Delaware Life Variable Account F

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Delaware Life Insurance Company and Contract Owners of Delaware Life Variable Account F - Regatta:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the sub-accounts listed in the Appendix that comprise Delaware Life Variable Account F - Regatta (the Sub-Accounts), as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Sub-Accounts as of December 31, 2025, the results of their operations for the year then ended, and the changes in their net assets for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agents of the underlying mutual funds; when replies were not received from the transfer agents, we performed other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more Delaware Life Insurance Company separate account investment companies since 2021.

Boston, Massachusetts

April 23, 2026

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Appendix

Unless noted otherwise, statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and statements of changes in net assets for each of the years in the two-year period then ended.

AB VPS Balanced Hedged Allocation Portfolio (Class B) Sub-Account (AL1)

AB VPS Dynamic Asset Allocation Portfolio Class B Sub-Account (AO5)

AB VPS Relative Value Portfolio Class B Sub-Account (A71)

AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) (1)

AB VPS International Value Portfolio (Class B) Sub-Account (A98)

AB VPS Large Cap Growth (Class B) Sub-Account (AC4)

AB VPS Small Cap Growth Portfolio Class B Sub-Account (A19)

AB VPS Discovery Value Portfolio (Class B) Sub-Account (A74)

American Funds Growth Fund - Class 4 Sub-Account (AP0)

American Funds Growth-Income Fund - Class 4 Sub-Account (AQ1)

American Funds International Fund - Class 4 Sub-Account (AQ2)

American Funds IS Asset Allocation - Class 4 Sub-Account (AS3)

American Funds IS Global Growth - Class 4 Sub-Account (AS6)

American Funds New World Fund - Class 4 Sub-Account (AQ3)

AFIS-American Funds Global Balanced Fund Class 4 Sub-Account (AX1)

BlackRock 60/40 Target Allocation ETF VI Fund Class III Sub-Account (B21)

BlackRock Capital Appreciation V.I. Fund Class III Sub-Account (B19)

BlackRock Equity Dividend V.I. Fund Class III Sub-Account (B20)

BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18)

BlackRock Large Cap Growth Equity V.I. Fund Class III Sub Account (B22)

BlackRock Total Return V.I.Fund Class III Sub-Account (B23)

ClearBridge Variable Mid Cap Portfolio - Class II Sub-Account (L33)

ClearBridge Variable Appreciation Portfolio Class II Sub-Account (L34)

ClearBridge Variable Dividend Strategy Portfolio Class II Sub-Account (L35)

Columbia Variable Portfolio - Small Cap Value Fund Class 2 Sub-Account (C71)

Columbia Variable Portfolio - Large Cap Growth Fund Class 1 Sub-Account (C59)

- 2 -

Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)

CTIVP – Principal Large Cap Growth Fund Class 1 Sub-Account (C89) (2)

CTIVP – Principal Large Cap Growth Fund Class 2 Sub-Account (C90) (3)

Columbia Variable Portfolio - Overseas Core Fund Class 2 Sub-Account (C58)

Columbia Variable Portfolio Select Large Cap Value- Class 2 Sub-Account (C91)

Columbia VP Balanced Fund Class 2 Sub-Account (C92)

Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7)

Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)

Fidelity VIP Freedom 2010 Portfolio (Service Class 2) Sub-Account (F88)

Fidelity VIP Freedom 2015 Portfolio (Service Class 2) Sub-Account (FB9)

Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15)

Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41)

First Eagle Overseas Variable Fund Sub-Account (FE3)

First Trust Capital Strength VIT Portfolio Class I Sub-Account (F17)

First Trust International Developed Capital Strength VIT Portfolio Class I Sub-Account (F18)

First Trust/Dow Jones Div&Inc Alloc Port - Class 1 Sub-Account (F19)

Franklin Multi-Asset Variable Conservative Growth Fund Class II Sub-Account (L36)

Franklin Templeton Developing Markets VIP Fund Class 2 Sub-Account (T21)

Franklin Templeton Developing Markets VIP Fund Class 4 Sub-Account (S23)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)

Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6)

Franklin Templeton Allocation VIP Fund Class 4 Sub-Account (S18)

Franklin Templeton Global Bond VIP Fund Class 4 Sub-Account (T59)

Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)

Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59)

Franklin Templeton Income VIP Fund Class 4 Sub-Account (FF0)

Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)

Franklin Templeton Mutual Shares VIP Fund Class 4 Sub-Account (FG8)

Franklin Templeton Rising Dividends VIP Fund Class 4 Sub-Account (S21)

- 3 -

Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53)

Franklin Templeton Small Cap Value VIP Fund Class 4 Sub-Account (FJ9)

Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28)

Franklin Templeton Strategic Income VIP Fund Class 4 Sub-Account (FJ0)

Goldman Sachs VIT U.S. Equity Insights Fund – Service Class Sub-Account (G03)

Invesco V.I. American Value Fund Series II Sub-Account (V35)

Invesco V.I. Comstock Fund Series II Sub-Account (V13)

Invesco V.I. Core Plus Bond Fund - Series II Sub-Account (AB3)

Invesco V.I. Equity and Income Fund Series II Sub-Account (V11)

Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)

Invesco V.I. Discovery Mid Cap Growth Fund Series II Sub-Account (V17)

Invesco V.I. Diversified Dividend Fund Series II Sub-Account (V19)

Invesco V.I. Equally-Weighted S&P 500 Sub-Account (V20)

Janus Henderson VIT Balanced Portfolio Service Shares Sub-Account (MV1)

Janus Henderson VIT Enterprise Portfolio Service Shares Sub-Account (MV2)

Janus Henderson VIT Global Tech & Innovation Portfolio Service Shares Sub-Account (MV3)

Janus Henderson VIT Mid Cap Value Portfolio Service Shares Sub-Account (MV4)

LVIP JPMorgan Core Bond Fund Service Class Sub-Account (J88)

LVIP JPMorgan U.S. Equity Fund Service Class Sub-Account (J94)

Lazard Retirement Emerging Markets Equity Portfolio Service Class Sub-Account (L11)

Lazard Retirement Global Dynamic Multi Asset Portfolio Sub-Account (L42)

Lord Abbett Series Fund - Bonds-Debenture Portfolio Sub-Account (L16)

Lord Abbett Series Fund - Growth Opportunities Portfolio VC Sub-Account (L18)

Lord Abbett Series Fund- Fundamental Equity Portfolio VC Sub-Account (L17)

Lord Abbett Series Short Duration Income Portfolio VC Sub-Account (L19)

MFS VIT Total Return Series Initial Class Sub-Account (M07)

MFS VIT Total Return Series Service Class Sub-Account (M35)

MFS VIT I Growth Series Initial Class Sub-Account (M31)

MFS VIT I Growth Series Service Class Sub-Account (M80)

- 4 -

MFS VIT I Investors Trust Series - Service Class Sub-Account (M10)

MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)

MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41)

MFS VIT I New Discovery Series Initial Class Sub-Account (M05)

MFS VIT I New Discovery Series Service Class Sub-Account (M42)

MFS VIT I Total Return Bond Series Service Class Sub-Account (M89)

MFS VIT I Research Series Service Class Sub-Account (M82)

MFS VIT I Utilities Series Initial Class Sub-Account (M44)

MFS VIT I Utilities Series Service Class Sub-Account (M40)

MFS VIT I Value Series Initial Class Sub-Account (M83)

MFS VIT I Value Series Service Class Sub-Account (M08)

MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)

MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7)

MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0)

MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0)

MFS VIT II Core Equity Portfolio I Class Sub-Account (MC2)

MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1)

MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account (MC3)

MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1)

MFS VIT II Global Governments Portfolio I Class Sub-Account (MC4)

MFS VIT II Global Governments Portfolio S Class Sub-Account (MC5)

MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6)

MFS VIT II Global Growth Portfolio S Class Sub-Account (MC7)

MFS VIT II Global Research Portfolio I Class Sub-Account (MC8)

MFS VIT II Global Research Portfolio S Class Sub-Account (MC9)

MFS VIT II Global Tactical Allocation Portfolio I Class Sub-Account (MD0)

MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92)

MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)

MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)

- 5 -

MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)

MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)

MFS VIT II International Growth Portfolio I Class Sub-Account (M97)

MFS VIT II International Growth Portfolio S Class Sub-Account (MD5)

MFS VIT II International Intrinsic Value Portfolio Initial Class Sub-Account (M98)

MFS VIT II International Intrinsic Value Portfolio Service Class Sub-Account (M93)

MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)

MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)

MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)

MFS U.S. Government Money Market Portfolio Service Class Sub-Account (MD9)

MFS VIT II Research International Portfolio I Class Sub-Account (ME2)

MFS VIT II Research International Portfolio S Class Sub-Account (ME3)

MFS VIT II Income Portfolio I Class Sub-Account (MA5)

MFS VIT II Income Portfolio S Class Sub-Account (MA7)

MFS VIT II Technology Portfolio I Class Sub-Account (ME4)

MFS VIT II Technology Portfolio S Class Sub-Account (MA2)

MFS VIT III Blended Research Small Cap Equity Portfolio Service Class Sub-Account (MF3)

MFS VIT III Conservative Allocation Portfolio Service Class Sub-Account (MF5)

MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)

MFS VIT III Global Real Estate Portfolio Service Class Sub-Account (MF7)

MFS VIT III Growth Allocation Portfolio Service Class Sub-Account (MF9)

MFS VIT III Inflation Adjusted Bond Portfolio Service Class Sub-Account (MG1)

MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2)

MFS VIT III Limited Maturity Portfolio Service Class Sub-Account (MG2)

MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)

MFS VIT III Mid Cap Value Portfolio Service Class Sub-Account (MG4)

MFS VIT III Moderate Allocation Portfolio Service Class Sub-Account (MG6)

MFS VIT III New Discovery Value Portfolio Service Class Sub-Account (MG7)

Morgan Stanley Variable Insurance Fund, Inc. Global Infrastructure - Class II Sub-Account (U43) (4)

- 6 -

Morgan Stanley Variable Insurance Fund, Inc. Global Strategist Portfolio, Class II Sub-Account (U41)

Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio Class II Sub-Account (V44)

Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43)

Invesco V.I. Discovery Large Cap Fund-Series II Sub- Account (O19) (5)

Invesco V.I. Conservative Balanced Fund, Series II Sub-Account (O23) (6)

Invesco V.I. Global Fund, Series II Sub-Account (O20)

Invesco V.I. Main Street Fund, Series II Sub-Account (O21)

Invesco V.I. Main Street Small Cap Fund, Series II Sub-Account (O04)

PIMCO VIT StocksPLUS Global Portfolio Advisor Class Sub-Account (PH2)

PIMCO VIT All Asset Portfolio Admin Class Sub-Account (P08)

PIMCO VIT All Asset Portfolio Advisor Class Sub-Account (PC0)

PIMCO VIT CommodityRealReturn Strategy Portfolio Advisor Class Sub-Account (P70)

PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10)

PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)

PIMCO VIT Emerging Markets Bond Portfolio Advisor Class Sub-Account (P20)

PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Sub-Account (PM5)

PIMCO VIT Global Managed Asset Allocation Portfolio Advisor Class Sub-Account (PD6)

PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)

PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)

PIMCO VIT Total Return Portfolio - Advisor Class Sub-Account (P68)

Putnam VT Large Cap Value Fund Class IB Sub-Account (P72)

Putnam VT George Putnam Balanced Fun - Class IB Sub-Account (P88)

Putnam VT Global Asset Allocation Fund - Class IB Sub-Account (P93)

Putnam VT Global Health Care Fund - Class IB Sub-Account (P89)

Putnam VT Income Fund - Class IB Sub-Account (P95)

Putnam VT Research Fund - Class IB Sub-Account (P79)

Putnam VT Sustainable Future Fund Class IB Sub-Account (P80)

Putnam VT Sustainable Leaders Fund Class IB Sub-Account (P81)

T. Rowe Price Blue Chip Growth Portfolio II Sub-Account (TBD)

- 7 -

T. Rowe Price Equity Income Portfolio II Sub-Account (TBE)

T. Rowe Price Health Sciences Portfolio II Sub-Account (TBF)

TOPS Aggressive Growth ETF Portfolio Sub-Account (TP1)

TOPS Balanced ETF Portfolio Sub-Account (TP2)

TOPS Conservative ETF Portfolio Sub-Account (TP3)

TOPS Growth ETF Portfolio Sub-Account (TP4)

TOPS Moderate Growth ETF Portfolio Sub-Account (TP5)

Columbia Variable Portfolio - Acorn Fund Sub-Account (W42) (7)

Western Asset Variable Core Bond Plus II Sub-Account (W50)

(1)

Statement of assets and liabilities as of December 31, 2025, statement of changes in net assets for the year ended December 31, 2025, and statement of changes in net assets for the period January 1, 2024 to April 15, 2024.

(2)

Formerly CTIVP - Principal Blue Chip Growth Fund Class 1 Sub-Account.

(3)

Formerly CTIVP - Principal Blue Chip Growth Fund Class 2 Sub-Account.

(4)

(5)

Formerly Invesco V.I. Capital Appreciation Fund - Series II Sub-Account.

(6)

(7)

Formerly Wanger Acorn Sub-Account.

- 8 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2025


			Assets										Liabilities
	Shares		Cost		Investments at Fair Value		Receivable from Sponsor		Dividend Receivable		Total Assets		Payable to Sponsor		Net Assets
AB VPS Balanced Hedged Allocation Portfolio (Class B) Sub-Account (AL1)		2,542,736	$	23,572,944	$	24,995,098	$	—	$	—	$	24,995,098	$	—	$	24,995,098
AB VPS Dynamic Asset Allocation Portfolio Class B Sub-Account (AO5)		3,828,751		37,172,163		41,465,376		—		—		41,465,376		200		41,465,176
AB VPS Relative Value Portfolio Class B Sub-Account (A71)		38,331		1,137,568		1,182,499		—		—		1,182,499		—		1,182,499
AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) ¹		—		—		—		—		—		—		—		—
AB VPS International Value Portfolio (Class B) Sub-Account (A98)		834,361		11,603,643		17,371,399		—		—		17,371,399		5,237		17,366,162
AB VPS Large Cap Growth (Class B) Sub-Account (AC4)		278,922		20,121,200		22,726,566		—		—		22,726,566		—		22,726,566
AB VPS Small Cap Growth Portfolio Class B Sub-Account (A19)		777,808		6,568,457		7,669,186		—		—		7,669,186		—		7,669,186
AB VPS Discovery Value Portfolio (Class B) Sub-Account (A74)		841,803		14,734,009		13,712,961		2,763		—		13,715,724		—		13,715,724
American Funds Growth Fund - Class 4 Sub-Account (AP0)		668,297		69,616,121		89,812,484		—		—		89,812,484		—		89,812,484
American Funds Growth-Income Fund - Class 4 Sub-Account (AQ1)		584,335		34,127,199		37,847,352		—		—		37,847,352		—		37,847,352
American Funds International Fund - Class 4 Sub-Account (AQ2)		375,017		6,774,130		8,186,627		—		—		8,186,627		—		8,186,627
American Funds IS Asset Allocation - Class 4 Sub-Account (AS3)		5,932,272		145,350,555		158,806,921		—		—		158,806,921		—		158,806,921
American Funds IS Global Growth - Class 4 Sub-Account (AS6)		526,208		18,330,042		19,759,130		—		—		19,759,130		—		19,759,130
American Funds New World Fund - Class 4 Sub-Account (AQ3)		143,471		3,817,398		4,549,448		—		—		4,549,448		—		4,549,448
AFIS-American Funds Global Balanced Fund Class 4 Sub-Account (AX1)		1,361,696		17,068,848		19,145,437		—		—		19,145,437		—		19,145,437
BlackRock 60/40 Target Allocation ETF VI Fund Class III Sub-Account (B21)		2,058,606		28,188,421		30,282,090		—		—		30,282,090		—		30,282,090
BlackRock Capital Appreciation V.I. Fund Class III Sub-Account (B19)		1,416,937		11,077,282		9,762,699		—		—		9,762,699		—		9,762,699
BlackRock Equity Dividend V.I. Fund Class III Sub-Account (B20)		314,964		3,523,640		3,609,484		—		—		3,609,484		—		3,609,484
BlackRock Global Allocation V.I. Fund (Class III) Sub-Account (B18)		18,868,918		265,710,156		251,711,371		113,333		—		251,824,704		—		251,824,704
BlackRock Large Cap Growth Equity V.I. Fund Class III Sub Account (B22)		142,086		2,802,617		2,968,182		—		—		2,968,182		—		2,968,182
BlackRock Total Return V.I.Fund Class III Sub-Account (B23)		149,420		1,494,709		1,510,637		—		6,797		1,517,434		—		1,517,434
ClearBridge Variable Mid Cap Portfolio - Class II Sub-Account (L33)		180,295		4,168,813		4,238,733		—		—		4,238,733		—		4,238,733
ClearBridge Variable Appreciation Portfolio Class II Sub-Account (L34)		21,636		1,296,865		1,335,620		—		—		1,335,620		—		1,335,620
ClearBridge Variable Dividend Strategy Portfolio Class II Sub-Account (L35)		109,849		2,433,330		2,243,122		—		—		2,243,122		—		2,243,122
Columbia Variable Portfolio - Small Cap Value Fund Class 2 Sub-Account (C71)		792		9,660		9,851		—		—		9,851		—		9,851
Columbia Variable Portfolio - Large Cap Growth Fund Class 1 Sub-Account (C59)		723		33,532		41,111		—		—		41,111		—		41,111
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)		757,448		23,408,383		41,409,675		—		—		41,409,675		36,289		41,373,386
CTIVP ^®– Principal Large Cap Growth Fund Class 1 Sub-Account (C89)²		2,343		129,449		191,010		—		—		191,010		—		191,010
CTIVP ^®– Principal Large Cap Growth Fund Class 2 Sub-Account (C90)²		167,857		7,497,936		13,165,016		10,237		—		13,175,253		—		13,175,253
Columbia Variable Portfolio - Overseas Core Fund Class 2 Sub-Account (C58)		168,859		2,105,837		2,988,797		—		—		2,988,797		—		2,988,797
Columbia Variable Portfolio Select Large Cap Value- Class 2 Sub-Account (C91)		159,532		5,791,939		8,605,141		—		—		8,605,141		—		8,605,141
Columbia VP Balanced Fund Class 2 Sub-Account (C92)		663,906		29,650,306		35,970,447		—		—		35,970,447		—		35,970,447
Fidelity VIP Balanced Portfolio (Service Class 2) Sub-Account (FD7)		3,398,408		72,751,761		86,489,493		70		—		86,489,563		—		86,489,563
Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)		1,883,702		91,753,737		107,107,273		30,466		—		107,137,739		5,050		107,132,689
Fidelity VIP Freedom 2010 Portfolio (Service Class 2) Sub-Account (F88)		94,912		1,158,642		1,141,791		—		—		1,141,791		—		1,141,791
Fidelity VIP Freedom 2015 Portfolio (Service Class 2) Sub-Account (FB9)		531,537		6,539,034		6,319,973		—		—		6,319,973		—		6,319,973
Fidelity VIP Freedom 2020 Portfolio (Service Class 2) Sub-Account (F15)		703,657		9,227,188		9,239,016		340		—		9,239,356		10		9,239,346
Fidelity VIP Mid Cap Portfolio (Service Class 2) Sub-Account (F41)		1,360,913		47,540,935		47,863,293		92,100		—		47,955,393		—		47,955,393
First Eagle Overseas Variable Fund Sub-Account (FE3)		4,995,126		120,686,053		139,463,923		135,032		—		139,598,955		1		139,598,954
First Trust Capital Strength VIT Portfolio Class I Sub-Account (F17)		166,959		2,204,598		2,447,615		—		—		2,447,615		—		2,447,615
First Trust International Developed Capital Strength VIT Portfolio Class I Sub-Account (F18)		99,782		1,272,301		1,412,911		—		—		1,412,911		—		1,412,911
First Trust/Dow Jones Div&Inc Alloc Port - Class 1 Sub-Account (F19)		789,777		10,332,105		10,401,359		—		—		10,401,359		—		10,401,359
Franklin Multi-Asset Variable Conservative Growth Fund Class II Sub-Account (L36)		71,944		1,007,039		1,087,790		—		—		1,087,790		—		1,087,790
Franklin Templeton Developing Markets VIP Fund Class 2 Sub-Account (T21)		1,083,453		9,520,486		13,088,117		—		—		13,088,117		3,714		13,084,403
Franklin Templeton Developing Markets VIP Fund Class 4 Sub-Account (S23)		114,829		1,068,028		1,398,615		—		—		1,398,615		—		1,398,615
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)		2,924,512		38,469,345		47,435,582		—		—		47,435,582		7,116		47,428,466
Franklin Templeton Allocation VIP Fund Class 2 Sub-Account (FE6)		2,778,122		13,689,887		15,390,797		—		—		15,390,797		—		15,390,797
Franklin Templeton Allocation VIP Fund Class 4 Sub-Account (S18)		684,359		3,517,778		3,955,593		—		—		3,955,593		—		3,955,593
Franklin Templeton Global Bond VIP Fund Class 4 Sub-Account (T59)		120,310		1,561,139		1,616,966		543		—		1,617,509		—		1,617,509
Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)		644,374		6,928,164		9,117,892		2,874		—		9,120,766		3		9,120,763
Franklin Templeton Income VIP Fund Class 2 Sub-Account (F59)		2,123,269		30,458,148		32,188,757		2,142		—		32,190,899		—		32,190,899
Franklin Templeton Income VIP Fund Class 4 Sub-Account (FF0)		2,029,435		30,111,682		31,902,720		—		—		31,902,720		—		31,902,720
Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)		5,077,202		77,243,057		81,742,949		5,775		—		81,748,724		—		81,748,724
Franklin Templeton Mutual Shares VIP Fund Class 4 Sub-Account (FG8)		95,850		1,505,507		1,567,155		—		—		1,567,155		—		1,567,155
Franklin Templeton Rising Dividends VIP Fund Class 4 Sub-Account (S21)		231,393		6,302,857		6,492,886		—		—		6,492,886		—		6,492,886
Franklin Templeton Small Cap Value VIP Fund Class 2 Sub-Account (F53)		935,600		11,869,633		12,976,775		651		—		12,977,426		—		12,977,426
Franklin Templeton Small Cap Value VIP Fund Class 4 Sub-Account (FJ9)		305,280		4,249,514		4,454,028		—		—		4,454,028		—		4,454,028

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

- 9 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2025


			Assets										Liabilities
	Shares		Cost		Investments at Fair Value		Receivable from Sponsor		Dividend Receivable		Total Assets		Payable to Sponsor		Net Assets
Franklin Templeton Strategic Income VIP Fund Class 2 Sub-Account (T28)		653,858	$	6,153,607	$	5,969,725	$	761	$	—	$	5,970,486	$	—	$	5,970,486
Franklin Templeton Strategic Income VIP Fund Class 4 Sub-Account (FJ0)		4,875		49,704		46,167		—		—		46,167		—		46,167
Goldman Sachs VIT U.S. Equity Insights Fund - Service Class Sub-Account (G03)		163,621		3,500,688		3,606,218		—		—		3,606,218		—		3,606,218
Invesco V.I. American Value Fund Series II Sub-Account (V35)		191,528		2,848,445		3,401,537		951		—		3,402,488		—		3,402,488
Invesco V.I. Comstock Fund Series II Sub-Account (V13)		687,196		12,888,215		14,630,396		2,949		—		14,633,345		—		14,633,345
Invesco V.I. Core Plus Bond Fund - Series II Sub-Account (AB3)		363,962		2,133,866		2,100,061		—		—		2,100,061		—		2,100,061
Invesco V.I. Equity and Income Fund Series II Sub-Account (V11)		7,379,484		124,784,300		133,716,251		437		—		133,716,688		674		133,716,014
Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)		35,614		1,167,385		1,260,373		—		—		1,260,373		3		1,260,370
Invesco V.I. Discovery Mid Cap Growth Fund Series II Sub-Account (V17)		94,382		5,467,853		5,984,736		—		—		5,984,736		—		5,984,736
Invesco V.I. Diversified Dividend Fund Series II Sub-Account (V19)		42,106		1,038,269		1,132,219		—		—		1,132,219		—		1,132,219
Invesco V.I. Equally-Weighted S&P 500 Sub-Account (V20)		618,244		16,133,551		16,939,886		—		—		16,939,886		—		16,939,886
Janus Henderson VIT Balanced Portfolio Service Shares Sub-Account (MV1)		2,802,617		139,037,121		166,699,669		—		—		166,699,669		—		166,699,669
Janus Henderson VIT Enterprise Portfolio Service Shares Sub-Account (MV2)		96,790		6,740,860		7,099,530		—		—		7,099,530		—		7,099,530
Janus Henderson VIT Global Tech & Innovation Portfolio Service Shares Sub-Account (MV3)		744,785		13,013,030		17,830,164		—		—		17,830,164		—		17,830,164
Janus Henderson VIT Mid Cap Value Portfolio Service Shares Sub-Account (MV4)		134,744		2,216,334		2,261,005		—		—		2,261,005		—		2,261,005
LVIP JPMorgan Core Bond Fund Service Class Sub-Account (J88)		2,846,593		29,095,449		27,919,383		—		—		27,919,383		120		27,919,263
LVIP JPMorgan U.S. Equity Fund Service Class Sub-Account (J94)		282,954		10,767,329		13,687,335		—		—		13,687,335		6,533		13,680,802
Lazard Retirement Emerging Markets Equity Portfolio Service Class Sub-Account (L11)		624,080		12,185,635		18,647,514		—		—		18,647,514		2,205		18,645,309
Lazard Retirement Global Dynamic Multi Asset Portfolio Sub-Account (L42)		44,879		584,048		650,291		—		—		650,291		—		650,291
Lord Abbett Series Fund - Bonds-Debenture Portfolio Sub-Account (L16)		525,658		5,709,954		5,577,231		—		—		5,577,231		—		5,577,231
Lord Abbett Series Fund - Growth Opportunities Portfolio VC Sub-Account (L18)		1,250,984		12,844,493		13,898,436		524		—		13,898,960		—		13,898,960
Lord Abbett Series Fund- Fundamental Equity Portfolio VC Sub-Account (L17)		1,139,134		18,373,735		21,620,771		976		—		21,621,747		—		21,621,747
Lord Abbett Series Short Duration Income Portfolio VC Sub-Account (L19)		165,661		2,198,982		2,196,670		—		—		2,196,670		—		2,196,670
MFS VIT Total Return Series Initial Class Sub-Account (M07)		9,004,668		211,899,425		210,078,904		8		—		210,078,912		1,089,369		208,989,543
MFS VIT Total Return Series Service Class Sub-Account (M35)		7,758,849		178,644,344		175,660,336		31,972		—		175,692,308		—		175,692,308
MFS VIT I Growth Series Initial Class Sub-Account (M31)		2,144,363		135,006,449		145,495,020		74,749		—		145,569,769		—		145,569,769
MFS VIT I Growth Series Service Class Sub-Account (M80)		399,231		23,136,462		24,225,342		49,116		—		24,274,458		—		24,274,458
MFS VIT I Investors Trust Series - Service Class Sub-Account (M10)		13,489		421,058		344,922		—		—		344,922		—		344,922
MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)		1,994,521		18,453,435		15,916,275		17,342		—		15,933,617		—		15,933,617
MFS VIT I Mid Cap Growth Series Service Class Sub-Account (M41)		4,192,913		31,801,167		27,547,441		—		—		27,547,441		4,894		27,542,547
MFS VIT I New Discovery Series Initial Class Sub-Account (M05)		1,955,579		30,977,116		30,507,025		12,334		—		30,519,359		—		30,519,359
MFS VIT I New Discovery Series Service Class Sub-Account (M42)		2,173,833		23,026,644		26,303,376		—		—		26,303,376		4,404		26,298,972
MFS VIT I Total Return Bond Series Service Class Sub-Account (M89)		21,259,059		265,734,686		245,329,538		42,959		—		245,372,497		—		245,372,497
MFS VIT I Research Series Service Class Sub-Account (M82)		2,754,717		82,242,518		82,200,760		805		—		82,201,565		9,420		82,192,145
MFS VIT I Utilities Series Initial Class Sub-Account (M44)		1,655,495		55,194,202		62,461,829		—		—		62,461,829		92,497		62,369,332
MFS VIT I Utilities Series Service Class Sub-Account (M40)		871,162		28,873,160		32,076,186		101,366		—		32,177,552		15		32,177,537
MFS VIT I Value Series Initial Class Sub-Account (M83)		6,698,327		137,546,858		149,104,761		2,739		—		149,107,500		—		149,107,500
MFS VIT I Value Series Service Class Sub-Account (M08)		3,330,758		66,420,356		71,844,468		18,370		—		71,862,838		—		71,862,838
MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)		3,701,489		203,868,439		225,124,535		—		—		225,124,535		390,427		224,734,108
MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7)		666,731		36,423,975		39,803,847		51,990		—		39,855,837		—		39,855,837
MFS VIT II Corporate Bond Portfolio I Class Sub-Account (MC0)		2,654,637		28,618,605		25,590,704		—		—		25,590,704		24,361		25,566,343

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

- 10 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2025


			Assets										Liabilities
	Shares		Cost		Investments at Fair Value		Receivable from Sponsor		Dividend Receivable		Total Assets		Payable to Sponsor		Net Assets
MFS VIT II Corporate Bond Portfolio S Class Sub-Account (MA0)		7,168,041	$	74,054,343	$	67,953,025	$	820	$	—	$	67,953,845	$	3,084	$	67,950,761
MFS VIT II Core Equity Portfolio I Class Sub-Account (MC2)		2,680,536		71,950,117		85,321,470		—		—		85,321,470		51,822		85,269,648
MFS VIT II Core Equity Portfolio S Class Sub-Account (MC1)		1,427,576		39,586,714		44,440,448		—		—		44,440,448		14,931		44,425,517
MFS VIT II Emerging Markets Equity Portfolio I Class Sub-Account (MC3)		561,428		7,963,589		9,909,197		5,443		—		9,914,640		—		9,914,640
MFS VIT II Emerging Markets Equity Portfolio S Class Sub-Account (MA1)		556,366		7,497,792		9,636,251		368		—		9,636,619		—		9,636,619
MFS VIT II Global Governments Portfolio I Class Sub-Account (MC4)		431,970		4,354,013		3,801,337		—		—		3,801,337		606		3,800,731
MFS VIT II Global Governments Portfolio S Class Sub-Account (MC5)		60,685		576,441		520,679		—		—		520,679		—		520,679
MFS VIT II Global Growth Portfolio I Class Sub-Account (MC6)		1,349,368		36,661,663		35,299,458		—		—		35,299,458		58,654		35,240,804
MFS VIT II Global Growth Portfolio S Class Sub-Account (MC7)		405,710		11,014,991		10,499,779		—		—		10,499,779		4,269		10,495,510
MFS VIT II Global Research Portfolio I Class Sub-Account (MC8)		1,795,896		56,728,673		62,658,829		162,456		—		62,821,285		—		62,821,285
MFS VIT II Global Research Portfolio S Class Sub-Account (MC9)		94,160		2,836,059		3,263,602		—		—		3,263,602		6,843		3,256,759
MFS VIT II Global Tactical Allocation Portfolio I Class Sub-Account (MD0)		1,598,477		23,185,858		23,225,866		74,042		—		23,299,908		—		23,299,908
MFS VIT II Global Tactical Allocation Portfolio S Class Sub-Account (M92)		20,017,462		286,191,966		283,847,614		131,479		—		283,979,093		—		283,979,093
MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)		3,416,188		39,946,912		36,963,157		13,464		—		36,976,621		—		36,976,621
MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)		8,436,288		97,820,685		90,774,456		—		—		90,774,456		1,413		90,773,043
MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)		4,731,936		24,753,981		24,085,553		58,233		—		24,143,786		—		24,143,786
MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)		3,915,165		20,272,440		19,654,129		—		—		19,654,129		19,078		19,635,051
MFS VIT II International Growth Portfolio I Class Sub-Account (M97)		1,415,186		20,676,154		25,388,432		22,971		—		25,411,403		—		25,411,403
MFS VIT II International Growth Portfolio S Class Sub-Account (MD5)		538,331		7,700,341		9,474,631		9,371		—		9,484,002		9,881		9,474,121
MFS VIT II International Intrinsic Value Portfolio Initial Class Sub-Account (M98)		763,623		22,201,164		28,231,141		19,895		—		28,251,036		—		28,251,036
MFS VIT II International Intrinsic Value Portfolio Service Class Sub-Account (M93)		1,402,023		42,219,548		50,683,115		7,671		—		50,690,786		18,538		50,672,248
MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)		11,969,253		266,437,494		269,906,659		2,020,461		—		271,927,120		—		271,927,120
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)		1,239,122		26,608,155		27,099,600		—		—		27,099,600		15,182		27,084,418
MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)		32,337,307		32,337,307		32,337,307		7,159		—		32,344,466		682		32,343,784
MFS U.S. Government Money Market Portfolio Service Class Sub-Account (MD9)		83,555,973		83,555,973		83,555,973		2,126		—		83,558,099		6,498		83,551,601
MFS VIT II Research International Portfolio I Class Sub-Account (ME2)		640,237		10,520,027		13,195,276		2,341		—		13,197,617		—		13,197,617
MFS VIT II Research International Portfolio S Class Sub-Account (ME3)		1,229,092		19,991,850		24,913,702		—		—		24,913,702		5,596		24,908,106
MFS VIT II Income Portfolio I Class Sub-Account (MA5)		1,974,317		18,034,644		16,860,667		64,106		—		16,924,773		—		16,924,773
MFS VIT II Income Portfolio S Class Sub-Account (MA7)		223,384		2,082,051		1,889,830		—		—		1,889,830		2,932		1,886,898
MFS VIT II Technology Portfolio I Class Sub-Account (ME4)		534,977		14,008,490		22,490,416		55,942		—		22,546,358		—		22,546,358
MFS VIT II Technology Portfolio S Class Sub-Account (MA2)		595,111		17,441,585		22,590,391		—		—		22,590,391		—		22,590,391

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

- 11 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2025


			Assets										Liabilities
	Shares		Cost		Investments at Fair Value		Receivable from Sponsor		Dividend Receivable		Total Assets		Payable to Sponsor		Net Assets
MFS VIT III Blended Research Small Cap Equity Portfolio Service Class Sub-Account (MF3)		4,173,868	$	38,792,127	$	38,357,848	$	—	$	—	$	38,357,848	$	18,596	$	38,339,252
MFS VIT III Conservative Allocation Portfolio Service Class Sub-Account (MF5)		21,559,195		224,956,896		212,573,654		32,053		—		212,605,707		—		212,605,707
MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)		68,743		918,400		872,349		—		—		872,349		2,152		870,197
MFS VIT III Global Real Estate Portfolio Service Class Sub-Account (MF7)		2,094,115		33,636,212		32,584,436		—		—		32,584,436		7,133		32,577,303
MFS VIT III Growth Allocation Portfolio Service Class Sub-Account (MF9)		20,280,149		215,942,432		216,591,999		431,745		—		217,023,744		—		217,023,744
MFS VIT III Inflation Adjusted Bond Portfolio Service Class Sub-Account (MG1)		7,979,337		74,351,204		63,675,106		37,409		—		63,712,515		—		63,712,515
MFS VIT III Limited Maturity Portfolio Initial Class Sub-Account (MF2)		11,417,585		116,271,554		116,687,714		—		—		116,687,714		17,893		116,669,821
MFS VIT III Limited Maturity Portfolio Service Class Sub-Account (MG2)		6,360,322		64,658,318		65,002,489		6,727		—		65,009,216		—		65,009,216
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)		1,633,967		14,231,459		16,519,408		—		—		16,519,408		985		16,518,423
MFS VIT III Mid Cap Value Portfolio Service Class Sub-Account (MG4)		1,573,902		14,026,388		15,628,849		737		—		15,629,586		2,112		15,627,474
MFS VIT III Moderate Allocation Portfolio Service Class Sub-Account (MG6)		68,055,930		809,984,970		770,393,130		1		—		770,393,131		738,600		769,654,531
MFS VIT III New Discovery Value Portfolio Service Class Sub-Account (MG7)		1,173,775		9,515,181		8,474,649		688		—		8,475,337		—		8,475,337
Morgan Stanley Variable Insurance Fund, Inc. Global Infrastructure - Class II Sub-Account (U43) ¹		—		—		—		—		—		—		—		—
Morgan Stanley Variable Insurance Fund, Inc. Global Strategist Portfolio, Class II Sub-Account (U41)		286,249		2,541,177		2,956,959		—		—		2,956,959		—		2,956,959
Morgan Stanley Variable Insurance Fund, Inc. Growth Portfolio Class II Sub-Account (V44)		1,862,221		19,362,659		37,337,517		—		—		37,337,517		—		37,337,517
Morgan Stanley Variable Insurance Fund, Inc. Discovery Portfolio Class II Sub-Account (V43)		592,582		2,385,302		3,810,299		791		—		3,811,090		9,398		3,801,692
Invesco V.I. Discovery Large Cap Fund-Series II Sub- Account (O19) ²		199,553		8,907,290		11,823,493		1,321		—		11,824,814		—		11,824,814
Invesco V.I. Conservative Balanced Fund, Series II Sub-Account (O23) ¹		—		—		—		—		—		—		—		—
Invesco V.I. Global Fund, Series II Sub-Account (O20)		238,546		8,292,914		8,659,202		693		—		8,659,895		—		8,659,895
Invesco V.I. Main Street Fund, Series II Sub-Account (O21)		4,409,462		74,649,423		94,582,959		—		—		94,582,959		35,415		94,547,544
Invesco V.I. Main Street Small Cap Fund, Series II Sub-Account (O04)		121,939		2,946,333		3,378,942		—		—		3,378,942		—		3,378,942
PIMCO VIT StocksPLUS Global Portfolio Advisor Class Sub-Account (PH2)		23,065		158,491		205,971		—		—		205,971		—		205,971
PIMCO VIT All Asset Portfolio Admin Class Sub-Account (P08)		1,225,608		11,796,598		11,741,325		82		—		11,741,407		—		11,741,407
PIMCO VIT All Asset Portfolio Advisor Class Sub-Account (PC0)		805,428		8,057,692		7,860,977		—		—		7,860,977		—		7,860,977
PIMCO VIT CommodityRealReturn Strategy Portfolio Advisor Class Sub-Account (P70)		535,889		3,522,452		3,440,410		—		—		3,440,410		—		3,440,410
PIMCO VIT CommodityRealReturnTM Strategy Portfolio Admin Class Sub-Account (P10)		2,212,330		13,336,891		13,915,553		36,323		—		13,951,876		—		13,951,876
PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)		393,388		4,573,116		4,492,486		1,848		—		4,494,334		—		4,494,334
PIMCO VIT Emerging Markets Bond Portfolio Advisor Class Sub-Account (P20)		8,277		98,115		94,524		—		—		94,524		—		94,524
PIMCO VIT International Bond Portfolio (U.S. Dollar-Hedged) Advisor Class Sub-Account (PM5)		99,933		1,003,006		1,003,325		—		—		1,003,325		—		1,003,325
PIMCO VIT Global Managed Asset Allocation Portfolio Advisor Class Sub-Account (PD6)		19,928,856		207,265,236		233,765,476		172,011		—		233,937,487		—		233,937,487
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)		1,509,769		18,956,158		18,132,323		1,314		—		18,133,637		—		18,133,637
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)		8,591,335		87,075,921		81,188,114		—		—		81,188,114		4,327		81,183,787
PIMCO VIT Total Return Portfolio - Advisor Class Sub-Account (P68)		798,742		7,763,126		7,548,105		—		—		7,548,105		—		7,548,105
Putnam VT Large Cap Value Fund Class IB Sub-Account (P72)		673,234		19,239,553		24,027,739		—		—		24,027,739		—		24,027,739
Putnam VT George Putnam Balanced Fun - Class IB Sub-Account (P88)		2,531,265		38,372,003		43,006,190		—		—		43,006,190		—		43,006,190
Putnam VT Global Asset Allocation Fund - Class IB Sub-Account (P93)		261,591		5,222,130		5,200,444		—		—		5,200,444		—		5,200,444
Putnam VT Global Health Care Fund - Class IB Sub-Account (P89)		225,814		3,610,211		3,795,925		—		—		3,795,925		—		3,795,925
Putnam VT Income Fund - Class IB Sub-Account (P95)		188,078		1,559,297		1,540,365		—		—		1,540,365		—		1,540,365
Putnam VT Research Fund - Class IB Sub-Account (P79)		132,754		4,585,527		6,287,255		—		—		6,287,255		—		6,287,255
Putnam VT Sustainable Future Fund Class IB Sub-Account (P80)		66,504		892,027		978,280		—		—		978,280		—		978,280
Putnam VT Sustainable Leaders Fund Class IB Sub-Account (P81)		33,764		1,367,841		1,563,296		—		—		1,563,296		—		1,563,296
T. Rowe Price Blue Chip Growth Portfolio II Sub-Account (TBD)		281,002		13,077,484		17,062,457		—		—		17,062,457		—		17,062,457
T. Rowe Price Equity Income Portfolio II Sub-Account (TBE)		201,622		5,831,632		5,778,493		—		—		5,778,493		—		5,778,493
T. Rowe Price Health Sciences Portfolio II Sub-Account (TBF)		138,888		7,172,889		7,504,102		—		—		7,504,102		—		7,504,102
TOPS Aggressive Growth ETF Portfolio Sub-Account (TP1)		225,945		4,654,387		5,833,891		—		—		5,833,891		—		5,833,891
TOPS Balanced ETF Portfolio Sub-Account (TP2)		167,980		2,364,795		2,739,752		—		—		2,739,752		—		2,739,752
TOPS Conservative ETF Portfolio Sub-Account (TP3)		250,718		3,281,710		3,500,028		—		—		3,500,028		—		3,500,028
TOPS Growth ETF Portfolio Sub-Account (TP4)		150,398		3,276,933		3,761,460		—		—		3,761,460		—		3,761,460
TOPS Moderate Growth ETF Portfolio Sub-Account (TP5)		963,481		14,808,904		17,410,108		—		—		17,410,108		—		17,410,108
Columbia Variable Portfolio - Acorn Fund Sub-Account (W42) ²		9,478		126,255		150,698		—		—		150,698		—		150,698
Western Asset Variable Core Bond Plus II Sub-Account (W50)		276,974		1,448,938		1,290,698		—		—		1,290,698		—		1,290,698

¹	This Sub-Account was closed in 2024 due to merger and is not reported in the Statement of Operations.

²	This Sub-Account had a name change in 2025. Refer to Note 1 in the Variable Account’s Notes to Financial Statements for more information.

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

- 12 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2025


	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
AL1		1,324,764	$	24,995,098	$	—	$	24,995,098
AO5		2,662,210		41,429,687		35,489		41,465,176
A71		85,965		1,182,499		—		1,182,499
AM2		—		—		—		—
A98		1,534,965		17,230,808		135,354		17,366,162
AC4		1,244,323		22,726,566		—		22,726,566
A19		874,022		7,669,186		—		7,669,186
A74		781,002		13,680,109		35,615		13,715,724
AP0		4,918,136		89,812,484		—		89,812,484
AQ1		2,198,956		37,847,352		—		37,847,352
AQ2		731,135		8,186,627		—		8,186,627
AS3		11,464,145		158,806,921		—		158,806,921
AS6		1,400,202		19,759,130		—		19,759,130
AQ3		353,320		4,549,448		—		4,549,448
AX1		1,564,484		19,145,437		—		19,145,437
B21		2,396,083		30,282,090		—		30,282,090
B19		672,691		9,762,699		—		9,762,699
B20		256,063		3,609,484		—		3,609,484
B18		10,815,541		251,222,803		601,901		251,824,704
B22		204,023		2,968,182		—		2,968,182
B23		161,611		1,517,434		—		1,517,434
L33		399,640		4,238,733		—		4,238,733
L34		86,358		1,335,620		—		1,335,620
L35		149,635		2,243,122		—		2,243,122
C71		251		9,851		—		9,851
C59		1,051		41,111		—		41,111
C60		1,088,617		41,130,349		243,037		41,373,386
C89		5,697		191,010		—		191,010
C90		405,268		13,049,567		125,686		13,175,253
C58		162,912		2,988,797		—		2,988,797
C91		503,315		8,605,141		—		8,605,141
C92		2,720,422		35,970,447		—		35,970,447
FD7		2,478,534		86,488,095		1,468		86,489,563
F24		1,930,280		106,701,796		430,893		107,132,689
F88		57,663		1,141,791		—		1,141,791
FB9		286,493		6,319,973		—		6,319,973
F15		379,762		9,201,581		37,765		9,239,346
F41		1,324,103		47,689,113		266,280		47,955,393
FE3		5,944,498		139,221,916		377,038		139,598,954
F17		200,088		2,447,615		—		2,447,615
F18		117,657		1,412,911		—		1,412,911
F19		932,913		10,401,359		—		10,401,359
L36		89,961		1,087,790		—		1,087,790
T21		558,268		13,059,012		25,391		13,084,403
S23		121,790		1,398,615		—		1,398,615

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

- 13 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2025


	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
	Total Units				Reserve for Variable Annuities		Net Assets
T20		1,827,016	$	47,280,587	$	147,879	$	47,428,466
FE6		731,397		15,390,797		—		15,390,797
S18		333,611		3,955,593		—		3,955,593
T59		193,359		1,613,938		3,571		1,617,509
F56		288,920		9,069,187		51,576		9,120,763
F59		1,535,952		32,058,810		132,089		32,190,899
FF0		2,518,802		31,902,720		—		31,902,720
F54		2,319,889		81,596,213		152,511		81,748,724
FG8		118,269		1,567,155		—		1,567,155
S21		475,884		6,492,886		—		6,492,886
F53		222,849		12,952,818		24,608		12,977,426
FJ9		372,926		4,454,028		—		4,454,028
T28		398,558		5,903,456		67,030		5,970,486
FJ0		3,863		46,167		—		46,167
G03		177,034		3,606,218		—		3,606,218
V35		84,253		3,397,652		4,836		3,402,488
V13		432,393		14,630,531		2,814		14,633,345
AB3		212,942		2,100,061		—		2,100,061
V11		7,566,728		133,669,336		46,678		133,716,014
AC1		65,757		1,258,662		1,708		1,260,370
V17		564,365		5,984,736		—		5,984,736
V19		80,683		1,132,219		—		1,132,219
V20		1,287,602		16,939,886		—		16,939,886
MV1		12,546,174		166,699,669		—		166,699,669
MV2		569,657		7,099,530		—		7,099,530
MV3		1,084,209		17,830,164		—		17,830,164
MV4		181,251		2,261,005		—		2,261,005
J88		2,668,154		27,893,850		25,413		27,919,263
J94		234,852		13,680,802		—		13,680,802
L11		1,172,093		18,613,490		31,819		18,645,309
L42		55,280		650,291		—		650,291
L16		523,674		5,577,231		—		5,577,231
L18		287,826		13,852,218		46,742		13,898,960
L17		501,072		21,598,702		23,045		21,621,747
L19		209,056		2,196,670		—		2,196,670
M07		10,257,552		205,700,123		3,289,420		208,989,543
M35		9,399,206		173,858,778		1,833,530		175,692,308
M31		1,665,511		143,988,709		1,581,060		145,569,769
M80		523,734		24,162,806		111,652		24,274,458
M10		24,111		344,922		—		344,922
MF1		720,026		15,647,159		286,458		15,933,617
M41		1,190,793		27,452,916		89,631		27,542,547

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

- 14 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2025


	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
	Total Units				Reserve for Variable Annuities		Net Assets
M05		1,302,308	$	30,064,006	$	455,353	$	30,519,359
M42		1,162,708		26,244,998		53,974		26,298,972
M89		21,791,464		245,019,355		353,142		245,372,497
M82		2,068,573		82,112,309		79,836		82,192,145
M44		3,410,485		61,437,481		931,851		62,369,332
M40		1,930,875		31,966,782		210,755		32,177,537
M83		5,444,335		147,661,792		1,445,708		149,107,500
M08		2,580,822		71,391,233		471,605		71,862,838
MB6		2,638,168		220,302,318		4,431,790		224,734,108
MB7		594,238		39,604,020		251,817		39,855,837
MC0		1,007,648		25,253,737		312,606		25,566,343
MA0		3,494,947		67,811,751		139,010		67,950,761
MC2		1,300,154		84,444,786		824,862		85,269,648
MC1		1,283,722		44,381,782		43,735		44,425,517
MC3		240,370		9,746,246		168,394		9,914,640
MA1		414,480		9,627,673		8,946		9,636,619
MC4		258,135		3,733,429		67,302		3,800,731
MC5		45,039		520,679		—		520,679
MC6		479,247		34,929,350		311,454		35,240,804
MC7		595,642		10,495,510		—		10,495,510
MC8		1,086,563		61,900,145		921,140		62,821,285
MC9		83,796		3,120,986		135,773		3,256,759
MD0		607,919		22,856,948		442,960		23,299,908
M92		16,940,590		283,612,307		366,786		283,979,093
M96		1,938,271		36,174,955		801,666		36,976,621
MD2		7,466,297		90,420,252		352,791		90,773,043
MA6		733,803		23,692,910		450,876		24,143,786
MA3		755,137		19,500,634		134,417		19,635,051
M97		594,155		24,974,146		437,257		25,411,403
MD5		316,515		9,417,891		56,230		9,474,121
M98		396,087		27,908,184		342,852		28,251,036
M93		1,670,998		50,573,875		98,373		50,672,248
MD6		5,002,519		264,941,618		6,985,502		271,927,120
MB3		481,569		27,026,066		58,352		27,084,418
MD8		2,699,038		31,853,996		489,788		32,343,784
MD9		8,906,311		83,398,605		152,996		83,551,601
ME2		442,802		12,989,085		208,532		13,197,617
ME3		753,917		24,850,458		57,648		24,908,106
MA5		744,324		16,589,422		335,351		16,924,773
MA7		95,375		1,886,066		832		1,886,898
ME4		518,174		22,060,393		485,965		22,546,358
MA2		1,117,516		22,590,391		—		22,590,391
MF3		1,661,432		38,215,292		123,960		38,339,252
MF5		10,380,680		211,516,501		1,089,206		212,605,707

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

- 15 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2025


	Total Units		Applicable to Owners of Deferred Variable Annuity Contracts Value		Reserve for Variable Annuities		Net Assets
	Total Units				Reserve for Variable Annuities		Net Assets
MF6		26,966	$	869,578	$	619	$	870,197
MF7		1,635,821		32,501,484		75,819		32,577,303
MF9		6,375,597		216,275,027		748,717		217,023,744
MG1		5,950,372		63,577,315		135,200		63,712,515
MF2		10,592,218		116,347,126		322,695		116,669,821
MG2		6,086,615		64,941,319		67,897		65,009,216
MG3		455,130		16,469,275		49,148		16,518,423
MG4		594,028		15,623,726		3,748		15,627,474
MG6		27,555,859		768,361,925		1,292,606		769,654,531
MG7		423,149		8,463,888		11,449		8,475,337
U43		—		—		—		—
U41		251,705		2,956,959		—		2,956,959
V44		2,110,704		37,337,517		—		37,337,517
V43		78,522		3,797,670		4,022		3,801,692
O19		170,471		11,794,955		29,859		11,824,814
O23		—		—		—		—
O20		178,890		8,646,184		13,711		8,659,895
O21		1,619,057		94,237,423		310,121		94,547,544
O04		50,114		3,378,942		—		3,378,942
PH2		7,459		205,971		—		205,971
P08		595,868		11,741,407		—		11,741,407
PC0		491,655		7,860,977		—		7,860,977
P70		251,677		3,440,410		—		3,440,410
P10		1,684,472		13,830,626		121,250		13,951,876
PK8		129,814		4,470,603		23,731		4,494,334
P20		6,657		94,524		—		94,524
PM5		98,441		1,003,325		—		1,003,325
PD6		11,617,767		233,160,706		776,781		233,937,487
P06		1,049,584		18,084,871		48,766		18,133,637
P07		4,779,766		80,980,305		203,482		81,183,787
P68		734,045		7,548,105		—		7,548,105
P72		795,764		24,027,739		—		24,027,739
P88		3,109,032		43,006,190		—		43,006,190
P93		388,401		5,200,444		—		5,200,444
P89		259,557		3,795,925		—		3,795,925

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

- 16 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2025


	AL1			AO5			A71
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	480,046		$	682,384		$	8,850
Expenses:
Mortality and expense risk charges		(298,987	)		(520,960	)		(8,724	)
Distribution and administration charges		(95,910	)		(166,042	)		(3,580	)

Net investment income (loss)		85,149			(4,618	)		(3,454	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(349,255	)		(1,675,032	)		(27,674	)
Realized gain distributions		1,330,508			—			82,640

Net realized gains (losses)		981,253			(1,675,032	)		54,966

Net change in unrealized appreciation (depreciation)		2,577,551			6,353,394			37,129

Net realized and change in unrealized gains (losses)		3,558,804			4,678,362			92,095

Net increase (decrease) in net assets from operations	$	3,643,953		$	4,673,744		$	88,641

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

- 18 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	A98			AC4			A19
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	375,111		$	—		$	—
Expenses:
Mortality and expense risk charges		(221,175	)		(178,832	)		(60,166	)
Distribution and administration charges		(73,041	)		(73,391	)		(24,691	)

Net investment income (loss)		80,895			(252,223	)		(84,857	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,012,484			164,718			(267,237	)
Realized gain distributions		—			2,039,806			—

Net realized gains (losses)		2,012,484			2,204,524			(267,237	)

Net change in unrealized appreciation (depreciation)		3,690,409			389,057			597,942

Net realized and change in unrealized gains (losses)		5,702,893			2,593,581			330,705

Net increase (decrease) in net assets from operations	$	5,783,788		$	2,341,358		$	245,848

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

- 19 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	A74			AP0			AQ1
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	83,800		$	98,500		$	258,991
Expenses:
Mortality and expense risk charges		(150,089	)		(655,716	)		(291,729	)
Distribution and administration charges		(54,996	)		(269,097	)		(119,721	)

Net investment income (loss)		(121,285	)		(826,313	)		(152,459	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,716			223,155			165,475
Realized gain distributions		1,581,218			6,165,178			5,824,377

Net realized gains (losses)		1,583,934			6,388,333			5,989,852

Net change in unrealized appreciation (depreciation)		(1,289,526	)		8,097,227			(443,958	)

Net realized and change in unrealized gains (losses)		294,408			14,485,560			5,545,894

Net increase (decrease) in net assets from operations	$	173,123		$	13,659,247		$	5,393,435

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

- 20 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	AQ2			AS3			AS6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	86,789		$	2,672,567		$	220,343
Expenses:
Mortality and expense risk charges		(59,379	)		(1,173,117	)		(151,122	)
Distribution and administration charges		(24,368	)		(481,432	)		(62,019	)

Net investment income (loss)		3,042			1,018,018			7,202

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(51,590	)		(618,983	)		(350,905	)
Realized gain distributions		—			9,615,303			2,148,242

Net realized gains (losses)		(51,590	)		8,996,320			1,797,337

Net change in unrealized appreciation (depreciation)		1,613,959			8,400,962			1,398,497

Net realized and change in unrealized gains (losses)		1,562,369			17,397,282			3,195,834

Net increase (decrease) in net assets from operations	$	1,565,411		$	18,415,300		$	3,203,036

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

- 21 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	AQ3			AX1			B21
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	38,299		$	218,980		$	634,094
Expenses:
Mortality and expense risk charges		(35,031	)		(142,980	)		(203,623	)
Distribution and administration charges		(14,376	)		(58,677	)		(83,564	)

Net investment income (loss)		(11,108	)		17,323			346,907

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(43,210	)		(60,848	)		31,250
Realized gain distributions		166,255			626,050			1,107,290

Net realized gains (losses)		123,045			565,202			1,138,540

Net change in unrealized appreciation (depreciation)		850,737			1,842,495			1,699,923

Net realized and change in unrealized gains (losses)		973,782			2,407,697			2,838,463

Net increase (decrease) in net assets from operations	$	962,674		$	2,425,020		$	3,185,370

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

- 22 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	B19			B20			B18
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	56,469		$	9,930,280
Expenses:
Mortality and expense risk charges		(75,072	)		(21,906	)		(3,059,552	)
Distribution and administration charges		(30,809	)		(8,990	)		(994,613	)

Net investment income (loss)		(105,881	)		25,573			5,876,115

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(150,838	)		(16,625	)		272,626
Realized gain distributions		1,145,297			299,144			24,396,741

Net realized gains (losses)		994,459			282,519			24,669,367

Net change in unrealized appreciation (depreciation)		78,004			167,506			10,620,402

Net realized and change in unrealized gains (losses)		1,072,463			450,025			35,289,769

Net increase (decrease) in net assets from operations	$	966,582		$	475,598		$	41,165,884

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

- 23 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	B22			B23			L33
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	54,913		$	433
Expenses:
Mortality and expense risk charges		(21,595	)		(11,250	)		(32,376	)
Distribution and administration charges		(8,862	)		(4,617	)		(13,286	)

Net investment income (loss)		(30,457	)		39,046			(45,229	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		93,049			(27,882	)		(35,226	)
Realized gain distributions		478,935			1,602			259,003

Net realized gains (losses)		571,984			(26,280	)		223,777

Net change in unrealized appreciation (depreciation)		(249,190	)		63,080			(63,630	)

Net realized and change in unrealized gains (losses)		322,794			36,800			160,147

Net increase (decrease) in net assets from operations	$	292,337		$	75,846		$	114,918

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

- 24 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	L34			L35			C71
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	3,380		$	39,756		$	96
Expenses:
Mortality and expense risk charges		(10,291	)		(16,606	)		(124	)
Distribution and administration charges		(4,224	)		(6,815	)		(33	)

Net investment income (loss)		(11,135	)		16,335			(61	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		23,536			(28,539	)		(62	)
Realized gain distributions		189,325			287,957			1,651

Net realized gains (losses)		212,861			259,418			1,589

Net change in unrealized appreciation (depreciation)		(46,087	)		(71,615	)		(284	)

Net realized and change in unrealized gains (losses)		166,774			187,803			1,305

Net increase (decrease) in net assets from operations	$	155,639		$	204,138		$	1,244

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

- 25 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	C59			C60			C89
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		(501	)		(531,400	)		(2,307	)
Distribution and administration charges		(134	)		(182,327	)		(622	)

Net investment income (loss)		(635	)		(713,727	)		(2,929	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,482			7,136,499			833
Realized gain distributions		—			—			—

Net realized gains (losses)		1,482			7,136,499			833

Net change in unrealized appreciation (depreciation)		4,531			(560,820	)		22,497

Net realized and change in unrealized gains (losses)		6,013			6,575,679			23,330

Net increase (decrease) in net assets from operations	$	5,378		$	5,861,952		$	20,401

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

- 26 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	C90			C58			C91
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	52,268		$	—
Expenses:
Mortality and expense risk charges		(164,740	)		(37,642	)		(64,578	)
Distribution and administration charges		(58,723	)		(12,971	)		(26,502	)

Net investment income (loss)		(223,463	)		1,655			(91,080	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,894,229			186,392			207,786
Realized gain distributions		—			—			—

Net realized gains (losses)		1,894,229			186,392			207,786

Net change in unrealized appreciation (depreciation)		(182,193	)		717,184			1,701,601

Net realized and change in unrealized gains (losses)		1,712,036			903,576			1,909,387

Net increase (decrease) in net assets from operations	$	1,488,573		$	905,231		$	1,818,307

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

- 27 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	C92			FD7			F24
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	1,319,725		$	—
Expenses:
Mortality and expense risk charges		(274,067	)		(1,058,649	)		(1,356,539	)
Distribution and administration charges		(112,473	)		(344,327	)		(452,066	)

Net investment income (loss)		(386,540	)		(83,251	)		(1,808,605	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		526,726			4,331,927			9,957,416
Realized gain distributions		—			4,553,448			17,295,425

Net realized gains (losses)		526,726			8,885,375			27,252,841

Net change in unrealized appreciation (depreciation)		3,617,986			1,813,330			(5,819,810	)

Net realized and change in unrealized gains (losses)		4,144,712			10,698,705			21,433,031

Net increase (decrease) in net assets from operations	$	3,758,172		$	10,615,454		$	19,624,426

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

- 28 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	F88			FB9			F15
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	34,096		$	172,509		$	231,354
Expenses:
Mortality and expense risk charges		(14,557	)		(81,609	)		(119,196	)
Distribution and administration charges		(5,895	)		(29,176	)		(38,571	)

Net investment income (loss)		13,644			61,724			73,587

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(4,378	)		(104,069	)		(70,011	)
Realized gain distributions		14,701			252,115			546,327

Net realized gains (losses)		10,323			148,046			476,316

Net change in unrealized appreciation (depreciation)		67,288			378,681			481,231

Net realized and change in unrealized gains (losses)		77,611			526,727			957,547

Net increase (decrease) in net assets from operations	$	91,255		$	588,451		$	1,031,134

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

- 29 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	F41			FE3			F17
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	115,363		$	2,318,190		$	12,039
Expenses:
Mortality and expense risk charges		(616,512	)		(1,757,389	)		(20,572	)
Distribution and administration charges		(209,249	)		(568,902	)		(8,443	)

Net investment income (loss)		(710,398	)		(8,101	)		(16,976	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		4,006,381			5,171,288			16,499
Realized gain distributions		5,688,116			16,685,527			—

Net realized gains (losses)		9,694,497			21,856,815			16,499

Net change in unrealized appreciation (depreciation)		(4,129,749	)		21,073,785			99,624

Net realized and change in unrealized gains (losses)		5,564,748			42,930,600			116,123

Net increase (decrease) in net assets from operations	$	4,854,350		$	42,922,499		$	99,147

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

- 30 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	F18			F19			L36
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	15,748		$	241,839		$	25,419
Expenses:
Mortality and expense risk charges		(9,346	)		(85,945	)		(8,660	)
Distribution and administration charges		(3,836	)		(35,271	)		(3,554	)

Net investment income (loss)		2,566			120,623			13,205

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		26,811			(164,834	)		113
Realized gain distributions		24,411			557,576			92,870

Net realized gains (losses)		51,222			392,742			92,983

Net change in unrealized appreciation (depreciation)		113,917			(121,104	)		1,757

Net realized and change in unrealized gains (losses)		165,139			271,638			94,740

Net increase (decrease) in net assets from operations	$	167,705		$	392,261		$	107,945

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

- 31 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	T21			S23			T20
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	70,632		$	3,732		$	1,076,771
Expenses:
Mortality and expense risk charges		(167,390	)		(7,852	)		(593,591	)
Distribution and administration charges		(58,226	)		(3,222	)		(221,827	)

Net investment income (loss)		(154,984	)		(7,342	)		261,353

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		97,521			(3,659	)		2,957,174
Realized gain distributions		220,433			14,290			3,006,580

Net realized gains (losses)		317,954			10,631			5,963,754

Net change in unrealized appreciation (depreciation)		4,628,340			327,290			5,052,008

Net realized and change in unrealized gains (losses)		4,946,294			337,921			11,015,762

Net increase (decrease) in net assets from operations	$	4,791,310		$	330,579		$	11,277,115

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

- 32 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	FE6			S18			T59
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	309,236		$	64,878		$	—
Expenses:
Mortality and expense risk charges		(198,617	)		(30,737	)		(21,537	)
Distribution and administration charges		(61,191	)		(12,615	)		(9,237	)

Net investment income (loss)		49,428			21,526			(30,774	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(351,192	)		(6,962	)		(114,509	)
Realized gain distributions		652,799			144,793			—

Net realized gains (losses)		301,607			137,831			(114,509	)

Net change in unrealized appreciation (depreciation)		1,278,210			222,441			355,286

Net realized and change in unrealized gains (losses)		1,579,817			360,272			240,777

Net increase (decrease) in net assets from operations	$	1,629,245		$	381,798		$	210,003

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

- 33 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	F56			F59			FF0
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	83,575		$	1,651,964		$	1,395,147
Expenses:
Mortality and expense risk charges		(116,290	)		(406,371	)		(253,521	)
Distribution and administration charges		(41,803	)		(135,664	)		(103,374	)

Net investment income (loss)		(74,518	)		1,109,929			1,038,252

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		573,968			(163,364	)		(320,562	)
Realized gain distributions		717,504			347,236			298,642

Net realized gains (losses)		1,291,472			183,872			(21,920	)

Net change in unrealized appreciation (depreciation)		622,265			2,034,655			2,100,081

Net realized and change in unrealized gains (losses)		1,913,737			2,218,527			2,078,161

Net increase (decrease) in net assets from operations	$	1,839,219		$	3,328,456		$	3,116,413

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

- 34 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	F54			FG8			S21
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,656,672		$	28,485		$	43,235
Expenses:
Mortality and expense risk charges		(1,028,907	)		(12,683	)		(50,249	)
Distribution and administration charges		(342,262	)		(5,078	)		(20,621	)

Net investment income (loss)		285,503			10,724			(27,635	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,547,951			(333	)		(62,243	)
Realized gain distributions		8,162,461			146,795			570,990

Net realized gains (losses)		9,710,412			146,462			508,747

Net change in unrealized appreciation (depreciation)		(2,456,715	)		(17,316	)		94,172

Net realized and change in unrealized gains (losses)		7,253,697			129,146			602,919

Net increase (decrease) in net assets from operations	$	7,539,200		$	139,870		$	575,284

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

- 35 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	F53			FJ9			T28
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	148,363		$	37,960		$	292,688
Expenses:
Mortality and expense risk charges		(166,403	)		(33,696	)		(74,687	)
Distribution and administration charges		(59,070	)		(13,790	)		(26,895	)

Net investment income (loss)		(77,110	)		(9,526	)		191,106

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		110,595			(44,019	)		(204,251	)
Realized gain distributions		1,157,100			318,040			65

Net realized gains (losses)		1,267,695			274,021			(204,186	)

Net change in unrealized appreciation (depreciation)		(383,035	)		(7,703	)		335,477

Net realized and change in unrealized gains (losses)		884,660			266,318			131,291

Net increase (decrease) in net assets from operations	$	807,550		$	256,792		$	322,397

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

- 36 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	FJ0			G03			V35
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	2,118		$	16,373		$	7,345
Expenses:
Mortality and expense risk charges		(607	)		(28,435	)		(43,198	)
Distribution and administration charges		(230	)		(11,669	)		(15,407	)

Net investment income (loss)		1,281			(23,731	)		(51,260	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(997	)		7,935			153,513
Realized gain distributions		—			447,229			527,732

Net realized gains (losses)		(997	)		455,164			681,245

Net change in unrealized appreciation (depreciation)		2,079			34,587			(18,644	)

Net realized and change in unrealized gains (losses)		1,082			489,751			662,601

Net increase (decrease) in net assets from operations	$	2,363		$	466,020		$	611,341

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

- 37 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	V13			AB3			V11
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	216,098		$	82,480		$	2,411,768
Expenses:
Mortality and expense risk charges		(192,575	)		(16,870	)		(1,311,644	)
Distribution and administration charges		(66,130	)		(6,923	)		(467,482	)

Net investment income (loss)		(42,607	)		58,687			632,642

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,668,853			(83,854	)		1,271,176
Realized gain distributions		1,601,427			—			6,919,609

Net realized gains (losses)		3,270,280			(83,854	)		8,190,785

Net change in unrealized appreciation (depreciation)		(1,059,671	)		132,793			4,043,770

Net realized and change in unrealized gains (losses)		2,210,609			48,939			12,234,555

Net increase (decrease) in net assets from operations	$	2,168,002		$	107,626		$	12,867,197

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

- 38 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	AC1			V17			V19
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	14,791		$	—		$	15,003
Expenses:
Mortality and expense risk charges		(16,834	)		(47,713	)		(9,055	)
Distribution and administration charges		(5,076	)		(19,581	)		(3,716	)

Net investment income (loss)		(7,119	)		(67,294	)		2,232

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		13,033			(190,229	)		(2,029	)
Realized gain distributions		80,713			574,035			84,346

Net realized gains (losses)		93,746			383,806			82,317

Net change in unrealized appreciation (depreciation)		88,498			(83,977	)		59,413

Net realized and change in unrealized gains (losses)		182,244			299,829			141,730

Net increase (decrease) in net assets from operations	$	175,125		$	232,535		$	143,962

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

- 39 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	V20			MV1			MV2
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	226,372		$	2,558,999		$	3,079
Expenses:
Mortality and expense risk charges		(124,039	)		(1,228,496	)		(54,292	)
Distribution and administration charges		(50,903	)		(504,158	)		(22,281	)

Net investment income (loss)		51,430			826,345			(73,494	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		28,566			299,602			(88,809	)
Realized gain distributions		1,308,847			4,372,126			548,728

Net realized gains (losses)		1,337,413			4,671,728			459,919

Net change in unrealized appreciation (depreciation)		354,694			12,891,063			(1,840	)

Net realized and change in unrealized gains (losses)		1,692,107			17,562,791			458,079

Net increase (decrease) in net assets from operations	$	1,743,537		$	18,389,136		$	384,585

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

- 40 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MV3			MV4			J88
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	14,211		$	950,810
Expenses:
Mortality and expense risk charges		(119,008	)		(16,958	)		(359,623	)
Distribution and administration charges		(48,840	)		(6,959	)		(110,492	)

Net investment income (loss)		(167,848	)		(9,706	)		480,695

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		192,638			(4,318	)		(1,135,502	)
Realized gain distributions		1,268,413			196,238			—

Net realized gains (losses)		1,461,051			191,920			(1,135,502	)

Net change in unrealized appreciation (depreciation)		1,678,742			(82,256	)		2,206,744

Net realized and change in unrealized gains (losses)		3,139,793			109,664			1,071,242

Net increase (decrease) in net assets from operations	$	2,971,945		$	99,958		$	1,551,937

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

- 41 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	J94			L11			L42
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	34,754		$	506,313		$	5,598
Expenses:
Mortality and expense risk charges		(175,698	)		(232,570	)		(4,279	)
Distribution and administration charges		(55,892	)		(79,392	)		(1,756	)

Net investment income (loss)		(196,836	)		194,351			(437	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,118,520			2,504,926			(2,741	)
Realized gain distributions		395,042			—			14,150

Net realized gains (losses)		1,513,562			2,504,926			11,409

Net change in unrealized appreciation (depreciation)		385,415			3,604,207			57,114

Net realized and change in unrealized gains (losses)		1,898,977			6,109,133			68,523

Net increase (decrease) in net assets from operations	$	1,702,141		$	6,303,484		$	68,086

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

- 42 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	L16			L18			L17
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	326,494		$	—		$	88,621
Expenses:
Mortality and expense risk charges		(46,827	)		(181,423	)		(277,493	)
Distribution and administration charges		(19,217	)		(67,521	)		(97,448	)

Net investment income (loss)		260,450			(248,944	)		(286,320	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(156,704	)		294,451			1,383,559
Realized gain distributions		—			2,219,497			2,068,852

Net realized gains (losses)		(156,704	)		2,513,948			3,452,411

Net change in unrealized appreciation (depreciation)		265,837			(370,050	)		(592,991	)

Net realized and change in unrealized gains (losses)		109,133			2,143,898			2,859,420

Net increase (decrease) in net assets from operations	$	369,583		$	1,894,954		$	2,573,100

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

- 43 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	L19			M07			M35
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	95,303		$	5,699,394		$	4,557,985
Expenses:
Mortality and expense risk charges		(17,909	)		(2,566,679	)		(2,207,649	)
Distribution and administration charges		(7,350	)		(375,335	)		(744,654	)

Net investment income (loss)		70,044			2,757,380			1,605,682

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(27,978	)		375,593			(316,976	)
Realized gain distributions		—			15,197,587			13,409,831

Net realized gains (losses)		(27,978	)		15,573,180			13,092,855

Net change in unrealized appreciation (depreciation)		52,749			1,208,669			1,074,770

Net realized and change in unrealized gains (losses)		24,771			16,781,849			14,167,625

Net increase (decrease) in net assets from operations	$	94,815		$	19,539,229		$	15,773,307

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

- 44 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	M31			M80			M10
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	1,947
Expenses:
Mortality and expense risk charges		(1,799,031	)		(273,984	)		(2,728	)
Distribution and administration charges		(285,835	)		(101,456	)		(1,120	)

Net investment income (loss)		(2,084,866	)		(375,440	)		(1,901	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		8,968,133			374,545			(4,649	)
Realized gain distributions		26,316,505			4,664,550			137,747

Net realized gains (losses)		35,284,638			5,039,095			133,098

Net change in unrealized appreciation (depreciation)		(18,293,932	)		(2,303,713	)		(94,106	)

Net realized and change in unrealized gains (losses)		16,990,706			2,735,382			38,992

Net increase (decrease) in net assets from operations	$	14,905,840		$	2,359,942		$	37,091

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

- 45 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MF1			M41			M05
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		(202,955	)		(307,421	)		(368,538	)
Distribution and administration charges		(42,462	)		(113,333	)		(74,697	)

Net investment income (loss)		(245,417	)		(420,754	)		(443,235	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(394,623	)		(1,233,425	)		(2,154,215	)
Realized gain distributions		2,818,438			5,342,080			—

Net realized gains (losses)		2,423,815			4,108,655			(2,154,215	)

Net change in unrealized appreciation (depreciation)		(1,758,648	)		(3,076,068	)		5,907,679

Net realized and change in unrealized gains (losses)		665,167			1,032,587			3,753,464

Net increase (decrease) in net assets from operations	$	419,750		$	611,833		$	3,310,229

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

- 46 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	M42			M89			M82
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	10,659,042		$	128,103
Expenses:
Mortality and expense risk charges		(310,649	)		(3,067,341	)		(1,037,946	)
Distribution and administration charges		(114,303	)		(974,550	)		(346,162	)

Net investment income (loss)		(424,952	)		6,617,151			(1,256,005	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(2,269,620	)		(6,205,280	)		2,930,504
Realized gain distributions		—			—			19,943,503

Net realized gains (losses)		(2,269,620	)		(6,205,280	)		22,874,007

Net change in unrealized appreciation (depreciation)		5,505,829			12,635,380			(12,962,648	)

Net realized and change in unrealized gains (losses)		3,236,209			6,430,100			9,911,359

Net increase (decrease) in net assets from operations	$	2,811,257		$	13,047,251		$	8,655,354

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

- 47 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	M44			M40			M83
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,809,804		$	885,688		$	2,396,447
Expenses:
Mortality and expense risk charges		(763,364	)		(386,050	)		(1,859,197	)
Distribution and administration charges		(134,172	)		(137,867	)		(529,610	)

Net investment income (loss)		912,268			361,771			7,640

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,500,079			969,499			3,816,580
Realized gain distributions		827,672			441,696			11,148,379

Net realized gains (losses)		3,327,751			1,411,195			14,964,959

Net change in unrealized appreciation (depreciation)		3,678,712			2,210,737			1,079,548

Net realized and change in unrealized gains (losses)		7,006,463			3,621,932			16,044,507

Net increase (decrease) in net assets from operations	$	7,918,731		$	3,983,703		$	16,052,147

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

- 48 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	M08			MB6			MB7
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,002,671		$	2,300,663		$	303,846
Expenses:
Mortality and expense risk charges		(882,922	)		(2,757,186	)		(490,085	)
Distribution and administration charges		(312,550	)		(428,169	)		(181,746	)

Net investment income (loss)		(192,801	)		(884,692	)		(367,985	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,067,968			8,433,032			1,265,823
Realized gain distributions		5,539,897			39,545,511			7,192,174

Net realized gains (losses)		7,607,865			47,978,543			8,457,997

Net change in unrealized appreciation (depreciation)		121,879			(16,827,811	)		(2,863,265	)

Net realized and change in unrealized gains (losses)		7,729,744			31,150,732			5,594,732

Net increase (decrease) in net assets from operations	$	7,536,943		$	30,266,040		$	5,226,747

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

- 49 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MC0			MA0			MC2
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,291,008		$	3,287,125		$	391,041
Expenses:
Mortality and expense risk charges		(316,132	)		(875,823	)		(1,052,842	)
Distribution and administration charges		(59,729	)		(278,094	)		(191,955	)

Net investment income (loss)		915,147			2,133,208			(853,756	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(924,676	)		(3,610,203	)		4,143,567
Realized gain distributions		—			—			8,713,816

Net realized gains (losses)		(924,676	)		(3,610,203	)		12,857,383

Net change in unrealized appreciation (depreciation)		1,545,440			5,312,861			(3,166,930	)

Net realized and change in unrealized gains (losses)		620,764			1,702,658			9,690,453

Net increase (decrease) in net assets from operations	$	1,535,911		$	3,835,866		$	8,836,697

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

- 50 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MC1			MC3			MA1
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	102,050		$	197,212		$	181,612
Expenses:
Mortality and expense risk charges		(511,768	)		(113,030	)		(118,971	)
Distribution and administration charges		(190,379	)		(21,932	)		(41,170	)

Net investment income (loss)		(600,097	)		62,250			21,471

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,434,626			37,389			211,901
Realized gain distributions		4,643,192			66,667			69,454

Net realized gains (losses)		7,077,818			104,056			281,355

Net change in unrealized appreciation (depreciation)		(1,853,301	)		2,413,446			2,332,546

Net realized and change in unrealized gains (losses)		5,224,517			2,517,502			2,613,901

Net increase (decrease) in net assets from operations	$	4,624,420		$	2,579,752		$	2,635,372

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

- 51 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MC4			MC5			MC6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	69,516		$	8,078		$	120,217
Expenses:
Mortality and expense risk charges		(48,592	)		(6,519	)		(439,714	)
Distribution and administration charges		(9,578	)		(2,464	)		(65,308	)

Net investment income (loss)		11,346			(905	)		(384,805	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(159,320	)		(16,918	)		404,767
Realized gain distributions		—			—			4,328,806

Net realized gains (losses)		(159,320	)		(16,918	)		4,733,573

Net change in unrealized appreciation (depreciation)		343,198			42,027			(2,205,635	)

Net realized and change in unrealized gains (losses)		183,878			25,109			2,527,938

Net increase (decrease) in net assets from operations	$	195,224		$	24,204		$	2,143,133

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

- 52 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MC7			MC8			MC9
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	11,742		$	578,153		$	22,807
Expenses:
Mortality and expense risk charges		(90,745	)		(769,052	)		(39,120	)
Distribution and administration charges		(37,918	)		(109,732	)		(11,896	)

Net investment income (loss)		(116,921	)		(300,631	)		(28,209	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(88,546	)		3,620,382			108,773
Realized gain distributions		1,238,562			7,382,283			393,364

Net realized gains (losses)		1,150,016			11,002,665			502,137

Net change in unrealized appreciation (depreciation)		(452,006	)		(2,070,595	)		(33,927	)

Net realized and change in unrealized gains (losses)		698,010			8,932,070			468,210

Net increase (decrease) in net assets from operations	$	581,089		$	8,631,439		$	440,001

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

- 53 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MD0			M92			M96
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,354,678		$	17,200,328		$	1,633,001
Expenses:
Mortality and expense risk charges		(282,018	)		(3,488,611	)		(473,146	)
Distribution and administration charges		(45,391	)		(1,112,699	)		(80,093	)

Net investment income (loss)		1,027,269			12,599,018			1,079,762

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(234,845	)		(3,443,833	)		(1,381,779	)
Realized gain distributions		1,122,206			14,904,131			—

Net realized gains (losses)		887,361			11,460,298			(1,381,779	)

Net change in unrealized appreciation (depreciation)		1,057,133			12,909,695			2,406,440

Net realized and change in unrealized gains (losses)		1,944,494			24,369,993			1,024,661

Net increase (decrease) in net assets from operations	$	2,971,763		$	36,969,011		$	2,104,423

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

- 54 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MD2			MA6			MA3
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	3,711,359		$	1,698,767		$	1,281,422
Expenses:
Mortality and expense risk charges		(1,134,060	)		(312,916	)		(246,670	)
Distribution and administration charges		(381,608	)		(55,508	)		(90,940	)

Net investment income (loss)		2,195,691			1,330,343			943,812

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(3,137,634	)		(515,909	)		(410,734	)
Realized gain distributions		—			—			—

Net realized gains (losses)		(3,137,634	)		(515,909	)		(410,734	)

Net change in unrealized appreciation (depreciation)		5,385,443			936,506			731,291

Net realized and change in unrealized gains (losses)		2,247,809			420,597			320,557

Net increase (decrease) in net assets from operations	$	4,443,500		$	1,750,940		$	1,264,369

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

- 55 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	M97			MD5			M98
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	226,757		$	69,812		$	410,607
Expenses:
Mortality and expense risk charges		(308,995	)		(119,363	)		(328,002	)
Distribution and administration charges		(61,094	)		(42,547	)		(54,689	)

Net investment income (loss)		(143,332	)		(92,098	)		27,916

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,076,649			426,230			1,355,197
Realized gain distributions		1,348,967			517,576			1,487,654

Net realized gains (losses)		2,425,616			943,806			2,842,851

Net change in unrealized appreciation (depreciation)		2,263,882			802,664			4,404,209

Net realized and change in unrealized gains (losses)		4,689,498			1,746,470			7,247,060

Net increase (decrease) in net assets from operations	$	4,546,166		$	1,654,372		$	7,274,976

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

- 56 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	M93			MD6			MB3
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	665,777		$	732,344		$	4,532
Expenses:
Mortality and expense risk charges		(648,881	)		(3,339,435	)		(324,475	)
Distribution and administration charges		(225,568	)		(510,699	)		(125,734	)

Net investment income (loss)		(208,672	)		(3,117,790	)		(445,677	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,021,470			10,755,025			656,444
Realized gain distributions		2,847,446			38,605,040			3,927,419

Net realized gains (losses)		5,868,916			49,360,065			4,583,863

Net change in unrealized appreciation (depreciation)		8,140,733			(24,540,048	)		(2,127,864	)

Net realized and change in unrealized gains (losses)		14,009,649			24,820,017			2,455,999

Net increase (decrease) in net assets from operations	$	13,800,977		$	21,702,227		$	2,010,322

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

- 57 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MD8			MD9			ME2
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,260,341		$	3,313,463		$	194,217
Expenses:
Mortality and expense risk charges		(407,079	)		(1,070,807	)		(162,549	)
Distribution and administration charges		(65,079	)		(370,856	)		(34,051	)

Net investment income (loss)		788,183			1,871,800			(2,383	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		—			—			848,297
Realized gain distributions		—			—			—

Net realized gains (losses)		—			—			848,297

Net change in unrealized appreciation (depreciation)		—			—			1,721,420

Net realized and change in unrealized gains (losses)		—			—			2,569,717

Net increase (decrease) in net assets from operations	$	788,183		$	1,871,800		$	2,567,334

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

- 58 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	ME3			MA5			MA7
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	305,840		$	714,864		$	78,321
Expenses:
Mortality and expense risk charges		(310,329	)		(202,269	)		(23,491	)
Distribution and administration charges		(110,561	)		(35,910	)		(7,763	)

Net investment income (loss)		(115,050	)		476,685			47,067

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,060,626			(416,183	)		(67,420	)
Realized gain distributions		—			—			—

Net realized gains (losses)		1,060,626			(416,183	)		(67,420	)

Net change in unrealized appreciation (depreciation)		3,499,291			883,062			125,497

Net realized and change in unrealized gains (losses)		4,559,917			466,879			58,077

Net increase (decrease) in net assets from operations	$	4,444,867		$	943,564		$	105,144

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

- 59 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	ME4			MA2			MF3
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	304,950
Expenses:
Mortality and expense risk charges		(254,179	)		(181,347	)		(464,881	)
Distribution and administration charges		(55,230	)		(73,247	)		(162,371	)

Net investment income (loss)		(309,409	)		(254,594	)		(322,302	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,953,883			820,766			598,426
Realized gain distributions		2,639,048			2,835,376			4,033,763

Net realized gains (losses)		4,592,931			3,656,142			4,632,189

Net change in unrealized appreciation (depreciation)		(1,244,289	)		(309,216	)		(2,482,730	)

Net realized and change in unrealized gains (losses)		3,348,642			3,346,926			2,149,459

Net increase (decrease) in net assets from operations	$	3,039,233		$	3,092,332		$	1,827,157

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

- 60 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MF5			MF6			MF7
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	5,682,484		$	14,560		$	365,970
Expenses:
Mortality and expense risk charges		(2,727,871	)		(11,215	)		(399,349	)
Distribution and administration charges		(903,717	)		(4,584	)		(144,100	)

Net investment income (loss)		2,050,896			(1,239	)		(177,479	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(7,039,811	)		(18,389	)		(283,170	)
Realized gain distributions		9,733,969			—			—

Net realized gains (losses)		2,694,158			(18,389	)		(283,170	)

Net change in unrealized appreciation (depreciation)		12,351,389			34,929			935,997

Net realized and change in unrealized gains (losses)		15,045,547			16,540			652,827

Net increase (decrease) in net assets from operations	$	17,096,443		$	15,301		$	475,348

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

- 61 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MF9			MG1			MF2
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	2,725,863		$	2,044,747		$	5,036,411
Expenses:
Mortality and expense risk charges		(2,723,006	)		(802,822	)		(1,489,564	)
Distribution and administration charges		(890,271	)		(260,908	)		(528,642	)

Net investment income (loss)		(887,414	)		981,017			3,018,205

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(4,298,623	)		(4,399,605	)		(124,106	)
Realized gain distributions		10,649,683			—			—

Net realized gains (losses)		6,351,060			(4,399,605	)		(124,106	)

Net change in unrealized appreciation (depreciation)		15,875,491			7,551,591			1,732,802

Net realized and change in unrealized gains (losses)		22,226,551			3,151,986			1,608,696

Net increase (decrease) in net assets from operations	$	21,339,137		$	4,133,003		$	4,626,901

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

- 62 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MG2			MG3			MG4
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	2,743,284		$	174,606		$	133,764
Expenses:
Mortality and expense risk charges		(825,973	)		(213,367	)		(185,967	)
Distribution and administration charges		(268,311	)		(81,817	)		(61,359	)

Net investment income (loss)		1,649,000			(120,578	)		(113,562	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(123,083	)		834,852			1,073,810
Realized gain distributions		—			1,519,714			1,457,620

Net realized gains (losses)		(123,083	)		2,354,566			2,531,430

Net change in unrealized appreciation (depreciation)		946,267			(1,540,795	)		(1,750,524	)

Net realized and change in unrealized gains (losses)		823,184			813,771			780,906

Net increase (decrease) in net assets from operations	$	2,472,184		$	693,193		$	667,344

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

- 63 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MG6			MG7			U41
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	16,226,929		$	135,180		$	—
Expenses:
Mortality and expense risk charges		(9,802,814	)		(91,111	)		(26,569	)
Distribution and administration charges		(3,188,375	)		(33,766	)		(10,903	)

Net investment income (loss)		3,235,740			10,303			(37,472	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(17,154,254	)		(377,677	)		82,511
Realized gain distributions		53,853,427			951,013			123,742

Net realized gains (losses)		36,699,173			573,336			206,253

Net change in unrealized appreciation (depreciation)		30,282,326			(469,744	)		295,184

Net realized and change in unrealized gains (losses)		66,981,499			103,592			501,437

Net increase (decrease) in net assets from operations	$	70,217,239		$	113,895		$	463,965

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

- 64 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	V44			V43			O19
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	16,121		$	—
Expenses:
Mortality and expense risk charges		(344,228	)		(52,237	)		(144,855	)
Distribution and administration charges		(129,900	)		(18,355	)		(59,641	)

Net investment income (loss)		(474,128	)		(54,471	)		(204,496	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		5,696,556			954,384			905,783
Realized gain distributions		—			—			1,445,119

Net realized gains (losses)		5,696,556			954,384			2,350,902

Net change in unrealized appreciation (depreciation)		4,961,887			(361,679	)		(876,598	)

Net realized and change in unrealized gains (losses)		10,658,443			592,705			1,474,304

Net increase (decrease) in net assets from operations	$	10,184,315		$	538,234		$	1,269,808

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

- 65 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	O20			O21			O04
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	291,774		$	7,748
Expenses:
Mortality and expense risk charges		(109,006	)		(1,212,623	)		(42,702	)
Distribution and administration charges		(38,173	)		(444,401	)		(17,909	)

Net investment income (loss)		(147,179	)		(1,365,250	)		(52,863	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(380,120	)		(197,753	)		171,816
Realized gain distributions		1,633,816			5,854,569			344,500

Net realized gains (losses)		1,253,696			5,656,816			516,316

Net change in unrealized appreciation (depreciation)		(7,474	)		8,370,329			(242,240	)

Net realized and change in unrealized gains (losses)		1,246,222			14,027,145			274,076

Net increase (decrease) in net assets from operations	$	1,099,043		$	12,661,895		$	221,213

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

- 66 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	PH2			P08			PC0
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	9,685		$	556,141		$	382,099
Expenses:
Mortality and expense risk charges		(2,735	)		(149,067	)		(101,604	)
Distribution and administration charges		(726	)		(52,318	)		(33,420	)

Net investment income (loss)		6,224			354,756			247,075

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,748			(333,943	)		(188,755	)
Realized gain distributions		—			—			—

Net realized gains (losses)		3,748			(333,943	)		(188,755	)

Net change in unrealized appreciation (depreciation)		33,090			1,364,817			944,642

Net realized and change in unrealized gains (losses)		36,838			1,030,874			755,887

Net increase (decrease) in net assets from operations	$	43,062		$	1,385,630		$	1,002,962

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

- 67 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	P70			P10			PK8
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	88,348		$	398,552		$	312,846
Expenses:
Mortality and expense risk charges		(28,434	)		(177,283	)		(56,693	)
Distribution and administration charges		(11,563	)		(59,789	)		(21,582	)

Net investment income (loss)		48,351			161,480			234,571

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(231,494	)		(1,366,885	)		(124,893	)
Realized gain distributions		—			—			—

Net realized gains (losses)		(231,494	)		(1,366,885	)		(124,893	)

Net change in unrealized appreciation (depreciation)		708,022			3,477,549			437,563

Net realized and change in unrealized gains (losses)		476,528			2,110,664			312,670

Net increase (decrease) in net assets from operations	$	524,879		$	2,272,144		$	547,241

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

- 68 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	P20			PM5			PD6
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	6,411		$	29,296		$	10,340,730
Expenses:
Mortality and expense risk charges		(1,116	)		(7,428	)		(2,888,786	)
Distribution and administration charges		(374	)		(3,048	)		(913,752	)

Net investment income (loss)		4,921			18,820			6,538,192

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,770	)		(3,471	)		(3,161,184	)
Realized gain distributions		—			—			—

Net realized gains (losses)		(1,770	)		(3,471	)		(3,161,184	)

Net change in unrealized appreciation (depreciation)		8,488			7,297			39,743,453

Net realized and change in unrealized gains (losses)		6,718			3,826			36,582,269

Net increase (decrease) in net assets from operations	$	11,639		$	22,646		$	43,120,461

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

- 69 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	P06			P07			P68
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	617,728		$	3,353,047		$	268,717
Expenses:
Mortality and expense risk charges		(237,667	)		(1,039,623	)		(57,352	)
Distribution and administration charges		(80,599	)		(357,167	)		(23,536	)

Net investment income (loss)		299,462			1,956,257			187,829

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(287,742	)		(3,291,640	)		(163,500	)
Realized gain distributions		—			—			—

Net realized gains (losses)		(287,742	)		(3,291,640	)		(163,500	)

Net change in unrealized appreciation (depreciation)		1,100,332			6,945,556			459,637

Net realized and change in unrealized gains (losses)		812,590			3,653,916			296,137

Net increase (decrease) in net assets from operations	$	1,112,052		$	5,610,173		$	483,966

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

- 70 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	P72			P88			P93
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	320,342		$	498,297		$	92,514
Expenses:
Mortality and expense risk charges		(255,962	)		(311,675	)		(42,248	)
Distribution and administration charges		(86,744	)		(127,907	)		(17,338	)

Net investment income (loss)		(22,364	)		58,715			32,928

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		896,680			352,265			279,299
Realized gain distributions		1,532,356			1,294,702			499,011

Net realized gains (losses)		2,429,036			1,646,967			778,310

Net change in unrealized appreciation (depreciation)		1,515,222			2,778,352			(204,005	)

Net realized and change in unrealized gains (losses)		3,944,258			4,425,319			574,305

Net increase (decrease) in net assets from operations	$	3,921,894		$	4,484,034		$	607,233

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

- 71 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	P89			P95			P79
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	74,167		$	32,581
Expenses:
Mortality and expense risk charges		(29,682	)		(12,695	)		(49,689	)
Distribution and administration charges		(12,181	)		(5,211	)		(20,392	)

Net investment income (loss)		(41,863	)		56,261			(37,500	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(32,895	)		(79,441	)		158,404
Realized gain distributions		232,868			—			348,678

Net realized gains (losses)		199,973			(79,441	)		507,082

Net change in unrealized appreciation (depreciation)		333,649			105,728			459,870

Net realized and change in unrealized gains (losses)		533,622			26,287			966,952

Net increase (decrease) in net assets from operations	$	491,759		$	82,548		$	929,452

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

- 72 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	P80			P81			TBD
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	865		$	9,385		$	—
Expenses:
Mortality and expense risk charges		(8,442	)		(12,539	)		(125,107	)
Distribution and administration charges		(3,464	)		(5,146	)		(51,343	)

Net investment income (loss)		(11,041	)		(8,300	)		(176,450	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		62,315			51,376			256,175
Realized gain distributions		127,518			165,102			1,519,434

Net realized gains (losses)		189,833			216,478			1,775,609

Net change in unrealized appreciation (depreciation)		(176,094	)		(63,949	)		719,582

Net realized and change in unrealized gains (losses)		13,739			152,529			2,495,191

Net increase (decrease) in net assets from operations	$	2,698		$	144,229		$	2,318,741

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

- 73 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	TBE			TBF			TP1
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	77,909		$	—		$	47,934
Expenses:
Mortality and expense risk charges		(45,572	)		(58,587	)		(42,660	)
Distribution and administration charges		(18,702	)		(24,044	)		(17,507	)

Net investment income (loss)		13,635			(82,631	)		(12,233	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		2,155			(181,393	)		60,800
Realized gain distributions		553,876			274,771			73,799

Net realized gains (losses)		556,031			93,378			134,599

Net change in unrealized appreciation (depreciation)		78,912			1,078,694			701,102

Net realized and change in unrealized gains (losses)		634,943			1,172,072			835,701

Net increase (decrease) in net assets from operations	$	648,578		$	1,089,441		$	823,468

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

- 74 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	TP2			TP3			TP4
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	47,693		$	73,820		$	28,595
Expenses:
Mortality and expense risk charges		(22,598	)		(28,746	)		(25,934	)
Distribution and administration charges		(9,273	)		(11,798	)		(10,643	)

Net investment income (loss)		15,822			33,276			(7,982	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		15,690			95,101			235,568
Realized gain distributions		29,775			22,332			45,487

Net realized gains (losses)		45,465			117,433			281,055

Net change in unrealized appreciation (depreciation)		220,434			129,081			230,082

Net realized and change in unrealized gains (losses)		265,899			246,514			511,137

Net increase (decrease) in net assets from operations	$	281,721		$	279,790		$	503,155

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

- 75 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	TP5			W42			W50
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	242,353		$	—		$	54,942
Expenses:
Mortality and expense risk charges		(133,997	)		(1,983	)		(10,298	)
Distribution and administration charges		(54,991	)		(599	)		(4,226	)

Net investment income (loss)		53,365			(2,582	)		40,418

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		213,955			22,969			(38,951	)
Realized gain distributions		259,817			—			—

Net realized gains (losses)		473,772			22,969			(38,951	)

Net change in unrealized appreciation (depreciation)		1,460,164			(13,984	)		72,451

Net realized and change in unrealized gains (losses)		1,933,936			8,985			33,500

Net increase (decrease) in net assets from operations	$	1,987,301		$	6,403		$	73,918

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

- 76 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	AL1 Sub-Account						AO5 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	85,149		$	46,886		$	(4,618	)	$	(247,755	)
Net realized gains (losses)		981,253			(424,069	)		(1,675,032	)		(2,129,590	)
Net change in unrealized appreciation/(depreciation)		2,577,551			2,212,571			6,353,394			6,274,245

Increase (decrease) in net assets from operations		3,643,953			1,835,388			4,673,744			3,896,900

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		824,451			373,203			599,072			253,173
Transfers between Sub-Accounts (including the Fixed Account), net		117,572			(484,501	)		349,271			(497,426	)
Withdrawals, surrenders, annuitizations and contract charges		(4,930,876	)		(4,053,384	)		(8,032,559	)		(7,075,366	)

Net accumulation activity		(3,988,853	)		(4,164,682	)		(7,084,216	)		(7,319,619	)

*Annuitization Activity:*
Annuitizations		—			20,958			37,675			—
Annuity payments and contract charges		—			(22,280	)		(4,177	)		—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			(200	)		—

Net annuitization activity		—			(1,322	)		33,298			—

Net increase (decrease) from contract owner transactions		(3,988,853	)		(4,166,004	)		(7,050,918	)		(7,319,619	)

Total increase (decrease) in net assets		(344,900	)		(2,330,616	)		(2,377,174	)		(3,422,719	)
Net assets at beginning of year		25,339,998			27,670,614			43,842,350			47,265,069

Net assets at end of year	$	24,995,098		$	25,339,998		$	41,465,176		$	43,842,350

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

- 77 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	A71 Sub-Account						AM2 Sub-Account
	December 31,			December 31,			December 31,		December 31,
	2025			2024			2025		2024
Operations:
Net investment income (loss)	$	(3,454	)	$	920		$	—	$	(11,319	)
Net realized gains (losses)		54,966			25,512			—		(479,847	)
Net change in unrealized appreciation/(depreciation)		37,129			69,162			—		466,525

Increase (decrease) in net assets from operations		88,641			95,594			—		(24,641	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		245,815			31,657			—		71
Transfers between Sub-Accounts (including the Fixed Account), net		(74,433	)		102,384			—		(2,693,836	)
Withdrawals, surrenders, annuitizations and contract charges		(33,084	)		(66,597	)		—		(120,564	)

Net accumulation activity		138,298			67,444			—		(2,814,329	)

*Annuitization Activity:*
Annuitizations		—			—			—		—
Annuity payments and contract charges		—			—			—		—
Transfers between Sub-Accounts, net		—			—			—		—
Adjustments to annuity reserves		—			—			—		—

Net annuitization activity		—			—			—		—

Net increase (decrease) from contract owner transactions		138,298			67,444			—		(2,814,329	)

Total increase (decrease) in net assets		226,939			163,038			—		(2,838,970	)
Net assets at beginning of year		955,560			792,522			—		2,838,970

Net assets at end of year	$	1,182,499		$	955,560		$	—	$	—

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

- 78 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	A98 Sub-Account						AC4 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	80,895		$	101,283		$	(252,223	)	$	(195,003	)
Net realized gains (losses)		2,012,484			468,015			2,204,524			769,333
Net change in unrealized appreciation/(depreciation)		3,690,409			54,350			389,057			2,677,182

Increase (decrease) in net assets from operations		5,783,788			623,648			2,341,358			3,251,512

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		178,579			190,240			2,061,300			3,062,218
Transfers between Sub-Accounts (including the Fixed Account), net		(2,935,590	)		273,091			637,941			427,052
Withdrawals, surrenders, annuitizations and contract charges		(2,950,311	)		(3,244,295	)		(1,303,124	)		(721,980	)

Net accumulation activity		(5,707,322	)		(2,780,964	)		1,396,117			2,767,290

*Annuitization Activity:*
Annuitizations		—			75,223			—			—
Annuity payments and contract charges		(7,196	)		(4,767	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(12,410	)		(9,415	)		—			—

Net annuitization activity		(19,606	)		61,041			—			—

Net increase (decrease) from contract owner transactions		(5,726,928	)		(2,719,923	)		1,396,117			2,767,290

Total increase (decrease) in net assets		56,860			(2,096,275	)		3,737,475			6,018,802
Net assets at beginning of year		17,309,302			19,405,577			18,989,091			12,970,289

Net assets at end of year	$	17,366,162		$	17,309,302		$	22,726,566		$	18,989,091

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

- 79 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	A19 Sub-Account						A74 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(84,857	)	$	(61,725	)	$	(121,285	)	$	(133,277	)
Net realized gains (losses)		(267,237	)		(358,707	)		1,583,934			1,542,435
Net change in unrealized appreciation/(depreciation)		597,942			1,211,743			(1,289,526	)		(191,981	)

Increase (decrease) in net assets from operations		245,848			791,311			173,123			1,217,177

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,605,010			1,845,664			125,701			87,989
Transfers between Sub-Accounts (including the Fixed Account), net		(492,998	)		689,820			665,191			(109,952	)
Withdrawals, surrenders, annuitizations and contract charges		(405,104	)		(112,128	)		(1,940,125	)		(2,278,078	)

Net accumulation activity		706,908			2,423,356			(1,149,233	)		(2,300,041	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(2,093	)		(2,099	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			240			371

Net annuitization activity		—			—			(1,853	)		(1,728	)

Net increase (decrease) from contract owner transactions		706,908			2,423,356			(1,151,086	)		(2,301,769	)

Total increase (decrease) in net assets		952,756			3,214,667			(977,963	)		(1,084,592	)
Net assets at beginning of year		6,716,430			3,501,763			14,693,687			15,778,279

Net assets at end of year	$	7,669,186		$	6,716,430		$	13,715,724		$	14,693,687

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

- 80 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	AP0 Sub-Account						AQ1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(826,313	)	$	(538,773	)	$	(152,459	)	$	(40,566	)
Net realized gains (losses)		6,388,333			650,955			5,989,852			1,139,751
Net change in unrealized appreciation/(depreciation)		8,097,227			13,206,833			(443,958	)		3,585,921

Increase (decrease) in net assets from operations		13,659,247			13,319,015			5,393,435			4,685,106

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		13,931,996			13,972,079			3,036,807			7,898,179
Transfers between Sub-Accounts (including the Fixed Account), net		1,807,697			88,746			658,401			644,421
Withdrawals, surrenders, annuitizations and contract charges		(4,754,857	)		(2,555,693	)		(2,017,862	)		(1,063,198	)

Net accumulation activity		10,984,836			11,505,132			1,677,346			7,479,402

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		10,984,836			11,505,132			1,677,346			7,479,402

Total increase (decrease) in net assets		24,644,083			24,824,147			7,070,781			12,164,508
Net assets at beginning of year		65,168,401			40,344,254			30,776,571			18,612,063

Net assets at end of year	$	89,812,484		$	65,168,401		$	37,847,352		$	30,776,571

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

- 81 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	AQ2 Sub-Account						AS3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	3,042		$	(3,212	)	$	1,018,018		$	930,547
Net realized gains (losses)		(51,590	)		(118,204	)		8,996,320			3,225,336
Net change in unrealized appreciation/(depreciation)		1,613,959			90,513			8,400,962			8,413,099

Increase (decrease) in net assets from operations		1,565,411			(30,903	)		18,415,300			12,568,982

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		652,681			1,674,017			22,296,849			30,899,262
Transfers between Sub-Accounts (including the Fixed Account), net		375,813			692,515			11,832,604			209,666
Withdrawals, surrenders, annuitizations and contract charges		(153,063	)		(169,276	)		(7,640,676	)		(4,342,381	)

Net accumulation activity		875,431			2,197,256			26,488,777			26,766,547

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		875,431			2,197,256			26,488,777			26,766,547

Total increase (decrease) in net assets		2,440,842			2,166,353			44,904,077			39,335,529
Net assets at beginning of year		5,745,785			3,579,432			113,902,844			74,567,315

Net assets at end of year	$	8,186,627		$	5,745,785		$	158,806,921		$	113,902,844

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

- 82 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	AS6 Sub-Account						AQ3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	7,202		$	41,306		$	(11,108	)	$	1,621
Net realized gains (losses)		1,797,337			204,485			123,045			(24,202	)
Net change in unrealized appreciation/(depreciation)		1,398,497			963,273			850,737			147,474

Increase (decrease) in net assets from operations		3,203,036			1,209,064			962,674			124,893

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,305,552			3,894,797			522,096			694,434
Transfers between Sub-Accounts (including the Fixed Account), net		438,594			1,195,933			(176,353	)		162,589
Withdrawals, surrenders, annuitizations and contract charges		(1,052,481	)		(587,004	)		(206,339	)		(130,845	)

Net accumulation activity		691,665			4,503,726			139,404			726,178

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		691,665			4,503,726			139,404			726,178

Total increase (decrease) in net assets		3,894,701			5,712,790			1,102,078			851,071
Net assets at beginning of year		15,864,429			10,151,639			3,447,370			2,596,299

Net assets at end of year	$	19,759,130		$	15,864,429		$	4,549,448		$	3,447,370

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

- 83 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	AX1 Sub-Account						B21 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	17,323		$	72,699		$	346,907		$	197,942
Net realized gains (losses)		565,202			(108,633	)		1,138,540			976,480
Net change in unrealized appreciation/(depreciation)		1,842,495			603,272			1,699,923			128,959

Increase (decrease) in net assets from operations		2,425,020			567,338			3,185,370			1,303,381

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		2,517,311			3,775,670			9,839,276			5,861,424
Transfers between Sub-Accounts (including the Fixed Account), net		407,660			381,621			96,218			763,845
Withdrawals, surrenders, annuitizations and contract charges		(721,117	)		(498,118	)		(1,126,571	)		(552,520	)

Net accumulation activity		2,203,854			3,659,173			8,808,923			6,072,749

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		2,203,854			3,659,173			8,808,923			6,072,749

Total increase (decrease) in net assets		4,628,874			4,226,511			11,994,293			7,376,130
Net assets at beginning of year		14,516,563			10,290,052			18,287,797			10,911,667

Net assets at end of year	$	19,145,437		$	14,516,563		$	30,282,090		$	18,287,797

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

- 84 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	B19 Sub-Account						B20 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(105,881	)	$	(55,400	)	$	25,573		$	23,539
Net realized gains (losses)		994,459			2,756,069			282,519			158,743
Net change in unrealized appreciation/(depreciation)		78,004			(1,578,624	)		167,506			(31,047	)

Increase (decrease) in net assets from operations		966,582			1,122,045			475,598			151,235

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,080,020			2,981,083			478,737			177,307
Transfers between Sub-Accounts (including the Fixed Account), net		389,068			890,682			533,683			138,946
Withdrawals, surrenders, annuitizations and contract charges		(536,973	)		(121,075	)		(74,129	)		(78,648	)

Net accumulation activity		932,115			3,750,690			938,291			237,605

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		932,115			3,750,690			938,291			237,605

Total increase (decrease) in net assets		1,898,697			4,872,735			1,413,889			388,840
Net assets at beginning of year		7,864,002			2,991,267			2,195,595			1,806,755

Net assets at end of year	$	9,762,699		$	7,864,002		$	3,609,484		$	2,195,595

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

- 85 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	B18 Sub-Account						B22 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	5,876,115		$	(600,128	)	$	(30,457	)	$	(17,912	)
Net realized gains (losses)		24,669,367			20,540,024			571,984			163,902
Net change in unrealized appreciation/(depreciation)		10,620,402			(964,924	)		(249,190	)		212,743

Increase (decrease) in net assets from operations		41,165,884			18,974,972			292,337			358,733

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		4,265,695			3,799,386			656,229			683,400
Transfers between Sub-Accounts (including the Fixed Account), net		(6,745,788	)		(3,157,930	)		154,790			43,137
Withdrawals, surrenders, annuitizations and contract charges		(42,490,181	)		(39,135,437	)		(185,797	)		(69,112	)

Net accumulation activity		(44,970,274	)		(38,493,981	)		625,222			657,425

*Annuitization Activity:*
Annuitizations		97,499			149,776			—			—
Annuity payments and contract charges		(238,805	)		(123,109	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		16,715			2,999			—			—

Net annuitization activity		(124,591	)		29,666			—			—

Net increase (decrease) from contract owner transactions		(45,094,865	)		(38,464,315	)		625,222			657,425

Total increase (decrease) in net assets		(3,928,981	)		(19,489,343	)		917,559			1,016,158
Net assets at beginning of year		255,753,685			275,243,028			2,050,623			1,034,465

Net assets at end of year	$	251,824,704		$	255,753,685		$	2,968,182		$	2,050,623

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

- 86 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	B23 Sub-Account						L33 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	39,046		$	32,547		$	(45,229	)	$	(24,262	)
Net realized gains (losses)		(26,280	)		(10,390	)		223,777			6,546
Net change in unrealized appreciation/(depreciation)		63,080			(19,533	)		(63,630	)		272,399

Increase (decrease) in net assets from operations		75,846			2,624			114,918			254,683

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		421,091			407,378			183,949			200,353
Transfers between Sub-Accounts (including the Fixed Account), net		(149,181	)		56,600			593,932			578,991
Withdrawals, surrenders, annuitizations and contract charges		(74,350	)		(30,768	)		(166,273	)		(130,988	)

Net accumulation activity		197,560			433,210			611,608			648,356

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		197,560			433,210			611,608			648,356

Total increase (decrease) in net assets		273,406			435,834			726,526			903,039
Net assets at beginning of year		1,244,028			808,194			3,512,207			2,609,168

Net assets at end of year	$	1,517,434		$	1,244,028		$	4,238,733		$	3,512,207

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

- 87 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	L34 Sub-Account						L35 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(11,135	)	$	(5,807	)	$	16,335		$	19
Net realized gains (losses)		212,861			112,346			259,418			168,987
Net change in unrealized appreciation/(depreciation)		(46,087	)		56,750			(71,615	)		59,878

Increase (decrease) in net assets from operations		155,639			163,289			204,138			228,884

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		147,553			181,365			288,028			192,665
Transfers between Sub-Accounts (including the Fixed Account), net		(672	)		197,655			84,518			77,475
Withdrawals, surrenders, annuitizations and contract charges		(112,994	)		(64,269	)		(149,565	)		(54,885	)

Net accumulation activity		33,887			314,751			222,981			215,255

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		33,887			314,751			222,981			215,255

Total increase (decrease) in net assets		189,526			478,040			427,119			444,139
Net assets at beginning of year		1,146,094			668,054			1,816,003			1,371,864

Net assets at end of year	$	1,335,620		$	1,146,094		$	2,243,122		$	1,816,003

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

- 88 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	C71 Sub-Account						C59 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(61	)	$	(132	)	$	(635	)	$	(1,215	)
Net realized gains (losses)		1,589			171			1,482			56,912
Net change in unrealized appreciation/(depreciation)		(284	)		755			4,531			(34,912	)

Increase (decrease) in net assets from operations		1,244			794			5,378			20,785

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—			—			—			39,757
Transfers between Sub-Accounts (including the Fixed Account), net		127			(110	)		(257	)		(8,809	)
Withdrawals, surrenders, annuitizations and contract charges		(871	)		(3,801	)		(888	)		(91,795	)

Net accumulation activity		(744	)		(3,911	)		(1,145	)		(60,847	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		(744	)		(3,911	)		(1,145	)		(60,847	)

Total increase (decrease) in net assets		500			(3,117	)		4,233			(40,062	)
Net assets at beginning of year		9,351			12,468			36,878			76,940

Net assets at end of year	$	9,851		$	9,351		$	41,111		$	36,878

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

- 89 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	C60 Sub-Account						C89 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(713,727	)	$	(751,328	)	$	(2,929	)	$	(2,596	)
Net realized gains (losses)		7,136,499			10,417,398			833			2,152
Net change in unrealized appreciation/(depreciation)		(560,820	)		1,740,898			22,497			31,232

Increase (decrease) in net assets from operations		5,861,952			11,406,968			20,401			30,788

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		616,813			408,588			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(841,021	)		(5,902,457	)		—			86,211
Withdrawals, surrenders, annuitizations and contract charges		(6,543,629	)		(6,613,605	)		(1	)		—

Net accumulation activity		(6,767,837	)		(12,107,474	)		(1	)		86,211

*Annuitization Activity:*
Annuitizations		3,715			69,422			—			—
Annuity payments and contract charges		(10,947	)		(13,895	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(61,733	)		(32,026	)		—			—

Net annuitization activity		(68,965	)		23,501			—			—

Net increase (decrease) from contract owner transactions		(6,836,802	)		(12,083,973	)		(1	)		86,211

Total increase (decrease) in net assets		(974,850	)		(677,005	)		20,400			116,999
Net assets at beginning of year		42,348,236			43,025,241			170,610			53,611

Net assets at end of year	$	41,373,386		$	42,348,236		$	191,010		$	170,610

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

- 90 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	C90 Sub-Account						C58 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(223,463	)	$	(237,229	)	$	1,655		$	75,278
Net realized gains (losses)		1,894,229			2,004,411			186,392			143,219
Net change in unrealized appreciation/(depreciation)		(182,193	)		674,241			717,184			(164,172	)

Increase (decrease) in net assets from operations		1,488,573			2,441,423			905,231			54,325

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		59,454			130,486			18,636			53,908
Transfers between Sub-Accounts (including the Fixed Account), net		253,340			(838,946	)		(464,855	)		138,963
Withdrawals, surrenders, annuitizations and contract charges		(2,025,124	)		(1,950,026	)		(367,997	)		(512,320	)

Net accumulation activity		(1,712,330	)		(2,658,486	)		(814,216	)		(319,449	)

*Annuitization Activity:*
Annuitizations		—			11,552			—			—
Annuity payments and contract charges		(7,094	)		(39,935	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		1,748			628			—			—

Net annuitization activity		(5,346	)		(27,755	)		—			—

Net increase (decrease) from contract owner transactions		(1,717,676	)		(2,686,241	)		(814,216	)		(319,449	)

Total increase (decrease) in net assets		(229,103	)		(244,818	)		91,015			(265,124	)
Net assets at beginning of year		13,404,356			13,649,174			2,897,782			3,162,906

Net assets at end of year	$	13,175,253		$	13,404,356		$	2,988,797		$	2,897,782

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

- 91 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	C91 Sub-Account						C92 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(91,080	)	$	(83,720	)	$	(386,540	)	$	(213,646	)
Net realized gains (losses)		207,786			87,600			526,726			543,153
Net change in unrealized appreciation/(depreciation)		1,701,601			720,439			3,617,986			1,645,524

Increase (decrease) in net assets from operations		1,818,307			724,319			3,758,172			1,975,031

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		394,803			179,289			4,412,698			8,875,371
Transfers between Sub-Accounts (including the Fixed Account), net		(112,148	)		146,836			8,677,535			(2,769,707	)
Withdrawals, surrenders, annuitizations and contract charges		(540,607	)		(543,643	)		(1,423,827	)		(658,391	)

Net accumulation activity		(257,952	)		(217,518	)		11,666,406			5,447,273

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		(257,952	)		(217,518	)		11,666,406			5,447,273

Total increase (decrease) in net assets		1,560,355			506,801			15,424,578			7,422,304
Net assets at beginning of year		7,044,786			6,537,985			20,545,869			13,123,565

Net assets at end of year	$	8,605,141		$	7,044,786		$	35,970,447		$	20,545,869

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

- 92 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	FD7 Sub-Account						F24 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(83,251	)	$	22,503		$	(1,808,605	)	$	(1,861,995	)
Net realized gains (losses)		8,885,375			7,806,006			27,252,841			31,122,237
Net change in unrealized appreciation/(depreciation)		1,813,330			3,634,136			(5,819,810	)		2,093,950

Increase (decrease) in net assets from operations		10,615,454			11,462,645			19,624,426			31,354,192

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		786,084			1,211,343			1,116,619			1,415,799
Transfers between Sub-Accounts (including the Fixed Account), net		1,842,917			1,234,186			(3,514,202	)		(15,086,529	)
Withdrawals, surrenders, annuitizations and contract charges		(12,537,713	)		(14,921,422	)		(17,792,480	)		(18,006,903	)

Net accumulation activity		(9,908,712	)		(12,475,893	)		(20,190,063	)		(31,677,633	)

*Annuitization Activity:*
Annuitizations		—			—			22,461			29,517
Annuity payments and contract charges		(87,777	)		(51,721	)		(105,426	)		(92,176	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(80,751	)		1,112			4,073			14,239

Net annuitization activity		(168,528	)		(50,609	)		(78,892	)		(48,420	)

Net increase (decrease) from contract owner transactions		(10,077,240	)		(12,526,502	)		(20,268,955	)		(31,726,053	)

Total increase (decrease) in net assets		538,214			(1,063,857	)		(644,529	)		(371,861	)
Net assets at beginning of year		85,951,349			87,015,206			107,777,218			108,149,079

Net assets at end of year	$	86,489,563		$	85,951,349		$	107,132,689		$	107,777,218

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

- 93 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	F88 Sub-Account						FB9 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	13,644		$	16,830		$	61,724		$	77,921
Net realized gains (losses)		10,323			(52,098	)		148,046			101,973
Net change in unrealized appreciation/(depreciation)		67,288			87,379			378,681			125,301

Increase (decrease) in net assets from operations		91,255			52,111			588,451			305,195

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		7,493			6,153			100,791			8,020
Transfers between Sub-Accounts (including the Fixed Account), net		(4,422	)		79,974			89,721			106,292
Withdrawals, surrenders, annuitizations and contract charges		(100,755	)		(382,639	)		(809,809	)		(1,010,781	)

Net accumulation activity		(97,684	)		(296,512	)		(619,297	)		(896,469	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			(15,631	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			(199	)

Net annuitization activity		—			—			—			(15,830	)

Net increase (decrease) from contract owner transactions		(97,684	)		(296,512	)		(619,297	)		(912,299	)

Total increase (decrease) in net assets		(6,429	)		(244,401	)		(30,846	)		(607,104	)
Net assets at beginning of year		1,148,220			1,392,621			6,350,819			6,957,923

Net assets at end of year	$	1,141,791		$	1,148,220		$	6,319,973		$	6,350,819

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

- 94 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	F15 Sub-Account						F41 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	73,587		$	93,303		$	(710,398	)	$	(723,244	)
Net realized gains (losses)		476,316			292,179			9,694,497			11,104,517
Net change in unrealized appreciation/(depreciation)		481,231			279,254			(4,129,749	)		(2,515,984	)

Increase (decrease) in net assets from operations		1,031,134			664,736			4,854,350			7,865,289

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		318,370			33,222			913,731			813,850
Transfers between Sub-Accounts (including the Fixed Account), net		(44,449	)		(118,027	)		872,511			(4,318,953	)
Withdrawals, surrenders, annuitizations and contract charges		(2,122,232	)		(2,806,429	)		(8,808,765	)		(8,630,852	)

Net accumulation activity		(1,848,311	)		(2,891,234	)		(7,022,523	)		(12,135,955	)

*Annuitization Activity:*
Annuitizations		—			55,084			16,505			45,004
Annuity payments and contract charges		(12,215	)		(11,770	)		(50,551	)		(52,198	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(3	)		(6	)		6,847			(4,359	)

Net annuitization activity		(12,218	)		43,308			(27,199	)		(11,553	)

Net increase (decrease) from contract owner transactions		(1,860,529	)		(2,847,926	)		(7,049,722	)		(12,147,508	)

Total increase (decrease) in net assets		(829,395	)		(2,183,190	)		(2,195,372	)		(4,282,219	)
Net assets at beginning of year		10,068,741			12,251,931			50,150,765			54,432,984

Net assets at end of year	$	9,239,346		$	10,068,741		$	47,955,393		$	50,150,765

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

- 95 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	FE3 Sub-Account						F17 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(8,101	)	$	(14,853	)	$	(16,976	)	$	(9,943	)
Net realized gains (losses)		21,856,815			(1,971,940	)		16,499			144,387
Net change in unrealized appreciation/(depreciation)		21,073,785			8,831,985			99,624			37,944

Increase (decrease) in net assets from operations		42,922,499			6,845,192			99,147			172,388

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,100,972			1,982,042			224,719			160,934
Transfers between Sub-Accounts (including the Fixed Account), net		(19,471,568	)		2,124,500			(82,576	)		82,045
Withdrawals, surrenders, annuitizations and contract charges		(25,546,142	)		(22,483,371	)		(53,027	)		(47,130	)

Net accumulation activity		(43,916,738	)		(18,376,829	)		89,116			195,849

*Annuitization Activity:*
Annuitizations		—			42,829			—			—
Annuity payments and contract charges		(42,648	)		(42,545	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		35,226			656			—			—

Net annuitization activity		(7,422	)		940			—			—

Net increase (decrease) from contract owner transactions		(43,924,160	)		(18,375,889	)		89,116			195,849

Total increase (decrease) in net assets		(1,001,661	)		(11,530,697	)		188,263			368,237
Net assets at beginning of year		140,600,615			152,131,312			2,259,352			1,891,115

Net assets at end of year	$	139,598,954		$	140,600,615		$	2,447,615		$	2,259,352

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

- 96 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	F18 Sub-Account						F19 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	2,566		$	2,656		$	120,623		$	120,326
Net realized gains (losses)		51,222			13,632			392,742			(48,848	)
Net change in unrealized appreciation/(depreciation)		113,917			(15,911	)		(121,104	)		359,466

Increase (decrease) in net assets from operations		167,705			377			392,261			430,944

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		236,799			82,480			635,543			2,152,701
Transfers between Sub-Accounts (including the Fixed Account), net		308,208			138,722			298,480			335,742
Withdrawals, surrenders, annuitizations and contract charges		(69,902	)		(79,159	)		(803,840	)		(814,549	)

Net accumulation activity		475,105			142,043			130,183			1,673,894

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		475,105			142,043			130,183			1,673,894

Total increase (decrease) in net assets		642,810			142,420			522,444			2,104,838
Net assets at beginning of year		770,101			627,681			9,878,915			7,774,077

Net assets at end of year	$	1,412,911		$	770,101		$	10,401,359		$	9,878,915

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

- 97 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	T21 Sub-Account						S23 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(154,984	)	$	299,283		$	(7,342	)	$	16,852
Net realized gains (losses)		317,954			(82,455	)		10,631			(904	)
Net change in unrealized appreciation/(depreciation)		4,628,340			583,944			327,290			22,221

Increase (decrease) in net assets from operations		4,791,310			800,772			330,579			38,169

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		242,089			209,491			140,640			79,076
Transfers between Sub-Accounts (including the Fixed Account), net		(2,658,525	)		(140,418	)		285,437			21,459
Withdrawals, surrenders, annuitizations and contract charges		(2,152,562	)		(2,152,163	)		(34,038	)		(9,241	)

Net accumulation activity		(4,568,998	)		(2,083,090	)		392,039			91,294

*Annuitization Activity:*
Annuitizations		2,972			3,054			—			—
Annuity payments and contract charges		(6,328	)		(3,810	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(4,300	)		(985	)		—			—

Net annuitization activity		(7,656	)		(1,741	)		—			—

Net increase (decrease) from contract owner transactions		(4,576,654	)		(2,084,831	)		392,039			91,294

Total increase (decrease) in net assets		214,656			(1,284,059	)		722,618			129,463
Net assets at beginning of year		12,869,747			14,153,806			675,997			546,534

Net assets at end of year	$	13,084,403		$	12,869,747		$	1,398,615		$	675,997

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

- 98 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	T20 Sub-Account						FE6 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	261,353		$	310,056		$	49,428		$	70,205
Net realized gains (losses)		5,963,754			1,028,003			301,607			(970,424	)
Net change in unrealized appreciation/(depreciation)		5,052,008			(2,569,552	)		1,278,210			2,157,657

Increase (decrease) in net assets from operations		11,277,115			(1,231,493	)		1,629,245			1,257,438

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,089,318			1,459,484			79,472			290,734
Transfers between Sub-Accounts (including the Fixed Account), net		(4,458,985	)		3,433,357			(138,114	)		(46,431	)
Withdrawals, surrenders, annuitizations and contract charges		(7,088,786	)		(9,567,464	)		(2,656,353	)		(2,810,829	)

Net accumulation activity		(10,458,453	)		(4,674,623	)		(2,714,995	)		(2,566,526	)

*Annuitization Activity:*
Annuitizations		18,118			21,528			—			—
Annuity payments and contract charges		(39,450	)		(64,449	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		3,039			1,100			—			—

Net annuitization activity		(18,293	)		(41,821	)		—			—

Net increase (decrease) from contract owner transactions		(10,476,746	)		(4,716,444	)		(2,714,995	)		(2,566,526	)

Total increase (decrease) in net assets		800,369			(5,947,937	)		(1,085,750	)		(1,309,088	)
Net assets at beginning of year		46,628,097			52,576,034			16,476,547			17,785,635

Net assets at end of year	$	47,428,466		$	46,628,097		$	15,390,797		$	16,476,547

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

- 99 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	S18 Sub-Account						T59 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	21,526		$	14,125		$	(30,774	)	$	(31,273	)
Net realized gains (losses)		137,831			(24,841	)		(114,509	)		(73,253	)
Net change in unrealized appreciation/(depreciation)		222,441			164,126			355,286			(128,577	)

Increase (decrease) in net assets from operations		381,798			153,410			210,003			(233,103	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		649,582			928,831			18,115			20,740
Transfers between Sub-Accounts (including the Fixed Account), net		58,320			(24,094	)		75,262			258,097
Withdrawals, surrenders, annuitizations and contract charges		(106,566	)		(91,417	)		(302,387	)		(285,956	)

Net accumulation activity		601,336			813,320			(209,010	)		(7,119	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(235	)		(238	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			83			(50	)

Net annuitization activity		—			—			(152	)		(288	)

Net increase (decrease) from contract owner transactions		601,336			813,320			(209,162	)		(7,407	)

Total increase (decrease) in net assets		983,134			966,730			841			(240,510	)
Net assets at beginning of year		2,972,459			2,005,729			1,616,668			1,857,178

Net assets at end of year	$	3,955,593		$	2,972,459		$	1,617,509		$	1,616,668

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

- 100 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	F56 Sub-Account						F59 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(74,518	)	$	(75,996	)	$	1,109,929		$	1,270,757
Net realized gains (losses)		1,291,472			336,559			183,872			(406,776	)
Net change in unrealized appreciation/(depreciation)		622,265			117,134			2,034,655			1,056,361

Increase (decrease) in net assets from operations		1,839,219			377,697			3,328,456			1,920,342

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		121,457			156,629			562,749			736,122
Transfers between Sub-Accounts (including the Fixed Account), net		(642,100	)		194,126			115,503			(153,984	)
Withdrawals, surrenders, annuitizations and contract charges		(1,689,771	)		(1,506,574	)		(5,524,636	)		(5,714,072	)

Net accumulation activity		(2,210,414	)		(1,155,819	)		(4,846,384	)		(5,131,934	)

*Annuitization Activity:*
Annuitizations		42,421			—			57,733			57,376
Annuity payments and contract charges		(22,897	)		(9,084	)		(19,301	)		(90,269	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(14,789	)		1,008			1,147			(1,323	)

Net annuitization activity		4,735			(8,076	)		39,579			(34,216	)

Net increase (decrease) from contract owner transactions		(2,205,679	)		(1,163,895	)		(4,806,805	)		(5,166,150	)

Total increase (decrease) in net assets		(366,460	)		(786,198	)		(1,478,349	)		(3,245,808	)
Net assets at beginning of year		9,487,223			10,273,421			33,669,248			36,915,056

Net assets at end of year	$	9,120,763		$	9,487,223		$	32,190,899		$	33,669,248

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

- 101 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	FF0 Sub-Account						F54 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	1,038,252		$	859,336		$	285,503		$	232,299
Net realized gains (losses)		(21,920	)		(64,442	)		9,710,412			161,559
Net change in unrealized appreciation/(depreciation)		2,100,081			474,557			(2,456,715	)		7,888,292

Increase (decrease) in net assets from operations		3,116,413			1,269,451			7,539,200			8,282,150

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		3,804,133			7,320,945			478,693			1,194,497
Transfers between Sub-Accounts (including the Fixed Account), net		562,975			727,525			2,722,605			(159,306	)
Withdrawals, surrenders, annuitizations and contract charges		(2,095,863	)		(1,487,118	)		(13,264,756	)		(14,465,801	)

Net accumulation activity		2,271,245			6,561,352			(10,063,458	)		(13,430,610	)

*Annuitization Activity:*
Annuitizations		—			—			26,533			51,451
Annuity payments and contract charges		—			—			(28,299	)		(36,144	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			(4,213	)		1,610

Net annuitization activity		—			—			(5,979	)		16,917

Net increase (decrease) from contract owner transactions		2,271,245			6,561,352			(10,069,437	)		(13,413,693	)

Total increase (decrease) in net assets		5,387,658			7,830,803			(2,530,237	)		(5,131,543	)
Net assets at beginning of year		26,515,062			18,684,259			84,278,961			89,410,504

Net assets at end of year	$	31,902,720		$	26,515,062		$	81,748,724		$	84,278,961

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

- 102 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	FG8 Sub-Account						S21 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	10,724		$	8,286		$	(27,635	)	$	(11,592	)
Net realized gains (losses)		146,462			23,254			508,747			109,624
Net change in unrealized appreciation/(depreciation)		(17,316	)		77,762			94,172			317,465

Increase (decrease) in net assets from operations		139,870			109,302			575,284			415,497

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		147,053			172,409			673,928			991,634
Transfers between Sub-Accounts (including the Fixed Account), net		60,798			22,098			228,899			(4,055	)
Withdrawals, surrenders, annuitizations and contract charges		(75,435	)		(86,160	)		(274,249	)		(244,886	)

Net accumulation activity		132,416			108,347			628,578			742,693

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		132,416			108,347			628,578			742,693

Total increase (decrease) in net assets		272,286			217,649			1,203,862			1,158,190
Net assets at beginning of year		1,294,869			1,077,220			5,289,024			4,130,834

Net assets at end of year	$	1,567,155		$	1,294,869		$	6,492,886		$	5,289,024

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

- 103 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	F53 Sub-Account						FJ9 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(77,110	)	$	(109,602	)	$	(9,526	)	$	(10,358	)
Net realized gains (losses)		1,267,695			1,276,846			274,021			39,719
Net change in unrealized appreciation/(depreciation)		(383,035	)		278,659			(7,703	)		191,637

Increase (decrease) in net assets from operations		807,550			1,445,903			256,792			220,998

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		153,155			251,017			960,729			885,264
Transfers between Sub-Accounts (including the Fixed Account), net		159,678			(339,984	)		275,807			41,559
Withdrawals, surrenders, annuitizations and contract charges		(2,323,496	)		(2,526,781	)		(195,076	)		(113,789	)

Net accumulation activity		(2,010,663	)		(2,615,748	)		1,041,460			813,034

*Annuitization Activity:*
Annuitizations		7,967			—			—			—
Annuity payments and contract charges		(2,653	)		(1,788	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		79			96			—			—

Net annuitization activity		5,393			(1,692	)		—			—

Net increase (decrease) from contract owner transactions		(2,005,270	)		(2,617,440	)		1,041,460			813,034

Total increase (decrease) in net assets		(1,197,720	)		(1,171,537	)		1,298,252			1,034,032
Net assets at beginning of year		14,175,146			15,346,683			3,155,776			2,121,744

Net assets at end of year	$	12,977,426		$	14,175,146		$	4,454,028		$	3,155,776

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

- 104 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	T28 Sub-Account						FJ0 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	191,106		$	194,601		$	1,281		$	1,541
Net realized gains (losses)		(204,186	)		(256,720	)		(997	)		(2,009	)
Net change in unrealized appreciation/(depreciation)		335,477			220,952			2,079			1,928

Increase (decrease) in net assets from operations		322,397			158,833			2,363			1,460

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		103,620			195,181			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		271,642			159,329			1,066			1,302
Withdrawals, surrenders, annuitizations and contract charges		(1,065,218	)		(1,370,062	)		(5,613	)		(14,728	)

Net accumulation activity		(689,956	)		(1,015,552	)		(4,547	)		(13,426	)

*Annuitization Activity:*
Annuitizations		2,410			69,319			—			—
Annuity payments and contract charges		(9,424	)		(21,170	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		218			(844	)		—			—

Net annuitization activity		(6,796	)		47,305			—			—

Net increase (decrease) from contract owner transactions		(696,752	)		(968,247	)		(4,547	)		(13,426	)

Total increase (decrease) in net assets		(374,355	)		(809,414	)		(2,184	)		(11,966	)
Net assets at beginning of year		6,344,841			7,154,255			48,351			60,317

Net assets at end of year	$	5,970,486		$	6,344,841		$	46,167		$	48,351

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

- 105 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	G03 Sub-Account						V35 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(23,731	)	$	(23,105	)	$	(51,260	)	$	(30,927	)
Net realized gains (losses)		455,164			406,189			681,245			258,909
Net change in unrealized appreciation/(depreciation)		34,587			302,676			(18,644	)		557,786

Increase (decrease) in net assets from operations		466,020			685,760			611,341			785,768

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		38,760			41,738			104,698			26,466
Transfers between Sub-Accounts (including the Fixed Account), net		42,989			(28,575	)		(110,053	)		(129,282	)
Withdrawals, surrenders, annuitizations and contract charges		(141,489	)		(227,584	)		(574,943	)		(361,792	)

Net accumulation activity		(59,740	)		(214,421	)		(580,298	)		(464,608	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(731	)		(644	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			307			241

Net annuitization activity		—			—			(424	)		(403	)

Net increase (decrease) from contract owner transactions		(59,740	)		(214,421	)		(580,722	)		(465,011	)

Total increase (decrease) in net assets		406,280			471,339			30,619			320,757
Net assets at beginning of year		3,199,938			2,728,599			3,371,869			3,051,112

Net assets at end of year	$	3,606,218		$	3,199,938		$	3,402,488		$	3,371,869

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

- 106 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	V13 Sub-Account						AB3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(42,607	)	$	(41,497	)	$	58,687		$	48,938
Net realized gains (losses)		3,270,280			3,111,621			(83,854	)		(9,931	)
Net change in unrealized appreciation/(depreciation)		(1,059,671	)		(935,836	)		132,793			(24,203	)

Increase (decrease) in net assets from operations		2,168,002			2,134,288			107,626			14,804

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		345,103			293,132			255,880			633,399
Transfers between Sub-Accounts (including the Fixed Account), net		(1,058,161	)		(31,206	)		31,969			164,435
Withdrawals, surrenders, annuitizations and contract charges		(3,036,830	)		(3,692,399	)		(402,400	)		(60,649	)

Net accumulation activity		(3,749,888	)		(3,430,473	)		(114,551	)		737,185

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		(746	)		(26,543	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		306			(810	)		—			—

Net annuitization activity		(440	)		(27,353	)		—			—

Net increase (decrease) from contract owner transactions		(3,750,328	)		(3,457,826	)		(114,551	)		737,185

Total increase (decrease) in net assets		(1,582,326	)		(1,323,538	)		(6,925	)		751,989
Net assets at beginning of year		16,215,671			17,539,209			2,106,986			1,354,997

Net assets at end of year	$	14,633,345		$	16,215,671		$	2,100,061		$	2,106,986

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

- 107 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	V11 Sub-Account						AC1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	632,642		$	202,902		$	(7,119	)	$	(1,941	)
Net realized gains (losses)		8,190,785			3,271,862			93,746			8,095
Net change in unrealized appreciation/(depreciation)		4,043,770			6,654,145			88,498			(25,197	)

Increase (decrease) in net assets from operations		12,867,197			10,128,909			175,125			(19,043	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		6,833,655			13,105,240			982			53,114
Transfers between Sub-Accounts (including the Fixed Account), net		14,758,055			10,163,656			(44,035	)		91,174
Withdrawals, surrenders, annuitizations and contract charges		(12,938,192	)		(11,253,928	)		(247,766	)		(218,929	)

Net accumulation activity		8,653,518			12,014,968			(290,819	)		(74,641	)

*Annuitization Activity:*
Annuitizations		14,329			18,092			—			—
Annuity payments and contract charges		(62,177	)		(42,008	)		(324	)		(323	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(117,491	)		14,515			—			(1	)

Net annuitization activity		(165,339	)		(9,401	)		(324	)		(324	)

Net increase (decrease) from contract owner transactions		8,488,179			12,005,567			(291,143	)		(74,965	)

Total increase (decrease) in net assets		21,355,376			22,134,476			(116,018	)		(94,008	)
Net assets at beginning of year		112,360,638			90,226,162			1,376,388			1,470,396

Net assets at end of year	$	133,716,014		$	112,360,638		$	1,260,370		$	1,376,388

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

- 108 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	V17 Sub-Account						V19 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(67,294	)	$	(50,772	)	$	2,232		$	4,922
Net realized gains (losses)		383,806			(133,872	)		82,317			27,166
Net change in unrealized appreciation/(depreciation)		(83,977	)		986,189			59,413			77,098

Increase (decrease) in net assets from operations		232,535			801,545			143,962			109,186

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,237,320			535,503			27,992			14,406
Transfers between Sub-Accounts (including the Fixed Account), net		(157,091	)		372,707			913			(11,632	)
Withdrawals, surrenders, annuitizations and contract charges		(255,433	)		(107,653	)		(92,224	)		(30,014	)

Net accumulation activity		824,796			800,557			(63,319	)		(27,240	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		824,796			800,557			(63,319	)		(27,240	)

Total increase (decrease) in net assets		1,057,331			1,602,102			80,643			81,946
Net assets at beginning of year		4,927,405			3,325,303			1,051,576			969,630

Net assets at end of year	$	5,984,736		$	4,927,405		$	1,132,219		$	1,051,576

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

- 109 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	V20 Sub-Account						MV1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	51,430		$	32,178		$	826,345		$	719,347
Net realized gains (losses)		1,337,413			207,315			4,671,728			57,627
Net change in unrealized appreciation/(depreciation)		354,694			574,519			12,891,063			11,547,016

Increase (decrease) in net assets from operations		1,743,537			814,012			18,389,136			12,323,990

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		549,931			2,342,879			21,364,980			32,791,783
Transfers between Sub-Accounts (including the Fixed Account), net		4,853,091			20,771			8,714,474			3,432,603
Withdrawals, surrenders, annuitizations and contract charges		(456,197	)		(339,544	)		(7,320,996	)		(3,138,774	)

Net accumulation activity		4,946,825			2,024,106			22,758,458			33,085,612

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		4,946,825			2,024,106			22,758,458			33,085,612

Total increase (decrease) in net assets		6,690,362			2,838,118			41,147,594			45,409,602
Net assets at beginning of year		10,249,524			7,411,406			125,552,075			80,142,473

Net assets at end of year	$	16,939,886		$	10,249,524		$	166,699,669		$	125,552,075

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

- 110 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MV2 Sub-Account						MV3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(73,494	)	$	(23,806	)	$	(167,848	)	$	(108,332	)
Net realized gains (losses)		459,919			147,240			1,461,051			(2,427	)
Net change in unrealized appreciation/(depreciation)		(1,840	)		358,046			1,678,742			2,264,495

Increase (decrease) in net assets from operations		384,585			481,480			2,971,945			2,153,736

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,040,043			1,657,919			3,531,188			2,039,782
Transfers between Sub-Accounts (including the Fixed Account), net		507,228			563,647			848,174			677,731
Withdrawals, surrenders, annuitizations and contract charges		(257,948	)		(160,930	)		(692,667	)		(241,997	)

Net accumulation activity		1,289,323			2,060,636			3,686,695			2,475,516

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		1,289,323			2,060,636			3,686,695			2,475,516

Total increase (decrease) in net assets		1,673,908			2,542,116			6,658,640			4,629,252
Net assets at beginning of year		5,425,622			2,883,506			11,171,524			6,542,272

Net assets at end of year	$	7,099,530		$	5,425,622		$	17,830,164		$	11,171,524

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

- 111 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MV4 Sub-Account						J88 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(9,706	)	$	(4,904	)	$	480,695		$	760,797
Net realized gains (losses)		191,920			68,961			(1,135,502	)		(867,024	)
Net change in unrealized appreciation/(depreciation)		(82,256	)		80,417			2,206,744			114,383

Increase (decrease) in net assets from operations		99,958			144,474			1,551,937			8,156

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		559,354			261,603			343,562			218,932
Transfers between Sub-Accounts (including the Fixed Account), net		96,811			6,261			1,298,238			3,031,099
Withdrawals, surrenders, annuitizations and contract charges		(115,244	)		(93,341	)		(5,633,973	)		(5,035,585	)

Net accumulation activity		540,921			174,523			(3,992,173	)		(1,785,554	)

*Annuitization Activity:*
Annuitizations		—			—			28,048			—
Annuity payments and contract charges		—			—			(3,147	)		—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			(120	)		—

Net annuitization activity		—			—			24,781			—

Net increase (decrease) from contract owner transactions		540,921			174,523			(3,967,392	)		(1,785,554	)

Total increase (decrease) in net assets		640,879			318,997			(2,415,455	)		(1,777,398	)
Net assets at beginning of year		1,620,126			1,301,129			30,334,718			32,112,116

Net assets at end of year	$	2,261,005		$	1,620,126		$	27,919,263		$	30,334,718

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

- 112 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	J94 Sub-Account						L11 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(196,836	)	$	(173,396	)	$	194,351		$	324,714
Net realized gains (losses)		1,513,562			1,544,930			2,504,926			482,141
Net change in unrealized appreciation/(depreciation)		385,415			1,218,823			3,604,207			366,826

Increase (decrease) in net assets from operations		1,702,141			2,590,357			6,303,484			1,173,681

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		153,688			199,935			146,422			307,660
Transfers between Sub-Accounts (including the Fixed Account), net		863,304			1,516,550			(3,145,539	)		(481,558	)
Withdrawals, surrenders, annuitizations and contract charges		(2,927,675	)		(2,940,625	)		(3,352,591	)		(3,166,298	)

Net accumulation activity		(1,910,683	)		(1,224,140	)		(6,351,708	)		(3,340,196	)

*Annuitization Activity:*
Annuitizations		—			—			—			13,232
Annuity payments and contract charges		—			—			(2,733	)		(7,882	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			(7,978	)		(2,787	)

Net annuitization activity		—			—			(10,711	)		2,563

Net increase (decrease) from contract owner transactions		(1,910,683	)		(1,224,140	)		(6,362,419	)		(3,337,633	)

Total increase (decrease) in net assets		(208,542	)		1,366,217			(58,935	)		(2,163,952	)
Net assets at beginning of year		13,889,344			12,523,127			18,704,244			20,868,196

Net assets at end of year	$	13,680,802		$	13,889,344		$	18,645,309		$	18,704,244

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

- 113 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	L42 Sub-Account						L16 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(437	)	$	(4,776	)	$	260,450		$	234,832
Net realized gains (losses)		11,409			(1,975	)		(156,704	)		(100,399	)
Net change in unrealized appreciation/(depreciation)		57,114			33,818			265,837			123,286

Increase (decrease) in net assets from operations		68,086			27,067			369,583			257,719

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		185,304			20,912			34,706			438,652
Transfers between Sub-Accounts (including the Fixed Account), net		11,093			15,606			121,858			866,455
Withdrawals, surrenders, annuitizations and contract charges		(20,412	)		(12,425	)		(354,141	)		(444,851	)

Net accumulation activity		175,985			24,093			(197,577	)		860,256

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		175,985			24,093			(197,577	)		860,256

Total increase (decrease) in net assets		244,071			51,160			172,006			1,117,975
Net assets at beginning of year		406,220			355,060			5,405,225			4,287,250

Net assets at end of year	$	650,291		$	406,220		$	5,577,231		$	5,405,225

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

- 114 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	L18 Sub-Account						L17 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(248,944	)	$	(262,537	)	$	(286,320	)	$	(243,753	)
Net realized gains (losses)		2,513,948			(2,154,448	)		3,452,411			2,394,688
Net change in unrealized appreciation/(depreciation)		(370,050	)		6,362,911			(592,991	)		1,104,125

Increase (decrease) in net assets from operations		1,894,954			3,945,926			2,573,100			3,255,060

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		182,758			434,516			242,535			305,606
Transfers between Sub-Accounts (including the Fixed Account), net		(247,496	)		(2,586,799	)		(209,251	)		(1,296,316	)
Withdrawals, surrenders, annuitizations and contract charges		(1,946,103	)		(2,688,177	)		(3,094,844	)		(3,671,729	)

Net accumulation activity		(2,010,841	)		(4,840,460	)		(3,061,560	)		(4,662,439	)

*Annuitization Activity:*
Annuitizations		2,243			26,347			3,672			10,976
Annuity payments and contract charges		(8,639	)		(10,341	)		(5,168	)		(14,199	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		973			(27	)		577			(463	)

Net annuitization activity		(5,423	)		15,979			(919	)		(3,686	)

Net increase (decrease) from contract owner transactions		(2,016,264	)		(4,824,481	)		(3,062,479	)		(4,666,125	)

Total increase (decrease) in net assets		(121,310	)		(878,555	)		(489,379	)		(1,411,065	)
Net assets at beginning of year		14,020,270			14,898,825			22,111,126			23,522,191

Net assets at end of year	$	13,898,960		$	14,020,270		$	21,621,747		$	22,111,126

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

- 115 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	L19 Sub-Account						M07 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	70,044		$	63,851		$	2,757,380		$	2,461,260
Net realized gains (losses)		(27,978	)		(7,886	)		15,573,180			12,533,202
Net change in unrealized appreciation/(depreciation)		52,749			13,090			1,208,669			(679,751	)

Increase (decrease) in net assets from operations		94,815			69,055			19,539,229			14,314,711

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		179,080			171,595			4,183,657			4,850,388
Transfers between Sub-Accounts (including the Fixed Account), net		415,883			143,338			112,982			29,639
Withdrawals, surrenders, annuitizations and contract charges		(419,192	)		(90,346	)		(31,010,608	)		(37,099,952	)

Net accumulation activity		175,771			224,587			(26,713,969	)		(32,219,925	)

*Annuitization Activity:*
Annuitizations		—			—			405,690			221,756
Annuity payments and contract charges		—			—			(797,016	)		(776,364	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			(258,241	)		68,660

Net annuitization activity		—			—			(649,567	)		(485,948	)

Net increase (decrease) from contract owner transactions		175,771			224,587			(27,363,536	)		(32,705,873	)

Total increase (decrease) in net assets		270,586			293,642			(7,824,307	)		(18,391,162	)
Net assets at beginning of year		1,926,084			1,632,442			216,813,850			235,205,012

Net assets at end of year	$	2,196,670		$	1,926,084		$	208,989,543		$	216,813,850

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

- 116 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M35 Sub-Account						M31 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	1,605,682		$	1,295,182		$	(2,084,866	)	$	(2,143,775	)
Net realized gains (losses)		13,092,855			10,165,669			35,284,638			22,029,747
Net change in unrealized appreciation/(depreciation)		1,074,770			(184,508	)		(18,293,932	)		18,299,429

Increase (decrease) in net assets from operations		15,773,307			11,276,343			14,905,840			38,185,401

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		4,441,627			6,206,186			3,324,389			2,751,982
Transfers between Sub-Accounts (including the Fixed Account), net		(790,784	)		(2,026,127	)		(1,786,138	)		(2,869,516	)
Withdrawals, surrenders, annuitizations and contract charges		(31,193,271	)		(27,681,257	)		(22,941,530	)		(21,849,073	)

Net accumulation activity		(27,542,428	)		(23,501,198	)		(21,403,279	)		(21,966,607	)

*Annuitization Activity:*
Annuitizations		282,027			264,990			408,820			173,738
Annuity payments and contract charges		(111,563	)		(98,594	)		(506,539	)		(472,768	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(113,087	)		111,326			(259,235	)		(330,073	)

Net annuitization activity		57,377			277,722			(356,954	)		(629,103	)

Net increase (decrease) from contract owner transactions		(27,485,051	)		(23,223,476	)		(21,760,233	)		(22,595,710	)

Total increase (decrease) in net assets		(11,711,744	)		(11,947,133	)		(6,854,393	)		15,589,691
Net assets at beginning of year		187,404,052			199,351,185			152,424,162			136,834,471

Net assets at end of year	$	175,692,308		$	187,404,052		$	145,569,769		$	152,424,162

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

- 117 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M80 Sub-Account						M10 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(375,440	)	$	(370,670	)	$	(1,901	)	$	(1,748	)
Net realized gains (losses)		5,039,095			2,409,985			133,098			16,373
Net change in unrealized appreciation/(depreciation)		(2,303,713	)		3,888,973			(94,106	)		21,045

Increase (decrease) in net assets from operations		2,359,942			5,928,288			37,091			35,670

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		504,250			1,072,925			—			15,000
Transfers between Sub-Accounts (including the Fixed Account), net		367,749			(1,365,377	)		32,297			44,290
Withdrawals, surrenders, annuitizations and contract charges		(2,939,867	)		(3,045,683	)		(7,335	)		(3,666	)

Net accumulation activity		(2,067,868	)		(3,338,135	)		24,962			55,624

*Annuitization Activity:*
Annuitizations		—			14,462			—			—
Annuity payments and contract charges		(41,632	)		(20,896	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		1,855			51,457			—			—

Net annuitization activity		(39,777	)		45,023			—			—

Net increase (decrease) from contract owner transactions		(2,107,645	)		(3,293,112	)		24,962			55,624

Total increase (decrease) in net assets		252,297			2,635,176			62,053			91,294
Net assets at beginning of year		24,022,161			21,386,985			282,869			191,575

Net assets at end of year	$	24,274,458		$	24,022,161		$	344,922		$	282,869

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

- 118 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MF1 Sub-Account						M41 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(245,417	)	$	(265,674	)	$	(420,754	)	$	(419,474	)
Net realized gains (losses)		2,423,815			900,435			4,108,655			624,156
Net change in unrealized appreciation/(depreciation)		(1,758,648	)		1,626,033			(3,076,068	)		3,045,718

Increase (decrease) in net assets from operations		419,750			2,260,794			611,833			3,250,400

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		397,795			551,891			1,233,710			2,511,281
Transfers between Sub-Accounts (including the Fixed Account), net		(50,729	)		350,759			1,805,854			(840,901	)
Withdrawals, surrenders, annuitizations and contract charges		(2,476,005	)		(3,828,544	)		(3,001,528	)		(3,366,537	)

Net accumulation activity		(2,128,939	)		(2,925,894	)		38,036			(1,696,157	)

*Annuitization Activity:*
Annuitizations		81,284			22,641			—			29,517
Annuity payments and contract charges		(74,435	)		(32,912	)		(7,031	)		(10,968	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		2,995			5,971			(12,464	)		(10,174	)

Net annuitization activity		9,844			(4,300	)		(19,495	)		8,375

Net increase (decrease) from contract owner transactions		(2,119,095	)		(2,930,194	)		18,541			(1,687,782	)

Total increase (decrease) in net assets		(1,699,345	)		(669,400	)		630,374			1,562,618
Net assets at beginning of year		17,632,962			18,302,362			26,912,173			25,349,555

Net assets at end of year	$	15,933,617		$	17,632,962		$	27,542,547		$	26,912,173

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

- 119 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M05 Sub-Account						M42 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(443,235	)	$	(490,962	)	$	(424,952	)	$	(467,592	)
Net realized gains (losses)		(2,154,215	)		(3,234,217	)		(2,269,620	)		(6,085,726	)
Net change in unrealized appreciation/(depreciation)		5,907,679			5,474,638			5,505,829			8,041,093

Increase (decrease) in net assets from operations		3,310,229			1,749,459			2,811,257			1,487,775

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		806,962			934,812			631,639			655,764
Transfers between Sub-Accounts (including the Fixed Account), net		(295,723	)		(95,779	)		(283,610	)		(437,353	)
Withdrawals, surrenders, annuitizations and contract charges		(5,058,821	)		(6,481,052	)		(3,551,550	)		(5,063,800	)

Net accumulation activity		(4,547,582	)		(5,642,019	)		(3,203,521	)		(4,845,389	)

*Annuitization Activity:*
Annuitizations		47,505			188,276			4,758			20,842
Annuity payments and contract charges		(63,283	)		(50,640	)		(11,475	)		(23,716	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		1,108			10,792			865			(623	)

Net annuitization activity		(14,670	)		148,428			(5,852	)		(3,497	)

Net increase (decrease) from contract owner transactions		(4,562,252	)		(5,493,591	)		(3,209,373	)		(4,848,886	)

Total increase (decrease) in net assets		(1,252,023	)		(3,744,132	)		(398,116	)		(3,361,111	)
Net assets at beginning of year		31,771,382			35,515,514			26,697,088			30,058,199

Net assets at end of year	$	30,519,359		$	31,771,382		$	26,298,972		$	26,697,088

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

- 120 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M89 Sub-Account						M82 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	6,617,151		$	6,802,983		$	(1,256,005	)	$	(1,148,047	)
Net realized gains (losses)		(6,205,280	)		(7,028,739	)		22,874,007			9,159,284
Net change in unrealized appreciation/(depreciation)		12,635,380			2,358,869			(12,962,648	)		5,624,261

Increase (decrease) in net assets from operations		13,047,251			2,133,113			8,655,354			13,635,498

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		2,874,131			2,461,665			518,937			974,730
Transfers between Sub-Accounts (including the Fixed Account), net		13,670,751			12,711,305			2,326,308			(4,997,883	)
Withdrawals, surrenders, annuitizations and contract charges		(46,715,965	)		(45,577,105	)		(12,349,069	)		(12,826,543	)

Net accumulation activity		(30,171,083	)		(30,404,135	)		(9,503,824	)		(16,849,696	)

*Annuitization Activity:*
Annuitizations		90,270			179,246			—			36,740
Annuity payments and contract charges		(68,642	)		(232,967	)		(25,802	)		(39,525	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(13,601	)		(3,446	)		(15,227	)		3,178

Net annuitization activity		8,027			(57,167	)		(41,029	)		393

Net increase (decrease) from contract owner transactions		(30,163,056	)		(30,461,302	)		(9,544,853	)		(16,849,303	)

Total increase (decrease) in net assets		(17,115,805	)		(28,328,189	)		(889,499	)		(3,213,805	)
Net assets at beginning of year		262,488,302			290,816,491			83,081,644			86,295,449

Net assets at end of year	$	245,372,497		$	262,488,302		$	82,192,145		$	83,081,644

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

- 121 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M44 Sub-Account						M40 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	912,268		$	565,037		$	361,771		$	150,975
Net realized gains (losses)		3,327,751			4,186,806			1,411,195			1,894,443
Net change in unrealized appreciation/(depreciation)		3,678,712			1,641,678			2,210,737			1,191,290

Increase (decrease) in net assets from operations		7,918,731			6,393,521			3,983,703			3,236,708

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,886,066			1,809,771			849,466			1,258,049
Transfers between Sub-Accounts (including the Fixed Account), net		(679,101	)		(498,601	)		(81,924	)		(53,658	)
Withdrawals, surrenders, annuitizations and contract charges		(9,674,593	)		(11,418,159	)		(5,181,499	)		(5,780,723	)

Net accumulation activity		(8,467,628	)		(10,106,989	)		(4,413,957	)		(4,576,332	)

*Annuitization Activity:*
Annuitizations		331,913			158,708			11,000			23,517
Annuity payments and contract charges		(668,619	)		(436,361	)		(15,913	)		(13,891	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(166,776	)		(23,163	)		7,411			92,645

Net annuitization activity		(503,482	)		(300,816	)		2,498			102,271

Net increase (decrease) from contract owner transactions		(8,971,110	)		(10,407,805	)		(4,411,459	)		(4,474,061	)

Total increase (decrease) in net assets		(1,052,379	)		(4,014,284	)		(427,756	)		(1,237,353	)
Net assets at beginning of year		63,421,711			67,435,995			32,605,293			33,842,646

Net assets at end of year	$	62,369,332		$	63,421,711		$	32,177,537		$	32,605,293

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

- 122 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M83 Sub-Account						M08 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	7,640		$	47,785		$	(192,801	)	$	(176,112	)
Net realized gains (losses)		14,964,959			16,063,234			7,607,865			7,802,202
Net change in unrealized appreciation/(depreciation)		1,079,548			(611,200	)		121,879			(421,308	)

Increase (decrease) in net assets from operations		16,052,147			15,499,819			7,536,943			7,204,782

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		4,476,614			3,960,871			1,049,364			921,972
Transfers between Sub-Accounts (including the Fixed Account), net		(113,882	)		(1,201,347	)		13,829			(1,341,689	)
Withdrawals, surrenders, annuitizations and contract charges		(25,129,912	)		(26,561,204	)		(10,473,955	)		(10,214,559	)

Net accumulation activity		(20,767,180	)		(23,801,680	)		(9,410,762	)		(10,634,276	)

*Annuitization Activity:*
Annuitizations		240,370			181,587			23,294			116,798
Annuity payments and contract charges		(291,588	)		(282,032	)		(48,771	)		(40,875	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(67,018	)		(883	)		(40,593	)		8,094

Net annuitization activity		(118,236	)		(101,328	)		(66,070	)		84,017

Net increase (decrease) from contract owner transactions		(20,885,416	)		(23,903,008	)		(9,476,832	)		(10,550,259	)

Total increase (decrease) in net assets		(4,833,269	)		(8,403,189	)		(1,939,889	)		(3,345,477	)
Net assets at beginning of year		153,940,769			162,343,958			73,802,727			77,148,204

Net assets at end of year	$	149,107,500		$	153,940,769		$	71,862,838		$	73,802,727

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

- 123 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MB6 Sub-Account						MB7 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(884,692	)	$	(989,590	)	$	(367,985	)	$	(400,092	)
Net realized gains (losses)		47,978,543			26,453,054			8,457,997			5,622,909
Net change in unrealized appreciation/(depreciation)		(16,827,811	)		23,680,142			(2,863,265	)		3,804,649

Increase (decrease) in net assets from operations		30,266,040			49,143,606			5,226,747			9,027,466

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		6,484,094			6,971,758			1,386,038			1,615,518
Transfers between Sub-Accounts (including the Fixed Account), net		(2,736,112	)		(3,448,669	)		(121,228	)		(4,158,330	)
Withdrawals, surrenders, annuitizations and contract charges		(39,682,641	)		(40,247,461	)		(7,417,478	)		(7,830,638	)

Net accumulation activity		(35,934,659	)		(36,724,372	)		(6,152,668	)		(10,373,450	)

*Annuitization Activity:*
Annuitizations		859,934			609,482			17,151			42,002
Annuity payments and contract charges		(942,308	)		(951,464	)		(41,374	)		(65,421	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(250,735	)		(157,900	)		7,958			48,484

Net annuitization activity		(333,109	)		(499,882	)		(16,265	)		25,065

Net increase (decrease) from contract owner transactions		(36,267,768	)		(37,224,254	)		(6,168,933	)		(10,348,385	)

Total increase (decrease) in net assets		(6,001,728	)		11,919,352			(942,186	)		(1,320,919	)
Net assets at beginning of year		230,735,836			218,816,484			40,798,023			42,118,942

Net assets at end of year	$	224,734,108		$	230,735,836		$	39,855,837		$	40,798,023

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

- 124 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MC0 Sub-Account						MA0 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	915,147		$	680,680		$	2,133,208		$	1,609,597
Net realized gains (losses)		(924,676	)		(1,270,305	)		(3,610,203	)		(3,158,664	)
Net change in unrealized appreciation/(depreciation)		1,545,440			1,021,782			5,312,861			2,409,365

Increase (decrease) in net assets from operations		1,535,911			432,157			3,835,866			860,298

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		410,178			760,651			885,465			502,001
Transfers between Sub-Accounts (including the Fixed Account), net		1,172,348			331,341			3,253,025			3,406,567
Withdrawals, surrenders, annuitizations and contract charges		(3,987,143	)		(5,158,792	)		(12,746,890	)		(11,542,747	)

Net accumulation activity		(2,404,617	)		(4,066,800	)		(8,608,400	)		(7,634,179	)

*Annuitization Activity:*
Annuitizations		94,346			9,826			1,306			40,686
Annuity payments and contract charges		(30,116	)		(48,396	)		(17,595	)		(29,465	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(29,978	)		(298	)		(12,813	)		1,898

Net annuitization activity		34,252			(38,868	)		(29,102	)		13,119

Net increase (decrease) from contract owner transactions		(2,370,365	)		(4,105,668	)		(8,637,502	)		(7,621,060	)

Total increase (decrease) in net assets		(834,454	)		(3,673,511	)		(4,801,636	)		(6,760,762	)
Net assets at beginning of year		26,400,797			30,074,308			72,752,397			79,513,159

Net assets at end of year	$	25,566,343		$	26,400,797		$	67,950,761		$	72,752,397

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

- 125 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MC2 Sub-Account						MC1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(853,756	)	$	(772,413	)	$	(600,097	)	$	(557,708	)
Net realized gains (losses)		12,857,383			7,459,671			7,077,818			4,292,401
Net change in unrealized appreciation/(depreciation)		(3,166,930	)		8,414,660			(1,853,301	)		4,302,770

Increase (decrease) in net assets from operations		8,836,697			15,101,918			4,624,420			8,037,463

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		2,184,722			1,280,868			667,063			841,859
Transfers between Sub-Accounts (including the Fixed Account), net		(1,178,100	)		(1,273,100	)		242,380			(1,702,534	)
Withdrawals, surrenders, annuitizations and contract charges		(13,962,481	)		(12,773,329	)		(7,712,635	)		(7,148,889	)

Net accumulation activity		(12,955,859	)		(12,765,561	)		(6,803,192	)		(8,009,564	)

*Annuitization Activity:*
Annuitizations		360,568			241,705			3,913			—
Annuity payments and contract charges		(350,666	)		(258,535	)		(8,959	)		(34,625	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(65,524	)		212			(891	)		(9,456	)

Net annuitization activity		(55,622	)		(16,618	)		(5,937	)		(44,081	)

Net increase (decrease) from contract owner transactions		(13,011,481	)		(12,782,179	)		(6,809,129	)		(8,053,645	)

Total increase (decrease) in net assets		(4,174,784	)		2,319,739			(2,184,709	)		(16,182	)
Net assets at beginning of year		89,444,432			87,124,693			46,610,226			46,626,408

Net assets at end of year	$	85,269,648		$	89,444,432		$	44,425,517		$	46,610,226

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

- 126 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MC3 Sub-Account						MA1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	62,250		$	81,722		$	21,471		$	52,585
Net realized gains (losses)		104,056			(58,059	)		281,355			(118,750	)
Net change in unrealized appreciation/(depreciation)		2,413,446			898,406			2,332,546			990,913

Increase (decrease) in net assets from operations		2,579,752			922,069			2,635,372			924,748

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		70,360			208,600			15,616			68,007
Transfers between Sub-Accounts (including the Fixed Account), net		(357,869	)		(314,686	)		(1,142,065	)		(538,136	)
Withdrawals, surrenders, annuitizations and contract charges		(1,084,789	)		(1,945,096	)		(1,379,464	)		(1,500,577	)

Net accumulation activity		(1,372,298	)		(2,051,182	)		(2,505,913	)		(1,970,706	)

*Annuitization Activity:*
Annuitizations		26,349			85,000			—			—
Annuity payments and contract charges		(34,088	)		(12,537	)		(512	)		(448	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		1,755			632			138			64

Net annuitization activity		(5,984	)		73,095			(374	)		(384	)

Net increase (decrease) from contract owner transactions		(1,378,282	)		(1,978,087	)		(2,506,287	)		(1,971,090	)

Total increase (decrease) in net assets		1,201,470			(1,056,018	)		129,085			(1,046,342	)
Net assets at beginning of year		8,713,170			9,769,188			9,507,534			10,553,876

Net assets at end of year	$	9,914,640		$	8,713,170		$	9,636,619		$	9,507,534

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

- 127 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MC4 Sub-Account						MC5 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	11,346		$	(63,954	)	$	(905	)	$	(8,816	)
Net realized gains (losses)		(159,320	)		(212,025	)		(16,918	)		(11,540	)
Net change in unrealized appreciation/(depreciation)		343,198			507			42,027			(10,515	)

Increase (decrease) in net assets from operations		195,224			(275,472	)		24,204			(30,871	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		93,350			57,204			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		61,929			210,511			22,058			104,075
Withdrawals, surrenders, annuitizations and contract charges		(654,946	)		(786,425	)		(60,977	)		(29,351	)

Net accumulation activity		(499,667	)		(518,710	)		(38,919	)		74,724

*Annuitization Activity:*
Annuitizations		33,269			—			—			—
Annuity payments and contract charges		(9,766	)		(5,831	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(1,765	)		(1,314	)		—			—

Net annuitization activity		21,738			(7,145	)		—			—

Net increase (decrease) from contract owner transactions		(477,929	)		(525,855	)		(38,919	)		74,724

Total increase (decrease) in net assets		(282,705	)		(801,327	)		(14,715	)		43,853
Net assets at beginning of year		4,083,436			4,884,763			535,394			491,541

Net assets at end of year	$	3,800,731		$	4,083,436		$	520,679		$	535,394

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

- 128 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MC6 Sub-Account						MC7 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(384,805	)	$	(418,061	)	$	(116,921	)	$	(106,440	)
Net realized gains (losses)		4,733,573			4,139,392			1,150,016			677,669
Net change in unrealized appreciation/(depreciation)		(2,205,635	)		(209,461	)		(452,006	)		208,821

Increase (decrease) in net assets from operations		2,143,133			3,511,870			581,089			780,050

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		586,338			570,658			802,052			407,187
Transfers between Sub-Accounts (including the Fixed Account), net		199,508			(42,735	)		228,191			209,581
Withdrawals, surrenders, annuitizations and contract charges		(4,650,620	)		(5,417,208	)		(499,263	)		(461,492	)

Net accumulation activity		(3,864,774	)		(4,889,285	)		530,980			155,276

*Annuitization Activity:*
Annuitizations		149,909			25,606			—			—
Annuity payments and contract charges		(178,498	)		(55,241	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(114,882	)		(9,793	)		(239	)		(4,025	)

Net annuitization activity		(143,471	)		(39,428	)		(239	)		(4,025	)

Net increase (decrease) from contract owner transactions		(4,008,245	)		(4,928,713	)		530,741			151,251

Total increase (decrease) in net assets		(1,865,112	)		(1,416,843	)		1,111,830			931,301
Net assets at beginning of year		37,105,916			38,522,759			9,383,680			8,452,379

Net assets at end of year	$	35,240,804		$	37,105,916		$	10,495,510		$	9,383,680

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

- 129 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MC8 Sub-Account						MC9 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(300,631	)	$	(242,995	)	$	(28,209	)	$	(25,392	)
Net realized gains (losses)		11,002,665			7,509,399			502,137			308,004
Net change in unrealized appreciation/(depreciation)		(2,070,595	)		1,177,436			(33,927	)		130,858

Increase (decrease) in net assets from operations		8,631,439			8,443,840			440,001			413,470

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		2,085,968			1,174,264			15,848			54,753
Transfers between Sub-Accounts (including the Fixed Account), net		(688,818	)		(583,359	)		(40,918	)		(108,608	)
Withdrawals, surrenders, annuitizations and contract charges		(11,702,537	)		(10,257,518	)		(417,749	)		(418,540	)

Net accumulation activity		(10,305,387	)		(9,666,613	)		(442,819	)		(472,395	)

*Annuitization Activity:*
Annuitizations		201,165			82,771			68,413			—
Annuity payments and contract charges		(274,906	)		(265,858	)		(11,828	)		(18,462	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(67,006	)		(150,736	)		(2,781	)		(1,507	)

Net annuitization activity		(140,747	)		(333,823	)		53,804			(19,969	)

Net increase (decrease) from contract owner transactions		(10,446,134	)		(10,000,436	)		(389,015	)		(492,364	)

Total increase (decrease) in net assets		(1,814,695	)		(1,556,596	)		50,986			(78,894	)
Net assets at beginning of year		64,635,980			66,192,576			3,205,773			3,284,667

Net assets at end of year	$	62,821,285		$	64,635,980		$	3,256,759		$	3,205,773

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

- 130 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MD0 Sub-Account						M92 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	1,027,269		$	(171,063	)	$	12,599,018		$	(3,367,162	)
Net realized gains (losses)		887,361			(464,071	)		11,460,298			(4,469,749	)
Net change in unrealized appreciation/(depreciation)		1,057,133			1,577,842			12,909,695			17,838,910

Increase (decrease) in net assets from operations		2,971,763			942,708			36,969,011			10,001,999

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		732,527			974,133			2,518,352			3,827,233
Transfers between Sub-Accounts (including the Fixed Account), net		549,867			(674,335	)		(813,594	)		1,072,137
Withdrawals, surrenders, annuitizations and contract charges		(4,209,113	)		(5,411,710	)		(50,635,855	)		(49,541,887	)

Net accumulation activity		(2,926,719	)		(5,111,912	)		(48,931,097	)		(44,642,517	)

*Annuitization Activity:*
Annuitizations		202,655			49,854			35,474			49,235
Annuity payments and contract charges		(44,066	)		(39,483	)		(46,721	)		(55,563	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(20,871	)		2,353			14,848			4,771

Net annuitization activity		137,718			12,724			3,601			(1,557	)

Net increase (decrease) from contract owner transactions		(2,789,001	)		(5,099,188	)		(48,927,496	)		(44,644,074	)

Total increase (decrease) in net assets		182,762			(4,156,480	)		(11,958,485	)		(34,642,075	)
Net assets at beginning of year		23,117,146			27,273,626			295,937,578			330,579,653

Net assets at end of year	$	23,299,908		$	23,117,146		$	283,979,093		$	295,937,578

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

- 131 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M96 Sub-Account						MD2 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	1,079,762		$	910,894		$	2,195,691		$	1,669,433
Net realized gains (losses)		(1,381,779	)		(1,351,553	)		(3,137,634	)		(2,639,608	)
Net change in unrealized appreciation/(depreciation)		2,406,440			153,255			5,385,443			(49,397	)

Increase (decrease) in net assets from operations		2,104,423			(287,404	)		4,443,500			(1,019,572	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,507,814			2,424,837			1,494,695			1,948,725
Transfers between Sub-Accounts (including the Fixed Account), net		244,355			3,319,489			5,247,756			10,838,897
Withdrawals, surrenders, annuitizations and contract charges		(9,075,906	)		(9,581,238	)		(15,546,477	)		(15,951,570	)

Net accumulation activity		(7,323,737	)		(3,836,912	)		(8,804,026	)		(3,163,948	)

*Annuitization Activity:*
Annuitizations		224,636			137,813			26,042			44,046
Annuity payments and contract charges		(129,289	)		(80,001	)		(49,597	)		(63,643	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		4,327			341			591			(6,440	)

Net annuitization activity		99,674			58,153			(22,964	)		(26,037	)

Net increase (decrease) from contract owner transactions		(7,224,063	)		(3,778,759	)		(8,826,990	)		(3,189,985	)

Total increase (decrease) in net assets		(5,119,640	)		(4,066,163	)		(4,383,490	)		(4,209,557	)
Net assets at beginning of year		42,096,261			46,162,424			95,156,533			99,366,090

Net assets at end of year	$	36,976,621		$	42,096,261		$	90,773,043		$	95,156,533

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

- 132 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MA6 Sub-Account						MA3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	1,330,343		$	1,278,032		$	943,812		$	912,423
Net realized gains (losses)		(515,909	)		(708,707	)		(410,734	)		(466,874	)
Net change in unrealized appreciation/(depreciation)		936,506			882,379			731,291			545,231

Increase (decrease) in net assets from operations		1,750,940			1,451,704			1,264,369			990,780

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		548,667			1,181,798			435,875			344,962
Transfers between Sub-Accounts (including the Fixed Account), net		139,381			414,488			481,128			527,874
Withdrawals, surrenders, annuitizations and contract charges		(4,940,644	)		(5,852,857	)		(3,305,296	)		(3,181,573	)

Net accumulation activity		(4,252,596	)		(4,256,571	)		(2,388,293	)		(2,308,737	)

*Annuitization Activity:*
Annuitizations		152,695			35,145			7,480			21,874
Annuity payments and contract charges		(81,133	)		(72,959	)		(32,043	)		(21,102	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(2,035	)		(44,141	)		(16	)		(4,637	)

Net annuitization activity		69,527			(81,955	)		(24,579	)		(3,865	)

Net increase (decrease) from contract owner transactions		(4,183,069	)		(4,338,526	)		(2,412,872	)		(2,312,602	)

Total increase (decrease) in net assets		(2,432,129	)		(2,886,822	)		(1,148,503	)		(1,321,822	)
Net assets at beginning of year		26,575,915			29,462,737			20,783,554			22,105,376

Net assets at end of year	$	24,143,786		$	26,575,915		$	19,635,051		$	20,783,554

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

- 133 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M97 Sub-Account						MD5 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(143,332	)	$	(127,346	)	$	(92,098	)	$	(90,828	)
Net realized gains (losses)		2,425,616			690,006			943,806			446,553
Net change in unrealized appreciation/(depreciation)		2,263,882			1,328,512			802,664			390,869

Increase (decrease) in net assets from operations		4,546,166			1,891,172			1,654,372			746,594

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		735,181			1,196,441			127,014			162,820
Transfers between Sub-Accounts (including the Fixed Account), net		(536,437	)		11,527			(249,609	)		(261,212	)
Withdrawals, surrenders, annuitizations and contract charges		(4,204,333	)		(4,943,478	)		(1,786,116	)		(1,757,435	)

Net accumulation activity		(4,005,589	)		(3,735,510	)		(1,908,711	)		(1,855,827	)

*Annuitization Activity:*
Annuitizations		124,684			31,685			—			14,585
Annuity payments and contract charges		(59,884	)		(42,959	)		(2,460	)		(21,674	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		5,066			4,423			(15,906	)		(14,847	)

Net annuitization activity		69,866			(6,851	)		(18,366	)		(21,936	)

Net increase (decrease) from contract owner transactions		(3,935,723	)		(3,742,361	)		(1,927,077	)		(1,877,763	)

Total increase (decrease) in net assets		610,443			(1,851,189	)		(272,705	)		(1,131,169	)
Net assets at beginning of year		24,800,960			26,652,149			9,746,826			10,877,995

Net assets at end of year	$	25,411,403		$	24,800,960		$	9,474,121		$	9,746,826

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

- 134 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M98 Sub-Account						M93 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	27,916		$	(29,565	)	$	(208,672	)	$	(321,132	)
Net realized gains (losses)		2,842,851			2,699,705			5,868,916			4,368,343
Net change in unrealized appreciation/(depreciation)		4,404,209			(999,769	)		8,140,733			(1,183,789	)

Increase (decrease) in net assets from operations		7,274,976			1,670,371			13,800,977			2,863,422

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		490,837			864,374			1,088,411			935,686
Transfers between Sub-Accounts (including the Fixed Account), net		(630,540	)		(914,257	)		(6,680,814	)		439,030
Withdrawals, surrenders, annuitizations and contract charges		(3,733,491	)		(5,004,223	)		(8,398,336	)		(8,595,773	)

Net accumulation activity		(3,873,194	)		(5,054,106	)		(13,990,739	)		(7,221,057	)

*Annuitization Activity:*
Annuitizations		26,429			—			17,704			14,316
Annuity payments and contract charges		(47,387	)		(52,681	)		(51,501	)		(38,115	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		5,200			513			(15,098	)		(15,307	)

Net annuitization activity		(15,758	)		(52,168	)		(48,895	)		(39,106	)

Net increase (decrease) from contract owner transactions		(3,888,952	)		(5,106,274	)		(14,039,634	)		(7,260,163	)

Total increase (decrease) in net assets		3,386,024			(3,435,903	)		(238,657	)		(4,396,741	)
Net assets at beginning of year		24,865,012			28,300,915			50,910,905			55,307,646

Net assets at end of year	$	28,251,036		$	24,865,012		$	50,672,248		$	50,910,905

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

- 135 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MD6 Sub-Account						MB3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(3,117,790	)	$	(3,138,013	)	$	(445,677	)	$	(441,504	)
Net realized gains (losses)		49,360,065			40,415,634			4,583,863			3,581,248
Net change in unrealized appreciation/(depreciation)		(24,540,048	)		2,666,385			(2,127,864	)		665,776

Increase (decrease) in net assets from operations		21,702,227			39,944,006			2,010,322			3,805,520

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		6,906,897			6,368,291			781,022			376,068
Transfers between Sub-Accounts (including the Fixed Account), net		(2,051,262	)		(2,065,353	)		187,229			(558,256	)
Withdrawals, surrenders, annuitizations and contract charges		(42,895,099	)		(43,725,334	)		(4,478,899	)		(3,202,502	)

Net accumulation activity		(38,039,464	)		(39,422,396	)		(3,510,648	)		(3,384,690	)

*Annuitization Activity:*
Annuitizations		973,985			846,812			2,553			21,548
Annuity payments and contract charges		(1,572,617	)		(1,069,048	)		(8,991	)		(19,898	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		1,098,573			(147,313	)		(1,193	)		(13,118	)

Net annuitization activity		499,941			(369,549	)		(7,631	)		(11,468	)

Net increase (decrease) from contract owner transactions		(37,539,523	)		(39,791,945	)		(3,518,279	)		(3,396,158	)

Total increase (decrease) in net assets		(15,837,296	)		152,061			(1,507,957	)		409,362
Net assets at beginning of year		287,764,416			287,612,355			28,592,375			28,183,013

Net assets at end of year	$	271,927,120		$	287,764,416		$	27,084,418		$	28,592,375

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

- 136 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MD8 Sub-Account						MD9 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	788,183		$	1,149,836		$	1,871,800		$	2,952,818
Net realized gains (losses)		—			—			—			—
Net change in unrealized appreciation/(depreciation)		—			—			—			—

Increase (decrease) in net assets from operations		788,183			1,149,836			1,871,800			2,952,818

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		2,463,509			5,960,012			7,184,538			1,882,617
Transfers between Sub-Accounts (including the Fixed Account), net		7,272,633			5,190,047			2,730,071			11,966,708
Withdrawals, surrenders, annuitizations and contract charges		(12,205,914	)		(13,178,692	)		(21,595,063	)		(22,072,727	)

Net accumulation activity		(2,469,772	)		(2,028,633	)		(11,680,454	)		(8,223,402	)

*Annuitization Activity:*
Annuitizations		1,370			228,726			15,793			82,821
Annuity payments and contract charges		(293,304	)		(108,846	)		(47,557	)		(51,529	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		188,098			(148,428	)		85			(9,275	)

Net annuitization activity		(103,836	)		(28,548	)		(31,679	)		22,017

Net increase (decrease) from contract owner transactions		(2,573,608	)		(2,057,181	)		(11,712,133	)		(8,201,385	)

Total increase (decrease) in net assets		(1,785,425	)		(907,345	)		(9,840,333	)		(5,248,567	)
Net assets at beginning of year		34,129,209			35,036,554			93,391,934			98,640,501

Net assets at end of year	$	32,343,784		$	34,129,209		$	83,551,601		$	93,391,934

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

- 137 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	ME2 Sub-Account						ME3 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(2,383	)	$	23,215		$	(115,050	)	$	(83,185	)
Net realized gains (losses)		848,297			340,806			1,060,626			682,214
Net change in unrealized appreciation/(depreciation)		1,721,420			(78,264	)		3,499,291			(240,421	)

Increase (decrease) in net assets from operations		2,567,334			285,757			4,444,867			358,608

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		839,299			164,780			354,577			753,323
Transfers between Sub-Accounts (including the Fixed Account), net		(432,417	)		373,038			(1,000,357	)		1,106,205
Withdrawals, surrenders, annuitizations and contract charges		(3,405,434	)		(2,144,380	)		(3,402,872	)		(4,770,517	)

Net accumulation activity		(2,998,552	)		(1,606,562	)		(4,048,652	)		(2,910,989	)

*Annuitization Activity:*
Annuitizations		25,658			101,909			6,381			2,671
Annuity payments and contract charges		(40,205	)		(20,632	)		(17,536	)		(19,848	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		381			159			(10,715	)		3,190

Net annuitization activity		(14,166	)		81,436			(21,870	)		(13,987	)

Net increase (decrease) from contract owner transactions		(3,012,718	)		(1,525,126	)		(4,070,522	)		(2,924,976	)

Total increase (decrease) in net assets		(445,384	)		(1,239,369	)		374,345			(2,566,368	)
Net assets at beginning of year		13,643,001			14,882,370			24,533,761			27,100,129

Net assets at end of year	$	13,197,617		$	13,643,001		$	24,908,106		$	24,533,761

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

- 138 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MA5 Sub-Account						MA7 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	476,685		$	417,986		$	47,067		$	48,738
Net realized gains (losses)		(416,183	)		(567,262	)		(67,420	)		(45,984	)
Net change in unrealized appreciation/(depreciation)		883,062			468,659			125,497			25,422

Increase (decrease) in net assets from operations		943,564			319,383			105,144			28,176

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		593,372			317,181			88,291			15,746
Transfers between Sub-Accounts (including the Fixed Account), net		1,194,266			1,043,916			30,441			23,178
Withdrawals, surrenders, annuitizations and contract charges		(2,469,650	)		(2,951,990	)		(440,404	)		(231,521	)

Net accumulation activity		(682,012	)		(1,590,893	)		(321,672	)		(192,597	)

*Annuitization Activity:*
Annuitizations		106,854			33,192			—			—
Annuity payments and contract charges		(17,016	)		(29,769	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(19,971	)		(28,914	)		(272	)		(164	)

Net annuitization activity		69,867			(25,491	)		(272	)		(164	)

Net increase (decrease) from contract owner transactions		(612,145	)		(1,616,384	)		(321,944	)		(192,761	)

Total increase (decrease) in net assets		331,419			(1,297,001	)		(216,800	)		(164,585	)
Net assets at beginning of year		16,593,354			17,890,355			2,103,698			2,268,283

Net assets at end of year	$	16,924,773		$	16,593,354		$	1,886,898		$	2,103,698

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

- 139 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	ME4 Sub-Account						MA2 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(309,409	)	$	(300,826	)	$	(254,594	)	$	(203,840	)
Net realized gains (losses)		4,592,931			1,910,814			3,656,142			644,574
Net change in unrealized appreciation/(depreciation)		(1,244,289	)		4,376,945			(309,216	)		4,282,292

Increase (decrease) in net assets from operations		3,039,233			5,986,933			3,092,332			4,723,026

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		163,089			245,437			1,674,546			3,063,947
Transfers between Sub-Accounts (including the Fixed Account), net		(219,551	)		507,957			130,105			(812,579	)
Withdrawals, surrenders, annuitizations and contract charges		(2,561,343	)		(2,564,042	)		(1,392,424	)		(1,263,479	)

Net accumulation activity		(2,617,805	)		(1,810,648	)		412,227			987,889

*Annuitization Activity:*
Annuitizations		36,978			122,726			—			—
Annuity payments and contract charges		(54,522	)		(26,734	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		12,443			24,650			—			—

Net annuitization activity		(5,101	)		120,642			—			—

Net increase (decrease) from contract owner transactions		(2,622,906	)		(1,690,006	)		412,227			987,889

Total increase (decrease) in net assets		416,327			4,296,927			3,504,559			5,710,915
Net assets at beginning of year		22,130,031			17,833,104			19,085,832			13,374,917

Net assets at end of year	$	22,546,358		$	22,130,031		$	22,590,391		$	19,085,832

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

- 140 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MF3 Sub-Account						MF5 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(322,302	)	$	(359,882	)	$	2,050,896		$	44,888
Net realized gains (losses)		4,632,189			1,234,861			2,694,158			(6,316,842	)
Net change in unrealized appreciation/(depreciation)		(2,482,730	)		552,993			12,351,389			16,365,821

Increase (decrease) in net assets from operations		1,827,157			1,427,972			17,096,443			10,093,867

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		691,814			1,058,431			3,475,092			4,969,654
Transfers between Sub-Accounts (including the Fixed Account), net		2,848,428			48,833			1,144,867			1,856,472
Withdrawals, surrenders, annuitizations and contract charges		(5,535,888	)		(5,875,805	)		(43,131,317	)		(46,450,863	)

Net accumulation activity		(1,995,646	)		(4,768,541	)		(38,511,358	)		(39,624,737	)

*Annuitization Activity:*
Annuitizations		6,053			43,623			377,300			75,829
Annuity payments and contract charges		(38,603	)		(13,373	)		(120,982	)		(250,158	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(24,077	)		(21,068	)		(34,763	)		18,029

Net annuitization activity		(56,627	)		9,182			221,555			(156,300	)

Net increase (decrease) from contract owner transactions		(2,052,273	)		(4,759,359	)		(38,289,803	)		(39,781,037	)

Total increase (decrease) in net assets		(225,116	)		(3,331,387	)		(21,193,360	)		(29,687,170	)
Net assets at beginning of year		38,564,368			41,895,755			233,799,067			263,486,237

Net assets at end of year	$	38,339,252		$	38,564,368		$	212,605,707		$	233,799,067

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

- 141 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MF6 Sub-Account						MF7 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(1,239	)	$	4,499		$	(177,479	)	$	(53,124	)
Net realized gains (losses)		(18,389	)		(19,212	)		(283,170	)		(73,648	)
Net change in unrealized appreciation/(depreciation)		34,929			(23,733	)		935,997			(1,215,040	)

Increase (decrease) in net assets from operations		15,301			(38,446	)		475,348			(1,341,812	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		3,034			69,216			717,643			716,991
Transfers between Sub-Accounts (including the Fixed Account), net		39,028			34,075			3,477,838			2,375,956
Withdrawals, surrenders, annuitizations and contract charges		(147,847	)		(227,614	)		(5,278,593	)		(5,451,414	)

Net accumulation activity		(105,785	)		(124,323	)		(1,083,112	)		(2,358,467	)

*Annuitization Activity:*
Annuitizations		—			—			5,505			24,254
Annuity payments and contract charges		—			—			(12,024	)		(17,251	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(134	)		(17	)		(8,381	)		(7,259	)

Net annuitization activity		(134	)		(17	)		(14,900	)		(256	)

Net increase (decrease) from contract owner transactions		(105,919	)		(124,340	)		(1,098,012	)		(2,358,723	)

Total increase (decrease) in net assets		(90,618	)		(162,786	)		(622,664	)		(3,700,535	)
Net assets at beginning of year		960,815			1,123,601			33,199,967			36,900,502

Net assets at end of year	$	870,197		$	960,815		$	32,577,303		$	33,199,967

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

- 142 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MF9 Sub-Account						MG1 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(887,414	)	$	(1,736,887	)	$	981,017		$	1,180,355
Net realized gains (losses)		6,351,060			1,211,031			(4,399,605	)		(3,773,576	)
Net change in unrealized appreciation/(depreciation)		15,875,491			20,013,616			7,551,591			(1,510,535	)

Increase (decrease) in net assets from operations		21,339,137			19,487,760			4,133,003			(4,103,756	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		2,599,212			2,036,706			622,280			552,260
Transfers between Sub-Accounts (including the Fixed Account), net		(30,246	)		(633,216	)		2,499,619			5,976,532
Withdrawals, surrenders, annuitizations and contract charges		(33,074,145	)		(38,593,625	)		(11,582,500	)		(11,241,552	)

Net accumulation activity		(30,505,179	)		(37,190,135	)		(8,460,601	)		(4,712,760	)

*Annuitization Activity:*
Annuitizations		—			153,021			38,686			30,532
Annuity payments and contract charges		(68,416	)		(44,226	)		(9,190	)		(19,948	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		69,118			4,215			(22,163	)		(180	)

Net annuitization activity		702			113,010			7,333			10,404

Net increase (decrease) from contract owner transactions		(30,504,477	)		(37,077,125	)		(8,453,268	)		(4,702,356	)

Total increase (decrease) in net assets		(9,165,340	)		(17,589,365	)		(4,320,265	)		(8,806,112	)
Net assets at beginning of year		226,189,084			243,778,449			68,032,780			76,838,892

Net assets at end of year	$	217,023,744		$	226,189,084		$	63,712,515		$	68,032,780

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

- 143 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MF2 Sub-Account						MG2 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	3,018,205		$	2,591,606		$	1,649,000		$	1,368,318
Net realized gains (losses)		(124,106	)		(298,039	)		(123,083	)		(196,659	)
Net change in unrealized appreciation/(depreciation)		1,732,802			2,005,732			946,267			1,175,459

Increase (decrease) in net assets from operations		4,626,901			4,299,299			2,472,184			2,347,118

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		2,563,213			2,813,026			625,635			788,345
Transfers between Sub-Accounts (including the Fixed Account), net		5,698,473			9,240,768			3,970,972			3,260,572
Withdrawals, surrenders, annuitizations and contract charges		(19,119,035	)		(22,050,181	)		(11,642,715	)		(11,559,188	)

Net accumulation activity		(10,857,349	)		(9,996,387	)		(7,046,108	)		(7,510,271	)

*Annuitization Activity:*
Annuitizations		82,427			67,949			8,682			37,296
Annuity payments and contract charges		(173,909	)		(101,338	)		(7,472	)		(5,675	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(3,139	)		(30,196	)		1,391			1,670

Net annuitization activity		(94,621	)		(63,585	)		2,601			33,291

Net increase (decrease) from contract owner transactions		(10,951,970	)		(10,059,972	)		(7,043,507	)		(7,476,980	)

Total increase (decrease) in net assets		(6,325,069	)		(5,760,673	)		(4,571,323	)		(5,129,862	)
Net assets at beginning of year		122,994,890			128,755,563			69,580,539			74,710,401

Net assets at end of year	$	116,669,821		$	122,994,890		$	65,009,216		$	69,580,539

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

- 144 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MG3 Sub-Account						MG4 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(120,578	)	$	(97,452	)	$	(113,562	)	$	(91,419	)
Net realized gains (losses)		2,354,566			1,719,783			2,531,430			2,101,946
Net change in unrealized appreciation/(depreciation)		(1,540,795	)		380,428			(1,750,524	)		(180,155	)

Increase (decrease) in net assets from operations		693,193			2,002,759			667,344			1,830,372

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		259,799			461,969			335,042			846,673
Transfers between Sub-Accounts (including the Fixed Account), net		650,037			(479,535	)		881,596			(694,889	)
Withdrawals, surrenders, annuitizations and contract charges		(2,157,939	)		(2,768,634	)		(2,237,617	)		(2,316,587	)

Net accumulation activity		(1,248,103	)		(2,786,200	)		(1,020,979	)		(2,164,803	)

*Annuitization Activity:*
Annuitizations		10,827			29,807			—			—
Annuity payments and contract charges		(31,929	)		(12,607	)		(627	)		(625	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		430			(43	)		167			161

Net annuitization activity		(20,672	)		17,157			(460	)		(464	)

Net increase (decrease) from contract owner transactions		(1,268,775	)		(2,769,043	)		(1,021,439	)		(2,165,267	)

Total increase (decrease) in net assets		(575,582	)		(766,284	)		(354,095	)		(334,895	)
Net assets at beginning of year		17,094,005			17,860,289			15,981,569			16,316,464

Net assets at end of year	$	16,518,423		$	17,094,005		$	15,627,474		$	15,981,569

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

- 145 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MG6 Sub-Account						MG7 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	3,235,740		$	(2,700,452	)	$	10,303		$	(38,569	)
Net realized gains (losses)		36,699,173			560,441			573,336			517,380
Net change in unrealized appreciation/(depreciation)		30,282,326			58,022,565			(469,744	)		216,561

Increase (decrease) in net assets from operations		70,217,239			55,882,554			113,895			695,372

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		9,525,854			10,459,752			130,508			91,329
Transfers between Sub-Accounts (including the Fixed Account), net		1,477,316			(208,938	)		143,343			(71,530	)
Withdrawals, surrenders, annuitizations and contract charges		(132,824,423	)		(152,067,229	)		(1,043,245	)		(1,039,703	)

Net accumulation activity		(121,821,253	)		(141,816,415	)		(769,394	)		(1,019,904	)

*Annuitization Activity:*
Annuitizations		522,938			470,358			—			9,459
Annuity payments and contract charges		(219,482	)		(179,606	)		(1,599	)		(16,309	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		(135,586	)		(53,556	)		175			(820	)

Net annuitization activity		167,870			237,196			(1,424	)		(7,670	)

Net increase (decrease) from contract owner transactions		(121,653,383	)		(141,579,219	)		(770,818	)		(1,027,574	)

Total increase (decrease) in net assets		(51,436,144	)		(85,696,665	)		(656,923	)		(332,202	)
Net assets at beginning of year		821,090,675			906,787,340			9,132,260			9,464,462

Net assets at end of year	$	769,654,531		$	821,090,675		$	8,475,337		$	9,132,260

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

- 146 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	U43 Sub-Account					U41 Sub-Account
	December 31, 2025		December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	—	$	21,833		$	(37,472	)	$	(35,662	)
Net realized gains (losses)		—		(81,398	)		206,253			(64,933	)
Net change in unrealized appreciation/(depreciation)		—		266,167			295,184			273,836

Increase (decrease) in net assets from operations		—		206,602			463,965			173,241

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—		33,395			493,521			928,877
Transfers between Sub-Accounts (including the Fixed Account), net		—		(1,529,955	)		(883,544	)		96,303
Withdrawals, surrenders, annuitizations and contract charges		—		(212,952	)		(516,032	)		(290,260	)

Net accumulation activity		—		(1,709,512	)		(906,055	)		734,920

*Annuitization Activity:*
Annuitizations		—		—			—			—
Annuity payments and contract charges		—		—			—			—
Transfers between Sub-Accounts, net		—		—			—			—
Adjustments to annuity reserves		—		—			—			—

Net annuitization activity		—		—			—			—

Net increase (decrease) from contract owner transactions		—		(1,709,512	)		(906,055	)		734,920

Total increase (decrease) in net assets		—		(1,502,910	)		(442,090	)		908,161
Net assets at beginning of year		—		1,502,910			3,399,049			2,490,888

Net assets at end of year	$	—	$	—		$	2,956,959		$	3,399,049

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

- 147 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	V44 Sub-Account						V43 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(474,128	)	$	(360,386	)	$	(54,471	)	$	(76,841	)
Net realized gains (losses)		5,696,556			916,508			954,384			380,671
Net change in unrealized appreciation/(depreciation)		4,961,887			10,370,362			(361,679	)		1,340,950

Increase (decrease) in net assets from operations		10,184,315			10,926,484			538,234			1,644,780

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		2,942,943			1,196,981			197,244			43,120
Transfers between Sub-Accounts (including the Fixed Account), net		(2,969,411	)		(3,533,798	)		(248,423	)		(1,299,416	)
Withdrawals, surrenders, annuitizations and contract charges		(4,155,123	)		(1,840,844	)		(1,049,943	)		(550,479	)

Net accumulation activity		(4,181,591	)		(4,177,661	)		(1,101,122	)		(1,806,775	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			(703	)		(496	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			215			245

Net annuitization activity		—			—			(488	)		(251	)

Net increase (decrease) from contract owner transactions		(4,181,591	)		(4,177,661	)		(1,101,610	)		(1,807,026	)

Total increase (decrease) in net assets		6,002,724			6,748,823			(563,376	)		(162,246	)
Net assets at beginning of year		31,334,793			24,585,970			4,365,068			4,527,314

Net assets at end of year	$	37,337,517		$	31,334,793		$	3,801,692		$	4,365,068

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

- 148 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	O19 Sub-Account						O23 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025		December 31, 2024
Operations:
Net investment income (loss)	$	(204,496	)	$	(218,074	)	$	—	$	227,740
Net realized gains (losses)		2,350,902			(360,260	)		—		(570,202	)
Net change in unrealized appreciation/(depreciation)		(876,598	)		4,087,316			—		565,319

Increase (decrease) in net assets from operations		1,269,808			3,508,982			—		222,857

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		385,999			252,404			—		54,942
Transfers between Sub-Accounts (including the Fixed Account), net		(36,699	)		(1,654,013	)		—		(11,177,854	)
Withdrawals, surrenders, annuitizations and contract charges		(1,860,127	)		(2,062,640	)		—		(281,821	)

Net accumulation activity		(1,510,827	)		(3,464,249	)		—		(11,404,733	)

*Annuitization Activity:*
Annuitizations		20,630			—			—		—
Annuity payments and contract charges		(45,213	)		(23,538	)		—		—
Transfers between Sub-Accounts, net		—			—			—		—
Adjustments to annuity reserves		(39,531	)		928			—		—

Net annuitization activity		(64,114	)		(22,610	)		—		—

Net increase (decrease) from contract owner transactions		(1,574,941	)		(3,486,859	)		—		(11,404,733	)

Total increase (decrease) in net assets		(305,133	)		22,123			—		(11,181,876	)
Net assets at beginning of year		12,129,947			12,107,824			—		11,181,876

Net assets at end of year	$	11,824,814		$	12,129,947		$	—	$	—

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

- 149 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	O20 Sub-Account						O21 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(147,179	)	$	(161,104	)	$	(1,365,250	)	$	(1,782,423	)
Net realized gains (losses)		1,253,696			782,255			5,656,816			(2,231,500	)
Net change in unrealized appreciation/(depreciation)		(7,474	)		669,663			8,370,329			24,107,404

Increase (decrease) in net assets from operations		1,099,043			1,290,814			12,661,895			20,093,481

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		79,844			121,697			2,363,984			2,429,410
Transfers between Sub-Accounts (including the Fixed Account), net		(52,916	)		(703,854	)		(1,078,562	)		(11,874,868	)
Withdrawals, surrenders, annuitizations and contract charges		(1,601,301	)		(1,270,103	)		(15,050,894	)		(17,857,838	)

Net accumulation activity		(1,574,373	)		(1,852,260	)		(13,765,472	)		(27,303,296	)

*Annuitization Activity:*
Annuitizations		8,433			—			41,401			39,026
Annuity payments and contract charges		(1,192	)		(255	)		(137,002	)		(112,046	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		73			90			(11,588	)		(20,048	)

Net annuitization activity		7,314			(165	)		(107,189	)		(93,068	)

Net increase (decrease) from contract owner transactions		(1,567,059	)		(1,852,425	)		(13,872,661	)		(27,396,364	)

Total increase (decrease) in net assets		(468,016	)		(561,611	)		(1,210,766	)		(7,302,883	)
Net assets at beginning of year		9,127,911			9,689,522			95,758,310			103,061,193

Net assets at end of year	$	8,659,895		$	9,127,911		$	94,547,544		$	95,758,310

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

- 150 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	O04 Sub-Account						PH2 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(52,863	)	$	(65,218	)	$	6,224		$	7,496
Net realized gains (losses)		516,316			312,459			3,748			512
Net change in unrealized appreciation/(depreciation)		(242,240	)		113,544			33,090			15,823

Increase (decrease) in net assets from operations		221,213			360,785			43,062			23,831

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		82,574			94,933			19			—
Transfers between Sub-Accounts (including the Fixed Account), net		(11,585	)		(29,929	)		(14,903	)		(7,393	)
Withdrawals, surrenders, annuitizations and contract charges		(551,824	)		(612,702	)		(28,086	)		(20,806	)

Net accumulation activity		(480,835	)		(547,698	)		(42,970	)		(28,199	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			(5,630	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			(2	)		—			—

Net annuitization activity		—			(5,632	)		—			—

Net increase (decrease) from contract owner transactions		(480,835	)		(553,330	)		(42,970	)		(28,199	)

Total increase (decrease) in net assets		(259,622	)		(192,545	)		92			(4,368	)
Net assets at beginning of year		3,638,564			3,831,109			205,879			210,247

Net assets at end of year	$	3,378,942		$	3,638,564		$	205,971		$	205,879

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

- 151 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	P08 Sub-Account						PC0 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	354,756		$	616,686		$	247,075		$	449,576
Net realized gains (losses)		(333,943	)		(516,881	)		(188,755	)		(346,986	)
Net change in unrealized appreciation/(depreciation)		1,364,817			178,981			944,642			95,684

Increase (decrease) in net assets from operations		1,385,630			278,786			1,002,962			198,274

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		48,729			237,547			119,779			43,975
Transfers between Sub-Accounts (including the Fixed Account), net		404,046			(152,102	)		(81,902	)		(140,733	)
Withdrawals, surrenders, annuitizations and contract charges		(1,885,280	)		(2,169,289	)		(2,070,088	)		(1,600,399	)

Net accumulation activity		(1,432,505	)		(2,083,844	)		(2,032,211	)		(1,697,157	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		(1,432,505	)		(2,083,844	)		(2,032,211	)		(1,697,157	)

Total increase (decrease) in net assets		(46,875	)		(1,805,058	)		(1,029,249	)		(1,498,883	)
Net assets at beginning of year		11,788,282			13,593,340			8,890,226			10,389,109

Net assets at end of year	$	11,741,407		$	11,788,282		$	7,860,977		$	8,890,226

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

- 152 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	P70 Sub-Account						P10 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	48,351		$	26,532		$	161,480		$	77,378
Net realized gains (losses)		(231,494	)		(176,074	)		(1,366,885	)		105,426
Net change in unrealized appreciation/(depreciation)		708,022			236,660			3,477,549			227,986

Increase (decrease) in net assets from operations		524,879			87,118			2,272,144			410,790

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		89,896			69,237			116,772			131,319
Transfers between Sub-Accounts (including the Fixed Account), net		(61,161	)		223,069			(733,000	)		720,956
Withdrawals, surrenders, annuitizations and contract charges		(267,135	)		(157,327	)		(2,398,852	)		(2,511,188	)

Net accumulation activity		(238,400	)		134,979			(3,015,080	)		(1,658,913	)

*Annuitization Activity:*
Annuitizations		—			—			—			49,564
Annuity payments and contract charges		—			—			(11,580	)		(7,823	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			(1,963	)		(6,248	)

Net annuitization activity		—			—			(13,543	)		35,493

Net increase (decrease) from contract owner transactions		(238,400	)		134,979			(3,028,623	)		(1,623,420	)

Total increase (decrease) in net assets		286,479			222,097			(756,479	)		(1,212,630	)
Net assets at beginning of year		3,153,931			2,931,834			14,708,355			15,920,985

Net assets at end of year	$	3,440,410		$	3,153,931		$	13,951,876		$	14,708,355

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

- 153 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	PK8 Sub-Account						P20 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	234,571		$	223,007		$	4,921		$	4,600
Net realized gains (losses)		(124,893	)		(166,401	)		(1,770	)		(3,038	)
Net change in unrealized appreciation/(depreciation)		437,563			207,732			8,488			3,921

Increase (decrease) in net assets from operations		547,241			264,338			11,639			5,483

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		40,577			113,727			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(11,121	)		7,930			(1,260	)		(1,156	)
Withdrawals, surrenders, annuitizations and contract charges		(697,788	)		(622,265	)		(8,351	)		(10,637	)

Net accumulation activity		(668,332	)		(500,608	)		(9,611	)		(11,793	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		(1,660	)		(1,583	)		—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		425			253			—			—

Net annuitization activity		(1,235	)		(1,330	)		—			—

Net increase (decrease) from contract owner transactions		(669,567	)		(501,938	)		(9,611	)		(11,793	)

Total increase (decrease) in net assets		(122,326	)		(237,600	)		2,028			(6,310	)
Net assets at beginning of year		4,616,660			4,854,260			92,496			98,806

Net assets at end of year	$	4,494,334		$	4,616,660		$	94,524		$	92,496

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

- 154 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	PM5 Sub-Account						PD6 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	18,820		$	15,846		$	6,538,192		$	4,541,543
Net realized gains (losses)		(3,471	)		(7,924	)		(3,161,184	)		(8,585,641	)
Net change in unrealized appreciation/(depreciation)		7,297			20,265			39,743,453			26,305,694

Increase (decrease) in net assets from operations		22,646			28,187			43,120,461			22,261,596

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		25,840			45,000			2,169,530			2,056,407
Transfers between Sub-Accounts (including the Fixed Account), net		179,657			130,674			(8,675,976	)		(5,291,735	)
Withdrawals, surrenders, annuitizations and contract charges		(22,440	)		(39,067	)		(42,824,019	)		(39,296,735	)

Net accumulation activity		183,057			136,607			(49,330,465	)		(42,532,063	)

*Annuitization Activity:*
Annuitizations		—			—			191,864			154,439
Annuity payments and contract charges		—			—			(113,913	)		(136,267	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			6,620			1,629

Net annuitization activity		—			—			84,571			19,801

Net increase (decrease) from contract owner transactions		183,057			136,607			(49,245,894	)		(42,512,262	)

Total increase (decrease) in net assets		205,703			164,794			(6,125,433	)		(20,250,666	)
Net assets at beginning of year		797,622			632,828			240,062,920			260,313,586

Net assets at end of year	$	1,003,325		$	797,622		$	233,937,487		$	240,062,920

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

- 155 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	P06 Sub-Account						P07 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	299,462		$	188,757		$	1,956,257		$	2,030,450
Net realized gains (losses)		(287,742	)		(262,850	)		(3,291,640	)		(2,871,543	)
Net change in unrealized appreciation/(depreciation)		1,100,332			170,824			6,945,556			1,571,848

Increase (decrease) in net assets from operations		1,112,052			96,731			5,610,173			730,755

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		389,128			456,830			1,833,488			1,411,042
Transfers between Sub-Accounts (including the Fixed Account), net		715,891			1,391,676			2,987,503			6,020,269
Withdrawals, surrenders, annuitizations and contract charges		(3,472,396	)		(3,939,632	)		(13,975,334	)		(13,691,589	)

Net accumulation activity		(2,367,377	)		(2,091,126	)		(9,154,343	)		(6,260,278	)

*Annuitization Activity:*
Annuitizations		2,400			36,080			29,104			91,343
Annuity payments and contract charges		(11,969	)		(6,766	)		(60,558	)		(27,031	)
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		567			630			(5,244	)		(6,845	)

Net annuitization activity		(9,002	)		29,944			(36,698	)		57,467

Net increase (decrease) from contract owner transactions		(2,376,379	)		(2,061,182	)		(9,191,041	)		(6,202,811	)

Total increase (decrease) in net assets		(1,264,327	)		(1,964,451	)		(3,580,868	)		(5,472,056	)
Net assets at beginning of year		19,397,964			21,362,415			84,764,655			90,236,711

Net assets at end of year	$	18,133,637		$	19,397,964		$	81,183,787		$	84,764,655

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

- 156 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	P68 Sub-Account						P72 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	187,829		$	156,027		$	(22,364	)	$	(92,150	)
Net realized gains (losses)		(163,500	)		(211,850	)		2,429,036			2,174,705
Net change in unrealized appreciation/(depreciation)		459,637			130,906			1,515,222			1,234,891

Increase (decrease) in net assets from operations		483,966			75,083			3,921,894			3,317,446

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		110,581			272,653			756,861			1,850,314
Transfers between Sub-Accounts (including the Fixed Account), net		1,542,411			683,107			(404,727	)		536,931
Withdrawals, surrenders, annuitizations and contract charges		(253,194	)		(910,330	)		(2,586,480	)		(3,004,013	)

Net accumulation activity		1,399,798			45,430			(2,234,346	)		(616,768	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		1,399,798			45,430			(2,234,346	)		(616,768	)

Total increase (decrease) in net assets		1,883,764			120,513			1,687,548			2,700,678
Net assets at beginning of year		5,664,341			5,543,828			22,340,191			19,639,513

Net assets at end of year	$	7,548,105		$	5,664,341		$	24,027,739		$	22,340,191

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

- 157 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	P88 Sub-Account						P93 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	58,715		$	(64,365	)	$	32,928		$	16,274
Net realized gains (losses)		1,646,967			662,574			778,310			414,276
Net change in unrealized appreciation/(depreciation)		2,778,352			1,454,887			(204,005	)		87,181

Increase (decrease) in net assets from operations		4,484,034			2,053,096			607,233			517,731

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		5,772,623			14,527,483			661,315			4,515,255
Transfers between Sub-Accounts (including the Fixed Account), net		11,286,257			(2,051,318	)		(281,133	)		(2,562,971	)
Withdrawals, surrenders, annuitizations and contract charges		(1,373,644	)		(626,899	)		(516,557	)		(263,865	)

Net accumulation activity		15,685,236			11,849,266			(136,375	)		1,688,419

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		15,685,236			11,849,266			(136,375	)		1,688,419

Total increase (decrease) in net assets		20,169,270			13,902,362			470,858			2,206,150
Net assets at beginning of year		22,836,920			8,934,558			4,729,586			2,523,436

Net assets at end of year	$	43,006,190		$	22,836,920		$	5,200,444		$	4,729,586

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

- 158 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	P89 Sub-Account						P95 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(41,863	)	$	(22,567	)	$	56,261		$	41,013
Net realized gains (losses)		199,973			113,593			(79,441	)		(26,255	)
Net change in unrealized appreciation/(depreciation)		333,649			(151,044	)		105,728			(8,850	)

Increase (decrease) in net assets from operations		491,759			(60,018	)		82,548			5,908

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		127,058			299,933			149,015			423,370
Transfers between Sub-Accounts (including the Fixed Account), net		203,664			809,055			(17,080	)		116,668
Withdrawals, surrenders, annuitizations and contract charges		(246,697	)		(136,167	)		(108,440	)		(70,706	)

Net accumulation activity		84,025			972,821			23,495			469,332

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		84,025			972,821			23,495			469,332

Total increase (decrease) in net assets		575,784			912,803			106,043			475,240
Net assets at beginning of year		3,220,141			2,307,338			1,434,322			959,082

Net assets at end of year	$	3,795,925		$	3,220,141		$	1,540,365		$	1,434,322

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

- 159 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	P79 Sub-Account						P80 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(37,500	)	$	(40,515	)	$	(11,041	)	$	(13,008	)
Net realized gains (losses)		507,082			196,762			189,833			(37,588	)
Net change in unrealized appreciation/(depreciation)		459,870			882,767			(176,094	)		181,496

Increase (decrease) in net assets from operations		929,452			1,039,014			2,698			130,900

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		108,993			461,117			54,709			141,841
Transfers between Sub-Accounts (including the Fixed Account), net		319,051			112,874			(133,816	)		(100,346	)
Withdrawals, surrenders, annuitizations and contract charges		(349,675	)		(449,727	)		(74,961	)		(85,919	)

Net accumulation activity		78,369			124,264			(154,068	)		(44,424	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		78,369			124,264			(154,068	)		(44,424	)

Total increase (decrease) in net assets		1,007,821			1,163,278			(151,370	)		86,476
Net assets at beginning of year		5,279,434			4,116,156			1,129,650			1,043,174

Net assets at end of year	$	6,287,255		$	5,279,434		$	978,280		$	1,129,650

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

- 160 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	P81 Sub-Account						L36 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(8,300	)	$	(13,307	)	$	13,205		$	11,502
Net realized gains (losses)		216,478			64,092			92,983			32,240
Net change in unrealized appreciation/(depreciation)		(63,949	)		180,349			1,757			47,791

Increase (decrease) in net assets from operations		144,229			231,134			107,945			91,533

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		72,421			144,995			36,505			108,103
Transfers between Sub-Accounts (including the Fixed Account), net		972			99,969			984			(1,077	)
Withdrawals, surrenders, annuitizations and contract charges		(27,404	)		(22,280	)		(34,581	)		(62,461	)

Net accumulation activity		45,989			222,684			2,908			44,565

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		45,989			222,684			2,908			44,565

Total increase (decrease) in net assets		190,218			453,818			110,853			136,098
Net assets at beginning of year		1,373,078			919,260			976,937			840,839

Net assets at end of year	$	1,563,296		$	1,373,078		$	1,087,790		$	976,937

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

- 161 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	TBD Sub-Account						TBE Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(176,450	)	$	(124,806	)	$	13,635		$	18,524
Net realized gains (losses)		1,775,609			473,410			556,031			303,119
Net change in unrealized appreciation/(depreciation)		719,582			2,469,242			78,912			(67,388	)

Increase (decrease) in net assets from operations		2,318,741			2,817,846			648,578			254,255

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		2,268,668			2,491,889			701,421			1,270,853
Transfers between Sub-Accounts (including the Fixed Account), net		267,502			425,523			(110,878	)		393,882
Withdrawals, surrenders, annuitizations and contract charges		(688,549	)		(332,342	)		(152,439	)		(181,863	)

Net accumulation activity		1,847,621			2,585,070			438,104			1,482,872

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		1,847,621			2,585,070			438,104			1,482,872

Total increase (decrease) in net assets		4,166,362			5,402,916			1,086,682			1,737,127
Net assets at beginning of year		12,896,095			7,493,179			4,691,811			2,954,684

Net assets at end of year	$	17,062,457		$	12,896,095		$	5,778,493		$	4,691,811

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

- 162 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	TBF Sub-Account						TP1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(82,631	)	$	(72,513	)	$	(12,233	)	$	(4,100	)
Net realized gains (losses)		93,378			557,004			134,599			39,729
Net change in unrealized appreciation/(depreciation)		1,078,694			(587,966	)		701,102			280,648

Increase (decrease) in net assets from operations		1,089,441			(103,475	)		823,468			316,277

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		820,307			1,446,361			614,994			1,110,450
Transfers between Sub-Accounts (including the Fixed Account), net		(735,413	)		487,732			29,267			429,065
Withdrawals, surrenders, annuitizations and contract charges		(312,122	)		(244,572	)		(162,551	)		(80,745	)

Net accumulation activity		(227,228	)		1,689,521			481,710			1,458,770

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		(227,228	)		1,689,521			481,710			1,458,770

Total increase (decrease) in net assets		862,213			1,586,046			1,305,178			1,775,047
Net assets at beginning of year		6,641,889			5,055,843			4,528,713			2,753,666

Net assets at end of year	$	7,504,102		$	6,641,889		$	5,833,891		$	4,528,713

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

- 163 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	TP2 Sub-Account						TP3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	15,822		$	16,834		$	33,276		$	29,996
Net realized gains (losses)		45,465			11,085			117,433			26,268
Net change in unrealized appreciation/(depreciation)		220,434			79,971			129,081			83,414

Increase (decrease) in net assets from operations		281,721			107,890			279,790			139,678

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		989			485,920			—			299,189
Transfers between Sub-Accounts (including the Fixed Account), net		(61,770	)		189,162			940,684			156,698
Withdrawals, surrenders, annuitizations and contract charges		(84,699	)		(101,342	)		(969,492	)		(307,384	)

Net accumulation activity		(145,480	)		573,740			(28,808	)		148,503

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		(145,480	)		573,740			(28,808	)		148,503

Total increase (decrease) in net assets		136,241			681,630			250,982			288,181
Net assets at beginning of year		2,603,511			1,921,881			3,249,046			2,960,865

Net assets at end of year	$	2,739,752		$	2,603,511		$	3,500,028		$	3,249,046

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

- 164 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	TP4 Sub-Account						TP5 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(7,982	)	$	(1,479	)	$	53,365		$	43,535
Net realized gains (losses)		281,055			15,453			473,772			201,536
Net change in unrealized appreciation/(depreciation)		230,082			145,366			1,460,164			577,999

Increase (decrease) in net assets from operations		503,155			159,340			1,987,301			823,070

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,746,974			724,573			3,160,549			2,747,357
Transfers between Sub-Accounts (including the Fixed Account), net		(739,244	)		25,646			(475,395	)		93,841
Withdrawals, surrenders, annuitizations and contract charges		(66,510	)		(56,016	)		(781,910	)		(631,963	)

Net accumulation activity		941,220			694,203			1,903,244			2,209,235

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		941,220			694,203			1,903,244			2,209,235

Total increase (decrease) in net assets		1,444,375			853,543			3,890,545			3,032,305
Net assets at beginning of year		2,317,085			1,463,542			13,519,563			10,487,258

Net assets at end of year	$	3,761,460		$	2,317,085		$	17,410,108		$	13,519,563

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

- 165 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	W42 Sub-Account						W50 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(2,582	)	$	(3,590	)	$	40,418		$	78,567
Net realized gains (losses)		22,969			12,289			(38,951	)		(41,151	)
Net change in unrealized appreciation/(depreciation)		(13,984	)		16,756			72,451			(60,628	)

Increase (decrease) in net assets from operations		6,403			25,455			73,918			(23,212	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		11,484			31,666			29,730			19,500
Transfers between Sub-Accounts (including the Fixed Account), net		8,124			(18,635	)		120,730			159,888
Withdrawals, surrenders, annuitizations and contract charges		(83,958	)		(39,749	)		(60,979	)		(169,103	)

Net accumulation activity		(64,350	)		(26,718	)		89,481			10,285

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Transfers between Sub-Accounts, net		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		(64,350	)		(26,718	)		89,481			10,285

Total increase (decrease) in net assets		(57,947	)		(1,263	)		163,399			(12,927	)
Net assets at beginning of year		208,645			209,908			1,127,299			1,140,226

Net assets at end of year	$	150,698		$	208,645		$	1,290,698		$	1,127,299

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

- 166 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

1. BUSINESS AND ORGANIZATION

Delaware Life Variable Account F (the “Variable Account”) is a separate account of Delaware Life Insurance Company (the “Sponsor”). The Variable Account was established on July 13, 1989 as a funding vehicle for the variable portion of Regatta contracts, Regatta Access contracts, Regatta Choice contracts, Regatta Choice II contracts, Regatta Classic contracts, Regatta Extra contracts, Regatta Flex II contracts, Regatta Flex 4 contracts, Regatta Gold contracts, Regatta Platinum contracts, Masters Access contracts, Masters Choice contracts, Masters Choice II contracts, Masters Extra contracts, Masters Extra II contracts, Masters Flex contracts, Masters Flex II contracts, Masters I Share contracts, Masters IV contracts, Masters VII contracts, Masters Prime contracts, Accelerator Prime contracts (collectively the “Contracts”), and certain other fixed and variable annuity contracts issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services – Investment Companies”.

The assets of the Variable Account are divided into “Sub-Accounts.” Each Sub-Account is invested in shares of a specific mutual fund (collectively the “Funds”), or series thereof, registered under the Investment Company Act of 1940, as amended. The contract owners of the Variable Account direct the deposits into the Sub-Accounts of the Variable Account.

Under applicable insurance law, the assets and liabilities of the Variable Account are clearly identified and distinguished from the Sponsor’s other assets and liabilities. Assets applicable to the Variable Account are not chargeable with liabilities arising out of any other business the Sponsor may conduct.

A summary of the name changes related to Sub-Accounts held by the contract owners of the Variable Account during the current year, is as follows:


Sub-Account	Previous Name	Effective Date
C89	CTIVP - Principal Blue Chip Growth Fund Class 1	June 1, 2025
C90	CTIVP - Principal Blue Chip Growth Fund Class 2	June 1, 2025
O19	Invesco V.I. Capital Appreciation Fund-Series II	April 30, 2025
W42	Wanger Acorn	June 2, 2025

There were no Sub-Accounts held by the contract owners of the Variable Account that were closed, merged into another Sub-Account or commenced operations during the current year.

The close date related to Sub-Accounts held by the contract owners of the Variable Account (if closed within the past five years and not disclosed in Note 11), is as follows:


Closed Sub-Account	New Sub-Account	Effective Date
H24	MD9	July 30, 2021
H32	MD9	November 30, 2021

The commencement date related to Sub-Accounts held by the contract owners of the Variable Account (if commenced within the past five years) is as follows:


Sub-Account		Effective Date
A19, A71, B19, B20, B21, B22, B23, L34, L35, L36, C92, F17, F18, S18, S21, S23, V17, V19, V20, V21, M10, MV1, MV2, MV3, MV4, JF1, L19, V46, P80, P81, TP1, TP2, TP3, TP4, TP5, TBD, TBE, TBF		May 3, 2021

- 167 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires the Sponsor’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Investment Valuation and Transactions

Investments made in mutual funds are carried at fair value and are valued at their closing net asset value as determined by the respective mutual fund, which in turn value their investments at fair value, as of December 31, 2025. Transactions are recorded on a trade date basis. Realized gains and losses on sales of investments are determined on the first in, first out basis. Dividend income and realized gain distributions are reinvested in additional fund shares and recognized on the ex-dividend date.

Units

The number of units credited is determined by dividing the dollar amount allocated to a Sub-Account by the unit value for that Sub-Account for the period during which the purchase payment was received. The unit value for each Sub-Account is established at $10.00 for the first period of that Sub-Account and is subsequently measured based on the performance of the investments and the contract charges selected by the contract holder, as discussed in Note 5.

Purchase Payments

Upon issuance of new Contracts, the initial purchase payment is credited to the contract in the form of units. All subsequent purchase payments are applied using the unit values for the period during which the purchase payment is received.

Transfers

Transfers between Sub-Accounts requested by contract owners are recorded in the new Sub-Account upon receipt of the redemption proceeds at the net asset value at the time of receipt. In addition, transfers can be made between the Sub-Accounts and the “Fixed Account.” The Fixed Account is part of the general account of the Sponsor in which purchase payments or contract values may be allocated or transferred.

Withdrawals

If the contract owner requests a partial withdrawal, the contract owner will receive the amount requested less any applicable withdrawal charge and the account value will be reduced by the amount requested. Any requests for partial withdrawals that would result in the value of the contract owner’s account being reduced to an amount less than the contract maintenance charge for the current contract year is treated as a request for a full withdrawal.

- 168 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Annuitization

On the annuity commencement date, the contract’s accumulation account is canceled, and its adjusted value is applied to provide an annuity. The adjusted value will be equal to the value of the accumulation account for the period that ends immediately before the annuity commencement date, reduced by any applicable premium taxes or similar taxes and a proportionate amount of the contract maintenance charge.

Annuity Payments

The amount of the first variable annuity payment is determined in accordance with the annuity payment rates found in the contract. The number of units to be credited in respect of a particular Sub-Account is determined by dividing that portion of the first variable annuity payment attributable to that Sub-Account by the annuity unit value of that Sub-Account for the period that ends immediately before the annuity commencement date. The number of units of each Sub-Account credited to the contract then remains fixed, unless an exchange of units is made. The dollar amount of each variable annuity payment after the first may increase, decrease or remain constant, depending on the investment performance of the Sub-Accounts.

Federal Income Taxes

The operations of the Variable Account are part of the operations of the Sponsor and are not taxed separately. The Sponsor qualifies for the federal income tax treatment granted to life insurance companies under Subchapter L of the Internal Revenue Code (the “Code”). Under existing federal income tax law, investment income and realized gain distributions earned by the Variable Account on contract owner reserves are not taxable, and therefore, no provision has been made for federal income taxes. In the event of a change in applicable tax law, the Sponsor will review this policy and if necessary, a provision may be made in future years.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Sponsor’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. The most significant estimates are fair value measurements of investments and the calculation of the reserve for variable annuities. Actual results could vary from the amounts derived from the Sponsor management’s estimates.

Subsequent events

The Sponsor’s management has evaluated events subsequent to December 31, 2025 through the date the financial statements are issued, noting that there are no subsequent events requiring accounting adjustments or disclosure.

- 169 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

3. FAIR VALUE MEASUREMENTS

The Sub-Accounts’ investments are carried at fair value. Fair value is an exit price, representing the amount that would be received from a sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“Topic 820”), establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value (i.e., Level 1, 2 and 3). Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Variable Account has the ability to access at the measurement date. Level 2 inputs are observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 inputs are unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability. Topic 820 requires that a fair value measurement technique include an adjustment for risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model, if market participants would also include such an adjustment.

The Variable Account has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three-level hierarchy described above. If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

The Variable Account uses the Funds’ closing net asset value to determine the fair value of its Sub-Accounts. As of December 31, 2025, the net assets held in the Variable Account were categorized as Level 1 assets under the Topic 820 hierarchy levels. There were no Level 2 or 3 investments in the Variable Account during the year ended December 31, 2025. There were no transfers between levels during the year ended December 31, 2025.

4. RELATED-PARTY TRANSACTIONS

The Sponsor provides administrative services necessary for the operation of the Variable Account. The Sponsor absorbs all organizational expenses including the fees of registering the Variable Account and its contracts for distribution under federal and state securities laws.

- 170 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

5. CONTRACT CHARGES

Mortality and expense risk charges

Charges for mortality and expense risks, the optional death benefit riders and optional living benefit riders are based on the average daily Variable Account assets and are deducted from the Variable Account at the end of each valuation period to cover the risks assumed by the Sponsor. These charges are reflected in the Statement of Operations.

The deductions are calculated at different levels based upon the elections made by the contract holder and are transferred periodically to the Sponsor. At December 31, 2025, the deduction is at an effective annual rate as follows:


	Level 1			Level 2			Level 3			Level 4			Level 5			Level 6			Level 7			Level 8			Level 9
Regatta		1.40	%		—			—			—			—			—			—			—			—
Regatta Gold		1.25	%		—			—			—			—			—			—			—			—
Regatta Classic		1.00	%		—			—			—			—			—			—			—			—
Regatta Platinum		1.25	%		—			—			—			—			—			—			—			—
Regatta Extra		1.30	%		1.45	%		1.55	%		1.70	%		—			—			—			—			—
Regatta Choice		0.85	%		1.00	%		1.10	%		1.15	%		1.25	%		1.40	%		—			—			—
Regatta Access		1.00	%		1.15	%		1.25	%		1.40	%		1.50	%		1.65	%		—			—			—
Regatta Flex 4		0.95	%		1.10	%		1.20	%		1.35	%		1.45	%		1.60	%		—			—			—
Regatta Flex II		1.30	%		1.50	%		1.55	%		1.70	%		1.75	%		1.90	%		1.95	%		2.15	%		—
Regatta Choice II		1.05	%		1.25	%		1.30	%		1.45	%		1.50	%		1.65	%		1.70	%		—			—
Masters Extra		1.40	%		1.60	%		1.65	%		1.80	%		1.85	%		2.00	%		2.05	%		2.25	%		—
Masters Choice		1.05	%		1.25	%		1.30	%		1.45	%		1.50	%		1.65	%		1.70	%		1.90	%		—
Masters Access		1.35	%		1.55	%		1.60	%		1.75	%		1.80	%		1.95	%		—			—			—
Masters Flex		1.30	%		1.50	%		1.55	%		1.70	%		1.75	%		1.90	%		1.95	%		2.15	%		—
Masters IV		1.25	%		1.30	%		1.35	%		1.45	%		1.50	%		1.55	%		1.60	%		1.65	%		1.75	%
Masters VII		1.00	%		1.05	%		1.20	%		1.25	%		1.30	%		1.35	%		1.40	%		1.50	%		—
Masters Extra II		1.40	%		1.80	%		—			—			—			—			—			—			—
Masters Choice II		1.05	%		1.30	%		1.45	%		—			—			—			—			—			—
Masters Flex II		1.30	%		1.70	%		—			—			—			—			—			—			—
Masters I Share		0.50	%		—			—			—			—			—			—			—			—
Masters Prime		0.85	%		—			—			—			—			—			—			—			—
Accelerator Prime		0.85	%		—			—			—			—			—			—			—			—

Distribution and administrative expense charges

For assuming the risk that surrender charges may be insufficient to compensate the Sponsor for the costs of distributing the Contracts, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period for the first seven account years at an effective annual rate of 0.15% of the average daily value of the contract invested in the Sub-Account attributable to Regatta, Masters VII, Masters Extra, Masters Extra II, Masters Choice and Masters Choice II, and at an effective annual rate of 0.20% of the average daily value of the contract invested in the Sub-Account attributable to Masters IV, Masters Access, Masters Flex, Masters Flex II, Masters Prime and Accelerator Prime. There are no distribution charges associated with the other contracts listed in Note 1.

- 171 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

5. CONTRACT CHARGES (CONTINUED)

Distribution and administrative expense charges (Continued)

Additionally, for Regatta, Regatta Gold, Regatta Classic, Regatta Platinum, Regatta Extra, Regatta Access, Regatta Choice, Regatta Flex 4, Regatta Flex II, Regatta Choice II, Masters Extra, Masters Choice, Masters Access, Masters Flex, Masters IV, Masters VII, Masters Extra II, Masters Flex II, Masters I Share, Masters Choice II, Masters Prime contracts and Accelerator Prime contract, an administrative expense charge is deducted from the assets of the Variable Account at an annual effective rate equal to 0.15% of the average daily Variable Account value. This charge is designed to reimburse the Sponsor for expenses incurred in administering the Contracts, the accounts and the Variable Account that are not covered by the annual account administration fee (“Account Fee”). Distribution and administrative expense charges are reflected in the Statement of Operations.

Administration charges (“Account Fee”)

Each year on the account anniversary date, an Account Fee equal to the lesser of $30 or 2% of the participant’s account value in the case of Regatta Gold, $30 for Masters Prime and Accelerator Prime contracts, $35 in the case of Regatta Extra and Regatta Platinum contracts, and $50 for Regatta Choice, Regatta Classic, Regatta Access, Regatta Flex 4, Regatta Flex II, Regatta Choice II, Masters Extra, Masters Choice, Masters Access, Masters Flex, Masters IV, Masters VII, Masters Extra II, Masters Flex II, Masters I Share, and Masters Choice II contracts (after account year 5, the Account Fee for Regatta Gold, Regatta Platinum, Regatta Extra, and Regatta Choice contracts, may be changed annually, but it may not exceed the lesser of $50 or 2% of the participant’s account value) is deducted from the participant’s account to reimburse the Sponsor for certain administrative expenses. The Account Fee related to contracts in the accumulation phase is reflected in the Statements of Changes in Net Assets as part of “Withdrawals, surrenders, annuitizations, and contract charges” line item. After the annuity commencement date, the Account Fee will be deducted pro rata from each variable annuity payment made during the year and reflected under the line item “Annuity payments and contract charges” in the Statements of Changes in Net Assets.

Surrender charges

The Sponsor does not deduct a sales charge from the purchase payments. However, a surrender charge (contingent deferred sales charge) of up to 6% of certain amounts withdrawn will be deducted to cover certain expenses relating to the sale of Regatta, Regatta Gold, Regatta Flex 4, and Regatta Platinum contracts; 8% for Regatta Extra, Regatta Choice II, Regatta Flex II, Masters Choice, Masters Choice II, Masters Flex, Masters Flex II, Masters Extra, Masters Extra II, Masters IV, Masters VII, Masters Prime and Accelerator Prime contracts; and for 7% for Regatta Choice if the contract holder requests a full withdrawal prior to reaching the pay-out phase. These charges are reflected in the “Withdrawals, surrenders, annuitizations and contract charges” line on the Statements of Changes in Net Assets.

Optional living benefit rider charges (“Benefit Fee”)

Benefit Fee is charged for optional living benefit riders elected by the contract holder. The benefit fee is deducted from the related account value as highlighted in the following table.


	Single Life Quarterly Charge			Joint Life Quarterly Charge			Single Life Annual Charge			Joint Life Annual Charge
Secured Returns		0.1000	%		N/A			0.40	%		N/A
Secured Returns 2		0.1250	%		N/A			0.50	%		N/A
Secured Returns for Life		0.1250	%		N/A			0.50	%		N/A
Secured Returns for Life Plus		0.1250	%		N/A			0.50	%		N/A
Income on Demand		0.1625	%		0.2125	%		0.65	%		0.85	%
Income on Demand II		0.1625	%		0.2125	%		0.65	%		0.85	%
Retirement Asset Protector		0.1875	%		N/A			0.75	%		N/A
Retirement Income Escalator		0.1875	%		0.2375	%		0.75	%		0.95	%
Income Advisor		0.2250	%		0.2750	%		0.90	%		1.10	%
Income on Demand II Plus		0.2375	%		0.2875	%		0.95	%		1.15	%
Income on Demand II Escalator		0.2375	%		0.2875	%		0.95	%		1.15	%
Retirement Income Escalator II		0.2375	%		0.2875	%		0.95	%		1.15	%
Income Riser		0.2750	%		0.3250	%		1.10	%		1.30	%
Income on Demand III Escalator		0.2750	%		0.3250	%		1.10	%		1.30	%
Income Riser III		0.2750	%		0.3000	%		1.10	%		1.20	%
Income Maximizer		0.2750	%		0.3000	%		1.10	%		1.20	%
Income Maximizer Plus		0.3125	%		0.3625	%		1.25	%		1.45	%

- 172 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

5. CONTRACT CHARGES (CONTINUED)

Optional living benefit rider charges (“Benefit Fee”) (Continued)

Income Advisor was only available on Masters I Share contracts. Income Maximizer, Income Maximizer Plus, and Income Riser III were available on Masters Choice II contracts, Masters Extra II contracts, and Masters Flex II contracts. The remaining optional living benefits above were available on Masters Extra, Masters Choice, Masters Flex, and Masters Access contracts.

Secured Returns for Life and Secured Returns for Life Plus were the only optional living benefits available on Masters IV and Masters VII contracts.

Secured Returns, Secured Returns 2, Secured Returns for Life, Secured Returns for Life Plus, Income on Demand, and Retirement Asset Protector were the only optional living benefits available on Regatta Flex II and Regatta Choice II contracts.

Benefit Fee is reflected in the “Withdrawals, surrenders, annuitizations and contract charges” line on the Statements of Changes in Net Assets

Premium Taxes

A deduction, when applicable, is made for premium taxes or similar state or local taxes. It is currently the policy of the Sponsor to make this deduction at the annuity commencement date. However, the Sponsor reserves the right to deduct such taxes when incurred.

6. RESERVE FOR VARIABLE ANNUITIES

Reserve for variable annuities represents the actuarial present value of future contract benefits for those contract holders who are in the payout phase of their contract and who chose the variable payout option. Annuity reserves for contracts with annuity commencement dates on or between January 1, 1987 and December 31, 1998 are calculated using the 1983 Individual Annuitant Mortality Table. Annuity reserves for contracts with annuity commencement dates on or between January 1, 1999 and December 31, 2014 are calculated using the Annuity 2000 Table. Annuity reserves for contracts with annuity commencement dates on or after January 1, 2015 are calculated using the 2012 Individual Annuitant Mortality Table. All annuity reserves are calculated using an assumed interest rate of at least 3% or 4% per year. The Individual Annuitant Mortality Tables utilized are subject to change in conjunction with changes in the tables currently adopted by the National Association of Insurance Commissioners. The mortality risk is fully borne by the Sponsor and may result in additional amounts being transferred into the variable annuity account by the Sponsor to cover greater longevity of annuities than expected. Required adjustments to the reserves are accomplished by transfers to or from the Sponsor.

- 173 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

7. INVESTMENT PURCHASES AND SALES

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2025 were as follows:


	Purchases		Sales
AL1	$	3,202,200	$	5,775,396
AO5		2,067,209		9,122,545
A71		388,292		170,808
A98		578,263		6,211,887
AC4		5,274,389		2,090,689
A19		2,193,257		1,571,206
A74		2,872,079		2,563,471
AP0		23,221,103		6,897,402
AQ1		10,077,574		2,728,310
AQ2		1,360,827		482,354
AS3		43,936,898		6,814,800
AS6		5,805,369		2,958,260
AQ3		866,523		571,972
AX1		4,244,101		1,396,874
B21		11,438,901		1,175,781
B19		2,577,145		605,614
B20		1,407,597		144,589
B18		41,062,163		55,894,979
B22		1,323,076		249,376
B23		522,091		290,680
L33		1,051,195		225,813
L34		400,295		188,218
L35		692,344		165,071
C71		2,968		2,122
C59		1,255		3,035
C60		4,646,217		12,135,013
C89		—		2,930
C90		1,244,271		3,187,158
C58		130,901		943,462
C91		567,150		916,182
C92		13,496,033		2,216,167
FD7		11,973,673		17,580,069
F24		25,268,362		30,031,252
F88		57,789		127,128
FB9		715,797		1,021,255
F15		1,181,931		2,422,876
F41		11,398,251		13,477,992
FE3		20,588,587		47,874,394
F17		467,921		395,781
F18		657,707		155,625
F19		2,379,934		1,571,552
L36		155,236		46,253
T21		558,272		5,065,290
S23		497,969		98,982

- 174 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

7. INVESTMENT PURCHASES AND SALES (CONTINUED)


	Purchases		Sales
T20		6,102,790		13,315,124
FE6		1,191,804		3,204,572
S18		1,051,973		284,318
T59		407,036		647,055
F56		976,136		2,541,474
F59		3,315,236		6,666,023
FF0		5,854,516		2,246,377
F54		14,086,083		15,708,377
FG8		379,137		89,202
S21		1,508,552		336,619
F53		2,460,255		3,385,613
FJ9		1,619,550		269,576
T28		1,214,589		1,720,388
FJ0		3,269		6,535
G03		600,956		237,197
V35		844,431		948,987
V13		2,554,965		4,749,615
AB3		712,308		768,172
V11		31,550,332		15,471,803
AC1		123,741		341,288
V17		2,183,167		851,630
V19		130,779		107,520
V20		7,315,243		1,008,141
MV1		32,288,557		4,331,628
MV2		2,277,741		513,184
MV3		5,979,936		1,192,676
MV4		831,841		104,388
J88		4,282,913		7,769,490
J94		2,622,990		4,328,934
L11		775,026		6,937,312
L42		227,129		37,431
L16		845,004		782,131
L18		4,948,321		4,995,112
L17		2,969,385		4,249,981
L19		675,975		430,160
M07		25,286,441		34,376,923
M35		24,212,696		36,569,738
M31		29,822,715		27,075,952
M80		6,779,428		4,600,682

- 175 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

7. INVESTMENT PURCHASES AND SALES (CONTINUED)


	Purchases		Sales
M10		172,023		11,215
MF1		3,558,845		3,108,539
M41		9,528,491		4,576,178
M05		1,249,466		6,255,471
M42		2,336,688		5,971,945
M89		28,659,901		52,194,775
M82		25,172,849		16,015,803
M44		4,767,427		11,829,929
M40		3,405,142		7,020,530
M83		20,678,739		30,338,207
M08		9,428,606		13,524,425
MB6		48,008,671		45,354,702
MB7		10,698,524		10,051,599
MC0		3,332,565		4,758,111
MA0		8,291,473		14,787,436
MC2		11,944,791		17,033,300
MC1		7,184,800		9,945,451
MC3		456,604		1,707,935
MA1		419,309		2,834,809
MC4		349,147		814,201
MC5		47,662		87,486
MC6		5,738,978		5,695,104
MC7		2,563,099		910,478
MC8		9,888,273		13,180,576
MC9		468,619		489,698
MD0		4,099,538		4,709,666
M92		39,539,072		60,977,969
M96		4,559,910		10,708,750
MD2		13,299,668		19,931,602
MA6		2,931,075		5,780,679
MA3		2,613,854		4,083,416
M97		3,032,600		5,767,184
MD5		1,076,155		2,571,228
M98		2,602,491		4,980,969
M93		4,646,755		16,041,446
MD6		47,771,323		50,902,052
MB3		5,291,692		5,327,059
MD8		11,654,637		13,463,286
MD9		23,943,748		33,786,959
ME2		1,239,364		4,254,886
ME3		1,488,458		5,669,087
MA5		2,503,764		2,619,253
MA7		199,267		473,872
ME4		3,413,473		3,719,183
MA2		6,193,224		3,200,215
MF3		10,013,912		8,328,100
MF5		23,464,359		49,938,176
MF6		71,456		178,480
MF7		4,551,312		5,818,511

- 176 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

7. INVESTMENT PURCHASES AND SALES (CONTINUED)


	Purchases		Sales
MF9		17,553,108		38,365,562
MG1		6,220,141		13,687,607
MF2		17,391,088		25,325,283
MG2		9,077,468		14,476,531
MG3		2,895,176		2,765,845
MG4		3,034,239		2,709,674
MG6		83,453,614		147,889,464
MG7		1,835,914		1,645,591
U41		650,178		1,469,963
V44		6,171,473		10,827,192
V43		974,341		2,121,239
O19		2,641,715		2,975,755
O20		2,110,790		2,191,285
O21		14,162,910		23,537,423
O04		507,787		696,985
PH2		11,777		48,523
P08		1,372,253		2,450,084
PC0		628,769		2,413,905
P70		451,363		641,412
P10		1,643,264		4,508,514
PK8		502,857		938,278
P20		8,039		12,729
PM5		238,518		36,641
PD6		13,379,252		56,121,950
P06		2,435,428		4,513,052
P07		10,778,762		18,009,387
P68		3,053,427		1,465,800
P72		3,645,455		4,369,809
P88		18,767,893		1,729,240
P93		8,163,475		7,767,911
P89		817,823		542,793
P95		561,013		481,257
P79		910,754		521,207
P80		239,625		277,216
P81		392,235		189,444
TBD		4,695,009		1,504,404
TBE		1,497,782		492,167
TBF		1,628,477		1,663,565
TP1		1,012,139		468,863
TP2		96,073		195,956
TP3		1,127,734		1,100,934
TP4		1,827,930		849,205
TP5		4,060,198		1,843,772
W42		43,375		110,307
W50		248,877		118,978

- 177 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING

The changes in units outstanding for the year ended December 31, 2025 were as follows:


	Units Issued		Units Redeemed		Net Increase (Decrease)
AL1		100,661		296,747		(196,086	)
AO5		115,381		591,049		(475,668	)
A71		22,567		12,238		10,329
A98		39,518		627,341		(587,823	)
AC4		232,853		126,743		106,110
A19		271,042		186,953		84,089
A74		81,324		130,303		(48,979	)
AP0		1,194,563		345,989		848,574
AQ1		290,589		152,097		138,492
AQ2		137,173		42,181		94,992
AS3		2,650,545		491,187		2,159,358
AS6		307,888		222,728		85,160
AQ3		68,262		47,061		21,201
AX1		307,218		108,408		198,810
B21		825,701		79,125		746,576
B19		114,003		39,730		74,273
B20		79,179		9,821		69,358
B18		522,667		2,491,972		(1,969,305	)
B22		64,995		16,231		48,764
B23		51,830		31,087		20,743
L33		81,049		17,148		63,901
L34		15,040		12,290		2,750
L35		25,735		10,709		15,026
C71		36		53		(17	)
C59		44		70		(26	)
C60		168,719		347,156		(178,437	)
C90		42,306		97,706		(55,400	)
C58		8,516		59,575		(51,059	)
C91		46,467		59,587		(13,120	)
C92		1,129,162		155,157		974,005
FD7		228,763		535,247		(306,484	)
F24		209,395		593,398		(384,003	)
F88		698		5,784		(5,086	)
FB9		14,728		43,677		(28,949	)
F15		19,543		100,974		(81,431	)
F41		201,779		395,803		(194,024	)
FE3		157,642		2,298,284		(2,140,642	)
F17		38,738		31,538		7,200
F18		54,867		12,947		41,920
F19		152,297		133,047		19,250
L36		3,214		3,061		153
T21		25,641		256,344		(230,703	)
S23		45,749		8,928		36,821
T20		103,185		556,172		(452,987	)

- 178 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units Issued		Units Redeemed		Net Increase (Decrease)
FE6		18,597		155,326		(136,729	)
S18		76,338		21,452		54,886
T59		63,973		89,386		(25,413	)
F56		7,919		84,663		(76,744	)
F59		88,849		331,843		(242,994	)
FF0		362,316		165,235		197,081
F54		147,042		449,782		(302,740	)
FG8		17,255		5,806		11,449
S21		71,476		23,270		48,206
F53		25,803		60,892		(35,089	)
FJ9		114,087		18,867		95,220
T28		69,080		116,915		(47,835	)
FJ0		98		489		(391	)
G03		12,114		13,191		(1,077	)
V35		9,529		24,230		(14,701	)
V13		29,435		149,060		(119,625	)
AB3		70,482		78,980		(8,498	)
V11		1,842,227		674,665		1,167,562
AC1		1,708		17,839		(16,131	)
V17		161,889		77,437		84,452
V19		2,617		7,403		(4,786	)
V20		505,959		71,432		434,527
MV1		2,135,809		309,695		1,826,114
MV2		147,922		40,294		107,628
MV3		325,034		78,747		246,287
MV4		52,327		7,473		44,854
J88		374,181		762,926		(388,745	)
J94		46,695		80,271		(33,576	)
L11		30,555		496,570		(466,015	)
L42		18,947		3,004		15,943
L16		55,704		75,424		(19,720	)
L18		69,058		103,372		(34,314	)
L17		23,428		97,207		(73,779	)
L19		58,034		40,777		17,257
M07		360,477		1,755,217		(1,394,740	)
M35		524,620		1,990,567		(1,465,947	)

- 179 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units Issued		Units Redeemed		Net Increase (Decrease)
M31		90,768		368,031		(277,263	)
M80		60,863		76,072		(15,209	)
M10		2,544		573		1,971
MF1		40,799		135,294		(94,495	)
M41		234,976		132,377		102,599
M05		75,308		282,863		(207,555	)
M42		140,631		258,449		(117,818	)
M89		2,100,034		4,838,714		(2,738,680	)
M82		164,010		409,281		(245,271	)
M44		171,974		683,472		(511,498	)
M40		175,023		430,167		(255,144	)
M83		353,271		1,161,238		(807,967	)
M08		131,000		476,285		(345,285	)
MB6		142,893		604,143		(461,250	)
MB7		62,404		161,370		(98,966	)
MC0		93,613		187,938		(94,325	)
MA0		320,659		775,755		(455,096	)
MC2		65,788		277,927		(212,139	)
MC1		83,728		247,432		(163,704	)
MC3		7,039		44,648		(37,609	)
MA1		31,739		161,892		(130,153	)
MC4		22,544		53,969		(31,425	)
MC5		3,394		6,876		(3,482	)
MC6		20,985		84,027		(63,042	)
MC7		109,038		63,959		45,079
MC8		72,793		286,647		(213,854	)
MC9		3,289		12,813		(9,524	)
MD0		65,739		133,354		(67,615	)
M92		659,634		3,663,533		(3,003,899	)
M96		194,939		587,734		(392,795	)
MD2		915,425		1,655,131		(739,706	)
MA6		54,668		198,462		(143,794	)
MA3		59,851		157,457		(97,606	)
M97		43,478		143,264		(99,786	)
MD5		22,825		94,807		(71,982	)
M98		15,628		79,226		(63,598	)
M93		67,074		600,757		(533,683	)
MD6		339,680		1,093,780		(754,100	)
MB3		28,320		93,283		(64,963	)
MD8		928,050		1,183,353		(255,303	)
MD9		2,434,726		3,700,372		(1,265,646	)
ME2		45,703		159,547		(113,844	)
ME3		43,572		176,857		(133,285	)

- 180 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units Issued		Units Redeemed		Net Increase (Decrease)
MA5		95,428		122,553		(27,125	)
MA7		6,107		23,500		(17,393	)
ME4		21,120		86,067		(64,947	)
MA2		230,773		168,709		62,064
MF3		304,792		323,587		(18,795	)
MF5		584,092		2,537,995		(1,953,903	)
MF6		1,838		5,130		(3,292	)
MF7		248,553		285,206		(36,653	)
MF9		196,552		1,089,303		(892,751	)
MG1		489,274		1,301,378		(812,104	)
MF2		1,307,139		2,330,131		(1,022,992	)
MG2		702,932		1,376,190		(673,258	)
MG3		41,402		76,425		(35,023	)
MG4		82,242		83,275		(1,033	)
MG6		850,552		5,306,211		(4,455,659	)
MG7		44,825		69,278		(24,453	)
U41		53,570		136,246		(82,676	)
V44		513,303		542,406		(29,103	)
V43		29,055		50,130		(21,075	)
O19		19,865		42,559		(22,694	)
O20		15,115		49,479		(34,364	)
O21		182,613		426,904		(244,291	)
O04		2,511		10,105		(7,594	)
PH2		99		1,737		(1,638	)
P08		49,719		124,980		(75,261	)
PC0		21,072		153,767		(132,695	)
P70		33,109		53,104		(19,995	)
P10		201,284		588,640		(387,356	)
PK8		10,258		30,601		(20,343	)
P20		134		839		(705	)
PM5		21,597		3,219		18,378
PD6		333,470		3,002,160		(2,668,690	)
P06		123,013		264,096		(141,083	)
P07		536,950		1,098,545		(561,595	)
P68		306,653		153,946		152,707
P72		92,763		126,858		(34,095	)
P88		1,387,049		121,983		1,265,066
P93		626,829		637,404		(10,575	)
P89		50,626		40,882		9,744
P95		54,456		50,349		4,107

- 181 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

The changes in units outstanding for the year ended December 31, 2024 were as follows:


	Units Issued		Units Redeemed		Net Increase (Decrease)
AL1		65,555		297,788		(232,233	)
AO5		90,467		626,803		(536,336	)
A71		10,155		4,409		5,746
AM2		3,663		263,492		(259,829	)
A98		144,335		470,787		(326,452	)
AC4		298,983		68,378		230,605
A19		338,921		30,951		307,970
A74		50,388		134,923		(84,535	)
AP0		1,265,473		212,442		1,053,031
AQ1		712,594		115,564		597,030
AQ2		284,009		41,457		242,552
AS3		2,981,248		561,379		2,419,869
AS6		478,211		52,569		425,642
AQ3		93,591		14,544		79,047
AX1		417,797		63,276		354,521
B21		624,695		58,037		566,658
B19		311,429		9,722		301,707
B20		26,222		6,046		20,176
B18		681,485		2,386,007		(1,704,522	)
B22		59,523		5,936		53,587
B23		54,806		5,389		49,417
L33		97,383		25,669		71,714
L34		29,382		4,693		24,689
L35		26,171		8,795		17,376
C71		14		129		(115	)
C59		1,250		3,059		(1,809	)
C60		126,007		515,458		(389,451	)
C89		4,025		454		3,571
C90		28,307		126,085		(97,778	)
C58		27,101		50,053		(22,952	)
C91		40,206		52,196		(11,990	)
C92		823,301		336,653		486,648
FD7		248,365		671,205		(422,840	)
F24		193,029		924,049		(731,020	)
F88		28,594		43,972		(15,378	)
FB9		16,637		60,943		(44,306	)
F15		57,530		185,420		(127,890	)
F41		85,404		465,614		(380,210	)
FE3		593,718		1,634,444		(1,040,726	)
F17		22,452		5,676		16,776
F18		20,734		7,062		13,672
F19		243,074		77,662		165,412
L36		10,585		5,986		4,599
T21		32,078		161,592		(129,514	)
S23		13,611		1,612		11,999
T20		308,591		528,042		(219,451	)

- 183 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units Issued		Units Redeemed		Net Increase (Decrease)
FE6		19,751		158,293		(138,542	)
S18		89,489		13,097		76,392
T59		43,898		43,464		434
F56		25,679		69,106		(43,427	)
F59		107,124		383,763		(276,639	)
FF0		710,953		98,959		611,994
F54		166,710		584,666		(417,956	)
FG8		18,533		6,970		11,563
S21		108,143		45,737		62,406
F53		16,512		64,783		(48,271	)
FJ9		88,929		11,007		77,922
T28		39,112		107,723		(68,611	)
FJ0		133		1,254		(1,121	)
G03		14,122		26,104		(11,982	)
V35		14,853		30,214		(15,361	)
V13		54,257		175,253		(120,996	)
AB3		89,829		9,035		80,794
V11		2,290,155		1,013,798		1,276,357
AC1		13,221		17,696		(4,475	)
V17		113,284		29,906		83,378
V19		4,839		7,326		(2,487	)
V20		233,474		65,825		167,649
MV1		3,115,471		180,180		2,935,291
MV2		193,605		11,351		182,254
MV3		242,390		43,242		199,148
MV4		24,456		10,141		14,315
J88		535,095		706,959		(171,864	)
J94		76,339		102,119		(25,780	)
L11		106,770		399,141		(292,371	)
L42		3,757		1,262		2,495
L16		141,200		47,197		94,003
L18		34,146		150,192		(116,046	)
L17		17,913		142,317		(124,404	)
L19		30,549		7,610		22,939
M07		412,506		2,194,848		(1,782,342	)
M35		657,807		1,952,948		(1,295,141	)

- 184 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units Issued		Units Redeemed		Net Increase (Decrease)
M31		109,981		466,029		(356,048	)
M80		116,719		104,217		12,502
M10		4,760		282		4,478
MF1		65,430		208,779		(143,349	)
M41		301,778		149,443		152,335
M05		93,690		359,434		(265,744	)
M42		119,545		346,856		(227,311	)
M89		2,088,509		4,913,093		(2,824,584	)
M82		85,952		572,682		(486,730	)
M44		169,926		840,501		(670,575	)
M40		368,791		652,024		(283,233	)
M83		323,787		1,306,448		(982,661	)
M08		141,526		548,404		(406,878	)
MB6		199,424		765,839		(566,415	)
MB7		50,248		230,487		(180,239	)
MC0		74,994		246,654		(171,660	)
MA0		422,603		834,837		(412,234	)
MC2		47,444		274,774		(227,330	)
MC1		111,938		350,405		(238,467	)
MC3		19,147		84,425		(65,278	)
MA1		11,588		136,376		(124,788	)
MC4		26,983		61,719		(34,736	)
MC5		10,735		3,753		6,982
MC6		17,808		88,629		(70,821	)
MC7		48,832		26,967		21,865
MC8		43,055		273,574		(230,519	)
MC9		2,857		16,384		(13,527	)
MD0		33,290		184,739		(151,449	)
M92		691,518		3,632,904		(2,941,386	)
M96		416,940		634,856		(217,916	)
MD2		1,379,984		1,645,305		(265,321	)
MA6		93,537		238,915		(145,378	)
MA3		50,537		149,361		(98,824	)
M97		59,103		168,313		(109,210	)
MD5		40,417		125,612		(85,195	)
M98		25,814		124,854		(99,040	)
M93		156,155		468,266		(312,111	)
MD6		211,258		1,079,796		(868,538	)
MB3		11,270		76,627		(65,357	)
MD8		1,189,884		1,373,579		(183,695	)
MD9		2,647,692		3,528,448		(880,756	)
ME2		27,611		90,124		(62,513	)
ME3		85,766		187,445		(101,679	)

- 185 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units Issued		Units Redeemed		Net Increase (Decrease)
MA5		80,021		154,217		(74,196	)
MA7		2,979		13,583		(10,604	)
ME4		38,190		89,431		(51,241	)
MA2		297,569		144,866		152,703
MF3		261,482		347,810		(86,328	)
MF5		649,201		2,724,194		(2,074,993	)
MF6		4,763		8,287		(3,524	)
MF7		338,822		416,701		(77,879	)
MF9		190,738		1,315,494		(1,124,756	)
MG1		856,471		1,297,732		(441,261	)
MF2		1,342,932		2,304,724		(961,792	)
MG2		609,257		1,348,199		(738,942	)
MG3		33,230		114,645		(81,415	)
MG4		101,127		129,938		(28,811	)
MG6		961,687		6,427,173		(5,465,486	)
MG7		39,233		63,151		(23,918	)
U43		28,058		174,420		(146,362	)
U41		106,048		30,242		75,806
V44		400,355		498,193		(97,838	)
V43		16,310		60,718		(44,408	)
O19		16,165		75,325		(59,160	)
O23		53,858		1,056,941		(1,003,083	)
O20		12,582		56,808		(44,226	)
O21		76,770		640,353		(563,583	)
O04		2,295		11,369		(9,074	)
PH2		86		1,349		(1,263	)
P08		59,138		175,463		(116,325	)
PC0		32,705		152,300		(119,595	)
P70		40,212		30,918		9,294
P10		250,141		475,885		(225,744	)
PK8		10,109		27,185		(17,076	)
P20		126		1,075		(949	)
PM5		22,183		8,066		14,117
PD6		338,591		2,940,928		(2,602,337	)
P06		144,151		269,764		(125,613	)
P07		619,295		1,007,756		(388,461	)
P68		132,393		123,120		9,273
P72		200,079		137,654		62,425
P88		1,452,833		420,190		1,032,643
P93		441,954		286,600		155,354
P89		94,622		18,942		75,680
P95		65,974		12,666		53,308

- 186 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units Issued		Units Redeemed		Net Increase (Decrease)
P79		61,853		42,289		19,564
P80		18,378		24,207		(5,829	)
P81		44,301		24,191		20,110
TBD		271,552		48,290		223,262
TBE		139,220		19,667		119,553
TBF		197,507		33,155		164,352
TP1		140,567		7,403		133,164
TP2		65,242		9,648		55,594
TP3		75,147		60,122		15,025
TP4		71,050		5,787		65,263
TP5		272,031		59,254		212,777
W42		1,239		2,033		(794	)
W50		20,065		18,179		1,886

9. TAX DIVERSIFICATION REQUIREMENTS

Under the provisions of Section 817(h) of the Code, a variable annuity contract, other than a pension plan contract, is not treated as an annuity contract for federal tax purposes for any period in which the investments of the segregated asset account on which the contract is based are not adequately diversified. The Code provides that the “adequately diversified” requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of Treasury. The Sponsor believes that the Variable Account satisfies the current requirements of the regulations, and it intends that the Variable Account will continue to meet such requirements.

10. SEGMENT REPORTING

The Variable Account derives revenues from the variable portion of certain variable annuity products sold by the Sponsor. The Sponsor has identified its Chief Product Officer as the chief operating decision maker for overseeing the Variable Account’s variable annuity insurance products and the performance of the Funds to evaluate the results of the business and make operational decisions. The Variable Account’s products constitute a single operating segment and therefore, a single reportable segment. The Variable Account is structured with a limited purpose by design and its sole purpose is to record and report the Funds’ activities and performance. Investment performance of the Funds may vary based on the Fund’s investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein. Refer to the Variable Account’s Statement of Operations for segment expenses for the year ended December 31, 2025 and the Statement of Assets and Liabilities for segment assets at December 31, 2025.

- 187 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS

The summary of units outstanding, unit value (some of which may be rounded), net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds) and the total return, for each of the five years in the period ended December 31, is as follows:


	At December 31,									For the years ended December 31,
										Investment
			Unit Value					Net		Income			Expense Ratio
	Units		lowest to highest⁴					Assets		Ratio¹			lowest to highest²						Total Return³
AL1
2025		1,324,764	$	14.2780	to	$	19.3533	$	24,995,098		1.90	%		1.20	%	to	2.10	%		15.96	%	to	14.91	%
2024		1,520,850		12.3130	to		16.8419		25,339,998		1.75			1.20		to	2.10			7.27		to	6.29
2023		1,753,083		11.4788	to		15.8453		27,670,614		0.88			1.20		to	2.10			11.31		to	10.31
2022		1,939,015		10.3121	to		14.0439		28,178,362		3.07			1.20		to	2.25			(20.13	)	to	(20.97	)
2021		2,014,030		12.9119	to		17.7714		37,656,065		0.25			1.20		to	2.25			11.84		to	10.83
AO5
2025		2,662,210		17.9105	to		14.4472		41,465,176		1.59			0.65		to	2.10			12.48		to	10.85
2024		3,137,878		15.9236	to		13.0333		43,842,350		1.07			0.65		to	2.10			9.70		to	8.10
2023		3,674,214		14.5151	to		12.0566		47,265,069		0.60			0.65		to	2.10			12.74		to	11.11
2022		4,197,269		12.8746	to		10.8508		48,365,384		2.53			0.65		to	2.10			(19.20	)	to	(20.37	)
2021		4,623,947		15.9347	to		13.6271		66,586,510		1.54			0.65		to	2.10			8.57		to	6.99
A71
2025		85,965		13.7555					1,182,499		0.87			1.20						8.88
2024		75,636		12.6335					955,560		1.23			1.20						11.40
2023		69,890		11.3402					792,522		1.28			1.20						10.39
2022		61,974		10.2730					636,631		1.20			1.20						(5.56)
2021		33,829		10.8779					367,989		0.11			1.20						7.21
AM2⁵
2024		—		11.3073	to		10.0039		—		—			1.35		to	2.15			(1.32	)	to	(1.54	)
2023		259,829		11.4580	to		10.0777		2,838,970		—			1.35		to	2.15			10.85		to	9.96
2022		304,293		10.3369	to		9.1652		3,007,124		—			1.35		to	2.15			(28.78	)	to	(29.35	)
2021		303,416		14.5136	to		12.9729		4,219,091		—			1.35		to	2.15			6.55		to	5.70
A98
2025		1,534,965		12.0088	to		10.4879		17,366,162		2.15			1.35		to	2.10			39.37		to	38.33
2024		2,122,788		8.6163	to		7.5820		17,309,302		2.23			1.35		to	2.10			3.39		to	2.60
2023		2,449,240		8.3340	to		7.3898		19,405,577		0.66			1.35		to	2.10			13.29		to	12.44
2022		2,857,916		7.3564	to		6.5723		20,038,001		4.09			1.35		to	2.10			(14.95	)	to	(15.59	)
2021		3,189,961		8.7107	to		7.7865		26,386,762		1.65			1.30		to	2.10			9.42		to	8.54
AC4
2025		1,244,323		15.2966	to		25.5273		22,726,566		—			1.20						11.50
2024		1,138,213		13.7187	to		22.8940		18,989,091		—			1.20						23.45
2023		907,608		11.1131	to		18.5458		12,970,289		—			1.20						33.18
2022		776,345		8.3444	to		13.9253		8,884,821		—			1.20						(29.54)
2021		500,374		11.8428	to		19.7634		9,353,531		—			1.20						17.04		to	27.11
A19
2025		874,022		8.7747					7,669,186		—			1.20						3.20
2024		789,933		8.5026					6,716,430		—			1.20						17.02
2023		481,963		7.2662					3,501,763		—			1.20						16.32
2022		307,708		6.2467					1,922,091		—			1.20						(39.99)
2021		73,527		10.4096					765,385		—			1.20						1.45
A74
2025		781,002		13.8632	to		28.8797		13,715,724		0.60			1.20		to	2.10			1.41		to	0.49
2024		829,981		13.6706	to		28.7381		14,693,687		0.62			1.20		to	2.10			8.39		to	7.41
2023		914,516		12.6120	to		26.7563		15,778,279		0.80			1.35		to	2.10			15.29		to	14.43
2022		950,769		10.9225	to		23.3827		14,954,000		0.88			1.35		to	2.10			(16.82	)	to	(17.57	)
2021		774,469		13.1317	to		27.7803		16,810,572		0.61			1.20		to	2.30			33.98		to	32.51
AP0
2025		4,918,136		16.0883	to		28.8112		89,812,484		0.13			1.20						18.49
2024		4,069,562		13.5776	to		24.3149		65,168,401		0.17			1.20						29.71
2023		3,016,531		10.4674	to		18.7452		40,344,254		0.17			1.20						36.49
2022		2,423,287		7.6690	to		13.7337		25,621,145		0.11			1.20						(30.95)
2021		1,437,833		11.1065	to		19.8895		26,106,356		0.06			1.20						10.95
AQ1
2025		2,198,956		16.1545	to		21.6864		37,847,352		0.76			1.20						16.36
2024		2,060,464		13.8830	to		18.6371		30,776,571		0.83			1.20						22.43
2023		1,463,434		11.3400	to		15.2233		18,612,063		1.27			1.20						24.32
2022		1,208,895		9.1213	to		12.2447		12,776,456		1.25			1.20						(17.70)
2021		694,402		11.0832	to		14.8784		9,831,200		1.27			1.20						10.02

- 188 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²				Total Return³
AQ2
2025		731,135		$10.8281	to	$	13.2193	$	8,186,627		1.24	%		1.20%				24.89%
2024		636,143		10.5843	to		8.6698		5,745,785		0.93			1.20				1.69
2023		393,591		10.4087	to		8.5259		3,579,432		1.20			1.20				14.18
2022		298,763		7.4672	to		9.1161		2,430,476		1.80			1.20				(21.97)
2021		183,701		11.6821					2,010,502		3.88			1.20				(2.89)
AS3
2025		11,464,145		13.3877	to		17.2627		158,806,921		1.94			1.20				14.21
2024		9,304,787		15.1153	to		11.7223		113,902,844		1.84			1.20				14.71
2023		6,884,918		13.1769	to		10.2190		74,567,315		2.09			1.20				12.66
2022		5,039,562		9.0704	to		11.6958		49,244,772		2.01			1.20				(14.69)
2021		2,536,551		13.7104					31,697,953		2.05			1.20				13.47
AS6
2025		1,400,202		12.7188	to		20.1994		19,759,130		1.24			1.20				19.89
2024		1,315,042		10.6087	to		16.8483		15,864,429		1.26			1.20				12.02
2023		889,400		9.4705	to		15.0405		10,151,639		0.74			1.20				20.83
2022		733,527		7.8375	to		12.4472		7,347,333		0.49			1.20				(25.82)
2021		430,184		10.5652					6,483,683		0.17			1.20				5.56
AQ3
2025		353,320		11.6081	to		16.8769		4,549,448		0.93			1.20				26.40
2024		332,119		9.1839	to		13.3524		3,447,370		1.11			1.20				504.88
2023		253,072		8.7425	to		12.7106		2,596,299		1.35			1.20				14.29
2022		195,295		7.6494	to		11.1215		1,847,450		1.19			1.20				(23.18)
2021		132,867		9.9579	to		14.4777		1,782,982		0.83			1.20				(1.11)
AX1
2025		1,564,484		12.0729	to		14.9273		19,145,437		1.31			1.20				15.56
2024		1,365,674		10.4476	to		12.9177		14,516,563		1.55			1.20				5.04
2023		1,011,153		9.9465	to		12.2981		10,290,052		1.60			1.20				12.09
2022		545,047		8.8734	to		10.9713		5,027,940		—			1.20				(15.75)
2021		233,724		10.5325					2,700,565		1.31			1.20				5.16
B21
2025		2,396,083		12.6382					30,282,090		2.65			1.20				13.99
2024		1,649,507		11.0868					18,287,797		2.04			1.20				10.02
2023		1,082,849		10.0775					10,911,667		2.29			1.20				13.94
2022		688,267		8.8446					6,087,231		2.53			1.20				(16.05)
2021		230,503		10.5357					2,428,504		6.26			1.20				5.04
B19
2025		672,691		14.5128					9,762,699		—			1.20				10.44
2024		598,418		13.1412					7,864,002		—			1.20				30.34
2023		296,711		10.0820					2,991,267		—			1.20				46.82
2022		209,679		6.8669					1,439,792		—			1.20				(38.56)
2021		64,269		11.1757					718,256		—			1.20				11.50
B20
2025		256,063		14.0960					3,609,484		2.20			1.20				19.87
2024		186,705		11.7596					2,195,595		2.15			1.20				8.38
2023		166,529		10.8501					1,806,755		1.92			1.20				10.66
2022		89,609		9.8053					878,619		1.66			1.20				(5.25)
2021		17,505		10.3486					181,156		0.89			1.20				1.93
B18
2025		10,815,541		23.2713	to		23.1164		251,824,704		3.92			0.65	to	2.10		18.73		to	17.02
2024		12,784,846		19.5994	to		19.7550		255,753,685		1.38			0.65	to	2.10		8.21		to	6.63
2023		14,489,368		18.1117	to		17.8252		275,243,028		2.39			0.65	to	2.35		11.76		to	9.87
2022		16,604,716		16.2057	to		16.2239		287,231,446		—			0.65	to	2.35		(16.62	)	to	(18.03	)
2021		18,259,602		19.4355	to		19.7927		387,539,634		0.81			0.65	to	2.35		5.72		to	3.93
B22
2025		204,023		14.5480					2,968,182		—			1.20				10.15
2024		155,259		13.2075					2,050,623		—			1.20				29.80
2023		101,672		10.1750					1,034,465		—			1.20				50.65
2022		62,515		6.7539					422,206		—			1.20				(38.99)
2021		25,400		11.0704					281,184		—			1.20				10.51
B23
2025		161,611		9.3914					1,517,434		4.16			1.20				6.34
2024		140,868		8.8316					1,244,028		3.72			1.20				(0.08)
2023		91,451		8.8388					808,194		3.61			1.20				4.17
2022		69,444		8.4852					589,226		2.24			1.20				(15.28)
2021		22,673		10.0161					227,303		0.80			1.20				(0.02)
L33
2025		399,640		10.1523	to		14.3438		4,238,733		0.01			1.20				2.83
2024		335,739		9.8726	to		13.9485		3,512,207		0.33			1.20				8.41
2023		264,025		9.1070	to		12.8669		2,609,168		0.02			1.20				11.28
2022		175,673		8.1842	to		11.5631		1,614,479		0.12			1.20				(26.39)
2021		88,293		11.1190	to		15.7096		1,216,470		0.02			1.20				9.79

- 189 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,								For the years ended December 31,
									Investment
							Net		Income			Expense Ratio
	Units		Unit Value⁴				Assets		Ratio¹			lowest to highest²				Total Return³
L34
2025		86,358		$15.4659			$	1,335,620		0.28	%		1.20%				12.83%
2024		83,608		13.7078				1,146,094		0.47			1.20				20.89
2023		58,919		11.3392				668,054		0.91			1.20				17.97
2022		32,934		9.6121				316,560		0.96			1.20				(13.69)
2021		12,436		11.1371				138,498		0.75			1.20				10.08
L35
2025		149,635		14.9905				2,243,122		2.04			1.20				11.12
2024		134,609		13.4909				1,816,003		1.07			1.20				15.28
2023		117,233		11.7027				1,371,864		2.14			1.20				12.65
2022		97,648		10.3887				1,014,400		1.35			1.20				(9.33)
2021		64,069		11.4573				734,056		1.96			1.20				12.25
C71
2025		251		39.3606	to	37.7390		9,851		1.01			1.65	to	1.85		12.78	to	12.55
2024		268		34.9015	to	34.2145		9,351		0.58			1.65	to	1.75		6.87	to	6.76
2023		383		32.6578	to	32.0467		12,468		0.17			1.65	to	1.75		19.67	to	19.55
2022		3,398		27.2894	to	26.8050		92,683		0.49			1.65	to	1.75		(10.47)	to	(10.56	)
2021		3,523		30.4800	to	29.9683		107,322		0.23			1.65	to	1.75		26.69	to	26.56
C59
2025		1,051		39.1164	to	39.1164		41,111		—			1.65	to	1.65		14.23	to	14.23
2024		1,077		35.1578	to	33.6531		36,878		—			1.35	to	1.85		29.55	to	28.89
2023		2,886		27.1386	to	26.1093		76,940		—			1.35	to	1.85		41.24	to	40.54
2022		3,475		19.2139	to	18.5781		65,648		—			1.35	to	1.85		(32.31)	to	(32.65	)
2021		3,071		28.3838	to	27.5830		85,976		—			1.35	to	1.85		27.00	to	26.36
C60
2025		1,088,617		42.1082	to	36.5571		41,373,386		—			0.65	to	2.10		15.10	to	13.43
2024		1,267,054		36.5842	to	32.2254		42,348,236		—			0.65	to	2.10		30.15	to	28.25
2023		1,656,505		28.1085	to	25.1268		43,025,241		—			0.65	to	2.10		41.84	to	39.79
2022		2,216,291		19.8166	to	17.9740		40,965,907		—			0.65	to	2.10		(31.98)	to	(32.96	)
2021		2,064,095		29.1324	to	26.8124		56,678,746		—			0.65	to	2.10		27.52	to	25.67
C89
2025		5,697		34.3730	to	33.3788		191,010		—			1.35	to	1.65		12.24	to	11.91
2024		5,697		30.6233	to	29.8278		170,610		—			1.35	to	1.65		19.77	to	19.41
2023		2,126		25.5680	to	24.9800		53,611		—			1.35	to	1.65		37.66	to	37.25
2022		2,126		18.5726	to	18.2004		39,014		—			1.35	to	1.65		(28.97)	to	(29.19	)
2021		2,122		26.1488	to	25.2651		54,924		—			1.35	to	1.95		16.98	to	16.27
C90
2025		405,268		33.5540	to	31.1854		13,175,253		—			1.35	to	2.10		11.96	to	11.12
2024		460,668		29.9699	to	28.0655		13,404,356		—			1.35	to	2.10		19.47	to	18.57
2023		558,446		25.0848	to	23.6705		13,649,174		—			1.35	to	2.10		37.34	to	36.31
2022		740,594		18.2651	to	17.3655		13,220,856		—			1.35	to	2.10		(29.15)	to	(29.69	)
2021		686,346		25.7817	to	24.6977		17,356,850		—			1.35	to	2.10		16.68	to	15.81
C58
2025		162,912		20.3345	to	17.6530		2,988,797		1.77			0.65	to	2.10		36.97	to	34.98
2024		213,971		14.8464	to	13.0769		2,897,782		4.18			0.65	to	2.10		2.56	to	1.06
2023		236,923		13.7138	to	12.9393		3,162,906		1.76			1.35	to	2.10		13.77	to	12.92
2022		287,223		12.0534	to	11.4589		3,385,267		0.76			1.35	to	2.10		(16.05)	to	(16.68	)
2021		328,020		14.3985	to	13.7527		4,621,818		1.10			1.30	to	2.10		8.32	to	7.45
C91
2025		503,315		14.8993	to	19.6442		8,605,141		—			1.20				26.44
2024		516,435		11.7835	to	15.5361		7,044,786		—			1.20				11.22
2023		528,425		10.5945	to	13.9685		6,537,985		—			1.20				3.86
2022		453,049		10.2013	to	13.4500		5,458,508		—			1.20				(3.23)
2021		354,669		10.5420	to	13.8992		4,749,647		—			1.20				3.89
C92
2025		2,720,422		13.2224				35,970,447		—			1.20				12.39
2024		1,746,417		11.7646				20,545,869		—			1.20				12.92
2023		1,259,769		10.4181				13,123,565		—			1.20				19.65
2022		781,670		8.7068				6,805,655		—			1.20				(17.86)
2021		285,506		10.5997				3,026,272		—			1.20				5.61
FD7
2025		2,478,534		39.7514	to	30.6909		86,489,563		1.53			0.65	to	2.30		14.21	to	12.33
2024		2,785,018		34.8054	to	27.3219		85,951,349		1.66			0.65	to	2.30		14.87	to	12.97
2023		3,207,858		30.2992	to	24.1861		87,015,206		1.50			0.65	to	2.30		20.45	to	18.47
2022		3,834,583		25.1551	to	20.4150		87,213,498		1.04			0.65	to	2.30		(18.72)	to	(20.05	)
2021		4,167,158		30.9479	to	25.5362		117,791,565		0.73			0.65	to	2.30		17.23	to	15.30

- 190 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
F24
2025		1,930,280	$	69.5886	to	$	51.2792	$	107,132,689		––	%		0.65	%	to	2.10	%		20.41	%	to	18.66	%
2024		2,314,283		57.7939	to		43.2135		107,777,218		0.04			0.65		to	2.10			32.58		to	30.64
2023		3,045,303		43.5932	to		31.7768		108,149,079		0.24			0.65		to	2.35			32.26		to	30.02
2022		3,881,752		32.9614	to		24.4400		105,302,012		0.27			0.65		to	2.35			(26.96	)	to	(28.20	)
2021		3,825,641		45.1308	to		34.0405		143,633,704		0.03			0.65		to	2.35			26.68		to	24.53
F88
2025		57,663		21.6431	to		18.5656		1,141,791		2.98			1.35		to	2.10			8.77		to	7.96
2024		62,749		19.8972	to		17.1974		1,148,220		3.01			1.35		to	2.10			3.72		to	2.94
2023		78,127		19.1828	to		16.7068		1,392,621		3.74			1.35		to	2.10			7.62		to	6.81
2022		84,546		17.8247	to		15.6414		1,406,691		1.92			1.35		to	2.10			(14.82	)	to	(15.46	)
2021		95,572		20.9266	to		18.5025		1,871,006		0.70			1.35		to	2.10			4.17		to	3.39
FB9
2025		286,493		23.9329	to		20.5298		6,319,973		2.73			1.35		to	2.10			10.15		to	9.32
2024		315,442		21.7270	to		18.7789		6,350,819		2.87			1.35		to	2.10			4.77		to	3.97
2023		359,748		20.7378	to		18.0610		6,957,923		3.39			1.35		to	2.10			9.16		to	8.34
2022		412,267		18.9983	to		16.6712		7,346,741		1.89			1.35		to	2.10			(15.93	)	to	(16.57	)
2021		484,120		22.5993	to		19.9814		10,300,644		0.78			1.35		to	2.10			5.95		to	5.15
F15
2025		379,762		25.7667	to		22.1027		9,239,346		2.40			1.35		to	2.10			11.47		to	10.64
2024		461,193		23.1145	to		19.9781		10,068,735		2.46			1.35		to	2.10			5.95		to	5.14
2023		589,083		21.8171	to		18.3120		12,251,931		2.90			1.35		to	2.30			10.72		to	9.66
2022		719,443		19.7056	to		16.6983		13,486,987		1.86			1.35		to	2.30			(17.10	)	to	(17.89	)
2021		814,357		23.7698	to		20.3357		18,476,600		0.80			1.35		to	2.30			7.79		to	6.77
F41
2025		1,324,103		37.8125	to		33.2988		47,955,393		0.23			0.65		to	2.10			10.76		to	9.16
2024		1,518,127		34.1379	to		30.5046		50,150,765		0.33			0.65		to	2.10			16.41		to	14.71
2023		1,898,337		29.3259	to		26.5933		54,432,984		0.37			0.65		to	2.10			14.06		to	12.41
2022		2,189,234		25.7112	to		23.0938		55,540,607		0.26			0.65		to	2.25			(15.52	)	to	(16.87	)
2021		2,463,448		30.4341	to		27.7791		74,742,720		0.34			0.65		to	2.25			24.49		to	22.51
FE3
2025		5,944,498		24.5728	to		21.5140		139,598,954		1.64			0.65		to	2.10			36.57		to	34.60
2024		8,085,140		17.9922	to		15.9840		140,600,615		1.64			0.65		to	2.10			5.40		to	3.86
2023		9,125,866		17.0703	to		14.7459		152,131,312		—			0.65		to	2.35			9.36		to	7.51
2022		10,303,478		15.6088	to		13.7155		158,539,919		2.07			0.65		to	2.35			(8.76	)	to	(10.31	)
2021		11,992,814		17.1076	to		15.2916		204,264,220		0.90			0.65		to	2.35			3.76		to	2.00
F17
2025		200,088		12.2327					2,447,615		0.50			1.20						4.43
2024		192,888		11.7133					2,259,352		0.67			1.20						9.07
2023		176,112		10.7388					1,891,115		1.03			1.20						6.47
2022		111,549		10.0865					1,125,111		0.71			1.20						(11.75)
2021		49,568		11.4291					566,514		0.58			1.20						12.46
F18
2025		117,657		12.0087					1,412,911		1.43			1.20						18.10
2024		75,737		10.1680					770,101		1.39			1.20						0.53
2023		62,065		10.1139					627,681		0.70			1.20						15.51
2022		32,524		8.7562					284,774		0.75			1.20						(20.34)
2021		12,290		10.9920					135,097		1.10			1.20						11.77
F19
2025		932,913		10.8752	to		14.4314		10,401,359		2.40			1.20						4.04
2024		913,663		10.4526	to		13.8705		9,878,915		2.31			1.20						4.73
2023		748,251		9.9801	to		13.2435		7,774,077		2.47			1.20						9.19
2022		538,232		9.1401	to		12.1289		5,189,362		1.84			1.20						(13.25)
2021		182,400		10.5362	to		13.9815		2,352,109		1.35			1.20						4.56
L36
2025		89,961		12.0917					1,087,790		2.50			1.20						11.16
2024		89,808		10.8779					976,937		2.32			1.20						10.23
2023		85,209		9.8685					840,839		2.69			1.20						12.91
2022		31,579		8.7401					275,995		2.72			1.20						(15.35)
2021		97		10.3253					1,002		19.54			1.20						2.52
T21
2025		558,268		25.5319	to		21.6784		13,084,403		0.54			1.30		to	2.10			44.37		to	43.22
2024		788,971		17.6845	to		15.1355		12,869,747		3.90			1.30		to	2.10			6.26		to	5.40
2023		918,485		16.6426	to		14.3602		14,153,806		2.07			1.30		to	2.10			11.17		to	10.28
2022		1,027,554		14.9710	to		12.6865		14,310,486		2.58			1.30		to	2.25			(22.99	)	to	(23.73	)
2021		1,046,664		19.4414	to		16.6331		19,016,638		0.87			1.30		to	2.25			(6.96	)	to	(7.85	)
S23
2025		121,790		11.4839					1,398,615		0.40			1.20						44.34
2024		84,969		7.9559					675,997		3.56			1.20						6.21
2023		72,970		7.4905					546,534		1.84			1.20						11.19
2022		51,567		6.7363					347,359		1.97			1.20						(22.94)
2021		22,266		8.7411					194,631		0.02			1.20						(13.04)

- 191 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
T20
2025		1,827,016	$	22.9146	to	$	22.9895	$	47,428,466		2.30	%		1.30	%	to	2.35	%		27.52	%	to	26.18	%
2024		2,280,003		17.9694	to		18.2197		46,628,097		2.36			1.30		to	2.35			(2.29	)	to	(3.33	)
2023		2,499,454		18.3910	to		18.8471		52,576,034		3.22			1.30		to	2.35			19.20		to	17.95
2022		3,014,887		15.4292	to		15.9795		53,415,908		2.95			1.30		to	2.35			(8.80	)	to	(9.76	)
2021		3,561,181		16.9184	to		17.7079		69,499,573		1.81			1.30		to	2.35			2.81		to	1.73
FE6
2025		731,397		22.2971	to		19.2992		15,390,797		1.94			1.30		to	2.10			11.14		to	10.25
2024		868,126		20.0624	to		17.5054		16,476,547		2.04			1.30		to	2.10			7.72		to	6.85
2023		1,006,668		18.6239	to		16.3829		17,785,635		1.46			1.30		to	2.10			13.13		to	12.22
2022		1,128,864		16.4624	to		14.2728		17,666,000		1.64			1.30		to	2.25			(17.09	)	to	(17.88	)
2021		1,289,505		19.8552	to		17.3796		24,403,221		1.74			1.30		to	2.25			10.23		to	9.19
S18
2025		333,611		11.8568					3,955,593		1.80			1.20						11.18
2024		278,725		10.6644					2,972,459		1.47			1.20						7.57
2023		202,333		9.9136					2,005,729		1.34			1.20						13.26
2022		109,184		8.7533					955,683		1.41			1.20						(17.19)
2021		27,723		10.5708					293,058		0.02			1.20						5.22
T59
2025		193,359		9.9185	to		8.0454		1,617,509		—			0.65		to	2.10			14.81		to	13.15
2024		218,772		8.6388	to		7.1105		1,616,668		—			0.65		to	2.10			(12.00	)	to	(13.29	)
2023		218,338		9.8174	to		8.0490		1,857,178		—			0.65		to	2.25			2.15		to	0.52
2022		244,194		9.6104	to		8.0069		2,057,984		—			0.65		to	2.25			(5.74	)	to	(7.24	)
2021		368,313		10.1958	to		8.6323		3,325,426		—			0.65		to	2.25			(5.63	)	to	(7.14	)
F56
2025		288,920		25.4056	to		27.4594		9,120,763		0.90			1.30		to	2.10			22.22		to	21.24
2024		365,664		20.7865	to		22.6485		9,487,223		0.94			1.30		to	2.10			4.03		to	3.18
2023		409,091		19.9821	to		22.4573		10,273,421		3.36			1.30		to	2.25			19.45		to	18.31
2022		487,083		16.7291	to		18.9814		10,288,499		0.15			1.30		to	2.25			(12.65	)	to	(13.48	)
2021		549,166		19.1516	to		21.9387		13,321,322		1.10			1.30		to	2.25			3.51		to	2.53
F59
2025		1,535,952		24.2250	to		19.2448		32,190,899		5.05			0.65		to	2.10			11.83		to	10.21
2024		1,778,946		21.6630	to		17.4624		33,669,248		5.24			0.65		to	2.10			6.50		to	4.95
2023		2,055,585		20.3404	to		16.2189		36,915,056		5.16			0.65		to	2.25			7.92		to	6.20
2022		2,287,524		18.8478	to		15.2720		38,469,119		4.85			0.65		to	2.25			(6.09	)	to	(7.58	)
2021		2,694,045		20.0693	to		16.3995		48,749,838		4.66			0.65		to	2.30			16.00		to	14.09
FF0
2025		2,518,802		12.5364	to		19.2637		31,902,720		4.74			1.20		to	2.05			11.09		to	10.14
2024		2,321,721		11.2852	to		17.4901		26,515,062		4.29			1.20		to	2.05			5.79		to	4.88
2023		1,709,727		10.6680	to		16.6770		18,684,259		4.63			1.20		to	2.05			7.25		to	6.34
2022		1,031,991		9.9467	to		15.6828		10,736,705		4.32			1.20		to	2.05			(6.72	)	to	(7.51	)
2021		267,149		10.6634	to		16.9570		3,448,458		3.60			1.20		to	2.05			5.92		to	14.21
F54
2025		2,319,889		29.1738	to		31.6486		81,748,724		2.02			0.65		to	2.10			10.79		to	9.19
2024		2,622,629		26.3314	to		28.9849		84,278,961		1.94			0.65		to	2.10			10.54		to	8.93
2023		3,040,585		23.8200	to		25.9664		89,410,504		1.85			0.65		to	2.25			12.73		to	10.93
2022		3,428,916		21.1304	to		23.4071		90,351,817		1.78			0.65		to	2.25			(8.03	)	to	(9.50	)
2021		4,071,384		22.9756	to		25.6069		117,898,051		2.86			0.65		to	2.30			18.39		to	16.44
FG8
2025		118,269		12.8091	to		23.9880		1,567,155		1.97			1.20		to	2.05			10.12		to	9.18
2024		106,820		11.6322	to		21.9713		1,294,869		1.76			1.20		to	2.05			9.82		to	8.87
2023		95,257		10.5923	to		20.1804		1,077,220		2.01			1.20		to	2.05			11.96		to	11.01
2022		57,635		9.4608	to		18.1793		614,340		2.18			1.20		to	2.05			(8.57	)	to	(9.35	)
2021		15,824		10.3481	to		20.0549		259,478		2.69			1.20		to	2.05			1.82		to	16.64
S21
2025		475,884		13.6437					6,492,886		0.73			1.20						10.33
2024		427,678		12.3667					5,289,024		0.91			1.20						9.35
2023		365,272		11.3095					4,130,834		0.84			1.20						10.65
2022		246,158		10.2211					2,515,906		0.82			1.20						(11.75)
2021		62,948		11.5814					729,020		0.01			1.20						14.00
F53
2025		222,849		38.2002	to		52.7113		12,977,426		1.10			0.65		to	2.10			6.95		to	5.41
2024		257,938		35.7161	to		50.0083		14,175,146		0.95			0.65		to	2.10			10.97		to	9.35
2023		306,209		32.1842	to		45.7312		15,346,683		0.53			0.65		to	2.10			12.02		to	10.40
2022		358,952		28.7320	to		41.4247		16,235,834		0.96			0.65		to	2.10			(10.65	)	to	(11.94	)
2021		433,934		32.1558	to		45.6536		22,225,104		0.97			0.65		to	2.30			24.55		to	22.50

- 192 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
FJ9
2025		372,926	$	11.7393	to	$	31.0988	$	4,454,028		0.98	%		1.20	%	to	2.05	%		6.20	%	to	5.30	%
2024		277,706		11.0538	to		29.5345		3,155,776		0.65			1.20		to	2.05			10.26		to	9.31
2023		199,784		10.0255	to		27.0194		2,121,744		0.44			1.20		to	2.05			11.33		to	10.38
2022		114,489		9.0053	to		24.4781		1,162,187		0.94			1.20		to	2.05			(11.18	)	to	(11.94	)
2021		62,003		10.1392	to		27.7969		804,810		0.55			1.20		to	2.05			(0.67	)	to	22.62
T28
2025		398,558		14.4284	to		13.8340		5,970,486		4.80			0.65		to	2.10			6.55		to	5.00
2024		446,393		13.5416	to		13.1747		6,344,841		4.53			0.65		to	2.10			3.34		to	1.83
2023		515,004		13.1039	to		12.6109		7,154,255		4.49			0.65		to	2.25			7.48		to	5.77
2022		596,366		12.1918	to		11.9231		7,778,476		4.32			0.65		to	2.25			(11.33	)	to	(12.74	)
2021		675,496		13.7497	to		13.6645		10,056,531		3.38			0.65		to	2.25			1.45		to	(0.17	)
FJ0
2025		3,863		12.7049	to		11.4828		46,167		4.52			1.35		to	2.05			5.61		to	4.87
2024		4,254		12.0300	to		10.9497		48,351		4.41			1.35		to	2.05			2.57		to	1.85
2023		5,375		11.7283	to		10.7512		60,317		4.34			1.35		to	2.05			6.54		to	5.79
2022		5,696		11.0087	to		10.1627		60,198		4.21			1.35		to	2.05			(12.04	)	to	(12.66	)
2021		7,012		12.5158	to		11.6356		84,961		3.80			1.35		to	2.05			0.68		to	(0.02	)
G03
2025		177,034		15.9016	to		21.3880		3,606,218		0.49			1.20						14.11
2024		178,111		13.9360	to		18.7441		3,199,938		0.42			1.20						26.46
2023		190,093		11.0199	to		14.8220		2,728,599		0.46			1.20						22.11
2022		196,257		9.0243	to		12.1379		2,313,239		0.61			1.20						(20.86)
2021		184,093		11.4033	to		15.3376		2,813,038		0.88			1.20						12.55
V35
2025		84,253		43.1609	to		37.6959		3,402,488		0.22			1.35		to	2.10			19.13		to	18.24
2024		98,954		36.2295	to		31.8820		3,371,869		0.75			1.35		to	2.10			28.33		to	27.36
2023		114,315		28.2312	to		25.0334		3,051,112		0.35			1.35		to	2.10			13.74		to	12.89
2022		148,325		24.8203	to		22.1753		3,486,759		0.43			1.35		to	2.10			(4.17	)	to	(4.89	)
2021		183,601		25.9001	to		23.3154		4,544,009		0.23			1.35		to	2.10			25.91		to	24.96

- 193 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
V13
2025		432,393	$	48.0267	to	$	31.2220	$	14,633,345		1.41	%		0.65	%	to	2.10	%		16.38	%	to	14.70	%
2024		552,018		41.2665	to		27.2215		16,215,671		1.44			0.65		to	2.10			14.12		to	12.45
2023		673,014		36.1618	to		24.2078		17,539,209		1.48			0.65		to	2.10			11.37		to	9.76
2022		816,424		32.4702	to		22.0553		19,254,849		1.30			0.65		to	2.10			0.19		to	(1.26	)
2021		982,333		32.4079	to		22.3360		23,348,042		1.55			0.65		to	2.10			32.18		to	30.27
AB3
2025		212,942		9.4324	to		10.8314		2,100,061		4.17			1.20						5.68
2024		221,440		8.9251	to		10.2488		2,106,986		3.35			1.20						1.48
2023		140,646		8.7946	to		10.0990		1,354,997		2.52			1.20						4.58
2022		125,118		8.4091	to		9.6563		1,168,970		0.56			1.20						(15.70	)
2021		121,115		9.9751	to		11.4546		1,352,173		2.02			1.20						(0.20	)
V11
2025		7,566,728		32.3859	to		26.7534		133,716,014		1.92			0.65		to	2.10			11.79		to	10.17
2024		6,399,166		28.9712	to		24.2843		112,360,638		1.55			0.65		to	2.10			11.18		to	9.55
2023		5,122,809		26.0590	to		22.1671		90,226,162		1.67			0.65		to	2.10			9.52		to	7.94
2022		4,763,445		23.7929	to		20.5362		84,706,784		1.47			0.65		to	2.10			(8.31	)	to	(9.64	)
2021		4,024,877		25.9499	to		22.7268		91,091,678		1.64			0.65		to	2.10			17.58		to	15.88
AC1
2025		65,757		20.1224	to		18.0542		1,260,370		1.14			1.35		to	2.10			14.67		to	13.80
2024		81,888		17.5488	to		15.8645		1,376,388		1.55			1.35		to	2.10			(1.02	)	to	(1.77	)
2023		86,363		17.7293	to		16.1503		1,470,396		—			1.35		to	2.10			16.28		to	15.41
2022		114,707		15.2465	to		13.9937		1,681,151		1.41			1.35		to	2.10			(19.60	)	to	(20.21	)
2021		126,045		18.9635	to		17.5372		2,304,802		1.06			1.35		to	2.10			4.18		to	3.40
V17
2025		564,365		10.6045					5,984,736		—			1.20						3.28
2024		479,913		10.2674					4,927,405		—			1.20						22.43
2023		396,535		8.3866					3,325,303		—			1.20						11.50
2022		237,830		7.5213					1,788,739		—			1.20						(31.95)
2021		44,675		11.0534					493,812		—			1.20						10.58
V19
2025		80,683		14.0327					1,132,219		1.41			1.20						14.06
2024		85,469		12.3034					1,051,576		1.60			1.20						11.60
2023		87,956		11.0247					969,630		2.09			1.20						7.47
2022		54,755		10.2581					561,662		2.57			1.20						(3.10)
2021		4,671		10.5858					49,444		2.78			1.20						4.04
V20
2025		1,287,602		13.1560					16,939,886		1.55			1.20						9.50
2024		853,075		12.0147					10,249,524		1.31			1.20						11.11
2023		685,426		10.8134					7,411,406		1.35			1.20						12.08
2022		450,080		9.6483					4,342,342		1.28			1.20						(13.11)
2021		32,058		11.1039					355,974		1.38			1.20						9.15
V21⁶
2022		—		9.8766					—		1.90			1.20						(13.46)
2021		102,864		11.4133					1,174,022		1.67			1.20						13.38
MV1
2025		12,546,174		13.2869					166,699,669		1.77			1.20						13.45
2024		10,720,060		11.7119					125,552,075		1.55			1.20						13.76
2023		7,784,769		10.2954					80,142,473		2.00			1.20						13.76
2022		4,809,518		9.0501					43,525,126		1.30			1.20						(17.61)
2021		872,941		10.9850					9,589,244		0.78			1.20						9.59
MV2
2025		569,657		12.4627					7,099,530		0.05			1.20						6.13
2024		462,029		11.7429					5,425,622		0.47			1.20						13.93
2023		279,775		10.3070					2,883,506		0.12			1.20						16.37
2022		167,243		8.8571					1,481,238		0.09			1.20						(17.15)
2021		32,883		10.6907					351,540		—			1.20						6.00
MV3
2025		1,084,209		16.4451					17,830,164		—			1.20						23.35
2024		837,922		13.3322					11,171,524		—			1.20						30.17
2023		638,774		10.2423					6,542,272		—			1.20						52.44
2022		443,688		6.7191					2,981,067		—			1.20						(37.88)
2021		102,202		10.8156					1,105,376		—			1.20						9.14
MV4
2025		181,251		12.4744					2,261,005		0.71			1.20						5.02
2024		136,397		11.8779					1,620,126		0.76			1.20						11.44
2023		122,082		10.6584					1,301,129		1.03			1.20						9.78
2022		86,194		9.7088					836,810		1.50			1.20						(6.90)
2021		16,574		10.4284					172,842		0.63			1.20						2.40

- 194 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
J88
2025		2,668,154	$	12.0189	to	$	9.7495	$	27,919,263		3.27	%		0.65	%	to	2.10	%		6.45	%	to	4.91	%
2024		3,056,899		11.2905	to		9.2933		30,334,718		4.01			0.65		to	2.10			0.79		to	(0.68	)
2023		3,228,763		11.2019	to		9.3572		32,112,116		3.27			0.65		to	2.10			4.97		to	3.45
2022		3,152,154		10.6714	to		9.0448		30,174,387		1.84			0.65		to	2.10			(13.30	)	to	(14.56	)
2021		3,684,665		12.3086	to		10.5856		41,005,068		1.69			0.65		to	2.10			(2.30	)	to	(3.72	)
JF1⁷
2023		—		8.8375					—		—			1.20						5.24
2022		87,069		8.3971					731,101		0.94			1.20						(18.81)
2021		23,039		10.3419					238,263		—			1.20						2.92
JF08
2023		—		9.2623	to		10.6864		—		—			1.20						3.81
2022		95,543		8.9211	to		10.2939		884,945		3.96			1.20						(13.55)
2021		40,895		10.3195	to		11.9074		463,590		0.28			1.20						2.46
J94
2025		234,852		67.0465	to		54.3907		13,680,802		0.25			0.65		to	2.10			13.51		to	11.87
2024		268,428		59.0644	to		48.6196		13,889,344		0.35			0.65		to	2.10			22.87		to	21.08
2023		294,208		48.0700	to		40.1559		12,523,127		1.25			0.65		to	2.10			26.02		to	24.20
2022		320,798		38.1449	to		32.3318		10,947,842		0.22			0.65		to	2.10			(19.42	)	to	(20.58	)
2021		365,296		47.3369	to		40.7123		15,626,632		0.54			0.65		to	2.10			28.17		to	26.32
L11
2025		1,172,093		16.9742	to		14.6844		18,645,309		2.69			0.65		to	2.10			40.85		to	38.81
2024		1,638,108		12.0515	to		10.5789		18,704,244		3.28			0.65		to	2.10			6.73		to	5.17
2023		1,930,479		11.2915	to		9.6629		20,868,196		4.67			0.65		to	2.35			21.48		to	19.43
2022		2,349,690		9.2949	to		8.0911		21,108,283		3.22			0.65		to	2.35			(15.67	)	to	(17.10	)
2021		2,605,638		11.0216	to		9.7596		28,047,671		1.80			0.65		to	2.35			4.78		to	3.00
L42
2025		55,280		11.6706	to		12.7085		650,291		1.11			1.20						14.34
2024		39,337		10.2068	to		11.1146		406,220		—			1.20						7.29
2023		36,842		9.5135	to		10.4101		355,060		—			1.20						949.00
2022		35,539		8.6889	to		9.4616		313,241		0.08			1.20						(18.36)
2021		16,613		10.6432	to		11.5898		182,299		4.16			1.20						6.33
L16
2025		523,674		10.3170	to		11.7471		5,577,231		5.95			1.20						7.03
2024		543,394		9.6393	to		10.9755		5,405,225		5.45			1.20						5.43
2023		449,391		9.1427	to		10.4101		4,287,250		5.74			1.20						5.28
2022		340,856		8.6842	to		9.8879		3,095,143		4.86			1.20						(13.84)
2021		263,842		10.0795	to		11.4767		2,842,314		6.09			1.20						0.52
L18
2025		287,826		57.4622	to		42.0504		13,898,960		—			1.30		to	2.35			11.48		to	10.30
2024		322,140		51.5467	to		38.1223		14,020,270		—			1.30		to	2.35			28.90		to	27.53
2023		438,186		39.9902	to		29.8925		14,898,825		—			1.30		to	2.35			9.24		to	8.09
2022		480,145		36.6076	to		27.6540		15,008,904		—			1.30		to	2.35			(33.41	)	to	(34.11	)
2021		467,657		54.9715	to		41.9680		22,030,651		—			1.30		to	2.35			5.08		to	3.97
L17
2025		501,072		37.5328	to		39.6701		21,621,747		0.41			0.65		to	2.10			13.55		to	11.90
2024		574,851		33.0542	to		35.4499		22,111,126		0.68			0.65		to	2.10			15.89		to	14.19
2023		699,255		28.5231	to		31.0439		23,522,191		0.56			0.65		to	2.10			13.89		to	12.25
2022		817,249		25.0440	to		27.6569		24,384,323		1.02			0.65		to	2.10			(12.55	)	to	(13.82	)
2021		930,958		28.6391	to		31.2187		32,114,142		0.78			0.65		to	2.25			26.49		to	24.47
L19
2025		209,056		10.5076					2,196,670		4.54			1.20						4.63
2024		191,799		10.0423					1,926,084		4.45			1.20						3.87
2023		168,860		9.6681					1,632,442		4.93			1.20						3.80
2022		127,971		9.3145					1,191,944		3.81			1.20						(6.19)
2021		51,641		9.9295					512,766		6.17			1.20						(0.80)
M07
2025		10,257,552		21.0653	to		19.3018		208,989,543		2.68			1.15		to	1.85			9.89		to	9.12
2024		11,652,292		19.1699	to		17.6891		216,813,850		2.46			1.15		to	1.85			6.50		to	5.75
2023		13,434,634		17.9992	to		16.7272		235,205,012		2.04			1.15		to	1.85			9.18		to	8.41
2022		15,221,999		16.5036	to		15.4289		244,855,536		1.69			1.15		to	1.85			(10.61	)	to	(11.24	)
2021		16,787,920		18.4624	to		17.3837		302,630,577		1.78			1.15		to	1.85			12.82		to	12.01
M35
2025		9,399,206		21.7468	to		17.5843		175,692,308		2.52			0.65		to	2.35			10.20		to	8.33
2024		10,865,153		19.7349	to		16.2328		187,404,052		2.30			0.65		to	2.35			6.76		to	4.93
2023		12,160,294		18.4858	to		15.4701		199,351,185		1.82			0.65		to	2.35			9.50		to	7.65
2022		13,900,870		16.8814	to		14.3706		211,768,681		1.47			0.65		to	2.35			(10.42	)	to	(11.94	)
2021		15,409,374		18.8458	to		16.3194		266,307,528		1.60			0.65		to	2.35			13.10		to	11.18

- 195 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
M31
2025		1,665,511	$	44.2389	to	$	39.8533	$	145,569,769		—	%		1.00	%	to	1.85	%		11.08	%	to	10.13	%
2024		1,942,774		39.8279	to		36.1876		152,424,162		—			1.00		to	1.85			30.14		to	29.03
2023		2,298,822		30.6033	to		28.0469		136,834,471		—			1.00		to	1.85			34.51		to	33.37
2022		2,597,890		22.7514	to		21.0294		114,428,694		—			1.00		to	1.85			(32.32	)	to	(32.89	)
2021		2,848,419		33.6147	to		31.3373		186,951,578		—			1.00		to	1.85			22.30		to	21.26
M80
2025		523,734		70.7692	to		57.4103		24,274,458		—			0.65		to	2.10			11.18		to	9.57
2024		538,943		63.6538	to		52.3970		24,022,161		—			0.65		to	2.10			30.29		to	28.39
2023		526,441		48.8542	to		40.8107		21,386,985		—			0.65		to	2.10			34.63		to	32.69
2022		486,632		36.2873	to		30.7569		17,432,686		—			0.65		to	2.10			(32.25	)	to	(33.23	)
2021		420,101		53.5587	to		80.1315		25,414,922		—			0.65		to	2.25			22.44		to	20.48
M10
2025		24,111		14.3054					344,922		0.61			1.20						11.97
2024		22,140		12.7764					282,869		0.39			1.20						17.78
2023		17,662		10.8473					191,575		0.49			1.20						17.25
2022		11,796		9.2516					109,131		0.45			1.20						(17.68)
2021		4,596		11.2390					51,656		0.57			1.20						11.50
MF1
2025		720,026		23.8289	to		19.8548		15,933,617		—			1.15		to	1.85			2.48		to	1.75
2024		814,521		23.2513	to		19.5124		17,632,962		—			1.15		to	1.85			13.41		to	12.59
2023		957,870		20.4443	to		17.3302		18,302,362		—			1.15		to	1.85			19.93		to	19.09
2022		1,066,096		17.0935	to		14.5516		17,017,143		—			1.15		to	1.85			(29.51	)	to	(30.01	)
2021		1,207,205		24.2491	to		20.7912		27,387,599		—			1.15		to	1.85			12.81		to	12.01
M41
2025		1,190,793		30.7801	to		48.4747		27,542,547		—			1.15		to	2.10			2.21		to	1.24
2024		1,088,194		30.1139	to		47.8810		26,912,173		—			1.15		to	2.10			13.12		to	12.03
2023		935,859		26.6213	to		42.2764		25,349,555		—			1.15		to	2.15			19.59		to	18.39
2022		950,294		22.2609	to		34.6262		23,361,179		—			1.15		to	2.30			(29.61	)	to	(30.42	)
2021		833,837		31.6251	to		49.7645		32,057,195		—			1.15		to	2.30			12.57		to	11.27
M05
2025		1,302,308		24.6481	to		22.3523		30,519,359		—			1.00		to	1.85			11.83		to	10.88
2024		1,509,863		22.0399	to		20.1586		31,771,382		—			1.00		to	1.85			5.65		to	4.74
2023		1,775,607		20.8615	to		19.2461		35,515,514		—			1.00		to	1.85			13.27		to	12.31
2022		1,971,825		18.4170	to		17.1365		34,977,512		—			1.00		to	1.85			(30.46	)	to	(31.05	)
2021		2,195,487		26.4836	to		24.8539		56,250,892		—			1.00		to	1.85			0.78		to	(0.08	)
M42
2025		1,162,708		33.6392	to		26.8551		26,298,972		—			0.65		to	2.35			11.83		to	9.93
2024		1,280,526		30.0812	to		24.4290		26,697,088		—			0.65		to	2.35			5.74		to	3.93
2023		1,507,837		28.4486	to		23.5054		30,058,199		—			0.65		to	2.35			13.51		to	11.59
2022		1,583,325		25.0618	to		21.0634		29,122,159		—			0.65		to	2.35			(30.45	)	to	(31.63	)
2021		1,481,629		36.0338	to		30.8074		40,478,580		—			0.65		to	2.35			0.91		to	(0.80	)

- 196 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
M89
2025		21,791,464	$	12.9135	to	$	10.4752	$	245,372,497		4.21	%		0.65	%	to	2.10	%		6.25	%	to	4.71	%
2024		24,530,144		12.1541	to		10.0042		262,488,302		4.05			0.65		to	2.10			1.66		to	0.18
2023		27,354,728		11.9554	to		9.9235		290,816,491		2.99			0.65		to	2.15			6.44		to	4.84
2022		29,753,614		11.2325	to		9.3587		300,117,887		2.43			0.65		to	2.25			(14.74	)	to	(16.10	)
2021		33,841,637		13.1744	to		11.0961		404,255,630		2.48			0.65		to	2.30			(1.71	)	to	(3.33	)
M82
2025		2,068,573		45.5008	to		37.5516		82,192,145		0.16			0.65		to	2.10			11.84		to	10.22
2024		2,313,844		40.6854	to		34.0682		83,081,644		0.37			0.65		to	2.10			17.79		to	16.06
2023		2,800,574		34.5420	to		29.3531		86,295,449		0.25			0.65		to	2.10			21.33		to	19.58
2022		3,345,247		28.4693	to		24.5474		85,822,601		0.20			0.65		to	2.10			(17.97	)	to	(19.16	)
2021		3,704,273		34.7048	to		30.3638		117,052,638		0.33			0.65		to	2.10			23.71		to	21.91
M44
2025		3,410,485		18.9058	to		17.4219		62,369,332		2.87			1.15		to	1.85			13.70		to	12.89
2024		3,921,983		16.6277	to		15.4324		63,421,711		2.28			1.15		to	1.85			10.38		to	9.59
2023		4,592,558		15.0642	to		14.0823		67,435,995		3.51			1.15		to	1.85			(3.22	)	to	(3.91	)
2022		5,338,626		15.5654	to		14.6551		81,251,500		2.39			1.15		to	1.85			(0.39	)	to	(1.10	)
2021		5,904,934		15.6263	to		14.8176		90,458,399		1.73			1.15		to	1.85			12.79		to	11.99
M40
2025		1,930,875		18.6758	to		16.4547		32,177,537		2.71			1.00		to	2.10			13.61		to	12.36
2024		2,186,019		16.4382	to		14.6444		32,605,293		2.03			1.00		to	2.10			10.22		to	9.00
2023		2,469,252		14.9135	to		13.2457		33,842,646		3.28			1.00		to	2.25			(3.30	)	to	(4.51	)
2022		2,534,433		15.4230	to		13.8713		36,436,059		2.21			1.00		to	2.25			(0.52	)	to	(1.76	)
2021		2,943,180		15.5040	to		14.1203		43,411,865		1.52			1.00		to	2.25			12.69		to	11.28
M83
2025		5,444,335		24.4444	to		29.4193		149,107,500		1.59			1.15		to	2.35			11.73		to	10.38
2024		6,252,302		21.8787	to		26.6540		153,940,769		1.62			1.15		to	2.35			10.33		to	8.98
2023		7,234,963		19.8300	to		24.4566		162,343,958		1.64			1.15		to	2.35			6.71		to	5.42
2022		8,108,114		18.5836	to		23.1995		170,707,884		1.38			1.15		to	2.35			(6.98	)	to	(8.10	)
2021		9,172,645		19.9774	to		25.2445		210,909,834		1.31			1.15		to	2.35			24.03		to	22.52
M08
2025		2,580,822		35.6743	to		29.4415		71,862,838		1.38			0.65		to	2.10			12.03		to	10.41
2024		2,926,107		31.8423	to		26.6653		73,802,727		1.43			0.65		to	2.10			10.63		to	9.01
2023		3,332,985		28.7839	to		24.4616		77,148,204		1.40			0.65		to	2.10			6.94		to	5.39
2022		3,696,576		26.9169	to		22.7393		81,030,323		1.15			0.65		to	2.30			(6.75	)	to	(8.28	)
2021		4,368,929		28.8656	to		24.7934		104,521,906		1.15			0.65		to	2.30			24.35		to	22.30
MB6
2025		2,638,168		92.9643	to		47.3143		224,734,108		1.02			1.15		to	1.85			14.78		to	13.96
2024		3,099,418		80.9944	to		41.5175		230,735,836		1.00			1.15		to	1.85			24.06		to	23.17
2023		3,665,833		65.2853	to		33.7068		218,816,484		1.41			1.15		to	1.85			27.07		to	26.17
2022		4,281,405		51.3783	to		26.7161		201,501,244		1.11			1.15		to	1.85			(16.96	)	to	(17.55	)
2021		4,871,706		35.9098	to		32.4026		277,408,439		1.09			1.15		to	1.85			28.04		to	27.14
MB7
2025		594,238		63.8035	to		58.7245		39,855,837		0.76			1.00		to	2.35			14.66		to	13.11
2024		693,204		55.6449	to		51.9157		40,798,023		0.76			1.00		to	2.35			23.92		to	22.23
2023		873,443		44.9048	to		42.4732		42,118,942		1.07			1.00		to	2.35			26.93		to	25.22
2022		1,100,128		35.3786	to		33.9191		42,091,993		0.85			1.00		to	2.35			(17.04	)	to	(18.16	)
2021		1,230,815		42.6452	to		41.4447		56,959,965		0.90			1.00		to	2.35			27.89		to	26.17
MC0
2025		1,007,648		27.7755	to		22.6267		25,566,343		4.96			1.15		to	1.85			6.34		to	5.58
2024		1,101,973		26.1200	to		21.4306		26,400,797		3.85			1.15		to	1.85			1.82		to	1.09
2023		1,273,633		25.6533	to		21.1999		30,074,308		3.93			1.15		to	1.85			7.87		to	7.11
2022		1,427,191		23.7811	to		19.7933		31,337,326		3.35			1.15		to	1.85			(17.31	)	to	(17.90	)
2021		1,634,523		28.7586	to		24.1074		43,565,677		2.89			1.15		to	1.85			(2.52	)	to	(3.22	)

- 197 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
MA0
2025		3,494,947	$	14.9223	to	$	14.8721	$	67,950,761		4.66	%		0.65	%	to	2.30	%		6.61	%	to	4.85	%
2024		3,950,043		13.9973	to		14.1838		72,752,397		3.73			0.65		to	2.30			2.03		to	0.33
2023		4,362,277		13.7191	to		14.1366		79,513,159		3.77			0.65		to	2.30			8.19		to	6.41
2022		4,606,685		12.6808	to		13.2850		78,378,677		3.04			0.65		to	2.30			(17.16	)	to	(18.53	)
2021		5,223,179		15.3082	to		16.3058		108,364,502		2.65			0.65		to	2.30			(2.30	)	to	(3.91	)
MC2
2025		1,300,154		86.3473	to		51.8722		85,269,648		0.45			1.15		to	1.85			11.22		to	10.43
2024		1,512,293		77.6332	to		46.9714		89,444,432		0.59			1.15		to	1.85			18.73		to	17.88
2023		1,739,623		65.3860	to		39.8472		87,124,693		0.54			1.15		to	1.85			21.74		to	20.88
2022		1,989,921		53.7080	to		32.9643		81,815,665		0.31			1.15		to	1.85			(18.21	)	to	(18.79	)
2021		2,234,340		65.6662	to		40.5924		112,778,430		0.43			1.15		to	1.85			23.89		to	23.00
MC1
2025		1,283,722		59.9170	to		42.5217		44,425,517		0.22			0.65		to	2.10			11.49		to	9.88
2024		1,447,426		53.7403	to		38.6999		46,610,226		0.39			0.65		to	2.10			19.09		to	17.35
2023		1,685,893		45.1270	to		32.9758		46,626,408		0.32			0.65		to	2.10			22.00		to	20.23
2022		1,856,132		36.9900	to		27.4262		43,673,561		0.09			0.65		to	2.10			(18.02	)	to	(19.21	)
2021		1,978,824		45.1206	to		33.9463		57,493,057		0.28			0.65		to	2.10			24.24		to	22.44
MC3
2025		240,370		43.2866	to		34.8206		9,914,640		2.11			1.00		to	1.85			32.31		to	31.19
2024		277,979		32.7152	to		26.5426		8,713,170		2.31			1.00		to	1.85			10.49		to	9.54
2023		343,257		29.6099	to		24.2314		9,769,188		1.44			1.00		to	1.85			9.79		to	8.86
2022		381,235		26.9692	to		22.2594		9,929,839		4.10			1.00		to	1.85			(20.52	)	to	(21.20	)
2021		410,914		33.9318	to		28.2467		13,519,187		0.48			1.00		to	1.85			(7.68	)	to	(8.47	)
MA1
2025		414,480		14.7495	to		18.5355		9,636,619		1.88			0.65		to	2.10			32.49		to	30.57
2024		544,633		11.1329	to		14.1961		9,507,534		2.17			0.65		to	2.10			10.58		to	8.97
2023		669,421		10.0673	to		13.0277		10,553,876		1.14			0.65		to	2.10			9.99		to	8.40
2022		755,540		9.1531	to		12.0183		10,840,337		3.85			0.65		to	2.10			(20.46	)	to	(21.62	)
2021		805,231		11.5081	to		14.8351		14,792,442		0.26			0.65		to	2.30			(7.63	)	to	(9.15	)
MC4
2025		258,135		14.8893	to		12.0290		3,800,731		1.76			1.00		to	1.85			5.48		to	4.58
2024		289,560		14.1162	to		11.5024		4,083,436		—			1.00		to	1.85			(5.50	)	to	(6.31	)
2023		324,296		14.9380	to		12.2776		4,884,763		—			1.00		to	1.85			1.30		to	0.44
2022		364,186		14.7458	to		12.2235		5,548,730		1.48			1.00		to	1.85			(18.06	)	to	(18.76	)
2021		419,083		17.9955	to		15.0453		7,790,953		2.29			1.00		to	1.85			(8.35	)	to	(9.13	)
MC5
2025		45,039		13.1878	to		11.0977		520,679		1.53			1.15		to	1.85			5.10		to	4.36
2024		48,521		12.5483	to		10.6341		535,394		—			1.15		to	1.85			(5.87	)	to	(6.53	)
2023		41,539		13.3301	to		11.3772		491,541		—			1.15		to	1.85			0.85		to	0.14
2022		44,808		13.2184	to		11.3613		530,405		1.24			1.15		to	1.85			(18.33	)	to	(18.90	)
2021		53,285		16.1852	to		14.0095		774,351		2.13			1.15		to	1.85			(8.78	)	to	(9.42	)
MC6
2025		479,247		82.6578	to		34.1234		35,240,804		0.34			1.15		to	1.85			6.45		to	5.70
2024		542,289		77.6466	to		32.2844		37,105,916		0.33			1.15		to	1.85			9.79		to	9.00
2023		613,110		70.7222	to		29.6179		38,522,759		0.14			1.15		to	1.85			19.61		to	18.77
2022		701,694		59.1254	to		24.9382		36,937,950		0.19			1.15		to	1.85			(20.03	)	to	(20.60	)
2021		771,960		73.9333	to		31.4073		51,158,158		0.08			1.15		to	1.85			17.17		to	16.34

- 198 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
MC7
2025		595,642	$	51.6362	to	$	52.9923	$	10,495,510		0.12	%		1.15	%	to	2.10	%		6.19	%	to	5.18	%
2024		550,563		48.6246	to		50.3810		9,383,680		0.14			1.15		to	2.10			9.50		to	8.45
2023		528,698		44.4075	to		46.4574		8,452,379		—			1.15		to	2.10			19.31		to	18.18
2022		432,133		37.2193	to		39.3102		6,461,882		—			1.15		to	2.10			(20.24	)	to	(21.00	)
2021		326,798		46.6648	to		49.7595		7,107,507		—			1.15		to	2.10			16.85		to	15.74
MC8
2025		1,086,563		54.4954	to		25.8448		62,821,285		0.92			1.15		to	1.85			15.03		to	14.21
2024		1,300,417		47.3738	to		22.6282		64,635,980		1.04			1.15		to	1.85			13.89		to	13.08
2023		1,530,936		41.5951	to		20.0117		66,192,576		0.94			1.15		to	1.85			17.93		to	17.09
2022		1,752,984		35.2724	to		17.0910		63,911,599		0.58			1.15		to	1.85			(18.61	)	to	(19.19	)
2021		1,946,201		43.3357	to		21.1484		87,548,726		0.56			1.15		to	1.85			17.16		to	16.32
MC9
2025		83,796		38.1082	to		41.2783		3,256,759		0.70			1.15		to	2.10			14.73		to	13.64
2024		93,320		33.2145	to		36.3230		3,205,773		0.80			1.15		to	2.10			13.62		to	12.53
2023		106,847		29.2332	to		32.2788		3,284,667		0.66			1.15		to	2.10			17.61		to	16.49
2022		122,168		24.8568	to		27.7093		3,218,051		0.30			1.15		to	2.10			(18.82	)	to	(19.59	)
2021		137,169		30.6205	to		34.4621		4,482,978		0.35			1.15		to	2.10			16.84		to	15.73
MD0
2025		607,919		42.2749	to		25.1422		23,299,908		5.90			1.15		to	1.85			14.16		to	13.35
2024		675,534		37.0309	to		22.1812		23,117,146		0.75			1.15		to	1.85			3.80		to	3.05
2023		826,983		35.6756	to		21.5239		27,273,626		0.43			1.15		to	1.85			8.38		to	7.61
2022		932,759		32.9165	to		20.0012		28,310,604		2.16			1.15		to	1.85			(8.25	)	to	(8.90	)
2021		1,019,553		35.8776	to		21.9564		34,024,392		0.99			1.15		to	1.85			1.62		to	0.89
M92
2025		16,940,590		18.7786	to		15.4867		283,979,093		5.89			0.65		to	2.10			14.46		to	12.80
2024		19,944,489		16.4065	to		13.7293		295,937,578		0.52			0.65		to	2.10			4.00		to	2.48
2023		22,885,875		15.7760	to		13.3975		330,579,653		0.15			0.65		to	2.10			8.64		to	7.07
2022		26,396,039		14.5214	to		12.5129		354,513,553		1.88			0.65		to	2.10			(8.04	)	to	(9.37	)
2021		30,686,068		15.7916	to		13.8071		452,982,266		0.77			0.65		to	2.10			1.92		to	0.44
M96
2025		1,938,271		20.1462	to		14.6143		36,976,621		4.20			1.15		to	1.85			5.77		to	5.02
2024		2,331,066		19.0468	to		13.9158		42,096,261		3.52			1.15		to	1.85			(0.38	)	to	(1.10	)
2023		2,548,982		19.1199	to		14.0702		46,162,424		1.50			1.15		to	1.85			2.96		to	2.23
2022		2,801,829		18.5696	to		13.7630		49,232,640		2.03			1.15		to	1.85			(13.25	)	to	(13.87	)
2021		3,218,442		21.4068	to		15.9794		65,090,263		2.16			1.15		to	1.85			(3.01	)	to	(3.70	)
MD2
2025		7,466,297		10.9449	to		9.9544		90,773,043		4.04			0.65		to	2.35			5.94		to	4.14
2024		8,206,003		10.3311	to		9.5584		95,156,533		3.37			0.65		to	2.35			(0.13	)	to	(1.84	)
2023		8,471,324		10.3446	to		9.7375		99,366,090		1.23			0.65		to	2.35			3.18		to	1.44
2022		8,882,201		10.0254	to		9.5996		102,071,534		1.71			0.65		to	2.35			(13.02	)	to	(14.49	)
2021		10,271,732		11.5256	to		11.2262		137,119,763		1.98			0.65		to	2.35			(2.78	)	to	(4.43	)
MA6
2025		733,803		30.0630	to		24.2451		24,143,786		6.63			1.00		to	1.85			7.56		to	6.64
2024		877,597		27.9498	to		22.7345		26,575,915		6.04			1.00		to	1.85			5.85		to	4.94
2023		1,022,975		26.4055	to		21.6644		29,462,737		5.83			1.00		to	1.85			11.29		to	10.34
2022		1,162,540		23.7271	to		19.6337		30,575,876		5.42			1.00		to	1.85			(11.41	)	to	(12.16	)
2021		1,368,575		26.7820	to		22.3516		40,717,957		4.83			1.00		to	1.85			2.45		to	1.58
MA3
2025		755,137		29.1801	to		20.3148		19,635,051		6.45			1.15		to	2.35			7.23		to	5.94
2024		852,743		27.2134	to		19.1758		20,783,554		5.95			1.15		to	2.35			5.29		to	4.02
2023		951,567		14.3687	to		18.4347		22,105,376		5.54			0.65		to	2.35			11.75		to	9.86
2022		1,104,954		12.8575	to		16.7797		23,244,962		5.21			0.65		to	2.35			(11.36	)	to	(12.86	)
2021		1,302,505		14.5051	to		19.2562		31,224,647		4.74			0.65		to	2.35			2.41		to	0.68

- 199 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
M97
2025		594,155	$	41.6470	to	$	34.2089	$	25,411,403		0.88	%		1.00	%	to	1.85	%		19.91	%	to	18.89	%
2024		693,941		34.7329	to		28.7747		24,800,960		0.96			1.00		to	1.85			7.90		to	6.98
2023		803,151		32.1886	to		26.8979		26,652,149		1.08			1.00		to	1.85			13.58		to	12.61
2022		862,674		28.3410	to		23.8856		25,378,708		0.59			1.00		to	1.85			(15.80	)	to	(16.52	)
2021		988,295		33.6602	to		28.6121		34,546,173		0.50			1.00		to	1.85			8.18		to	7.25
MD5
2025		316,515		27.4207	to		21.8580		9,474,121		0.72			0.65		to	2.10			20.02		to	18.28
2024		388,497		22.8461	to		18.4791		9,746,826		0.81			0.65		to	2.10			8.05		to	6.47
2023		473,692		21.1442	to		17.3561		10,877,995		0.87			0.65		to	2.10			13.65		to	12.01
2022		542,622		18.6041	to		15.4950		10,968,471		0.38			0.65		to	2.10			(15.73	)	to	(16.95	)
2021		620,289		22.0773	to		18.6580		15,046,507		0.38			0.65		to	2.10			8.28		to	6.72
M98
2025		396,087		90.1100	to		51.2715		28,251,036		1.52			1.15		to	1.85			31.74		to	30.80
2024		459,685		68.3989	to		39.1969		24,865,012		1.32			1.15		to	1.85			6.02		to	5.25
2023		558,725		64.5177	to		37.2400		28,300,915		0.71			1.15		to	1.85			16.32		to	15.49
2022		635,660		55.4656	to		32.2439		27,693,190		0.76			1.15		to	1.85			(24.43	)	to	(24.96	)
2021		710,097		73.3937	to		42.9718		41,017,390		0.33			1.15		to	1.85			9.30		to	8.52
M93
2025		1,670,998		37.2066	to		27.1774		50,672,248		1.30			0.65		to	2.10			32.10		to	30.19
2024		2,204,681		28.1654	to		20.8762		50,910,905		1.12			0.65		to	2.10			6.27		to	4.71
2023		2,516,792		26.5048	to		19.9361		55,307,646		0.46			0.65		to	2.10			16.61		to	14.92
2022		2,983,030		22.7298	to		16.9342		57,027,807		0.51			0.65		to	2.25			(24.25	)	to	(25.46	)
2021		3,034,082		30.0052	to		22.7172		77,636,236		0.14			0.65		to	2.25			9.56		to	7.81
MD6
2025		5,002,519		40.2607	to		35.0058		271,927,120		0.27			1.00		to	1.85			8.80		to	7.88
2024		5,756,619		37.0032	to		32.4499		287,764,416		0.35			1.00		to	1.85			15.10		to	14.11
2023		6,625,157		32.1500	to		28.4381		287,612,355		0.30			1.00		to	1.85			22.77		to	21.73
2022		7,592,166		26.1867	to		23.3617		267,972,468		0.10			1.00		to	1.85			(20.06	)	to	(20.74	)
2021		8,513,738		32.7594	to		29.4761		376,376,169		0.24			1.00		to	1.85			24.72		to	23.65
MB3
2025		481,569		57.3059	to		56.1355		27,084,418		0.02			1.00		to	2.30			8.51		to	7.10
2024		546,532		52.8111	to		52.4136		28,592,375		0.13			1.00		to	2.30			14.81		to	13.31
2023		611,889		45.9975	to		46.2573		28,183,013		0.05			1.00		to	2.30			22.47		to	20.89
2022		718,799		37.5571	to		38.2650		27,187,541		—			1.00		to	2.30			(20.25	)	to	(21.29	)
2021		812,853		47.0938	to		49.0183		39,021,196		0.03			1.00		to	2.30			24.40		to	22.79
MD8
2025		2,699,038		12.8504	to		9.4324		32,343,784		3.78			1.15		to	1.85			2.68		to	1.95
2024		2,954,341		12.5153	to		9.2524		34,129,209		4.73			1.15		to	1.85			3.65		to	2.90
2023		3,138,036		12.0748	to		8.9912		35,036,554		4.51			1.15		to	1.85			3.41		to	2.67
2022		3,236,722		11.6772	to		8.7573		35,123,376		1.15			1.15		to	1.85			0.02		to	(0.69	)
2021		3,357,118		11.6743	to		8.8178		36,673,308		—			1.15		to	1.85			(1.14	)	to	(1.84	)
MD9
2025		8,906,311		10.9434	to		7.9889		83,551,601		3.79			0.65		to	2.35			3.18		to	1.43
2024		10,171,957		10.6056	to		7.8759		93,391,934		4.73			0.65		to	2.35			4.17		to	2.38
2023		11,052,713		10.1815	to		7.6926		98,640,501		4.50			0.65		to	2.35			3.92		to	2.16
2022		10,721,778		9.7979	to		7.5301		92,910,455		1.15			0.65		to	2.35			0.52		to	(1.18	)
2021		11,382,495		9.7474	to		7.6203		98,542,144		—			0.65		to	2.35			(0.65	)	to	(2.34	)
ME2
2025		442,802		44.5374	to		22.2878		13,197,617		1.41			1.15		to	1.85			20.66		to	19.80
2024		556,646		36.9106	to		18.6034		13,643,001		1.60			1.15		to	1.85			1.91		to	1.18
2023		619,159		36.2195	to		18.3870		14,882,370		1.06			1.15		to	1.85			11.73		to	10.94
2022		697,045		32.4165	to		16.5741		14,958,282		1.84			1.15		to	1.85			(18.52	)	to	(19.10	)
2021		752,499		39.7827	to		20.4860		19,973,577		0.82			1.15		to	1.85			10.30		to	9.52
ME3
2025		753,917		21.3270	to		30.6917		24,908,106		1.24			0.65		to	2.10			20.96		to	19.21
2024		887,202		17.6309	to		25.7456		24,533,761		1.39			0.65		to	2.10			2.11		to	0.62
2023		988,881		17.2663	to		25.8765		27,100,129		0.79			0.65		to	2.10			12.10		to	10.48
2022		1,114,982		15.4029	to		22.7038		27,586,246		1.62			0.65		to	2.25			(18.33	)	to	(19.64	)
2021		1,189,934		18.8608	to		28.2516		36,414,019		0.67			0.65		to	2.25			10.54		to	8.78

- 200 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,								For the years ended December 31,
									Investment
							Net		Income			Expense Ratio
	Units		Unit Value⁴				Assets		Ratio¹			lowest to highest²						Total Return³
MA5
2025		744,324		24.6139	to	20.2009		16,924,773		4.28	%		1.15	%	to	1.85	%		6.11	%	to	5.35	%
2024		771,449		23.1975	to	19.1750		16,593,354		3.86			1.15		to	1.85			2.06		to	1.33
2023		845,645		22.7288	to	18.9234		17,890,355		3.62			1.15		to	1.85			6.37		to	5.62
2022		923,220		21.3675	to	17.9172		18,417,414		3.43			1.15		to	1.85			(14.69	)	to	(15.29	)
2021		990,712		24.1423	to	21.1523		23,061,684		3.03			1.15		to	1.85			(0.69	)	to	(1.38	)
MA7
2025		95,375		21.9488	to	17.1264		1,886,898		3.92			1.15		to	2.10			5.86		to	4.85
2024		112,768		20.7339	to	16.3339		2,103,698		3.81			1.15		to	2.10			1.72		to	0.75
2023		123,372		20.3829	to	16.2130		2,268,283		3.44			1.15		to	2.10			6.13		to	5.13
2022		136,029		19.2048	to	15.4223		2,370,712		2.91			1.15		to	2.10			(14.84	)	to	(15.64	)
2021		173,444		22.5501	to	18.2825		3,559,201		2.88			1.15		to	2.10			(1.05	)	to	(1.99	)
ME4
2025		518,174		49.2901	to	38.4838		22,546,358		—			1.15		to	1.85			15.23		to	14.42
2024		583,121		42.7751	to	33.6329		22,130,031		—			1.15		to	1.85			35.22		to	34.26
2023		634,362		31.6339	to	25.0500		17,833,104		—			1.15		to	1.85			52.47		to	51.40
2022		675,242		20.7478	to	16.5451		12,500,200		—			1.15		to	1.85			(36.44	)	to	(36.88	)
2021		754,745		32.6409	to	26.2130		22,058,504		—			1.15		to	1.85			12.38		to	11.59
MA2
2025		1,117,516		96.2787	to	81.0190		22,590,391		—			1.15		to	1.85			14.94		to	14.14
2024		1,055,452		83.7637	to	75.5929		19,085,832		—			1.15		to	2.05			34.87		to	33.64
2023		902,749		62.1082	to	56.5633		13,374,917		—			1.15		to	2.05			52.06		to	50.69
2022		898,229		40.8450	to	37.5351		9,348,832		—			1.15		to	2.05			(36.59	)	to	(37.16	)
2021		610,914		64.4137	to	59.7321		11,344,654		—			1.15		to	2.05			12.13		to	11.11
MF3
2025		1,661,432		38.2031	to	26.2937		38,339,252		0.79			0.65		to	2.10			4.81		to	3.29
2024		1,680,227		36.4513	to	25.4568		38,564,368		0.76			0.65		to	2.10			3.96		to	2.44
2023		1,766,555		35.0615	to	24.6357		41,895,755		0.54			0.65		to	2.15			17.90		to	16.14
2022		1,888,446		29.7383	to	20.8763		40,046,875		0.50			0.65		to	2.25			(19.09	)	to	(20.38	)
2021		1,930,410		36.7555	to	26.0230		53,130,086		0.68			0.65		to	2.30			28.33		to	26.22
MF5
2025		10,380,680		19.5744	to	19.0356		212,605,707		2.55			0.65		to	2.10			9.01		to	7.43
2024		12,334,583		17.9573	to	17.1336		233,799,067		1.65			0.65		to	2.10			4.95		to	3.42
2023		14,409,576		17.1096	to	17.1336		263,486,237		2.65			0.65		to	2.10			9.32		to	7.74
2022		16,605,806		15.6511	to	15.9020		280,993,453		2.01			0.65		to	2.10			(16.08	)	to	(17.29	)
2021		18,283,238		18.6494	to	19.2268		373,266,922		1.99			0.65		to	2.10			6.01		to	4.47
MF6
2025		26,966		35.1775	to	31.0420		870,197		1.60			1.35		to	2.10			2.13		to	1.36
2024		30,258		34.4430	to	30.6244		960,815		2.16			1.35		to	2.10			(4.01	)	to	(4.74	)
2023		33,782		35.8821	to	32.1481		1,123,601		0.86			1.35		to	2.10			9.96		to	9.13
2022		36,203		32.6320	to	28.2706		1,096,975		1.57			1.35		to	2.30			(27.92	)	to	(28.61	)
2021		38,728		45.2722	to	39.5985		1,634,908		1.44			1.35		to	2.30			28.37		to	27.15
MF7
2025		1,635,821		21.0245	to	18.7073		32,577,303		1.14			0.65		to	2.35			2.63		to	0.88
2024		1,672,474		20.4867	to	18.5434		33,199,967		1.54			0.65		to	2.35			(3.56	)	to	(5.21	)
2023		1,750,353		21.2426	to	19.5625		36,900,502		0.46			0.65		to	2.35			10.48		to	8.61
2022		1,868,567		19.2270	to	18.0110		36,555,087		1.13			0.65		to	2.35			(27.61	)	to	(28.84	)
2021		1,789,011		26.5597	to	25.3095		49,854,935		1.04			0.65		to	2.35			29.03		to	26.84
MF9
2025		6,375,597		31.3984	to	32.4719		217,023,744		1.24			0.65		to	2.30			11.14		to	9.31
2024		7,268,348		28.2501	to	29.7051		226,189,084		0.92			0.65		to	2.30			9.33		to	7.51
2023		8,393,104		25.8401	to	27.6297		243,778,449		2.28			0.65		to	2.30			14.28		to	12.41
2022		9,280,676		22.6108	to	24.5803		240,252,292		1.37			0.65		to	2.30			(19.03	)	to	(20.36	)
2021		9,936,732		27.9242	to	30.8644		325,550,305		1.44			0.65		to	2.30			14.79		to	12.90

- 201 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
MG1
2025		5,950,372	$	10.5984	to	$	9.8306	$	63,712,515		3.11	%		0.65	%	to	2.10	%		7.47	%	to	5.91	%
2024		6,762,476		9.8621	to		9.2822		68,032,780		3.25			0.65		to	2.10			(4.75	)	to	(6.15	)
2023		7,203,737		10.3544	to		9.8901		76,838,892		2.80			0.65		to	2.10			1.79		to	0.32
2022		7,885,165		10.1721	to		9.6478		83,417,203		4.02			0.65		to	2.25			(22.17	)	to	(23.41	)
2021		8,152,240		13.0694	to		12.5122		111,770,527		0.82			0.65		to	2.30			0.66		to	(1.00	)
MF2
2025		10,592,218		11.8781	to		9.8268		116,669,821		4.30			1.30		to	2.35			4.46		to	3.36
2024		11,615,210		11.3712	to		9.5075		122,994,890		3.79			1.30		to	2.35			3.92		to	2.82
2023		12,577,002		10.9422	to		9.2469		128,755,563		1.59			1.30		to	2.35			4.71		to	3.61
2022		13,847,268		10.4502	to		8.9247		135,946,565		1.89			1.30		to	2.35			(5.38	)	to	(6.37	)
2021		16,971,070		11.0439	to		9.5319		176,852,160		2.27			1.30		to	2.35			(1.14	)	to	(2.18	)
MG2
2025		6,086,615		11.8573	to		9.8207		65,009,216		4.11			0.65		to	2.10			4.80		to	3.28
2024		6,759,873		11.3142	to		9.5086		69,580,539		3.54			0.65		to	2.10			4.34		to	2.81
2023		7,498,815		10.8440	to		9.2487		74,710,401		1.30			0.65		to	2.10			5.08		to	3.57
2022		8,519,988		10.3193	to		8.9303		81,565,582		1.61			0.65		to	2.10			(4.86	)	to	(6.24	)
2021		9,896,928		10.8464	to		9.5241		100,588,147		2.01			0.65		to	2.10			(0.84	)	to	(2.27	)
MG3
2025		455,130		39.4648	to		34.1584		16,518,423		1.04			1.30		to	2.10			4.60		to	3.76
2024		490,153		37.7279	to		32.9193		17,094,005		1.22			1.30		to	2.10			12.26		to	11.35
2023		571,568		33.6074	to		29.3239		17,860,289		1.76			1.30		to	2.15			11.27		to	10.32
2022		638,484		30.2038	to		26.1865		18,017,985		0.97			1.30		to	2.25			(9.97	)	to	(10.82	)
2021		758,430		33.5473	to		29.3644		23,879,329		0.79			1.30		to	2.25			29.29		to	28.06
MG4
2025		594,028		43.3634	to		32.6622		15,627,474		0.85			0.65		to	2.10			5.07		to	3.54
2024		595,061		41.2727	to		31.5446		15,981,569		1.01			0.65		to	2.10			12.77		to	11.13
2023		623,872		36.5978	to		28.3863		16,316,464		1.48			0.65		to	2.10			11.66		to	10.04
2022		698,813		32.7766	to		25.7952		17,035,863		0.80			0.65		to	2.10			(9.59	)	to	(10.90	)
2021		728,565		36.2553	to		28.9520		21,209,255		0.69			0.65		to	2.10			29.76		to	27.88
MG6
2025		27,555,859		25.4252	to		26.2412		769,654,531		2.04			0.65		to	2.10			10.24		to	8.64
2024		32,011,518		23.0634	to		24.1536		821,090,675		1.32			0.65		to	2.10			7.41		to	5.84
2023		37,477,004		21.4717	to		22.8201		906,787,340		2.43			0.65		to	2.10			11.92		to	10.30
2022		42,060,194		19.1857	to		20.6895		921,771,209		1.73			0.65		to	2.10			(17.45	)	to	(18.65	)
2021		46,425,382		23.2422	to		25.4322		1,251,694,528		1.74			0.65		to	2.10			10.53		to	8.93
MG7
2025		423,149		39.1890	to		39.3031		8,475,337		1.59			0.65		to	2.10			2.21		to	0.73
2024		447,602		38.3411	to		39.0182		9,132,260		1.05			0.65		to	2.10			8.47		to	6.88
2023		471,520		35.3477	to		36.5053		9,464,462		0.91			0.65		to	2.10			10.50		to	8.91
2022		448,586		31.9881	to		33.5202		8,752,627		0.42			0.65		to	2.10			(11.81	)	to	(13.08	)
2021		359,058		36.2709	to		38.5663		9,845,653		0.67			0.65		to	2.10			33.00		to	31.08
V46⁹
2023		—		8.6174					—		3.85			1.20						1.75
2022		19,282		8.4689					163,290		2.69			1.20						(15.60)
2021		8,447		10.0347					84,761		—			1.20						0.31
V45¹⁰
2023		—		10.0407					—		0.58			1.20						9.41
2022		183,964		9.1765	to		12.6796		2,032,820		0.61			1.20						(18.55)
2021		132,080		11.2667	to		15.5677		1,961,048		0.81			1.20						12.64
U43¹¹
2024		-		13.8835	to		11.3813		—		4.64			1.20						15.01
2023		146,362		9.8949	to		12.0719		1,502,910		0.26			1.20						3.03
2022		123,913		9.6043	to		11.7174		1,236,494		2.88			1.20						(9.41)
2021		40,230		10.6023	to		12.9349		482,399		2.61			1.20						4.42
U41
2025		251,705		11.5083	to		14.3883		2,956,959		—			1.20						15.95
2024		334,381		9.9250	to		12.4088		3,399,049		—			1.20						6.12
2023		258,575		9.3523	to		11.6927		2,490,888		1.58			1.20						12.58
2022		205,093		8.3069	to		10.3857		1,767,484		—			1.20						(18.06)
2021		78,952		10.1375	to		12.6744		887,878		1.45			1.20						1.07
V44
2025		2,110,704		84.3241	to		68.4068		37,337,517		—			0.65		to	2.10			34.50		to	32.56
2024		2,139,807		62.6924	to		51.6047		31,334,793		—			0.65		to	2.10			45.24		to	43.12
2023		2,237,645		43.1637	to		36.0562		24,585,970		—			0.65		to	2.10			47.36		to	45.23
2022		2,071,210		29.2918	to		24.8266		17,415,111		—			0.65		to	2.10			(60.42	)	to	(61.00	)
2021		962,417		74.0105	to		63.6535		27,952,666		—			0.65		to	2.10			(0.80	)	to	(2.24	)

- 202 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
V43
2025		78,522	$	51.2438	to	$	44.7548	$	3,801,692		0.38	%		1.35	%	to	2.10	%		10.92	%	to	10.09	%
2024		99,597		46.1968	to		40.6528		4,365,068		—			1.35		to	2.10			39.81		to	38.75
2023		144,005		33.0434	to		29.3001		4,527,314		—			1.35		to	2.10			42.20		to	41.13
2022		197,026		23.2378	to		20.7610		4,367,895		—			1.35		to	2.10			(63.47	)	to	(63.74	)
2021		124,972		63.6083	to		57.2608		7,596,199		—			1.35		to	2.10			(12.39	)	to	(13.05	)
O19
2025		170,471		59.0811	to		62.4744		11,824,814		—			1.30		to	2.25			11.07		to	10.02
2024		193,165		53.1904	to		56.7855		12,129,947		—			1.30		to	2.25			32.08		to	30.81
2023		252,325		40.2721	to		43.4105		12,107,824		—			1.30		to	2.25			33.28		to	32.02
2022		301,913		30.2154	to		29.4143		10,929,734		—			1.30		to	2.30			(31.86	)	to	(32.54	)
2021		315,397		44.3413	to		43.6026		16,770,766		—			1.30		to	2.30			20.70		to	19.49
O23¹²
2024		—		11.6783	to		11.8070		—		12.77			1.20		to	2.10			2.71		to	1.78
2023		1,003,083		9.4789	to		11.6008		11,181,876		1.68			1.20		to	2.10			10.97		to	9.97
2022		880,257		8.5421	to		10.5493		9,204,534		0.96			1.20		to	2.10			(18.01	)	to	(18.75	)
2021		1,020,006		10.4185	to		12.9839		13,814,920		1.30			1.20		to	2.10			7.99		to	3.51
O20
2025		178,890		39.8194	to		43.9802		8,659,895		—			0.65		to	2.10			14.27		to	12.61
2024		213,254		34.8477	to		39.0546		9,127,911		—			0.65		to	2.10			15.03		to	13.35
2023		257,480		30.2956	to		34.4563		9,689,522		—			0.65		to	2.10			33.58		to	31.65
2022		324,761		22.6804	to		25.4230		9,242,357		—			0.65		to	2.25			(32.38	)	to	(33.46	)
2021		329,635		33.5401	to		38.2062		14,019,771		—			0.65		to	2.25			14.42		to	12.60
O21
2025		1,619,057		14.9475	to		47.9845		94,547,544		0.31			1.20		to	2.35			14.26		to	12.94
2024		1,863,348		13.0824	to		42.4864		95,758,310		—			1.20		to	2.35			21.90		to	20.49
2023		2,426,931		10.7317	to		35.2617		103,061,193		0.47			1.20		to	2.35			21.36		to	19.97
2022		2,977,043		8.8426	to		29.3920		104,815,069		1.09			1.20		to	2.35			(21.26	)	to	(22.17	)
2021		3,132,141		11.2304	to		37.7636		141,108,534		0.48			1.20		to	2.35			24.26		to	10.65
O04
2025		50,114		74.5613	to		60.4881		3,378,942		0.22			1.35		to	2.10			6.98		to	6.17
2024		57,708		69.6968	to		56.9706		3,638,564		—			1.35		to	2.10			10.88		to	10.04
2023		66,782		62.8580	to		51.7735		3,831,109		0.93			1.35		to	2.10			16.24		to	15.37
2022		73,501		54.0772	to		44.8780		3,647,529		0.25			1.35		to	2.10			(17.17	)	to	(17.79	)
2021		87,399		65.2883	to		54.6709		5,247,251		0.18			1.35		to	2.25			20.62		to	19.53
PH2
2025		7,459		28.7407	to		25.9764		205,971		4.55			1.35		to	2.05			22.58		to	21.72
2024		9,097		23.4468	to		21.7764		205,879		5.09			1.35		to	1.90			11.83		to	11.21
2023		10,360		20.9661	to		19.5815		210,247		2.71			1.35		to	1.90			21.19		to	20.53
2022		12,294		17.2999	to		16.2468		206,479		1.02			1.35		to	1.90			(19.88	)	to	(20.32	)
2021		17,517		21.5920	to		20.3902		367,935		0.07			1.35		to	1.90			17.73		to	17.08
P08
2025		595,868		21.1362	to		18.1309		11,741,407		4.68			1.35		to	2.10			12.67		to	11.82
2024		671,129		18.7600	to		16.2146		11,788,282		6.46			1.35		to	2.10			2.34		to	1.56
2023		787,454		18.3316	to		15.9656		13,593,340		2.97			1.35		to	2.10			6.69		to	5.89
2022		836,959		17.1822	to		15.0777		13,593,699		7.73			1.35		to	2.10			(13.03	)	to	(13.68	)
2021		915,599		19.7564	to		17.4679		17,128,845		11.10			1.35		to	2.10			14.67		to	13.81

- 203 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
PC0
2025		491,655	$	18.2753	to	$	14.8249	$	7,860,977		4.48	%		0.65	%	to	2.10	%		13.45	%	to	11.81	%
2024		624,350		16.1084	to		13.2592		8,890,226		6.23			0.65		to	2.10			2.90		to	1.39
2023		743,945		15.6550	to		13.0770		10,389,109		2.84			0.65		to	2.10			7.32		to	5.77
2022		828,956		14.5875	to		12.3640		10,880,450		7.52			0.65		to	2.10			(12.44	)	to	(13.71	)
2021		938,639		16.6600	to		14.3281		14,197,943		10.95			0.65		to	2.10			15.29		to	13.62
P70
2025		251,677		8.4143	to		6.8752		3,440,410		2.69			0.65		to	2.05			17.89		to	16.24
2024		271,672		7.1373	to		5.9145		3,153,931		2.10			0.65		to	2.05			3.29		to	1.83
2023		262,378		6.9103	to		5.8083		2,931,834		15.60			0.65		to	2.05			(8.53	)	to	(9.81	)
2022		256,095		7.5546	to		6.4398		3,141,519		19.41			0.65		to	2.05			7.96		to	6.45
2021		158,073		6.9976	to		6.0494		1,725,004		4.99			0.65		to	2.05			32.25		to	30.40
P10
2025		1,684,472		9.4327	to		7.5577		13,951,876		2.80			0.65		to	2.10			18.02		to	16.31
2024		2,071,828		7.9922	to		6.4977		14,708,355		2.17			0.65		to	2.10			3.48		to	1.97
2023		2,297,572		7.7236	to		6.0847		15,920,985		15.98			0.65		to	2.35			(8.45	)	to	(10.00	)
2022		2,253,941		8.4366	to		6.7609		17,225,356		22.78			0.65		to	2.35			7.91		to	6.08
2021		3,074,661		7.8181	to		6.3731		21,953,980		4.17			0.65		to	2.35			32.48		to	30.23
PK8
2025		129,814		16.6442	to		30.9034		4,494,334		6.92			0.65		to	2.10			14.29		to	12.64
2024		150,157		14.5629	to		27.4364		4,616,660		6.41			0.65		to	2.10			6.85		to	5.29
2023		167,233		13.6296	to		25.7774		4,854,260		5.72			0.65		to	2.15			10.42		to	8.77
2022		189,974		12.3430	to		23.6990		5,057,872		4.81			0.65		to	2.15			(16.28	)	to	(17.53	)
2021		206,159		14.7431	to		28.9308		6,635,426		4.48			0.65		to	2.30			(3.21	)	to	(4.80	)
P20
2025		6,657		14.6832	to		13.2707		94,524		6.81			1.35		to	2.05			13.38		to	12.58
2024		7,362		12.9508	to		11.7877		92,496		6.31			1.35		to	2.05			5.99		to	5.24
2023		8,311		12.2194	to		11.2012		98,806		5.62			1.35		to	2.05			9.54		to	8.77
2022		9,279		11.1550	to		10.2977		100,993		4.69			1.35		to	2.05			(16.95	)	to	(17.54	)
2021		10,708		13.4322	to		12.4875		140,557		4.39			1.35		to	2.05			(3.98	)	to	(4.66	)
PM5
2025		98,441		10.0300	to		10.8777		1,003,325		3.37			1.20						2.62
2024		80,063		9.7739	to		10.6000		797,622		3.09			1.20						4.09
2023		65,946		9.3896	to		10.1831		632,828		2.49			1.20						7.61
2022		61,958		8.7253	to		9.4626		553,336		1.43			1.20						(11.31	)	to	(11.32	)
2021		37,003		9.8380	to		10.6706		380,471		1.27			1.20						(1.43)
PD6
2025		11,617,767		20.2343	to		18.5154		233,937,487		4.35			0.65		to	2.10			20.98		to	19.23
2024		14,286,457		16.7255	to		15.5295		240,062,920		3.39			0.65		to	2.10			10.03		to	8.42
2023		16,888,794		15.2009	to		14.3232		260,313,586		2.10			0.65		to	2.10			12.12		to	10.50
2022		19,601,933		13.5579	to		12.9624		271,964,020		1.87			0.65		to	2.10			(18.93	)	to	(20.10	)
2021		21,546,040		16.7229	to		16.2233		372,217,687		2.35			0.65		to	2.10			11.87		to	10.25
P06
2025		1,049,584		16.0724	to		15.6384		18,133,637		3.31			1.30		to	2.10			6.47		to	5.62
2024		1,190,667		15.0954	to		14.8067		19,397,964		2.63			1.30		to	2.10			0.80		to	(0.02	)
2023		1,316,280		14.9757	to		14.6493		21,362,415		3.00			1.30		to	2.15			2.33		to	1.46
2022		1,419,494		14.6347	to		14.4388		22,606,292		7.00			1.30		to	2.15			(13.05	)	to	(13.79	)
2021		1,646,744		16.8312	to		16.3661		30,313,919		4.95			1.30		to	2.30			4.24		to	3.19
P07
2025		4,779,766		17.0169	to		15.5232		81,183,787		4.10			1.30		to	2.10			7.50		to	6.64
2024		5,341,361		15.8292	to		14.5565		84,764,655		4.04			1.30		to	2.10			1.20		to	0.38
2023		5,729,822		15.6421	to		12.8296		90,236,711		3.58			1.30		to	2.35			4.57		to	3.47
2022		6,203,056		14.9587	to		12.3992		93,749,466		2.60			1.30		to	2.35			(15.42	)	to	(16.31	)
2021		6,941,460		17.6854	to		14.8149		124,464,099		1.82			1.30		to	2.35			(2.55	)	to	(3.57	)
P68
2025		734,045		9.6333	to		10.8408		7,548,105		4.00			1.20						7.51
2024		581,338		8.9608	to		10.0840		5,664,341		3.83			1.20						1.20
2023		572,065		8.8547	to		9.9646		5,543,828		3.46			1.20						4.57
2022		520,044		8.4677	to		9.5291		4,839,107		2.52			1.20						(15.40	)	to	(15.42	)
2021		480,584		10.0092	to		11.2659		5,368,911		1.74			1.20						0.07

- 204 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
										Investment
								Net		Income			Expense Ratio
	Units		Unit Value⁴					Assets		Ratio¹			lowest to highest²						Total Return³
PI3¹³
2023		—	$	10.4766	to	$	8.8401	$	—		6.48	%		0.65	%	to	2.10	%		1.20	%	to	0.74	%
2022		1,081,569		10.3529	to		8.7749		10,054,932		1.46			0.65		to	2.10			(0.29	)	to	(1.73	)
2021		1,232,025		10.3833	to		8.9294		11,591,889		—			0.65		to	2.10			0.10		to	(1.35	)
P72
2025		795,764		59.0017	to		47.8642		24,027,739		1.40			0.65		to	2.10			19.57		to	17.84
2024		829,859		49.3458	to		40.6192		22,340,191		1.05			0.65		to	2.10			18.36		to	16.63
2023		767,434		41.6904	to		34.8263		19,639,513		1.98			0.65		to	2.10			14.92		to	13.26
2022		727,079		36.2787	to		30.7499		17,485,344		1.40			0.65		to	2.10			(3.76	)	to	(5.15	)
2021		615,378		37.6956	to		32.4199		17,298,993		1.14			0.65		to	2.10			26.48		to	24.65
P88
2025		3,109,032		13.6666	to		18.3509		43,006,190		1.36			1.20						12.59
2024		1,843,966		12.1385	to		16.2990		22,836,920		0.60			1.20						15.32
2023		811,323		10.5262	to		14.1340		8,934,558		1.07			1.20						18.47
2022		534,278		8.8850	to		11.9303		5,071,557		0.82			1.20						(17.00)
2021		305,037		10.7046	to		14.3736		3,712,125		0.25			1.20						6.79
P93
2025		388,401		13.3100	to		16.1505		5,200,444		1.86			1.20						13.01
2024		398,976		11.7774	to		14.2907		4,729,586		1.46			1.20						14.95
2023		243,622		10.2454	to		9.5971		2,523,436		5.59			1.20						3.45
2022		164,395		8.8259	to		10.7094		1,478,832		0.96			1.20						(17.03)
2021		59,608		10.6377	to		12.9077		670,641		0.10			1.20						6.20
P89
2025		259,557		13.2615	to		18.0171		3,795,925		—			1.20						13.68
2024		249,813		11.6662	to		15.8496		3,220,141		0.37			1.20						0.20
2023		174,133		11.6425	to		15.8479		2,307,338		0.27			1.20						7.83
2022		138,476		10.7970	to		14.6687		1,746,813		0.39			1.20						(5.81)
2021		111,686		11.4632	to		15.5737		1,621,461		0.35			1.20						12.94
P95
2025		159,192		9.1698	to		10.2803		1,540,365		4.99			1.20						5.97
2024		155,085		8.6533	to		9.7013		1,434,322		3.84			1.20						1.09
2023		101,777		8.5604	to		9.5971		959,082		5.60			1.20						3.45
2022		94,202		8.2753	to		9.2775		860,787		4.00			1.20						(14.84)
2021		57,894		9.7174	to		10.8942		624,365		0.24			1.20						(3.15)
P79
2025		290,096		16.8061	to		24.9229		6,287,255		0.56			1.20						16.47
2024		282,133		14.4296	to		21.3985		5,279,434		0.35			1.20						24.75
2023		262,569		11.5663	to		17.1525		4,116,156		0.79			1.20						27.32
2022		257,212		9.0843	to		13.4717		3,252,094		0.56			1.20						(18.27)
2021		256,343		11.1152	to		16.4833		4,132,899		0.03			1.20						10.74
P80
2025		103,306		9.4698					978,280		0.09			1.20						1.43
2024		120,993		9.3365					1,129,650		—			1.20						13.50
2023		126,822		8.2261					1,043,174		—			1.20						26.99
2022		71,913		6.4778					465,819		—			1.20						(34.82)
2021		19,273		9.9379					191,531		—			1.20						(0.71)
P81
2025		112,397		13.9085					1,563,296		0.64			1.20						9.37
2024		107,969		12.7171					1,373,078		0.18			1.20						21.54
2023		87,859		10.4634					919,260		0.43			1.20						24.60
2022		44,989		8.3975					377,781		0.35			1.20						(23.83)
2021		4,875		11.0249					53,742		—			1.20						9.88
TBD
2025		1,126,810		15.1421					17,062,457		—			1.20						17.02
2024		996,598		12.9400					12,896,095		—			1.20						33.54
2023		773,336		9.6899					7,493,179		—			1.20						47.18
2022		603,296		6.5836					3,971,751		—			1.20						(39.40)
2021		171,516		10.8635					1,863,259		—			1.20						8.64
TBE
2025		425,527		13.5796					5,778,493		1.46			1.20						12.71
2024		389,417		12.0482					4,691,811		1.29			1.20						10.04
2023		269,864		10.9494					2,954,684		1.96			1.20						8.01
2022		191,475		10.1376					1,941,028		1.84			1.20						(4.74)
2021		85,280		10.6417					907,528		1.42			1.20						4.40
TBF
2025		672,387		11.1605					7,504,102		—			1.20						16.40
2024		692,704		9.5884					6,641,889		—			1.20						0.19
2023		528,352		9.5698					5,055,843		—			1.20						1.46
2022		333,878		9.4322					3,149,092		—			1.20						(13.73)
2021		85,722		10.9334					937,239		—			1.20						7.00
TP1
2025		445,393		13.0982					5,833,891		0.96			1.20						17.12
2024		404,928		11.1839					4,528,713		0.86			1.20						10.37
2023		271,764		10.1331					2,753,666		1.01			1.20						15.70
2022		138,023		8.7580					1,208,757		1.05			1.20						(17.14)
2021		71,024		10.5695					750,691		0.75			1.20						4.95

- 205 -

DELAWARE LIFE VARIABLE ACCOUNT F - REGATTA

(A Separate Account of Delaware Life Insurance Company)

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,								For the years ended December 31,
									Investment
							Net		Income			Expense Ratio
	Units		Unit Value⁴				Assets		Ratio¹			lowest to highest²				Total Return³
TP2
2025		236,142		$11.6021			$	2,739,752		1.80	%		1.20%				11.24%
2024		249,629		10.4295				2,603,511		1.68			1.20				5.29
2023		194,035		9.9054				1,921,881		1.67			1.20				9.84
2022		113,437		9.0179				1,022,932		2.04			1.20				(12.47)
2021		3,065		10.3023				31,580		1.19			1.20				2.52
TP3
2025		312,621		11.1957				3,500,028		2.19			1.20				8.45
2024		314,727		10.3234				3,249,046		2.07			1.20				4.49
2023		299,702		9.8800				2,960,865		1.95			1.20				7.66
2022		225,202		9.1766				2,066,529		2.26			1.20				(10.20)
2021		18,471		10.2191				188,757		0.31			1.20				1.79
TP4
2025		293,254		12.8265				3,761,460		0.94			1.20				16.34
2024		210,155		11.0255				2,317,085		0.96			1.20				9.15
2023		144,892		10.1015				1,463,542		1.35			1.20				14.43
2022		74,637		8.8275				658,837		1.88			1.20				(15.97)
2021		1,590		10.5052				16,703		0.81			1.20				4.42
TP5
2025		1,431,936		12.1584				17,410,108		1.54			1.20				13.49
2024		1,261,972		10.7130				13,519,563		1.41			1.20				7.17
2023		1,049,195		9.9961				10,487,258		1.56			1.20				11.86
2022		814,450		8.9364				7,278,040		1.71			1.20				(14.11)
2021		32,024		10.4045				333,188		0.99			1.20				3.50
W41¹⁴
2023		—		27.0016	to	23.7466		—		—			1.35	to	2.05		8.97		to	8.73
2022		7,761		24.7794	to	21.8395		181,480		—			1.35	to	2.05		(35.71	)	to	(36.16	)
2021		6,692		38.5426	to	34.2101		244,231		—			1.35	to	2.05		4.41		to	3.67
W42
2025		4,274		37.6751	to	32.5098		150,698		—			1.35	to	2.05		3.06		to	2.34
2024		6,075		36.5560	to	31.7672		208,645		—			1.35	to	2.05		12.63		to	11.83
2023		6,869		32.4571	to	28.4064		209,908		—			1.35	to	2.05		20.10		to	19.26
2022		1,416		25.6017	to	23.8187		35,843		—			1.65	to	2.05		(34.56	)	to	(34.82	)
2021		1,213		39.1209	to	36.5427		46,909		0.76			1.65	to	2.05		7.11		to	6.68
W50
2025		132,468		8.9852	to	10.3159		1,290,698		4.55			1.20				6.40
2024		122,599		8.4446	to	9.6952		1,127,299		8.04			1.20				(0.02)
2023		120,713		8.6220	to	9.8989		1,140,226		3.70			1.20				5.16
2022		109,560		8.1986	to	9.4128		983,827		1.71			1.20				(18.27)
2021		111,062		10.0313	to	11.5168		1,247,206		3.44			1.20				8.01

Represents the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund in which the Sub-Accounts invest.

Ratio represents the annualized contract expenses of the Sub-Account, consisting primarily of mortality and expense charges and distribution charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund are excluded.

Ratio represents the total return for the year indicated, including changes in the value of the underlying fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return is calculated for each period indicated or from the effective date through the end of the reporting period using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts.

⁴

The unit values are not a direct calculation of net assets over the number of units allocated to the Sub-Account. The unit values are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. Some unit values may be outside of the range due to timing of the related Sub-Account level’s commencement date. Unit values of product pricing levels with zero units during the period are excluded when determining the range.

⁵	AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account AM2 merged into Sub-Account MD9 on April 15, 2024.

⁶	Invesco V.I. S&P 500 Index Class II Sub-Account V21 merged into Invesco V.I. Equally-Weighted S&P 500 Sub-Account V20 on April 29, 2022.

⁷	JPMorgan Insurance Trust Global Allocation Portfolio Sub-Account JF1 merged into Sub-Account MD9 on April 25, 2023.

⁸	JPMorgan Insurance Trust Income Builder - Class 2 Sub-Account JF0 merged into Sub-Account MD9 on April 25, 2023.

⁹	Morgan Stanley Variable Insurance Fund, Inc. Core Plus Fixed Income Portfolio Class II Sub-Account V46 merged into Sub-Account MD9 on July 25, 2023.

¹⁰	Morgan Stanley Variable Insurance Fund, Inc. Global Franchise Portfolio, Class II Sub-Account V45 liquidated on September 18, 2023.

¹¹	Morgan Stanley Variable Insurance Fund, Inc. Global Infrastructure - Class II Sub-Account U43 merged into Sub-Account MD9 on December 6, 2024.

¹²	Invesco V.I. Conservative Balanced Fund, Series II Sub-Account O23 merged into Sub-Account V11 on April 26, 2024.

¹³	Putnam VT Multi-Asset Absolute Return Fund Class IB Sub-Account PI3 merged into Sub-Account MD9 on April 21, 2023.

¹⁴	Wanger Select Fund Sub-Account W41 merged into Sub-Account W42 on April 21, 2023.

- 206 -

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Delaware Life Insurance Company and Contract Owners of Delaware Life Variable Account F - All-Star:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the sub-accounts listed in the Appendix that comprise Delaware Life Variable Account F - All-Star (the Sub-Accounts), as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Sub-Accounts as of December 31, 2025, the results of their operations for the year then ended, and the changes in their net assets for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

/s/ KPMG LLP

We have served as the auditor of one or more Delaware Life Insurance Company separate account investment companies since 2021.

Boston, Massachusetts

April 23, 2026

- 1 -

Appendix

AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70)

AB VPS Relative Value Portfolio (Class B) Sub-Account (A71)

AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) (1)

Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 Sub-Account (C49)

Columbia Variable Portfolio - Government Money Market Fund Class 1 Sub-Account (C75)

Columbia Variable Portfolio - Income Opportunities Fund Class 2 Sub-Account (C76)

Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)

Columbia Variable Portfolio - Select Mid Cap Value Fund Class 1 Sub-Account (C66)

Columbia Variable Portfolio - Large Cap Index Fund Class 2 Sub-Account (C68)

Columbia Variable Portfolio - Strategic Income Fund Class 2 Sub-Account (C73)

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 Sub-Account (C69)

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 Sub-Account (C70)

Fidelity VIP Equity-Income Portfolio (Service Class 2) Sub-Account (F97)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)

Franklin Templeton Growth and Income VIP Fund (Class 2) Sub-Account (F51)

Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)

Invesco V.I. American Franchise Fund Series II Sub-Account (V52)

Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)

MFS VIT I Growth Series Service Class Sub-Account (M80)

MFS VIT I Investors Trust Series (Service Class) Sub-Account (M10)

MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)

MFS VIT I New Discovery Series Service Class Sub-Account (M42)

MFS VIT I Value Series Initial Class Sub-Account (M83)

MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)

PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)

PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)

- 2 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2025


			Assets
	Shares		Cost		Investments at Fair Value		Dividend Receivable		Total Assets		Net Assets
AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70)		1,347	$	33,366	$	40,746	$	—	$	40,746	$	40,746
AB VPS Relative Value Portfolio (Class B) Sub-Account (A71)		22,564		622,388		696,090		—		696,090		696,090
AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) ¹		—		—		—		—		—		—
Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 Sub-Account (C49)		9,784		186,689		493,298		—		493,298		493,298
Columbia Variable Portfolio - Government Money Market Fund Class 1 Sub-Account (C75)		1,107,084		1,107,084		1,107,084		103		1,107,187		1,107,187
Columbia Variable Portfolio - Income Opportunities Fund Class 2 Sub-Account (C76)		48,408		337,814		324,817		—		324,817		324,817
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 Sub-Account (C60)		8,976		108,766		490,719		—		490,719		490,719
Columbia Variable Portfolio - Select Mid Cap Value Fund Class 1 Sub-Account (C66)		3,487		83,126		165,074		—		165,074		165,074
Columbia Variable Portfolio - Large Cap Index Fund Class 2 Sub-Account (C68)		6,619		71,935		377,895		—		377,895		377,895
Columbia Variable Portfolio - Strategic Income Fund Class 2 Sub-Account (C73)		51,646		209,790		193,156		—		193,156		193,156
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 Sub-Account (C69)		19,247		192,737		180,147		—		180,147		180,147
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 Sub-Account (C70)		29,998		292,240		279,878		—		279,878		279,878
Fidelity VIP Equity-Income Portfolio (Service Class 2) Sub-Account (F97)		6,253		139,800		175,900		—		175,900		175,900
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)		27,710		357,752		449,464		—		449,464		449,464
Franklin Templeton Growth and Income VIP Fund (Class 2) Sub-Account (F51)		11,550		79,281		84,891		—		84,891		84,891
Franklin Templeton Mutual Shares VIP Fund Class 2 Sub-Account (F54)		13,464		221,570		216,767		—		216,767		216,767
Invesco V.I. American Franchise Fund Series II Sub-Account (V52)		2,935		173,460		211,166		—		211,166		211,166
Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)		68		2,390		2,397		—		2,397		2,397
MFS VIT I Growth Series Service Class Sub-Account (M80)		13,213		722,847		801,740		—		801,740		801,740
MFS VIT I Investors Trust Series (Service Class) Sub-Account (M10)		1,932		62,945		49,406		—		49,406		49,406
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)		10,393		227,282		227,294		—		227,294		227,294
MFS VIT I New Discovery Series Service Class Sub-Account (M42)		609		8,246		7,367		—		7,367		7,367
MFS VIT I Value Series Initial Class Sub-Account (M83)		14,895		302,713		331,562		—		331,562		331,562
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)		10,725		88,306		108,431		—		108,431		108,431
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)		22,915		297,655		275,210		—		275,210		275,210
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)		87,160		873,621		823,663		—		823,663		823,663
Columbia Variable Portfolio – Acorn International Fund (W39)²		754		16,600		15,407		—		15,407		15,407
Columbia Variable Portfolio - Acorn Fund (W42)²		59,755		815,951		950,110		—		950,110		950,110

¹	This Sub-Account was closed in 2024. Refer to Note 11 in the Variable Account’s Notes to Financial Statements for more information.

²	This Sub-Account had a name change in 2025. Refer to Note 1 in the Variable Account’s Notes to Financial Statements for more information.

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

- 4 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2025


	Units		Value Applicable to Owners of Deferred Variable Annuity Contracts		Net Assets
A70		1,285	$	40,746	$	40,746
A71		16,714		696,090		696,090
AM2		—		—		—
C49		18,269		493,298		493,298
C75		114,092		1,107,187		1,107,187
C76		23,684		324,817		324,817
C60		8,625		490,719		490,719
C66		5,433		165,074		165,074
C68		7,838		377,895		377,895
C73		8,568		193,156		193,156
C69		17,591		180,147		180,147
C70		28,606		279,878		279,878
F97		4,927		175,900		175,900
T20		16,657		449,464		449,464
F51		1,796		84,891		84,891
F54		6,512		216,767		216,767
V52		4,632		211,166		211,166
AC1		82		2,397		2,397
M80		9,096		801,740		801,740
M10		1,035		49,406		49,406
MB3		7,736		227,294		227,294
M42		131		7,367		7,367
M83		10,542		331,562		331,562
MG3		3,061		108,431		108,431
P06		17,039		275,210		275,210
P07		52,492		823,663		823,663
W39		391		15,407		15,407
W42		19,959		950,110		950,110

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

- 5 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2025


	A70 Sub-Account			A71 Sub-Account			C49 Sub-Account
Income:
Dividend income	$	—		$	6,325		$	—
Expenses:
Mortality and expense risk charges		(601	)		(9,739	)		(7,109	)
Administration, distribution charges and other		(144	)		(2,663	)		(1,982	)

Net investment income (loss)		(745	)		(6,077	)		(9,091	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		349			7,022			84,094
Realized gain distributions		5,298			59,065			—

Net realized gains (losses)		5,647			66,087			84,094

Net change in unrealized appreciation (depreciation)		(3,310	)		(3,452	)		(9,034	)

Net realized and change in unrealized gains (losses)		2,337			62,635			75,060

Net increase (decrease) in net assets from operations	$	1,592		$	56,558		$	65,969

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

- 6 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	C75 Sub-Account			C76 Sub-Account			C60 Sub-Account
Income:
Dividend income	$	44,357		$	5,758		$	—
Expenses:
Mortality and expense risk charges		(15,278	)		(4,583	)		(6,073	)
Administration, distribution charges and other		(4,407	)		(1,244	)		(1,612	)

Net investment income (loss)		24,672			(69	)		(7,685	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		—			(5,193	)		27,064
Realized gain distributions		—			—			—

Net realized gains (losses)		—			(5,193	)		27,064

Net change in unrealized appreciation (depreciation)		—			25,706			42,276

Net realized and change in unrealized gains (losses)		—			20,513			69,340

Net increase (decrease) in net assets from operations	$	24,672		$	20,444		$	61,655

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

- 7 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	C66 Sub-Account			C68 Sub-Account			C73 Sub-Account
Income:
Dividend income	$	—		$	—		$	8,297
Expenses:
Mortality and expense risk charges		(2,795	)		(4,633	)		(4,098	)
Administration, distribution charges and other		(780	)		(1,157	)		(956	)

Net investment income (loss)		(3,575	)		(5,790	)		3,243

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		76,172			24,716			(31,458	)
Realized gain distributions		—			—			—

Net realized gains (losses)		76,172			24,716			(31,458	)

Net change in unrealized appreciation (depreciation)		(47,751	)		34,488			42,924

Net realized and change in unrealized gains (losses)		28,421			59,204			11,466

Net increase (decrease) in net assets from operations	$	24,846		$	53,414		$	14,709

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

- 8 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	C69 Sub-Account			C70 Sub-Account			F97 Sub-Account
Income:
Dividend income	$	3,779		$	5,699		$	2,752
Expenses:
Mortality and expense risk charges		(2,228	)		(3,765	)		(2,500	)
Administration, distribution charges and other		(594	)		(1,127	)		(835	)

Net investment income (loss)		957			807			(583	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(1,258	)		(4,303	)		2,922
Realized gain distributions		—			—			9,697

Net realized gains (losses)		(1,258	)		(4,303	)		12,619

Net change in unrealized appreciation (depreciation)		12,385			22,522			13,246

Net realized and change in unrealized gains (losses)		11,127			18,219			25,865

Net increase (decrease) in net assets from operations	$	12,084		$	19,026		$	25,282

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

- 9 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	T20 Sub-Account			F51 Sub-Account			F54 Sub-Account
Income:
Dividend income	$	10,463		$	1,818		$	4,341
Expenses:
Mortality and expense risk charges		(6,061	)		(1,240	)		(2,894	)
Administration, distribution charges and other		(1,848	)		(288	)		(851	)

Net investment income (loss)		2,554			290			596

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		17,539			(4,776	)		(910	)
Realized gain distributions		29,215			7,826			21,386

Net realized gains (losses)		46,754			3,050			20,476

Net change in unrealized appreciation (depreciation)		55,928			8,082			(1,273	)

Net realized and change in unrealized gains (losses)		102,682			11,132			19,203

Net increase (decrease) in net assets from operations	$	105,236		$	11,422		$	19,799

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

- 10 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	V52 Sub-Account			AC1 Sub-Account			M80 Sub-Account
Income:
Dividend income	$	—		$	28		$	—
Expenses:
Mortality and expense risk charges		(3,067	)		(36	)		(10,837	)
Administration, distribution charges and other		(1,030	)		(7	)		(3,158	)

Net investment income (loss)		(4,097	)		(15	)		(13,995	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		998			(22	)		21,461
Realized gain distributions		21,754			150			161,843

Net realized gains (losses)		22,752			128			183,304

Net change in unrealized appreciation (depreciation)		(614	)		195			(86,134	)

Net realized and change in unrealized gains (losses)		22,138			323			97,170

Net increase (decrease) in net assets from operations	$	18,041		$	308		$	83,175

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

- 11 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	M10			MB3			M42
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	277		$	39		$	—
Expenses:
Mortality and expense risk charges		(616	)		(3,355	)		(96	)
Administration, distribution charges and other		(166	)		(1,123	)		(21	)

Net investment income (loss)		(505	)		(4,439	)		(117	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		11,873			1,422			34
Realized gain distributions		19,578			33,701			—

Net realized gains (losses)		31,451			35,123			34

Net change in unrealized appreciation (depreciation)		(25,244	)		(14,265	)		792

Net realized and change in unrealized gains (losses)		6,207			20,858			826

Net increase (decrease) in net assets from operations	$	5,702		$	16,419		$	709

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

- 12 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	M83 Sub-Account			MG3 Sub-Account			P06 Sub-Account
Income:
Dividend income	$	5,394		$	1,095		$	9,508
Expenses:
Mortality and expense risk charges		(4,652	)		(1,637	)		(3,818	)
Administration, distribution charges and other		(1,473	)		(493	)		(998	)

Net investment income (loss)		(731	)		(1,035	)		4,692

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		4,857			7,201			(2,953	)
Realized gain distributions		25,091			9,531			—

Net realized gains (losses)		29,948			16,732			(2,953	)

Net change in unrealized appreciation (depreciation)		5,014			(11,456	)		15,115

Net realized and change in unrealized gains (losses)		34,962			5,276			12,162

Net increase (decrease) in net assets from operations	$	34,231		$	4,241		$	16,854

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

- 13 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	P07 Sub-Account			W39 Sub-Account			W42 Sub-Account
Income:
Dividend income	$	33,710		$	197		$	—
Expenses:
Mortality and expense risk charges		(11,260	)		(230	)		(14,037	)
Administration, distribution charges and other		(3,444	)		(71	)		(3,806	)

Net investment income (loss)		19,006			(104	)		(17,843	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(9,662	)		(322	)		(5,054	)
Realized gain distributions		—			76			—

Net realized gains (losses)		(9,662	)		(246	)		(5,054	)

Net change in unrealized appreciation (depreciation)		46,255			1,880			55,655

Net realized and change in unrealized gains (losses)		36,593			1,634			50,601

Net increase (decrease) in net assets from operations	$	55,599		$	1,530		$	32,758

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

- 14 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	A70 Sub-Account						A71 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(745	)	$	(752	)	$	(6,077	)	$	(4,074	)
Net realized gains (losses)		5,647			477			66,087			41,575
Net change in unrealized appreciation (depreciation)		(3,310	)		1,915			(3,452	)		43,113

Increase (decrease) from operations		1,592			1,640			56,558			80,614

Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—			390			3,311			38,507
Transfers between Sub-Accounts (including the Fixed Account), net		(1	)		3			399			(31,327	)
Withdrawals, surrenders, annuitizations and contract charges		(17	)		(6,545	)		(82,727	)		(162,290	)

Net accumulation activity		(18	)		(6,152	)		(79,017	)		(155,110	)

Net increase (decrease) from contract owner transactions		(18	)		(6,152	)		(79,017	)		(155,110	)

Total increase (decrease) in net assets		1,574			(4,512	)		(22,459	)		(74,496	)
Net assets at beginning of year		39,172			43,684			718,549			793,045

Net assets at end of year	$	40,746		$	39,172		$	696,090		$	718,549

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

- 15 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	AM2 Sub-Account³					C49 Sub-Account
	December 31,		December 31,			December 31,			December 31,
	2025		2024			2025			2024
Operations:
Net investment income (loss)	$	—	$	(137	)	$	(9,091	)	$	(8,853	)
Net realized gains (losses)		—		(2,896	)		84,094			21,282
Net change in unrealized appreciation (depreciation)		—		2,664			(9,034	)		47,935

Increase (decrease) from operations		—		(369	)		65,969			60,364

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—		—			227			1,073
Transfers between Sub-Accounts (including the Fixed Account), net		—		(25,123	)		(6,948	)		(2,135	)
Withdrawals, surrenders, annuitizations and contract charges		—		1			(74,424	)		(26,558	)

Net accumulation activity		—		(25,122	)		(81,145	)		(27,620	)

Net increase (decrease) from contract owner transactions		—		(25,122	)		(81,145	)		(27,620	)

Total increase (decrease) in net assets		—		(25,491	)		(15,176	)		32,744
Net assets at beginning of year		—		25,491			508,474			475,730

Net assets at end of year	$	—	$	—		$	493,298		$	508,474

³ The activities for this Sub-Account are for the period from January 1, 2024 to April 15, 2024. Refer to Note 11 for details on closed sub-accounts.

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

- 16 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	C75 Sub-Account						C76 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	24,672		$	38,555		$	(69	)	$	12,138
Net realized gains (losses)		—			—			(5,193	)		(8,718	)
Net change in unrealized appreciation (depreciation)		—			—			25,706			9,201

Increase (decrease) from operations		24,672			38,555			20,444			12,621

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		224			1,088			92			584
Transfers between Sub-Accounts (including the Fixed Account), net		31,521			42,905			1,920			22,992
Withdrawals, surrenders, annuitizations and contract charges		(133,146	)		(138,658	)		(26,996	)		(37,346	)

Net accumulation activity		(101,401	)		(94,665	)		(24,984	)		(13,770	)

Net increase (decrease) from contract owner transactions		(101,401	)		(94,665	)		(24,984	)		(13,770	)

Total increase (decrease) in net assets		(76,729	)		(56,110	)		(4,540	)		(1,149	)
Net assets at beginning of year		1,183,916			1,240,026			329,357			330,506

Net assets at end of year	$	1,107,187		$	1,183,916		$	324,817		$	329,357

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

- 17 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	C60 Sub-Account						C66 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(7,685	)	$	(7,076	)	$	(3,575	)	$	(3,753	)
Net realized gains (losses)		27,064			28,676			76,172			7,593
Net change in unrealized appreciation (depreciation)		42,276			83,091			(47,751	)		17,477

Increase (decrease) from operations		61,655			104,691			24,846			21,317

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		463			487			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(1,567	)		(9,379	)		(6,517	)		(26	)
Withdrawals, surrenders, annuitizations and contract charges		(19,007	)		(16,028	)		(73,169	)		(4,140	)

Net accumulation activity		(20,111	)		(24,920	)		(79,686	)		(4,166	)

Net increase (decrease) from contract owner transactions		(20,111	)		(24,920	)		(79,686	)		(4,166	)

Total increase (decrease) in net assets		41,544			79,771			(54,840	)		17,151
Net assets at beginning of year		449,175			369,404			219,914			202,763

Net assets at end of year	$	490,719		$	449,175		$	165,074		$	219,914

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

- 18 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	C68 Sub-Account						C73 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(5,790	)	$	(5,424	)	$	3,243		$	10,486
Net realized gains (losses)		24,716			22,467			(31,458	)		(5,866	)
Net change in unrealized appreciation (depreciation)		34,488			51,101			42,924			6,198

Increase (decrease) from operations		53,414			68,144			14,709			10,818

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—			45			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(94	)		—			905			247
Withdrawals, surrenders, annuitizations and contract charges		(24,722	)		(22,699	)		(255,018	)		(13,443	)

Net accumulation activity		(24,816	)		(22,654	)		(254,113	)		(13,196	)

Net increase (decrease) from contract owner transactions		(24,816	)		(22,654	)		(254,113	)		(13,196	)

Total increase (decrease) in net assets		28,598			45,490			(239,404	)		(2,378	)
Net assets at beginning of year		349,297			303,807			432,560			434,938

Net assets at end of year	$	377,895		$	349,297		$	193,156		$	432,560

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

- 19 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	C69 Sub-Account						C70 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	957		$	2,724		$	807		$	4,138
Net realized gains (losses)		(1,258	)		(816	)		(4,303	)		(9,588	)
Net change in unrealized appreciation (depreciation)		12,385			(1,889	)		22,522			4,537

Increase (decrease) from operations		12,084			19			19,026			(913	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—			—			—			254
Transfers between Sub-Accounts (including the Fixed Account), net		3,574			11,044			2,545			15,551
Withdrawals, surrenders, annuitizations and contract charges		(191	)		(2,123	)		(21,334	)		(45,693	)

Net accumulation activity		3,383			8,921			(18,789	)		(29,888	)

Net increase (decrease) from contract owner transactions		3,383			8,921			(18,789	)		(29,888	)

Total increase (decrease) in net assets		15,467			8,940			237			(30,801	)
Net assets at beginning of year		164,680			155,740			279,641			310,442

Net assets at end of year	$	180,147		$	164,680		$	279,878		$	279,641

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

- 20 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	F97 Sub-Account						T20 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(583	)	$	(658	)	$	2,554		$	2,718
Net realized gains (losses)		12,619			12,446			46,754			6,802
Net change in unrealized appreciation (depreciation)		13,246			6,872			55,928			(19,857	)

Increase (decrease) from operations		25,282			18,660			105,236			(10,337	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—			—			849			469
Transfers between Sub-Accounts (including the Fixed Account), net		(796	)		(571	)		(41,127	)		21,883
Withdrawals, surrenders, annuitizations and contract charges		(5,602	)		(7,633	)		(34,301	)		(34,503	)

Net accumulation activity		(6,398	)		(8,204	)		(74,579	)		(12,151	)

Net increase (decrease) from contract owner transactions		(6,398	)		(8,204	)		(74,579	)		(12,151	)

Total increase (decrease) in net assets		18,884			10,456			30,657			(22,488	)
Net assets at beginning of year		157,016			146,560			418,807			441,295

Net assets at end of year	$	175,900		$	157,016		$	449,464		$	418,807

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

- 21 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	F51 Sub-Account						F54 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	290		$	153		$	596		$	501
Net realized gains (losses)		3,050			(8,591	)		20,476			3,661
Net change in unrealized appreciation (depreciation)		8,082			23,839			(1,273	)		15,299

Increase (decrease) from operations		11,422			15,401			19,799			19,461

Contract Owner Transactions:
*Accumulation Activit*y:
Purchase payments received		—			36,449			231			230
Transfers between Sub-Accounts (including the Fixed Account), net		(12	)		(715	)		—			(1	)
Withdrawals, surrenders, annuitizations and contract charges		(8,199	)		(76,876	)		(22,626	)		(10,396	)

Net accumulation activity		(8,211	)		(41,142	)		(22,395	)		(10,167	)

Net increase (decrease) from contract owner transactions		(8,211	)		(41,142	)		(22,395	)		(10,167	)

Total increase (decrease) in net assets		3,211			(25,741	)		(2,596	)		9,294
Net assets at beginning of year		81,680			107,421			219,363			210,069

Net assets at end of year	$	84,891		$	81,680		$	216,767		$	219,363

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

- 22 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	V52 Sub-Account						AC1 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(4,097	)	$	(3,622	)	$	(15	)	$		(8)
Net realized gains (losses)		22,752			311			128			(16	)
Net change in unrealized appreciation (depreciation)		(614	)		51,392			195			(6	)

Increase (decrease) from operations		18,041			48,081			308			(30	)

Contract Owner Transactions:
*Accumulation Activity* :
Purchase payments received		—			—			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		(159	)		—			—			(1	)
Withdrawals, surrenders, annuitizations and contract charges		(5,510	)		(390	)		(156	)		(162	)

Net accumulation activity		(5,669	)		(390	)		(156	)		(163	)

Net increase (decrease) from contract owner transactions		(5,669	)		(390	)		(156	)		(163	)

Total increase (decrease) in net assets		12,372			47,691			152			(193	)
Net assets at beginning of year		198,794			151,103			2,245			2,438

Net assets at end of year	$	211,166		$	198,794		$	2,397		$	2,245

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

- 23 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M80 Sub-Account						M10 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(13,995	)	$	(13,596	)	$	(505	)	$	(977	)
Net realized gains (losses)		183,304			95,336			31,451			15,734
Net change in unrealized appreciation (depreciation)		(86,134	)		114,650			(25,244	)		(2,743	)

Increase (decrease) from operations		83,175			196,390			5,702			12,014

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		3,581			456			47,707			42,308
Transfers between Sub-Accounts (including the Fixed Account), net		(5,413	)		(45,360	)		(702	)		(649	)
Withdrawals, surrenders, annuitizations and contract charges		(87,405	)		(45,131	)		(53,321	)		(85,596	)

Net accumulation activity		(89,237	)		(90,035	)		(6,316	)		(43,937	)

Net increase (decrease) from contract owner transactions		(89,237	)		(90,035	)		(6,316	)		(43,937	)

Total increase (decrease) in net assets		(6,062	)		106,355			(614	)		(31,923	)
Net assets at beginning of year		807,802			701,447			50,020			81,943

Net assets at end of year	$	801,740		$	807,802		$	49,406		$	50,020

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

- 24 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MB3 Sub-Account						M42 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(4,439	)	$	(4,044	)	$	(117	)	$	(114	)
Net realized gains (losses)		35,123			21,375			34			29
Net change in unrealized appreciation (depreciation)		(14,265	)		9,917			792			379

Increase (decrease) from operations		16,419			27,248			709			294

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—			—			—			—
Transfers between Sub-Accounts (including the Fixed Account), net		234			(909	)		—			1
Withdrawals, surrenders, annuitizations and contract charges		(14,010	)		(1,099	)		—			—

Net accumulation activity		(13,776	)		(2,008	)		—			1

Net increase (decrease) from contract owner transactions		(13,776	)		(2,008	)		—			1

Total increase (decrease) in net assets		2,643			25,240			709			295
Net assets at beginning of year		224,651			199,411			6,658			6,363

Net assets at end of year	$	227,294		$	224,651		$	7,367		$	6,658

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

- 25 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M83 Sub-Account						MG3 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(731	)	$	(678	)	$	(1,035	)	$	(875	)
Net realized gains (losses)		29,948			30,838			16,732			7,109
Net change in unrealized appreciation (depreciation)		5,014			266			(11,456	)		8,210

Increase (decrease) from operations		34,231			30,426			4,241			14,444

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—			179			3,562			524
Transfers between Sub-Accounts (including the Fixed Account), net		(2,492	)		(4,442	)		(29	)		2
Withdrawals, surrenders, annuitizations and contract charges		(23,575	)		(20,099	)		(33,729	)		(5,536	)

Net accumulation activity		(26,067	)		(24,362	)		(30,196	)		(5,010	)

Net increase (decrease) from contract owner transactions		(26,067	)		(24,362	)		(30,196	)		(5,010	)

Total increase (decrease) in net assets		8,164			6,064			(25,955	)		9,434
Net assets at beginning of year		323,398			317,334			134,386			124,952

Net assets at end of year	$	331,562		$	323,398		$	108,431		$	134,386

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

- 26 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	P06 Sub-Account						P07 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	4,692		$	2,611		$	19,006		$	19,043
Net realized gains (losses)		(2,953	)		(1,086	)		(9,662	)		(26,795	)
Net change in unrealized appreciation (depreciation)		15,115			(295	)		46,255			13,776

Increase (decrease) from operations		16,854			1,230			55,599			6,024

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,565			147			247			24,943
Transfers between Sub-Accounts (including the Fixed Account), net		232			417			5,598			22,350
Withdrawals, surrenders, annuitizations and contract charges		(23,609	)		(4,795	)		(55,627	)		(117,723	)

Net accumulation activity		(21,812	)		(4,231	)		(49,782	)		(70,430	)

Net increase (decrease) from contract owner transactions		(21,812	)		(4,231	)		(49,782	)		(70,430	)

Total increase (decrease) in net assets		(4,958	)		(3,001	)		5,817			(64,406	)
Net assets at beginning of year		280,168			283,169			817,846			882,252

Net assets at end of year	$	275,210		$	280,168		$	823,663		$	817,846

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

- 27 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	W39 Sub-Account						W42 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(104	)	$	(79	)	$	(17,843	)	$	(19,825	)
Net realized gains (losses)		(246	)		(2,506	)		(5,054	)		(29,320	)
Net change in unrealized appreciation (depreciation)		1,880			897			55,655			180,248

Increase (decrease) from operations		1,530			(1,688	)		32,758			131,103

Contract Owner Transactions:
Accumulation Activity:
Purchase payments received		—			—			46,801			14,947
Transfers between Sub-Accounts (including the Fixed Account), net		(57	)		1,101			19,053			(20,069	)
Withdrawals, surrenders, annuitizations and contract charges		(587	)		(6,185	)		(251,185	)		(167,459	)

Net accumulation activity		(644	)		(5,084	)		(185,331	)		(172,581	)

Net increase (decrease) from contract owner transactions		(644	)		(5,084	)		(185,331	)		(172,581	)

Total increase (decrease) in net assets		886			(6,772	)		(152,573	)		(41,478	)
Net assets at beginning of year		14,521			21,293			1,102,683			1,144,161

Net assets at end of year	$	15,407		$	14,521		$	950,110		$	1,102,683

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

- 28 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

1. BUSINESS AND ORGANIZATION

Delaware Life Variable Account F (the “Variable Account”) is a separate account of Delaware Life Insurance Company (the “Sponsor”). The Variable Account was established on July 13, 1989 as a funding vehicle for the variable portion of Columbia All-Star contracts, Columbia All-Star Extra contracts, Columbia All-Star Freedom contracts, Columbia All-Star Traditions contracts, and certain other fixed and variable annuity contracts (“the Contracts”) issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services – Investment Companies”.

The assets of the Variable Account are divided into “Sub-Accounts”. Each Sub-Account is invested in shares of a specific mutual fund (collectively the “Funds”), or series thereof, registered under the Investment Company Act of 1940, as amended. The contract owners of the Variable Account direct the deposits into the Sub-Accounts of the Variable Account.

A summary of the name changes related to Sub-Accounts held by the contract owners of the Variable Account during the current year, is as follows:


Sub-Account	Previous Name	Effective Date
W39	Wanger International	June 2, 2025
W42	Wanger Acorn	June 2, 2025

There were no Sub-Accounts held by contract owners of the Variable Account that were closed, merged into another Sub-Account or commenced operations during the current year.

There were no Sub-Accounts held by the contract owners of the Variable Account with commencement dates earlier than the past five years, but for which the first activity occurred within the last five years.

Rydex VT NASDAQ-100 Fund Sub-Account (R03) is active at December 31, 2025 but has had zero balance for more than five years and therefore is not disclosed in the Statements of Assets and Liabilities, Statements of Changes in Net Assets or the financial highlights in Note 11.

Wanger Select Fund Sub-Account (W41) was closed in 2023. Refer to Note 11 for more information.

- 29 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

Investment Valuation and Transactions

Units

Purchase Payments

Upon issuance of new contracts, the initial purchase payment is credited to the contract in the form of units. All subsequent purchase payments are applied using the unit values for the period during which the purchase payment is received.

Transfers

Transfers between Sub-Accounts requested by contract owners are recorded in the new Sub-Account upon receipt of the redemption proceeds at the net asset value at the time of receipt. In addition, transfers can be made between the Sub-Accounts and the “Fixed Account”. The Fixed Account is part of the general account of the Sponsor in which purchase payments or contract values may be allocated or transferred.

Withdrawals

Annuitization

On the annuity commencement date, the contract’s accumulation account is canceled and its adjusted value is applied to provide an annuity. The adjusted value will be equal to the value of the accumulation account for the period that ends immediately before the annuity commencement date, reduced by any applicable premium taxes or similar taxes and a proportionate amount of the contract maintenance charge.

Annuity Payments

- 30 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Federal Income Taxes

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the Sponsor’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the period. The most significant estimate is fair value measurements of investments and the calculation of reserve for variable annuities. Actual results could vary from the amounts derived from the Sponsor management’s estimates.

Subsequent events

3. FAIR VALUE MEASUREMENTS

The Variable Account has categorized its financial instruments, based on the priority of the inputs to the valuation technique, into the three level hierarchy described above. If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

- 31 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

4. RELATED-PARTY TRANSACTIONS

Security Investors, LLC, one of the companies in the investment management businesses of Guggenheim Partners, LLC and a related-party of the Sponsor, is the investment advisor to certain Rydex funds and charges a management fee at an annual rate 0.75% of the Rydex funds’ average daily net assets.

5. CONTRACT CHARGES

Mortality and expense risk charges

Charges for mortality and expense risks, the optional death benefit riders, and the optional living benefit riders are deducted from the Variable Account at the end of each valuation period to cover the risks assumed by the Sponsor. The deductions are calculated at different levels based upon the elections made by the contract holder and are transferred periodically to the Sponsor. These charges are reflected in the Statement of Operations. At December 31, 2025, the deductions are at an effective annual rate based on the average daily value of the contract invested in the Variable Account as follows:


	Level 1			Level 2			Level 3			Level 4			Level 5			Level 6			Level 7			Level 8
Columbia All-Star		1.30	%		1.50	%		1.55	%		1.70	%		1.75	%		1.90	%		1.95	%		2.15	%
Columbia All-Star Freedom		1.35	%		1.55	%		1.60	%		1.75	%		1.80	%		1.95	%		-	%		-	%
Columbia All-Star Traditions		1.05	%		1.25	%		1.30	%		1.45	%		1.50	%		1.65	%		1.70	%		1.90	%
Columbia All-Star Extra		1.40	%		1.60	%		1.65	%		1.80	%		1.85	%		2.00	%		2.05	%		2.25	%

Distribution and administrative expense charges

For assuming the risk that surrender charges may be insufficient to compensate the Sponsor for the costs of distributing the contracts, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period at an effective annual rate of 0.15% of the average daily value of the contracts invested in the Variable Account for Columbia All-Star Traditions and Columbia All-Star Extra contracts and an effective annual rate of 0.20% of the average daily value of the contracts invested in the Variable Account for Columbia All-Star and Columbia All-Star Freedom contracts. These charges are reflected in the Statement of Operations.

As reimbursement for administrative expenses attributable to Columbia All-Star, Columbia All-Star Freedom, Columbia All-Star Traditions, and Columbia All-Star Extra contracts, which exceed the charges received from the account administration fee (‘‘Account Fee’’) described below, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period at an effective annual rate of 0.15% of the net assets attributable to such contracts. These charges are reflected in the Statement of Operations.

- 32 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

5. CONTRACT CHARGES (CONTINUED)

Optional living benefit rider charges

A quarterly charge of 0.125% (“Benefit Fee”) of the contract owner’s account value is deducted from the value of the contract on the last day of the account quarter. Account quarters are defined as three-month periods, with the first account quarter beginning on the date the contracts were issued, if a certain optional living benefit rider is elected. This optional living benefit rider is available on Columbia All-Star contracts, Columbia All-Star Traditions contracts, and Columbia All-Star Extra contracts; however, no contracts were ever sold with the rider elected; therefore, there are no Benefit Fees reflected in the Variable Account’s financial statements.

Administration charges

Each year on the account anniversary date, an Account Fee equal to $50 is deducted from the contract owner’s account to reimburse the Sponsor for certain administrative expenses. After the annuity commencement date, the Account Fee is deducted pro rata from each variable annuity payment made during the year. The Account Fee is reported in the Statements of Changes in Net Assets as part of “Withdrawals, surrenders, annuitizations and contract charges”.

Surrender charges

The Sponsor does not deduct a sales charge from the purchase payments. However, a surrender charge (contingent deferred sales charge) may be deducted to cover certain expenses relating to the sale of the Columbia All-Star contracts, Columbia All-Star Traditions contracts, and Columbia All-Star Extra contracts if the contract holder requests a full withdrawal prior to reaching the pay-out phase. In no event shall the aggregate surrender charges exceed 8% of the purchase payments withdrawn. The surrender charge is reported in the Statements of Changes in Net Assets as part of “Withdrawals, surrenders, annuitizations and contract charges”.

Premium Taxes

A deduction, when applicable, is made for premium taxes or similar state or local taxes. It is currently the policy of the Sponsor to make this deduction from the amount applied to provide an annuity at the time of annuitization.

6. RESERVE FOR VARIABLE ANNUITIES

Reserve for variable annuities represents the actuarial present value of future contract benefits for those contract holders who are in the payout phase of their contract and chose the variable payout option. Annuity reserves are calculated using the Annuity 2000 Table or the 2012 Individual Annuitant Mortality Table and an assumed interest rate of 3% per year. The Individual Annuitant Mortality Table utilized is subject to change in conjunction with changes in the tables currently adopted by the National Association of Insurance Commissioners. The mortality risk is fully borne by the Sponsor and may result in additional amounts being transferred into the variable annuity account by the Sponsor to cover greater longevity of annuities than expected. Required adjustments to the reserves are accomplished by transfers to or from the Sponsor.

- 33 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

7. INVESTMENT PURCHASES AND SALES

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2025 were as follows:


	Purchases		Sales
A70	$	5,299	$	764
A71		78,803		104,832
C49		30,007		120,243
C75		99,564		176,258
C76		11,471		36,524
C60		4,230		32,026
C66		31,619		114,880
C68		—		30,606
C73		8,549		259,419
C69		13,284		8,944
C70		23,493		41,474
F97		12,450		9,733
T20		44,557		87,367
F51		9,643		9,738
F54		25,936		26,349
V52		21,754		9,766
AC1		178		199
M80		193,492		134,882
M10		66,868		54,111
MB3		34,012		18,526
M42		—		117
M83		36,054		37,761
MG3		14,188		35,888
P06		11,566		28,687
P07		61,614		92,390
W39		649		1,321
W42		150,865		354,039

- 34 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

8. CHANGES IN UNITS OUTSTANDING

The changes in units outstanding for the year ended December 31, 2025 were as follows:


	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
A70		—		1		(1	)
A71		357		2,318		(1,961	)
C49		1,167		4,212		(3,045	)
C75		5,977		16,783		(10,806	)
C76		443		2,349		(1,906	)
C60		94		465		(371	)
C66		1,119		3,773		(2,654	)
C68		—		526		(526	)
C73		11		11,676		(11,665	)
C69		950		628		322
C70		1,888		3,927		(2,039	)
F97		—		180		(180	)
T20		191		3,215		(3,024	)
F51		—		190		(190	)
F54		7		729		(722	)
V52		—		129		(129	)
AC1		—		6		(6	)
M80		431		1,390		(959	)
M10		1,107		1,299		(192	)
MB3		10		486		(476	)
M83		182		1,040		(858	)
MG3		102		972		(870	)
P06		130		1,491		(1,361	)
P07		1,828		5,144		(3,316	)
W39		10		25		(15	)
W42		3,582		7,643		(4,061	)

- 35 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

The changes in units outstanding for the year ended December 31, 2024 were as follows:


	Units		Units		Net Increase
	Issued		Redeemed		(Decrease)
A70		15		194		(179	)
A71		1,632		6,188		(4,556	)
AM2		—		977		(977	)
C49		141		1,381		(1,240	)
C75		9,363		19,713		(10,350	)
C76		2,400		3,497		(1,097	)
C60		66		603		(537	)
C66		157		319		(162	)
C68		1		533		(532	)
C73		11		648		(637	)
C69		1,234		280		954
C70		3,025		6,374		(3,349	)
F97		—		252		(252	)
T20		1,869		2,428		(559	)
F51		997		2,073		(1,076	)
F54		8		350		(342	)
V52		—		11		(11	)
AC1		—		6		(6	)
M80		321		1,545		(1,224	)
M10		1,186		2,356		(1,170	)
MB3		—		75		(75	)
M83		372		1,232		(860	)
MG3		16		163		(147	)
P06		40		313		(273	)
P07		4,770		9,800		(5,030	)
W39		33		137		(104	)
W42		1,111		4,845		(3,734	)

- 36 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

9. TAX DIVERSIFICATION REQUIREMENTS

10. SEGMENT REPORTING

The Variable Account derives revenues from certain variable annuity products sold by the Sponsor. The Sponsor has identified its Chief Product Officer as the chief operating decision maker for overseeing the Variable Account’s variable annuity products and the performance of the Funds to evaluate the results of the business and make operational decisions. The Variable Account’s products constitute a single operating segment and therefore, a single reportable segment. The Variable Account is structured with a limited purpose by design and its sole purpose is to record and report the Funds’ activities and performance. Investment performance of the Funds may vary based on the Fund’s investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein. Refer to the Variable Account’s Statement of Operations for segment expenses for the year ended December 31, 2025 and the Statement of Assets and Liabilities for segment assets at December 31, 2025.

- 37 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS

The summary of units outstanding, unit value (some of which may be rounded), net assets, investment income ratios, expense ratios (excluding expenses of the underlying mutual funds) and the total return, for each of the five years in the period ended December 31, is as follows:


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
A70
2025		1,285	$	43.6793	to	$	21.3971	$	40,746		—	%		1.35	%	to	2.05	%		4.60	%	to	3.86	%
2024		1,286		41.7591	to		20.6015		39,172		—			1.35		to	2.05			4.52		to	3.78
2023		1,465		39.9528	to		19.8513		43,684		0.03			1.35		to	2.05			14.15		to	13.35
2022		1,521		35.0004	to		17.5135		40,132		—			1.35		to	2.05			(28.15	)	to	(28.65	)
2021		1,577		48.7116	to		24.5471		58,450		—			1.35		to	2.05			20.92		to	20.07
A71
2025		16,714		57.8276	to		40.1045		696,090		0.89			1.35		to	2.30			8.72		to	7.68
2024		18,675		53.1915	to		37.2436		718,549		1.22			1.35		to	2.30			11.23		to	10.17
2023		23,231		47.8193	to		33.8066		793,045		1.23			1.35		to	2.30			10.22		to	9.18
2022		26,060		43.3846	to		30.9652		806,416		1.11			1.35		to	2.30			(5.70	)	to	(6.60	)
2021		30,307		46.0088	to		33.1533		999,848		0.63			1.35		to	2.30			26.12		to	24.92
AM2⁵
2024		—		28.3537	to		22.8822		—		—			1.70		to	2.05			(1.42	)	to	(1.52	)
2023		977		28.7617	to		23.2357		25,491		—			1.70		to	2.05			10.45		to	10.07
2022		956		26.0393	to		21.1105		22,654		—			1.70		to	2.05			(29.03	)	to	(29.28	)
2021		2,413		36.6901	to		29.8503		75,459		—			1.70		to	2.05			6.18		to	5.80
C49
2025		18,269		28.8081	to		25.9605		493,298		—			1.35		to	2.05			14.01		to	13.21
2024		21,314		25.2685	to		22.9322		508,474		—			1.35		to	2.05			13.56		to	12.75
2023		22,554		22.2520	to		20.3388		475,730		—			1.35		to	2.05			3.43		to	2.71
2022		23,467		21.5133	to		19.8028		480,404		—			1.35		to	2.05			(2.72	)	to	(3.40	)
2021		28,099		22.1140	to		20.4996		592,239		—			1.35		to	2.05			24.20		to	23.33
C75
2025		114,092		10.1636	to		8.9979		1,107,187		3.90			1.35		to	2.30			2.59		to	1.62
2024		124,898		9.9066	to		8.8547		1,183,916		4.88			1.35		to	2.30			3.61		to	2.61
2023		135,248		9.5619	to		8.6293		1,240,026		4.60			1.35		to	2.30			3.35		to	2.37
2022		180,634		9.2522	to		8.4298		1,601,042		1.15			1.35		to	2.30			(0.15	)	to	(1.10	)
2021		191,491		9.2660	to		8.5234		1,710,639		0.02			1.35		to	2.30			(1.33	)	to	(2.27	)
C76
2025		23,684		14.4966	to		12.8339		324,817		1.77			1.35		to	2.30			6.97		to	5.95
2024		25,590		13.5521	to		12.1130		329,357		5.42			1.35		to	2.30			4.28		to	3.28
2023		26,687		12.9961	to		11.7286		330,506		5.05			1.35		to	2.30			9.87		to	8.82
2022		29,903		11.8288	to		10.7775		338,462		5.25			1.35		to	2.30			(11.42	)	to	(12.27	)
2021		33,414		13.3545	to		12.2843		437,983		8.92			1.35		to	2.30			2.74		to	1.76

- 38 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
C60
2025		8,625	$	59.6459	to	$	53.7511	$	490,719		—	%		1.35	%	to	2.05	%		14.29	%	to	13.49	%
2024		8,996		52.1872	to		47.3628		449,175		—			1.35		to	2.05			29.23		to	28.32
2023		9,533		40.3822	to		36.9109		369,404		—			1.35		to	2.05			40.85		to	39.86
2022		10,219		28.6699	to		26.3904		281,933		—			1.35		to	2.05			(32.45	)	to	(32.93	)
2021		12,970		42.4454	to		39.3475		527,405		—			1.35		to	2.05			26.63		to	25.73
C66
2025		5,433		32.2682	to		29.0784		165,074		—			1.35		to	2.05			12.65		to	11.85
2024		8,087		28.6457	to		25.9969		219,914		—			1.35		to	2.05			11.01		to	10.23
2023		8,249		25.8038	to		23.5852		202,763		—			1.35		to	2.05			8.82		to	8.05
2022		8,340		23.7127	to		21.8271		189,025		—			1.35		to	2.05			(10.65	)	to	(11.28	)
2021		10,856		26.5402	to		24.6028		275,181		—			1.35		to	2.05			30.55		to	29.63
C68
2025		7,838		49.9218	to		44.9881		377,895		—			1.35		to	2.05			15.67		to	14.86
2024		8,364		43.1572	to		39.1675		349,297		—			1.35		to	2.05			22.71		to	21.84
2023		8,896		35.1696	to		32.1464		303,807		—			1.35		to	2.05			23.96		to	23.09
2022		9,013		28.3707	to		26.1151		248,837		—			1.35		to	2.05			(19.64	)	to	(20.20	)
2021		9,614		35.3028	to		32.7262		331,107		—			1.35		to	2.05			26.34		to	25.45
C73
2025		8,568		24.2160	to		22.4495		193,156		3.06			1.55		to	1.85			5.51		to	5.19
2024		20,233		22.9521	to		21.3425		432,560		4.28			1.55		to	1.85			2.88		to	2.56
2023		20,870		22.3100	to		20.8090		434,938		3.38			1.55		to	1.85			7.52		to	7.19
2022		21,522		20.7499	to		19.4125		418,385		2.64			1.55		to	1.85			(12.88	)	to	(13.15	)
2021		24,294		23.8183	to		22.3507		552,576		5.18			1.55		to	1.85			0.06		to	(0.25	)
C69
2025		17,591		10.2483	to		9.9471		180,147		2.23			1.65		to	1.85			7.39		to	7.17
2024		17,269		9.5429	to		9.2812		164,680		3.36			1.65		to	1.85			(0.11	)	to	(0.32	)
2023		16,315		9.5537	to		9.3108		155,740		2.84			1.65		to	1.85			3.97		to	3.76
2022		15,267		9.1894	to		8.9738		140,187		2.00			1.65		to	1.85			(15.55	)	to	(15.72	)
2021		15,440		10.8813	to		10.6476		167,888		1.88			1.65		to	1.85			(2.58	)	to	(2.78	)
C70
2025		28,606		10.3238	to		8.9649		279,878		2.01			1.35		to	2.30			7.36		to	6.34
2024		30,645		9.6159	to		8.4304		279,641		3.12			1.35		to	2.30			(0.05	)	to	(1.00	)
2023		33,994		9.6202	to		8.5160		310,442		2.64			1.35		to	2.30			4.01		to	3.03
2022		37,651		9.2490	to		8.2658		331,485		1.81			1.35		to	2.30			(15.48	)	to	(16.28	)
2021		44,656		10.9424	to		9.8731		465,711		1.82			1.35		to	2.30			(2.53	)	to	(3.46	)
F97
2025		4,927		38.9202	to		35.3375		175,900		1.65			1.65		to	2.05			16.79		to	16.32
2024		5,107		33.3238	to		30.3784		157,016		1.59			1.65		to	2.05			13.15		to	12.69
2023		5,359		29.4511	to		26.9575		146,560		1.77			1.65		to	2.05			8.57		to	8.13
2022		5,440		27.1270	to		24.9301		137,558		1.73			1.65		to	2.05			(6.80	)	to	(7.18	)
2021		5,558		29.1064	to		26.8572		151,403		1.67			1.65		to	2.05			22.56		to	22.06

- 39 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
T20
2025		16,657	$	29.8097	to	$	23.2567	$	449,464		2.35	%		1.35	%	to	2.30	%		27.46	%	to	26.24	%
2024		19,681		23.3883	to		18.4221		418,807		2.42			1.35		to	2.30			(2.34	)	to	(3.28	)
2023		20,240		23.9491	to		19.0467		441,295		3.27			1.35		to	2.30			19.14		to	18.01
2022		25,884		20.1024	to		16.1406		475,345		3.01			1.35		to	2.30			(8.85	)	to	(9.71	)
2021		29,273		22.0536	to		17.8773		592,101		1.82			1.35		to	2.30			2.76		to	1.78
F51
2025		1,796		47.2599	to		45.1358		84,891		2.22			1.85		to	2.05			14.75		to	14.52
2024		1,986		41.1864	to		39.4143		81,680		1.72			1.85		to	2.05			15.80		to	15.56
2023		3,062		35.5674	to		34.1060		107,421		2.25			1.85		to	2.05			6.98		to	6.76
2022		3,417		33.2480	to		31.9457		111,972		3.10			1.85		to	2.05			(8.52	)	to	(8.71	)
2021		3,791		36.3461	to		34.9925		135,813		2.49			1.85		to	2.05			22.93		to	22.69
F54
2025		6,512		34.0674	to		31.0697		216,767		1.95			1.65		to	2.05			9.68		to	9.24
2024		7,234		31.0593	to		28.4408		219,363		2.00			1.65		to	2.05			9.43		to	8.98
2023		7,576		28.3838	to		26.0967		210,069		1.90			1.65		to	2.05			11.60		to	11.15
2022		7,975		25.4329	to		23.4778		198,273		1.85			1.65		to	2.05			(8.95	)	to	(9.32	)
2021		8,393		27.9334	to		25.8901		229,342		2.90			1.65		to	2.05			17.21		to	16.74
V52
2025		4,632		46.5852	to		45.3158		211,166		—			1.85		to	2.05			9.33		to	9.11
2024		4,761		42.6084	to		41.5305		198,794		—			1.85		to	2.05			32.06		to	31.79
2023		4,772		32.2643	to		31.5117		151,103		—			1.85		to	2.05			38.01		to	37.74
2022		4,783		23.3775	to		22.8779		109,925		—			1.85		to	2.05			(32.56	)	to	(32.70	)
2021		4,796		34.6650	to		33.9922		163,684		—			1.85		to	2.05			9.59		to	9.37
AC1
2025		82		29.1455					2,397		1.18			1.85						14.09
2024		88		25.5467					2,245		1.51			1.85						(1.52)
2023		94		25.9415					2,438		—			1.85						15.70
2022		101		22.4215					2,268		1.40			1.85						(20.01)
2021		108		28.0289					3,040		1.05			1.85						3.66
M80
2025		9,096		120.7964	to		83.6463		801,740		—			1.35		to	2.30			10.40		to	9.35
2024		10,055		109.4183	to		76.4952		807,802		—			1.35		to	2.30			29.37		to	28.13
2023		11,279		84.5765	to		59.7008		701,447		—			1.35		to	2.30			33.69		to	32.42
2022		13,920		63.2628	to		45.0834		639,301		—			1.35		to	2.30			(32.72	)	to	(33.36	)
2021		13,751		94.0330	to		67.6552		947,817		—			1.35		to	2.30			21.58		to	20.42

- 40 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
M10
2025		1,035	$	47.7155	to	$	43.3233	$	49,406		0.29	%		1.65	%	to	2.05	%		11.46	%	to	11.01	%
2024		1,227		40.8719	to		39.0259		50,020		0.37			1.85		to	2.05			17.01		to	16.77
2023		2,397		34.9316	to		33.4215		81,943		0.47			1.85		to	2.05			16.48		to	16.25
2022		2,704		29.9887	to		28.7497		79,330		0.38			1.85		to	2.05			(18.22	)	to	(18.39	)
2021		3,012		38.1764	to		35.2264		108,095		0.41			1.65		to	2.05			24.43		to	23.93
MB3
2025		7,736		30.4579	to		28.9993		227,294		0.02			1.65		to	2.10			7.80		to	7.31
2024		8,212		28.2533	to		27.0229		224,651		0.13			1.65		to	2.10			14.06		to	13.54
2023		8,287		24.7711	to		23.8013		199,411		0.05			1.65		to	2.10			21.68		to	21.13
2022		9,428		20.3582	to		19.6500		187,273		—			1.65		to	2.10			(20.77	)	to	(21.13	)
2021		9,672		25.6953	to		24.9143		243,295		0.03			1.65		to	2.10			23.59		to	23.03
M42
2025		131		56.2421					7,367		—			1.70						10.65
2024		131		50.8284					6,658		—			1.70						4.62
2023		131		48.5856	to		—		6,363		—			1.70		to	—			12.32		to	—
2022		131		49.3912	to		43.2555		5,666		—			1.35		to	1.70			(30.94	)	to	(31.18	)
2021		165		71.5161	to		62.8541		10,698		—			1.35		to	1.70			0.20		to	(0.15	)
M83
2025		10,542		33.5937	to		29.6167		331,562		1.62			1.35		to	2.30			11.49		to	10.43
2024		11,400		30.1310	to		26.8191		323,398		1.65			1.35		to	2.30			10.10		to	9.04
2023		12,260		27.3676	to		24.5955		317,334		1.58			1.35		to	2.30			6.48		to	5.47
2022		13,432		25.7014	to		23.3194		328,126		1.38			1.35		to	2.30			(7.17	)	to	(8.05	)
2021		15,453		27.6872	to		25.3621		408,763		1.31			1.35		to	2.30			23.76		to	22.59
MG3
2025		3,061		39.1106	to		34.4654		108,431		0.82			1.35		to	2.05			4.55		to	3.82
2024		3,931		37.4081	to		33.1988		134,386		1.23			1.35		to	2.05			12.20		to	11.41
2023		4,078		33.3395	to		29.7994		124,952		1.76			1.35		to	2.05			11.21		to	10.43
2022		4,212		29.9781	to		26.9844		116,579		0.98			1.35		to	2.05			(10.01	)	to	(10.64	)
2021		4,900		33.3134	to		30.1989		152,113		0.79			1.35		to	2.05			29.22		to	28.32
P06
2025		17,039		17.4062	to		15.5142		275,210		3.32			1.35		to	1.85			6.42		to	5.88
2024		18,400		16.3564	to		15.1455		280,168		2.61			1.35		to	1.70			0.75		to	0.39
2023		18,673		16.2349	to		15.0867		283,169		2.99			1.35		to	1.70			2.28		to	1.92
2022		18,949		15.8732	to		12.8176		281,879		6.67			1.35		to	2.30			(13.09	)	to	(13.92	)
2021		20,031		18.2648	to		17.0934		344,070		4.94			1.35		to	1.70			4.19		to	3.82
P07
2025		52,492		17.3192	to		13.8225		823,663		4.10			1.35		to	2.30			7.45		to	6.43
2024		55,808		16.1185	to		12.9879		817,846		4.03			1.35		to	2.30			1.14		to	0.17
2023		60,838		15.9361	to		12.9654		882,252		3.51			1.35		to	2.30			4.52		to	3.52
2022		67,800		15.2475	to		12.5241		944,475		2.59			1.35		to	2.30			(15.46	)	to	(16.26	)
2021		75,501		18.0359	to		14.9566		1,248,101		1.82			1.35		to	2.30			(2.60	)	to	(3.52	)

- 41 -

DELAWARE LIFE VARIABLE ACCOUNT F - ALL-STAR

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
W39
2025		391	$	50.9516	to	$	36.2150	$	15,407		1.27	%		1.70	%	to	2.05	%		10.85	%	to	10.46	%
2024		406		41.8574	to		32.7869		14,521		1.42			1.55		to	2.05			(9.68	)	to	(10.14	)
2023		510		46.3432	to		36.4857		21,293		0.32			1.55		to	2.05			15.15		to	14.57
2022		526		40.2454	to		31.8446		19,134		1.04			1.55		to	2.05			(34.87	)	to	(35.20	)
2021		1,137		61.7904	to		49.1394		62,613		0.55			1.55		to	2.05			16.97		to	16.39
W41⁶
2022		11,390		39.1771	to		28.2101		349,924		—			1.35		to	2.05			(35.71	)	to	(36.16	)
2021		11,957		60.9372	to		44.1900		575,440		—			1.35		to	2.05			4.41		to	3.67
W42
2025		19,959		66.7857	to		45.4744		950,110		—			1.35		to	2.30			3.06		to	2.08
2024		24,020		64.8019	to		44.5477		1,102,683		—			1.35		to	2.30			12.63		to	11.55
2023		27,754		57.5359	to		39.9360		1,144,161		—			1.35		to	2.30			20.10		to	18.96
2022		21,582		47.9061	to		33.5704		747,012		—			1.35		to	2.30			(34.36	)	to	(34.98	)
2021		20,457		72.9816	to		51.6337		1,086,098		0.74			1.35		to	2.30			7.43		to	6.41

Represents the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, which are net of management fees assessed by the fund manager, divided by the average net assets. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying mutual fund in which the Sub-Accounts invest.

Ratio represents the contract expenses of the Sub-Account, consisting primarily of mortality and expense charges and distribution charges. The ratio includes only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying mutual fund are excluded.

Ratio represents the total return for the year indicated, including changes in the value of the underlying mutual fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts.

⁴

These unit values are not a direct calculation of net asset over the number of units allocated to the Sub-Account. The unit values are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts. Some unit values may be outside of the range due to timing of the related Sub-Account level’s commencement date. Unit values of product pricing levels with zero units during the period are excluded when determining the range.

⁵	Sub-Account AM2 was closed on April 15, 2024 and its remaining assets were transferred into Sub-Account C75.

⁶	Sub-Account W41 was merged into Sub-Account W42 on April 21, 2023.

- 42 -

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Delaware Life Insurance Company and Contract Owners of Delaware Life Variable Account F - Futurity:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the sub-accounts listed in the Appendix that comprise Delaware Life Variable Account F - Futurity (the Sub-Accounts), as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Sub-Accounts as of December 31, 2025, the results of their operations for the year then ended, and the changes in their net assets for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

/s/ KPMG LLP

We have served as the auditor of one or more Delaware Life Insurance Company separate account investment companies since 2021.

Boston, Massachusetts

April 23, 2026

- 1 -

Appendix

AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70)

AB VPS Relative Value Portfolio (Class B) Sub-Account (A71)

AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) (1)

AB VPS Small Cap Growth Portfolio (Class B) Sub-Account (A19)

Alger Growth & Income Portfolio I-2 Sub-Account (A55)

Alger Small Cap Growth Portfolio I-2 Sub-Account (A51)

ClearBridge Variable Dividend Strategy Portfolio Class I Sub-Account (C53)

ClearBridge Variable Large Cap Value Portfolio Class I Sub-Account (L13)

Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)

Fidelity VIP Growth Portfolio (Service Class 2) Sub-Account (F99)

Fidelity VIP Overseas Portfolio (Service Class 2) Sub-Account (F91)

First Eagle Overseas Variable Fund Sub-Account (FE3)

Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)

Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)

Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30)

Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521)

Goldman Sachs VIT Strategic Growth Fund I Class Sub-Account (520)

Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33)

Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31)

Invesco V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00)

Invesco V.I. American Franchise Fund Series I Sub-Account (V15)

Invesco V.I. American Franchise Fund Series II Sub-Account (V52)

Invesco V.I. Core Equity Fund I Sub-Account (A39)

Invesco V.I. Core Equity Fund II Sub-Account (AC3)

Invesco V.I. EQV International Equity Fund Series I Sub-Account (A21)

Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)

- 2 -

Invesco V.I. Small Cap Equity Fund I Sub-Account (I76)

LVIP JPMorgan Small Cap Core Fund Standard Class Sub-Account (J43)

LVIP JPMorgan U.S. Equity Fund Standard Class Sub-Account (J32)

MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)

MFS VIT Total Return Series Initial Class Sub-Account (M07)

MFS VIT Total Return Series Service Class Sub-Account (M35)

MFS VIT I Growth Series Initial Class Sub-Account (M31)

MFS VIT I Growth Series Service Class Sub-Account (M80)

MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)

MFS VIT I New Discovery Series Initial Class Sub-Account (M05)

MFS VIT I New Discovery Series Service Class Sub-Account (M42)

MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06)

MFS VIT I Research Series Initial Class Sub-Account (M33)

MFS VIT I Utilities Series Initial Class Sub-Account (M44)

MFS VIT I Utilities Series Service Class Sub-Account (M40)

MFS VIT I Value Series Initial Class Sub-Account (M83)

MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)

MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7)

MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)

MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)

MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)

MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)

MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)

MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)

MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8)

MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)

MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)

PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)

PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)

- 3 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES

DECEMBER 31, 2025


			Assets								Liabilities
	Shares		Cost		Investments at Fair Value		Receivable from Sponsor		Total Assets		Payable to Sponsor		Net Assets
AB VPS Sustainable Global Thematic Portfolio (Class B) Sub-Account (A70)		12,069	$	325,593	$	365,202	$	4,948	$	370,150	$	—	$	370,150
AB VPS Relative Value Portfolio (Class B) Sub-Account (A71)		204,840		5,755,526		6,319,301		—		6,319,301		—		6,319,301
AB VPS Sustainable International Thematic Portfolio (Class B) Sub-Account (AM2) ¹		—		—		—		—		—		—		—
AB VPS Small Cap Growth Portfolio (Class B) Sub-Account (A19)		84,980		874,355		837,905		8,031		845,936		—		845,936
Alger Growth & Income Portfolio I-2 Sub-Account (A55)		139,232		3,607,018		4,889,823		1,385		4,891,208		—		4,891,208
Alger Small Cap Growth Portfolio I-2 Sub-Account (A51)		54,066		1,226,453		1,007,794		—		1,007,794		2,488		1,005,306
ClearBridge Variable Dividend Strategy Portfolio Class I Sub-Account (C53)		14,832		318,126		300,349		—		300,349		—		300,349
ClearBridge Variable Large Cap Value Portfolio Class I Sub-Account (L13)		14,274		286,879		273,769		—		273,769		—		273,769
Fidelity VIP Contrafund Portfolio (Service Class 2) Sub-Account (F24)		306,463		14,433,545		17,425,471		32,151		17,457,622		—		17,457,622
Fidelity VIP Growth Portfolio (Service Class 2) Sub-Account (F99)		155,336		14,064,651		14,427,626		—		14,427,626		26,027		14,401,599
Fidelity VIP Overseas Portfolio (Service Class 2) Sub-Account (F91)		56,789		1,328,494		1,540,120		265		1,540,385		—		1,540,385
First Eagle Overseas Variable Fund Sub-Account (FE3)		855,476		21,035,506		23,884,880		—		23,884,880		77,384		23,807,496
Franklin Templeton Foreign VIP Fund Class 2 Sub-Account (T20)		63,482		884,457		1,029,679		304		1,029,983		—		1,029,983
Franklin Templeton Growth VIP Fund Class 2 Sub-Account (F56)		40,709		472,609		576,034		—		576,034		—		576,034
Goldman Sachs VIT Large Cap Value Fund I Class Sub-Account (G30)		173,731		1,529,045		1,421,118		—		1,421,118		—		1,421,118
Goldman Sachs VIT Small Cap Equity Insights Fund I Class Sub-Account (521)		99,947		1,276,448		1,427,249		5,587		1,432,836		—		1,432,836
Goldman Sachs VIT Strategic Growth Fund I Class Sub-Account (520)		214,101		2,855,197		3,316,427		19,799		3,336,226		—		3,336,226
Goldman Sachs International Equity Insights Fund I Class Sub-Account (G33)		139,827		1,186,737		1,452,804		1,039		1,453,843		—		1,453,843
Goldman Sachs VIT U.S Equity Insights Fund I Class Sub-Account (G31)		221,115		4,304,477		4,818,088		16,823		4,834,911		—		4,834,911
Invesco V.I. Discovery Mid Cap Growth Fund, Series I Sub-Account (O00)		5,920		429,646		445,267		8,123		453,391		—		453,390
Invesco V.I. American Franchise Fund Series I Sub-Account (V15)		155,632		9,748,837		12,606,179		—		12,606,179		104,703		12,501,476
Invesco V.I. American Franchise Fund Series II Sub-Account (V52)		1,729		97,941		124,424		—		124,424		5,136		119,288
Invesco V.I. Core Equity Fund I Sub-Account (A39)		200,324		6,014,314		7,217,680		566		7,218,246		—		7,218,246
Invesco V.I. Core Equity Fund II Sub-Account (AC3)		1,361		40,189		48,663		—		48,663		—		48,663
Invesco V.I. EQV International Equity Fund Series I Sub-Account (A21)		120,835		4,185,260		4,363,347		2,987		4,366,334		—		4,366,334
Invesco V.I. EQV International Equity Fund Series II Sub-Account (AC1)		4,049		122,835		143,303		—		143,303		—		143,303
Invesco V.I. Small Cap Equity Fund I Sub-Account (I76)		28,270		489,210		567,097		7,868		574,965		—		574,965
LVIP JPMorgan Small Cap Core Fund Standard Class Sub-Account (J43)		45,273		921,731		993,553		7,851		1,001,404		—		1,001,404
LVIP JPMorgan U.S. Equity Fund Standard Class Sub-Account (J32)		75,882		2,716,416		3,746,129		24,130		3,770,259		—		3,770,259
MFS U.S. Government Money Market Portfolio Initial Class Sub-Account (MD8)		11,876,741		11,876,741		11,876,741		3,985		11,880,726		—		11,880,726
MFS VIT Total Return Series Initial Class Sub-Account (M07)		383,614		9,018,287		8,949,703		—		8,949,703		425		8,949,278
MFS VIT Total Return Series Service Class Sub-Account (M35)		324,175		7,478,745		7,339,324		—		7,339,324		3		7,339,321
MFS VIT I Growth Series Initial Class Sub-Account (M31)		261,961		16,563,889		17,774,062		—		17,774,062		1,695		17,772,367
MFS VIT I Growth Series Service Class Sub-Account (M80)		59,497		3,269,117		3,610,280		—		3,610,280		6		3,610,274
MFS VIT I Mid Cap Growth Series Initial Class Sub-Account (MF1)		1,717,478		15,656,663		13,705,474		—		13,705,474		24,287		13,681,187
MFS VIT I New Discovery Series Initial Class Sub-Account (M05)		390,328		5,749,257		6,089,118		7,212		6,096,330		—		6,096,330
MFS VIT I New Discovery Series Service Class Sub-Account (M42)		583,191		6,857,353		7,056,609		—		7,056,609		30,623		7,025,986
MFS VIT I Total Return Bond Series Initial Class Sub-Account (M06)		370,033		4,615,513		4,358,992		5,462		4,364,454		—		4,364,454
MFS VIT I Research Series Initial Class Sub-Account (M33)		364,283		10,894,685		11,106,978		—		11,106,978		149		11,106,829
MFS VIT I Utilities Series Initial Class Sub-Account (M44)		120,188		4,042,223		4,534,692		5,132		4,539,824		—		4,539,824
MFS VIT I Utilities Series Service Class Sub-Account (M40)		35,674		1,120,132		1,313,526		—		1,313,526		—		1,313,526
MFS VIT I Value Series Initial Class Sub-Account (M83)		1,428,331		29,597,836		31,794,659		—		31,794,659		53,287		31,741,372
MFS VIT II Blended Research Core Equity Portfolio I Class Sub-Account (MB6)		80,133		4,492,293		4,873,698		—		4,873,698		1,489		4,872,209
MFS VIT II Blended Research Core Equity Portfolio S Class Sub-Account (MB7)		54,753		2,848,145		3,268,771		—		3,268,771		—		3,268,771
MFS VIT II Government Securities Portfolio I Class Sub-Account (M96)		242,683		2,904,869		2,625,826		—		2,625,826		580		2,625,246
MFS VIT II Government Securities Portfolio S Class Sub-Account (MD2)		151,883		1,820,527		1,634,260		—		1,634,260		—		1,634,260
MFS VIT II High Yield Portfolio I Class Sub-Account (MA6)		2,387,130		12,466,817		12,150,493		—		12,150,493		8,517		12,141,976
MFS VIT II High Yield Portfolio Service Class Sub-Account (MA3)		409,075		2,141,569		2,053,554		—		2,053,554		—		2,053,554
MFS VIT II Massachusetts Investors Growth Stock Portfolio I Class Sub-Account (MD6)		531,615		11,599,463		11,987,919		17,368		12,005,287		—		12,005,287
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class Sub-Account (MB3)		195,548		4,086,238		4,276,635		—		4,276,635		3		4,276,632
MFS VIT III Blended Research Small Cap Equity Portfolio Initial Class Sub-Account (MB8)		1,187,083		11,178,008		11,597,796		—		11,597,796		39,189		11,558,607
MFS VIT III Global Real Estate Portfolio Initial Class Sub-Account (MF6)		597,829		7,911,458		7,586,447		—		7,586,447		19,371		7,567,076
MFS VIT III Mid Cap Value Portfolio Initial Class Sub-Account (MG3)		1,777,434		15,679,564		17,969,856		—		17,969,856		35,013		17,934,843
PIMCO VIT Emerging Markets Bond Portfolio Admin Class Sub-Account (PK8)		725,108		8,325,504		8,280,734		—		8,280,734		11,971		8,268,763
PIMCO VIT Real Return Portfolio Admin Class Sub-Account (P06)		230,746		2,876,541		2,771,262		253		2,771,515		—		2,771,515
PIMCO VIT Total Return Portfolio Admin Class Sub-Account (P07)		1,720,754		17,306,089		16,261,126		—		16,261,126		5,192		16,255,934
Rydex VT NASDAQ-100 Fund Sub-Account (R03)		17,949		1,154,820		1,736,232		41,069		1,777,301		—		1,777,301
Rydex VT Nova Fund Sub-Account (R02)		2,515		325,258		647,255		40,235		687,490		—		687,490

¹	This Sub-Account was closed in 2024.Refer to Note 11 in the Variable Account’s Notes to Financial Statements for more information.

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

- 5 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2025


	Units		Value Applicable to Owners of Deferred Variable Annuity Contracts		Reserve for Variable Annuities		Net Assets
A70		16,040	$	353,011	$	17,139	$	370,150
A71		161,358		6,319,301		—		6,319,301
AM2		—		—		—		—
A19		16,419		824,464		21,472		845,936
A55		91,007		4,810,872		80,336		4,891,208
A51		34,078		1,004,277		1,029		1,005,306
C53		7,871		300,349		—		300,349
L13		5,371		273,769		—		273,769
F24		203,939		17,074,673		382,949		17,457,622
F99		218,014		14,027,738		373,861		14,401,599
F91		61,567		1,506,895		33,490		1,540,385
FE3		328,237		23,580,439		227,057		23,807,496
T20		34,617		1,027,133		2,850		1,029,983
F56		17,198		576,034		—		576,034
G30		39,705		1,421,118		—		1,421,118
521		25,773		1,407,074		25,762		1,432,836
520		54,284		3,229,158		107,068		3,336,226
G33		68,972		1,434,872		18,971		1,453,843
G31		91,146		4,791,215		43,696		4,834,911
O00		27,068		431,671		21,719		453,390
V15		246,573		12,432,899		68,577		12,501,476
V52		2,703		88,469		30,819		119,288
A39		201,602		7,200,699		17,547		7,218,246
AC3		852		48,663		—		48,663
A21		173,474		4,350,096		16,238		4,366,334
AC1		3,879		143,303		—		143,303
I76		18,721		553,480		21,485		574,965
J43		19,399		980,413		20,991		1,001,404
J32		43,723		3,676,424		93,835		3,770,259
MD8		1,202,760		11,817,937		62,789		11,880,726
M07		441,018		8,895,688		53,590		8,949,278
M35		378,888		7,315,561		23,760		7,339,321
M31		294,138		17,447,142		325,225		17,772,367

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

- 6 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF ASSETS AND LIABILITIES (CONTINUED)

DECEMBER 31, 2025


	Total Units		Value Applicable to Owners of Deferred Variable Annuity Contracts		Reserve for Variable Annuities		Net Assets
M80		47,866	$	3,566,438	$	43,836.00	$	3,610,274
MF1		341,327		13,586,891		94,296		13,681,187
M05		260,558		5,954,149		142,181		6,096,330
M42		314,502		6,967,105		58,881		7,025,986
M06		389,447		4,288,502		75,952		4,364,454
M33		264,316		11,081,712		25,117		11,106,829
M44		248,100		4,513,047		26,777		4,539,824
M40		75,243		1,313,526		—		1,313,526
M83		963,245		31,203,765		537,607		31,741,372
MB6		91,942		4,788,171		84,038		4,872,209
MB7		57,552		3,268,771		—		3,268,771
M96		160,270		2,618,912		6,334		2,625,246
MD2		123,228		1,634,260		—		1,634,260
MA6		526,868		11,997,690		144,286		12,141,976
MA3		77,846		2,053,554		—		2,053,554
MD6		290,995		11,719,562		285,725		12,005,287
MB3		83,139		4,255,499		21,133		4,276,632
MB8		217,628		11,421,750		136,857		11,558,607
MF6		188,258		7,525,387		41,689		7,567,076
MG3		473,763		17,541,786		393,057		17,934,843
PK8		227,244		8,224,253		44,510		8,268,763
P06		159,715		2,767,702		3,813		2,771,515
P07		936,092		16,189,146		66,788		16,255,934
R03		21,692		1,613,715		163,586		1,777,301
R02		9,805		521,545		165,945		687,490

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

- 7 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2025


	A70			A71			A19
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	58,127		$	—
Expenses:
Mortality and expense risk charges		(5,037	)		(78,755	)		(10,354	)
Administration and distribution charges		(1,420	)		(22,740	)		(2,485	)

Net investment income (loss)		(6,457	)		(43,368	)		(12,839	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(804	)		88,285			(25,396	)
Realized gain distributions		47,269			542,784			—

Net realized gains (losses)		46,465			631,069			(25,396	)

Net change in unrealized appreciation (depreciation)		(24,006	)		(58,483	)		62,369

Net realized and change in unrealized gains (losses)		22,459			572,586			36,973

Net increase (decrease) from operations	$	16,002		$	529,218		$	24,134

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

- 8 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	A55			A51			C53
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	72,590		$	—		$	6,870
Expenses:
Mortality and expense risk charges		(55,188	)		(12,247	)		(4,323	)
Administration and distribution charges		(11,659	)		(2,624	)		(521	)

Net investment income (loss)		5,743			(14,871	)		2,026

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		456,159			(109,414	)		14,970
Realized gain distributions		544,576			11,646			43,022

Net realized gains (losses)		1,000,735			(97,768	)		57,992

Net change in unrealized appreciation (depreciation)		(183,188	)		139,551			(23,975	)

Net realized and change in unrealized gains (losses)		817,547			41,783			34,017

Net increase (decrease) from operations	$	823,290		$	26,912		$	36,043

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

- 9 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	L13			F24			F99
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	3,026		$	—		$	6,821
Expenses:
Mortality and expense risk charges		(3,237	)		(197,980	)		(168,043	)
Administration and distribution charges		(390	)		(55,272	)		(47,052	)

Net investment income (loss)		(601	)		(253,252	)		(208,274	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		548			769,172			311,721
Realized gain distributions		26,288			2,739,010			1,851,574

Net realized gains (losses)		26,836			3,508,182			2,163,295

Net change in unrealized appreciation (depreciation)		(4,382	)		(368,900	)		(201,110	)

Net realized and change in unrealized gains (losses)		22,454			3,139,282			1,962,185

Net increase (decrease) from operations	$	21,853		$	2,886,030		$	1,753,911

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

- 10 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	F91			FE3			T20
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	22,412		$	396,461		$	24,490
Expenses:
Mortality and expense risk charges		(20,032	)		(276,496	)		(12,221	)
Administration and distribution charges		(5,817	)		(83,332	)		(3,582	)

Net investment income (loss)		(3,437	)		36,633			8,687

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		108,185			555,817			35,752
Realized gain distributions		146,316			2,853,589			68,382

Net realized gains (losses)		254,501			3,409,406			104,134

Net change in unrealized appreciation (depreciation)		38,305			3,679,343			139,421

Net realized and change in unrealized gains (losses)		292,806			7,088,749			243,555

Net increase (decrease) from operations	$	289,369		$	7,125,382		$	252,242

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

- 11 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	F56			G30			521
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	4,857		$	17,044		$	9,773
Expenses:
Mortality and expense risk charges		(6,564	)		(18,931	)		(16,895	)
Administration and distribution charges		(1,679	)		(3,450	)		(4,560	)

Net investment income (loss)		(3,386	)		(5,337	)		(11,682	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		3,954			(48,708	)		32,892
Realized gain distributions		41,702			212,009			111,225

Net realized gains (losses)		45,656			163,301			144,117

Net change in unrealized appreciation (depreciation)		69,215			(19,155	)		67,014

Net realized and change in unrealized gains (losses)		114,871			144,146			211,131

Net increase (decrease) from operations	$	111,485		$	138,809		$	199,449

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

- 12 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	520			G33			G31
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	37,392		$	31,807
Expenses:
Mortality and expense risk charges		(37,016	)		(17,740	)		(55,843	)
Administration and distribution charges		(11,316	)		(2,750	)		(10,902	)

Net investment income (loss)		(48,332	)		16,902			(34,938	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		34,391			47,074			83,304
Realized gain distributions		492,581			183,411			602,081

Net realized gains (losses)		526,972			230,485			685,385

Net change in unrealized appreciation (depreciation)		(15,255	)		201,793			(27,145	)

Net realized and change in unrealized gains (losses)		511,717			432,278			658,240

Net increase (decrease) from operations	$	463,385		$	449,180		$	623,302

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

- 13 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	O00			V15			V52
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		(5,439	)		(152,456	)		(1,691	)
Administration and distribution charges		(1,389	)		(29,569	)		(602	)

Net investment income (loss)		(6,828	)		(182,025	)		(2,293	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(559	)		522,724			1,994
Realized gain distributions		36,862			1,179,038			12,571

Net realized gains (losses)		36,303			1,701,762			14,565

Net change in unrealized appreciation (depreciation)		(15,209	)		(297,750	)		(1,679	)

Net realized and change in unrealized gains (losses)		21,094			1,404,012			12,886

Net increase (decrease) from operations	$	14,266		$	1,221,987		$	10,593

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

- 14 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	A39			AC3			A21
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	46,602		$	189		$	60,674
Expenses:
Mortality and expense risk charges		(87,159	)		(508	)		(52,668	)
Administration and distribution charges		(20,151	)		(136	)		(11,816	)

Net investment income (loss)		(60,708	)		(455	)		(3,810	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		200,176			28			(33,890	)
Realized gain distributions		536,475			3,465			269,296

Net realized gains (losses)		736,651			3,493			235,406

Net change in unrealized appreciation (depreciation)		323,652			3,024			364,243

Net realized and change in unrealized gains (losses)		1,060,303			6,517			599,649

Net increase (decrease) from operations	$	999,595		$	6,062		$	595,839

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

- 15 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	AC1			I76			J43
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	1,634		$	—		$	5,948
Expenses:
Mortality and expense risk charges		(1,957	)		(9,183	)		(11,896	)
Administration and distribution charges		(473	)		(2,269	)		(2,421	)

Net investment income (loss)		(796	)		(11,452	)		(8,369	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		1,557			48,071			801
Realized gain distributions		8,914			24,268			77,212

Net realized gains (losses)		10,471			72,339			78,013

Net change in unrealized appreciation (depreciation)		9,110			(6,113	)		4,648

Net realized and change in unrealized gains (losses)		19,581			66,226			82,661

Net increase (decrease) from operations	$	18,785		$	54,774		$	74,292

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

- 16 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	J32			MD8			M07
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	16,484		$	467,146		$	237,590
Expenses:
Mortality and expense risk charges		(44,322	)		(147,602	)		(102,565	)
Administration and distribution charges		(8,683	)		(35,243	)		(26,612	)

Net investment income (loss)		(36,521	)		284,301			108,413

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		184,141			—			(55,656	)
Realized gain distributions		102,589			—			633,540

Net realized gains (losses)		286,730			—			577,884

Net change in unrealized appreciation (depreciation)		169,564			—			130,614

Net realized and change in unrealized gains (losses)		456,294			—			708,498

Net increase (decrease) from operations	$	419,773		$	284,301		$	816,911

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

- 17 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	M35			M31			M80
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	182,464		$	—		$	—
Expenses:
Mortality and expense risk charges		(87,284	)		(215,863	)		(42,343	)
Administration and distribution charges		(27,938	)		(46,318	)		(12,487	)

Net investment income (loss)		67,242			(262,181	)		(54,830	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(24,737	)		729,904			178,046
Realized gain distributions		536,818			3,227,460			683,907

Net realized gains (losses)		512,081			3,957,364			861,953

Net change in unrealized appreciation (depreciation)		63,249			(1,874,582	)		(465,503	)

Net realized and change in unrealized gains (losses)		575,330			2,082,782			396,450

Net increase (decrease) from operations	$	642,572		$	1,820,601		$	341,620

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

- 18 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MF1			M05			M42
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	—		$	—		$	—
Expenses:
Mortality and expense risk charges		(167,713	)		(69,659	)		(81,337	)
Administration and distribution charges		(46,861	)		(19,405	)		(27,556	)

Net investment income (loss)		(214,574	)		(89,064	)		(108,893	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(278,622	)		(508,904	)		(533,674	)
Realized gain distributions		2,305,339			—			—

Net realized gains (losses)		2,026,717			(508,904	)		(533,674	)

Net change in unrealized appreciation (depreciation)		(1,517,524	)		1,236,827			1,378,567

Net realized and change in unrealized gains (losses)		509,193			727,923			844,893

Net increase (decrease) from operations	$	294,619		$	638,859		$	736,000

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

- 19 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	M06			M33			M44
	Sub-Account			Sub-Account			Sub-Account
Income:
Dividend income	$	200,259		$	108,388		$	139,664
Expenses:
Mortality and expense risk charges		(54,439	)		(126,984	)		(56,861	)
Administration and distribution charges		(14,293	)		(45,404	)		(11,919	)

Net investment income (loss)		131,527			(64,000	)		70,884

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(114,441	)		345,276			225,222
Realized gain distributions		—			2,656,147			63,872

Net realized gains (losses)		(114,441	)		3,001,423			289,094

Net change in unrealized appreciation (depreciation)		238,813			(1,846,380	)		238,993

Net realized and change in unrealized gains (losses)		124,372			1,155,043			528,087

Net increase (decrease) from operations	$	255,899		$	1,091,043		$	598,971

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

- 20 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	M40 Sub-Account			M83 Sub-Account			MB6 Sub-Account
Income:
Dividend income	$	35,618		$	502,540		$	52,968
Expenses:
Mortality and expense risk charges		(15,519	)		(368,248	)		(59,575	)
Administration and distribution charges		(5,350	)		(108,234	)		(12,302	)

Net investment income (loss)		14,749			26,058			(18,909	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		26,023			624,062			235,987
Realized gain distributions		17,763			2,337,837			910,454

Net realized gains (losses)		43,786			2,961,899			1,146,441

Net change in unrealized appreciation (depreciation)		100,877			427,504			(431,993	)

Net realized and change in unrealized gains (losses)		144,663			3,389,403			714,448

Net increase (decrease) from operations	$	159,412		$	3,415,461		$	695,539

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

- 21 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MB7 Sub-Account			M96 Sub-Account			MD2 Sub-Account
Income:
Dividend income	$	25,234		$	112,542		$	66,216
Expenses:
Mortality and expense risk charges		(37,902	)		(31,566	)		(18,204	)
Administration and distribution charges		(12,986	)		(5,973	)		(6,603	)

Net investment income (loss)		(25,654	)		75,003			41,409

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		85,352			(80,972	)		(24,838	)
Realized gain distributions		597,294			—			—

Net realized gains (losses)		682,646			(80,972	)		(24,838	)

Net change in unrealized appreciation (depreciation)		(209,926	)		146,841			64,223

Net realized and change in unrealized gains (losses)		472,720			65,869			39,385

Net increase (decrease) from operations	$	447,066		$	140,872		$	80,794

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

- 22 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MA6 Sub-Account			MA3 Sub-Account			MD6 Sub-Account
Income:
Dividend income	$	801,149		$	135,487		$	31,768
Expenses:
Mortality and expense risk charges		(144,112	)		(25,872	)		(131,453	)
Administration and distribution charges		(39,650	)		(8,124	)		(37,456	)

Net investment income (loss)		617,387			101,491			(137,141	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(160,465	)		(30,654	)		110,491
Realized gain distributions		—			—			1,674,641

Net realized gains (losses)		(160,465	)		(30,654	)		1,785,132

Net change in unrealized appreciation (depreciation)		359,752			70,321			(717,704	)

Net realized and change in unrealized gains (losses)		199,287			39,667			1,067,428

Net increase (decrease) from operations	$	816,674		$	141,158		$	930,287

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

- 23 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MB3 Sub-Account			MB8 Sub-Account			MF6 Sub-Account
Income:
Dividend income	$	701		$	113,731		$	125,763
Expenses:
Mortality and expense risk charges		(48,644	)		(136,204	)		(88,697	)
Administration and distribution charges		(17,047	)		(40,117	)		(26,483	)

Net investment income (loss)		(64,990	)		(62,590	)		10,583

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		104,563			74,338			(181,847	)
Realized gain distributions		607,737			1,123,469			—

Net realized gains (losses)		712,300			1,197,807			(181,847	)

Net change in unrealized appreciation (depreciation)		(321,624	)		(663,504	)		309,388

Net realized and change in unrealized gains (losses)		390,676			534,303			127,541

Net increase (decrease) from operations	$	325,686		$	471,713		$	138,124

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

- 24 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	MG3 Sub-Account			PK8 Sub-Account			P06 Sub-Account
Income:
Dividend income	$	186,881		$	572,824		$	94,369
Expenses:
Mortality and expense risk charges		(215,581	)		(98,835	)		(33,962	)
Administration and distribution charges		(61,746	)		(28,923	)		(8,936	)

Net investment income (loss)		(90,446	)		445,066			51,471

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		685,450			(212,363	)		(29,151	)
Realized gain distributions		1,626,551			—			—

Net realized gains (losses)		2,312,001			(212,363	)		(29,151	)

Net change in unrealized appreciation (depreciation)		(1,464,650	)		796,997			150,020

Net realized and change in unrealized gains (losses)		847,351			584,634			120,869

Net increase (decrease) from operations	$	756,905		$	1,029,700		$	172,340

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

- 25 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENT OF OPERATIONS (CONTINUED)

FOR THE YEAR ENDED DECEMBER 31, 2025


	P07 Sub-Account			R03 Sub-Account			R02 Sub-Account
Income:
Dividend income	$	669,435		$	502		$	—
Expenses:
Mortality and expense risk charges		(195,250	)		(19,933	)		(7,415	)
Administration and distribution charges		(56,557	)		(4,872	)		(1,860	)

Net investment income (loss)		417,628			(24,303	)		(9,275	)

Net realized and change in unrealized gains (losses):
Net realized gains (losses) on sale of investments		(463,995	)		97,735			21,303
Realized gain distributions		—			91,350			—

Net realized gains (losses)		(463,995	)		189,085			21,303

Net change in unrealized appreciation (depreciation)		1,193,200			94,161			93,062

Net realized and change in unrealized gains (losses)		729,205			283,246			114,365

Net increase (decrease) from operations	$	1,146,833		$	258,943		$	105,090

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

- 26 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	A70 Sub-Account						A71 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(6,457	)	$	(7,898	)	$	(43,368	)	$	(22,512	)
Net realized gains (losses)		46,465			18,710			631,069			352,454
Net change in unrealized appreciation (depreciation)		(24,006	)		9,390			(58,483	)		422,226

Net increase (decrease) in net assets from operations		16,002			20,202			529,218			752,168

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		8,411			—			186,751			90,443
Transfers between Sub-Accounts (including the Fixed Account), net		2,611			1,692			(83,244	)		(214,373	)
Withdrawals, surrenders, annuitizations and contract charges		(99,559	)		(50,734	)		(1,335,512	)		(813,676	)

Net accumulation activity		(88,537	)		(49,042	)		(1,232,005	)		(937,606	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		(2,615	)		(2,676	)		—			(7,611	)
Adjustments to annuity reserves		913			782			—			505

Net annuitization activity		(1,702	)		(1,894	)		—			(7,106	)

Net increase (decrease) from contract owner transactions		(90,239	)		(50,936	)		(1,232,005	)		(944,712	)

Total increase (decrease) in net assets		(74,237	)		(30,734	)		(702,787	)		(192,544	)
Net assets at beginning of year		444,387			475,121			7,022,088			7,214,632

Net assets at end of year	$	370,150		$	444,387		$	6,319,301		$	7,022,088

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

- 27 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	AM2 Sub-Account ²					A19 Sub-Account
	December 31, 2025		December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	—	$	(2,369	)	$	(12,839	)	$	(14,664	)
Net realized gains (losses)		—		(99,713	)		(25,396	)		(272,129	)
Net change in unrealized appreciation (depreciation)		—		94,594			62,369			436,386

Net increase (decrease) in net assets from operations		—		(7,488	)		24,134			149,593

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		—		4,789			48,238			89,199
Transfers between Sub-Accounts (including the Fixed Account), net		—		(600,661	)		(35,044	)		(93,361	)
Withdrawals, surrenders, annuitizations and contract charges		—		(16,215	)		(157,975	)		(174,361	)

Net accumulation activity		—		(612,087	)		(144,781	)		(178,523	)

*Annuitization Activity:*
Annuitizations		—		—			—			—
Annuity payments and contract charges		—		—			(2,613	)		(2,596	)
Adjustments to annuity reserves		—		—			1,230			1,790

Net annuitization activity		—		—			(1,383	)		(806	)

Net increase (decrease) from contract owner transactions		—		(612,087	)		(146,164	)		(179,329	)

Total increase (decrease) in net assets		—		(619,575	)		(122,030	)		(29,736	)
Net assets at beginning of year		—		619,575			967,966			997,702

Net assets at end of year	$	—	$	—		$	845,936		$	967,966

²	The activities for this Sub-Account are for the period from January 1, 2024 to April 15, 2024. Refer to Note 11 for details on closed sub-accounts.

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

- 28 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	A55 Sub-Account						A51 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	5,743		$	(40,562	)	$	(14,871	)	$	(13,287	)
Net realized gains (losses)		1,000,735			432,492			(97,768	)		(129,688	)
Net change in unrealized appreciation (depreciation)		(183,188	)		499,116			139,551			217,964

Net increase (decrease) in net assets from operations		823,290			891,046			26,912			74,989

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		238,539			108,915			270			—
Transfers between Sub-Accounts (including the Fixed Account), net		(55,670	)		(28,939	)		7,915			8,337
Withdrawals, surrenders, annuitizations and contract charges		(840,897	)		(825,361	)		(178,406	)		(147,853	)

Net accumulation activity		(658,028	)		(745,385	)		(170,221	)		(139,516	)

*Annuitization Activity:*
Annuitizations		—			—			6,850			—
Annuity payments and contract charges		(10,449	)		(9,355	)		(4,264	)		(279	)
Adjustments to annuity reserves		735			509			(3,390	)		244

Net annuitization activity		(9,714	)		(8,846	)		(804	)		(35	)

Net increase (decrease) from contract owner transactions		(667,742	)		(754,231	)		(171,025	)		(139,551	)

Total increase (decrease) in net assets		155,548			136,815			(144,113	)		(64,562	)
Net assets at beginning of year		4,735,660			4,598,845			1,149,419			1,213,981

Net assets at end of year	$	4,891,208		$	4,735,660		$	1,005,306		$	1,149,419

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

- 29 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	C53 Sub-Account						L13 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	2,026		$	(1,392	)	$	(601	)	$	(594	)
Net realized gains (losses)		57,992			84,230			26,836			42,584
Net change in unrealized appreciation (depreciation)		(23,975	)		(18,981	)		(4,382	)		(24,299	)

Net increase (decrease) in net assets from operations		36,043			63,857			21,853			17,691

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		7,251			236,152			—			8,213
Transfers between Sub-Accounts (including the Fixed Account), net		(77	)		14,333			47			(256	)
Withdrawals, surrenders, annuitizations and contract charges		(129,609	)		(516,356	)		(5,381	)		(48,010	)

Net accumulation activity		(122,435	)		(265,871	)		(5,334	)		(40,053	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			—			—			—
Adjustments to annuity reserves		—			—			—			—

Net annuitization activity		—			—			—			—

Net increase (decrease) from contract owner transactions		(122,435	)		(265,871	)		(5,334	)		(40,053	)

Total increase (decrease) in net assets		(86,392	)		(202,014	)		16,519			(22,362	)
Net assets at beginning of year		386,741			588,755			257,250			279,612

Net assets at end of year	$	300,349		$	386,741		$	273,769		$	257,250

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

- 30 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	F24 Sub-Account						F99 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(253,252	)	$	(250,405	)	$	(208,274	)	$	(222,393	)
Net realized gains (losses)		3,508,182			3,848,615			2,163,295			4,611,481
Net change in unrealized appreciation (depreciation)		(368,900	)		857,821			(201,110	)		(717,079	)

Net increase (decrease) in net assets from operations		2,886,030			4,456,031			1,753,911			3,672,009

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		161,619			952,236			402,901			814,891
Transfers between Sub-Accounts (including the Fixed Account), net		(40,548	)		(446,377	)		(283,125	)		(739,203	)
Withdrawals, surrenders, annuitizations and contract charges		(1,997,288	)		(3,843,470	)		(2,129,635	)		(2,475,792	)

Net accumulation activity		(1,876,217	)		(3,337,611	)		(2,009,859	)		(2,400,104	)

*Annuitization Activity:*
Annuitizations		7,439			—			—			9,130
Annuity payments and contract charges		(50,358	)		(42,992	)		(68,810	)		(41,319	)
Adjustments to annuity reserves		10,308			9,748			(8,305	)		(13,585	)

Net annuitization activity		(32,611	)		(33,244	)		(77,115	)		(45,774	)

Net increase (decrease) from contract owner transactions		(1,908,828	)		(3,370,855	)		(2,086,974	)		(2,445,878	)

Total increase (decrease) in net assets		977,202			1,085,176			(333,063	)		1,226,131
Net assets at beginning of year		16,480,420			15,395,244			14,734,662			13,508,531

Net assets at end of year	$	17,457,622		$	16,480,420		$	14,401,599		$	14,734,662

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

- 31 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	F91 Sub-Account						FE3 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(3,437	)	$	(1,086	)	$	36,633		$	29,835
Net realized gains (losses)		254,501			114,204			3,409,406			(264,504	)
Net change in unrealized appreciation (depreciation)		38,305			(62,168	)		3,679,343			1,324,870

Net increase (decrease) in net assets from operations		289,369			50,950			7,125,382			1,090,201

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		30,970			191,350			886,408			1,142,897
Transfers between Sub-Accounts (including the Fixed Account), net		(19,706	)		162,032			(2,916,879	)		(342,924	)
Withdrawals, surrenders, annuitizations and contract charges		(382,466	)		(375,491	)		(3,855,887	)		(3,391,516	)

Net accumulation activity		(371,202	)		(22,109	)		(5,886,358	)		(2,591,543	)

*Annuitization Activity:*
Annuitizations		878			—			—			8,909
Annuity payments and contract charges		(4,306	)		(4,131	)		(53,937	)		(29,017	)
Adjustments to annuity reserves		230			138			(30,469	)		(12,432	)

Net annuitization activity		(3,198	)		(3,993	)		(84,406	)		(32,540	)

Net increase (decrease) from contract owner transactions		(374,400	)		(26,102	)		(5,970,764	)		(2,624,083	)

Total increase (decrease) in net assets		(85,031	)		24,848			1,154,618			(1,533,882	)
Net assets at beginning of year		1,625,416			1,600,568			22,652,878			24,186,760

Net assets at end of year	$	1,540,385		$	1,625,416		$	23,807,496		$	22,652,878

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

- 32 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	T20 Sub-Account						F56 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	8,687		$	10,167		$	(3,386	)	$	(3,386	)
Net realized gains (losses)		104,134			1,321			45,656			(4,015	)
Net change in unrealized appreciation (depreciation)		139,421			(32,301	)		69,215			31,459

Net increase (decrease) in net assets from operations		252,242			(20,813	)		111,485			24,058

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		43,739			59,839			67,276			—
Transfers between Sub-Accounts (including the Fixed Account), net		(29,692	)		43,653			(9,316	)		(17,551	)
Withdrawals, surrenders, annuitizations and contract charges		(222,087	)		(204,366	)		(155,264	)		(46,003	)

Net accumulation activity		(208,040	)		(100,874	)		(97,304	)		(63,554	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		(136	)		(129	)		—			—
Adjustments to annuity reserves		57			(16	)		—			—

Net annuitization activity		(79	)		(145	)		—			—

Net increase (decrease) from contract owner transactions		(208,119	)		(101,019	)		(97,304	)		(63,554	)

Total increase (decrease) in net assets		44,123			(121,832	)		14,181			(39,496	)
Net assets at beginning of year		985,860			1,107,692			561,853			601,349

Net assets at end of year	$	1,029,983		$	985,860		$	576,034		$	561,853

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

- 33 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	G30 Sub-Account						521 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(5,337	)	$	(931	)	$	(11,682	)	$	(7,812	)
Net realized gains (losses)		163,301			185,861			144,117			116,112
Net change in unrealized appreciation (depreciation)		(19,155	)		32,145			67,014			123,411

Net increase (decrease) in net assets from operations		138,809			217,075			199,449			231,711

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		197,503			23,848			13,459			7,759
Transfers between Sub-Accounts (including the Fixed Account), net		67,740			52,389			(197,399	)		27,805
Withdrawals, surrenders, annuitizations and contract charges		(526,707	)		(193,689	)		(70,632	)		(256,808	)

Net accumulation activity		(261,464	)		(117,452	)		(254,572	)		(221,244	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		—			(12,284	)		(2,264	)		(2,154	)
Adjustments to annuity reserves		—			1,372			1,229			1,062

Net annuitization activity		—			(10,912	)		(1,035	)		(1,092	)

Net increase (decrease) from contract owner transactions		(261,464	)		(128,364	)		(255,607	)		(222,336	)

Total increase (decrease) in net assets		(122,655	)		88,711			(56,158	)		9,375
Net assets at beginning of year		1,543,773			1,455,062			1,488,994			1,479,619

Net assets at end of year	$	1,421,118		$	1,543,773		$	1,432,836		$	1,488,994

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

- 34 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	520 Sub-Account						G33 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(48,332	)	$	(45,251	)	$	16,902		$	22,229
Net realized gains (losses)		526,972			316,675			230,485			57,334
Net change in unrealized appreciation (depreciation)		(15,255	)		506,018			201,793			(14,530	)

Net increase (decrease) in net assets from operations		463,385			777,442			449,180			65,033

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		7,524			112,287			46,573			—
Transfers between Sub-Accounts (including the Fixed Account), net		(5,844	)		(59,473	)		(29,078	)		(15,063	)
Withdrawals, surrenders, annuitizations and contract charges		(107,092	)		(614,778	)		(418,688	)		(32,673	)

Net accumulation activity		(105,412	)		(561,964	)		(401,193	)		(47,736	)

*Annuitization Activity:*
Annuitizations		—			—			—			5,520
Annuity payments and contract charges		(10,651	)		(9,846	)		(1,178	)		(5,702	)
Adjustments to annuity reserves		4,489			5,530			(3,109	)		598

Net annuitization activity		(6,162	)		(4,316	)		(4,287	)		416

Net increase (decrease) from contract owner transactions		(111,574	)		(566,280	)		(405,480	)		(47,320	)

Total increase (decrease) in net assets		351,811			211,162			43,700			17,713
Net assets at beginning of year		2,984,415			2,773,253			1,410,143			1,392,430

Net assets at end of year	$	3,336,226		$	2,984,415		$	1,453,843		$	1,410,143

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

- 35 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	G31 Sub-Account						O00 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(34,938	)	$	(35,522	)	$	(6,828	)	$	(6,906	)
Net realized gains (losses)		685,385			819,934			36,303			(9,077	)
Net change in unrealized appreciation (depreciation)		(27,145	)		248,083			(15,209	)		107,522

Net increase (decrease) in net assets from operations		623,302			1,032,495			14,266			91,539

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		8,233			127,700			10,365			13
Transfers between Sub-Accounts (including the Fixed Account), net		(24,663	)		132,331			4,464			(27,525	)
Withdrawals, surrenders, annuitizations and contract charges		(468,342	)		(589,191	)		(44,818	)		(23,574	)

Net accumulation activity		(484,772	)		(329,160	)		(29,989	)		(51,086	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		(5,235	)		(18,123	)		(2,724	)		(2,576	)
Adjustments to annuity reserves		4,061			5,747			1,266			2,040

Net annuitization activity		(1,174	)		(12,376	)		(1,458	)		(536	)

Net increase (decrease) from contract owner transactions		(485,946	)		(341,536	)		(31,447	)		(51,622	)

Total increase (decrease) in net assets		137,356			690,959			(17,181	)		39,917
Net assets at beginning of year		4,697,555			4,006,596			470,571			430,654

Net assets at end of year	$	4,834,911		$	4,697,555		$	453,390		$	470,571

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

- 36 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	V15 Sub-Account						V52 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(182,025	)	$	(181,441	)	$	(2,293	)	$	(2,082	)
Net realized gains (losses)		1,701,762			546,741			14,565			2,344
Net change in unrealized appreciation (depreciation)		(297,750	)		3,155,401			(1,679	)		28,995

Net increase (decrease) in net assets from operations		1,221,987			3,520,701			10,593			29,257

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		253,421			766,249			504			—
Transfers between Sub-Accounts (including the Fixed Account), net		(11,211	)		(56,680	)		412			(650	)
Withdrawals, surrenders, annuitizations and contract charges		(2,126,361	)		(2,488,676	)		(339	)		(328	)

Net accumulation activity		(1,884,151	)		(1,779,107	)		577			(978	)

*Annuitization Activity:*
Annuitizations		(4,281	)		10,932			—			—
Annuity payments and contract charges		(11,333	)		(17,513	)		(4,479	)		(3,956	)
Adjustments to annuity reserves		(11,660	)		(61,277	)		1,628			(116	)

Net annuitization activity		(27,274	)		(67,858	)		(2,851	)		(4,072	)

Net increase (decrease) from contract owner transactions		(1,911,425	)		(1,846,965	)		(2,274	)		(5,050	)

Total increase (decrease) in net assets		(689,438	)		1,673,736			8,319			24,207
Net assets at beginning of year		13,190,914			11,517,178			110,969			86,762

Net assets at end of year	$	12,501,476		$	13,190,914		$	119,288		$	110,969

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

- 37 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	A39 Sub-Account						AC3 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(60,708	)	$	(55,921	)	$	(455	)	$	(463	)
Net realized gains (losses)		736,651			609,484			3,493			4,017
Net change in unrealized appreciation (depreciation)		323,652			1,027,931			3,024			6,912

Net increase (decrease) in net assets from operations		999,595			1,581,494			6,062			10,466

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		311,149			181,583			—			8,640
Transfers between Sub-Accounts (including the Fixed Account), net		(20,507	)		(36,861	)		1			(12,452	)
Withdrawals, surrenders, annuitizations and contract charges		(1,855,023	)		(798,182	)		(8	)		(24,593	)

Net accumulation activity		(1,564,381	)		(653,460	)		(7	)		(28,405	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		(540	)		(1,809	)		—			—
Adjustments to annuity reserves		(8,587	)		1,727			—			—

Net annuitization activity		(9,127	)		(82.00	)		—			—

Net increase (decrease) from contract owner transactions		(1,573,508	)		(653,542	)		(7	)		(28,405	)

Total increase (decrease) in net assets		(573,913	)		927,952			6,055			(17,939	)
Net assets at beginning of year		7,792,159			6,864,207			42,608			60,547

Net assets at end of year	$	7,218,246		$	7,792,159		$	48,663		$	42,608

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

- 38 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	A21 Sub-Account						AC1 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(3,810	)	$	11,511		$	(796	)	$	(193	)
Net realized gains (losses)		235,406			13,355			10,471			1,262
Net change in unrealized appreciation (depreciation)		364,243			(59,035	)		9,110			(2,992	)

Net increase (decrease) in net assets from operations		595,839			(34,169	)		18,785			(1,923	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		70,524			241,558			183			—
Transfers between Sub-Accounts (including the Fixed Account), net		3,910			125,360			(321	)		2,612
Withdrawals, surrenders, annuitizations and contract charges		(635,691	)		(727,721	)		(21,680	)		(514	)

Net accumulation activity		(561,257	)		(360,803	)		(21,818	)		2,098

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		(2,419	)		(2,342	)		—			—
Adjustments to annuity reserves		828			392			—			—

Net annuitization activity		(1,591	)		(1,950	)		—			—

Net increase (decrease) from contract owner transactions		(562,848	)		(362,753	)		(21,818	)		2,098

Total increase (decrease) in net assets		32,991			(396,922	)		(3,033	)		175
Net assets at beginning of year		4,333,343			4,730,265			146,336			146,161

Net assets at end of year	$	4,366,334		$	4,333,343		$	143,303		$	146,336

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

- 39 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	I76 Sub-Account						J43 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(11,452	)	$	(11,894	)	$	(8,369	)	$	(7,680	)
Net realized gains (losses)		72,339			51,149			78,013			2,164
Net change in unrealized appreciation (depreciation)		(6,113	)		92,458			4,648			108,083

Net increase (decrease) in net assets from operations		54,774			131,713			74,292			102,567

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		17,153			22,633			2,136			97,525
Transfers between Sub-Accounts (including the Fixed Account), net		3,097			(23,987	)		(57,789	)		(4,796	)
Withdrawals, surrenders, annuitizations and contract charges		(360,527	)		(89,389	)		(35,177	)		(355,092	)

Net accumulation activity		(340,277	)		(90,743	)		(90,830	)		(262,363	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		(2,635	)		(2,477	)		(2,473	)		(2,509	)
Adjustments to annuity reserves		1,412			1,668			1,553			1,377

Net annuitization activity		(1,223	)		(809	)		(920	)		(1,132	)

Net increase (decrease) from contract owner transactions		(341,500	)		(91,552	)		(91,750	)		(263,495	)

Total increase (decrease) in net assets		(286,726	)		40,161			(17,458	)		(160,928	)
Net assets at beginning of year		861,691			821,530			1,018,862			1,179,790

Net assets at end of year	$	574,965		$	861,691		$	1,001,404		$	1,018,862

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

- 40 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	J32 Sub-Account						MD8 Sub-Account
	December 31,			December 31,			December 31,			December 31,
	2025			2024			2025			2024
Operations:
Net investment income (loss)	$	(36,521	)	$	(35,595	)	$	284,301		$	430,380
Net realized gains (losses)		286,730			299,907			—			—
Net change in unrealized appreciation (depreciation)		169,564			456,770			—			—

Net increase (decrease) in net assets from operations		419,773			721,082			284,301			430,380

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		510			173,990			304,483			1,017,602
Transfers between Sub-Accounts (including the Fixed Account), net		49,568			(5,631	)		503,957			3,126,011
Withdrawals, surrenders, annuitizations and contract charges		(389,185	)		(581,700	)		(2,198,236	)		(4,608,732	)

Net accumulation activity		(339,107	)		(413,341	)		(1,389,796	)		(465,119	)

*Annuitization Activity:*
Annuitizations		(23,955	)		23,955			2,826			102
Annuity payments and contract charges		(5,584	)		(11,603	)		(49,236	)		(48,350	)
Adjustments to annuity reserves		(2,965	)		6,581			634			968

Net annuitization activity		(32,504	)		18,933			(45,776	)		(47,280	)

Net increase (decrease) from contract owner transactions		(371,611	)		(394,408	)		(1,435,572	)		(512,399	)

Total increase (decrease) in net assets		48,162			326,674			(1,151,271	)		(82,019	)
Net assets at beginning of year		3,722,097			3,395,423			13,031,997			13,114,016

Net assets at end of year	$	3,770,259		$	3,722,097		$	11,880,726		$	13,031,997

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

- 41 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M07 Sub-Account						M35 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	108,413		$	95,084		$	67,242		$	53,266
Net realized gains (losses)		577,884			446,404			512,081			369,105
Net change in unrealized appreciation (depreciation)		130,614			15,459			63,249			13,843

Net increase (decrease) in net assets from operations		816,911			556,947			642,572			436,214

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		146,148			390,643			160,797			285,614
Transfers between Sub-Accounts (including the Fixed Account), net		7,491			159,101			6,018			15,954
Withdrawals, surrenders, annuitizations and contract charges		(1,185,497	)		(996,545	)		(877,376	)		(1,121,064	)

Net accumulation activity		(1,031,858	)		(446,801	)		(710,561	)		(819,496	)

*Annuitization Activity:*
Annuitizations		3,435			—			—			—
Annuity payments and contract charges		(7,152	)		(6,591	)		(3,577	)		(13,416	)
Adjustments to annuity reserves		24			29			—			712

Net annuitization activity		(3,693	)		(6,562	)		(3,577	)		(12,704	)

Net increase (decrease) from contract owner transactions		(1,035,551	)		(453,363	)		(714,138	)		(832,200	)

Total increase (decrease) in net assets		(218,640	)		103,584			(71,566	)		(395,986	)
Net assets at beginning of year		9,167,918			9,064,334			7,410,887			7,806,873

Net assets at end of year	$	8,949,278		$	9,167,918		$	7,339,321		$	7,410,887

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

- 42 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M31 Sub-Account						M80 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(262,181	)	$	(273,361	)	$	(54,830	)	$	(55,756	)
Net realized gains (losses)		3,957,364			3,137,876			861,953			430,529
Net change in unrealized appreciation (depreciation)		(1,874,582	)		1,950,001			(465,503	)		524,785

Net increase (decrease) in net assets from operations		1,820,601			4,814,516			341,620			899,558

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		434,906			725,963			169,656			120,209
Transfers between Sub-Accounts (including the Fixed Account), net		2,878			(41,921	)		(24,532	)		(37,794	)
Withdrawals, surrenders, annuitizations and contract charges		(3,040,249	)		(4,049,848	)		(607,497	)		(437,142	)

Net accumulation activity		(2,602,465	)		(3,365,806	)		(462,373	)		(354,727	)

*Annuitization Activity:*
Annuitizations		(12,306	)		66,292			—			—
Annuity payments and contract charges		(39,392	)		(37,912	)		(6,521	)		(5,848	)
Adjustments to annuity reserves		1,202			(19,218	)		(1	)		(11	)

Net annuitization activity		(50,496	)		9,162			(6,522	)		(5,859	)

Net increase (decrease) from contract owner transactions		(2,652,961	)		(3,356,644	)		(468,895	)		(360,586	)

Total increase (decrease) in net assets		(832,360	)		1,457,872			(127,275	)		538,972
Net assets at beginning of year		18,604,727			17,146,855			3,737,549			3,198,577

Net assets at end of year	$	17,772,367		$	18,604,727		$	3,610,274		$	3,737,549

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

- 43 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MF1 Sub-Account						M05 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(214,574	)	$	(230,620	)	$	(89,064	)	$	(98,899	)
Net realized gains (losses)		2,026,717			577,980			(508,904	)		(621,904	)
Net change in unrealized appreciation (depreciation)		(1,517,524	)		1,531,316			1,236,827			1,072,381

Net increase (decrease) in net assets from operations		294,619			1,878,676			638,859			351,578

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		440,472			569,992			218,629			247,286
Transfers between Sub-Accounts (including the Fixed Account), net		522,002			(738,340	)		(38,437	)		(170,305	)
Withdrawals, surrenders, annuitizations and contract charges		(2,391,528	)		(1,932,254	)		(1,126,912	)		(1,229,322	)

Net accumulation activity		(1,429,054	)		(2,100,602	)		(946,720	)		(1,152,341	)

*Annuitization Activity:*
Annuitizations		—			6,965			—			20,900
Annuity payments and contract charges		(35,286	)		(32,112	)		(39,132	)		(26,187	)
Adjustments to annuity reserves		(5,322	)		(5,939	)		1,753			1,061

Net annuitization activity		(40,608	)		(31,086	)		(37,379	)		(4,226	)

Net increase (decrease) from contract owner transactions		(1,469,662	)		(2,131,688	)		(984,099	)		(1,156,567	)

Total increase (decrease) in net assets		(1,175,043	)		(253,012	)		(345,240	)		(804,989	)
Net assets at beginning of year		14,856,230			15,109,242			6,441,570			7,246,559

Net assets at end of year	$	13,681,187		$	14,856,230		$	6,096,330		$	6,441,570

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

- 44 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M42 Sub-Account						M06 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(108,893	)	$	(113,055	)	$	131,527		$	144,371
Net realized gains (losses)		(533,674	)		(757,981	)		(114,441	)		(186,846	)
Net change in unrealized appreciation (depreciation)		1,378,567			1,217,896			238,813			95,200

Net increase (decrease) in net assets from operations		736,000			346,860			255,899			52,725

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		167,002			279,989			59,076			326,668
Transfers between Sub-Accounts (including the Fixed Account), net		16,079			17,192			67,963			498,987
Withdrawals, surrenders, annuitizations and contract charges		(843,493	)		(848,066	)		(1,203,308	)		(1,331,336	)

Net accumulation activity		(660,412	)		(550,885	)		(1,076,269	)		(505,681	)

*Annuitization Activity:*
Annuitizations		—			1,768			25,657			—
Annuity payments and contract charges		(4,380	)		(4,376	)		(9,721	)		(6,863	)
Adjustments to annuity reserves		(7,983	)		(6,114	)		493			411

Net annuitization activity		(12,363	)		(8,722	)		16,429			(6,452	)

Net increase (decrease) from contract owner transactions		(672,775	)		(559,607	)		(1,059,840	)		(512,133	)

Total increase (decrease) in net assets		63,225			(212,747	)		(803,941	)		(459,408	)
Net assets at beginning of year		6,962,761			7,175,508			5,168,395			5,627,803

Net assets at end of year	$	7,025,986		$	6,962,761		$	4,364,454		$	5,168,395

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

- 45 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M33 Sub-Account						M44 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(64,000	)	$	(115,393	)	$	70,884		$	42,630
Net realized gains (losses)		3,001,423			1,140,212			289,094			363,847
Net change in unrealized appreciation (depreciation)		(1,846,380	)		948,837			238,993			93,661

Net increase (decrease) in net assets from operations		1,091,043			1,973,656			598,971			500,138

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		200,117			374,531			160,066			252,345
Transfers between Sub-Accounts (including the Fixed Account), net		4,518			(166,801	)		1,529			(109,679	)
Withdrawals, surrenders, annuitizations and contract charges		(2,731,195	)		(1,642,262	)		(1,134,850	)		(1,587,465	)

Net accumulation activity		(2,526,560	)		(1,434,532	)		(973,255	)		(1,444,799	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		(3,788	)		(3,464	)		(2,113	)		(2,167	)
Adjustments to annuity reserves		91			26			864			786

Net annuitization activity		(3,697	)		(3,438	)		(1,249	)		(1,381	)

Net increase (decrease) from contract owner transactions		(2,530,257	)		(1,437,970	)		(974,504	)		(1,446,180	)

Total increase (decrease) in net assets		(1,439,214	)		535,686			(375,533	)		(946,042	)
Net assets at beginning of year		12,546,043			12,010,357			4,915,357			5,861,399

Net assets at end of year	$	11,106,829		$	12,546,043		$	4,539,824		$	4,915,357

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

- 46 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M40 Sub-Account						M83 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	14,749		$	5,553		$	26,058		$	35,218
Net realized gains (losses)		43,786			26,610			2,961,899			3,608,571
Net change in unrealized appreciation (depreciation)		100,877			89,113			427,504			(421,213	)

Net increase (decrease) in net assets from operations		159,412			121,276			3,415,461			3,222,576

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		43,941			91,867			2,196,572			2,556,597
Transfers between Sub-Accounts (including the Fixed Account), net		(7,037	)		(114,740	)		(117,178	)		(307,671	)
Withdrawals, surrenders, annuitizations and contract charges		(200,651	)		(225,050	)		(5,918,975	)		(6,794,046	)

Net accumulation activity		(163,747	)		(247,923	)		(3,839,581	)		(4,545,120	)

*Annuitization Activity:*
Annuitizations		—			—			4,021			393,384
Annuity payments and contract charges		—			—			(82,221	)		(65,990	)
Adjustments to annuity reserves		—			—			(11,910	)		(16,524	)

Net annuitization activity		—			—			(90,110	)		310,870

Net increase (decrease) from contract owner transactions		(163,747	)		(247,923	)		(3,929,691	)		(4,234,250	)

Total increase (decrease) in net assets		(4,335	)		(126,647	)		(514,230	)		(1,011,674	)
Net assets at beginning of year		1,317,861			1,444,508			32,255,602			33,267,276

Net assets at end of year	$	1,313,526		$	1,317,861		$	31,741,372		$	32,255,602

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

- 47 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MB6 Sub-Account						MB7 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(18,909	)	$	(21,214	)	$	(25,654	)	$	(24,154	)
Net realized gains (losses)		1,146,441			497,287			682,646			345,534
Net change in unrealized appreciation (depreciation)		(431,993	)		555,330			(209,926	)		331,283

Net increase (decrease) in net assets from operations		695,539			1,031,403			447,066			652,663

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		146,310			298,831			1,095			86,692
Transfers between Sub-Accounts (including the Fixed Account), net		(56,273	)		90,741			55,459			(104,109	)
Withdrawals, surrenders, annuitizations and contract charges		(1,093,146	)		(752,163	)		(481,779	)		(316,808	)

Net accumulation activity		(1,003,109	)		(362,591	)		(425,225	)		(334,225	)

*Annuitization Activity*:
Annuitizations		—			—			—			—
Annuity payments and contract charges		(8,599	)		(8,436	)		—			—
Adjustments to annuity reserves		(1,038	)		(205	)		—			—

Net annuitization activity		(9,637	)		(8,641	)		—			—

Net increase (decrease) from contract owner transactions		(1,012,746	)		(371,232	)		(425,225	)		(334,225	)

Total increase (decrease) in net assets		(317,207	)		660,171			21,841			318,438
Net assets at beginning of year		5,189,416			4,529,245			3,246,930			2,928,492

Net assets at end of year	$	4,872,209		$	5,189,416		$	3,268,771		$	3,246,930

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

- 48 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	M96 Sub-Account						MD2 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	75,003		$	59,365		$	41,409		$	31,619
Net realized gains (losses)		(80,972	)		(236,284	)		(24,838	)		(84,729	)
Net change in unrealized appreciation (depreciation)		146,841			143,774			64,223			35,173

Net increase (decrease) in net assets from operations		140,872			(33,145	)		80,794			(17,937	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		212,497			82,432			16,820			116,280
Transfers between Sub-Accounts (including the Fixed Account), net		26,803			22,307			20,571			(21,383	)
Withdrawals, surrenders, annuitizations and contract charges		(456,969	)		(1,120,857	)		(129,189	)		(412,076	)

Net accumulation activity		(217,669	)		(1,016,118	)		(91,798	)		(317,179	)

*Annuitization Activity:*
Annuitizations		(8,654	)		16,434			—			—
Annuity payments and contract charges		(440	)		(2,963	)		—			—
Adjustments to annuity reserves		(544	)		(5	)		—			—

Net annuitization activity		(9,638	)		13,466			—			—

Net increase (decrease) from contract owner transactions		(227,307	)		(1,002,652	)		(91,798	)		(317,179	)

Total increase (decrease) in net assets		(86,435	)		(1,035,797	)		(11,004	)		(335,116	)
Net assets at beginning of year		2,711,681			3,747,478			1,645,264			1,980,380

Net assets at end of year	$	2,625,246		$	2,711,681		$	1,634,260		$	1,645,264

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

- 49 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MA6 Sub-Account						MA3 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	617,387		$	609,564		$	101,491		$	100,687
Net realized gains (losses)		(160,465	)		(335,972	)		(30,654	)		(65,661	)
Net change in unrealized appreciation (depreciation)		359,752			407,154			70,321			75,533

Net increase (decrease) in net assets from operations		816,674			680,746			141,158			110,559

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		532,462			857,574			47,851			206,584
Transfers between Sub-Accounts (including the Fixed Account), net		358,470			(161,030	)		(54,225	)		18,569
Withdrawals, surrenders, annuitizations and contract charges		(2,064,892	)		(2,200,660	)		(362,402	)		(478,216	)

Net accumulation activity		(1,173,960	)		(1,504,116	)		(368,776	)		(253,063	)

*Annuitization Activity:*
Annuitizations		—			11,880			—			—
Annuity payments and contract charges		(24,375	)		(17,706	)		—			(7,021	)
Adjustments to annuity reserves		(2,820	)		(2,585	)		—			519

Net annuitization activity		(27,195	)		(8,411	)		—			(6,502	)

Net increase (decrease) from contract owner transactions		(1,201,155	)		(1,512,527	)		(368,776	)		(259,565	)

Total increase (decrease) in net assets		(384,481	)		(831,781	)		(227,618	)		(149,006	)
Net assets at beginning of year		12,526,457			13,358,238			2,281,172			2,430,178

Net assets at end of year	$	12,141,976		$	12,526,457		$	2,053,554		$	2,281,172

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

- 50 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MD6 Sub-Account						MB3 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(137,141	)	$	(138,522	)	$	(64,990	)	$	(63,103	)
Net realized gains (losses)		1,785,132			1,749,394			712,300			600,551
Net change in unrealized appreciation (depreciation)		(717,704	)		131,125			(321,624	)		46,076

Net increase (decrease) in net assets from operations		930,287			1,741,997			325,686			583,524

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		441,853			343,973			38,788			169,904
Transfers between Sub-Accounts (including the Fixed Account), net		29,800			(131,662	)		30,607			(23,735	)
Withdrawals, surrenders, annuitizations and contract charges		(1,514,706	)		(2,461,412	)		(488,150	)		(552,946	)

Net accumulation activity		(1,043,053	)		(2,249,101	)		(418,755	)		(406,777	)

*Annuitization Activity:*
Annuitizations		—			20,732			—			—
Annuity payments and contract charges		(30,563	)		(30,408	)		(3,160	)		(13,850	)
Adjustments to annuity reserves		38,398			(19,519	)		—			663

Net annuitization activity		7,835			(29,195	)		(3,160	)		(13,187	)

Net increase (decrease) from contract owner transactions		(1,035,218	)		(2,278,296	)		(421,915	)		(419,964	)

Total increase (decrease) in net assets		(104,931	)		(536,299	)		(96,229	)		163,560
Net assets at beginning of year		12,110,218			12,646,517			4,372,861			4,209,301

Net assets at end of year	$	12,005,287		$	12,110,218		$	4,276,632		$	4,372,861

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

- 51 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MB8 Sub-Account						MF6 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(62,590	)	$	(71,728	)	$	10,583		$	49,100
Net realized gains (losses)		1,197,807			361,273			(181,847	)		(250,640	)
Net change in unrealized appreciation (depreciation)		(663,504	)		148,284			309,388			(94,045	)

Net increase (decrease) in net assets from operations		471,713			437,829			138,124			(295,585	)

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		442,352			493,459			277,078			689,037
Transfers between Sub-Accounts (including the Fixed Account), net		363,304			10,828			441,520			252,103
Withdrawals, surrenders, annuitizations and contract charges		(1,945,306	)		(1,877,045	)		(1,177,356	)		(1,621,886	)

Net accumulation activity		(1,139,650	)		(1,372,758	)		(458,758	)		(680,746	)

*Annuitization Activity:*
Annuitizations		3,125			7,264			842			2,879
Annuity payments and contract charges		(33,055	)		(22,417	)		(10,961	)		(6,281	)
Adjustments to annuity reserves		(8,522	)		(8,349	)		(3,936	)		(3,260	)

Net annuitization activity		(38,452	)		(23,502	)		(14,055	)		(6,662	)

Net increase (decrease) from contract owner transactions		(1,178,102	)		(1,396,260	)		(472,813	)		(687,408	)

Total increase (decrease) in net assets		(706,389	)		(958,431	)		(334,689	)		(982,993	)
Net assets at beginning of year		12,264,996			13,223,427			7,901,765			8,884,758

Net assets at end of year	$	11,558,607		$	12,264,996		$	7,567,076		$	7,901,765

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

- 52 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	MG3 Sub-Account						PK8 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(90,446	)	$	(63,441	)	$	445,066		$	423,144
Net realized gains (losses)		2,312,001			1,813,869			(212,363	)		(366,945	)
Net change in unrealized appreciation (depreciation)		(1,464,650	)		514,042			796,997			445,881

Net increase (decrease) in net assets from operations		756,905			2,264,470			1,029,700			502,080

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		529,015			1,412,053			295,420			583,240
Transfers between Sub-Accounts (including the Fixed Account), net		354,332			(594,346	)		(117,728	)		(81,357	)
Withdrawals, surrenders, annuitizations and contract charges		(2,910,758	)		(3,884,817	)		(1,314,095	)		(1,530,981	)

Net accumulation activity		(2,027,411	)		(3,067,110	)		(1,136,403	)		(1,029,098	)

*Annuitization Activity:*
Annuitizations		3,336			264,370			—			1,618
Annuity payments and contract charges		(64,198	)		(51,595	)		(15,762	)		(8,163	)
Adjustments to annuity reserves		(6,408	)		(12,560	)		(3,412	)		(2,454	)

Net annuitization activity		(67,270	)		200,215			(19,174	)		(8,999	)

Net increase (decrease) from contract owner transactions		(2,094,681	)		(2,866,895	)		(1,155,577	)		(1,038,097	)

Total increase (decrease) in net assets		(1,337,776	)		(602,425	)		(125,877	)		(536,017	)
Net assets at beginning of year		19,272,619			19,875,044			8,394,640			8,930,657

Net assets at end of year	$	17,934,843		$	19,272,619		$	8,268,763		$	8,394,640

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

- 53 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	P06 Sub-Account						P07 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	51,471		$	32,137		$	417,628		$	441,443
Net realized gains (losses)		(29,151	)		(74,320	)		(463,995	)		(656,197	)
Net change in unrealized appreciation (depreciation)		150,020			57,901			1,193,200			408,627

Net increase (decrease) in net assets from operations		172,340			15,718			1,146,833			193,873

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		38,096			155,845			377,177			1,229,452
Transfers between Sub-Accounts (including the Fixed Account), net		2,463			15,395			333,490			774,648
Withdrawals, surrenders, annuitizations and contract charges		(265,139	)		(406,581	)		(2,344,657	)		(3,944,828	)

Net accumulation activity		(224,580	)		(235,341	)		(1,633,990	)		(1,940,728	)

*Annuitization Activity:*
Annuitizations		—			—			—			1,770
Annuity payments and contract charges		(840	)		(826	)		(11,511	)		(17,492	)
Adjustments to annuity reserves		119			78			(1,916	)		(476	)

Net annuitization activity		(721	)		(748	)		(13,427	)		(16,198	)

Net increase (decrease) from contract owner transactions		(225,301	)		(236,089	)		(1,647,417	)		(1,956,926	)

Total increase (decrease) in net assets		(52,961	)		(220,371	)		(500,584	)		(1,763,053	)
Net assets at beginning of year		2,824,476			3,044,847			16,756,518			18,519,571

Net assets at end of year	$	2,771,515		$	2,824,476		$	16,255,934		$	16,756,518

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

- 54 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024


	R03 Sub-Account						R02 Sub-Account
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operations:
Net investment income (loss)	$	(24,303	)	$	(21,370	)	$	(9,275	)	$	(9,313	)
Net realized gains (losses)		189,085			227,045			21,303			95,119
Net change in unrealized appreciation (depreciation)		94,161			109,649			93,062			73,952

Net increase (decrease) in net assets from operations		258,943			315,324			105,090			159,758

Contract Owner Transactions:
*Accumulation Activity:*
Purchase payments received		1,868			173,446			1,497			—
Transfers between Sub-Accounts (including the Fixed Account), net		29,150			7,336			(3,611	)		78,333
Withdrawals, surrenders, annuitizations and contract charges		(226,406	)		(257,594	)		(24,478	)		(177,214	)

Net accumulation activity		(195,388	)		(76,812	)		(26,592	)		(98,881	)

*Annuitization Activity:*
Annuitizations		—			—			—			—
Annuity payments and contract charges		(18,251	)		(17,442	)		(16,825	)		(15,468	)
Adjustments to annuity reserves		10,886			10,503			10,136			10,390

Net annuitization activity		(7,365	)		(6,939	)		(6,689	)		(5,078	)

Net increase (decrease) from contract owner transactions		(202,753	)		(83,751	)		(33,281	)		(103,959	)

Total increase (decrease) in net assets		56,190			231,573			71,809			55,799
Net assets at beginning of year		1,721,111			1,489,538			615,681			559,882

Net assets at end of year	$	1,777,301		$	1,721,111		$	687,490		$	615,681

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

- 55 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

1. BUSINESS AND ORGANIZATION

Delaware Life Variable Account F (the “Variable Account”) is a separate account of Delaware Life Insurance Company (the “Sponsor”). The Variable Account was established on July 13, 1989 as a funding vehicle for the variable portion of Futurity contracts, Futurity II contracts, Futurity Focus contracts, Futurity Accolade contracts, Futurity Focus II contracts, Futurity III contracts, Futurity Select Four contracts, Futurity Select Four Plus contracts, Futurity Select Seven contracts, Futurity Select Freedom contracts, Futurity Select Incentive contracts (collectively, the “Contracts”) and certain other group and individual fixed and variable annuity contracts issued by the Sponsor. The Variable Account is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a unit investment trust existing in accordance with the regulations of the Delaware Insurance Department and is an investment company. Accordingly, the Variable Account follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services – Investment Companies”.

The assets of the Variable Account are divided into “Sub-Accounts”. Each Sub-Account is invested in shares of a specific mutual fund (collectively the “Funds”), or series thereof, registered under the Investment Company Act of 1940, as amended. The contract owners of the Variable Account direct the deposits into the Sub-Accounts of the Variable Account.

There were no Sub-Accounts held by the contract owners of the Variable Account that had a name change, were closed, merged into another Sub-Account or commenced operations during the current year.

- 56 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

Investment Valuation and Transactions

Units

Purchase Payments

Transfers

Transfers between Sub-Accounts requested by contract owners are recorded in the new Sub-Account upon receipt of the redemption proceeds at the net asset value at the time of receipt. In addition, transfers can be made between the Sub-Accounts and the “Fixed Account”. The Fixed Account is part of the general account of the Sponsor in which purchase payments or contract values may be allocated or transferred.

Withdrawals

At any time during the accumulation phase (the period before the first annuity payment), the contract owner may elect to receive a cash withdrawal payment under the contract. If the contract owner requests a full withdrawal, the contract owner will receive the value of their account at the end of period, less the contract maintenance charge for the current contract year and any applicable withdrawal charge. If the contract owner requests a partial withdrawal, the contract owner will receive the amount requested less any applicable withdrawal charge and the account value will be reduced by the amount requested. Any requests for partial withdrawals that would result in the value of the contract owner’s account being reduced to an amount less than the contract maintenance charge for the current contract year is treated as a request for a full withdrawal.

- 57 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Annuitization

Annuity Payments

Federal Income Taxes

The operations of the Variable Account are part of the operations of the Sponsor and are not taxed separately. The Sponsor qualifies for the federal income tax treatment granted to life insurance companies under Subchapter L of the Internal Revenue Code (the “Code”). Under existing federal income tax law, investment income and realized gain distributions earned by the Variable Account on contract owner reserves are not taxable, and therefore, no provision has been made for federal income taxes. In the event of a change in applicable tax law, the Sponsor will review this policy and, if necessary, a provision may be made in future years.

Use of Estimates

Subsequent events

- 58 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

3. FAIR VALUE MEASUREMENTS

The Sub-Accounts’ investments are carried at fair value. Fair value is an exit price, representing the amount that would be received from a sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, FASB ASC Topic 820, “Fair Value Measurements and Disclosures” (“Topic 820”), establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value (i.e., Level 1, 2 and 3). Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Variable Account has the ability to access at the measurement date. Level 2 inputs are observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets and liabilities. Level 3 inputs are unobservable inputs reflecting the reporting entity’s estimates of the assumptions that market participants would use in pricing the asset or liability. Topic 820 requires that a fair value measurement technique include an adjustment for risks inherent in a particular valuation technique (such as a pricing model) and/or the risks inherent in the inputs to the model, if market participants would also include such an adjustment.

4. RELATED-PARTY TRANSACTIONS

Charges related to contracts sold to persons who are officers, directors, or employees of the Sponsor or an affiliate of the Sponsor may be waived.

- 59 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

5. CONTRACT CHARGES

Mortality and expense risk charges

Charges for mortality and expense risks, the optional death benefit riders, and optional living benefit riders are deducted from the Variable Account at the end of each valuation period to cover the risks assumed by the Sponsor. These charges are reflected in the Statement of Operations. The deductions are calculated at different levels based upon the elections made by the contract holder and are transferred periodically to the Sponsor. At December 31, 2025, the deduction is at an effective annual rate based on the average daily value of the Contract invested in the Variable Account as follows:


	Level 1			Level 2			Level 3			Level 4			Level 5			Level 6			Level 7			Level 8
Futurity		1.25	%		—			—			—			—			—			—			—
Futurity II		1.25	%		—			—			—			—			—			—			—
Futurity Focus		1.00	%		—			—			—			—			—			—			—
Futurity Accolade		1.30	%		1.45	%		1.55	%		1.70	%		—			—			—			—
Futurity Focus II		1.00	%		1.15	%		1.25	%		1.40	%		1.50	%		1.65	%		—			—
Futurity III		0.85	%		1.00	%		1.10	%		1.15	%		1.25	%		1.40	%		—			—
Futurity Select Four		0.95	%		1.10	%		1.20	%		1.35	%		1.45	%		1.60	%		—			—
Futurity Select Four Plus		1.30	%		1.50	%		1.55	%		1.70	%		1.75	%		1.90	%		1.95	%		2.15	%
Futurity Select Seven		1.05	%		1.25	%		1.30	%		1.45	%		1.50	%		1.65	%		1.70	%		1.90	%
Futurity Select Freedom		1.35	%		1.55	%		1.60	%		1.75	%		1.80	%		1.95	%		—			—
Futurity Select Incentive		1.40	%		1.60	%		1.65	%		1.80	%		1.85	%		2.00	%		2.05	%		2.40	%

Administration charges

Each year on the account anniversary date, an account administration fee (‘‘Account Fee’’) equal to the lesser of $30 in the case of Futurity contracts, $35 in the case of Futurity II contracts, Futurity Accolade contracts and Futurity III contracts and $50 in the case of Futurity Focus contracts, Futurity Focus II contracts, Futurity Select Four contracts, Futurity Select Four Plus contracts, Futurity Select Seven contracts, Futurity Select Freedom contracts and Futurity Select Incentive contracts or 2% of the participant’s account value, reflected in the Statements of Changes in Net Assets, in account years one through five (thereafter, the Account Fee may be changed annually, but it may not exceed the lesser of $50 or 2% of the participant’s account value) is deducted from the participant’s account to reimburse the Sponsor for certain administrative expenses. After the annuity commencement date, the Account Fee will be deducted pro rata from each variable annuity payment made during the year.

An additional account administration charge is deducted from the Variable Account to reimburse the Sponsor for administrative expenses that are not covered by the annual Account Fee. This administrative charge is deducted daily at an effective annual rate of 0.15% based on the value of the contract and is reported in the Statement of Operations as a component of “Administration and distribution charges”.

- 60 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

5. CONTRACT CHARGES (CONTINUED)

Surrender charges

The Sponsor does not deduct a sales charge from the purchase payments. However, a surrender charge (contingent deferred sales charge) may be deducted to cover certain expenses related to the sale of the Contracts if the contract holder requests a full withdrawal prior to reaching the pay-out phase and is based on the amounts withdrawn.


	Surrender Charge (up to % below)
Futurity		6	%
Futurity II		6	%
Futurity Accolade		8	%
Futurity III		7	%
Futurity Select Four		6	%
Futurity Select Four Plus		8	%
Futurity Select Freedom		8	%
Futurity Select Seven		8	%
Futurity Select Incentive		8	%

Surrender charges are reported in the Statements of Changes in Net Assets as a component of “Withdrawals, surrenders, annuitizations and contract charges”.

Distribution charges

For assuming the risk that surrender charges may be insufficient to compensate the Sponsor for the costs of distributing the Contracts, the Sponsor makes a deduction from the Sub-Account at the end of each valuation period at an effective annual rate of 0.15% of the net assets attributable to Futurity Select Seven and Futurity Select Incentive and an effective annual rate of 0.20% of the net assets attributable to Futurity Select Four Plus and Futurity Select Freedom contracts. These charges are reflected on the Statement of Operations as a component of “Administration and distribution charges”.

Premium Taxes

6. RESERVE FOR VARIABLE ANNUITIES

Reserve for variable annuities represents the actuarial present value of future contract benefits for those contract holders who are in the payout phase of their contract and chose the variable payout option. Annuity reserves for contracts with annuity commencement dates on or between January 1, 1987 and December 31, 1998 are calculated using the 1983 Individual Annuitant Mortality Table. Annuity reserves for contracts with annuity commencement dates on or between January 1, 1999 and December 31, 2014 are calculated using the Annuity 2000 Table. Annuity reserves for contracts with annuity commencement dates on or after January 1, 2015 are calculated using the 2012 Individual Annuitant Mortality Table. All annuity reserves are calculated using an assumed interest rate of 3% or 4% per year. The Individual Annuitant Mortality Table utilized is subject to change in conjunction with changes in the tables currently adopted by the National Association of Insurance Commissioners. The mortality risk is fully borne by the Sponsor and may result in additional amounts being transferred into the variable annuity account by the Sponsor to cover greater longevity of annuities than expected. Required adjustments to the reserves are accomplished by transfers to or from the Sponsor.

- 61 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

7. INVESTMENT PURCHASES AND SALES

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2025 were as follows:


	Purchases		Sales
A70	$	59,559	$	109,899
A71		801,282		1,533,871
A19		64,964		225,197
A55		856,596		974,317
A51		24,809		195,497
C53		57,161		134,548
L13		29,378		9,025
F24		3,260,130		2,694,370
F99		2,959,781		3,395,995
F91		241,463		473,213
FE3		4,287,919		7,338,237
T20		150,050		281,157
F56		133,187		192,175
G30		523,688		578,480
521		135,757		293,050
520		523,573		196,006
G33		267,341		469,398
G31		649,945		572,401
O00		60,478		63,157
V15		1,660,117		2,562,042
V52		14,065		7,690
A39		921,722		2,010,576
AC3		3,656		653
A21		496,580		794,573
AC1		10,756		24,456

- 62 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

7. INVESTMENT PURCHASES AND SALES (CONTINUED)


	Purchases		Sales
I76	$	48,721	$	378,817
J43		87,506		111,966
J32		201,889		504,002
MD8		1,363,289		2,515,245
M07		1,266,705		1,560,327
M35		899,017		1,009,095
M31		3,850,020		3,538,063
M80		1,135,864		975,682
MF1		3,674,705		3,048,463
M05		391,329		1,466,393
M42		479,899		1,253,584
M06		371,492		1,299,973
M33		3,112,268		3,050,469
M44		382,395		1,223,008
M40		137,593		268,828
M83		5,702,951		7,256,949
MB6		1,113,136		1,233,794
MB7		690,142		543,727
M96		396,960		548,738
MD2		111,963		162,352
MA6		1,836,207		2,416,007
MA3		202,893		470,178
MD6		2,251,905		1,787,864
MB3		696,799		575,967
MB8		2,875,195		2,984,027
MF6		897,121		1,355,472
MG3		2,798,793		3,351,070
PK8		1,083,782		1,790,964
P06		175,123		349,072
P07		1,784,299		3,012,219
R03		142,801		290,317
R02		4,537		57,819

- 63 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

8. CHANGES IN UNITS OUTSTANDING

The changes in units outstanding for the year ended December 31, 2025 were as follows:


	Units Issued		Units Redeemed		Net Increase (Decrease)
A70		719		5,533		(4,814	)
A71		5,515		40,715		(35,200	)
A19		1,392		4,334		(2,942	)
A55		3,551		20,142		(16,591	)
A51		663		7,436		(6,773	)
C53		203		3,588		(3,385	)
L13		21		134		(113	)
F24		9,337		35,452		(26,115	)
F99		24,316		58,198		(33,882	)
F91		3,423		18,924		(15,501	)
FE3		25,600		118,523		(92,923	)
T20		2,313		9,783		(7,470	)
F56		3,747		7,065		(3,318	)
G30		8,609		16,002		(7,393	)
521		265		5,502		(5,237	)
520		544		2,597		(2,053	)
G33		2,831		24,209		(21,378	)
G31		360		11,031		(10,671	)
O00		3,224		5,228		(2,004	)
V15		14,056		53,426		(39,370	)
V52		58		144		(86	)
A39		11,694		61,148		(49,454	)
A21		6,821		30,604		(23,783	)
AC1		172		831		(659	)
I76		850		12,456		(11,606	)
J43		103		2,172		(2,069	)
J32		1,099		6,145		(5,046	)
MD8		102,961		245,105		(142,144	)
M07		20,704		74,564		(53,860	)
M35		23,254		61,924		(38,670	)
M31		10,168		56,951		(46,783	)
M80		9,629		17,276		(7,647	)

- 64 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units Issued		Units Redeemed		Net Increase (Decrease)
MF1		41,338		78,035		(36,697	)
M05		20,564		66,246		(45,682	)
M42		41,384		71,539		(30,155	)
M06		16,798		114,939		(98,141	)
M33		9,008		77,155		(68,147	)
M44		10,237		66,752		(56,515	)
M40		8,343		18,262		(9,919	)
M83		107,176		234,563		(127,387	)
MB6		2,976		23,453		(20,477	)
MB7		1,449		9,149		(7,700	)
M96		17,439		32,147		(14,708	)
MD2		3,731		10,999		(7,268	)
MA6		64,416		116,036		(51,620	)
MA3		3,255		17,385		(14,130	)
MD6		14,455		41,359		(26,904	)
MB3		2,201		10,614		(8,413	)
MB8		42,917		65,073		(22,156	)
MF6		24,171		35,082		(10,911	)
MG3		39,383		96,403		(57,020	)
PK8		22,456		55,972		(33,516	)
P06		5,187		18,311		(13,124	)
P07		86,262		183,766		(97,504	)
R03		855		4,092		(3,237	)
R02		108		944		(836	)

- 65 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)

The changes in units outstanding for the year ended December 31, 2024 were as follows:


	Units Issued		Units Redeemed		Net Increase (Decrease)
A70		109		1,711		(1,602	)
A71		12,579		40,365		(27,786	)
AM2		215		26,012		(25,797	)
A19		3,530		7,806		(4,276	)
A55		5,666		23,918		(18,252	)
A51		665		5,104		(4,439	)
C53		7,571		16,059		(8,488	)
L13		224		1,093		(869	)
F24		24,325		76,767		(52,442	)
F99		44,522		88,983		(44,461	)
F91		16,676		18,544		(1,868	)
FE3		35,951		84,445		(48,494	)
T20		4,733		8,916		(4,183	)
F56		300		2,541		(2,241	)
G30		2,855		6,961		(4,106	)
521		872		6,421		(5,549	)
520		6,029		17,454		(11,425	)
G33		1,268		3,872		(2,604	)
G31		9,170		16,003		(6,833	)
O00		458		4,032		(3,574	)
V15		41,395		86,216		(44,821	)
V52		4		130		(126	)
A39		8,206		31,599		(23,393	)
AC3		290		1,082		(792	)
A21		21,109		37,348		(16,239	)
AC1		84		15		69
I76		1,446		4,794		(3,348	)
J43		3,113		9,142		(6,029	)
J32		4,392		10,052		(5,660	)
MD8		477,808		535,523		(57,715	)
M07		45,641		70,200		(24,559	)
M35		27,752		75,638		(47,886	)
M31		30,779		85,598		(54,819	)
M80		2,892		9,416		(6,524	)

- 66 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

8. CHANGES IN UNITS OUTSTANDING (CONTINUED)


	Units Issued		Units Redeemed		Net Increase (Decrease)
MF1		33,575		89,907		(56,332	)
M05		28,179		84,249		(56,070	)
M42		28,172		55,589		(27,417	)
M06		97,659		146,203		(48,544	)
M33		10,475		50,543		(40,068	)
M44		21,506		116,466		(94,960	)
M40		6,982		24,414		(17,432	)
M83		143,261		289,461		(146,200	)
MB6		15,014		24,191		(9,177	)
MB7		4,404		11,496		(7,092	)
M96		15,635		81,557		(65,922	)
MD2		13,200		37,617		(24,417	)
MA6		73,419		143,213		(69,794	)
MA3		9,399		20,571		(11,172	)
MD6		21,337		78,117		(56,780	)
MB3		5,189		14,030		(8,841	)
MB8		23,936		51,047		(27,111	)
MF6		46,496		61,027		(14,531	)
MG3		61,939		144,915		(82,976	)
PK8		31,776		65,244		(33,468	)
P06		15,566		30,577		(15,011	)
P07		164,590		285,596		(121,006	)
R03		9,429		11,498		(2,069	)
R02		3,374		5,765		(2,391	)

9. TAX DIVERSIFICATION REQUIREMENTS

10. SEGMENT REPORTING

The Variable Account derives revenues from the variable portion of certain variable annuity products sold by the Sponsor. The Sponsor has identified its Chief Product Officer as the chief operating decision maker for overseeing the Variable Account’s variable annuity products and the performance of the Funds to evaluate the results of the business and make operational decisions. The Variable Account’s products constitute a single operating segment and therefore, a single reportable segment. The Variable Account is structured with a limited purpose by design and its sole purpose is to record and report the Funds’ activities and performance. Investment performance of the Funds may vary based on the Fund’s investment objectives specified in the fund prospectuses. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein. Refer to the Variable Account’s Statement of Operations for segment expenses for the year ended December 31, 2025 and the Statement of Assets and Liabilities for segment assets at December 31, 2025.

- 67 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
A70
2025		16,040	$	20.2188	to	$	35.0023	$	370,150		—	%		1.15	%	to	2.10	%		4.81	%	to	3.81	%
2024		20,854		19.2913	to		33.7181		444,387		—			1.15		to	2.10			4.73		to	3.73
2023		22,456		18.4196	to		32.5071		475,121		0.03			1.15		to	2.10			14.38		to	13.29
2022		24,504		16.1041	to		28.6937		463,924		—			1.15		to	2.10			(28.00	)	to	(28.69	)
2021		31,053		22.3679	to		40.2380		785,144		—			1.15		to	2.10			21.16		to	20.01
A71
2025		161,358		41.0119	to		45.4511		6,319,301		0.90			1.15		to	2.10			8.93		to	7.90
2024		196,558		37.6484	to		42.1251		7,022,088		1.26			1.15		to	2.10			11.46		to	10.39
2023		224,344		33.7777	to		38.1611		7,214,632		1.25			1.15		to	2.10			10.44		to	9.39
2022		262,029		30.5840	to		34.8846		7,624,210		1.10			1.15		to	2.10			(5.51	)	to	(6.41	)
2021		276,394		32.3691	to		37.2757		8,500,155		0.64			1.15		to	2.10			26.37		to	25.17
AM2⁵
2024		—		25.2219	to		26.7725		—		—			1.15		to	2.10			(1.26	)	to	(1.54	)
2023		25,797		25.5429	to		27.1902		619,575		—			1.15		to	2.10			11.07		to	10.01
2022		30,748		22.9977	to		24.7160		667,155		—			1.15		to	2.10			(28.63	)	to	(29.32	)
2021		36,793		32.2253	to		34.9665		1,122,489		—			1.15		to	2.10			6.77		to	5.75
A19
2025		16,419		54.1594	to		68.5148		845,936		—			1.15		to	2.10			3.25		to	2.27
2024		19,361		52.4547	to		66.9972		967,966		—			1.15		to	2.10			17.07		to	15.95
2023		23,637		44.8050	to		57.7823		997,702		—			1.15		to	2.10			16.38		to	15.27
2022		24,303		38.4996	to		50.1272		888,247		—			1.15		to	2.10			(39.96	)	to	(40.53	)
2021		25,995		64.1253	to		84.2966		1,578,476		—			1.15		to	2.10			7.95		to	6.92
A55
2025		91,007		42.4291	to		54.1349		4,891,208		1.57			1.15		to	1.85			19.43		to	18.59
2024		107,598		35.5259	to		45.6472		4,735,660		0.59			1.15		to	1.85			21.24		to	20.39
2023		125,850		29.3012	to		37.9172		4,598,845		1.40			1.15		to	1.85			22.51		to	21.65
2022		135,267		23.9172	to		31.1679		4,020,511		1.41			1.15		to	1.85			(15.95	)	to	(16.54	)
2021		148,347		28.4574	to		37.3462		5,270,547		1.15			1.15		to	1.85			30.15		to	29.24
A51
2025		34,078		23.8782	to		27.4503		1,005,306		—			1.15		to	1.85			4.70		to	3.96
2024		40,851		22.8073	to		26.4043		1,149,419		0.37			1.15		to	1.85			6.88		to	6.12
2023		45,290		21.3394	to		24.8809		1,213,981		—			1.15		to	1.85			15.16		to	14.35
2022		51,581		18.5307	to		21.7582		1,235,146		—			1.15		to	1.85			(38.73	)	to	(39.16	)
2021		54,554		30.2421	to		35.7606		2,134,397		—			1.15		to	1.85			(7.14	)	to	(7.79	)
C53
2025		7,871		38.1611					300,349		1.98			1.40						11.06
2024		11,256		34.3601					386,741		1.13			1.40						15.22
2023		19,744		29.8219					588,755		2.04			1.40						12.62
2022		24,117		26.4800					644,033		1.20			1.40						(9.37)
2021		30,862		29.2177					906,875		1.51			1.40						25.05

- 68 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,								For the years ended December 31,
	Units		Unit Value⁴				Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²				Total Return³
L13
2025		5,371		$50.9761			$	273,769		1.16	%		1.40%				8.67%
2024		5,484		46.9073				257,250		1.18			1.40				6.57
2023		6,353		44.0140				279,612		1.31			1.40				13.51
2022		6,385		38.7761				247,573		1.24			1.40				(7.72)
2021		7,758		42.0205				325,999		0.99			1.40				24.47
F24
2025		203,939		92.7552	to	83.7545		17,457,622		—			1.15	to	2.10		19.80		to	18.66
2024		230,054		77.4226	to	70.5823		16,480,420		0.04			1.15	to	2.10		31.90		to	30.64
2023		282,496		58.6959	to	54.0294		15,395,244		0.25			1.15	to	2.10		31.59		to	30.34
2022		325,601		44.6041	to	41.4518		13,537,339		0.25			1.15	to	2.10		(27.33	)	to	(28.02	)
2021		365,838		61.3800	to	55.3834		21,038,611		0.03			1.15	to	2.30		26.05		to	24.60
F99
2025		218,014		67.0770	to	83.0700		14,401,599		0.05			1.15	to	2.30		13.29		to	11.99
2024		251,896		59.2062	to	74.1769		14,734,662		—			1.15	to	2.30		28.57		to	27.08
2023		296,357		46.0501	to	58.3721		13,508,531		—			1.15	to	2.30		34.33		to	32.79
2022		359,509		34.2804	to	43.9576		12,269,969		0.35			1.15	to	2.30		(25.51	)	to	(26.37	)
2021		371,927		46.0193	to	59.6980		17,083,341		—			1.15	to	2.30		21.49		to	20.09
F91
2025		61,567		26.3941	to	32.7656		1,540,385		1.31			1.15	to	2.10		18.68		to	17.54
2024		77,068		22.2405	to	27.8751		1,625,416		1.40			1.15	to	2.10		3.59		to	2.60
2023		78,936		21.4692	to	27.1697		1,600,568		0.78			1.15	to	2.10		18.84		to	17.71
2022		86,726		18.0651	to	23.0811		1,486,071		0.57			1.15	to	2.10		(25.55	)	to	(26.26	)
2021		347,457		24.2634	to	31.2990		8,486,481		0.33			1.15	to	2.10		18.02		to	16.89
FE3
2025		328,237		80.2005	to	62.5319		23,807,496		1.70			1.15	to	2.10		35.90		to	34.59
2024		421,160		59.0131	to	46.4595		22,652,878		1.66			1.15	to	2.10		4.88		to	3.86
2023		469,654		56.2685	to	44.7336		24,186,760		0.00			1.15	to	2.10		8.83		to	7.78
2022		505,020		51.7046	to	41.5042		23,987,659		2.06			1.15	to	2.10		(9.21	)	to	(10.08	)
2021		591,037		56.9496	to	46.1588		31,035,581		0.89			1.15	to	2.10		3.25		to	2.26
T20
2025		34,617		32.5370	to	24.7770		1,029,983		2.34			1.15	to	2.10		27.72		to	26.49
2024		42,087		25.4744	to	19.5875		985,860		2.48			1.15	to	2.10		(2.13	)	to	(3.09	)
2023		46,270		26.0298	to	20.2111		1,107,692		3.26			1.15	to	2.10		19.39		to	18.24
2022		53,330		21.8030	to	17.0934		1,077,978		2.95			1.15	to	2.10		(8.66	)	to	(9.54	)
2021		61,230		23.8691	to	18.8951		1,343,875		1.82			1.15	to	2.10		2.97		to	1.98
F56
2025		17,198		36.3017	to	27.4542		576,034		0.87			1.15	to	2.10		22.41		to	21.24
2024		20,516		29.6569	to	22.6447		561,853		0.91			1.15	to	2.10		4.18		to	3.18
2023		22,757		28.4662	to	21.9466		601,349		3.33			1.15	to	2.10		19.62		to	18.49
2022		25,332		23.7964	to	18.5224		559,167		0.16			1.15	to	2.10		(12.52	)	to	(13.35	)
2021		26,462		27.2015	to	21.3765		669,353		1.09			1.15	to	2.10		3.67		to	2.68
G30
2025		39,705		38.1700	to	34.7627		1,421,118		1.12			1.15	to	1.85		9.62		to	8.84
2024		47,098		34.8195	to	31.9385		1,543,773		1.40			1.15	to	1.85		15.75		to	14.92
2023		51,204		30.0809	to	27.7913		1,455,062		1.55			1.15	to	1.85		11.73		to	10.94
2022		81,081		26.9231	to	25.0516		2,103,430		1.35			1.15	to	1.85		(7.43	)	to	(8.09	)
2021		87,072		29.0850	to	27.2570		2,448,631		1.15			1.15	to	1.85		22.72		to	21.85

- 69 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
521
2025		25,773	$	70.8443	to	$	58.3636	$	1,432,836		0.67	%		1.15	%	to	1.70	%		14.82	%	to	14.18	%
2024		31,010		61.7001	to		51.1176		1,488,994		0.96			1.15		to	1.70			17.69		to	17.02
2023		36,559		52.4280	to		43.6834		1,479,619		1.03			1.15		to	1.70			17.92		to	17.26
2022		37,013		44.4600	to		37.2533		1,278,436		0.31			1.15		to	1.70			(20.30	)	to	(20.75	)
2021		38,721		55.7824	to		47.0044		1,691,218		0.45			1.15		to	1.70			22.38		to	21.69
520
2025		54,284		66.6432	to		77.3840		3,336,226		—			1.15		to	2.10			16.57		to	15.46
2024		56,337		57.1712	to		67.0243		2,984,415		—			1.15		to	2.10			30.83		to	29.58
2023		67,762		43.6973	to		51.7254		2,773,253		—			1.15		to	2.10			40.32		to	38.98
2022		67,372		31.1418	to		37.2168		1,956,184		—			1.15		to	2.10			(33.29	)	to	(33.93	)
2021		65,706		46.6828	to		56.3264		2,874,030		—			1.15		to	2.10			20.53		to	19.38
G33
2025		68,972		19.0989	to		19.9216		1,453,843		2.64			1.15		to	1.70			36.90		to	36.14
2024		90,350		13.9514	to		14.6330		1,410,143		2.99			1.15		to	1.70			4.91		to	4.32
2023		92,954		13.2991	to		14.0269		1,392,430		2.63			1.15		to	1.70			17.35		to	16.70
2022		100,548		11.3331	to		11.6105		1,300,522		3.15			1.15		to	1.85			(14.55	)	to	(15.15	)
2021		108,489		13.2622	to		13.6828		1,654,704		2.72			1.15		to	1.85			10.88		to	10.10
G31
2025		91,146		55.3288	to		47.1175		4,834,911		0.69			1.15		to	1.85			14.43		to	13.62
2024		101,817		48.3514	to		44.1681		4,697,555		0.64			1.15		to	2.05			26.85		to	25.68
2023		108,650		38.1167	to		35.1423		4,006,596		0.70			1.15		to	2.05			22.40		to	21.29
2022		115,809		31.1404	to		28.9740		3,494,277		0.80			1.15		to	2.05			(20.65	)	to	(21.38	)
2021		125,842		39.2451	to		36.8509		4,805,105		0.78			1.15		to	2.05			27.93		to	26.77
O00
2025		27,068		16.8136	to		15.9236		453,390		—			1.15		to	2.10			3.59		to	2.60
2024		29,072		16.2315	to		15.5203		470,571		—			1.15		to	2.10			22.79		to	21.61
2023		32,646		13.2185	to		12.7621		430,654		—			1.15		to	2.10			11.86		to	10.79
2022		47,564		11.8175	to		11.5189		564,359		—			1.15		to	2.10			(31.77	)	to	(32.42	)
2021		46,399		17.3211	to		17.0460		806,137		—			1.15		to	2.10			17.73		to	16.61
V15
2025		246,573		53.1966	to		48.2197		12,501,476		—			1.15		to	1.85			10.39		to	9.61
2024		285,943		48.1881	to		43.9927		13,190,914		—			1.15		to	1.85			33.34		to	32.38
2023		330,764		36.0906	to		33.2310		11,517,178		—			1.15		to	1.85			39.31		to	38.34
2022		366,288		25.9060	to		24.0212		9,189,277		—			1.15		to	1.85			(31.90	)	to	(32.38	)
2021		391,428		38.0864	to		35.5244		14,479,127		—			1.15		to	1.85			10.65		to	9.86
V52
2025		2,703		49.9300	to		44.9986		119,288		—			1.35		to	2.10			9.89		to	9.06
2024		2,789		45.4373	to		41.2611		110,969		—			1.35		to	2.10			32.74		to	31.73
2023		2,915		34.2315	to		31.3235		86,762		—			1.35		to	2.10			38.71		to	37.67
2022		3,895		24.6782	to		22.7529		84,978		—			1.35		to	2.10			(32.22	)	to	(32.73	)
2021		4,199		36.4092	to		33.8239		150,011		—			1.35		to	2.10			10.14		to	9.31
A39
2025		201,602		41.0584	to		35.1031		7,218,246		0.63			1.15		to	1.85			14.85		to	14.03
2024		251,056		35.7510	to		30.7845		7,792,159		0.70			1.15		to	1.85			24.17		to	23.28
2023		274,449		28.7928	to		24.9720		6,864,207		0.72			1.15		to	1.85			21.96		to	21.10
2022		298,250		23.6077	to		20.6213		6,157,753		0.90			1.15		to	1.85			(21.45	)	to	(22.01	)
2021		321,190		30.0544	to		26.4404		8,455,254		0.65			1.15		to	1.85			26.29		to	25.39

- 70 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
AC3
2025		852	$	58.3551	to	$	50.3050	$	48,663		0.42	%		1.35	%	to	1.70	%		14.33	%	to	13.92	%
2024		852		51.0425	to		35.7178		42,608		0.34			1.35		to	1.85			23.59		to	22.96
2023		1,644		41.3001	to		29.0481		60,547		0.44			1.35		to	1.85			21.43		to	20.82
2022		1,988		34.0104	to		24.0418		61,643		0.64			1.35		to	1.85			(21.82	)	to	(22.21	)
2021		1,953		43.5020	to		30.9072		77,417		0.45			1.35		to	1.85			25.67		to	25.03
A21
2025		173,474		31.6149	to		23.4913		4,366,334		1.39			1.15		to	1.85			15.17		to	14.35
2024		197,257		27.4499	to		20.5426		4,333,343		1.73			1.15		to	1.85			(0.54	)	to	(1.25	)
2023		213,496		27.5979	to		20.8028		4,730,265		0.19			1.15		to	1.85			16.80		to	15.98
2022		238,290		23.6275	to		17.9372		4,538,101		1.66			1.15		to	1.85			(19.23	)	to	(19.81	)
2021		281,978		29.2545	to		22.3681		6,720,256		1.24			1.15		to	1.85			4.68		to	3.94
AC1
2025		3,879		38.8234	to		33.8393		143,303		1.05			1.35		to	2.10			14.67		to	13.80
2024		4,538		33.8580	to		29.7358		146,336		1.55			1.35		to	2.10			(1.02	)	to	(1.77	)
2023		4,469		34.2061	to		30.2721		146,161		0.00			1.35		to	2.10			16.28		to	15.41
2022		4,587		29.4160	to		26.2303		129,582		1.35			1.35		to	2.10			(19.60	)	to	(20.21	)
2021		5,402		36.5873	to		32.8731		190,359		1.07			1.35		to	2.10			4.18		to	3.40
I76
2025		18,721		32.2203	to		26.9166		574,965		—			1.15		to	2.10			6.81		to	5.79
2024		30,327		30.1671	to		25.4440		861,691		0.13			1.15		to	2.10			16.72		to	15.60
2023		33,675		25.8448	to		22.0101		821,530		—			1.15		to	2.10			15.24		to	14.14
2022		42,724		22.4269	to		19.2827		913,677		—			1.15		to	2.10			(21.42	)	to	(22.17	)
2021		44,061		28.5396	to		24.7745		1,201,174		0.16			1.15		to	2.10			19.02		to	17.88
J43
2025		19,399		54.2914	to		48.2448		1,001,404		0.61			1.15		to	1.85			9.00		to	8.24
2024		21,468		49.8068	to		44.5722		1,018,862		0.77			1.15		to	1.85			10.42		to	9.64
2023		27,497		45.1083	to		40.6551		1,179,790		1.30			1.15		to	1.85			11.80		to	11.02
2022		30,694		40.3456	to		36.6188		1,184,730		0.45			1.15		to	1.85			(20.28	)	to	(20.84	)
2021		33,091		50.6074	to		46.2569		1,603,468		0.52			1.15		to	1.85			19.99		to	19.15
J32
2025		43,723		90.3590	to		80.2968		3,770,259		0.46			1.15		to	1.85			13.22		to	12.43
2024		48,769		79.9518	to		71.4190		3,722,097		0.51			1.15		to	1.85			22.56		to	21.68
2023		54,429		65.2334	to		58.6925		3,395,423		1.57			1.15		to	1.85			25.72		to	24.83
2022		55,124		51.8883	to		47.0189		2,742,288		0.52			1.15		to	1.85			(19.62	)	to	(20.19	)
2021		62,739		64.5529	to		58.9139		3,889,278		0.76			1.15		to	1.85			27.87		to	26.96

- 71 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
MD8
2025		1,202,760	$	10.2593	to	$	9.0305	$	11,880,726		3.79	%		1.15	%	to	2.10	%		2.68	%	to	1.69	%
2024		1,344,904		9.9918	to		8.8807		13,031,997		4.74			1.15		to	2.10			3.65		to	2.64
2023		1,402,619		9.6401	to		8.6521		13,114,016		4.49			1.15		to	2.10			3.41		to	2.41
2022		1,229,413		9.3226	to		8.4484		11,153,814		1.15			1.15		to	2.10			0.02		to	(0.94	)
2021		1,271,565		9.3204	to		8.3723		11,515,773		—			1.15		to	2.30			(1.14	)	to	(2.29	)
M07
2025		441,018		21.0943	to		19.3018		8,949,278		2.66			1.15		to	1.85			9.90		to	9.12
2024		494,878		19.1943	to		17.6891		9,167,918		2.48			1.15		to	1.85			6.52		to	5.75
2023		519,437		18.0202	to		16.7272		9,064,334		1.98			1.15		to	1.85			9.19		to	8.41
2022		585,625		16.5036	to		15.4289		9,356,145		1.65			1.15		to	1.85			(10.61	)	to	(11.24	)
2021		653,490		18.4624	to		17.3837		11,748,952		1.78			1.15		to	1.85			12.82		to	12.01
M35
2025		378,888		20.4314	to		18.1400		7,339,321		2.49			1.15		to	2.10			9.64		to	8.60
2024		417,558		18.6347	to		16.7041		7,410,887		2.28			1.15		to	2.10			6.22		to	5.19
2023		465,444		17.5441	to		15.8792		7,806,873		1.76			1.15		to	2.10			8.95		to	7.92
2022		537,506		16.1022	to		14.7140		8,306,271		1.46			1.15		to	2.10			(10.87	)	to	(11.72	)
2021		601,770		18.0665	to		16.3875		10,483,070		1.60			1.15		to	2.30			12.53		to	11.23
M31
2025		294,138		73.9382	to		57.8994		17,772,367		—			1.15		to	1.85			10.92		to	10.13
2024		340,921		66.6599	to		52.5739		18,604,727		—			1.15		to	1.85			29.96		to	29.03
2023		395,740		51.2936	to		40.7469		17,146,855		—			1.15		to	1.85			34.32		to	33.37
2022		435,172		38.1869	to		30.5518		14,007,384		—			1.15		to	1.85			(32.41	)	to	(32.89	)
2021		479,109		56.5000	to		45.5272		23,018,402		—			1.15		to	1.85			22.13		to	21.26
M80
2025		47,866		77.5161	to		97.3583		3,610,274		—			1.15		to	1.95			10.62		to	9.73
2024		55,513		70.0742	to		88.7227		3,737,549		—			1.15		to	1.95			29.63		to	28.59
2023		62,037		54.0555	to		69.7347		3,198,577		—			1.15		to	1.90			33.96		to	32.95
2022		65,423		40.3526	to		52.4516		2,523,867		—			1.15		to	1.90			(32.59	)	to	(33.10	)
2021		69,635		59.8595	to		78.3989		3,987,382		—			1.15		to	1.90			21.82		to	20.90
MF1
2025		341,327		42.1794	to		37.1277		13,681,187		—			1.15		to	2.10			2.48		to	1.50
2024		378,024		41.1570	to		36.5803		14,856,230		—			1.15		to	2.10			13.41		to	12.30
2023		434,356		36.2919	to		32.5728		15,109,242		—			1.15		to	2.10			19.95		to	18.79
2022		495,184		30.2570	to		27.4198		14,409,891		—			1.15		to	2.10			(29.51	)	to	(30.19	)
2021		532,653		42.9232	to		39.2767		22,103,980		—			1.15		to	2.10			12.81		to	11.73
M05
2025		260,558		24.2560	to		22.3523		6,096,330		—			1.15		to	1.85			11.68		to	10.88
2024		306,240		21.7199	to		20.1586		6,441,570		—			1.15		to	1.85			5.50		to	4.74
2023		362,310		20.5879	to		19.2461		7,246,559		—			1.15		to	1.85			13.11		to	12.31
2022		398,567		18.2010	to		17.1365		7,066,132		—			1.15		to	1.85			(30.56	)	to	(31.05	)
2021		407,560		26.2101	to		24.8539		10,426,785		—			1.15		to	1.85			0.64		to	(0.08	)
M42
2025		314,502		23.5264	to		21.0857		7,025,986		—			1.15		to	2.10			11.27		to	10.21
2024		344,657		21.1442	to		19.1331		6,962,761		—			1.15		to	2.10			5.20		to	4.19
2023		372,074		20.0985	to		18.3635		7,175,508		—			1.15		to	2.10			12.95		to	11.87
2022		399,820		17.7949	to		16.4148		6,859,544		—			1.15		to	2.10			(30.80	)	to	(31.46	)
2021		390,506		25.7145	to		23.9486		9,730,936		—			1.15		to	2.10			0.41		to	(0.55	)
M06
2025		389,447		11.6989	to		10.2976		4,364,454		4.31			1.15		to	2.10			5.95		to	4.93
2024		487,588		11.0418	to		9.8138		5,168,395		4.16			1.15		to	2.10			1.37		to	0.39
2023		536,132		10.8925	to		9.7761		5,627,803		3.15			1.15		to	2.10			6.16		to	5.14
2022		589,944		10.2604	to		9.2982		5,846,995		2.67			1.15		to	2.10			(14.91	)	to	(15.73	)
2021		726,553		12.0587	to		11.0341		8,466,471		2.70			1.15		to	2.10			(1.94	)	to	(2.89	)

- 72 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
M33
2025		264,316	$	44.0608	to	$	38.7845	$	11,106,829		0.94	%		1.15	%	to	2.10	%		11.57	%	to	10.49	%
2024		332,463		39.4929	to		35.1017		12,546,043		0.60			1.15		to	2.10			17.51		to	16.37
2023		372,531		33.6086	to		30.1648		12,010,357		0.52			1.15		to	2.10			21.03		to	19.87
2022		407,403		27.7689	to		25.1652		10,887,060		0.47			1.15		to	2.10			(18.15	)	to	(18.94	)
2021		451,965		33.9273	to		31.0452		14,841,583		0.53			1.15		to	2.10			23.38		to	22.19
M44
2025		248,100		18.9058	to		17.4219		4,539,824		2.92			1.15		to	1.85			13.70		to	12.89
2024		304,615		16.6277	to		15.4324		4,915,357		2.24			1.15		to	1.85			10.38		to	9.59
2023		399,575		15.0642	to		14.0823		5,861,399		3.44			1.15		to	1.85			(3.22	)	to	(3.91	)
2022		467,877		15.5654	to		14.6551		7,120,798		2.36			1.15		to	1.85			(0.39	)	to	(1.10	)
2021		551,346		15.6263	to		14.8176		8,437,129		1.70			1.15		to	1.85			12.79		to	11.99
M40
2025		75,243		18.3558	to		16.4515		1,313,526		2.70			1.15		to	2.10			13.44		to	12.36
2024		85,162		16.1810	to		14.6419		1,317,861		1.92			1.15		to	2.10			10.06		to	9.00
2023		102,594		14.7026	to		13.4333		1,444,508		3.27			1.15		to	2.10			(3.45	)	to	(4.37	)
2022		120,722		15.2279	to		14.0470		1,768,249		2.22			1.15		to	2.10			(0.67	)	to	(1.62	)
2021		139,543		15.3310	to		14.2781		2,068,906		1.54			1.15		to	2.10			12.52		to	11.44
M83
2025		963,245		34.5430	to		30.4063		31,741,372		1.58			1.15		to	2.10			11.73		to	10.65
2024		1,090,632		30.9173	to		27.4795		32,255,602		1.61			1.15		to	2.10			10.33		to	9.26
2023		1,236,832		28.0222	to		25.1508		33,267,276		1.63			1.15		to	2.10			6.71		to	5.68
2022		1,358,999		26.2609	to		23.7987		34,386,230		1.37			1.15		to	2.10			(6.98	)	to	(7.87	)
2021		1,560,322		28.2305	to		25.8322		42,575,705		1.33			1.15		to	2.10			24.03		to	22.83
MB6
2025		91,942		57.7423	to		52.8499		4,872,209		1.04			1.15		to	1.85			14.78		to	13.96
2024		112,419		50.3075	to		46.3749		5,189,416		1.01			1.15		to	1.85			24.06		to	23.17
2023		121,596		40.5502	to		37.6504		4,529,245		1.37			1.15		to	1.85			27.07		to	26.17
2022		137,781		31.9123	to		29.8418		4,056,008		1.10			1.15		to	1.85			(16.96	)	to	(17.55	)
2021		158,091		38.4296	to		36.1936		5,645,783		1.10			1.15		to	1.85			28.05		to	27.14
MB7
2025		57,552		61.4890	to		62.8960		3,268,771		0.76			1.15		to	2.10			14.49		to	13.40
2024		65,252		53.7075	to		55.4652		3,246,930		0.76			1.15		to	2.10			23.73		to	22.54
2023		72,344		43.4075	to		45.2632		2,928,492		1.09			1.15		to	2.10			26.74		to	25.53
2022		76,231		34.2505	to		36.0574		2,447,592		0.86			1.15		to	2.10			(17.17	)	to	(17.95	)
2021		78,929		41.3479	to		43.9479		3,068,836		0.91			1.15		to	2.10			27.70		to	26.48
M96
2025		160,270		17.7138	to		14.9895		2,625,246		4.19			1.15		to	1.85			5.77		to	5.02
2024		174,978		16.7471	to		14.2731		2,711,681		3.46			1.15		to	1.85			(0.38	)	to	(1.10	)
2023		240,900		16.5074	to		14.4315		3,747,478		1.49			1.15		to	1.85			2.95		to	2.23
2022		259,910		16.3276	to		14.1164		3,933,779		2.00			1.15		to	1.85			(13.25	)	to	(13.87	)
2021		303,949		18.8223	to		16.3897		5,331,002		2.17			1.15		to	1.85			(3.01	)	to	(3.70	)
MD2
2025		123,228		14.5778	to		10.8892		1,634,260		4.05			1.15		to	2.10			5.41		to	4.40
2024		130,496		13.8297	to		10.4299		1,645,264		3.24			1.15		to	2.10			(0.64	)	to	(1.59	)
2023		154,913		13.9182	to		10.5986		1,980,380		1.14			1.15		to	2.10			2.67		to	1.69
2022		181,135		13.5568	to		10.4226		2,253,571		1.75			1.15		to	2.10			(13.45	)	to	(14.28	)
2021		196,553		15.6639	to		12.1584		2,836,361		1.93			1.15		to	2.10			(3.26	)	to	(4.19	)

- 73 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
MA6
2025		526,868	$	29.6213	to	$	13.9536	$	12,141,976		6.59	%		1.15	%	to	2.10	%		7.41	%	to	6.37	%
2024		578,488		27.5781	to		13.1175		12,526,457		6.17			1.15		to	2.10			5.70		to	4.67
2023		648,282		26.0915	to		12.5328		13,358,238		5.79			1.15		to	2.10			11.13		to	10.06
2022		703,624		23.4779	to		11.3863		13,074,330		5.34			1.15		to	2.10			(11.53	)	to	(12.38	)
2021		826,321		26.5381	to		12.9955		17,459,794		4.90			1.15		to	2.10			2.31		to	1.32
MA3
2025		77,846		29.1801	to		24.7943		2,053,554		6.29			1.15		to	2.10			7.23		to	6.20
2024		91,976		27.2134	to		23.3458		2,281,172		5.88			1.15		to	2.10			5.29		to	4.28
2023		103,148		25.8451	to		22.3872		2,430,178		5.32			1.15		to	2.10			11.19		to	10.14
2022		120,013		23.2432	to		20.3268		2,545,742		5.23			1.15		to	2.10			(11.80	)	to	(12.64	)
2021		142,732		26.3539	to		23.2688		3,455,051		4.85			1.15		to	2.10			1.90		to	0.93
MD6
2025		290,995		53.0349	to		45.0260		12,005,287		0.27			1.15		to	1.85			8.65		to	7.88
2024		317,899		48.8127	to		41.7384		12,110,218		0.34			1.15		to	1.85			14.93		to	14.11
2023		374,679		42.4711	to		36.5783		12,646,517		0.30			1.15		to	1.85			22.60		to	21.73
2022		416,179		34.6421	to		30.0487		11,602,182		0.10			1.15		to	1.85			(20.18	)	to	(20.74	)
2021		437,869		43.3982	to		37.9134		15,360,533		0.24			1.15		to	1.85			24.54		to	23.65
MB3
2025		83,139		55.2269	to		59.3249		4,276,632		0.02			1.15		to	2.10			8.35		to	7.31
2024		91,552		50.9723	to		55.2817		4,372,861		0.13			1.15		to	2.10			14.64		to	13.54
2023		100,393		44.4637	to		48.6910		4,209,301		0.05			1.15		to	2.10			22.29		to	21.13
2022		109,411		36.3596	to		40.1986		3,762,669		—			1.15		to	2.10			(20.37	)	to	(21.13	)
2021		117,581		45.6613	to		50.9680		5,089,165		0.03			1.15		to	2.10			24.21		to	23.03
MB8
2025		217,628		63.4121	to		49.6012		11,558,607		0.98			1.15		to	2.10			4.54		to	3.54
2024		239,784		60.6576	to		47.9031		12,264,996		0.96			1.15		to	2.10			3.73		to	2.74
2023		266,895		58.4739	to		46.6268		13,223,427		0.77			1.15		to	2.10			17.60		to	16.48
2022		299,203		49.7247	to		40.0306		12,647,367		0.76			1.15		to	2.10			(19.31	)	to	(20.08	)
2021		321,975		61.6247	to		50.0876		16,959,161		0.86			1.15		to	2.10			28.15		to	26.93
MF6
2025		188,258		55.3543	to		29.4337		7,567,076		1.66			1.15		to	2.10			2.35		to	1.36
2024		199,169		54.0844	to		29.0382		7,901,765		2.11			1.15		to	2.10			(3.81	)	to	(4.74	)
2023		213,700		56.2245	to		30.4835		8,884,758		0.87			1.15		to	2.10			10.19		to	9.13
2022		231,683		51.0245	to		27.9325		8,778,837		1.62			1.15		to	2.10			(27.77	)	to	(28.46	)
2021		233,702		70.6402	to		39.0469		12,353,892		1.48			1.15		to	2.10			28.64		to	27.41

- 74 -

DELAWARE LIFE VARIABLE ACCOUNT F - FUTURITY

(A Separate Account of Delaware Life Insurance Company)

NOTES TO FINANCIAL STATEMENTS

FOR THE YEAR ENDED DECEMBER 31, 2025

11. FINANCIAL HIGHLIGHTS (CONTINUED)


	At December 31,									For the years ended December 31,
	Units		Unit Value⁴					Net Assets		Investment Income Ratio¹			Expense Ratio lowest to highest²						Total Return³
MG3
2025		473,763	$	40.5410	to	$	34.1518	$	17,934,843		1.03	%		1.15	%	to	2.10	%		4.76	%	to	3.76	%
2024		530,783		38.6986	to		32.9137		19,272,619		1.21			1.15		to	2.10			12.43		to	11.35
2023		613,759		34.4200	to		29.5589		19,875,044		1.74			1.15		to	2.10			11.44		to	10.38
2022		670,583		30.8879	to		26.7803		19,561,063		0.98			1.15		to	2.10			(9.83	)	to	(10.69	)
2021		748,910		34.2557	to		29.9859		24,305,255		0.79			1.15		to	2.10			29.48		to	28.25
PK8
2025		227,244		40.1939	to		30.8975		8,268,763		6.92			1.15		to	2.10			13.73		to	12.63
2024		260,760		35.3416	to		27.4318		8,394,640		6.41			1.15		to	2.10			6.32		to	5.28
2023		294,228		33.2417	to		26.0551		8,930,657		5.69			1.15		to	2.10			9.88		to	8.82
2022		314,513		30.2524	to		23.9423		8,719,994		4.81			1.15		to	2.10			(16.69	)	to	(17.49	)
2021		348,864		36.3134	to		29.0185		11,649,357		4.48			1.15		to	2.10			(3.68	)	to	(4.61	)
P06
2025		159,715		18.8990	to		15.6354		2,771,515		3.32			1.15		to	2.10			6.64		to	5.61
2024		172,839		17.7218	to		14.8042		2,824,476		2.61			1.15		to	2.10			0.96		to	(0.02	)
2023		187,850		17.5529	to		14.8070		3,044,847		2.98			1.15		to	2.10			2.49		to	1.51
2022		224,114		17.1258	to		14.5870		3,557,373		6.97			1.15		to	2.10			(12.91	)	to	(13.75	)
2021		257,072		19.6647	to		16.9123		4,689,566		4.95			1.15		to	2.10			4.41		to	3.40
P07
2025		936,092		19.0731	to		15.2022		16,255,934		4.10			1.15		to	2.10			7.68		to	6.64
2024		1,033,596		17.7134	to		14.2558		16,756,518		4.02			1.15		to	2.10			1.36		to	0.37
2023		1,154,602		17.4758	to		14.2026		18,519,571		3.56			1.15		to	2.10			4.74		to	3.73
2022		1,229,688		16.6856	to		13.6919		18,946,896		2.60			1.15		to	2.10			(15.28	)	to	(16.10	)
2021		1,382,697		19.6955	to		16.3188		25,226,187		1.82			1.15		to	2.10			(2.39	)	to	(3.33	)
R03
2025		21,692		79.7297	to		132.2363		1,777,301		0.03			1.15		to	2.10			17.67		to	16.55
2024		24,929		67.7559	to		113.4582		1,721,111		0.21			1.15		to	2.10			22.47		to	21.29
2023		26,998		55.3239	to		93.5399		1,489,538		—			1.15		to	2.10			51.47		to	50.03
2022		26,762		36.5252	to		62.3478		988,514		—			1.15		to	2.10			(34.90	)	to	(35.52	)
2021		29,733		56.1044	to		96.6909		1,702,670		—			1.15		to	2.10			24.10		to	22.92
R02
2025		9,805		64.6820	to		94.1762		687,490		—			1.15		to	2.10			19.48		to	18.34
2024		10,641		54.1373	to		79.5816		615,681		—			1.15		to	2.10			31.22		to	29.96
2023		13,032		41.2572	to		61.2364		559,882		—			1.15		to	2.10			33.53		to	32.26
2022		13,163		30.8982	to		46.3010		428,442		0.36			1.15		to	2.10			(31.07	)	to	(31.72	)
2021		17,948		44.8223	to		67.8128		824,729		0.35			1.15		to	2.10			40.55		to	39.21

Ratio represents the total return for the year indicated, including changes in the value of the underlying mutual fund. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in reduction in the total return presented. The total return is calculated for each period indicated or from the effective date through the end of the reporting period using the unit value of the beginning period that corresponds to the lowest or highest ending period unit value disclosed. The total returns are presented as a range of maximum to minimum values based on the product grouping representing the corresponding lowest to highest expense ratio amounts.

⁴

⁵	Sub-Account AM2 was closed on April 15, 2024 and its remaining assets were transferred into Sub-Account MD9.

- 75 -


	Page(s)

Report of Independent Registered Public Accounting Firm		1-8

Financial Statements

Statement of Assets and Liabilities		9-17

Statement of Operations		18-76

Statements of Changes in Net Assets		77-166

Notes to the Financial Statements		167-206


	Page(s)
Report of Independent Registered Public Accounting Firm		1-3

Financial Statements

Statement of Assets and Liabilities		4-5

Statement of Operations		6-14

Statements of Changes in Net Assets		15-28

Notes to the Financial Statements		29-42