Post-Effective Amendment No. 23 |
☒ |
Amendment No. 113 |
☒ |
☐ | immediately upon filing pursuant to paragraph (b) of rule 485 |
☒ | on April 30, 2024, pursuant to paragraph (b) of rule 485 |
☐ | 60 days after filing pursuant to paragraph (a)(1) of rule 485 |
☐ | on (date) pursuant to paragraph (a)(1) of rule 485 under the Securities Act. |
☐ | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
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Fees and Expenses |
Location in Prospectus | |||||||||||||
Charges for Early Withdrawals | ||||||||||||||
Transaction Charges | Fee Tables | |||||||||||||
Ongoing Fees and Expenses (“Annual charges”) | The table below describes the fees and expenses that you may pay each year on tract. If such advisory fees were reflected, the fees and expenses disclosed below would be higher. Please refer to your Contract Schedule page for information about the specific fees you will pay each year based on the options you have elected. |
Fee Tables 8. Current Charges and Other Deductions Appendix A: Funds Available Under the Co ntra ct | ||||||||||||
Annual Fee |
Minimum |
Maximum |
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Base Contract Expenses |
1,2 |
1,2 |
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Subaccounts (Fund fees and expenses) |
3 |
3 |
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1 As a percentage of the average Contract Value. |
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2 You will be assessed Base Contract Expenses of 0.10% (hereafter referred to as “lower Contract Charges”) if (1) you purchase a Contract on or after September 7, 2010 with an Initial Purchase Payment of $1,000,000 or more, or (2) your Contract Value equals $1,000,000 or more on or after September 7, 2010 and at that time we are offering the Contract to new applicants at the lower Contract Charges. |
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3 |
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Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year |
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Lowest Annual Cost $ |
Highest Annual Cost $ |
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Assumes | Assumes | |||||||||||||
• Investment of $100,000 • 5% annual appreciation • 0.25% Base Contract Expenses • Least expensive combination of Fund fees and expenses • No advisory fees paid to third-party investment advisory firms • No additional Purchase Payments, transfers or withdrawals |
• Investment of $100,000 • 5% annual appreciation • 0.25% Base Contract Expenses • Most expensive combination of Fund fees and expenses • No advisory fees paid to third-party investment advisory firms • No additional Purchase Payments, transfers or withdrawals |
Risks |
Location in Prospectus | |||||||||||||
Risk of Loss | 1. Principal Risks of Investing in the Contract 2(a). EFILI and the Variable Account 2(b). The Funds | |||||||||||||
Not a Short- Term Investment | 1 ⁄2 . |
1. Principal Risks of Investing in the Contract | ||||||||||||
Risks Associated with Investment Options | • An investment in the Contract is subject to the risk of poor performance of the Subaccount(s) • Performance will vary based on the performance of the Subaccount(s) you select. • Each Subaccount will have its own unique risks. • You should review each Fund’s prospectus carefully before making an investment decision. |
1. Principal Risks of Investing in the Contract 2(a). EFILI and the Variable Account 2(b). The Funds | ||||||||||||
Insurance Company Risks | 1. Principal Risks of Investing in the Contract 2(a). EFILI and the Variable Account | |||||||||||||
Restrictions |
Location in Prospectus | |||||||||||||
Investments | • During all or part of the Free Look Period, we reserve the right to invest your Purchase Payments in the Government Money Market Subaccount. • You cannot exchange less than $250 from any Subaccount except that if you have less than $250 in a Subaccount you may exchange the entire amount. • Contract Owners who engage in frequent Exchanges may be subjected to temporary or permanent restrictions on future purchase or Exchanges. • We have the right to eliminate Subaccounts, to combine two or more Subaccounts, or to substitute a new mutual fund for the mutual fund in which a Subaccount invests. |
3(a). Purchase of a Contract 5(a). General Procedures for Making Exchanges 5(f). EFILI Policies Regarding Frequent Trading 11(a). Changes in Subaccounts | ||||||||||||
Taxes |
Location in Prospectus | |||||||||||||
Tax Implications | • The Contracts are not offered in connection with Individual Retirement Accounts (“IRAs”) or qualified plans of any kind. • Consult with a tax professional to determine the tax implications of an investment in and payments received under this Contract. • Under current law, you will not be taxed on increases in the value of your Contact until a distribution occurs. The taxable portion of a distribution is generally taxed as ordinary income. A penalty tax equal to 10% of the amount treated as taxable income may be imposed on distributions received before age 59 1 ⁄2 . |
1. Principal Risks of Investing in the Contract 3(a). Purchase of a Contract 9. Tax Considerations | ||||||||||||
Conflicts of Interest |
Location in Prospectus | |||||||||||||
Investment Professional Compensation | 2(b). The Funds 2(c). Selling the Contracts | |||||||||||||
Exchanges | “Replacement of Contracts” |
• |
Accumulation Phase |
• |
Income Phase |
• | Accessing your money: 1 ⁄2 may be subject to a tax penalty equal to 10% of the amount treated as taxable income). |
• | Tax treatment: tax-deferred. Earnings, if any, are taxed as ordinary income when received in the form of a withdrawal, annuity income payment, or other form of distribution. |
• | Death benefit: |
• | Automatic Annuity Builder: pre-authorized Purchase Payments by electronic funds transfers from your checking or savings account, or by transfers from your Fidelity Investments brokerage account. |
• | Dollar Cost Averaging and Automatic Rebalancing: |
• | Systematic Withdrawal Program: |
Transaction Expenses |
Current Charge |
Maximum Charge | ||||||||
Exchange Fee |
$ A |
A |
six-day limit. |
Annual Contract Expenses |
Maximum Charge | ||||
Base Contract Expenses 1,2 (as a percentage of the average Contract Value) |
1 |
Base Contract Expenses are the total of two separate charges, a Mortality and Expense Risk Charge and an Administrative Charge. You may also see Base Contract Expenses referred to as “Total Separate Account Annual Expenses”. |
2 |
You will be assessed Base Contract Expenses of 0.10% (hereafter referred to as “lower Contract Charges”) if (1) you purchase a Contract on or after September 7, 2010, with an Initial Purchase Payment of $1,000,000 or more, or (2) your Contract Value equals $1,000,000 or more on or after September 7, 2010, and at that time we are offering the Contract to new applicants at the lower Contract Charges ( See 8(b). Automatic Contract Charge Reduction). Contracts funded with Purchase Payments from different sources (e.g., other annuity contracts or investments) will be issued with the lower Contract Charges only if the amount of the Initial Purchase Payment applied to the Contract on the Contract Date is $1,000,000 or more and is received by us on or after September 7, 2010. |
Annual Portfolio Company Expenses |
Minimum |
Maximum | ||||||||
including management fees, distribution and/or service (12b-1) fees, and other expenses) |
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including management fees, distribution and/or service (12b-1) fees, and other expenses after any waivers or expense reimbursements) |
2 |
2 |
1 year | 3 years | 5 years | 10 years | |||
$ |
$ |
$ |
$ |
• | The original owner of the Source Contract is deceased; |
• | You exchange one hundred percent (100%) of your interest in the Source Contract; |
• | You are eligible to receive payments in accordance with Section 72(s)(2) of the Code and implementing regulations (“Stretch Payments”), and have not yet started such payments; and |
• | You fulfill any other requirements that we require to ensure we can administer the Contract in compliance with the Code. |
Name of Benefit |
Purpose |
Maximum Fee |
Brief Description of Restrictions / Limitations | |||
There is no guaranteed minimum death benefit. We will not pay any Beneficiary until we have determined the number of Beneficiaries entitled to receive payment. Any advisory fees you pay from the Contract to a third- party investment advisory firm will be treated as a withdrawal and, like any other withdrawal, will reduce the Contract Value and Death Benefit. | ||||||
pre-authorized Purchase Payments from a checking or savings account, or a Fidelity Investments brokerage account. |
Minimum transfer amount is $100. We reserve the right to restrict participation if there is insufficient funds to complete a transfer. | |||||
Minimum transfer amount is $250. May not be used at the same time as Automatic Rebalancing. We reserve the right to modify or terminate this benefit. | ||||||
May not be used at the same time as Dollar Cost Averaging. We reserve the right to modify or terminate this benefit. | ||||||
Contract Value must be at least $10,000 to begin this program. We reserve the right to modify or terminate this benefit. |
Settlement Option |
Description |
Beneficiary Restrictions | ||
5 Year Distribution | Entire interest in the Contract must be withdrawn no later than five years from the date of death. In the event state escheatment laws require escheatment to the state before five years from the date of death, a Beneficiary may not have the full five-year distribution period to withdraw the Contract Value as described in the Contract. See 10(f). Abandoned Property. |
No restrictions | ||
Annuitization | Entire interest in the Contract is payable over the Beneficiary’s or surviving Owner’s lifetime by electing annuitization within 60 days of the date of death, with distributions beginning within one year of the date of death. A Beneficiary who elects this option gives up future access to the Contract Value in exchange for a guaranteed stream of income. | Beneficiary must be a natural person |
Settlement Option |
Description |
Beneficiary Restrictions | ||
Stretch Benefit | Entire interest in the Contract is paid over a period not extending beyond the Beneficiary’s life expectancy in systematic withdrawals with distributions beginning within one year of the date of death. Under this option the Beneficiary cannot make ad hoc partial withdrawals but can make a complete withdrawal of the remaining Contract Value at any time. | Beneficiary must be: (i). a natural person and (ii). not a spouse of the deceased Owner | ||
Continuation of Contract | Continue the Contract, or their portion of the Contract, as the Owner. Will be treated as having been the sole Owner from the Contract Date, except that he or she will not be able to add a second Owner. Will be able to change the Annuity Date to a date as late as the first day of the calendar month following his or her 90 th birthday. |
Beneficiary must be spouse of deceased Owner Federal tax law does not allow a civil union partner to continue the Contract as his or her own. |
• | are paid on a monthly basis; |
• | are fixed in amount, meaning the payment amount does not fluctuate; and |
• | continue until all Annuitants have died, or for 120 monthly payments, whichever is longer. |
(a) | The guaranteed annuity income purchase rates set forth in your Contract; and |
(b) | The annuity rates in effect on the Annuity Date for the same payment option. |
• | The Contract at the lower Contract Charges must be available to new applicants at the time we implement the Automatic Contract Charge Reduction for all eligible contract owners; and |
• | The Automatic Contract Charge Reduction is not retroactive. It only applies to Valuation Periods following the implementation date of the Automatic Contract Charge Reduction to your Contract. |
• | We will convert the number of Accumulation Units that were credited to your Contract prior to the Automatic Contract Charge Reduction to a new number of Accumulation Units to reflect the lower Contract Charges that will apply to your Contract after the Automatic Charge Reduction. See Accumulation Units 3(c). Purchase Payments. |
• | not licensed agents of Fidelity Investments or any of its affiliates, and |
• | do not receive commissions from Fidelity Investments or any of its affiliates in connection with sales of the Contract. |
• | the fees do not exceed an amount equal to an annual rate of 1.5% of the Contract’s cash value determined as a percentage of the cash value as of the last day of the period in which the advisory services were provided, and |
• | all the other conditions set out in the IRS Private Letter Ruling are met. |
Investment Objective |
Fund & Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
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1 year |
5 year |
10 year |
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Adviser: Subadviser |
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® Variable Insurance Product (“VIP”) Asset Manager PortfolioAdviser: |
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® VIP Asset Manager: Growth PortfolioAdviser: |
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® VIP Balanced PortfolioAdviser: |
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® VIP Bond Index PortfolioAdviser: |
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® VIP Communication Services PortfolioAdviser: |
Investment Objective |
Fund & Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
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1 year |
5 year |
10 year |
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® VIP Consumer Discretionary PortfolioAdviser: |
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® VIP Consumer Staples PortfolioAdviser: |
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® VIP Contrafund® PortfolioAdviser: |
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® VIP Disciplined Small Cap PortfolioAdviser: |
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® VIP Dynamic Capital Appreciation PortfolioAdviser: |
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® VIP Emerging Markets PortfolioAdviser: |
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® VIP Energy PortfolioAdviser: |
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® Index |
® VIP Equity-Income PortfolioAdviser: |
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® VIP Extended Market Index PortfolioAdviser: Principal Subadviser |
Investment Objective |
Fund & Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
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1 year |
5 year |
10 year |
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® VIP Financials PortfolioAdviser: |
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® VIP Floating Rate High Income PortfolioAdviser: |
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® VIP FundsManager® 20% PortfolioAdviser: |
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® VIP FundsManager® 30% PortfolioAdviser: |
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® VIP FundsManager® 40% PortfolioAdviser: |
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® VIP FundsManager® 50% PortfolioAdviser: |
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® VIP FundsManager® 60% PortfolioAdviser: |
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® VIP FundsManager® 70% PortfolioAdviser: |
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® VIP FundsManager® 85% PortfolioAdviser: |
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® VIP Government Money Market PortfolioAdviser: |
Investment Objective |
Fund & Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
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1 year |
5 year |
10 year |
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® VIP Growth PortfolioAdviser: |
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® VIP Growth & Income PortfolioAdviser: |
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® VIP Growth Opportunities PortfolioAdviser: |
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® VIP Health Care PortfolioAdviser: |
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® VIP High Income PortfolioAdviser: |
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® Index |
® VIP Index 500 PortfolioAdviser: Principal Subadviser: |
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® VIP Industrials PortfolioAdviser: |
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® VIP International Capital Appreciation PortfolioAdviser: |
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® VIP International Index PortfolioAdviser: Principal Subadviser: |
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® VIP Investment Grade Bond PortfolioAdviser: |
Investment Objective |
Fund & Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
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1 year |
5 year |
10 year |
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® VIP Investor FreedomSM 2005 PortfolioAdviser: |
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® VIP Investor FreedomSM 2010 PortfolioAdviser: |
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® VIP Investor FreedomSM 2015 PortfolioAdviser: |
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® VIP Investor FreedomSM 2020 PortfolioAdviser: |
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® VIP Investor FreedomSM 2025 PortfolioAdviser: |
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® VIP Investor FreedomSM 2030 PortfolioAdviser: |
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® VIP Investor FreedomSM 2035 PortfolioAdviser: |
Investment Objective |
Fund & Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
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1 year |
5 year |
10 year |
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® VIP Investor FreedomSM 2040 PortfolioAdviser: |
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® VIP Investor FreedomSM 2045 PortfolioAdviser: |
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® VIP Investor FreedomSM 2050 PortfolioAdviser: |
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® VIP Investor Freedom IncomeSM PortfolioAdviser: |
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® VIP Materials PortfolioAdviser: |
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® VIP Mid Cap PortfolioAdviser: |
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® VIP Overseas PortfolioAdviser: |
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® Index |
® VIP Real Estate PortfolioAdviser: |
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® VIP Strategic Income PortfolioAdviser: |
Investment Objective |
Fund & Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
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1 year |
5 year |
10 year |
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® VIP Technology PortfolioAdviser: |
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Seeks to provide investment results that correspond to the total return of a broad range of U.S. stocks |
® VIP Total Market Index PortfolioAdviser: Principal Subadviser: |
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® VIP Utilities PortfolioAdviser: |
- |
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® VIP Value PortfolioAdviser: |
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® VIP Value Strategies PortfolioAdviser: |
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Adviser: |
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Adviser: Subadviser: |
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Adviser: |
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Adviser: |
Investment Objective |
Fund & Adviser/Subadviser |
Current Expenses |
Average Annual Total Returns (as of 12/31/23) |
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1 year |
5 year |
10 year |
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Adviser: |
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Adviser: |
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® Strategy PortfolioAdviser: |
- |
- |
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Adviser: |
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Adviser: |
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Adviser: |
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Adviser: |
- |
- |
* | This Fund’s current expenses reflect temporary fee reductions. See the Fund’s prospectus for additional information. |
** | On or about June 7, 2024, Fidelity ® VIP Investor FreedomSM 2005 Portfolio will no longer be available within the Variable Account. |
† | Prior to April 28, 2023, the fund was named Fidelity ® VIP Financial Services Portfolio. |
PERSONAL RETIREMENT ANNUITY
STATEMENT OF ADDITIONAL INFORMATION
April 30, 2024
This Statement of Additional Information supplements the information found in the current Prospectus for the variable annuity contracts (“Contracts”) offered by Empire Fidelity Investments Life Insurance Company® (“EFILI” or the “Company”) through Empire Fidelity Investments Variable Annuity Account A (the “Variable Account”). You may obtain a copy of the Prospectus dated April 30, 2024, without charge by calling 1-800-544-2442.
THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS.
Table of Contents
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Unavailability of Annuity Income Options in Certain Circumstances |
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Variable Account (enclosed) |
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Empire Fidelity Investments Life Insurance Company (enclosed) |
PRA-PTB-0424
1.819864.122
GENERAL INFORMATION AND HISTORY
Empire Fidelity Investments Life Insurance Company (“EFILI”)
EFILI is a stock life insurance company that was established in 1991 and exists in accordance with the laws, rules and regulations of the State of New York. EFILI issues life insurance and annuity products only in the State of New York. EFILI is part of Fidelity Investments, a group of companies that provides a variety of financial services and products. EFILI is a wholly-owned subsidiary of Fidelity Investments Life Insurance Company. Fidelity Investments Life Insurance Company is a wholly-owned subsidiary of FMR LLC, the parent company of the Fidelity Investments companies. Abigail P. Johnson, certain Johnson family members, and various key employees of FMR LLC own the voting common stock of FMR LLC.
Empire Fidelity Investments Variable Annuity Account A (the “Variable Account”)
The Variable Account is a separate investment account of EFILI established pursuant to New York law on July 15, 1991. It is registered with the Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940 (“1940 Act”). It is also a separate account as defined under the federal securities laws.
NON-PRINCIPAL RISKS OF INVESTING IN THE CONTRACT
Considerations Regarding Cybersecurity
With the increased use of technologies such as the Internet to conduct business, our business, including our variable insurance business, is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events and may arise from external or internal sources. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information; corrupting data, equipment or systems; or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting EFILI, the Funds, and any affiliated or unaffiliated vendors or service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with our processing of policy transactions (including surrenders, withdrawals, annuity income payments, and insurance proceeds), our ability to calculate Accumulation Unit Values and Annuity Income Unit Values, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While EFILI has established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, EFILI cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect its business. A variable insurance product and its Owners, Annuitants, Insureds, and Beneficiaries could be negatively impacted as a result.
UNAVAILABILITY OF ANNUITY INCOME OPTIONS IN CERTAIN CIRCUMSTANCES
We do not offer annuity income options to any corporate beneficiary, partnership or trustee; any assignee; or the executors or administrators of the Annuitant’s estate.
SAFEKEEPING OF VARIABLE ACCOUNT ASSETS
The assets of the Variable Account are held by EFILI. The assets of the Variable Account are held apart from our general account assets and any other separate accounts we may establish. We maintain records of all purchases and redemptions of the shares of the Funds held by the Subaccounts. We maintain fidelity bond coverage for the acts of our officers and employees.
2
DISTRIBUTION OF THE CONTRACTS
As explained in the Prospectus, the Contract is distributed through Fidelity Brokerage Services LLC (“FBS”) and Fidelity Insurance Agency, Inc. (“FIA”). FBS is the principal underwriter. FIA is a wholly-owned, direct subsidiary of FMR LLC; and FBS and EFILI are wholly-owned, indirect subsidiaries of FMR LLC. The principal business address of FBS is 900 Salem Street, Smithfield, Rhode Island 02917. The offering of the Contract is continuous, and we do not anticipate discontinuing offering the Contract. However, we reserve the right to discontinue offering the Contract.
UNDERWRITING COMMISSIONS
Year | Underwriting Commissions Paid to FBS |
Amount of Underwriting Commissions Retained by FBS | ||
2023 |
$733,472 | $733,472 | ||
2022 |
$774,318 | $774,318 | ||
2021 |
$1,306,709 | $1,306,709 |
EFILI does not pay commissions to any third-party investment advisory firm (the “Advisor”) that you may choose to employ because such Advisors receive compensation in connection with the Contract in the form of advisory fees you agreed to pay to the Advisor. Please note that you can purchase and own this Contract without hiring or paying advisory fees to an Advisor.
STATE REGULATION
EFILI is subject to regulation by the Department of Insurance of the State of New York, which periodically examines our financial condition and operations. We are also subject to the insurance laws and regulations of all jurisdictions where we do business. The Contracts described in the Prospectus and Statement of Additional Information have been filed with and, where required, approved by, insurance officials in those jurisdictions where it is sold.
We are required to submit annual statements of our operations, including financial statements, to the insurance departments of the various jurisdictions where we do business to determine solvency and compliance with applicable insurance laws and regulations.
LEGAL MATTERS
The legal validity of the Contracts described in the Prospectus and Statement of Additional Information has been passed on by Lance A. Warrick, General Counsel of Empire Fidelity Investments Life Insurance Company.
3
EXPERTS
The financial statements of the Company as of December 31, 2023 and 2022 and for each of the three years in the period ended December 31, 2023, and the financial statements of each of the subaccounts of Empire Fidelity Investments Variable Annuity Account A as of December 31, 2023 and for each of the periods indicated, included in this Statement of Additional Information constituting part of this Registration Statement, have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The principal business address for PricewaterhouseCoopers LLP is 101 Seaport Boulevard, Boston, Massachusetts 02210.
FINANCIAL STATEMENTS
The financial statements of Empire Fidelity Investments Life Insurance Company included herein should be distinguished from the financial statements of the Variable Account and should be considered only as bearing upon our ability to meet our obligations under the Contracts.
4
Empire Fidelity(R) Investments Variable Annuity Account A Annual Report December 31, 2021 Empire Fidelity Investments Life Insurance Company(R)
This report and the financial statements contained herein are submitted for the general information of Empire Fidelity Investments Life Insurance Company variable annuity owners. This report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Neither Empire Fidelity Investments Life Insurance Company nor Fidelity Brokerage Services LLC is a bank, and neither the annuities nor mutual fund shares are backed or guaranteed by any bank or insured by the FDIC.
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Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Government Money Market Initial Class |
VIP – Government Money Market Investor Class |
VIP – High Income Initial Class |
VIP – High Income Investor Class |
VIP – Equity Income Initial Class |
VIP – Equity Income Investor Class |
VIP – Growth Initial Class |
VIP – Growth Investor Class |
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Assets: |
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Investments |
$ | 22,844 | $ | 234,317 | $ | 4,029 | $ | 25,263 | $ | 39,775 | $ | 55,926 | $ | 72,818 | $ | 74,160 | ||||||||||||||||
Receivable from EFILI |
2 | — | 3 | — | 15 | — | 14 | 1 | ||||||||||||||||||||||||
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|||||||||||||||||
Total Assets |
$ | 22,846 | $ | 234,317 | $ | 4,032 | $ | 25,263 | $ | 39,790 | $ | 55,926 | $ | 72,832 | $ | 74,161 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 22,846 | $ | 234,315 | $ | 4,032 | $ | 25,263 | $ | 39,790 | $ | 55,926 | $ | 72,832 | $ | 74,161 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | 22,561 | $ | — | $ | 3,391 | $ | — | $ | 36,819 | $ | — | $ | 69,472 | $ | — | ||||||||||||||||
Income Advantage |
285 | — | 641 | — | 2,971 | — | 3,360 | — | ||||||||||||||||||||||||
Personal Retirement |
— | 233,619 | — | 25,263 | — | 55,926 | — | 74,161 | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
|
— |
|
|
696 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 22,846 | $ | 234,315 | $ | 4,032 | $ | 25,263 | $ | 39,790 | $ | 55,926 | $ | 72,832 | $ | 74,161 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
1,029 | — | 56 | — | 203 | — | 197 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | 21.93 | $ | — | $ | 61.07 | $ | — | $ | 181.30 | $ | — | $ | 352.21 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
14 | — | 11 | — | 17 | — | 10 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | 20.87 | $ | — | $ | 58.08 | $ | — | $ | 172.52 | $ | — | $ | 335.14 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 20,140 | — | 1,243 | — | 1,478 | — | 1,024 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | 12.40 | $ | — | $ | 28.39 | $ | — | $ | 57.80 | $ | — | $ | 106.29 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | 10.87 | $ | — | $ | 18.22 | $ | — | $ | 35.01 | $ | — | $ | 68.69 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | 23.24 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 45 | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | 9.86 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 26 | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | 9.62 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
3 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Overseas Initial Class |
VIP – Overseas Investor Class |
VIP – Investment Grade Bond Initial Class |
VIP – Investment Grade Bond Investor Class |
VIP – Asset Manager Initial Class |
VIP – Asset Manager Investor Class |
VIP – Index 500 Initial Class |
VIP – Asset Manager Growth Initial Class |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 7,249 | $ | 22,574 | $ | 10,308 | $ | 58,755 | $ | 19,968 | $ | 22,444 | $ | 438,262 | $ | 5,718 | ||||||||||||||||
Receivable from EFILI |
1 | — | 8 | — | — | — | 20 | 2 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 7,250 | $ | 22,574 | $ | 10,316 | $ | 58,755 | $ | 19,968 | $ | 22,444 | $ | 438,282 | $ | 5,720 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 7,250 | $ | 22,574 | $ | 10,316 | $ | 58,755 | $ | 19,968 | $ | 22,444 | $ | 438,282 | $ | 5,720 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | 6,990 | $ | — | $ | 8,963 | $ | — | $ | 19,094 | $ | — | $ | 58,364 | $ | 5,495 | ||||||||||||||||
Income Advantage |
260 | — | 1,353 | — | 874 | — | 3,761 | 225 | ||||||||||||||||||||||||
Personal Retirement |
— | 22,574 | — | 58,755 | — | 22,444 | 376,157 | — | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 7,250 | $ | 22,574 | $ | 10,316 | $ | 58,755 | $ | 19,968 | $ | 22,444 | $ | 438,282 | $ | 5,720 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
98 | — | 198 | — | 244 | — | 376 | 95 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | 71.04 | $ | — | $ | 45.25 | $ | — | $ | 78.34 | $ | — | $ | 155.28 | $ | 58.11 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
4 | — | 31 | — | 12 | — | 25 | 4 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | 67.60 | $ | — | $ | 43.05 | $ | — | $ | 74.54 | $ | — | $ | 147.76 | $ | 55.29 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 917 | — | 3,818 | — | 899 | 6,871 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | 33.33 | $ | — | $ | 17.65 | $ | — | $ | 32.46 | $ | 76.54 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | 24.38 | $ | — | $ | 13.77 | $ | — | $ | 23.26 | $ | 52.54 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
4 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Asset Manager Growth Investor Class |
VIP – Contrafund Initial Class |
VIP – Contrafund Investor Class |
VIP – Balanced Initial Class |
VIP – Balanced Investor Class |
VIP – Dynamic Capital Appreciation Initial Class |
VIP – Dynamic Capital Appreciation Investor Class |
VIP – Growth & Income Initial Class |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 10,960 | $ | 136,318 | $ | 218,696 | $ | 14,017 | $ | 299,493 | $ | 2,098 | $ | 15,135 | $ | 16,523 | ||||||||||||||||
Receivable from EFILI |
1 | 42 | — | 4 | 1 | 1 | — | 11 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 10,961 | $ | 136,360 | $ | 218,696 | $ | 14,021 | $ | 299,494 | $ | 2,099 | $ | 15,135 | $ | 16,534 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 10,961 | $ | 136,360 | $ | 218,696 | $ | 14,021 | $ | 299,494 | $ | 2,099 | $ | 15,135 | $ | 16,534 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | — | $ | 129,423 | $ | — | $ | 12,788 | $ | — | $ | 2,016 | $ | — | $ | 15,151 | ||||||||||||||||
Income Advantage |
— | 6,937 | — | 1,233 | — | 83 | — | 1,383 | ||||||||||||||||||||||||
Personal Retirement |
10,961 | — | 218,696 | — | 244,972 | — | 15,135 | — | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | 54,522 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 10,961 | $ | 136,360 | $ | 218,696 | $ | 14,021 | $ | 299,494 | $ | 2,099 | $ | 15,135 | $ | 16,534 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 697 | — | 227 | — | 30 | — | 218 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 185.61 | $ | — | $ | 56.24 | $ | — | $ | 66.55 | $ | — | $ | 69.54 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 39 | — | 23 | — | 1 | — | 21 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 176.62 | $ | — | $ | 53.52 | $ | — | $ | 63.89 | $ | — | $ | 66.18 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
359 | — | 4,112 | — | 6,245 | — | 256 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | 40.56 | $ | — | $ | 77.69 | $ | — | $ | 56.31 | $ | — | $ | 89.56 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | 28.17 | $ | — | $ | 51.54 | $ | — | $ | 35.74 | $ | — | $ | 57.08 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | 1,209 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | 48.45 | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | 28.37 | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | 598 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | 47.35 | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | 27.68 | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
5 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Growth & Income Investor Class |
VIP – Growth Opportunities Initial Class |
VIP – Growth Opportunities Investor Class |
VIP – Mid Cap Initial Class |
VIP – Mid Cap Investor Class |
VIP – Value Strategies Initial Class |
VIP – Value Strategies Investor Class |
VIP – Utilities Initial Class |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 33,214 | $ | 18,629 | $ | 79,328 | $ | 24,107 | $ | 56,434 | $ | 5,276 | $ | 19,397 | $ | 1,737 | ||||||||||||||||
Receivable from EFILI |
— | 18 | — | 13 | — | 2 | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 33,214 | $ | 18,647 | $ | 79,328 | $ | 24,120 | $ | 56,434 | $ | 5,278 | $ | 19,397 | $ | 1,738 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 33,214 | $ | 18,647 | $ | 79,328 | $ | 24,120 | $ | 56,434 | $ | 5,278 | $ | 19,397 | $ | 1,738 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | — | $ | 17,108 | $ | — | $ | 21,629 | $ | — | $ | 4,842 | $ | — | $ | 1,692 | ||||||||||||||||
Income Advantage |
— | 1,539 | — | 2,491 | — | 436 | — | 46 | ||||||||||||||||||||||||
Personal Retirement |
33,214 | — | 79,328 | — | 56,434 | — | 19,397 | — | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 33,214 | $ | 18,647 | $ | 79,328 | $ | 24,120 | $ | 56,434 | $ | 5,278 | $ | 19,397 | $ | 1,738 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 199 | — | 298 | — | 96 | — | 42 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 85.86 | $ | — | $ | 72.46 | $ | — | $ | 50.52 | $ | — | $ | 40.75 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 19 | — | 36 | — | 9 | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 81.70 | $ | — | $ | 69.08 | $ | — | $ | 48.50 | $ | — | $ | 38.95 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
688 | — | 955 | — | 1,475 | — | 439 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | 67.10 | $ | — | $ | 141.88 | $ | — | $ | 60.99 | $ | — | $ | 89.88 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | 45.64 | $ | — | $ | 76.62 | $ | — | $ | 34.64 | $ | — | $ | 42.98 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
6 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Utilities Investor Class |
VIP – Technology Initial Class |
VIP – Technology Investor Class |
VIP – Energy Initial Class |
VIP – Energy Investor Class |
VIP – Health Care Initial Class |
VIP – Health Care Investor Class |
VIP – Financials Initial Class |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 14,710 | $ | 39,657 | $ | 141,450 | $ | 3,979 | $ | 19,042 | $ | 11,875 | $ | 55,587 | $ | 1,082 | ||||||||||||||||
Receivable from EFILI |
— | 35 | — | 2 | — | 5 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 14,710 | $ | 39,692 | $ | 141,450 | $ | 3,981 | $ | 19,042 | $ | 11,880 | $ | 55,587 | $ | 1,082 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 14,710 | $ | 39,692 | $ | 141,450 | $ | 3,981 | $ | 19,042 | $ | 11,880 | $ | 55,587 | $ | 1,082 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | — | $ | 37,614 | $ | — | $ | 3,826 | $ | — | $ | 11,321 | $ | — | $ | 1,064 | ||||||||||||||||
Income Advantage |
— | 2,078 | — | 155 | — | 559 | — | 18 | ||||||||||||||||||||||||
Personal Retirement |
14,710 | — | 141,450 | — | 19,042 | — | 55,587 | — | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 14,710 | $ | 39,692 | $ | 141,450 | $ | 3,981 | $ | 19,042 | $ | 11,880 | $ | 55,587 | $ | 1,082 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 344 | — | 105 | — | 158 | — | 41 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 109.29 | $ | — | $ | 36.50 | $ | — | $ | 71.85 | $ | — | $ | 26.23 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 20 | — | 4 | — | 8 | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 104.46 | $ | — | $ | 34.88 | $ | — | $ | 68.67 | $ | — | $ | 25.07 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
378 | — | 1,301 | — | 877 | — | 836 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | 44.57 | $ | — | $ | 226.18 | $ | — | $ | 30.35 | $ | — | $ | 93.97 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | 36.18 | $ | — | $ | 98.66 | $ | — | $ | 20.65 | $ | — | $ | 64.93 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
7 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Financials Investor Class |
VIP – Industrials Initial Class |
VIP – Industrials Investor Class |
VIP – Consumer Discretionary Initial Class |
VIP – Consumer Discretionary Investor Class |
VIP – Real Estate Initial Class |
VIP – Real Estate Investor Class |
VIP – Strategic Income Initial Class |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 17,854 | $ | 2,094 | $ | 17,085 | $ | 2,122 | $ | 23,250 | $ | 2,576 | $ | 14,932 | $ | 3,871 | ||||||||||||||||
Receivable from EFILI |
— | — | — | 2 | — | 1 | — | 4 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 17,854 | $ | 2,094 | $ | 17,085 | $ | 2,124 | $ | 23,250 | $ | 2,577 | $ | 14,932 | $ | 3,875 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 17,854 | $ | 2,094 | $ | 17,085 | $ | 2,124 | $ | 23,250 | $ | 2,577 | $ | 14,932 | $ | 3,875 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | — | $ | 2,050 | $ | — | $ | 1,941 | $ | — | $ | 2,461 | $ | — | $ | 3,239 | ||||||||||||||||
Income Advantage |
— | 44 | — | 183 | — | 116 | — | 636 | ||||||||||||||||||||||||
Personal Retirement |
17,854 | — | 17,085 | — | 23,250 | — | 14,932 | — | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 17,854 | $ | 2,094 | $ | 17,085 | $ | 2,124 | $ | 23,250 | $ | 2,577 | $ | 14,932 | $ | 3,875 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 28 | — | 34 | — | 60 | — | 143 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ |
73.16 |
|
$ | — | $ | 56.52 | $ | — | $ | 41.20 | $ | — | $ |
22.68 |
| ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 1 | — | 3 | — | 3 | — | 29 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 69.92 | $ | — | $ | 54.02 | $ | — | $ | 39.55 | $ | — | $ | 21.80 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
563 | — | 361 | — | 415 | — | 569 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | 58.32 | $ | — | $ | 75.90 | $ | — | $ | 100.37 | $ | — | $ | 59.76 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | 23.23 | $ | — | $ | 43.67 | $ | — | $ | 55.52 | $ | — | $ | 24.89 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
8 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Strategic Income Investor Class |
VIP – International Capital Appreciation Initial Class |
VIP – International Capital Appreciation Investor Class |
VIP – Value Initial Class |
VIP – Value Investor Class |
VIP – Freedom Income Initial Class |
VIP – Investor Freedom Income Investor Class |
VIP – Freedom 2005 Initial Class |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 49,480 | $ | 1,884 | $ | 33,916 | $ | 2,167 | $ | 27,480 | $ | 779 | $ | 2,826 | $ | 565 | ||||||||||||||||
Receivable from EFILI |
— | 1 | — | 1 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 49,480 | $ | 1,885 | $ | 33,916 | $ | 2,168 | $ | 27,480 | $ | 779 | $ | 2,826 | $ | 565 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 49,480 | $ | 1,885 | $ | 33,916 | $ | 2,168 | $ | 27,480 | $ | 779 | $ | 2,825 | $ | 565 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | — | $ | 1,763 | $ | — | $ | 1,791 | $ | — | $ | 779 | $ | — | $ | 565 | ||||||||||||||||
Income Advantage |
— | 122 | — | 377 | — | — | — | — | ||||||||||||||||||||||||
Personal Retirement |
49,480 | — | 33,916 | — | 27,480 | — | 2,825 | — | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 49,480 | $ | 1,885 | $ | 33,916 | $ | 2,168 | $ | 27,480 | $ | 779 | $ | 2,825 | $ | 565 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 59 | — | 46 | — | 44 | — | 28 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 29.84 | $ | — | $ | 39.28 | $ | — | $ | 17.73 | $ | — | $ | 19.93 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 4 | — | 10 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 28.75 | $ | — | $ | 37.84 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
2,619 | — | 1,042 | — | 616 | — | 154 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | 23.34 | $ | — | $ | 61.86 | $ | — | $ | 79.79 | $ | — | $ | 19.75 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | 16.26 | $ | — | $ | 30.71 | $ | — | $ | 41.22 | $ | — | $ | 16.25 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
9 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Freedom 2005 Investor Class |
VIP – Freedom 2010 Initial Class |
VIP – Investor Freedom 2010 Investor Class |
VIP – Freedom 2015 Initial Class |
VIP – Investor Freedom 2015 Investor Class |
VIP – Freedom 2020 Initial Class |
VIP – Investor Freedom 2020 Investor Class |
VIP – Freedom 2025 Initial Class |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 2,007 | $ | 749 | $ | 4,192 | $ | 988 | $ | 9,457 | $ | 1,326 | $ | 15,057 | $ | 1,942 | ||||||||||||||||
Receivable from EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 2,007 | $ | 749 | $ | 4,192 | $ | 988 | $ | 9,457 | $ | 1,326 | $ | 15,057 | $ | 1,942 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 2,007 | $ | 749 | $ | 4,192 | $ | 988 | $ | 9,457 | $ | 1,326 | $ | 15,057 | $ | 1,942 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | — | $ | 749 | $ | — | $ | 988 | $ | — | $ | 1,326 | $ | — | $ | 1,942 | ||||||||||||||||
Income Advantage |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Personal Retirement |
2,007 | — | 4,192 | — | 9,457 | — | 15,057 | — | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 2,007 | $ | 749 | $ | 4,192 | $ | 988 | $ | 9,457 | $ | 1,326 | $ | 15,057 | $ | 1,942 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 33 | — | 40 | — | 51 | — | 68 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 22.58 | $ | — | $ | 24.52 | $ | — | $ | 25.94 | $ | — | $ | 28.41 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
96 | — | 164 | — | 380 | — | 552 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | 21.31 | $ | — | $ | 29.08 | $ | — | $ | 31.69 | $ | — | $ | 35.84 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | 21.18 | $ | — | $ | 22.79 | $ | — | $ | 24.81 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
10 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Freedom 2025 Investor Class |
VIP – Freedom 2030 Initial Class |
VIP – Investor Freedom 2030 Investor Class |
VIP – Freedom 2035 Initial Class |
VIP – Investor Freedom 2035 Investor Class |
VIP – Freedom 2040 Initial Class |
VIP – Investor Freedom 2040 Investor Class |
VIP – Freedom 2045 Initial Class |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 16,874 | $ | 1,476 | $ | 23,688 | $ | 2 | $ | 333 | $ | 2 | $ | 670 | $ | 2 | ||||||||||||||||
Receivable from EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 16,874 | $ | 1,476 | $ | 23,688 | $ | 2 | $ | 333 | $ | 2 | $ | 670 | $ | 2 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 16,874 | $ | 1,476 | $ | 23,688 | $ | 2 | $ | 333 | $ | 2 | $ | 670 | $ | 2 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | — | $ | 1,476 | $ | — | $ | 2 | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||||||||||
Income Advantage |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Personal Retirement |
16,874 | — | 23,688 | — | 333 | — | 670 | — | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 16,874 | $ | 1,476 | $ | 23,688 | $ | 2 | $ | 333 | $ | 2 | $ | 670 | $ | 2 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 49 | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 29.89 | $ | — | $ | 10.84 | $ | — | $ | 10.96 | $ | — | $ | 10.99 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
562 | — | 746 | — | 31 | — | 61 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | 39.92 | $ | — | $ | 44.14 | $ | — | $ | 10.88 | $ | — | $ | 11.02 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | 27.29 | $ | — | $ | 29.65 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
11 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Freedom 2045 Investor Class |
VIP – Freedom 2050 Initial Class |
VIP – Freedom Lifetime Income I |
VIP – Freedom Lifetime Income II |
VIP – Freedom Lifetime Income III |
VIP – Disciplined Small Cap Initial Class |
VIP – Disciplined Small Cap Investor Class |
VIP – FundsManager 20% Investor Class |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 3 | $ | 2 | $ | 1,114 | $ | 879 | $ | 2,273 | $ | 1,462 | $ | 27,950 | $ | 51,610 | ||||||||||||||||
Receivable from EFILI |
— | — | 3 | 4 | 4 | — | — | 2 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 3 | $ | 2 | $ | 1,117 | $ | 883 | $ | 2,277 | $ | 1,462 | $ | 27,950 | $ | 51,612 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 3 | $ | 2 | $ | 1,117 | $ | 883 | $ | 2,277 | $ | 1,462 | $ | 27,950 | $ | 51,612 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | — | $ | 2 | $ | — | $ | — | $ | — | $ | 1,415 | $ | — | $ | 2,538 | ||||||||||||||||
Income Advantage |
— | — | — | — | — | 47 | — | 361 | ||||||||||||||||||||||||
Personal Retirement |
3 | — | — | — | — | — | 27,950 | 48,271 | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | 1,117 | 883 | 2,277 | — | — | 442 | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 3 | $ | 2 | $ | 1,117 | $ | 883 | $ | 2,277 | $ | 1,462 | $ | 27,950 | $ | 51,612 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | 48 | — | 155 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 11.00 | $ | — | $ | — | $ | — | $ | 29.28 | $ | — | $ | 16.35 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | 2 | — | 23 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 28.25 | $ | — | $ | 15.78 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | 744 | 2,781 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | 11.03 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 59.03 | $ | 18.69 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 31.83 | $ | 15.98 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | 57 | 38 | 83 | — | — | 29 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | 19.64 | $ | 23.12 | $ | 27.40 | $ | — | $ | — | $ | 15.47 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
12 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – FundsManager 40% Investor Class |
VIP – FundsManager 50% Investor Class |
VIP – FundsManager 60% Investor Class |
VIP – FundsManager 70% Investor Class |
VIP – FundsManager 85% Investor Class |
VIP – Consumer Staples Initial Class |
VIP – Consumer Staples Investor Class |
VIP – Materials Initial Class |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 1,145 | $ | 144,756 | $ | 178,849 | $ | 149,456 | $ | 65,342 | $ | 1,097 | $ | 18,697 | $ | 1,364 | ||||||||||||||||
Receivable from EFILI |
— | 17 | 13 | 12 | 2 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 1,145 | $ | 144,773 | $ | 178,862 | $ | 149,468 | $ | 65,344 | $ | 1,097 | $ | 18,697 | $ | 1,364 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | 1 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 1,145 | $ | 144,773 | $ | 178,862 | $ | 149,468 | $ | 65,344 | $ | 1,096 | $ | 18,697 | $ | 1,364 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | 506 | $ | 9,280 | $ | 3,038 | $ | 4,098 | $ | 1,137 | $ | 1,055 | $ | — | $ | 1,348 | ||||||||||||||||
Income Advantage |
— | 2,574 | 826 | 1,210 | 389 | 41 | — | 16 | ||||||||||||||||||||||||
Personal Retirement |
639 | 129,071 | 115,217 | 142,836 | 63,818 | — | 18,697 | — | ||||||||||||||||||||||||
Freedom Lifetime |
— | 3,848 | 6,972 | 1,324 | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | 52,809 | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 1,145 | $ | 144,773 | $ | 178,862 | $ | 149,468 | $ | 65,344 | $ | 1,096 | $ | 18,697 | $ | 1,364 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
48 | 424 | 138 | 163 | 41 | 30 | — | 47 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | 10.55 | $ | 21.89 | $ | 21.99 | $ | 25.21 | $ | 27.49 | $ | 35.48 | $ | — | $ |
28.83 |
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 121 | 39 | 49 | 15 | 1 | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 21.12 | $ | 21.31 | $ | 24.32 | $ | 26.53 | $ | 34.31 | $ | — | $ | 27.88 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
60 | 5,353 | 4,585 | 4,981 | 1,960 | — | 499 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | 10.59 | $ | 30.15 | $ | 35.27 | $ | 39.86 | $ | 48.36 | $ | — | $ | 48.06 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | 23.19 | $ | 23.98 | $ | 27.79 | $ | 30.31 | $ | — | $ | 36.41 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 186 | 307 | 55 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | 20.71 | $ | 22.70 | $ | 23.91 | $ | 26.16 | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | 1,817 | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | 30.34 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | 20.63 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | 452 | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | 29.65 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | 20.12 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
13 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Materials Investor Class |
VIP – Communication Services Initial Class |
VIP – Communication Services Investor Class |
VIP – Emerging Markets Initial Class |
VIP – Emerging Markets Investor Class |
VIP – Floating Rate High Income Initial Class |
VIP – Floating Rate High Income Investor Class |
VIP – Bond Index Initial Class |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 6,277 | $ | 3,698 | $ | 14,205 | $ | 595 | $ | 13,535 | $ | 1,832 | $ | 29,537 | $ | 28,835 | ||||||||||||||||
Receivable from EFILI |
— | 4 | — | — | — | 2 | — | 3 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 6,277 | $ | 3,702 | $ | 14,205 | $ | 595 | $ | 13,535 | $ | 1,834 | $ | 29,537 | $ | 28,838 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 6,277 | $ | 3,702 | $ | 14,205 | $ | 595 | $ | 13,535 | $ | 1,834 | $ | 29,537 | $ | 28,838 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | — | $ | 2,849 | $ | — | $ | 584 | $ | — | $ | 1,693 | $ | — | $ | 759 | ||||||||||||||||
Income Advantage |
— | 853 | — | 11 | — | 141 | — | 79 | ||||||||||||||||||||||||
Personal Retirement |
6,277 | — | 14,205 | — | 13,535 | — | 29,537 | 28,000 | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 6,277 | $ | 3,702 | $ | 14,205 | $ | 595 | $ | 13,535 | $ | 1,834 | $ | 29,537 | $ | 28,838 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 98 | — | 46 | — | 124 | — | 74 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 29.02 | $ | — | $ | 12.66 | $ | — | $ | 13.67 | $ | — | $ | 10.21 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 30 | — | 1 | — | 10 | — | 8 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | — | $ | 28.07 | $ | — | $ | 12.26 | $ | — | $ | 13.41 | $ | — | $ | 10.09 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
198 | — | 380 | — | 805 | — | 2,036 | 2,647 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | 63.25 | $ | — | $ | 76.20 | $ | — | $ | 36.38 | $ | — | $ | 14.59 | $ | 10.61 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | 29.34 | $ | — | $ | 31.42 | $ | — | $ | 13.64 | $ | — | $ | 14.38 | $ | 10.52 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
14 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Total Market Index Initial Class |
VIP – Extended Market Index Initial Class |
VIP – International Index Initial Class |
VIF – Emerging Markets Equity Portfolio - Class I |
VIF – Emerging Markets Debt Portfolio - Class I |
VIF – Global Strategist Class II |
Invesco – VI Global Core Equity |
Allspring – VT Discovery SMID Cap Growth Class 2 |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 42,088 | $ | 7,707 | $ | 18,404 | $ | 5,798 | $ | 7,321 | $ | 3,885 | $ | 5,495 | $ | 3,170 | ||||||||||||||||
Receivable from EFILI |
1 | 1 | — | 1 | 1 | — | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 42,089 | $ | 7,708 | $ | 18,404 | $ | 5,799 | $ | 7,322 | $ | 3,885 | $ | 5,495 | $ | 3,171 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 42,089 | $ | 7,708 | $ | 18,404 | $ | 5,799 | $ | 7,322 | $ | 3,885 | $ | 5,495 | $ | 3,171 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | 1,636 | $ | 373 | $ | 628 | $ | 1,526 | $ | 856 | $ | 334 | $ | 355 | $ | 3,048 | ||||||||||||||||
Income Advantage |
89 | — | 22 | 99 | 72 | 102 | 70 | 123 | ||||||||||||||||||||||||
Personal Retirement |
40,364 | 7,335 | 17,754 | 4,174 | 6,394 | 3,449 | 5,070 | — | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 42,089 | $ | 7,708 | $ | 18,404 | $ | 5,799 | $ | 7,322 | $ | 3,885 | $ | 5,495 | $ | 3,171 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
94 | 27 | 54 | 50 | 25 | 15 | 13 | 45 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | 17.36 | $ | 13.80 | $ | 11.69 | $ | 30.42 | $ | 33.97 | $ | 22.14 | $ | 27.97 | $ | 67.78 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
5 | — | 2 | 3 | 2 | 5 | 3 | 2 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | 17.16 | $ | — | $ | 11.56 | $ | 28.95 | $ | 32.32 | $ | 21.07 | $ | 26.62 | $ | 64.49 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
2,247 | 513 | 1,465 | 296 | 403 | 170 | 224 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | 18.05 | $ | 14.35 | $ | 12.16 | $ | 26.64 | $ | 21.70 | $ | 29.70 | $ | 30.06 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | 17.90 | $ | 14.23 | $ | 12.06 | $ | 13.13 | $ | 13.87 | $ | 17.45 | $ | 18.74 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
15 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
Allspring – VT Opportunity Class 2 |
Lazard – Retirement Emerging Markets Investor |
PVIT – Commodity Real Return Portfolio - Administrative |
PVIT – Low Duration Portfolio - Administrative |
PVIT – Real Return Portfolio - Administrative |
PVIT – Total Return Portfolio - Administrative |
Blackrock – Global Allocation V.I. Fund - Class 1 |
FTVIP – Templeton Global Bond Fund - Class 2 |
|||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||
Investments |
$ | 1,325 | $ | 6,099 | $ | 4,145 | $ | 28,584 | $ | 15,044 | $ | 29,952 | $ | 27,413 | $ | 4,657 | ||||||||||||||||
Receivable from EFILI |
2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Assets |
$ | 1,327 | $ | 6,099 | $ | 4,145 | $ | 28,584 | $ | 15,044 | $ | 29,952 | $ | 27,413 | $ | 4,657 | ||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||
Payable to EFILI |
— | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 1,327 | $ | 6,099 | $ | 4,145 | $ | 28,583 | $ | 15,044 | $ | 29,952 | $ | 27,413 | $ | 4,657 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Retirement Reserves |
$ | 1,157 | $ | 873 | $ | 10 | $ | 2,341 | $ | 625 | $ | 1,101 | $ | 612 | $ | 69 | ||||||||||||||||
Income Advantage |
170 | 32 | — | 6 | 19 | 3 | 10 | — | ||||||||||||||||||||||||
Personal Retirement |
— | 5,194 | 4,135 | 26,236 | 14,400 | 28,848 | 26,791 | 4,588 | ||||||||||||||||||||||||
Freedom Lifetime |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Growth & Guaranteed Income |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Net Assets |
$ | 1,327 | $ | 6,099 | $ | 4,145 | $ | 28,583 | $ | 15,044 | $ | 29,952 | $ | 27,413 | $ | 4,657 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units Outstanding and Unit Value: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Units outstanding |
14 | 51 | 1 | 210 | 46 | 85 | 36 | 7 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | 82.64 | $ | 17.25 | $ | 7.32 | $ | 11.17 | $ | 13.68 | $ | 12.89 | $ | 16.51 | $ | 9.35 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Units outstanding |
2 | 2 | — | 1 | 1 | — | 1 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unit value |
$ | 78.64 | $ | 16.65 | $ | — | $ | 10.86 | $ | 13.29 | $ | 12.52 | $ | 16.12 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | 325 | 522 | 2,211 | 1,019 | 2,140 | 1,478 | 455 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | 29.99 | $ | 7.95 | $ | 12.09 | $ | 14.80 | $ | 13.95 | $ | 17.93 | $ | 10.15 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | 14.11 | $ | 7.81 | $ | 11.65 | $ | 13.61 | $ | 13.00 | $ | 17.62 | $ | 9.98 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Units value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed |
||||||||||||||||||||||||||||||||
Units outstanding |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Highest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lowest value |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
16 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Assets and Liabilities - continued
December 31, 2023
(In thousands, except per unit data) | Subaccounts Investing In: |
|||
FTVIP – Franklin Government Securities Fund - Class 2 |
||||
Assets: |
||||
Investments |
$ | 5,648 | ||
Receivable from EFILI |
— | |||
|
|
|||
Total Assets |
$ | 5,648 | ||
Liabilities: |
||||
Payable to EFILI |
— | |||
|
|
|||
Total Net Assets |
$ | 5,648 | ||
|
|
|||
Net Assets: |
||||
Retirement Reserves |
$ | 284 | ||
Income Advantage |
— | |||
Personal Retirement |
5,364 | |||
Freedom Lifetime |
— | |||
Growth & Guaranteed Income |
— | |||
|
|
|||
Total Net Assets |
$ | 5,648 | ||
|
|
|||
Units Outstanding and Unit Value: |
||||
Retirement Reserves: |
||||
Units outstanding |
29 | |||
|
|
|||
Unit value |
$ | 9.72 | ||
|
|
|||
Income Advantage: |
||||
Units outstanding |
— | |||
|
|
|||
Unit value |
$ | — | ||
|
|
|||
Personal Retirement: |
||||
Units outstanding |
512 | |||
|
|
|||
Highest value |
$ | 10.56 | ||
|
|
|||
Lowest value |
$ | 10.38 | ||
|
|
|||
Freedom Lifetime Income: |
||||
Units outstanding |
— | |||
|
|
|||
Units value |
$ | — | ||
|
|
|||
Growth and Guaranteed |
||||
Units outstanding |
— | |||
|
|
|||
Highest value |
$ | — | ||
|
|
|||
Lowest value |
$ | — | ||
|
|
|||
Growth and Guaranteed |
||||
Units outstanding |
— | |||
|
|
|||
Highest value |
$ | — | ||
|
|
|||
Lowest value |
$ | — | ||
|
|
See accompanying notes which are an integral part of the financial statements.
17 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Government Money Market Initial Class |
VIP – Government Money Market Investor Class |
VIP – High Income Initial Class |
VIP – High Income Investor Class |
VIP – Equity Income Initial Class |
VIP – Equity Income Investor Class |
VIP – Growth Initial Class |
VIP – Growth Investor Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 1,088 | $ | 10,667 | $ | 221 | $ | 1,422 | $ | 734 | $ | 975 | $ | 85 | $ | 41 | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
170 | — | 25 | — | 271 | — | 468 | — | ||||||||||||||||||||||||
Administrative and other charges |
11 | — | 2 | — | 18 | — | 31 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
181 | — | 27 | — | 289 | — | 499 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
2 | — | 4 | — | 23 | — | 23 | — | ||||||||||||||||||||||||
Administrative and other charges |
1 | — | 3 | — | 8 | — | 8 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
3 | — | 7 | — | 31 | — | 31 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 272 | — | 28 | — | 63 | — | 71 | ||||||||||||||||||||||||
Administrative and other charges |
— | 112 | — | 14 | — | 27 | — | 31 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 384 | — | 42 | — | 90 | — | 102 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 7 | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 8 | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
184 | 392 | 34 | 42 | 320 | 90 | 530 | 102 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
904 | 10,275 | 187 | 1,380 | 414 | 885 | (445 | ) | (61 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
— | — | (899 | ) | (599 | ) | (53 | ) | 68 | 2,280 | 604 | |||||||||||||||||||||
Realized gain distributions |
— | — | — | — | 1,102 | 1,520 | 3,055 | 3,065 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
— | — | (899 | ) | (599 | ) | 1,049 | 1,588 | 5,335 | 3,669 | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
— | — | 1,077 | 1,696 | 2,169 | 2,672 | 14,675 | 15,481 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 904 | $ | 10,275 | $ | 365 | $ | 2,477 | $ | 3,632 | $ | 5,145 | $ | 19,565 | $ | 19,089 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
18 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Overseas Initial Class |
VIP – Overseas Investor Class |
VIP – Investment Grade Bond Initial Class |
VIP – Investment Grade Bond Investor Class |
VIP – Asset Manager Initial Class |
VIP – Asset Manager Investor Class |
VIP – Index 500 Initial Class |
VIP – Asset Manager Growth Initial Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 71 | $ | 207 | $ | 269 | $ | 1,489 | $ | 453 | $ | 496 | $ | 5,817 | $ | 99 | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
51 | — | 70 | — | 147 | — | 410 | 42 | ||||||||||||||||||||||||
Administrative and other charges |
3 | — | 5 | — | 10 | — | 27 | 3 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
54 | — | 75 | — | 157 | — | 437 | 45 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
2 | — | 10 | — | 7 | — | 25 | 1 | ||||||||||||||||||||||||
Administrative and other charges |
1 | — | 4 | — | 2 | — | 10 | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
3 | — | 14 | — | 9 | — | 35 | 2 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 25 | — | 72 | — | 26 | 368 | — | ||||||||||||||||||||||||
Administrative and other charges |
— | 10 | — | 29 | — | 12 | 164 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 35 | — | 101 | — | 38 | 532 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
57 | 35 | 89 | 101 | 166 | 38 | 1,004 | 47 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
14 | 172 | 180 | 1,388 | 287 | 458 | 4,813 | 52 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
(8 | ) | 171 | (300 | ) | (654 | ) | (302 | ) | (134 | ) | 15,450 | 198 | |||||||||||||||||||
Realized gain distributions |
18 | 56 | — | — | 231 | 255 | 3,428 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
10 | 227 | (300 | ) | (654 | ) | (71 | ) | 121 | 18,878 | 198 | |||||||||||||||||||||
Unrealized appreciation (depreciation) |
1,215 | 3,425 | 671 | 2,641 | 2,093 | 2,096 | 65,359 | 587 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 1,239 | $ | 3,824 | $ | 551 | $ | 3,375 | $ | 2,309 | $ | 2,675 | $ | 89,050 | $ | 837 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
19 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Asset Manager Growth Investor Class |
VIP – Contrafund Initial Class |
VIP – Contrafund Investor Class |
VIP – Balanced Initial Class |
VIP – Balanced Investor Class |
VIP – Dynamic Capital Appreciation Initial Class |
VIP – Dynamic Capital Appreciation Investor Class |
VIP – Growth & Income Initial Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 182 | $ | 607 | $ | 846 | $ | 232 | $ | 4,649 | $ | 7 | $ | 37 | $ | 260 | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 891 | — | 94 | — | 13 | — | 111 | ||||||||||||||||||||||||
Administrative and other charges |
— | 59 | — | 6 | — | 1 | — | 7 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 950 | — | 100 | — | 14 | — | 118 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 46 | — | 9 | — | 1 | — | 11 | ||||||||||||||||||||||||
Administrative and other charges |
— | 16 | — | 3 | — | — | — | 4 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 62 | — | 12 | — | 1 | — | 15 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
14 | — | 228 | — | 332 | — | 16 | — | ||||||||||||||||||||||||
Administrative and other charges |
6 | — | 97 | — | 115 | — | 5 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
20 | — | 325 | — | 447 | — | 21 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | 491 | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | 133 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | 624 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
20 | 1,012 | 325 | 112 | 1,071 | 15 | 21 | 133 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
162 | (405 | ) | 521 | 120 | 3,578 | (8 | ) | 16 | 127 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
47 | 3,744 | 3,632 | 402 | 6,083 | 15 | 78 | 639 | ||||||||||||||||||||||||
Realized gain distributions |
— | 4,415 | 7,036 | 521 | 10,318 | 85 | 576 | 591 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
47 | 8,159 | 10,668 | 923 | 16,401 | 100 | 654 | 1,230 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
1,319 | 26,999 | 43,574 | 1,523 | 33,560 | 356 | 2,470 | 1,281 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 1,528 | $ | 34,753 | $ | 54,763 | $ | 2,566 | $ | 53,539 | $ | 448 | $ | 3,140 | $ | 2,638 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
20 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Growth & Income Investor Class |
VIP – Growth Opportunities Initial Class |
VIP – Growth Opportunities Investor Class |
VIP – Mid Cap Initial Class |
VIP – Mid Cap Investor Class |
VIP – Value Strategies Initial Class |
VIP – Value Strategies Investor Class |
VIP – Utilities Initial Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 505 | $ | — | $ | — | $ | 136 | $ | 284 | $ | 57 | $ | 199 | $ | 41 | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 112 | — | 160 | — | 34 | — | 19 | ||||||||||||||||||||||||
Administrative and other charges |
— | 7 | — | 11 | — | 2 | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 119 | — | 171 | — | 36 | — | 20 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 9 | — | 18 | — | 3 | — | 1 | ||||||||||||||||||||||||
Administrative and other charges |
— | 4 | — | 6 | — | 1 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 13 | — | 24 | — | 4 | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
38 | — | 77 | — | 63 | — | 20 | — | ||||||||||||||||||||||||
Administrative and other charges |
18 | — | 34 | — | 27 | — | 9 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
56 | — | 111 | — | 90 | — | 29 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
56 | 132 | 111 | 195 | 90 | 40 | 29 | 21 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
449 | (132 | ) | (111 | ) | (59 | ) | 194 | 17 | 170 | 20 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
2,023 | 336 | 305 | 31 | 126 | 11 | (234 | ) | 112 | |||||||||||||||||||||||
Realized gain distributions |
1,208 | — | — | 628 | 1,493 | 188 | 710 | 72 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
3,231 | 336 | 305 | 659 | 1,619 | 199 | 476 | 184 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
1,932 | 5,644 | 24,343 | 2,539 | 5,764 | 685 | 2,598 | (382 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 5,612 | $ | 5,848 | $ | 24,537 | $ | 3,139 | $ | 7,577 | $ | 901 | $ | 3,244 | $ | (178 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
21 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Utilities Investor Class |
VIP – Technology Initial Class |
VIP – Technology Investor Class |
VIP – Energy Initial Class |
VIP – Energy Investor Class |
VIP – Health Care Initial Class |
VIP – Health Care Investor Class |
VIP – Financials Initial Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 336 | $ | 43 | $ | 77 | $ | 132 | $ | 599 | $ | — | $ | — | $ | 24 | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 229 | — | 37 | — | 87 | — | 7 | ||||||||||||||||||||||||
Administrative and other charges |
— | 15 | — | 2 | — | 6 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 244 | — | 39 | — | 93 | — | 7 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 12 | — | 5 | — | 5 | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | 4 | — | 1 | — | 1 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 16 | — | 6 | — | 6 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
17 | — | 118 | — | 25 | — | 70 | — | ||||||||||||||||||||||||
Administrative and other charges |
8 | — | 60 | — | 12 | — | 30 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
25 | — | 178 | — | 37 | — | 100 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
25 | 260 | 178 | 45 | 37 | 99 | 100 | 7 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
311 | (217 | ) | (101 | ) | 87 | 562 | (99 | ) | (100 | ) | 17 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
379 | 868 | 4,109 | 20 | 605 | 153 | 823 | (50 | ) | |||||||||||||||||||||||
Realized gain distributions |
471 | 851 | 3,096 | — | — | — | — | 46 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
850 | 1,719 | 7,205 | 20 | 605 | 153 | 823 | (4 | ) | |||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(1,472 | ) | 11,144 | 42,133 | (268 | ) | (1,672 | ) | 346 | 1,434 | 90 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | (311 | ) | $ | 12,646 | $ | 49,237 | $ | (161 | ) | $ | (505 | ) | $ | 400 | $ | 2,157 | $ | 103 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
22 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Financials Investor Class |
VIP – Industrials Initial Class |
VIP – Industrials Investor Class |
VIP – Consumer Discretionary Initial Class |
VIP – Consumer Discretionary Investor Class |
VIP – Real Estate Initial Class |
VIP – Real Estate Investor Class |
VIP – Strategic Income Initial Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 415 | $ | 6 | $ | 37 | $ | 1 | $ | 3 | $ | 60 | $ | 341 | $ | 168 | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 14 | — | 12 | — | 18 | — | 24 | ||||||||||||||||||||||||
Administrative and other charges |
— | 1 | — | 1 | — | 1 | — | 2 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 15 | — | 13 | — | 19 | — | 26 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 1 | — | — | — | 1 | — | 4 | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | 1 | — | — | — | 2 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 1 | — | 1 | — | 1 | — | 6 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
18 | — | 16 | — | 22 | — | 16 | — | ||||||||||||||||||||||||
Administrative and other charges |
9 | — | 8 | — | 10 | — | 8 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
27 | — | 24 | — | 32 | — | 24 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
27 | 16 | 24 | 14 | 32 | 20 | 24 | 32 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
388 | (10 | ) | 13 | (13 | ) | (29 | ) | 40 | 317 | 136 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
(2 | ) | 11 | 86 | 64 | 353 | (41 | ) | (401 | ) | (32 | ) | ||||||||||||||||||||
Realized gain distributions |
737 | — | — | — | — | 108 | 645 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
735 | 11 | 86 | 64 | 353 | 67 | 244 | (32 | ) | |||||||||||||||||||||||
Unrealized appreciation (depreciation) |
1,144 | 390 | 3,128 | 519 | 6,293 | 132 | 862 | 210 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 2,267 | $ | 391 | $ | 3,227 | $ | 570 | $ | 6,617 | $ | 239 | $ | 1,423 | $ | 314 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
23 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Strategic Income Investor Class |
VIP – International Capital Appreciation Initial Class |
VIP – International Capital Appreciation Investor Class |
VIP – Value Initial Class |
VIP – Value Investor Class |
VIP – Freedom Income Initial Class |
VIP – Investor Freedom Income Investor Class |
VIP – Freedom 2005 Initial Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 2,181 | $ | 7 | $ | 96 | $ | 25 | $ | 307 | $ | 34 | $ | 123 | $ | 24 | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 13 | — | 14 | — | 7 | — | 5 | ||||||||||||||||||||||||
Administrative and other charges |
— | 1 | — | 1 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 14 | — | 15 | — | 7 | — | 5 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 1 | — | 4 | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | 1 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 1 | — | 5 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
62 | — | 30 | — | 30 | — | 5 | — | ||||||||||||||||||||||||
Administrative and other charges |
27 | — | 17 | — | 14 | — | 1 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
89 | — | 47 | — | 44 | — | 6 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
89 | 15 | 47 | 20 | 44 | 7 | 6 | 5 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
2,092 | (8 | ) | 49 | 5 | 263 | 27 | 117 | 19 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
(821 | ) | 67 | 570 | 7 | 330 | (2 | ) | (96 | ) | (12 | ) | ||||||||||||||||||||
Realized gain distributions |
— | — | — | 72 | 931 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
(821 | ) | 67 | 570 | 79 | 1,261 | (2 | ) | (96 | ) | (12 | ) | ||||||||||||||||||||
Unrealized appreciation (depreciation) |
3,195 | 379 | 6,843 | 283 | 3,044 | 31 | 195 | 37 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 4,466 | $ | 438 | $ | 7,462 | $ | 367 | $ | 4,568 | $ | 56 | $ | 216 | $ | 44 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
24 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Freedom 2005 Investor Class |
VIP – Freedom 2010 Initial Class |
VIP – Investor Freedom 2010 Investor Class |
VIP – Freedom 2015 Initial Class |
VIP – Investor Freedom 2015 Investor Class |
VIP – Freedom 2020 Initial Class |
VIP – Investor Freedom 2020 Investor Class |
VIP – Freedom 2025 Initial Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 89 | $ | 31 | $ | 176 | $ | 36 | $ | 336 | $ | 49 | $ | 482 | $ | 52 | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 7 | — | 8 | — | 12 | — | 13 | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 7 | — | 8 | — | 13 | — | 14 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
3 | — | 9 | — | 14 | — | 26 | — | ||||||||||||||||||||||||
Administrative and other charges |
1 | — | 2 | — | 4 | — | 9 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
4 | — | 11 | — | 18 | — | 35 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
4 | 7 | 11 | 8 | 18 | 13 | 35 | 14 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
85 | 24 | 165 | 28 | 318 | 36 | 447 | 38 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
(25 | ) | (18 | ) | (41 | ) | (11 | ) | (35 | ) | (71 | ) | 35 | 10 | ||||||||||||||||||
Realized gain distributions |
— | 60 | — | 20 | — | 14 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
(25 | ) | 42 | (41 | ) | 9 | (35 | ) | (57 | ) | 35 | 10 | ||||||||||||||||||||
Unrealized appreciation (depreciation) |
89 | (5 | ) | 263 | 59 | 678 | 195 | 1,268 | 172 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 149 | $ | 61 | $ | 387 | $ | 96 | $ | 961 | $ | 174 | $ | 1,750 | $ | 220 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
25 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Freedom 2025 Investor Class |
VIP – Freedom 2030 Initial Class |
VIP – Investor Freedom 2030 Investor Class |
VIP – Freedom 2035 Initial Class |
VIP – Investor Freedom 2035 Investor Class |
VIP – Freedom 2040 Initial Class |
VIP – Investor Freedom 2040 Investor Class |
VIP – Freedom 2045 Initial Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 474 | $ | 35 | $ | 559 | $ | — | $ | 5 | $ | — | $ | 8 | $ | — | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 10 | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 11 | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
30 | — | 38 | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
8 | — | 11 | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
38 | — | 49 | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
38 | 11 | 49 | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
436 | 24 | 510 | — | 5 | — | 8 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
58 | 9 | 174 | — | (2 | ) | — | — | (1 | ) | ||||||||||||||||||||||
Realized gain distributions |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
58 | 9 | 174 | — | (2 | ) | — | — | (1 | ) | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
1,635 | 146 | 2,321 | — | 16 | — | 39 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 2,129 | $ | 179 | $ | 3,005 | $ | — | $ | 19 | $ | — | $ | 47 | $ | (1 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
26 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Freedom 2045 Investor Class |
VIP – Freedom 2050 Initial Class |
VIP – Freedom Lifetime Income I |
VIP – Freedom Lifetime Income II |
VIP – Freedom Lifetime Income III |
VIP – Disciplined Small Cap Initial Class |
VIP – Disciplined Small Cap Investor Class |
VIP – FundsManager 20% Investor Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | — | $ | — | $ | 48 | $ | 33 | $ | 67 | $ | 12 | $ | 244 | $ | 1,945 | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | 8 | — | 21 | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | 9 | — | 22 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | 1 | — | 3 | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | 1 | — | 4 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | 28 | 82 | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | 12 | 27 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | 40 | 109 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | 6 | 4 | 12 | — | — | 3 | ||||||||||||||||||||||||
Administrative and other charges |
— | — | 1 | 1 | 1 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | 7 | 5 | 13 | — | — | 3 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | 7 | 5 | 13 | 10 | 40 | 138 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
— | — | 41 | 28 | 54 | 2 | 204 | 1,807 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
— | — | (6 | ) | — | 4 | (24 | ) | (97 | ) | (1,011 | ) | ||||||||||||||||||||
Realized gain distributions |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
— | — | (6 | ) | — | 4 | (24 | ) | (97 | ) | (1,011 | ) | ||||||||||||||||||||
Unrealized appreciation (depreciation) |
— | — | 43 | 49 | 194 | 207 | 4,414 | 3,426 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | — | $ | — | $ | 78 | $ | 77 | $ | 252 | $ | 185 | $ | 4,521 | $ | 4,222 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
27 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – FundsManager 40% Investor Class |
VIP – FundsManager 50% Investor Class |
VIP – FundsManager 60% Investor Class |
VIP – FundsManager 70% Investor Class |
VIP – FundsManager 85% Investor Class |
VIP – Consumer Staples Initial Class |
VIP – Consumer Staples Investor Class |
VIP –Materials Initial Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 16 | $ | 3,592 | $ | 3,987 | $ | 2,839 | $ | 980 | $ | 21 | $ | 366 | $ | 19 | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
2 | 73 | 22 | 30 | 8 | 8 | — | 10 | ||||||||||||||||||||||||
Administrative and other charges |
— | 5 | 2 | 2 | 1 | — | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
2 | 78 | 24 | 32 | 9 | 8 | — | 11 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 19 | 5 | 9 | 3 | 1 | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | 7 | 2 | 3 | 1 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 26 | 7 | 12 | 4 | 1 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 192 | 165 | 204 | 79 | — | 22 | — | ||||||||||||||||||||||||
Administrative and other charges |
— | 63 | 54 | 65 | 29 | — | 10 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 255 | 219 | 269 | 108 | — | 32 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 19 | 33 | 7 | 1 | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | 4 | 7 | 1 | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 23 | 40 | 8 | 1 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | 496 | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | 133 | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | 629 | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
2 | 382 | 919 | 321 | 122 | 9 | 32 | 11 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
14 | 3,210 | 3,068 | 2,518 | 858 | 12 | 334 | 8 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
— | (615 | ) | (273 | ) | 218 | (49 | ) | 11 | 118 | (12 | ) | ||||||||||||||||||||
Realized gain distributions |
— | — | — | — | — | 15 | 258 | 3 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
— | (615 | ) | (273 | ) | 218 | (49 | ) | 26 | 376 | (9 | ) | ||||||||||||||||||||
Unrealized appreciation (depreciation) |
36 | 14,422 | 19,089 | 17,110 | 8,900 | (12 | ) | (181 | ) | 86 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 50 | $ | 17,017 | $ | 21,884 | $ | 19,846 | $ | 9,709 | $ | 26 | $ | 529 | $ | 85 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
28 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Materials Investor Class |
VIP – Communication Services Initial Class |
VIP – Communication Services Investor Class |
VIP – Emerging Markets Initial Class |
VIP – Emerging Markets Investor Class |
VIP – Floating Rate High Income Initial Class |
VIP – Floating Rate High Income Investor Class |
VIP – Bond Index Initial Class |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 83 | $ | — | $ | — | $ | 13 | $ | 286 | $ | 141 | $ | 2,043 | $ | 679 | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 15 | — | 5 | — | 18 | — | 7 | ||||||||||||||||||||||||
Administrative and other charges |
— | 1 | — | — | — | 1 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 16 | — | 5 | — | 19 | — | 7 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 4 | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||
Administrative and other charges |
— | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 5 | — | — | — | 1 | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
10 | — | 11 | — | 13 | — | 29 | 29 | ||||||||||||||||||||||||
Administrative and other charges |
3 | — | 6 | — | 6 | — | 14 | 13 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
13 | — | 17 | — | 19 | — | 43 | 42 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
13 | 21 | 17 | 5 | 19 | 20 | 43 | 50 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
70 | (21 | ) | (17 | ) | 8 | 267 | 121 | 2,000 | 629 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
(50 | ) | 87 | 314 | 2 | 5 | 26 | 187 | 13 | |||||||||||||||||||||||
Realized gain distributions |
13 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
(37 | ) | 87 | 314 | 2 | 5 | 26 | 187 | 13 | |||||||||||||||||||||||
Unrealized appreciation (depreciation) |
418 | 862 | 4,135 | 36 | 850 | 90 | 985 | 730 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 451 | $ | 928 | $ | 4,432 | $ | 46 | $ | 1,122 | $ | 237 | $ | 3,172 | $ | 1,372 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
29 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Total Market Index Initial Class |
VIP –Extended Market Index Initial Class |
VIP – International Index Initial Class |
VIF – Emerging Markets Equity Portfolio - Class I |
VIF – Emerging Markets Debt Portfolio - Class I |
VIF – Global Strategist Class II |
Invesco – VI Global Core Equity |
Allspring – VT Discovery SMID Cap Growth Class 2 |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | 386 | $ | 124 | $ | 494 | $ | 95 | $ | 669 | $ | 60 | $ | 30 | $ | — | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
9 | 4 | 5 | 11 | 7 | 3 | 3 | 22 | ||||||||||||||||||||||||
Administrative and other charges |
1 | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
10 | 4 | 5 | 12 | 7 | 3 | 3 | 23 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
44 | 9 | 18 | 5 | 8 | 3 | 4 | — | ||||||||||||||||||||||||
Administrative and other charges |
17 | 4 | 8 | 2 | 3 | 1 | 2 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
61 | 13 | 26 | 7 | 11 | 4 | 6 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
71 | 17 | 31 | 20 | 19 | 8 | 10 | 24 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
315 | 107 | 463 | 75 | 650 | 52 | 20 | (24 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
1,479 | (61 | ) | 352 | 38 | (86 | ) | 2 | 125 | 1 | ||||||||||||||||||||||
Realized gain distributions |
— | — | — | 103 | — | — | 4 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
1,479 | (61 | ) | 352 | 141 | (86 | ) | 2 | 129 | 1 | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
6,463 | 1,062 | 1,745 | 397 | 230 | 419 | 920 | 539 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 8,257 | $ | 1,108 | $ | 2,560 | $ | 613 | $ | 794 | $ | 473 | $ | 1,069 | $ | 516 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
30 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
Allspring – VT Opportunity Class 2 |
Lazard – Retirement Emerging Markets Investor |
PVIT – Commodity Real Return Portfolio - Administrative |
PVIT – Low Duration Portfolio - Administrative |
PVIT – Real Return Portfolio - Administrative |
PVIT – Total Return Portfolio - Administrative |
Blackrock – Global Allocation V.I. Fund - Class 1 |
FTVIP – Templeton Global Bond Fund - Class 2 |
|||||||||||||||||||||||||
Income: |
||||||||||||||||||||||||||||||||
Dividends |
$ | — | $ | 293 | $ | 835 | $ | 1,050 | $ | 491 | $ | 1,189 | $ | 546 | $ | — | ||||||||||||||||
Expenses: |
||||||||||||||||||||||||||||||||
Retirement Reserves: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
8 | 7 | — | 17 | 7 | 8 | 5 | 1 | ||||||||||||||||||||||||
Administrative and other charges |
1 | — | — | 1 | — | 1 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
9 | 7 | — | 18 | 7 | 9 | 5 | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Income Advantage: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Personal Retirement: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | 5 | 4 | 34 | 18 | 41 | 37 | 7 | ||||||||||||||||||||||||
Administrative and other charges |
— | 3 | 3 | 13 | 8 | 15 | 13 | 1 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | 8 | 7 | 47 | 26 | 56 | 50 | 8 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Freedom Lifetime Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Growth and Guaranteed Income: |
||||||||||||||||||||||||||||||||
Mortality and expense risk charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Administrative and other charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses |
11 | 15 | 7 | 65 | 33 | 65 | 55 | 9 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income (loss) |
(11 | ) | 278 | 828 | 985 | 458 | 1,124 | 491 | (9 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Realized and unrealized gain (loss) on investments: |
||||||||||||||||||||||||||||||||
Realized gain (loss) on sale of fund shares |
2 | (53 | ) | (572 | ) | (454 | ) | (698 | ) | (1,705 | ) | (687 | ) | (400 | ) | |||||||||||||||||
Realized gain distributions |
104 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net realized gain (loss) on investments |
106 | (53 | ) | (572 | ) | (454 | ) | (698 | ) | (1,705 | ) | (687 | ) | (400 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) |
181 | 924 | (723 | ) | 821 | 782 | 2,259 | 3,460 | 510 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
$ | 276 | $ | 1,149 | $ | (467 | ) | $ | 1,352 | $ | 542 | $ | 1,678 | $ | 3,264 | $ | 101 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
31 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Operations - continued
For the year ended December 31, 2023
(In thousands) | Subaccounts Investing In: |
|||
FTVIP – Franklin Government Securities Fund - Class 2 |
||||
Income: |
||||
Dividends |
$ | 169 | ||
Expenses: |
||||
Retirement Reserves: |
||||
Mortality and expense risk charges |
4 | |||
Administrative and other charges |
— | |||
|
|
|||
Total expenses |
4 | |||
|
|
|||
Income Advantage: |
||||
Mortality and expense risk charges |
— | |||
Administrative and other charges |
— | |||
|
|
|||
Total expenses |
— | |||
|
|
|||
Personal Retirement: |
||||
Mortality and expense risk charges |
8 | |||
Administrative and other charges |
2 | |||
|
|
|||
Total expenses |
10 | |||
|
|
|||
Freedom Lifetime Income: |
||||
Mortality and expense risk charges |
— | |||
Administrative and other charges |
— | |||
|
|
|||
Total expenses |
— | |||
|
|
|||
Growth and Guaranteed Income: |
||||
Mortality and expense risk charges |
— | |||
Administrative and other charges |
— | |||
|
|
|||
Total expenses |
— | |||
|
|
|||
Total expenses |
14 | |||
|
|
|||
Net investment income (loss) |
155 | |||
|
|
|||
Realized and unrealized gain (loss) on investments: |
||||
Realized gain (loss) on sale of fund shares |
(74 | ) | ||
Realized gain distributions |
— | |||
|
|
|||
Net realized gain (loss) on investments |
(74 | ) | ||
Unrealized appreciation (depreciation) |
140 | |||
|
|
|||
Net increase (decrease) in net assets from operations |
$ | 221 | ||
|
|
See accompanying notes which are an integral part of the financial statements.
32 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Government Money Market Initial Class |
VIP – Government Money Market Investor Class |
VIP – High Income Initial Class |
VIP – High Income Investor Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 904 | $ | 155 | $ | 10,275 | $ | 2,672 | $ | 187 | $ | 200 | $ | 1,380 | $ | 1,412 | ||||||||||||||||
Net realized gain (loss) on investments |
— | — | — | — | (899 | ) | (508 | ) | (599 | ) | (957 | ) | ||||||||||||||||||||
Unrealized appreciation (depreciation) |
— | — | — | — | 1,077 | (351 | ) | 1,696 | (4,505 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
904 | 155 | 10,275 | 2,672 | 365 | (659 | ) | 2,477 | (4,050 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
— | — | 67,533 | 68,559 | — | — | 39 | 53 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
4,723 | 11,267 | 6,248 | 46,798 | (85 | ) | (23 | ) | (2,030 | ) | (3,751 | ) | ||||||||||||||||||||
Contract benefits |
(478 | ) | (236 | ) | (8,415 | ) | (12,801 | ) | (137 | ) | (173 | ) | (1 | ) | (32 | ) | ||||||||||||||||
Contract terminations |
(6,537 | ) | (6,988 | ) | (57,902 | ) | (41,688 | ) | (311 | ) | (484 | ) | (2,362 | ) | (1,753 | ) | ||||||||||||||||
Contract maintenance charges |
(5 | ) | (5 | ) | — | — | (1 | ) | (1 | ) | — | — | ||||||||||||||||||||
Other transfers (to) from EFILI, net |
5 | 4 | (4 | ) | 1 | (57 | ) | 18 | 1 | 1 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(2,292 | ) | 4,042 | 7,460 | 60,869 | (591 | ) | (663 | ) | (4,353 | ) | (5,482 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(1,388 | ) | 4,197 | 17,735 | 63,541 | (226 | ) | (1,322 | ) | (1,876 | ) | (9,532 | ) | |||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
24,234 | 20,037 | 216,580 | 153,039 | 4,258 | 5,580 | 27,139 | $ | 36,671 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 22,846 | $ | 24,234 | $ | 234,315 | $ | 216,580 | $ | 4,032 | $ | 4,258 | $ | 25,263 | $ | 27,139 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Equity-Income Initial Class |
VIP – Equity-Income Investor Class |
VIP – Growth Initial Class |
VIP – Growth Investor Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 414 | $ | 440 | $ | 885 | $ | 951 | $ | (445 | ) | $ | (132 | ) | $ | (61 | ) | $ | 227 | |||||||||||||
Net realized gain (loss) on investments |
1,049 | 1,416 | 1,588 | 2,462 | 5,335 | 8,409 | 3,669 | 6,024 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
2,169 | (4,705 | ) | 2,672 | (6,638 | ) | 14,675 | (29,629 | ) | 15,481 | (25,104 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
3,632 | (2,849 | ) | 5,145 | (3,225 | ) | 19,565 | (21,352 | ) | 19,089 | (18,853 | ) | ||||||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
— | — | 345 | 939 | — | — | 294 | 522 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(710 | ) | (1,298 | ) | (2,579 | ) | 249 | 251 | (3,841 | ) | 3,494 | (2,149 | ) | |||||||||||||||||||
Contract benefits |
(983 | ) | (721 | ) | — | — | (707 | ) | (868 | ) | — | (10 | ) | |||||||||||||||||||
Contract terminations |
(2,468 | ) | (3,228 | ) | (2,557 | ) | (1,713 | ) | (3,697 | ) | (2,993 | ) | (1,794 | ) | (2,443 | ) | ||||||||||||||||
Contract maintenance charges |
(5 | ) | (5 | ) | — | — | (9 | ) | (9 | ) | — | — | ||||||||||||||||||||
Other transfers (to) from EFILI, net |
(178 | ) | (192 | ) | (1 | ) | 1 | (173 | ) | (186 | ) | 1 | 1 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(4,344 | ) | (5,444 | ) | (4,792 | ) | (524 | ) | (4,335 | ) | (7,897 | ) | 1,995 | (4,079 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(712 | ) | (8,293 | ) | 353 | (3,749 | ) | 15,230 | (29,249 | ) | 21,084 | (22,932 | ) | |||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
40,502 | 48,795 | 55,573 | 59,322 | 57,602 | 86,851 | 53,077 | 76,009 | ||||||||||||||||||||||||
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|
|||||||||||||||||
End of period |
$ | 39,790 | $ | 40,502 | $ | 55,926 | $ | 55,573 | $ | 72,832 | $ | 57,602 | $ | 74,161 | $ | 53,077 | ||||||||||||||||
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|
|
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|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
33 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Overseas Initial Class |
VIP – Overseas Investor Class |
VIP – Investment Grade Bond Initial Class |
VIP – Investment Grade Bond Investor Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 14 | $ | 17 | $ | 172 | $ | 166 | $ | 180 | $ | 169 | $ | 1,388 | $ | 1,328 | ||||||||||||||||
Net realized gain (loss) on investments |
10 | 50 | 227 | 389 | (300 | ) | 463 | (654 | ) | 2,677 | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
1,215 | (2,456 | ) | 3,425 | (6,956 | ) | 671 | (2,603 | ) | 2,641 | (13,889 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
1,239 | (2,389 | ) | 3,824 | (6,401 | ) | 551 | (1,971 | ) | 3,375 | (9,884 | ) | ||||||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
— | — | 76 | 163 | — | — | 1,221 | 678 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(186 | ) | (442 | ) | 710 | (1,250 | ) | (635 | ) | (1,146 | ) | 1,247 | (7,381 | ) | ||||||||||||||||||
Contract benefits |
(63 | ) | (98 | ) | — | (39 | ) | (253 | ) | (459 | ) | — | (31 | ) | ||||||||||||||||||
Contract terminations |
(308 | ) | (293 | ) | (576 | ) | (280 | ) | (805 | ) | (753 | ) | (6,264 | ) | (2,222 | ) | ||||||||||||||||
Contract maintenance charges |
(1 | ) | (1 | ) | — | — | (2 | ) | (2 | ) | — | — | ||||||||||||||||||||
Other transfers (to) from EFILI, net |
(20 | ) | 3 | — | (1 | ) | (49 | ) | 18 | — | 3 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(578 | ) | (831 | ) | 210 | (1,407 | ) | (1,744 | ) | (2,342 | ) | (3,796 | ) | (8,953 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
661 | (3,220 | ) | 4,034 | (7,808 | ) | (1,193 | ) | (4,313 | ) | (421 | ) | (18,837 | ) | ||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
6,589 | 9,809 | 18,540 | 26,348 | 11,509 | 15,822 | 59,176 | 78,013 | ||||||||||||||||||||||||
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|
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|
|
|
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|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 7,250 | $ | 6,589 | $ | 22,574 | $ | 18,540 | $ | 10,316 | $ | 11,509 | $ | 58,755 | $ | 59,176 | ||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
|
|||||||||||||||||
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Asset Manager Initial Class |
VIP – Asset Manager Investor Class |
VIP – Index 500 Initial Class |
VIP – Asset Manager Growth |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 287 | $ | 278 | $ | 458 | $ | 448 | $ | 4,813 | $ | 4,388 | $ | 52 | $ | 66 | ||||||||||||||||
Net realized gain (loss) on investments |
(71 | ) | 1,457 | 121 | 1,684 | 18,878 | 13,751 | 198 | 657 | |||||||||||||||||||||||
Unrealized appreciation (depreciation) |
2,093 | (5,756 | ) | 2,096 | (6,411 | ) | 65,359 | (94,659 | ) | 587 | (2,198 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
2,309 | (4,021 | ) | 2,675 | (4,279 | ) | 89,050 | (76,520 | ) | 837 | (1,475 | ) | ||||||||||||||||||||
|
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
— | — | 156 | 163 | 3,861 | 4,168 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(863 | ) | 204 | (1,633 | ) | (690 | ) | 19,448 | 11,980 | (798 | ) | (235 | ) | |||||||||||||||||||
Contract benefits |
(1,135 | ) | (497 | ) | — | — | (1,921 | ) | (2,199 | ) | (183 | ) | (197 | ) | ||||||||||||||||||
Contract terminations |
(1,270 | ) | (1,308 | ) | (1,544 | ) | (1,373 | ) | (14,444 | ) | (5,672 | ) | (415 | ) | (521 | ) | ||||||||||||||||
Contract maintenance charges |
(2 | ) | (2 | ) | — | — | (9 | ) | (9 | ) | (1 | ) | (1 | ) | ||||||||||||||||||
Other transfers (to) from EFILI, net |
23 | (15 | ) | — | 1 | (65 | ) | (70 | ) | (30 | ) | (44 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(3,247 | ) | (1,618 | ) | (3,021 | ) | (1,899 | ) | 6,870 | 8,198 | (1,427 | ) | (998 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(938 | ) | (5,639 | ) | (346 | ) | (6,178 | ) | 95,920 | (68,322 | ) | (590 | ) | (2,473 | ) | |||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
20,906 | 26,545 | 22,790 | 28,968 | 342,362 | 410,684 | 6,310 | 8,783 | ||||||||||||||||||||||||
|
|
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|
|
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|
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|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 19,968 | $ | 20,906 | $ | 22,444 | $ | 22,790 | $ | 438,282 | $ | 342,362 | $ | 5,720 | $ | 6,310 | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
34 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Asset Manager Growth |
VIP – Contrafund Initial Class |
VIP – Contrafund Investor Class |
VIP – Balanced Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 162 | $ | 174 | $ | (405 | ) | $ | (409 | ) | $ | 521 | $ | 504 | $ | 120 | $ | 66 | ||||||||||||||
Net realized gain (loss) on investments |
47 | 775 | 8,159 | 9,516 | 10,668 | 12,922 | 923 | 1,391 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
1,319 | (3,146 | ) | 26,999 | (53,450 | ) | 43,574 | (76,932 | ) | 1,523 | (4,752 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
1,528 | (2,197 | ) | 34,753 | (44,343 | ) | 54,763 | (63,506 | ) | 2,566 | (3,295 | ) | ||||||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
128 | 121 | — | — | 1,399 | 1,080 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(363 | ) | (222 | ) | (1,677 | ) | (2,837 | ) | (1,568 | ) | (7,384 | ) | (603 | ) | (616 | ) | ||||||||||||||||
Contract benefits |
— | — | (3,023 | ) | (2,260 | ) | (15 | ) | (138 | ) | (303 | ) | (323 | ) | ||||||||||||||||||
Contract terminations |
(671 | ) | (5 | ) | (6,453 | ) | (4,695 | ) | (5,670 | ) | (3,233 | ) | (1,180 | ) | (485 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | (18 | ) | (19 | ) | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||
Other transfers (to) from EFILI, net |
— | 1 | (311 | ) | (298 | ) | (2 | ) | 2 | 3 | 31 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(906 | ) | (105 | ) | (11,482 | ) | (10,109 | ) | (5,856 | ) | (9,673 | ) | (2,085 | ) | (1,395 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
622 | (2,302 | ) | 23,271 | (54,452 | ) | 48,907 | (73,179 | ) | 481 | (4,690 | ) | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
10,339 | 12,641 | 113,089 | 167,541 | 169,789 | 242,968 | 13,540 | 18,230 | ||||||||||||||||||||||||
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|
|
|
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|
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|
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|
|
|||||||||||||||||
End of period |
$ | 10,961 | $ | 10,339 | $ | 136,360 | $ | 113,089 | $ | 218,696 | $ | 169,789 | $ | 14,021 | $ | 13,540 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Balanced Investor Class |
VIP – Dynamic Capital Appreciation Initial Class |
VIP – Dynamic Capital |
VIP – Growth & Income |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 3,578 | $ | 2,310 | $ | (8 | ) | $ | (10 | ) | $ | 16 | $ | 7 | $ | 127 | $ | 133 | ||||||||||||||
Net realized gain (loss) on investments |
16,401 | 22,740 | 100 | 243 | 654 | 2,125 | 1,230 | 1,427 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
33,560 | (86,950 | ) | 356 | (698 | ) | 2,470 | (5,437 | ) | 1,281 | (2,882 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
53,539 | (61,900 | ) | 448 | (465 | ) | 3,140 | (3,305 | ) | 2,638 | (1,322 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
3,546 | 4,620 | — | — | 96 | 78 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(2,299 | ) | (1,706 | ) | 119 | 15 | 1,199 | (2,095 | ) | (464 | ) | (57 | ) | |||||||||||||||||||
Contract benefits |
(346 | ) | (68 | ) | (14 | ) | (9 | ) | — | — | (378 | ) | (442 | ) | ||||||||||||||||||
Contract terminations |
(21,434 | ) | (11,387 | ) | (32 | ) | (110 | ) | (146 | ) | (609 | ) | (1,289 | ) | (817 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||||
Other transfers (to) from EFILI, net |
16 | (6 | ) | — | (11 | ) | — | 1 | (33 | ) | (44 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(20,517 | ) | (8,547 | ) | 73 | (115 | ) | 1,149 | (2,625 | ) | (2,166 | ) | (1,362 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
33,022 | (70,447 | ) | 521 | (580 | ) | 4,289 | (5,930 | ) | 472 | (2,684 | ) | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
266,472 | 336,919 | 1,578 | 2,158 | 10,846 | 16,776 | 16,062 | 18,746 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 299,494 | $ | 266,472 | $ | 2,099 | $ | 1,578 | $ | 15,135 | $ | 10,846 | $ | 16,534 | $ | 16,062 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
35 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Growth & Income Investor Class |
VIP – Growth Opportunities |
VIP – Growth Opportunities |
VIP – Mid Cap Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 449 | $ | 504 | $ | (132 | ) | $ | (149 | ) | $ | (111 | ) | $ | (112 | ) | $ | (59 | ) | $ | (84 | ) | ||||||||||
Net realized gain (loss) on investments |
3,231 | 1,536 | 336 | 5,448 | 305 | 16,654 | 659 | 1,760 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
1,932 | (3,997 | ) | 5,644 | (15,612 | ) | 24,343 | (52,880 | ) | 2,539 | (6,329 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
5,612 | (1,957 | ) | 5,848 | (10,313 | ) | 24,537 | (36,338 | ) | 3,139 | (4,653 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
250 | 212 | — | — | 542 | 608 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(4,091 | ) | 3,935 | 132 | (3,516 | ) | 3,301 | (13,313 | ) | (1,304 | ) | (330 | ) | |||||||||||||||||||
Contract benefits |
(3 | ) | — | (480 | ) | (704 | ) | (2 | ) | (34 | ) | (561 | ) | (401 | ) | |||||||||||||||||
Contract terminations |
(2,649 | ) | (984 | ) | (667 | ) | (1,034 | ) | (2,513 | ) | (1,527 | ) | (1,514 | ) | (763 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | (2 | ) | (2 | ) | — | — | (5 | ) | (5 | ) | ||||||||||||||||||||
Other transfers (to) from EFILI, net |
— | 6 | 27 | 23 | (1 | ) | 1 | (8 | ) | 32 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(6,493 | ) | 3,169 | (990 | ) | (5,233 | ) | 1,327 | (14,265 | ) | (3,392 | ) | (1,467 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(881 | ) | 1,212 | 4,858 | (15,546 | ) | 25,864 | (50,603 | ) | (253 | ) | (6,120 | ) | |||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
34,095 | 32,883 | 13,789 | 29,335 | 53,464 | 104,067 | 24,373 | 30,493 | ||||||||||||||||||||||||
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|||||||||||||||||
End of period |
$ | 33,214 | $ | 34,095 | $ | 18,647 | $ | 13,789 | $ | 79,328 | $ | 53,464 | $ | 24,120 | $ | 24,373 | ||||||||||||||||
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|
|
|||||||||||||||||
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Mid Cap Investor Class |
VIP – Value Strategies |
VIP – Value Strategies Investor Class |
VIP – Utilities Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 194 | $ | 160 | $ | 17 | $ | 10 | $ | 170 | $ | 167 | $ | 20 | $ | 62 | ||||||||||||||||
Net realized gain (loss) on investments |
1,619 | 3,757 | 199 | 256 | 476 | 1,074 | 184 | 151 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
5,764 | (13,326 | ) | 685 | (757 | ) | 2,598 | (2,888 | ) | (382 | ) | (59 | ) | |||||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
7,577 | (9,409 | ) | 901 | (491 | ) | 3,244 | (1,647 | ) | (178 | ) | 154 | ||||||||||||||||||||
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|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
88 | 139 | — | — | 58 | 201 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(3,619 | ) | 1,314 | (229 | ) | (593 | ) | (717 | ) | (2,329 | ) | (5,186 | ) | 5,326 | ||||||||||||||||||
Contract benefits |
— | (57 | ) | (57 | ) | (48 | ) | — | — | (96 | ) | (189 | ) | |||||||||||||||||||
Contract terminations |
(1,845 | ) | (1,294 | ) | (132 | ) | (228 | ) | (1,697 | ) | (545 | ) | (94 | ) | (41 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | (1 | ) | — | — | — | (1 | ) | ||||||||||||||||||||||
Other transfers (to) from EFILI, net |
1 | (1 | ) | 4 | 4 | — | — | (5 | ) | 99 | ||||||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(5,375 | ) | 101 | (414 | ) | (866 | ) | (2,356 | ) | (2,673 | ) | (5,381 | ) | 5,194 | ||||||||||||||||||
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|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
2,202 | (9,308 | ) | 487 | (1,357 | ) | 888 | (4,320 | ) | (5,559 | ) | 5,348 | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
54,232 | 63,540 | 4,791 | 6,148 | 18,509 | 22,829 | 7,297 | 1,949 | ||||||||||||||||||||||||
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|||||||||||||||||
End of period |
$ | 56,434 | $ | 54,232 | $ | 5,278 | $ | 4,791 | $ | 19,397 | $ | 18,509 | $ | 1,738 | $ | 7,297 | ||||||||||||||||
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|
See accompanying notes which are an integral part of the financial statements.
36 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Utilities Investor Class |
VIP – Technology Initial Class |
VIP – Technology Investor Class |
VIP – Energy Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 311 | $ | 220 | $ | (217 | ) | $ | (202 | ) | $ | (101 | ) | $ | (152 | ) | $ | 87 | $ | 109 | ||||||||||||
Net realized gain (loss) on investments |
850 | 1,036 | 1,719 | 6,129 | 7,205 | 16,085 | 20 | 476 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(1,472 | ) | (783 | ) | 11,144 | (18,925 | ) | 42,133 | (64,453 | ) | (268 | ) | 1,121 | |||||||||||||||||||
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|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
(311 | ) | 473 | 12,646 | (12,998 | ) | 49,237 | (48,520 | ) | (161 | ) | 1,706 | ||||||||||||||||||||
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|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
27 | 198 | — | — | 668 | 737 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(2,061 | ) | 3,469 | 9,823 | (7,556 | ) | 15,249 | (5,880 | ) | (2,972 | ) | 3,527 | ||||||||||||||||||||
Contract benefits |
— | (5 | ) | (702 | ) | (342 | ) | — | (22 | ) | (208 | ) | (111 | ) | ||||||||||||||||||
Contract terminations |
(628 | ) | (478 | ) | (1,059 | ) | (674 | ) | (4,216 | ) | (2,704 | ) | (69 | ) | (136 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | (3 | ) | (4 | ) | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||
Other transfers (to) from EFILI, net |
— | (2 | ) | 168 | (26 | ) | 1 | 1 | 23 | — | ||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(2,662 | ) | 3,182 | 8,227 | (8,602 | ) | 11,702 | (7,868 | ) | (3,227 | ) | 3,279 | ||||||||||||||||||||
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|
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|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(2,973 | ) | 3,655 | 20,873 | (21,600 | ) | 60,939 | (56,388 | ) | (3,388 | ) | 4,985 | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
17,683 | 14,028 | 18,819 | 40,419 | 80,511 | 136,899 | 7,369 | 2,384 | ||||||||||||||||||||||||
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|||||||||||||||||
End of period |
$ | 14,710 | $ | 17,683 | $ | 39,692 | $ | 18,819 | $ | 141,450 | $ | 80,511 | $ | 3,981 | $ | 7,369 | ||||||||||||||||
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|
|
|||||||||||||||||
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Energy Investor Class |
VIP – Health Care Initial Class |
VIP – Health Care Investor Class |
VIP – Financials Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 562 | $ | 586 | $ | (99 | ) | $ | (108 | ) | $ | (100 | ) | $ | (106 | ) | $ | 17 | $ | 9 | ||||||||||||
Net realized gain (loss) on investments |
605 | 5,075 | 153 | 1,061 | 823 | 5,255 | (4 | ) | (306 | ) | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
(1,672 | ) | 3,282 | 346 | (3,226 | ) | 1,434 | (15,014 | ) | 90 | (259 | ) | ||||||||||||||||||||
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|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
(505 | ) | 8,943 | 400 | (2,273 | ) | 2,157 | (9,865 | ) | 103 | (556 | ) | ||||||||||||||||||||
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|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
33 | 166 | — | — | 378 | 644 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(9,099 | ) | 6,420 | (662 | ) | (1,006 | ) | (7,838 | ) | (1,823 | ) | (35 | ) | 72 | ||||||||||||||||||
Contract benefits |
— | — | (417 | ) | (163 | ) | — | — | (4 | ) | (46 | ) | ||||||||||||||||||||
Contract terminations |
(424 | ) | (507 | ) | (199 | ) | (441 | ) | (2,771 | ) | (2,492 | ) | (17 | ) | (249 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | (2 | ) | (2 | ) | — | — | — | — | ||||||||||||||||||||||
Other transfers (to) from EFILI, net |
1 | 2 | 27 | 19 | — | — | (1 | ) | (11 | ) | ||||||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(9,489 | ) | 6,081 | (1,253 | ) | (1,593 | ) | (10,231 | ) | (3,671 | ) | (57 | ) | (234 | ) | |||||||||||||||||
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|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(9,994 | ) | 15,024 | (853 | ) | (3,866 | ) | (8,074 | ) | (13,536 | ) | 46 | (790 | ) | ||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
29,036 | 14,012 | 12,733 | 16,599 | 63,661 | 77,197 | 1,036 | 1,826 | ||||||||||||||||||||||||
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|||||||||||||||||
End of period |
$ | 19,042 | $ | 29,036 | $ | 11,880 | $ | 12,733 | $ | 55,587 | $ | 63,661 | $ | 1,082 | $ | 1,036 | ||||||||||||||||
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|
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|
|
|
|
See accompanying notes which are an integral part of the financial statements.
37 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Financials Investor Class |
VIP – Industrials Initial Class |
VIP – Industrials Investor Class |
VIP – Consumer Discretionary Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 388 | $ | 327 | $ | (10 | ) | $ | (11 | ) | $ | 13 | $ | (4 | ) | $ | (13 | ) | $ | (15 | ) | |||||||||||
Net realized gain (loss) on investments |
735 | 1,212 | 11 | 248 | 86 | 1,989 | 64 | 342 | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
1,144 | (3,730 | ) | 390 | (468 | ) | 3,128 | (3,791 | ) | 519 | (1,347 | ) | ||||||||||||||||||||
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|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
2,267 | (2,191 | ) | 391 | (231 | ) | 3,227 | (1,806 | ) | 570 | (1,020 | ) | ||||||||||||||||||||
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|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
141 | 412 | — | — | 24 | 206 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(1,077 | ) | (5,603 | ) | (3 | ) | (37 | ) | (414 | ) | 114 | 338 | (729 | ) | ||||||||||||||||||
Contract benefits |
— | — | (62 | ) | (6 | ) | — | — | (30 | ) | (24 | ) | ||||||||||||||||||||
Contract terminations |
(460 | ) | (541 | ) | (39 | ) | (16 | ) | (972 | ) | (539 | ) | (86 | ) | (6 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other transfers (to) from EFILI, net |
— | — | (1 | ) | (1 | ) | 1 | 2 | 7 | (67 | ) | |||||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(1,396 | ) | (5,732 | ) | (105 | ) | (60 | ) | (1,361 | ) | (217 | ) | 229 | (826 | ) | |||||||||||||||||
|
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|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
871 | (7,923 | ) | 286 | (291 | ) | 1,866 | (2,023 | ) | 799 | (1,846 | ) | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
16,983 | 24,906 | 1,808 | 2,099 | 15,219 | 17,242 | 1,325 | 3,171 | ||||||||||||||||||||||||
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|||||||||||||||||
End of period |
$ | 17,854 | $ | 16,983 | $ | 2,094 | $ | 1,808 | $ | 17,085 | $ | 15,219 | $ | 2,124 | $ | 1,325 | ||||||||||||||||
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|
|||||||||||||||||
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Consumer Discretionary Investor Class |
VIP – Real Estate Initial Class |
VIP – Real Estate Investor Class |
VIP – Strategic Income Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | (29 | ) | $ | (31 | ) | $ | 40 | $ | 15 | $ | 317 | $ | 191 | $ | 136 | $ | 113 | ||||||||||||||
Net realized gain (loss) on investments |
353 | 3,106 | 67 | 44 | 244 | 506 | (32 | ) | (58 | ) | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
6,293 | (12,202 | ) | 132 | (1,078 | ) | 862 | (7,186 | ) | 210 | (655 | ) | ||||||||||||||||||||
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|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
6,617 | (9,127 | ) | 239 | (1,019 | ) | 1,423 | (6,489 | ) | 314 | (600 | ) | ||||||||||||||||||||
|
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|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
64 | 149 | — | — | 53 | 335 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
1,554 | (2,464 | ) | (120 | ) | 208 | (1,304 | ) | (2,476 | ) | (134 | ) | (339 | ) | ||||||||||||||||||
Contract benefits |
— | — | (58 | ) | (67 | ) | — | (1 | ) | (74 | ) | (119 | ) | |||||||||||||||||||
Contract terminations |
(1,008 | ) | (812 | ) | (52 | ) | (107 | ) | (518 | ) | (308 | ) | (156 | ) | (284 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | (1 | ) | (1 | ) | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||
Other transfers (to) from EFILI, net |
1 | — | 5 | (7 | ) | 1 | 2 | 7 | (4 | ) | ||||||||||||||||||||||
|
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|
|
|
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|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
611 | (3,127 | ) | (226 | ) | 26 | (1,768 | ) | (2,448 | ) | (358 | ) | (747 | ) | ||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
7,228 | (12,254 | ) | 13 | (993 | ) | (345 | ) | (8,937 | ) | (44 | ) | (1,347 | ) | ||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
16,022 | 28,276 | 2,564 | 3,557 | 15,277 | 24,214 | 3,919 | 5,266 | ||||||||||||||||||||||||
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|
|||||||||||||||||
End of period |
$ | 23,250 | $ | 16,022 | $ | 2,577 | $ | 2,564 | $ | 14,932 | $ | 15,277 | $ | 3,875 | $ | 3,919 | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
38 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Strategic Income Investor Class |
VIP – International |
VIP – International |
VIP – Value Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 2,092 | $ | 1,946 | $ | (8 | ) | $ | (11 | ) | $ | 49 | $ | 12 | $ | 5 | $ | 13 | ||||||||||||||
Net realized gain (loss) on investments |
(821 | ) | (426 | ) | 67 | 199 | 570 | 2,641 | 79 | 153 | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
3,195 | (8,976 | ) | 379 | (915 | ) | 6,843 | (13,578 | ) | 283 | (340 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
4,466 | (7,456 | ) | 438 | (727 | ) | 7,462 | (10,925 | ) | 367 | (174 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
173 | 1,136 | — | — | 51 | 143 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(3,472 | ) | (4,841 | ) | (108 | ) | (15 | ) | 280 | (1,808 | ) | (819 | ) | 696 | ||||||||||||||||||
Contract benefits |
(18 | ) | (65 | ) | (179 | ) | (78 | ) | (3 | ) | (1 | ) | (59 | ) | (67 | ) | ||||||||||||||||
Contract terminations |
(5,180 | ) | (2,565 | ) | (57 | ) | (140 | ) | (1,507 | ) | (442 | ) | (37 | ) | (171 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||||
Other transfers (to) from EFILI, net |
— | (1 | ) | 4 | 5 | — | (2 | ) | (7 | ) | 12 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(8,497 | ) | (6,336 | ) | (340 | ) | (228 | ) | (1,179 | ) | (2,110 | ) | (923 | ) | 469 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(4,031 | ) | (13,792 | ) | 98 | (955 | ) | 6,283 | (13,035 | ) | (556 | ) | 295 | |||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
53,511 | 67,303 | 1,787 | 2,742 | 27,633 | 40,668 | 2,724 | 2,429 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 49,480 | $ | 53,511 | $ | 1,885 | $ | 1,787 | $ | 33,916 | $ | 27,633 | $ | 2,168 | $ | 2,724 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Value Investor Class |
VIP – Freedom Income Initial Class |
VIP – Investor Investor Class |
VIP – Freedom 2005 Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 263 | $ | 306 | $ | 27 | $ | 14 | $ | 117 | $ | 79 | $ | 19 | $ | 12 | ||||||||||||||||
Net realized gain (loss) on investments |
1,261 | 1,655 | (2 | ) | 34 | (96 | ) | (5 | ) | (12 | ) | 52 | ||||||||||||||||||||
Unrealized appreciation (depreciation) |
3,044 | (3,336 | ) | 31 | (179 | ) | 195 | (673 | ) | 37 | (191 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
4,568 | (1,375 | ) | 56 | (131 | ) | 216 | (599 | ) | 44 | (127 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
237 | 390 | — | — | 7 | 275 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(4,194 | ) | 5,061 | (81 | ) | (27 | ) | 72 | (727 | ) | (17 | ) | (91 | ) | ||||||||||||||||||
Contract benefits |
— | — | (6 | ) | — | — | — | — | — | |||||||||||||||||||||||
Contract terminations |
(1,014 | ) | (340 | ) | (53 | ) | (30 | ) | (575 | ) | (1,158 | ) | (226 | ) | (7 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other transfers (to) from EFILI, net |
— | (6 | ) | 1 | (2 | ) | (2 | ) | (1 | ) | 1 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(4,971 | ) | 5,105 | (139 | ) | (59 | ) | (498 | ) | (1,611 | ) | (242 | ) | (98 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(403 | ) | 3,730 | (83 | ) | (190 | ) | (282 | ) | (2,210 | ) | (198 | ) | (225 | ) | |||||||||||||||||
Net Assets |
||||||||||||||||||||||||||||||||
Beginning of period |
27,883 | 24,153 | 862 | 1,052 | 3,107 | 5,317 | 763 | 988 | ||||||||||||||||||||||||
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|
|
|
|
|
|
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|
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|
|
|
|||||||||||||||||
End of period |
$ | 27,480 | $ | 27,883 | $ | 779 | $ | 862 | $ | 2,825 | $ | 3,107 | $ | 565 | $ | 763 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
39 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Freedom 2005 Investor Class |
VIP – Freedom 2010 Initial Class |
VIP – Investor Freedom 2010 Investor Class |
VIP – Freedom 2015 Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 85 | $ | 47 | $ | 24 | $ | 13 | $ | 165 | $ | 104 | $ | 28 | $ | 15 | ||||||||||||||||
Net realized gain (loss) on investments |
(25 | ) | 130 | 42 | 54 | (41 | ) | 253 | 9 | 109 | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
89 | (528 | ) | (5 | ) | (215 | ) | 263 | (1,217 | ) | 59 | (313 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
149 | (351 | ) | 61 | (148 | ) | 387 | (860 | ) | 96 | (189 | ) | ||||||||||||||||||||
|
|
|
|
|
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|
|
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|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
— | — | — | — | 8 | 12 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(151 | ) | (8 | ) | (138 | ) | (19 | ) | (747 | ) | (216 | ) | (59 | ) | (27 | ) | ||||||||||||||||
Contract benefits |
— | — | — | — | — | — | (2 | ) | — | |||||||||||||||||||||||
Contract terminations |
(118 | ) | (292 | ) | (39 | ) | (11 | ) | (458 | ) | (207 | ) | (71 | ) | (26 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other transfers (to) from EFILI, net |
— | (1 | ) | (1 | ) | — | — | — | — | (1 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(269 | ) | (301 | ) | (178 | ) | (30 | ) | (1,197 | ) | (411 | ) | (132 | ) | (54 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(120 | ) | (652 | ) | (117 | ) | (178 | ) | (810 | ) | (1,271 | ) | (36 | ) | (243 | ) | ||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
2,127 | 2,779 | 866 | 1,044 | 5,002 | 6,273 | 1,024 | 1,267 | ||||||||||||||||||||||||
|
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|
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|
|
|||||||||||||||||
End of period |
$ | 2,007 | $ | 2,127 | $ | 749 | $ | 866 | $ | 4,192 | $ | 5,002 | $ | 988 | $ | 1,024 | ||||||||||||||||
|
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|
|
|||||||||||||||||
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Freedom 2015 Investor Class |
VIP – Freedom 2020 Initial Class |
VIP – Investor Freedom 2020 Investor Class |
VIP – Freedom 2025 Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 318 | $ | 189 | $ | 36 | $ | 29 | $ | 447 | $ | 310 | $ | 38 | $ | 24 | ||||||||||||||||
Net realized gain (loss) on investments |
(35 | ) | 588 | (57 | ) | 250 | 35 | 1,342 | 10 | 152 | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
678 | (2,427 | ) | 195 | (694 | ) | 1,268 | (4,820 | ) | 172 | (590 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
961 | (1,650 | ) | 174 | (415 | ) | 1,750 | (3,168 | ) | 220 | (414 | ) | ||||||||||||||||||||
|
|
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|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
1 | 26 | — | — | 55 | 239 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(36 | ) | 1,465 | (33 | ) | (437 | ) | (1,290 | ) | (1,906 | ) | 35 | 44 | |||||||||||||||||||
Contract benefits |
— | — | (92 | ) | — | — | — | — | — | |||||||||||||||||||||||
Contract terminations |
(841 | ) | (107 | ) | (652 | ) | (8 | ) | (1,064 | ) | (707 | ) | (63 | ) | (295 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | (1 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||||
Other transfers (to) from EFILI, net |
1 | — | 1 | (1 | ) | — | (1 | ) | (1 | ) | 3 | |||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(875 | ) | 1,384 | (777 | ) | (447 | ) | (2,299 | ) | (2,375 | ) | (29 | ) | (248 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
86 | (266 | ) | (603 | ) | (862 | ) | (549 | ) | (5,543 | ) | 191 | (662 | ) | ||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
9,371 | 9,637 | 1,929 | 2,791 | 15,606 | 21,149 | 1,751 | 2,413 | ||||||||||||||||||||||||
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|
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|
|||||||||||||||||
End of period |
$ | 9,457 | $ | 9,371 | $ | 1,326 | $ | 1,929 | $ | 15,057 | $ | 15,606 | $ | 1,942 | $ | 1,751 | ||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
40 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Freedom 2025 Investor Class |
VIP – Freedom 2030 Initial Class |
VIP – Investor Freedom 2030 Investor Class |
VIP – Freedom 2035 Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 436 | $ | 358 | $ | 24 | $ | 16 | $ | 510 | $ | 377 | $ | — | $ | — | ||||||||||||||||
Net realized gain (loss) on investments |
58 | 1,184 | 9 | 97 | 174 | 1,541 | — | — | ||||||||||||||||||||||||
Unrealized appreciation (depreciation) |
1,635 | (5,645 | ) | 146 | (379 | ) | 2,321 | (6,220 | ) | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
2,129 | (4,103 | ) | 179 | (266 | ) | 3,005 | (4,302 | ) | — | — | |||||||||||||||||||||
|
|
|
|
|
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|
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|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
83 | 452 | — | — | 473 | 1,044 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(1,087 | ) | (5,953 | ) | 29 | 43 | (616 | ) | 1,126 | 2 | — | |||||||||||||||||||||
Contract benefits |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contract terminations |
(1,299 | ) | (519 | ) | (65 | ) | (8 | ) | (531 | ) | (760 | ) | — | — | ||||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other transfers (to) from EFILI, net |
2 | 1 | (1 | ) | 1 | — | (1 | ) | — | — | ||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(2,301 | ) | (6,019 | ) | (37 | ) | 36 | (674 | ) | 1,409 | 2 | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
(172 | ) | (10,122 | ) | 142 | (230 | ) | 2,331 | (2,893 | ) | 2 | — | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
17,046 | 27,168 | 1,334 | 1,564 | 21,357 | 24,250 | — | — | ||||||||||||||||||||||||
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|
|||||||||||||||||
End of period |
$ | 16,874 | $ | 17,046 | $ | 1,476 | $ | 1,334 | $ | 23,688 | $ | 21,357 | $ | 2 | $ | — | ||||||||||||||||
|
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|
|||||||||||||||||
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Freedom 2035 Investor Class |
VIP – Freedom 2040 Initial Class |
VIP – Investor Freedom 2040 Investor Class |
VIP – Freedom 2045 Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 5 | $ | — | $ | — | $ | — | $ | 8 | $ | — | $ | — | $ | — | ||||||||||||||||
Net realized gain (loss) on investments |
(2 | ) | — | — | — | — | — | (1 | ) | — | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
16 | — | — | — | 39 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
19 | — | — | — | 47 | — | (1 | ) | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
29 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
285 | — | 2 | — | 623 | — | 3 | — | ||||||||||||||||||||||||
Contract benefits |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contract terminations |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other transfers (to) from EFILI, net |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
314 | — | 2 | — | 623 | — | 3 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
333 | — | 2 | — | 670 | — | 2 | — | ||||||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||||||||||||||
End of period |
$ | 333 | $ | — | $ | 2 | $ | — | $ | 670 | $ | — | $ | 2 | $ | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes which are an integral part of the financial statements.
41 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Freedom 2045 Investor Class |
VIP – Freedom 2050 Initial Class |
VIP – Freedom Lifetime |
VIP – Freedom Lifetime |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | — | $ | — | $ | — | $ | — | $ | 41 | $ | 21 | $ | 28 | $ | 14 | ||||||||||||||||
Net realized gain (loss) on investments |
— | — | — | — | (6 | ) | 43 | — | 66 | |||||||||||||||||||||||
Unrealized appreciation (depreciation) |
— | — | — | — | 43 | (245 | ) | 49 | (231 | ) | ||||||||||||||||||||||
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|||||||||||||||||
Net increase (decrease) in net assets from operations |
— | — | — | — | 78 | (181 | ) | 77 | (151 | ) | ||||||||||||||||||||||
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Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
3 | — | 2 | — | — | — | — | — | ||||||||||||||||||||||||
Contract benefits |
— | — | — | — | (111 | ) | (138 | ) | (83 | ) | (88 | ) | ||||||||||||||||||||
Contract terminations |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other transfers (to) from EFILI, net |
— | — | — | — | 18 | (73 | ) | 20 | 20 | |||||||||||||||||||||||
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|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
3 | — | 2 | — | (93 | ) | (211 | ) | (63 | ) | (68 | ) | ||||||||||||||||||||
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|||||||||||||||||
Total increase (decrease) in net assets |
3 | — | 2 | — | (15 | ) | (392 | ) | 14 | (219 | ) | |||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
— | — | — | — | 1,132 | 1,524 | 869 | 1,088 | ||||||||||||||||||||||||
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End of period |
$ | 3 | $ | — | $ | 2 | $ | — | $ | 1,117 | $ | 1,132 | $ | 883 | $ | 869 | ||||||||||||||||
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(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Freedom Lifetime |
VIP – Disciplined Small Cap |
VIP – Disciplined Small Cap |
VIP – Funds Manager 20% Investor Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 54 | $ | 33 | $ | 2 | $ | — | $ | 204 | $ | 150 | $ | 1,807 | $ | 1,329 | ||||||||||||||||
Net realized gain (loss) on investments |
4 | 201 | (24 | ) | 224 | (97 | ) | 4,528 | (1,011 | ) | 4,404 | |||||||||||||||||||||
Unrealized appreciation (depreciation) |
194 | (677 | ) | 207 | (532 | ) | 4,414 | (10,049 | ) | 3,426 | (12,936 | ) | ||||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
252 | (443 | ) | 185 | (308 | ) | 4,521 | (5,371 | ) | 4,222 | (7,203 | ) | ||||||||||||||||||||
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|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
— | — | — | — | 86 | 66 | 14 | 1,097 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
— | — | 303 | (141 | ) | 1,195 | (369 | ) | (4,486 | ) | (2,234 | ) | ||||||||||||||||||||
Contract benefits |
(146 | ) | (150 | ) | (7 | ) | (12 | ) | — | — | (154 | ) | (104 | ) | ||||||||||||||||||
Contract terminations |
— | — | (69 | ) | (115 | ) | (893 | ) | (357 | ) | (9,039 | ) | (6,272 | ) | ||||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||||
Other transfers (to) from EFILI, net |
20 | 15 | 1 | (1 | ) | — | 2 | (27 | ) | (16 | ) | |||||||||||||||||||||
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|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(126 | ) | (135 | ) | 228 | (269 | ) | 388 | (658 | ) | (13,693 | ) | (7,530 | ) | ||||||||||||||||||
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|
|||||||||||||||||
Total increase (decrease) in net assets |
126 | (578 | ) | 413 | (577 | ) | 4,909 | (6,029 | ) | (9,471 | ) | (14,733 | ) | |||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
2,151 | 2,729 | 1,049 | 1,626 | 23,041 | 29,070 | 61,083 | 75,816 | ||||||||||||||||||||||||
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|||||||||||||||||
End of period |
$ | 2,277 | $ | 2,151 | $ | 1,462 | $ | 1,049 | $ | 27,950 | $ | 23,041 | $ | 51,612 | $ | 61,083 | ||||||||||||||||
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See accompanying notes which are an integral part of the financial statements.
42 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Investor Class |
VIP – Funds Manager 50% Investor Class |
VIP – Funds Manager 60% Investor Class |
VIP – Funds Manager 70% Investor Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 14 | $ | — | $ | 3,210 | $ | 2,621 | $ | 3,068 | $ | 2,195 | $ | 2,518 | $ | 1,853 | ||||||||||||||||
Net realized gain (loss) on investments |
— | — | (615 | ) | 25,718 | (273 | ) | 31,352 | 218 | 24,254 | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
36 | — | 14,422 | (53,716 | ) | 19,089 | (66,816 | ) | 17,110 | (50,461 | ) | |||||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
50 | — | 17,017 | (25,377 | ) | 21,884 | (33,269 | ) | 19,846 | (24,354 | ) | |||||||||||||||||||||
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|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
— | — | 1,221 | 1,700 | 2,959 | 728 | 2,236 | 2,000 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
1,095 | — | (4,262 | ) | (8,678 | ) | 133 | (3,188 | ) | 4,322 | 1,516 | |||||||||||||||||||||
Contract benefits |
— | — | (926 | ) | (771 | ) | (679 | ) | (1,263 | ) | (288 | ) | (308 | ) | ||||||||||||||||||
Contract terminations |
— | — | (9,912 | ) | (5,631 | ) | (12,583 | ) | (11,002 | ) | (5,122 | ) | (2,243 | ) | ||||||||||||||||||
Contract maintenance charges |
— | — | (2 | ) | (2 | ) | (1 | ) | (1 | ) | — | — | ||||||||||||||||||||
Other transfers (to) from EFILI, net |
— | — | (138 | ) | (77 | ) | 108 | 71 | 42 | 2 | ||||||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
1,095 | — | (14,019 | ) | (13,459 | ) | (10,063 | ) | (14,655 | ) | 1,190 | 967 | ||||||||||||||||||||
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|
|||||||||||||||||
Total increase (decrease) in net assets |
1,145 | — | 2,998 | (38,836 | ) | 11,821 | (47,924 | ) | 21,036 | (23,387 | ) | |||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
— | — | 141,775 | 180,611 | 167,041 | 214,965 | 128,432 | 151,819 | ||||||||||||||||||||||||
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End of period |
$ | 1,145 | $ | — | $ | 144,773 | $ | 141,775 | $ | 178,862 | $ | 167,041 | $ | 149,468 | $ | 128,432 | ||||||||||||||||
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|||||||||||||||||
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Funds Manager 85% Investor Class |
VIP – Consumer Staples Initial Class |
VIP – Consumer Staples |
VIP – Materials Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 858 | $ | 543 | $ | 12 | $ | 11 | $ | 334 | $ | 300 | $ | 8 | $ | 4 | ||||||||||||||||
Net realized gain (loss) on investments |
(49 | ) | 12,136 | 26 | 67 | 376 | 1,209 | (9 | ) | 49 | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
8,900 | (24,475 | ) | (12 | ) | (112 | ) | (181 | ) | (1,807 | ) | 86 | (273 | ) | ||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
9,709 | (11,796 | ) | 26 | (34 | ) | 529 | (298 | ) | 85 | (220 | ) | ||||||||||||||||||||
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|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
968 | 1,948 | — | — | 25 | 215 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
1,704 | 1,128 | (144 | ) | 419 | (299 | ) | 2,056 | (182 | ) | 451 | |||||||||||||||||||||
Contract benefits |
(661 | ) | (136 | ) | (33 | ) | (11 | ) | — | (1 | ) | (5 | ) | (7 | ) | |||||||||||||||||
Contract terminations |
(3,918 | ) | (1,006 | ) | (8 | ) | (92 | ) | (1,945 | ) | (285 | ) | (31 | ) | (84 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other transfers (to) from EFILI, net |
(351 | ) | 16 | (1 | ) | (66 | ) | (2 | ) | — | 2 | — | ||||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(2,258 | ) | 1,950 | (186 | ) | 250 | (2,221 | ) | 1,985 | (216 | ) | 360 | ||||||||||||||||||||
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|
|||||||||||||||||
Total increase (decrease) in net assets |
7,451 | (9,846 | ) | (160 | ) | 216 | (1,692 | ) | 1,687 | (131 | ) | 140 | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
57,893 | 67,739 | 1,256 | 1,040 | 20,389 | 18,702 | 1,495 | 1,355 | ||||||||||||||||||||||||
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End of period |
$ | 65,344 | $ | 57,893 | $ | 1,096 | $ | 1,256 | $ | 18,697 | $ | 20,389 | $ | 1,364 | $ | 1,495 | ||||||||||||||||
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|
See accompanying notes which are an integral part of the financial statements.
43 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Materials Investor Class |
VIP – Communication Services Initial Class |
VIP – Communication Services Investor Class |
VIP – Emerging Markets Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 70 | $ | 69 | $ | (21 | ) | $ | (11 | ) | $ | (17 | ) | $ | (12 | ) | $ | 8 | $ | 6 | ||||||||||||
Net realized gain (loss) on investments |
(37 | ) | 174 | 87 | 148 | 314 | 655 | 2 | (13 | ) | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
418 | (1,268 | ) | 862 | (889 | ) | 4,135 | (4,734 | ) | 36 | (133 | ) | ||||||||||||||||||||
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|||||||||||||||||
Net increase (decrease) in net assets from operations |
451 | (1,025 | ) | 928 | (752 | ) | 4,432 | (4,091 | ) | 46 | (140 | ) | ||||||||||||||||||||
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Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
5 | 73 | — | — | 4 | 50 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(1,643 | ) | 1,466 | 1,824 | (296 | ) | 4,133 | (1,305 | ) | 13 | (2 | ) | ||||||||||||||||||||
Contract benefits |
— | — | (53 | ) | (3 | ) | — | — | (2 | ) | (10 | ) | ||||||||||||||||||||
Contract terminations |
(263 | ) | (141 | ) | (67 | ) | (95 | ) | (426 | ) | (285 | ) | (11 | ) | (1 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other transfers (to) from EFILI, net |
2 | — | 21 | (1 | ) | — | (1 | ) | 2 | (2 | ) | |||||||||||||||||||||
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|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(1,899 | ) | 1,398 | 1,725 | (395 | ) | 3,711 | (1,541 | ) | 2 | (15 | ) | ||||||||||||||||||||
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|
|||||||||||||||||
Total increase (decrease) in net assets |
(1,448 | ) | 373 | 2,653 | (1,147 | ) | 8,143 | (5,632 | ) | 48 | (155 | ) | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
7,725 | 7,352 | 1,049 | 2,196 | 6,062 | 11,694 | 547 | 702 | ||||||||||||||||||||||||
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End of period |
$ | 6,277 | $ | 7,725 | $ | 3,702 | $ | 1,049 | $ | 14,205 | $ | 6,062 | $ | 595 | $ | 547 | ||||||||||||||||
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|||||||||||||||||
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Emerging Markets |
VIP – Floating Rate High Income Initial Class |
VIP – Floating Rate High Income Investor Class |
VIP – Bond Index Initial Class |
|||||||||||||||||||||||||||||
12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 267 | $ | 197 | $ | 121 | $ | 84 | $ | 2,000 | $ | 1,058 | $ | 629 | $ | 387 | ||||||||||||||||
Net realized gain (loss) on investments |
5 | (175 | ) | 26 | 27 | 187 | (48 | ) | 13 | (320 | ) | |||||||||||||||||||||
Unrealized appreciation (depreciation) |
850 | (3,180 | ) | 90 | (100 | ) | 985 | (1,242 | ) | 730 | (3,565 | ) | ||||||||||||||||||||
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|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from operations |
1,122 | (3,158 | ) | 237 | 11 | 3,172 | (232 | ) | 1,372 | (3,498 | ) | |||||||||||||||||||||
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|
|||||||||||||||||
Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
26 | 178 | — | — | 584 | 551 | 114 | 340 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
203 | 573 | (732 | ) | 1,325 | 4,882 | 974 | 3,866 | 2,034 | |||||||||||||||||||||||
Contract benefits |
(5 | ) | (1 | ) | (99 | ) | (78 | ) | — | — | (148 | ) | (14 | ) | ||||||||||||||||||
Contract terminations |
(357 | ) | (242 | ) | (23 | ) | — | (4,653 | ) | (1,448 | ) | (1,511 | ) | (613 | ) | |||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other transfers (to) from EFILI, net |
1 | — | 8 | 32 | (1 | ) | (1 | ) | 9 | 7 | ||||||||||||||||||||||
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|
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|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
(132 | ) | 508 | (846 | ) | 1,279 | 812 |
|
76
|
|
2,330 |
|
1,754
|
| ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
990 | (2,650 | ) | (609 | ) | 1,290 | 3,984 | (156 | ) | 3,702 | (1,744 | ) | ||||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
12,545 | 15,195 | 2,443 | 1,153 | 25,553 | 25,709 | 25,136 | 26,880 | ||||||||||||||||||||||||
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|||||||||||||||||
End of period |
$ | 13,535 | $ | 12,545 | $ | 1,834 | $ | 2,443 | $ | 29,537 | $ | 25,553 | $ | 28,838 | $ | 25,136 | ||||||||||||||||
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|
|
|
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|
|
See accompanying notes which are an integral part of the financial statements.
44 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIP – Total Market Index Initial Class |
VIP – Extended Market Index Initial Class |
VIP – International Index Initial Class |
VIF – Emerging Markets Equity Portfolio – Class I |
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12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 315 | $ | 419 | $ | 107 | $ | 99 | $ | 463 | $ | 330 | $ | 75 | $ | 4 | ||||||||||||||||
Net realized gain (loss) on investments |
1,479 | 1,206 | (61 | ) | 260 | 352 | 76 | 141 | 487 | |||||||||||||||||||||||
Unrealized appreciation (depreciation) |
6,463 | (8,803 | ) | 1,062 | (1,803 | ) | 1,745 | (2,903 | ) | 397 | (2,240 | ) | ||||||||||||||||||||
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|||||||||||||||||
Net increase (decrease) in net assets from operations |
8,257 | (7,178 | ) | 1,108 | (1,444 | ) | 2,560 | (2,497 | ) | 613 | (1,749 | ) | ||||||||||||||||||||
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Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
642 | 631 | 101 | 156 | 206 | 230 | 14 | 9 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
2,814 | 6,536 | (712 | ) | 2,015 | 1,864 | 2,518 | 10 | 527 | |||||||||||||||||||||||
Contract benefits |
(206 | ) | (12 | ) | (1 | ) | (2 | ) | (68 | ) | (5 | ) | (18 | ) | (25 | ) | ||||||||||||||||
Contract terminations |
(2,793 | ) | (654 | ) | (649 | ) | (111 | ) | (1,709 | ) | (59 | ) | (241 | ) | (137 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Other transfers (to) from EFILI, net |
5 | 5 | (6 | ) | 1 | (1 | ) | 1 | 6 | 4 | ||||||||||||||||||||||
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|
|
|||||||||||||||||
Net increase (decrease) in net assets from contract transactions |
462 |
|
6,506
|
|
(1,267 | ) | 2,059 |
|
292 |
|
2,685 | (229 | ) | 378 | ||||||||||||||||||
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|
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|
|
|
|
|
|
|||||||||||||||||
Total increase (decrease) in net assets |
8,719 | (672 | ) | (159 | ) | 615 |
|
2,852 |
|
188 | 384 | (1,371 | ) | |||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
33,370 | 34,042 | 7,867 | 7,252 | 15,552 | 15,364 | 5,415 | 6,786 | ||||||||||||||||||||||||
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End of period |
$ | 42,089 | $ | 33,370 | $ | 7,708 | $ | 7,867 | $ | 18,404 | $ | 15,552 | $ | 5,799 | $ | 5,415 | ||||||||||||||||
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(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
VIF – Emerging Markets Debt Portfolio – Class I |
VIF – Global Strategist Class II |
Invesco – VI Global Core Equity |
Allspring – VT Discovery SMID Cap |
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12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 650 | $ | 603 | $ | 52 | $ | (8 | ) | $ | 20 | $ | 7 | $ | (24 | ) | $ | (26 | ) | |||||||||||||
Net realized gain (loss) on investments |
(86 | ) | (110 | ) | 2 | 621 | 129 | 326 | 1 | 1,080 | ||||||||||||||||||||||
Unrealized appreciation (depreciation) |
230 | (2,390 | ) | 419 | (1,420 | ) | 920 | (1,713 | ) | 539 | (2,857 | ) | ||||||||||||||||||||
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|
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|||||||||||||||||
Net increase (decrease) in net assets from operations |
794 | (1,897 | ) | 473 | (807 | ) | 1,069 | (1,380 | ) | 516 | (1,803 | ) | ||||||||||||||||||||
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Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
8 | 214 | 8 | 50 | 1 | 1 | — | — | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(530 | ) | (832 | ) | (7 | ) | (177 | ) | (113 | ) | 147 | (32 | ) | (114 | ) | |||||||||||||||||
Contract benefits |
(20 | ) | (9 | ) | (23 | ) | (15 | ) | (12 | ) | (14 | ) | (19 | ) | (39 | ) | ||||||||||||||||
Contract terminations |
(595 | ) | (236 | ) | (37 | ) | (248 | ) | (160 | ) | (177 | ) | (39 | ) | (66 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | (2 | ) | (2 | ) | ||||||||||||||||||||||
Other transfers (to) from EFILI, net |
3 | — | (7 | ) | 3 | (9 | ) | 5 | — | (6 | ) | |||||||||||||||||||||
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Net increase (decrease) in net assets from contract transactions |
(1,134 | ) | (863 | ) | (66 | ) | (387 | ) | (293 | ) | (38 | ) | (92 | ) | (227 | ) | ||||||||||||||||
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|||||||||||||||||
Total increase (decrease) in net asset |
(340 | ) | (2,760 | ) | 407 | (1,194 | ) | 776 | (1,418 | ) | 424 | (2,030 | ) | |||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
7,662 | 10,422 | 3,478 | 4,672 | 4,719 | 6,137 | 2,747 | 4,777 | ||||||||||||||||||||||||
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End of period |
$ | 7,322 | $ | 7,662 | $ | 3,885 | $ | 3,478 | $ | 5,495 | $ | 4,719 | $ | 3,171 | $ | 2,747 | ||||||||||||||||
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See accompanying notes which are an integral part of the financial statements.
45 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
Allspring – VT Opportunity Class 2 |
Lazard – Retirement |
PVIT – Commodity Real Return Portfolio - |
PVIT – Low Duration Portfolio - Administrative |
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12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | (11 | ) | $ | (11 | ) | $ | 278 | $ | 202 | $ | 828 | $ | 2,239 | $ | 985 | $ | 495 | ||||||||||||||
Net realized gain (loss) on investments |
106 | 245 | (53 | ) | (340 | ) | (572 | ) | (120 | ) | (454 | ) | (262 | ) | ||||||||||||||||||
Unrealized appreciation (depreciation) |
181 | (573 | ) | 924 | (1,079 | ) | (723 | ) | (2,201 | ) | 821 | (2,418 | ) | |||||||||||||||||||
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Net increase (decrease) in net assets from operations |
276 | (339 | ) | 1,149 | (1,217 | ) | (467 | ) | (82 | ) | 1,352 | (2,185 | ) | |||||||||||||||||||
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Contract Transactions: |
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Payments received from contract owners |
— | — | 8 | 6 | 1 | 117 | 26 | 395 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(46 | ) | (26 | ) | (24 | ) | (1,243 | ) | (2,259 | ) | 2,403 | (2,880 | ) | (2,526 | ) | |||||||||||||||||
Contract benefits |
(29 | ) | (26 | ) | (19 | ) | (23 | ) | (3 | ) | (26 | ) | (17 | ) | (4 | ) | ||||||||||||||||
Contract terminations |
(30 | ) | (46 | ) | (239 | ) | (68 | ) | (85 | ) | (210 | ) | (2,084 | ) | (1,918 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||||||||
Other transfers (to) from EFILI, net |
1 | 7 | 2 | — | (1 | ) | (1 | ) | (1 | ) | — | |||||||||||||||||||||
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Net increase (decrease) in net assets from contract transactions |
(104 | ) | (91 | ) | (272 | ) | (1,328 | ) | (2,347 | ) | 2,283 | (4,957 | ) | (4,054 | ) | |||||||||||||||||
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Total increase (decrease) in net assets |
172 | (430 | ) | 877 | (2,545 | ) | (2,814 | ) | 2,201 | (3,605 | ) | (6,239 | ) | |||||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
1,155 | 1,585 | 5,222 | 7,767 | 6,959 | 4,758 | 32,188 | 38,427 | ||||||||||||||||||||||||
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End of period |
$ | 1,327 | $ | 1,155 | $ | 6,099 | $ | 5,222 | $ | 4,145 | $ | 6,959 | $ | 28,583 | $ | 32,188 | ||||||||||||||||
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(In thousands) | Subaccounts Investing In: | |||||||||||||||||||||||||||||||
PVIT – Real Return Portfolio - Administrative |
PVIT – Total Return Portfolio - Administrative |
Blackrock – Global Allocation V.I. Fund - Class 1 |
FTVIP – Templeton Fund - Class 2 |
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12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | |||||||||||||||||||||||||
Operations: |
||||||||||||||||||||||||||||||||
Net investment income (loss) |
$ | 458 | $ | 1,485 | $ | 1,124 | $ | 952 | $ | 491 | $ | (60 | ) | $ | (9 | ) | $ | (9 | ) | |||||||||||||
Net realized gain (loss) on investments |
(698 | ) | (432 | ) | (1,705 | ) | (1,039 | ) | (687 | ) | 178 | (400 | ) | (323 | ) | |||||||||||||||||
Unrealized appreciation (depreciation) |
782 | (3,929 | ) | 2,259 | (6,521 | ) | 3,460 | (6,127 | ) | 510 | 23 | |||||||||||||||||||||
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Net increase (decrease) in net assets from operations |
542 | (2,876 | ) | 1,678 | (6,608 | ) | 3,264 | (6,009 | ) | 101 | (309 | ) | ||||||||||||||||||||
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Contract Transactions: |
||||||||||||||||||||||||||||||||
Payments received from contract owners |
6 | 53 | 21 | 218 | 52 | 241 | 4 | 13 | ||||||||||||||||||||||||
Transfers between sub-accounts and the fixed account, net |
(2,445 | ) | (643 | ) | (3,577 | ) | (5,777 | ) | (3,128 | ) | (1,876 | ) | (166 | ) | (134 | ) | ||||||||||||||||
Contract benefits |
(18 | ) | (43 | ) | (31 | ) | (23 | ) | (1 | ) | (1 | ) | — | — | ||||||||||||||||||
Contract terminations |
(1,481 | ) | (695 | ) | (3,170 | ) | (2,219 | ) | (2,339 | ) | (755 | ) | (626 | ) | (327 | ) | ||||||||||||||||
Contract maintenance charges |
— | — | — | — | — | (1 | ) | — | — | |||||||||||||||||||||||
Other transfers (to) from EFILI, net |
1 | 1 | (15 | ) | 3 | — | — | 1 | (1 | ) | ||||||||||||||||||||||
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Net increase (decrease) in net assets from contract transactions |
(3,937 | ) | (1,327 | ) | (6,772 | ) | (7,798 | ) | (5,416 | ) | (2,392 | ) | (787 | ) | (449 | ) | ||||||||||||||||
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|||||||||||||||||
Total increase (decrease) in net assets |
(3,395 | ) | (4,203 | ) | (5,094 | ) | (14,406 | ) | (2,152 | ) | (8,401 | ) | (686 | ) | (758 | ) | ||||||||||||||||
Net Assets: |
||||||||||||||||||||||||||||||||
Beginning of period |
18,439 | 22,642 | 35,046 | 49,452 | 29,565 | 37,966 | 5,343 | 6,101 | ||||||||||||||||||||||||
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End of period |
$ | 15,044 | $ | 18,439 | $ | 29,952 | $ | 35,046 | $ | 27,413 | $ | 29,565 | $ | 4,657 | $ | 5,343 | ||||||||||||||||
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See accompanying notes which are an integral part of the financial statements.
46 | Annual Report |
Empire Fidelity Investments Variable Annuity Account A
Statements of Changes in Net Assets - continued
For the years ended December 31, 2023 and 2022
(In thousands) | Subaccounts Investing In: |
|||||||
FTVIP – Franklin Government Securities Fund - |
||||||||
12/31/23 | 12/31/22 | |||||||
Operations: |
||||||||
Net investment income (loss) |
$ | 155 | $ | 140 | ||||
Net realized gain (loss) on investments |
(74 | ) | (208 | ) | ||||
Unrealized appreciation (depreciation) |
140 | (681 | ) | |||||
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|
|
|
|||||
Net increase (decrease) in net assets from operations |
221 | (749 | ) | |||||
|
|
|
|
|||||
Contract Transactions: |
||||||||
Payments received from contract owners |
459 | 41 | ||||||
Transfers between sub-accounts and the fixed account, net |
194 | (774 | ) | |||||
Contract benefits |
— | — | ||||||
Contract terminations |
(842 | ) | (578 | ) | ||||
Contract maintenance charges |
— | — | ||||||
Other transfers (to) from EFILI, net |
(1 | ) | 2 | |||||
|
|
|
|
|||||
Net increase (decrease) in net assets from contract transactions |
(190 | ) | (1,309 | ) | ||||
|
|
|
|
|||||
Total increase (decrease) in net assets |
31 | (2,058 | ) | |||||
Net Assets: |
||||||||
Beginning of period |
5,617 | 7,675 | ||||||
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|
|||||
End of period |
$ | 5,648 | $ | 5,617 | ||||
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|
See accompanying notes which are an integral part of the financial statements.
47 | Annual Report |
Notes to Financial Statements
Empire Fidelity Investments Variable Annuity Account A
1. Organization
Empire Fidelity Investments Variable Annuity Account A (the “Account”), a unit investment trust registered under the Investment Company Act of 1940 as amended, was established by Empire Fidelity Investments Life Insurance Company (“EFILI”) on July 15, 1991 and exists in accordance with the regulations of the New York State Department of Financial Services (“Insurance Department”). EFILI is a wholly-owned subsidiary of Fidelity Investments Life Insurance Company (“FILI”) which is a wholly-owned subsidiary of FMR LLC. The Account is a funding vehicle of individual Retirement Reserves, Personal Retirement Annuity, Income Advantage, Freedom Lifetime Income and Growth and Guaranteed Income variable annuity contracts. Retirement Reserves, Growth and Guaranteed Income, which offered a guaranteed minimum withdrawal benefit, Income Advantage and Freedom Lifetime Income were closed to new business. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of EFILI. The Account cannot be charged with liabilities arising out of any other business of EFILI.
Each subaccount invests exclusively in one of the Funds (“Underlying Funds”) that are part of the following fund groups:
Fund Groups
Fidelity Variable Insurance Product Funds (Initial Class) (“VIP – Initial Class”)
Fidelity Variable Insurance Product Funds (Investor Class) (“VIP – Investor Class”)
Morgan Stanley Variable Insurance Funds, Inc. (Class I) (“VIF”)
Morgan Stanley Variable Insurance Funds, Inc. (Class II) (“VIF”) (“VIF – Class II”)
Allspring Variable Trust Funds (Class 2) (“Allspring”)
Lazard Retirement Series, Inc. (Investor Class) (“Lazard”)
PIMCO Variable Insurance Trust Funds (Administrative Class) (“PVIT”)
Invesco Advisers, Inc. (Series I) (“Invesco”)
Franklin Templeton Variable Insurance Products Trust Funds (Class 2) (“FTVIP”)
Blackrock Variable Series Funds (Class I) (“Blackrock”)
During | 2023, the following underlying funds were renamed: |
Old Name | New Name | |
Allspring VT Discovery Fund |
Allspring - VT Discovery SMID Cap Growth Class 2 | |
VIP Financial Services Initial Class |
VIP - Financials Initial Class | |
VIP Financial Services Investor Class |
VIP - Financials Investor Class |
During | 2023, the following underlying funds were added and commenced operations effective May 1, 2023: |
VIP - Freedom 2035 Initial Class |
VIP - Investor Freedom 2035 Investor Class | |
VIP - Freedom 2040 Initial Class |
VIP - Investor Freedom 2040 Investor Class | |
VIP - Freedom 2045 Initial Class |
VIP - Investor Freedom 2045 Investor Class | |
VIP - Freedom 2050 Initial Class |
VIP - FundsManager 40% Investor Class |
As of December 31, 2023, the net assets and units of Retirement Reserve contracts that have annuitized were $19,866,000 and 246,000 respectively.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed consistently by the Account in preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Financial Accounting Standards Board (“FASB”) established the FASB Accounting Standards Codification (“the Codification”) as the source of authoritative GAAP. All guidance contained in the Codification carries an equal level of authority.
Investments
Investments are made by the subaccounts in their corresponding mutual fund portfolios and are valued at the reported net asset values of such portfolios. Investment transactions are recorded on the trade date. Income from dividends and realized capital gain distributions are recorded on the ex-dividend date. Realized gains and losses include gains and losses on the sales of investments (computed on the basis of the identified cost of the investment sold) and capital gain distributions from the mutual funds.
Receivable from/Payable to EFILI
Receivable from/payable to EFILI represents adjustments for contract guarantees, which are the responsibility of EFILI, and accruals for daily charges deducted from the net assets of the Account.
48 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
2. Significant Accounting Policies - continued
Contract Transactions
Other transfers (to) from EFILI, net, as reported in the Statement of Changes in Net Assets, represents miscellaneous contract transfers.
Federal Income Taxes
The operations of the Account are included in the federal income tax return of EFILI, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (the “Code”).
Under the current provisions of the Code, EFILI does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the contracts. EFILI incurs federal income taxes on the difference between the financial statement carrying value of reserves for contracts in the income stage and those reserves held for federal income tax purposes. The tax effect of this temporary difference is expected to be recovered by EFILI when the difference reverses. As such, no charge is being made currently to the Account for federal income taxes. EFILI will review periodically the status of such decision based on changes in the tax law. Such a charge may be made in future years for any federal income taxes that would be attributable to the contracts.
Under the provisions of Section 817(h) of the Code, a variable annuity contract will not be treated as an annuity contract for federal income tax purposes for any period for which the investments of the segregated asset account on which the contract is based are not adequately diversified. The Code provides that the “adequately diversified” requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury. The Internal Revenue Service has issued regulations under Section 817(h) of the Code. EFILI believes that the Separate Account satisfies the current requirements of the regulations, and it intends that it will continue to meet such requirements.
Estimates
The preparation of the Financial Statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the related amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Fair Value Measurements
The Financial Accounting Standards Board issued guidance on fair value measurements that establishes a framework for measuring fair value under U.S. GAAP and disclosures about fair value measurements. The definition of fair value focuses on the price that would be received to sell the asset or paid to transfer the liability regardless of whether an observable market price existed (an exit price). In addition, the guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (“Level 1, 2, and 3”).
The Account carries investments which are made by the subaccounts in their corresponding mutual funds at fair value in the financial statements. The mutual funds are valued at the reported net asset values of such portfolios. The Account categorized the financial assets carried at fair value in the Statement of Assets and Liabilities based upon the guidance’s three-level valuation hierarchy. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement. The assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability. The three levels are described below:
• | Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets and liabilities in an active market (e.g., active exchange-traded equities). |
• | Level 2 – Financial assets and liabilities whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. |
• | Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect judgments about the assumptions that a market participant would use in pricing the asset or liability, and are based on the best available information, some of which is internally developed. |
All subaccounts are invested in mutual funds whose value is based on the underlying net asset value of those funds. Open ended mutual funds in the subaccounts produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1. There were no transfers between Level 1 and Level 2 during 2023 and 2022. The Account had no Level 3 activity during 2023 and 2022.
49 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
3. Expenses and Related Party Transactions
EFILI deducts a daily charge, through a reduction in unit values, from the net assets of the Account for the assumption of mortality and expense risks and for administrative charges. EFILI also deducts an annual maintenance charge, through a redemption of units, for the Retirement Reserves. The maintenance charge, which is waived on certain contracts, is recorded as a contract transaction in the accompanying Statement of Changes in Net Assets.
EFILI previously offered Retirement Reserves contract holders the opportunity to elect a death benefit rider. The rider allowed the contract holder to lock in their death benefit at the highest contract value at any contract anniversary date before the annuitant reached age 80. Effective January 1, 2003, the rider was no longer available to new contracts. For those contract holders who had elected the rider, EFILI continues to deduct a quarterly charge, through a redemption of units. There will be no charges made once the annuitants reach their 85th birthday. The death benefit rider is recorded as a contract transaction in the accompanying Statement of Changes in Net Assets.
The annual mortality and expense and administrative charge for certain contract holders in Personal Retirement Annuity is .20% and .05%, respectively. In addition, certain Personal Retirement Annuity contract holders are eligible for a lower annual mortality and expense and administration charge of .05% and .05%, respectively, with an initial purchase or contract value of $1 million or greater.
Effective January 1, 2009, the annual mortality and expense and administrative charges for new contract holders in Growth and Guaranteed Income is 1.00% and .25%, respectively for single annuitants and 1.15% and .25%, respectively for joint annuitants. The annual mortality and expense and administrative charge for contract holders in Growth and Guaranteed Income prior to January 1, 2009 is .85% and .25%, respectively for single annuitants and 1.00% and .25%, respectively for joint annuitants.
The annual rates of mortality and expense risk fees, administrative expense fees, death benefit fees, and the maximum dollar amount of the contract fee for the year ended December 31, 2023 are displayed in the table below.
Retirement Reserves |
Income Advantage |
Personal Retirement |
Freedom Lifetime Income |
Growth and Guaranteed Income |
||||||||||||||||
Variable Account Deductions: |
||||||||||||||||||||
Mortality and Expense Risk (Annual Rate) |
0.75% | 0.75% | 0.05% - 0.20% | 0.50% | 0.85% - 1.15% | |||||||||||||||
Administrative Expense (Annual Rate) |
0.05% | 0.25% | 0.05% | 0.10% | 0.25% | |||||||||||||||
Contract Deductions: |
||||||||||||||||||||
Death Benefit Fees (Annual Rate) |
0.20% | — | — | — | — | |||||||||||||||
Annual Maintenance Charge (Maximum) |
$30 | — | — | — | — |
The disclosures above include charges currently assessed to the policyholder. There are certain other additional charges, such as exchange charges and other taxes which may be assessed in accordance with the terms of the contract in future periods.
The contracts are distributed through Fidelity Brokerage Services LLC (“FBS”), Fidelity Insurance Agency, Inc. (“FIA”), and Fidelity Investments Institutional Services Company, LLC. (“FIIS”), all of which are subsidiaries with FMR LLC. FBS, FIA and FIIS are the distributors, FBS is the principal underwriter of the contracts. Fidelity Investments Institutional Operations Company, LLC. (“FIIOC”), a subsidiary of FMR LLC, is the transfer and shareholder servicing agent for the VIP and VIP Investor Class portfolios.
Management fees are paid by certain funds to Fidelity Management & Research Company, a subsidiary of FMR LLC, in its capacity as advisor to the VIP and VIP Investor Class mutual fund portfolios. The total management fees, as a percentage of a fund’s average net assets, for the year ended December 31, 2023 were .045% to .930% depending on the fund.
4. Investments
Purchases and Sales
The following table shows aggregate cost of shares purchased and proceeds from sales of each portfolio for the year ended December 31, 2023:
Fund Name | Purchases | Sales | ||||||
VIP - Government Money Market Initial Class |
$ | 9,329 | $ | 10,719 | ||||
VIP - Government Money Market Investor Class |
128,131 | 110,396 | ||||||
VIP - High Income Initial Class |
245 | 650 | ||||||
VIP - High Income Investor Class |
3,565 | 6,539 | ||||||
VIP - Equity Income Initial Class |
2,301 | 5,152 | ||||||
VIP - Equity Income Investor Class |
10,560 | 12,947 | ||||||
VIP - Growth Initial Class |
5,047 | 6,780 | ||||||
VIP - Growth Investor Class |
15,461 | 10,463 |
50 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
4. Investments - continued
Purchases and Sales - (Continued)
Fund Name | Purchases | Sales | ||||||
VIP - Overseas Initial Class |
$ | 319 | $ | 866 | ||||
VIP - Overseas Investor Class |
3,359 | 2,921 | ||||||
VIP - Investment Grade Bond Initial Class |
478 | 2,045 | ||||||
VIP - Investment Grade Bond Investor Class |
10,119 | 12,526 | ||||||
VIP - Asset Manager Initial Class |
734 | 3,459 | ||||||
VIP - Asset Manager Investor Class |
1,101 | 3,409 | ||||||
VIP - Index 500 Initial Class |
51,694 | 36,611 | ||||||
VIP - Asset Manager Growth Initial Class |
131 | 1,519 | ||||||
VIP - Asset Manager Growth Investor Class |
601 | 1,345 | ||||||
VIP - Contrafund Initial Class |
6,076 | 13,598 | ||||||
VIP - Contrafund Investor Class |
19,710 | 18,010 | ||||||
VIP - Balanced Initial Class |
908 | 2,353 | ||||||
VIP - Balanced Investor Class |
31,638 | 38,260 | ||||||
VIP - Dynamic Capital Appreciation Initial Class |
304 | 154 | ||||||
VIP - Dynamic Capital Appreciation Investor Class |
2,787 | 1,047 | ||||||
VIP - Growth & Income Initial Class |
1,010 | 2,463 | ||||||
VIP - Growth & Income Investor Class |
7,757 | 12,592 | ||||||
VIP - Growth Opportunities Initial Class |
1,226 | 2,358 | ||||||
VIP - Growth Opportunities Investor Class |
10,244 | 9,028 | ||||||
VIP - Mid Cap Initial Class |
965 | 3,796 | ||||||
VIP - Mid Cap Investor Class |
5,564 | 9,252 | ||||||
VIP - Value Strategies Initial Class |
575 | 785 | ||||||
VIP - Value Strategies Investor Class |
6,782 | 8,258 | ||||||
VIP - Utilities Initial Class |
296 | 5,576 | ||||||
VIP - Utilities Investor Class |
4,041 | 5,921 | ||||||
VIP - Technology Initial Class |
13,731 | 4,901 | ||||||
VIP - Technology Investor Class |
28,901 | 14,204 | ||||||
VIP - Energy Initial Class |
1,007 | 4,147 | ||||||
VIP - Energy Investor Class |
11,696 | 20,623 | ||||||
VIP - Health Care Initial Class |
204 | 1,558 | ||||||
VIP - Health Care Investor Class |
2,958 | 13,289 | ||||||
VIP - Financials Initial Class |
268 | 261 | ||||||
VIP - Financials Investor Class |
6,522 | 6,793 | ||||||
VIP - Industrials Initial Class |
405 | 520 | ||||||
VIP - Industrials Investor Class |
2,071 | 3,419 | ||||||
VIP - Consumer Discretionary Initial Class |
707 | 491 | ||||||
VIP - Consumer Discretionary Investor Class |
3,830 | 3,248 | ||||||
VIP - Real Estate Initial Class |
193 | 272 | ||||||
VIP - Real Estate Investor Class |
2,128 | 2,934 | ||||||
VIP - Strategic Income Initial Class |
283 | 507 | ||||||
VIP - Strategic Income Investor Class |
5,040 | 11,446 | ||||||
VIP - International Capital Appreciation Initial Class |
168 | 515 | ||||||
VIP - International Capital Appreciation Investor Class |
4,148 | 5,279 | ||||||
VIP - Value Initial Class |
342 | 1,189 | ||||||
VIP - Value Investor Class |
4,420 | 8,197 | ||||||
VIP - Freedom Income Initial Class |
87 | 198 | ||||||
VIP - Investor Freedom Income Investor Class |
774 | 1,155 | ||||||
VIP - Freedom 2005 Initial Class |
26 | 250 | ||||||
VIP - Investor Freedom 2005 Investor Class |
89 | 273 | ||||||
VIP - Freedom 2010 Initial Class |
93 | 187 | ||||||
VIP - Investor Freedom 2010 Investor Class |
190 | 1,222 | ||||||
VIP - Freedom 2015 Initial Class |
58 | 142 | ||||||
VIP - Investor Freedom 2015 Investor Class |
369 | 925 | ||||||
VIP - Freedom 2020 Initial Class |
79 | 806 | ||||||
VIP - Investor Freedom 2020 Investor Class |
1,564 | 3,415 | ||||||
VIP - Freedom 2025 Initial Class |
125 | 115 | ||||||
VIP - Investor Freedom 2025 Investor Class |
1,111 | 2,977 | ||||||
VIP - Freedom 2030 Initial Class |
85 | 97 | ||||||
VIP - Investor Freedom 2030 Investor Class |
2,926 | 3,090 | ||||||
VIP - Freedom 2035 Initial Class |
2 | — | ||||||
VIP - Investor Freedom 2035 Investor Class |
452 | 133 |
51 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
4. Investments - continued
Purchases and Sales - (Continued)
Fund Name | Purchases | Sales | ||||||
VIP - Freedom 2040 Initial Class |
$ | 2 | $ | — | ||||
VIP - Investor Freedom 2040 Investor Class |
642 | 11 | ||||||
VIP - Freedom 2045 Initial Class |
25 | 22 | ||||||
VIP - Investor Freedom 2045 Investor Class |
3 | — | ||||||
VIP - Freedom 2050 Initial Class |
2 | — | ||||||
VIP - Freedom Lifetime Income I |
62 | 117 | ||||||
VIP - Freedom Lifetime Income II |
51 | 88 | ||||||
VIP - Freedom Lifetime Income III |
84 | 159 | ||||||
VIP - Disciplined Small Cap Initial Class |
799 | 570 | ||||||
VIP - Disciplined Small Cap Investor Class |
5,761 | 5,169 | ||||||
VIP - FundsManager 20% Investor Class |
2,317 | 14,204 | ||||||
VIP - FundsManager 40% Investor Class |
1,123 | 14 | ||||||
VIP - FundsManager 50% Investor Class |
11,084 | 21,900 | ||||||
VIP - FundsManager 60% Investor Class |
17,472 | 24,481 | ||||||
VIP - FundsManager 70% Investor Class |
16,170 | 12,468 | ||||||
VIP - FundsManager 85% Investor Class |
4,515 | 5,915 | ||||||
VIP - Consumer Staples Initial Class |
320 | 477 | ||||||
VIP - Consumer Staples Investor Class |
3,058 | 4,687 | ||||||
VIP - Materials Initial Class |
104 | 310 | ||||||
VIP - Materials Investor Class |
1,317 | 3,133 | ||||||
VIP - Communication Services Initial Class |
2,394 | 694 | ||||||
VIP - Communication Services Investor Class |
5,831 | 2,137 | ||||||
VIP - Emerging Markets Initial Class |
65 | 56 | ||||||
VIP - Emerging Markets Investor Class |
2,180 | 2,045 | ||||||
VIP - Floating Rate High Income Initial Class |
2,975 | 3,700 | ||||||
VIP - Floating Rate High Income Investor Class |
12,801 | 9,989 | ||||||
VIP - Bond Index Initial Class |
8,275 | 5,319 | ||||||
VIP - Total Market Index Initial Class |
12,617 | 11,841 | ||||||
VIP - Extended Market Index Initial Class |
2,046 | 3,207 | ||||||
VIP - International Index Initial Class |
4,454 | 3,700 | ||||||
VIF - Emerging Markets Equity Portfolio - Class I |
729 | 781 | ||||||
VIF - Emerging Markets Debt Portfolio - Class I |
1,206 | 1,692 | ||||||
VIF - Global Strategist Class II |
175 | 188 | ||||||
Invesco - VI Global Core Equity |
1,975 | 2,244 | ||||||
Allspring - VT Discovery SMID Cap Growth Class 2 |
4 | 121 | ||||||
Allspring - VT Opportunity Class 2 |
109 | 121 | ||||||
Lazard - Retirement Emerging Markets Investor |
1,029 | 1,025 | ||||||
PVIT - Commodity Real Return Portfolio - Administrative |
1,283 | 2,801 | ||||||
PVIT - Low Duration Portfolio - Administrative |
3,833 | 7,805 | ||||||
PVIT - Real Return Portfolio - Administrative |
1,522 | 5,001 | ||||||
PVIT - Total Return Portfolio - Administrative |
6,061 | 11,708 | ||||||
Blackrock - Global Allocation V.I. Fund - Class 1 |
1,277 | 6,202 | ||||||
FTVIP - Templeton Global Bond Fund - Class 2 |
399 | 1,196 | ||||||
FTVIP - Franklin Government Securities Fund - Class 2 |
2,052 | 2,087 |
Shares, Aggregate Cost and Net Asset Value
The following table shows the number of shares owned, aggregate cost and net asset value per share of each portfolio at December 31, 2023:
Fund Name | Number of Shares | Aggregate Cost | Net Asset Value per Share |
|||||||||
VIP - Government Money Market Initial Class |
22,844 | $ | 22,844 | $ | 1.00 | |||||||
VIP - Government Money Market Investor Class |
234,317 | 234,317 | 1.00 | |||||||||
VIP - High Income Initial Class |
876 | 10,747 | 4.60 | |||||||||
VIP - High Income Investor Class |
5,540 | 33,375 | 4.56 | |||||||||
VIP - Equity Income Initial Class |
1,601 | 41,315 | 24.85 | |||||||||
VIP - Equity Income Investor Class |
2,269 | 58,200 | 24.65 | |||||||||
VIP - Growth Initial Class |
782 | 61,504 | 93.10 | |||||||||
VIP - Growth Investor Class |
803 | 74,894 | 92.30 | |||||||||
VIP - Overseas Initial Class |
281 | 7,352 | 25.82 |
52 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
4. Investments - continued
Shares, Aggregate Cost and Net Asset Value - (Continued)
Fund Name | Number of Shares | Aggregate Cost | Net Asset Value per Share |
|||||||||
VIP - Overseas Investor Class |
878 | $ | 22,535 | $ | 25.71 | |||||||
VIP - Investment Grade Bond Initial Class |
923 | 12,721 | 11.17 | |||||||||
VIP - Investment Grade Bond Investor Class |
5,288 | 71,717 | 11.11 | |||||||||
VIP - Asset Manager Initial Class |
1,277 | 21,984 | 15.64 | |||||||||
VIP - Asset Manager Investor Class |
1,447 | 24,291 | 15.51 | |||||||||
VIP - Index 500 Initial Class |
949 | 323,243 | 461.79 | |||||||||
VIP - Asset Manager Growth Initial Class |
267 | 5,051 | 21.41 | |||||||||
VIP - Asset Manager Growth Investor Class |
516 | 10,657 | 21.24 | |||||||||
VIP - Contrafund Initial Class |
2,803 | 104,580 | 48.63 | |||||||||
VIP - Contrafund Investor Class |
4,537 | 188,993 | 48.20 | |||||||||
VIP - Balanced Initial Class |
628 | 12,388 | 22.32 | |||||||||
VIP - Balanced Investor Class |
13,576 | 273,107 | 22.06 | |||||||||
VIP - Dynamic Capital Appreciation Initial Class |
125 | 1,909 | 16.77 | |||||||||
VIP - Dynamic Capital Appreciation Investor Class |
906 | 14,257 | 16.71 | |||||||||
VIP - Growth & Income Initial Class |
611 | 13,808 | 27.04 | |||||||||
VIP - Growth & Income Investor Class |
1,236 | 30,743 | 26.87 | |||||||||
VIP - Growth Opportunities Initial Class |
312 | 19,019 | 59.76 | |||||||||
VIP - Growth Opportunities Investor Class |
1,343 | 91,642 | 59.07 | |||||||||
VIP - Mid Cap Initial Class |
662 | 24,421 | 36.44 | |||||||||
VIP - Mid Cap Investor Class |
1,563 | 59,458 | 36.10 | |||||||||
VIP - Value Strategies Initial Class |
319 | 5,329 | 16.55 | |||||||||
VIP - Value Strategies Investor Class |
1,184 | 19,486 | 16.38 | |||||||||
VIP - Utilities Initial Class |
86 | 1,917 | 20.23 | |||||||||
VIP - Utilities Investor Class |
733 | 15,368 | 20.07 | |||||||||
VIP - Technology Initial Class |
1,235 | 34,531 | 32.11 | |||||||||
VIP - Technology Investor Class |
4,496 | 124,061 | 31.46 | |||||||||
VIP - Energy Initial Class |
161 | 4,550 | 24.73 | |||||||||
VIP - Energy Investor Class |
772 | 20,688 | 24.67 | |||||||||
VIP - Health Care Initial Class |
347 | 11,825 | 34.27 | |||||||||
VIP - Health Care Investor Class |
1,642 | 57,368 | 33.85 | |||||||||
VIP - Financials Initial Class |
72 | 1,173 | 15.02 | |||||||||
VIP - Financials Investor Class |
1,197 | 18,614 | 14.92 | |||||||||
VIP - Industrials Initial Class |
93 | 2,098 | 22.40 | |||||||||
VIP - Industrials Investor Class |
771 | 17,540 | 22.15 | |||||||||
VIP - Consumer Discretionary Initial Class |
64 | 2,003 | 33.40 | |||||||||
VIP - Consumer Discretionary Investor Class |
700 | 22,086 | 33.22 | |||||||||
VIP - Real Estate Initial Class |
149 | 3,636 | 17.25 | |||||||||
VIP - Real Estate Investor Class |
872 | 19,038 | 17.13 | |||||||||
VIP - Strategic Income Initial Class |
369 | 4,365 | 10.48 | |||||||||
VIP - Strategic Income Investor Class |
4,739 | 56,337 | 10.44 | |||||||||
VIP - International Capital Appreciation Initial Class |
89 | 1,751 | 21.20 | |||||||||
VIP - International Capital Appreciation Investor Class |
1,615 | 32,722 | 21.00 | |||||||||
VIP - Value Initial Class |
113 | 2,131 | 19.11 | |||||||||
VIP - Value Investor Class |
1,442 | 26,462 | 19.06 | |||||||||
VIP - Freedom Income Initial Class |
71 | 839 | 10.97 | |||||||||
VIP - Investor Freedom Income Investor Class |
260 | 3,230 | 10.85 | |||||||||
VIP - Freedom 2005 Initial Class |
50 | 618 | 11.40 | |||||||||
VIP - Investor Freedom 2005 Investor Class |
186 | 2,273 | 10.79 | |||||||||
VIP - Freedom 2010 Initial Class |
66 | 872 | 11.33 | |||||||||
VIP - Investor Freedom 2010 Investor Class |
354 | 4,395 | 11.85 | |||||||||
VIP - Freedom 2015 Initial Class |
86 | 1,116 | 11.49 | |||||||||
VIP - Investor Freedom 2015 Investor Class |
799 | 10,423 | 11.84 | |||||||||
VIP - Freedom 2020 Initial Class |
106 | 1,518 | 12.50 | |||||||||
VIP - Investor Freedom 2020 Investor Class |
1,214 | 16,205 | 12.40 | |||||||||
VIP - Freedom 2025 Initial Class |
128 | 1,948 | 15.17 | |||||||||
VIP - Investor Freedom 2025 Investor Class |
1,206 | 17,836 | 13.99 | |||||||||
VIP - Freedom 2030 Initial Class |
96 | 1,456 | 15.36 | |||||||||
VIP - Investor Freedom 2030 Investor Class |
1,655 | 23,884 | 14.31 | |||||||||
VIP - Freedom 2035 Initial Class |
— | 2 | 25.99 |
53 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
4. Investments - continued
Shares, Aggregate Cost and Net Asset Value - (Continued)
Fund Name | Number of Shares | Aggregate Cost | Net Asset Value per Share |
|||||||||
VIP - Investor Freedom 2035 Investor Class |
31 | $ | 317 | $ | 10.69 | |||||||
VIP - Freedom 2040 Initial Class |
— | 2 | 24.91 | |||||||||
VIP - Investor Freedom 2040 Investor Class |
62 | 632 | 10.86 | |||||||||
VIP - Freedom 2045 Initial Class |
— | 2 | 25.21 | |||||||||
VIP - Investor Freedom 2045 Investor Class |
— | 3 | 10.91 | |||||||||
VIP - Freedom 2050 Initial Class |
— | 2 | 22.77 | |||||||||
VIP - Freedom Lifetime Income I |
109 | 1,249 | 10.26 | |||||||||
VIP - Freedom Lifetime Income II |
75 | 923 | 11.67 | |||||||||
VIP - Freedom Lifetime Income III |
179 | 2,240 | 12.72 | |||||||||
VIP - Disciplined Small Cap Initial Class |
90 | 1,590 | 16.30 | |||||||||
VIP - Disciplined Small Cap Investor Class |
1,725 | 29,965 | 16.20 | |||||||||
VIP - FundsManager 20% Investor Class |
4,934 | 57,504 | 10.46 | |||||||||
VIP - FundsManager 40% Investor Class |
110 | 1,109 | 10.41 | |||||||||
VIP - FundsManager 50% Investor Class |
12,731 | 161,620 | 11.37 | |||||||||
VIP - FundsManager 60% Investor Class |
18,438 | 205,366 | 9.70 | |||||||||
VIP - FundsManager 70% Investor Class |
12,271 | 159,576 | 12.18 | |||||||||
VIP - FundsManager 85% Investor Class |
5,369 | 69,642 | 12.17 | |||||||||
VIP - Consumer Staples Initial Class |
57 | 1,132 | 19.40 | |||||||||
VIP - Consumer Staples Investor Class |
969 | 19,156 | 19.29 | |||||||||
VIP - Materials Initial Class |
79 | 1,407 | 17.20 | |||||||||
VIP - Materials Investor Class |
365 | 6,564 | 17.20 | |||||||||
VIP - Communication Services Initial Class |
207 | 3,370 | 17.88 | |||||||||
VIP - Communication Services Investor Class |
803 | 13,247 | 17.69 | |||||||||
VIP - Emerging Markets Initial Class |
56 | 839 | 10.58 | |||||||||
VIP - Emerging Markets Investor Class |
1,285 | 18,170 | 10.53 | |||||||||
VIP - Floating Rate High Income Initial Class |
186 | 1,847 | 9.85 | |||||||||
VIP - Floating Rate High Income Investor Class |
2,999 | 30,309 | 9.85 | |||||||||
VIP - Bond Index Initial Class |
2,982 | 32,318 | 9.67 | |||||||||
VIP - Total Market Index Initial Class |
2,438 | 38,661 | 17.26 | |||||||||
VIP - Extended Market Index Initial Class |
596 | 8,149 | 12.94 | |||||||||
VIP - International Index Initial Class |
1,735 | 18,375 | 10.61 | |||||||||
VIF - Emerging Markets Equity Portfolio - Class I |
449 | 9,029 | 12.90 | |||||||||
VIF - Emerging Markets Debt Portfolio - Class I |
1,331 | 12,207 | 5.50 | |||||||||
VIF - Global Strategist Class II |
453 | 5,190 | 8.57 | |||||||||
Invesco - VI Global Core Equity |
568 | 5,977 | 9.67 | |||||||||
Allspring - VT Discovery SMID Cap Growth Class 2 |
155 | 4,455 | 20.46 | |||||||||
Allspring - VT Opportunity Class 2 |
51 | 1,421 | 25.99 | |||||||||
Lazard - Retirement Emerging Markets Investor |
296 | 7,535 | 20.59 | |||||||||
PVIT - Commodity Real Return Portfolio - Administrative |
775 | 8,172 | 5.35 | |||||||||
PVIT - Low Duration Portfolio - Administrative |
2,977 | 31,849 | 9.60 | |||||||||
PVIT - Real Return Portfolio - Administrative |
1,300 | 18,945 | 11.57 | |||||||||
PVIT - Total Return Portfolio - Administrative |
3,263 | 37,857 | 9.18 | |||||||||
Blackrock - Global Allocation V.I. Fund - Class 1 |
1,692 | 30,835 | 16.20 | |||||||||
FTVIP - Templeton Global Bond Fund - Class 2 |
363 | 7,260 | 12.84 | |||||||||
FTVIP - Franklin Government Securities Fund - Class 2 |
545 | 6,926 | 10.36 |
5. Changes in Units Outstanding
The changes in units outstanding for the years ended December 31, 2023 and 2022 were as follows:
Retirement Reserves | Income Advantage | Personal Retirement | Freedom Lifetime Income |
|||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
VIP - Government Money Market Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
584 | 1,393 | — | 3 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(687 | ) | (1,203 | ) | (5 | ) | (2 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(103 | ) | 190 | (5 | ) | 1 | — | — | — | — | ||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Government Money Market Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 18,788 | 25,093 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (18,206 | ) | (19,536 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 582 | 5,557 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
5. Changes in Units Outstanding - continued
Retirement Reserves | Income Advantage | Personal Retirement | Freedom Lifetime Income |
|||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
VIP - High Income Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | 3 | — | 1 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(9 | ) | (14 | ) | (2 | ) | (2 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(9 | ) | (11 | ) | (2 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - High Income Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 122 | 160 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (362 | ) | (434 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (240 | ) | (274 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Equity-Income Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
4 | 5 | — | 1 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(26 | ) | (35 | ) | (4 | ) | (3 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(22 | ) | (30 | ) | (4 | ) | (2 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Equity-Income Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 246 | 340 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (387 | ) | (353 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (141 | ) | (13 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Growth Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
8 | 6 | 1 | 1 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(21 | ) | (34 | ) | (1 | ) | (2 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(13 | ) | (28 | ) | — | (1 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Growth Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 206 | 222 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (180 | ) | (301 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 26 | (79 | ) | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Overseas Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
4 | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(11 | ) | (12 | ) | (1 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(7 | ) | (11 | ) | (1 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Overseas Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 144 | 103 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (131 | ) | (168 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 13 | (65 | ) | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investment Grade Bond Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
6 | 11 | — | 1 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(41 | ) | (55 | ) | (5 | ) | (5 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(35 | ) | (44 | ) | (5 | ) | (4 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investment Grade Bond Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 653 | 515 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (911 | ) | (1,095 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (258 | ) | (580 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Asset Manager Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | 9 | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(43 | ) | (29 | ) | (2 | ) | (3 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(43 | ) | (20 | ) | (2 | ) | (3 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Asset Manager Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 16 | 35 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (145 | ) | (110 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (129 | ) | (75 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Index 500 Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
10 | 16 | 1 | — | 978 | 801 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(38 | ) | (47 | ) | (4 | ) | (6 | ) | (766 | ) | (521 | ) | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(28 | ) | (31 | ) | (3 | ) | (6 | ) | 212 | 280 | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
5. Changes in Units Outstanding - continued
Retirement Reserves | Income Advantage | Personal Retirement | Freedom Lifetime Income |
|||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
VIP - Asset Manager Growth Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(26 | ) | (17 | ) | (1 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(26 | ) | (17 | ) | (1 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Asset Manager Growth Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 14 | 19 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (51 | ) | (25 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (37 | ) | (6 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Contrafund Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
11 | 8 | 2 | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(78 | ) | (66 | ) | (7 | ) | (9 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(67 | ) | (58 | ) | (5 | ) | (9 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Contrafund Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 292 | 223 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (427 | ) | (443 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (135 | ) | (220 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Balanced Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
3 | 13 | — | 1 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(41 | ) | (39 | ) | (4 | ) | (5 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(38 | ) | (26 | ) | (4 | ) | (4 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Balanced Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 538 | 595 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (927 | ) | (621 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (389 | ) | (26 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Dynamic Capital Appreciation Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
3 | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(3 | ) | (5 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | (3 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Dynamic Capital Appreciation Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 41 | 19 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (20 | ) | (73 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 21 | (54 | ) | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Growth & Income Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
2 | 43 | — | 4 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(29 | ) | (70 | ) | (8 | ) | (3 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(27 | ) | (27 | ) | (8 | ) | 1 | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Growth & Income Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 144 | 218 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (290 | ) | (146 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (146 | ) | 72 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Growth Opportunities Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
16 | 4 | 4 | 1 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(30 | ) | (66 | ) | (3 | ) | (9 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(14 | ) | (62 | ) | 1 | (8 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Growth Opportunities Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 164 | 90 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (141 | ) | (278 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 23 | (188 | ) | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Mid Cap Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
3 | 13 | — | 2 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(50 | ) | (30 | ) | (6 | ) | (6 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(47 | ) | (17 | ) | (6 | ) | (4 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
56 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
5. Changes in Units Outstanding - continued
Retirement Reserves | Income Advantage | Personal Retirement | Freedom Lifetime Income |
|||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
VIP - Mid Cap Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 128 | 179 | — | — | ||||||||||||||||||||||||
Units Redeemed |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
(277 | ) | (168 | ) | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (149 | ) | 11 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Value Strategies Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
7 | 10 | 1 | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(15 | ) | (30 | ) | (2 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(8 | ) | (20 | ) | (1 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Value Strategies Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 152 | 169 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (214 | ) | (242 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (62 | ) | (73 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Utilities Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
2 | 149 | 3 | 5 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(129 | ) | (25 | ) | (7 | ) | 1 | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(127 | ) | 124 | (4 | ) | 6 | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Utilities Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 93 | 272 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (160 | ) | (198 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (67 | ) | 74 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Technology Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
153 | 52 | 11 | 2 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(70 | ) | (137 | ) | (3 | ) | (17 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
83 | (85 | ) | 8 | (15 | ) | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Technology Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 306 | 203 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (172 | ) | (310 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 134 | (107 | ) | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Energy Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
25 | 315 | 3 | 28 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(99 | ) | (239 | ) | (24 | ) | (6 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(74 | ) | 76 | (21 | ) | 22 | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Energy Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 545 | 2,008 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (1,010 | ) | (1,721 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (465 | ) | 287 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Health Care Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
2 | 8 | 1 | 1 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(21 | ) | (26 | ) | (2 | ) | (7 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(19 | ) | (18 | ) | (1 | ) | (6 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Health Care Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 59 | 122 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (220 | ) | 183 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (161 | ) | (61 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Financials Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
8 | 136 | — | 1 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(10 | ) | (155 | ) | (2 | ) | (9 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(2 | ) | (19 | ) | (2 | ) | (8 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Financials Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 191 | 222 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (260 | ) | (404 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (69 | ) | (182 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
5. Changes in Units Outstanding - continued
Retirement Reserves | Income Advantage | Personal Retirement | Freedom Lifetime Income |
|||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
VIP - Industrials Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
1 | 1 | 6 | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(1 | ) | (3 | ) | (5 | ) | 1 | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | (2 | ) | 1 | 1 | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Industrials Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 48 | 57 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (85 | ) | (65 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (37 | ) | (8 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Consumer Discretionary Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
14 | 3 | 2 | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(11 | ) | (19 | ) | — | (2 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
3 | (16 | ) | 2 | (2 | ) | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Consumer Discretionary Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 90 | 56 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (80 | ) | (116 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 10 | (60 | ) | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Real Estate Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
1 | 19 | — | 2 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(6 | ) | (19 | ) | — | (3 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(5 | ) | — | — | (1 | ) | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Real Estate Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 45 | 98 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (122 | ) | (193 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (77 | ) | (95 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Strategic Income Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
7 | 5 | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(20 | ) | (36 | ) | (3 | ) | (3 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(13 | ) | (31 | ) | (3 | ) | (3 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Strategic Income Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 198 | 282 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (683 | ) | (637 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (485 | ) | (355 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - International Capital Appreciation Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
8 | 3 | 1 | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(20 | ) | (12 | ) | 1 | 1 | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(12 | ) | (9 | ) | 2 | 1 | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - International Capital Appreciation Class R |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
1 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
1 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - International Capital Appreciation Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 156 | 73 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (193 | ) | (160 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (37 | ) | (87 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Value Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
7 | 41 | — | 9 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(25 | ) | (36 | ) | (11 | ) | (2 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(18 | ) | 5 | (11 | ) | 7 | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
5. Changes in Units Outstanding - continued
Retirement Reserves | Income Advantage | Personal Retirement | Freedom Lifetime Income |
|||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
VIP - Value Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 88 | 376 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (215 | ) | (252 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (127 | ) | 124 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom Income Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
3 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(11 | ) | (5 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(8 | ) | (5 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investor Freedom Income Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 38 | 16 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (66 | ) | (105 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (28 | ) | (89 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom 2005 Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | 1 | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(13 | ) | (6 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(13 | ) | (5 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investor Freedom 2005 Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | 15 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (12 | ) | (30 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (12 | ) | (15 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom 2010 Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(9 | ) | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(9 | ) | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investor Freedom 2010 Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 1 | 6 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (56 | ) | (24 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (55 | ) | (18 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom 2015 Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(7 | ) | (3 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(7 | ) | (3 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investor Freedom 2015 Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 1 | 70 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (37 | ) | (13 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (36 | ) | 57 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom 2020 Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
1 | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(32 | ) | (20 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(31 | ) | (18 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investor Freedom 2020 Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 46 | 52 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (133 | ) | (142 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (87 | ) | (90 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom 2025 Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
3 | 2 | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(5 | ) | (12 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(2 | ) | (10 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investor Freedom 2025 Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 25 | 35 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (104 | ) | (260 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (79 | ) | (225 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
5. Changes in Units Outstanding - continued
Retirement Reserves | Income Advantage | Personal Retirement | Freedom Lifetime Income |
|||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
VIP - Freedom 2030 Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
2 | 3 | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(3 | ) | (2 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(1 | ) | 1 | — | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investor Freedom 2030 Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 84 | 98 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (107 | ) | (57 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (23 | ) | 41 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom 2035 Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investor Freedom 2035 Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 31 | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 31 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom 2040 Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investor Freedom 2040 Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 61 | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 61 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom 2045 Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(1 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(1 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Investor Freedom 2045 Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom 2050 Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom Lifetime Income I |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | — | — | (6 | ) | (11 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | — | — | (5 | ) | (11 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom Lifetime Income II |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | — | — | (4 | ) | (4 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | — | — | (3 | ) | (3 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Freedom Lifetime Income III |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | — | — | (6 | ) | (7 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | — | — | (5 | ) | (6 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Disciplined Small Cap Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
30 | 3 | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(22 | ) | (13 | ) | (2 | ) | (1 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
8 | (10 | ) | (2 | ) | (1 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
5. Changes in Units Outstanding - continued
Retirement Reserves | Income Advantage | Personal Retirement | Freedom Lifetime Income |
|||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
VIP - Disciplined Small Cap Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 169 | 76 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (164 | ) | (96 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 5 | (20 | ) | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - FundsManager 20% Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
9 | 5 | — | — | 13 | 444 | 0 | — | ||||||||||||||||||||||||
Units Redeemed |
(51 | ) | (36 | ) | (6 | ) | (5 | ) | (788 | ) | (852 | ) | (2 | ) | (2 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(42 | ) | (31 | ) | (6 | ) | (5 | ) | (775 | ) | (408 | ) | (2 | ) | (2 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - FundsManager 40% Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
48 | — | — | — | 60 | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
1 | — | 1 | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
49 | — | 1 | — | 60 | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - FundsManager 50% Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | 12 | — | 22 | 403 | 448 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(68 | ) | (51 | ) | (38 | ) | (17 | ) | (874 | ) | (1,009 | ) | (17 | ) | (25 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(68 | ) | (39 | ) | (38 | ) | 5 | (471 | ) | (561 | ) | (17 | ) | (25 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - FundsManager 60% Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | 6 | — | 630 | 297 | 3 | 3 | ||||||||||||||||||||||||
Units Redeemed |
(17 | ) | (7 | ) | (5 | ) | (3 | ) | (687 | ) | (592 | ) | (24 | ) | (25 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(17 | ) | (7 | ) | 1 | (3 | ) | (57 | ) | (295 | ) | (21 | ) | (22 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - FundsManager 70% Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
3 | 1 | 1 | 5 | 539 | 426 | 0 | — | ||||||||||||||||||||||||
Units Redeemed |
(22 | ) | (32 | ) | (7 | ) | (13 | ) | (470 | ) | (356 | ) | (4 | ) | (3 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(19 | ) | (31 | ) | (6 | ) | (8 | ) | 69 | 70 | (4 | ) | (3 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - FundsManager 85% Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
6 | 1 | — | 1 | 115 | 198 | — | 1 | ||||||||||||||||||||||||
Units Redeemed |
(15 | ) | (13 | ) | (2 | ) | (1 | ) | (162 | ) | (120 | ) | (34 | ) | (2 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(9 | ) | (12 | ) | (2 | ) | — | (47 | ) | 78 | (34 | ) | (1 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Consumer Staples Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
6 | 20 | 3 | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(11 | ) | (11 | ) | (3 | ) | (3 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(5 | ) | 9 | — | (3 | ) | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Consumer Staples Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 70 | 189 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (130 | ) | (138 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (60 | ) | 51 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Materials Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
3 | 34 | — | 3 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(10 | ) | (23 | ) | — | (3 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(7 | ) | 11 | — | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Materials Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 39 | 171 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (106 | ) | (128 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (67 | ) | 43 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Communication Services Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
72 | 2 | 31 | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(29 | ) | (18 | ) | (2 | ) | — | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
43 | (16 | ) | 29 | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Communication Services Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 199 | 26 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (74 | ) | (72 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 125 | (46 | ) | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
5. Changes in Units Outstanding - continued
Retirement Reserves | Income Advantage | Personal Retirement | Freedom Lifetime Income |
|||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
VIP - Emerging Markets Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
4 | 7 | — | 3 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(3 | ) | (7 | ) | — | (3 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
1 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Emerging Markets Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 123 | 176 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (135 | ) | (149 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | (12 | ) | 27 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Floating Rate High Income Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
224 | 223 | 1 | 1 | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(288 | ) | (116 | ) | (2 | ) | (2 | ) | — | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(64 | ) | 107 | (1 | ) | (1 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Floating Rate High Income Investor Class |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 819 | 697 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | — | — | (755 | ) | (694 | ) | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | — | — | 64 | 3 | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Bond Index Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
8 | 46 | 1 | 1 | 815 | 878 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(33 | ) | (43 | ) | (1 | ) | (2 | ) | (568 | ) | (696 | ) | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(25 | ) | 3 | — | (1 | ) | 247 | 182 | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Total Market Index Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
41 | 45 | 3 | 1 | 771 | 842 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(25 | ) | (49 | ) | (2 | ) | (2 | ) | (782 | ) | (423 | ) | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
16 | (4 | ) | 1 | (1 | ) | (11 | ) | 419 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - Extended Market Index Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
1 | 30 | — | 1 | 150 | 239 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(24 | ) | (7 | ) | (1 | ) | — | (232 | ) | (101 | ) | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(23 | ) | 23 | (1 | ) | 1 | (82 | ) | 138 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIP - International Index Initial Class |
||||||||||||||||||||||||||||||||
Units Issued |
3 | 17 | — | — | 385 | 343 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(4 | ) | (14 | ) | — | — | (354 | ) | (90 | ) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(1 | ) | 3 | — | — | 31 | 253 | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIF - Emerging Markets Equity Class I |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 38 | 82 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(3 | ) | (4 | ) | (1 | ) | (1 | ) | (49 | ) | (42 | ) | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(3 | ) | (4 | ) | (1 | ) | (1 | ) | (11 | ) | 40 | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIF - Emerging Markets Debt Class I |
||||||||||||||||||||||||||||||||
Units Issued |
— | 1 | — | — | 32 | 27 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(5 | ) | (1 | ) | (1 | ) | — | (102 | ) | (80 | ) | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(5 | ) | — | (1 | ) | — | (70 | ) | (53 | ) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
VIF - Global Strategist - Class II |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | 6 | 11 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(1 | ) | (6 | ) | (1 | ) | (1 | ) | (6 | ) | (26 | ) | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(1 | ) | (6 | ) | (1 | ) | (1 | ) | — | (15 | ) | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Invesco - V.I. Global Core Equity Series I |
||||||||||||||||||||||||||||||||
Units Issued |
2 | — | — | — | 91 | 12 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(3 | ) | (1 | ) | — | (1 | ) | (100 | ) | (14 | ) | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(1 | ) | (1 | ) | — | (1 | ) | (9 | ) | (2 | ) | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Allspring - VT Discovery SMID Cap Growth Class 2 |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(1 | ) | (5 | ) | — | (1 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(1 | ) | (5 | ) | — | (1 | ) | — | — | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
5. Changes in Units Outstanding - continued
Retirement Reserves | Income Advantage | Personal Retirement | Freedom Lifetime Income |
|||||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||
Allspring - VT Opportunity Class 2 |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Units Redeemed |
(1 | ) | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(1 | ) | (1 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Lazard - Retirement Emerging Markets Portfolio - Investor |
||||||||||||||||||||||||||||||||
Units Issued |
15 | 1 | — | — | 37 | 52 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(20 | ) | (2 | ) | — | (1 | ) | (49 | ) | (157 | ) | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(5 | ) | (1 | ) | — | (1 | ) | (12 | ) | (105 | ) | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
PVIT - Commodity Real Return Strategy Portfolio - Administrative |
||||||||||||||||||||||||||||||||
Units Issued |
— | — | — | 71 | 56 | 1,443 | — | — | ||||||||||||||||||||||||
Units Redeemed |
— | — | (35 | ) | (36 | ) | (310 | ) | (1,266 | ) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
— | — | (35 | ) | 35 | (254 | ) | 177 | — | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
PVIT - Low Duration Portfolio - Administrative |
||||||||||||||||||||||||||||||||
Units Issued |
19 | 7 | — | — | 229 | 372 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(35 | ) | (36 | ) | — | — | (651 | ) | (691 | ) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(16 | ) | (29 | ) | — | — | (422 | ) | (319 | ) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
PVIT - Real Return Portfolio - Administrative |
||||||||||||||||||||||||||||||||
Units Issued |
3 | 4 | — | — | 74 | 271 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(37 | ) | (20 | ) | — | (2 | ) | (329 | ) | (357 | ) | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(34 | ) | (16 | ) | — | (2 | ) | (255 | ) | (86 | ) | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
PVIT - Total Return Portfolio - Administrative |
||||||||||||||||||||||||||||||||
Units Issued |
9 | 2 | — | — | 400 | 116 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(13 | ) | (33 | ) | (1 | ) | — | (927 | ) | (663 | ) | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(4 | ) | (31 | ) | (1 | ) | — | (527 | ) | (547 | ) | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Blackrock - Global Allocation V.I. Fund - Class I |
||||||||||||||||||||||||||||||||
Units Issued |
3 | — | — | — | 45 | 52 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(1 | ) | (5 | ) | — | — | (366 | ) | (189 | ) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
2 | (5 | ) | — | — | (321 | ) | (137 | ) | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
FTVIP - Templeton Global Bond Fund - Class 2 |
||||||||||||||||||||||||||||||||
Units Issued |
— | 3 | — | — | 42 | 80 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(3 | ) | (3 | ) | — | — | (122 | ) | (126 | ) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(3 | ) | — | — | — | (80 | ) | (46 | ) | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
FTVIP - Franklin U.S. Government Securities Fund - Class 2 |
||||||||||||||||||||||||||||||||
Units Issued |
23 | 75 | — | — | 165 | 207 | — | — | ||||||||||||||||||||||||
Units Redeemed |
(51 | ) | (101 | ) | — | — | (158 | ) | (312 | ) | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Increase (Decrease) |
(28 | ) | (26 | ) | — | — | 7 | (105 | ) | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth and | ||||||||||||||||
Guaranteed Income | ||||||||||||||||
(in thousands) | 2023 | 2022 | ||||||||||||||
VIP - Government Money Market Investor Class |
||||||||||||||||
Units Issued |
366 | 522 | ||||||||||||||
Units Redeemed |
(384 | ) | (458 | ) | ||||||||||||
|
|
|
|
|||||||||||||
Net Increase (Decrease) |
(18 | ) | 64 | |||||||||||||
|
|
|
|
|||||||||||||
VIP - Balanced Investor Class |
||||||||||||||||
Units Issued |
— | 3 | ||||||||||||||
Units Redeemed |
(263 | ) | (321 | ) | ||||||||||||
|
|
|
|
|||||||||||||
Net Increase (Decrease) |
(263 | ) | (318 | ) | ||||||||||||
|
|
|
|
|||||||||||||
VIP - FundsManager 60% Investor Class |
||||||||||||||||
Units Issued |
— | — | ||||||||||||||
Units Redeemed |
(379 | ) | (362 | ) | ||||||||||||
|
|
|
|
|||||||||||||
Net Increase (Decrease) |
(379 | ) | (362 | ) | ||||||||||||
|
|
|
|
63 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values
A summary of unit values, units outstanding, income and expense ratios, investment income ratio, and total return for each of the five years in the period ended December 31:
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Government Money Market Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
1,043 | $21.93 | $20.87 | $ | 22,846 | 0.80% | 1.00% | 4.78% | 4.05% | 3.84% | ||||||||||||||||||||||||||
2022 |
1,150 | $21.08 | $20.10 | $ | 24,234 | 0.80% | 1.00% | 1.45% | 0.64% | 0.43% | ||||||||||||||||||||||||||
2021 |
957 | $20.95 | $20.01 | $ | 20,037 | 0.80% | 1.00% | 0.01% | (0.79% | ) | (1.00% | ) | ||||||||||||||||||||||||
2020 |
1,076 | $21.11 | $20.21 | $ | 22,707 | 0.80% | 1.00% | 0.29% | (0.49% | ) | (0.69% | ) | ||||||||||||||||||||||||
2019 |
970 | $21.22 | $20.35 | $ | 20,554 | 0.80% | 1.00% | 2.00% | 1.20% | 1.00% | ||||||||||||||||||||||||||
VIP - Government Money Market Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
20,211 | $11.04 | $9.62 | $ | 234,315 | 0.10% | 1.25% | 4.77% | 4.78% | 3.61% | ||||||||||||||||||||||||||
2022 |
19,649 | $10.54 | $9.03 | $ | 216,580 | 0.10% | 1.25% | 1.54% | 1.31% | 0.16% | ||||||||||||||||||||||||||
2021 |
14,027 | $10.40 | $9.01 | $ | 153,039 | 0.10% | 1.25% | 0.01% | (0.09% | ) | (1.24% | ) | ||||||||||||||||||||||||
2020 |
16,129 | $10.41 | $9.13 | $ | 176,561 | 0.10% | 1.25% | 0.26% | 0.21% | (0.95% | ) | |||||||||||||||||||||||||
2019 |
13,479 | $10.39 | $9.22 | $ | 147,397 | 0.10% | 1.25% | 1.96% | 1.89% | 0.72% | ||||||||||||||||||||||||||
VIP - High Income Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
67 | $61.04 | $58.08 | $ | 4,032 | 0.80% | 1.00% | 5.53% | 9.66% | 9.38% | ||||||||||||||||||||||||||
2022 |
77 | $55.69 | $53.10 | $ | 4,258 | 0.80% | 1.00% | 4.99% | (12.09% | ) | (12.26% | ) | ||||||||||||||||||||||||
2021 |
88 | $63.35 | $60.52 | $ | 5,580 | 0.80% | 1.00% | 5.23% | 3.58% | 3.37% | ||||||||||||||||||||||||||
2020 |
97 | $61.16 | $58.55 | $ | 5,892 | 0.80% | 1.00% | 4.85% | 1.92% | 1.72% | ||||||||||||||||||||||||||
2019 |
114 | $60.01 | $57.56 | $ | 6,779 | 0.80% | 1.00% | 5.12% | 14.18% | 13.96% | ||||||||||||||||||||||||||
VIP - High Income Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
1,243 | $18.22 | $28.39 | $ | 25,263 | 0.10% | 0.25% | 5.41% | 10.20% | 10.04% | ||||||||||||||||||||||||||
2022 |
1,483 | $16.53 | $25.80 | $ | 27,139 | 0.10% | 0.25% | 4.81% | (11.56% | ) | (11.69% | ) | ||||||||||||||||||||||||
2021 |
1,757 | $18.69 | $29.22 | $ | 36,671 | 0.10% | 0.25% | 5.34% | 4.52% | 4.36% | ||||||||||||||||||||||||||
2020 |
1,751 | $17.88 | $27.99 | $ | 35,614 | 0.10% | 0.25% | 4.87% | 2.64% | 2.48% | ||||||||||||||||||||||||||
2019 |
2,005 | $17.42 | $27.32 | $ | 39,854 | 0.10% | 0.25% | 5.23% | 14.83% | 14.65% | ||||||||||||||||||||||||||
VIP - Equity-Income Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
220 | $181.30 | $172.52 | $ | 39,790 | 0.80% | 1.00% | 1.88% | 9.76% | 9.55% | ||||||||||||||||||||||||||
2022 |
246 | $165.17 | $157.48 | $ | 40,502 | 0.80% | 1.00% | 1.84% | (5.72% | ) | (5.91% | ) | ||||||||||||||||||||||||
2021 |
280 | $175.18 | $167.37 | $ | 48,795 | 0.80% | 1.00% | 1.89% | 23.89% | 23.65% | ||||||||||||||||||||||||||
2020 |
298 | $141.40 | $135.36 | $ | 41,997 | 0.80% | 1.00% | 1.83% | 5.84% | 5.62% | ||||||||||||||||||||||||||
2019 |
328 | $133.60 | $128.15 | $ | 43,571 | 0.80% | 1.00% | 2.00% | 26.42% | 26.17% | ||||||||||||||||||||||||||
VIP - Equity-Income Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
1,478 | $39.52 | $57.80 | $ | 55,926 | 0.10% | 0.25% | 1.82% | 10.45% | 10.30% | ||||||||||||||||||||||||||
2022 |
1,619 | $35.78 | $52.41 | $ | 55,573 | 0.10% | 0.25% | 1.90% | (5.11% | ) | (5.26% | ) | ||||||||||||||||||||||||
2021 |
1,632 | $37.71 | $55.32 | $ | 59,322 | 0.10% | 0.25% | 1.90% | 24.71% | 24.52% | ||||||||||||||||||||||||||
2020 |
1,476 | $30.24 | $44.42 | $ | 42,707 | 0.10% | 0.25% | 1.81% | 6.47% | 6.31% | ||||||||||||||||||||||||||
2019 |
1,485 | $28.40 | $41.79 | $ | 40,260 | 0.10% | 0.25% | 1.96% | 27.22% | 27.03% | ||||||||||||||||||||||||||
VIP - Growth Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
207 | $352.20 | $335.14 | $ | 72,832 | 0.80% | 1.00% | 0.13% | 35.15% | 34.88% | ||||||||||||||||||||||||||
2022 |
221 | $260.60 | $248.48 | $ | 57,602 | 0.80% | 1.00% | 0.62% | (25.06% | ) | (25.21% | ) | ||||||||||||||||||||||||
2021 |
250 | $347.74 | $332.23 | $ | 86,851 | 0.80% | 1.00% | 0.00% | 22.23% | 21.98% | ||||||||||||||||||||||||||
2020 |
263 | $284.50 | $272.36 | $ | 74,751 | 0.80% | 1.00% | 0.07% | 42.74% | 42.45% | ||||||||||||||||||||||||||
2019 |
284 | $199.32 | $191.20 | $ | 56,557 | 0.80% | 1.00% | 0.26% | 33.24% | 32.97% | ||||||||||||||||||||||||||
VIP - Growth Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
1,024 | $74.41 | $106.29 | $ | 74,161 | 0.10% | 0.25% | 0.07% | 35.99% | 35.78% | ||||||||||||||||||||||||||
2022 |
997 | $54.72 | $78.28 | $ | 53,077 | 0.10% | 0.25% | 0.54% | (24.59% | ) | (24.70% | ) | ||||||||||||||||||||||||
2021 |
1,076 | $72.56 | $103.96 | $ | 76,009 | 0.10% | 0.25% | 0.00% | 23.00% | 22.82% | ||||||||||||||||||||||||||
2020 |
1,061 | $58.99 | $84.64 | $ | 61,214 | 0.10% | 0.25% | 0.06% | 43.64% | 43.42% | ||||||||||||||||||||||||||
2019 |
986 | $41.07 | $59.02 | $ | 39,055 | 0.10% | 0.25% | 0.18% | 34.07% | 33.87% | ||||||||||||||||||||||||||
VIP - Overseas Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
102 | $71.04 | $67.60 | $ | 7,250 | 0.80% | 1.00% | 1.02% | 19.55% | 19.30% | ||||||||||||||||||||||||||
2022 |
111 | $59.42 | $56.66 | $ | 6,589 | 0.80% | 1.00% | 1.05% | (25.09% | ) | (25.24% | ) | ||||||||||||||||||||||||
2021 |
124 | $79.32 | $75.78 | $ | 9,809 | 0.80% | 1.00% | 0.53% | 18.74% | 18.50% | ||||||||||||||||||||||||||
2020 |
127 | $66.80 | $63.95 | $ | 8,508 | 0.80% | 1.00% | 0.43% | 14.69% | 14.46% | ||||||||||||||||||||||||||
2019 |
142 | $58.25 | $55.88 | $ | 8,259 | 0.80% | 1.00% | 1.66% | 26.74% | 26.49% |
64 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values - continued
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Overseas Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
917 | $24.38 | $33.33 | $ | 22,574 | 0.10% | 0.25% | 0.98% | 20.29% | 20.09% | ||||||||||||||||||||||||||
2022 |
904 | $20.27 | $27.75 | $ | 18,540 | 0.10% | 0.25% | 1.00% | (24.62% | ) | (24.73% | ) | ||||||||||||||||||||||||
2021 |
969 | $26.89 | $36.87 | $ | 26,348 | 0.10% | 0.25% | 0.49% | 19.51% | 19.33% | ||||||||||||||||||||||||||
2020 |
903 | $22.50 | $30.89 | $ | 20,602 | 0.10% | 0.25% | 0.35% | 15.38% | 15.21% | ||||||||||||||||||||||||||
2019 |
1,081 | $19.50 | $26.82 | $ | 21,373 | 0.10% | 0.25% | 1.67% | 27.61% | 27.42% | ||||||||||||||||||||||||||
VIP - Investment Grade Bond Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
229 | $45.25 | $43.05 | $ | 10,316 | 0.80% | 1.00% | 2.49% | 5.34% | 5.14% | ||||||||||||||||||||||||||
2022 |
270 | $42.95 | $40.95 | $ | 11,509 | 0.80% | 1.00% | 2.17% | (13.65% | ) | (13.82% | ) | ||||||||||||||||||||||||
2021 |
320 | $49.74 | $47.52 | $ | 15,822 | 0.80% | 1.00% | 2.00% | (1.40% | ) | (1.60% | ) | ||||||||||||||||||||||||
2020 |
364 | $50.44 | $48.29 | $ | 18,270 | 0.80% | 1.00% | 2.16% | 8.52% | 8.30% | ||||||||||||||||||||||||||
2019 |
354 | $46.48 | $44.59 | $ | 16,342 | 0.80% | 1.00% | 2.72% | 8.79% | 8.57% | ||||||||||||||||||||||||||
VIP - Investment Grade Bond Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
3,818 | $13.77 | $17.47 | $ | 58,755 | 0.10% | 0.25% | 2.53% | 6.02% | 5.82% | ||||||||||||||||||||||||||
2022 |
4,075 | $12.99 | $16.51 | $ | 59,176 | 0.10% | 0.25% | 2.17% | (13.06% | ) | (13.15% | ) | ||||||||||||||||||||||||
2021 |
4,655 | $14.94 | $19.01 | $ | 78,013 | 0.10% | 0.25% | 2.00% | (0.74% | ) | (0.89% | ) | ||||||||||||||||||||||||
2020 |
5,485 | $15.05 | $19.18 | $ | 92,809 | 0.10% | 0.25% | 2.32% | 9.22% | 9.06% | ||||||||||||||||||||||||||
2019 |
4,597 | $13.78 | $17.59 | $ | 72,449 | 0.10% | 0.25% | 2.84% | 9.56% | 9.40% | ||||||||||||||||||||||||||
VIP - Asset Manager Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
256 | $78.34 | $74.54 | $ | 19,968 | 0.80% | 1.00% | 2.21% | 12.04% | 11.83% | ||||||||||||||||||||||||||
2022 |
299 | $69.92 | $66.66 | $ | 20,906 | 0.80% | 1.00% | 2.05% | (15.61% | ) | (15.79% | ) | ||||||||||||||||||||||||
2021 |
321 | $82.85 | $79.16 | $ | 26,545 | 0.80% | 1.00% | 1.58% | 9.04% | 8.82% | ||||||||||||||||||||||||||
2020 |
355 | $75.99 | $72.74 | $ | 26,872 | 0.80% | 1.00% | 1.52% | 13.95% | 13.72% | ||||||||||||||||||||||||||
2019 |
381 | $66.68 | $63.97 | $ | 25,322 | 0.80% | 1.00% | 1.74% | 17.30% | 17.07% | ||||||||||||||||||||||||||
VIP - Asset Manager Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
899 | $23.26 | $32.46 | $ | 22,444 | 0.10% | 0.25% | 2.21% | 12.80% | 12.64% | ||||||||||||||||||||||||||
2022 |
1,029 | $20.62 | $28.82 | $ | 22,790 | 0.10% | 0.25% | 2.00% | (15.10% | ) | (15.22% | ) | ||||||||||||||||||||||||
2021 |
1,105 | $24.29 | $34.00 | $ | 28,968 | 0.10% | 0.25% | 1.50% | 9.74% | 9.58% | ||||||||||||||||||||||||||
2020 |
1,192 | $22.13 | $31.02 | $ | 28,373 | 0.10% | 0.25% | 1.49% | 14.65% | 14.48% | ||||||||||||||||||||||||||
2019 |
1,284 | $19.30 | $27.10 | $ | 26,975 | 0.10% | 0.25% | 1.79% | 18.02% | 17.84% | ||||||||||||||||||||||||||
VIP - Index 500 Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
7,272 | $55.17 | $147.76 | $ | 438,282 | 0.10% | 1.00% | 1.51% | 26.08% | 24.94% | ||||||||||||||||||||||||||
2022 |
7,089 | $43.76 | $118.27 | $ | 342,362 | 0.10% | 1.00% | 1.49% | (18.30% | ) | (19.03% | ) | ||||||||||||||||||||||||
2021 |
6,845 | $53.56 | $146.07 | $ | 410,684 | 0.10% | 1.00% | 1.26% | 28.45% | 27.29% | ||||||||||||||||||||||||||
2020 |
6,795 | $41.70 | $114.75 | $ | 321,729 | 0.10% | 1.00% | 1.76% | 18.12% | 17.05% | ||||||||||||||||||||||||||
2019 |
7,813 | $35.30 | $98.03 | $ | 314,046 | 0.10% | 1.00% | 2.00% | 31.22% | 30.04% | ||||||||||||||||||||||||||
VIP - Asset Manager: Growth Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
99 | $58.11 | $55.29 | $ | 5,720 | 0.80% | 1.00% | 1.70% | 15.43% | 15.20% | ||||||||||||||||||||||||||
2022 |
126 | $50.34 | $48.00 | $ | 6,310 | 0.80% | 1.00% | 1.76% | (17.54% | ) | (17.71%) | |||||||||||||||||||||||||
2021 |
145 | $61.05 | $58.32 | $ | 8,783 | 0.80% | 1.00% | 1.41% | 13.05% | 12.82% | ||||||||||||||||||||||||||
2020 |
151 | $54.00 | $51.70 | $ | 8,144 | 0.80% | 1.00% | 1.13% | 16.32% | 16.09% | ||||||||||||||||||||||||||
2019 |
161 | $46.42 | $44.53 | $ | 7,456 | 0.80% | 1.00% | 1.57% | 21.84% | 21.60% | ||||||||||||||||||||||||||
VIP - Asset Manager: Growth Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
359 | $28.17 | $40.56 | $ | 10,961 | 0.10% | 0.25% | 1.77% | 16.13% | 15.96% | ||||||||||||||||||||||||||
2022 |
395 | $24.26 | $34.97 | $ | 10,339 | 0.10% | 0.25% | 1.77% | (17.01% | ) | (17.15% | ) | ||||||||||||||||||||||||
2021 |
402 | $29.23 | $42.21 | $ | 12,641 | 0.10% | 0.25% | 1.41% | 13.77% | 13.60% | ||||||||||||||||||||||||||
2020 |
394 | $25.69 | $37.15 | $ | 10,957 | 0.10% | 0.25% | 1.04% | 17.08% | 16.90% | ||||||||||||||||||||||||||
2019 |
406 | $21.95 | $31.78 | $ | 9,677 | 0.10% | 0.25% | 1.55% | 22.58% | 22.39% | ||||||||||||||||||||||||||
VIP - Contrafund Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
736 | $185.60 | $176.62 | $ | 136,360 | 0.80% | 1.00% | 0.49% | 32.39% | 32.12% | ||||||||||||||||||||||||||
2022 |
809 | $140.20 | $133.68 | $ | 113,088 | 0.80% | 1.00% | 0.50% | (26.90% | ) | (27.05% | ) | ||||||||||||||||||||||||
2021 |
876 | $191.79 | $183.24 | $ | 167,541 | 0.80% | 1.00% | 0.06% | 26.81% | 26.56% | ||||||||||||||||||||||||||
2020 |
923 | $151.24 | $144.79 | $ | 139,235 | 0.80% | 1.00% | 0.25% | 29.52% | 29.26% | ||||||||||||||||||||||||||
2019 |
990 | $116.77 | $112.02 | $ | 115,354 | 0.80% | 1.00% | 0.46% | 30.53% | 30.26% | ||||||||||||||||||||||||||
VIP - Contrafund Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
4,112 | $51.54 | $77.69 | $ | 218,696 | 0.10% | 0.25% | 0.44% | 33.22% | 33.01% | ||||||||||||||||||||||||||
2022 |
4,247 | $38.69 | $58.40 | $ | 169,789 | 0.10% | 0.25% | 0.43% | (26.45% | ) | (26.57% | ) | ||||||||||||||||||||||||
2021 |
4,469 | $52.60 | $79.53 | $ | 242,968 | 0.10% | 0.25% | 0.05% | 27.62% | 27.42% | ||||||||||||||||||||||||||
2020 |
4,518 | $41.22 | $62.41 | $ | 193,861 | 0.10% | 0.25% | 0.18% | 30.35% | 30.15% | ||||||||||||||||||||||||||
2019 |
4,873 | $31.62 | $47.95 | $ | 161,548 | 0.10% | 0.25% | 0.39% | 31.36% | 31.16% |
65 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values - continued
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Balanced Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
250 | $56.24 | $53.52 | $ | 14,021 | 0.80% | 1.00% | 1.70% | 20.56% | 20.32% | ||||||||||||||||||||||||||
2022 |
291 | $46.65 | $44.48 | $ | 13,540 | 0.80% | 1.00% | 1.26% | (18.60% | ) | (18.76% | ) | ||||||||||||||||||||||||
2021 |
319 | $57.31 | $54.75 | $ | 18,230 | 0.80% | 1.00% | 0.92% | 17.32% | 17.08% | ||||||||||||||||||||||||||
2020 |
339 | $48.85 | $46.76 | $ | 16,423 | 0.80% | 1.00% | 1.44% | 21.41% | 21.16% | ||||||||||||||||||||||||||
2019 |
364 | $40.24 | $38.60 | $ | 14,589 | 0.80% | 1.00% | 1.69% | 23.51% | 23.26% | ||||||||||||||||||||||||||
VIP - Balanced Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
8,052 | $35.74 | $47.35 | $ | 299,494 | 0.10% | 1.40% | 1.65% | 21.11% | 19.72% | ||||||||||||||||||||||||||
2022 |
8,703 | $29.46 | $39.55 | $ | 266,472 | 0.10% | 1.40% | 1.19% | (18.12% | ) | (19.17% | ) | ||||||||||||||||||||||||
2021 |
9,046 | $35.98 | $48.93 | $ | 336,919 | 0.10% | 1.40% | 0.89% | 18.06% | 16.52% | ||||||||||||||||||||||||||
2020 |
8,785 | $30.48 | $41.99 | $ | 277,385 | 0.10% | 1.40% | 1.39% | 22.23% | 20.64% | ||||||||||||||||||||||||||
2019 |
8,928 | $24.93 | $34.81 | $ | 231,985 | 0.10% | 1.40% | 1.68% | 24.26% | 22.64% | ||||||||||||||||||||||||||
VIP - Dynamic Capital Appreciation Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
31 | $66.55 | $63.89 | $ | 2,099 | 0.80% | 1.00% | 0.37% | 28.04% | 27.78% | ||||||||||||||||||||||||||
2022 |
30 | $51.98 | $50.00 | $ | 1,578 | 0.80% | 1.00% | 0.30% | (21.50% | ) | (21.66% | ) | ||||||||||||||||||||||||
2021 |
32 | $66.22 | $63.82 | $ | 2,158 | 0.80% | 1.00% | 0.40% | 23.63% | 23.38% | ||||||||||||||||||||||||||
2020 |
35 | $53.56 | $51.73 | $ | 1,902 | 0.80% | 1.00% | 0.23% | 32.54% | 32.27% | ||||||||||||||||||||||||||
2019 |
42 | $40.41 | $39.11 | $ | 1,666 | 0.80% | 1.00% | 0.60% | 29.04% | 28.78% | ||||||||||||||||||||||||||
VIP - Dynamic Capital Appreciation Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
256 | $57.08 | $89.56 | $ | 15,135 | 0.10% | 0.25% | 0.29% | 28.80% | 28.59% | ||||||||||||||||||||||||||
2022 |
236 | $44.32 | $69.64 | $ | 10,846 | 0.10% | 0.25% | 0.23% | (20.97% | ) | (21.08% | ) | ||||||||||||||||||||||||
2021 |
290 | $56.08 | $88.25 | $ | 16,776 | 0.10% | 0.25% | 0.34% | 24.33% | 24.15% | ||||||||||||||||||||||||||
2020 |
293 | $45.10 | $71.08 | $ | 13,703 | 0.10% | 0.25% | 0.16% | 33.40% | 33.20% | ||||||||||||||||||||||||||
2019 |
272 | $33.81 | $53.36 | $ | 9,615 | 0.10% | 0.25% | 0.54% | 29.94% | 29.74% | ||||||||||||||||||||||||||
VIP - Growth & Income Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
239 | $69.54 | $66.18 | $ | 16,534 | 0.80% | 1.00% | 1.61% | 17.77% | 17.54% | ||||||||||||||||||||||||||
2022 |
273 | $59.05 | $56.30 | $ | 16,062 | 0.80% | 1.00% | 1.59% | (5.71% | ) | (5.90% | ) | ||||||||||||||||||||||||
2021 |
301 | $62.62 | $59.83 | $ | 18,746 | 0.80% | 1.00% | 2.38% | 24.94% | 24.69% | ||||||||||||||||||||||||||
2020 |
316 | $50.12 | $47.98 | $ | 15,803 | 0.80% | 1.00% | 2.13% | 6.98% | 6.77% | ||||||||||||||||||||||||||
2019 |
352 | $46.85 | $44.94 | $ | 16,445 | 0.80% | 1.00% | 3.61% | 29.01% | 28.75% | ||||||||||||||||||||||||||
VIP - Growth & Income Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
688 | $49.51 | $67.10 | $ | 33,214 | 0.10% | 0.25% | 1.48% | 18.50% | 18.34% | ||||||||||||||||||||||||||
2022 |
834 | $41.78 | $56.71 | $ | 34,095 | 0.10% | 0.25% | 1.69% | (5.10% | ) | (5.24% | ) | ||||||||||||||||||||||||
2021 |
762 | $44.03 | $59.85 | $ | 32,883 | 0.10% | 0.25% | 2.41% | 25.67% | 25.48% | ||||||||||||||||||||||||||
2020 |
738 | $35.03 | $47.69 | $ | 25,277 | 0.10% | 0.25% | 2.05% | 7.65% | 7.49% | ||||||||||||||||||||||||||
2019 |
835 | $32.54 | $44.37 | $ | 26,631 | 0.10% | 0.25% | 3.45% | 29.85% | 29.65% | ||||||||||||||||||||||||||
VIP - Growth Opportunities Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
218 | $85.86 | $81.70 | $ | 18,647 | 0.80% | 1.00% | — | 44.49% | 44.19% | ||||||||||||||||||||||||||
2022 |
233 | $59.42 | $56.66 | $ | 13,789 | 0.80% | 1.00% | — | (38.64% | ) | (38.77% | ) | ||||||||||||||||||||||||
2021 |
304 | $96.85 | $92.53 | $ | 29,335 | 0.80% | 1.00% | — | 11.05% | 10.82% | ||||||||||||||||||||||||||
2020 |
320 | $87.21 | $83.49 | $ | 27,853 | 0.80% | 1.00% | 0.01% | 67.31% | 66.97% | ||||||||||||||||||||||||||
2019 |
307 | $52.13 | $50.00 | $ | 15,978 | 0.80% | 1.00% | 0.15% | 39.71% | 39.43% | ||||||||||||||||||||||||||
VIP - Growth Opportunities Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
955 | $86.62 | $141.88 | $ | 79,328 | 0.10% | 0.25% | — | 45.43% | 45.20% | ||||||||||||||||||||||||||
2022 |
933 | $59.56 | $97.71 | $ | 53,464 | 0.10% | 0.25% | — | (38.27% | ) | (38.36% | ) | ||||||||||||||||||||||||
2021 |
1,120 | $96.48 | $158.51 | $ | 104,067 | 0.10% | 0.25% | — | 11.75% | 11.59% | ||||||||||||||||||||||||||
2020 |
1,157 | $86.33 | $142.05 | $ | 96,747 | 0.10% | 0.25% | 0.01% | 68.35% | 68.10% | ||||||||||||||||||||||||||
2019 |
968 | $51.28 | $84.50 | $ | 47,853 | 0.10% | 0.25% | 0.10% | 40.57% | 40.36% | ||||||||||||||||||||||||||
VIP - Mid Cap Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
334 | $72.46 | $69.08 | $ | 24,120 | 0.80% | 1.00% | 0.58% | 14.16% | 13.92% | ||||||||||||||||||||||||||
2022 |
386 | $63.47 | $60.64 | $ | 24,373 | 0.80% | 1.00% | 0.50% | (15.43% | ) | (15.59% | ) | ||||||||||||||||||||||||
2021 |
408 | $75.05 | $71.84 | $ | 30,493 | 0.80% | 1.00% | 0.62% | 24.60% | 24.35% | ||||||||||||||||||||||||||
2020 |
424 | $60.23 | $57.77 | $ | 25,462 | 0.80% | 1.00% | 0.65% | 17.24% | 17.00% | ||||||||||||||||||||||||||
2019 |
496 | $51.37 | $49.38 | $ | 25,328 | 0.80% | 1.00% | 0.85% | 22.46% | 22.21% | ||||||||||||||||||||||||||
VIP - Mid Cap Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
1,475 | $34.64 | $60.99 | $ | 56,434 | 0.10% | 0.25% | 0.52% | 14.90% | 14.73% | ||||||||||||||||||||||||||
2022 |
1,624 | $30.15 | $53.16 | $ | 54,232 | 0.10% | 0.25% | 0.46% | (14.92% | ) | (15.04% | ) | ||||||||||||||||||||||||
2021 |
1,615 | $35.44 | $62.57 | $ | 63,540 | 0.10% | 0.25% | 0.55% | 25.41% | 25.23% | ||||||||||||||||||||||||||
2020 |
1,584 | $28.26 | $49.97 | $ | 50,660 | 0.10% | 0.25% | 0.57% | 17.96% | 17.78% | ||||||||||||||||||||||||||
2019 |
1,981 | $23.95 | $42.43 | $ | 53,701 | 0.10% | 0.25% | 0.80% | 23.23% | 23.04% |
66 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values - continued
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Value Strategies Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
105 | $50.52 | $48.50 | $ | 5,278 | 0.80% | 1.00% | 1.15% | 19.89% | 19.63% | ||||||||||||||||||||||||||
2022 |
114 | $42.14 | $40.54 | $ | 4,791 | 0.80% | 1.00% | 1.02% | (7.77% | ) | (7.95% | ) | ||||||||||||||||||||||||
2021 |
135 | $45.69 | $44.04 | $ | 6,148 | 0.80% | 1.00% | 1.53% | 32.53% | 32.26% | ||||||||||||||||||||||||||
2020 |
108 | $34.48 | $33.30 | $ | 3,697 | 0.80% | 1.00% | 1.42% | 7.39% | 7.17% | ||||||||||||||||||||||||||
2019 |
100 | $32.10 | $31.07 | $ | 3,176 | 0.80% | 1.00% | 1.67% | 33.45% | 33.18% | ||||||||||||||||||||||||||
VIP - Value Strategies Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
439 | $43.96 | $89.88 | $ | 19,397 | 0.10% | 0.25% | 1.06% | 20.61% | 20.45% | ||||||||||||||||||||||||||
2022 |
501 | $36.45 | $74.63 | $ | 18,509 | 0.10% | 0.25% | 0.98% | (7.19% | ) | (7.33% | ) | ||||||||||||||||||||||||
2021 |
574 | $39.27 | $80.54 | $ | 22,829 | 0.10% | 0.25% | 1.44% | 33.35% | 33.15% | ||||||||||||||||||||||||||
2020 |
406 | $29.45 | $60.49 | $ | 12,192 | 0.10% | 0.25% | 1.52% | 8.16% | 7.99% | ||||||||||||||||||||||||||
2019 |
289 | $27.23 | $56.01 | $ | 8,177 | 0.10% | 0.25% | 1.67% | 34.14% | 33.94% | ||||||||||||||||||||||||||
VIP - Utilities Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
43 | $40.75 | $38.95 | $ | 1,738 | 0.80% | 1.00% | 1.62% | -1.83% | -2.01% | ||||||||||||||||||||||||||
2022 |
176 | $41.51 | $39.75 | $ | 7,297 | 0.80% | 1.00% | 2.18% | 4.59% | 4.37% | ||||||||||||||||||||||||||
2021 |
50 | $39.69 | $38.09 | $ | 1,949 | 0.80% | 1.00% | 1.86% | 16.56% | 16.32% | ||||||||||||||||||||||||||
2020 |
57 | $34.05 | $32.74 | $ | 1,929 | 0.80% | 1.00% | 2.33% | (0.98% | ) | (1.18% | ) | ||||||||||||||||||||||||
2019 |
102 | $34.39 | $33.13 | $ | 3,508 | 0.80% | 1.00% | 2.18% | 22.20% | 21.95% | ||||||||||||||||||||||||||
VIP - Utilities Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
378 | $36.18 | $44.57 | $ | 14,710 | 0.10% | 0.25% | 2.13% | -1.23% | -1.37% | ||||||||||||||||||||||||||
2022 |
445 | $36.63 | $45.18 | $ | 17,683 | 0.10% | 0.25% | 1.50% | 5.29% | 5.12% | ||||||||||||||||||||||||||
2021 |
371 | $34.79 | $42.98 | $ | 14,028 | 0.10% | 0.25% | 1.75% | 17.25% | 17.08% | ||||||||||||||||||||||||||
2020 |
395 | $29.67 | $36.71 | $ | 12,881 | 0.10% | 0.25% | 2.46% | (0.36% | ) | (0.51% | ) | ||||||||||||||||||||||||
2019 |
533 | $29.78 | $36.90 | $ | 17,297 | 0.10% | 0.25% | 2.25% | 23.01% | 22.83% | ||||||||||||||||||||||||||
VIP - Technology Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
364 | $109.29 | $104.46 | $ | 39,692 | 0.80% | 1.00% | 0.13% | 57.05% | 56.73% | ||||||||||||||||||||||||||
2022 |
270 | $69.59 | $66.65 | $ | 18,819 | 0.80% | 1.00% | — | (36.37% | ) | (36.50% | ) | ||||||||||||||||||||||||
2021 |
370 | $109.36 | $104.95 | $ | 40,419 | 0.80% | 1.00% | — | 27.14% | 26.88% | ||||||||||||||||||||||||||
2020 |
416 | $86.02 | $82.71 | $ | 35,656 | 0.80% | 1.00% | 0.08% | 63.63% | 63.30% | ||||||||||||||||||||||||||
2019 |
439 | $52.57 | $50.65 | $ | 22,999 | 0.80% | 1.00% | 0.46% | 50.11% | 49.81% | ||||||||||||||||||||||||||
VIP - Technology Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
1,301 | $98.66 | $226.18 | $ | 141,450 | 0.10% | 0.25% | 0.07% | 57.99% | 57.75% | ||||||||||||||||||||||||||
2022 |
1,166 | $62.45 | $143.38 | $ | 80,511 | 0.10% | 0.25% | — | (35.94% | ) | (36.03% | ) | ||||||||||||||||||||||||
2021 |
1,273 | $97.48 | $224.15 | $ | 136,899 | 0.10% | 0.25% | — | 27.94% | 27.74% | ||||||||||||||||||||||||||
2020 |
1,285 | $76.20 | $175.47 | $ | 110,892 | 0.10% | 0.25% | 0.06% | 64.60% | 64.35% | ||||||||||||||||||||||||||
2019 |
1,141 | $46.29 | $106.76 | $ | 60,750 | 0.10% | 0.25% | 0.39% | 51.11% | 50.89% | ||||||||||||||||||||||||||
VIP - Energy Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
109 | $36.50 | $34.88 | $ | 3,981 | 0.80% | 1.00% | 2.45% | 0.19% | -0.02% | ||||||||||||||||||||||||||
2022 |
204 | $36.43 | $34.89 | $ | 7,369 | 0.80% | 1.00% | 2.50% | 61.87% | 61.56% | ||||||||||||||||||||||||||
2021 |
106 | $22.51 | $21.60 | $ | 2,384 | 0.80% | 1.00% | 2.77% | 54.11% | 53.80% | ||||||||||||||||||||||||||
2020 |
81 | $14.60 | $14.04 | $ | 1,192 | 0.80% | 1.00% | 2.73% | (33.31% | ) | (33.44% | ) | ||||||||||||||||||||||||
2019 |
82 | $21.90 | $21.10 | $ | 1,806 | 0.80% | 1.00% | 2.02% | 9.20% | 8.98% | ||||||||||||||||||||||||||
VIP - Energy Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
877 | $20.65 | $30.35 | $ | 19,042 | 0.10% | 0.25% | 2.63% | 0.81% | 0.65% | ||||||||||||||||||||||||||
2022 |
1,342 | $20.48 | $30.15 | $ | 29,036 | 0.10% | 0.25% | 2.47% | 62.96% | 62.72% | ||||||||||||||||||||||||||
2021 |
1,056 | $12.57 | $18.53 | $ | 14,012 | 0.10% | 0.25% | 2.69% | 55.00% | 54.77% | ||||||||||||||||||||||||||
2020 |
465 | $8.11 | $11.97 | $ | 3,982 | 0.10% | 0.25% | 2.71% | (32.87% | ) | (32.97% | ) | ||||||||||||||||||||||||
2019 |
439 | $12.08 | $17.86 | $ | 5,610 | 0.10% | 0.25% | 1.85% | 9.87% | 9.71% | ||||||||||||||||||||||||||
VIP - Health Care Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
166 | $71.85 | $68.67 | $ | 11,880 | 0.80% | 1.00% | — | 3.42% | 3.22% | ||||||||||||||||||||||||||
2022 |
184 | $69.47 | $66.53 | $ | 12,733 | 0.80% | 1.00% | — | (13.10% | ) | (13.28% | ) | ||||||||||||||||||||||||
2021 |
208 | $79.94 | $76.72 | $ | 16,599 | 0.80% | 1.00% | 0.09% | 10.84% | 10.62% | ||||||||||||||||||||||||||
2020 |
221 | $72.13 | $69.36 | $ | 15,973 | 0.80% | 1.00% | 0.54% | 20.61% | 20.36% | ||||||||||||||||||||||||||
2019 |
232 | $59.80 | $57.62 | $ | 13,867 | 0.80% | 1.00% | 0.23% | 27.34% | 27.09% | ||||||||||||||||||||||||||
VIP - Health Care Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
836 | $64.93 | $93.97 | $ | 55,587 | 0.10% | 0.25% | — | 4.11% | 3.95% | ||||||||||||||||||||||||||
2022 |
998 | $62.36 | $90.40 | $ | 63,661 | 0.10% | 0.25% | — | (12.58% | ) | (12.71% | ) | ||||||||||||||||||||||||
2021 |
1,058 | $71.33 | $103.56 | $ | 77,197 | 0.10% | 0.25% | 0.07% | 11.54% | 11.38% | ||||||||||||||||||||||||||
2020 |
1,066 | $63.95 | $92.98 | $ | 70,414 | 0.10% | 0.25% | 0.51% | 21.37% | 21.18% | ||||||||||||||||||||||||||
2019 |
1,047 | $52.69 | $76.73 | $ | 57,329 | 0.10% | 0.25% | 0.15% | 28.16% | 27.97% |
67 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values - continued
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Financials Initial Class (6) |
| |||||||||||||||||||||||||||||||||||
2023 |
42 | $26.23 | $25.07 | $ | 1,082 | 0.80% | 1.00% | 2.60% | 13.83% | 13.58% | ||||||||||||||||||||||||||
2022 |
45 | $23.04 | $22.07 | $ | 1,036 | 0.80% | 1.00% | 1.29% | (9.07% | ) | (9.24% | ) | ||||||||||||||||||||||||
2021 |
72 | $25.34 | $24.32 | $ | 1,826 | 0.80% | 1.00% | 2.01% | 32.13% | 31.86% | ||||||||||||||||||||||||||
2020 |
68 | $19.18 | $18.44 | $ | 1,304 | 0.80% | 1.00% | 2.30% | (0.04% | ) | (0.25% | ) | ||||||||||||||||||||||||
2019 |
79 | $19.19 | $18.49 | $ | 1,526 | 0.80% | 1.00% | 1.82% | 33.25% | 32.99% | ||||||||||||||||||||||||||
VIP - Financials Investor Class (6) |
| |||||||||||||||||||||||||||||||||||
2023 |
563 | $37.64 | $58.32 | $ | 17,854 | 0.10% | 0.25% | 2.58% | 14.44% | 14.27% | ||||||||||||||||||||||||||
2022 |
632 | $32.89 | $51.03 | $ | 16,983 | 0.10% | 0.25% | 1.87% | (8.46% | ) | (8.60% | ) | ||||||||||||||||||||||||
2021 |
815 | $35.93 | $55.83 | $ | 24,906 | 0.10% | 0.25% | 1.87% | 33.00% | 32.80% | ||||||||||||||||||||||||||
2020 |
571 | $27.01 | $42.04 | $ | 12,902 | 0.10% | 0.25% | 2.47% | 0.53% | 0.38% | ||||||||||||||||||||||||||
2019 |
716 | $26.87 | $41.88 | $ | 15,671 | 0.10% | 0.25% | 1.98% | 34.15% | 33.95% | ||||||||||||||||||||||||||
VIP - Industrials Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
29 | $73.16 | $69.92 | $ | 2,094 | 0.80% | 1.00% | 0.31% | 22.28% | 22.03% | ||||||||||||||||||||||||||
2022 |
30 | $59.83 | $57.30 | $ | 1,808 | 0.80% | 1.00% | 0.17% | (11.02% | ) | (11.20% | ) | ||||||||||||||||||||||||
2021 |
31 | $67.24 | $64.53 | $ | 2,099 | 0.80% | 1.00% | — | 16.15% | 15.92% | ||||||||||||||||||||||||||
2020 |
36 | $57.89 | $55.67 | $ | 2,066 | 0.80% | 1.00% | 0.56% | 11.41% | 11.19% | ||||||||||||||||||||||||||
2019 |
43 | $51.96 | $50.06 | $ | 2,239 | 0.80% | 1.00% | 1.07% | 27.12% | 26.86% | ||||||||||||||||||||||||||
VIP - Industrials Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
361 | $43.67 | $75.90 | $ | 17,085 | 0.10% | 0.25% | 0.24% | 23.07% | 22.90% | ||||||||||||||||||||||||||
2022 |
398 | $35.48 | $61.76 | $ | 15,219 | 0.10% | 0.25% | 0.12% | (10.50% | ) | (10.64% | ) | ||||||||||||||||||||||||
2021 |
406 | $39.64 | $69.11 | $ | 17,242 | 0.10% | 0.25% | — | 16.91% | 16.74% | ||||||||||||||||||||||||||
2020 |
381 | $33.91 | $59.21 | $ | 14,282 | 0.10% | 0.25% | 0.49% | 12.08% | 11.91% | ||||||||||||||||||||||||||
2019 |
435 | $30.25 | $52.90 | $ | 14,591 | 0.10% | 0.25% | 1.00% | 27.96% | 27.77% | ||||||||||||||||||||||||||
VIP - Consumer Discretionary Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
37 | $56.52 | $54.02 | $ | 2,124 | 0.80% | 1.00% | 0.08% | 40.88% | 40.57% | ||||||||||||||||||||||||||
2022 |
33 | $40.12 | $38.43 | $ | 1,325 | 0.80% | 1.00% | — | (35.16% | ) | (35.28% | ) | ||||||||||||||||||||||||
2021 |
51 | $61.88 | $59.38 | $ | 3,171 | 0.80% | 1.00% | — | 18.45% | 18.21% | ||||||||||||||||||||||||||
2020 |
50 | $52.24 | $50.23 | $ | 2,583 | 0.80% | 1.00% | 0.12% | 35.06% | 34.79% | ||||||||||||||||||||||||||
2019 |
65 | $38.68 | $37.27 | $ | 2,534 | 0.80% | 1.00% | 0.32% | 26.18% | 25.92% | ||||||||||||||||||||||||||
VIP - Consumer Discretionary Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
415 | $55.89 | $100.37 | $ | 23,250 | 0.10% | 0.25% | 0.01% | 41.79% | 41.55% | ||||||||||||||||||||||||||
2022 |
404 | $39.42 | $70.90 | $ | 16,022 | 0.10% | 0.25% | — | (34.77% | ) | (34.86% | ) | ||||||||||||||||||||||||
2021 |
465 | $60.43 | $108.85 | $ | 28,276 | 0.10% | 0.25% | — | 19.20% | 19.02% | ||||||||||||||||||||||||||
2020 |
435 | $50.70 | $91.45 | $ | 22,275 | 0.10% | 0.25% | 0.09% | 35.86% | 35.66% | ||||||||||||||||||||||||||
2019 |
430 | $37.32 | $67.41 | $ | 16,181 | 0.10% | 0.25% | 0.24% | 27.00% | 26.81% | ||||||||||||||||||||||||||
VIP - Real Estate Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
63 | $41.20 | $39.55 | $ | 2,577 | 0.80% | 1.00% | 2.39% | 10.30% | 10.10% | ||||||||||||||||||||||||||
2022 |
69 | $37.35 | $35.92 | $ | 2,564 | 0.80% | 1.00% | 1.32% | (28.09% | ) | (28.25% | ) | ||||||||||||||||||||||||
2021 |
68 | $51.94 | $50.06 | $ | 3,557 | 0.80% | 1.00% | 1.17% | 37.88% | 37.60% | ||||||||||||||||||||||||||
2020 |
65 | $37.67 | $36.38 | $ | 2,470 | 0.80% | 1.00% | 2.13% | (7.30% | ) | (7.49% | ) | ||||||||||||||||||||||||
2019 |
72 | $40.64 | $39.32 | $ | 2,919 | 0.80% | 1.00% | 1.67% | 22.23% | 21.99% | ||||||||||||||||||||||||||
VIP - Real Estate Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
569 | $24.89 | $59.76 | $ | 14,932 | 0.10% | 0.25% | 2.28% | 11.00% | 10.85% | ||||||||||||||||||||||||||
2022 |
646 | $22.42 | $53.92 | $ | 15,277 | 0.10% | 0.25% | 1.20% | (27.65% | ) | (27.76% | ) | ||||||||||||||||||||||||
2021 |
741 | $30.99 | $74.64 | $ | 24,214 | 0.10% | 0.25% | 1.23% | 38.78% | 38.57% | ||||||||||||||||||||||||||
2020 |
582 | $22.33 | $53.86 | $ | 13,974 | 0.10% | 0.25% | 2.03% | (6.70% | ) | (6.85% | ) | ||||||||||||||||||||||||
2019 |
680 | $23.93 | $57.82 | $ | 17,456 | 0.10% | 0.25% | 1.72% | 23.02% | 22.84% | ||||||||||||||||||||||||||
VIP - Strategic Income Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
172 | $22.68 | $21.80 | $ | 3,875 | 0.80% | 1.00% | 4.35% | 8.56% | 8.33% | ||||||||||||||||||||||||||
2022 |
189 | $20.89 | $20.12 | $ | 3,919 | 0.80% | 1.00% | 3.41% | (11.98% | ) | (12.15% | ) | ||||||||||||||||||||||||
2021 |
223 | $23.73 | $22.90 | $ | 5,266 | 0.80% | 1.00% | 2.59% | 2.91% | 2.70% | ||||||||||||||||||||||||||
2020 |
233 | $23.06 | $22.30 | $ | 5,343 | 0.80% | 1.00% | 3.22% | 6.65% | 6.44% | ||||||||||||||||||||||||||
2019 |
256 | $21.62 | $20.95 | $ | 5,493 | 0.80% | 1.00% | 3.01% | 10.00% | 9.78% | ||||||||||||||||||||||||||
VIP - Strategic Income Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
2,619 | $16.26 | $23.34 | $ | 49,480 | 0.10% | 0.25% | 4.18% | 9.29% | 9.14% | ||||||||||||||||||||||||||
2022 |
3,103 | $14.88 | $21.38 | $ | 53,511 | 0.10% | 0.25% | 3.54% | (11.40% | ) | (11.56% | ) | ||||||||||||||||||||||||
2021 |
3,456 | $16.80 | $24.18 | $ | 67,303 | 0.10% | 0.25% | 2.61% | 3.62% | 3.46% | ||||||||||||||||||||||||||
2020 |
3,396 | $16.21 | $23.37 | $ | 65,259 | 0.10% | 0.25% | 3.11% | 7.40% | 7.24% | ||||||||||||||||||||||||||
2019 |
4,116 | $15.09 | $21.79 | $ | 73,540 | 0.10% | 0.25% | 3.34% | 10.78% | 10.62% |
68 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values - continued
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
VIP - International Capital Appreciation Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
63 | $29.84 | $28.75 | $ | 1,885 | 0.80% | 1.00% | 0.38% | 26.51% | 26.21% | ||||||||||||||||||||||||||
2022 |
76 | $23.59 | $22.78 | $ | 1,787 | 0.80% | 1.00% | 0.26% | (27.00% | ) | (27.12% | ) | ||||||||||||||||||||||||
2021 |
85 | $32.31 | $31.26 | $ | 2,742 | 0.80% | 1.00% | — | 11.44% | 11.22% | ||||||||||||||||||||||||||
2020 |
92 | $29.00 | $28.10 | $ | 2,683 | 0.80% | 1.00% | 0.32% | 21.26% | 21.01% | ||||||||||||||||||||||||||
2019 |
94 | $23.91 | $23.22 | $ | 2,254 | 0.80% | 1.00% | 0.54% | 32.26% | 32.00% | ||||||||||||||||||||||||||
VIP - International Capital Appreciation Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
1,042 | $32.80 | $61.86 | $ | 33,916 | 0.10% | 0.25% | 0.30% | 27.27% | 27.10% | ||||||||||||||||||||||||||
2022 |
1,077 | $25.77 | $48.67 | $ | 27,633 | 0.10% | 0.25% | 0.18% | (26.51% | ) | (26.63% | ) | ||||||||||||||||||||||||
2021 |
1,165 | $35.07 | $66.34 | $ | 40,668 | 0.10% | 0.25% | — | 12.13% | 11.96% | ||||||||||||||||||||||||||
2020 |
1,168 | $31.27 | $59.25 | $ | 36,305 | 0.10% | 0.25% | 0.27% | 22.02% | 21.83% | ||||||||||||||||||||||||||
2019 |
1,157 | $25.63 | $48.63 | $ | 29,593 | 0.10% | 0.25% | 0.46% | 33.02% | 32.82% | ||||||||||||||||||||||||||
VIP - Value Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
56 | $39.28 | $37.84 | $ | 2,168 | 0.80% | 1.00% | 1.09% | 18.84% | 18.58% | ||||||||||||||||||||||||||
2022 |
83 | $33.05 | $31.91 | $ | 2,724 | 0.80% | 1.00% | 1.29% | (4.89% | ) | -5.06% | |||||||||||||||||||||||||
2021 |
71 | $34.75 | $33.61 | $ | 2,429 | 0.80% | 1.00% | 1.63% | 29.11% | 28.85% | ||||||||||||||||||||||||||
2020 |
72 | $26.91 | $26.08 | $ | 1,929 | 0.80% | 1.00% | 1.45% | 5.41% | 5.19% | ||||||||||||||||||||||||||
2019 |
89 | $25.53 | $24.80 | $ | 2,259 | 0.80% | 1.00% | 1.75% | 31.07% | 30.81% | ||||||||||||||||||||||||||
VIP - Value Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
616 | $46.15 | $79.79 | $ | 27,480 | 0.10% | 0.25% | 1.14% | 19.56% | 19.39% | ||||||||||||||||||||||||||
2022 |
741 | $38.60 | $66.83 | $ | 27,883 | 0.10% | 0.25% | 1.28% | (4.22% | ) | (4.37% | ) | ||||||||||||||||||||||||
2021 |
617 | $40.30 | $69.89 | $ | 24,153 | 0.10% | 0.25% | 1.68% | 29.85% | 29.66% | ||||||||||||||||||||||||||
2020 |
520 | $31.04 | $53.90 | $ | 15,689 | 0.10% | 0.25% | 1.43% | 6.09% | 5.93% | ||||||||||||||||||||||||||
2019 |
593 | $29.25 | $50.88 | $ | 17,039 | 0.10% | 0.25% | 1.75% | 31.88% | 31.68% | ||||||||||||||||||||||||||
VIP - Freedom Income Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
44 | $17.73 | $17.73 | $ | 779 | 0.80% | 0.80% | 3.97% | 7.07% | 7.07% | ||||||||||||||||||||||||||
2022 |
52 | $16.56 | 16.56 | $ | 862 | 0.80% | 0.80% | 2.29% | (12.76% | ) | (12.76% | ) | ||||||||||||||||||||||||
2021 |
55 | $18.98 | 18.98 | $ | 1,052 | 0.80% | 0.80% | 1.07% | 2.52% | 2.52% | ||||||||||||||||||||||||||
2020 |
50 | $18.52 | $18.52 | $ | 923 | 0.80% | 0.80% | 1.17% | 9.59% | 9.59% | ||||||||||||||||||||||||||
2019 |
62 | $16.90 | $16.90 | $ | 1,049 | 0.80% | 0.80% | 2.10% | 11.05% | 11.05% | ||||||||||||||||||||||||||
VIP - Investor Freedom Income Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
154 | $16.25 | $19.75 | $ | 2,825 | 0.10% | 0.25% | 4.31% | 7.74% | 7.62% | ||||||||||||||||||||||||||
2022 |
183 | $15.08 | $18.35 | $ | 3,107 | 0.10% | 0.25% | 2.06% | (12.09% | ) | (12.26% | ) | ||||||||||||||||||||||||
2021 |
272 | $17.15 | $20.91 | $ | 5,317 | 0.10% | 0.25% | 1.14% | 3.18% | 3.03% | ||||||||||||||||||||||||||
2020 |
267 | $16.63 | $20.30 | $ | 5,013 | 0.10% | 0.25% | 1.26% | 10.29% | 10.12% | ||||||||||||||||||||||||||
2019 |
291 | $15.07 | $18.43 | $ | 4,757 | 0.10% | 0.25% | 2.34% | 11.91% | 11.74% | ||||||||||||||||||||||||||
VIP - Freedom 2005 Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
28 | $19.93 | $19.93 | $ | 565 | 0.80% | 0.80% | 4.28% | 7.17% | 7.17% | ||||||||||||||||||||||||||
2022 |
41 | $18.60 | $18.60 | $ | 763 | 0.80% | 0.80% | 2.29% | (13.09% | ) | (13.09% | ) | ||||||||||||||||||||||||
2021 |
46 | $21.40 | $21.40 | $ | 988 | 0.80% | 0.80% | 1.09% | 3.26% | 3.26% | ||||||||||||||||||||||||||
2020 |
47 | $20.73 | $20.73 | $ | 977 | 0.80% | 0.80% | 1.31% | 10.36% | 10.36% | ||||||||||||||||||||||||||
2019 |
49 | $18.78 | $18.78 | $ | 913 | 0.80% | 0.80% | 2.26% | 12.90% | 12.90% | ||||||||||||||||||||||||||
VIP - Investor Freedom 2005 Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
96 | $18.72 | $25.23 | $ | 2,007 | 0.10% | 0.25% | 4.39% | 7.81% | 7.63% | ||||||||||||||||||||||||||
2022 |
109 | $17.36 | $23.44 | $ | 2,127 | 0.10% | 0.25% | 2.09% | (12.49% | ) | (12.61% | ) | ||||||||||||||||||||||||
2021 |
125 | $19.84 | $26.82 | $ | 2,779 | 0.10% | 0.25% | 0.81% | 3.99% | 3.83% | ||||||||||||||||||||||||||
2020 |
115 | $19.08 | $25.83 | $ | 2,532 | 0.10% | 0.25% | 1.13% | 10.97% | 10.80% | ||||||||||||||||||||||||||
2019 |
190 | $17.19 | $23.32 | $ | 3,712 | 0.10% | 0.25% | 2.18% | 13.77% | 13.60% | ||||||||||||||||||||||||||
VIP - Freedom 2010 Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
33 | $22.58 | $22.58 | $ | 749 | 0.80% | 0.80% | 3.66% | 8.62% | 8.62% | ||||||||||||||||||||||||||
2022 |
42 | $20.79 | $20.79 | $ | 866 | 0.80% | 0.80% | 2.16% | (14.23% | ) | (14.23% | ) | ||||||||||||||||||||||||
2021 |
43 | $24.24 | $24.24 | $ | 1,044 | 0.80% | 0.80% | 0.96% | 5.04% | 5.04% | ||||||||||||||||||||||||||
2020 |
50 | $23.08 | $23.08 | $ | 1,154 | 0.80% | 0.80% | 1.29% | 11.59% | 11.59% | ||||||||||||||||||||||||||
2019 |
52 | $20.68 | $20.68 | $ | 1,079 | 0.80% | 0.80% | 2.35% | 15.16% | 15.16% | ||||||||||||||||||||||||||
VIP - Investor Freedom 2010 Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
164 | $21.18 | $29.08 | $ | 4,192 | 0.10% | 0.25% | 3.90% | 9.27% | 9.13% | ||||||||||||||||||||||||||
2022 |
219 | $19.38 | $26.65 | $ | 5,002 | 0.10% | 0.25% | 2.13% | (13.57% | ) | (13.72% | ) | ||||||||||||||||||||||||
2021 |
237 | $22.42 | $30.89 | $ | 6,273 | 0.10% | 0.25% | 1.06% | 5.70% | 5.54% | ||||||||||||||||||||||||||
2020 |
221 | $21.21 | $29.27 | $ | 5,550 | 0.10% | 0.25% | 1.37% | 12.29% | 12.12% | ||||||||||||||||||||||||||
2019 |
235 | $18.89 | $26.10 | $ | 5,211 | 0.10% | 0.25% | 2.16% | 15.99% | 15.81% |
69 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values - continued
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Freedom 2015 Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
40 | $24.52 | $24.52 | $ | 988 | 0.80% | 0.80% | 3.65% | 10.07% | 10.07% | ||||||||||||||||||||||||||
2022 |
46 | $22.28 | $22.28 | $ | 1,024 | 0.80% | 0.80% | 2.17% | (15.28% | ) | (15.28% | ) | ||||||||||||||||||||||||
2021 |
48 | $26.30 | $26.30 | $ | 1,267 | 0.80% | 0.80% | 1.08% | 6.83% | 6.83% | ||||||||||||||||||||||||||
2020 |
52 | $24.62 | $24.62 | $ | 1,281 | 0.80% | 0.80% | 1.30% | 12.93% | 12.93% | ||||||||||||||||||||||||||
2019 |
54 | $21.80 | $21.80 | $ | 1,184 | 0.80% | 0.80% | 1.94% | 17.31% | 17.31% | ||||||||||||||||||||||||||
VIP - Investor Freedom 2015 Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
380 | $22.79 | $31.69 | $ | 9,457 | 0.10% | 0.25% | 3.62% | 10.86% | 10.68% | ||||||||||||||||||||||||||
2022 |
415 | $20.56 | $28.63 | $ | 9,371 | 0.10% | 0.25% | 2.09% | (14.76% | ) | (14.87% | ) | ||||||||||||||||||||||||
2021 |
358 | $24.12 | $33.63 | $ | 9,637 | 0.10% | 0.25% | 1.01% | 7.53% | 7.37% | ||||||||||||||||||||||||||
2020 |
352 | $22.43 | $31.32 | $ | 9,329 | 0.10% | 0.25% | 1.32% | 13.59% | 13.42% | ||||||||||||||||||||||||||
2019 |
348 | $19.75 | $27.62 | $ | 8,176 | 0.10% | 0.25% | 2.12% | 18.12% | 17.94% | ||||||||||||||||||||||||||
VIP - Freedom 2020 Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
51 | $25.94 | $25.94 | $ | 1,326 | 0.80% | 0.80% | 3.10% | 11.51% | 11.51% | ||||||||||||||||||||||||||
2022 |
83 | $23.26 | $23.26 | $ | 1,929 | 0.80% | 0.80% | 2.18% | (16.36% | ) | (16.36% | ) | ||||||||||||||||||||||||
2021 |
100 | $27.81 | $27.81 | $ | 2,791 | 0.80% | 0.80% | 1.14% | 8.60% | 8.60% | ||||||||||||||||||||||||||
2020 |
102 | $25.61 | $25.61 | $ | 2,606 | 0.80% | 0.80% | 1.26% | 14.14% | 14.14% | ||||||||||||||||||||||||||
2019 |
117 | $22.44 | $22.44 | $ | 2,630 | 0.80% | 0.80% | 1.94% | 19.17% | 19.17% | ||||||||||||||||||||||||||
VIP - Investor Freedom 2020 Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
552 | $24.81 | $35.84 | $ | 15,057 | 0.10% | 0.25% | 3.07% | 12.30% | 12.12% | ||||||||||||||||||||||||||
2022 |
639 | $22.09 | $31.97 | $ | 15,606 | 0.10% | 0.25% | 2.04% | (15.93% | ) | (16.03% | ) | ||||||||||||||||||||||||
2021 |
730 | $26.27 | $38.08 | $ | 21,149 | 0.10% | 0.25% | 0.95% | 9.43% | 9.26% | ||||||||||||||||||||||||||
2020 |
882 | $24.01 | $34.85 | $ | 23,227 | 0.10% | 0.25% | 1.10% | 14.84% | 14.67% | ||||||||||||||||||||||||||
2019 |
1,126 | $20.91 | $30.39 | $ | 25,613 | 0.10% | 0.25% | 2.11% | 19.99% | 19.81% | ||||||||||||||||||||||||||
VIP - Freedom 2025 Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
68 | $28.41 | $28.41 | $ | 1,942 | 0.80% | 0.80% | 2.90% | 12.71% | 12.71% | ||||||||||||||||||||||||||
2022 |
69 | $25.21 | $25.21 | $ | 1,751 | 0.80% | 0.80% | 2.01% | (17.09% | ) | (17.09% | ) | ||||||||||||||||||||||||
2021 |
79 | $30.41 | $30.41 | $ | 2,413 | 0.80% | 0.80% | 1.05% | 9.95% | 9.95% | ||||||||||||||||||||||||||
2020 |
79 | $27.66 | $27.66 | $ | 2,185 | 0.80% | 0.80% | 1.22% | 15.02% | 15.02% | ||||||||||||||||||||||||||
2019 |
88 | $24.04 | $24.04 | $ | 2,106 | 0.80% | 0.80% | 2.31% | 20.88% | 20.88% | ||||||||||||||||||||||||||
VIP - Investor Freedom 2025 Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
562 | $27.29 | $39.92 | $ | 16,874 | 0.10% | 0.25% | 2.79% | 13.46% | 13.25% | ||||||||||||||||||||||||||
2022 |
641 | $24.05 | $35.24 | $ | 17,046 | 0.10% | 0.25% | 2.00% | (16.55% | ) | (16.66% | ) | ||||||||||||||||||||||||
2021 |
865 | $28.82 | $42.29 | $ | 27,168 | 0.10% | 0.25% | 1.24% | 10.67% | 10.51% | ||||||||||||||||||||||||||
2020 |
752 | $26.04 | $38.27 | $ | 21,612 | 0.10% | 0.25% | 1.27% | 15.76% | 15.59% | ||||||||||||||||||||||||||
2019 |
735 | $22.49 | $33.11 | $ | 18,513 | 0.10% | 0.25% | 2.12% | 21.61% | 21.43% | ||||||||||||||||||||||||||
VIP - Freedom 2030 Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
49 | $29.89 | $29.89 | $ | 1,476 | 0.80% | 0.80% | 2.55% | 13.77% | 13.77% | ||||||||||||||||||||||||||
2022 |
51 | $26.27 | $26.27 | $ | 1,334 | 0.80% | 0.80% | 2.00% | (17.53% | ) | (17.53% | ) | ||||||||||||||||||||||||
2021 |
49 | $31.85 | $31.85 | $ | 1,564 | 0.80% | 0.80% | 1.13% | 11.47% | 11.47% | ||||||||||||||||||||||||||
2020 |
46 | $28.57 | $28.57 | $ | 1,304 | 0.80% | 0.80% | 1.09% | 15.95% | 15.95% | ||||||||||||||||||||||||||
2019 |
71 | $24.64 | $24.64 | $ | 1,750 | 0.80% | 0.80% | 2.01% | 23.43% | 23.43% | ||||||||||||||||||||||||||
VIP - Investor Freedom 2030 Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
746 | $29.65 | $44.14 | $ | 23,688 | 0.10% | 0.25% | 2.52% | 14.54% | 14.37% | ||||||||||||||||||||||||||
2022 |
768 | $25.89 | $38.60 | $ | 21,357 | 0.10% | 0.25% | 1.93% | (17.00% | ) | (17.13% | ) | ||||||||||||||||||||||||
2021 |
728 | $31.19 | $46.58 | $ | 24,250 | 0.10% | 0.25% | 1.08% | 12.14% | 11.97% | ||||||||||||||||||||||||||
2020 |
682 | $27.82 | $41.60 | $ | 20,180 | 0.10% | 0.25% | 1.22% | 16.70% | 16.53% | ||||||||||||||||||||||||||
2019 |
669 | $23.84 | $35.70 | $ | 16,987 | 0.10% | 0.25% | 1.87% | 24.30% | 24.11% | ||||||||||||||||||||||||||
VIP - Freedom 2035 Initial Class (7) |
| |||||||||||||||||||||||||||||||||||
2023 |
— | $— | $— | $ | 2 | 0.80% | 0.80% | — | — | — | ||||||||||||||||||||||||||
2022 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2021 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2020 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2019 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
VIP - Investor Freedom 2035 Investor Class (7) |
| |||||||||||||||||||||||||||||||||||
2023 |
31 | $10.88 | $10.88 | $ | 333 | 0.25% | 0.25% | 6.56% | — | — | ||||||||||||||||||||||||||
2022 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2021 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2020 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2019 |
— | $— | $— | $ | — | — | — | — | — | — |
70 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values - continued
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Freedom 2040 Initial Class (7) |
| |||||||||||||||||||||||||||||||||||
2023 |
— | $10.96 | $10.96 | $ | 2 | 0.80% | 0.80% | — | — | — | ||||||||||||||||||||||||||
2022 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2021 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2020 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2019 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
VIP - Investor Freedom 2040 Investor Class (7) |
| |||||||||||||||||||||||||||||||||||
2023 |
61 | $11.02 | $11.00 | $ | 670 | 0.10% | 0.25% | 3.23% | — | — | ||||||||||||||||||||||||||
2022 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2021 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2020 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2019 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
VIP - Freedom 2045 Initial Class (7) |
| |||||||||||||||||||||||||||||||||||
2023 |
— | $10.99 | $10.99 | $ | 2 | 0.80% | 0.80% | — | — | — | ||||||||||||||||||||||||||
2022 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2021 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2020 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2019 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
VIP - Investor Freedom 2045 Investor Class (7) |
| |||||||||||||||||||||||||||||||||||
2023 |
— | $11.03 | $11.03 | $ | 3 | 0.25% | 0.25% | 2.28% | — | — | ||||||||||||||||||||||||||
2022 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2021 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2020 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2019 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
VIP - Freedom 2050 Initial Class (7) |
| |||||||||||||||||||||||||||||||||||
2023 |
— | $— | $— | $ | 2 | 0.80% | 0.80% | — | — | — | ||||||||||||||||||||||||||
2022 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2021 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2020 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2019 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
VIP - Freedom Lifetime Income I Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
57 | $19.64 | $19.64 | $ | 1,117 | 0.60% | 0.60% | 4.31% | 7.25% | 7.25% | ||||||||||||||||||||||||||
2022 |
62 | $18.31 | $18.31 | $ | 1,132 | 0.60% | 0.60% | 2.23% | (12.54% | ) | (12.54% | ) | ||||||||||||||||||||||||
2021 |
73 | $20.94 | $20.94 | $ | 1,524 | 0.60% | 0.60% | 1.01% | 2.64% | 2.64% | ||||||||||||||||||||||||||
2020 |
79 | $20.40 | $20.40 | $ | 1,607 | 0.60% | 0.60% | 1.32% | 9.78% | 9.78% | ||||||||||||||||||||||||||
2019 |
86 | $18.58 | $18.58 | $ | 1,593 | 0.60% | 0.60% | 2.17% | 11.61% | 11.61% | ||||||||||||||||||||||||||
VIP - Freedom Lifetime Income II Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
38 | $23.12 | $23.12 | $ | 883 | 0.60% | 0.60% | 3.83% | 9.14% | 9.14% | ||||||||||||||||||||||||||
2022 |
41 | $21.18 | $21.18 | $ | 869 | 0.60% | 0.60% | 2.15% | (14.34% | ) | (14.34% | ) | ||||||||||||||||||||||||
2021 |
44 | $24.73 | $24.73 | $ | 1,088 | 0.60% | 0.60% | 1.05% | 5.63% | 5.63% | ||||||||||||||||||||||||||
2020 |
47 | $23.41 | $23.41 | $ | 1,104 | 0.60% | 0.60% | 1.33% | 12.10% | 12.10% | ||||||||||||||||||||||||||
2019 |
50 | $20.88 | $20.88 | $ | 1,054 | 0.60% | 0.60% | 2.12% | 15.88% | 15.88% | ||||||||||||||||||||||||||
VIP - Freedom Lifetime Income III Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
83 | $27.40 | $27.40 | $ | 2,277 | 0.60% | 0.60% | 3.07% | 12.05% | 12.05% | ||||||||||||||||||||||||||
2022 |
88 | $24.45 | $24.45 | $ | 2,151 | 0.60% | 0.60% | 2.02% | (16.54% | ) | (16.54% | ) | ||||||||||||||||||||||||
2021 |
93 | $29.30 | $29.30 | $ | 2,729 | 0.60% | 0.60% | 1.06% | 9.12% | 9.12% | ||||||||||||||||||||||||||
2020 |
99 | $26.85 | $26.85 | $ | 2,647 | 0.60% | 0.60% | 1.27% | 14.54% | 14.54% | ||||||||||||||||||||||||||
2019 |
104 | $23.44 | $23.44 | $ | 2,445 | 0.60% | 0.60% | 2.02% | 19.72% | 19.72% | ||||||||||||||||||||||||||
VIP - Disciplined Small Cap Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
50 | $29.28 | $28.25 | $ | 1,462 | 0.80% | 1.00% | 1.02% | 20.00% | 19.77% | ||||||||||||||||||||||||||
2022 |
43 | $24.40 | $23.59 | $ | 1,049 | 0.80% | 1.00% | 0.81% | (18.89% | ) | (19.06% | ) | ||||||||||||||||||||||||
2021 |
55 | $30.08 | $29.15 | $ | 1,626 | 0.80% | 1.00% | 0.39% | 19.69% | 19.45% | ||||||||||||||||||||||||||
2020 |
54 | $25.13 | $24.40 | $ | 1,354 | 0.80% | 1.00% | 0.80% | 17.50% | 17.27% | ||||||||||||||||||||||||||
2019 |
72 | $21.39 | $20.81 | $ | 1,546 | 0.80% | 1.00% | 1.02% | 22.72% | 22.47% | ||||||||||||||||||||||||||
VIP - Disciplined Small Cap Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
744 | $40.50 | $59.03 | $ | 27,950 | 0.10% | 0.25% | 0.96% | 20.71% | 20.55% | ||||||||||||||||||||||||||
2022 |
739 | $33.55 | $48.97 | $ | 23,041 | 0.10% | 0.25% | 0.78% | (18.36% | ) | (18.49% | ) | ||||||||||||||||||||||||
2021 |
760 | $41.10 | $60.08 | $ | 29,070 | 0.10% | 0.25% | 0.32% | 20.50% | 20.32% | ||||||||||||||||||||||||||
2020 |
727 | $34.11 | $49.94 | $ | 22,784 | 0.10% | 0.25% | 0.75% | 18.21% | 18.03% | ||||||||||||||||||||||||||
2019 |
838 | $28.85 | $42.31 | $ | 22,441 | 0.10% | 0.25% | 0.97% | 23.43% | 23.24% |
71 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values - continued
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
VIP - FundsManager 20% Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
2,988 | $15.98 | $15.78 | $ | 51,612 | 0.10% | 1.00% | 3.39% | 8.04% | 7.06% | ||||||||||||||||||||||||||
2022 |
3,812 | $14.79 | $14.74 | $ | 61,083 | 0.10% | 1.00% | 2.24% | (9.68% | ) | (10.49% | ) | ||||||||||||||||||||||||
2021 |
4,257 | $16.38 | $16.47 | $ | 75,816 | 0.10% | 1.00% | 1.06% | 3.55% | 2.62% | ||||||||||||||||||||||||||
2020 |
3,857 | $15.81 | $16.05 | $ | 66,914 | 0.10% | 1.00% | 1.12% | 8.10% | 7.12% | ||||||||||||||||||||||||||
2019 |
4,248 | $14.63 | $14.98 | $ | 67,736 | 0.10% | 1.00% | 2.00% | 10.29% | 9.30% | ||||||||||||||||||||||||||
VIP - FundsManager 40% Investor Class (7) |
| |||||||||||||||||||||||||||||||||||
2023 |
108 | $10.59 | $10.55 | $ | 1,145 | 0.25% | 0.80% | 4.09% | — | — | ||||||||||||||||||||||||||
2022 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2021 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2020 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
2019 |
— | $— | $— | $ | — | — | — | — | — | — | ||||||||||||||||||||||||||
VIP - FundsManager 50% Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
6,084 | $23.19 | $21.12 | $ | 144,773 | 0.10% | 1.00% | 2.51% | 12.83% | 11.82% | ||||||||||||||||||||||||||
2022 |
6,677 | $20.55 | $18.89 | $ | 141,775 | 0.10% | 1.00% | 1.97% | (14.01% | ) | (14.78% | ) | ||||||||||||||||||||||||
2021 |
7,299 | $23.90 | $22.17 | $ | 180,611 | 0.10% | 1.00% | 1.15% | 9.91% | 8.92% | ||||||||||||||||||||||||||
2020 |
7,014 | $21.74 | $20.35 | $ | 158,401 | 0.10% | 1.00% | 1.17% | 13.87% | 12.84% | ||||||||||||||||||||||||||
2019 |
7,057 | $19.10 | $18.04 | $ | 140,954 | 0.10% | 1.00% | 1.71% | 17.77% | 16.71% | ||||||||||||||||||||||||||
VIP - FundsManager 60% Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
7,338 | $26.08 | $29.65 | $ | 178,862 | 0.10% | 1.40% | 2.34% | 14.05% | 12.58% | ||||||||||||||||||||||||||
2022 |
7,810 | $22.87 | $26.34 | $ | 167,041 | 0.10% | 1.40% | 1.76% | (15.14% | ) | (16.25% | ) | ||||||||||||||||||||||||
2021 |
8,498 | $26.95 | $31.45 | $ | 214,965 | 0.10% | 1.40% | 1.13% | 12.23% | 10.77% | ||||||||||||||||||||||||||
2020 |
8,313 | $24.01 | $28.39 | $ | 187,611 | 0.10% | 1.40% | 1.08% | 15.01% | 13.51% | ||||||||||||||||||||||||||
2019 |
8,474 | $20.88 | $25.01 | $ | 166,765 | 0.10% | 1.40% | 1.53% | 20.37% | 18.80% | ||||||||||||||||||||||||||
VIP - FundsManager 70% Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
5,248 | $29.02 | $24.32 | $ | 149,468 | 0.10% | 1.00% | 2.08% | 15.61% | 14.58% | ||||||||||||||||||||||||||
2022 |
5,206 | $25.10 | $21.23 | $ | 128,432 | 0.10% | 1.00% | 1.64% | (15.75% | ) | (16.51% | ) | ||||||||||||||||||||||||
2021 |
5,180 | $29.79 | $25.43 | $ | 151,819 | 0.10% | 1.00% | 1.06% | 14.41% | 13.38% | ||||||||||||||||||||||||||
2020 |
4,799 | $26.04 | $22.43 | $ | 122,970 | 0.10% | 1.00% | 0.95% | 15.98% | 14.93% | ||||||||||||||||||||||||||
2019 |
5,004 | $22.45 | $19.51 | $ | 110,341 | 0.10% | 1.00% | 1.37% | 22.54% | 21.44% | ||||||||||||||||||||||||||
VIP - FundsManager 85% Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
2,016 | $33.57 | $26.53 | $ | 65,344 | 0.10% | 1.00% | 1.60% | 17.55% | 16.51% | ||||||||||||||||||||||||||
2022 |
2,109 | $28.56 | $22.77 | $ | 57,893 | 0.10% | 1.00% | 1.12% | (17.15% | ) | (17.90% | ) | ||||||||||||||||||||||||
2021 |
2,048 | $34.47 | $27.74 | $ | 67,739 | 0.10% | 1.00% | 0.97% | 17.71% | 16.65% | ||||||||||||||||||||||||||
2020 |
2,142 | $29.29 | $23.78 | $ | 60,065 | 0.10% | 1.00% | 0.85% | 17.34% | 16.28% | ||||||||||||||||||||||||||
2019 |
1,983 | $24.96 | $20.45 | $ | 47,706 | 0.10% | 1.00% | 1.15% | 26.08% | 24.95% | ||||||||||||||||||||||||||
VIP - Consumer Staples Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
31 | $35.48 | $34.31 | $ | 1,096 | 0.80% | 1.00% | 2.01% | 2.31% | 2.11% | ||||||||||||||||||||||||||
2022 |
36 | $34.68 | $33.60 | $ | 1,256 | 0.80% | 1.00% | 1.85% | (1.41% | ) | (1.61% | ) | ||||||||||||||||||||||||
2021 |
29 | $35.17 | $34.15 | $ | 1,040 | 0.80% | 1.00% | 1.79% | 13.33% | 13.10% | ||||||||||||||||||||||||||
2020 |
37 | $31.04 | $30.19 | $ | 1,142 | 0.80% | 1.00% | 1.95% | 10.88% | 10.66% | ||||||||||||||||||||||||||
2019 |
42 | $27.99 | $27.29 | $ | 1,153 | 0.80% | 1.00% | 1.99% | 30.81% | 30.54% | ||||||||||||||||||||||||||
VIP - Consumer Staples Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
499 | $36.41 | $48.06 | $ | 18,697 | 0.10% | 0.25% | 1.84% | 2.97% | 2.83% | ||||||||||||||||||||||||||
2022 |
560 | $35.36 | $46.74 | $ | 20,389 | 0.10% | 0.25% | 1.71% | (0.78% | ) | (0.94% | ) | ||||||||||||||||||||||||
2021 |
508 | $35.64 | $47.18 | $ | 18,702 | 0.10% | 0.25% | 1.83% | 13.99% | 13.82% | ||||||||||||||||||||||||||
2020 |
561 | $31.26 | $41.46 | $ | 18,217 | 0.10% | 0.25% | 1.80% | 11.65% | 11.48% | ||||||||||||||||||||||||||
2019 |
657 | $28.00 | $37.18 | $ | 19,048 | 0.10% | 0.25% | 1.91% | 31.65% | 31.45% | ||||||||||||||||||||||||||
VIP - Materials Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
48 | $28.83 | $27.88 | $ | 1,364 | 0.80% | 1.00% | 1.34% | 6.73% | 6.52% | ||||||||||||||||||||||||||
2022 |
56 | $27.01 | $26.17 | $ | 1,495 | 0.80% | 1.00% | 1.14% | (10.50% | ) | (10.69% | ) | ||||||||||||||||||||||||
2021 |
45 | $30.18 | $29.30 | $ | 1,355 | 0.80% | 1.00% | 0.76% | 32.36% | 32.09% | ||||||||||||||||||||||||||
2020 |
26 | $22.80 | $22.80 | $ | 603 | 0.80% | 0.80% | 0.74% | 20.52% | 20.52% | ||||||||||||||||||||||||||
2019 |
30 | $18.92 | $18.92 | $ | 566 | 0.80% | 0.80% | 1.54% | 12.49% | 12.49% | ||||||||||||||||||||||||||
VIP - Materials Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
198 | $29.34 | $63.25 | $ | 6,277 | 0.10% | 0.25% | 1.16% | 7.46% | 7.31% | ||||||||||||||||||||||||||
2022 |
264 | $27.30 | $58.94 | $ | 7,725 | 0.10% | 0.25% | 1.08% | (10.00% | ) | (10.13% | ) | ||||||||||||||||||||||||
2021 |
221 | $30.33 | $65.59 | $ | 7,352 | 0.10% | 0.25% | 0.57% | 33.26% | 33.06% | ||||||||||||||||||||||||||
2020 |
153 | $22.76 | $49.29 | $ | 3,786 | 0.10% | 0.25% | 0.77% | 21.33% | 21.15% | ||||||||||||||||||||||||||
2019 |
151 | $18.76 | $40.68 | $ | 3,088 | 0.10% | 0.25% | 1.24% | 13.09% | 12.92% |
72 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values - continued
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
VIP - Communication Services Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
128 | $29.02 | $28.07 | $ | 3,702 | 0.80% | 1.00% | — | 56.13% | 55.83% | ||||||||||||||||||||||||||
2022 |
56 | $18.59 | $18.01 | $ | 1,049 | 0.80% | 1.00% | — | (38.63% | ) | (38.76% | ) | ||||||||||||||||||||||||
2021 |
72 | $30.29 | $29.41 | $ | 2,196 | 0.80% | 1.00% | — | 14.72% | 14.49% | ||||||||||||||||||||||||||
2020 |
55 | $26.40 | $25.68 | $ | 1,455 | 0.80% | 1.00% | — | 34.51% | 34.24% | ||||||||||||||||||||||||||
2019 |
54 | $19.63 | $19.13 | $ | 1,062 | 0.80% | 1.00% | 0.06% | 31.92% | 31.65% | ||||||||||||||||||||||||||
VIP - Communication Services Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
380 | $40.78 | $76.20 | $ | 14,205 | 0.10% | 0.25% | — | 57.10% | 56.84% | ||||||||||||||||||||||||||
2022 |
255 | $25.96 | $48.58 | $ | 6,062 | 0.10% | 0.25% | — | (38.24% | ) | (38.32% | ) | ||||||||||||||||||||||||
2021 |
300 | $42.03 | $78.76 | $ | 11,694 | 0.10% | 0.25% | — | 15.48% | 15.31% | ||||||||||||||||||||||||||
2020 |
280 | $36.40 | $68.31 | $ | 9,422 | 0.10% | 0.25% | — | 35.26% | 35.06% | ||||||||||||||||||||||||||
2019 |
223 | $26.91 | $50.57 | $ | 5,399 | 0.10% | 0.25% | 0.04% | 32.82% | 32.62% | ||||||||||||||||||||||||||
VIP - Emerging Markets Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
47 | $12.66 | $12.26 | $ | 595 | 0.80% | 1.00% | 2.28% | 8.82% | 8.61% | ||||||||||||||||||||||||||
2022 |
47 | $11.63 | $11.29 | $ | 547 | 0.80% | 1.00% | 1.81% | (20.77% | ) | (20.94% | ) | ||||||||||||||||||||||||
2021 |
48 | $14.68 | $14.28 | $ | 702 | 0.80% | 1.00% | 1.84% | (3.02% | ) | (3.22% | ) | ||||||||||||||||||||||||
2020 |
51 | $15.14 | $14.75 | $ | 771 | 0.80% | 1.00% | 0.90% | 30.21% | 29.95% | ||||||||||||||||||||||||||
2019 |
283 | $11.62 | $11.35 | $ | 3,301 | 0.80% | 1.00% | 1.55% | 28.42% | 28.17% | ||||||||||||||||||||||||||
VIP - Emerging Markets Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
805 | $17.68 | $36.38 | $ | 13,535 | 0.10% | 0.25% | 2.12% | 9.50% | 9.30% | ||||||||||||||||||||||||||
2022 |
818 | $16.15 | $33.28 | $ | 12,545 | 0.10% | 0.25% | 1.69% | (20.27% | ) | (20.39% | ) | ||||||||||||||||||||||||
2021 |
789 | $20.26 | $41.80 | $ | 15,195 | 0.10% | 0.25% | 1.84% | (2.37% | ) | (2.52% | ) | ||||||||||||||||||||||||
2020 |
981 | $20.75 | $42.88 | $ | 19,376 | 0.10% | 0.25% | 0.96% | 31.03% | 30.83% | ||||||||||||||||||||||||||
2019 |
844 | $15.84 | $32.78 | $ | 12,550 | 0.10% | 0.25% | 1.36% | 29.25% | 29.06% | ||||||||||||||||||||||||||
VIP - Floating Rate High Income Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
134 | $13.67 | $13.41 | $ | 1,834 | 0.80% | 1.00% | 5.64% | 11.32% | 11.07% | ||||||||||||||||||||||||||
2022 |
198 | $12.28 | $12.07 | $ | 2,443 | 0.80% | 1.00% | 5.06% | (1.34% | ) | (1.52% | ) | ||||||||||||||||||||||||
2021 |
93 | $12.45 | $12.26 | $ | 1,153 | 0.80% | 1.00% | 2.86% | 4.36% | 4.15% | ||||||||||||||||||||||||||
2020 |
73 | $11.93 | $11.77 | $ | 870 | 0.80% | 1.00% | 5.69% | 2.00% | 1.79% | ||||||||||||||||||||||||||
2019 |
58 | $11.69 | $11.56 | $ | 673 | 0.80% | 1.00% | 4.53% | 7.92% | 7.70% | ||||||||||||||||||||||||||
VIP - Floating Rate High Income Investor Class |
| |||||||||||||||||||||||||||||||||||
2023 |
2,036 | $14.59 | $14.38 | $ | 29,537 | 0.10% | 0.25% | 7.29% | 12.15% | 11.99% | ||||||||||||||||||||||||||
2022 |
1,973 | $13.01 | $12.84 | $ | 25,553 | 0.10% | 0.25% | 4.19% | (0.68% | ) | (0.85% | ) | ||||||||||||||||||||||||
2021 |
1,971 | $13.10 | $12.95 | $ | 25,709 | 0.10% | 0.25% | 2.99% | 4.97% | 4.82% | ||||||||||||||||||||||||||
2020 |
1,329 | $12.48 | $12.35 | $ | 16,515 | 0.10% | 0.25% | 4.47% | 2.68% | 2.53% | ||||||||||||||||||||||||||
2019 |
2,637 | $12.15 | $12.05 | $ | 31,956 | 0.10% | 0.25% | 5.11% | 8.77% | 8.61% | ||||||||||||||||||||||||||
VIP - Bond Index Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
2,729 | $10.61 | $10.09 | $ | 28,838 | 0.10% | 1.00% | 2.51% | 5.39% | 4.47% | ||||||||||||||||||||||||||
2022 |
2,506 | $10.07 | $9.66 | $ | 25,136 | 0.10% | 1.00% | 1.80% | (13.30% | ) | (14.10% | ) | ||||||||||||||||||||||||
2021 |
2,322 | $11.61 | $11.25 | $ | 26,880 | 0.10% | 1.00% | 0.96% | (2.05% | ) | (2.93% | ) | ||||||||||||||||||||||||
2020 |
2,525 | $11.86 | $11.59 | $ | 29,835 | 0.10% | 1.00% | 0.97% | 7.42% | 6.45% | ||||||||||||||||||||||||||
2019 |
1,429 | $11.04 | $10.88 | $ | 15,757 | 0.10% | 1.00% | 2.38% | 8.27% | 7.30% | ||||||||||||||||||||||||||
VIP - Total Market Index Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
2,346 | $18.05 | $17.16 | $ | 42,089 | 0.10% | 1.00% | 1.10% | 25.94% | 24.81% | ||||||||||||||||||||||||||
2022 |
2,338 | $14.33 | $13.75 | $ | 33,370 | 0.10% | 1.00% | 1.45% | (19.30% | ) | (20.02% | ) | ||||||||||||||||||||||||
2021 |
1,924 | $17.76 | $17.19 | $ | 34,042 | 0.10% | 1.00% | 1.23% | 25.56% | 24.43% | ||||||||||||||||||||||||||
2020 |
1,114 | $14.14 | $13.82 | $ | 15,703 | 0.10% | 1.00% | 1.59% | 20.18% | 19.09% | ||||||||||||||||||||||||||
2019 |
1,014 | $11.77 | $11.60 | $ | 11,908 | 0.10% | 1.00% | 1.63% | 30.57% | 29.39% | ||||||||||||||||||||||||||
VIP - Extended Market Index Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
540 | $14.35 | $13.65 | $ | 7,708 | 0.10% | 1.00% | 1.66% | 17.35% | 16.27% | ||||||||||||||||||||||||||
2022 |
646 | $12.23 | $11.74 | $ | 7,867 | 0.10% | 1.00% | 1.57% | (18.23% | ) | (18.93% | ) | ||||||||||||||||||||||||
2021 |
487 | $14.96 | 14.48 | $ | 7,252 | 0.10% | 1.00% | 1.17% | 21.12% | 20.03% | ||||||||||||||||||||||||||
2020 |
414 | $12.35 | $12.06 | $ | 5,105 | 0.10% | 1.00% | 1.21% | 16.34% | 15.29% | ||||||||||||||||||||||||||
2019 |
518 | $10.61 | $10.46 | $ | 5,481 | 0.10% | 1.00% | 1.70% | 25.76% | 24.62% | ||||||||||||||||||||||||||
VIP - International Index Initial Class |
| |||||||||||||||||||||||||||||||||||
2023 |
1,521 | $12.16 | $11.56 | $ | 18,404 | 0.10% | 1.00% | 2.87% | 16.01% | 15.04% | ||||||||||||||||||||||||||
2022 |
1,489 | $10.48 | $10.05 | $ | 15,552 | 0.10% | 1.00% | 2.44% | (16.08% | ) | (16.88% | ) | ||||||||||||||||||||||||
2021 |
1,233 | $12.49 | $12.09 | $ | 15,364 | 0.10% | 1.00% | 2.79% | 7.61% | 6.64% | ||||||||||||||||||||||||||
2020 |
1,019 | $11.61 | $11.34 | $ | 11,805 | 0.10% | 1.00% | 1.75% | 10.58% | 9.58% | ||||||||||||||||||||||||||
2019 |
842 | $10.49 | $10.35 | $ | 8,832 | 0.10% | 1.00% | 2.77% | 21.41% | 20.32% |
73 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values - continued
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
VIF - Emerging Markets Equity Class I |
| |||||||||||||||||||||||||||||||||||
2023 |
349 | $13.13 | $28.95 | $ | 5,799 | 0.10% | 1.00% | 1.64% | 11.82% | 10.87% | ||||||||||||||||||||||||||
2022 |
363 | $11.74 | $26.11 | $ | 5,415 | 0.10% | 1.00% | 0.43% | (25.13% | ) | (25.84% | ) | ||||||||||||||||||||||||
2021 |
327 | $15.68 | 35.21 | $ | 6,786 | 0.10% | 1.00% | 0.86% | 2.88% | 1.96% | ||||||||||||||||||||||||||
2020 |
366 | $15.24 | $34.53 | $ | 7,474 | 0.10% | 1.00% | 1.34% | 14.32% | 13.29% | ||||||||||||||||||||||||||
2019 |
346 | $13.33 | $30.48 | $ | 6,641 | 0.10% | 1.00% | 1.06% | 19.47% | 18.39% | ||||||||||||||||||||||||||
VIF - Emerging Markets Debt Class I |
| |||||||||||||||||||||||||||||||||||
2023 |
430 | $13.87 | $32.32 | $ | 7,322 | 0.10% | 1.00% | 8.76% | 11.76% | 10.74% | ||||||||||||||||||||||||||
2022 |
506 | $12.41 | $29.19 | $ | 7,662 | 0.10% | 1.00% | 7.55% | (18.84% | ) | -19.56% | |||||||||||||||||||||||||
2021 |
558 | $15.29 | $36.29 | $ | 10,422 | 0.10% | 1.00% | 5.09% | (2.12% | ) | (3.00% | ) | ||||||||||||||||||||||||
2020 |
555 | $15.62 | $37.41 | $ | 10,694 | 0.10% | 1.00% | 4.25% | 5.44% | 4.49% | ||||||||||||||||||||||||||
2019 |
676 | $14.82 | $35.80 | $ | 12,456 | 0.10% | 1.00% | 5.34% | 14.14% | 13.11% | ||||||||||||||||||||||||||
VIF - Global Strategist - Class II |
| |||||||||||||||||||||||||||||||||||
2023 |
190 | $20.82 | $21.07 | $ | 3,885 | 0.10% | 1.00% | 1.65% | 13.96% | 12.90% | ||||||||||||||||||||||||||
2022 |
193 | $18.27 | $18.66 | $ | 3,478 | 0.10% | 1.00% | — | (17.03% | ) | (17.75% | ) | ||||||||||||||||||||||||
2021 |
214 | $22.02 | $22.69 | $ | 4,672 | 0.10% | 1.00% | 1.83% | 8.26% | 7.28% | ||||||||||||||||||||||||||
2020 |
234 | $20.34 | $21.15 | $ | 4,758 | 0.10% | 1.00% | 1.44% | 10.81% | 9.81% | ||||||||||||||||||||||||||
2019 |
252 | $18.36 | $19.26 | $ | 4,587 | 0.10% | 1.00% | 1.76% | 17.65% | 16.59% | ||||||||||||||||||||||||||
Invesco - V.I. Global Core Equity Series I |
| |||||||||||||||||||||||||||||||||||
2023 |
240 | $23.90 | $26.62 | $ | 5,495 | 0.10% | 1.00% | 0.50% | 21.58% | 20.50% | ||||||||||||||||||||||||||
2022 |
249 | $19.66 | $22.09 | $ | 4,719 | 0.10% | 1.00% | 0.35% | (21.94% | ) | (22.65% | ) | ||||||||||||||||||||||||
2021 |
254 | $25.19 | 28.56 | $ | 6,137 | 0.10% | 1.00% | 0.98% | 15.86% | 14.81% | ||||||||||||||||||||||||||
2020 |
261 | $21.74 | $24.87 | $ | 5,450 | 0.10% | 1.00% | 1.30% | 13.11% | 12.09% | ||||||||||||||||||||||||||
2019 |
345 | $19.22 | $22.19 | $ | 6,249 | 0.10% | 1.00% | 1.36% | 25.07% | 23.95% | ||||||||||||||||||||||||||
Allspring - VT Discovery SMID Cap Growth Class 2 (5)(6) |
| |||||||||||||||||||||||||||||||||||
2023 |
47 | $67.78 | $64.49 | $ | 3,171 | 0.80% | 1.00% | — | 19.18% | 18.95% | ||||||||||||||||||||||||||
2022 |
48 | $56.87 | $54.22 | $ | 2,747 | 0.80% | 1.00% | — | (38.35% | ) | (38.47% | ) | ||||||||||||||||||||||||
2021 |
52 | $92.24 | $88.12 | $ | 4,777 | 0.80% | 1.00% | — | (5.80% | ) | (5.99% | ) | ||||||||||||||||||||||||
2020 |
58 | $97.92 | $93.74 | $ | 5,599 | 0.80% | 1.00% | — | 61.35% | 61.02% | ||||||||||||||||||||||||||
2019 |
64 | $60.69 | $58.21 | $ | 3,874 | 0.80% | 1.00% | — | 37.91% | 37.63% | ||||||||||||||||||||||||||
Allspring - VT Opportunity Class 2 (5) |
| |||||||||||||||||||||||||||||||||||
2023 |
16 | $82.64 | $78.64 | $ | 1,327 | 0.80% | 1.00% | — | 25.49% | 25.25% | ||||||||||||||||||||||||||
2022 |
17 | $65.86 | $62.79 | $ | 1,155 | 0.80% | 1.00% | — | (21.44% | ) | (21.60% | ) | ||||||||||||||||||||||||
2021 |
19 | $83.83 | $80.09 | $ | 1,585 | 0.80% | 1.00% | 0.04% | 23.78% | 23.53% | ||||||||||||||||||||||||||
2020 |
20 | $67.73 | $64.84 | $ | 1,355 | 0.80% | 1.00% | 0.46% | 20.03% | 19.79% | ||||||||||||||||||||||||||
2019 |
25 | $56.42 | $54.12 | $ | 1,361 | 0.80% | 1.00% | 0.27% | 30.41% | 30.15% | ||||||||||||||||||||||||||
Lazard - Retirement Emerging Markets Portfolio - Investor |
| |||||||||||||||||||||||||||||||||||
2023 |
378 | $14.11 | $16.65 | $ | 6,099 | 0.10% | 1.00% | 5.07% | 22.49% | 21.43% | ||||||||||||||||||||||||||
2022 |
394 | $11.52 | $13.71 | $ | 5,222 | 0.10% | 1.00% | 3.47% | (15.04% | ) | (15.84% | ) | ||||||||||||||||||||||||
2021 |
502 | $13.56 | $16.29 | $ | 7,767 | 0.10% | 1.00% | 2.11% | 5.69% | 4.74% | ||||||||||||||||||||||||||
2020 |
514 | $12.83 | $15.55 | $ | 7,547 | 0.10% | 1.00% | 2.83% | (1.13% | ) | (2.03% | ) | ||||||||||||||||||||||||
2019 |
587 | $12.98 | $15.87 | $ | 8,892 | 0.10% | 1.00% | 0.88% | 18.24% | 17.17% | ||||||||||||||||||||||||||
PVIT - Commodity Real Return Strategy Portfolio - Administrative |
| |||||||||||||||||||||||||||||||||||
2023 |
523 | $7.95 | $7.15 | $ | 4,145 | 0.10% | 1.00% | 16.79% | (7.95%) | (8.80%) | ||||||||||||||||||||||||||
2022 |
813 | $8.64 | $7.84 | $ | 6,959 | 0.10% | 1.00% | 24.65% | 8.52% | 7.76% | ||||||||||||||||||||||||||
2021 |
600 | $7.96 | $7.29 | $ | 4,758 | 0.10% | 1.00% | 4.87% | 33.21% | 32.28% | ||||||||||||||||||||||||||
2020 |
259 | $5.98 | $5.62 | $ | 1,538 | 0.10% | 0.80% | 6.76% | 1.25% | 0.54% | ||||||||||||||||||||||||||
2019 |
321 | $5.90 | $5.59 | $ | 1,889 | 0.10% | 0.80% | 4.42% | 11.32% | 10.54% | ||||||||||||||||||||||||||
PVIT - Low Duration Portfolio - Administrative |
| |||||||||||||||||||||||||||||||||||
2023 |
2,422 | $11.65 | $10.86 | $ | 28,583 | 0.10% | 1.00% | 3.59% | 4.88% | 3.89% | ||||||||||||||||||||||||||
2022 |
2,859 | $11.11 | $10.45 | $ | 32,188 | 0.10% | 1.00% | 1.66% | (5.85% | ) | (6.65% | ) | ||||||||||||||||||||||||
2021 |
3,207 | $11.80 | $11.19 | $ | 38,427 | 0.10% | 1.00% | 0.52% | (1.03% | ) | (1.92% | ) | ||||||||||||||||||||||||
2020 |
3,656 | $11.92 | $11.41 | $ | 44,368 | 0.10% | 1.00% | 1.16% | 2.89% | 1.96% | ||||||||||||||||||||||||||
2019 |
3,151 | $11.59 | $11.19 | $ | 37,314 | 0.10% | 1.00% | 2.78% | 3.92% | 2.99% | ||||||||||||||||||||||||||
PVIT - Real Return Portfolio - Administrative |
| |||||||||||||||||||||||||||||||||||
2023 |
1,066 | $13.61 | $13.29 | $ | 15,044 | 0.10% | 1.00% | 2.99% | 3.57% | 2.63% | ||||||||||||||||||||||||||
2022 |
1,354 | $13.14 | $12.95 | $ | 18,439 | 0.10% | 1.00% | 7.06% | (12.00% | ) | (12.78% | ) | ||||||||||||||||||||||||
2021 |
1,458 | $14.93 | $14.85 | $ | 22,642 | 0.10% | 1.00% | 4.97% | 5.48% | 4.53% | ||||||||||||||||||||||||||
2020 |
1,335 | $14.16 | $14.20 | $ | 19,703 | 0.10% | 1.00% | 1.42% | 11.60% | 10.59% | ||||||||||||||||||||||||||
2019 |
1,365 | $12.68 | $12.84 | $ | 18,071 | 0.10% | 1.00% | 1.65% | 8.33% | 7.35% |
74 | Annual Report |
Notes to Financial Statements - continued
Empire Fidelity Investments Variable Annuity Account A
6. Unit Values - continued
Unit value (4) | Expense ratio (1)(4) | Total Return (3)(4) | ||||||||||||||||||||||||||||||||||
Units (000s) |
Highest | Lowest | Net assets (000s) |
Lowest | Highest | Investment income ratio (2) |
Highest | Lowest | ||||||||||||||||||||||||||||
PVIT - Total Return Portfolio - Administrative |
| |||||||||||||||||||||||||||||||||||
2023 |
2,225 | $13.00 | $12.52 | $ | 29,952 | 0.10% | 1.00% | 3.56% | 5.84% | 4.85% | ||||||||||||||||||||||||||
2022 |
2,758 | $12.28 | $11.94 | $ | 35,046 | 0.10% | 1.00% | 2.59% | (14.39% | ) | (15.14% | ) | ||||||||||||||||||||||||
2021 |
3,336 | $14.34 | $14.07 | $ | 49,452 | 0.10% | 1.00% | 1.82% | (1.37% | ) | (2.25% | ) | ||||||||||||||||||||||||
2020 |
3,631 | $14.54 | $14.39 | $ | 54,795 | 0.10% | 1.00% | 2.11% | 8.54% | 7.56% | ||||||||||||||||||||||||||
2019 |
3,560 | $13.40 | $13.38 | $ | 49,638 | 0.10% | 1.00% | 3.01% | 8.25% | 7.27% | ||||||||||||||||||||||||||
Blackrock - Global Allocation V.I. Fund - Class I |
| |||||||||||||||||||||||||||||||||||
2023 |
1,515 | $17.93 | $16.12 | $ | 27,413 | 0.10% | 1.00% | 1.85% | 10.22% | 9.23% | ||||||||||||||||||||||||||
2022 |
1,835 | $16.27 | $14.76 | $ | 29,565 | 0.10% | 1.00% | — | (16.05% | ) | (16.81% | ) | ||||||||||||||||||||||||
2021 |
1,976 | $19.38 | $17.74 | $ | 37,966 | 0.10% | 1.00% | 0.78% | 6.44% | 5.48% | ||||||||||||||||||||||||||
2020 |
1,900 | $18.21 | $16.82 | $ | 34,324 | 0.10% | 1.00% | 1.17% | 20.68% | 19.59% | ||||||||||||||||||||||||||
2019 |
2,050 | $15.09 | $14.06 | $ | 30,705 | 0.10% | 1.00% | 1.14% | 17.71% | 16.65% | ||||||||||||||||||||||||||
FTVIP - Templeton Global Bond Fund - Class 2 |
| |||||||||||||||||||||||||||||||||||
2023 |
462 | $10.15 | $9.35 | $ | 4,657 | 0.10% | 1.00% | — | 2.77% | 1.90% | ||||||||||||||||||||||||||
2022 |
545 | $9.88 | $8.96 | $ | 5,343 | 0.10% | 1.00% | — | (5.04% | ) | (5.90% | ) | ||||||||||||||||||||||||
2021 |
591 | $10.40 | $9.52 | $ | 6,101 | 0.10% | 1.00% | — | (5.09% | ) | — | |||||||||||||||||||||||||
2020 |
713 | $10.96 | $10.31 | $ | 7,747 | 0.10% | 0.80% | 7.91% | (5.38% | ) | (6.04% | ) | ||||||||||||||||||||||||
2019 |
949 | $11.58 | $10.97 | $ | 10,927 | 0.10% | 0.80% | 7.01% | 1.91% | 1.20% | ||||||||||||||||||||||||||
FTVIP - Franklin U.S. Government Securities Fund - Class 2 |
| |||||||||||||||||||||||||||||||||||
2023 |
541 | $10.56 | $9.72 | $ | 5,648 | 0.10% | 0.80% | 2.74% | 4.36% | 3.66% | ||||||||||||||||||||||||||
2022 |
563 | $10.12 | $9.38 | $ | 5,617 | 0.10% | 0.80% | 2.39% | (9.84% | ) | (10.49% | ) | ||||||||||||||||||||||||
2021 |
693 | $11.22 | $10.48 | $ | 7,675 | 0.10% | 0.80% | 2.38% | (1.92% | ) | (2.61% | ) | ||||||||||||||||||||||||
2020 |
749 | $11.44 | $10.76 | $ | 8,451 | 0.10% | 0.80% | 3.59% | 3.73% | 3.00% | ||||||||||||||||||||||||||
2019 |
448 | $11.03 | $10.45 | $ | 4,877 | 0.10% | 0.80% | 2.78% | 5.12% | 4.39% |
(1) | These amounts represent annualized contract expenses of the separate account, consisting primarily of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded. |
(2) | These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, divided by the average net assets. 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 subaccounts invest. |
(3) | These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, which includes expenses assessed through the reduction of unit values. The ratio does not include expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. |
(4) | The unit value and total return columns labeled “Highest” correspond with the product with the lowest expense ratio. The unit value and total return columns labeled “Lowest” correspond with the product with the highest expense ratio. Please see Footnote 3 for additional information regarding total return. |
(5) | During 2021, the following underlying funds were renamed: |
Old Name | New Name | |
Wells Fargo VT Discovery Fund |
Allspring VT Discovery Fund | |
Wells Fargo VT Opportunity Fund |
Allspring VT Opportunity Fund |
(6) | Fund Name Change. See Note 1 |
(7) | New Fund. See Note 1 |
7. Subsequent Events
The VIP Freedom 2005 Initial Class and VIP Freedom Income Initial Class funds approved a Plan of Reorganization Agreement to transfer of all the net assets of the VIP Freedom 2005 Initial Class fund in exchange for shares of the VIP Freedom Income Initial Class fund effective June 7, 2024.
The VIP Investor Freedom 2005 Investor Class and VIP Investor Freedom Income Investor Class funds approved a Plan of Reorganization Agreement to transfer of all the net assets of the VIP Investor Freedom 2005 Investor Class fund in exchange for shares of the VIP Investor Freedom Income Investor Class fund effective June 7, 2024.
The Account has evaluated subsequent events from the balance sheet date through the date of this report and no other events have occurred that would require disclosure.
75 | Annual Report |
Report of Independent Registered Public Accounting Firm
To the Board of Directors of Empire Fidelity Investments Life Insurance Company and the Contract Owners of Empire Fidelity Investments Variable Annuity Account A
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the subaccounts of Empire Fidelity Investments Variable Annuity Account A indicated in the table below as of December 31, 2023, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including 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 of the subaccounts of Empire Fidelity Investments Variable Annuity Account A as of December 31, 2023, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Fidelity VIP Government Money Market - Initial Class (1) |
Fidelity VIP Government Money Market - Investor Class (1) |
Fidelity VIP High Income - Initial Class (1) | ||
Fidelity VIP High Income - Investor Class (1) |
Fidelity VIP Equity-Income - Initial Class (1) |
Fidelity VIP Equity-Income - Investor Class (1) | ||
Fidelity VIP Growth - Initial Class (1) |
Fidelity VIP Growth - Investor Class (1) |
Fidelity VIP Overseas - Initial Class (1) | ||
Fidelity VIP Overseas - Investor Class (1) |
Fidelity VIP Investment Grade Bond - Initial Class (1) |
Fidelity VIP Investment Grade Bond - Investor Class (1) | ||
Fidelity VIP Asset Manager - Initial Class (1) |
Fidelity VIP Asset Manager - Investor Class (1) |
Fidelity VIP Index 500 - Initial Class (1) | ||
Fidelity VIP Asset Manager: Growth - Initial Class (1) |
Fidelity VIP Asset Manager: Growth - Investor Class (1) |
Fidelity VIP Contrafund - Initial Class (1) | ||
Fidelity VIP Contrafund - Investor Class (1) |
Fidelity VIP Balanced - Initial Class (1) |
Fidelity VIP Balanced - Investor Class (1) | ||
Fidelity VIP Dynamic Capital Appreciation - Initial Class (1) |
Fidelity VIP Dynamic Capital Appreciation - Investor Class (1) |
Fidelity VIP Growth & Income - Initial Class (1) | ||
Fidelity VIP Growth & Income - Investor Class (1) |
Fidelity VIP Growth Opportunities - Initial Class (1) |
Fidelity VIP Growth Opportunities - Investor Class (1) | ||
Fidelity VIP Mid Cap - Initial Class (1) |
Fidelity VIP Mid Cap - Investor Class (1) |
Fidelity VIP Value Strategies - Initial Class (1) | ||
Fidelity VIP Value Strategies - Investor Class (1) |
Fidelity VIP Utilities - Initial Class (1) |
Fidelity VIP Utilities - Investor Class (1) | ||
Fidelity VIP Technology - Initial Class (1) |
Fidelity VIP Technology - Investor Class (1) |
Fidelity VIP Energy - Initial Class (1) | ||
Fidelity VIP Energy - Investor Class (1) |
Fidelity VIP Health Care - Initial Class (1) |
Fidelity VIP Health Care - Investor Class (1) | ||
Fidelity VIP Financials - Initial Class (1) |
Fidelity VIP Financials - Investor Class (1) |
Fidelity VIP Industrials - Initial Class (1) | ||
Fidelity VIP Industrials - Investor Class (1) |
Fidelity VIP Consumer Discretionary - Initial Class (1) |
Fidelity VIP Consumer Discretionary - Investor Class (1) | ||
Fidelity VIP Real Estate - Initial Class (1) |
Fidelity VIP Real Estate - Investor Class (1) |
Fidelity VIP Strategic Income - Initial Class (1) | ||
Fidelity VIP Strategic Income - Investor Class (1) |
Fidelity VIP International Capital Appreciation - Initial Class (1) |
Fidelity VIP International Capital Appreciation - Investor Class (1) | ||
Fidelity VIP Value - Initial Class (1) |
Fidelity VIP Value - Investor Class (1) |
Fidelity VIP Freedom Income – Initial Class (1) | ||
Fidelity VIP Investor Freedom Income - Investor Class (1) |
Fidelity VIP Freedom 2005 - Initial Class (1) |
Fidelity VIP Investor Freedom 2005 - Investor Class (1) | ||
Fidelity VIP Freedom 2010 - Initial Class (1) |
Fidelity VIP Investor Freedom 2010 - Investor Class (1) |
Fidelity VIP Freedom 2015 - Initial Class (1) | ||
Fidelity VIP Investor Freedom 2015 - Investor Class (1) |
Fidelity VIP Freedom 2020 – Initial Class (1) |
Fidelity VIP Investor Freedom 2020 - Investor Class (1) | ||
Fidelity VIP Freedom 2025 - Initial Class (1) |
Fidelity VIP Investor Freedom 2025 - Investor Class (1) |
Fidelity VIP Freedom 2030 - Initial Class (1) | ||
Fidelity VIP Investor Freedom 2030 - Investor Class (1) |
Fidelity VIP Freedom 2035 - Initial Class (2) |
Fidelity VIP Investor Freedom 2035 - Investor Class (2) |
76 | Annual Report |
Fidelity VIP Freedom 2040 - Initial Class (2) |
Fidelity VIP Investor Freedom 2040 - Investor Class (2) |
Fidelity VIP Freedom 2045 - Initial Class (2) | ||
Fidelity VIP Investor Freedom 2045 - Investor Class (2) |
Fidelity VIP Freedom 2050 - Initial Class (2) |
Fidelity VIP Freedom Lifetime Income I (1) | ||
Fidelity VIP Freedom Lifetime Income II (1) |
Fidelity VIP Freedom Lifetime Income III (1) |
Fidelity VIP Disciplined Small Cap - Initial Class (1) | ||
Fidelity VIP Disciplined Small Cap - Investor Class (1) |
Fidelity VIP FundsManager 20% - Investor Class (1) |
Fidelity VIP FundsManager 40% - Investor Class (2) | ||
Fidelity VIP FundsManager 50% - Investor Class (1) |
Fidelity VIP FundsManager 60% - Investor Class (1) |
Fidelity VIP FundsManager 70% - Investor Class (1) | ||
Fidelity VIP FundsManager 85% - Investor Class (1) |
Fidelity VIP Consumer Staples - Initial Class (1) |
Fidelity VIP Consumer Staples - Investor Class (1) | ||
Fidelity VIP Materials - Initial Class (1) |
Fidelity VIP Materials - Investor Class (1) |
Fidelity VIP Communication Services - Initial Class (1) | ||
Fidelity VIP Communication Services - Investor Class (1) |
Fidelity VIP Emerging Markets - Initial Class (1) |
Fidelity VIP Emerging Markets - Investor Class (1) | ||
Fidelity VIP Floating Rate High Income - Initial Class (1) |
Fidelity VIP Floating Rate High Income - Investor Class (1) |
Fidelity VIP Bond Index – Initial Class (1) | ||
Fidelity VIP Total Market Index – Initial Class (1) |
Fidelity VIP Extended Market Index – Initial Class (1) |
Fidelity VIP International Index – Initial Class (1) | ||
Morgan Stanley Variable Insurance Fund, Inc. Emerging Markets Equity Portfolio - Class I (1) |
Morgan Stanley Variable Insurance Fund, Inc. Emerging Markets Debt Portfolio - Class I (1) |
Morgan Stanley Variable Insurance Fund, Inc. Global Strategist Portfolio - Class II (1) | ||
Invesco V.I. Global Core Equity Fund - Series I (1) |
Allspring VT Discovery SMID Cap Growth - Class 2 (1) |
Allspring VT Opportunity Fund - Class 2 (1) | ||
Lazard Retirement Emerging Markets Equity Portfolio – Investor (1) |
PIMCO Commodity Real Return Strategy Portfolio – Administrative (1) |
PIMCO Low Duration Portfolio – Administrative (1) | ||
PIMCO Real Return Portfolio – Administrative (1) |
PIMCO Total Return Portfolio – Administrative (1) |
Blackrock Global Allocation V.I. Fund - Class I (1) | ||
Templeton Global Bond VIP Fund - Class 2 (1) |
Franklin U.S. Government Securities VIP Fund - Class 2 (1) |
| ||
(1) Statement of operations for the year ended December 31, 2023 and statement of changes in net assets for the years ended December 31, 2023 and 2022 (2) Statement of operations and statement of changes in net assets for the period May 1, 2023 (commencement of operations) through December 31, 2023 |
Basis for Opinions
These financial statements are the responsibility of the Empire Fidelity Investments Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Empire Fidelity Investments Variable Annuity Account A 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 each of the subaccounts of Empire Fidelity Investments Variable Annuity Account A 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 of these financial statements 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 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. Our procedures included confirmation of investments owned as of December 31, 2023 by correspondence with the transfer agents or custodians of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.
77 | Annual Report |
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
April 29, 2024
We have served as the auditor of one or more of the subaccounts of Empire Fidelity Investments Annuity Account A since 1991.
78 | Annual Report |
Retirement Reserves, Income Advantage, Personal Retirement, Freedom Lifetime Income and Growth and Guaranteed Income are issued by Empire Fidelity Investments Life Insurance Company. N.Y., N.Y.
Fidelity Brokerage Services LLC, member NYSE, SIPC, Fidelity Insurance Agency, Inc., and Fidelity Investments Institutional Services Company, Inc. are the distributors.
900 Salem Street, Smithfield, RI 02917
N.EVA/E.FIA-ANN-0221
1.XXXXXX.XXX
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
FINANCIAL STATEMENTS
for the years ended December 31, 2023, 2022 and 2021
TABLE OF CONTENTS | PAGE | |||
1 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 |
Report of Independent Auditors
To the Board of Directors and Management of Empire Fidelity Investments Life Insurance Company
Opinion
We have audited the accompanying financial statements of Empire Fidelity Investments Life Insurance Company (the “Company”), which comprise the balance sheets as of December 31, 2023 and 2022, and the related statements of comprehensive income, of stockholder’s equity, and of cash flows for each of the three years in the period ended December 31, 2023, including the related notes (collectively referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the financial statements are available to be issued.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with US GAAS, we:
• | Exercise professional judgment and maintain professional skepticism throughout the audit. |
• | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. |
• | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed. |
• | Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. |
• | Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. |
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
/s/ PricewaterhouseCoopers LLP |
Boston, Massachusetts |
April 29, 2024 |
2
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
BALANCE SHEETS
(in thousands, except share data)
December 31, | ||||||||
2023 | 2022 | |||||||
ASSETS |
||||||||
Investments: |
||||||||
Debt securities, available-for-sale, at fair value (amortized cost of $208,950 in 2023 and $217,986 in 2022) |
$ | 198,521 | $ | 197,654 | ||||
Policy loans |
38 | 47 | ||||||
|
|
|
|
|||||
Total Investments |
198,559 | 197,701 | ||||||
|
|
|
|
|||||
Cash and cash equivalents |
15,148 | 13,006 | ||||||
Accrued investment income |
1,861 | 1,711 | ||||||
Deferred policy acquisition costs |
65,645 | 66,292 | ||||||
Reinsurance deposit and receivables |
23,915 | 24,691 | ||||||
Income taxes receivable |
— | 62 | ||||||
Other assets |
2,296 | 2,142 | ||||||
Separate account assets |
3,597,323 | 3,189,076 | ||||||
|
|
|
|
|||||
Total Assets |
3,904,747 | 3,494,681 | ||||||
|
|
|
|
|||||
LIABILITIES |
||||||||
Future contract and policy benefits |
41,049 | 43,642 | ||||||
Contract holder deposit funds |
82,302 | 93,140 | ||||||
Other liabilities and accrued expenses |
10,429 | 5,430 | ||||||
Deferred tax liability, net |
7,410 | 3,429 | ||||||
Payable to parent and affiliates, net |
1,748 | 618 | ||||||
Income taxes payable |
1,862 | — | ||||||
Separate account liabilities |
3,597,323 | 3,189,076 | ||||||
|
|
|
|
|||||
Total Liabilities |
3,742,123 | 3,335,335 | ||||||
|
|
|
|
|||||
Commitments and Contingencies (Note 11) |
||||||||
STOCKHOLDER’S EQUITY |
||||||||
Common stock, par value $10 per share - 200,000 shares authorized, issued and outstanding |
2,000 | 2,000 | ||||||
Additional paid-in capital |
13,500 | 13,500 | ||||||
Accumulated other comprehensive (loss) income |
(7,152 | ) | (13,861 | ) | ||||
Retained earnings |
154,276 | 157,707 | ||||||
|
|
|
|
|||||
Total Stockholder’s Equity |
162,624 | 159,346 | ||||||
|
|
|
|
|||||
Total Liabilities and Stockholder’s Equity |
$ | 3,904,747 | $ | 3,494,681 | ||||
|
|
|
|
The accompanying notes are an integral part of the financial statements
3
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
For the years ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
REVENUES |
||||||||||||
Fees charged to contract holders |
$ | 10,783 | $ | 11,224 | $ | 12,713 | ||||||
Fund administration fees (1) |
8,787 | 8,849 | 9,667 | |||||||||
Net investment income |
6,669 | 5,451 | 4,875 | |||||||||
Interest on reinsurance deposit |
1,112 | 1,125 | 1,136 | |||||||||
Premiums, net |
410 | 468 | 504 | |||||||||
Net realized investment (losses) / gains: |
||||||||||||
Net realized investment (losses) / gains on sales |
(3,815 | ) | (2,101 | ) | 1,629 | |||||||
|
|
|
|
|
|
|||||||
Total Revenues |
23,946 | 25,016 | 30,524 | |||||||||
|
|
|
|
|
|
|||||||
BENEFITS AND EXPENSES: |
||||||||||||
Underwriting, acquisition and insurance expenses (1) |
7,526 | 12,281 | 2,513 | |||||||||
Contract and policy benefits and expenses |
4,309 | 4,225 | 5,279 | |||||||||
|
|
|
|
|
|
|||||||
Total Benefits and Expenses |
11,835 | 16,506 | 7,792 | |||||||||
|
|
|
|
|
|
|||||||
Income before income taxes |
12,111 | 8,510 | 22,732 | |||||||||
Income tax expense |
5,542 | 1,219 | 3,175 | |||||||||
|
|
|
|
|
|
|||||||
Net Income |
6,569 | 7,291 | 19,557 | |||||||||
|
|
|
|
|
|
|||||||
Other comprehensive (loss) income, before tax: |
||||||||||||
Net unrealized investment (losses) gains during the period |
4,678 | (23,546 | ) | (6,192 | ) | |||||||
Reclassification adjustment for net realized (gains) losses included in net income |
3,815 | 2,101 | (1,629 | ) | ||||||||
Benefit (provision) for income taxes related to items of other comprehensive (loss) income |
(1,784 | ) | 4,503 | 1,643 | ||||||||
|
|
|
|
|
|
|||||||
Other comprehensive (loss) income, net of tax |
6,709 | (16,942 | ) | (6,178 | ) | |||||||
|
|
|
|
|
|
|||||||
Comprehensive (Loss) Income |
$ | 13,278 | $ | (9,651 | ) | $ | 13,379 | |||||
|
|
|
|
|
|
(1) | Includes affiliated company transactions (Note 8) |
The accompanying notes are an integral part of the financial statements
4
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
STATEMENTS OF STOCKHOLDER’S EQUITY
(in thousands)
For the years ended December 31, 2023, 2022, and 2021
Common Stock |
Additional Paid-In Capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Total Stockholder’s Equity |
||||||||||||||||
Balance at December 31, 2020 |
$ | 2,000 | $ | 13,500 | $ | 9,259 | $ | 152,459 | $ | 177,218 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Comprehensive income: |
||||||||||||||||||||
Net Income (loss) |
— | — | — | 19,557 | 19,557 | |||||||||||||||
Other comprehensive (loss) income |
— | — | (6,178 | ) | — | (6,178 | ) | |||||||||||||
Dividend paid to parent |
— | — | — | (10,800 | ) | (10,800 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2021 |
$ | 2,000 | $ | 13,500 | $ | 3,081 | $ | 161,216 | $ | 179,797 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Comprehensive income: |
||||||||||||||||||||
Net Income (loss) |
— | — | — | 7,291 | 7,291 | |||||||||||||||
Other comprehensive (loss) income |
— | — | (16,942 | ) | — | (16,942 | ) | |||||||||||||
Dividend paid to parent |
— | — | — | (10,800 | ) | (10,800 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2022 |
$ | 2,000 | $ | 13,500 | $ | (13,861 | ) | $ | 157,707 | $ | 159,346 | |||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Comprehensive income: |
||||||||||||||||||||
Net Income (loss) |
— | — | — | 6,569 | 6,569 | |||||||||||||||
Other comprehensive (loss) income |
— | — | 6,709 | — | 6,709 | |||||||||||||||
Dividend paid to parent |
— | — | — | (10,000 | ) | (10,000 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2023 |
$ | 2,000 | $ | 13,500 | $ | (7,152 | ) | $ | 154,276 | $ | 162,624 | |||||||||
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements
5
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
STATEMENTS OF CASH FLOWS
(in thousands)
For the years ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Cash flows provided by (used for) operating activities: |
||||||||||||
Net income |
$ | 6,569 | $ | 7,291 | $ | 19,557 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: |
||||||||||||
Amortization |
120 | 307 | 341 | |||||||||
Net realized investment losses \ (gains) on sales |
3,815 | 2,101 | (1,629 | ) | ||||||||
Provision (benefit) for deferred taxes |
2,197 | (208 | ) | 950 | ||||||||
Change in assets and liabilities: |
||||||||||||
Accrued investment income (loss) |
(150 | ) | (155 | ) | 156 | |||||||
Deferred policy acquisition costs, net of amortization |
(765 | ) | 4,932 | (6,271 | ) | |||||||
Future contract and policy benefits, net |
4,303 | 4,094 | 5,420 | |||||||||
Reinsurance deposit and receivables |
776 | 1,393 | 2,214 | |||||||||
Payable to (receivable from) parent and affiliates, net |
1,131 | (321 | ) | 744 | ||||||||
Income taxes receivable/(payable) |
1,925 | 653 | 516 | |||||||||
Other assets and other liabilities, net |
4,845 | 2,392 | (502 | ) | ||||||||
|
|
|
|
|
|
|||||||
Net cash provided by operating activities |
24,766 | 22,479 | 21,496 | |||||||||
|
|
|
|
|
|
|||||||
Cash flows provided by (used for) investing activities: |
||||||||||||
Purchase of debt securities |
(67,857 | ) | (73,108 | ) | (71,069 | ) | ||||||
Proceeds from sales of debt securities |
62,275 | 45,322 | 44,080 | |||||||||
Proceeds from maturities and calls of debt securities |
10,683 | 24,090 | 25,450 | |||||||||
Investment trades payable/ receivable, net |
— | — | (824 | ) | ||||||||
Change in policy loans |
9 | (2 | ) | (3 | ) | |||||||
|
|
|
|
|
|
|||||||
Net cash (used for) provided by investing activities |
5,110 | (3,698 | ) | (2,366 | ) | |||||||
|
|
|
|
|
|
|||||||
Cash flows provided by (used for) financing activities: |
||||||||||||
Deposits credited to variable annuity contracts |
91,980 | 100,085 | 159,054 | |||||||||
Net transfers (to) from separate accounts |
179,564 | 87,305 | (6,553 | ) | ||||||||
Withdrawals from variable annuity contracts |
(285,298 | ) | (195,765 | ) | (155,957 | ) | ||||||
Withdrawals from fixed annuity contracts |
(3,980 | ) | (4,198 | ) | (4,477 | ) | ||||||
Dividend paid to parent |
(10,000 | ) | (10,800 | ) | (10,800 | ) | ||||||
|
|
|
|
|
|
|||||||
Net cash used for financing activities |
(27,734 | ) | (23,373 | ) | (18,733 | ) | ||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in cash and cash equivalents |
2,142 | (4,592 | ) | 397 | ||||||||
Cash and cash equivalents: |
||||||||||||
Beginning of year |
13,006 | 17,598 | 17,201 | |||||||||
|
|
|
|
|
|
|||||||
End of year |
$ | 15,148 | $ | 13,006 | $ | 17,598 | ||||||
|
|
|
|
|
|
The accompanying notes are an integral part of the financial statements
6
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
1. ORGANIZATION AND NATURE OF OPERATIONS:
Empire Fidelity Investments Life Insurance Company (the “Company”) is a wholly-owned subsidiary of Fidelity Investments Life Insurance Company (“FILI”), which is a wholly-owned subsidiary of FMR LLC. The Company operates exclusively in the State of New York.
The Company issues and services certain variable and fixed annuity contracts and variable universal life (“VUL”) policies. Amounts invested in the fixed option of the annuity contracts are allocated to the general account of the Company. Amounts invested in the variable option of the annuity contracts and variable universal life policies are allocated to the Variable Annuity Account and Variable Life Account respectively which are separate accounts of the Company. The assets of the Variable Annuity Account and Variable Life Account are invested in certain portfolios of the Fidelity Variable Insurance Product Funds, the Fidelity Variable Insurance Product Funds (Investor Class), the Morgan Stanley Variable Insurance Funds, Inc., the Allspring Variable Trust Funds, the Lazard Retirement Series, Inc., Invesco Advisers Inc., the PIMCO Variable Insurance Trust Funds, the Franklin Templeton Variable Insurance Products Trust Funds and the Blackrock Variable Series Funds. Separate account assets are reported at the net asset value of such portfolios.
The Company offers a term life insurance product with level premium paying periods of ten, fifteen, and twenty years.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Basis of Presentation
The accompanying financial statements of the Company have been prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”).
The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the related amounts and disclosures in the financial statements. Actual results could differ from those estimates.
Investments
Investments in debt securities are classified as available-for-sale and are reported at fair value. Fair values for debt securities are obtained from independent pricing sources. Unrealized gains or losses on securities are reported as a component of other comprehensive income, net of income taxes. The discount or premium on debt securities, excluding loan-backed bonds and structured securities, is amortized using the effective interest method. Such amortization is included in investment income. Prepayment assumptions for loan-backed bonds and structured securities are obtained from broker-dealer survey values. Amortization of loan-backed bonds and structured securities includes anticipated prepayments over the estimated economic life of the security. When actual prepayments differ significantly from anticipated prepayments, the effective yield is recalculated to reflect actual payments to date and anticipated future payments and any resulting adjustment is included in investment income.
The Company evaluates available-for-sale investments that experience declines in fair value for impairment.
Impairment related to credit losses on available-for-sale investments is recorded in the statements of comprehensive income with an offsetting allowance for credit losses, and the portion that is related to other factors is recorded as a component of other comprehensive income (“OCI”). The Company considers many factors, including the extent to which the fair value is less than amortized cost and reasons for the decline in value (e.g., general credit spreads, the financial condition of the issuer, information from industry analyst reports and external credit ratings).
7
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Investments (continued)
If analysis of these factors results in a security needing to be impaired, the credit loss is measured as the extent amortized cost exceeds the present value of expected future cash flows. In addition to these factors, if the Company has the intent to sell an investment whose fair value is below amortized cost, or it is more likely than not that the Company will be required to sell an investment before recovery, the Company writes down the amortized cost to fair value and records an impairment in earnings.
Investment income is recognized on the accrual basis. Debt securities that are delinquent are placed on a non-accrual status, and thereafter interest income is recognized only when cash payments are received. Realized gains or losses on investments sold are determined by the specific identification method.
Cash and Cash Equivalents
The Company considers highly liquid instruments purchased with an original maturity date of three months or less to be cash equivalents. Cash and cash equivalents comprise amounts in demand deposit accounts and money market mutual funds, and are reported at cost which approximates fair value. Money market mutual funds used to hold cash prior to reinvestment and to meet operating cash requirements were $14,784 and $12,618 at December 31, 2023, and 2022, respectively. The Company reclassifies cash overdrafts to Other liabilities and accrued expenses. Cash overdrafts were $7,032 and $1,595 at December 31, 2023, and 2022, respectively.
Separate Accounts
Separate account assets represent funds held for the exclusive benefit of variable annuity and variable life insurance contract holders and are reported at fair value based on the net asset value (“NAV”) of the underlying mutual fund portfolios. Since the contract holders receive the full benefit and bear the full risk of the separate account investments, the income and realized and unrealized gains and losses from such investments are offset by an increase or decrease in the amount of liabilities related to the separate account.
Revenue Recognition
Fees charged to contract holders include mortality and expense risk, administrative charges for variable annuity and life contract holders, and the cost of providing insurance protection for variable life contract holders. Fund administration fees represent administrative fees charged to investment managers. Fees charged to contract holders and fund administration fees are recognized ratably throughout the year as a percentage of the related separate account assets. Premiums for term life insurance products are recognized as revenue over the premium-paying period. Interest accretion on the reinsurance deposit related to the fixed income annuity product and the fixed portion of the variable income annuity product is recognized over the remaining term of the underlying contracts.
8
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Future Contract and Policy Benefits
Future contract and policy benefits include the guaranteed minimum death benefit (“GMDB”) and the guaranteed minimum withdrawal benefit features (“GMWB”) (see Note 3 - Guaranteed Benefits) on certain variable annuity products, the majority of the 100% fixed life contingent fixed income annuity product and life products. Such liabilities are established in amounts sufficient to meet the estimated future obligations of policies in force, taking into consideration the future premiums and assessments. Future contract and policy benefit liabilities are computed using certain assumptions including mortality, lapse, investment performance and expense based on the Company’s experience, industry results, emerging trends and future expectations. With the exception of the GMDB and GMWB features, assumptions are locked in at the time of issuance and are not changed unless there are adverse changes in experience or assumptions which may require the Company to provide for expected future losses by establishing premium deficiency reserves.
The Company evaluates future contract and policy benefit liabilities annually to determine if a premium deficiency exists. If the future contract and policy benefit liabilities plus the present value of future gross premiums are insufficient to provide for the current present value of future contract and policy benefits then a charge to earnings is recorded against unamortized deferred policy acquisition costs and, if necessary, a premium deficiency reserve is established. Premium deficiency for certain products is adjusted for the impact of unrealized gains and losses on investments as if the gains and losses have been realized with a corresponding credit or charge to accumulated other comprehensive income, net of income taxes.
Contract Holder Deposit Funds
Contract holder deposit funds consist of annuity deposits received from customers for the fixed portion of the variable deferred annuity product, for the fixed income annuity product with no life contingencies and for the fixed portion of life contingent income annuity products not included in Future Contract and Policy Benefits. Liabilities are established in amounts sufficient to meet the estimated future obligations of policies in force and represent accumulated account deposits plus interest credited, less contract holder withdrawals and other charges assessed against the account balance.
Reinsurance Deposit and Receivables
The Company reinsures a portion of its life insurance and annuity product risks with other companies. As a result, when the Company records liabilities that are subject to reinsurance, reinsurance deposits and receivables are recorded. The Company remains contingently liable for claims reinsured in the event the reinsurer is unable to meet its obligations. Failure of reinsurers to honor their obligations could result in losses to the Company. The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. The largest reinsurance counterparty exposure is partially held in a collateral account which offers the Company additional protection and reduces the risk of loss to the Company that could result from failure of a reinsurer.The Company is subject to concentration of risk with respect to this reinsurance agreement.
9
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Reinsurance Deposit and Receivables (continued)
Reinsurance deposits and receivables are recorded net of the allowance for credit losses. The allowance for credit losses represents management’s estimate of credit losses and considers the quality of the reinsurance counterparty using probability-of-default (“PD”) / loss-given-default (“LGD”) models. The PD estimate is determined based on similarly rated companies and the LGD estimate is based on management’s estimate assigned to each reinsurer. The estimate represents the expected economic loss of a reinsurer’s default. There are two primary factors which affect LGD, (i) the presence and amount of collateral backing the reinsurance counterparty credit, and (ii) whether the reinsurer is also a direct writer of insurance. Overall, the allowance for credit losses are affected by changes in the underlying reinsurance reserve credit which can fluctuate with market returns, policy persistency and policyholder mortality. The allowance for credit losses may vary due to (i) updates in assumed probabilities of default, (ii) the value of any collateral, (iii) changes in financial strength ratings of the reinsurance counterparty by various statistical rating agencies and (iv) other risk factors. Changes in the allowance for credit losses are recorded in the provision for credit losses in the Company’s Statements of Comprehensive Income.
Deferred Policy Acquisition Costs
Costs that vary with and are primarily associated with acquiring new and renewal business are deferred. The costs consist principally of first-year commissions paid to Fidelity Insurance Agency, Inc. in accordance with contractual agreements as described in Note 8 – Affiliated Company Transactions, and certain expenses for traditional life policy issuance and underwriting.
These deferred policy acquisition costs (“DAC”) are amortized over the lifetime of the policy, generally estimated as the level term period for the term insurance product and either a 30-year or 50-year period for the variable deferred and immediate annuity products in proportion to expected gross profits.
The amortization process requires the use of various assumptions, estimates and judgments about the future. The primary assumptions are expenses, investment performance, mortality, and contract cancellations (i.e., lapses, withdrawals, internal replacements and surrenders). These assumptions are reviewed on a regular basis and are generally based on the Company’s past experience, industry studies, and judgments about the future. Finally, analyses are performed periodically to assess whether there are sufficient gross profits to amortize the remaining DAC balances. See Note 9 – Underwriting, Acquisition and Insurance Expenses for additional information regarding amortization of deferred policy acquisition costs.
A significant assumption for the projection of estimated gross profits is the investment return on separate account fund balances. The Company assumes a long-term return of 6.5% before fund expenses and other charges. The Company also applies a “Reversion to the Mean” assumption in setting the projected return for the next seven years. The projected return over the next seven years is developed such that the combination of actual and projected returns equals the long term return, and the long term return is projected for the eighth year and beyond. The Company limits the projected return to no greater than 11.5% (before fund expenses and other charges) and no less than approximately 5% (before fund expenses and other charges).
GAAP provides guidance for DAC on internal replacements of insurance and investment contracts. An internal replacement is a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract for a new contract, or by amendment, endorsement, or rider to a contract, or by the election of a feature or coverage within a contract. Modifications that
10
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Deferred Policy Acquisition Costs (continued)
result in a permanent contract that is substantially changed from the replaced contract is accounted for as an extinguishment of the replaced contract. DAC, unearned revenue liabilities and deferred sales inducements from contracts materially changed or replaced are written-off in the period changed or replaced. Modifications that result in a contract that is substantially unchanged from the replaced contract are accounted for as a continuation of the replaced contract.
The Company defines an internal replacement as a modification in product benefits, features, rights or coverages that occurs by the exchange of a contract, by amendment, endorsement or rider to the contract. Contract modifications resulting in a replacement contract that is substantially changed from the replaced contract is accounted for as an extinguishment of the replaced contract and any unamortized deferred acquisition costs are written off. There were no changes to the Company’s definition of internal replacements or changes in product benefits, features, rights or coverage during 2023, 2022, or 2021.
DAC for certain products is adjusted for the impact of unrealized gains and losses on investments as if the gains and losses have been realized with a corresponding credit or charge to accumulated other comprehensive income, net of income taxes.
Property and Equipment
Property, equipment, and computer software are stated at cost less accumulated depreciation or amortization. Depreciation or amortization is provided using the straight-line method over the estimated useful lives of the asset, generally three years.
Income Taxes
The Company files a consolidated federal income tax return with FILI. Under a tax sharing agreement, each company is charged or credited its share of taxes as determined on a separate company basis. Tax benefits are credited with respect to taxable losses to the extent such losses are utilized by the consolidated group. Intercompany tax balances are settled within 30 days of the actual tax payment.
The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the current enacted tax rates.
The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance if necessary to reduce the deferred tax assets to an amount that is more likely than not expected to be realized. Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers available positive and negative evidence including nature and tax characteristic of taxable temporary differences and the timing of their reversal, projected future taxable income, tax planning strategies, and results of recent operations. Although realization is not assured, management believes it is more likely than not that the deferred tax assets, net of valuation allowances, will be realized. The Company adjusts the valuation allowance if there is a change in management’s assessment of the amount of the deferred tax assets that are more likely than not to be realized.The Company recognizes the benefit of uncertain tax positions only when the position is more-likely-than-not to be sustained upon review by taxing authorities.
11
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED):
Future Adoption of Accounting Pronouncements
The FASB issued new guidance for insurance companies that issue long-duration insurance and annuity contracts. The guidance makes several changes including amendments to the assumptions used to measure liabilities for future policy benefits, measurement of market-based risk benefits, amortization of deferred acquisition costs and additional disclosures. The guidance will be effective for the Company in the year beginning January 1, 2025 and early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the financial statements.
The FASB issued new guidance that improves income tax disclosures primarily related to a company’s effect tax rate reconciliation and income taxes paid. The guidance will be effective for the Company in the year beginning January 1, 2026 and early adoption is permitted. The Company is currently evaluating the impact this guidance will have on the financial statements.
Reclassifications
Certain prior year balances have been reclassified to conform to the current year presentation.
3. GUARANTEED BENEFITS:
The Company establishes a liability for variable annuity contracts that contain death or other insurance benefit guarantees. Certain of the variable annuity contracts issued by the Company offer guaranteed minimum death or guaranteed minimum withdrawal benefits that settle only upon an insurable event, such as death or are life contingent.
Guaranteed Minimum Death Benefits (GMDB)
The Company has certain variable annuity contracts with a GMDB feature. The GMDB feature provides annuity contract holders with a default guarantee that the benefit received at death will be no less than a prescribed minimum amount. Upon death of the annuitant prior to age 85, the death benefit is the greater of the contract value and total premiums, adjusted for withdrawals. For an additional charge, the death benefit is the greater of the default guaranteed death benefit and the highest contract value as of any prior anniversary, prior to age 80, adjusted for any additional payments or withdrawals. The optional rider is no longer offered to new customers, effective January 1, 2003. If the GMDB is higher than the current account value at the time of death, the Company incurs a cost equal to the difference. The Company’s current variable annuity contract does not offer a GMDB feature.
The following summarizes the liability for GMDB contracts reflected in the general account:
Years Ended December 31, | ||||||||
2023 | 2022 | |||||||
Beginning Balance |
$ | 23 | $ | 8 | ||||
Change in benefit ratio estimate |
(19 | ) | 1 | |||||
Interest on reserve |
— | 1 | ||||||
Claims paid |
— | — | ||||||
Accrual of benefit ratio |
1 | 13 | ||||||
|
|
|
|
|||||
Ending Balance |
$ | 5 | $ | 23 | ||||
|
|
|
|
12
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
3. GUARANTEED BENEFITS (CONTINUED):
The reinsurance recoverables associated with the GMDB were $3 and $22 at December 31, 2023 and 2022, respectively. The following information relates to the reserving methodology and assumptions for developing the GMDB policy benefit liability:
• | The projection model uses 100 pairs of stochastically generated market return scenarios for equity and bond returns. |
• | The projection period is 30 years from issue. |
• | The mean investment performance assumptions, prior to the consideration of mortality and expense fees, vary from 3.3% to 11.5% depending on the underlying fund type. |
• | The projection model employs a mean reversion adjustment that is based on historical performance from 1997 to the present and the long-term rate assumption. |
• | The volatility assumption is 20% for equity funds; 9% for bond funds; and 0% for money market funds. |
• | The mortality assumption is 86%/80% for males/females, respectively, of the 2012 IAM Basic Mortality Table with Scale G2. |
• | The base lapse rate assumption varies from 3.7% to 6.5%, depending on policy duration. The partial withdrawal assumption is 1.8% for all policy durations. |
• | The lapse rate for anticipated internal replacements is 1.2%. |
• | The discount rate is 6.83%. |
The table below represents the account value, net amount at risk and average attained age of underlying contract holders for GMDB as of December 31, 2023 and 2022. The net amount at risk is the death benefit coverage in force or the amount that the Company would have to pay if all contract holders had died as of the specified date, and represents the excess of the guaranteed benefit over the fair value of the underlying investments.
Years Ended December 31, | ||||||||
(in thousands, except for contract holder data) | 2023 | 2022 | ||||||
Net deposits paid |
||||||||
Account value |
$ | 512,462 | $ | 475,921 | ||||
Net amount at risk |
$ | 3,655 | $ | 4,435 | ||||
Average attained age of contract holders |
71 | 71 | ||||||
Ratchet (highest historical account value at specified anniversary dates) |
||||||||
Account value |
$ | 26,726 | $ | 25,464 | ||||
Net amount at risk |
$ | 1,022 | $ | 4,168 | ||||
Average attained age of contract holders |
74 | 74 |
13
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
3. GUARANTEED BENEFITS (CONTINUED):
Guaranteed Minimum Withdrawal Benefits (GMWB)
The Company issued a variable annuity contract with a GMWB feature. The GMWB feature provides annuity contract holders with withdrawal payments that are guaranteed for life. The withdrawal feature allows for guaranteed withdrawals beginning with age 591⁄2 for the life of the contract holder based on a preset withdrawal percentage of the guaranteed withdrawal benefit (“GWB”) value as defined in the contract. The contract holder is eligible to take the withdrawal benefit each year until there is no longer any living annuitant. The GWB value is initially set equal to the purchase payment and is ratcheted up to the contract value on each anniversary until the oldest annuitant’s 85th birthday. The GWB value is reduced by (i) withdrawals if the youngest annuitant is under age 591⁄2 or (ii) withdrawals in excess of the GWB amount if the youngest annuitant has reached age 591⁄2.
The following summarizes the liability for GMWB contracts reflected in the general account:
Years Ended December 31, | ||||||||
2023 | 2022 | |||||||
Beginning Balance |
$ | 885 | $ | 809 | ||||
Change in benefit ratio estimate |
277 | 1 | ||||||
Interest on reserve |
60 | 42 | ||||||
Accrual of benefit ratio |
39 | 33 | ||||||
|
|
|
|
|||||
Ending Balance |
$ | 1,261 | $ | 885 | ||||
|
|
|
|
For contracts issued prior to January 1, 2009, the Company has reinsurance coverage for 100% of its GMWB provisions. Effective January 1, 2009, the Company entered into a reinsurance agreement to reinsure 90% of GMWB exposure from product sales during the first quarter of 2009. Effective March 31, 2009, the GMWB was no longer offered.
The reinsurance recoverables associated with the GMWB were $1,222 and $858 at December 31, 2023, and 2022, respectively.
The following information relates to the reserve methodology and assumptions for developing the GMWB policy benefit liability:
• | The projection model uses 100 pairs of stochastically generated market return scenarios for equity and bond returns. |
• | The projection period is 50 years from issue. |
• | The mean investment return assumptions for the stochastic scenarios, before fund expenses and other charges, vary from 3.3% to 11.5% depending on the underlying fund type. |
• | The projection model employs a mean reversion adjustment that is based on historical performance from 1997 to the present and the long-term rate assumption. |
• | The volatility assumption is 20% for equity funds; 9% for bond funds; and 0% for money market funds. |
• | Separate benefit ratios were calculated for single life and joint life policies. |
• | For contract holders not yet taking withdrawals, the GMWB withdrawal waiting period is defined as the later of 17 1⁄2 years from issue and age 591⁄2. |
• | The mortality assumption is 86% of the 2012 IAM Basic Mortality Table with projection scale G2. |
14
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
3. GUARANTEED BENEFITS (CONTINUED):
• | The lapse rate assumption is 4.9%, with dynamic lapse reduction for contracts in the money. |
• | The discount rate is 6.425%, adjusted for maintenance and expense charges. |
The table below displays the account value and guaranteed withdrawal values at December 31, 2023, and 2022:
Years Ended December 31, | ||||||||
2023 | 2022 | |||||||
Account value |
$ | 108,027 | $ | 107,117 | ||||
GWB value |
$ | 122,603 | $ | 132,792 | ||||
Average attained age of contract holders |
81 | 80 |
4. INVESTMENTS:
The components of net investment income were as follows:
Years Ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Debt securities |
$ | 6,898 | $ | 5,951 | $ | 5,913 | ||||||
Cash and cash equivalents |
434 | 216 | 2 | |||||||||
Other |
2 | 3 | 3 | |||||||||
|
|
|
|
|
|
|||||||
Total investment income |
7,334 | 6,170 | 5,918 | |||||||||
Less: investment expenses |
665 | 719 | 1,043 | |||||||||
|
|
|
|
|
|
|||||||
Net investment income |
$ | 6,669 | $ | 5,451 | $ | 4,875 | ||||||
|
|
|
|
|
|
Gross realized gains and losses from sales of debt securities were as follows:
Years Ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Debt securities: |
||||||||||||
Gross realized gains |
$ | 123 | $ | 240 | $ | 1,918 | ||||||
Gross realized losses |
(3,938 | ) | (2,341 | ) | (289 | ) | ||||||
|
|
|
|
|
|
|||||||
Total realized investment gains (losses) |
$ | (3,815 | ) | $ | (2,101 | ) | $ | 1,629 | ||||
|
|
|
|
|
|
There were no realized investment losses as a result of impairments in 2023, 2022 or 2021. There were no debt securities that were non-income producing for 2023, 2022 or 2021, respectively. There was no interest foregone by non-income producing securities for 2023, 2022, and 2021, respectively.
15
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
4. INVESTMENTS (CONTINUED):
Net unrealized investment gains (losses) on debt securities carried at fair value and the related impact on DAC and deferred income taxes as of December 31 were as follows:
December 31, | ||||||||
2023 | 2022 | |||||||
Debt securities |
$ | (10,429 | ) | $ | (20,332 | ) | ||
DAC |
1,376 | 2,787 | ||||||
Deferred income tax (expense) benefit |
1,901 | 3,684 | ||||||
|
|
|
|
|||||
$ | (7,152 | ) | $ | (13,861 | ) | |||
|
|
|
|
Debt securities, without an allowance for credit losses, that have been in a continuous unrealized loss position as of December 31, 2023 were as follows:
2023 | ||||||||||||||||||||||||||||||||||||
Less than twelve months | Twelve months or more | Total | ||||||||||||||||||||||||||||||||||
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Investment grade debt securities: |
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities |
$ | 12,900 | $ | (299 | ) | 7 | $ | 4,427 | $ | (278 | ) | 6 | $ | 17,327 | $ | (577 | ) | 13 | ||||||||||||||||||
States and political subdivisions |
— | — | — | 1,297 | (204 | ) | 5 | 1,297 | (204 | ) | 5 | |||||||||||||||||||||||||
Corporate and other debt securities |
4,168 | (134 | ) | 19 | 128,879 | (10,979 | ) | 450 | 133,047 | (11,113 | ) | 469 | ||||||||||||||||||||||||
Mortgage and asset-backed securities |
— | — | — | 298 | (13 | ) | 2 | 298 | (13 | ) | 2 | |||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 17,068 | $ | (433 | ) | 26 | $ | 134,901 | $ | (11,474 | ) | 463 | $ | 151,969 | $ | (11,907 | ) | 489 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Below Investment grade debt securities: |
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities |
$ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | — | |||||||||||||||||||||
Corporate and other debt securities |
— | — | — | 224 | (4 | ) | 2 | 224 | (4 | ) | 2 | |||||||||||||||||||||||||
Mortgage and asset-backed securities |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | — | $ | — | — | $ | 224 | $ | (4 | ) | 2 | $ | 224 | $ | (4 | ) | 2 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2023. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The majority of the securities are investment grade debt securities with average fair values of 92% of amortized cost at December 31, 2023. Investments in below investment grade securities have an average fair value of 98% of amortized cost as of December 31, 2023.
16
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
4. INVESTMENTS (CONTINUED):
Debt securities that have been in a continuous unrealized loss position as of December 31, 2022, were as follows:
2022 | ||||||||||||||||||||||||||||||||||||
Less than twelve months | Twelve months or more | Total | ||||||||||||||||||||||||||||||||||
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
Estimated Fair Value |
Gross Unrealized Losses |
Number of Securities |
||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||
Investment grade debt securities: |
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities |
$ | 23,412 | $ | (1,589 | ) | 9 | $ | 10,759 | $ | (889 | ) | 5 | $ | 34,171 | $ | (2,478 | ) | 14 | ||||||||||||||||||
States and political subdivisions |
1,060 | (158 | ) | 4 | 216 | (84 | ) | 1 | 1,276 | (242 | ) | 5 | ||||||||||||||||||||||||
Corporate and other debt securities |
94,282 | (6,183 | ) | 334 | 62,638 | (11,481 | ) | 224 | 156,920 | (17,664 | ) | 558 | ||||||||||||||||||||||||
Mortgage and asset-backed securities |
263 | (15 | ) | 1 | 52 | (7 | ) | 2 | 315 | (22 | ) | 3 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 119,017 | $ | (7,945 | ) | 348 | $ | 73,665 | $ | (12,461 | ) | 232 | $ | 192,682 | $ | (20,406 | ) | 580 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Below Investment grade debt securities: |
||||||||||||||||||||||||||||||||||||
U.S. Treasury securities |
$ | — | $ | — | — | $ | — | $ | — | — | $ | — | $ | — | — | |||||||||||||||||||||
Corporate and other debt securities |
264 | (7 | ) | 2 | 139 | (30 | ) | 2 | 403 | (37 | ) | 4 | ||||||||||||||||||||||||
Mortgage and asset-backed securities |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | 264 | $ | (7 | ) | 2 | $ | 139 | $ | (30 | ) | 2 | $ | 403 | $ | (37 | ) | 4 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company believes that declines in the fair value of the securities above were not indicative of credit impairment as of December 31, 2021. The Company did not intend to sell these securities, and it was not more likely than not that the Company would be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. The majority of the securities are investment grade debt securities with average fair values of 89% of amortized cost at December 31, 2022. Investments in below investment grade securities have an average fair value of 91% of amortized cost as of December 31, 2022.
The allowance for credit losses was zero and there were no additions, write-offs, and recoveries during 2023 or 2022. The allowance for credit losses was zero as of December 31, 2023 and 2022, respectively.
17
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
4. INVESTMENTS (CONTINUED):
The amortized cost and fair value of debt securities by type of issuer as of December 31, 2023, were as follows:
December 31, 2023 | ||||||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Gross Unrealized Losses - Allowance |
Estimated Fair Value |
||||||||||||||||
Debt securities: |
||||||||||||||||||||
U.S. Treasury securities |
$ | 30,037 | $ | 336 | $ | (577 | ) | $ | — | $ | 29,796 | |||||||||
States and political subdivisions |
1,501 | — | (204 | ) | — | 1,297 | ||||||||||||||
Corporate and other debt securities |
177,100 | 1,146 | (11,117 | ) | — | 167,129 | ||||||||||||||
Mortgage and asset-backed securities |
312 | — | (13 | ) | — | 299 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total debt securities |
$ | 208,950 | $ | 1,482 | $ | (11,911 | ) | $ | — | $ | 198,521 | |||||||||
|
|
|
|
|
|
|
|
|
|
The amortized cost and fair value of debt and equity securities by type of issuer as of December 31, 2022, were as follows:
December 31, 2022 | ||||||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Gross Unrealized Losses - Allowance |
Estimated Fair Value |
||||||||||||||||
Debt securities: |
||||||||||||||||||||
U.S. Treasury securities |
$ | 37,762 | $ | 11 | $ | (2,478 | ) | $ | — | $ | 35,295 | |||||||||
States and political subdivisions |
1,518 | — | (242 | ) | — | 1,276 | ||||||||||||||
Corporate and other debt securities |
178,369 | 100 | (17,701 | ) | — | 160,768 | ||||||||||||||
Mortgage and asset-backed securities |
337 | — | (22 | ) | — | 315 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total debt securities |
$ | 217,986 | $ | 111 | $ | (20,443 | ) | $ | — | $ | 197,654 | |||||||||
|
|
|
|
|
|
|
|
|
|
During 2023 and 2022, the Company recorded no impairments for the portion of noncredit related losses in other comprehensive income.
Proceeds from sales of available-for-sale investments (excluding proceeds from calls and maturities) were $62,275, $45,322 and $44,080 in 2023, 2022 and 2021, respectively.
18
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
4. INVESTMENTS (CONTINUED):
The amortized cost and fair value of debt securities at December 31, 2023, by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
December 31, 2023 | ||||||||
Amortized Cost | Estimated Fair Value |
|||||||
Due in 1 year or less |
$ | 11,763 | $ | 11,592 | ||||
Due after 1 year through 5 years |
106,310 | 102,130 | ||||||
Due after 5 years through 10 years |
74,565 | 70,263 | ||||||
Due after 10 years |
16,000 | 14,237 | ||||||
Mortgage and asset-backed securities |
312 | 299 | ||||||
|
|
|
|
|||||
$ | 208,950 | $ | 198,521 | |||||
|
|
|
|
At December 31, 2023, and 2022, there were no contractual investment commitments. There were no significant concentrations of debt securities by issuer or by industry, other than U.S. Treasury securities.
At December 31, 2023, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $400 and $395 respectively. At December 31, 2022, the amortized cost and fair value of securities on deposit with various state and governmental authorities was $400 and $386 respectively.
5. FAIR VALUE MEASUREMENTS:
The Company categorizes the financial assets and liabilities carried at fair value in its balance sheets based upon a three-level valuation hierarchy. The Company carries the following financial instruments at fair value in the Company’s financial statements: debt securities, cash equivalents such as money market funds, and separate account assets. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable valuation inputs (Level 3). If the inputs used to measure a financial asset or liability cross different levels of the hierarchy, categorization is based on the lowest level input that is significant to the fair value measurement.
Management’s assessment of the significance of a particular input to the overall fair value measurement of a financial asset or liability requires judgment, and considers factors specific to the asset or liability. The three levels are described below:
• | Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets and liabilities in an active market. |
• | Level 2 – Financial assets and liabilities whose values are based on quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. |
• | Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable in the market and significant to the overall fair value measurement. These inputs reflect management’s judgment about the assumptions that a market participant would use in pricing the asset or liability and are based on the best available information, some of which is internally developed. |
19
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
5. FAIR VALUE MEASUREMENTS (CONTINUED):
The Company’s available-for-sale debt securities generally use Level 2 inputs for the determination of fair value. These fair values are obtained primarily from industry-standard pricing methodologies based on market observable information. The fair value of U.S. Treasury debt securities is based on quoted prices in active markets that are readily and regularly obtainable and are reflected in Level 1. While the Company obtains values for the debt securities it holds from independent pricing services, it is ultimately management’s responsibility to determine whether the value obtained and recorded to the financial statements are representative of fair value.
Cash equivalents are reported at fair value on a recurring basis and include money market instruments. Fair values of these cash equivalents may be determined using public quotations which are reflected in Level 1.
Separate account assets are invested in mutual funds whose value is based on the underlying net asset value of these funds. Open ended mutual funds in the Separate Account produce a daily NAV that is validated with a sufficient level of observable activity to support classification of the fair value measurement as Level 1.
The following fair value hierarchy table presents information about the Company’s assets measured at fair value on a recurring basis as of:
December 31, 2023 | ||||||||||||||||
Quoted Market Prices in Active Markets (Level 1) |
Pricing Methods with Significant Observable Market Inputs (Level 2) |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) |
Total Estimated Fair Value |
|||||||||||||
Assets: |
||||||||||||||||
Available-for-sale debt securities: |
||||||||||||||||
U.S. Treasury securities |
$ | 29,796 | $ | — | $ | — | $ | 29,796 | ||||||||
States and political subdivisions |
— | 1,297 | — | 1,297 | ||||||||||||
Corporate and other debt securities |
— | 167,129 | — | 167,129 | ||||||||||||
Mortgage and asset-backed securities |
— | 299 | — | 299 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total available-for-sale debt securities |
29,796 | 168,725 | — | 198,521 | ||||||||||||
Cash equivalents |
14,784 | — | — | 14,784 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Subtotal excluding separate account assets |
44,580 | 168,725 | — | 213,305 | ||||||||||||
Separate account assets |
3,597,323 | — | — | 3,597,323 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 3,641,903 | $ | 168,725 | $ | — | $ | 3,810,628 | ||||||||
|
|
|
|
|
|
|
|
20
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
5. FAIR VALUE MEASUREMENTS (CONTINUED):
December 31, 2022 | ||||||||||||||||||||
Quoted Market Prices in Active Markets (Level 1) |
Pricing Methods with Significant Observable Market Inputs (Level 2) |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) |
Total Estimated Fair Value |
|||||||||||||||||
Assets: |
||||||||||||||||||||
Available-for-sale debt securities: |
||||||||||||||||||||
U.S. Treasury securities |
$ | 35,295 | $ | — | $ | — | $ | 35,295 | ||||||||||||
States and political subdivisions |
— | 1,276 | — | 1,276 | ||||||||||||||||
Corporate and other debt securities |
— | 160,768 | — | 160,768 | ||||||||||||||||
Mortgage and asset-backed securities |
— | 315 | — | 315 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total available-for-sale debt securities |
35,295 | 162,359 | — | 197,654 | ||||||||||||||||
Cash equivalents |
12,618 | — | — | 12,618 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Subtotal excluding separate account assets |
47,913 | 162,359 | — | 210,272 | ||||||||||||||||
Separate account assets |
3,189,076 | — | — | 3,189,076 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | 3,236,989 | $ | 162,359 | $ | — | $ | 3,399,348 | ||||||||||||
|
|
|
|
|
|
|
|
There were no Level 3 assets held by the Company during 2023 or 2022. There were no transfers into or out of Level 3 during 2023 or 2022.
Financial Instruments Not Carried at Fair Value
Certain financial instruments are not required to be measured at fair value in the financial statements but are disclosed if it is practicable to estimate such values.
The following include disclosures for other financial instruments not carried at fair value and not included in the above discussion:
December 31, 2023 | December 31, 2022 | |||||||||||||||
Carrying Amount |
Estimated Fair Value |
Carrying Amount |
Estimated Fair Value |
|||||||||||||
Financial Assets: |
||||||||||||||||
Policy loans |
$ | 38 | $ | 38 | $ | 47 | $ | 47 | ||||||||
Reinsurance deposit and receivables |
23,915 | 23,298 | 24,691 | 24,144 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 23,953 | $ | 23,336 | $ | 24,738 | $ | 24,191 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Financial Liabilities: |
||||||||||||||||
Contract holder deposit funds |
$ | 82,302 | $ | 80,454 | $ | 93,140 | $ | 91,271 | ||||||||
|
|
|
|
|
|
|
|
The following methods and assumptions were used to estimate the fair value of each class of financial instruments:
Policy Loans
Policy loans are carried at outstanding principal balances, not in excess of policy cash surrender value. These loans are an integral part of the insurance products and have no maturity dates. Consequently, the outstanding principal balance is considered to be a reasonable estimate of the fair value of policy loans.
21
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
5. FAIR VALUE MEASUREMENTS (CONTINUED):
Reinsurance Deposit and Receivables
Fair values for certain of the Company’s reinsurance deposits for the fixed portion of the variable annuities contracts in payout and the fixed immediate annuity contracts are estimated using discounted cash flow calculations based on expected current offering interest rates versus contract rates.
Contract Holder Deposit Funds
Fair value for the Company’s contract holder deposit fund liabilities for the fixed portion of the variable annuity contracts in payout and the fixed immediate annuity contracts are estimated using discounted cash flow calculations based on expected current offering interest and mortality rates versus contract rates.
The fixed portion of variable deferred annuity products is carried at account value and can be withdrawn without prior notice pursuant to the terms of the annuity contract. The fixed portion of variable deferred annuity products is an integral part of the contract, and consequently the account value is considered to be a reasonable estimate of the fair value of the contract.
6. INCOME TAXES:
The components of the provision for income taxes attributable to operations were as follows:
Years Ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Current: |
||||||||||||
Federal |
$ | 3,336 | $ | 1,405 | $ | 2,221 | ||||||
State |
9 | 21 | 4 | |||||||||
|
|
|
|
|
|
|||||||
3,345 | 1,426 | 2,225 | ||||||||||
|
|
|
|
|
|
|||||||
Deferred: |
||||||||||||
Federal |
2,197 | (207 | ) | 950 | ||||||||
|
|
|
|
|
|
|||||||
Income tax expense |
$ | 5,542 | $ | 1,219 | $ | 3,175 | ||||||
|
|
|
|
|
|
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Life insurance corporations in New York remain subject to a franchise tax. However, for tax years beginning on or after January 1, 2003, in no event may the franchise tax on life insurance corporations, computed prior to the application of tax credits, be less than 1.5% of premiums or more than 2.0% of premiums. Accordingly, state deferred taxes are no longer recorded for the Company as it believes that the reversal of temporary differences will have no impact on the state income tax that it will pay in the future.
22
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
6. INCOME TAXES (CONTINUED):
Significant components of the Company’s net deferred tax liability were as follows:
December 31, | ||||||||
2023 | 2022 | |||||||
Deferred income tax assets (liabilities): |
||||||||
Deferred policy acquisition costs |
$ | (10,789 | ) | $ | (10,879 | ) | ||
Contract holder reserves |
3,174 | 2,890 | ||||||
Contract holder reserves - Tax Cuts and Jobs Act (“TCJA”) |
||||||||
Transition Adjustment |
128 | 192 | ||||||
Unrealized gains on available-for-sale securities |
2,190 | 4,270 | ||||||
Deferred revenue |
66 | 81 | ||||||
Other, net |
372 | 17 | ||||||
|
|
|
|
|||||
Net deferred tax liability before valuation allowance |
(4,859 | ) | (3,429 | ) | ||||
|
|
|
|
|||||
Valuation allowance |
(2,551 | ) | — | |||||
|
|
|
|
|||||
Net deferred tax liability after valuation allowance |
$ | (7,410 | ) | $ | (3,429 | ) | ||
|
|
|
|
The Company recorded a deferred tax asset of approximately $2,551 comprised of $2,190 of net unrealized losses on available-for-sale securities and $361 of capital loss carryforwards as of December 31, 2023. The capital loss carryforwards can be used to offset taxable capital gains income in the future but will expire if they are not used within certain prescribed periods. The Company concluded that it was more likely than not that it will not have sufficient taxable capital gains income in the future to realize the net unrealized losses on available-for-sale securities and capital loss carryforwards. Accordingly, the Company recorded a valuation allowance of $2,551 as of December 31, 2023.
A reconciliation of the tax provision at the U.S. Federal statutory rate to the provision for income taxes is as follows:
Years Ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Tax provision at U.S. Federal statutory rate |
$ | 2,543 | $ | 1,787 | $ | 4,774 | ||||||
Dividends received deduction |
(302 | ) | (985 | ) | (1,913 | ) | ||||||
Increase in valuation allowance |
2,551 | — | — | |||||||||
Provision to return adjustment |
735 | 396 | 308 | |||||||||
Other, net |
15 | 21 | 6 | |||||||||
|
|
|
|
|
|
|||||||
Income tax expense (benefit) |
$ | 5,542 | $ | 1,219 | $ | 3,175 | ||||||
|
|
|
|
|
|
The Company paid FILI net federal and state income taxes of $1,420, $2,481, and $2,606 in 2023, 2022, and 2021 respectively, related to the Company’s separate-company basis.
The Company recognizes uncertain tax provisions that have a greater than 50% likelihood of being sustained upon examination by the taxing authorities. As a result, the Company applies a more-likely-than-not recognition threshold for all tax uncertainties.
The Company’s management believes that adequate provision has been made in the financial statements for any potential tax uncertainties.
23
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
6. INCOME TAXES (CONTINUED):
The Inflation Reduction Act of 2022 (“IRA”) was enacted by the U.S. Government on August 16, 2022 and includes a new corporate alternative minimum tax (“CAMT”) effective January 1, 2023. The CAMT will apply to corporations based on their affiliated group basis and requires computing the U.S. federal income tax liability under the regular corporate tax system and the CAMT. The Company determined that it is subject to the CAMT.
The effects of tax legislation are recognized in the period of enactment. In addition, companies are required to consider the impact of the new tax law on the realizability of deferred tax assets. The Company did not have any CAMT liability as of December 31, 2023.
Currently, the Company only files income tax returns in the United States. The Company is not currently under examinations and is no longer subject to U.S. federal or state tax examinations for years before 2019. The Company is not currently under examination for the income tax filings in any other jurisdictions. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustment that will result in a material adverse effect on the Company’s financial condition, results of operations, or cash flows. Therefore, no reserves for uncertain tax positions have been recorded.
The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months.
7. STOCKHOLDER’S EQUITY AND DIVIDEND RESTRICTIONS:
Generally, the net assets of the Company available for payment as dividends to FILI are limited to the excess of the Company’s net assets, as determined in accordance with statutory accounting practices, over minimum statutory capital requirements; however, payments of such amounts as dividends may be subject to approval by regulatory authorities. Under New York State Insurance Laws, dividends to shareholders are limited to the lesser of the Company’s net gain from operations for the year ended on the preceding December 31, or 10% of the Company’s surplus held for policyholders as of the preceding December 31. The Company paid a dividend of $10,000, $10,800 and $10,800 to FILI during 2023, 2022 and 2021, respectively.
The Company prepares its statutory financial statements in accordance with accounting practices prescribed or permitted by the New York State Insurance Department which vary with GAAP in certain respects. Prescribed statutory accounting practices include publications of the National Association of Insurance Commissioners, as well as state laws, regulations and general administrative rules. The principal differences with GAAP are that statutory financial statements do not reflect DAC, recognition of deferred income tax assets are limited, bonds are generally carried at amortized cost, insurance liabilities are presented net of reinsurance assets, and future policy benefit liabilities are estimated using different actuarial assumptions. The Company does not rely on the use of any permitted statutory accounting practices.
Net income and capital and surplus as determined in accordance with statutory accounting practices were as follows:
Years Ended December 31, | ||||||||||||
(Unaudited) | (Audited) | (Audited) | ||||||||||
2023 | 2022 | 2021 | ||||||||||
Statutory net income |
$ | 9,151 | $ | 13,186 | $ | 10,701 | ||||||
Statutory surplus |
$ | 108,768 | $ | 112,281 | $ | 110,394 |
24
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
8. AFFILIATED COMPANY TRANSACTIONS:
The Company has a services agreement with Fidelity Investments Institutional Operations Company LLC and Fidelity Distributors Company LLC, both wholly-owned subsidiaries of FMR LLC, under which the Company provides certain shareholder account services (recordkeeping and customer reporting, customer support, and preparing/distributing marketing materials) with respect to Investor Class shares of the Fidelity Variable Insurance Product Funds. The Company earned fees of $8,214, $8,185 and $8,895 in 2023, 2022 and 2021, respectively, under these agreements. These fees are included in Fund administration fees in the Statements of Comprehensive Income.
The Company’s insurance contracts are distributed through Fidelity Brokerage Services LLC, Fidelity Insurance Agency, Inc. (“FIA”), and Fidelity Distributors Company LLC, all of which are wholly-owned subsidiaries of FMR LLC. The Company has an agreement with FIA under which the Company pays FIA sales compensation of 3% of annuity payments received for its variable deferred and immediate annuity contracts. The Company pays FIA 37.5% of term life insurance first-year premiums. The Company incurred expenses in the amount of $2,759, $3,008, and $4,768 to FIA in 2023, 2022 and 2021, respectively.
The Company has administrative services agreements with FILI and FMR LLC and its subsidiaries whereby certain administrative and other services are provided to the Company. The Company incurred expenses of $5,160, $3,649, and $3,367 with FILI and $262, $224 and $315 with FMR LLC and its subsidiaries in 2023, 2022 and 2021 respectively. Intercompany balances are settled in accordance with the terms of the respective agreements.
The Company has an agreement with Fidelity Institutional Asset Management LLC whereby investment and managerial advice is provided to the Company. The Company incurred expenses of $303, $351, and $669 in 2023, 2022 and 2021, respectively for such services.
FMR LLC sponsors a Profit-Sharing Plan covering substantially all eligible company employees. Payments are made to the trustee by FMR LLC annually for the Profit-Sharing Plan. FMR LLC’s policy is to fund all costs accrued and to charge each subsidiary for its share of the cost. The costs charged to the Company were $202, $211, and $185 in 2023, 2022 and 2021, respectively.
The Company participates in various share-based compensatory plans sponsored by FMR LLC and is allocated a compensation charge from FMR LLC that is amortized over the period in which it is earned. These share-based compensation arrangements generally provide holders with participation in changes in FMR LLC’s Net Asset Value per share (as defined) over their respective terms. All plans are settled in cash or promissory notes at the end of their defined term or when plan participants are no longer employees. The aggregate expenses related to these plans charged to the Company were $734, $457, and $464 in 2023, 2022 and 2021, respectively.
25
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
9. UNDERWRITING, ACQUISITION AND INSURANCE EXPENSES:
Underwriting, acquisition and insurance expenses were as follows:
Years Ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Underwriting, acquisition and insurance expenses: |
||||||||||||
Commissions, gross |
$ | 2,759 | $ | 3,008 | $ | 4,768 | ||||||
Compensation and benefits |
3,358 | 2,346 | 1,961 | |||||||||
Capitalization of deferred policy acquisition costs |
(2,777 | ) | (3,011 | ) | (4,770 | ) | ||||||
Amortization (accretion) of deferred policy acquisition costs |
2,013 | 7,943 | (1,501 | ) | ||||||||
Rent expense |
145 | 114 | 218 | |||||||||
Taxes, licenses and fees |
175 | 208 | 142 | |||||||||
General insurance expenses |
1,853 | 1,673 | 1,695 | |||||||||
|
|
|
|
|
|
|||||||
Total underwriting, acquisition and insurance expenses |
$ | 7,526 | $ | 12,281 | $ | 2,513 | ||||||
|
|
|
|
|
|
Amortization of deferred policy acquisition costs is adjusted periodically as estimates of future gross profits are revised to reflect actual and expected future experience. The Company decreased (increased) amortization by $1,723, ($2,914), and $6,312 in 2023, 2022 and 2021, respectively, to reflect actual and expected future experience for investment performance, persistency (including internal replacements), administrative expenses and inflation assumptions. This adjustment has been reflected in amortization expense.
10. REINSURANCE:
The Company retains a maximum coverage per individual life of $25 plus 30% of the excess over $25 with a maximum initial retention not to exceed $100 for its life insurance business issued before March 1, 2008. The Company retains a flat $100 per individual life for its life business issued on and after March 1, 2008. The Company reinsures certain guarantee provisions and mortality on its annuity contracts and portions of annuity income that are fixed. The Company reinsures substantially all of its GMDB provisions for business issued prior to July 1, 2001. The Company reinsures 100% of its GMWB provisions issued prior to January 1, 2009, and 90% for business issued in the first quarter of 2009. The GMWB product and associated reinsurance contract were discontinued for new business effective March 31, 2009.
The Company has entered into a coinsurance agreement for substantially all of the fixed portion of the variable income annuity product and the fixed income annuities which arise through the annuitization of deferred annuity products if annuitization is prior to June 1, 2009. The Company retains 100% of the risk for annuitizations of deferred annuity products where annuitization occurs on or after June 1, 2009. Sales of the variable income annuity product with a fixed payment option were discontinued in May 2008. The Company is subject to concentration of risk with respect to this reinsurance agreement. The reinsurance receivable is accounted for as a deposit asset and is recorded in reinsurance deposit and receivables on the balance sheets. Under this reinsurance agreement, the Company receives a front end ceding expense allowance ranging from 2.5% to 3.5% of premiums and an annual allowance of a percentage of assets ranging from 0.30% to 0.60%.
Revenue from the reinsurance agreement and benefit expense from the underlying annuity contracts are recognized over the lives of the underlying contracts.
26
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
10. REINSURANCE (CONTINUED):
Financial information related to the coinsurance agreement for the fixed portion of the variable income annuity and the fixed income annuities which arise through the annuitization of deferred annuity products if annuitization is prior to June 1, 2009 is as follows:
As of December 31, | ||||||||
2023 | 2022 | |||||||
Reinsurance deposits and receivables: |
||||||||
Principal Life Insurance Company |
$ | 20,239 | $ | 21,644 | ||||
|
|
|
|
|||||
Contract holder deposit funds and future contract and policy benefits |
$ | 20,239 | $ | 21,644 | ||||
|
|
|
|
|||||
Interest on reinsurance deposit |
$ | 1,056 | $ | 1,126 | ||||
|
|
|
|
|||||
Contract and policy benefits and expenses |
$ | 961 | $ | 1,026 | ||||
|
|
|
|
The Company’s deposit assets under the reinsurance agreement with Principal Life Insurance Company is partially secured by investments held in a collateral account which offers the Company additional protection and reduces the risk of loss to the Company that could result from failure of this reinsurer.
The Company evaluates the financial condition of its reinsurers and monitors concentration of credit risk arising from similar activities or economic characteristics of the reinsurers to minimize its exposure to significant losses from reinsurer insolvencies. Any expected credit losses are reflected in the allowance for credit losses, after considering any collateral. The Company did not record an allowance for credit loss on reinsurance deposits and receivables as of December 31, 2023.
Additional information on direct business written and reinsurance ceded for the years ended December 31, was as follows:
Years Ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Direct life premiums |
$ | 791 | $ | 801 | $ | 863 | ||||||
Reinsurance ceded, net of ceding expense allowance and reinsurance premiums |
(381 | ) | (333 | ) | (359 | ) | ||||||
|
|
|
|
|
|
|||||||
Net premiums |
$ | 410 | $ | 468 | $ | 504 | ||||||
|
|
|
|
|
|
|||||||
Direct contract and policy benefits |
$ | 4,410 | $ | 4,038 | $ | 4,993 | ||||||
Reinsurance ceded benefits incurred |
(1,132 | ) | (923 | ) | (1,081 | ) | ||||||
Reinsurance costs |
1,031 | 1,110 | 1,367 | |||||||||
|
|
|
|
|
|
|||||||
Net contract and policy benefits |
$ | 4,309 | $ | 4,225 | $ | 5,279 | ||||||
|
|
|
|
|
|
11. COMMITMENTS AND CONTINGENCIES:
The Company is, from time to time, involved in various legal actions concerning policy benefits and certain other matters. Those actions are considered by the Company in estimating policy reserves and other liabilities. The Company believes that the resolution of those actions should not have a material adverse effect on stockholder’s equity or net income.
27
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(A Wholly-Owned Ultimate Subsidiary of FMR LLC)
NOTES TO FINANCIAL STATEMENTS
(Dollars in thousands)
11. COMMITMENTS AND CONTINGENCIES (CONTINUED):
Regulatory Matters
Under existing guaranty fund laws in all states, insurers licensed to do business in those states can be assessed for certain obligations of insolvent insurance companies to policyholders and claimants. The actual amount of such assessments will depend upon the final outcome of rehabilitation proceedings and will be paid over several years.
12. SUBSEQUENT EVENTS:
The Company has evaluated subsequent events from the balance sheet date through April 29, 2024 and did not identify any other events that would require adjustments to, or disclosure in, the financial statements.
28
PART C
OTHER INFORMATION
Item 27. Exhibits
(a) | Board of Directors Resolution |
(1) | Resolution of Board of Directors of Empire Fidelity Investments Life Insurance Company (“Empire Fidelity Investments Life”) establishing the Empire Fidelity Investments Variable Annuity Account A. Incorporated by reference from Post-Effective Amendment No. 5 to Registration Statement No. 33-42376, filed electronically on April 27, 1997, on behalf of Empire Fidelity Investments Variable Annuity Account A. |
(2) | Board of Directors Resolution of Empire Fidelity Investments Life Insurance Company. Incorporated by reference from Post-Effective Amendment No. 21 to Registration Statement on Form N-4, Reg No. 333-127346, on behalf of Empire Fidelity Investments Variable Annuity Account A, filed electronically on April 29, 2022. |
(b) | Custodian Agreements - Not Applicable |
(c) | Underwriting Contracts |
(1) | Distribution Agreement between Empire Fidelity Investments Life and Fidelity Brokerage Services LLC. Incorporated by reference from Post-Effective Amendment No. 5 to Registration Statement No. 33-42376, filed electronically on April 27, 1997, on behalf of Empire Fidelity Investments Variable Annuity Account A. |
(d) | Contracts |
(1) | Variable Annuity Policy. Incorporated by reference from the Registration Statement’s initial filing on August 9, 2005. |
(e) | Applications |
(1) | Application for Deferred Variable Annuity. Incorporated by reference from the Registration Statement’s initial filing on August 9, 2005. |
(f) | Depositor’s Certification of Incorporation and By-Laws |
(1) | Certification of Incorporation and By-laws. Incorporated by reference from Post-Effective Amendment No. 5 to Registration Statement No. 33-42376, filed electronically on April 27, 1997, on behalf of Empire Fidelity Investments Variable Annuity Account A. |
(2) | Charter of Empire Fidelity Investments Life. Incorporated by reference from Post-Effective Amendment No. 5 to Registration Statement No. 33-42376, filed electronically on April 27, 1997, on behalf of Empire Fidelity Investments Variable Annuity Account A. |
(3) | Amended Bylaws of Empire Fidelity Investments Life. Incorporated by reference from Post-Effective Amendment No. 5 to Registration Statement No. 33-42376, filed electronically on April 27, 1997, on behalf of Empire Fidelity Investments Variable Annuity Account A. |
(g) | Reinsurance Contracts - Not Applicable |
(h) | Participation Agreements |
(1) |
(2) |
(3) |
(4) |
(5) |
(i) | Administrative Contracts - Not Applicable |
(j) | Other Material Contracts - Not Applicable |
(k) | Legal Opinion |
Legal opinion and consent of Lance A. Warrick filed herein as Exhibit (k)
(l) | Other Opinions |
Written consent of PricewaterhouseCoopers LLP filed herein as Exhibit (l)
(m) | Omitted Financial Statements - Not Applicable |
(n) | Initial Capital Agreements - Not Applicable |
(o) | Form of Initial Summary Prospectuses |
(1) |
(p) | Power of Attorney |
(1) |
(2) |
(3) |
(4) |
(5) |
(6) |
(7) |
(8) |
(9) |
(10) |
(11) |
(12) |
(13) | Power of Attorney for David Golino filed herein as Exhibit (p)(13) |
(14) | Power of Attorney for Roger Stiles filed herein as Exhibit (p)(14) |
Item 28. Directors and Officers of the Depositor
Name and Principal Business Address |
Positions and Offices with Depositor | |
David Golino | Director and President | |
Richard G. Compson, Jr. | Director | |
Kathryn A. Dunn | Director | |
Jane P. Jamieson | Director | |
Wendy E. John | Director | |
William J. Johnson, Jr. | Director | |
Robert W. Litle | Director | |
Malcolm MacKay | Director | |
Nancy D. Prior | Director | |
Rodney R. Rohda | Director | |
Roger T. Servison | Director | |
Roger Stiles | Director | |
David J. Vargo | Director | |
James F. Andrea, Jr. | Head of Client Services & Operations | |
Dwight Clarke | Director, Human Resources | |
Joseph L. Cook-Shugart | Illustration Actuary | |
Sara Liane Latham | Appointed Actuary | |
Brian N. Leary | Vice President, Consumer Services Officer & Chief Compliance Officer | |
Miles Mei | Treasurer | |
Robert G. Regan | Chief Risk Officer | |
Richard S. Rowland | Vice President, Channel Development | |
Deepa Rao Trivedi | Vice President, Technology Management | |
Lance A. Warrick | Vice President, General Counsel and Secretary |
The principal business address for each person named in Item 28 is 900 Salem Street, Smithfield, Rhode Island 02917.
Item 29. Persons Controlled By or Under Common Control with the Depositor or the Registrant
The Depositor, Empire Fidelity Investments Life Insurance Company, is 100% owned by Fidelity Investments Life Insurance Company, a Utah Corporation. Fidelity Investments Life Insurance Company is 100% owned by FMR LLC. FMR LLC has numerous subsidiaries, including the following financial services providers:
• | Fidelity Brokerage Services LLC, a Delaware limited liability Company |
• | Fidelity Distributors Company LLC, a Delaware limited liability Company |
• | Fidelity Workplace Investing LLC, a Delaware limited liability Company |
• | Fidelity Insurance Agency, Inc., a Massachusetts Corporation |
• | Fidelity Investments Institutional Operations Company LLC, a Delaware limited liability Company |
• | Fidelity Management & Research Company LLC, a Delaware limited liability Company (advisor to the Fidelity Funds including the Variable Insurance Product Funds named in the prospectus) |
• | Digital Brokerage Services, LLC, a Delaware limited liability Company |
• | Fidelity Prime Financing LLC, a Delaware limited liability Company |
• | Green Pier Fintech LLC, a Delaware limited liability Company |
• | National Financial Services LLC, a Delaware limited liability Company |
Item 30. Indemnification
FMR LLC and its subsidiaries own a directors’ and officers’ liability reimbursement contract (the “Policies”), issued by National Union Fire Insurance Company, that provides coverage for “Loss” (as defined in the Policies) arising from any claim or claims by reason of any breach of duty, neglect, error, misstatement, misleading statement, omission or other act done or wrongfully attempted by a person while he or she is acting in his or her capacity as a director or officer. The coverage is provided to these insureds, including Empire Fidelity Investments Life, to the extent required or permitted by applicable law, common or statutory, or under their respective charters or by-laws, to indemnify directors or officers for Loss arising from the above-described matters. Coverage is also provided to the individual directors or officers for such Loss, for which they shall not be indemnified, subject to relevant contract exclusions. Loss is essentially the legal liability on claims against a director or officer, including damages, judgments, settlements, costs, charges and expenses (excluding salaries of officers or employees) incurred in the defense of actions, suits or proceedings and appeals therefrom.
There are a number of exclusions from coverage. Among the matters excluded are Losses arising as the result of (1) fines or penalties imposed by law or other matters that may be deemed uninsurable under the law pursuant to which the Policy is construed, (2) claims brought about or contributed to by the fraudulent, dishonest, or criminal acts of a director or officer, (3) any claim made against the directors or officers for violation of any of the responsibilities, obligations, or duties imposed upon fiduciaries by the Employee Retirement Income Security Act of 1974 or amendments thereto, (4) professional errors or omissions, and (5) claims for an accounting of profits in fact made from the purchase or sale by a director or officer of any securities of the insured corporations within the meaning of Section 16(b) of the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any state statutory law.
The limit of coverage of the Policy is $10 million, as an annual aggregate limit, with 95% co-insurance for the first $1 million of coverage, and with a deductible of $500,000 in the event that Empire Fidelity Investments Life indemnifies the director or officer (with a maximum aggregate per loss deductible of $25,000) if Empire Fidelity Investments Life does not indemnify the director or officer.
New York law (N.Y. Bus. Corp. 722) provides, in part, that a corporation may indemnify a director, officer, employee or agent against liability if he acted in good faith and in a manner he reasonably believed to be in the best interest of the corporation and, in respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
The Text of Article VI of Empire Fidelity Investments Life Insurance Company’s By-Laws, which relates to indemnification of the directors and officers, is as follows:
Section 6.1 INDEMNIFICATION OF DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS
Any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (including any action or suit by or in the right of the Corporation to procure a judgment in its favor) by reason of the fact that he is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified to the extent permitted by the laws of the State of New York, against expenses (including attorney’s fees), judgments, fines and amounts paid in settlement of such action, suit or proceeding. The indemnification expressly provided by statute in a specific case shall not be deemed exclusive of any other rights to which any person indemnified may be entitled under any lawful agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
The Board of Directors may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture or trust or other enterprise against any liability incurred by him in any such capacity or arising out of his status as such, whether or not the Corporation would have the power to indemnify him against such liability.
Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling persons in connection with the securities being registered), the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 31. Principal Underwriters
(a) | Fidelity Brokerage Services LLC acts as distributor for other variable life and variable annuity contracts registered by separate accounts of Fidelity Investments Life, and Empire Fidelity Investments Life Insurance Company. |
(b) | Management |
Name and Principal Business Address |
Positions and Offices with Depositor | |
Robert R. Mascialino | Director, Chief Executive Officer, and President | |
Lisa D. Kriser | Assistant Secretary | |
Michael Lyons | Treasurer | |
Kevin M. McLaughlin | Chief Financial Officer | |
Gail R. Merken | Chief Compliance Officer | |
Michael Shulman | Assistant Treasurer | |
Marc Squires | Director | |
Charles Sturdy | Secretary and Chief Legal Officer |
The address for each person named in Item 31(b) is 900 Salem Street, Smithfield, Rhode Island 02917.
(c) | Compensation to the Distributor: |
The following aggregate amount of commissions and other compensation was received by the principal underwriter, directly or indirectly, from the Registrant for this and other variable annuity contracts issued by the Depositor, during the Registrant’s last fiscal year:
(1) Name of Principal Underwriter |
(2) Net Underwriting Discounts and Commissions |
(3) Compensation on Redemption |
(4) Brokerage Commissions |
(5) Other Compensation |
||||||||||||
Fidelity Brokerage Services LLC |
$ | 733,472 | $ | 0 | $ | 0 | $ | 0 |
Item 32. Location of Accounts and Records
The records regarding the Account required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and Rules 31a-1 to 31a-3 promulgated thereunder, are maintained at Empire Fidelity Investments Life Insurance Company at 640 Fifth Avenue, New York, New York 10019.
Item 33. Management Services
The contracts for management-related services between (a) Fidelity Investments Life and Empire Fidelity Investments Life is summarized in Part B. Payments under these contracts for 2023, 2022, and 2021 were $5,159,870, $3,648,958, and $3,367,084 respectively.
Item 34. Fee Representation
Empire Fidelity Investments Life Insurance Company hereby represents that the aggregate charges under the variable annuity policy (“the contract”) offered by Empire Fidelity Investments Life Insurance Company, under this registration statement, are reasonable in relation to services rendered, the expenses expected to be incurred, and the risks assumed by Empire Fidelity Investments Life Insurance Company.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Empire Fidelity Investments Variable Annuity Account A, certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Smithfield, and State of Rhode Island, on this 29th day of April, 2024.
EMPIRE FIDELITY INVESTMENTS VARIABLE ANNUITY ACCOUNT A |
(Registrant) |
By: EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY |
By: | /s/ * |
Attest: | /s/ Lance A. Warrick | |||
David A. Golino | Lance A. Warrick, | |||||
President | Secretary |
EMPIRE FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(Depositor)
By: | /s/ * |
Attest: | /s/ Lance A. Warrick | |||
David A. Golino | Lance A. Warrick, | |||||
President | Secretary |
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated and on this 29th day of April 2024.
Signature |
Title |
|||||||
/s/ * |
) | |||||||
David A. Golino | President and Director | ) | ||||||
/s/ * |
) ) |
|||||||
Miles Mei | Treasurer | ) | ||||||
/s/ * |
) ) |
|||||||
Richard G. Compson, Jr. | Director | ) | By: | /s/ Lance A. Warrick | ||||
/s/ * |
) ) |
Lance A. Warrick (Attorney-in-Fact)* | ||||||
Kathryn A. Dunn | Director | ) | ||||||
/s/ * |
) ) |
|||||||
Jane P. Jamieson
/s/ * |
Director | ) ) ) |
||||||
Wendy E. John
/s/ * |
Director | ) ) ) |
||||||
William J. Johnson, Jr. | Director | ) | ||||||
/s/ * |
) ) |
|||||||
Robert W. Litle
/s/ * |
Director | ) ) ) |
||||||
Malcolm MacKay |
Director | ) |
/s/ * |
) | |||||||
Nancy D. Prior | Director | ) | ||||||
/s/ * |
) ) |
|||||||
Rodney R. Rohda | Director | ) | ||||||
/s/ * |
) ) |
|||||||
Roger T. Servison | Director | ) | By: | /s/ Lance A. Warrick | ||||
/s/ * |
) ) |
Lance A. Warrick (Attorney-in-Fact)* | ||||||
Roger L. Stiles | Director | ) | ||||||
/s/ * |
) ) |
|||||||
David J. Vargo | Director | ) |