the daily value of the individual contract.

Variable Annuity Account B

Notes to Financial Statements (continued)

2. Variable Annuity Contract Charges (continued)

Administrative Charge: FSBL deducts a daily administrative charge equivalent to an annual rate of 0.15% of the average daily net asset value.

These charges are presented as expenses on the statements of changes in net assets under Mortality and expense risk and administrative charges line item.

Premium Tax Charge: When applicable, an amount for state premium taxes is deducted as provided by pertinent state law either from the purchase payments or from the amount applied to effect an annuity at the time annuity payments commence.

•

Rider Charge: FSBL deducts an amount for each rider, equal to a percentage of contract value, not to exceed a total charge of 1.70% of the contract value.

Variable Annuity Account B

Notes to Financial Statements (continued)

3. Summary of Unit Transactions

The changes in units outstanding for the periods December 31, 2023 and 2022, were as follows:


	2023								2022
Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
AB VPS Discovery Value Portfolio(a)		713		(581	)		132			2,121		(2,027	)		94
AB VPS Dynamic Asset Allocation		125		(130	)		(5	)		143		(193	)		(50	)
American Century VP Mid Cap Value		1,306		(2,024	)		(718	)		2,909		(2,369	)		540
American Century VP Ultra^®		12,749		(15,837	)		(3,088	)		13,613		(6,423	)		7,190
American Century VP Value		6,205		(8,105	)		(1,900	)		4,387		(6,010	)		(1,623	)
American Funds IS^® Asset Allocation		6,886		(42,767	)		(35,881	)		15,265		(41,169	)		(25,904	)
American Funds IS^® Capital World Bond		352		(271	)		81			758		(8,108	)		(7,350	)
American Funds IS^® Global Growth		12,453		(18,867	)		(6,414	)		22,661		(21,519	)		1,142
American Funds IS^® Growth-Income		4,725		(7,647	)		(2,922	)		6,931		(12,061	)		(5,130	)
American Funds IS^® International		3,477		(10,365	)		(6,888	)		4,423		(5,591	)		(1,168	)
American Funds IS^® New World		1,089		(3,386	)		(2,297	)		2,158		(2,267	)		(109	)
BlackRock Equity Dividend V.I.		3,791		(7,085	)		(3,294	)		18,613		(12,059	)		6,554
BlackRock Global Allocation V.I.		1,883		(9,897	)		(8,014	)		3,956		(10,953	)		(6,997	)
BlackRock High Yield V.I.		2,855		(3,297	)		(442	)		8,499		(17,061	)		(8,562	)
BNY Mellon IP MidCap Stock		393		(84	)		309			658		(1,765	)		(1,107	)
BNY Mellon IP Small Cap Stock Index		7,555		(3,069	)		4,486			7,685		(8,506	)		(821	)
BNY Mellon IP Technology Growth		4,983		(4,545	)		438			5,727		(4,881	)		846
BNY Mellon VIF Appreciation		3,400		(2,466	)		934			11,542		(10,928	)		614
ClearBridge Variable Aggressive Growth		3,553		(6,191	)		(2,638	)		11,083		(13,358	)		(2,275	)
ClearBridge Variable Small Cap Growth		1,031		(2,978	)		(1,947	)		2,951		(970	)		1,981
Delaware Ivy VIP Asset Strategy		563		(2,614	)		(2,051	)		2,012		(3,702	)		(1,690	)
Fidelity^® VIP Equity-Income		2,335		(11,008	)		(8,673	)		4,260		(6,400	)		(2,140	)
Fidelity^® VIP Growth & Income		4,431		(2,820	)		1,611			6,625		(2,044	)		4,581
Fidelity^® VIP Growth Opportunities		4,969		(6,488	)		(1,519	)		6,751		(6,090	)		661
Fidelity^® VIP High Income		2,420		(7,490	)		(5,070	)		5,934		(5,559	)		375
Fidelity^® VIP Overseas		2,212		(11,908	)		(9,696	)		15,723		(9,510	)		6,213
Franklin Allocation VIP Fund		720		(1,758	)		(1,038	)		814		(6,149	)		(5,335	)
Franklin Income VIP Fund		2,313		(1,832	)		481			4,313		(7,068	)		(2,755	)
Franklin Mutual Global Discovery VIP Fund		5,250		(6,608	)		(1,358	)		6,611		(9,696	)		(3,085	)

(a)	Name change. See Note 1.

Variable Annuity Account B

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)


	2023								2022
Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
Franklin Small Cap Value VIP Fund		557		(412	)		145			380		(2,689	)		(2,309	)
Franklin Strategic Income VIP Fund		1,554		(669	)		885			959		(2,653	)		(1,694	)
Guggenheim VIF All Cap Value		1,164		(249	)		915			1,061		(3,331	)		(2,270	)
Guggenheim VIF Alpha Opportunity		289		(281	)		8			271		(159	)		112
Guggenheim VIF Floating Rate Strategies		4,889		(6,326	)		(1,437	)		5,208		(4,881	)		327
Guggenheim VIF Global Managed Futures Strategy		478		(78	)		400			430		(86	)		344
Guggenheim VIF High Yield		1,042		(1,393	)		(351	)		1,441		(4,535	)		(3,094	)
Guggenheim VIF Large Cap Value		1,317		(2,955	)		(1,638	)		1,667		(4,986	)		(3,319	)
Guggenheim VIF Long Short Equity		1,693		(1,169	)		524			480		(2,066	)		(1,586	)
Guggenheim VIF Managed Asset Allocation		1,205		(7,941	)		(6,736	)		1,910		(6,557	)		(4,647	)
Guggenheim VIF Multi-Hedge Strategies		3,578		(2,472	)		1,106			6,653		(989	)		5,664
Guggenheim VIF Small Cap Value		1,054		(1,278	)		(224	)		2,246		(1,887	)		359
Guggenheim VIF SMid Cap Value		2,363		(1,395	)		968			2,061		(3,513	)		(1,452	)
Guggenheim VIF StylePlus Large Core		2,715		(3,093	)		(378	)		6,125		(6,498	)		(373	)
Guggenheim VIF StylePlus Large Growth		790		(7,380	)		(6,590	)		1,915		(3,931	)		(2,016	)
Guggenheim VIF StylePlus Mid Growth		13,448		(20,176	)		(6,728	)		23,460		(14,576	)		8,884
Guggenheim VIF StylePlus Small Growth		3,454		(5,815	)		(2,361	)		4,271		(2,248	)		2,023
Guggenheim VIF Total Return Bond		12,975		(14,837	)		(1,862	)		7,183		(16,668	)		(9,485	)
Guggenheim VIF World Equity Income		2,603		(3,787	)		(1,184	)		6,991		(11,839	)		(4,848	)
Invesco V.I. American Value		426		(104	)		322			12,862		(70	)		12,792
Invesco V.I. Comstock		6,804		(3,322	)		3,482			2,142		(4,167	)		(2,025	)
Invesco V.I. Core Plus Bond		1,421		(2,287	)		(866	)		25,773		(2,628	)		23,145
Invesco V.I. Discovery Mid Cap Growth		1,434		(912	)		522			3,443		(2,767	)		676
Invesco V.I. Equity and Income		3,141		(7,327	)		(4,186	)		4,535		(18,829	)		(14,294	)
Invesco V.I. EVQ International Equity Fund		3,298		(3,734	)		(436	)		3,724		(7,651	)		(3,927	)
Invesco V.I. Global		1,300		(1,250	)		50			2,335		(2,226	)		109
Invesco V.I. Global Real Estate		2,462		(1,967	)		495			2,294		(3,892	)		(1,598	)
Invesco V.I. Government Money Market		6,870		(19,442	)		(12,572	)		54,524		(76,153	)		(21,629	)
Invesco V.I. Government Securities		7,234		(4,012	)		3,222			6,164		(18,100	)		(11,936	)
Invesco V.I. Health Care		677		(1,829	)		(1,152	)		1,133		(301	)		832
Invesco V.I. Main Street Mid Cap Fund^®		2,355		(1,084	)		1,271			705		(1,164	)		(459	)
Invesco V.I. Main Street Small Cap Fund^®		1,554		(1,193	)		361			1,120		(1,169	)		(49	)
Janus Henderson VIT Enterprise		3,252		(8,454	)		(5,202	)		3,037		(4,537	)		(1,500	)

Variable Annuity Account B

Notes to Financial Statements (continued)

3. Summary of Unit Transactions (continued)


	2023								2022
Subaccount	Units Issued		Units Redeemed			Net Increase (Decrease)			Units Issued		Units Redeemed			Net Increase (Decrease)
Janus Henderson VIT Research		2,108		(2,565	)		(457	)		3,247		(492	)		2,755
Lord Abbett Series Bond-Debenture VC		615		(4,278	)		(3,663	)		1,409		(5,493	)		(4,084	)
Lord Abbett Series Developing Growth VC		1,682		(683	)		999			2,441		(4,697	)		(2,256	)
LVIP JPMorgan Core Bond Fund(a)		639		(90	)		549			1,220		(19,364	)		(18,144	)
MFS^® VIT II Research International		5,785		(7,133	)		(1,348	)		2,364		(2,235	)		129
MFS^® VIT Total Return		2,317		(8,597	)		(6,280	)		3,554		(7,355	)		(3,801	)
MFS^® VIT Utilities		2,168		(4,810	)		(2,642	)		3,745		(6,169	)		(2,424	)
Morgan Stanley VIF Emerging Markets Equity		5,686		(14,122	)		(8,436	)		10,995		(10,883	)		112
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		566		(83	)		483			661		(218	)		443
Morningstar Balanced ETF Asset Allocation Portfolio		1,023		(5,341	)		(4,318	)		2,593		(1,342	)		1,251
Morningstar Conservative ETF Asset Allocation Portfolio		451		(10,988	)		(10,537	)		15,375		(15,303	)		72
Morningstar Growth ETF Asset Allocation Portfolio		529		(1,988	)		(1,459	)		1,947		(637	)		1,310
Morningstar Income and Growth ETF Asset Allocation Portfolio		368		(73	)		295			475		(5,400	)		(4,925	)
Neuberger Berman AMT Sustainable Equity		648		(3,532	)		(2,884	)		4,651		(8,571	)		(3,920	)
PIMCO VIT All Asset		369		(327	)		42			539		(598	)		(59	)
PIMCO VIT CommodityRealReturn Strategy		3,497		(4,444	)		(947	)		11,027		(14,594	)		(3,567	)
PIMCO VIT Emerging Markets Bond		837		(824	)		13			162		(2,070	)		(1,908	)
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)		7,031		(3,918	)		3,113			2,276		(8,654	)		(6,378	)
PIMCO VIT Low Duration		8,395		(23,985	)		(15,590	)		21,505		(26,883	)		(5,378	)
PIMCO VIT Real Return		7,333		(6,538	)		795			6,813		(18,743	)		(11,930	)
PIMCO VIT Total Return		10,414		(19,364	)		(8,950	)		6,792		(13,199	)		(6,407	)
Putnam VT Small Cap Value		53		(9	)		44			61		(7	)		54
Royce Micro-Cap		1,113		(974	)		139			1,226		(2,879	)		(1,653	)
T. Rowe Price Health Sciences		4,979		(7,464	)		(2,485	)		8,336		(8,858	)		(522	)
Templeton Developing Markets VIP Fund		1,725		(1,671	)		54			4,426		(2,502	)		1,924
Templeton Global Bond VIP Fund		50,165		(35,325	)		14,840			26,860		(59,912	)		(33,052	)
Western Asset Variable Global High Yield Bond		79		(24	)		55			79		(305	)		(226	)

(a)	Name change. See Note 1.

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights

The Account has a number of products, which have unique combinations of features and fees that are charged against the contract owner’s account balance. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns. The information presented below identifies the range of lowest to highest expense ratios and the corresponding total return. The summary may not reflect the minimum and maximum contract charges offered by the Account as contract owners may not have selected all available and applicable contract options as discussed in Note 2.

A summary of units outstanding, unit values, net assets, expense ratios, investment income ratios and total return ratios for each of the five years in the period ended December 31, 2023, were as follows:


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
AB VPS Discovery Value Portfolio (a)
2023		10,209		13.79		13.79		140,749		0.01		0.75		0.75		12.57			12.57
2022		10,077		12.25		12.25		123,412		0.01		0.75		0.75		(18.87	)		(18.87	)
2021		9,983		15.10		15.10		150,748		0.01		0.75		0.75		30.62			30.62
2020		9,347		11.56		11.56		108,055		0.01		0.75		0.75		(0.77	)		(0.77	)
2019		9,743		11.65		11.65		113,498		0.34		0.75		0.75		15.46			15.46
AB VPS Dynamic Asset Allocation
2023		4,162		9.40		9.40		39,137		0.01		0.75		0.75		9.30			9.30
2022		4,167		8.60		8.60		35,844		0.02		0.75		0.75		(21.68	)		(21.68	)
2021		4,217		10.98		10.98		46,311		0.02		0.75		0.75		5.27			5.27
2020		4,189		10.43		10.43		43,706		0.01		0.75		0.75		0.97			0.97
2019		4,027		10.33		10.33		41,608		1.84		0.75		0.75		10.96			10.96
American Century VP Mid Cap Value
2023		30,043		19.17		19.17		575,388		0.02		0.75		0.75		2.13			2.13
2022		30,761		18.77		18.77		576,896		0.02		0.75		0.75		(5.01	)		(5.01	)
2021		30,221		19.76		19.76		596,603		0.01		0.75		0.75		18.47			18.47
2020		32,857		16.19		16.68		547,465		0.02		0.75		1.35		(3.23	)		(2.63	)
2019		33,927		16.73		17.13		580,633		1.96		0.75		1.35		23.47			24.22

(a)	Name change. See Note 1.

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
American Century VP Ultra^®
2023		127,088		35.03		39.71		5,032,018		—		0.75		1.35		37.16			38.03
2022		130,176		25.54		28.77		3,735,562		—		0.75		1.35		(35.31	)		(34.94	)
2021		122,986		39.48		44.22		5,423,905		—		0.75		1.35		17.75			18.46
2020		126,012		33.53		37.33		4,692,440		—		0.75		1.35		43.11			44.02
2019		144,073		23.43		25.92		3,726,846		—		0.75		1.35		28.74			29.54
American Century VP Value
2023		46,685		23.08		26.16		1,216,119		0.02		0.75		1.35		4.34			4.98
2022		48,585		22.12		24.92		1,205,728		0.02		0.75		1.35		(3.95	)		(3.37	)
2021		50,208		23.03		25.79		1,289,872		0.02		0.75		1.35		19.02			19.73
2020		51,184		19.35		21.54		1,098,687		0.02		0.75		1.35		(3.49	)		(2.93	)
2019		60,056		20.05		22.19		1,328,168		2.10		0.75		1.35		21.52			22.26
American Funds IS^® Asset Allocation
2023		129,291		13.54		13.54		1,749,919		0.02		0.75		0.75		9.90			9.90
2022		165,172		12.32		12.32		2,035,540		0.02		0.75		0.75		(16.87	)		(16.87	)
2021		191,076		14.82		14.82		2,831,316		0.01		0.75		0.75		10.60			10.60
2020		195,909		13.40		13.40		2,624,384		0.02		0.75		0.75		8.06			8.06
2019		153,193		12.40		12.40		1,899,968		1.95		0.75		0.75		16.43			16.43
American Funds IS^® Capital World Bond
2023		9,637		6.76		6.76		65,162		—		0.75		0.75		1.96			1.96
2022		9,556		6.63		6.63		63,352		0.00		0.75		0.75		(20.88	)		(20.88	)
2021		16,906		8.38		8.38		141,604		0.02		0.75		0.75		(8.62	)		(8.62	)
2020		16,172		9.17		9.17		148,323		0.01		0.75		0.75		5.52			5.52
2019		15,450		8.69		8.69		134,201		1.41		0.75		0.75		3.58			3.58
American Funds IS^® Global Growth
2023		156,215		17.25		17.25		2,694,981		0.01		0.75		0.75		17.83			17.83
2022		162,629		14.64		14.64		2,381,690		0.00		0.75		0.75		(27.67	)		(27.67	)
2021		161,487		20.24		20.24		3,269,653		0.00		0.75		0.75		11.82			11.82
2020		156,481		18.10		18.10		2,832,455		0.00		0.75		0.75		25.35			25.35
2019		149,781		14.44		14.44		2,162,803		0.99		0.75		0.75		29.97			29.97

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
American Funds IS^® Growth-Income
2023		68,153		18.81		18.81		1,281,527		0.01		0.75		0.75		21.20			21.20
2022		71,075		15.52		15.52		1,102,701		0.01		0.75		0.75		(19.75	)		(19.75	)
2021		76,205		19.34		19.34		1,473,460		0.01		0.75		0.75		19.24			19.24
2020		76,331		16.22		16.22		1,237,720		0.01		0.75		0.75		9.08			9.08
2019		92,883		14.87		14.87		1,381,159		1.59		0.75		0.75		21.19			21.19
American Funds IS^® International
2023		23,898		9.42		9.42		225,114		0.01		0.75		0.75		11.35			11.35
2022		30,786		8.46		8.46		260,567		0.01		0.75		0.75		(23.99	)		(23.99	)
2021		31,954		11.13		11.13		355,484		0.02		0.75		0.75		(5.28	)		(5.28	)
2020		32,172		11.75		11.75		378,049		0.00		0.75		0.75		9.40			9.40
2019		41,869		10.74		10.74		449,482		1.34		0.75		0.75		18.15			18.15
American Funds IS^® New World
2023		13,480		10.81		10.81		145,661		0.01		0.75		0.75		11.44			11.44
2022		15,777		9.70		9.70		152,989		0.01		0.75		0.75		(25.10	)		(25.10	)
2021		15,886		12.95		12.95		205,679		0.01		0.75		0.75		0.78			0.78
2020		11,681		12.85		12.85		150,074		0.00		0.75		0.75		18.76			18.76
2019		11,058		10.82		10.82		119,640		0.82		0.75		0.75		24.08			24.08
BlackRock Equity Dividend V.I.
2023		51,597		15.78		15.78		814,126		0.02		0.75		0.75		7.86			7.86
2022		54,891		14.63		14.63		802,922		0.01		0.75		0.75		(7.64	)		(7.64	)
2021		48,337		15.84		15.84		765,420		0.01		0.75		0.75		15.87			15.87
2020		43,188		13.67		13.67		590,203		0.02		0.75		0.75		(0.22	)		(0.22	)
2019		36,990		13.70		13.70		506,889		1.87		0.75		0.75		22.76			22.76
BlackRock Global Allocation V.I.
2023		26,304		10.82		10.82		284,681		0.02		0.75		0.75		8.31			8.31
2022		34,318		9.99		9.99		342,827		—		0.75		0.75		(19.17	)		(19.17	)
2021		41,315		12.36		12.36		510,550		0.01		0.75		0.75		2.49			2.49
2020		49,482		12.06		12.06		596,582		0.01		0.75		0.75		16.30			16.30
2019		36,640		10.37		10.37		380,009		1.45		0.75		0.75		13.46			13.46

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
BlackRock High Yield V.I.
2023		19,546		10.17		10.17		198,773		0.06		0.75		0.75		8.77			8.77
2022		19,988		9.35		9.35		186,885		0.05		0.75		0.75		(13.90	)		(13.90	)
2021		28,550		10.86		10.86		309,897		0.04		0.75		0.75		1.40			1.40
2020		28,437		10.71		10.71		304,600		0.05		0.75		0.75		3.08			3.08
2019		21,046		10.39		10.39		218,667		5.22		0.75		0.75		10.65			10.65
BNY Mellon IP MidCap Stock
2023		8,142		13.67		13.67		110,831		0.01		0.75		0.75		13.63			13.63
2022		7,833		12.03		12.03		93,816		0.00		0.75		0.75		(17.38	)		(17.38	)
2021		8,940		14.56		14.56		129,730		0.00		0.75		0.75		20.93			20.93
2020		9,592		12.04		12.04		115,120		0.00		0.75		0.75		3.88			3.88
2019		9,357		11.59		11.59		108,142		0.39		0.75		0.75		15.44			15.44
BNY Mellon IP Small Cap Stock Index
2023		65,073		15.40		15.40		1,001,662		0.01		0.75		0.75		11.19			11.19
2022		60,587		13.85		13.85		839,031		0.01		0.75		0.75		(19.71	)		(19.71	)
2021		61,408		17.25		17.25		1,059,107		0.01		0.75		0.75		21.48			21.48
2020		59,803		14.20		14.20		848,912		0.01		0.75		0.75		6.53			6.53
2019		64,229		13.33		13.33		855,810		0.86		0.75		0.75		17.76			17.76
BNY Mellon IP Technology Growth
2023		53,650		30.92		34.84		1,862,730		—		0.75		1.35		52.24			53.21
2022		53,212		20.31		22.74		1,206,385		—		0.75		1.35		(48.79	)		(48.48	)
2021		52,366		39.66		44.14		2,303,121		—		0.75		1.35		7.83			8.48
2020		53,899		36.78		40.69		2,185,631		0.00		0.75		1.35		62.31			63.35
2019		51,796		22.66		24.91		1,286,130		—		0.75		1.35		20.21			20.86
BNY Mellon VIF Appreciation
2023		19,246		18.96		18.96		364,855		0.00		0.75		0.75		16.25			16.25
2022		18,312		16.31		16.31		298,675		0.00		0.75		0.75		(21.25	)		(21.25	)
2021		17,698		20.71		20.71		366,583		0.00		0.75		0.75		22.11			22.11
2020		16,075		16.96		16.96		272,673		0.00		0.75		0.75		18.77			18.77
2019		551		14.28		14.28		7,861		0.93		0.75		0.75		30.77			30.77

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
ClearBridge Variable Aggressive Growth
2023		50,263		16.07		18.14		910,838		0.00		0.75		1.35		18.86			19.58
2022		52,901		13.52		15.17		801,863		—		0.75		1.35		(29.73	)		(29.24	)
2021		55,176		19.24		21.44		1,182,547		0.00		0.75		1.35		5.37			5.98
2020		67,745		18.26		20.23		1,367,760		0.01		0.75		1.35		12.72			13.33
2019		65,122		16.20		17.85		1,160,859		0.76		0.75		1.35		19.38			20.20
ClearBridge Variable Small Cap Growth
2023		17,472		20.55		23.33		407,451		—		0.75		1.35		3.79			4.43
2022		19,419		22.34		22.34		433,699		—		0.75		0.75		(31.47	)		(31.47	)
2021		17,438		29.06		32.60		568,121		—		0.75		1.35		7.79			8.49
2020		21,601		26.96		30.05		648,149		—		0.75		1.35		37.13			37.97
2019		20,425		19.66		21.78		444,618		—		0.75		1.35		21.51			22.22
Delaware Ivy VIP Asset Strategy
2023		7,570		10.12		10.12		76,650		0.02		0.75		0.75		9.76			9.76
2022		9,621		9.22		9.22		88,762		0.01		0.75		0.75		(17.90	)		(17.90	)
2021		11,311		11.23		11.23		127,054		0.02		0.75		0.75		6.34			6.34
2020		12,567		10.56		10.56		132,701		0.02		0.75		0.75		9.66			9.66
2019		9,121		9.63		9.63		87,802		2.17		0.75		0.75		17.30			17.30
Fidelity^® VIP Equity-Income
2023		31,484		14.95		14.95		472,305		0.02		0.75		0.75		6.33			6.33
2022		40,157		14.06		14.06		566,155		0.02		0.75		0.75		(8.70	)		(8.70	)
2021		42,297		15.40		15.40		653,112		0.02		0.75		0.75		20.03			20.03
2020		47,317		12.83		12.83		608,539		0.01		0.75		0.75		2.48			2.48
2019		49,828		12.52		12.52		625,115		2.11		0.75		0.75		22.39			22.39
Fidelity^® VIP Growth & Income
2023		57,004		17.74		17.74		1,010,989		0.02		0.75		0.75		14.01			14.01
2022		55,393		15.56		15.56		861,698		0.01		0.75		0.75		(8.63	)		(8.63	)
2021		50,812		17.03		17.03		865,268		0.02		0.75		0.75		21.04			21.04
2020		50,175		14.07		14.07		706,027		0.02		0.75		0.75		3.61			3.61
2019		43,771		13.58		13.58		594,494		3.44		0.75		0.75		24.93			24.93

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Fidelity^® VIP Growth Opportunities
2023		56,124		29.72		29.72		1,667,660		—		0.75		0.75		39.99			39.99
2022		57,643		21.23		21.23		1,223,592		—		0.75		0.75		(40.57	)		(40.57	)
2021		56,982		35.72		35.72		2,035,465		—		0.75		0.75		7.56			7.56
2020		56,843		33.21		33.21		1,887,852		—		0.75		0.75		62.00			62.00
2019		56,691		20.50		20.50		1,162,121		—		0.75		0.75		35.31			35.31
Fidelity^® VIP High Income
2023		70,205		9.20		9.20		646,037		0.05		0.75		0.75		6.24			6.24
2022		75,275		8.66		8.66		652,348		0.05		0.75		0.75		(14.93	)		(14.93	)
2021		74,900		10.18		10.18		763,022		0.05		0.75		0.75		0.39			0.39
2020		73,930		10.14		10.14		749,790		0.05		0.75		0.75		(1.36	)		(1.36	)
2019		68,189		10.28		10.28		700,994		6.27		0.75		0.75		10.54			10.54
Fidelity^® VIP Overseas
2023		36,833		11.33		11.33		417,242		0.01		0.75		0.75		15.85			15.85
2022		46,529		9.78		9.78		455,156		0.01		0.75		0.75		(27.45	)		(27.45	)
2021		40,316		13.48		13.48		543,591		0.00		0.75		0.75		15.02			15.02
2020		39,426		11.72		11.72		462,273		0.00		0.75		0.75		11.09			11.09
2019		28,578		10.55		10.55		301,679		1.44		0.75		0.75		22.82			22.82
Franklin Allocation VIP Fund
2023		21,007		11.71		11.71		245,933		0.01		0.75		0.75		10.47			10.47
2022		22,045		10.60		10.60		233,753		0.01		0.75		0.75		(19.27	)		(19.27	)
2021		27,380		13.13		13.13		359,605		0.02		0.75		0.75		7.36			7.36
2020		33,444		12.23		12.23		408,852		0.01		0.75		0.75		7.66			7.66
2019		32,539		11.36		11.36		369,609		3.33		0.75		0.75		15.21			15.21
Franklin Income VIP Fund
2023		49,420		11.49		12.06		594,645		0.05		0.75		1.35		3.98			4.69
2022		48,939		11.05		11.52		563,091		0.05		0.75		1.35		(9.50	)		(9.00	)
2021		51,694		12.21		12.66		653,228		0.05		0.75		1.35		11.71			12.53
2020		52,617		10.93		11.25		591,689		0.05		0.75		1.35		(3.53	)		(3.10	)
2019		58,983		11.33		11.61		683,825		5.47		0.75		1.35		11.08			11.85

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Franklin Mutual Global Discovery VIP Fund
2023		70,167		12.39		13.59		953,642		0.02		0.75		1.35		15.15			15.96
2022		71,525		10.76		11.72		839,380		0.01		0.75		1.35		(8.74	)		(8.29	)
2021		74,610		11.79		12.78		954,132		0.03		0.75		1.35		14.02			14.72
2020		75,357		10.34		11.14		839,814		0.02		0.75		1.35		(8.58	)		(8.01	)
2019		79,373		11.31		12.11		961,542		1.71		0.75		1.35		19.05			19.90
Franklin Small Cap Value VIP Fund
2023		10,252		16.41		16.41		168,666		0.01		0.75		0.75		8.60			8.60
2022		10,107		15.11		15.11		153,105		0.01		0.75		0.75		(13.36	)		(13.36	)
2021		12,416		16.88		17.44		216,969		0.01		0.75		1.35		20.06			20.78
2020		16,053		14.06		14.44		232,173		0.01		0.75		1.35		0.64			1.26
2019		18,000		13.97		14.26		256,689		1.02		0.75		1.35		20.95			21.78
Franklin Strategic Income VIP Fund
2023		12,609		8.09		8.09		101,937		0.04		0.75		0.75		4.25			4.25
2022		11,724		7.76		7.76		90,989		0.05		0.75		0.75		(14.06	)		(14.06	)
2021		13,418		9.03		9.03		121,138		0.03		0.75		0.75		(1.63	)		(1.63	)
2020		12,442		9.18		9.18		114,210		0.04		0.75		0.75		(0.33	)		(0.33	)
2019		13,626		9.21		9.21		125,551		5.35		0.75		0.75		4.07			4.07
Guggenheim VIF All Cap Value
2023		12,219		23.32		23.32		284,983		0.01		0.75		0.75		4.53			4.53
2022		11,304		17.59		22.31		252,163		0.01		0.75		1.35		(5.33	)		(4.82	)
2021		13,574		18.58		23.44		315,746		0.02		0.75		1.35		21.52			22.27
2020		21,033		15.29		19.17		402,005		0.01		0.75		1.35		(2.49	)		(1.89	)
2019		31,026		15.68		19.54		605,010		1.25		0.75		1.35		18.43			19.22
Guggenheim VIF Alpha Opportunity
2023		4,183		16.35		16.35		68,514		0.00		0.75		0.75		4.34			4.34
2022		4,175		15.67		15.67		65,498		0.00		0.75		0.75		(11.87	)		(11.87	)
2021		4,063		17.78		17.78		72,348		0.01		0.75		0.75		9.62			9.62
2020		3,936		14.59		16.22		63,951		0.01		0.75		1.35		(4.01	)		(3.45	)
2019		7,089		15.20		16.80		119,181		0.17		0.75		1.35		(6.63	)		(6.04	)

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Guggenheim VIF Floating Rate Strategies
2023		129,870		9.58		9.58		1,244,227		0.03		0.75		0.75		7.04			7.04
2022		131,307		8.95		8.95		1,175,365		0.02		0.75		0.75		(4.48	)		(4.48	)
2021		130,980		9.37		9.37		1,227,732		0.02		0.75		0.75		(1.37	)		(1.37	)
2020		127,892		9.50		9.50		1,214,268		0.06		0.75		0.75		(3.65	)		(3.65	)
2019		126,461		9.86		9.86		1,246,528		5.58		0.75		0.75		3.68			3.68
Guggenheim VIF Global Managed Futures Strategy
2023		14,203		5.05		5.05		71,764		0.04		0.75		0.75		—			—
2022		13,803		5.05		5.05		69,753		0.03		0.75		0.75		7.22			7.22
2021		13,459		4.71		4.71		63,452		—		0.75		0.75		(2.89	)		(2.89	)
2020		13,695		4.85		4.85		66,418		0.04		0.75		0.75		(1.22	)		(1.22	)
2019		12,143		4.91		4.91		59,591		0.91		0.75		0.75		4.25			4.25
Guggenheim VIF High Yield
2023		25,800		15.22		32.76		792,191		0.06		0.75		1.35		7.26			7.91
2022		26,151		14.19		30.36		740,192		0.06		0.75		1.35		(13.58	)		(13.01	)
2021		29,245		16.42		34.90		927,988		0.05		0.75		1.35		0.92			1.51
2020		27,625		16.27		34.38		885,812		0.07		0.75		1.35		0.18			0.79
2019		35,057		16.24		34.11		1,100,982		7.50		0.75		1.35		6.91			7.57
Guggenheim VIF Large Cap Value
2023		35,305		18.58		18.70		655,522		0.02		0.75		1.35		4.64			5.21
2022		36,943		17.66		17.87		651,801		0.01		0.75		1.35		(5.55	)		(4.90	)
2021		40,262		18.57		18.92		747,458		0.02		0.75		1.35		21.67			22.33
2020		51,732		15.18		15.55		784,893		0.02		0.75		1.35		(2.20	)		(1.56	)
2019		51,223		15.42		15.90		789,682		1.75		0.75		1.35		16.65			17.35
Guggenheim VIF Long Short Equity
2023		5,784		11.70		13.26		75,375		0.00		0.75		1.35		7.93			8.60
2022		5,260		10.84		12.21		64,239		0.00		0.75		1.35		(18.00	)		(17.56	)
2021		6,846		13.22		14.81		100,035		0.01		0.75		1.35		18.46			19.24
2020		6,422		11.16		12.42		78,667		0.01		0.75		1.35		0.45			1.06
2019		8,163		11.11		12.29		98,619		0.55		0.75		1.35		1.09			1.65

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Guggenheim VIF Managed Asset Allocation
2023		31,873		13.97		14.05		445,612		0.01		0.75		1.35		9.25			9.91
2022		38,609		12.71		12.86		491,093		0.01		0.75		1.35		(20.12	)		(19.66	)
2021		43,256		15.82		16.10		684,602		0.01		0.75		1.35		7.69			8.36
2020		39,536		14.60		14.95		577,725		0.02		0.75		1.35		7.79			8.39
2019		42,933		13.47		13.87		578,599		1.63		0.75		1.35		14.91			15.72
Guggenheim VIF Multi-Hedge Strategies
2023		15,393		5.69		6.15		94,078		0.03		0.75		1.35		—			0.65
2022		14,287		5.69		6.11		87,065		0.01		0.75		1.35		(7.63	)		(7.00	)
2021		8,623		6.16		6.57		56,395		—		0.75		1.35		3.53			4.12
2020		8,087		5.95		6.31		50,843		0.02		0.75		1.35		2.76			3.44
2019		3,337		5.79		6.10		20,464		1.85		0.75		1.35		0.52			1.16
Guggenheim VIF Small Cap Value
2023		9,719		26.88		40.78		396,377		0.01		0.75		1.35		5.58			6.25
2022		9,943		25.46		38.38		375,823		0.01		0.75		1.35		(7.82	)		(7.27	)
2021		9,584		27.62		41.39		394,141		0.01		0.75		1.35		20.82			21.52
2020		11,826		22.86		34.06		402,799		0.01		0.75		1.35		(5.22	)		(4.62	)
2019		14,021		24.12		35.71		500,767		0.79		0.75		1.35		17.37			18.05
Guggenheim VIF SMid Cap Value
2023		27,861		29.84		44.30		1,226,092		0.01		0.75		1.35		5.07			5.70
2022		26,893		28.40		41.91		1,119,342		0.01		0.75		1.35		(6.02	)		(5.46	)
2021		28,345		30.22		44.33		1,248,305		0.02		0.75		1.35		18.46			19.20
2020		35,116		25.51		37.19		1,297,421		0.01		0.75		1.35		(0.16	)		0.43
2019		37,341		25.55		37.03		1,371,975		0.88		0.75		1.35		21.32			22.05
Guggenheim VIF StylePlus Large Core
2023		39,308		14.41		17.51		578,704		0.02		0.75		1.35		21.51			22.22
2022		39,686		11.79		14.41		477,451		0.01		0.75		1.35		(24.04	)		(23.54	)
2021		40,059		15.42		18.97		633,084		0.01		0.75		1.35		23.02			23.76
2020		41,837		12.46		15.42		533,620		0.02		0.75		1.35		13.63			14.31
2019		42,519		10.90		13.57		473,115		2.15		0.75		1.35		24.50			25.29

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Guggenheim VIF StylePlus Large Growth
2023		10,640		17.93		21.54		191,214		0.02		0.75		1.35		33.96			34.71
2022		17,230		13.31		16.08		229,480		0.00		0.75		1.35		(33.61	)		(33.22	)
2021		19,246		19.93		24.22		385,304		0.01		0.75		1.35		22.32			23.10
2020		16,027		16.19		19.80		261,453		0.01		0.75		1.35		32.00			32.70
2019		20,983		12.20		15.00		256,693		2.06		0.75		1.35		28.21			29.10
Guggenheim VIF StylePlus Mid Growth
2023		147,591		18.05		19.08		2,665,245		0.01		0.75		1.35		20.99			21.71
2022		154,319		14.83		15.77		2,288,731		0.00		0.75		1.35		(30.83	)		(30.41	)
2021		145,435		21.31		22.80		3,100,760		0.01		0.75		1.35		8.83			9.51
2020		143,790		19.46		20.95		2,800,475		0.01		0.75		1.35		26.51			27.27
2019		137,549		15.29		16.56		2,105,480		0.86		0.75		1.35		26.99			27.84
Guggenheim VIF StylePlus Small Growth
2023		92,653		11.44		19.60		1,059,957		0.01		0.75		1.35		15.84			16.62
2022		95,014		9.81		16.92		932,472		0.00		0.75		1.35		(29.71	)		(29.32	)
2021		92,991		13.88		13.88		1,290,852		0.00		0.75		0.75		2.66			2.66
2020		95,439		13.52		23.60		1,290,992		0.01		0.75		1.35		26.20			26.95
2019		88,383		10.65		18.70		942,344		0.71		0.75		1.35		20.33			21.02
Guggenheim VIF Total Return Bond
2023		163,483		7.85		9.70		1,589,687		0.04		0.75		1.35		2.35			2.97
2022		165,345		7.67		9.42		1,559,687		0.03		0.75		1.35		(19.69	)		(19.21	)
2021		174,830		9.55		11.66		2,041,211		0.02		0.75		1.35		(4.69	)		(4.11	)
2020		174,199		10.02		12.16		2,113,959		0.02		0.75		1.35		9.39			9.95
2019		207,073		9.16		11.06		2,289,766		2.84		0.75		1.35		—			0.64
Guggenheim VIF World Equity Income
2023		48,983		12.84		14.35		629,419		0.03		0.75		1.35		7.49			8.17
2022		50,167		11.87		13.35		596,001		0.02		0.75		1.35		(12.97	)		(12.46	)
2021		55,015		13.56		15.34		749,106		0.01		0.75		1.35		16.57			17.30
2020		64,230		11.56		13.16		745,184		0.02		0.75		1.35		2.09			2.66
2019		80,298		11.26		12.89		904,395		2.80		0.75		1.35		16.23			16.93

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Invesco V.I. American Value
2023		13,819		10.74		10.74		148,399		0.00		0.75		0.75		11.07			11.07
2022		13,497		9.67		9.67		130,507		0.01		0.75		0.75		(6.48	)		(6.48	)
2021		705		10.29		10.34		7,288		0.05		0.75		1.35		—			—
Invesco V.I. Comstock
2023		16,388		16.32		19.49		317,275		0.01		0.75		1.35		7.30			7.92
2022		12,906		15.21		18.06		232,745		0.01		0.75		1.35		(3.43	)		(2.85	)
2021		14,931		15.75		18.59		277,225		0.02		0.75		1.35		27.43			28.21
2020		17,603		12.36		14.50		255,085		0.02		0.75		1.35		(5.36	)		(4.79	)
2019		18,361		13.06		15.23		279,403		1.71		0.75		1.35		19.60			20.40
Invesco V.I. Core Plus Bond
2023		22,279		9.44		9.44		210,344		0.02		0.75		0.75		1.94			1.94
2022		23,145		9.26		9.26		214,371		0.01		0.75		0.75		(7.40	)		(7.40	)
Invesco V.I. Discovery Mid Cap Growth
2023		20,682		16.91		16.91		349,688		—		0.75		0.75		8.68			8.68
2022		20,160		15.56		15.56		313,552		—		0.75		0.75		(33.65	)		(33.65	)
2021		19,484		23.45		23.45		456,732		—		0.75		0.75		14.45			14.45
2020		19,046		16.59		20.49		390,158		—		0.75		1.35		34.01			34.80
2019		21,555		12.38		15.20		328,690		—		0.75		1.35		28.29			29.03
Invesco V.I. Equity and Income
2023		44,256		13.94		16.60		733,868		0.02		0.75		1.35		5.53			6.21
2022		48,442		15.63		15.63		757,573		0.01		0.75		0.75		(11.09	)		(11.09	)
2021		62,736		14.95		17.58		1,103,548		0.02		0.75		1.35		13.34			14.01
2020		62,922		13.19		15.42		970,057		0.02		0.75		1.35		4.93			5.54
2019		65,625		12.57		14.61		958,945		2.47		0.75		1.35		14.90			15.59
Invesco V.I. EVQ International Equity Fund
2023		20,951		14.91		16.80		346,134		—		0.75		1.35		12.87			13.51
2022		21,387		13.21		14.80		311,597		0.01		0.75		1.35		(21.97	)		(21.49	)
2021		25,314		16.93		18.85		471,218		0.01		0.75		1.35		1.07			1.73
2020		26,974		16.75		18.53		494,373		0.02		0.75		1.35		8.91			9.58
2019		36,533		15.38		16.91		613,360		1.31		0.75		1.35		22.75			23.52

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Invesco V.I. Global
2023		41,401		15.25		15.25		632,148		—		0.75		0.75		29.57			29.57
2022		41,351		11.77		11.77		487,475		—		0.75		0.75		(34.43	)		(34.43	)
2021		41,242		17.95		17.95		741,389		—		0.75		0.75		10.94			10.94
2020		47,986		16.18		16.18		777,416		0.00		0.75		0.75		22.58			22.58
2019		55,200		13.20		13.20		729,146		0.66		0.75		0.75		26.68			26.68
Invesco V.I. Global Real Estate
2023		26,652		16.02		18.16		484,103		0.01		0.75		1.35		4.36			5.03
2022		26,157		15.35		17.29		452,308		0.03		0.75		1.35		(28.10	)		(27.69	)
2021		27,755		21.35		23.91		663,517		0.03		0.75		1.35		20.35			21.06
2020		28,991		17.74		19.75		572,423		0.05		0.75		1.35		(16.04	)		(15.53	)
2019		32,131		21.13		23.38		751,303		4.75		0.75		1.35		17.72			18.44
Invesco V.I. Government Money Market
2023		75,825		7.85		8.22		622,298		0.05		0.75		1.35		0.13			0.74
2022		88,397		7.84		8.16		719,363		0.01		0.75		1.35		(3.09	)		(2.51	)
2021		110,026		8.09		8.37		920,685		0.00		0.75		1.35		(4.26	)		(3.68	)
2020		117,657		8.45		8.69		1,022,249		0.00		0.75		1.35		(3.98	)		(3.44	)
2019		66,649		8.80		9.00		599,927		1.70		0.75		1.35		(2.76	)		(2.17	)
Invesco V.I. Government Securities
2023		87,328		7.14		7.14		625,048		0.02		0.75		0.75		0.71			0.71
2022		84,106		7.09		7.09		598,312		0.02		0.75		0.75		(13.96	)		(13.96	)
2021		96,042		8.24		8.24		792,898		0.02		0.75		0.75		(6.04	)		(6.04	)
2020		96,578		8.04		8.77		848,396		0.02		0.75		1.35		1.39			2.10
2019		108,750		7.93		8.59		935,672		2.29		0.75		1.35		1.28			1.90
Invesco V.I. Health Care
2023		8,078		21.87		24.79		196,844		—		0.75		1.35		(1.35	)		(0.76	)
2022		9,230		22.17		24.98		225,603		—		0.75		1.35		(17.00	)		(16.48	)
2021		8,398		26.71		29.91		247,702		0.00		0.75		1.35		7.48			8.13
2020		13,429		24.85		27.66		367,420		0.00		0.75		1.35		9.57			10.24
2019		14,960		22.68		25.09		371,437		0.05		0.75		1.35		26.85			27.62

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Invesco V.I. Main Street Mid Cap Fund^®
2023		5,335		19.75		22.39		119,149		0.00		0.75		1.35		9.30			9.97
2022		4,064		18.07		20.36		82,731		0.00		0.75		1.35		(18.09	)		(17.60	)
2021		4,523		22.06		24.71		111,451		0.00		0.75		1.35		17.59			18.34
2020		4,490		18.76		20.88		93,728		0.00		0.75		1.35		4.28			4.92
2019		6,088		17.99		19.90		121,148		0.23		0.75		1.35		19.69			20.46
Invesco V.I. Main Street Small Cap Fund^®
2023		5,642		32.40		36.73		205,598		0.01		0.75		1.35		12.81			13.50
2022		5,281		28.72		32.36		169,462		0.00		0.75		1.35		(19.62	)		(19.12	)
2021		5,330		35.73		40.01		211,510		0.00		0.75		1.35		17.07			17.78
2020		7,158		30.52		33.97		241,724		0.00		0.75		1.35		14.52			15.19
2019		8,220		26.65		29.49		240,807		—		0.75		1.35		20.75			21.51
Janus Henderson VIT Enterprise
2023		74,144		27.77		27.77		2,057,994		0.00		0.75		0.75		13.49			13.49
2022		79,346		24.47		24.47		1,941,374		0.00		0.75		0.75		(19.24	)		(19.24	)
2021		80,846		27.85		30.30		2,448,804		0.00		0.75		1.35		11.58			12.26
2020		81,422		24.96		26.99		2,196,653		—		0.75		1.35		14.08			14.75
2019		80,995		21.88		23.52		1,903,821		0.06		0.75		1.35		29.39			30.23
Janus Henderson VIT Research
2023		42,626		24.23		24.23		1,033,863		0.00		0.75		0.75		37.51			37.51
2022		43,083		17.62		17.62		759,514		—		0.75		0.75		(32.59	)		(32.59	)
2021		40,328		24.52		26.14		1,055,169		0.00		0.75		1.35		14.96			15.61
2020		43,759		21.33		22.61		989,918		0.00		0.75		1.35		26.89			27.67
2019		42,400		16.81		17.71		751,265		0.31		0.75		1.35		29.51			30.22
Lord Abbett Series Bond-Debenture VC
2023		17,901		9.50		9.50		170,338		0.05		0.75		0.75		2.59			2.59
2022		21,564		9.26		9.26		199,893		0.04		0.75		0.75		(16.05	)		(16.05	)
2021		25,648		11.03		11.03		283,032		0.03		0.75		0.75		(0.54	)		(0.54	)
2020		19,782		11.09		11.09		219,477		0.03		0.75		0.75		3.36			3.36
2019		29,960		10.73		10.73		321,515		3.78		0.75		0.75		9.27			9.27

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Lord Abbett Series Developing Growth VC
2023		14,769		14.14		14.14		209,011		—		0.75		0.75		4.20			4.20
2022		13,770		13.57		13.57		187,037		—		0.75		0.75		(38.32	)		(38.32	)
2021		16,026		22.00		22.00		352,903		—		0.75		0.75		(6.30	)		(6.30	)
2020		11,452		23.48		23.48		269,271		—		0.75		0.75		66.17			66.17
2019		7,684		14.13		14.13		108,755		—		0.75		0.75		26.95			26.95
LVIP JPMorgan Core Bond Fund (a)
2023		14,190		7.94		7.94		112,262		0.03		0.75		0.75		1.79			1.79
2022		13,641		7.80		7.80		106,051		0.02		0.75		0.75		(15.95	)		(15.95	)
2021		31,785		9.28		9.28		294,648		0.01		0.75		0.75		(5.31	)		(5.31	)
2020		16,925		9.80		9.80		165,502		0.02		0.75		0.75		3.70			3.70
2019		18,244		9.45		9.45		172,016		2.41		0.75		0.75		3.85			3.85
MFS^® VIT II Research International
2023		24,526		7.77		10.06		246,824		0.01		0.75		1.35		8.07			8.76
2022		25,874		9.25		9.25		239,594		0.02		0.75		0.75		(20.87	)		(20.87	)
2021		25,745		9.14		11.69		301,069		0.01		0.75		1.35		6.53			7.15
2020		33,917		8.58		10.91		369,446		0.02		0.75		1.35		7.92			8.56
2019		34,247		7.95		10.05		335,823		1.26		0.75		1.35		22.31			23.01
MFS^® VIT Total Return
2023		54,139		14.40		14.40		781,139		0.02		0.75		0.75		6.12			6.12
2022		60,419		11.53		13.57		820,972		0.01		0.75		1.35		(13.70	)		(13.12	)
2021		64,220		13.36		15.62		1,003,892		0.02		0.75		1.35		8.97			9.69
2020		74,612		12.26		14.24		1,064,096		0.02		0.75		1.35		4.88			5.40
2019		98,690		11.69		13.51		1,334,002		2.26		0.75		1.35		14.95			15.77
MFS^® VIT Utilities
2023		28,848		13.53		20.48		574,166		0.03		0.75		1.35		(6.50	)		(5.93	)
2022		31,490		14.47		21.77		667,987		0.02		0.75		1.35		(3.79	)		(3.20	)
2021		33,914		15.04		22.49		743,597		0.01		0.75		1.35		8.91			9.60
2020		32,833		13.81		20.52		656,606		0.02		0.75		1.35		1.17			1.74
2019		30,738		13.65		20.17		597,248		3.77		0.75		1.35		19.42			20.20

(a)	Name change. See Note 1.

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Morgan Stanley VIF Emerging Markets Equity
2023		37,305		5.88		7.05		262,790		0.02		0.75		1.35		7.30			7.80
2022		45,741		5.48		6.54		298,805		0.00		0.75		1.35		(28.37	)		(27.81	)
2021		45,629		7.65		9.06		413,319		0.01		0.75		1.35		(1.42	)		(0.88	)
2020		45,231		7.76		9.14		411,975		0.01		0.75		1.35		9.45			10.12
2019		57,672		7.09		8.30		478,147		1.13		0.75		1.35		14.54			15.12
Morningstar Aggressive Growth ETF Asset Allocation Portfolio
2023		16,535		13.44		13.44		222,224		0.02		0.75		0.75		12.56			12.56
2022		16,052		11.94		11.94		191,621		0.01		0.75		0.75		(16.39	)		(16.39	)
2021		15,609		14.28		14.28		222,752		0.01		0.75		0.75		13.97			13.97
2020		16,637		12.53		12.53		208,300		0.02		0.75		0.75		5.92			5.92
2019		16,015		11.83		11.83		189,360		1.60		0.75		0.75		17.71			17.71
Morningstar Balanced ETF Asset Allocation Portfolio
2023		29,117		11.06		11.06		321,994		0.02		0.75		0.75		8.64			8.64
2022		33,435		10.18		10.18		340,270		0.02		0.75		0.75		(16.08	)		(16.08	)
2021		32,184		12.13		12.13		390,328		0.01		0.75		0.75		6.68			6.68
2020		35,142		11.37		11.37		399,397		0.02		0.75		0.75		5.08			5.08
2019		34,669		10.82		10.82		374,943		2.35		0.75		0.75		12.01			12.01
Morningstar Conservative ETF Asset Allocation Portfolio
2023		2,950		8.52		8.52		25,068		0.01		0.75		0.75		3.90			3.90
2022		13,487		8.20		8.20		110,612		0.01		0.75		0.75		(15.11	)		(15.11	)
2021		13,415		9.66		9.66		129,519		0.01		0.75		0.75		(1.53	)		(1.53	)
2020		17,947		9.81		9.81		175,925		0.03		0.75		0.75		2.62			2.62
2019		4,287		9.56		9.56		40,984		1.98		0.75		0.75		5.52			5.52
Morningstar Growth ETF Asset Allocation Portfolio
2023		17,298		12.44		12.44		215,142		0.02		0.75		0.75		11.07			11.07
2022		18,757		11.20		11.20		210,096		0.02		0.75		0.75		(16.42	)		(16.42	)
2021		17,447		13.40		13.40		233,855		0.01		0.75		0.75		10.65			10.65
2020		27,672		12.11		12.11		335,227		0.02		0.75		0.75		5.95			5.95
2019		26,306		11.43		11.43		300,817		1.47		0.75		0.75		15.34			15.34

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Morningstar Income and Growth ETF Asset Allocation Portfolio
2023		12,003		9.78		9.78		117,266		0.02		0.75		0.75		6.54			6.54
2022		11,708		9.18		9.18		107,375		0.01		0.75		0.75		(15.70	)		(15.70	)
2021		16,633		10.89		10.89		181,133		0.01		0.75		0.75		2.54			2.54
2020		20,864		10.62		10.62		221,599		0.02		0.75		0.75		4.42			4.42
2019		20,037		10.17		10.17		203,791		2.13		0.75		0.75		8.77			8.77
Neuberger Berman AMT Sustainable Equity
2023		17,185		30.24		33.66		580,616		0.00		0.75		1.35		21.20			21.91
2022		20,069		24.95		27.61		555,808		0.00		0.75		1.35		(22.10	)		(21.63	)
2021		23,989		32.03		35.23		846,913		0.00		0.75		1.35		17.89			18.62
2020		28,397		27.17		29.70		844,912		0.00		0.75		1.35		14.16			14.89
2019		30,598		23.80		25.85		792,517		0.29		0.75		1.35		20.26			20.96
PIMCO VIT All Asset
2023		7,605		12.20		13.83		101,054		0.03		0.75		1.35		3.48			4.14
2022		7,563		11.79		13.28		96,643		0.07		0.75		1.35		(15.60	)		(15.09	)
2021		7,622		13.97		15.64		114,415		0.11		0.75		1.35		11.31			11.95
2020		9,453		12.55		13.97		127,932		0.05		0.75		1.35		3.38			4.02
2019		10,732		12.14		13.43		139,840		2.88		0.75		1.35		7.15			7.78
PIMCO VIT CommodityRealReturn Strategy
2023		36,557		4.37		5.03		181,873		0.16		0.75		1.35		(11.90	)		(11.29	)
2022		37,504		4.96		5.67		209,640		0.23		0.75		1.35		3.98			4.61
2021		41,071		4.77		5.42		219,245		0.04		0.75		1.35		27.88			28.44
2020		41,436		3.73		4.22		171,816		0.07		0.75		1.35		(3.12	)		(2.54	)
2019		42,263		3.85		4.33		180,578		4.75		0.75		1.35		6.65			7.44
PIMCO VIT Emerging Markets Bond
2023		2,803		9.77		10.34		28,995		0.06		0.75		1.35		6.20			6.93
2022		2,790		9.20		9.67		26,990		0.04		0.75		1.35		(19.37	)		(18.94	)
2021		4,698		11.41		11.93		55,975		0.05		0.75		1.35		(6.78	)		(6.21	)
2020		3,539		12.24		12.72		44,961		0.05		0.75		1.35		2.00			2.66
2019		3,771		12.00		12.39		46,674		5.32		0.75		1.35		9.79			10.43

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged)
2023		29,949		9.85		10.73		319,725		0.02		0.75		1.35		4.34			4.99
2022		26,836		9.44		10.22		273,764		0.01		0.75		1.35		(14.03	)		(13.46	)
2021		33,214		10.98		11.81		391,686		0.02		0.75		1.35		(6.07	)		(5.52	)
2020		33,588		11.69		12.50		419,106		0.06		0.75		1.35		1.04			1.63
2019		48,392		11.57		12.30		594,593		1.86		0.75		1.35		2.39			3.10
PIMCO VIT Low Duration
2023		37,977		6.54		7.41		279,960		0.04		0.75		1.35		0.46			1.09
2022		53,567		6.51		7.33		391,797		0.02		0.75		1.35		(9.71	)		(9.28	)
2021		58,945		7.21		8.08		475,070		0.01		0.75		1.35		(5.13	)		(4.49	)
2020		68,641		7.60		8.46		580,042		0.01		0.75		1.35		(1.43	)		(0.82	)
2019		70,418		7.71		8.53		600,015		2.78		0.75		1.35		(0.39	)		0.12
PIMCO VIT Real Return
2023		100,372		8.79		9.96		1,000,165		0.03		0.75		1.35		(0.79	)		(0.20	)
2022		99,577		8.86		9.98		993,139		0.07		0.75		1.35		(15.62	)		(15.14	)
2021		111,507		10.50		11.76		1,310,338		0.05		0.75		1.35		1.06			1.73
2020		115,435		10.39		11.56		1,334,518		0.01		0.75		1.35		7.00			7.53
2019		130,852		9.71		10.75		1,405,883		1.62		0.75		1.35		3.74			4.47
PIMCO VIT Total Return
2023		50,653		8.01		8.01		405,561		0.04		0.75		0.75		1.91			1.91
2022		59,603		7.86		7.86		468,213		0.02		0.75		0.75		(17.52	)		(17.52	)
2021		66,010		9.53		9.53		628,822		0.02		0.75		0.75		(4.99	)		(4.99	)
2020		54,792		10.03		10.03		549,409		0.02		0.75		0.75		4.59			4.59
2019		44,606		9.59		9.59		427,841		2.81		0.75		0.75		4.24			4.24
Putnam VT Small Cap Value
2023		1,403		14.85		14.85		20,835		0.00		0.75		0.75		19.28			19.28
2022		1,359		12.45		12.45		16,929		0.00		0.75		0.75		(16.22	)		(16.22	)
2021		1,305		14.86		14.86		19,400		0.01		0.75		0.75		34.85			34.85
2020		911		11.02		11.02		10,045		0.01		0.75		0.75		0.09			0.09
2019		1,774		11.01		11.01		19,534		0.66		0.75		0.75		19.67			19.67

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)


Subaccount	Units		Unit Values Lowest ($) (4)		Unit Values Highest ($) (4)		Net Assets ($)		Investment Income Ratios (%) (1)		Expense Ratios Lowest (%) (2)		Expense Ratios Highest (%) (2)		Total Returns Lowest (%) (3)(4)			Total Returns Highest (%) (3)(4)
Royce Micro-Cap
2023		12,576		10.99		13.49		169,206		—		0.75		1.35		13.77			14.42
2022		12,437		11.79		11.79		146,246		—		0.75		0.75		(25.24	)		(25.24	)
2021		14,090		13.01		15.77		221,819		—		0.75		1.35		24.50			25.16
2020		15,360		10.45		12.60		193,194		—		0.75		1.35		18.48			19.21
2019		15,614		8.82		10.57		164,729		—		0.75		1.35		14.40			15.14
T. Rowe Price Health Sciences
2023		77,322		19.15		19.15		1,481,854		—		0.75		0.75		(1.14	)		(1.14	)
2022		79,807		19.37		19.37		1,546,409		—		0.75		0.75		(15.86	)		(15.86	)
2021		80,329		23.02		23.02		1,850,308		—		0.75		0.75		8.64			8.64
2020		75,438		21.19		21.19		1,598,905		—		0.75		0.75		24.50			24.50
2019		72,441		17.02		17.02		1,233,406		—		0.75		0.75		23.96			23.96
Templeton Developing Markets VIP Fund
2023		18,688		8.99		8.99		168,117		0.02		0.75		0.75		8.44			8.44
2022		18,634		8.29		8.29		154,519		0.03		0.75		0.75		(24.84	)		(24.84	)
2021		16,710		11.03		11.03		184,388		0.01		0.75		0.75		(9.22	)		(9.22	)
2020		17,647		12.15		12.15		214,489		0.06		0.75		0.75		12.81			12.81
2019		19,594		10.77		10.77		210,974		1.00		0.75		0.75		22.11			22.11
Templeton Global Bond VIP Fund
2023		294,954		6.45		6.45		1,901,403		—		0.75		0.75		(0.92	)		(0.92	)
2022		280,114		6.51		6.51		1,822,345		—		0.75		0.75		(8.44	)		(8.44	)
2021		313,166		7.11		7.11		2,225,419		—		0.75		0.75		(8.49	)		(8.49	)
2020		249,500		7.77		7.77		1,937,727		0.06		0.75		0.75		(8.70	)		(8.70	)
2019		146,973		8.51		8.51		1,251,558		7.02		0.75		0.75		(1.73	)		(1.73	)
Western Asset Variable Global High Yield Bond
2023		2,250		10.12		10.38		23,075		0.05		0.75		1.35		5.31			5.92
2022		2,195		9.61		9.80		21,315		0.06		0.75		1.35		(17.51	)		(17.02	)
2021		2,421		11.65		11.81		28,400		0.04		0.75		1.35		(3.32	)		(2.64	)
2020		3,102		12.05		12.13		37,516		0.03		0.75		1.35		2.55			3.15
2019		4,361		11.75		11.76		51,259		4.64		0.75		1.35		9.20			9.80

Variable Annuity Account B

Notes to Financial Statements (continued)

4. Financial Highlights (continued)

(1)

These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. Average net assets is a simple average of net assets and will not reflect offsetting changes in net assets occurring within a year. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests.

(2)

These ratios represent the annualized contract expenses of the Account, consisting primarily of administrative and mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to the unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded. The additional fees for the mortality and expense risk charges applied to policies whose contract values are less than $100,000 are excluded from these ratios because they result in reductions of contract owner units, rather than direct reductions to the unit values. See Note 2.

(3)

These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. 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. The total return is calculated for the period indicated or from the inception date through the end of the reporting period.

(4)	Unit value information is calculated on a daily basis regardless of whether or not the subaccount has contractholders.

5. Subsequent Events

The Account has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure.