AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

 

 

 

 

 

 

 

 

 

FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025
AND FOR EACH OF THE PERIODS IN THE TWO YEARS THEN ENDED
AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 
 

 

 

 

 

 

 

 

 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Policyowners of Ameritas Life Insurance Corp. Separate Account LLVA

and the Board of Directors of Ameritas Life Insurance Corp.

Lincoln, Nebraska

 

Opinion on the Financial Statements and Financial Highlights

 

We have audited the accompanying statements of net assets for each of the subaccounts of Ameritas Life Insurance Corp. Separate Account LLVA (the “Account”) listed in Note 1 as of December 31, 2025, the related statements of operations, the statements of changes in net assets, the financial highlights, and the related notes for the periods presented in Note 1 (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts constituting the Account as of December 31, 2025, and the results of their operations, the changes in their net assets, and the financial highlights for periods presented in Note 1 in conformity with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

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

 

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

 

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.

 

 

/s/ Deloitte & Touche LLP

 

Omaha, Nebraska

March 19, 2026

 

 

We have served as the Account’s auditor since 1997.

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 FS-3 
 
AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2025
               
               
ASSETS        
INVESTMENTS AT FAIR VALUE:        
               
  Calvert Variable Series, Inc. (Calvert):        
    Calvert VP SRI Balanced Portfolio, Class I (Balanced) -        
      414,593.109 shares at $2.85 per share (cost $945,129)     $ 1,181,590
    Calvert VP SRI Mid Cap Portfolio (Mid Cap) -        
      13,075.827 shares at $26.47 per share (cost $368,009)       346,117
  Deutsche DWS Investments VIT Funds (Scudder):        
    DWS Small Cap Index VIP Portfolio, Class A (Small Cap) -        
      10,319.972 shares at $15.02 per share (cost $163,676)       155,006
  Deutsche DWS Variable Series II (Scudder):        
    DWS Small Mid Cap Value VIP Portfolio, Class A (Small Mid Value) -      
      67,355.392 shares at $14.09 per share (cost $878,696)       949,037
    DWS International Opportunities VIP Portfolio, Class A (Thematic) -      
      36,570.884 shares at $19.22 per share (cost $565,056)       702,892
  Deutsche DWS Variable Series I (Scudder):        
    DWS Capital Growth VIP Portfolio, Class A (Growth) -        
      13,627.246 shares at $42.96 per share (cost $474,100)       585,426
  Fidelity(R) Variable Insurance Products (Fidelity):        
    Fidelity(R) VIP Overseas Portfolio, Initial Class (Overseas IC) -        
      110,129.057 shares at $27.52 per share (cost $2,618,682)       3,030,752
    Fidelity(R) VIP Investment Grade Bond Portfolio, Initial Class (Inv. Grade Bond IC) -    
      2,010,882.568 shares at $11.36 per share (cost $25,003,757)       22,843,626
    Fidelity(R) VIP Equity-Income Portfolio(SM), Initial Class (Equity Income IC) -      
      131,158.290 shares at $29.43 per share (cost $3,173,611)       3,859,988
    Fidelity(R) VIP Growth Portfolio, Initial Class (Growth IC) -        
      71,405.254 shares at $97.72 per share (cost $6,399,145)       6,977,721
    Fidelity(R) VIP High Income Portfolio, Initial Class (High Income IC) -       
      402,385.827 shares at $4.88 per share (cost $1,993,791)       1,963,643
    Fidelity(R) VIP High Income Portfolio, Service Class (High Income SC) -      
      24,373.003 shares at $4.84 per share (cost $121,573)       117,965
    Fidelity(R) VIP Contrafund(SM) Portfolio, Initial Class (Contrafund IC) -      
      486,601.444 shares at $59.89 per share (cost $20,999,933)       29,142,560
    Fidelity(R) VIP Contrafund(SM) Portfolio, Service Class (Contrafund SC) -      
      16,614.107 shares at $59.33 per share (cost $741,426)       985,715
    Fidelity(R) VIP Mid Cap Portfolio, Initial Class (Mid Cap IC) -        
      246,547.668 shares at $37.51 per share (cost $8,810,690)       9,248,003
    Fidelity(R) VIP Mid Cap Portfolio, Service Class (Mid Cap SC) -        
      6,635.946 shares at $36.79 per share (cost $227,308)       244,136
    Fidelity(R) VIP Strategic Income Portfolio, Initial Class (Strategic) -      
      1,120,675.776 shares at $11.23 per share (cost $12,634,928)       12,585,189

 

 

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

 FS-4 
 
AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2025
               
               
ASSETS, continued        
INVESTMENTS AT FAIR VALUE:        
               
  Fidelity(R) Variable Insurance Products (Fidelity), continued:        
    Fidelity(R) VIP Government Money Market Portfolio, Initial Class (Money Market) -    
      28,827,520.080 shares at $1.00 per share (cost $28,827,520)     $ 28,827,520
  AIM Variable Insurance Funds (AIM):        
    Invesco V.I. Diversified Dividend Fund Portfolio, Series I (Dividend) -      
      3,542.064 shares at $27.22 per share (cost $88,171)       96,415
    Invesco V.I. Health Care Fund Portfolio, Series I (Health) -        
      725.576 shares at $29.89 per share (cost $19,980)       21,687
    Invesco V.I. Technology Fund Portfolio, Series I (Technology) -        
      62.734 shares at $25.69 per share (cost $1,136)       1,612
    Invesco V.I. EQV International Equity Fund Portfolio, Series I (Intl. Growth) -       
      21,943.000 shares at $36.11 per share (cost $771,182)       792,362
    Invesco V.I. American Franchise Fund Portfolio, Series I (Franchise) -      
      1,691.544 shares at $81.00 per share (cost $102,844)       137,015
  Janus Aspen Series (Janus):        
    Janus Henderson Research Portfolio, Institutional Shares (Growth) -      
      1,667.700 shares at $64.90 per share (cost $52,313)       108,234
  Neuberger Berman Advisers Management Trust (Neuberger Berman):      
    Neuberger Berman AMT Mid Cap Growth Portfolio, Class I (Mid-Cap) -      
      7,232.972 shares at $28.99 per share (cost $193,042)       209,684
    Neuberger Berman AMT Short Duration Bond Portfolio, Class I (Bond) -      
      0.000 shares at $9.67 per share (cost $0)                                  -
    Neuberger Berman AMT Quality Equity Portfolio, Class I (Equity) -      
      13,523.734 shares at $42.76 per share (cost $412,485)       578,275
    Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I (Regency) -       
      27,479.706 shares at $16.41 per share (cost $475,041)       450,942
  Rydex Variable Trust (Rydex):        
    Rydex Nova Fund Portfolio (Nova) -        
      4,051.891 shares at $257.32 per share (cost $869,624)       1,042,633
    Rydex NASDAQ-100(R) Fund Portfolio (NASDAQ) -        
      37,240.339 shares at $96.73 per share (cost $2,237,297)       3,602,258
    Rydex Precious Metals Fund Portfolio (Precious Metals) -        
      53,408.394 shares at $97.07 per share (cost $2,908,339)       5,184,353
    Rydex Inverse S&P 500(R) Strategy Fund Portfolio (Inv. S&P 500) -      
      602.257 shares at $91.61 per share (cost $68,004)       55,173
    Rydex Government Long Bond 1.2x Strategy Fund Portfolio (Gov. Long Bond) -      
      1,155.583 shares at $178.71 per share (cost $285,900)       206,514
    Rydex Inverse NASDAQ-100(R) Strategy Fund Portfolio (Inverse NASDAQ) -      
      488.511 shares at $104.10 per share (cost $53,839)       50,854

.

 

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

 FS-5 
 
AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2025
               
               
ASSETS, continued        
INVESTMENTS AT FAIR VALUE:        
               
  Rydex Variable Trust (Rydex), continued:        
    Rydex Inverse Government Long Bond Strategy Fund Portfolio (Inv. Long Bond) -      
      1,024.311 shares at $109.31 per share (cost $104,006)     $ 111,967
    Rydex Russell 2000(R) 1.5x Strategy Fund Portfolio (Russell) -        
      6,849.348 shares at $84.58 per share (cost $507,130)       579,318
  Third Avenue Variable Series Trust (Third Avenue):        
    Third Avenue Value Portfolio (Value) -        
      132,138.862 shares at $25.04 per share (cost $2,612,584)       3,308,757
  Vanguard(R) Variable Insurance Fund (Vanguard):        
    Vanguard(R) Equity Index Portfolio (Equity Index) -        
      1,125,474.777 shares at $81.96 per share (cost $63,442,149)       92,243,913
    Vanguard(R) Total Bond Market Index Portfolio (Total Bond) -          
      7,914,199.328 shares at $10.80 per share (cost $90,146,710)       85,473,353
    Vanguard(R) Real Estate Index Portfolio (REIT Index) -        
      1,634,381.677 shares at $11.57 per share (cost $19,912,715)       18,909,796
    Vanguard(R) Mid-Cap Index Portfolio (Mid-Cap) -        
      1,163,349.284 shares at $27.96 per share (cost $25,602,775)       32,527,246
    Vanguard(R) Total Stock Market Index Portfolio (Stock Market Index) -      
      954,879.386 shares at $60.93 per share (cost $40,140,104)       58,180,801
    Vanguard(R) Conservative Allocation Portfolio (Conservative) -        
      325,065.299 shares at $26.46 per share (cost $8,182,528)       8,601,228
    Vanguard(R) Moderate Allocation Portfolio (Moderate) -        
      212,615.199 shares at $33.28 per share (cost $6,046,381)       7,075,834
    Vanguard(R) Short-Term Investment-Grade Portfolio (Short-Term) -      
      2,285,461.847 shares at $10.67 per share (cost $24,060,820)       24,385,878
    Vanguard(R) Total International Stock Market Index Portfolio (International Stock) -    
      476,563.343 shares at $26.86 per share (cost $10,423,217)       12,800,491
    Vanguard(R) Global Bond Index Portfolio (Global Bond) -        
      95,726.455 shares at $18.83 per share (cost $1,941,578)       1,802,529
    Vanguard(R) Equity Income Portfolio (Equity Income) -        
      850,623.215 shares at $26.22 per share (cost $19,318,926)       22,303,341
    Vanguard(R) High Yield Bond Portfolio (High Yield Bond) -         
      1,820,274.541 shares at $7.55 per share (cost $13,329,020)       13,743,073
    Vanguard(R) Growth Portfolio (Growth) -         
      767,400.052 shares at $36.68 per share (cost $19,987,174)       28,148,234
    Vanguard(R) Balanced Portfolio (Balanced) -        
      1,041,274.789 shares at $25.41 per share (cost $23,746,061)       26,458,792

 

 

 

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

 FS-6 
 
AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2025
               
               
ASSETS, continued        
INVESTMENTS AT FAIR VALUE:        
               
  Vanguard(R) Variable Insurance Fund (Vanguard), continued:        
    Vanguard(R) International Portfolio (International) -        
      1,242,031.507 shares at $28.59 per share (cost $32,776,048)     $ 35,509,681
    Vanguard(R) Diversified Value Portfolio (Diversified) -        
      1,009,864.634 shares at $17.47 per share (cost $14,223,891)       17,642,335
    Vanguard(R) Small Company Growth Portfolio (Small Company Growth) -      
      704,212.226 shares at $19.07 per share (cost $13,482,171)       13,429,327
  Allspring Funds - Variable Trust (Allspring):        
    Allspring VT Discovery SMID Cap Growth Fund Portfolio, Class 2 (Discovery) -      
      17,713.274 shares at $25.29 per share (cost $454,270)       447,969
    Allspring VT Opportunity Fund Portfolio, Class 2 (Opportunity) -      
      8,447.921 shares at $25.70 per share (cost $211,511)       217,112
  ProFunds VP (ProFunds):        
    ProFund VP Bull Portfolio (Bull) -        
      24,461.644 shares at $64.04 per share (cost $1,235,175)       1,566,524
    ProFund VP Europe 30 Portfolio (Europe) -        
      2,765.932 shares at $31.33 per share (cost $63,360)       86,657
    ProFund VP Mid-Cap Value Portfolio (Mid-Cap) -        
      0.000 shares at $42.64 per share (cost $0)                                  -
    ProFund VP Nasdaq-100 Portfolio (NASDAQ-100) -        
      122.03 shares at $69.51 per share (cost $6,657)       8,482
    ProFund VP Small-Cap Portfolio (Small-Cap) -        
      135.771 shares at $40.62 per share (cost $4,372)       5,515
    ProFund VP Small-Cap Value Portfolio (Small-Cap Value) -        
      0.000 shares at $44.87 per share (cost $0)                                  -
    ProFund VP Dow 30 Portfolio (Classic Dow) -        
      0.000 shares at $22.57 per share (cost $0)                                  -
  Inverse ProFunds VP (ProFunds):        
    ProFund VP Bear Portfolio (Bear) -        
      358.397 shares at $9.12 per share (cost $4,211)       3,269
    ProFund VP Short Nasdaq-100 Portfolio (Short NASDAQ) -        
      371.574 shares at $7.54 per share (cost $3,604)       2,802
    ProFund VP Short Small-Cap Portfolio (Short Small-Cap) -        
      0.000 shares at $16.97 per share (cost $0)                                  -
    ProFund VP Short Dow 30 Portfolio (Short Dow) -        
      112.616 shares at $17.23 per share (cost $4,204)       1,940
  Ultra ProFunds VP (ProFunds):        
    ProFund VP UltraMid-Cap Portfolio (UltraMid) -        
      537.441 shares at $41.58 per share (cost $21,286)       22,347

 

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

 FS-7 
 
AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2025
               
               
ASSETS, continued        
INVESTMENTS AT FAIR VALUE:        
               
  Ultra ProFunds VP (ProFunds), continued:        
    ProFund VP UltraNasdaq-100 Portfolio (UltraOTC) -        
      55,830.379 shares at $50.99 per share (cost $1,920,119)     $ 2,846,791
    ProFund VP UltraSmall-Cap Portfolio (UltraSmall) -        
      1,404.552 shares at $16.94 per share (cost $23,109)       23,793
    ProFund VP UltraBull Portfolio (UltraBull) -        
      5,016.376 shares at $45.50 per share (cost $169,807)       228,245
  Non-Equity ProFunds VP (ProFunds):        
    ProFund VP U.S. Government Plus Portfolio (U.S. Gov. Plus) -        
      1,096.827 shares at $10.53 per share (cost $14,920)       11,550
    ProFund VP Rising Rates Opportunity Portfolio (Opportunity) -        
      0.000 shares at $26.22 per share (cost $0)                                  -
  Sector ProFunds VP (ProFunds):        
    ProFund VP Energy Portfolio (Oil & Gas) -        
      2,014.529 shares at $36.75 per share (cost $79,420)       74,034
    ProFund VP Precious Metals Portfolio (Precious Metals) -        
      1,871.042 shares at $64.19 per share (cost $58,898)       120,102
    ProFund VP Real Estate Portfolio (Real Estate) -        
      1,849.040 shares at $46.38 per share (cost $95,124)       85,758
  ProFund Access VP High Yield (ProFunds):        
    ProFund Access VP High Yield Portfolio (High Yield) -        
      0.000 shares at $25.85 per share (cost $0)                                  -
  ProFund VP Government Money Market (ProFunds):        
    ProFund VP Government Money Market Portfolio (Money Market) -      
      24,456.430 shares at $1.00 per share (cost $24,456)       24,456
  PIMCO Variable Insurance Trust (Pimco):        
    PIMCO CommodityRealReturn(R) Strategy Portfolio, Administrative Class (Commodity) -
      447,967.947 shares at $6.29 per share (cost $3,290,851)       2,817,718
    PIMCO Total Return Portfolio, Administrative Class (Total Return) -      
      1,126,631.458 shares at $9.45 per share (cost $11,392,109)       10,646,667
    PIMCO Low Duration Portfolio, Administrative Class (Low Duration) -      
      1,012.607 shares at $9.78 per share (cost $10,291)       9,903
  Lincoln Variable Insurance Products Trust (Lincoln):        
    LVIP American Century Mid Cap Value Fund Portfolio, Standard Class II      
     (Mid Cap Value II) -        
      119,162.848 shares at $19.35 per share (cost $2,293,672)       2,305,682
    LVIP American Century International Fund Portfolio, Standard Class II (International II) -
      16,677.318 shares at $12.25 per share (cost $180,764)       204,214

 

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

 FS-8 
 
AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2025
 
               
ASSETS, continued        
INVESTMENTS AT FAIR VALUE:        
               
  Lincoln Variable Insurance Products Trust (Lincoln), continued:        
    LVIP American Century Inflation Protection Fund Portfolio, Standard Class II      
     (Inflation II) -        
      172,138.482 shares at $9.03 per share (cost $1,593,382)     $ 1,553,894
  American Funds Insurance Series(R) (American Funds):        
    American Funds(R) IS Growth-Income Fund Portfolio, Class 1 (IS Growth-Inc) -      
      21,299.941 shares at $67.73 per share (cost $1,278,460)       1,442,645
    American Funds(R) IS Growth Fund Portfolio, Class 1 (IS Growth) -      
      21,094.994 shares at $141.06 per share (cost $2,531,673)       2,975,660
    American Funds(R) IS Washington Mutual Investors Fund Portfolio, Class 1 (Blue Chip) -
      86,611.327 shares at $18.18 per share (cost $1,416,179)       1,574,594
    American Funds(R) IS International Fund Portfolio, Class 1 (IS International) -      
      22,841.212 shares at $22.33 per share (cost $447,056)       510,044
    American Funds(R) IS New World Fund Portfolio, Class 1 (IS New World) -      
      42,429.542 shares at $32.47 per share (cost $1,213,387)       1,377,687
  Franklin Templeton Variable Insurance Products Trust (Franklin Templeton):      
    Templeton Global Bond VIP Fund Portfolio, Class 2 (Global Inc.) -      
      247,434.625 shares at $13.17 per share (cost $3,830,460)       3,258,714
  MFS(R) Variable Insurance Trust (MFS):        
    MFS(R) Utilities Series Portfolio, Initial Class (Utilities IC) -        
      45,151.806 shares at $37.73 per share (cost $1,523,349)       1,703,578
    MFS(R) Mid Cap Growth Series Portfolio, Initial Class (Mid Cap) -      
      136,185.829 shares at $7.98 per share (cost $1,278,160)       1,086,763
  MFS(R) Variable Insurance Trust II (MFS):        
    MFS(R) Research International Portfolio, Initial Class (Research) -       
      143,459.026 shares at $20.61 per share (cost $2,319,105)       2,956,691
  Calvert Variable Trust, Inc. (Summit):        
    CVT S&P 500 Index Portfolio (S&P 500) -         
      27,668.550 shares at $213.87 per share (cost $4,741,643)       5,917,473
    CVT EAFE International Index Portfolio, Class I (EAFE Intl.) -        
      15,503.379 shares at $122.51 per share (cost $1,547,857)       1,899,319
    CVT S&P MidCap 400 Index Portfolio, Class I (S&P MidCap) -        
      4,211.765 shares at $127.43 per share (cost $453,827)       536,705
    CVT Volatility Managed Growth Portfolio, Class F (Growth) -         
      312,519.878 shares at $19.49 per share (cost $5,642,131)       6,091,012
    CVT Volatility Managed Moderate Growth Portfolio, Class F (Mod. Growth) -       
      274,019.846 shares at $19.46 per share (cost $4,669,952)       5,332,426
    CVT Volatility Managed Moderate Portfolio, Class F (Moderate) -       
      478,848.106 shares at $17.22 per share (cost $7,943,735)       8,245,764
    CVT Russell 2000 Small Cap Index Portfolio, Class I (Russell Small Cap) -      
      67,373.218 shares at $90.62 per share (cost $5,620,677)       6,105,361

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

 FS-9 
 
AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2025
 
               
ASSETS, continued        
INVESTMENTS AT FAIR VALUE:        
               
  T. Rowe Price Equity Series, Inc. (T. Rowe):        
    T. Rowe Price Blue Chip Growth Portfolio (Blue Chip) -        
      283,682.992 shares at $65.33 per share (cost $12,119,868)     $ 18,533,010
  Morgan Stanley Variable Insurance Fund, Inc. (Morgan Stanley):        
    Morgan Stanley VIF Emerging Markets Equity Portfolio, Class I (Emerging Markets) -   
      631,366.719 shares at $17.57 per share (cost $9,284,748)       11,093,113
  DFA Investment Dimensions Group Inc. (DFA):        
    VA Global Bond Portfolio (Bond) -        
      1,632,907.548 shares at $9.75 per share (cost $16,665,870)       15,920,849
    VA International Small Portfolio (Small) -        
      977,989.188 shares at $14.78 per share (cost $12,074,525)       14,454,680
    VA International Value Portfolio (Value) -        
      1,534,900.538 shares at $18.53 per share (cost $19,459,532)       28,441,707
    VA Short-Term Fixed Portfolio (Fixed) -        
      1,544,008.164 shares at $10.07 per share (cost $15,756,013)       15,548,162
    VA U.S. Large Value Portfolio (Large) -        
      756,123.229 shares at $34.91 per share (cost $21,683,148)       26,396,262
    VA U.S. Targeted Value Portfolio (Targeted) -        
      1,031,403.324 shares at $22.28 per share (cost $21,307,927)       22,979,666
    VA Global Moderate Allocation Portfolio (Global) -        
      882,909.795 shares at $18.12 per share (cost $12,926,409)       15,998,325
    VA Equity Allocation Portfolio (Equity) -        
      249,544.425 shares at $18.44 per share (cost $3,752,908)       4,601,599
               
               
  NET ASSETS REPRESENTING EQUITY OF POLICYOWNERS     $ 887,818,024
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 FS-10 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Calvert 
               
      Balanced      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  18,337       
  Mortality and expense risk charge     (6,148)      
Net investment income(loss)     12,189       
               
Realized gain(loss) on investments:            
  Net realized gain distributions     60,148       
  Net realized gain(loss) on sale of fund shares     10,366       
Net realized gain(loss)     70,514       
               
Change in unrealized appreciation/depreciation     34,328       
               
Net increase(decrease) in net assets resulting            
  from operations    $  117,031       
               
               
      Balanced
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  12,189     $  13,120 
  Net realized gain(loss)     70,514      37,180 
  Net change in unrealized appreciation/depreciation      34,328      136,089 
Net increase(decrease) in net assets resulting            
  from operations     117,031      186,389 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     1,200      1,200 
  Subaccounts transfers (including fixed account), net     (32,034)     18,807 
  Transfers for policyowner benefits and terminations     (14,789)     (92,102)
  Policyowner maintenance charges     (131)     (183)
Net increase(decrease) from policyowner transactions     (45,754)     (72,278)
               
Total increase(decrease) in net assets     71,277      114,111 
Net assets at beginning of period     1,110,313      996,202 
Net assets at end of period    $  1,181,590     $  1,110,313 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-11 
 

 

 

 

 

 

 Calvert     Scudder 
                         Small       
Mid Cap         Small Cap         Mid Value      
                                 
2025         2025         2025      
                                 
                                 
 $  1,279           $  1,924           $  9,507       
  (2,099)           (852)           (4,698)      
  (820)           1,072            4,809       
                                 
                                 
  20,430            8,218            107,391       
  (219)           (641)           (4,185)      
  20,211            7,577            103,206       
                                 
  (16,188)           8,052            41,376       
                                 
                                 
 $  3,203           $  16,701           $  149,391       
                                 
                                 
Mid Cap   Small Cap   Small Mid Value
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  (820)    $  (1,759)    $  1,072     $  896     $  4,809     $  9,484 
  20,211      481      7,577      1,159      103,206      107,793 
  (16,188)     33,640      8,052      12,776      41,376      (32,250)
                                 
  3,203      32,362      16,701      14,831      149,391      85,027 
                                 
                                 
                          -                             -                             -                             -     8,878      22,382 
  (27)     (28,155)     (23)                             -     (136,727)     (608,082)
  (19,002)     (6,503)     (4,028)     (18,987)     (67,764)     (177,265)
  (48)     (52)     (27)     (28)     (55)     (64)
  (19,077)     (34,710)     (4,078)     (19,015)     (195,668)     (763,029)
                                 
  (15,874)     (2,348)     12,623      (4,184)     (46,277)     (678,002)
  361,991      364,339      142,383      146,567      995,314      1,673,316 
 $  346,117     $  361,991     $  155,006     $  142,383     $  949,037     $  995,314 
                                 
                                 

 

 FS-12 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Scudder 
               
      Thematic      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  6,653       
  Mortality and expense risk charge     (3,442)      
Net investment income(loss)     3,211       
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares     14,419       
Net realized gain(loss)     14,419       
               
Change in unrealized appreciation/depreciation     99,595       
               
Net increase(decrease) in net assets resulting            
  from operations    $  117,225       
               
               
      Thematic
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  3,211     $  5,451 
  Net realized gain(loss)     14,419      7,395 
  Net change in unrealized appreciation/depreciation      99,595      51,730 
Net increase(decrease) in net assets resulting            
  from operations     117,225      64,576 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     125      136 
  Subaccounts transfers (including fixed account), net     (9,820)     (32,155)
  Transfers for policyowner benefits and terminations     (86,370)     (63,403)
  Policyowner maintenance charges     (14)     (22)
Net increase(decrease) from policyowner transactions     (96,079)     (95,444)
               
Total increase(decrease) in net assets     21,146      (30,868)
Net assets at beginning of period     681,746      712,614 
Net assets at end of period    $  702,892     $  681,746 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-13 
 

 

 

 

 

 

 Scudder     Fidelity 
                         Inv. Grade       
Growth         Overseas IC         Bond IC      
                                 
2025         2025         2025      
                                 
                                 
 $  272           $  50,635           $  802,909       
  (2,765)           (17,031)           (124,664)      
  (2,493)           33,604            678,245       
                                 
                                 
  63,496            281,198                                    -      
  10,038            143,992            (313,011)      
  73,534            425,190            (313,011)      
                                 
  (10,017)           78,659            1,076,277       
                                 
                                 
 $  61,024           $  537,453           $  1,441,511       
                                 
                                 
Growth   Overseas IC   Inv. Grade Bond IC
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  (2,493)    $  (1,781)    $  33,604     $  31,953     $  678,245     $  652,430 
  73,534      101,154      425,190      425,378      (313,011)     (325,002)
  (10,017)     54,536      78,659      (274,954)     1,076,277      (91,697)
                                 
  61,024      153,909      537,453      182,377      1,441,511      235,731 
                                 
                                 
  625      1,456      9,136      2,040      597,832      435,573 
  (19,035)     (268,459)     (58,191)     (718,071)     548,325      2,014,302 
  (26,786)     (28,164)     (206,881)     (133,729)     (2,133,112)     (2,044,367)
  (62)     (73)     (342)     (352)     (79,235)     (84,056)
  (45,258)     (295,240)     (256,278)     (850,112)     (1,066,190)     321,452 
                                 
  15,766      (141,331)     281,175      (667,735)     375,321      557,183 
  569,660      710,991      2,749,577      3,417,312      22,468,305      21,911,122 
 $  585,426     $  569,660     $  3,030,752     $  2,749,577     $  22,843,626     $  22,468,305 
                                 
                                 

 

 FS-14 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Fidelity 
       Equity Income        
      IC      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  65,822       
  Mortality and expense risk charge     (20,458)      
Net investment income(loss)     45,364       
               
Realized gain(loss) on investments:            
  Net realized gain distributions     202,529       
  Net realized gain(loss) on sale of fund shares     45,085       
Net realized gain(loss)     247,614       
               
Change in unrealized appreciation/depreciation     316,272       
               
Net increase(decrease) in net assets resulting            
  from operations    $  609,250       
               
               
      Equity Income IC
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  45,364     $  40,355 
  Net realized gain(loss)     247,614      264,777 
  Net change in unrealized appreciation/depreciation      316,272      142,618 
Net increase(decrease) in net assets resulting            
  from operations     609,250      447,750 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     6,054      13,360 
  Subaccounts transfers (including fixed account), net     (17,886)     189,852 
  Transfers for policyowner benefits and terminations     (156,996)     (381,217)
  Policyowner maintenance charges     (284)     (337)
Net increase(decrease) from policyowner transactions     (169,112)     (178,342)
               
Total increase(decrease) in net assets     440,138      269,408 
Net assets at beginning of period     3,419,850      3,150,442 
Net assets at end of period    $  3,859,988     $  3,419,850 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-15 
 

 

 

 

 

 

 Fidelity 
Growth         High Income         High Income      
IC         IC         SC      
                                 
2025         2025         2025      
                                 
                                 
 $  19,225           $  126,691           $  7,199       
  (37,599)           (9,460)           (485)      
  (18,374)           117,231            6,714       
                                 
                                 
  853,535                                    -                                   -      
  75,056            (21,167)           (537)      
  928,591            (21,167)           (537)      
                                 
  (25,252)           84,227            642       
                                 
                                 
 $  884,965           $  180,291           $  6,819       
                                 
                                 
Growth IC   High Income IC   High Income SC
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  (18,374)    $  (36,137)    $  117,231     $  95,115     $  6,714     $  1,433 
  928,591      1,650,886      (21,167)     (25,392)     (537)     (233)
  (25,252)     (70,669)     84,227      89,991      642      959 
                                 
  884,965      1,544,080      180,291      159,714      6,819      2,159 
                                 
                                 
  4,585      70,239      8,390      28,512                              -                             -
  (164,328)     368,367      272,871      (320,849)     112,262                              -
  (260,494)     (499,489)     (279,385)     (69,922)     (29,413)     (1,414)
  (656)     (715)     (95)     (104)     (18)     (3)
  (420,893)     (61,598)     1,781      (362,363)     82,831      (1,417)
                                 
  464,072      1,482,482      182,072      (202,649)     89,650      742 
  6,513,649      5,031,167      1,781,571      1,984,220      28,315      27,573 
 $  6,977,721     $  6,513,649     $  1,963,643     $  1,781,571     $  117,965     $  28,315 
                                 
                                 

 

 FS-16 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Fidelity 
       Contrafund       
      IC      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  38,385       
  Mortality and expense risk charge     (155,747)      
Net investment income(loss)     (117,362)      
               
Realized gain(loss) on investments:            
  Net realized gain distributions     4,399,407       
  Net realized gain(loss) on sale of fund shares     1,406,514       
Net realized gain(loss)     5,805,921       
               
Change in unrealized appreciation/depreciation     (443,909)      
               
Net increase(decrease) in net assets resulting            
  from operations    $  5,244,650       
               
               
      Contrafund IC
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  (117,362)    $  (96,154)
  Net realized gain(loss)     5,805,921      4,056,026 
  Net change in unrealized appreciation/depreciation      (443,909)     2,981,013 
Net increase(decrease) in net assets resulting            
  from operations     5,244,650      6,940,885 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     275,234      107,777 
  Subaccounts transfers (including fixed account), net     (496,687)     433,505 
  Transfers for policyowner benefits and terminations     (2,783,274)     (1,749,028)
  Policyowner maintenance charges     (1,217)     (1,259)
Net increase(decrease) from policyowner transactions     (3,005,944)     (1,209,005)
               
Total increase(decrease) in net assets     2,238,706      5,731,880 
Net assets at beginning of period     26,903,854      21,171,974 
Net assets at end of period    $  29,142,560     $  26,903,854 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-17 
 

 

 

 

 

 

 Fidelity 
Contrafund         Mid Cap          Mid Cap        
SC         IC         SC      
                                 
2025         2025         2025      
                                 
                                 
 $  469           $  38,004           $  845       
  (5,401)           (50,598)           (1,352)      
  (4,932)           (12,594)           (507)      
                                 
                                 
  148,388            1,005,093            26,082       
  11,635            (26,490)           243       
  160,023            978,603            26,325       
                                 
  16,878            (76,172)           (1,607)      
                                 
                                 
 $  171,969           $  889,837           $  24,211       
                                 
                                 
Contrafund SC   Mid Cap IC   Mid Cap SC
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  (4,932)    $  (3,475)    $  (12,594)    $  (1,929)    $  (507)    $  (281)
  160,023      110,098      978,603      1,346,818      26,325      29,682 
  16,878      67,286      (76,172)     1,174      (1,607)     3,375 
                                 
  171,969      173,909      889,837      1,346,063      24,211      32,776 
                                 
                                 
                          -                             -     152,661      41,311                              -                             -
  (2,510)     197,271      (374,113)     827,171                              -     26 
  (33,016)     (34,741)     (749,529)     (676,154)     (5,091)     (7,827)
  (175)     (165)     (505)     (621)     (37)     (38)
  (35,701)     162,365      (971,486)     191,707      (5,128)     (7,839)
                                 
  136,268      336,274      (81,649)     1,537,770      19,083      24,937 
  849,447      513,173      9,329,652      7,791,882      225,053      200,116 
 $  985,715     $  849,447     $  9,248,003     $  9,329,652     $  244,136     $  225,053 
                                 
                                 

 

 

 FS-18 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Fidelity 
               
      Strategic      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  471,961       
  Mortality and expense risk charge     (65,796)      
Net investment income(loss)     406,165       
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares     (30,104)      
Net realized gain(loss)     (30,104)      
               
Change in unrealized appreciation/depreciation     590,925       
               
Net increase(decrease) in net assets resulting            
  from operations    $  966,986       
               
               
      Strategic
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  406,165     $  374,821 
  Net realized gain(loss)     (30,104)     (69,246)
  Net change in unrealized appreciation/depreciation      590,925      298,920 
Net increase(decrease) in net assets resulting            
  from operations     966,986      604,495 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     198,573      300,649 
  Subaccounts transfers (including fixed account), net     413,420      1,308,546 
  Transfers for policyowner benefits and terminations     (991,290)     (1,062,756)
  Policyowner maintenance charges     (35,275)     (37,788)
Net increase(decrease) from policyowner transactions     (414,572)     508,651 
               
Total increase(decrease) in net assets     552,414      1,113,146 
Net assets at beginning of period     12,032,775      10,919,629 
Net assets at end of period    $  12,585,189     $  12,032,775 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-19 
 

 

 

 

 

 

 Fidelity     AIM 
                                 
Money Market         Dividend         Health      
                                 
2025         2025         2025      
                                 
                                 
 $  1,332,416           $  1,487           $                          -      
  (179,048)           (582)           (219)      
  1,153,368            905            (219)      
                                 
                                 
                          -           7,110            834       
                          -           1,370            (287)      
                          -           8,480            547       
                                 
                          -           3,746            2,567       
                                 
                                 
 $  1,153,368           $  13,131           $  2,895       
                                 
                                 
Money Market   Dividend   Health
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  1,153,368     $  1,300,981     $  905     $  1,284     $  (219)    $  (323)
                          -                             -     8,480      4,273      547      67 
                          -                             -     3,746      6,227      2,567      1,154 
                                 
  1,153,368      1,300,981      13,131      11,784      2,895      898 
                                 
                                 
  1,225,028      3,291,335                              -                             -                             -                             -
  16,254,784      14,117,719      (698)     51      (10,795)     12,250 
  (17,454,109)     (24,046,575)     (18,367)     (10,794)     (22,466)     (1,239)
  (1,687)     (1,820)     (12)     (16)     (21)     (17)
  24,016      (6,639,341)     (19,077)     (10,759)     (33,282)     10,994 
                                 
  1,177,384      (5,338,360)     (5,946)     1,025      (30,387)     11,892 
  27,650,136      32,988,496      102,361      101,336      52,074      40,182 
 $  28,827,520     $  27,650,136     $  96,415     $  102,361     $  21,687     $  52,074 
                                 
                                 

 

 FS-20 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       AIM 
               
      Technology      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $                          -      
  Mortality and expense risk charge     (150)      
Net investment income(loss)     (150)      
               
Realized gain(loss) on investments:            
  Net realized gain distributions     169       
  Net realized gain(loss) on sale of fund shares     13,351       
Net realized gain(loss)     13,520       
               
Change in unrealized appreciation/depreciation     (9,921)      
               
Net increase(decrease) in net assets resulting            
  from operations    $  3,449       
               
               
      Technology
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  (150)    $  (719)
  Net realized gain(loss)     13,520      48,730 
  Net change in unrealized appreciation/depreciation      (9,921)     (8,990)
Net increase(decrease) in net assets resulting            
  from operations     3,449      39,021 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners                             -                             -
  Subaccounts transfers (including fixed account), net     (38,817)     (146,195)
  Transfers for policyowner benefits and terminations                             -                             -
  Policyowner maintenance charges     (26)     (60)
Net increase(decrease) from policyowner transactions     (38,843)     (146,255)
               
Total increase(decrease) in net assets     (35,394)     (107,234)
Net assets at beginning of period     37,006      144,240 
Net assets at end of period    $  1,612     $  37,006 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-21 
 

 

 

 

 

 

 AIM     Janus 
                                 
Intl. Growth         Franchise         Growth      
                                 
2025         2025         2025      
                                 
                                 
 $  9,302           $                          -          $                          -      
  (3,625)           (732)           (592)      
  5,677            (732)           (592)      
                                 
                                 
  41,288            13,315            7,494       
  1,390            15,543            845       
  42,678            28,858            8,339       
                                 
  48,255            (22,716)           8,669       
                                 
                                 
 $  96,610           $  5,410           $  16,416       
                                 
                                 
Intl. Growth   Franchise   Growth
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  5,677     $  9,629     $  (732)    $  (741)    $  (592)    $  (477)
  42,678      3,911      28,858      2,437      8,339      2,605 
  48,255      (8,285)     (22,716)     38,833      8,669      21,700 
                                 
  96,610      5,255      5,410      40,529      16,416      23,828 
                                 
                                 
  19,288      21,025                              -                             -                             -                             -
  125,633      (142,050)     (25,572)     3,178      (35)                             -
  (39,177)     (62,033)     (2,137)     (2,456)     (994)                             -
  (158)     (165)                             -                             -     (36)     (35)
  105,586      (183,223)     (27,709)     722      (1,065)     (35)
                                 
  202,196      (177,968)     (22,299)     41,251      15,351      23,793 
  590,166      768,134      159,314      118,063      92,883      69,090 
 $  792,362     $  590,166     $  137,015     $  159,314     $  108,234     $  92,883 
                                 
                                 

 

 FS-22 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Neuberger Berman 
               
      Mid-Cap      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $                          -      
  Mortality and expense risk charge     (1,261)      
Net investment income(loss)     (1,261)      
               
Realized gain(loss) on investments:            
  Net realized gain distributions     27,404       
  Net realized gain(loss) on sale of fund shares     271       
Net realized gain(loss)     27,675       
               
Change in unrealized appreciation/depreciation     (16,758)      
               
Net increase(decrease) in net assets resulting            
  from operations    $  9,656       
               
               
      Mid-Cap
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  (1,261)    $  (1,119)
  Net realized gain(loss)     27,675      10,585 
  Net change in unrealized appreciation/depreciation      (16,758)     28,373 
Net increase(decrease) in net assets resulting            
  from operations     9,656      37,839 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners                             -                             -
  Subaccounts transfers (including fixed account), net     (6)                             -
  Transfers for policyowner benefits and terminations     (141)                             -
  Policyowner maintenance charges     (157)     (154)
Net increase(decrease) from policyowner transactions     (304)     (154)
               
Total increase(decrease) in net assets     9,352      37,685 
Net assets at beginning of period     200,332      162,647 
Net assets at end of period    $  209,684     $  200,332 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-23 
 


 

 

 

 

Neuberger Berman
                                 
Bond         Equity         Regency      
                                 
2025         2025         2025      
                                 
                                 
 $  2           $                          -          $  2,019       
                          -           (2,945)           (2,089)      
  2            (2,945)           (70)      
                                 
                                 
                          -           33,137            47,376       
  (2)           26,353            (2,934)      
  (2)           59,490            44,442       
                                 
  2            15,536            2,556       
                                 
                                 
 $  2           $  72,081           $  46,928       
                                 
                                 
Bond   Equity   Regency
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  2     $  2     $  (2,945)    $  (3,162)    $  (70)    $  1,034 
  (2)                             -     59,490      247,528      44,442      10,683 
  2      1      15,536      (20,063)     2,556      24,567 
                                 
  2      3      72,081      224,303      46,928      36,284 
                                 
                                 
                          -                             -     37,496      40,910      240      240 
                          -                             -     (68,214)     (497,862)     (2,232)     (6,000)
  (41)                             -     (18,971)     (212,055)     (30,804)     (43,576)
  (4)     (4)     (199)     (212)     (70)     (89)
  (45)     (4)     (49,888)     (669,219)     (32,866)     (49,425)
                                 
  (43)     (1)     22,193      (444,916)     14,062      (13,141)
  43      44      556,082      1,000,998      436,880      450,021 
 $                          -    $  43     $  578,275     $  556,082     $  450,942     $  436,880 
                                 
                                 

 

 FS-24 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Rydex 
               
      Nova      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $                          -      
  Mortality and expense risk charge     (7,461)      
Net investment income(loss)     (7,461)      
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares     564,402       
Net realized gain(loss)     564,402       
               
Change in unrealized appreciation/depreciation     (193,146)      
               
Net increase(decrease) in net assets resulting            
  from operations    $  363,795       
               
               
      Nova
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  (7,461)    $  (7,778)
  Net realized gain(loss)     564,402      143,690 
  Net change in unrealized appreciation/depreciation      (193,146)     233,197 
Net increase(decrease) in net assets resulting            
  from operations     363,795      369,109 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     3,960      3,960 
  Subaccounts transfers (including fixed account), net     (774,177)     (100,451)
  Transfers for policyowner benefits and terminations     (4,116)     (33,975)
  Policyowner maintenance charges     (333)     (388)
Net increase(decrease) from policyowner transactions     (774,666)     (130,854)
               
Total increase(decrease) in net assets     (410,871)     238,255 
Net assets at beginning of period     1,453,504      1,215,249 
Net assets at end of period    $  1,042,633     $  1,453,504 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-25 
 

 

 

 

 

 

Rydex
             Precious           Inv.        
NASDAQ         Metals         S&P 500      
                                 
2025         2025         2025      
                                 
                                 
 $  1,022           $  79,542           $  5,409       
  (17,478)           (19,293)           (324)      
  (16,456)           60,249            5,085       
                                 
                                 
  185,897                                    -                                   -      
  139,524            800,329            (4,798)      
  325,421            800,329            (4,798)      
                                 
  250,930            2,295,192            (11,952)      
                                 
                                 
 $  559,895           $  3,155,770           $  (11,665)      
                                 
                                 
NASDAQ   Precious Metals   Inv. S&P 500
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  (16,456)    $  (11,549)    $  60,249     $  19,167     $  5,085     $  3,669 
  325,421      438,406      800,329      361,402      (4,798)     (24,484)
  250,930      305,473      2,295,192      (121,169)     (11,952)     12,870 
                                 
  559,895      732,330      3,155,770      259,400      (11,665)     (7,945)
                                 
                                 
  40,180      153,794      2,728      8,507      83      78 
  (245,844)     (399,125)     406,483      (68,323)     52,210      (146)
  (117,594)     (489,581)     (279,066)     (359,566)     (12,387)     (71,177)
  (484)     (560)     (484)     (662)     (111)     (165)
  (323,742)     (735,472)     129,661      (420,044)     39,795      (71,410)
                                 
  236,153      (3,142)     3,285,431      (160,644)     28,130      (79,355)
  3,366,105      3,369,247      1,898,922      2,059,566      27,043      106,398 
 $  3,602,258     $  3,366,105     $  5,184,353     $  1,898,922     $  55,173     $  27,043 
                                 
                                 

 

 FS-26 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Rydex 
      Gov. Long      
      Bond      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  7,423       
  Mortality and expense risk charge     (1,252)      
Net investment income(loss)     6,171       
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares     (48,656)      
Net realized gain(loss)     (48,656)      
               
Change in unrealized appreciation/depreciation     50,779       
               
Net increase(decrease) in net assets resulting            
  from operations    $  8,294       
               
               
      Gov. Long Bond
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  6,171     $  10,469 
  Net realized gain(loss)     (48,656)     (315,696)
  Net change in unrealized appreciation/depreciation      50,779      243,077 
Net increase(decrease) in net assets resulting            
  from operations     8,294      (62,150)
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     420      14,996 
  Subaccounts transfers (including fixed account), net     (97,651)     (387,168)
  Transfers for policyowner benefits and terminations     (2,867)     (4,126)
  Policyowner maintenance charges     (57)     (45)
Net increase(decrease) from policyowner transactions     (100,155)     (376,343)
               
Total increase(decrease) in net assets     (91,861)     (438,493)
Net assets at beginning of period     298,375      736,868 
Net assets at end of period    $  206,514     $  298,375 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-27 
 

 

 

 

 

 

   Rydex 
Inverse         Inv. Long                  
NASDAQ         Bond         Russell      
                                 
2025         2025         2025      
                                 
                                 
 $  5,183           $  7,880           $  9,440       
  (554)           (627)           (3,106)      
  4,629            7,253            6,334       
                                 
                                 
                          -                                   -                                   -      
  (26,738)           1,538            (3,996)      
  (26,738)           1,538            (3,996)      
                                 
  (2,385)           (7,342)           51,538       
                                 
                                 
 $  (24,494)          $  1,449           $  53,876       
                                 
                                 
Inverse NASDAQ   Inv. Long Bond   Russell
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  4,629     $  8,120     $  7,253     $  7,641     $  6,334     $  2,246 
  (26,738)     (33,093)     1,538      13,879      (3,996)     (4,640)
  (2,385)     8,251      (7,342)     3,139      51,538      32,008 
                                 
  (24,494)     (16,722)     1,449      24,659      53,876      29,614 
                                 
                                 
  25,587                              -                             -                             -     22,528      24,230 
  30,939      (68,564)     1,014      (11,512)     (130,370)     198,224 
  (3,945)     (32,998)     (326)     (114,450)     (32,039)     (65,245)
  (121)     (160)     (3)     (15)     (114)     (142)
  52,460      (101,722)     685      (125,977)     (139,995)     157,067 
                                 
  27,966      (118,444)     2,134      (101,318)     (86,119)     186,681 
  22,888      141,332      109,833      211,151      665,437      478,756 
 $  50,854     $  22,888     $  111,967     $  109,833     $  579,318     $  665,437 
                                 
                                 

 

 FS-28 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Third Avenue 
               
      Value      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  63,234       
  Mortality and expense risk charge     (16,273)      
Net investment income(loss)     46,961       
               
Realized gain(loss) on investments:            
  Net realized gain distributions     205,275       
  Net realized gain(loss) on sale of fund shares     42,316       
Net realized gain(loss)     247,591       
               
Change in unrealized appreciation/depreciation     524,139       
               
Net increase(decrease) in net assets resulting            
  from operations    $  818,691       
               
               
      Value
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  46,961     $  50,899 
  Net realized gain(loss)     247,591      255,572 
  Net change in unrealized appreciation/depreciation      524,139      (382,568)
Net increase(decrease) in net assets resulting            
  from operations     818,691      (76,097)
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     11,640      17,685 
  Subaccounts transfers (including fixed account), net     269,259      36,946 
  Transfers for policyowner benefits and terminations     (64,038)     (61,331)
  Policyowner maintenance charges     (294)     (317)
Net increase(decrease) from policyowner transactions     216,567      (7,017)
               
Total increase(decrease) in net assets     1,035,258      (83,114)
Net assets at beginning of period     2,273,499      2,356,613 
Net assets at end of period    $  3,308,757     $  2,273,499 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-29 
 

 

 

 

 

 

 Vanguard 
                                 
Equity Index         Total Bond         REIT Index      
                                 
2025         2025         2025      
                                 
                                 
 $  1,033,804           $  2,929,937           $  527,374       
  (452,336)           (411,990)           (104,586)      
  581,468            2,517,947            422,788       
                                 
                                 
  1,991,956                                    -           337,680       
  5,555,289            (798,077)           (84,931)      
  7,547,245            (798,077)           252,749       
                                 
  3,051,631            3,578,438            (177,531)      
                                 
                                 
 $  11,180,344           $  5,298,308           $  498,006       
                                 
                                 
Equity Index   Total Bond   REIT Index
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  581,468     $  697,665     $  2,517,947     $  1,912,386     $  422,788     $  557,483 
  7,547,245      5,976,052      (798,077)     (939,703)     252,749      426,670 
  3,051,631      12,226,205      3,578,438      (350,324)     (177,531)     (48,403)
                                 
  11,180,344      18,899,922      5,298,308      622,359      498,006      935,750 
                                 
                                 
  772,425      2,273,475      882,230      4,345,481      72,426      128,681 
  (6,236,141)     (5,094,364)     2,477,665      9,675,434      172,968      (1,913,671)
  (6,233,166)     (4,958,388)     (8,104,886)     (8,910,788)     (1,453,575)     (1,590,006)
  (98,781)     (106,527)     (84,546)     (89,670)     (38,247)     (41,443)
  (11,795,663)     (7,885,804)     (4,829,537)     5,020,457      (1,246,428)     (3,416,439)
                                 
  (615,319)     11,014,118      468,771      5,642,816      (748,422)     (2,480,689)
  92,859,232      81,845,114      85,004,582      79,361,766      19,658,218      22,138,907 
 $  92,243,913     $  92,859,232     $  85,473,353     $  85,004,582     $  18,909,796     $  19,658,218 
                                 
                                 

 

 FS-30 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

       Vanguard 
               
      Mid-Cap      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  430,008       
  Mortality and expense risk charge     (181,724)      
Net investment income(loss)     248,284       
               
Realized gain(loss) on investments:            
  Net realized gain distributions     1,713,100       
  Net realized gain(loss) on sale of fund shares     1,101,805       
Net realized gain(loss)     2,814,905       
               
Change in unrealized appreciation/depreciation     489,128       
               
Net increase(decrease) in net assets resulting            
  from operations    $  3,552,317       
               
               
      Mid-Cap
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  248,284     $  299,640 
  Net realized gain(loss)     2,814,905      1,154,100 
  Net change in unrealized appreciation/depreciation      489,128      3,125,228 
Net increase(decrease) in net assets resulting            
  from operations     3,552,317      4,578,968 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     440,122      724,875 
  Subaccounts transfers (including fixed account), net     (1,088,319)     (2,376,938)
  Transfers for policyowner benefits and terminations     (4,377,078)     (2,095,565)
  Policyowner maintenance charges     (26,868)     (29,200)
Net increase(decrease) from policyowner transactions     (5,052,143)     (3,776,828)
               
Total increase(decrease) in net assets     (1,499,826)     802,140 
Net assets at beginning of period     34,027,072      33,224,932 
Net assets at end of period    $  32,527,246     $  34,027,072 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-31 
 

 

 

 

 

 

 Vanguard 
Stock Market                              
Index         Conservative         Moderate      
                                 
2025         2025         2025      
                                 
                                 
 $  664,491           $  194,075           $  160,804       
  (292,821)           (37,105)           (30,646)      
  371,670            156,970            130,158       
                                 
                                 
  3,102,000            227,345            270,137       
  2,123,700            12,563            64,976       
  5,225,700            239,908            335,113       
                                 
  3,041,897            465,056            504,527       
                                 
                                 
 $  8,639,267           $  861,934           $  969,798       
                                 
                                 
Stock Market Index   Conservative   Moderate
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  371,670     $  392,959     $  156,970     $  168,640     $  130,158     $  132,471 
  5,225,700      5,739,389      239,908      135,240      335,113      219,280 
  3,041,897      4,994,629      465,056      197,204      504,527      317,437 
                                 
  8,639,267      11,126,977      861,934      501,084      969,798      669,188 
                                 
                                 
  1,100,849      2,105,185      1,069,033      25,480      113,913      117,302 
  (1,143,280)     (5,263,166)     45,849      (262,696)     (28,015)     (181,183)
  (5,863,237)     (1,637,115)     (491,213)     (542,042)     (634,195)     (761,546)
  (1,065)     (1,176)     (245)     (342)     (244)     (281)
  (5,906,733)     (4,796,272)     623,424      (779,600)     (548,541)     (825,708)
                                 
  2,732,534      6,330,705      1,485,358      (278,516)     421,257      (156,520)
  55,448,267      49,117,562      7,115,870      7,394,386      6,654,577      6,811,097 
 $  58,180,801     $  55,448,267     $  8,601,228     $  7,115,870     $  7,075,834     $  6,654,577 
                                 
                                 

 

 FS-32 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Vanguard 
               
      Short-Term      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  1,053,531       
  Mortality and expense risk charge     (120,554)      
Net investment income(loss)     932,977       
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares     (26,616)      
Net realized gain(loss)     (26,616)      
               
Change in unrealized appreciation/depreciation     652,497       
               
Net increase(decrease) in net assets resulting            
  from operations    $  1,558,858       
               
               
      Short-Term
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  932,977     $  747,590 
  Net realized gain(loss)     (26,616)     (102,542)
  Net change in unrealized appreciation/depreciation      652,497      401,535 
Net increase(decrease) in net assets resulting            
  from operations     1,558,858      1,046,583 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     559,345      2,475,841 
  Subaccounts transfers (including fixed account), net     (563,000)     1,022,971 
  Transfers for policyowner benefits and terminations     (3,276,632)     (1,781,429)
  Policyowner maintenance charges     (454)     (540)
Net increase(decrease) from policyowner transactions     (3,280,741)     1,716,843 
               
Total increase(decrease) in net assets     (1,721,883)     2,763,426 
Net assets at beginning of period     26,107,761      23,344,335 
Net assets at end of period    $  24,385,878     $  26,107,761 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-33 
 

 

 

 

 

 

 Vanguard 
International         Global          Equity       
Stock         Bond         Income      
                                 
2025         2025         2025      
                                 
                                 
 $  306,980           $  54,351           $  523,905       
  (51,775)           (8,685)           (110,849)      
  255,205            45,666            413,056       
                                 
                                 
  187,138            3,313            1,592,557       
  115,709            (61,639)           222,032       
  302,847            (58,326)           1,814,589       
                                 
  2,486,051            104,285            926,792       
                                 
                                 
 $  3,044,103           $  91,625           $  3,154,437       
                                 
                                 
International Stock   Global Bond   Equity Income
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  255,205     $  228,838     $  45,666     $  48,655     $  413,056     $  532,240 
  302,847      65,696      (58,326)     (33,890)     1,814,589      1,832,089 
  2,486,051      75,870      104,285      16,332      926,792      502,461 
                                 
  3,044,103      370,404      91,625      31,097      3,154,437      2,866,790 
                                 
                                 
  751,223      925,595      6,669      71,675      544,485      639,422 
  (300,656)     536,763      90,579      55,259      (34,123)     (3,377,495)
  (460,271)     (630,710)     (427,838)     (208,730)     (2,049,776)     (1,694,637)
  (271)     (265)     (40)     (37)     (882)     (990)
  (9,975)     831,383      (330,630)     (81,833)     (1,540,296)     (4,433,700)
                                 
  3,034,128      1,201,787      (239,005)     (50,736)     1,614,141      (1,566,910)
  9,766,363      8,564,576      2,041,534      2,092,270      20,689,200      22,256,110 
 $  12,800,491     $  9,766,363     $  1,802,529     $  2,041,534     $  22,303,341     $  20,689,200 
                                 
                                 

 

 FS-34 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Vanguard 
      High Yield      
      Bond      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  805,277       
  Mortality and expense risk charge     (68,579)      
Net investment income(loss)     736,698       
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares     (132,756)      
Net realized gain(loss)     (132,756)      
               
Change in unrealized appreciation/depreciation     474,134       
               
Net increase(decrease) in net assets resulting            
  from operations    $  1,078,076       
               
               
      High Yield Bond
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  736,698     $  650,220 
  Net realized gain(loss)     (132,756)     (49,119)
  Net change in unrealized appreciation/depreciation      474,134      123,750 
Net increase(decrease) in net assets resulting            
  from operations     1,078,076      724,851 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     124,911      177,832 
  Subaccounts transfers (including fixed account), net     878,100      598,423 
  Transfers for policyowner benefits and terminations     (1,077,995)     (1,084,095)
  Policyowner maintenance charges     (23,599)     (25,476)
Net increase(decrease) from policyowner transactions     (98,583)     (333,316)
               
Total increase(decrease) in net assets     979,493      391,535 
Net assets at beginning of period     12,763,580      12,372,045 
Net assets at end of period    $  13,743,073     $  12,763,580 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-35 
 

 

 

 

 

 

 Vanguard 
                                 
Growth         Balanced         International      
                                 
2025         2025         2025      
                                 
                                 
 $  55,977           $  546,689           $  295,142       
  (145,523)           (139,189)           (180,701)      
  (89,546)           407,500            114,441       
                                 
                                 
  1,514,967            2,341,629            1,989,191       
  931,459            236,524            (445,507)      
  2,446,426            2,578,153            1,543,684       
                                 
  1,687,372            847,679            3,837,991       
                                 
                                 
 $  4,044,252           $  3,833,332           $  5,496,116       
                                 
                                 
Growth   Balanced   International
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  (89,546)    $  (72,103)    $  407,500     $  407,905     $  114,441     $  242,395 
  2,446,426      1,050,315      2,578,153      1,400,180      1,543,684      997,421 
  1,687,372      6,231,588      847,679      1,382,794      3,837,991      1,667,853 
                                 
  4,044,252      7,209,800      3,833,332      3,190,879      5,496,116      2,907,669 
                                 
                                 
  114,812      862,379      62,865      1,815,285      417,106      1,182,703 
  (1,251,378)     (1,189,914)     (1,872,039)     (1,329,655)     (577,338)     (2,571,110)
  (1,749,507)     (2,069,804)     (1,275,654)     (1,646,413)     (3,090,568)     (2,183,820)
  (1,008)     (1,082)     (724)     (781)     (1,268)     (1,432)
  (2,887,081)     (2,398,421)     (3,085,552)     (1,161,564)     (3,252,068)     (3,573,659)
                                 
  1,157,171      4,811,379      747,780      2,029,315      2,244,048      (665,990)
  26,991,063      22,179,684      25,711,012      23,681,697      33,265,633      33,931,623 
 $  28,148,234     $  26,991,063     $  26,458,792     $  25,711,012     $  35,509,681     $  33,265,633 
                                 
                                 

 

 FS-36 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Vanguard 
               
      Diversified      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  260,444       
  Mortality and expense risk charge     (95,721)      
Net investment income(loss)     164,723       
               
Realized gain(loss) on investments:            
  Net realized gain distributions     1,361,870       
  Net realized gain(loss) on sale of fund shares     290,540       
Net realized gain(loss)     1,652,410       
               
Change in unrealized appreciation/depreciation     761,386       
               
Net increase(decrease) in net assets resulting            
  from operations    $  2,578,519       
               
               
      Diversified
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  164,723     $  175,047 
  Net realized gain(loss)     1,652,410      1,460,213 
  Net change in unrealized appreciation/depreciation      761,386      687,572 
Net increase(decrease) in net assets resulting            
  from operations     2,578,519      2,322,832 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     223,150      878,767 
  Subaccounts transfers (including fixed account), net     (674,661)     (479,084)
  Transfers for policyowner benefits and terminations     (1,309,155)     (2,264,248)
  Policyowner maintenance charges     (30,011)     (32,415)
Net increase(decrease) from policyowner transactions     (1,790,677)     (1,896,980)
               
Total increase(decrease) in net assets     787,842      425,852 
Net assets at beginning of period     16,854,493      16,428,641 
Net assets at end of period    $  17,642,335     $  16,854,493 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-37 
 

 

 

 

 

 

 Vanguard     Allspring 
Small Company                              
Growth         Discovery         Opportunity      
                                 
2025         2025         2025      
                                 
                                 
 $  64,431           $                          -          $  108       
  (77,308)           (2,668)           (1,232)      
  (12,877)           (2,668)           (1,124)      
                                 
                                 
  915,952            3,111            21,658       
  (75,740)           (2,150)           34       
  840,212            961            21,692       
                                 
  (101,303)           22,137            (8,133)      
                                 
                                 
 $  726,032           $  20,430           $  12,435       
                                 
                                 
Small Company Growth   Discovery   Opportunity
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  (12,877)    $  (5,698)    $  (2,668)    $  (2,856)    $  (1,124)    $  (1,077)
  840,212      (81,111)     961      (9,093)     21,692      19,529 
  (101,303)     1,638,991      22,137      85,687      (8,133)     7,258 
                                 
  726,032      1,552,182      20,430      73,738      12,435      25,710 
                                 
                                 
  58,079      14,503                              -                             -                             -                             -
  (673,518)     (1,495,723)     (35,717)                             -                             -                             -
  (859,422)     (1,073,555)                             -     (59,966)                             -                             -
  (12,290)     (13,504)     (54)     (95)     (88)     (89)
  (1,487,151)     (2,568,279)     (35,771)     (60,061)     (88)     (89)
                                 
  (761,119)     (1,016,097)     (15,341)     13,677      12,347      25,621 
  14,190,446      15,206,543      463,310      449,633      204,765      179,144 
 $  13,429,327     $  14,190,446     $  447,969     $  463,310     $  217,112     $  204,765 
                                 
                                 

 

 FS-38 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       ProFunds 
               
      Bull      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  5,644       
  Mortality and expense risk charge     (12,852)      
Net investment income(loss)     (7,208)      
               
Realized gain(loss) on investments:            
  Net realized gain distributions     72,134       
  Net realized gain(loss) on sale of fund shares     2,147       
Net realized gain(loss)     74,281       
               
Change in unrealized appreciation/depreciation     131,679       
               
Net increase(decrease) in net assets resulting            
  from operations    $  198,752       
               
               
      Bull
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  (7,208)    $  (2,279)
  Net realized gain(loss)     74,281      62,821 
  Net change in unrealized appreciation/depreciation      131,679      180,490 
Net increase(decrease) in net assets resulting            
  from operations     198,752      241,032 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners                             -                             -
  Subaccounts transfers (including fixed account), net                             -                             -
  Transfers for policyowner benefits and terminations                             -                             -
  Policyowner maintenance charges                             -                             -
Net increase(decrease) from policyowner transactions                             -                             -
               
Total increase(decrease) in net assets     198,752      241,032 
Net assets at beginning of period     1,367,772      1,126,740 
Net assets at end of period    $  1,566,524     $  1,367,772 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-39 
 

 

 

 

 

 ProFunds 
                                 
Europe         Mid-Cap         NASDAQ-100      
                                 
2025         2025         2025      
                                 
                                 
 $  1,837           $                          -          $  30       
  (690)                                   -           (69)      
  1,147                                    -           (39)      
                                 
                                 
  2,583                                    -           531       
  143                                    -           12       
  2,726                                    -           543       
                                 
  15,312                                    -           762       
                                 
                                 
 $  19,185           $                          -          $  1,266       
                                 
                                 
Europe   Mid-Cap   NASDAQ-100
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  1,147     $  660     $                          -    $  (3)    $  (39)    $  (34)
  2,726      2,375                              -     (170)     543      1,119 
  15,312      (811)                             -                             -     762      75 
                                 
  19,185      2,224                              -     (173)     1,266      1,160 
                                 
                                 
                          -                             -                             -                             -                             -                             -
                          -                             -                             -     173                              -     (5,520)
                          -                             -                             -                             -                             -                             -
                          -                             -                             -                             -                             -                             -
                          -                             -                             -     173                              -     (5,520)
                                 
  19,185      2,224                              -                             -     1,266      (4,360)
  67,472      65,248                              -                             -     7,216      11,576 
 $  86,657     $  67,472     $                          -    $                          -    $  8,482     $  7,216 
                                 
                                 

 

 FS-40 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       ProFunds 
               
      Small-Cap      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  52       
  Mortality and expense risk charge     (45)      
Net investment income(loss)     7       
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares     7       
Net realized gain(loss)     7       
               
Change in unrealized appreciation/depreciation     484       
               
Net increase(decrease) in net assets resulting            
  from operations    $  498       
               
               
      Small-Cap
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  7     $  21
  Net realized gain(loss)     7      4
  Net change in unrealized appreciation/depreciation      484      368
Net increase(decrease) in net assets resulting            
  from operations     498      393
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners                             -                             -
  Subaccounts transfers (including fixed account), net                             -                             -
  Transfers for policyowner benefits and terminations                             -                             -
  Policyowner maintenance charges                             -                             -
Net increase(decrease) from policyowner transactions                             -                             -
               
Total increase(decrease) in net assets     498      393
Net assets at beginning of period     5,017      4,624
Net assets at end of period    $  5,515     $  5,017
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-41 
 


 

 

 

 

 ProFunds 
Small-Cap                              
Value         Classic Dow         Bear      
                                 
2025         2025         2025      
                                 
                                 
 $                          -          $                          -          $  106       
                          -           (1)           (27)      
                          -           (1)           79       
                                 
                                 
                          -                                   -                                   -      
                          -           (30)           (631)      
                          -           (30)           (631)      
                                 
                          -                                   -           19       
                                 
                                 
 $                          -          $  (31)          $  (533)      
                                 
                                 
Small-Cap Value   Classic Dow   Bear
                                 
2025   2024   2025   2024   2025   2024
                                 
 $                          -    $  (4)    $  (1)    $                          -    $  79     $  230 
                          -     (248)     (30)                             -     (631)     120 
                          -                             -                             -                             -     19      (790)
                                 
                          -     (252)     (31)                             -     (533)     (440)
                                 
                                 
                          -                             -                             -                             -                             -                             -
                          -     252      31                              -     752      2,433 
                          -                             -                             -                             -     (24)                             -
                          -                             -                             -                             -                             -                             -
                          -     252      31                              -     728      2,433 
                                 
                          -                             -                             -                             -     195      1,993 
                          -                             -                             -                             -     3,074      1,081 
 $                          -    $                          -    $                          -    $                          -    $  3,269     $  3,074 
                                 
                                 

 

 FS-42 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       ProFunds 
      Short      
      NASDAQ      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  183       
  Mortality and expense risk charge     (27)      
Net investment income(loss)     156       
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares     (1,246)      
Net realized gain(loss)     (1,246)      
               
Change in unrealized appreciation/depreciation     685       
               
Net increase(decrease) in net assets resulting            
  from operations    $  (405)      
               
               
      Short NASDAQ
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  156     $  429 
  Net realized gain(loss)     (1,246)     (7)
  Net change in unrealized appreciation/depreciation      685      (1,487)
Net increase(decrease) in net assets resulting            
  from operations     (405)     (1,065)
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners                             -                             -
  Subaccounts transfers (including fixed account), net     (3,123)     7,395 
  Transfers for policyowner benefits and terminations                             -                             -
  Policyowner maintenance charges                             -                             -
Net increase(decrease) from policyowner transactions     (3,123)     7,395 
               
Total increase(decrease) in net assets     (3,528)     6,330 
Net assets at beginning of period     6,330                              -
Net assets at end of period    $  2,802     $  6,330 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-43 
 

 

 

 

 

 

 ProFunds 
Short Small-                              
Cap         Short Dow         UltraMid      
                                 
2025         2025         2025      
                                 
                                 
 $                          -          $  53           $  239       
                          -           (15)           (191)      
                          -           38            48       
                                 
                                 
                          -                                   -                                   -      
                          -           (20)           573       
                          -           (20)           573       
                                 
                          -           (271)           (468)      
                                 
                                 
 $                          -          $  (253)          $  153       
                                 
                                 
Short Small-Cap   Short Dow   UltraMid
                                 
2025   2024   2025   2024   2025   2024
                                 
 $                          -    $                          -    $  38     $  18     $  48     $  (78)
                          -                             -     (20)     (19)     573      (26)
                          -                             -     (271)     (59)     (468)     953 
                                 
                          -                             -     (253)     (60)     153      849 
                                 
                                 
                          -                             -                             -                             -                             -                             -
                          -                             -     1,475                              -     345      3,359 
                          -                             -                             -                             -                             -     (1,200)
                          -                             -                             -                             -                             -                             -
                          -                             -     1,475                              -     345      2,159 
                                 
                          -                             -     1,222      (60)     498      3,008 
                          -                             -     718      778      21,849      18,841 
 $                          -    $                          -    $  1,940     $  718     $  22,347     $  21,849 
                                 
                                 

 

 

 FS-44 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       ProFunds 
               
      UltraOTC      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  5,608       
  Mortality and expense risk charge     (21,503)      
Net investment income(loss)     (15,895)      
               
Realized gain(loss) on investments:            
  Net realized gain distributions     246,324       
  Net realized gain(loss) on sale of fund shares     10,889       
Net realized gain(loss)     257,213       
               
Change in unrealized appreciation/depreciation     384,425       
               
Net increase(decrease) in net assets resulting            
  from operations    $  625,743       
               
               
      UltraOTC
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  (15,895)    $  (11,698)
  Net realized gain(loss)     257,213      11,261 
  Net change in unrealized appreciation/depreciation      384,425      639,399 
Net increase(decrease) in net assets resulting            
  from operations     625,743      638,962 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners                             -                             -
  Subaccounts transfers (including fixed account), net     11,133      (14,992)
  Transfers for policyowner benefits and terminations     (3,256)     (4,557)
  Policyowner maintenance charges                             -                             -
Net increase(decrease) from policyowner transactions     7,877      (19,549)
               
Total increase(decrease) in net assets     633,620      619,413 
Net assets at beginning of period     2,213,171      1,593,758 
Net assets at end of period    $  2,846,791     $  2,213,171 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-45 
 

 

 

 

 

 

 ProFunds 
                         U.S. Gov.       
UltraSmall         UltraBull         Plus      
                                 
2025         2025         2025      
                                 
                                 
 $  161           $  1,607           $  346       
  (149)           (1,901)           (104)      
  12            (294)           242       
                                 
                                 
                          -           29,041                                    -      
  (296)           8,430            (33)      
  (296)           37,471            (33)      
                                 
  2,316            8,884            (176)      
                                 
                                 
 $  2,032           $  46,061           $  33       
                                 
                                 
UltraSmall   UltraBull   U.S. Gov. Plus
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  12     $  (55)    $  (294)    $  (468)    $  242     $  309 
  (296)     (11,904)     37,471      6,295      (33)     (213)
  2,316      9,226      8,884      46,838      (176)     (1,977)
                                 
  2,032      (2,733)     46,061      52,665      33      (1,881)
                                 
                                 
                          -                             -                             -                             -                             -                             -
  (5,419)     15,809      (10,150)     3,398                              -     (1,509)
                          -     (128)     (7,244)     (786)     (26)                             -
                          -                             -                             -                             -                             -                             -
  (5,419)     15,681      (17,394)     2,612      (26)     (1,509)
                                 
  (3,387)     12,948      28,667      55,277      7      (3,390)
  27,180      14,232      199,578      144,301      11,543      14,933 
 $  23,793     $  27,180     $  228,245     $  199,578     $  11,550     $  11,543 
                                 
                                 

 

 FS-46 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       ProFunds 
               
      Opportunity      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $                          -      
  Mortality and expense risk charge                             -      
Net investment income(loss)                             -      
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares                             -      
Net realized gain(loss)                             -      
               
Change in unrealized appreciation/depreciation                             -      
               
Net increase(decrease) in net assets resulting            
  from operations    $                          -      
               
               
      Opportunity
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $                          -    $  (3)
  Net realized gain(loss)                             -     440 
  Net change in unrealized appreciation/depreciation                              -                             -
Net increase(decrease) in net assets resulting            
  from operations                             -     437 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners                             -                             -
  Subaccounts transfers (including fixed account), net                             -     (437)
  Transfers for policyowner benefits and terminations                             -                             -
  Policyowner maintenance charges                             -                             -
Net increase(decrease) from policyowner transactions                             -     (437)
               
Total increase(decrease) in net assets                             -                             -
Net assets at beginning of period                             -                             -
Net assets at end of period    $                          -    $                          -
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-47 
 

 

 

 

 

 

 ProFunds 
             Precious                   
Oil & Gas         Metals         Real Estate      
                                 
2025         2025         2025      
                                 
                                 
 $  1,603           $  1,597           $  1,389       
  (646)           (725)           (800)      
  957            872            589       
                                 
                                 
  8,947                                    -                                   -      
  (12)           8,409            (1,144)      
  8,935            8,409            (1,144)      
                                 
  (6,424)           63,976            245       
                                 
                                 
 $  3,468           $  73,257           $  (310)      
                                 
                                 
Oil & Gas   Precious Metals   Real Estate
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  957     $  875     $  872     $  1,147     $  589     $  409 
  8,935      6,354      8,409      919      (1,144)     (15,520)
  (6,424)     (5,125)     63,976      (645)     245      17,277 
                                 
  3,468      2,104      73,257      1,421      (310)     2,166 
                                 
                                 
                          -                             -                             -                             -                             -                             -
                          -     (9,046)     (4,836)     6,102      2,081      24 
                          -                             -     (1,020)     (330)     (2,000)                             -
                          -                             -                             -                             -                             -                             -
                          -     (9,046)     (5,856)     5,772      81      24 
                                 
  3,468      (6,942)     67,401      7,193      (229)     2,190 
  70,566      77,508      52,701      45,508      85,987      83,797 
 $  74,034     $  70,566     $  120,102     $  52,701     $  85,758     $  85,987 
                                 
                                 

 

 FS-48 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       ProFunds 
               
      High Yield      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  13       
  Mortality and expense risk charge     (2)      
Net investment income(loss)     11       
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares     (23)      
Net realized gain(loss)     (23)      
               
Change in unrealized appreciation/depreciation                             -      
               
Net increase(decrease) in net assets resulting            
  from operations    $  (12)      
               
               
      High Yield
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  11     $                          -
  Net realized gain(loss)     (23)                             -
  Net change in unrealized appreciation/depreciation                              -                             -
Net increase(decrease) in net assets resulting            
  from operations     (12)                             -
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners                             -                             -
  Subaccounts transfers (including fixed account), net     12                              -
  Transfers for policyowner benefits and terminations                             -                             -
  Policyowner maintenance charges                             -                             -
Net increase(decrease) from policyowner transactions     12                              -
               
Total increase(decrease) in net assets                             -                             -
Net assets at beginning of period                             -                             -
Net assets at end of period    $                          -    $                          -
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-49 
 

 

 

 

 

 

 ProFunds     Pimco 
                                 
Money Market         Commodity         Total Return      
                                 
2025         2025         2025      
                                 
                                 
 $  512           $  78,324           $  449,529       
  (144)           (15,024)           (54,018)      
  368            63,300            395,511       
                                 
                                 
                          -                                   -                                   -      
                          -           (81,870)           (269,795)      
                          -           (81,870)           (269,795)      
                                 
                          -           463,252            754,468       
                                 
                                 
 $  368           $  444,682           $  880,184       
                                 
                                 
Money Market   Commodity   Total Return
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  368     $  1,275     $  63,300     $  43,550     $  395,511     $  399,206 
                          -                             -     (81,870)     (357,790)     (269,795)     (244,296)
                          -                             -     463,252      426,201      754,468      76,086 
                                 
  368      1,275      444,682      111,961      880,184      230,996 
                                 
                                 
                          -     20,000      7,420      41,050      135,077      170,936 
  7,603      (7,981)     87,956      90,694      (304,856)     392,874 
  (10,267)     (149,196)     (220,682)     (440,848)     (1,466,720)     (556,624)
                          -                             -     (77)     (90)     (302)     (294)
  (2,664)     (137,177)     (125,383)     (309,194)     (1,636,801)     6,892 
                                 
  (2,296)     (135,902)     319,299      (197,233)     (756,617)     237,888 
  26,752      162,654      2,498,419      2,695,652      11,403,284      11,165,396 
 $  24,456     $  26,752     $  2,817,718     $  2,498,419     $  10,646,667     $  11,403,284 
                                 
                                 

 

 FS-50 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Pimco 
               
      Low Duration      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  381       
  Mortality and expense risk charge     (58)      
Net investment income(loss)     323       
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares     (3)      
Net realized gain(loss)     (3)      
               
Change in unrealized appreciation/depreciation     142       
               
Net increase(decrease) in net assets resulting            
  from operations    $  462       
               
               
      Low Duration
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  323     $  330 
  Net realized gain(loss)     (3)     (120)
  Net change in unrealized appreciation/depreciation      142      144 
Net increase(decrease) in net assets resulting            
  from operations     462      354 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners                             -                             -
  Subaccounts transfers (including fixed account), net                             -                             -
  Transfers for policyowner benefits and terminations                             -     (1,610)
  Policyowner maintenance charges     (1)     (1)
Net increase(decrease) from policyowner transactions     (1)     (1,611)
               
Total increase(decrease) in net assets     461      (1,257)
Net assets at beginning of period     9,442      10,699 
Net assets at end of period    $  9,903     $  9,442 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-51 
 

 

 

 

 

 

 Lincoln 
                                 
Mid Cap Value II         International II         Inflation II      
                                 
2025         2025         2025      
                                 
                                 
 $  44,116           $  2,406           $  129,145       
  (11,449)           (1,176)           (7,858)      
  32,667            1,230            121,287       
                                 
                                 
  182,171                                    -                                   -      
  3,308            1,184            3,344       
  185,479            1,184            3,344       
                                 
  (40,113)           24,407            (29,763)      
                                 
                                 
 $  178,033           $  26,821           $  94,868       
                                 
                                 
Mid Cap Value II   International II   Inflation II
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  32,667     $  35,851     $  1,230     $  361     $  121,287     $  49,693 
  185,479      61,800      1,184      2,592      3,344      3,232 
  (40,113)     52,125      24,407      (958)     (29,763)     (9,724)
                                 
  178,033      149,776      26,821      1,995      94,868      43,201 
                                 
                                 
  6,088      3,213      2,110                              -     52,103      10,595 
  117,312      2,050,571      12,404      202,073      6,498      1,620,655 
  (99,425)     (99,561)     (11,415)     (29,734)     (228,747)     (45,224)
  (177)     (148)     (19)     (21)     (25)     (30)
  23,798      1,954,075      3,080      172,318      (170,171)     1,585,996 
                                 
  201,831      2,103,851      29,901      174,313      (75,303)     1,629,197 
  2,103,851                              -     174,313                              -     1,629,197                              -
 $  2,305,682     $  2,103,851     $  204,214     $  174,313     $  1,553,894     $  1,629,197 
                                 
                                 

 

 FS-52 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       American Funds 
               
      IS Growth-Inc      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  15,782       
  Mortality and expense risk charge     (6,257)      
Net investment income(loss)     9,525       
               
Realized gain(loss) on investments:            
  Net realized gain distributions     230,092       
  Net realized gain(loss) on sale of fund shares     56,762       
Net realized gain(loss)     286,854       
               
Change in unrealized appreciation/depreciation     (40,451)      
               
Net increase(decrease) in net assets resulting            
  from operations    $  255,928       
               
               
      IS Growth-Inc
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  9,525     $  9,584 
  Net realized gain(loss)     286,854      61,686 
  Net change in unrealized appreciation/depreciation      (40,451)     136,162 
Net increase(decrease) in net assets resulting            
  from operations     255,928      207,432 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     583      480 
  Subaccounts transfers (including fixed account), net     64,022      233,063 
  Transfers for policyowner benefits and terminations     (30,555)     (78,771)
  Policyowner maintenance charges     (128)     (168)
Net increase(decrease) from policyowner transactions     33,922      154,604 
               
Total increase(decrease) in net assets     289,850      362,036 
Net assets at beginning of period     1,152,795      790,759 
Net assets at end of period    $  1,442,645     $  1,152,795 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-53 
 

 

 

 

 American Funds 
                                 
IS Growth          Blue Chip          IS International      
                                 
2025         2025         2025      
                                 
                                 
 $  6,910           $  24,714           $  7,224       
  (15,108)           (8,398)           (2,035)      
  (8,198)           16,316            5,189       
                                 
                                 
  224,582            104,202                                    -      
  178,345            108,639            (215)      
  402,927            212,841            (215)      
                                 
  171,410            62,687            94,933       
                                 
                                 
 $  566,139           $  291,844           $  99,907       
                                 
                                 
IS Growth   Blue Chip   IS International
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  (8,198)    $  4,024     $  16,316     $  33,503     $  5,189     $  4,558 
  402,927      193,232      212,841      24,439      (215)     (305)
  171,410      230,224      62,687      73,835      94,933      (8,562)
                                 
  566,139      427,480      291,844      131,777      99,907      (4,309)
                                 
                                 
  81,146      1,351      47,201      47,056      7,000      6,632 
  (486,340)     549,672      (1,239,660)     1,860,522      26,114      251,640 
  (64,844)     (117,263)     (87,206)     (103,851)     (48,338)     (4,041)
  (154)     (100)     (125)     (115)     (3)     (18)
  (470,192)     433,660      (1,279,790)     1,803,612      (15,227)     254,213 
                                 
  95,947      861,140      (987,946)     1,935,389      84,680      249,904 
  2,879,713      2,018,573      2,562,540      627,151      425,364      175,460 
 $  2,975,660     $  2,879,713     $  1,574,594     $  2,562,540     $  510,044     $  425,364 
                                 
                                 

 

 FS-54 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       American Funds 
               
      IS New World      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  17,116       
  Mortality and expense risk charge     (5,725)      
Net investment income(loss)     11,391       
               
Realized gain(loss) on investments:            
  Net realized gain distributions     50,299       
  Net realized gain(loss) on sale of fund shares     2,711       
Net realized gain(loss)     53,010       
               
Change in unrealized appreciation/depreciation     241,964       
               
Net increase(decrease) in net assets resulting            
  from operations    $  306,365       
               
               
      IS New World
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  11,391     $  12,601 
  Net realized gain(loss)     53,010      (16,253)
  Net change in unrealized appreciation/depreciation      241,964      73,973 
Net increase(decrease) in net assets resulting            
  from operations     306,365      70,321 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     119,734      3 
  Subaccounts transfers (including fixed account), net     (37,732)     (84,886)
  Transfers for policyowner benefits and terminations     (61,364)     (46,792)
  Policyowner maintenance charges     (38)     (48)
Net increase(decrease) from policyowner transactions     20,600      (131,723)
               
Total increase(decrease) in net assets     326,965      (61,402)
Net assets at beginning of period     1,050,722      1,112,124 
Net assets at end of period    $  1,377,687     $  1,050,722 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-55 
 

 

 

 

 

 

 Franklin Templeton     MFS 
                                 
Global Inc.         Utilities IC         Mid Cap      
                                 
2025         2025         2025      
                                 
                                 
 $                          -          $  50,043           $                          -      
  (19,334)           (9,908)           (6,096)      
  (19,334)           40,135            (6,096)      
                                 
                                 
                          -           22,886            187,172       
  (147,182)           24,805            (9,767)      
  (147,182)           47,691            177,405       
                                 
  637,632            145,382            (119,614)      
                                 
                                 
 $  471,116           $  233,208           $  51,695       
                                 
                                 
Global Inc.   Utilities IC   Mid Cap
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  (19,334)    $  (22,390)    $  40,135     $  28,443     $  (6,096)    $  (6,553)
  (147,182)     (421,337)     47,691      30,424      177,405      36,424 
  637,632      (40,410)     145,382      102,866      (119,614)     68,792 
                                 
  471,116      (484,137)     233,208      161,733      51,695      98,663 
                                 
                                 
  11,240      28,772      6,049      7,348      10,808      9,872 
  159,639      (305,322)     (152,083)     (182,121)     (360,319)     494,094 
  (518,758)     (622,642)     (121,262)     (224,705)     (34,605)     (28,100)
  (9,975)     (10,333)     (150)     (155)     (24)     (20)
  (357,854)     (909,525)     (267,446)     (399,633)     (384,140)     475,846 
                                 
  113,262      (1,393,662)     (34,238)     (237,900)     (332,445)     574,509 
  3,145,452      4,539,114      1,737,816      1,975,716      1,419,208      844,699 
 $  3,258,714     $  3,145,452     $  1,703,578     $  1,737,816     $  1,086,763     $  1,419,208 
                                 
                                 

 

 FS-56 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

         MFS
               
        Research      
               
        2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  40,724       
  Mortality and expense risk charge     (16,508)      
Net investment income(loss)     24,216       
               
Realized gain(loss) on investments:            
  Net realized gain distributions                             -      
  Net realized gain(loss) on sale of fund shares     84,095       
Net realized gain(loss)     84,095       
               
Change in unrealized appreciation/depreciation     455,394       
               
Net increase(decrease) in net assets resulting            
  from operations    $  563,705       
               
               
        Research
               
STATEMENTS OF CHANGES IN NET ASSETS     2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  24,216     $  32,628 
  Net realized gain(loss)     84,095      73,120 
  Net change in unrealized appreciation/depreciation      455,394      (16,625)
Net increase(decrease) in net assets resulting            
  from operations     563,705      89,123 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     330      6,303 
  Subaccounts transfers (including fixed account), net     (183,744)     (218,702)
  Transfers for policyowner benefits and terminations     (234,464)     (415,900)
  Policyowner maintenance charges     (19,616)     (21,020)
Net increase(decrease) from policyowner transactions     (437,494)     (649,319)
               
Total increase(decrease) in net assets     126,211      (560,196)
Net assets at beginning of period     2,830,480      3,390,676 
Net assets at end of period    $  2,956,691     $  2,830,480 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-57 
 


 

 

 

 

 Summit 
            EAFE         S&P      
 S&P 500          Intl.         MidCap      
                                 
2025         2025         2025      
                                 
                                 
 $  61,510           $  33,620           $  5,664       
  (26,543)           (6,009)           (3,056)      
  34,967            27,611            2,608       
                                 
                                 
  515,566                                    -           34,099       
  73,688            14,365            1,219       
  589,254            14,365            35,318       
                                 
  249,654            277,398            (5,326)      
                                 
                                 
 $  873,875           $  319,374           $  32,600       
                                 
                                 
S&P 500   EAFE Intl.   S&P MidCap
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  34,967     $  34,245     $  27,611     $  22,046     $  2,608     $  3,040 
  589,254      692,650      14,365      24,552      35,318      22,776 
  249,654      332,610      277,398      (15,266)     (5,326)     32,173 
                                 
  873,875      1,059,505      319,374      31,332      32,600      57,989 
                                 
                                 
  171,715      237,435      379,867      102,000                              -                             -
  53,817      (918,363)     283,650      (133,595)     (2,857)     5,084 
  (238,659)     (350,387)     (15,825)     (61,490)     (3,230)     (2,953)
  (248)     (231)     (67)     (72)     (58)     (62)
  (13,375)     (1,031,546)     647,625      (93,157)     (6,145)     2,069 
                                 
  860,500      27,959      966,999      (61,825)     26,455      60,058 
  5,056,973      5,029,014      932,320      994,145      510,250      450,192 
 $  5,917,473     $  5,056,973     $  1,899,319     $  932,320     $  536,705     $  510,250 
                                 
                                 

 

 FS-58 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       Summit 
               
      Growth      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  102,725       
  Mortality and expense risk charge     (35,391)      
Net investment income(loss)     67,334       
               
Realized gain(loss) on investments:            
  Net realized gain distributions     739,314       
  Net realized gain(loss) on sale of fund shares     115,342       
Net realized gain(loss)     854,656       
               
Change in unrealized appreciation/depreciation     (492,633)      
               
Net increase(decrease) in net assets resulting            
  from operations    $  429,357       
               
               
      Growth
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  67,334     $  79,472 
  Net realized gain(loss)     854,656      598,153 
  Net change in unrealized appreciation/depreciation      (492,633)     16,259 
Net increase(decrease) in net assets resulting            
  from operations     429,357      693,884 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     35,000      30,000 
  Subaccounts transfers (including fixed account), net     (144,930)     (76,213)
  Transfers for policyowner benefits and terminations     (579,148)     (311,763)
  Policyowner maintenance charges     (74,147)     (78,371)
Net increase(decrease) from policyowner transactions     (763,225)     (436,347)
               
Total increase(decrease) in net assets     (333,868)     257,537 
Net assets at beginning of period     6,424,880      6,167,343 
Net assets at end of period    $  6,091,012     $  6,424,880 
               
  The accompanying notes are an integral part of these financial statements.      

 

 FS-59 
 

 

 

 

 

 

 Summit
 Mod.                      Russell      
Growth         Moderate         Small Cap      
                                 
2025         2025         2025      
                                 
                                 
 $  102,959           $  204,604           $  91,350       
  (30,149)           (48,412)           (27,988)      
  72,810            156,192            63,362       
                                 
                                 
  402,749            525,540            297,206       
  71,070            52,635            30,461       
  473,819            578,175            327,667       
                                 
  (162,635)           (214,787)           303,559       
                                 
                                 
 $  383,994           $  519,580           $  694,588       
                                 
                                 
Mod. Growth   Moderate   Russell Small Cap
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  72,810     $  68,282     $  156,192     $  138,696     $  63,362     $  32,498 
  473,819      307,757      578,175      625,238      327,667      143,506 
  (162,635)     90,457      (214,787)     (165,525)     303,559      289,274 
                                 
  383,994      466,496      519,580      598,409      694,588      465,278 
                                 
                                 
  420      462      60      61,946      102,090      499,879 
  171,452      6,957      138,240      65,283      100,944      (644,594)
  (308,436)     (275,462)     (728,055)     (1,136,658)     (422,798)     (391,923)
  (75,207)     (73,960)     (89,463)     (93,422)     (237)     (237)
  (211,771)     (342,003)     (679,218)     (1,102,851)     (220,001)     (536,875)
                                 
  172,223      124,493      (159,638)     (504,442)     474,587      (71,597)
  5,160,203      5,035,710      8,405,402      8,909,844      5,630,774      5,702,371 
 $  5,332,426     $  5,160,203     $  8,245,764     $  8,405,402     $  6,105,361     $  5,630,774 
                                 
                                 

 

 FS-60 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       T. Rowe 
               
      Blue Chip      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $                          -      
  Mortality and expense risk charge     (85,246)      
Net investment income(loss)     (85,246)      
               
Realized gain(loss) on investments:            
  Net realized gain distributions     1,547,103       
  Net realized gain(loss) on sale of fund shares     855,047       
Net realized gain(loss)     2,402,150       
               
Change in unrealized appreciation/depreciation     1,039,177       
               
Net increase(decrease) in net assets resulting            
  from operations    $  3,356,081       
               
               
      Blue Chip
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  (85,246)    $  (71,783)
  Net realized gain(loss)     2,402,150      1,521,772 
  Net change in unrealized appreciation/depreciation      1,039,177      2,438,365 
Net increase(decrease) in net assets resulting            
  from operations     3,356,081      3,888,354 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     254,080      133,082 
  Subaccounts transfers (including fixed account), net     2,379,222      (1,059,533)
  Transfers for policyowner benefits and terminations     (1,117,034)     (971,412)
  Policyowner maintenance charges     (20,569)     (22,465)
Net increase(decrease) from policyowner transactions     1,495,699      (1,920,328)
               
Total increase(decrease) in net assets     4,851,780      1,968,026 
Net assets at beginning of period     13,681,230      11,713,204 
Net assets at end of period    $  18,533,010     $  13,681,230 
               
  The accompanying notes are an integral part of these financial statements.        

 

 FS-61 
 

 

 

 

 

 Morgan Stanley     DFA 
 Emerging                               
Markets         Bond         Small      
                                 
2025         2025         2025      
                                 
                                 
 $  41,645           $  650,941           $  442,103       
  (55,483)           (77,254)           (62,702)      
  (13,838)           573,687            379,401       
                                 
                                 
  345,840                                    -           534,902       
  72,525            (228,054)           281,424       
  418,365            (228,054)           816,326       
                                 
  2,502,300            288,202            2,946,322       
                                 
                                 
 $  2,906,827           $  633,835           $  4,142,049       
                                 
                                 
Emerging Markets   Bond   Small
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  (13,838)    $  82,564     $  573,687     $  847,339     $  379,401     $  359,566 
  418,365      (84,099)     (228,054)     (88,401)     816,326      356,347 
  2,502,300      725,050      288,202      166,061      2,946,322      (317,412)
                                 
  2,906,827      723,515      633,835      924,999      4,142,049      398,501 
                                 
                                 
  75,620      231,599      232,383      448,854      149,801      327,410 
  (699,921)     (464,512)     (3,395,161)     303,865      (955,151)     (208,335)
  (1,005,494)     (671,280)     (1,054,336)     (1,676,350)     (1,028,631)     (633,946)
  (12,011)     (12,844)     (207)     (277)     (134)     (128)
  (1,641,806)     (917,037)     (4,217,321)     (923,908)     (1,834,115)     (514,999)
                                 
  1,265,021      (193,522)     (3,583,486)     1,091      2,307,934      (116,498)
  9,828,092      10,021,614      19,504,335      19,503,244      12,146,746      12,263,244 
 $  11,093,113     $  9,828,092     $  15,920,849     $  19,504,335     $  14,454,680     $  12,146,746 
                                 
                                 

 

 FS-62 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       DFA 
               
      Value      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  1,119,631       
  Mortality and expense risk charge     (131,053)      
Net investment income(loss)     988,578       
               
Realized gain(loss) on investments:            
  Net realized gain distributions     815,003       
  Net realized gain(loss) on sale of fund shares     1,392,296       
Net realized gain(loss)     2,207,299       
               
Change in unrealized appreciation/depreciation     6,497,201       
               
Net increase(decrease) in net assets resulting            
  from operations    $  9,693,078       
               
               
      Value
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  988,578     $  808,593 
  Net realized gain(loss)     2,207,299      1,126,316 
  Net change in unrealized appreciation/depreciation      6,497,201      (531,359)
Net increase(decrease) in net assets resulting            
  from operations     9,693,078      1,403,550 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners     307,967      1,015,339 
  Subaccounts transfers (including fixed account), net     (2,298,395)     244,733 
  Transfers for policyowner benefits and terminations     (2,595,356)     (2,614,608)
  Policyowner maintenance charges     (42,926)     (44,968)
Net increase(decrease) from policyowner transactions     (4,628,710)     (1,399,504)
               
Total increase(decrease) in net assets     5,064,368      4,046 
Net assets at beginning of period     23,377,339      23,373,293 
Net assets at end of period    $  28,441,707     $  23,377,339 
               
  The accompanying notes are an integral part of these financial statements.      


  

 FS-63 
 

 

 

 

 

 DFA 
                                 
Fixed         Large         Targeted      
                                 
2025         2025         2025      
                                 
                                 
 $  652,578           $  481,946           $  400,348       
  (74,556)           (123,384)           (103,478)      
  578,022            358,562            296,870       
                                 
                                 
                          -           1,505,335            1,811,234       
  4,204            750,917            192,280       
  4,204            2,256,252            2,003,514       
                                 
  (4,735)           1,087,786            (529,851)      
                                 
                                 
 $  577,491           $  3,702,600           $  1,770,533       
                                 
                                 
Fixed   Large   Targeted
                                 
2025   2024   2025   2024   2025   2024
                                 
 $  578,022     $  668,973     $  358,562     $  405,698     $  296,870     $  207,953 
  4,204      21,677      2,256,252      3,429,230      2,003,514      1,820,284 
  (4,735)     27,691      1,087,786      (755,099)     (529,851)     (414,292)
                                 
  577,491      718,341      3,702,600      3,079,829      1,770,533      1,613,945 
                                 
                                 
  689,382      1,293,239      373,215      870,808      383,591      195,471 
  957,571      (641,351)     (644,787)     (752,594)     (251,569)     660,274 
  (1,951,987)     (1,120,645)     (3,246,594)     (1,550,691)     (1,498,858)     (581,092)
  (13,114)     (13,691)     (356)     (414)     (223)     (221)
  (318,148)     (482,448)     (3,518,522)     (1,432,891)     (1,367,059)     274,432 
                                 
  259,343      235,893      184,078      1,646,938      403,474      1,888,377 
  15,288,819      15,052,926      26,212,184      24,565,246      22,576,192      20,687,815 
 $  15,548,162     $  15,288,819     $  26,396,262     $  26,212,184     $  22,979,666     $  22,576,192 
                                 
                                 


 

 FS-64 
 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

 

 

       DFA 
               
      Global      
               
      2025      
STATEMENTS OF OPERATIONS            
Investment income:            
  Dividend distributions received    $  390,888       
  Mortality and expense risk charge     (65,507)      
Net investment income(loss)     325,381       
               
Realized gain(loss) on investments:            
  Net realized gain distributions     145,935       
  Net realized gain(loss) on sale of fund shares     215,237       
Net realized gain(loss)     361,172       
               
Change in unrealized appreciation/depreciation     1,184,398       
               
Net increase(decrease) in net assets resulting            
  from operations    $  1,870,951       
               
               
      Global
               
STATEMENTS OF CHANGES IN NET ASSETS   2025   2024
Increase(decrease) in net assets from operations:            
  Net investment income(loss)    $  325,381     $  275,176 
  Net realized gain(loss)     361,172      500,100 
  Net change in unrealized appreciation/depreciation      1,184,398      581,732 
Net increase(decrease) in net assets resulting            
  from operations     1,870,951      1,357,008 
               
Net increase(decrease) from policyowner transactions:            
  Payments received from policyowners                             -     563,875 
  Subaccounts transfers (including fixed account), net     1,835,963      (121,787)
  Transfers for policyowner benefits and terminations     (377,897)     (1,374,855)
  Policyowner maintenance charges     (261)     (311)
Net increase(decrease) from policyowner transactions     1,457,805      (933,078)
               
Total increase(decrease) in net assets     3,328,756      423,930 
Net assets at beginning of period     12,669,569      12,245,639 
Net assets at end of period    $  15,998,325     $  12,669,569 
               
  The accompanying notes are an integral part of these financial statements.      


 

 FS-65 
 

 

 

 

 

 DFA 
         
Equity      
         
2025      
         
         
 $  87,689       
  (21,029)      
  66,660       
         
         
  53,315       
  246,964       
  300,279       
         
  399,166       
         
         
 $  766,105       
         
         
Equity
         
2025   2024
         
 $  66,660     $  64,523 
  300,279      149,315 
  399,166      275,172 
         
  766,105      489,010 
         
         
  790,808      729,904 
  87,223      (123,273)
  (1,546,362)     (563,170)
  (140)     (114)
  (668,471)     43,347 
         
  97,634      532,357 
  4,503,965      3,971,608 
 $  4,601,599     $  4,503,965 
         
         

 

 FS-66 
 

 

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

NOTES TO FINANCIAL STATEMENTS

FOR THE PERIODS ENDED DECEMBER 31, 2025 AND 2024

 

1. ORGANIZATION

 

Ameritas Life Insurance Corp. Separate Account LLVA (the "Account") began operations during 1997. It operates as a separate investment account within Ameritas Life Insurance Corp. (the “Company”), a Nebraska domiciled company. The statements of operations and changes in net assets, financial highlights, and the related notes for each of the subaccounts listed below, are presented for the periods noted in the financial statements and notes, except for those subaccounts with commencement dates occurring during the period as referenced below.  For those subaccounts with commencement dates during the respective period, the financial statements and the notes are presented from the commencement date forward. The assets of the Account are held by the Company and are segregated from all of the Company’s other assets and are used only to support the variable annuity products issued by the Company.

 

Management believes these financial statements should be read in conjunction with the policyowner statements and policy and fund prospectuses.

 

The Account is registered under the Investment Company Act of 1940, as amended, as a unit investment trust. The Account is made up of variable investment options called subaccounts for which accumulation units are separately maintained. Each subaccount corresponds to a single underlying non-publicly traded portfolio issued through a fund series. At December 31, 2025 there are one hundred and ten subaccounts available within the Account listed as follows:

 

                           
Calvert Research and Management     Fidelity Management & Research
(Advisor)          Company LLC, continued  
  Calvert (Fund Series short cite)       Fidelity    
    *Balanced (Subaccount short cite)         *Mid Cap IC    
    *Mid Cap             *Mid Cap SC    
                    *Strategic    
DWS Investment Management Americas, Inc.       *Money Market  
  Scudder                    
    *Small Cap         Invesco Advisers, Inc.  
    *Small Mid Value          AIM    
    *Thematic (formerly DWS International       *Dividend    
    Growth VIP Portfolio, Class A         *Health    
    *Growth             *Technology    
                    *Intl. Growth    
Fidelity Management & Research         *Franchise     
Company LLC                    
  Fidelity          Janus Henderson Investors US LLC
    *Overseas IC           Janus    
    *Inv. Grade Bond IC           *Growth     
    *Equity Income IC                  
    *Growth IC         Neuberger Berman Investment Advisers LLC
    *High Income IC         Neuberger Berman  
    *High Income SC           *Mid-Cap    
    *Contrafund IC           *Bond    
    *Contrafund SC           *Equity (formerly Neuberger Berman AMT 
                    Sustainable Equity Portfolio, Class I)
                    *Regency    

 

 

 FS-67 
 

1. ORGANIZATION, continued

 

                           
Guggenheim Investments       Schroder Investment Management North
  Rydex         America Inc. and Baillie Gifford
    *Nova          Overseas Ltd.     
    *NASDAQ           Vanguard    
    *Precious Metals            *International   
    *Inv. S&P 500                    
    *Gov. Long Bond        Hotchkis and Wiley Capital Management, LLC, 
    *Inverse NASDAQ        Aristotle Capital Management, LLC and Harris
    *Inv. Long Bond        Associates L.P. (formerly Hotchkis and Wiley Capital
    *Russell         Management, LLC and Lazard Asset Management
                LLC)    
Third Avenue Management LLC       Vanguard    
  Third Avenue             *Diversified    
    *Value                    
                The Vanguard Group, Inc. and 
The Vanguard Group, Inc.       ArrowMark Partners   
  Vanguard           Vanguard    
    *Equity Index             *Small Company Growth  
    *Total Bond                    
    *REIT Index         Allspring Funds Management, LLC 
    *Mid-Cap           Allspring    
    *Stock Market Index           *Discovery    
    *Conservative             *Opportunity    
    *Moderate                    
    *Short-Term         ProFund Advisors LLC  
    *International Stock         ProFunds    
    *Global Bond             *Bull    
                    *Europe    
Wellington Management Company, LLP         *Mid-Cap    
and The Vanguard Group, Inc.         *NASDAQ-100  
  Vanguard             *Small-Cap    
    *Equity Income           *Small-Cap Value  
    *High Yield Bond           *Classic Dow    
                    *Bear    
Wellington Management Company, LLP         *Short NASDAQ  
  Vanguard             *Short Small-Cap  
    *Growth             *Short Dow    
    *Balanced             *UltraMid    
                    *UltraOTC    
                    *UltraSmall    
                    *UltraBull    
                    *U.S. Gov. Plus  

 

 

 FS-68 
 

1. ORGANIZATION, continued

 

                           
ProFund Advisors LLC, continued     Massachusetts Financial Services
  ProFunds, continued       Company    
    *Opportunity           MFS     
    *Oil & Gas             *Utilities IC    
    *Precious Metals           *Mid Cap    
    *Real Estate             *Research    
    *High Yield                     
      (Commenced April 23, 2021)     Calvert Research and Management
    *Money Market       (See Note 3)    
                  Summit    
Pacific Investment Management         *S&P 500    
Company LLC             *EAFE Intl.    
  Pimco             *S&P MidCap    
    *Commodity              *Growth    
    *Total Return              *Mod. Growth    
    *Low Duration            *Moderate    
                    *Russell Small Cap  
Lincoln Financial Investments Corporation              
  Lincoln          T. Rowe Price Associates, Inc.
    *Mid Cap Value II         T. Rowe    
    *International II           *Blue Chip    
    *Inflation II                    
                Morgan Stanley Investment  
Capital Research and Management     Management Inc.    
Company (SM)           Morgan Stanley   
  American Funds           *Emerging Markets   
    *IS Growth-Inc                    
    *IS Growth         Dimensional Fund Advisors LP
    *Blue Chip            DFA    
    *IS International           *Bond    
    *IS New World            *Small     
                    *Value     
Franklin Advisers, Inc.           *Fixed    
  Franklin Templeton            *Large     
    *Global Inc.             *Targeted     
                    *Global    
                    *Equity    

 

 

 

 

Note: The above chart references the fund series and subaccount short cites from the Statements of Net Assets.

 

 

 

 FS-69 
 

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

BASIS OF ACCOUNTING

The financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for variable annuity separate accounts registered as unit investment trusts.

 

USE OF ESTIMATES

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

 

INVESTMENTS

The assets of the subaccounts are carried at the net asset value of the underlying portfolios, adjusted for the accrual of dividends. The value of the policyowners’ units corresponds to the investment in the underlying subaccounts. The availability of investment portfolio and subaccount options may vary between products. Share transactions and security transactions are accounted for on a trade date basis.

 

Income from dividends and gains from realized gain distributions are recorded on the ex-distribution date. Realized gains and losses on the sales of investments represent the difference between the proceeds from sales of investments by the subaccounts and the cost of such shares, which is determined on a weighted average cost basis.

 

FAIR VALUE MEASUREMENTS

The accounting guidance on fair value measurements establishes a framework for measuring fair value and expands disclosures about fair value measurements. It also defines fair value as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The fair value measurement guidance applies to all assets and liabilities that are measured and reported on a fair value basis and enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. Each asset and liability carried at fair value is classified into one of the following categories:

 

·Level 1 – Quoted market prices in active markets for identical assets or liabilities.
·Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data.
·Level 3 – Unobservable inputs that are not corroborated by market data.

 

Each subaccount invests in shares of open-ended mutual funds, which calculate a daily net asset value based on the value of the underlying securities in its portfolios. As a result, and as required by law, pricing information is provided on an ongoing basis. Shares of open end mutual funds are purchased and redeemed at their quoted daily net asset values as reported by the fund companies at the close of each business day. On that basis, the fair value measurements of all shares held by the Account are reported as Level 1 assets.

 

FEDERAL AND STATE INCOME TAXES

The operations of the Account form a part of and are taxed with the operations of the Company. The Company is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. Under existing federal income tax law, separate account investment income and capital gains are not taxed to the extent they are applied to increase reserves under a contract issued in connection with the Account. Investment income and realized capital gains and losses on assets of the Account are automatically applied to increase or decrease reserves under the contract. Accordingly, no provision for federal income taxes or unrecognized tax benefits are reflected in these financial statements.

 

 

 FS-70 
 

3. SEGMENT INFORMATION

 

Each fund of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the CODM manages the activities of the Separate Account using information of each fund. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by Ameritas Life Insurance Corp. to support the liabilities of the applicable insurance contracts. The subaccounts have identified the President and Chief Operating Officer of the Company as the chief operating decision maker as the Separate Account does not have employees and is not a separate legal entity.

 

The CODM uses Increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the funds within the Separate Account. The accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant account policies (see note 2.) The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Statements of Operations and Changes in Net Assets for each fund’s operating segment and related footnotes for significant expenses principle and the existing segment disclosure requirements as of December 31, 2025 and for the years ended December 31, 2025 and December 31, 2024. All assets held and revenue is generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

 

 

4. RELATED PARTIES

 

Ameritas Investment Partners, Inc., an affiliate of the Company, provides sub-advisor services to certain portfolios of the Summit funds for a fee. These fees are reflected in the daily value of the underlying portfolio share price. The fee is computed separately for each underlying portfolio on daily average net assets, at an annual rate, as of December 31, 2025 and 2024, as follows:

 

       

Sub-Advisor

Fee %

Summit:    
  S&P 500   .050
  S&P MidCap   .050
  Growth   .050
  Mod. Growth   .050
  Moderate   .050
  Russell Small Cap   .050

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 FS-71 
 

5. PURCHASES AND SALES OF INVESTMENTS

 

The cost of purchases and proceeds from sales of investments in the subaccounts for the period ended

December 31, 2025 were as follows:

 

           Purchases       Sales 
Calvert:            
  Balanced   $ 79,212    $  52,629
  Mid Cap      21,702     21,170
                 
Scudder:            
  Small Cap      10,140     4,928
  Small Mid Value     140,540     224,007
  Thematic     15,955     108,824
  Growth     74,413     58,667
                 
Fidelity:            
  Overseas IC     844,904     786,381
  Inv. Grade Bond IC     2,496,355     2,884,299
  Equity Income IC     376,735     297,954
  Growth IC     1,102,243     687,976
  High Income IC     638,171     519,158
  High Income SC     119,452     29,907
  Contrafund IC     5,538,423     4,262,323
  Contrafund SC     147,348     39,593
  Mid Cap IC     1,522,612     1,501,600
  Mid Cap SC     26,490     6,043
  Strategic     1,288,628     1,297,035
  Money Market     52,845,030     51,667,646
                 
AIM:              
  Dividend     8,595     19,657
  Health      1,717     34,385
  Technology      168     38,992
  Intl. Growth     217,897     65,347
  Franchise     62,049     77,175
                 
Janus:            
  Growth     7,492     1,655
                 
Neuberger Berman:            
  Mid-Cap     27,400     1,561
  Bond      2     45
  Equity      70,232     89,928
  Regency     56,738     42,297

 

 FS-72 
 

5. PURCHASES AND SALES OF INVESTMENTS, continued

 

           Purchases       Sales 
Rydex:            
  Nova    $ 1,867,948   $ 2,650,075
  NASDAQ     273,622     427,922
  Precious Metals      3,708,039     3,518,128
  Inv. S&P 500     121,749     76,869
  Gov. Long Bond      44,890     138,874
  Inverse NASDAQ     463,549     406,459
  Inv. Long Bond     23,240     15,303
  Russell     57,214     190,876
                 
Third Avenue:            
  Value     736,630     267,826
                 
Vanguard:            
  Equity Index     20,584,515     29,806,754
  Total Bond      7,571,220     9,882,810
  REIT Index     1,329,798     1,815,759
  Mid-Cap     2,658,335     5,749,094
  Stock Market Index     5,602,882     8,035,946
  Conservative     1,713,517     705,778
  Moderate     641,575     789,822
  Short-Term     2,551,714     4,899,478
  International Stock     1,849,021     1,416,653
  Global Bond     265,052     546,701
  Equity Income     3,381,766     2,916,450
  High Yield Bond     4,246,814     3,608,699
  Growth     2,682,569     4,144,229
  Balanced     3,837,460     4,173,884
  International     6,304,885     7,453,321
  Diversified      1,918,618     2,182,701
  Small Company Growth     1,155,069     1,739,146
                 
Allspring:            
  Discovery     3,104     38,432
  Opportunity     21,761     1,317
                 
ProFunds:            
  Bull     77,742     12,815
  Europe     4,418     688
  Mid-Cap                                -                                -
  NASDAQ-100     561     68
  Small-Cap     52     45
  Small-Cap Value                                -                                -
  Classic Dow     10,035     10,005
  Bear     3,055     2,249
  Short NASDAQ     3,624     6,592
  Short Small-Cap                                -                                -

 

 

 FS-73 
 

5. PURCHASES AND SALES OF INVESTMENTS, continued

 

           Purchases       Sales 
ProFunds, continued:            
  Short Dow   $ 1,527   $ 14
  UltraMid     9,527     9,134
  UltraOTC     279,350     41,044
  UltraSmall     9,365     14,772
  UltraBull     47,708     36,355
  U.S. Gov. Plus     338     123
  Opportunity                                -                                -
  Oil & Gas     10,548     644
  Precious Metals     26,627     31,611
  Real Estate     13,442     12,772
  High Yield     1,362     1,339
  Money Market     46,341     48,636
                 
Pimco:            
  Commodity     286,940     349,023
  Total Return     1,477,963     2,719,253
  Low Duration     377     54
                 
Lincoln:            
  Mid Cap Value II     369,730     131,094
  International II     16,817     12,507
  Inflation II     292,922     341,806
                 
American Funds:            
  IS Growth-Inc     658,077     384,537
  IS Growth     1,294,647     1,548,455
  Blue Chip     220,210     1,379,482
  IS International     87,825     97,862
  IS New World     251,165     168,874
                 
Franklin Templeton:            
  Global Inc.     271,344     648,531
                 
MFS:            
  Utilities IC     126,509     330,934
  Mid Cap     249,973     453,036
  Research     130,241     543,519
                 
Summit:            
  S&P 500     934,889     397,731
  EAFE Intl.     749,385     74,149
  S&P MidCap     39,753     9,192
  Growth     868,472     825,048
  Mod. Growth     707,323     443,535
  Moderate     990,310     987,797
  Russell Small Cap     757,910     617,343

 

 FS-74 
 

5. PURCHASES AND SALES OF INVESTMENTS, continued

 

           Purchases       Sales 
T. Rowe:            
  Blue Chip   $ 5,162,656   $ 2,205,099
                 
Morgan Stanley:            
  Emerging Markets     521,347     1,831,152
                 
DFA:            
  Bond     2,181,920     5,825,555
  Small      1,533,066     2,452,878
  Value     2,536,531     5,361,660
  Fixed     2,743,064     2,483,190
  Large      2,685,816     4,340,440
  Targeted     3,385,062     2,644,017
  Global     3,301,261     1,372,141
  Equity     1,309,950     1,858,447

 

 

 

6. FINANCIAL HIGHLIGHTS

 

The unit value, units, net assets, investment income ratio (“Inv. Income Ratio”), expense ratio and total return (certain of which are defined below) are included in the following table (amounts have been rounded). Total returns, unit values and expense ratios in this table may not be applicable to all policies.

 

Inv. Income Ratio – The Inv. Income Ratio represents the dividend distributions received divided by average daily net assets. This ratio excludes the mortality and expense risk charge and is affected by the timing of the declaration of dividends by the underlying fund portfolio.

 

Expense Ratio – The Expense Ratio represents the annualized contract expenses of the subccounts for the period indicated and includes only those expenses that are charged through a reduction of the unit value. Included in this category are mortality and expense charges. During the year ended December 31, 2025, these fees range between .45 percent and .90 percent (annualized) of net assets, depending on the product selected. Expenses of the underlying fund portfolios and charges made directly to policyowner accounts through the redemption of units are excluded. For this separate account, charges made through the redemption of units ranged up to $40 per policy annually, depending on the product selected.

 

Total Return – The Total Return represents the change in the unit value reported year-to-date; however, subaccounts which commenced during a year, as shown in Note 1, are based on shorter return periods. These percentages do not include any expenses assessed through the redemption of units. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

 

 

 

 

 

 

 

 

 

 

 FS-75 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
Calvert:                            
Balanced                            
2025 4.90  6.96    193,882   1,181,590   1.62   0.45  0.60    10.81  10.98 
2024 4.41  6.28    201,154   1,110,313   1.76   0.45  0.60    18.89  19.07 
2023 3.71  5.29    214,109   996,202   1.60   0.45  0.60    16.12  16.30 
2022 3.19  4.55    239,356   943,474   1.31   0.45  0.60    (15.92) (15.79)
2021 3.79  5.41    195,162   952,862   1.08   0.45  0.60    14.43  14.60 
                             
Mid Cap                            
2025 95.51  95.51    3,624   346,117   0.36   0.60  0.60    0.85  0.85 
2024 94.70  94.70    3,822   361,991   0.12   0.60  0.60    9.56  9.56 
2023 86.44  86.44    4,215   364,339   0.19   0.60  0.60    10.98  10.98 
2022 77.89  77.89    4,562   355,290    -   0.60  0.60    (19.97) (19.97)
2021 37.47  97.32    9,429   917,590   0.20   0.60  0.60    2.47  14.34 
                             
Scudder:                            
Small Cap                            
2025 64.20  64.20    2,414   155,006   1.35   0.60  0.60    11.96  11.96 
2024 57.34  57.34    2,483   142,383   1.22   0.60  0.60    10.48  10.48 
2023 51.90  51.90    2,824   146,567   1.45   0.60  0.60    16.06  16.06 
2022 44.71  44.71    5,039   225,323   0.92   0.60  0.60    (21.11) (21.11)
2021 56.68  56.68    5,220   295,881   0.92   0.60  0.60    13.82  13.82 
                             
Small Mid Value                          
2025 31.63  35.36    28,708   949,037   1.03   0.45  0.60    17.51  17.69 
2024 26.88  30.09    35,415   995,314   1.22   0.45  0.60    5.57  5.73 
2023 25.42  28.50    61,712   1,673,316   1.14   0.45  0.60    14.26  14.44 
2022 22.21  24.94    69,985   1,663,967   0.86   0.45  0.60    (16.30) (16.18)
2021 26.50  29.80    67,428   1,924,411   1.29   0.45  0.60    29.72  29.92 
                             
Thematic                            
2025 21.02  21.45    33,297   702,892   0.93   0.45  0.60    18.21  18.39 
2024 17.75  18.15    38,191   681,746   1.23   0.45  0.60    8.71  8.87 
2023 16.31  16.69    43,423   712,614   0.75   0.45  0.60    15.35  15.52 
2022 14.11  14.47    46,366   659,108   1.04   0.45  0.60    (28.94) (28.83)
2021 19.83  20.37    56,698   1,133,779   0.36   0.45  0.60    7.47  7.63 
                             
Growth                            
2025 111.78  135.34    4,953   585,426   0.05   0.45  0.60    11.86  12.02 
2024 99.78  120.99    5,388   569,660   0.23   0.45  0.60    25.86  26.05 
2023 79.16  96.14    8,254   710,991   0.07   0.45  0.60    37.75  37.96 
2022 57.38  69.79    7,173   450,114   0.09   0.45  0.60    (31.15) (31.05)
2021 83.22  101.36    8,272   776,255   0.20   0.45  0.60    22.05  22.23 

 

 FS-76 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
Fidelity:                            
Overseas IC                            
2025 39.68  54.39    63,601   3,030,752   1.62   0.45  0.60    19.67  19.85 
2024 33.11  45.45    68,213   2,749,577   1.56   0.45  0.60    4.42  4.58 
2023 31.66  43.52    86,298   3,417,312   1.10   0.45  0.60    19.79  19.97 
2022 26.39  36.33    87,962   2,885,351   1.08   0.45  0.60    (24.93) (24.82)
2021 35.10  48.40    97,248   4,304,910   0.52   0.45  0.60    18.99  19.16 
                             
Inv. Grade Bond IC                          
2025 15.83  22.82    1,133,671   22,843,626   3.57   0.45  0.60    6.58  6.74 
2024 14.83  21.41    1,179,018   22,468,305   3.56   0.45  0.60    1.18  1.33 
2023 14.64  21.16    1,141,990   21,911,122   2.59   0.45  0.60    5.57  5.73 
2022 13.85  20.04    1,242,581   22,477,309   2.22   0.45  0.60    (13.48) (13.35)
2021 15.98  23.17    1,343,099   28,296,481   2.03   0.45  0.60    (1.20) (1.05)
                             
Equity Income IC                          
2025 60.96  112.74    39,950   3,859,988   1.83   0.45  0.60    18.31  18.49 
2024 51.45  95.29    41,225   3,419,850   1.78   0.45  0.60    14.65  14.83 
2023 44.81  83.11    41,768   3,150,442   1.87   0.45  0.60    9.99  10.15 
2022 40.68  75.56    45,601   3,098,193   1.96   0.45  0.60    (5.52) (5.38)
2021 42.99  79.98    42,834   3,138,310   1.94   0.45  0.60    24.15  24.33 
                             
Growth IC                            
2025 314.56  318.95    21,930   6,977,721   0.29   0.45  0.60    14.21  14.38 
2024 275.00  279.26    23,390   6,513,649    -   0.45  0.60    29.61  29.80 
2023 211.86  215.47    23,410   5,031,167   0.14   0.45  0.60    35.43  35.63 
2022 156.21  159.10    24,734   3,924,007   0.59   0.45  0.60    (24.91) (24.79)
2021 207.71  211.87    27,869   5,891,580    -   0.45  0.60    22.48  22.66 
                             
High Income IC                          
2025 8.73  17.55    188,680   1,963,643   6.68   0.45  0.60    9.70  9.87 
2024 7.95  15.99    176,139   1,781,571   5.40   0.45  0.60    8.32  8.48 
2023 7.33  14.77    219,610   1,984,220   5.98   0.45  0.60    9.82  9.98 
2022 6.66  13.45    190,668   1,753,844   5.06   0.45  0.60    (11.90) (11.77)
2021 7.55  15.26    222,928   2,309,608   5.32   0.45  0.60    3.79  3.94 
                             
High Income SC                          
2025 21.47  21.47    5,495   117,965   8.78   0.60  0.60    9.66  9.66 
2024 19.57  19.57    1,447   28,315   5.76   0.60  0.60    8.07  8.07 
2023 18.11  18.11    1,522   27,573   5.30   0.60  0.60    9.85  9.85 
2022 16.49  16.49    1,730   28,522   4.99   0.60  0.60    (12.08) (12.08)
2021 18.76  18.76    1,817   34,079   5.21   0.60  0.60    3.87  3.87 

 

 FS-77 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
Fidelity, continued:                          
Contrafund IC                          
2025 142.75  240.17    138,756   29,142,560   0.14   0.45  0.60    20.76  20.94 
2024 118.04  198.89    155,279   26,903,854   0.19   0.45  0.60    32.99  33.19 
2023 88.63  149.56    163,298   21,171,974   0.49   0.45  0.60    32.66  32.86 
2022 66.71  112.74    173,093   17,063,778   0.51   0.45  0.60    (26.75) (26.64)
2021 90.94  153.91    175,645   24,406,141   0.06   0.45  0.60    27.07  27.26 
                             
Contrafund SC                          
2025 239.19  239.19    4,121   985,715   0.05   0.60  0.60    20.65  20.65 
2024 198.25  198.25    4,285   849,447   0.10   0.60  0.60    32.83  32.83 
2023 149.25  149.25    3,438   513,173   0.31   0.60  0.60    32.55  32.55 
2022 112.60  112.60    7,298   821,803   0.36   0.60  0.60    (26.82) (26.82)
2021 153.87  153.87    8,702   1,338,963   0.05   0.60  0.60    26.95  26.95 
                             
Mid Cap IC                            
2025 85.83  177.76    61,283   9,248,003   0.43   0.45  0.60    11.09  11.25 
2024 77.15  160.02    69,731   9,329,652   0.56   0.45  0.60    16.79  16.96 
2023 65.96  137.02    63,331   7,791,882   0.61   0.45  0.60    14.39  14.56 
2022 57.58  119.78    63,065   6,925,712   0.54   0.45  0.60    (15.25) (15.12)
2021 67.84  141.33    68,079   8,779,276   0.62   0.45  0.60    24.85  25.04 
                             
Mid Cap SC                            
2025 174.05  174.05    1,403   244,136   0.37   0.60  0.60    11.00  11.00 
2024 156.81  156.81    1,435   225,053   0.47   0.60  0.60    16.65  16.65 
2023 134.43  134.43    1,489   200,116   0.45   0.60  0.60    14.32  14.32 
2022 117.59  117.59    2,770   325,679   0.41   0.60  0.60    (15.36) (15.36)
2021 138.93  138.93    3,213   446,328   0.49   0.60  0.60    24.76  24.76 
                             
Strategic                            
2025 16.47  22.72    639,676   12,585,189   3.86   0.45  0.60    8.20  8.36 
2024 15.20  21.00    656,262   12,032,775   3.84   0.45  0.60    5.44  5.60 
2023 14.39  19.92    621,335   10,919,629   4.29   0.45  0.60    8.76  8.92 
2022 13.21  18.31    684,816   11,135,586   3.63   0.45  0.60    (11.79) (11.65)
2021 14.96  20.76    732,162   13,566,892   2.72   0.45  0.60    3.12  3.28 
                             
Money Market                          
2025 1.15  1.17    24,895,003   28,827,520   4.07   0.45  0.60    3.51  3.67 
2024 1.11  1.13    24,732,767   27,650,136   4.99   0.45  0.60    4.47  4.63 
2023 1.07  1.08    30,771,775   32,988,496   4.79   0.45  0.60    4.27  4.43 
2022 1.02  1.03    76,015,192   78,347,918   1.71   0.45  0.60    0.83  0.99 
2021 1.01  1.02    19,834,478   20,173,426   0.01   0.45  0.60    (0.59) (0.43)

 

 FS-78 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
AIM:                            
Dividend                            
2025 55.54  55.54    1,736   96,415   1.53   0.60  0.60    15.05  15.05 
2024 48.28  48.28    2,120   102,361   1.87   0.60  0.60    12.54  12.54 
2023 42.90  42.90    2,362   101,336   2.02   0.60  0.60    8.40  8.40 
2022 39.57  39.57    2,659   105,212   1.96   0.60  0.60    (2.26) (2.26)
2021 40.49  40.49    2,542   102,934   2.17   0.60  0.60    18.18  18.18 
                             
Health                            
2025 82.78  82.78    262   21,687    -   0.60  0.60    14.64  14.64 
2024 72.21  72.21    721   52,074    -   0.60  0.60    3.54  3.54 
2023 69.74  69.74    576   40,182    -   0.60  0.60    2.41  2.41 
2022 68.10  68.10    856   58,270    -   0.60  0.60    (13.83) (13.83)
2021 79.03  79.03    2,429   191,979   0.21   0.60  0.60    11.63  11.63 
                             
Technology                            
2025 29.40  29.40    55   1,612    -   0.60  0.60    19.74  19.74 
2024 24.55  24.55    1,507   37,006    -   0.60  0.60    33.46  33.46 
2023 18.40  18.40    7,840   144,240    -   0.60  0.60    36.18  36.18 
2022 12.59  12.59     -    -    -   0.60  0.60    (39.39) (39.39)
2021 67.55  67.55    2,057   138,970    -   0.60  0.60    13.73  13.73 
                             
Intl. Growth                            
2025 58.46  63.31    12,833   792,362   1.40   0.45  0.60    15.80  15.98 
2024 50.41  54.67    11,098   590,166   1.88   0.45  0.60    0.01  0.16 
2023 50.33  54.66    14,571   768,134   0.20   0.45  0.60    17.44  17.62 
2022 42.79  46.55    15,298   687,139   1.57   0.45  0.60    (18.79) (18.67)
2021 52.61  57.32    24,154   1,355,375   1.27   0.45  0.60    5.26  5.41 
                             
Franchise                            
2025 213.35  218.82    635   137,015    -   0.45  0.60    11.00  11.16 
2024 192.21  196.84    818   159,314    -   0.45  0.60    34.08  34.28 
2023 143.36  146.59    814   118,063    -   0.45  0.60    40.09  40.30 
2022 102.33  104.49    687   70,893    -   0.45  0.60    (31.52) (31.42)
2021 149.44  152.36    3,058   464,715    -   0.45  0.60    11.26  11.43 
                             
Janus:                            
Growth                            
2025 168.55  168.55    642   108,234    -   0.60  0.60    17.68  17.68 
2024 143.23  143.23    648   92,883   0.03   0.60  0.60    34.50  34.50 
2023 106.49  106.49    649   69,090   0.15   0.60  0.60    42.32  42.32 
2022 74.82  74.82    677   50,660   0.71   0.60  0.60    (30.31) (30.31)
2021 107.36  107.36    706   75,833   0.10   0.60  0.60    19.62  19.62 

 

 FS-79 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
Neuberger Berman:                          
Mid-Cap                            
2025 60.54  60.54    3,464   209,684    -   0.60  0.60    4.82  4.82 
2024 57.75  57.75    3,469   200,332    -   0.60  0.60    23.27  23.27 
2023 46.85  46.85    3,472   162,647    -   0.60  0.60    17.44  17.44 
2022 39.89  39.89    3,486   139,060    -   0.60  0.60    (29.16) (29.16)
2021 56.31  56.31    6,699   377,240    -   0.60  0.60    12.32  12.32 
                             
Bond                            
2025 9.67  9.67     -    -   4.55   0.60  0.60    5.48  5.48 
2024 24.68  24.68    2   43   4.80   0.60  0.60    6.09  6.09 
2023 23.26  23.26    2   44   5.04   0.60  0.60    5.39  5.39 
2022 22.07  22.07    859   18,953   3.63   0.60  0.60    (5.75) (5.75)
2021 23.42  23.42    1,278   29,938   2.49   0.60  0.60    0.14  0.14 
                             
Equity                            
2025 60.05  60.64    9,594   578,275    -   0.45  0.60    13.06  13.23 
2024 53.11  53.55    10,444   556,082   0.22   0.45  0.60    25.09  25.28 
2023 42.46  42.75    23,508   1,000,998   0.31   0.45  0.60    26.14  26.33 
2022 33.66  33.84    28,356   955,991   0.44   0.45  0.60    (18.94) (18.82)
2021 41.52  41.68    30,022   1,248,152   0.39   0.45  0.60    22.74  22.92 
                             
Regency                            
2025 33.00  47.78    13,286   450,942   0.47   0.45  0.60    10.89  11.06 
2024 29.71  43.08    14,195   436,880   0.72   0.45  0.60    8.16  8.33 
2023 27.43  39.83    15,742   450,021   1.02   0.45  0.60    10.34  10.51 
2022 24.82  36.10    18,489   501,066   0.58   0.45  0.60    (10.29) (10.16)
2021 27.63  40.24    16,680   588,880   0.70   0.45  0.60    32.01  32.20 
                             
Rydex:                            
Nova                            
2025 73.76  756.45    10,499   1,042,633    -   0.45  0.60    20.14  20.32 
2024 61.40  628.68    17,498   1,453,504    -   0.45  0.60    31.96  32.16 
2023 46.53  475.71    16,536   1,215,249    -   0.45  0.60    34.28  34.47 
2022 34.65  353.77    10,075   486,927   0.35   0.45  0.60    (30.68) (30.58)
2021 49.99  509.58    18,976   1,291,880   0.37   0.45  0.60    41.34  41.55 
                             
NASDAQ                            
2025 165.01  173.83    21,158   3,602,258   0.03   0.45  0.60    18.33  18.51 
2024 139.24  146.91    23,367   3,366,105   0.21   0.45  0.60    23.16  23.35 
2023 112.89  119.28    28,740   3,369,247    -   0.45  0.60    52.31  52.54 
2022 74.01  78.32    25,141   1,936,559    -   0.45  0.60    (34.53) (34.44)
2021 112.88  119.63    27,004   3,180,251    -   0.45  0.60    24.79  24.98 

 

 FS-80 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
Rydex, continued:                          
Precious Metals                          
2025 25.82  116.11    154,966   5,184,353   2.25   0.45  0.60    145.90  146.27 
2024 10.50  47.15    129,234   1,898,922   1.33   0.45  0.60    7.47  7.63 
2023 9.77  43.81    160,881   2,059,566   0.40   0.45  0.60    3.21  3.36 
2022 9.47  42.38    319,404   3,532,346   0.52   0.45  0.60    (11.61) (11.48)
2021 10.71  47.88    289,051   3,579,577   3.67   0.45  0.60    (9.73) (9.60)
                             
Inv. S&P 500                          
2025 0.41  3.82    98,351   55,173   9.19   0.45  0.60    (12.29) (12.16)
2024 0.46  4.35    42,807   27,043   7.36   0.45  0.60    (13.63) (13.50)
2023 0.54  5.03    140,781   106,398   1.38   0.45  0.60    (15.46) (15.33)
2022 0.64  5.94    173,880   174,753    -   0.45  0.60    15.90  16.07 
2021 0.55  5.12    213,942   141,215    -   0.45  0.60    (27.55) (24.89)
                             
Gov. Long Bond                          
2025 13.82  20.22    13,331   206,514   3.28   0.45  0.60    1.07  1.21 
2024 13.68  19.98    17,891   298,375   3.26   0.45  0.60    (12.98) (12.84)
2023 15.72  22.92    46,031   736,868   2.92   0.45  0.60    (1.62) 3.17 
2022 15.98  23.26    45,187   729,997   1.47   0.45  0.60    (41.18) (25.87)
2021 27.16  39.49    64,493   1,775,940   0.37   0.45  0.60    (8.04) (2.30)
                             
Inverse NASDAQ                          
2025 0.62  2.97    44,396   50,854   4.96   0.45  0.60    (16.68) (16.55)
2024 0.74  3.56    20,224   22,888   10.54   0.45  0.60    (16.30) (16.17)
2023 0.88  4.25    133,058   141,332   0.27   0.45  0.60    (32.26) (32.16)
2022 1.30  6.26    79,665   187,683    -   0.45  0.60    34.03  34.23 
2021 0.97  4.66    28,802   37,887    -   0.45  0.60    (25.90) (25.79)
                             
Inv. Long Bond                          
2025 8.91  39.24    11,238   111,967   7.25   0.45  0.60    1.24  1.39 
2024 8.80  38.70    11,152   109,833   4.87   0.45  0.60    16.20  16.38 
2023 7.57  33.25    14,888   211,151    -   0.45  0.60    3.61  3.77 
2022 7.31  32.05    22,512   353,726    -   0.45  0.60    45.34  45.55 
2021 5.03  22.02    8,211   118,829    -   0.45  0.60    (4.24) 0.37 
                             
Russell                            
2025 113.51  121.95    4,791   579,318   1.76   0.45  0.60    11.80  11.97 
2024 101.38  109.08    6,222   665,437   1.00   0.45  0.60    10.29  10.45 
2023 91.78  98.90    4,857   478,756    -   0.45  0.60    19.07  19.25 
2022 76.97  83.07    6,517   539,925    -   0.45  0.60    (33.85) (33.75)
2021 116.19  125.58    7,058   882,002   0.06   0.45  0.60    18.29  18.47 

 

 FS-81 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
Third Avenue:                          
Value                            
2025 35.41  73.81    47,052   3,308,757   2.29   0.45  0.60    34.04  34.24 
2024 26.37  55.06    43,375   2,273,499   2.59   0.45  0.60    (2.86) (2.71)
2023 27.11  56.68    44,139   2,356,613   2.33   0.45  0.60    20.09  20.27 
2022 22.54  47.20    48,388   2,114,274   1.44   0.45  0.60    15.42  15.59 
2021 19.50  40.90    47,263   1,852,146   0.71   0.45  0.60    21.34  21.52 
                             
Vanguard:                            
Equity Index                            
2025 124.69  194.52    621,572   92,243,913   1.17   0.45  0.60    17.00  17.17 
2024 106.42  166.26    739,856   92,859,232   1.31   0.45  0.60    24.09  24.28 
2023 85.63  133.98    804,604   81,845,114   1.50   0.45  0.60    25.36  25.55 
2022 68.20  106.87    562,135   50,257,711   1.24   0.45  0.60    (18.72) (18.59)
2021 83.78  131.48    940,077   94,271,192   1.25   0.45  0.60    27.78  27.97 
                             
Total Bond                            
2025 13.59  18.48    5,896,188   85,473,353   3.44   0.45  0.60    6.30  6.46 
2024 12.77  17.38    6,235,260   85,004,582   2.79   0.45  0.60    0.63  0.79 
2023 12.67  17.27    5,825,178   79,361,766   2.45   0.45  0.60    4.95  5.11 
2022 12.05  16.46    5,149,173   68,113,564   2.34   0.45  0.60    (13.73) (13.60)
2021 13.95  19.08    6,568,672   99,521,736   1.97   0.45  0.60    (2.30) (2.16)
                             
REIT Index                            
2025 21.59  59.81    536,595   18,909,796   2.72   0.45  0.60    2.49  2.65 
2024 21.03  58.36    569,400   19,658,218   3.21   0.45  0.60    4.11  4.27 
2023 20.17  56.05    645,645   22,138,907   2.50   0.45  0.60    11.03  11.20 
2022 18.14  50.48    671,425   21,279,837   1.94   0.45  0.60    (26.74) (26.63)
2021 24.72  68.90    686,866   30,555,654   2.02   0.45  0.60    39.37  39.58 
                             
Mid-Cap                            
2025 55.16  95.95    444,392   32,527,246   1.27   0.45  0.60    10.88  11.04 
2024 49.68  86.54    509,558   34,027,072   1.42   0.45  0.60    14.38  14.56 
2023 43.36  75.66    565,039   33,224,932   1.45   0.45  0.60    15.14  15.31 
2022 37.61  65.71    637,190   32,325,311   1.16   0.45  0.60    (19.30) (19.18)
2021 46.53  81.43    695,347   43,769,713   1.07   0.45  0.60    23.61  23.80 
                             
Stock Market Index                          
2025 114.49  197.64    408,330   58,180,801   1.18   0.45  0.60    16.24  16.41 
2024 98.35  170.03    450,271   55,448,267   1.25   0.45  0.60    22.97  23.16 
2023 79.86  138.27    483,698   49,117,562   1.14   0.45  0.60    25.20  25.39 
2022 63.69  110.44    503,327   40,903,658   1.33   0.45  0.60    (20.07) (19.95)
2021 79.56  138.17    520,428   52,985,956   1.15   0.45  0.60    24.89  25.08 

 

 

 FS-82 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
Vanguard, continued:                          
Conservative                          
2025 39.14  39.71    217,379   8,601,228   2.55   0.45  0.60    12.06  12.23 
2024 34.93  35.38    201,836   7,115,870   2.80   0.45  0.60    6.84  7.01 
2023 32.69  33.06    224,365   7,394,386   1.89   0.45  0.60    11.84  12.01 
2022 29.23  29.52    217,515   6,407,778   2.38   0.45  0.60    (15.40) (15.28)
2021 34.56  34.84    213,302   7,422,325   1.59   0.45  0.60    5.36  5.51 
                             
Moderate                            
2025 51.33  51.95    136,323   7,075,834   2.40   0.45  0.60    15.49  15.67 
2024 44.45  44.91    148,251   6,654,577   2.34   0.45  0.60    9.66  9.83 
2023 40.53  40.89    166,630   6,811,097   1.81   0.45  0.60    14.86  15.03 
2022 35.29  35.55    99,335   3,529,120   2.41   0.45  0.60    (16.43) (16.30)
2021 42.22  42.47    90,602   3,832,645   1.26   0.45  0.60    9.42  9.58 
                             
Short-Term                            
2025 12.89  13.07    1,870,510   24,385,878   4.17   0.45  0.60    6.22  6.38 
2024 12.13  12.29    2,130,197   26,107,761   3.56   0.45  0.60    4.26  4.42 
2023 11.64  11.77    1,988,128   23,344,335   2.11   0.45  0.60    5.53  5.68 
2022 11.03  11.14    2,175,845   24,176,045   1.64   0.45  0.60    (6.28) (6.14)
2021 11.77  11.87    2,409,536   28,533,095   2.12   0.45  0.60    (1.05) (0.90)
                             
International Stock                          
2025 33.46  33.70    380,059   12,800,491   2.73   0.45  0.60    31.26  31.45 
2024 25.49  25.64    381,106   9,766,363   2.96   0.45  0.60    4.42  4.58 
2023 24.41  24.51    349,477   8,564,576   2.85   0.45  0.60    14.86  15.03 
2022 21.25  21.31    367,801   7,836,993   3.28   0.45  0.60    (16.51) (16.39)
2021 25.46  25.49    349,524   8,908,188   1.71   0.45  0.60    7.88  8.04 
                             
Global Bond                            
2025 21.53  21.71    83,172   1,802,529   3.02   0.45  0.60    5.06  5.22 
2024 20.49  20.63    99,126   2,041,534   2.88   0.45  0.60    1.42  1.57 
2023 20.21  20.31    103,152   2,092,270   1.95   0.45  0.60    5.88  6.04 
2022 19.08  19.16    108,935   2,084,407   2.98   0.45  0.60    (13.65) (13.52)
2021 22.10  22.15    120,859   2,674,635   1.43   0.45  0.60    (2.43) (2.28)
                             
Equity Income                          
2025 60.28  104.63    285,020   22,303,341   2.49   0.45  0.60    16.10  16.27 
2024 51.84  90.12    308,373   20,689,200   3.01   0.45  0.60    14.43  14.60 
2023 45.23  78.76    368,409   22,256,110   2.63   0.45  0.60    7.46  7.62 
2022 42.03  73.29    385,388   22,359,207   2.47   0.45  0.60    (1.25) (1.11)
2021 42.50  74.22    384,794   23,013,348   1.90   0.45  0.60    24.58  24.77 

 

 FS-83 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
Vanguard, continued:                          
High Yield Bond                          
2025 12.52  23.14    843,406   13,743,073   6.18   0.45  0.60    8.53  8.69 
2024 11.52  21.32    825,788   12,763,580   5.68   0.45  0.60    5.81  5.97 
2023 10.87  20.15    847,758   12,372,045   5.89   0.45  0.60    11.00  11.17 
2022 9.78  18.16    715,544   10,309,385   5.07   0.45  0.60    (9.90) (9.77)
2021 10.84  20.15    1,024,954   15,248,284   4.16   0.45  0.60    3.06  3.21 
                             
Growth                            
2025 91.76  100.80    288,265   28,148,234   0.21   0.45  0.60    16.19  16.36 
2024 78.86  86.75    322,233   26,991,063   0.27   0.45  0.60    32.34  32.53 
2023 59.50  65.56    350,732   22,179,684   0.24   0.45  0.60    39.30  39.51 
2022 42.65  47.06    378,337   17,159,987    -   0.45  0.60    (33.76) (33.66)
2021 64.29  71.05    420,277   28,682,518   0.03   0.45  0.60    17.16  17.33 
                             
Balanced                            
2025 55.42  88.93    369,259   26,458,792   2.12   0.45  0.60    15.77  15.94 
2024 47.80  76.81    409,155   25,711,012   2.23   0.45  0.60    14.11  14.28 
2023 41.82  67.31    419,578   23,681,697   2.05   0.45  0.60    13.65  13.82 
2022 36.75  59.23    455,062   22,773,079   1.94   0.45  0.60    (14.81) (14.69)
2021 43.07  69.53    482,192   28,381,544   1.72   0.45  0.60    18.31  18.48 
                             
International                          
2025 51.23  67.44    608,727   35,509,681   0.85   0.45  0.60    19.25  19.43 
2024 42.90  56.56    682,720   33,265,633   1.22   0.45  0.60    8.36  8.52 
2023 39.53  52.19    748,178   33,931,623   1.58   0.45  0.60    13.97  14.14 
2022 34.63  45.80    702,766   28,756,863   1.31   0.45  0.60    (30.54) (30.43)
2021 49.78  65.93    849,896   49,179,570   0.27   0.45  0.60    (2.13) (1.98)
                             
Diversified                            
2025 48.03  71.10    267,620   17,642,335   1.55   0.45  0.60    16.13  16.30 
2024 41.30  61.23    300,195   16,854,493   1.57   0.45  0.60    14.20  14.37 
2023 36.11  53.62    330,612   16,428,641   1.42   0.45  0.60    19.41  19.59 
2022 30.20  44.90    365,234   15,303,267   1.15   0.45  0.60    (12.02) (11.88)
2021 34.27  51.03    398,630   19,143,332   1.07   0.45  0.60    29.69  29.88 
                             
Small Company Growth                          
2025 49.71  94.79    153,250   13,429,327   0.49   0.45  0.60    5.48  5.63 
2024 47.06  89.87    172,344   14,190,446   0.55   0.45  0.60    10.71  10.88 
2023 42.44  81.18    204,210   15,206,543   0.41   0.45  0.60    18.93  19.11 
2022 35.63  68.25    222,155   13,863,420   0.27   0.45  0.60    (25.80) (25.69)
2021 47.95  91.98    241,603   20,391,329   0.37   0.45  0.60    13.54  13.71 

 

 FS-84 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
Allspring:                            
Discovery                            
2025 81.69  81.69    5,484   447,969    -   0.60  0.60    4.76  4.76 
2024 77.98  77.98    5,942   463,310    -   0.60  0.60    17.42  17.42 
2023 66.41  66.41    6,771   449,633    -   0.60  0.60    19.43  19.43 
2022 55.60  55.60    8,981   499,396    -   0.60  0.60    (38.22) (38.22)
2021 90.00  90.00    10,517   946,510    -   0.60  0.60    (5.61) (5.61)
                             
Opportunity                            
2025 249.88  249.88    869   217,112   0.05   0.60  0.60    6.08  6.08 
2024 235.57  235.57    869   204,765   0.05   0.60  0.60    14.36  14.36 
2023 205.99  205.99    870   179,144    -   0.60  0.60    25.75  25.75 
2022 163.82  163.82    884   144,812    -   0.60  0.60    (21.28) (21.28)
2021 208.10  208.10    1,281   266,522   0.04   0.60  0.60    24.03  24.03 
                             
ProFunds:                            
Bull                            
2025 129.50  129.50    12,097   1,566,524   0.39   0.90  0.90    14.53  14.53 
2024 113.07  113.07    12,097   1,367,772   0.72   0.90  0.90    21.39  21.39 
2023 93.15  93.15    12,097   1,126,740    -   0.90  0.90    22.64  22.64 
2022 75.95  75.95    15,837   1,202,874    -   0.90  0.90    (20.45) (20.45)
2021 95.48  95.48    15,889   1,517,112    -   0.90  0.90    25.21  25.21 
                             
Europe                            
2025 54.26  54.26    1,597   86,657   2.38   0.90  0.90    28.43  28.43 
2024 42.25  42.25    1,597   67,472   1.87   0.90  0.90    3.41  3.41 
2023 40.86  40.86    1,597   65,248   2.13   0.90  0.90    16.42  16.42 
2022 35.09  35.09    1,748   61,356   1.35   0.90  0.90    (8.59) (8.59)
2021 38.39  38.39    2,299   88,268   0.90   0.90  0.90    23.42  23.42 
                             
Mid-Cap                            
2025  -   -     -    -    -    -   -     -   - 
2024 44.02  44.02     -    -    -   0.90  0.90    (1.18) (1.18)
2023 42.07  42.07     -    -   0.42   0.90  0.90    3.02  3.02 
2022 90.21  90.21    124   11,167   0.18   0.90  0.90    (9.27) (9.27)
2021 99.42  99.42    335   33,267   0.26   0.90  0.90    27.38  27.38 
                             
NASDAQ-100                          
2025 82.96  82.96    102   8,482   0.39   0.90  0.90    17.54  17.54 
2024 70.58  70.58    102   7,216   0.41   0.90  0.90    22.30  22.30 
2023 57.71  57.71    201   11,576    -   0.90  0.90    44.43  44.43 
2022 38.05  38.05    170   6,460    -   0.90  0.90    (18.74) (18.74)
2021 73.84  73.84    284   20,986    -   0.90  0.90    1.57  1.57 

 

 FS-85 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
ProFunds, continued:                          
Small-Cap                            
2025 46.93  46.93    118   5,515   1.03   0.90  0.90    9.92  9.92 
2024 42.69  42.69    118   5,017   1.33   0.90  0.90    8.52  8.52 
2023 39.34  39.34    118   4,624    -   0.90  0.90    13.89  13.89 
2022 34.54  34.54    208   7,176    -   0.90  0.90    (22.54) (22.54)
2021 44.59  44.59    129   5,737    -   0.90  0.90    5.07  5.07 
                             
Small-Cap Value                          
2025  -   -     -    -    -    -   -     -   - 
2024 45.01  45.01     -    -    -   0.90  0.90    (4.10) (4.10)
2023 42.96  42.96     -    -   0.03   0.90  0.90    1.44  1.44 
2022 78.60  78.60    114   8,985    -   0.90  0.90    (13.20) (13.20)
2021 90.55  90.55    151   13,716   0.09   0.90  0.90    27.42  27.42 
                             
Classic Dow                            
2025 22.57  22.57     -    -    -   0.90  0.90    (0.31) (0.31)
2024  -   -     -    -    -    -   -     -   - 
2023 20.60  20.60     -    -   0.06   0.90  0.90    2.91  2.91 
2022 64.00  64.00    174   11,112    -   0.90  0.90    (9.66) (9.66)
2021 70.85  70.85    76   5,401    -   0.90  0.90    16.45  16.45 
                             
Bear                            
2025 10.34  10.34    316   3,269   3.56   0.90  0.90    (15.23) (15.23)
2024 12.20  12.20    252   3,074   8.45   0.90  0.90    (14.49) (14.49)
2023 14.27  14.27    76   1,081   0.31   0.90  0.90    (16.04) (16.04)
2022 16.99  16.99    1,283   21,793    -   0.90  0.90    16.07  16.07 
2021 14.64  14.64    219   3,209    -   0.90  0.90    (25.30) (25.30)
                             
Short NASDAQ                          
2025 7.99  7.99    351   2,802   5.08   0.90  0.90    (14.89) (14.89)
2024 10.21  10.21    620   6,330   7.11   0.90  0.90    (14.88) (14.88)
2023 12.29  12.29     -    -    -   0.90  0.90    (26.23) (26.23)
2022 0.95  0.95    24,186   22,933    -   0.90  0.90    33.86  33.86 
2021 0.71  0.71    2,945   2,086    -   0.90  0.90    (25.81) (25.81)
                             
Short Small-Cap                          
2025  -   -     -    -    -    -   -     -   - 
2024  -   -     -    -    -    -   -     -   - 
2023 22.09  22.09     -    -    -   0.90  0.90    (4.66) (4.66)
2022 26.32  26.32    285   7,506    -   0.90  0.90    29.65  29.65 
2021 22.33  22.33    228   5,101    -   0.90  0.90    (24.02) (24.02)

 

 FS-86 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
ProFunds, continued:                          
Short Dow                            
2025 4.31  4.31    450   1,940   3.29   0.90  0.90    (10.11) (10.11)
2024 4.80  4.80    150   718   3.35   0.90  0.90    (7.68) (7.68)
2023 5.19  5.19    150   778    -   0.90  0.90    (8.91) (8.91)
2022 5.70  5.70    150   854    -   0.90  0.90    4.78  4.78 
2021 5.44  5.44    150   815    -   0.90  0.90    (20.51) (20.51)
                             
UltraMid                            
2025 70.92  70.92    315   22,347   1.12   0.90  0.90    2.28  2.28 
2024 69.34  69.34    315   21,849   0.57   0.90  0.90    15.97  15.97 
2023 59.79  59.79    315   18,841    -   0.90  0.90    21.12  21.12 
2022 49.36  49.36    698   34,453    -   0.90  0.90    (32.77) (32.77)
2021 73.43 73.43    315   23,138    -   0.90  0.90    35.64  35.64 
                             
UltraOTC                            
2025 894.33  894.33    3,183   2,846,791   0.23   0.90  0.90    28.10  28.10 
2024 698.16  698.16    3,170   2,213,171   0.30   0.90  0.90    40.14  40.14 
2023 498.19  498.19    3,199   1,593,758    -   0.90  0.90    113.55  113.55 
2022 233.29  233.29    3,146   734,024    -   0.90  0.90    (61.28) (61.28)
2021 602.51  602.51    3,144   1,894,176    -   0.90  0.90    51.15  51.15 
                             
UltraSmall                            
2025 23.65  23.65    1,006   23,793   0.98   0.90  0.90    11.92  11.92 
2024 21.13  21.13    1,287   27,180   0.60   0.90  0.90    9.70  9.70 
2023 19.26  19.26    739   14,232    -   0.90  0.90    21.34  21.34 
2022 15.87  15.87    739   11,730    -   0.90  0.90    (44.19) (44.19)
2021 28.44  28.44    739   21,017    -   0.90  0.90    2.09  2.09 
                             
UltraBull                            
2025 203.60  203.60    1,121   228,245   0.76   0.90  0.90    23.27  23.27 
2024 165.16  165.16    1,208   199,578   0.61   0.90  0.90    40.74  40.74 
2023 117.35  117.35    1,230   144,301    -   0.90  0.90    43.94  43.94 
2022 81.53  81.53    1,001   81,614    -   0.90  0.90    (39.66) (39.66)
2021 135.12  135.12    1,063   143,601    -   0.90  0.90    56.73  56.73 
                             
U.S. Gov. Plus                          
2025 33.91  33.91    341   11,550   2.97   0.90  0.90    0.27  0.27 
2024 33.82  33.82    341   11,543   3.36   0.90  0.90    (13.61) (13.61)
2023 39.15  39.15    381   14,933   6.74   0.90  0.90    (0.85) (0.85)
2022 39.49  39.49    171   6,753    -   0.90  0.90    (42.23) (42.23)
2021 68.35  68.35    25   1,741    -   0.90  0.90    (7.92) (7.92)

 

 FS-87 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
ProFunds, continued:                          
Opportunity                            
2025  -   -     -    -    -    -   -     -   - 
2024 28.97  28.97     -    -    -   0.90  0.90    2.01  2.01 
2023 44.70  44.70     -    -   0.01   0.90  0.90    19.73  19.73 
2022 4.24  4.24    14,103   59,868    -   0.90  0.90    57.06  57.06 
2021 2.70  2.70    16,561   44,759    -   0.90  0.90    (0.97) (0.97)
                             
Oil & Gas                            
2025 86.53  86.53    856   74,034   2.23   0.90  0.90    4.92  4.92 
2024 82.48  82.48    856   70,566   2.09   0.90  0.90    2.84  2.84 
2023 80.20  80.20    966   77,508   2.33   0.90  0.90    (3.36) (3.36)
2022 82.99  82.99    1,274   105,723   1.10   0.90  0.90    58.01  58.01 
2021 52.52  52.52    1,654   86,889   1.49   0.90  0.90    50.57  50.57 
                             
Precious Metals                          
2025 69.50  69.50    1,728   120,102   1.96   0.90  0.90    148.09  148.09 
2024 28.02  28.02    1,881   52,701   3.06   0.90  0.90    5.62  5.62 
2023 26.53  26.53    1,716   45,508    -   0.90  0.90    0.57  0.57 
2022 26.37  26.37    3,456   91,138    -   0.90  0.90    (11.82) (11.82)
2021 29.91  29.91    3,358   100,435    -   0.90  0.90    (9.75) (9.75)
                             
Real Estate                            
2025 100.98  100.98    849   85,758   1.56   0.90  0.90    (0.27) (0.27)
2024 101.25  101.25    849   85,987   1.38   0.90  0.90    2.61  2.61 
2023 98.67  98.67    849   83,797   1.14   0.90  0.90    8.75  8.75 
2022 90.73  90.73    1,005   91,178   0.76   0.90  0.90    (27.21) (27.21)
2021 124.65  124.65    969   120,804   0.02   0.90  0.90    35.85  35.85 
                             
High Yield                            
2025 25.85  25.85     -    -   1.05   0.90  0.90    (0.86) (0.86)
2024  -   -     -    -    -    -   -     -   - 
2023 24.75  24.75     -    -    -   0.90  0.90    3.15  3.15 
2022 24.63  24.63    732.00   18,039.00   3.87   0.90  0.90    (8.79) (8.79)
2021 27.00  27.00    541.00   14,603.00   2.54   0.90  0.90    (0.32) (0.32)
                             
Money Market                          
2025 1.05  1.05    23,283   24,456   3.23   0.90  0.90    2.35  2.35 
2024 1.03  1.03    26,067   26,752   4.33   0.90  0.90    3.36  3.36 
2023 0.99  0.99    163,819   162,654   4.24   0.90  0.90    3.22  3.22 
2022 0.96  0.96    37,056   35,645   0.79   0.90  0.90    0.14  0.14 
2021 0.96  0.96    363,221   348,913   0.01   0.90  0.90    (0.88) (0.88)

 

 FS-88 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
Pimco:                            
Commodity                            
2025 12.35  12.43    227,781   2,817,718   2.89   0.45  0.60    18.09  18.26 
2024 10.46  10.51    238,656   2,498,419   2.21   0.45  0.60    3.53  3.69 
2023 10.10  10.14    266,623   2,695,652   16.34   0.45  0.60    (8.40) (8.27)
2022 11.03  11.05    286,762   3,160,892   20.90   0.45  0.60    7.97  8.13 
2021 10.21  10.22    271,685   2,774,064   4.25   0.45  0.60    32.55  32.74 
                             
Total Return                            
2025 13.29  16.59    756,486   10,646,667   4.11   0.45  0.60    8.24  8.40 
2024 12.26  15.33    871,583   11,403,284   4.05   0.45  0.60    1.92  2.07 
2023 12.01  15.04    861,307   11,165,396   3.57   0.45  0.60    5.30  5.46 
2022 11.39  14.28    891,294   11,074,144   2.61   0.45  0.60    (14.81) (14.68)
2021 13.35  16.77    967,973   14,073,768   1.83   0.45  0.60    (1.85) (1.71)
                             
Low Duration                          
2025 11.89  11.89    833   9,903   3.94   0.60  0.60    4.90  4.90 
2024 11.34  11.34    833   9,442   3.98   0.60  0.60    3.87  3.87 
2023 10.92  10.92    980   10,699   3.60   0.60  0.60    4.35  4.35 
2022 10.46  10.46    1,051   10,998   1.69   0.60  0.60    (6.30) (6.30)
2021 11.17  11.17    1,054   11,765   0.48   0.60  0.60    (1.51) (1.51)
                             
Lincoln:                            
Mid Cap Value II                          
2025 22.04  22.10    104,495   2,305,682   2.03   0.45  0.60    8.34  8.51 
2024 20.34  20.36    103,369   2,103,851   1.90   0.45  0.60    6.40  6.50 
2023  -   -     -    -    -    -   -     -   - 
2022  -   -     -    -    -    -   -     -   - 
2021  -   -     -    -    -    -   -     -   - 
                             
International II                          
2025 12.35  12.38    16,538   204,214   1.22   0.45  0.60    0.14  15.29 
2024 10.71  10.72    16,275   174,313   0.58   0.45  0.60    (0.18) (0.08)
2023  -   -     -    -    -    -   -     -   - 
2022  -   -     -    -    -    -   -     -   - 
2021  -   -     -    -    -    -   -     -   - 
                             
Inflation II                            
2025 10.04  10.06    154,479   1,553,894   7.89   0.45  0.60    5.97  6.13 
2024 9.47  9.48    171,834   1,629,197   3.61   0.45  0.60    2.98  3.08 
2023  -   -     -    -    -    -   -     -   - 
2022  -   -     -    -    -    -   -     -   - 
2021  -   -     -    -    -    -   -     -   - 

 

 FS-89 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
American Funds:                          
IS Growth-Inc                           
2025 108.52  123.11    11,957   1,442,645   1.19   0.45  0.60    17.66  17.84 
2024 92.23  104.47    11,377   1,152,795   1.44   0.45  0.60    23.79  23.98 
2023 74.50  84.27    9,742   790,759   1.64   0.45  0.60    25.72  25.90 
2022 59.26  66.93    7,466   494,075   1.57   0.45  0.60    (16.79) (16.66)
2021 71.22  80.31    6,951   551,584   1.50   0.45  0.60    23.76  23.86 
                             
IS Growth                             
2025 227.21  257.40    12,152   2,975,660   0.24   0.45  0.60    19.81  19.99 
2024 189.64  214.52    14,528   2,879,713   0.76   0.45  0.60    31.17  31.37 
2023 144.58  163.30    13,384   2,018,573   0.83   0.45  0.60    37.99  38.19 
2022 104.78  118.17    7,154   804,772   0.60   0.45  0.60    (30.18) (30.07)
2021 150.06  168.98    7,159   1,147,447   0.51   0.45  0.60    21.57  21.75 
                             
Blue Chip                             
2025 28.08  30.92    52,310   1,574,594   1.49   0.45  0.60    16.80  16.97 
2024 24.04  26.43    102,728   2,562,540   3.57   0.45  0.60    18.68  18.86 
2023 20.26  22.24    28,612   627,151   1.91   0.45  0.60    16.96  17.13 
2022 17.32  18.98    36,473   678,147   2.13   0.45  0.60    (8.83) (8.69)
2021 19.00  20.79    28,828   586,366   1.71   0.45  0.60    27.35  27.54 
                             
IS International                          
2025 22.62  28.88    18,220   510,044   1.62   0.45  0.60    22.13  26.47 
2024 22.09  22.83    18,652   425,364   1.75   0.45  0.60    2.77  2.93 
2023 21.49  22.18    7,936   175,460   1.61   0.45  0.60    15.43  15.60 
2022 18.62  19.19    7,338   140,369   1.86   0.45  0.60    (21.04) (20.93)
2021 23.58  24.27    9,921   240,247   2.62   0.45  0.60    (1.82) (1.68)
                             
IS New World                          
2025 40.18  40.96    33,693   1,377,687   1.38   0.45  0.60    27.84  28.03 
2024 31.43  31.99    32,891   1,050,722   1.60   0.45  0.60    6.21  6.37 
2023 29.59  30.07    37,064   1,112,124   1.69   0.45  0.60    15.53  15.70 
2022 25.62  25.99    43,832   1,137,319   1.69   0.45  0.60    (22.33) (22.21)
2021 32.98  33.41    30,028.00   1,002,473.00   1.29   0.45  0.60    4.54  4.69 
                             
Franklin Templeton:                          
Global Inc.                             
2025 14.86  24.16    147,921   3,258,714    -   0.45  0.60    15.04  15.21 
2024 12.90  21.00    163,215   3,145,452    -   0.45  0.60    (11.90) (11.77)
2023 14.62  23.84    206,830   4,539,114    -   0.45  0.60    2.27  2.43 
2022 14.27  23.31    229,316   4,940,150    -   0.45  0.60    (5.52) (5.38)
2021 15.08  24.67    237,829   5,445,563    -   0.45  0.60    (5.56) (5.42)

 

 FS-90 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
MFS:                            
Utilities IC                            
2025 60.44  86.76    21,122   1,703,578   2.90   0.45  0.60    14.32  14.49 
2024 52.79  75.89    24,408   1,737,816   2.19   0.45  0.60    10.99  11.16 
2023 47.49  68.38    30,959   1,975,716   3.52   0.45  0.60    (2.69) (2.55)
2022 48.73  70.27    34,994   2,242,697   2.55   0.45  0.60    0.16  0.31 
2021 48.58  70.16    34,638   2,234,792   1.75   0.45  0.60    13.41  13.58 
                             
Mid Cap                            
2025 17.57  17.74    61,496   1,086,763    -   0.45  0.60    3.05  3.20 
2024 17.05  17.19    82,880   1,419,208    -   0.45  0.60    14.03  14.20 
2023 14.95  15.06    56,223   844,699    -   0.45  0.60    20.60  20.78 
2022 12.40  12.47    51,328   638,660    -   0.45  0.60    (29.12) (29.02)
2021 17.49  17.56    47,242   828,417    -   0.45  0.60    13.43  13.60 
                             
Research                            
2025 27.36  27.69    107,023   2,956,691   1.41   0.45  0.60    21.32  21.51 
2024 22.52  22.82    124,342   2,830,480   1.61   0.45  0.60    2.47  2.63 
2023 21.94  22.27    152,802   3,390,676   1.06   0.45  0.60    12.34  12.51 
2022 19.50  19.82    169,057   3,341,169   1.88   0.45  0.60    (18.07) (17.95)
2021 23.77  24.20    168,555   4,067,740   0.82   0.45  0.60    10.90  11.07 
                             
Summit:                            
S&P 500                            
2025 421.66  468.11    13,510   5,917,473   1.14   0.45  0.60    16.80  16.98 
2024 360.46  400.76    13,472   5,056,973   1.20   0.45  0.60    23.88  24.07 
2023 290.53  323.50    16,704   5,029,014   1.23   0.45  0.60    25.17  25.36 
2022 231.76  258.44    19,781   4,717,943   1.33   0.45  0.60    (18.83) (18.71)
2021 285.08  318.38    17,703   5,362,000   1.36   0.45  0.60    27.65  27.84 
                             
EAFE Intl.                            
2025 156.89  167.12    12,091   1,899,319   2.68   0.45  0.60    30.12  30.32 
2024 120.39  128.43    7,658   932,320   2.67   0.45  0.60    2.52  2.68 
2023 117.25  125.27    8,325   994,145   2.97   0.45  0.60    17.07  17.25 
2022 100.01  107.00    8,775   893,284   3.58   0.45  0.60    (15.09) (14.96)
2021 117.60  126.02    8,944   1,072,528   1.70   0.45  0.60    10.21  10.38 
                             
S&P MidCap                          
2025 272.47  272.47    1,970   536,705   1.11   0.60  0.60    6.50  6.50 
2024 255.85  255.85    1,994   510,250   1.23   0.60  0.60    12.84  12.84 
2023 226.75  226.75    1,985   450,192   1.14   0.60  0.60    15.43  15.43 
2022 196.44  196.44    2,997   588,678   0.94   0.60  0.60    (13.85) (13.85)
2021 228.02  228.02    3,267   744,847   0.90   0.60  0.60    23.67  23.67 

 

 FS-91 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
Summit, continued:                          
Growth                            
2025 29.03  29.39    209,658   6,091,012   1.71   0.45  0.60    7.42  7.58 
2024 27.02  27.32    237,573   6,424,880   1.83   0.45  0.60    11.49  11.66 
2023 24.24  24.46    254,290   6,167,343   1.31   0.45  0.60    14.97  15.14 
2022 21.08  21.25    268,718   5,668,051   0.96   0.45  0.60    (15.44) (15.32)
2021 24.93  25.09    299,949   7,482,443   0.98   0.45  0.60    15.18  15.35 
                             
Mod. Growth                          
2025 28.02  28.02    190,324   5,332,426   2.03   0.45  0.60    7.86  8.02 
2024 25.94  25.98    198,666   5,160,203   1.92   0.45  0.60    9.51  9.67 
2023 23.65  23.72    212,318   5,035,710   1.35   0.45  0.60    13.11  13.28 
2022 20.88  20.97    224,780   4,713,041   0.97   0.45  0.60    (15.12) (14.99)
2021 24.56  24.70    256,950   6,346,373   1.00   0.45  0.60    12.97  13.13 
                             
Moderate                            
2025 25.45  25.57    323,825   8,245,764   2.47   0.45  0.60    6.34  6.50 
2024 23.93  24.01    351,082   8,405,402   2.18   0.45  0.60    7.05  7.22 
2023 22.36  22.39    398,465   8,909,844   1.42   0.45  0.60    11.26  11.42 
2022 20.09  20.10    446,055   8,963,628   1.06   0.45  0.60    (14.69) (14.56)
2021 23.52  23.55    517,918   12,198,020   1.04   0.45  0.60    9.41  9.57 
                             
Russell Small Cap                          
2025 160.87  163.12    37,498   6,105,361   1.60   0.45  0.60    11.78  11.95 
2024 143.91  145.71    38,711   5,630,774   1.10   0.45  0.60    10.56  10.73 
2023 130.16  131.59    43,377   5,702,371   0.88   0.45  0.60    15.91  16.08 
2022 112.30  113.36    45,549   5,161,971   0.81   0.45  0.60    (20.99) (20.87)
2021 142.13  143.26    47,626   6,829,468   0.75   0.45  0.60    13.84  14.01 
                             
T. Rowe:                            
Blue Chip                            
2025 88.09  93.14    204,122   18,533,010    -   0.45  0.60    18.03  18.20 
2024 74.64  78.79    179,148   13,681,230    -   0.45  0.60    34.70  34.90 
2023 55.41  58.41    207,252   11,713,204    -   0.45  0.60    48.40  48.62 
2022 37.34  39.30    238,633   9,072,353    -   0.45  0.60    (38.87) (38.78)
2021 61.08  64.19    272,068   16,954,947    -   0.45  0.60    16.92  17.09 
                             
Morgan Stanley:                          
Emerging Markets                          
2025 23.86  32.00    392,755   11,093,113   0.40   0.45  0.60    32.17  32.37 
2024 18.03  24.21    462,830   9,828,092   1.35   0.45  0.60    7.17  7.33 
2023 16.80  22.59    505,011   10,021,614   1.62   0.45  0.60    11.31  11.47 
2022 15.07  20.30    525,990   9,458,657   0.44   0.45  0.60    (25.53) (25.42)
2021 20.20  27.26    537,834   12,958,010   0.83   0.45  0.60    2.37  2.53 

 

 FS-92 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
DFA:                            
Bond                            
2025 12.43  13.40    1,271,967   15,920,849   3.91   0.45  0.60    3.73  3.88 
2024 11.96  12.92    1,621,188   19,504,335   4.84   0.45  0.60    4.75  4.91 
2023 11.40  12.33    1,698,961   19,503,244   3.74   0.45  0.60    4.43  4.58 
2022 10.90  11.81    1,493,470   16,447,731   1.41   0.45  0.60    (6.89) (6.75)
2021 11.69  12.68    2,177,063   25,717,492   0.77   0.45  0.60    (1.63) (1.48)
                             
Small                            
2025 25.69  30.55    550,806   14,454,680   3.28   0.45  0.60    36.17  36.37 
2024 18.84  22.43    633,049   12,146,746   3.39   0.45  0.60    3.19  3.35 
2023 18.23  21.74    660,250   12,263,244   3.27   0.45  0.60    13.43  13.60 
2022 16.05  19.16    683,459   11,263,156   2.63   0.45  0.60    (18.13) (18.01)
2021 19.57  23.41    657,439   13,231,616   2.73   0.45  0.60    13.88  14.05 
                             
Value                            
2025 28.17  31.01    977,576   28,441,707   4.27   0.45  0.60    44.77  44.99 
2024 19.43  21.42    1,163,867   23,377,339   3.91   0.45  0.60    5.98  6.14 
2023 18.31  20.21    1,231,414   23,373,293   4.55   0.45  0.60    17.16  17.33 
2022 15.60  17.25    1,364,249   22,086,807   3.91   0.45  0.60    (4.03) (3.89)
2021 16.23  17.97    1,472,304   24,880,989   4.06   0.45  0.60    17.41  17.59 
                             
Fixed                            
2025 11.56  11.86    1,319,355   15,548,162   4.24   0.45  0.60    3.71  3.87 
2024 11.15  11.41    1,347,177   15,288,819   5.01   0.45  0.60    4.85  5.01 
2023 10.64  10.87    1,393,981   15,052,926   3.69   0.45  0.60    4.36  4.51 
2022 10.19  10.40    1,509,028   15,594,991   1.29   0.45  0.60    (1.74) (1.60)
2021 10.37  10.57    1,495,768   15,720,054   0.01   0.45  0.60    (0.79) (0.64)
                             
Large                            
2025 57.56  65.52    450,350   26,396,262   1.84   0.45  0.60    15.14  15.31 
2024 49.92  56.91    515,783   26,212,184   2.04   0.45  0.60    12.70  12.87 
2023 44.23  50.49    544,363   24,565,246   2.24   0.45  0.60    10.26  10.43 
2022 40.05  45.80    552,109   22,698,898   2.21   0.45  0.60    (5.44) (5.30)
2021 42.29  48.43    581,076   25,265,655   1.81   0.45  0.60    26.28  26.47 
                             
Targeted                            
2025 46.89  49.30    486,757   22,979,666   1.82   0.45  0.60    8.30  8.46 
2024 43.23  45.53    518,379   22,576,192   1.44   0.45  0.60    7.49  7.65 
2023 40.16  42.36    511,707   20,687,815   1.60   0.45  0.60    19.32  19.50 
2022 33.61  35.50    472,981   16,025,375   1.30   0.45  0.60    (4.78) (4.64)
2021 35.24  37.28    526,485   18,700,315   1.50   0.45  0.60    38.85  39.06 

 

 FS-93 
 

6. FINANCIAL HIGHLIGHTS, continued

 

   At December 31     For the Periods Ended December 31 
             Net     Inv.           
   Unit         Assets     Income     Expense      Total 
   Value ($)     Units     ($)     Ratio %     Ratio %     Return % 
   Min   Max                 Min   Max     Min   Max 
DFA, continued:                          
Global                            
2025 23.26  23.56    680,458   15,998,325   2.76   0.45  0.60    14.00  14.17 
2024 20.41  20.64    613,852   12,669,569   2.66   0.45  0.60    11.32  11.48 
2023 18.33  18.51    661,494   12,245,639   2.67   0.45  0.60    14.04  14.21 
2022 16.08  16.21    701,363   11,368,705   1.40   0.45  0.60    (11.49) (11.36)
2021 18.16  18.29    750,980   13,732,292   1.47   0.45  0.60    13.52  13.69 
                             
Equity                            
2025 23.05  23.26    197,904   4,601,599   1.91   0.45  0.60    19.23  19.41 
2024 19.33  19.48    231,278   4,503,965   2.11   0.45  0.60    14.41  14.58 
2023 16.90  17.00    233,783   3,971,608   3.07   0.45  0.60    19.43  19.61 
2022 14.15  14.21    151,422   2,149,931   1.79   0.45  0.60    (14.20) (14.07)
2021 16.49  16.54    153,705   2,540,306   2.52   0.45  0.60    23.63  23.82 

 

 

 

 FS-94 
 


7. CHANGES IN UNITS OUTSTANDING

 

The change in units outstanding for the periods ended December 31, were as follows:

 

      2025   2024
Calvert:        
Balanced        
Units issued   1,552    15,997 
Units redeemed   (8,824)   (28,952)
Net increase(decrease)   (7,272)   (12,955)
           
Mid Cap        
Units issued   1                             -
Units redeemed   (199)   (393)
Net increase(decrease)   (198)   (393)
           
Scudder:        
Small Cap        
Units issued                            -                            -
Units redeemed   (69)   (341)
Net increase(decrease)   (69)   (341)
           
Small Mid Value        
Units issued   26,111    37,093 
Units redeemed   (32,818)   (63,390)
Net increase(decrease)   (6,707)   (26,297)
           
Thematic        
Units issued   36,788    50,848 
Units redeemed   (41,682)   (56,080)
Net increase(decrease)   (4,894)   (5,232)
           
Growth        
Units issued   401    312 
Units redeemed   (836)   (3,178)
Net increase(decrease)   (435)   (2,866)
           
Fidelity:        
Overseas IC        
Units issued   38,560    40,063 
Units redeemed   (43,172)   (58,148)
Net increase(decrease)   (4,612)   (18,085)
           
Inv. Grade Bond IC        
Units issued   2,229,372    2,409,788 
Units redeemed   (2,274,719)   (2,372,760)
Net increase(decrease)   (45,347)   37,028 
           

 

 FS-95 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
Fidelity, continued:        
Equity Income IC        
Units issued   11,691    10,805 
Units redeemed   (12,966)   (11,348)
Net increase(decrease)   (1,275)   (543)
           
Growth IC        
Units issued   9,133    11,640 
Units redeemed   (10,593)   (11,660)
Net increase(decrease)   (1,460)   (20)
           
High Income IC        
Units issued   158,659    124,757 
Units redeemed   (146,118)   (168,228)
Net increase(decrease)   12,541    (43,471)
           
High Income SC        
Units issued   5,496    1 
Units redeemed   (1,448)   (76)
Net increase(decrease)   4,048    (75)
           
Contrafund IC        
Units issued   39,777    40,780 
Units redeemed   (56,300)   (48,799)
Net increase(decrease)   (16,523)   (8,019)
           
Contrafund SC        
Units issued   745    1,225 
Units redeemed   (909)   (378)
Net increase(decrease)   (164)   847 
           
Mid Cap IC        
Units issued   16,284    31,037 
Units redeemed   (24,732)   (24,637)
Net increase(decrease)   (8,448)   6,400 
           
Mid Cap SC        
Units issued   1                             -
Units redeemed   (33)   (54)
Net increase(decrease)   (32)   (54)
           

 

 FS-96 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
Fidelity, continued:        
Strategic        
Units issued   1,036,205    1,278,741 
Units redeemed   (1,052,791)   (1,243,814)
Net increase(decrease)   (16,586)   34,927 
           
Money Market        
Units issued   80,369,238    49,159,392 
Units redeemed   (80,207,002)   (55,198,400)
Net increase(decrease)   162,236    (6,039,008)
           
AIM:        
Dividend        
Units issued   103    204 
Units redeemed   (487)   (446)
Net increase(decrease)   (384)   (242)
           
Health        
Units issued   12    161 
Units redeemed   (471)   (16)
Net increase(decrease)   (459)   145 
           
Technology        
Units issued   55    1,620 
Units redeemed   (1,507)   (7,953)
Net increase(decrease)   (1,452)   (6,333)
           
Intl. Growth        
Units issued   18,952    18,370 
Units redeemed   (17,217)   (21,843)
Net increase(decrease)   1,735    (3,473)
           
Franchise        
Units issued   248    54 
Units redeemed   (431)   (50)
Net increase(decrease)   (183)   4 
           
Janus:        
Growth        
Units issued                            -                            -
Units redeemed   (6)   (1)
Net increase(decrease)   (6)   (1)
           

 

 FS-97 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
Neuberger Berman:        
Mid-Cap        
Units issued                            -                            -
Units redeemed   (5)   (3)
Net increase(decrease)   (5)   (3)
           
Bond        
Units issued                            -                            -
Units redeemed   (2)                            -
Net increase(decrease)   (2)                            -
           
Equity        
Units issued   716    4,733 
Units redeemed   (1,566)   (17,797)
Net increase(decrease)   (850)   (13,064)
           
Regency        
Units issued   13,195    15,523 
Units redeemed   (14,104)   (17,070)
Net increase(decrease)   (909)   (1,547)
           
Rydex:        
Nova        
Units issued   23,835    9,788 
Units redeemed   (30,834)   (8,826)
Net increase(decrease)   (6,999)   962 
           
NASDAQ        
Units issued   2,035    15,515 
Units redeemed   (4,244)   (20,888)
Net increase(decrease)   (2,209)   (5,373)
           
Precious Metals        
Units issued   279,957    516,743 
Units redeemed   (254,225)   (548,390)
Net increase(decrease)   25,732    (31,647)
           
Inv. S&P 500        
Units issued   224,013    290,280 
Units redeemed   (168,469)   (388,254)
Net increase(decrease)   55,544    (97,974)
           

 

 FS-98 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
Rydex, continued:        
Gov. Long Bond        
Units issued   6,349    11,801 
Units redeemed   (10,909)   (39,941)
Net increase(decrease)   (4,560)   (28,140)
           
Inverse NASDAQ        
Units issued   550,818    257,264 
Units redeemed   (526,646)   (370,098)
Net increase(decrease)   24,172    (112,834)
           
Inv. Long Bond        
Units issued   2,023    6,090 
Units redeemed   (1,937)   (9,826)
Net increase(decrease)   86    (3,736)
           
Russell        
Units issued   674    3,193 
Units redeemed   (2,105)   (1,828)
Net increase(decrease)   (1,431)   1,365 
           
Third Avenue:        
Value        
Units issued   13,961    7,954 
Units redeemed   (10,284)   (8,718)
Net increase(decrease)   3,677    (764)
           
Vanguard:        
Equity Index        
Units issued   1,627,375    1,568,843 
Units redeemed   (1,745,659)   (1,633,591)
Net increase(decrease)   (118,284)   (64,748)
           
Total Bond        
Units issued   13,142,823    11,414,872 
Units redeemed   (13,481,895)   (11,004,790)
Net increase(decrease)   (339,072)   410,082 
           
REIT Index        
Units issued   712,202    784,674 
Units redeemed   (745,007)   (860,919)
Net increase(decrease)   (32,805)   (76,245)
           

 

 FS-99 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
Vanguard, continued:        
Mid-Cap        
Units acquired   419,775    515,085 
Units disposed   (484,941)   (570,566)
Net increase(decrease)   (65,166)   (55,481)
           
Stock Market Index        
Units acquired   216,247    252,188 
Units disposed   (258,188)   (285,615)
Net increase(decrease)   (41,941)   (33,427)
           
Conservative        
Units acquired   72,765    43,939 
Units disposed   (57,222)   (66,468)
Net increase(decrease)   15,543    (22,529)
           
Moderate        
Units acquired   27,498    29,532 
Units disposed   (39,426)   (47,911)
Net increase(decrease)   (11,928)   (18,379)
           
Short-Term        
Units acquired   2,010,686    2,524,190 
Units disposed   (2,270,373)   (2,382,121)
Net increase(decrease)   (259,687)   142,069 
           
International Stock        
Units acquired   348,889    425,454 
Units disposed   (349,936)   (393,825)
Net increase(decrease)   (1,047)   31,629 
           
Global Bond        
Units acquired   52,193    64,666 
Units disposed   (68,147)   (68,692)
Net increase(decrease)   (15,954)   (4,026)
           
Equity Income        
Units acquired   114,345    145,795 
Units disposed   (137,698)   (205,831)
Net increase(decrease)   (23,353)   (60,036)
           

 

 FS-100 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
Vanguard, continued:        
High Yield Bond        
Units acquired   1,806,692    1,551,513 
Units disposed   (1,789,074)   (1,573,483)
Net increase(decrease)   17,618    (21,970)
           
Growth        
Units acquired   134,288    205,882 
Units disposed   (168,256)   (234,381)
Net increase(decrease)   (33,968)   (28,499)
           
Balanced        
Units acquired   225,025    274,996 
Units disposed   (264,921)   (285,419)
Net increase(decrease)   (39,896)   (10,423)
           
International        
Units acquired   924,310    925,090 
Units disposed   (998,303)   (990,548)
Net increase(decrease)   (73,993)   (65,458)
           
Diversified        
Units acquired   283,966    377,557 
Units disposed   (316,541)   (407,974)
Net increase(decrease)   (32,575)   (30,417)
           
Small Company Growth        
Units acquired   82,653    92,937 
Units disposed   (101,747)   (124,803)
Net increase(decrease)   (19,094)   (31,866)
           
Allspring:        
Discovery        
Units acquired                            -                            -
Units disposed   (458)   (829)
Net increase(decrease)   (458)   (829)
           
Opportunity        
Units acquired                            -                            -
Units disposed                            -   (1)
Net increase(decrease)                            -   (1)
           

 

 FS-101 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
ProFunds:        
Bull        
Units acquired                            -                            -
Units disposed                            -                            -
Net increase(decrease)                            -                            -
           
Europe        
Units acquired                            -                            -
Units disposed                            -                            -
Net increase(decrease)                            -                            -
           
Mid-Cap        
Units acquired                            -   353 
Units disposed                            -   (353)
Net increase(decrease)                            -                            -
           
NASDAQ-100        
Units acquired                            -                            -
Units disposed                            -   (99)
Net increase(decrease)                            -   (99)
           
Small-Cap        
Units acquired                            -                            -
Units disposed                            -                            -
Net increase(decrease)                            -                            -
           
Small-Cap Value        
Units acquired                            -   360 
Units disposed                            -   (360)
Net increase(decrease)                            -                            -
           
Classic Dow        
Units acquired   425                             -
Units disposed   (425)                            -
Net increase(decrease)                            -                            -
           
Bear        
Units acquired   243    176 
Units disposed   (179)                            -
Net increase(decrease)   64    176 
           

 

 FS-102 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
ProFunds, continued:        
Short NASDAQ        
Units acquired   351    620 
Units disposed   (620)                            -
Net increase(decrease)   (269)   620 
           
Short Small-Cap        
Units acquired                            -                            -
Units disposed                            -                            -
Net increase(decrease)                            -                            -
           
Short Dow        
Units acquired   300                             -
Units disposed                            -                            -
Net increase(decrease)   300                             -
           
UltraMid        
Units acquired   124    604 
Units disposed   (124)   (604)
Net increase(decrease)                            -                            -
           
UltraOTC        
Units acquired   40    189 
Units disposed   (27)   (218)
Net increase(decrease)   13    (29)
           
UltraSmall        
Units acquired   386    2,769 
Units disposed   (667)   (2,221)
Net increase(decrease)   (281)   548 
           
UltraBull        
Units acquired   101    394 
Units disposed   (188)   (416)
Net increase(decrease)   (87)   (22)
           
U.S. Gov. Plus        
Units acquired   1                             -
Units disposed   (1)   (40)
Net increase(decrease)                            -   (40)
           

 

 FS-103 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
ProFunds, continued:        
Opportunity        
Units acquired                            -   620 
Units disposed                            -   (620)
Net increase(decrease)                            -                            -
           
Oil & Gas        
Units acquired                            -   159 
Units disposed                            -   (269)
Net increase(decrease)                            -   (110)
           
Precious Metals        
Units acquired   591    663 
Units disposed   (744)   (498)
Net increase(decrease)   (153)   165 
           
Real Estate        
Units acquired   117    823 
Units disposed   (117)   (823)
Net increase(decrease)                            -                            -
           
High Yield        
Units acquired   53                             -
Units disposed   (53)                            -
Net increase(decrease)                            -                            -
           
Money Market        
Units acquired   44,321    289,022 
Units disposed   (47,105)   (426,774)
Net increase(decrease)   (2,784)   (137,752)
           
Pimco:        
Commodity        
Units acquired   168,669    203,807 
Units disposed   (179,544)   (231,774)
Net increase(decrease)   (10,875)   (27,967)
           
Total Return        
Units acquired   1,322,475    1,387,796 
Units disposed   (1,437,572)   (1,377,520)
Net increase(decrease)   (115,097)   10,276 
           

 

 FS-104 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
Pimco, continued:        
Low Duration        
Units acquired                            -                            -
Units disposed                            -   (147)
Net increase(decrease)                            -   (147)
           
Lincoln:        
Mid Cap Value II        
Units acquired   47,445    156,872 
Units disposed   (46,319)   (53,503)
Net increase(decrease)   1,126    103,369 
           
International II        
Units acquired   5,090    27,172 
Units disposed   (4,827)   (10,897)
Net increase(decrease)   263    16,275 
           
Inflation II        
Units acquired   88,632    247,406 
Units disposed   (105,987)   (75,572)
Net increase(decrease)   (17,355)   171,834 
           
American Funds:        
IS Growth-Inc        
Units acquired   12,182    6,087 
Units disposed   (11,602)   (4,452)
Net increase(decrease)   580    1,635 
           
IS Growth        
Units acquired   12,606    14,009 
Units disposed   (14,982)   (12,865)
Net increase(decrease)   (2,376)   1,144 
           
Blue Chip        
Units acquired   57,520    121,124 
Units disposed   (107,938)   (47,008)
Net increase(decrease)   (50,418)   74,116 
           
IS International        
Units acquired   24,175    23,933 
Units disposed   (24,607)   (13,217)
Net increase(decrease)   (432)   10,716 
           

 

 FS-105 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
American Funds, continued:        
IS New World        
Units acquired   44,143    42,145 
Units disposed   (43,341)   (46,318)
Net increase(decrease)   802    (4,173)
           
Franklin Templeton:        
Global Inc.        
Units acquired   303,912    277,574 
Units disposed   (319,206)   (321,189)
Net increase(decrease)   (15,294)   (43,615)
           
MFS:        
Utilities IC        
Units acquired   12,150    12,907 
Units disposed   (15,436)   (19,458)
Net increase(decrease)   (3,286)   (6,551)
           
Mid Cap        
Units acquired   31,775    110,059 
Units disposed   (53,159)   (83,402)
Net increase(decrease)   (21,384)   26,657 
           
Research        
Units acquired   348,775    416,303 
Units disposed   (366,094)   (444,763)
Net increase(decrease)   (17,319)   (28,460)
           
Summit:        
S&P 500        
Units acquired   2,429    8,092 
Units disposed   (2,391)   (11,324)
Net increase(decrease)   38    (3,232)
           
EAFE Intl.        
Units acquired   5,325    1,214 
Units disposed   (892)   (1,881)
Net increase(decrease)   4,433    (667)
           
S&P MidCap        
Units acquired   8    20 
Units disposed   (32)   (11)
Net increase(decrease)   (24)   9 
           

 

 FS-106 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
Summit, continued:        
Growth        
Units acquired   89,692    96,725 
Units disposed   (117,607)   (113,442)
Net increase(decrease)   (27,915)   (16,717)
           
Mod. Growth        
Units acquired   41,883    39,381 
Units disposed   (50,225)   (53,033)
Net increase(decrease)   (8,342)   (13,652)
           
Moderate        
Units acquired   1,048,879    1,176,324 
Units disposed   (1,076,136)   (1,223,707)
Net increase(decrease)   (27,257)   (47,383)
           
Russell Small Cap        
Units acquired   42,331    47,654 
Units disposed   (43,544)   (52,320)
Net increase(decrease)   (1,213)   (4,666)
           
T. Rowe:        
Blue Chip        
Units acquired   200,198    190,666 
Units disposed   (175,224)   (218,770)
Net increase(decrease)   24,974    (28,104)
           
Morgan Stanley:        
Emerging Markets        
Units acquired   579,627    697,503 
Units disposed   (649,702)   (739,684)
Net increase(decrease)   (70,075)   (42,181)
           
DFA:        
Bond        
Units acquired   2,633,170    3,394,007 
Units disposed   (2,982,391)   (3,471,780)
Net increase(decrease)   (349,221)   (77,773)
           
Small        
Units acquired   647,640    794,492 
Units disposed   (729,883)   (821,693)
Net increase(decrease)   (82,243)   (27,201)
           

  

 

 FS-107 
 

7. CHANGES IN UNITS OUTSTANDING, continued

 

      2025   2024
DFA, continued:        
Value        
Units acquired   1,475,533    1,849,170 
Units disposed   (1,661,824)   (1,916,717)
Net increase(decrease)   (186,291)   (67,547)
           
Fixed        
Units acquired   2,146,667    1,801,782 
Units disposed   (2,174,489)   (1,848,586)
Net increase(decrease)   (27,822)   (46,804)
           
Large        
Units acquired   676,976    794,458 
Units disposed   (742,409)   (823,038)
Net increase(decrease)   (65,433)   (28,580)
           
Targeted        
Units acquired   618,930    762,884 
Units disposed   (650,552)   (756,212)
Net increase(decrease)   (31,622)   6,672 
           
Global        
Units acquired   430,811    386,728 
Units disposed   (364,205)   (434,370)
Net increase(decrease)   66,606    (47,642)
           
Equity        
Units acquired   426,046    347,039 
Units disposed   (459,420)   (349,544)
Net increase(decrease)   (33,374)   (2,505)
           

 

 

 FS-108 
 

 

 

 

 

 

 

 

AMERITAS LIFE INSURANCE CORP.

 

 

________________

 

 

STATUTORY BASIS FINANCIAL STATEMENTS AS OF

DECEMBER 31, 2025 AND 2024 AND FOR EACH OF THE

THREE YEARS ENDED DECEMBER 31, 2025

SUPPLEMENTAL SCHEDULES AS OF AND FOR THE

YEAR ENDED DECEMBER 31, 2025

AND INDEPENDENT AUDITOR'S REPORT

 

 

 

 

 

 
 

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors

Ameritas Life Insurance Corp.

Lincoln, Nebraska

 

Opinions

 

We have audited the statutory basis financial statements of Ameritas Life Insurance Corp. (the "Company"), which comprise the balance sheets - statutory basis as of December 31, 2025 and 2024, and the related summary of operations and changes in capital and surplus - statutory basis and statements of cash flows - statutory basis for each of the three years in the period ended December 31, 2024, and the related notes to the financial statements - statutory basis (collectively referred to as the "statutory basis financial statements").

 

Unmodified Opinion on Statutory Basis of Accounting

 

In our opinion, the accompanying statutory basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska described in Note 1 to the statutory basis financial statements.

 

Adverse Opinion on Accounting Principles Generally Accepted in the United States of America

 

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

 

Basis for Opinion

 

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

 

Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America

 

As described in Note 1 to the statutory basis financial statements, the statutory basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Insurance Department of the State of Nebraska. The effects on the statutory basis financial statements of the variances between the statutory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

 1 
 

 

Responsibilities of Management for the Statutory Basis Financial Statements

 

Management is responsible for the preparation and fair presentation of the statutory basis financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory basis financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the statutory basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the statutory basis financial statements are issued.

 

Auditor’s Responsibilities for the Audit of the Statutory Basis Financial Statements

 

Our objectives are to obtain reasonable assurance about whether the statutory basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory basis financial statements.

 

In performing an audit in accordance with GAAS, we:

 

•         Exercise professional judgment and maintain professional skepticism throughout the audit.

 

•         Identify and assess the risks of material misstatement of the statutory basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory basis financial statements.

 

•         Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

 

•        Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory basis financial statements.

 

•        Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

 

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

 

/s/ Deloitte & Touche LLP

 

Omaha, Nebraska

March 30, 2026

 

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 3 
 

 

AMERITAS LIFE INSURANCE CORP.
Balance Sheets - Statutory Basis
(in thousands, except shares)
       
  December 31
ADMITTED ASSETS 2025   2024
Bonds $ 12,904,203   $ 12,109,742
Preferred stocks —   2,828
Common stocks 478,370   483,188
Mortgage loans 2,436,818   2,300,251
Real estate:      
Properties occupied by the company 32,225   38,470
Properties held for the production of income 26,423   4,732
Cash, cash equivalents, and short-term investments 341,551   201,163
Contract loans 967,549   851,561
Other investments 1,600,111   1,495,017
Total Cash and Invested Assets 18,787,250   17,486,952
       
Investment income due and accrued 150,555   145,519
Deferred and uncollected premiums 110,048   109,647
Federal income tax recoverable —   3,032
Net deferred income tax asset 117,529   125,426
Funds held under coinsurance - affiliate 33,327   33,945
Other admitted assets 152,542   138,472
Separate account assets 11,287,354   10,756,291
Total Admitted Assets $ 30,638,605   $ 28,799,284
       
LIABILITIES, CAPITAL AND SURPLUS      
Reserves for life, accident and health policies $ 14,373,108   $ 13,684,723
Deposit-type funds 1,409,540   1,192,888
Reserves for unpaid claims 153,178   153,824
Dividends payable to policyholders 31,150   28,994
Interest maintenance reserve 40,430   48,625
Accrued commissions, expenses and insurance taxes 155,500   152,753
Federal income taxes payable 30,202   —
Asset valuation reserve 325,047   354,449
Other liabilities 664,851   545,291
Separate account liabilities 11,287,354   10,756,291
Total Liabilities 28,470,360   26,917,838
       
Common stock, par value $0.10 per share; 25,000,000 shares authorized,      
   issued and outstanding 2,500   2,500
Additional paid in capital 496,449   431,449
Surplus notes 49,993   49,984
Unassigned surplus 1,619,303   1,397,513
Total Capital and Surplus 2,168,245   1,881,446
Total Liabilities, Capital and Surplus $ 30,638,605   $ 28,799,284
       

 

 

 

 

 

 

 

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

 4 
 

 

AMERITAS LIFE INSURANCE CORP.
Summary of Operations and Changes in Capital and Surplus - Statutory Basis
(in thousands)
           
  Years Ended December 31
  2025   2024   2023
Premiums and Other Revenue          
Premiums, net $ 3,951,843   $ 4,210,410   $ 3,779,855
Net investment income 893,742   806,210   622,185
Commissions and expense allowances on reinsurance ceded 41,158   34,784   33,566
Modco reinsurance adjustment – affiliate 2,474   9,968   11,843
Income from fees associated with separate accounts 68,559   69,115   63,552
Miscellaneous income 52,936   55,982   62,673
Total Premiums and Other Revenue 5,010,712   5,186,469   4,573,674
           
Expenses          
Benefits to policyholders 4,038,904   4,038,081   3,358,782
Change in reserves for life, accident and health policies 682,854   1,135,517   636,666
Commissions 343,882   372,384   318,711
General insurance expenses 588,755   587,818   589,251
Taxes, licenses and fees 58,206   67,561   59,330
Net transfers from separate accounts (911,109)   (951,350)   (487,201)
Total Expenses 4,801,492   5,250,011   4,475,539
           
Gain (Loss) from Operations before Dividends, Federal Income Tax          
Expense (Benefit) and Net Realized Capital Gains 209,220   (63,542)   98,135
Dividends to policyholders 29,550   30,907   25,630
Gain (Loss) from Operations before Federal Income Tax          
Expense (Benefit) and Net Realized Capital Gains 179,670   (94,449)   72,505
Federal income tax expense (benefit) 16,986   (16,252)   31,114
Gain (Loss) from Operations before Net Realized Capital Gains 162,684   (78,197)   41,391
Net realized capital gains, net of taxes 41,778   44,770   32,387
Net Income (Loss) 204,462   (33,427)   73,778
           
Surplus notes          
Surplus notes amortization 9   9   9
Additional paid in capital          
Capital contribution from parent 65,000   —   —
Unassigned surplus          
Change in unrealized gains, net of tax 23,635   23,633   50,539
Change in net deferred income taxes 5,918   29,059   65,216
Change in nonadmitted assets (36,073)   (41,149)   (50,383)
Change in asset valuation reserve 29,402   (17,539)   (72,433)
Change in unrecognized actuarial losses on pension, net of tax (607)   (37)   (250)
Amortization of reinsurance gain, net of tax (Note 13) (4,947)   (4,266)   (3,954)
Dissolution of subsidiary (Note 2) —   —   (95,745)
Cumulative effect of change in accounting principle (Note 1) —   —   58,822
Net Change in Capital and Surplus 286,799   (43,717)   25,599
           
Capital and Surplus at the Beginning of the Year 1,881,446   1,925,163   1,899,564
Capital and Surplus at the End of Year $ 2,168,245   $ 1,881,446   $ 1,925,163

 

 

 

 

 

 

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

 5 
 

 

AMERITAS LIFE INSURANCE CORP.
Statements of Cash Flows – Statutory Basis
(in thousands)
           
  Years Ended December 31
  2025   2024   2023
OPERATING ACTIVITIES          
Premium collected net of reinsurance $ 3,945,890   $ 4,236,530   $ 3,783,194
Net investment income received 901,250   801,523   620,675
Miscellaneous income 163,016   160,112   160,206
Benefits paid to policyholders (4,029,025)   (4,010,542)   (3,377,550)
Net transfers from separate accounts 907,358   959,589   490,322
Commissions, expenses and taxes paid (995,884)   (1,021,655)   (945,340)
Dividends paid to policyholders (27,393)   (27,516)   (23,832)
Federal income taxes received (paid) 5,213   (27,086)   (17,142)
Net Cash from Operating Activities 870,425   1,070,955   690,533
           
INVESTING ACTIVITIES          
Proceeds from investments sold, matured or repaid 2,376,607   1,665,850   1,300,512
Cost of investments acquired (3,327,033)   (2,609,281)   (1,605,951)
Net change in contract loans (115,721)   (119,637)   (118,593)
Net Cash from Investing Activities (1,066,147)   (1,063,068)   (424,032)
           
FINANCING AND MISCELLANEOUS ACTIVITIES          
Change in deposit-type funds 216,654   22,451   (417)
Proceeds from capital contributions 65,000   —   —
Proceeds from borrowings —   107   167,500
Redemptions of borrowings (2,959)   —   (262,500)
Other miscellaneous, net 57,415   13,837   (56,338)
Net Cash from Financing and Miscellaneous Activities 336,110   36,395   (151,755)
           
Net Change in Cash, Cash Equivalents and Short-Term Investments 140,388   44,282   114,746
           
Cash, Cash Equivalents and Short-Term Investments          
– Beginning of Year 201,163   156,881   42,135
           
Cash, Cash Equivalents and Short-Term Investments          
– End of Year $ 341,551   $ 201,163   $ 156,881
           
Non-cash transactions from operating, investing and financing activities:          
Exchanges of bonds and stocks $ 183,673   $ 41,833   $ 16,375
Real estate acquired through mortgage loan foreclosure 14,055   —   —
Transfer of bonds to other invested assets 2,633   —   —
Acquisition of stock from alternative partnerships 195   —   —
Bonds converted to stocks —   5,161   —
Recognized commitments for low income housing investments (Note 3) —   2,932   18,069
Net assets (liabilities) acquired from dissolution of subsidiary (Note 2) —   —   (3,296)
Disposal of investment from dissolution of subsidiary (Note 2) —   —   (92,609)

 

 

 

 

 

 

 

 

 

 

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

 6 
 

AMERITAS LIFE INSURANCE CORP.

Notes to Financial Statements – Statutory Basis

For the Years Ended December 31, 2025, 2024 and 2023

(in thousands)

 

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Operations

Ameritas Life Insurance Corp. (the Company or Ameritas Life), a stock life insurance company domiciled in the state of Nebraska, is a wholly-owned subsidiary of Ameritas Holding Company (AHC), which is a wholly-owned subsidiary of Ameritas Mutual Holding Company (AMHC). AMHC is a mutual insurance holding company. Owners of designated policies issued by the Company have membership interest in AMHC, while contractual rights remain with the Company. AHC also wholly owns Ameritas Investment Partners, Inc. (AIP), an advisor providing investment management services to the Company.

 

The Company wholly-owns Ameritas Life Insurance Corp. of New York (Ameritas-NY), a New York domiciled life insurance subsidiary, Ameritas Investment Company, LLC (AIC), a broker dealer, Variable Contract Agency LLC (VCA), an insurance agency, and Ameritas Advisory Services LLC (AAS), a registered investment advisor.

 

The Company has established three Closed Blocks of policies: (a) the first on October 1, 1998, (b) the second on July 1, 2005, and (c) the third on July 1, 2007, (collectively, the Closed Blocks). The Company formed these closed blocks of policies, under the arrangements approved by the Insurance Departments of the State of Nebraska, Ohio or the District of Columbia, as appropriate, to provide for dividends on policies that were in force on each respective effective date and which were within the classes of individual policies for which the Company had a dividend scale in effect at those dates. The Closed Blocks were designed to give reasonable assurance to owners of affected policies that the assets will be available to support such policies including maintaining dividend scales in effect at the effective dates, if the experience underlying such scales continues. The assets, including revenue thereon, will accrue solely to the benefit of the owners of policies included in the block until the block is no longer in effect.

 

The Company’s insurance operations consist of life and health insurance, annuity, group pension and retirement contracts. The Company operates in 49 states and the District of Columbia.

 

Basis of Presentation

The accompanying financial statements of the Company have been prepared in accordance with accounting practices prescribed or permitted by the Nebraska Department of Insurance (the Department). Accounting practices and procedures of the National Association of Insurance Commissioners (NAIC) as prescribed or permitted by the Department comprise a comprehensive basis of accounting (NAIC SAP) other than accounting principles generally accepted in the United States of America (GAAP). The Company follows NAIC SAP and has not been granted any Nebraska prescribed or permitted practices.


The preparation of financial statements in accordance with statutory accounting practices requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Material estimates susceptible to significant change include reserves, income taxes, investment values, and other-than-temporary impairments (OTTI).

 

Current NAIC SAP practices vary from GAAP. The more significant variances between NAIC SAP and GAAP are as follows:

 

Under NAIC SAP, investments in bonds and redeemable preferred stock are generally reported at amortized cost, with certain NAIC designated securities reported at the lower of amortized cost or fair value and adjustments to fair value reported directly in surplus. Under GAAP, bonds are carried either at amortized cost or fair value based on their classifications. Under GAAP, bonds designated as held-to-maturity based on the Company’s intent and ability to hold to maturity would be carried at amortized cost. Bonds designated as available-for-sale would be carried at fair value with net unrealized holding gains and losses reported in other comprehensive income. Bonds designated as trading would be carried at fair value with net unrealized holding gains and losses reported in income.

 7 
 

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

 

Under NAIC SAP, the cost basis of an impaired issuer credit obligations or asset-backed security is written down to fair value when a decline in value is considered other-than-temporary. The full impairment loss is recognized in income. Under U.S. GAAP, credit-related impairment to a debt security is recorded through an allowance in income, with the remaining unrealized loss, if applicable, recognized in other comprehensive income.


Under NAIC SAP, investments in unaffiliated common stocks are stated at fair value with changes in fair value recognized in unrealized gains (losses) on investments, a component of surplus. Under GAAP, common stocks are carried at fair value with changes in unrealized gains and losses recognized in income.

 

Subsidiaries are included as common stocks carried under the equity method, with the equity in net income (loss) of subsidiaries credited directly to the Company’s unassigned surplus for NAIC SAP. Dividends received from subsidiaries are recorded in net investment income. GAAP requires either consolidation or the equity interest in net income of subsidiaries to be credited to the income statement.

Under NAIC SAP, a mortgage loan is impaired when it it is probable the Company will be unable to collect all amounts contractually due. Impairments are evaluated on an individual basis. Under GAAP, a mortgage loan is stated at amortized cost less an allowance based on expected lifetime credit loss. Collectibility is measured on a collective basis for assets with similar risk characteristics.

 

Under NAIC SAP, real estate owned and occupied by the Company is included in invested assets, and net investment income and operating expenses includes self-charged rent for the Company’s occupancy of this property. Under GAAP, this property would be classified as an operating asset, and there would be no self-charged rent or expenses.

 

Under NAIC SAP, limited partnerships are stated at the underlying audited GAAP equity value with the change in valuation reflected in unrealized gains (losses), net of tax in unassigned surplus. Income distributions from the limited partnerships are reported as net investment income when declared, to the extent that they are not in excess of the undistributed accumulated earnings, in the statement of operations and changes in capital and surplus on a NAIC SAP basis. Under GAAP, the change in valuation as well as the income distributions are reflected in either net investment income or as a realized capital gain or loss depending on the underlying investments.

 

The asset valuation reserve (AVR) and interest maintenance reserve (IMR) are established only on the statutory financial statements.

 

Under NAIC SAP, derivative instruments that meet the criteria of an effective hedge are valued and reported in a manner that is consistent with the hedged asset or liability and embedded derivatives are not accounted for separately from the host contract. Also, the change in fair value of open derivative instruments that do not meet the criteria of an effective hedge is recorded as an unrealized gain or loss in surplus. Under GAAP, all derivatives are reported on the balance sheets at fair value. Changes in fair value of derivatives, to the extent they are effective at offsetting hedged risk are recorded through either income or equity, depending on the nature of the hedge. An embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risks of the host contract is accounted for separately from the host contract and reported at fair value.

Acquisition costs, such as commissions and other costs directly related to acquiring new business, are charged to operations as incurred under NAIC SAP. Under GAAP, costs related to successful acquisitions are capitalized and charged to operations on a constant level basis over the expected term of the related insurance contracts.

 

Under NAIC SAP, identifiable intangible assets are not recorded.

 

Under NAIC SAP, amounts that represent revenue for services to be provided in future periods are reported as revenue when received. Under GAAP, amounts would be reported as a liability and amortized into revenue using the same assumptions used to amortize deferred policy acquisition costs.

 


Certain assets designated as nonadmitted are excluded from the accompanying Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Under GAAP, these assets would be included in the balance sheets, net of any valuation allowance.

 8 
 

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

 

Under NAIC SAP, Universal Life and Annuity revenues consist of the entire premium received and benefits represent the death benefits paid and the change in policy reserves. Under GAAP, revenues are comprised of contract charges and fees which are recognized when assessed against the policyholder account balance.

 

Policy reserves for Life, Accident and Health policies are based on methods prescribed by the NAIC. For policies subject to formulaic reserving method, a prescribed limited range of assumptions, such as mortality, morbidity and interest assumptions and economic market information are used. For policies subject to Principle Based Reserving method, a wider range of the Company’s own assumptions are considered, subject to prescribed rule based regulatory requirements. Under GAAP, policy reserves are based on relevant actual cash flows and the Company’s own assumptions such as morbidity, mortality, and lapse; as well as market-observable discount rates and other economic information.

 

Under NAIC SAP, policyholder dividends are recognized when declared. Under GAAP, policyholder dividends would be for dividends that have accrued as of the financial statement date based on the best available estimate of the amount of dividends to be paid.

 

Under NAIC SAP, reinsurance agreements must transfer risk from the ceding company to the reinsurer in order to receive the reinsurance accounting treatment. If the terms of the agreement violate the risk transfer criteria, the agreement shall be accounted for as deposit accounting. Under NAIC SAP, reserves and unpaid claim liabilities ceded to reinsurers have been reported as reductions to the related reserves. Under GAAP, to qualify for risk transfer and be accounted for as reinsurance an evaluation must be made to determine whether the contract indemnifies against insurance risk. If risk transfer requirements are not met, the reinsurance agreement is considered a financing arrangement and deposit accounting is required.

 

Under NAIC SAP, a liability for reinsurance balances is provided for unsecured policy reserves ceded to reinsurers unauthorized by license to assume such business. Changes to those amounts are credited or charged directly to unassigned surplus. Under GAAP, no such amounts are recorded.

 

Reinsurance recoverables on unpaid losses are reported as a reduction of policy reserves, while under GAAP, they are reported as an asset.


Under NAIC SAP, the difference between the employee benefit plan’s assets and the employee benefit obligation is reflected as an asset or liability, with an offset to unassigned surplus and any asset balances nonadmitted. Prior service costs are recorded as a component of unassigned surplus, net of tax. Under GAAP, the difference between the plan’s assets and the benefit obligation is reflected as an asset or liability, with an offset to other comprehensive income. Prior service costs are recorded as a component of other comprehensive income, net of tax.

 

NAIC SAP requires an amount be recorded for deferred taxes as a component of surplus, however, there are limitations as to the amount of deferred tax assets that may be reported as admitted assets that are not applicable under GAAP. Under NAIC SAP, both the valuation allowance determination and admission calculation are made based on a separate company basis.

 

Under SAP, surplus notes are reported as surplus and interest cannot be accrued until written approval has been received from the Department. Under GAAP, surplus notes are included in liabilities including interest.

 

Under NAIC SAP, the amount of goodwill recorded as an admitted asset is subject to limitation and is amortized into earnings over a period not to exceed 10 years. Goodwill under GAAP is not amortized into earnings and is annually analyzed for impairment which would be reported as a recognized loss into earnings.

Under NAIC SAP, the Statements of Cash Flow – Statutory Basis reflects changes in cash, cash equivalents, and short-term investments with remaining maturities when purchased of one year or less. Under GAAP, the statement of cash flows reflects changes in cash and investments with original maturities when purchased of three months or less.

 

Comprehensive income and its components are not presented under NAIC SAP.

 9 
 

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

 

Significant statutory accounting practices are as follows:

 

Investments

Investments are stated at amounts prescribed by the NAIC which are as follows: issuer credit obligations and asset-backed securities with NAIC ratings 1-5 are stated at amortized cost. Issuer credit obligations and asset-backed securities with a NAIC rating of 6 are stated at the lower of amortized cost or fair value. Significant changes in estimated cash flows from the original purchase assumptions are reviewed monthly. Prepayment assumptions for asset-backed securities are obtained from broker dealer survey values or internal estimates based on characteristics of similar products, consistent with the current interest rate and economic environment. The retrospective adjustment method is used to value all asset-backed securities of high credit quality. The prospective method is used to value investments with significant changes in cash flow or of lower credit quality.

 

Common stocks are reported at fair value. Investments in stocks of insurance subsidiaries are carried at audited statutory equity and non-insurance subsidiaries and affiliates in which the Company has an interest of 10% or more are carried equal to the Company’s proportionate share of the audited GAAP-basis equity after the date of acquisition. The change in the carrying value is recorded as a change in unrealized gains (losses) on investments, a component of unassigned surplus. The value of affiliated subsidiaries was $114,509 and $102,398 at December 31, 2025 and 2024, respectively.

 

Mortgage loans are stated at the unpaid principal balance adjusted for unamortized discounts or premiums. The Company records a reserve for losses on mortgage loans as part of the AVR and mortgage loans are recorded at the lower of unamortized cost and the fair value of the collateral, less estimated selling cost, if deemed other than temporarily impaired.

 

Real estate occupied by the Company and held for the production of income is reported at depreciated cost. Depreciation expense is determined by the straight-line method. Real estate owned and occupied by the Company is included in investments, and investment income and operating expenses include rent for the Company’s occupancy of its owned properties. Fair value for impaired commercial real estate is determined by valuations based on external appraisals. Real estate impairment losses due to decreases in property value are recognized in net realized capital gains (losses) on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

 

Cash and cash equivalents consist of cash-in-bank, cash-in-transit, money market mutual funds and all highly liquid securities with maturity of three months or less at the date acquired. Money market mutual funds are stated at amortized cost which approximates fair value. Short-term investments presented in the Balance Sheets – Statutory Basis consist of all investments that have a maturity date of one year or less at the date acquired and are stated at amortized cost, which approximates fair value.

 

Contract loans are stated at the aggregate unpaid principal balance. The excess of the unpaid balance of the loan over the cash surrender value is considered a nonadmitted asset.

 

A carrying amount of limited partnerships, limited liability companies, and joint ventures reflects the underlying audited GAAP equity of these investments. Income from these investments is recognized when declared, to the extent that they are not in excess of the undistributed accumulated earnings. Unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus. These investments are recorded in other investments in the Balance Sheets – Statutory Basis. The recorded carrying value of affiliated limited liability companies are as follows:

  2025 2024
AIC $ 18,043 $ 14,266
VCA 1 535 524
AAS 1 1,744 402
Total $ 20,322 $ 15,192

1 VCA and AAS did not have GAAP audits performed, so the Company nonadmits these assets.

 

Other investments also include collateral loans, surplus debentures, residual tranches, and low-income housing tax credits carried under the proportional amortized cost method. Other-than-temporary impairments on other investments of $8,161, $1,000, and $3,256 were recorded as realized losses during 2025, 2024, and 2023, respectively. The Company has no investments in joint ventures, partnerships, or limited liability companies that exceeds 10% of its admitted assets.

 10 
 

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

 

The Company purchases and sells futures contracts to hedge against principal losses on variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Futures contracts are a standardized contractual agreement to buy or sell a particular financial instrument at a predetermined price in the future. The gains and losses of futures contracts are derived from the daily movement of the underlying market. These gains and losses are settled in cash through a daily variation margin. The Company sells futures contracts on certain equity indices with expiration dates of less than 6 months as well as buys and sells futures contracts on certain Treasury notes and bonds, ranging in maturities between 1 and 30 years, with expiration dates of less than 6 months. The Company does not receive cash on the initial purchase or sale of the futures contracts, but will receive or pay cash daily based on the movement of the underlying index or Treasury notes. At December 31, 2025, and 2024, respectively, the notional amount of the equity and treasury futures contracts bought by the Company was $123,000, and $144,100, and the notional amount of the equity and treasury futures contracts sold was $118,915, and $144,100.

The Company is required to post collateral to the brokering bank for futures. To comply with this requirement, the Company usually posts short-term Treasury bills with the bank. The bank acts as an intermediary to the futures transactions and takes initial margins from both parties to limit the counterparty risk. The collateral (treasury bills) is recorded in bonds on the Balance Sheets – Statutory Basis as an asset by the Company. The book/adjusted carrying value of the collateral recorded at December 31, 2025 and 2024 was $16,974 and $22,780, respectively.

 

Since futures contracts are not considered an effective hedge, the total variation margin on open contracts is reflected in the change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The total variation margin on closed futures contracts is reflected in net investment income in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.


The Company purchases and sells call options (Over the Counter "OTC" index call options) to hedge variable annuity, fixed index annuity, and index universal life insurance contracts whose credited interest is linked to returns on multiple equity indices based on a formula which applies participation rates and/or cap rates to the returns in the indices. Call options are contracts, which give the option purchaser the right, but not the obligation, to buy securities at a specified price during a specified period. The OTC index call options expire monthly until December 23, 2027. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased OTC index call options give the Company the right to receive cash at settlement if the closing Index value is above the strike price, while the written OTC index call options require the Company to pay cash at settlement if the closing Index value is above the strike price. The Company sells OTC index call options to effectively offset the proceeds the Company would receive on its purchased OTC index call options that represent a return above the amount that would be credited to insurance contracts electing a capped return in the Index. These proceeds do not result in income to the Company because the hedged insurance contracts would be credited interest for an equivalent amount.

 

The Company purchases and sells exchange traded index call options (exchange traded index call options) based on multiple equity indices to hedge fixed index annuity contracts and index universal life contracts. The Company has purchased and written exchange traded index call options that expire through June 17, 2027. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased exchange traded index call options give the Company the right to receive cash at settlement if the closing index value is above the strike price, while the written exchange traded index call options require the Company to pay cash at settlement if the closing index value is above the strike price.

 

The Company purchases and sells exchange traded put options (equity put options) based on multiple equity indices to hedge variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Put options are contracts, which give the option purchaser the right, but not the obligation, to sell securities at a specified price during a specified period. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased equity put options give the Company the right to receive cash at settlement if the closing index value is below the strike price, while the written equity put options require the Company to pay cash at settlement if the closing index value is below the strike price. If the closing index value is above the strike price, the equity put options expire without value.

 

 11 
 

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)


The Company uses OTC foreign currency swaps to reduce the risk from fluctuations in foreign currency exchange rates associated with holding foreign currency denominated investments. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, cash flows in one currency for cash flows in another currency. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. When the currency swaps meet specific criteria, they may be designated as accounting hedges and accounted for as foreign currency fair value hedges. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and qualitatively assessed, at least quarterly, throughout the life of the designated hedging relationship.

 

The Company is exposed to credit-related losses in the event of nonperformance by counter-parties on its OTC derivative positions. The Company manages its exposure to credit risk by utilizing highly rated counterparties and uses master netting agreements (MNAs) which permit either party to net payments due to exposure. Collateral is either pledged or received when certain predetermined exposure limits are exceeded. The Company had collateral pledged from counterparties of $30,000, and $10,000 which is included in other liabilities on the Statutory Balance Sheet as of December 31, 2025 and 2024, respectively. The Company had $1,991 and $4,981 of collateral pledged to counterparties included in bonds on the Statutory Balance Sheet as of December 31, 2025 and 2024, respectively. There are no losses on derivative financial instruments due to counterparty nonperformance.

 

The options (OTC index call options, exchange traded index call options, and equity put options) are carried at their fair value with changes recorded through unrealized capital gains (losses). Options with a positive fair value or carrying value are reported as other investments in the Balance Sheets – Statutory Basis. Options with a negative fair value or carrying value are reported as other liabilities in the Balance Sheets – Statutory Basis.


Cash flows related to the gains and losses from options, opening and closing marks for futures, and interest payments from currency swaps are reflected in net investment income received in the Statement of Cash Flows - Statutory Basis. Cash flows related to long options' open, closed, and the mark-to-market transactions, futures mark-to-market, and currency swap open and close transactions are reflected in proceeds from investments sold, matured or repaid and cost of investments acquired in the Statement of Cash Flows - Statutory Basis. Cash flows related to short options' open, closed and the mark-to-market transactions are reflected in other miscellaneous, net in the Statement of Cash Flows - Statutory Basis.

The foreign currency swaps used in effective hedges are carried in a manner consistent with the hedged asset or liability. Foreign currency swaps hedging bonds are carried at amortized cost and reflected in other investments and other liabilities in the Balance Sheets - Statutory Basis. Changes in the carrying value of open foreign currency swaps as a result of exchange rate changes are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Interest income received from open foreign currency swaps is reflected in net investment income. Changes in the carrying value of closed foreign currency swaps is reflected in net investment income.

 

Foreign currency swaps not used in an effective hedge are carried at fair value and reflected in other investments when fair value is positive and other liabilities when fair value is negative in the Balance Sheets - Statutory Basis. Changes in the fair value of open foreign currency swaps are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Changes in the fair value of closed foreign currency swaps and interest income associated with the currency swaps are reflected in net investment income.

 12 
 

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)


The credit exposure is limited to the fair value of the options and foreign currency swaps included in other investments in the Balance Sheets - Statutory Basis as follows:

  Fair Values of Derivative Instruments
  Asset Derivatives
  Notional Amount Fair Value
  2025 2024 2025 2024
Derivatives Not Designated as Hedging Instruments:        
OTC index call option contracts owned - gross asset $ 4,226,896 $ 3,712,055 $ 332,848 $ 202,246
OTC index call option contracts written - gross liability 1,950,496 1,411,000 (152,404) (86,294)
Exchange traded index call option contracts owned 2,094,868 2,079,595 322,150 273,603
Foreign currency swaps - gross liability — 22,321 — (664)
Derivatives Designated as Fair Value Hedges:        
Foreign currency swaps - gross asset 24,058 178,474 1,724 11,461
Foreign currency swaps - gross liability 10,882 39,728 (864) (1,920)

 

The fair value of the related derivative liabilities included in other liabilities in the Balance Sheets - Statutory Basis are as follows:

  Fair Values of Derivative Instruments
  Liability Derivatives
  Notional Amount Fair Value
  2025 2024 2025 2024
Derivatives Not Designated as Hedging Instruments:        
Exchange traded index call option contracts written $ 1,991,038 $ 2,001,383 $ 176,900 $ 145,709
Derivatives Designated as Fair Value Hedges:        
Foreign currency swaps - gross asset 59,710 — (2,757) —
Foreign currency swaps - gross liability 191,683 — 14,825 —

 

 

 

 13 
 

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

 

The amounts recognized in net investment income and change in unrealized gains (losses) in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for options, futures and foreign currency swaps are as follows:

  Amount Recognized
  2025 2024 2023
Derivatives Not Designated as Hedging Instruments:      
OTC index call option contracts - closed $ 15,765 $ 32,236 $ (15,207)
Exchange traded index call option contracts - closed 62,163 32,276 6,913
Equity put option contracts - closed (190) (80) (16)
Futures contracts - closed (7,146) (19,020) (36,224)
Derivatives Designated as Fair Value Hedges:      
Foreign currency swaps - closed — — 1,172
Foreign currency swaps - open 4,111 2,655 —
Total recognized in net investment income $ 74,703 $ 48,067 $ (43,362)
Derivatives Not Designated as Hedging Instruments:      
OTC index call option contracts - open $ 38,292 $ (15,988) $ 37,212
Exchange traded index call option contracts - open 12,855 19,200 30,723
Futures contracts - open 47 (8,508) 8,028
Foreign currency swaps - open — (664) —
Derivatives Designated as Fair Value Hedges:      
Foreign currency swaps - open (19,270) 10,379 2,832
Total recognized in change in unrealized gains (losses) $ 31,924 $ 4,419 $ 78,795

 

Investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned at the ex-dividend date. Interest income on asset-backed securities is determined on the effective yield method based on estimated principal repayments. Accrual of income is suspended for bonds and mortgage loans that are in default or when the receipt of interest payments is in doubt. Realized capital gains and losses are determined on a specific identification basis and recorded in operations.

 

Accrued interest more than 180 days past due deemed collectible on mortgage loans in default is nonadmitted. All other investment income due and accrued, excluding contract loans, with amounts over 90 days past due is nonadmitted. Interest income due and accrued for contract loans in excess of the cash surrender value is nonadmitted.


If the Company has the intent to sell an impaired security, the cost basis of the security is written down to fair value. For issuer credit obligations, if the Company does not have the intent to sell, but it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to fair value. For asset-backed securities, if the Company does not have the intent to sell and it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the discounted estimated future cash flows. All write downs are recorded as a realized loss. For unaffiliated common stocks and other investments carried at fair value, unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus.

 

Nonadmitted Assets

In accordance with NAIC SAP, certain assets, designated as nonadmitted assets, are excluded from the Balance Sheets – Statutory Basis and are charged directly to unassigned surplus. Nonadmitted assets consist primarily of a portion of deferred income tax assets, contract loans, prepaid expenses, advances to agents, unearned annualized commissions, furniture and equipment, application software, other investment income that is over 90 days past due, unaudited non-insurance subsidiaries and other assets not specifically identified as an admitted asset within NAIC SAP. Total nonadmitted assets were $308,755 and $272,682 at December 31, 2025 and 2024, respectively.

 

 14 
 

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)


 

Furniture and Equipment

Electronic data processing (EDP) equipment and operating software are carried at cost of $11,409 and $14,523 less accumulated depreciation of $10,128 and $12,202 at December 31, 2025 and 2024, respectively. EDP equipment and operating software are depreciated using the straight line method over the lesser of the estimated useful life of the related asset or three years.

 

An impairment of an asset is recorded as a charge to operations if both of the following conditions are met: information available prior to issuance of the statutory basis financial statements indicates that it is probable that an asset has been impaired at the date of the statutory basis financial statements and the amount of loss can be reasonably estimated.

 

Leasehold improvements are carried at cost less accumulated amortization. The Company calculated amortization of leasehold improvements using the straight-line method over the lesser of the useful life of the asset or the remaining original lease term, excluding options or renewal periods. Leasehold improvements are generally amortized over three to twenty years. Non-operating software is depreciated over the lesser of its estimated useful life or five years. Other furniture and equipment are depreciated using the straight line method over the estimated useful lives of the assets. Furniture and fixtures are generally depreciated over three to ten years. Depreciation expense on depreciable assets of $11,379, $8,285, and $8,098, was recorded in general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis for the years ended December 31, 2025, 2024, and 2023 respectively.

 

Reserves for Life, Accident and Health Policies, and Deposit-type Funds
Life policy reserves are established to provide amounts adequate to discharge estimated future policy obligations in excess of estimated future premiums on policies in force. Reserves for traditional, flexible premium and variable life insurance are determined using the Commissioners’ Reserve Valuation Method or Net Level Premium Method, or, where applicable, under the principle-based reserve requirements of VM-20, using prescribed interest and mortality assumptions and other assumptions consistent with regulatory guidance.

 

Reserves for fixed annuities are calculated using the Commissioners’ Annuity Reserve Valuation Method with applicable statutory interest and mortality assumptions. Reserves for variable annuities are determined in accordance with VM-21, based on a conditional tail expectation 70 stochastic reserve and any additional standard projection amount required, using a prescribed set of economic scenarios and assumptions as defined by VM-21.

 

Tabular interest, less actual reserves released and tabular cost for all life contracts are determined based upon statutory regulations. Other policy reserves are established and maintained on the basis of published mortality and morbidity tables using assumed interest rates and valuation methods as prescribed by the Department.

 

Reserves for deposit-type funds are equal to deposits received and interest credited to the benefit of policyholders, less withdrawals that represent a return to the policyholder. For the determination of tabular interest to deposit-type funds, the valuation interest rate, which varies by issue year, is multiplied by the average funds in force during the year subject to such valuation interest rate.

 


Reserve for Unpaid Claims
The reserves for unpaid group and individual dental and vision claims are estimated using historical claim lags, with adjustments based on the current level of pending/unprocessed claims, and relative to the historical levels during the time period used to generate claim lag factors. The reserves for unpaid claims for group and individual dental and vision insurance includes claims in course of settlement and incurred but not reported claims. Claim adjustment expenses corresponding to the unpaid claims are accounted for by adding an additional load to the reserve for unpaid claims. To the extent the ultimate liability differs from the amounts recorded, such differences are reflected in operations when additional information becomes known.

 

Reserves for unpaid individual accident and health disability contracts claims, the present value of amounts not yet due on claim reserves is a first principles-type calculation based on a seriatim listing of open disability claims. All termination rate and interest discounting assumptions adhere to minimum NAIC Standards. An additional liability is recorded for claim adjustment expenses corresponding to the unpaid claims.

 15 
 

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)


Reserves for unpaid life claims include claims reported and unpaid and claims not yet reported, which is estimated based upon historical experience. As such amounts are necessarily estimates, the ultimate liability will differ from the amount recorded and will be reflected in operations when additional information becomes known.

 

Reserves for unpaid group accident and health long-term disability contracts are a tabular calculation based on a seriatim listing of open disability claims. Issued and incurred claims are generated based on the 2012 Group Long-term Disability Table (GLTD). A modification is made for claims in the first two years from disablement.

 

Dividends to Policyholders

Dividends are provided based on dividend formulas approved by the Board of Directors of the Company in accordance with actuarially determined dividend scales. Dividends to policyholders are reflected in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis at amounts estimated to be paid or credited to policyholders during the subsequent year on the policy anniversary dates. Dividends to policyholders also include reinsurance assumed business. A portion of the Company’s business has been issued on a participating basis. The amount of insurance in force on direct individual life participating policies was $22,362,038, or 19.0%, and $22,397,605, or 17.8%, of the individual life policies in force as of December 31, 2025 and 2024, respectively.

 

Asset Valuation and Interest Maintenance Reserves

The AVR is a required appropriation of unassigned surplus to provide for possible losses that may occur on certain investments of the Company. The reserve is computed based on holdings of all investments and realized and unrealized gains and losses, other than those resulting from interest rate changes. Changes in the reserve are charged or credited to unassigned surplus.

 

The IMR is calculated based on the prescribed methods developed by the NAIC. Realized gains and losses, net of tax, resulting from interest rate changes on fixed income investments are deferred and credited to this reserve. These gains and losses are then amortized into investment income over what would have been the remaining years to maturity of the underlying investment. Amortization included in net investment income was $7,932, $7,780, and $9,711 for 2025, 2024, and 2023, respectively.

 

Recognition of Premium Revenues and Related Costs

Life premiums are recognized as revenue when premiums are due. Annuity considerations are recognized as income when received. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Consideration received on deposit-type funds, which do not contain life contingencies, is recorded directly to the related liability.

 

Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as sales commissions, are charged to operations as incurred.

Reinsurance
Reinsurance premiums and claims are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits, reserves for life, accident and health policies, and reserves for unpaid claims are reported net of reinsured amounts. In a modified coinsurance arrangement, the ceding company retains the assets with respect to the policies reinsured and also retains and records the associated reserves. The assuming company does not reflect the assets or reserves in its balance sheet.



Leases
The Company leases and subleases office space under operating lease agreements that expire at various dates through 2030. Certain rental commitments have renewal options extending through the year 2030. Some of these leases include escalation clauses, which vary with levels of operating expense. The impact of these leases, including future minimum lease payments under noncancellable operating leases, were not material for 2025, 2024, and 2023.

 

 16 
 

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

 


Income Taxes

The Company files a life/non-life consolidated tax return with AMHC and AMHC eligible affiliates. The Company’s income tax allocation is based upon a written agreement which uses a modified separate return method. The modified separate return method adjusts the separate return method so that the net operating losses (or other current or deferred tax attributes) are characterized as realized by the Company when those attributes are realized (or realizable) by the consolidated group.

 

The Company is subject to tax-related audits in the normal course of operations. The Company records a contingency reserve for tax-related matters when it is more likely than not that a liability has been incurred and the amount of the loss can be reasonably estimated. The tax contingency reserves are evaluated based upon the facts and circumstances that exist at each reporting measurement. Adjustments may result from new information, resolution of an issue with the taxing authorities or changes in laws or regulations. There was no reserve for tax related contingencies at December 31, 2025 and 2024.

 

The Company is subject to taxation in the United States and various states. The Company is not subject to examinations by tax authorities for years before 2022.

 

Separate Accounts

Separate account assets and liabilities reported in the accompanying financial statements represent funds that are separately administered, principally for variable annuity, variable life and group annuity contracts and for which the contract holders, rather than the Company, bear the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company. Investment income and gains and losses from these accounts accrue directly to contract holders and are not included in the accompanying financial statements. Net asset values and changes in net asset values of separate account assets generally accrue directly to the contract holders and are not included in the Company’s revenues and expenses or surplus.

 

Vulnerability due to Certain Concentrations

The Company operates in a business environment which is subject to various risks and uncertainties. Such risks and uncertainties include, but are not limited to, interest rate risk, market risk, credit risk and legal and regulatory changes, including policies and related impacts from pandemics or other public health issues. Furthermore, the market for deferred annuities and interest-sensitive life insurance is enhanced by the tax incentives available under current law. Any legislative changes that lessen these incentives are likely to negatively impact the demand for these products. The demand for life insurance products that are used to address a customer’s estate planning needs may be impacted to the extent any legislative changes occur to the current estate tax laws.

 

Accounting Pronouncements

The NAIC issued revisions to Statement of Statutory Accounting Principles (SSAP) No. 26 – Bonds, and SSAP No. 43R – Asset-Backed Securities, SSAP No. 2R – Cash, Cash Equivalents, Drafts, and Short-Term Investments, SSAP No. 21R – Other Admitted Assets, as part of the Principles-Based Bond Project. The amended guidance, effective January 1, 2025, provides criteria for distinguishing bonds from other types of investments, further restricts the investments that are permitted for cash equivalent or short-term reporting and provides guidance for debt securities that do not qualify as bonds under the principles-based bond definition. The adoption of this guidance was not material to the Company’s statutory financial statements.

 

Accounting Changes

During 2023, the Company changed its method of accounting for distributions received from joint ventures, partnerships, and limited liability companies to include fair value adjustments in addition to accumulated earnings in order to better align with the U.S. GAAP equity of the investee. The change resulted in a decrease in net unrealized capital gains (losses), less capital gains tax of $58,822 as of December 31, 2023.

 

NOTE 2 - BUSINESS COMBINATIONS AND GOODWILL

Statutory Merger

Effective October 1, 2023, Select Benefits Group, LLC (Dental Select), a third-party administrator (TPA) for dental and vision plans, was merged into the Company with the Company assuming net liabilities of $3,296. In the Summary of Operations and Changes in Capital and Surplus - Statutory Basis, the Company recorded a charge of $92,822 for the write-off of embedded goodwill and reversed unrealized losses of $28,074, net of taxes, for a net charge to surplus of $64,748.

 

 17 
 

NOTE 3 - INVESTMENTS

 

Bonds

The cost or amortized cost and estimated fair value of bonds by type are summarized as follows:

December 31, 2025
  Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Issuer Credit Obligations:        
U.S. Government Obligations $ 11,663 $ 53 $ (56) $ 11,660
Non-U.S. Sovereign Jurisdiction Securities 62,333 1,652 (379) 63,606
Municipal Bonds – Special Revenues 88,568 778 (2,989) 86,357
Corporate Bonds (Unaffiliated) 8,301,299 105,950 (725,923) 7,681,326
Single Entity Backed Obligations (Unaffiliated) 18,425 — (1,008) 17,417
SVO-Identified Bond Exchange Traded Funds – Systematic Value 537 22 — 559
Bonds Issued by Funds Representing Operating Entities (Unaffiliated) 589,983 6,947 (43,550) 553,380
Other Issuer Credit Obligations (Unaffiliated) 15,600 25 (240) 15,385
Total Issuer Credit Obligations 9,088,408 115,427 (774,145) 8,429,690







 18 
 

NOTE 3 - INVESTMENTS, (continued)

 

December 31, 2025
  Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Asset-Backed Securities:        
Financial Asset-Backed – Self-Liquidating:        
Agency Residential Mortgage-Backed Securities – Guaranteed 178,621 2,174 (7,745) 173,050
Agency Commercial Mortgage-Backed Securities – Guaranteed 248,747 223 (5,749) 243,221
Agency Residential Mortgage-Backed Securities – Not/Partially Guaranteed 83,560 100 (7,490) 76,170
Agency Commercial Mortgage-Backed Securities – Not/Partially Guaranteed 33,828 1,421 (198) 35,051
Non-Agency Residential Mortgage-Backed Securities (Unaffiliated) 390,430 3,501 (21,761) 372,170
Non-Agency Commercial Mortgage-Backed Securities (Unaffiliated) 218,565 532 (125) 218,972
Non-Agency – CLOs/CBOs/CDOs (Unaffiliated) 1,443,370 3,856 (7,363) 1,439,863
Other Financial Asset-Backed Securities – Self-Liquidating (Unaffiliated) 284,356 1,605 (8,085) 277,876
Total Financial Asset-Backed - Self-Liquidating 2,881,477 13,412 (58,516) 2,836,373
Financial Asset-Backed – Not Self-Liquidating:        
Equity Backed Securities (Unaffiliated) 80,909 1,521 (283) 82,147
Other Financial Asset-Backed Securities – Not Self-Liquidating (Unaffiliated) 378,372 — (133) 378,239
Total Financial Asset Backed - Not Self-Liquidating 459,281 1,521 (416) 460,386
Non-Financial Asset-Backed Securities – Practical Expedient:        
Lease-Backed Securities – Practical Expedient (Unaffiliated) 142,314 754 (12,157) 130,911
Other Non-Financial Asset-Backed Securities – Practical Expedient (Unaffiliated) 753 — — 753
Total Non-Financial Asset-Backed Securities – Practical Expedient 143,067 754 (12,157) 131,664
Non-Financial Asset-Backed Securities – Full Analysis:        
Lease-Backed Securities – Full Analysis (Unaffiliated) 175,496 1,030 (6,240) 170,286
Other Non-Financial Asset-Backed Securities – Full Analysis (Unaffiliated) 146,452 1,518 (3,727) 144,243
Total Non-Financial Asset-Backed Securities – Full Analysis 321,948 2,548 (9,967) 314,529
Total Asset-Backed Securities 3,805,773 18,235 (81,056) 3,742,952
         
Total Bonds $ 12,894,181 $ 133,662 $ (855,201) $ 12,172,642

 

December 31, 2024
  Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
U.S. Government $ 81,536 $ 3 $ (11,187) $ 70,352
All other governments 51,830 323 (1,673) 50,480
Special revenue and special assessment obligations and        
all non-guaranteed obligations of agencies and authorities        
of governments and their political subdivisions 200,140 20 (17,704) 182,456
Hybrid securities 5,137 2 (298) 4,841
Industrial and miscellaneous 11,779,827 62,758 (1,057,702) 10,784,883
Total bonds $ 12,118,470 $ 63,106 $ (1,088,564) $ 11,093,012

 

 19 
 

NOTE 3 - INVESTMENTS, (continued)


The amortized cost of bonds was increased by $10,022 and reduced by $8,728 at December 31, 2025 and December 31, 2024, respectively, as a result of cumulative fair value adjustments to derive the carrying amounts of bonds in the Balance Sheets - Statutory Basis of $12,904,203 and $12,109,742, respectively.

 

The cost or amortized cost and estimated fair value of bonds at December 31, 2025 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

  Cost or Amortized Cost Fair Value
Due in one year or less $ 304,866 $ 303,302
Due after one year through five years 1,509,437 1,485,205
Due after five years through ten years 2,611,142 2,564,487
Due after ten years 8,468,736 7,819,648
Total bonds $ 12,894,181 $ 12,172,642

 

Proceeds from the sales of bonds were $733,936, $388,956, and $308,442 for the years ended December 31, 2025, 2024, and 2023, respectively.

 

Realized capital gains (losses) are as follows:

  Years Ended December 31
  2025 2024 2023
Bonds:      
Gross realized capital gains on sales $ 10,730 $ 12,380 $ 7,070
Gross realized capital losses on sales (16,042) (10,149) (9,335)
Net realized capital gains (losses) on sales (5,312) 2,231 (2,265)
Other, including impairments and net gain on dispositions other than sales (817) (2,880) (5,148)
Total bonds (6,129) (649) (7,413)
Preferred stocks 539 272 (618)
Common stocks 49,783 47,308 33,983
Mortgage loans (902) (296) (2,040)
Real estate (6,202) 379 2,285
Other investments 15,463 10,371 12,092
Realized capital gains before federal income taxes and transfer to IMR 52,552 57,385 38,289
Realized capital gains (losses) transferred to IMR (332) 714 (2,708)
Federal income tax expense 11,106 11,901 8,610
Net realized capital gains $ 41,778 $ 44,770 $ 32,387

The Company sold common stock with a fair market value of $50,200 and a book adjusted carrying value of $32,412 to AHC on December 23, 2024 for cash consideration of $50,200. The sale resulted in a realized gain of $17,788.







 20 
 

NOTE 3 - INVESTMENTS, (continued)

 

The Company has entered into an agreement with the FHLB of Topeka to enhance investment yields through investment spread strategies and to provide for liquidity needs, if a future need for immediate liquidity arises. The agreement provides for advances (lines of credit, inclusive of the existing funding agreements) up to $1,175,594 to the Company in return for the purchase of asset-based membership stock equal to 0.1% of assets, with a $500 maximum, plus an additional activity-based stock purchase equal to 4.0% of the advances less the amount of the asset-based membership stock held. As of December 31, 2025 and 2024, the Company did not have any FHLB membership stock eligible for redemption. Excluding the funding agreements, the Company had no outstanding balance related to the line of credit as of December 31, 2025 and 2024, respectively.

 

The amount of FHLB capital stock held, in aggregate, and classified as of December 31 is as follows:

  General Account
  2025 2024
Membership stock - class A $ 408 $ 397
Membership stock - class B 33,288 21,928
Excess stock 721 645
Aggregate total $ 34,417 $ 22,970
Actual borrowing capacity as determined by the insurer $ 1,175,594 $ 852,634

 

The related reserves of $903,171 and $702,681 are reported in deposit-type funds on the Balance Sheets – Statutory Basis as of December 31, 2025 and 2024, respectively.

 

The values of the collateral pledged to the FHLB and the total aggregate borrowing by the Company as of December 31 is as follows:

  General Account
  2025 2024
Fair value $ 1,585,637 $ 1,166,792
Carrying value 1,652,068 1,290,524
Aggregate total borrowing - funding agreements 900,000 700,000

 

The maximum amount of collateral pledged to the FHLB during the years ended December 31 is as follows:

  General Account
  2025 2024
Fair value $ 1,585,637 $ 1,386,123
Carrying value 1,652,068 1,436,940
Amount borrowed at time of maximum collateral - funding agreements 900,000 700,000
Amount borrowed at time of maximum collateral - lines of credit 61,455 —

 

There are prepayment penalties on the Company's funding agreements.

 

 

 21 
 

NOTE 3 - INVESTMENTS, (continued)

 


Restricted Assets

A detailed summary of restricted assets (including pledged assets) primarily bonds, common stock, mortgage loans and cash at cost or amortized cost is as follows:

      December 31, 2025   December 31, 2024
          Percentage       Percentage
Restricted Asset Category Total Gross Assets Current Year Total Admitted Gross Assets Current Year Gross Restricted to Total Assets Admitted Restricted to Total Admitted Restricted Assets   Total Gross Assets Prior Year Total Admitted Gross Assets Prior Year Gross Restricted to Total Assets Admitted Restricted to Total Admitted Restricted Assets
FHLB capital stock $ 34,417 $ 34,417 0.1 % 0.1 %   $ 22,970 $ 22,970 0.1 % 0.1 %
Bonds on deposit with states 121,097 121,097 0.4 % 0.4 %   144,792 144,792 0.5 % 0.5 %
Pledged as collateral to FHLB (including assets backing funding agreements) 1,652,068 1,652,068 5.3 % 5.4 %   1,290,524 1,290,524 4.4 % 4.5 %
Pledged as collateral not captured in other categories:                  
  Derivatives 18,965 18,965 0.1 % 0.1 %   27,761 27,761 0.1 % 0.1 %
Other restricted assets:                  
  Policy loans reinsurance assumed 102,600 102,600 0.3 % 0.3 %   107,429 107,429 0.4 % 0.4 %
  Bonds and short-term investments reinsurance assumed * 873,122 873,122 2.8 % 2.8 %   886,156 886,156 3.0 % 3.1 %
Collateral assets received and on balance sheet** 30,000 30,000 0.1 % 0.1 %   10,000 10,000 0.0 % 0.0 %
Separate account assets held under modco reinsurance agreements 103,278 103,278 0.3 % 0.3 %   100,804 100,804 0.3 % 0.4 %
Total restricted assets $ 2,935,547 $ 2,935,547 9.4 % 9.5 %   $ 2,590,436 $ 2,590,436 8.8 % 9.1 %

* Includes investment income due and accrued
** Reported in cash, cash equivalents and short-term investments on the Statutory Balance Sheet.

The Company had $103,278 and $100,804 of separate account assets and recognized obligations under modco reinsurance agreements in Schedule D, Part 2, Section 2 of it separate accounts statutory financials as of December 31, 2025 and 2024, respectively. These assets represented 0.9% of both total separate account assets and total admitted separate account assets and liabilities for both years. The underlying invested assets are not related or affiliated with the reinsurer.


An aging of unrealized losses on the Company’s investments in bonds and unaffiliated stocks were as follows:

  December 31, 2025
  Less than 12 Months 12 Months or More Total
  Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
Issuer Credit Obligations $ 2,332,150 $ (82,317) $ 5,415,054 $ (691,828) 7,747,204 (774,145)
Asset-Backed Securities 1,632,317 (14,884) 1,006,949 (66,172) 2,639,266 (81,056)
Common stocks 110,577 (1,434) 25,067 (1,371) 135,644 (2,805)
Total $ 4,075,044 $ (98,635) $ 6,447,070 $ (759,371) $ 10,522,114 $ (858,006)

 

 

 22 
 

NOTE 3 - INVESTMENTS, (continued)

 

  December 31, 2024
  Less than 12 Months 12 Months or More Total
  Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
Bonds:            
U.S. Governments $ 3,568 $ (345) $ 66,750 $ (10,842) $ 70,318 $ (11,187)
All other governments 35,757 (1,067) 9,550 (606) 45,307 (1,673)
Special revenue and special assessment            
obligations and all non-guaranteed            
obligations of agencies and authorities            
of governments and their political            
subdivisions 58,261 (2,452) 122,344 (15,252) 180,605 (17,704)
Hybrid securities 1,056 (67) 3,785 (231) 4,841 (298)
Industrial and miscellaneous 3,403,375 (198,644) 6,084,379 (859,058) 9,487,754 (1,057,702)
Total bonds 3,502,017 (202,575) 6,286,808 (885,989) 9,788,825 (1,088,564)
Preferred stocks 609 — 2,175 (130) 2,784 (130)
Common stocks 144,533 (1,842) 27,841 (1,658) 172,374 (3,500)
Total $ 3,647,159 $ (204,417) $ 6,316,824 $ (887,777) $ 9,963,983 $ (1,092,194)

 

The Company considers various factors when considering if a decline is other-than-temporary, including the size of the unrealized loss, deterioration in ratings, industry conditions or factors related to a geographic area that are negatively affecting a security, violation of loan covenants, overall financial condition of the issuer and the Company’s intention and ability to sell or hold the security for a period of time sufficient to allow for a recovery in value. The Company has determined that such declines are temporary in nature.


The Company considers various factors when considering if a decline in the fair value of a common stock security is other-than-temporary, including but not limited to the magnitude of the unrealized loss; the volatility of the investment; analyst recommendations, price targets and NAIC ratings; opinions of the Company’s investment managers; market liquidity; and the Company’s intentions to sell or ability to hold the investments until recovery. During 2025, 2024, and 2023, based on an evaluation of these factors, the realized losses for other-than-temporary impairments recognized by the Company on unaffiliated common stocks were not material.


The Company’s bond and short-term investment portfolios are predominantly comprised of investment grade securities. At December 31, 2025 and 2024, bonds at book/adjusted carrying value totaling $279,259 and $436,189, respectively, (2.2% and 3.5%, respectively, of the total bond and short-term portfolios) are considered below investment grade. Securities are classified as below investment grade by utilizing rating criteria established by the NAIC. During 2025, 2024, and 2023, the realized losses for other-than-temporary impairments recognized by the Company on bonds were not material. The Company did not recognize any other-than-temporary impairments on asset-backed and structured security investments in 2025 and 2024.

 

 23 
 

NOTE 3 - INVESTMENTS, (continued)


A summary of asset-backed security and structured security investments included with unrealized losses for which an other-than-temporary impairment has not been recognized is as follows:

    December 31, 2025
  Unrealized Less Than 12 Months Unrealized 12 Months or More
  Amortized Fair Unrealized Amortized Fair Unrealized
  Cost Value Losses Cost Value Losses
Asset-backed securities   $ 605,985   $ 596,083   $ (9,902)   $ 933,591   $ 862,414   $ (71,177)
                         
    December 31, 2024
  Unrealized Less Than 12 Months Unrealized 12 Months or More
  Amortized Fair Unrealized Amortized Fair Unrealized
  Cost Value Losses Cost Value Losses
Structured Securities   $ 193,033   $ 187,385   $ (5,648)   $ 1,305,594   $ 1,203,661   $ (101,933)
                         


Mortgage Loans

For the commercial mortgage loans held by the Company, debt service coverage ratio (DSCR) is considered a key credit quality indicator for loans that are income dependent while loan to value and borrower financial strength are considered key credit quality indicators for borrower-occupied loans. Debt service coverage ratios compare a property’s net operating income to the borrower’s principal and interest payments. Loan to value and debt service coverage ratios are updated annually or as warranted by economic conditions or impairment considerations.

 

Debt service coverage ratios for income dependent mortgage loans are summarized as follows:

  December 31
  2025 2024
DSCR distribution    
Below 1.0 $ 79,426 $ 72,947
1.0 - 1.2 107,308 147,689
1.2 - 1.5 358,278 398,826
Greater than 1.5 1,882,371 1,669,985
Total $ 2,427,383 $ 2,289,447


Mortgage loans with a DSCR below 1.0 that are not considered impaired primarily relate to instances where the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable future, the decrease in cash flows is considered temporary, or there are other risk mitigating factors.

Loan to value for borrower-occupied commercial real estate mortgage loans is summarized as follows:

  December 31
  2025 2024
Loan to value    
Below 60% $ 9,435 $ 8,786
60-75% — 2,018
Total $ 9,435 $ 10,804

 

 

 

 

 

 24 
 

NOTE 3 - INVESTMENTS, (continued)


An aging analysis of the commercial loans held by the Company is summarized as follows:

  December 31
  2025 2024
Recorded investment (all)    
Current $ 2,435,704 $ 2,292,386
30-59 days past due — —
60-89 days past due — 2,469
90-179 days past due — —
180+ days past due 1,114 5,396
Accruing Interest 180+ Days Past Due    
Recorded investment 1,114 5,396
Interest accrued 56 124
Participant or co-lender in a mortgage loan agreement    
Recorded investment 211 312

At December 31, 2025, the average size of an individual commercial mortgage loan was $2,826. For commercial mortgage loans, the Company’s policy is to obtain a first mortgage lien and to require a loan to value ratio of 75% or less at acquisition. The Company's policy for commercial loans is to recognize due and accrued interest income on impaired loans if deemed collectible. As of December 31, 2025, the maximum and minimum rates of interest in the Company’s mortgage loan portfolio were 8.85% and 2.85% for commercial mortgage loans.

In 2025 and 2024, the Company had 118 and 91, respectively, commercial loans acquired or with additions to existing loans at the maximum and minimum rates of interest of 8.68% and 8.68%, respectively, and 4.60% and 4.55%, respectively, totaling $458,898 and $335,896, respectively.

Commercial mortgage loans are evaluated individually for impairment. The Company's impairments for commercial loans and interest income on impaired commercial mortgage loans was not material for December 31, 2025, 2024, and 2023, respectively. As of December 31, 2025 and 2024, no impaired commercial mortgage loans were on nonaccrual status under SSAP No 34, paragraph 6.

 

In 2025, the Company had $36,954 aggregate amount of mortgage loans derecognized as a result of foreclosure, $14,055 real estate collateral recognized, and $22,732 other collateral recognized. In 2024, the Company had no mortgage loans derecognized as a result of foreclosure.

 

Investments in Tax Credit Structures

During 2025 and 2024, the Company recognized $10,406 and $11,214, respectively, of low income housing tax credits (LIHTC) and other tax benefits. The Company’s investment in LIHTC recognized in the Balance Sheets - Statutory Basis in other investments was $56,308 and $70,877 and in other liabilities was $14,144 and $23,498 for the years ended December 31, 2025 and 2024, respectively. No property is currently subject to any regulatory review. The Company had no investment in LIHTC that exceeded 10% of its admitted assets. The Company recognized no impairment losses related to LIHTC at December 31, 2025 and 2024. The Company recognized no write-down or reclassification resulting from the forfeiture or ineligibility of tax credits at December 31, 2025 and 2024.

 

 

 

 

 25 
 

NOTE 3 - INVESTMENTS, (continued)


An aggregate schedule of non-transferrable tax credits expected to be generated by the Company each year for the subsequent five years and thereafter, as of December 31, 2025, is presented below:

 

Year Non-Transferable
2026 $ 11,410
2027 898
2028 117
2029 314
2030 147
Thereafter 1,258
Total $ 14,144

The Company has no transferrable tax credits as of December 31, 2025.



Offsetting and Netting of Assets and Liabilities
Call options and foreign currency swaps that are included in other investments and other liabilities on the Balance Sheets - Statutory Basis and qualified for offsetting and netting are as follows:

  December 31, 2025   December 31, 2024
  Gross Amount Recognized Amount Offset Net Amount Presented on Financial Statements   Gross Amount Recognized Amount Offset Net Amount Presented on Financial Statements
Assets:              
Derivatives - call options $ 332,848 $ 152,405 $ 180,443   $ 202,246 $ 86,294 $ 115,952
Derivatives - foreign currency swaps 4,482 3,621 861   11,461 2,584 8,877
               
Liabilities:              
Derivatives - call options $ 152,405 $ 152,405 $ —   $ 86,294 $ 86,294 $ —
Derivatives - foreign currency swaps 15,689 3,621 12,068   2,584 2,584 —

 

 

 

 

 26 
 

NOTE 3 - INVESTMENTS, (continued)

 

Net Investment Income
Major categories of net investment income by class of investment are summarized below.

      Years Ended December 31
      2025 2024 2023
Income:      
  Bonds $ 590,016 $ 556,609 $ 499,408
  Preferred stocks 66 166 490
  Common stocks 11,262 9,885 8,382
  Mortgage loans 121,493 104,896 98,441
  Real estate1 12,062 11,175 14,261
  Contract loans 44,237 39,226 33,583
  Short-term investments 8,109 6,936 3,385
  Derivatives 74,703 48,067 (43,362)
  Other investments 81,541 77,269 50,021
  Amortization of interest maintenance reserve 7,932 7,780 9,711
  Gross investment income 951,421 862,009 674,320
  Total investment expenses 57,679 55,799 52,135
    Net investment income $ 893,742 $ 806,210 $ 622,185

1Includes amounts for the occupancy of company-owned property of $5,647, $5,647, and $8,302 in 2025, 2024, and 2023, respectively.

 

Fair Value Measurements

 

Included in various investment related lines in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds and preferred stocks when carried at the lower of cost or market. The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

 

Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality (matrix pricing). In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which becomes significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used.

 

The Company’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by Fair Value Measurements as defined under NAIC SAP. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:

Level 1 – Values are unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.

 

Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves.

 

Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset at the reporting date.

 

 27 
 

NOTE 3 - INVESTMENTS, (continued)


Net asset value (NAV) – Separate account assets are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.

The following tables provide information about the Company’s financial assets and liabilities measured and reported at fair value or NAV:

          December 31, 2025
          Level 1 Level 2 Level 3 Net Asset Value Total
Assets at fair value/net asset value          
    Asset-Backed Securities $ — $ 3,415 $ — $ — $ 3,415
        Total bonds — 3,415 — — 3,415
  Common stock          
    Industrial and miscellaneous $ 329,444 $ — $ — $ — $ 329,444
        Total common stocks 329,444 — — — 329,444
    Derivative assets          
      Exchange traded index call options 322,150 — — — 322,150
      Over the counter index call options — 180,444 — — 180,444
      Foreign currency swaps — 860 — — 860
        Total other investments 322,150 181,304 — — 503,454
  Separate account assets — — — 11,287,354 11,287,354
Total assets at fair value/net asset value $ 651,594 $ 184,719 $ — $ 11,287,354 $ 12,123,667
                   
Liabilities at fair value          
  Derivative liabilities          
    Exchange traded index call options $ 176,900 $ — $ — $ — $ 176,900
    Foreign currency swaps — 12,068 — — 12,068
Total liabilities at fair value $ 176,900 $ 12,068 $ — $ — $ 188,968

 

 

          December 31, 2024
          Level 1 Level 2 Level 3 Net Asset Value Total
Assets at fair value/net asset value          
  Bonds          
    Asset-Backed Securities $ — $ 673 $ — $ — $ 673
        Total bonds — 673 — — 673
  Common stock          
    Industrial and miscellaneous 357,820 — — — 357,820
        Total common stocks 357,820 — — — 357,820
  Other investments 14,052 — — — 14,052
    Derivative assets          
      Exchange traded index call options 273,603 — — — 273,603
      Over the counter index call options — 115,952 — — 115,952
      Foreign currency swaps — 8,877 — — 8,877
        Total other investments 287,655 124,829 — — 412,484
  Separate account assets — — — 10,756,291 10,756,291
Total assets at fair value/net asset value $ 645,475 $ 125,502 $ — $ 10,756,291 $ 11,527,268
                   
Liabilities at fair value          
  Derivative liabilities          
    Exchange traded index call options $ 145,709 $ — $ — $ — $ 145,709
Total liabilities at fair value $ 145,709 $ — $ — $ — $ 145,709

 

 

 28 
 

NOTE 3 - INVESTMENTS, (continued)


The valuation techniques used to measure the fair values by type of investment in the above table are as follows:

 

Level 1 – Financial Assets and Liabilities

These assets and liabilities include actively-traded exchange-listed common stocks, mutual funds, exchange traded call and put options and exchange traded call and put options (written). Unadjusted quoted prices for these securities are provided to the Company by independent pricing services. Derivative asset and liability valuations are based on quoted prices in active markets for identical securities. Exchange traded call options and equity put options and written exchange traded call options and written equity put options are classified as Level 1.

 

Level 2 – Financial Assets and Liabilities

The Company's Level 2 assets includes bonds, OTC index call options and foreign currency swaps. Prices are based on other observable inputs, including quoted prices for similar assets/liabilities. The Company used broker quotes which are corroborated to the market for the monthly valuation of the index call options and foreign currency swaps. For the index call options, the broker quotes use the S&P Dividend Yield and Implied Volatility inputs in the Black Scholes Model that is tailored to the remaining term of each call option. For the foreign currency swaps, the broker quotes use models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. In addition, the Company corroborates the broker quotes to Bloomberg and to actual trades.

 

Level 3 - Financial Assets and Liabilities

There were no financial assets measured at fair value in Level 3 at December 31, 2025 and December 31, 2024.


NAV - Financial Assets and Liabilities

Separate account assets represent NAVs as a practical expedient received from fund managers who stand ready to transact at the quoted values. The funds in the separate account assets are considered open-end mutual funds, meaning that the fund is ready to redeem its shares at any time and offers its shares for sale to the public, either through retail outlets or through institutional investors continuously. For institutional funds, NAVs are received daily from fund managers, and the managers stand ready to transact at these quoted amounts. The Company, on behalf of the contract holders, transacts in these funds on a daily basis as part of the separate account trading activity. There are no unfunded commitments in the separate account assets.

 


There were no material transfers of financial instruments carried at fair value into or out of Level 3 during the years ended December 31, 2025 and 2024.

 

The Company had no financial instruments that were not practicable to calculate fair value. The Company had no investments measured using NAV instead of fair value in which the investment may be sold below NAV or significant restrictions in the liquidation of the investment held at NAV.



 29 
 

NOTE 3 - INVESTMENTS, (continued)


The tables below reflect the fair values or NAV and book/adjusted carrying values of all admitted assets and liabilities that are financial instruments excluding those accounted for under the equity method. The fair values are also categorized into the three-level fair value hierarchy as described previously.

December 31, 2025
    Fair Value Book/Adjusted Carrying Value Level 1 Level 2 Level 3 Net Asset Value
Assets:            
Bonds            
Issuer credit obligations $ 8,429,689 $ 9,099,637 $ — $ 6,377,988 $ 2,051,701 $ —
Asset-backed securities 3,742,953 3,804,566 — 3,000,533 742,420 —
Total Bonds 12,172,642 12,904,203 — 9,378,521 2,794,121 —
Common stocks 363,861 363,861 329,444 34,417 — —
Mortgage loans 2,363,644 2,436,818 — — 2,363,644 —
Cash, cash equivalents and short-term            
  investments 341,551 341,551 341,551 — — —
Contract loans 916,656 967,549 — — 916,656 —
Other investments 623,379 630,044 322,150 236,266 64,963 —
Investment income due and accrued 150,555 150,555 150,555 — — —
Separate account assets — 11,287,354 — — — 11,287,354
Total financial assets $ 16,932,288 $ 29,081,935 $ 1,143,700 $ 9,649,204 $ 6,139,384 $ 11,287,354
               
Deposit-type funds $ 1,408,143 $ 1,409,540 $ — $ — $ 1,408,143 $ —
Derivative liabilities 188,967 188,967 176,899 12,068 — —
Total financial liabilities $ 1,597,110 $ 1,598,507 $ 176,899 $ 12,068 $ 1,408,143 $ —



December 31, 2024
    Fair Value Book/Adjusted Carrying Value Level 1 Level 2 Level 3 Net Asset Value
Assets:            
Bonds $ 11,093,012 $ 12,109,742 $ — $ 7,447,078 $ 3,645,934 $ —
Preferred stocks 2,784 2,828 — 2,784 — —
Common stocks 380,790 380,790 357,820 22,970 — —
Mortgage loans 2,134,258 2,300,251 — — 2,134,258 —
Cash, cash equivalents and short-term            
  investments 201,163 201,163 201,163 — — —
Contract loans 796,924 851,561 — — 796,924 —
Other investments 557,790 566,065 297,012 181,226 79,552 —
Investment income due and accrued 145,519 145,519 145,519 — — —
Separate account assets — 10,756,291 — — — 10,756,291
Total financial assets $ 15,312,240 $ 27,314,210 $ 1,001,514 $ 7,654,058 $ 6,656,668 $ 10,756,291
               
Liabilities:            
Deposit-type funds $ 1,190,833 $ 1,192,888 $ — $ — $ 1,190,833 $ —
Borrowings 3,011 2,959 — — 3,011 —
Derivative liabilities 145,709 145,709 145,709 — — —
Total financial liabilities $ 1,339,553 $ 1,341,556 $ 145,709 $ — $ 1,193,844 $ —

 

 30 
 

NOTE 3 - INVESTMENTS, (continued)


The following methods and assumptions were used by the Company in estimating its fair value disclosures for each class of financial instruments for which it is practicable to estimate a value:

 

Bonds: For issuer credit obligations not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. The fair values of asset-backed securities are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Issuer credit obligations, asset-backed securities priced based on observable market information are assigned to Level 2. Issuer credit obligations and asset-backed securities priced based on uncorroborated broker quotes, unobservable market inputs, partnership valuations or internal valuations are assigned to Level 3.

 

Preferred Stocks: For preferred stocks not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield credit quality, and maturity of the investments. Preferred stocks priced based on observable market information are assigned to Level 2.

 

Common stocks: For publicly traded securities and mutual funds, fair value is obtained from independent pricing services or fund managers and are assigned to Level 1 as the fair values are based on quoted prices in active markets for identical securities. For stock in FHLB, fair value is presumed to be par, which is the value at which the FHLB will repurchase the stock, and is assigned to Level 2. Stocks in affiliates carried on the equity method are not included as part of the fair value disclosure.

 

Mortgage loans: The fair value of commercial mortgage loans is primarily determined by estimating expected future cash flows and discounting the cash flows using current interest rates for similar mortgage loans with similar credit risk.

 

Cash, cash equivalents and short-term investments, and investment income due and accrued: The carrying amounts approximate fair values.

Other investments and derivative liabilities: Fair values are estimated using values obtained from independent pricing services where available, or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Other investments priced based on observable market information for similar assets are assigned to Level 2. Other investments priced based on uncorroborated broker quotes, unobservable market inputs or internal valuations are assigned to Level 3. Other investments carried on the equity method are not included as part of the fair value disclosure. Exchange traded call and put options and exchange traded call and put options (written) are classified as Level 1 since the valuations are based on quoted prices in active markets for identical securities. Foreign currency swaps are classified as Level 2 as the valuation is based on models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. The valuation techniques underlying the models are widely accepted in the financial services industry and do not involve significant judgment.

 

Contract loans: The fair values for contract loans are estimated using discounted cash flow analysis at interest rates currently offered for similar loans. Contract loans with similar characteristics are aggregated for purposes of the calculations.

 

Deposit-type funds: Deposit-type funds are valued using discounted cash flow calculations, based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued.

 

Borrowings: The fair value of borrowed money is estimated using discounted cash flow calculations based on current interest rates consistent with the maturity of the obligation.

 31 
 

NOTE 3 - INVESTMENTS, (continued)

 

Separate account assets: Separate account assets represent NAV as a practical expedient received from fund managers who stand ready to transact at the quoted values.

 

NOTE 4 - INCOME TAXES

 

The application of NAIC SAP requires a company to evaluate the recoverability of gross deferred tax assets and to establish a valuation allowance if necessary to reduce the gross deferred tax asset to an amount which is more likely than not to be realized (adjusted gross deferred tax asset). 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 many factors including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) the timing of their reversals; (4) taxable capital gains in prior carry back years as well as projected taxable earnings exclusive of reversing temporary differences and carry forwards; (5) the length of time that carryovers can be utilized; (6) unique tax rules that would impact the utilization of the deferred tax assets; and (7) tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused. Based on an evaluation of the above factors, management believes it more likely than not that the adjusted gross deferred tax assets will be realized.

 

The components of the net deferred tax asset/(liability) as of December 31, 2025 are as follows:

  Ordinary   Capital   Total
Gross deferred tax assets $ 353,272   $ 2,448   $ 355,720
Statutory valuation allowance adjustment —   —   —
Adjusted gross deferred tax assets 353,272   2,448   355,720
Deferred tax assets nonadmitted 116,710   —   116,710
Subtotal net admitted deferred tax assets 236,562   2,448   239,010
Deferred tax liabilities 39,616   81,865   121,481
Net admitted deferred tax assets/(liability) $ 196,946   $ (79,417)   $ 117,529


The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2025 is:

        Ordinary   Capital   Total
Admission calculation components - NAIC SAP          
Adjusted gross deferred tax assets expected to be realized          
  (excluding the amount of deferred tax assets from above)          
  after application of the threshold limitation $ 117,529   $ —   $ 117,529
    Adjusted gross deferred tax assets expected to be          
      realized following the balance sheet date $ 117,529   $ —   $ 117,529
    Adjusted gross deferred tax assets allowed per          
      limitation threshold xxx   xxx   $ 307,415
Adjusted gross deferred tax assets offset by gross deferred          
  tax liabilities $ 119,033   $ 2,448   $ 121,481
Deferred tax assets admitted as the result of application          
  of NAIC SAP $ 236,562   $ 2,448   $ 239,010

 

The components of the net deferred tax asset/(liability) as of December 31, 2024 are as follows:

  Ordinary   Capital   Total
Gross deferred tax assets $ 348,557   $ 2,748   $ 351,305
Statutory valuation allowance adjustment —   —   —
Adjusted gross deferred tax assets 348,557   2,748   351,305
Deferred tax assets nonadmitted 105,799   —   105,799
Subtotal net admitted deferred tax assets 242,758   2,748   245,506
Deferred tax liabilities 34,378   85,702   120,080
Net admitted deferred tax assets/(net deferred tax liability) $ 208,380   $ (82,954)   $ 125,426
 32 
 

NOTE 4 - INCOME TAXES, (continued)

 

The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2024 is:

        Ordinary   Capital   Total
Admission calculation components - NAIC SAP          
Adjusted gross deferred tax assets expected to be realized          
  (excluding the amount of deferred tax assets from above)          
  after application of the threshold limitation $ 125,426   $ —   $ 125,426
    Adjusted gross deferred tax assets expected to be          
      realized following the balance sheet date $ 125,426   $ —   $ 125,426
    Adjusted gross deferred tax assets allowed per          
      limitation threshold xxx   xxx   $ 263,055
Adjusted gross deferred tax assets offset by gross deferred          
  tax liabilities $ 117,332   $ 2,748   $ 120,080
Deferred tax assets admitted as the result of application          
  of NAIC SAP $ 242,758   $ 2,748   $ 245,506

 

The changes in the components of the net deferred tax asset/(liability) from December 31, 2024 to December 31, 2025 are as follows:

  Ordinary   Capital   Total
Gross deferred tax assets $ 4,715   $ (300)   $ 4,415
Statutory valuation allowance adjustment —   —   —
Adjusted gross deferred tax assets 4,715   (300)   4,415
Deferred tax assets nonadmitted 10,911   —   10,911
Subtotal net admitted deferred tax assets (6,196)   (300)   (6,496)
Deferred tax liabilities 5,238   (3,837)   1,401
Net admitted deferred tax assets/(net deferred tax liability) $ (11,434)   $ 3,537   $ (7,897)



        Ordinary   Capital   Total
Admission calculation components - NAIC SAP          
Adjusted gross deferred tax assets expected to be realized          
  (excluding the amount of deferred tax assets from above)          
  after application of the threshold limitation (7,897)   —   (7,897)
    Adjusted gross deferred tax assets expected to be          
      realized following the balance sheet date (7,897)   —   (7,897)
    Adjusted gross deferred tax assets allowed per          
      limitation threshold xxx   xxx   44,360
Adjusted gross deferred tax assets offset by gross deferred          
  tax liabilities 1,701   (300)   1,401
Deferred tax assets admitted as the result of application          
  of NAIC SAP $ (6,196)   $ (300)   $ (6,496)

 

The Company does not carry any deferred tax liabilities on unrealized capital gains related to investments in affiliates.

 

The Company used the following amounts in determining the DTA admissibility:

  2025   2024
Ratio percentage used to determine recovery period and      
threshold limitation above 972 %   841 %
Amount of adjusted capital and surplus used to determine      
recovery period and threshold limitation above $ 2,049,435   $ 1,753,699

 

There were no tax planning strategies utilized as of December 31, 2025 or 2024.

 

 33 
 

NOTE 4 - INCOME TAXES, (continued)


The provision for incurred federal income taxes on earnings are:

  Years ended December 31
  2025   2024   2023
Federal $ 16,986   $ (16,252)   $ 31,114
Federal income tax on net capital gains 11,036   12,051   8,041
Federal income tax incurred/(recovered) $ 28,022   $ (4,201)   $ 39,155


The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

  December 31   Change   Change
  2025   2024   2023   from 2024   from 2023
Deferred tax assets:                  
Ordinary                  
Discounting of unpaid losses $ 178   $ 157   $ 165   $ 21   $ (8)
Unearned premium reserve 534   523   505   11   18
Policyholder reserves 138,269   134,578   111,591   3,691   22,987
Investments 8,676   8,166   7,877   510   289
Deferred acquisition costs 103,832   94,942   88,273   8,890   6,669
Policyholder dividends accrual 1,410   2,145   1,632   (735)   513
Fixed assets (693)   9,891   11,241   (10,584)   (1,350)
Compensation and benefits accrual 26,798   25,898   25,789   900   109
Receivables - nonadmitted 40,329   35,046   29,906   5,283   5,140
Net operating loss carry-forward 190   208   225   (18)   (17)
Intangible Amortization 22,739   25,522   28,309   (2,783)   (2,787)
Other (including items <5% of total                  
ordinary tax assets) 11,010   11,481   10,103   (471)   1,378
Subtotal 353,272   348,557   315,616   4,715   32,941
Nonadmitted deferred tax assets 116,710   105,799   89,124   10,911   16,675
Admitted ordinary deferred tax assets $ 236,562   $ 242,758   $ 226,492   $ (6,196)   $ 16,266

 

Capital                  
Investments $ 203   $ 435   $ 1,272   $ (232)   $ (837)
Real Estate 2,245   2,313   2,793   (68)   (480)
Subtotal 2,448   2,748   4,065   (300)   (1,317)
Admitted capital deferred tax assets 2,448   2,748   4,065   (300)   (1,317)
Admitted deferred tax assets $ 239,010   $ 245,506   $ 230,557   $ (6,496)   $ 14,949



Deferred tax liabilities:                  
Ordinary                  
Investments $ 6,384   $ 4,790   $ 3,171   $ 1,594   $ 1,619
Fixed assets 8,123   818   2,042   7,305   (1,224)
Deferred and uncollected premium 14,621   15,297   17,372   (676)   (2,075)
Policyholder reserves 437   3,509   6,588   (3,072)   (3,079)
Unearned commissions 9,907   9,820   9,251   87   569
Other (including items <5% of total                  
ordinary tax liabilities) 144   144   143   —   1
Subtotal 39,616   34,378   38,567   5,238   (4,189)
 34 
 

NOTE 4 - INCOME TAXES, (continued)

 

  December 31 Change Change
  2025   2024   2023   from 2024   from 2023
Capital                  
Investments $ 80,590   $ 84,427   $ 74,312   $ (3,837)   $ 10,115
Real estate 1,275   1,275   1,276   —   (1)
Subtotal $ 81,865   $ 85,702   $ 75,588   $ (3,837)   $ 10,114
                   
Deferred tax liabilities $ 121,481   $ 120,080   $ 114,155   $ 1,401   $ 5,925
                   
Net deferred tax assets $ 117,529   $ 125,426   $ 116,402   $ (7,897)   $ 9,024

 

The change in the net admitted deferred tax assets was $(7,897), $9,024 and $19,640 for the years ended December 31, 2025, 2024, and 2023, respectively. The change in nonadmitted deferred tax assets of $10,911, $16,675, and $7,304 was included in change in nonadmitted assets in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for the years ended December 31, 2025, 2024, and 2023, respectively.

 

The change in net deferred income taxes as of December 31 is as follows:

  2025 2024 Change
Total gross deferred tax assets   $ 355,720   $ 351,305   $ 4,415
Total deferred tax liabilities   121,481   120,080   1,401
Net deferred tax asset   $ 234,239   $ 231,225   3,014
Tax effect of change in unrealized gains and pension liability           2,904
Change in net deferred income tax           $ 5,918

 

  2024 2023 Change
Total gross deferred tax assets   $ 351,305   $ 319,681   $ 31,624
Total deferred tax liabilities   120,080   114,155   5,925
Net deferred tax asset   $ 231,225   $ 205,526   25,699
Tax effect of change in unrealized gains and pension liability           3,360
Change in net deferred income tax           $ 29,059

 

  2023 2022 Change
Total gross deferred tax assets   $ 319,681   $ 273,463   $ 46,218
Total deferred tax liabilities   114,155   94,881   19,274
Net deferred tax asset   $ 205,526   $ 178,582   26,944
Tax effect of change in unrealized gains and pension liability           35,349
Adjustment to prior year deferred income tax           2,923
Change in net deferred income tax           $ 65,216

 

 

 35 
 

NOTE 4 - INCOME TAXES, (continued)


The provision for federal income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference as of December 31, 2025, 2024, and 2023 were as follows:

  2025 2024 2023
Net gain (loss) from operations before income taxes $ 179,670 $ (94,449) $ 72,505
Net realized capital gains before income taxes 52,552 57,385 38,289
Deferred reinsurance loss, net (4,947) (4,266) (3,954)
Total pre-tax statutory income (loss) 227,275 (41,330) 106,840
Change in nonadmitted assets (25,161) (24,475) (43,079)
IMR amortization (7,932) (7,780) (9,711)
Tax-exempt income (24,174) (25,301) (22,687)
Adjustment to prior year deferreds (270) (1,217) 3,083
Dissolution of subsidiary — — (92,822)
Non-deductible expense 4,085 4,251 4,884
Other 1,344 (1,117) (408)
Subtotal 175,167 (96,969) (53,900)
Statutory tax rate 0.21 0.21 0.21
Subtotal 36,785 (20,364) (11,319)
Adjustment to prior year deferred income tax — — (2,923)
Tax credits (14,681) (12,896) (11,819)
Total statutory income taxes $ 22,104 $ (33,260) $ (26,061)
       
Federal and foreign income tax incurred/(recovered) $ 28,022 $ (4,201) $ 39,155
Change in deferred income tax (5,918) (29,059) (65,216)
Total statutory income taxes $ 22,104 $ (33,260) $ (26,061)

 

The Company has no foreign tax credit carryovers to subsequent years.

 

At December 31, 2025, the Company has tax carryovers to subsequent years as follows:

Year of Origination   Amount Year of Expiration
2016 Net Operating Loss $ 907 2036

 

The amount of federal income tax which is available for recoupment in the event of future capital losses is $11,983, $9,928, and $14,604, for the tax years 2025, 2024, and 2023, respectively. There were no deposits admitted under IRC Section 6033.

 

The Company joins in a consolidated federal income tax return filed by AMHC with AHC, AIP and Ameritas-NY.

 

The Company has no tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

 

The Inflation Reduction Act was enacted on August 16, 2022, and included a new corporate alternative minimum tax (CAMT) which is effective for tax years beginning after 2022. The Company is a nonapplicable reporting entity that does not reasonably expect to be an applicable corporation subject to CAMT as a member of a tax-controlled group of corporations in 2025 and 2024.

 

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted into law. Connected to OBBBA, the Company is immediately expensing domestic research and development costs in 2025 that have been previously capitalized. The other provisions of OBBBA are not material to the Company.

 

 36 
 

NOTE 5 - INFORMATION CONCERNING PARENT, SUBSIDIARIES, AFFILIATES AND RELATED PARTIES

 

The Company loaned $3,000 to Ameritas Advisory Services, LLC on December 5, 2023 under a promissory note due on or before December 1, 2024. The promissory note was repaid in full on June 28, 2024.

 

The Company loaned $2,000 to Ameritas Investment Company, LLC on April 3, 2023 under a promissory note due on or before April 1, 2024. The promissory note was repaid in full on March 21, 2024.

 

AAS and AIC each established a $10,000 unsecured line of credit with the Company expiring March 31, 2026. There were no balances outstanding at any time during 2025.

 

The Company received capital contributions in the amount of $40,000 and $25,000 from AHC on June 23, 2025 and December 3, 2025, respectively.

 

Ameritas-NY and AHC each established a $50,000 unsecured line of credit with the Company. There were no balances outstanding at any time during 2025, 2024, and 2023. The unsecured lines of credit with Ameritas-NY and AHC provide for automatic annual renewal on May 1, and January 1, respectively, unless terminated by either party.

 

The Company established a $50,000 unsecured line of credit with AHC under an agreement that provides for automatic renewal on January 1 unless terminated by either either party. There were no balances outstanding at any time during 2025 or 2024.

 

The Company's variable life and annuity products are distributed through AIC. Policies placed by this affiliate generated commission and general insurance expense of $21,085, $20,984, and $21,305, for the years ended December 31, 2025, 2024, and 2023, respectively.

 

The Company had amounts due to and from various affiliates at December 31, 2025 and 2024 which were recorded in other admitted assets and other liabilities in the Balance Sheets-Statutory Basis. The balances are settled monthly on a net basis. Additionally, the Company provides, as well as receives, technical, financial, legal and marketing support, and investment advisory services from certain affiliates under administrative service and cost-sharing agreement which were recorded in general insurance expenses in the Summary of Operations-Statutory Basis. Both the individual and combined amounts recorded under these agreements were not material for the years ended December 31, 2025, 2024, and 2023.

 

NOTE 6 - EMPLOYEE BENEFITS

 

The Company has deferred compensation plans covering the Board of Directors, certain management employees and agents. The Company's method of accounting for these plans is the accrual method and the assets for some of these deferred compensation plans are held in a Rabbi Trust.

 

The Company has unfunded, non-qualified pension plans (the NQ Plans) where the Company makes payments under certain voluntary arrangements for retirement benefits, which are not provided for under the AHC sponsored defined benefit pension plan. The measurement date for the Company’s NQ Plans was December 31. A summary of the obligations and assumptions are as follows:

  Underfunded Pension Benefits
  2025 2024 2023
Benefit obligation at beginning of year $ 29,240 $ 31,776 $ 34,365
Interest cost 1,511 1,560 1,763
Actuarial loss (996) (372) (84)
Benefits paid (3,649) (3,724) (4,268)
Benefit obligation at end of year $ 26,106 $ 29,240 $ 31,776
 37 
 

NOTE 6 - EMPLOYEE BENEFITS, (continued)

 

  Pension Benefits
  2025 2024 2023
Reporting entity contribution   3,649 3,724 4,268
Benefits paid   (3,649) (3,724) (4,268)
Fair value of plan assets at end of year   $ — $ — $ —

 

    Pension Benefits
    2025 2024 2023
Components:      
  Accrued benefit costs $ 27,563 $ 31,465 $ 34,049
  Liability (asset) for pension benefits (1,457) (2,225) (2,273)
Assets and liabilities recognized:      
  Liabilities recognized 26,106 29,240 31,776
Unrecognized liabilities (assets) (1,457) (2,225) (2,273)

 

The components of net periodic benefit cost are as follows:

  Pension Benefits
  2025 2024 2023
Interest cost 1,511 1,560 1,763
Amount of recognized gains (1,764) (420) (399)
Total net periodic benefit cost $ (253) $ 1,140 $ 1,364

 

Amounts in unassigned funds (surplus) recognized as components of net periodic benefit cost:

      Pension Benefits
      2025 2024 2023
Items not yet recognized as a component of net periodic cost - prior year $ (2,225) $ (2,273) $ (2,588)
Net loss arising during the period (996) (372) (84)
Net gain recognized 1,764 420 399
Items not yet recognized as a component of net      
  periodic cost - current year $ (1,457) $ (2,225) $ (2,273)


The weighted-average discount rate assumptions at December 31 are as follows:

      Pension Benefits
      2025 2024 2023
Net periodic benefit cost 5.28% 5.43% 3.08%
Projected benefit obligation 5.44% 5.28% 5.43%

 

Future expected pension benefit payments are as follows:

Year   Amount
2026   $ 3,472
2027   3,347
2028   3,221
2029   3,097
2030   2,972
2031-2035   11,886

 

 38 
 

NOTE 6 - EMPLOYEE BENEFITS, (continued)

 

The accumulated pension benefit obligation for the NQ plans is as follows:

    December 31
    2025 2024
Accumulated benefit obligation $ 26,106 $ 29,239
Projected benefit obligation (PBO) $ 26,106 $ 29,239
Funded status (PBO - Plan assets) $ 26,106 $ 29,239
       
Unrecognized items:    
  Unrecognized gains, net of tax $ (1,151) $ (1,758)
Total unrecognized items, net of tax $ (1,151) $ (1,758)

 

The Company participates in the Ameritas Pension Plan (the Plan), of which AHC is the plan sponsor. Plan assets are held in separate accounts of the Company. The Company participates in a postretirement benefit plan sponsored by AHC. The expenses recognized by the Company for the Plan and the postretirement benefit plan were not material for 2025, 2024, or 2023.

 

The Company's employees and agents participate in defined contribution plans sponsored by AHC that cover substantially all full-time employees and agents. In addition, certain of the Company’s employees participate in an unfunded, non-qualified defined contribution plan sponsored by AHC. Company matching contributions under the defined contribution plans range from 0.5% to 3.0% of the participant’s compensation. In addition, for eligible employees, the Company makes a contribution of 6.0% of the participant's compensation for those employees hired prior to January 1, 2006 and 5.0% of the participant's compensation for those hired after January 1, 2006. Contributions by the Company to the employee and agents defined contribution plans were $18,857, $19,027, and $18,281 in 2025, 2024, and 2023, respectively.

 

 

NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS

 

The Company is subject to regulation by the Department, which restricts the advancement of funds to parent and affiliated companies as well as the amount of dividends that may be paid without prior approval. Dividend payments to the stockholder by the Company, when aggregated with all other dividends in the preceding 12 months, cannot exceed the greater of 10% of surplus as of the preceding year-end or the statutory net gain from operations for the previous calendar year, without prior approval from the Department. Based on this limitation, the Company would be able to pay $216,574 in dividends in 2026, without prior approval. The Company did not pay ordinary dividends to AHC, its parent, in 2025, 2024, or 2023.

 

Unassigned surplus represents the undistributed and unappropriated amount of surplus at the statement date. The cumulative effect related to the portion of unassigned surplus represented or reduced by each of the following items as of December 31:

  2025 2024 2023
Unrealized capital gains, net of taxes $ 134,593 $ 110,958 $ 87,325
Nonadmitted asset values (308,755) (272,682) (231,533)
Asset valuation reserve (325,047) (354,449) (336,910)

 

 

 39 
 

NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS, (continued)

 

On November 1, 1996, the Company issued $50,000 of 8.20% Surplus Notes (Notes). The Notes mature on November 1, 2026 and may not be redeemed prior to maturity. The Notes are unsecured and subordinated to all present and future policy claims, prior claims and senior indebtedness. These Notes were underwritten by Merrill Lynch & Co. with the trustee as Bank of New York. Subject to prior written approval of the Department, these Notes will pay interest semi-annually on May 1 and November 1. In accordance with Department regulations, interest cannot be accrued or paid until written approval has been received. Interest of $4,100 was paid in 2025, 2024, and 2023 and included as reduction to net investment income on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The carrying amount of the Notes was $49,993 and $49,984 at December 31, 2025 and 2024, respectively. There is no unapproved interest and principal. The life-to-date interest expense recognized on the Notes as of December 31, 2025 is $118,866. There has been no principal paid during the life of the Notes as of December 31, 2025. The interest offset percentage is 100%. The Notes holder, the asset issuer and the liquidity source are not related parties. The Notes are not contractually linked and the Notes payments are not subject to administrative offsetting provisions. Cash received upon issuance was not used to purchase an asset directly from the holder of the surplus note.

 

NOTE 8 - COMMITMENTS AND CONTINGENCIES

 

At December 31, 2025, the Company had outstanding agreements to fund mortgages totaling $126,459. In addition at December 31, 2025, the Company has committed to invest $362,332 in equity-type limited partnerships and $168,672 in bonds in subsequent years. These transactions are in the normal course of operations and are not reflected in the accompanying statutory basis financial statements. The Company’s exposure to credit loss is represented by the contractual notional amount of these instruments. The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance sheet instruments.

 

Guaranty Funds Assessments

As a condition of doing business, all states and jurisdictions have adopted laws requiring membership in life and health guaranty funds. Member companies are subject to assessments each year based on life, health or annuity premiums collected in the state. In some states these assessments may be applied against premium taxes. For 2025, 2024, and 2023, the charge to operations related to these assessments was not material. The estimated liability for future guaranty fund assessments of $3,001 and $4,989 at December 31, 2025 and 2024, respectively, was based on data provided by the National Organization of Life & Health Guaranty Associations and is included in other liabilities in the Balance Sheets - Statutory Basis. At December 31, 2025 and 2024, the Company had a related receivable of $2,701 and $4,332, respectively, for amounts recoverable against premium taxes which is included in other admitted assets in the Balance Sheets - Statutory Basis. The periods over which the guaranty funds assessments are expected to be paid are unknown at this time. Premium tax offsets are realized over the period allowed by each state once the guaranty fund assessment has been paid.


Reconciliation of assets recognized from paid and accrued premium tax offsets and policy surcharges which are included in other admitted assets on the Balance Sheets – Statutory Basis as of December 31, 2025 and 2024 are as follows:

  2025 2024
Assets recognized from paid and accrued premium tax offsets and policy surcharges as of prior year end $ 8,842 $ 4,844
Decreases during the year    
Premium tax offset applied (1,138) (397)
Charge off of estimated premium tax offset (1,630) —
  (2,768) (397)
Increases during the year    
Estimated premium tax offset — 818
Assessments paid 428 3,577
  428 4,395
Assets recognized from paid and accrued premium tax offsets and policy surcharges as of current year end $ 6,502 $ 8,842

 

 

 40 
 

NOTE 8 - COMMITMENTS AND CONTINGENCIES, (continued)


The Company recognizes liabilities, contingencies and assessments for long-term care insolvencies related guaranty funds liabilities and assets related to the Penn Treaty/ANIC insolvency. As of December 31, 2025, the undiscounted and discounted guaranty fund assessments were $6,877 and $2,598, and the related undiscounted and discounted assets were $5,244 and $2,032. As of December 31, 2024, the undiscounted and discounted guaranty fund assessments were $6,961 and $2,682, and the related undiscounted and discounted assets were $5,076 and $2,033.

Litigation and Regulatory Examination

From time to time, the Company is subject to litigation and regulatory examination in the normal course of business. Management does not believe that the Company is party to any such pending litigation or examination which would have a material adverse effect on its financial condition or results of its operations. There were no claims (per claim or claimant) where amounts paid to settle were related to extra contractual obligations or bad faith claims resulting from lawsuits during 2025 and 2024.

 

Uncollectibility of Assets

The Company had admitted assets of $16,431 and $14,406 at December 31, 2025 and 2024, respectively, in accounts receivable for uninsured plans included in other admitted assets on the Balance Sheets – Statutory Basis. The Company routinely assesses the collectibility of these receivables. Based upon Company experience, less than 1% of the balance may become uncollectible and the potential loss is not material to the Company’s financial condition.

 

NOTE 9 – GAIN OR LOSS TO THE REPORTING ENTITY FROM UNINSURED ACCIDENT AND HEALTH PLANS

 

ASC Plans

The gain (loss) from operations from administrative services contract (ASC) uninsured plans which is reported within general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis is as follows for the years ended December 31:

  2025 2024 2023
Gross reimbursement for medical cost incurred $ 249,726 $ 227,572 $ 212,227
Other income or expenses (including interest paid to or received from plans) 25,358 23,732 24,431
Gross expenses incurred (claims and administrative) 275,084 251,304 236,658
       
Net gain (loss) from operations $ 1,827 $ 1,249 $ (106)

 

NOTE 10 - MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS

 

The Company has a third-party administrator, for which direct premiums written exceed 5% of total capital and surplus. The third party administers ordinary life and individual annuity business and does not have an exclusive contract. The third party has been granted the authority for policy administration, claims payment, claims adjustment, reinsurance ceding, binding authority and premium collection. The total amount of direct premiums administered was $203,739, $552,348, and $342,707 for the years ended December 31, 2025, 2024, and 2023, respectively. Another third-party administrator, which administered group accident and health business, does not have an exclusive contract, and has been granted the authority for binding authority and premium collection. Direct premiums administered were $126,718, $119,830, and $115,530 for the years ended December 31, 2025, 2024, and 2023, respectively. The Company had various other third party administrators and managing general agents during these periods, however their direct premiums written did not exceed 5% of total capital and surplus. The total amount of direct premiums administered by third-party administrators was $492,298, $830,868, and $613,333 for the years ended December 31, 2025, 2024, and 2023, respectively.

 

NOTE 11 - OTHER ITEMS

 

Securities on Deposit

Included in the Company's deposits with government agencies are bonds with a book/adjusted carrying value of $111,292 and $127,093 and cash of $1,899 and $9,919 at December 31, 2025 and 2024, respectively, in a Regulation 109 deposit account with the State of New York as a result of its delicensure in the state as of September 30, 2013.

 41 
 

 

NOTE 12 - SUBSEQUENT EVENTS

 

The Company has evaluated events subsequent to December 31, 2025 and through March 30, 2026, the date the financial statements were available to be issued.

 

NOTE 13 - REINSURANCE

 

In the ordinary course of business, the Company assumes and cedes reinsurance with other insurers and reinsurers. These arrangements provide greater diversification of business and limit the maximum net loss potential on large or hazardous risks. These reinsured risks are treated in the financial statements as risks for which the Company is not liable. Accordingly, policy liabilities and accruals, including incurred but not reported claims, are reported in the financial statements net of reinsurance assumed and ceded. A contingent liability exists with respect to the amount of such reinsurance in the event that the reinsuring companies are unable to meet their obligations. Reinsurance of risk does not discharge the primary liability of the Company, the Company remains contingently liable with respect to any reinsurance ceded, and this contingency would become an actual liability in the event that the assuming company becomes unable to meet its obligation under the reinsurance treaty.

 

The Company recaptured previously ceded business related to a reinsurer under an order of rehabilitation, due to a liquidation order effective September 30, 2023. The impacts from the liquidation order resulted in the recording of a $5,054 and $5,302 recoverable at December 31, 2025 and 2024, respectively, as an estimate of settlement from the reinsurer's estate. This recoverable consists of paid claims and waived and unearned premiums.

 

On December 31, 2025, the Company amended certain reinsurance agreements under which all previously ceded business was recaptured in exchange for a one-time recapture payment of $9,091. As a result of the recapture payment, $6,543 of ceded commission and $2,548 of ceded renewal premium was recorded in Commissions and expense allowances on reinsurance ceded and Premium income, respectively, in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

 

The Company conducts reinsurance business with Ameritas-NY and other non-affiliated companies. No policies issued by the Company have been reinsured with a foreign company.

 


The reinsurance premiums, net are included in the premium income, net in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Reinsurance premium transactions with affiliated and non-affiliated companies are summarized as follows:

  Years Ended December 31
  2025 2024 2023
Assumed $ 101,473 $ 96,572 $ 108,381
Ceded (317,665) (296,232) (286,288)
Reinsurance premiums, net $ (216,192) $ (199,660) $ (177,907)

 

The Company did not have any affiliated transactions through reinsurance operations for premium income, commission expense allowances, benefits to policyholders and reserves for life, accident and health policies that were more than half of 1% of the Company's admitted assets for the years ended December 31, 2025, 2024, and 2023.

 


Effective October 1, 2019, the Company entered into a combination coinsurance/quota share funds withheld reinsurance agreement of an individual indexed annuity block and guaranteed living withdrawal benefit riders on an individual indexed annuity block with a third party. This agreement covers policies sold through June 30, 2024.  Amortization of $4,947 and $4,266, which is based on the growth of the funds withheld liability, was recorded in change in surplus as a result of reinsurance, net of taxes, in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis at December 31, 2025 and 2024, respectively. Effective December 1, 2024 the Company entered into a quota share funds withheld reinsurance agreement of an individual indexed annuity block and guaranteed living withdrawal benefit riders on an individual indexed annuity block with an additional third party. This agreement included policies sold on or after July 1, 2024.

 42 
 

NOTE 13 - REINSURANCE, (continued)


The Company entered into two coinsurance agreements of participating life blocks with a third party (Coinsurance Treaties) effective on December 1, 2015. As of December 31, 2025 and 2024, invested assets of $883,591 and $896,696, respectively, were held in trust to support the obligations reinsured under the Coinsurance Treaties. The amounts held in trust are to be used solely to fund obligations incurred under the Coinsurance Treaties and represent 2.9% and 3.1% of the Company’s admitted assets at December 31, 2025 and 2024, respectively.

 

No reinsurance contracts with risk-limiting features were identified for disclosure in any year.

 

NOTE 14 - CHANGES IN UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSES

 

The change in the liability for unpaid accident and health claims and claim adjustment expenses, which is reported in reserves for unpaid claims and reserves for life, accident and health policies in the Balance Sheets – Statutory Basis, is summarized as follows:

  2025 2024 2023
Total reserve for unpaid claims at January 1 $ 387,210 $ 373,034 $ 356,953
Less reinsurance assumed (14,918) (16,234) (16,244)
Plus reinsurance ceded 216,426 202,128 192,807
Direct balance 588,718 558,928 533,516
       
Incurred related to:      
Current year 973,098 920,602 831,876
Prior year (21,568) (3,346) (4,967)
Total incurred 951,530 917,256 826,909
       
Paid related to:      
Current year 804,431 782,116 699,500
Prior year 106,995 105,350 101,997
Total paid 911,426 887,466 801,497
       
Direct balance 628,822 588,718 558,928
Plus reinsurance assumed 14,806 14,918 16,234
Less reinsurance ceded (229,424) (216,426) (202,128)
Total reserve for unpaid claims at December 31 $ 414,204 $ 387,210 $ 373,034

 

As a result of favorable settlement of prior years’ estimated claims, the provision for claims and claim adjustment expenses decreased by $21,568, $3,346, and $4,967 for the years ended December 31, 2025, 2024, and 2023, respectively. During 2025, incurred claims were negative for prior year primarily due to favorable claim runout for both group dental and disability products. During 2024 and 2023, incurred claims were negative for prior year primarily due to favorable claim runout for group dental products partially offset by unfavorable claim runout for disability products. There were no significant changes in methodologies and assumptions used in calculating the liability for unpaid losses and loss adjustment expenses for the year ended December 31, 2025.

 
The Company paid and incurred assumed and ceded reinsurance claims as follows:

  2025 2024 2023
Paid assumed reinsurance claims $ 79,391 $ 79,533 $ 80,811
Incurred assumed reinsurance claims $ 79,279 $ 78,217 $ 80,801
       
Paid ceded reinsurance claims $ 34,533 $ 33,118 $ 31,346
Incurred ceded reinsurance claims $ 47,531 $ 47,416 $ 40,667

 

Anticipated salvage and subrogation are not included in the Company’s determination of the liability for unpaid claims/losses.

 

 43 
 

NOTE 15 - RESERVES FOR LIFE, ACCIDENT AND HEALTH POLICIES

 

The Company waives deduction of deferred fractional premiums due upon death of the insured and returns any portion of the final premium beyond the date of death on traditional business. Surrender values are not provided in excess of legally computed direct reserves.

 

Additional premiums are charged for policies issued on substandard lives according to underwriting classification. Reserves for substandard policies are included in the reserves for life, accident and health policies as reflected on the Balance Sheets – Statutory Basis. The corresponding reserves held on such policies are calculated using the same interest rate as standard policies, but employ mortality rates which are multiples of standard mortality.


As of December 31, 2025 and 2024, respectively, the Company had $1,195,979 and $1,397,738 of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the Department. Reserves to cover the above insurance totaled $22,920 and $23,629 at December 31, 2025 and 2024, respectively.

 

NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS

 

Withdrawal characteristics of annuity reserves and deposit-type funds at December 31 are as follows:

  2025
  General Account Separate Account Non-guaranteed Total % of Total
Individual Annuities:        
Subject to discretionary withdrawal:        
With fair value adjustment $ — $ — $ — — %
At book value less current surrender        
charge of 5% or more 3,341,312 — 3,341,312 39.6 %
At fair value — 2,193,442 2,193,442 26.0 %
Total with adjustment or at fair value 3,341,312 2,193,442 5,534,754 65.6 %
At book value without adjustment        
(minimal or no charge) 1,940,442 — 1,940,442 23.0 %
Not subject to discretionary withdrawal 955,516 — 955,516 11.4 %
Total gross 6,237,270 2,193,442 8,430,712 100.0 %
Reinsurance ceded 647,942 — 647,942  
Total individual annuity reserves $ 5,589,328 $ 2,193,442 $ 7,782,770  
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: $ 475,872 $ — $ 475,872  

 

 

 

 44 
 

NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)

 

  2025
  General Account Separate Account Non-guaranteed Total % of Total
Group Annuities:        
Subject to discretionary withdrawal:        
With fair value adjustment $ 1,051,627 $ — $ 1,051,627 12.3 %
At book value less current surrender        
charge of 5% or more — — — — %
At fair value — 7,406,276 7,406,276 86.4 %
Total with adjustment or at fair value 1,051,627 7,406,276 8,457,903 98.7 %
At book value without adjustment        
(minimal or no charge) 90,536 — 90,536 1.1 %
Not subject to discretionary withdrawal 26,873 — 26,873 0.2 %
Total gross 1,169,036 7,406,276 8,575,312 100.0 %
Reinsurance ceded 8,914 — 8,914  
Total group annuity reserves $ 1,160,122 $ 7,406,276 $ 8,566,398  
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: $ — $ — $ —  

 

Deposit-type Funds (no life contingencies):        
Subject to discretionary withdrawal:        
With fair value adjustment $ 280,175 $ — $ 280,175 15.7 %
At book value less current surrender        
charge of 5% or more — — — — %
At fair value — 379,872 379,872 21.2 %
Total with adjustment or at fair value 280,175 379,872 660,047 36.9 %
At book value without adjustment        
(minimal or no charge) 402,050 — 402,050 22.5 %
Not subject to discretionary withdrawal 727,645 — 727,645 40.6 %
Total gross 1,409,870 379,872 1,789,742 100.0 %
Reinsurance ceded 330 — 330  
Total deposit-type funds $ 1,409,540 $ 379,872 $ 1,789,412  
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: $ — $ — $ —  
Total annuity reserves and deposit-type funds $ 8,158,990 $ 9,979,590 $ 18,138,580  
 45 
 

NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)



  2024
  General Account Separate Account Non-guaranteed Total % of Total
Individual Annuities:        
Subject to discretionary withdrawal:        
With fair value adjustment $ — $ — $ — — %
At book value less current surrender        
charge of 5% or more 3,192,063 — 3,192,063 39.0 %
At fair value — 2,207,123 2,207,123 27.0 %
Total with adjustment or at fair value 3,192,063 2,207,123 5,399,186 66.0 %
At book value without adjustment        
(minimal or no charge) 1,877,039 — 1,877,039 22.9 %
Not subject to discretionary withdrawal 910,189 — 910,189 11.1 %
Total gross 5,979,291 2,207,123 8,186,414 100.0 %
Reinsurance ceded 651,627 — 651,627  
Total individual annuity reserves $ 5,327,664 $ 2,207,123 $ 7,534,787  
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: $ 327,756 $ — $ 327,756  

 

Group Annuities:        
Subject to discretionary withdrawal:        
With fair value adjustment $ 889,681 $ — $ 889,681 11.1 %
At book value less current surrender        
charge of 5% or more — — — — %
At fair value — 6,963,887 6,963,887 87.2 %
Total with adjustment or at fair value 889,681 6,963,887 7,853,568 98.3 %
At book value without adjustment        
(minimal or no charge) 101,597 — 101,597 1.3 %
Not subject to discretionary withdrawal 29,604 — 29,604 0.4 %
Total gross 1,020,882 6,963,887 7,984,769 100.0 %
Reinsurance ceded 9,761 — 9,761  
Total group annuity reserves $ 1,011,121 $ 6,963,887 $ 7,975,008  
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: $ — $ — $ —  
 46 
 

NOTE 16 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued) 

 

  2024
  General Account Separate Account Non-guaranteed Total % of Total
Deposit-type Funds (no life contingencies):        
Subject to discretionary withdrawal:        
With fair value adjustment $ 262,230 $ — $ 262,230 16.6 %
At book value less current surrender        
charge of 5% or more — — — — %
At fair value — 384,837 384,837 24.4 %
Total with adjustment or at fair value 262,230 384,837 647,067 41.0 %
At book value without adjustment        
(minimal or no charge) 207,286 — 207,286 13.1 %
Not subject to discretionary withdrawal 723,769 — 723,769 45.9 %
Total gross 1,193,285 384,837 1,578,122 100.0 %
Reinsurance ceded 397 — 397  
Total deposit-type funds $ 1,192,888 $ 384,837 $ 1,577,725  
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date: $ — $ — $ —  
Total annuity reserves and deposit-type funds $ 7,531,673 $ 9,555,847 $ 17,087,520  


The following information is obtained from the applicable Exhibit in the Company’s December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile annuity reserves and deposit-type funds to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

  2025 2024
Life and Accident and Health Annual Statement:    
Exhibit 5, Annuities Section, Total (net) $ 6,726,378 $ 6,316,848
Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net) 23,072 21,937
Exhibit 7, Deposit-Type Contracts, Line 14, Column 1 1,409,540 1,192,888
Subtotal 8,158,990 7,531,673
Separate Accounts Annual Statement:    
Exhibit 3, Line 0299999, Column 2 9,599,718 9,171,010
Exhibit 4, Line 9, Column 1 379,872 384,837
Subtotal 9,979,590 9,555,847
Total $ 18,138,580 $ 17,087,520



 

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NOTE 17 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS

 

Withdrawal characteristics of life insurance account value, cash value and reserves as of December 31 are as follows:

    2025
    General Account Separate Account Nonguaranteed
    Account Value Cash Value Reserve Account Value Cash Value Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:            
  Universal life $ 956,382 $ 907,899 $ 966,310 $ — $ — $ —
  Universal life with secondary guarantees 740,644 617,760 1,305,496 — — —
  Indexed universal life 12,169 11,437 12,219 — — —
  Indexed universal life with secondary guarantees 1,731,188 1,337,261 1,573,945 — — —
  Other permanent cash value life insurance — 1,770,849 3,002,306 — — —
  Variable universal life 140,280 1,352,935 151,486 1,302,916 — 1,299,133
Not subject to discretionary withdrawal or no cash values:            
  Term policies without cash value XXX XXX 492,688 XXX XXX —
  Accidental death benefits XXX XXX 351 XXX XXX —
  Disability - active lives XXX XXX 20,163 XXX XXX —
  Disability - disabled lives XXX XXX 22,030 XXX XXX —
  Miscellaneous reserves XXX XXX 85,545 XXX XXX —
Total gross 3,580,663 5,998,141 7,632,539 1,302,916 — 1,299,133
Reinsurance ceded — — 557,870 — — —
Total life reserves $ 3,580,663 $ 5,998,141 $ 7,074,669 $ 1,302,916 $ — $ 1,299,133

 

    2024
    General Account Separate Account Nonguaranteed
    Account Value Cash Value Reserve Account Value Cash Value Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:            
  Universal life $ 996,993 $ 946,535 $ 1,006,328 $ — $ — $ —
  Universal life with secondary guarantees 743,684 614,536 1,286,146 — — —
  Indexed universal life 13,832 12,471 13,959 — — —
  Indexed universal life with secondary guarantees 1,500,201 1,150,310 1,424,274 — — —
  Other permanent cash value life insurance — 1,733,973 2,910,875 — — —
  Variable universal life 135,447 1,244,884 146,615 1,193,954 — 1,189,416
Not subject to discretionary withdrawal or no cash values:            
  Term policies without cash value XXX XXX 500,944 XXX XXX —
  Accidental death benefits XXX XXX 344 XXX XXX —
  Disability - active lives XXX XXX 22,278 XXX XXX —
  Disability - disabled lives XXX XXX 22,232 XXX XXX —
  Miscellaneous reserves XXX XXX 76,958 XXX XXX —
Total gross 3,390,157 5,702,709 7,410,953 1,193,954 — 1,189,416
Reinsurance ceded — — 576,609 — — —
Total life reserves $ 3,390,157 $ 5,702,709 $ 6,834,344 $ 1,193,954 $ — $ 1,189,416



 48 
 

NOTE 17 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS, (continued)


The following information is obtained from the applicable Exhibit in the Company’s December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile life reserves to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

  2025 2024
Life and Accident and Health Annual Statement:    
Exhibit 5, Life Insurance Section, Total (net) $ 6,965,126 $ 6,733,319
Exhibit 5, Accidental Death Benefits Section, Total (net) 331 322
Exhibit 5, Disability - Active Lives Section, Total (net) 9,206 9,761
Exhibit 5, Disability - Disabled Lives Section, Total (net) 15,371 15,086
Exhibit 5, Miscellaneous Reserves Section, Total (net) 84,635 75,856
Subtotal 7,074,669 6,834,344
Separate Accounts Annual Statement:    
Exhibit 3, Line 0199999, Column 2 1,299,133 1,189,416
Subtotal 1,299,133 1,189,416
Total $ 8,373,802 $ 8,023,760

 

NOTE 18 - PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED

 

Deferred and uncollected life insurance premiums and annuity considerations as of December 31 are as follows:

  2025 2024
Type Gross Net of Loading Gross Net of Loading
Ordinary new business $ 5,657 $ (857) $ 5,047 $ (462)
Ordinary renewal $ 47,448 $ 50,409 $ 45,995 $ 52,586
Total $ 53,105 $ 49,552 $ 51,042 $ 52,124

 

NOTE 19 - SEPARATE ACCOUNTS

 

The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business and/or transactions. As of December 31, 2025, the Company reported assets and liabilities from variable universal life, variable annuities, funding agreements and group annuities product lines in a separate account. In accordance with the products/transactions recorded within the separate account, assets are considered legally separated or legally insulated from the general account. As of December 31, 2025 and 2024, the Company’s Separate Accounts included legally insulated assets of $11,287,354 and $10,756,291, respectively. The assets of the separate account are carried at NAV.

 

Separate accounts held by the Company offer no investment experience guarantees and relate to individual variable life and annuity policies, group annuity contracts and group funding agreements of a nonguaranteed return nature, as approved by the state of domicile pursuant to the Company’s certificate of authority. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative.

 

Variable life and annuities provide an incidental death benefit of the greater of account value or premium paid. The Company offers a policy with a step up minimum guaranteed death benefit option and a guaranteed lifetime withdrawal benefit. The minimum guaranteed death benefit reserve and the guaranteed lifetime withdrawal benefit reserve is held in reserves for life, accident and health policies line of the Balance Sheets – Statutory Basis.

 

The Company does not engage in securities lending transactions within the separate account.

 49 
 

NOTE 19 - SEPARATE ACCOUNTS, (continued)


Information regarding the nonguaranteed separate accounts of the Company is as follows:

  2025 2024 2023
For the year ended December 31:      
Premiums, considerations or deposits $ 870,039 $ 912,398 $ 992,717
At December 31:      
Reserves by valuation basis      
For accounts with assets at:      
Fair value $ 11,278,756 $ 10,745,264  
       
Reserves subject to discretionary withdrawal:      
At fair value $ 11,278,756 $ 10,745,264  
Total included in Separate account liabilities in the      
Balance Sheets – Statutory Basis $ 11,278,756 $ 10,745,264  

 

Following is a reconciliation of net transfers to (from) separate accounts at December 31:

  2025 2024 2023
Transfers as reported in the Statements of Income and      
Changes in Surplus of the Separate Accounts Statement:      
Transfers to the separate accounts $ 840,697 $ 879,909 $ 957,081
Transfers from the separate accounts (1,751,806) (1,831,259) (1,444,282)
Net transfers from the separate accounts in the Summary of Operations and      
Changes in Capital and Surplus – Statutory Basis of the Company $ (911,109) $ (951,350) $ (487,201)

 

 

 

 50