Financial Statements by Insurance Company (Form N-VPFS)

MONY Life Insurance Company

Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2025 and 2024

Statutory Statements of Operations, Changes in Capital and Surplus, and Cash Flow for Each of the Years in the Three-Year Period Ended December 31, 2025

Supplemental Schedules as of and for the years ended December 31, 2025, 2024, and 2023

Financial Statements and Supplementary Data

Index to MONY Life Insurance Company Financial Statements

The following financial statements are located in this report on the pages indicated.

	Page
Independent Auditors' Report	3
Statements of Admitted Assets, Liabilities, and Capital and Surplus	6
Statements of Operations	8
Statements of Changes in Capital and Surplus	9
Statements of Cash Flows	10
Notes to Financial Statements
General	11
Statutory and Generally Accepted Accounting Principles Differences	17
Accounting Changes and Prior Period Adjustments	19
Investments	20
Income Taxes	29
Information Concerning Parent, Subsidiaries, and Affiliates	36
Capital and Surplus, Shareholder's Dividend Restrictions	37
Liabilities, Commitments, and Contingencies	38
Reinsurance	38
Information about Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk	40
Closed Block and Participating Policies	41
Analysis of Annuity Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics	42
Analysis of Life Actuarial Reserves by Withdrawal Characteristics	46
Separate Accounts	48
Fair Value Measurements	51
Subsequent Events	56
Supplemental Schedules	57

KPMG LLP
Suite 1800
420 20th Street North
Birmingham, AL 35203-3207

Independent Auditors' Report

The Board of Directors

MONY Life Insurance Company:

Opinions

We have audited the financial statements of MONY Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2025, and the related notes to the financial statements.

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2025 in accordance with accounting practices prescribed or permitted by the New York State Department of Financial Services described in Notes 1 and 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

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

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Notes 1 and 2 to the financial statements, the financial statements are prepared by the Company using accounting practices prescribed or permitted by the New York State Department of Financial Services, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the financial statements of the variances between the statutory accounting practices described in Note 2 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of

the KPMG global organization of independent member firms affiliated with KPMG

International Limited, a private English company limited by guarantee.

Responsibilities of Management for the Financial Statements

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

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

Auditors' Responsibilities for the Audit of the Financial Statements

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

In performing an audit in accordance with GAAS, we:

●

Exercise professional judgment and maintain professional skepticism throughout the audit.

●

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

●

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

●

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

●

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

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

Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in the supplemental Schedule I Summary of Investments - Other than Investments in Related Parties and Schedule IV Reinsurance is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Securities and Exchange Commission's Regulation S-X. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

/s/ KPMG LLP

Birmingham, Alabama
April 1, 2026

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS

(Statutory Basis)

		December 31
		2025				2024
		($ in thousands, except share amounts)
ADMITTED ASSETS
Bonds (fair value: 2025 - $4,015,772; 2024 - $3,848,609)		$	4,635,977			$	4,590,552
Preferred stocks (fair value: 2025 - $3,742; 2024 - $3,704)			3,742				3,704
Common stocks-unaffiliated (cost: 2025 - $1,202; 2024 - $1,268)			1,202				1,268
Mortgage loans on real estate			193,959				253,451
Contract loans			504,806				529,190
Cash and cash equivalents			25,949				136,147
Short-term investments			-				48,473
Other invested assets			160,575				160,588
Receivable for securities			150				313
Total cash and investments			5,526,360				5,723,686
Amounts recoverable from reinsurers			2,355				4,357
Deferred and uncollected premiums			23,517				26,123
Investment income due and accrued			56,227				56,377
Current federal and foreign income tax recoverable			1,025				2,332
Deferred tax asset			29,171				30,113
Other assets			18,142				20,296
Assets held in Separate Accounts			157,892				155,411
Total admitted assets		$	5,814,689			$	6,018,695

(Continued)

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS

(Statutory Basis)

		December 31
		2025				2024
		($ in thousands, except share amounts)
LIABILITIES AND CAPITAL AND SURPLUS
Aggregate reserves:
Life policies and contracts		$	4,927,968			$	5,107,627
Accident and health			4,187				5,080
Liability for deposit-type contracts			171,430				184,500
Policy and contract claims:
Life			43,029				46,596
Accident and health			332				267
Policyholders' dividends			56,541				58,310
Interest maintenance reserve (IMR)			9,870				15,053
General expenses due or accrued			19				20
Transfers to (from) Separate Accounts due or accrued, net			1,276				1,072
Remittances and items not allocated			3,725				9,587
Asset valuation reserve (AVR)			38,820				39,986
Payable to parent, subsidiaries, and affiliates			2,538				2,304
Funds held under reinsurance treaties			3,340				3,240
Other liabilities			21,800				22,955
Liabilities held in Separate Accounts			157,892				155,410
Total liabilities			5,442,767				5,652,007
Capital and surplus:
Common stock, $1.00 par value; 2,500,000 shares authorized, issued and outstanding			2,500				2,500
Gross paid-in and contributed surplus			325,988				325,988
Group contingency life reserve			175				200
Unassigned funds - surplus			43,259				38,000
Total capital and surplus			371,922				366,688
Total liabilities and capital and surplus		$	5,814,689			$	6,018,695

See Notes to the Financial Statements (Statutory Basis).

MONY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

(Statutory Basis)

		Years Ended December 31
		2025				2024				2023
		($ in thousands)
Revenues:
Premiums and annuity considerations		$	133,047			$	142,520			$	155,504
Net investment income			224,278				228,345				233,064
Commissions and expense allowances on reinsurance ceded			561				1,235				936
Amortization of interest maintenance reserve			2,163				4,920				6,710
Net loss from operations from Separate Accounts			-				-				(1	)
Reserve adjustments on reinsurance ceded			(73	)			(61	)			98
Other income			4,494				5,954				6,793
Total revenues			364,470				382,913				403,104
Benefits and expenses:
Death and annuity benefits			239,956				243,809				240,505
Accident and health benefits			4,168				3,763				4,119
Surrender benefits and other fund withdrawals			186,580				172,861				200,403
Other policy and contract benefits			9,450				10,410				9,866
Decrease in aggregate reserves			(180,552	)			(158,319	)			(154,026	)
Commissions and commission expense allowances			2,374				2,604				2,909
General expenses			12,113				12,845				12,615
Insurance taxes, licenses, and fees			3,377				3,322				2,899
Transfers to (from) Separate Accounts, net			(13,358	)			(12,227	)			(7,567	)
Other expenses			95				772				(1,368	)
Total benefits and expenses			264,203				279,840				310,355
Net income from operations before dividends to policyholders and federal income taxes			100,267				103,073				92,749
Dividends to policyholders			51,098				51,307				56,853
Federal income tax expense			6,427				7,379				3,517
Net income from operations			42,742				44,387				32,379
Net realized capital gains (losses) (less $(648), $228, and $(3,442) of capital gains tax (benefit) in 2025, 2024, and 2023, respectively, and excluding $(3,020), $1,978, and $(709) transferred to (from) the IMR in 2025, 2024 and 2023, respectively)			(128	)			320				(1,600	)
Net income		$	42,614			$	44,707			$	30,779

See Notes to the Financial Statements (Statutory Basis).

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

(Statutory Basis)

		($ in thousands)
Capital and surplus, December 31, 2022		$	350,843
Net income			30,779
Change in net unrealized capital gains and losses, less capital gains tax (benefit) of $(86)			(323	)
Change in nonadmitted assets			16,479
Change in asset valuation reserve			(596	)
Change in net deferred income tax			(7,022	)
Dividend to parent			(35,000	)
Capital and surplus, December 31, 2023			355,160
Net income			44,707
Change in net unrealized capital gains and losses, less capital gains tax (benefit) of $96			361
Change in nonadmitted assets			(369	)
Change in asset valuation reserve			968
Change in net deferred income tax			(1,839	)
Dividend to parent			(32,300	)
Capital and surplus, December 31, 2024			366,688
Net income			42,614
Change in net unrealized capital gains and losses, less capital gains tax (benefit) of $8			30
Change in nonadmitted assets			2,297
Change in asset valuation reserve			1,166
Change in net deferred income tax			(3,273	)
Dividend to parent			(37,600	)
Capital and surplus, December 31, 2025		$	371,922

See Notes to the Financial Statements (Statutory Basis).

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CASH FLOW

(Statutory Basis)

		Years Ended December 31
		2025				2024				2023
		($ in thousands)
Cash from operations
Premiums and annuity considerations		$	136,098			$	143,206			$	157,505
Net investment income			223,162				231,065				234,774
Miscellaneous income			6,582				5,771				7,960
Benefit and loss payments			(446,804	)			(439,367	)			(478,632	)
Net transfers from Separate Accounts			13,562				12,071				9,003
Commissions, expenses paid and miscellaneous			(18,470	)			(19,531	)			(19,054	)
Dividends paid to policyholders			(52,867	)			(56,247	)			(62,521	)
Federal income taxes			(4,472	)			(8,279	)			557
Net cash from (to) operations			(143,209	)			(131,311	)			(150,408	)
Cash from investments
Proceeds from investments sold, matured or repaid:
Bonds			542,335				538,409				428,478
Stocks			66				-				13,570
Mortgage loans			59,496				28,482				17,826
Other miscellaneous proceeds			163				776				-
Total investment proceeds			602,060				567,667				459,874
Cost of investments acquired:
Bonds			(590,288	)			(340,451	)			(252,763	)
Stocks			-				(24	)			-
Mortgage loans			-				(5,000	)			(4,000	)
Other miscellaneous applications			-				-				(801	)
Total investments acquired			(590,288	)			(345,475	)			(257,564	)
Net change in contract loans			24,320				13,533				14,668
Net cash from investments			36,092				235,725				216,978
Cash from financing and miscellaneous sources
Cash provided (applied):
Net deposits on deposit-type contract funds			(8,362	)			(9,969	)			(10,655	)
Dividends to parent			(37,600	)			(32,300	)			(35,000	)
Other cash provided (applied), net			(5,592	)			4,633				4,434
Net cash from (to) financing and miscellaneous sources			(51,554	)			(37,636	)			(41,221	)
Net change in cash, cash equivalents, and short-term investments			(158,671	)			66,778				25,349
Cash, cash equivalents, and short-term investments, beginning of year			184,620				117,842				92,493
Cash, cash equivalents, and short-term investments, end of year		$	25,949			$	184,620			$	117,842
Non-cash transactions
Non-cash exchange of securities (Investments)		$	52,999			$	24,203			$	11,024
Non-cash change in retained asset account (Operations and Financing and miscellaneous sources)			4,708				11,157				14,547
Non-cash change in reinsurance loss contingency reserve (Operations and Financing and miscellaneous sources)			-				-				1,922

See Notes to the Financial Statements (Statutory Basis).

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

1.

General

Basis of Presentation - The statutory basis financial statements of MONY Life Insurance Company (the "Company") have been prepared in conformity with accounting practices prescribed or permitted by the New York State Department of Financial Services (the "Department"). The Company is a stock, legal reserve, life, and accident and health insurer.

All outstanding shares of the Company's common stock are owned by Protective Life Insurance Company ("PLICO"), a life insurance company domiciled in the State of Nebraska. PLICO is a wholly owned subsidiary of Protective Life Corporation ("PLC"), an insurance holding company domiciled in the State of Delaware. PLC is a wholly owned subsidiary of Dai-ichi Life International Holdings, LLC ("Dai-ichi Life International"), a godo kaisha organized under the laws of Japan and subsidiary of Dai-ichi Life Holdings, Inc. ("Dai-ichi Life"). Effective April 1, 2026, Dai-ichi Life will be renamed Daiichi Life Group, Inc., and Dai-ichi Life International will be renamed Daiichi Life International Holdings LLC. Other affiliated insurers include Protective Property & Casualty Insurance Company, Protective Life and Annuity Insurance Company, Magnolia Re. Inc., ShelterPoint Life Insurance Company and Golden Gate Captive Insurance Company.

The Department recognizes only statutory practices prescribed or permitted by the State of New York for determining and reporting the financial condition and results of operations of an insurance company, and for determining its solvency under New York Insurance Law. The National Association of Insurance Commissioners' ("NAIC") Accounting Practices and Procedures Manual, effective January 1, 2001 ("NAIC SAP"), has been adopted as a component of prescribed or permitted practices by the State of New York. The State of New York has adopted certain prescribed accounting practices that differ from those found in the NAIC SAP, none of which had a material impact on the Company's Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2025 and 2024, or Statements of Operations for each of the years in the three-year period ended December 31, 2025.

The Company had no permitted practices as of December 31, 2025 and 2024 or for each of the years in the three-year period ended December 31, 2025.

The preparation of financial statements in conformity with NAIC SAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, as well as the reported amounts of revenues and expenses. Actual results could differ from those estimates.

The Company elected to use rounding in reporting amounts throughout the statutory financial statements and in the accompanying notes to the financial statements (collectively, the "statements") and therefore summation of amounts and consistency between related amounts within the statements may be impacted by immaterial amounts.

Acquisition of the Company by PLICO on October 1, 2013 - PLICO purchased the Company on October 1, 2013. The Company was previously owned by AXA Equitable Financial Services, LLC ("AEFS"), a wholly-owned subsidiary of AXA Financial, Inc. ("AXA"). Pursuant to the master agreement (the "Master Agreement") dated April 11, 2013 with AXA and AEFS, PLICO acquired the stock of the Company from AEFS.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Nature of Operations - The Company previously offered a broad portfolio of life insurance products consisting primarily of variable life and interest-sensitive life insurance products (including group universal life insurance), in addition to a whole life and a variety of term life insurance products. The Company also offered a variety of annuity products, such as variable annuities, fixed deferred annuities and payout annuities. As part of the acquisition by PLICO, the Company no longer writes new business, but continues to service existing business.

The operating results of companies in the insurance industry have historically been subject to significant fluctuations due to competition, economic conditions, interest rates, investment performance, maintenance of insurance ratings, inflation, and other factors.

Summary of Significant Accounting Policies - The Company uses the following significant accounting policies:

Cash and Investments

Investments are stated at values determined by methodologies prescribed by the NAIC. Bonds not backed by other loans are stated at amortized cost using the interest method, except for bonds with an NAIC designation of 6 which are carried at the lower of amortized cost or fair value. For bonds carried at fair value, the difference between cost and fair value is reflected in "Change in net unrealized capital gains and losses" in unassigned funds.

Asset-backed securities stated at amortized cost utilize anticipated prepayments to determine the effective yield at purchase. The majority of prepayment assumptions for asset-backed securities are obtained from Bloomberg; other sources are: broker-dealer surveys, trustee information, and internal estimates. These assumptions are consistent with current interest rates and the economic environment. Changes in the timing of estimated future cash flows from the original purchase assumptions are accounted for using the prospective method.

Bond and preferred stock fair values are obtained from nationally-recognized pricing services. The Company uses quotes obtained from brokers and internally developed pricing models to price those bonds that are not priced by these services.

Redeemable preferred stocks are stated at amortized cost or fair value, depending on the assigned credit ratings. Perpetual preferred stocks are stated at fair value, not to exceed any currently effective call price. For preferred stocks carried at fair value, the difference between cost and fair value is reflected in "Change in net unrealized capital gains and losses" in unassigned funds.

Common stocks are generally stated at a fair value obtained from a nationally recognized pricing service.

Mortgage loans on real estate are stated at the aggregate unpaid principal balance. Book value adjustments are made for other-than-temporary declines. Temporary declines in value are reflected in "Change in net unrealized capital gains and losses" in unassigned funds.

Contract loans are carried at the unpaid principal balance. The excess of the unpaid contract loan balance over the cash surrender value, if any, is nonadmitted and reflected as an adjustment to unassigned funds. Interest is capitalized on the anniversary date.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Cash includes all demand deposits reduced by the amount of outstanding checks and drafts. The Company has deposits with certain financial institutions which exceed federally-insured limits; however, total deposits are maintained within the bank-specific deposit level guidelines established by the Investments Policy Committee. The Company reviews the creditworthiness of these financial institutions and believes there is minimal risk of material loss.

Short-term investments are stated at amortized cost, which the Company believes approximates fair value. The short-term investment category includes those investments whose maturities at the time of acquisition were one year or less. Money market mutual funds are classified as cash equivalents with measurement at fair value.

The Company's investments in surplus notes with an NAIC Credit Rating Providers ("NAIC CRP") designation of NAIC 1 or NAIC 2 are reported at amortized cost. Surplus notes held with no NAIC CRP designation, or with a designation of NAIC 3, 4, 5, or 6, are carried at the lesser of amortized cost or fair value. Investments in surplus notes are reported as "Other invested assets".

Receivables and payables for securities represent balances outstanding with brokers related to purchase and sale transactions. These balances are cleared as amounts are received or paid.

Investment income is recorded when earned.

Realized gains and losses on the sale or maturity of investments are determined on the basis of specific identification and are included in the Statements of Operations on the trade date, net of the amount transferred to the Interest Maintenance Reserve ("IMR") and net of applicable federal income taxes. The Company analyzes various factors to determine if any specific other-than-temporary asset impairments exist. Once a determination has been made that a specific other-than-temporary impairment ("OTTI") exists, a realized loss is incurred and the cost basis of the impaired asset, other than asset-backed securities, is adjusted to its fair value. Impaired asset-backed securities are adjusted to the sum of their discounted future expected cash flows.

Premium Revenue and Related Commissions

Annuity considerations are recognized as revenue when received. Life premiums are recognized as revenue when due from policyholders under the terms of the insurance contract. Accident and health premiums are earned ratably over the terms of the related insurance contracts.

Considerations for deposit type contracts, which do not have any life contingencies, are recorded directly to the related liability.

Acquisition costs, such as commissions and other costs related to new business, are expensed as incurred.

Life insurance premiums deferred and uncollected represent annual or fractional premiums, either due and uncollected or not yet due, where policy reserves have been provided on the assumption that the full premium for the current policy year has been collected.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Policyholders' Dividends

A portion of the Company's business has been issued on a participating basis. The amount of policyholders' dividends to be paid is determined annually by the Company's Board of Directors, and is included in "Dividends to policyholders" shown in the Company's Statements of Operations. The aggregate amount of policyholders' dividends is related to actual interest, mortality, morbidity and expense experience for the year and to management's judgment as to the appropriate level of statutory capital and surplus to be retained by the Company.

The Company is subject to limitations on the amounts of statutory profits which can be retained with respect to certain classes of individual participating policies that were in force on November 16, 1998 which are not included in the Closed Block (see Note 11) and with respect to participating policies issued subsequent to November 16, 1998. Excess statutory profits, if any, will be distributed over time to such policyholders and are not available to the stockholder of the Company.

Aggregate Reserves for Policies and Contracts

Policy reserves for future life insurance policy benefits are actuarially computed using methods and assumptions in accordance with certain state statutes and administrative regulations. The mortality table and interest assumptions currently being used on the majority of policies in force are the 1941, 1958, 1980, and 2001 Commissioner's Standard Ordinary tables with 2.25% to 6.0% interest for 2025, 2024, and 2023.

Liabilities for policy reserves on fixed annuity contracts are calculated based on the Commissioner's Annuity Reserve Valuation Method ("CARVM"). The reserve calculation considers the interest credited rates and guarantee periods specific to each policy as well as the appropriate mortality table depending on the contract issue date.

Reserves for deposit-type funds are equal to deposits received and interest credited to contract holders less surrenders and withdrawals that represent a return to the contract holder. Interest rates credited ranged from 1.0% to 11.25% for immediate annuities during 2025, 1.0% to 11.25% for 2024, and 0.75% to 11.25% for 2023.

Pension reserves are generally established at an amount equal to the total experience funds or contractholders' balances, except for certain funds with unconditional surrender charges, where the reserves are equal to the contractholders' balances less the applicable surrender charge. Additional reserves for the group and individual annuity contract business are maintained at an amount required to meet the New York State formula.

Liabilities for accident and health policies include unearned premiums and additional reserves. The liability for future policy benefits and claims on life and health insurance products includes estimated unpaid claims that have been reported to the Company and claims incurred but not yet reported. Changes in estimates are reflected in operations during the period in which the change occurred.

The Company waives deduction of deferred fractional premiums upon death of the insureds and returns any portion of the final premium beyond the month of death. The Company has certain surrender values in excess of the legally computed reserves which are included in "Aggregate reserves: Life policies and contracts" in the Statements of Admitted Assets, Liabilities, and Capital and Surplus.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Substandard policies are valued from basic actuarial principles using the policy's substandard rating.

As of December 31, 2025 and 2024, the Company had $178.6 million and $190.6 million, respectively, of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the State of New York. Reserves to cover this insurance totaled $3.6 million and $4.0 million net of reinsurance as of December 31, 2025 and 2024, respectively, and are reported in "Aggregate reserves: Life policies and contracts" in the Statements of Admitted Assets, Liabilities, and Capital and Surplus.

The tabular interest, the tabular less actual reserve released, and the tabular cost, have been determined by formulas. For the determination of investment earnings on funds not involving life contingencies, for each valuation rate of interest the tabular interest is calculated as one-hundredth of the product of such valuation rate of interest times the mean of the amounts of funds subject to such valuation rate of interest held at the beginning and the end of the year of valuation. The tabular interest on funds not involving life contingencies is generally the interest actually credited or paid on such funds.

The Company anticipates investment income as a factor in the premium deficiency calculation, in accordance with Statement of Statutory Accounting Principles ("SSAP") No. 54, "Individual and Group Accident and Health Contracts."

Liabilities for losses and loss adjustment expenses for accident and health contracts are estimated by the Company's valuation actuary using statistical claim development models to develop best estimates of liabilities for medical expense business and using tabular reserves employing mortality/morbidity tables and discount rates specified by regulatory authorities for disability income business.

Policy and Contract Claims

Policy and contract claims include provisions for reported life, accident and health claims in process of settlement, valued in accordance with the terms of the related policies and contracts, as well as provisions for claims incurred but not reported based primarily on prior experience of the Company. As such amounts are necessarily estimates, the ultimate liability may differ from the amount recorded and will be reflected in the results of operations when additional information becomes known.

Retained Assets

In the event of a claim, the beneficiary is given the option of direct payment, a settlement option provided by the policy or a retained asset account.

The Company accounts for retained assets in a manner similar to supplementary contracts. Claims expense is reported in "Death and annuity benefits" in the Statements of Operations. In lieu of a cash payment to the beneficiary, a liability is established in "Liability for deposit-type contracts" in the Statements of Admitted Assets, Liabilities, and Capital and Surplus.

The balance of retained asset accounts were $25.6 million as of December 31, 2025 and $30.3 million as of December 31, 2024.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Asset Valuation Reserve ("AVR") and Interest Maintenance Reserve ("IMR")

The Company established certain reserves as required by NAIC SAP. The AVR is based upon a statutory formula as prescribed by the NAIC to provide a standardized reserve for realized and unrealized losses from default and/or equity risks associated with all invested assets, excluding cash, contract loans, premium notes, collateral loans, and investment receivables. Realized gains and losses related to fixed maturity investments resulting from changes in credit quality and capital gains and losses related to all other investments, net of applicable federal income taxes, are reflected in the calculation of AVR. Unrealized gains and losses, net of applicable deferred federal income taxes, are also reflected in the calculation. Changes in AVR are charged or credited directly to unassigned funds.

The IMR captures realized gains and losses, net of applicable federal income taxes, from the sale of certain investments. The portion of these realized gains and losses resulting from changes in the general level of interest rates is not recognized currently but is amortized into income over the approximate remaining life of the investment sold.

Federal Income Taxes

The provision for federal income taxes is computed in accordance with those sections of the Internal Revenue Code applicable to life insurance companies. Deferred income taxes are provided based upon the expected future impact of differences between the financial statement and tax basis of assets and liabilities. The admission of gross deferred income tax assets is subject to various limitations as specified by NAIC SAP. Changes in deferred tax assets and liabilities are recognized as a separate component of unassigned funds.

Reinsurance

In the normal course of business, the Company seeks to limit aggregate and single exposure to losses on large risks by purchasing reinsurance from other reinsurers. Amounts recoverable from reinsurers related to paid policy claims are included in "Amounts recoverable from reinsurers" and insurance liabilities are reported net of reinsurance recoverables in the Statements of Admitted Assets, Liabilities, and Capital and Surplus. Receivables and payables from the same reinsurer, including funds withheld, are generally offset. For reserve credits taken related to reinsurers considered to be unauthorized by the Department, the Company must obtain letters of credit, funds withheld, or other forms of collateral in amounts at least equal to reserve credits. To the extent such collateral is not obtained, the Company must record a liability for reinsurance in unauthorized companies.

Reinsurance premiums ceded and reinsurance recoveries on policy claims are netted against the respective "Premiums and annuity considerations" and "Death and annuity benefits" in the Statements of Operations. Revenues from commissions and expense allowances on reinsurance ceded are recognized in the period in which the transaction occurs and recorded in "Commissions and expense allowances on reinsurance ceded" in the Statements of Operations.

The Company remains liable with respect to ceded insurance should any reinsurer fail to meet the obligations it assumed. The Company evaluates the financial condition of its reinsurers and monitors the associated concentration of credit risk.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Separate Accounts

The majority of securities in the Company's Separate Accounts consist of mutual funds valued at fair value. All other publicly traded bonds and stocks are also valued at fair value. Direct placement bonds are stated at fair value, as determined by the Company or third-party appraisers. Short-term investments held in money market Separate Accounts are stated at fair value regardless of the length of maturity. Short-term investments held in all other Separate Accounts with remaining maturity at acquisition of (i) sixty days or less are stated at amortized cost, which the Company believes when combined with accrued income, approximates fair value; or (ii) more than sixty days are stated at fair value. Investments in shares of variable insurance trusts are stated at fair value, which reflects the net asset value of the various portfolios. Net asset values are based upon market or fair values of the securities held in each of the corresponding portfolios of the funds. Please refer to Note 14 for further information regarding the Company's Separate Accounts.

2.

Statutory and Generally Accepted Accounting Principles Differences

Accounting practices prescribed or permitted by the Department vary in some respects from accounting principles generally accepted in the United States of America ("GAAP"). A summary of significant Statutory Accounting Principles ("SAP") and their difference to GAAP, is as follows:

1.

The costs related to acquiring business, principally commissions and certain policy issue expenses, are charged to operations in the year incurred and thus are not amortized over the period benefited, whereas premiums are taken into revenue over the premium paying period of the related policies. Under GAAP, acquisition costs on successful efforts are capitalized and charged to operations on a constant level basis over the expected term of the subject policies;

2.

Deposits to universal life contracts, investment contracts and limited payment contracts are credited to revenue. Under GAAP, these items are accounted for as deposits on the balance sheet and do not flow through the income statement;

3.

Under SAP rules that precede Principles Based Reserves ("PBR"), policy reserves for future policy benefits are actuarially computed in accordance with certain state statutes and administrative regulations including reserve bases appropriate for life, accident and health, and annuity products. These liabilities are computed using statutory actuarial tables which do not allow for modification based on the Company's experience. Under PBR, company experience is utilized in setting certain assumptions for the scenario-based reserves for life and annuity products as defined under NAIC Valuation Manual 20, "Requirements for Principle-Based Reserves for Life Products" ("VM-20") and NAIC Valuation Manual 21, "Requirements for Principle-Based Reserves for Variable Annuities" ("VM-21"). Aggregate statutory reserves are shown net of the credit taken for reinsurance. Under GAAP, reserves for life-contingent annuity and traditional life insurance products are based on the present value of future benefits less the present value of future net premiums based on mortality, lapse, and other assumptions. Reserves for non-life-contingent annuity and universal life insurance products are recognized by establishing a liability equal to the current account value of the policyholders' contracts, with an additional reserve for certain guaranteed benefits. Aggregate reserves are shown gross with an offsetting reinsurance recoverable;

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

4.

Certain assets must be included in the statutory financial statements at "admitted asset value" and "nonadmitted assets" must be excluded through a charge against surplus. No such reduction of asset values is required under GAAP;

5.

Bonds and redeemable preferred stocks are generally stated at amortized cost and perpetual preferred stocks are stated at fair value. For bonds and preferred stocks stated at fair value, the difference between cost and fair value is reflected in "Change in net unrealized capital gains and losses" in unassigned funds. Under GAAP, bonds and preferred stocks, other than those classified as held to maturity, are stated at fair value with changes recorded in accumulated other comprehensive income (loss) in the balance sheet if classified as available-for-sale securities or in the income statement if classified as trading securities;

6.

Certain assets and liabilities are reported net of ceded reinsurance balances, which is not permitted by GAAP;

7.

Realized capital gains and losses are reflected net of transfers to IMR and federal income tax in the Statements of Operations. Under GAAP realized capital gains and losses are reflected on a gross basis in the income statement as the IMR concept does not exist in GAAP;

8.

Deferred federal income tax is provided based upon the expected future impact of differences between the financial statement and tax basis of assets and liabilities. Gross deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the assets will not be realized. The admission of gross deferred income taxes, after any valuation allowance, is additionally subject to various limitations as specified by NAIC SAP. No such admissions test exists under GAAP. Changes in deferred tax assets and liabilities are recognized as a separate component of unassigned funds, while under GAAP, these changes are included in income tax expense or benefit in the income statement;

9.

The AVR is reported as a liability rather than as a reduction in investments and is charged directly to surplus. No such reserve is required under GAAP;

10.

The IMR is reported as a liability or contra-liability and the amortization of the IMR is reported in the revenue section of the Statements of Operations. No such reserve is required under GAAP;

11.

The Statements of Cash Flow are presented in the required statutory format which differs in certain respects from the presentation required by GAAP, including the presentation of the changes in cash, cash equivalents and short-term investments instead of cash and cash equivalents. Short-term investments include securities with maturities of one year or less at the time of acquisition. SAP requires no reconciliation between net income and net cash provided by operating activities as required by GAAP;

12.

The change in the unrealized gains or losses on certain investments is recorded as an increase or decrease in statutory surplus under SAP. Under GAAP, such unrealized gains and losses are recorded as a component of comprehensive income (loss);

13.

Any premiums due that are not yet paid, and premiums paid on other than an annual basis, are included in premiums deferred and uncollected on the Statements of Admitted Assets, Liabilities, and Capital and Surplus. On a GAAP basis, deferred premiums are netted against policy reserves and are generally calculated as a component of gross premiums;

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

14.

For reserve credits taken related to reinsurers considered "unauthorized" by the Department, the Company must obtain letters of credit, funds withheld or other forms of collateral in amounts at least equal to the reserve credits. To the extent such collateral is not obtained, the Company must record a liability for reinsurance in unauthorized companies with a charge to unassigned funds. No such liability is recorded for GAAP;

15.

Market value adjusted annuities are included in the Company's general account for GAAP purposes, but are included in Separate Accounts on a statutory basis;

16.

Goodwill of entities acquired is recorded at the parent level for NAIC SAP and amortized. Under GAAP, goodwill is recorded at the subsidiary level at cost and tested for impairment using a fair value methodology at least annually;

17.

Under SAP, surplus notes are reported as equity rather than as a liability for GAAP; and

18.

Acquisitions and reinsurance transactions can be subject to different accounting treatments due to differences in risk transfer and business combination assessments. Certain acquisitions of inforce business are accounted for as reinsurance pursuant to Statutory guidelines and business combinations for GAAP reporting purposes, depending on whether they constitute the acquisition of a business under GAAP guidance.

The differences between NAIC SAP and GAAP have not been quantified as of December 31, 2025 and 2024 or for each of the years in the three-year period ended December 31, 2025; however, the differences are presumed to be material.

3.

Accounting Changes and Prior Period Adjustments

Accounting Changes

Effective January 1, 2025, the NAIC Statutory Accounting Principles Working Group adopted revisions to SSAP No. 26, "Bonds," and SSAP No. 43, "Asset-Backed Securities" for the principles-based bond definition, the accounting for bonds (issuer credit obligations and asset-backed securities), as well as revisions to various SSAPs that have been updated to reflect the revised definition or SSAP references. This guidance did not impact the Company's financial statements upon adoption, and the Company did not reclassify any securities that were classified as bonds on the Statements of Admitted Assets, Liabilities, and Capital and Surplus. Prior period disclosures have not been updated to reflect the new breakout of bond classifications resulting from the adoption of this guidance.

Effective January 1, 2025, the NAIC Statutory Accounting Principles Working Group adopted revisions to expand and amend guidance within SSAP No. 93, "Low-Income Housing Tax Credit Property Investments" ("SSAP No. 93") to include all tax credit investments regardless of structure and type of state or federal tax credit program. Additionally, the NAIC revised SSAP No. 94, "Transferable and Non-Transferable State Tax Credits" ("SSAP No. 94") to expand and amend guidance to include both purchased state and federal tax credits. Lastly, consistency revisions were adopted to SSAP No. 34, "Investment Income Due and Accrued" and SSAP No. 48, "Joint Ventures, Partnerships, and Limited Liability Companies" resulting from changes in SSAP No. 93 and SSAP No. 94. This guidance did not impact the Company upon adoption, as it does not currently have tax credit investments in scope of the revisions.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Effective January 1, 2023, the NAIC Statutory Accounting Principles Working Group adopted revisions to SSAP No. 86 "Derivatives". These revisions provide for more consistency between SAP and U.S. GAAP with respect to the assessment of effective hedge relationships and introduce additional guidance for the application of certain hedging methods. The revised guidance did not impact the Company's financial position or results of operations.

Effective August 13, 2023, the NAIC Statutory Accounting Principles Working Group adopted INT 23-01 Net Negative (Disallowed) Interest Maintenance Reserve ("INT 23-01"). INT 23-01 provides a limited-time, optional exception to the existing guidance in SSAP No. 7 "Asset Valuation Reserve and Interest Maintenance Reserve" and the annual statement instructions that requires net negative (disallowed) IMR in the general account to be nonadmitted. Companies who elect the optional exception are permitted to admit negative IMR up to 10% of adjusted capital and surplus, subject to certain disclosure requirements and other constraints. The revised guidance did not impact the Company, as it did not have a negative IMR balance at the end of the reporting period.

4.

Investments

Net Investment Income

Net investment income consists of the following:

		For The Years Ended December 31
		2025				2024				2023
		($ in thousands)
Bonds		$	184,745			$	191,005			$	197,116
Stocks			384				403				586
Mortgage loans			9,936				10,720				11,484
Cash, cash equivalents, and short-term investments			9,390				6,197				4,308
Contract loans			30,195				31,379				31,706
Other invested assets			6,968				6,969				6,969
Miscellaneous investment income			28				10				-
Total investment income			241,646				246,683				252,169
Less: Investment expenses			17,368				18,338				19,105
Net investment income		$	224,278			$	228,345			$	233,064

Due and accrued income is excluded from investment income on the following basis:

Mortgage loans -	Income is excluded on loans delinquent more than 90 days. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible.
Bonds -	When the Company determines collection of interest to be uncertain or interest is 90 days past due, the accrual of interest is discontinued.

No amounts were excluded from investment income due and accrued as of December 31, 2025 and 2024.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The admitted amounts for interest income due and accrued were $42.4 million and $56.4 million as of December 31, 2025 and 2024.

The Company had no amounts of deferred interest as of December 31, 2025 and 2024.

As of December 31, 2025 and 2024, the cumulative amounts of paid-in-kind (PIK) interest included in the current principal balance were $1.0 million and $1.0 million, respectively.

Realized Gains and Losses

Realized investment gains (losses) are summarized as follows:

		For The Years Ended December 31
		2025				2024				2023
		($ in thousands)
Bonds		$	(3,801	)		$	2,526			$	(6,934	)
Preferred stocks			-				-				(2,306	)
Common stocks (unaffiliated)			-				-				3,489
Other foreign realized loss			5				-				-
Less:
Amount transferred to interest maintenance reserve			(3,020	)			1,978				(709	)
Federal income tax expense (benefit)			(648	)			228				(3,442	)
Net realized investment gains (losses)		$	(128	)		$	320			$	(1,600	)

Proceeds from the sales of investments in bonds, common stocks, and preferred stocks are shown below:

		For The Years Ended December 31
		2025				2024				2023
		($ in thousands)
Proceeds from sales		$	355,217			$	307,600			$	185,461
Gross gains			4,294				7,608				7,857
Gross losses			8,094				5,081				13,607

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Unrealized Gains and Losses

The change in net unrealized capital gains and losses included in unassigned funds is as follows:

		For The Years Ended December 31
		2025				2024				2023
		($ in thousands)
Bonds		$	-			$	69			$	(68	)
Preferred stocks			38				388				2,366
Common stocks (unaffiliated)			-				-				(2,707	)
Less:
Federal income tax expense (benefit)			8				96				(86	)
Total change in net unrealized capital gains and losses		$	30			$	361			$	(323	)

Bonds and Preferred Stocks

The statement value and estimated fair value of the Company's bond and preferred stock investments as of December 31 are as follows:

		Statement Value				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
2025		($ in thousands)
Bonds - Issuer Credit Obligations:
U.S. Government Obligations		$	7,986			$	105			$	(48	)		$	8,043
Other U.S. Government Obligations			8,501				-				(190	)			8,311
Municipal Bonds - Special Revenue			103,998				528				(12,933	)			91,593
Corporate Bonds			3,345,200				3,953				(508,749	)			2,840,404
Bonds Issued by Funds Representing Operating Entities			44,752				-				(3,796	)			40,956
Other Issuer Credit Obligations			20,000				-				(209	)			19,791
Total			3,530,437				4,586				(525,925	)			3,009,098
Bonds - Asset Backed Securities:
Agency residential mortgage-backed securities			42,610				95				(6,818	)			35,887
Non-Agency residential mortgage-backed securities			929,567				1,890				(81,669	)			849,788
Non-Agency commercial mortgage-backed securities			133,363				-				(12,364	)			120,999
Total			1,105,540				1,985				(100,851	)			1,006,674
Total bonds			4,635,977				6,571				(626,776	)			4,015,772
Preferred stocks			3,742				-				-				3,742
Total bonds and preferred stocks		$	4,639,719			$	6,571			$	(626,776	)		$	4,019,514

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

			Statement Value				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
2024			($ in thousands)
Bonds:
US Government		$	7,969			$	-			$	(178	)		$	7,791
US special revenue & special assessment			131,485				283				(15,079	)			116,689
Industrial and miscellaneous			3,510,514				1,574				(600,172	)			2,911,916
Total bonds, excluding loan-backed and structured securities			3,649,968				1,857				(615,429	)			3,036,396
Loan-backed and structured securities:
Residential mortgage-backed securities			707,993				736				(110,510	)			598,219
Commercial mortgage-backed securities			219,503				-				(18,619	)			200,884
Other loan-backed and structured securities			13,088				22				-				13,110
Total loan-backed and structured securities			940,584				758				(129,129	)			812,213
Total bonds			4,590,552				2,615				(744,558	)			3,848,609
Preferred stocks			3,704				-				-				3,704
Total bonds and preferred stocks		$	4,594,256			$	2,615			$	(744,558	)		$	3,852,313

The statement value and estimated fair value of bonds as of December 31, 2025, by expected maturity, is shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay certain of these obligations.

		Statement Value				Estimated Fair Value
		($ in thousands)
Bonds - Issuer Credit Obligations:
Due in 1 year or less		$	22,338			$	22,164
Due after 1 year through 5 years			112,184				106,797
Due after 5 years through 10 years			395,479				362,617
Due after 10 years			3,000,436				2,517,520
Subtotal		$	3,530,437			$	3,009,098
Bonds - Asset Backed Securities:
Due in 1 year or less		$	74,860			$	68,166
Due after 1 year through 5 years			345,501				346,322
Due after 5 years through 10 years			157,010				151,478
Due after 10 years			528,169				440,708
Subtotal			1,105,540				1,006,674
Total bonds		$	4,635,977			$	4,015,772

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Company's investment gross unrealized losses and estimated fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31 are as follows:

		Less Than 12 Months								12 Months or More								Total
		Estimated Fair Value				Gross Unrealized Loss				Estimated Fair Value				Gross Unrealized Loss				Estimated Fair Value				Gross Unrealized Loss
2025		($ in thousands)
Bonds - Issuer Credit Obligations:
U.S. Government Obligations		$	-			$	-			$	2,962			$	(48	)		$	2,962			$	(48	)
Other U.S. Government Obligations			8,311				(190	)			-				-				8,311				(190	)
Municipal Bonds - Special Revenue			2,907				(175	)			79,576				(12,758	)			82,483				(12,933	)
Corporate Bonds			76,813				(5,549	)			2,660,602				(503,200	)			2,737,415				(508,749	)
Bonds Issued by Funds Representing Operating Entities			18,020				(154	)			22,935				(3,642	)			40,955				(3,796	)
Other Issuer Credit Obligations			-				-				19,791				(209	)			19,791				(209	)
Total			106,051				(6,068	)			2,785,866				(519,857	)			2,891,917				(525,925	)
Bonds - Asset Backed Securities:
Agency residential mortgage-backed securities			15				-				32,011				(6,818	)			32,026				(6,818	)
Non-Agency residential mortgage-backed securities			76,538				(214	)			346,555				(81,455	)			423,093				(81,669	)
Non-Agency commercial mortgage-backed securities			-				-				120,999				(12,364	)			120,999				(12,364	)
Total			76,553				(214	)			499,565				(100,637	)			576,118				(100,851	)
Total bonds			182,604				(6,282	)			3,285,431				(620,494	)			3,468,035				(626,776	)
Preferred stocks			-				-				-				-				-				-
Total bonds and preferred stocks		$	182,604			$	(6,282	)		$	3,285,431			$	(620,494	)		$	3,468,035			$	(626,776	)

		Less Than 12 Months								12 Months or More								Total
		Estimated Fair Value				Gross Unrealized Loss				Estimated Fair Value				Gross Unrealized Loss				Estimated Fair Value				Gross Unrealized Loss
2024		($ in thousands)
Bonds:
US Government		$	4,102			$	(12	)		$	3,689			$	(166	)		$	7,791			$	(178	)
US special revenue & special assessment			32,840				(1,046	)			65,807				(14,033	)			98,647				(15,079	)
Industrial and miscellaneous			219,260				(16,877	)			2,639,435				(583,295	)			2,858,695				(600,172	)
Total bonds, excluding loan-backed and structured securities			256,202				(17,935	)			2,708,931				(597,494	)			2,965,133				(615,429	)
Loan-backed and structured securities:
Residential mortgage-backed securities			206,301				(4,895	)			340,420				(105,615	)			546,721				(110,510	)
Commercial mortgage-backed securities			26,392				(411	)			174,491				(18,208	)			200,883				(18,619	)
Total loan-backed and structured securities			232,693				(5,306	)			514,911				(123,823	)			747,604				(129,129	)
Total bonds		$	488,895			$	(23,241	)		$	3,223,842			$	(721,317	)		$	3,712,737			$	(744,558	)

For securities other than asset-backed securities, the Company generally considers a number of factors in determining whether an impairment is other than temporary (please see the "Asset-Backed Securities" section for information on asset-backed security OTTIs). These include, but are not limited to: 1) actions taken by rating agencies, 2) default by the issuer, 3) the significance of the decline, 4) an assessment of the Company's intent to sell the security (including a more likely than not assessment of whether the Company will be required to sell the security) before recovering the security's amortized cost, 5) the duration of the decline, 6) an economic analysis of the issuer's industry, and 7) the financial strength, liquidity, and recoverability of the issuer. Management performs a security-by-security review each quarter in evaluating the need for any OTTIs. Although no set formula is used in this process, the investment performance, collateral position, and continued viability of the issuer are significant measures considered. For securities in an unrealized loss position for which an OTTI was not recognized, the Company believes that it is probable that all amounts will be collected as due according to the contractual terms of the debt security in effect at the date of acquisition and has the intent and ability to hold these securities until recovery. The Company recognized no OTTIs on non-asset-backed securities during 2025, 2024, or 2023.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Company had securities with a fair value of $3,285.4 million in an unrealized loss position for greater than twelve months as of December 31, 2025, and the related unrealized loss of $620.5 million pertains primarily to consumer, mortgage-backed, utility, banking, energy and insurance securities. The Company had securities with a fair value of $3,223.8 million in an unrealized loss position for greater than twelve months as of December 31, 2024, and the related unrealized loss of $721.3 million pertains primarily to consumer, utility, residential mortgage-backed, banking and insurance securities. The aggregate decline in fair value of these securities each year was deemed temporary due to positive factors such as the financial health of the investee, the continued access of the investee to capital markets, the average life of the securities, and the performance of the underlying collateral that support the recoverability of these investments.

The Company had individual bonds from the following issuers that exceeded 10% of capital and surplus as of December 31, 2025:

		Carrying Value
			($ in thousands)
JP Morgan Mortgage Trust		$	43,999
Chase Mortgage Finance Corporation			43,999

The Company had individual bonds from the following issuers that exceeded 10% of capital and surplus as of December 31, 2024.

		Carrying Value
			($ in thousands)
GS Mortgage-Backed Securities		$	45,224

As of December 31, 2025 and 2024, bonds and cash having a fair value of $8.7 million and $8.3 million, respectively, were on deposit with various governmental authorities as required by law.

Asset-Backed Securities

For the impairment review of asset-backed securities, the Company employed the prospective method during the period, and based its assumptions regarding expected maturity dates on market interest rates and overall economic conditions. The information used for these assumptions was provided by a nationally recognized, real-time database.

For the three-year period ended December 31, 2025, the Company recognized no OTTIs for asset-backed securities.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

All impaired securities (fair value is less than cost or amortized cost) for which an OTTI has not been recognized in the Statements of Operations as a realized loss (including securities with a recognized OTTI for non-interest related declines when a non-recognized interest related impairment remains) are as follows as of December 31:

		2025				2024
		($ in thousands)
The aggregate amount of unrealized losses:
Less than 12 months		$	214			$	5,306
12 months or longer		$	100,637			$	123,824
The aggregate related fair value of securities with unrealized losses:
Less than 12 months		$	76,553			$	232,692
12 months or longer		$	499,565			$	514,911

In determining whether an asset-backed security had experienced an OTTI, the Company considered the delinquency (and foreclosure status, if applicable) of the underlying loans or mortgages, the expected recovery value of the underlying collateral (if any) in relation to the current amount of the investment, and the degree to which such losses, based upon the foregoing factors, will first be absorbed by tranches that are subordinate to the Company's securities.

Repurchase Agreements

For repurchase agreements, the Company initiates short-term (typically less than 30 days) collateralized borrowings whereby cash is received, and securities are posted as collateral. The Company reports the cash proceeds as a liability, and the difference between the cash proceeds and the amount at which the securities are reacquired as interest expense. As of December 31, 2025 and December 31, 2024, the Company had no repurchase agreements outstanding.

Repurchase Agreements Transactions Accounted for as Secured Borrowing

While the Company anticipates that the cash flows of its operations will be sufficient to meet its investment commitments and operating cash needs in a normal credit market environment, the Company recognizes that investment commitments scheduled to be funded may, from time to time, exceed the funds then available. Therefore, the Company has established repurchase agreement programs to provide liquidity when needed. The Company expects that the rate received on collateral posted will equal or exceed its borrowing rate. Under this program, the Company may, from time to time, sell an investment security at a specific price and agree to repurchase that security at another specified price at a later date. These borrowings are typically for a term less than 90 days. The fair value of securities to be repurchased is monitored and collateral levels are adjusted where appropriate to protect the counterparty against credit exposure. Cash received is invested in fixed maturity securities, and the agreements provided for net settlement in the event of default or on termination of the agreements. Due to the short tenor of the repurchase agreements, the Company would not expect any stress on liquidity to be an issue.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

If market deterioration is detected and/or additional sources of liquidity are needed to manage asset/liability mismatches, the Company would draw down short-term investment positions and conserve cash by ceasing new investment activity. The Company also has an intercompany loan agreement set up with the Company's parent, PLICO, if needed.

The Company participates in both bilateral and tri-party repurchase agreements.

The Company had no repurchase agreement activity as of December 31, 2025 and 2024.

Mortgage Loans

The Company's mortgage loan portfolio was characterized by the following as of December 31:

		Percent of Portfolio
		2025				2024
Retail			31.5	%			31.7	%
Lodging			21.1				30.2
Apartments			9.2				7.3
Industrial			18.6				15.1
Office			19.6				15.7
Total			100.0	%			100.0	%

The Company specializes in making mortgage loans on either credit-oriented or credit-anchored commercial properties, most of which are strip shopping centers in smaller towns and cities. The Company's mortgage loan portfolio had the following concentrations by location greater than or equal to 5% as of December 31, 2025 and 2024:

		Percent of Portfolio						Percent of Portfolio
State		2025				State		2024
North Carolina			21.1	%		North Carolina			19.4	%
Utah			12.4			Georgia			17.3
Alabama			8.4			Utah			9.8
Florida			7.0			Alabama			6.7
Michigan			6.7			California			6.5
Virginia			6.5			Florida			5.5
New Jersey			6.5			Michigan			5.4
						Virginia			5.4
						New Jersey			5.1

There were no commercial mortgage loans originated during 2025. The minimum and maximum lending rates for commercial mortgage loans originated by the Company during 2024 was 7.5%.

The target percentage of any one loan to the value of collateral at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages, is generally 75%. The Company uses this loan-to-value ratio as a credit quality indicator, which is a component of the Company's ongoing monitoring of the credit risk of its mortgage loan portfolio. The Company also monitors borrower conditions such as payment practices, borrower credit, operating performance, and property conditions, as well as ensuring the timely payment of property taxes and insurance. Through this monitoring process, the Company assesses the risk of each loan. As of December 31, 2025 and 2024, the Company had no mortgage loans that exceeded a 75% loan to value ratio based on the most recent appraisal. For loans the Company held as of December 31, 2025 and 2024, the maximum percentage of any one loan to the value of security at the time of the loan did not exceed 75%.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

As of December 31, 2025 and 2024, the Company did not have any mortgages with interest more than 90 days past due.

As of December 31, 2025 and 2024, no taxes and/or assessments had been advanced but not repaid or included in the mortgage loan total.

The Company's mortgage loans of $194.0 million and $253.5 million as of December 31, 2025 and 2024, respectively, were current.

As of December 31, 2025 and 2024, the Company had no foreclosed properties or impaired loans. The Company reported no valuation allowances on any loans at either December 31, 2025 and 2024. No activity occurred in the allowance for credit losses during 2025, 2024, and 2023.

The Company did not restructure any debt during 2025 and 2024.

Common Stock-Federal Home Loan Bank ("FHLB") Agreements

The Company is a member of the FHLB of New York. Through its membership, the Company may receive cash advances as a result of issuing funding agreements to and entering repurchase agreements with the FHLB of New York. The Company had no advances outstanding as of December 31, 2025 and 2024.

The Company uses funds obtained from the funding agreements in an investment spread strategy, consistent with its other investment spread operations. The Company applies SSAP No. 52, "Deposit-Type Contracts" accounting treatment to the funding agreements, consistent with its other deposit-type contracts. It is not part of the Company's strategy to utilize these funds for operations, and any funds obtained from the FHLB of New York for use in general operations would be accounted for consistently with SSAP No. 15, "Debt and Holding Company Obligations".

Amounts received under repurchase agreements are accounted for pursuant to SSAP No. 103, "Transfers and Servicing of Financial Assets and Extinguishments of Liabilities".

The Company's FHLB stock was classified as "Membership stock - Class B" and was not eligible for redemption. All of the FHLB stock was held in the General Account and totaled $1.2 million and $1.3 million as of December 31, 2025 and 2024, respectively.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Restricted Assets

The Company had the following restricted assets, all within the General Account, as of December 31:

Restricted Asset Category		2025				2024				Increase/ (Decrease)				% of Admitted Assets
		($ in thousands)
Federal Home Loan Bank capital stock		$	1,202			$	1,268			$	(66	)			0.02	%
On deposit with states			8,305				8,288				17				0.14	%
Total restricted assets		$	9,507			$	9,556			$	(49	)			0.16	%

5.

Income Taxes

The Company is included in the consolidated federal income tax return of PLC and its subsidiaries. The method of allocation of current income taxes between the affiliates is subject to a written agreement under which the Company incurs a liability to PLC to the extent that a separate return calculation indicates that the Company has a federal income tax liability. If the Company has an income tax benefit, the benefit is recorded currently to the extent that it can be carried back against prior years' separate company income tax expense. Any amount not carried back is carried forward on a separate company basis. Income taxes recoverable (payable) are recorded in the federal income taxes receivable (payable) account and are settled periodically, per the tax sharing agreement.

The components of the net deferred tax asset/(deferred tax liability) ("DTA"/("DTL")) as of December 31 are as follows:

		12/31/2025												12/31/2024												Change
		(1)				(2)				(3)				(4)				(5)				(6)				(7)				(8)				(9)
1.		Ordinary				Capital				(Col 1+2) Total				Ordinary				Capital				(Col 4+5) Total				Ordinary				Capital				(Col 7+8) Total
		($ in thousands)
(a) Gross Deferred Tax Assets		$	83,278			$	1,485			$	84,763			$	87,483			$	1,485			$	88,968			$	(4,205	)		$	-			$	(4,205	)
(b) Statutory Valuation Allowance Adjustments			-				-				-				-				-				-				-				-				-
(c) Adjusted Gross Deferred Tax Assets (1a - 1b)			83,278				1,485				84,763				87,483				1,485				88,968				(4,205	)			-				(4,205	)
(d) Deferred Tax Assets Nonadmitted			48,104				-				48,104				50,444				-				50,444				(2,340	)			-				(2,340	)
(e) Subtotal Net Admitted Deferred Tax Asset) (1c-1d)			35,174				1,485				36,659				37,039				1,485				38,524				(1,865	)			-				(1,865	)
(f) Deferred Tax Liabilities			7,488				-				7,488				8,411				-				8,411				(923	)			-				(923	)
(g)Net Admitted Deferred Tax Asset/(Net Deferred Tax Liability) (1e-1f)		$	27,686			$	1,485			$	29,171			$	28,628			$	1,485			$	30,113			$	(942	)		$	-			$	(942	)

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

		12/31/2025												12/31/2024												Change
		(1)				(2)				(3)				(4)				(5)				(6)				(7)				(8)				(9)
2.		Ordinary				Capital				(Col 1+2) Total				Ordinary				Capital				(Col 4+5) Total				Ordinary				Capital				(Col 7+8) Total
		($ in thousands)
Admission Calculation Components - SSAP No. 101
(a) Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carryback		$	-			$	-			$	-			$	-			$	322			$	322			$	-			$	(322	)		$	(322	)
(b) Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets from 2(a) above) After Application of the Threshold Limitation (The Lesser of 2(b)(1) and 2(b)2 Below)			27,686				1,485				29,171				28,628				1,163				29,791				(942	)			322				(620	)
1) Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date			27,686				1,485				29,171				28,628				1,163				29,791				(942	)			322				(620	)
2) Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold			XXX				XXX				51,413				XXX				XXX				50,486				XXX				XXX				927
(c) Adjusted Gross Deferred Tax Assets (Excluding The Amount of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities			7,488				-				7,488				8,411				-				8,411				(923	)			-				(923	)
(d) Deferred Tax Assets Admitted as the result of Application of SSAP No. 101. Total 2(a) +2(b) +2(c)		$	35,174			$	1,485			$	36,659			$	37,039			$	1,485			$	38,524			$	(1,865	)		$	-			$	(1,865	)

		2025				2024
		($ in thousands)
(a) Ratio Percentage Used To Determine Recovery Period And Threshold Limitation Amount			1043	%			1009	%
(b) Amount Of Adjusted Capital And Surplus Used To Determine Recovery Period And Threshold Limitation In 2(b)2 Above.		$	408,878			$	404,652

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

		12/31/2025								12/31/2024								Change
		(1)				(2)				(3)				(4)				(5)				(6)
		Ordinary				Capital				Ordinary				Capital				(Col 1-3) Ordinary				(Col 2-4) Capital
		($ in thousands)
Impact of Tax Planning Strategies
(a) Determination of Adjusted Gross Deferred Tax Assets and Net Admitted Deferred Tax assets, By Tax Character as a Percentage
1. Adjusted Gross DTA Amount From 1(c)		$	83,278			$	1,485			$	87,483			$	1,485			$	(4,205	)		$	-
2. Percentage of Adjusted Gross DTAs By Tax Character Attributable to the Impact of Tax Planning Strategies			-	%			100	%			-	%			100	%			-	%			-	%
3. Net Admitted Adjusted Gross DTA Amount From 1(e)		$	35,174			$	1,485			$	37,039			$	1,485			$	(1,865	)		$	-
4. Percentage of Net Admitted Adjusted Gross DTAs by Tax Character Admitted Because of the Impact of Tax Planning Strategies			-	%			100	%			-	%			100	%			-	%			-	%
Does the Company's tax-planning strategies include the use of reinsurance											Yes								No				X

The Company has no DTLs that are not recognized.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Current income taxes incurred consist of the following major components:

		(1)				(2)				(3)
1.			2025				2024				(Col 1-2) Change
			($ in thousands)
(a) Federal		$	6,427			$	7,379			$	(952	)
(b) Foreign			-				-				-
(c) Subtotal (1a+1b)			6,427				7,379				(952	)
(d) Federal income tax on capital gains			(648	)			228				(876	)
(e) Utilization of capital loss carryforwards			-				-				-
(f) Other			-				-				-
(g) Federal and foreign income taxes incurred (1c+1d+1e+1f)		$	5,779			$	7,607			$	(1,828	)

			(1)				(2)				(3)
1.			2024				2023				(Col 1-2) Change
			($ in thousands)
(a) Federal		$	7,379			$	3,517			$	3,862
(b) Foreign			-				-				-
(c) Subtotal (1a+1b)			7,379				3,517				3,862
(d) Federal income tax on capital gains			228				(3,442	)			3,670
(e) Utilization of capital loss carryforwards			-				-				-
(f) Other			-				-				-
(g) Federal and foreign income taxes incurred (1c+1d+1e+1f)		$	7,607			$	75			$	7,532

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

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

2.
		(1)				(2)				(3)
Deferred Tax Assets		12/31/2025				12/31/2024				(Col 1-2) Change
		($ in thousands)
(a) Ordinary:
(1) Discounting of unpaid losses		$	-			$	-			$	-
(2) Unearned premium reserve			-				-				-
(3) Policyholder reserves			13,481				15,795				(2,314	)
(4) Investments			-				-				-
(5) Deferred acquisition costs			25,660				25,845				(185	)
(6) Policyholder dividends accrual			11,468				11,798				(330	)
(7) Fixed assets			-				-				-
(8) Compensation and benefits accrual			32,617				34,000				(1,383	)
(9) Pension accrual			-				-				-
(10) Receivables - nonadmitted			52				45				7
(11) Net operating loss carryforward			-				-				-
(12) Tax credit carryforward			-				-				-
(13) Other			-				-				-
(99) Subtotal (sum of 2a1 through 2a13)			83,278				87,483				(4,205	)
(b) Statutory valuation allowance adjustment			-				-				-
(c) Nonadmitted			48,104				50,444				(2,340	)
(d) Admitted ordinary deferred tax assets (2a99-2b-2c)			35,174				37,039				(1,865	)
(e) Capital:
(1) Investments			1,485				1,485				-
(2) Net capital loss carryforward			-				-				-
(3) Real estate			-				-				-
(4) Other			-				-				-
(99) Subtotal (2e1+2e2+2e3+2e4)			1,485				1,485				-
(f) Statutory valuation allowance adjustment			-				-				-
(g) Nonadmitted			-				-				-
(h) Admitted capital deferred tax assets (2e99-2f-2g)			1,485				1,485				-
(i) Admitted deferred tax assets (2d+2h)		$	36,659			$	38,524			$	(1,865	)

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

3.

		(1)				(2)				(3)
Deferred Tax Liabilities			12/31/2025				12/31/2024				(Col 1-2) Change
			($ in thousands)
(a) Ordinary
(1) Investments		$	2,514			$	2,173			$	341
(2) Fixed assets			-				-				-
(3) Deferred and uncollected premium			4,939				5,486				(547	)
(4) Policyholder reserves			-				694				(694	)
(5) Other			35				58				(23	)
(99) Subtotal (3a1+3a2+3a3+3a4+3a5)			7,488				8,411				(923	)
(b) Capital:
(1) Investments			-				-				-
(2) Real estate			-				-				-
(3) Other			-				-				-
(99) Subtotal (3b1+3b2+3b3)			-				-				-
(c) Deferred tax liabilities (3a99+3b99)		$	7,488			$	8,411			$	(923	)
4. Net deferred tax assets/liabilities (2i-3c)		$	29,171			$	30,113			$	(942	)

The change in net deferred income taxes as of December 31 is comprised of the following (this analysis is exclusive of nonadmitted assets as the change in nonadmitted assets is reported separately from the change in net deferred income tax in the Statements of Changes in Capital and Surplus):

		(1)				(2)				(3)
			12/31/2025				12/31/2024				(Col 1-2) Change
			($ in thousands)
Adjusted gross deferred tax assets		$	84,763			$	88,968			$	(4,205	)
Total deferred tax liabilities			7,488				8,411				(923	)
Net deferred tax assets (liabilities)		$	77,275			$	80,557				(3,282	)
Tax effect of unrealized gains/(losses)											9
Change in net deferred income tax										$	(3,273	)

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

		(1)				(2)				(3)
		12/31/2024				12/31/2023				(Col 1-2) Change
		($ in thousands)
Adjusted gross deferred tax assets		$	88,968			$	90,902			$	(1,934	)
Total deferred tax liabilities			8,411				8,410				1
Net deferred tax assets (liabilities)		$	80,557			$	82,492				(1,935	)
Tax effect of unrealized gains/(losses)											96
Change in net deferred income tax										$	(1,839	)

On July 4, 2025, H.R. 1, the One, Big, Beautiful Bill Act ("OBBBA") was signed into law. Among other changes, it allows certain domestic research and development expenses to be deducted in the year incurred and imposes new limits on certain charitable contribution deductions. The income tax related impacts of the OBBBA are not material to the Company's financial statements.

The provision for federal and foreign income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference at December 31 are as follows:

		2025				Effective Tax Rate (%)				2024				Effective Tax Rate (%)				2023				Effective Tax Rate (%)
		($ in thousands)
Provision computed at statutory rate		$	10,325				21.0	%		$	10,871				21.0	%		$	7,538				21.0	%
Tax on STAT capital gains (losses)			(797	)			(1.6	)			531				1.0				(1,208	)			(3.4	)
Amortization of IMR			(454	)			(0.9	)			(1,033	)			(2.0	)			(1,409	)			(3.9	)
Change in nonadmitted assets			(9	)			-				46				0.1				3,078				8.6
Nondeductible expense			5				-				7				-				3				-
Tax-exempt income deduction			(102	)			(0.2	)			(104	)			(0.2	)			(105	)			(0.3	)
Prior year deferred tax true-up			(575	)			(1.2	)			(1,212	)			(2.3	)			(170	)			(0.5	)
Prior year current tax true-up			354				0.7				366				0.7				(620	)			(1.7	)
Intercompany operating loss carryforward			326				0.7				-				-				-				-
Foreign tax credit			(21	)			-				(25	)			-				(10	)			-
Total		$	9,052				18.5	%		$	9,447				18.3	%		$	7,097				19.8	%
Federal and foreign income taxes incurred		$	6,427				13.1	%		$	7,379				14.3	%		$	3,517				9.8	%
Tax on capital gains/(losses)			(648	)			(1.3	)			229				0.4				(3,442	)			(9.6	)
Change in net deferred income taxes charge/(benefit)			3,273				6.7				1,839				3.6				7,022				19.6
Total statutory income taxes		$	9,052				18.5	%		$	9,447				18.3	%		$	7,097				19.8	%

As of December 31, 2025, the Company had no operating loss and no capital loss carryforwards available to offset future net income subject to federal income taxes.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Company incurred no income taxes in 2025 and preceding years that would be available for recoupment in the event of future net losses.

The Company had no deposits admitted under Section 6603 of the Internal Revenue Code as of December 31, 2025 or 2024.

The Company had no state transferable tax credits at December 31, 2025 or 2024.

The Company's federal income tax return for 2025 will be consolidated with the following entities:

A.U.L. Corp.		PIPCO Reinsurance Company, Ltd.
Asset Protection Financial, Inc.		Protective Administrative Services, Inc.
Atlas Peak Insurance Company, Ltd.		Protective Asset Protection, Inc.
AUL Insurance Agency, Inc.		Protective Life Corporation
Chesterfield International Reinsurance Limited		Protective Life and Annuity Insurance Company
Concourse Distributors, Inc.		Protective Life Insurance Company
Concourse Financial Group Securities, Inc.		Protective Life Reinsurance Bermuda, Ltd.
D.R.G., Inc.		Protective Property & Casualty Insurance Company
Dealer Services Reinsurance, Ltd.		ShelterPoint Group, Inc.
Empower Financial Resources, Inc.		ShelterPoint Insurance Company
First Protection Company		ShelterPoint Life Insurance Company
First Protection Corporation		The Advantage Warranty Corporation
First Protection Corporation of Florida		United States Warranty Corp.
Golden Gate Captive Insurance Company		USWC Holding Company
Interstate Administrative Services, Inc.		USWC Installment Program, Inc.
Interstate National Corporation		Warranty Business Services Corporation
Interstate National Dealer Services of Florida, Inc.		Warranty Direct, Inc.
Interstate National Dealer Services, Inc.		Warranty Topco, Inc.
Investment Distributors, Inc.		West Coast Life Insurance Company
LASAS Technologies, Inc.		Western Diversified Services, Inc.
Magnolia Re, Inc.		Western General Dealer Services, Inc.
MONY Life Insurance Company		Western General Warranty Corporation
National Warranty Corp.		Wisconsin A.U.L., Inc.
New World Warranty Corp.

The Company does not have any federal income tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

6.	Information Concerning Parent, Subsidiaries and Affiliates

The Company received no capital contributions in 2025, 2024, and 2023.

The Company paid ordinary dividends to its parent, PLICO, in the amount of $37.6 million, $32.3 million, and $35.0 million during the years ended December 31, 2025, 2024 and 2023, respectively.

The Company has no employees. The Company routinely receives from or pays to affiliates under the control of PLC reimbursements for expenses incurred on one another's behalf. Receivables and payables among affiliates are generally settled monthly. As of December 31, 2025 and 2024, the Company had intercompany payables of $2.5 million and $2.3 million, respectively.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

There are no guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the Company's or any affiliated insurer's assets to liability, other than insurance contracts entered into in the ordinary course of business.

PLC and certain subsidiaries have contracts with affiliates under which investment, legal and data processing services are supplied on a fee basis and other managerial and administrative services are supplied on a shared cost basis. In addition, the affiliates have a joint contract relating to allocation of costs for services performed by employees of one affiliate for another. The Company paid $29.4 million, $30.4 million, and $31.3 million for expenses associated with these agreements for the years ended December 31, 2025, 2024, and 2023, respectively.

The Company entered into an agreement with PLICO in 2014, which was amended and restated in 2023, in which a loan can be given to or received from PLICO subject to certain limitations as described in the agreement. The Company had no loaned or borrowed amounts under this agreement as of December 31, 2025 and 2024.

7.	Capital and Surplus, Shareholder's Dividend Restrictions

The Company has 2,500,000 common stock shares authorized, issued, and outstanding. All shares are owned by PLICO as of December 31, 2025 and 2024.

Under the insurance regulations of New York, the maximum amount of dividends which can be paid by New York insurance companies without the prior approval of the Insurance Commissioner is subject to certain restrictions. The Company, as a domestic stock life insurance company of the State of New York, may distribute without prior approval from, or notification provided to the New York Superintendent of Financial Services ("the Superintendent"), a dividend to its stockholder where the aggregate amount of such dividends in any calendar year does not exceed the lesser of: ten percent of its surplus to policyholders as of the immediately preceding calendar year; or its net gain from operations for the immediately preceding calendar year, not including realized capital gains. Additionally, the Company may distribute without prior approval from the Superintendent, dividends to its stockholder out of earned surplus where the aggregate amount of such dividends in any calendar year does not exceed the greater of: ten percent of its surplus to policyholders as of the immediately preceding calendar year; or its net gain from operations for the immediately preceding calendar year, not including realized capital gains, provided that the dividend is reported to the Superintendent within five days following the dividend declaration, and at least ten days prior to the dividend payment, and that such payment is reasonable in relation to the Company's outstanding liabilities and ability to meet its financial needs. Payment of dividends exceeding the greater of ten percent of its surplus to policyholders as of the immediately preceding calendar year, or its net gain from operations for the immediately preceding calendar year, not including realized capital gains, requires the insurer to file notice of its intent to declare such dividends with the Superintendent who then has 30 days to disapprove the distribution. The Company is eligible to pay ordinary dividends of $42.7 million during 2026, provided that notification is provided to the Superintendent within five days following the dividend declaration, and at least ten days prior to the dividend payment, and in which instance the Superintendent does not disallow or limit the distribution based on the impact of the dividend on the Company's financial position.

The Company had cumulative unrealized gains (losses) of $(1.5) million and $(1.5) million as of December 31, 2025 and 2024, respectively.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The portion of unassigned funds reduced for nonadmitted assets was $48.4 million and $50.7 million as of December 31, 2025 and 2024, respectively.

The NAIC's risk-based capital requirements require insurance companies to calculate and report information under a risk-based capital formula. These requirements are intended to allow insurance regulators to identify inadequately capitalized insurance companies based upon the types and mixtures of risk inherent in the insurer's operations. The formula includes components for asset risk, liability risk, interest rate exposure, and other factors. The Company was adequately capitalized under the formula at December 31, 2025 and 2024.

8.	Liabilities, Contingencies and Assessments

A number of judgments have been returned against insurers, broker dealers and other providers of financial services involving, among other things, sales, underwriting practices, product design, product disclosure, administration, denial or delay of benefits, benefit payment methods, charging excessive or impermissible fees, recommending unsuitable products to customers, breaching fiduciary or other duties to customers, refund or claims practices, alleged agent misconduct, failure to properly supervise representatives, relationships with agents or persons with whom the insurer does business, payment of sales and other contingent commissions, and other matters. Often these legal proceedings have resulted in the award of substantial judgments that are disproportionate to actual damages, including material amounts of punitive and non-economic compensatory damages. In some states, juries, judges, and arbitrators have substantial discretion in awarding punitive non-economic compensatory damages which creates the potential for unpredictable material adverse judgments or awards in any given legal proceeding. Arbitration awards are subject to very limited appellate review. In addition, in some legal proceedings, companies have made material settlement payments. In some instances, substantial judgments may be the result of a party's perceived ability to satisfy such judgments as opposed to the facts and circumstances regarding the claims made.

At any given time, a number of financial, market conduct, or other examinations or audits of the Company, as well as other insurance companies from whom the Company has coinsured blocks of life insurance and annuity policies, may be ongoing. It is possible that any examination or audit may result in payments of fines and penalties, payments to customers, or both, as well as changes in systems or procedures, or restrictions on business activities, any of which could have a material adverse effect on the Company's business, financial condition and results of operations. The Company monitors these matters for any developments that may make a loss contingency associated with any such audit or exam reasonably estimable.

The Company, like other insurance companies, in the ordinary course of business, is involved in legal proceedings. The Company cannot predict the outcome of any legal proceeding, nor can it provide an estimate of the possible loss, or range of loss, that may result from such legal proceeding. However, with respect to such legal proceedings, the Company does not expect that its ultimate liability, if any, will be material to its financial condition.

9.	Reinsurance

The Company remains liable with respect to ceded reinsurance should any reinsurer fail to meet the obligations that it assumed. The Company evaluates the financial condition of its reinsurers and monitors the associated concentration of credit risk.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Company has ceded the following to non-affiliated insurers as of and for the years ended December 31 as follows:

		2025				2024
		($ in thousands)
Life:
Insurance in-force		$	514,548			$	772,764
Policy and claim reserves ceded			38,890				43,480
Policy and claim liabilities ceded			1,828				2,154
Premiums ceded			8,867				12,504
Accident and health:
Policy and claim reserves ceded		$	120,645			$	129,729
Policy and claim liabilities ceded			2,083				2,103
Premiums ceded			8,582				10,311

For the year ended December 31, 2023, the Company ceded life premiums of $13.2 million and accident and health premiums of $11.7 million to non-affiliated insurers.

The Company assumed accident and health policy claim liabilities from non-affiliated insurers of $0.2 million and $0.2 million as of December 31, 2025 and 2024, respectively. For the three-year period ended December 31, 2025, the Company assumed no accident and health premiums from non-affiliated insurers.

The Company had previously ceded business to Scottish Re (U.S.), Inc. ("SRUS") which was placed in rehabilitation on March 6, 2019 by the State of Delaware. Under the rehabilitation order, the Insurance Commissioner of the State of Delaware was appointed the receiver of SRUS (the "Receiver") and provided with authority to conduct and continue the business of SRUS in the interest of its cedents, creditors, and stockholder.

On July 13, 2023, the Receiver filed a motion to convert the rehabilitation of SRUS into a liquidation, which was granted by the Delaware Court of Chancery ("Court") on July 18, 2023. Under the order entered by the court ("Liquidation Order"), all active ceding company agreements were terminated at 11:59 p.m. Eastern Time on September 30, 2023.

The Receiver filed a motion to approve procedures for claims on March 25, 2024, a motion to approve dispute resolution procedures on April 17, 2024, and a motion to approve final determination procedures on June 17, 2024. Various objections were filed in response to those motions, and the parties submitted supplemental briefing on the outstanding objections. On November 28, 2025, the Court granted the Receiver's motion to approve the proof of claim procedures, with certain modifications. The Court ordered the Receiver to file the modified procedures by December 29, 2025.

The Receiver's notice of modified proof of claim procedures was filed and approved on December 22, 2025. The bar date for cedent reinsurance claims (claims for amounts owed based on circumstances occurring on or before September 30, 2023) is June 23, 2026, and the bar date for all other claims is June 23, 2027.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Prior to 2023, the Company maintained a reinsurance loss contingency reserve in "Other liabilities" against the SRUS reinsurance receivable balances in "Amounts recoverable from reinsurers." The net of SRUS reinsurance receivable balances, after considering the reinsurance loss contingency reserve, was nonadmitted.

As a result of the Liquidation Order, the Company recaptured the policies previously ceded to SRUS in accordance with SSAP No. 61, "Life, Deposit-Type and Accident and Health Reinsurance", by writing off balances through the accounts, exhibits, and schedules in which they were originally recorded. The net impact of the recapture of the SRUS policies as of September 30, 2023 had no material impact to net income or surplus.

In accordance with the application of INT 23-04: "Scottish Re Life Reinsurance Liquidation Questions", during the fourth quarter of 2023, the Company recognized impairments of $0.6 million of "Other Assets" and $1.1 million of "Amounts recoverable from reinsurers" related to the SRUS receivables. The impairment of SRUS receivables was recorded against a previously established reinsurance loss contingency reserve, resulting in no material impact to net income. The admitted reinsurance receivables balance as of December 31, 2025 and December 31, 2024 was $1.7 million and $1.7 million, respectively.

This impairment amount is based on Management's judgment in consideration of the specific terms of its reinsurance agreements with SRUS, the uncertainty surrounding the sufficiency of assets at SRUS, the timing of expected payments under the Liquidation Order, and the level of estimation inherent in the individual components of the Company's receivable from SRUS. The Company continues to monitor SRUS and the actions of the Receiver through discussions with legal counsel and review of publicly available information. As of the date of these financial statements, management does not believe that the ultimate outcome of the liquidation process will have a material impact on the Company's financial position or results of operations.

The Company had no aggregate reductions to surplus for terminations of reinsurance agreements during 2025, 2024, and 2023. No new agreements were executed, or existing agreements amended, during 2025, 2024, and 2023 to include policies or contracts which were in force or which had existing reserves established by the Company as of the effective date of the agreement.

Other than SRUS mentioned above, the Company has not written any receivables off as uncollectible. The Company had $16 thousand and $0 non-admitted reinsurance receivables as of December 31, 2025 and 2024, respectively.

10.	Information about Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk

The Company had no contractual amounts of off-balance sheet financial instruments as of December 31, 2025 and 2024.

Commitments to extend mortgage loans are agreements to lend to a borrower, provided there is no violation of any condition established in the contract. The Company enters into these agreements to commit to future loan fundings at a predetermined interest rate. Commitments generally have fixed expiration dates or other termination clauses.

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

For commitments to extend mortgage loans, the amounts do not represent amounts at risk if the counterparty defaults. The Company had no commitments to extend mortgage loans as of December 31, 2025 and 2024.

The collateral held for commitments to extend mortgage loans is a cash commitment fee, which is forfeited if the counterparty fails to perform.

11.	Closed Block and Participating Policies

During 1998, for policyholder dividend purposes only, the Company established the closed block (the "Closed Block") of participating business for the exclusive benefit of the policies included therein. Assets were allocated to the Closed Block in an amount that produces cash flows which, together with anticipated revenue from the in-force policies in the Closed Block, are reasonably expected to be sufficient to support the Closed Block including, but not limited to, provisions for payment of claims and surrender benefits, certain expenses and taxes, and to provide for continuation of dividend scales payable in 1998, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes.

None of the assets held as of December 31, 2025 and 2024, including the revenue therefrom, allocated to the Closed Block or acquired by the Closed Block will revert to the benefit of PLICO as sole stockholder of the Company, or to the Company's former parent and stockholder. No assets may be reallocated or transferred between the Closed Block and any other portion of PLICO's General Account or any of its Separate Accounts or any person affiliated with PLICO without the prior approval of the Department. The Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account.

The 2026 Closed Block dividend interest rate scale will be the same as the 2025 dividend interest rate scale. The 2025 and 2024 Closed Block dividend interest rate scale were the same as the 2023 dividend interest rate scale. The 2023 Closed Block dividend scale reflected a decrease relative to the 2022 and 2021 scales due to a reduction in the dividend interest rate which was approved on October 19, 2022.

Summarized balance sheet information for the Closed Block is as follows:

		For The Years Ended December 31
		2025				2024
		($ in thousands)
Bonds and common stocks		$	3,710,245			$	3,739,410
Mortgage loans on real estate			1,157				1,424
Contract loans			483,891				507,274
Cash and other invested assets			133,740				228,481
Other assets			60,726				63,213
Total Closed Block assets		$	4,389,759			$	4,539,802
Policy reserves & deposit type funds			4,610,025				4,769,321
Other liabilities			110,741				116,865
Total Closed Block liabilities		$	4,720,766			$	4,886,186

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

For the years ended December 31, 2025, 2024, and 2023, respectively, total closed and open block direct premiums under life and accident and health participating policies were $127.3 million or 84.6%, $138.5 million or 83.8%, and $152.8 million or 84.9% of direct premiums earned. The aggregate amount of divisible surplus to be distributed during the year is determined by Company management with due recognition to factors including solvency of the Company, its ability to meet all contractual obligations, and the existence of the Closed Block which was established as part of MONY's Plan of Reorganization effective November 16, 1998. The aggregate divisible surplus is then divided among policyholders in the proportion that their policies are considered to have contributed to divisible surplus. In addition, as specified in MONY's Plan of Reorganization, dividend scales for Closed Block policies are based on changes in the specific experience for this business relative to the experience underlying the 1998 dividend scale. The liability for dividends payable in the following year is included in "Policyholders' dividends". The change in this liability is charged or credited to current year operations in "Dividends to policyholders". Dividends to policyholders were $51.1 million, $51.3 million, and $56.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. The Company has not allocated any additional income to participating policyholders.

12.	Analysis of Annuity Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics

Withdrawal characteristics of annuity actuarial reserves and deposit-type contract liabilities as of December 31, 2025 are as follows:

Individual Annuities:

		General Account				Separate Account with Guarantees				Separate Account Non- guaranteed				Total				% of Total
		($ in thousands)
(1) Subject to discretionary withdrawals
a. With market value adjustments		$	11,887			$	-			$	-			$	11,887				7.0	%
b. At book value less current surrender charge of 5% or more			-				-				-				-				-
c. At fair value			-				-				66,505				66,505				39.0
d. Total with market value adjustment or at fair value (total of a through c)			11,887				-				66,505				78,392				46.0
e. At book value without adjustment (minimal or no charge or adj.)			63,922				-				-				63,922				37.5
(2) Not subject to discretionary withdrawal provision			28,204				-				-				28,204				16.5
(3) Total (gross: direct + assumed)			104,013				-				66,505				170,518				100.0	%
(4) Reinsurance ceded			(284	)			-				-				(284	)
(5) Total (net) (3) - (4)		$	104,297			$	-			$	66,505			$	170,802

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Group Annuities:

		General Account				Separate Account with Guarantees				Separate Account Non- guaranteed				Total				% of Total
		($ in thousands)
(1) Subject to discretionary withdrawals
a. With market value adjustments		$	4,689			$	-			$	-			$	4,689				6.0	%
b. At book value less current surrender charge of 5% or more			-				-				-				-				-
c. At fair value			-				-				8,741				8,741				11.1
d. Total with market value adjustment or at fair value (total of a through c)			4,689				-				8,741				13,430				17.1
e. At book value without adjustment (minimal or no charge or adj.)			37,516				133				-				37,649				47.9
(2) Not subject to discretionary withdrawal provision			27,468				-				-				27,468				35.0
(3) Total (gross: direct + assumed)			69,673				133				8,741				78,547				100.0	%
(4) Reinsurance ceded			16,100				-				-				16,100
(5) Total (net) (3) - (4)		$	53,573			$	133			$	8,741			$	62,447

Deposit-type Contracts (no life contingencies):

		General Account				Separate Account with Guarantees				Separate Account Non- guaranteed				Total				% of Total
		($ in thousands)
(1) Subject to discretionary withdrawals
a. With market value adjustments		$	-			$	-			$	-			$	-				-	%
b. At book value less current surrender charge of 5% or more			-				-				-				-				-
c. At fair value			-				-				-				-				-
d. Total with market value adjustment or at fair value (total of a through c)			-				-				-				-				-
e. At book value without adjustment (minimal or no charge or adj.)			154,029				-				-				154,029				89.8
(2) Not subject to discretionary withdrawal provision			17,401				-				-				17,401				10.2
(3) Total (gross: direct + assumed)			171,430				-				-				171,430				100.0	%
(4) Reinsurance ceded			-				-				-				-
(5) Total (net) (3) - (4)		$	171,430			$	-			$	-			$	171,430

Reconciliation of Total Annuity Actuarial Reserves and Deposit Fund Liabilities:

Life & Accident & Health Annual Statement:		($ in thousands)
Exhibit 5, Annuities Section, Total (net)		$	140,522
Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net)			17,348
Exhibit 7, Deposit-Type Contracts, Line 14, column 1			171,430
Subtotal			329,300
Separate Accounts Annual Statement:
Exhibit 3, Line 0299999, Column 2			75,379
Subtotal			75,379
Combined total		$	404,679

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Withdrawal characteristics of annuity actuarial reserves and deposit-type contract liabilities as of December 31, 2024 are as follows:

Individual Annuities:

		General Account				Separate Account with Guarantees				Separate Account Non- guaranteed				Total				% of Total
		($ in thousands)
(1) Subject to discretionary withdrawals
a. With market value adjustments		$	13,727			$	-			$	-			$	13,727				7.3	%
b. At book value less current surrender charge of 5% or more			-				-				-				-				-
c. At fair value			-				-				68,384				68,384				36.3
d. Total with market value adjustment or at fair value (total of a through c)			13,727				-				68,384				82,111				43.6
e. At book value without adjustment (minimal or no charge or adj.)			75,317				-				-				75,317				40.0
(2) Not subject to discretionary withdrawal provision			30,838				-				-				30,838				16.4
(3) Total (gross: direct + assumed)			119,882				-				68,384				188,266				100.0	%
(4) Reinsurance ceded			(371	)			-				-				(371	)
(5) Total (net) (3) - (4)		$	120,253			$	-			$	68,384			$	188,637

Group Annuities:

		General Account				Separate Account with Guarantees				Separate Account Non- guaranteed				Total				% of Total
		($ in thousands)
(1) Subject to discretionary withdrawals
a. With market value adjustments		$	5,007			$	-			$	-			$	5,007				6.2	%
b. At book value less current surrender charge of 5% or more			-				-				-				-				-
c. At fair value			-				-				8,454				8,454				10.4
d. Total with market value adjustment or at fair value (total of a through c)			5,007				-				8,454				13,461				16.6
e. At book value without adjustment (minimal or no charge or adj.)			37,980				137				-				38,117				47.0
(2) Not subject to discretionary withdrawal provision			29,600				-				-				29,600				36.4
(3) Total (gross: direct + assumed)			72,587				137				8,454				81,178				100.0	%
(4) Reinsurance ceded			17,183				-				-				17,183
(5) Total (net) (3) - (4)		$	55,404			$	137			$	8,454			$	63,995