Financial Statements by Insurance Company (Form N-VPFS)

Maxim Series Account

Financial Statements

Year Ended December 31, 2025

(With Report of Independent Registered Public Accounting Firm Thereon)

Report of Independent Registered Public Accounting Firm

To Those Charged with Governance of Maxim Series Account of Empower Annuity Insurance Company of America and Contract Owners of Maxim Series Account:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in the Appendix that comprise Maxim Series Account (the Separate Account), as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Separate Account as of December 31, 2025, the results of its operations for the year then ended, and the changes in its net assets for each of the years or periods listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

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

/s/ KPMG LLP

We have served as the auditor of one or more Empower Annuity Insurance Company of America Separate Accounts since 2021.

Birmingham, Alabama
April 20, 2026

Appendix

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

BNY Mellon Stock Index Fund, Inc., Initial Shares

Empower Aggressive Profile Fund, Investor Class

Empower Bond Index Fund, Investor Class

Empower Conservative Profile Fund, Investor Class

Empower International Value Fund, Investor Class

Empower Large Cap Value Fund, Investor II Class

Empower Moderate Profile Fund, Investor Class

Empower Moderately Aggressive Profile Fund, Investor Class

Empower Moderately Conservative Profile Fund, Investor Class

Empower Multi-Sector Bond Fund, Investor Class

Empower S&P 500 Index Fund, Investor Class

Empower S&P Small Cap 600 Index Fund, Investor Class

Empower T. Rowe Price Mid Cap Growth Fund, Investor Class

Empower U.S. Government Securities Fund, Investor Class

Fidelity VIP Contrafund Portfolio, Initial Class

Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares

Neuberger Berman AMT Quality Equity Portfolio, Class I

Templeton Foreign VIP Fund, Class 1

The statement of changes in net assets for the period from January 1, 2024 to October 25, 2024 (date of merger).

Empower Ariel Mid Cap Value Fund, Investor Class

The statement of changes in net assets for the period from January 1, 2024 to June 14, 2024 (date of liquidation).

Empower Government Money Market Fund, Investor Class

Statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for the year ended December 31, 2025 and for the period from May 14, 2024 (date trading commenced) to December 31, 2024.

Fidelity VIP Government Money Market Portfolio, Initial Class

Statement of assets and liabilities as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for the year ended December 31, 2025 and for the period from October 7, 2024 (date trading commenced) to December 31, 2024.

Empower Mid Cap Value Fund, Investor Class

MAXIM SERIES ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

		SUBACCOUNTS
		BNY Mellon Stock Index Fund, Inc., Initial Shares				Empower Aggressive Profile Fund, Investor Class				Empower Bond Index Fund, Investor Class				Empower Conservative Profile Fund, Investor Class				Empower International Value Fund, Investor Class				Empower Large Cap Value Fund, Investor II Class				Empower Mid Cap Value Fund, Investor Class
ASSETS:
Investments at fair value (1)		$	1,181,515			$	61,537			$	30,389			$	38,580			$	207,051			$	1,280,868			$	419,258
Receivable from the fund manager			16				2				1				1				7				24				14
Receivable from the Company			30,123				-				-				-				-				3,937				-
Total assets			1,211,654				61,539				30,390				38,581				207,058				1,284,829				419,272
LIABILITIES:
Payable to the Contracts			16				2				1				1				7				24				14
Payable to the Company			-				-				-				1,314				536				-				7,506
Total liabilities			16				2				1				1,315				543				24				7,520
NET ASSETS		$	1,211,638			$	61,537			$	30,389			$	37,266			$	206,515			$	1,284,805			$	411,752
ANALYSIS OF NET ASSETS
Accumulation period		$	793,759			$	61,537			$	30,389			$	30,041			$	204,131			$	866,714			$	372,961
Annuity period			417,879				-				-				7,225				2,384				418,091				38,791
Total net assets		$	1,211,638			$	61,537			$	30,389			$	37,266			$	206,515			$	1,284,805			$	411,752
Fair value per share (NAV)		$	87.15			$	6.04			$	13.02			$	7.76			$	15.87			$	13.17			$	14.07
Shares outstanding in the Separate Account			13,557				10,188				2,334				4,972				13,047				97,256				29,798
(1) Investments in mutual fund shares, at cost		$	783,055			$	63,572			$	32,916			$	39,915			$	143,651			$	1,063,475			$	443,973

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

		SUBACCOUNTS
		Empower Moderate Profile Fund, Investor Class				Empower Moderately Aggressive Profile Fund, Investor Class				Empower Moderately Conservative Profile Fund, Investor Class				Empower Multi- Sector Bond Fund, Investor Class				Empower S&P 500 Index Fund, Investor Class				Empower S&P Small Cap 600 Index Fund, Investor Class				Empower T. Rowe Price Mid Cap Growth Fund, Investor Class
ASSETS:
Investments at fair value (1)		$	62,355			$	19,494			$	14,551			$	17,099			$	6,602,534			$	246,385			$	24,897
Receivable from the fund manager			2				1				1				1				252				9				1
Receivable from the Company			-				-				-				-				72,495				-				1
Total assets			62,357				19,495				14,552				17,100				6,675,281				246,394				24,899
LIABILITIES:
Payable to the Contracts			2				1				-				1				252				9				1
Payable to the Company			6,321				-				2,239				1,235				-				4,057				-
Total liabilities			6,323				1				2,239				1,236				252				4,066				1
NET ASSETS		$	56,034			$	19,494			$	12,313			$	15,864			$	6,675,029			$	242,328			$	24,898
ANALYSIS OF NET ASSETS
Accumulation period		$	21,279			$	19,494			$	1			$	10,366			$	5,699,376			$	220,004			$	24,898
Annuity period			34,755				-				12,312				5,498				975,653				22,324				-
Total net assets		$	56,034			$	19,494			$	12,313			$	15,864			$	6,675,029			$	242,328			$	24,898
Fair value per share (NAV)		$	6.56			$	7.46			$	8.38			$	13.54			$	43.96			$	12.91			$	38.14
Shares outstanding in the Separate Account			9,505				2,613				1,736				1,263				150,194				19,085				653
(1) Investments in mutual fund shares, at cost		$	64,943			$	19,868			$	14,547			$	16,773			$	3,701,033			$	248,882			$	19,566

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

		SUBACCOUNTS
		Empower U.S. Government Securities Fund, Investor Class				Fidelity VIP Contrafund Portfolio, Initial Class				Fidelity VIP Government Money Market Portfolio, Initial Class				Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares				Neuberger Berman AMT Quality Equity Portfolio, Class I				Templeton Foreign VIP Fund, Class 1
ASSETS:
Investments at fair value (1)		$	634,094			$	151,779			$	1,037,339			$	398,618			$	855,327			$	199,109
Receivable from the fund manager			24				5				27				5				12				3
Receivable from the Company			3,439				-				3,294				110				11,927				-
Total assets			637,557				151,784				1,040,660				398,733				867,266				199,112
LIABILITIES:
Payable to the Contracts			24				5				27				5				12				3
Payable to the Company			-				16,324				-				-				-				-
Total liabilities			24				16,329				27				5				12				3
NET ASSETS		$	637,533			$	135,455			$	1,040,633			$	398,728			$	867,254			$	199,109
ANALYSIS OF NET ASSETS
Accumulation period		$	584,538			$	55,648			$	898,367			$	397,306			$	502,784			$	199,109
Annuity period			52,995				79,807				142,266				1,422				364,470				-
Total net assets		$	637,533			$	135,455			$	1,040,633			$	398,728			$	867,254			$	199,109
Fair value per share (NAV)		$	11.12			$	59.89			$	1.00			$	9.93			$	42.76			$	16.63
Shares outstanding in the Separate Account			57,023				2,534				1,037,339				40,143				20,003				11,973
(1) Investments in mutual fund shares, at cost		$	665,157			$	109,433			$	1,037,339			$	406,825			$	584,209			$	166,096

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Concluded)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		BNY Mellon Stock  Index Fund, Inc., Initial Shares				Empower Aggressive Profile Fund, Investor Class				Empower Bond Index Fund, Investor Class				Empower Conservative Profile Fund, Investor Class				Empower International Value Fund, Investor Class				Empower Large Cap Value Fund, Investor II Class				Empower Mid Cap Value Fund, Investor Class
INVESTMENT INCOME:
Dividend income		$	12,464			$	1,101			$	823			$	996			$	3,013			$	9,857			$	17,786
EXPENSES:
Mortality and expense risk			6,072				720				382				483				2,312				8,173				4,824
NET INVESTMENT INCOME (LOSS)			6,392				381				441				513				701				1,684				12,962
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments			149,918				(396	)			(98	)			(88	)			2,509				19,018				(1,051	)
Capital gain distributions			69,951				4,098				-				295				8,685				54,924				6,529
Net realized gain (loss) on investments			219,869				3,702				(98	)			207				11,194				73,942				5,478
Change in net unrealized appreciation (depreciation) on investments			(24,759	)			4,501				1,235				1,837				45,685				111,646				9,565
Net realized and unrealized gain (loss) on investments			195,110				8,203				1,137				2,044				56,879				185,588				15,043
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	201,502			$	8,584			$	1,578			$	2,557			$	57,580			$	187,272			$	28,005

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Empower Moderate Profile Fund, Investor Class				Empower Moderately Aggressive Profile Fund, Investor Class				Empower Moderately Conservative Profile Fund, Investor Class				Empower Multi- Sector Bond Fund, Investor Class				Empower S&P 500 Index Fund, Investor Class				Empower S&P Small Cap 600 Index Fund, Investor Class				Empower T. Rowe Price Mid Cap Growth Fund, Investor Class
INVESTMENT INCOME:
Dividend income		$	1,377			$	394			$	331			$	545			$	18,602			$	5,326			$	-
EXPENSES:
Mortality and expense risk			760				229				181				211				90,062				2,910				311
NET INVESTMENT INCOME (LOSS)			617				165				150				334				(71,460	)			2,416				(311	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments			(379	)			(28	)			(12	)			19				434,411				664				414
Capital gain distributions			3,165				714				415				-				6,924				11,977				417
Net realized gain (loss) on investments			2,786				686				403				19				441,335				12,641				831
Change in net unrealized appreciation (depreciation) on investments			2,721				1,298				649				733				585,075				(5,007	)			(93	)
Net realized and unrealized gain (loss) on investments			5,507				1,984				1,052				752				1,026,410				7,634				738
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	6,124			$	2,149			$	1,202			$	1,086			$	954,950			$	10,050			$	427

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Empower U.S. Government Securities Fund, Investor Class				Fidelity VIP Contrafund Portfolio, Initial Class				Fidelity VIP Government Money Market Portfolio, Initial Class				Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares				Neuberger Berman AMT Quality Equity Portfolio, Class I				Templeton Foreign VIP Fund, Class 1
INVESTMENT INCOME:
Dividend income		$	16,578			$	198			$	35,887			$	20,540			$	-			$	4,493
EXPENSES:
Mortality and expense risk			8,905				1,745				8,875				2,087				4,028				895
NET INVESTMENT INCOME (LOSS)			7,673				(1,547	)			27,012				18,453				(4,028	)			3,598
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments			(3,834	)			3,881				-				(9,215	)			12,342				231
Capital gain distributions			-				22,639				-				-				48,521				11,302
Net realized gain (loss) on investments			(3,834	)			26,520				-				(9,215	)			60,863				11,533
Change in net unrealized appreciation (depreciation) on investments			27,844				752				-				18,094				44,173				29,454
Net realized and unrealized gain (loss) on investments			24,010				27,272				-				8,879				105,036				40,987
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	31,683			$	25,725			$	27,012			$	27,332			$	101,008			$	44,585

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Concluded)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		BNY Mellon Stock Index Fund, Inc., Initial Shares				Empower Aggressive Profile Fund, Investor Class				Empower Bond Index Fund, Investor Class				Empower Conservative Profile Fund, Investor Class				Empower International Value Fund, Investor Class				Empower Large Cap Value Fund, Investor II Class				Empower Mid Cap Value Fund, Investor Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	6,392			$	381			$	441			$	513			$	701			$	1,684			$	12,962
Net realized gain (loss) on investments			219,869				3,702				(98	)			207				11,194				73,942				5,478
Change in net unrealized appreciation (depreciation) on investments			(24,759	)			4,501				1,235				1,837				45,685				111,646				9,565
Net increase (decrease) in net assets resulting from operations			201,502				8,584				1,578				2,557				57,580				187,272				28,005
CONTRACT TRANSACTIONS:
Contract owners' net payments			3,000				-				-				-				-				3,000				-
Contract maintenance charges			(47	)			-				-				-				(24	)			(203	)			(119	)
Contract owners' benefits			(37,333	)			(2,014	)			(981	)			(1,755	)			(5,456	)			(45,771	)			(10,304	)
Net transfers (to) from the Company and/or Subaccounts			(159,640	)			-				(1	)			(307	)			(183	)			44,401				(1,576	)
Increase (decrease) in net assets resulting from Contract transactions			(194,020	)			(2,014	)			(982	)			(2,062	)			(5,663	)			1,427				(11,999	)
Total increase (decrease) in net assets			7,482				6,570				596				495				51,917				188,699				16,006
NET ASSETS:
Beginning of period			1,204,156				54,967				29,793				36,771				154,598				1,096,106				395,746
End of period		$	1,211,638			$	61,537			$	30,389			$	37,266			$	206,515			$	1,284,805			$	411,752

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Empower Moderate Profile Fund, Investor Class				Empower Moderately Aggressive Profile Fund, Investor Class				Empower Moderately Conservative Profile Fund, Investor Class				Empower Multi- Sector Bond Fund, Investor Class				Empower S&P 500 Index Fund, Investor Class				Empower S&P Small Cap 600 Index Fund, Investor Class				Empower T. Rowe Price Mid Cap Growth Fund, Investor Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	617			$	165			$	150			$	334			$	(71,460	)		$	2,416			$	(311	)
Net realized gain (loss) on investments			2,786				686				403				19				441,335				12,641				831
Change in net unrealized appreciation (depreciation) on investments			2,721				1,298				649				733				585,075				(5,007	)			(93	)
Net increase (decrease) in net assets resulting from operations			6,124				2,149				1,202				1,086				954,950				10,050				427
CONTRACT TRANSACTIONS:
Contract owners' net payments			-				-				-				-				84,146				-				-
Contract maintenance charges			(27	)			(31	)			-				(3	)			(2,251	)			(77	)			-
Contract owners' benefits			(3,271	)			-				(1,078	)			(605	)			(803,458	)			(3,964	)			(806	)
Net transfers (to) from the Company and/or Subaccounts			(1,640	)			-				(550	)			(189	)			17,040				(872	)			1
Increase (decrease) in net assets resulting from Contract transactions			(4,938	)			(31	)			(1,628	)			(797	)			(704,523	)			(4,913	)			(805	)
Total increase (decrease) in net assets			1,186				2,118				(426	)			289				250,427				5,137				(378	)
NET ASSETS:
Beginning of period			54,848				17,376				12,739				15,575				6,424,602				237,191				25,276
End of period		$	56,034			$	19,494			$	12,313			$	15,864			$	6,675,029			$	242,328			$	24,898

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Empower U.S. Government Securities Fund, Investor Class				Fidelity VIP Contrafund Portfolio, Initial Class				Fidelity VIP Government Money Market Portfolio, Initial Class				Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares				Neuberger Berman AMT Quality Equity Portfolio, Class I				Templeton Foreign VIP Fund, Class 1
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	7,673			$	(1,547	)		$	27,012			$	18,453			$	(4,028	)		$	3,598
Net realized gain (loss) on investments			(3,834	)			26,520				-				(9,215	)			60,863				11,533
Change in net unrealized appreciation (depreciation) on investments			27,844				752				-				18,094				44,173				29,454
Net increase (decrease) in net assets resulting from operations			31,683				25,725				27,012				27,332				101,008				44,585
CONTRACT TRANSACTIONS:
Contract owners' net payments			-				-				-				-				-				-
Contract maintenance charges			(532	)			(36	)			(434	)			(12	)			(24	)			(7	)
Contract owners' benefits			(32,341	)			(6,642	)			(73,134	)			(4,533	)			(30,901	)			-
Net transfers (to) from the Company and/or Subaccounts			14,994				(4,490	)			288,729				(99,995	)			(10,933	)			(798	)
Increase (decrease) in net assets resulting from Contract transactions			(17,879	)			(11,168	)			215,161				(104,540	)			(41,858	)			(805	)
Total increase (decrease) in net assets			13,804				14,557				242,173				(77,208	)			59,150				43,780
NET ASSETS:
Beginning of period			623,729				120,898				798,460				475,936				808,104				155,329
End of period		$	637,533			$	135,455			$	1,040,633			$	398,728			$	867,254			$	199,109

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024

		SUBACCOUNTS
		BNY Mellon Stock Index Fund, Inc., Initial Shares				Empower Aggressive Profile Fund, Investor Class				Empower Ariel Mid Cap Value Fund, Investor Class				Empower Bond Index Fund, Investor Class				Empower Conservative Profile Fund, Investor Class				Empower Government Money Market Fund, Investor Class				Empower International Value Fund, Investor Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	8,113			$	1,004			$	89			$	319			$	680			$	12,765			$	512
Net realized gain (loss) on investments			155,357				2,084				(60,624	)			(122	)			376				-				6,125
Change in net unrealized appreciation (depreciation) on investments			97,885				2,295				80,816				(315	)			393				-				(247	)
Net increase (decrease) in net assets resulting from operations			261,355				5,383				20,281				(118	)			1,449				12,765				6,390
CONTRACT TRANSACTIONS:
Contract owners' net payments			2,500				-				-				-				-				-				-
Contract maintenance charges			(52	)			-				(127	)			-				-				(387	)			(22	)
Contract owners' benefits			-				-				-				-				-				(46,860	)			-
Net transfers (to) from the Company and/or Subaccounts			(173,880	)			(2,038	)			(453,073	)			(929	)			(1,096	)			(740,516	)			(5,065	)
Increase (decrease) in net assets resulting from Contract transactions			(171,432	)			(2,038	)			(453,200	)			(929	)			(1,096	)			(787,763	)			(5,087	)
Total increase (decrease) in net assets			89,923				3,345				(432,919	)			(1,047	)			353				(774,998	)			1,303
NET ASSETS:
Beginning of period			1,114,233				51,622				432,919				30,840				36,418				774,998				153,295
End of period		$	1,204,156			$	54,967			$	-			$	29,793			$	36,771			$	-			$	154,598

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024

		SUBACCOUNTS
		Empower Large Cap Value Fund, Investor II Class				Empower Mid Cap Value Fund, Investor Class				Empower Moderate Profile Fund, Investor Class				Empower Moderately Aggressive Profile Fund, Investor Class				Empower Moderately Conservative Profile Fund, Investor Class				Empower Multi- Sector Bond  Fund, Investor Class				Empower S&P 500 Index Fund, Investor Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	1,379			$	28,120			$	1,057			$	305			$	234			$	381			$	(55,105	)
Net realized gain (loss) on investments			173,566				4,553				2,024				475				230				(5	)			573,647
Change in net unrealized appreciation (depreciation) on investments			6,523				(34,281	)			758				505				277				248				771,031
Net increase (decrease) in net assets resulting from operations			181,468				(1,608	)			3,839				1,285				741				624				1,289,573
CONTRACT TRANSACTIONS:
Contract owners' net payments			2,500				-				-				-				-				-				30
Contract maintenance charges			(177	)			(21	)			(27	)			(31	)			-				(3	)			(2,651	)
Contract owners' benefits			-				-				-				-				-				-				(349,701	)
Net transfers (to) from the Company and/or Subaccounts			(289,817	)			397,375				(641	)			-				(110	)			(129	)			(570,628	)
Increase (decrease) in net assets resulting from Contract transactions			(287,494	)			397,354				(668	)			(31	)			(110	)			(132	)			(922,950	)
Total increase (decrease) in net assets			(106,026	)			395,746				3,171				1,254				631				492				366,623
NET ASSETS:
Beginning of period			1,202,132				-				51,677				16,122				12,108				15,083				6,057,979
End of period		$	1,096,106			$	395,746			$	54,848			$	17,376			$	12,739			$	15,575			$	6,424,602

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024

		SUBACCOUNTS
		Empower S&P Small Cap 600 Index Fund, Investor Class				Empower T. Rowe Price Mid Cap Growth Fund, Investor Class				Empower U.S. Government Securities Fund, Investor Class				Fidelity VIP Contrafund Portfolio, Initial Class				Fidelity VIP Government Money Market Portfolio, Initial Class				Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares				Neuberger Berman AMT Quality Equity Portfolio, Class I
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	(2,399	)		$	(390	)		$	7,672			$	(1,331	)		$	16,577			$	12,988			$	(2,406	)
Net realized gain (loss) on investments			30,088				11,866				(36,260	)			20,471				-				(738	)			79,349
Change in net unrealized appreciation (depreciation) on investments			(3,868	)			(9,348	)			17,939				14,214				-				(18,298	)			102,777
Net increase (decrease) in net assets resulting from operations			23,821				2,128				(10,649	)			33,354				16,577				(6,048	)			179,720
CONTRACT TRANSACTIONS:
Contract owners' net payments			-				-				-				-				-				-				-
Contract maintenance charges			(80	)			-				(607	)			(36	)			(143	)			(9	)			(21	)
Contract owners' benefits			-				-				(65,608	)			-				(114,040	)			-				-
Net transfers (to) from the Company and/or Subaccounts			(157,181	)			(31,872	)			18,130				(10,493	)			896,066				424,610				(111,309	)
Increase (decrease) in net assets resulting from Contract transactions			(157,261	)			(31,872	)			(48,085	)			(10,529	)			781,883				424,601				(111,330	)
Total increase (decrease) in net assets			(133,440	)			(29,744	)			(58,734	)			22,825				798,460				418,553				68,390
NET ASSETS:
Beginning of period			370,631				55,020				682,463				98,073				-				57,383				739,714
End of period		$	237,191			$	25,276			$	623,729			$	120,898			$	798,460			$	475,936			$	808,104

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Continued)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024

		SUBACCOUNTS
		Templeton Foreign VIP Fund, Class 1
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	3,356
Net realized gain (loss) on investments			55
Change in net unrealized appreciation (depreciation) on investments			(5,444	)
Net increase (decrease) in net assets resulting from operations			(2,033	)
CONTRACT TRANSACTIONS:
Contract owners' net payments			-
Contract maintenance charges			(7	)
Contract owners' benefits			-
Net transfers (to) from the Company and/or Subaccounts			2,551
Increase (decrease) in net assets resulting from Contract transactions			2,544
Total increase (decrease) in net assets			511
NET ASSETS:
Beginning of period			154,818
End of period		$	155,329

Note: Totals may not appear to foot/crossfoot due to rounding.

Note 2: See note 1, Organization, for periods presented, if applicable.

(Concluded)

See accompanying notes to financial statements.

MAXIM SERIES ACCOUNT

NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2025

1.

ORGANIZATION

Effective August 1, 2022, Great West Life & Annuity Insurance Company is now known as Empower Annuity Insurance Company of America (the Company). The Maxim Series Account (the Separate Account), a separate account of the Company, is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and exists in accordance with regulations of the Colorado Division of Insurance was established on December 30, 1998.

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the variable annuity contracts (the "Contracts") is not chargeable with liabilities arising out of any other business the Company may conduct.

The Separate Account is a funding vehicle for individual variable annuity Contracts; it consists of a number of Subaccounts (the "Subaccounts"), also commonly referred to as investment divisions or funds, each of which is treated as an individual accounting entity for financial reporting purposes. The Separate Account's value at any time is allocated among Contract owners based on the number and value of their accumulation units representing their interest in the Subaccounts of the Separate Account; all of the investible assets of the Separate Account are invested in the corresponding mutual funds.

The Separate Account has identified the Chief Product Officer - Retirement Division as the chief operating decision maker ("CODM"). The Separate Account is comprised of multiple Subaccounts, each of which constitutes an operating segment. The CODM uses significant performance measures of the Subaccounts, such as the total return ratio, investment income ratio, and expense ratio to make operational decisions for the Separate Account. Segment assets are reflected on the Statements of Assets and Liabilities as Total assets, and significant segment expenses are listed on the Statements of Operations.

If available under their Contract for investment, Contract owners may allocate some or all of the applicable net payments or transfer some or all of the Contract value to the Company's guaranteed account, which is not included in these financial statements. The assets of the Company support its insurance and annuity obligations and are subject to the Company's general liabilities from business operations.

Contract owners' net payments are allocated to the Subaccounts in accordance with Contract owner instructions and are recorded as Contract owners' net payments in the Statements of Changes in Net Assets. Such amounts are used to provide account funds to pay Contract values under the Contracts. New Contracts are no longer being sold under the products in the Separate Account, but owners of existing Contracts may make additional deposits.

The following is the variable annuity product funded by the Separate Account:

Maxim

For the years or periods ended December 31, 2025 and 2024, the Separate Account offered up to 22 available Subaccount investment options, as follows:

BNY Mellon Stock Index Fund, Inc., Initial Shares

Empower Aggressive Profile Fund, Investor Class

Empower Ariel Mid Cap Value Fund, Investor Class^(a)

Empower Bond Index Fund, Investor Class

Empower Conservative Profile Fund, Investor Class

Empower Government Money Market Fund, Investor Class^(a)

Empower International Value Fund, Investor Class

Empower Large Cap Value Fund, Investor II Class

Empower Mid Cap Value Fund, Investor Class^(a)

Empower Moderate Profile Fund, Investor Class

Empower Moderately Aggressive Profile Fund, Investor Class

Empower Moderately Conservative Profile Fund, Investor Class

Empower Multi-Sector Bond Fund, Investor Class

Empower S&P 500 Index Fund, Investor Class

Empower S&P Small Cap 600 Index Fund, Investor Class

Empower T. Rowe Price Mid Cap Growth Fund, Investor Class

Empower U.S. Government Securities Fund, Investor Class

Fidelity VIP Contrafund Portfolio, Initial Class

Fidelity VIP Government Money Market Portfolio, Initial Class^(a)

Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares

Neuberger Berman AMT Quality Equity Portfolio, Class I^(a)

Templeton Foreign VIP Fund, Class 1

^(a) See Subaccount Changes tables below

Subaccount Change: Merger

During 2024, the following Subaccount was merged:

Original Subaccount	Merged Into	Date of Merger
Empower Ariel Mid Cap Value Fund, Investor Class	Empower Mid Cap Value Fund, Investor Class	October 25, 2024

Subaccount Change: Liquidation

During 2024, the following Subaccount was liquidated:

Subaccount Name	Date of Liquidation
Empower Government Money Market Fund, Investor Class	June 14, 2024

Subaccount Changes: Commencement

During 2024, the following Subaccounts commenced trading:

Subaccount Name	Date Trading Commenced
Empower Mid Cap Value Fund, Investor Class	October 7, 2024
Fidelity VIP Government Money Market Portfolio, Initial Class	May 14, 2024

Subaccount Change: Name Change

During 2025, the following Subaccount changed its name:

Previous Name	New Name	Date of Change
Neuberger Berman AMT Sustainable Equity Portfolio, Class I	Neuberger Berman AMT Quality Equity Portfolio, Class I	July 28, 2025

The financial statements are presented based on the periods noted in the above Subaccount Changes tables which may result in the exclusion from certain financial statements.

The Separate Account is an investment company and, therefore, applies specialized accounting guidance in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 "Financial Services - Investment Companies".

2.

SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies of the Separate Account.

Investment valuation

Investments are made and measured in shares and are presented net of management fees and other operating expenses incurred by the Subaccounts. The investments are valued at the net asset values of the mutual funds, which value their investment securities at fair value. Transactions with the mutual funds are recognized on the trade date.

The Separate Account classifies its valuations into three levels based upon the observability of inputs to the valuation of the Separate Account's investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 - Unadjusted quoted prices for identical securities in active markets.

Level 2 - Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.

Level 3 - Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the reporting entity's own assumptions and would be based on the best information available under the circumstances.

The Separate Account determines the fair values of certain financial assets based on quoted market prices. All of the investments in the Subaccounts of the Separate Account are classified as Level 1 in the fair value hierarchy and consist of open-ended mutual funds. Participants may, without restriction, transact at the daily net asset value ("NAV") of the mutual funds. The NAV represents the daily per share value based on the fair value of the underlying portfolio of investments of the respective Subaccounts.

Receivables and payables from (to) the Contracts and the fund manager

Receivables and payables from (to) the Contracts and the fund manager include trading activity initiated at the Contract level from the last business day of the year that has not yet been settled with the fund manager.

Receivable from dividends

Receivable from dividends include dividends declared by the fund managers that have not yet been reinvested in accordance with the Subaccounts' designated reinvestment dates.

Receivables and payables from (to) the Company

Receivables and payables from (to) the Company include accruals for the variance between investments and reserves applicable to the Subaccount.

Contracts in the annuity payout period

Net assets allocated to Contracts in the annuity period are computed according to the Annuity 2000 Mortality Table with an assumed investment return of 5%. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Separate Account by the Company to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company for the calculated or excess differential. Any adjustments to these amounts are reflected in net transfers (to) from the Company and/or Subaccounts on the Statements of Changes in Net Assets of the applicable Subaccounts.

Dividend income and capital gain distributions

Dividend income and capital gain distributions are recorded on the ex-dividend date and are reinvested in additional shares of the mutual funds. Ordinary dividend and capital gain distributions are recognized within net investment income and net realized gains, respectively, as recorded in the financial statements of the Subaccounts.

Net realized gains and losses

Net realized gains and losses on investments include gains and losses on redemptions of the Subaccounts' shares (determined for each product using the first-in-first-out (FIFO) basis) and capital gain distributions from the mutual funds.

Net transfers (to) from the Company and/or Subaccounts

Net transfers (to) from the Company and/or Subaccounts include transfers between the Subaccounts of the Separate Account as well as transfers between the Separate Account and the Company.

Federal income taxes

The results of the operations of the Separate Account are included in the federal income tax return of the Company. Under the provisions of the Contracts, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge has been made against the Separate Account for such tax during the year ended December 31, 2025. Management will periodically review the application of this policy in the event of changes in tax law. Accordingly, a change may be made in future years to consider charges for any federal income taxes that would be attributable to the Contracts.

Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that could affect the reported amounts of assets and liabilities, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from the estimates reported in the accompanying financial statements.

Risks and uncertainties

The Separate Account provides for various investment options in any combination of Subaccounts, each of which bears exposure to the market, credit, and liquidity risks of the underlying portfolio in which it invests. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances, the amounts reported in the statements of assets and liabilities, of operations and of changes in net assets. Accordingly, these financial statements should be read in conjunction with the financial statements and notes of the underlying Subaccounts identified in note 1, Organization.

Change in Presentation

During the current reporting period, the Separate Account changed the presentation of certain items in the financial statements to enhance clarity. Comparative figures, particularly within the financial highlights, for prior periods have been reclassified to conform to the current year's presentation. Specifically, amounts previously presented under "Maxim Series II Accounts" and "Maxim Series III Accounts" within the financial highlights have been combined and presented at the Subaccount level. This change had no impact on net assets or net investment income for any period presented.

3.	PURCHASES AND SALES OF INVESTMENTS
	The cost of purchases and proceeds from sales of investments for the year or period ended (as designated in note 1, Organization, if applicable) December 31, 2025 were as follows:

Subaccount		Purchases				Sales
BNY Mellon Stock Index Fund, Inc., Initial Shares		$	136,960			$	297,470
Empower Aggressive Profile Fund, Investor Class			5,199				2,734
Empower Bond Index Fund, Investor Class			823				1,364
Empower Conservative Profile Fund, Investor Class			1,291				2,238
Empower International Value Fund, Investor Class			11,698				7,792
Empower Large Cap Value Fund, Investor II Class			119,682				89,962
Empower Mid Cap Value Fund, Investor Class			24,316				15,247
Empower Moderate Profile Fund, Investor Class			4,542				4,058
Empower Moderately Aggressive Profile Fund, Investor Class			1,108				260
Empower Moderately Conservative Profile Fund, Investor Class			746				1,259
Empower Multi-Sector Bond Fund, Investor Class			545				819
Empower S&P 500 Index Fund, Investor Class			110,448				901,908
Empower S&P Small Cap 600 Index Fund, Investor Class			17,303				6,954
Empower T. Rowe Price Mid Cap Growth Fund, Investor Class			417				1,117
Empower U.S. Government Securities Fund, Investor Class			29,390				41,870
Fidelity VIP Contrafund Portfolio, Initial Class			22,837				8,423
Fidelity VIP Government Money Market Portfolio, Initial Class			322,233				81,545
Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares			20,540				106,631
Neuberger Berman AMT Quality Equity Portfolio, Class I			49,461				35,966
Templeton Foreign VIP Fund, Class 1			17,550				3,454

4.

CHANGES IN UNITS OUTSTANDING

The changes in units outstanding for the years or periods ended (as designated in note 1, Organization, if applicable) December 31, 2025 and 2024 were as follows:

		2025												2024
Subaccount		Units Issued				Units Redeemed				Net Increase (Decrease)				Units Issued				Units Redeemed				Net Increase (Decrease)
BNY Mellon Stock Index Fund, Inc., Initial Shares			948				4,195				(3,247	)			82				2,600				(2,518	)
Empower Aggressive Profile Fund, Investor Class			-				110				(110	)			-				122				(122	)
Empower Ariel Mid Cap Value Fund, Investor Class			-				-				-				-				3,934				(3,934	)
Empower Bond Index Fund, Investor Class			-				63				(63	)			-				62				(62	)
Empower Conservative Profile Fund, Investor Class			-				138				(138	)			-				139				(139	)
Empower Government Money Market Fund, Investor Class			-				-				-				52				51,258				(51,206	)
Empower International Value Fund, Investor Class			-				110				(110	)			-				136				(136	)
Empower Large Cap Value Fund, Investor II Class			3,335				4,494				(1,159	)			397				16,128				(15,731	)
Empower Mid Cap Value Fund, Investor Class			-				993				(993	)			40,610				686				39,924
Empower Moderate Profile Fund, Investor Class			-				219				(219	)			-				230				(230	)
Empower Moderately Aggressive Profile Fund, Investor Class			-				2				(2	)			-				2				(2	)
Empower Moderately Conservative Profile Fund, Investor Class			-				79				(79	)			-				83				(83	)
Empower Multi-Sector Bond Fund, Investor Class			-				11				(11	)			-				12				(12	)
Empower S&P 500 Index Fund, Investor Class			3,454				30,887				(27,433	)			11,200				56,113				(44,913	)
Empower S&P Small Cap 600 Index Fund, Investor Class			-				37				(37	)			-				1,466				(1,466	)
Empower T. Rowe Price Mid Cap Growth Fund, Investor Class			-				8				(8	)			-				322				(322	)
Empower U.S. Government Securities Fund, Investor Class			302				771				(469	)			12,419				13,837				(1,418	)
Fidelity VIP Contrafund Portfolio, Initial Class			-				64				(64	)			-				158				(158	)
Fidelity VIP Government Money Market Portfolio, Initial Class			27,238				6,954				20,284				114,879				37,195				77,684
Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares			-				3,927				(3,927	)			16,127				175				15,952
Neuberger Berman AMT Quality Equity Portfolio, Class I			16				489				(473	)			-				2,221				(2,221	)
Templeton Foreign VIP Fund, Class 1			69				103				(34	)			104				1				103

Note: Units may not appear to foot/crossfoot due to rounding.

5.	EXPENSES AND RELATED PARTY TRANSACTIONS
	The fees and charges below are the current expenses deducted by the Subaccount from either the net unit value or from the Contract as a redemption of units. Fees and charges may vary based on factors such as the product purchased, benefit base, asset base, a Contract's total asset value, Subaccounts selected, transaction amount, and/or transaction frequency. The fees and charges are recorded, as applicable, to the respective Subaccount in the Separate Account. Redemption of units deductions are made to the individual Contracts in accordance with the terms which govern each annuity, as set forth in the Contract.
		Expense Type			Range
		Mortality and Expense Risk Fee
		This fee is assessed to reimburse the Company for assuming mortality and expense risks. The fee is deducted daily, assessed through a reduction of net unit values, and recorded as mortality and expense risk in the Statements of Operations.			a daily fee amounting to a per annum aggregate of 0.50% - 1.40% of the average daily net assets of the Subaccounts
		Deductions for Premium Taxes
		This deduction is to comply with any applicable state premium and/or retaliatory taxes. The mandated amount is deducted from the payment when it is received which in turn reduces Contract owners' net payments on the Statements of Changes in Net Assets.			0% - 3.50% of each payment, if applicable
		Annual Contract Charge
		This charge is assessed to reimburse the Company for expenses incurred in the administration of the Contract and the Separate Account. The charge is deducted annually, assessed through a redemption of units, and recorded as Contract maintenance charges in the Statements of Changes in Net Assets.			$27 - $35 annually
		Transfer Charge
		This charge is assessed to reimburse the Company for costs incurred when transferring funds. The charge is deducted upon transfer, assessed through a redemption of units, and recorded as a reduction in Contract owners' benefits within the Statements of Changes in Net Assets.			$10 per transfer, after the first 24 transfers in any calendar year

6.

FINANCIAL HIGHLIGHTS

The Company sells one variable annuity product that is funded by the Separate Account. This product has a unique combination of features and expenses that are charged against the Contract owner's account. Differences in the expense structures result in a variety of unit values, expense ratios and total returns. The following tables were developed by determining which products offered by the Company and funded by the Separate Account have the highest and lowest expense ratios. The summaries may not reflect or directly equate to the minimum and maximum Contract expenses offered by the Company, as Contract owners may not have selected all available and applicable Contract options for or during the periods presented.

A summary of the units outstanding, unit fair values, net assets for variable annuity Contracts, investment income ratios, the expense ratios, excluding expenses of the underlying Subaccounts, and total returns for each of the five years or periods ended December 31, 2025 is as follows:

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
						Low				High												Low				High				Low				High
BNY Mellon Stock Index Fund, Inc., Initial Shares
2025			16				74.39				74.39				1,212				1.03	%			0.50	%			0.50	%			16.95	%			16.95	%
2024			19				63.61				63.61				1,204				1.17	%			0.50	%			0.50	%			24.04	%			24.04	%
2023			22				51.28				51.28				1,114				1.43	%			0.50	%			0.50	%			25.30	%			25.30	%
2022			22				40.93				40.93				929				1.36	%			0.50	%			0.50	%			(19.37	)%			(19.37	)%
2021			22				50.76				50.76				1,116				1.15	%			0.50	%			0.50	%			28.80	%			28.80	%
Empower Aggressive Profile Fund, Investor Class
2025			3				19.95				19.95				62				1.91	%			1.25	%			1.25	%			15.96	%			15.96	%
2024			3				17.21				17.21				55				3.09	%			1.25	%			1.25	%			10.54	%			10.54	%
2023			3				15.56				15.56				52				3.11	%			1.25	%			1.25	%			15.49	%			15.49	%
2022			5				13.48				13.48				64				1.55	%			1.25	%			1.25	%			(16.24	)%			(16.24	)%
2021			5				16.09				16.09				77				5.61	%			1.25	%			1.25	%			18.04	%			18.04	%
Empower Ariel Mid Cap Value Fund, Investor Class
2024			-				-				-				-				1.06	%			1.25	%			1.25	%			5.57	%			5.57	%
2023			4				112.33				112.33				433				2.39	%			1.25	%			1.25	%			9.08	%			9.08	%
2022			5				102.98				102.98				468				5.07	%			1.25	%			1.25	%			(13.63	)%			(13.63	)%
2021			5				119.23				119.23				555				1.99	%			1.25	%			1.25	%			24.00	%			24.00	%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
						Low				High												Low				High				Low				High
Empower Bond Index Fund, Investor Class
2025			2				15.49				15.49				30				2.69	%			1.25	%			1.25	%			5.29	%			5.29	%
2024			2				14.71				14.71				30				2.30	%			1.25	%			1.25	%			(0.44	)%			(0.44	)%
2023			2				14.77				14.77				31				1.98	%			1.25	%			1.25	%			3.72	%			3.72	%
2022			3				14.24				14.24				47				1.16	%			1.25	%			1.25	%			(14.72	)%			(14.72	)%
2021			3				16.70				16.70				56				0.82	%			1.25	%			1.25	%			(3.64	)%			(3.64	)%
Empower Conservative Profile Fund, Investor Class
2025			3				12.89				12.89				37				2.58	%			1.25	%			1.25	%			6.84	%			6.84	%
2024			3				12.06				12.06				37				3.02	%			1.25	%			1.25	%			3.78	%			3.78	%
2023			3				11.62				11.62				36				3.05	%			1.25	%			1.25	%			6.91	%			6.91	%
2022			3				10.87				10.87				37				1.80	%			1.25	%			1.25	%			(11.02	)%			(11.02	)%
2021			4				12.22				12.22				43				2.45	%			1.25	%			1.25	%			5.00	%			5.00	%
Empower Government Money Market Fund, Investor Class
2024			-				-				-				-				2.27	%			0.50	%			1.40	%			2.04	%			1.62	%
2023			51				13.23				19.50				775				4.45	%			0.50	%			1.40	%			4.02	%			3.08	%
2022			54				12.71				18.92				744				1.08	%			0.50	%			1.40	%			(9.02	)%			42.16	%
2021			70				13.31				13.31				924				0.01	%			0.50	%			1.40	%			8.56	%			(30.86	)%
Empower International Value Fund, Investor Class
2025			4				52.96				52.96				207				1.63	%			1.25	%			1.25	%			37.38	%			37.38	%
2024			4				38.55				38.55				155				1.57	%			1.25	%			1.25	%			4.15	%			4.15	%
2023			4				37.02				37.02				153				1.42	%			1.25	%			1.25	%			16.57	%			16.57	%
2022			4				31.76				31.76				141				1.15	%			1.25	%			1.25	%			(16.01	)%			(16.01	)%
2021			5				37.81				37.81				174				1.65	%			1.25	%			1.25	%			9.16	%			9.16	%
Empower Large Cap Value Fund, Investor II Class
2025			65				19.96				19.06				1,285				0.82	%			0.50	%			1.25	%			16.53	%			15.66	%
2024			66				17.13				16.48				1,096				0.79	%			0.50	%			1.25	%			14.93	%			14.06	%
2023			82				14.90				14.44				1,202				1.09	%			0.50	%			1.25	%			11.95	%			11.12	%
2022			86				13.31				13.00				1,148				1.76	%			0.50	%			1.25	%			(3.11	)%			(5.40	)%
2021			83				13.74				13.74				1,135				1.12	%			0.50	%			1.25	%			25.62	%			24.51	%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
						Low				High												Low				High				Low				High
Empower Mid Cap Value Fund, Investor Class
2025			39				10.77				10.77				412				4.40	%			1.25	%			1.25	%			7.04	%			7.04	%
2024			40				10.06				10.06				396				11.77	%			1.00	%			1.00	%			(0.48	)%			(0.48	)%
Empower Moderate Profile Fund, Investor Class
2025			4				15.81				15.81				56				2.26	%			1.25	%			1.25	%			10.57	%			10.57	%
2024			4				14.30				14.30				55				3.01	%			1.25	%			1.25	%			6.60	%			6.60	%
2023			4				13.42				13.42				52				2.49	%			1.25	%			1.25	%			10.54	%			10.54	%
2022			11				12.14				12.14				136				2.18	%			1.25	%			1.25	%			(13.12	)%			(13.12	)%
2021			12				13.97				13.97				164				3.35	%			1.25	%			1.25	%			10.60	%			10.60	%
Empower Moderately Aggressive Profile Fund, Investor Class
2025			1				17.13				17.13				19				2.15	%			1.25	%			1.25	%			12.38	%			12.38	%
2024			1				15.24				15.24				17				3.05	%			1.25	%			1.25	%			7.98	%			7.98	%
2023			1				14.12				14.12				16				2.21	%			1.25	%			1.25	%			12.20	%			12.20	%
2022			2				12.58				12.58				25				1.58	%			1.25	%			1.25	%			(14.18	)%			(14.18	)%
2021			2				14.66				14.66				28				4.17	%			1.25	%			1.25	%			12.84	%			12.84	%
Empower Moderately Conservative Profile Fund, Investor Class
2025			1				14.24				14.24				12				2.29	%			1.25	%			1.25	%			8.66	%			8.66	%
2024			1				13.11				13.11				13				2.84	%			1.25	%			1.25	%			5.12	%			5.12	%
2023			1				12.47				12.47				12				3.07	%			1.25	%			1.25	%			8.53	%			8.53	%
2022			2				11.49				11.49				18				1.72	%			1.25	%			1.25	%			(11.96	)%			(11.96	)%
2021			2				13.05				13.05				20				3.07	%			1.25	%			1.25	%			7.82	%			7.82	%
Empower Multi-Sector Bond Fund, Investor Class
2025			0	*			56.61				56.61				16				3.23	%			1.25	%			1.25	%			6.64	%			6.64	%
2024			0	*			53.08				53.08				16				3.55	%			1.25	%			1.25	%			3.83	%			3.83	%
2023			0	*			51.13				51.13				15				2.38	%			1.25	%			1.25	%			6.54	%			6.54	%
2022			1				47.99				47.99				33				2.33	%			1.25	%			1.25	%			(9.27	)%			(9.27	)%
2021			1				52.89				52.89				37				2.33	%			1.25	%			1.25	%			(3.92	)%			(3.92	)%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
						Low				High												Low				High				Low				High
Empower S&P 500 Index Fund, Investor Class
2025			234				28.50				28.13				6,675				0.29	%			1.25	%			1.40	%			15.84	%			15.67	%
2024			262				24.60				24.32				6,425				0.53	%			1.25	%			1.40	%			22.78	%			22.59	%
2023			307				20.04				19.84				6,058				0.44	%			1.25	%			1.40	%			24.06	%			23.87	%
2022			355				16.15				16.02				5,788				0.36	%			1.25	%			1.40	%			(19.89	)%			(20.54	)%
2021			384				20.16				20.16				7,734				0.35	%			1.25	%			1.40	%			27.10	%			27.80	%
Empower S&P Small Cap 600 Index Fund, Investor Class
2025			2				113.72				113.72				242				2.29	%			1.25	%			1.25	%			4.24	%			4.24	%
2024			2				109.09				109.09				237				0.55	%			1.25	%			1.25	%			6.59	%			6.59	%
2023			4				102.34				102.34				371				0.54	%			1.25	%			1.25	%			14.04	%			14.04	%
2022			5				89.75				89.75				412				0.48	%			1.25	%			1.25	%			(17.54	)%			(17.54	)%
2021			5				108.84				108.84				499				2.00	%			1.25	%			1.25	%			24.37	%			24.37	%
Empower T. Rowe Price Mid Cap Growth Fund, Investor Class
2025			0	*			107.32				107.32				25				0.00	%			1.25	%			1.25	%			1.71	%			1.71	%
2024			0	*			105.52				105.52				25				0.00	%			1.25	%			1.25	%			7.69	%			7.69	%
2023			1				97.98				97.98				55				0.00	%			1.25	%			1.25	%			18.43	%			18.43	%
2022			1				82.73				82.73				72				0.02	%			1.25	%			1.25	%			(23.78	)%			(23.78	)%
2021			1				108.55				108.55				95				0.18	%			1.25	%			1.25	%			13.46	%			13.46	%
Empower U.S. Government Securities Fund, Investor Class
2025			15				22.25				43.59				638				2.60	%			1.25	%			1.40	%			5.27	%			5.12	%
2024			15				21.14				41.47				624				2.60	%			1.25	%			1.40	%			(0.50	)%			(0.65	)%
2023			17				21.25				41.61				682				2.40	%			1.25	%			1.40	%			3.15	%			3.01	%
2022			17				20.60				40.39				695				1.35	%			1.25	%			1.40	%			(55.25	)%			(12.24	)%
2021			22				46.03				46.03				992				0.65	%			1.25	%			1.40	%			87.51	%			(4.98	)%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
						Low				High												Low				High				Low				High
Fidelity VIP Contrafund Portfolio, Initial Class
2025			1				116.53				116.53				135				0.14	%			1.25	%			1.25	%			19.97	%			19.97	%
2024			1				97.13				97.13				121				0.19	%			1.25	%			1.25	%			32.12	%			32.12	%
2023			2				73.52				73.52				98				0.48	%			1.25	%			1.25	%			31.80	%			31.80	%
2022			2				55.78				55.78				92				0.51	%			1.25	%			1.25	%			(22.97	)%			(22.97	)%
2021			2				72.41				72.41				123				0.06	%			1.25	%			1.25	%			19.27	%			19.27	%
Fidelity VIP Government Money Market Portfolio, Initial Class
2025			98				10.65				10.53				1,041				4.04	%			0.50	%			1.40	%			3.62	%			2.78	%
2024			78				10.28				10.25				798				3.36	%			0.50	%			1.00	%			2.59	%			2.11	%
Janus Henderson VIT Flexible Bond Portfolio, Institutional Shares
2025			14				27.98				27.98				399				4.92	%			0.50	%			0.50	%			6.86	%			6.86	%
2024			18				26.18				26.18				476				8.99	%			0.50	%			0.50	%			1.45	%			1.45	%
2023			2				25.81				25.81				57				4.22	%			0.50	%			0.50	%			4.98	%			4.98	%
2022			2				24.59				24.59				59				2.31	%			0.50	%			0.50	%			(14.12	)%			(14.12	)%
2021			4				28.63				28.63				101				1.98	%			0.50	%			0.50	%			(1.35	)%			(1.35	)%
Neuberger Berman AMT Quality Equity Portfolio, Class I
2025			12				70.63				70.63				867				0.00	%			0.50	%			0.50	%			13.17	%			13.17	%
2024			13				62.41				62.41				808				0.21	%			0.50	%			0.50	%			25.21	%			25.21	%
2023			15				49.84				49.84				740				0.35	%			0.50	%			0.50	%			26.27	%			26.27	%
2022			15				39.47				39.47				605				0.45	%			0.50	%			0.50	%			(19.26	)%			(19.26	)%
2021			16				48.89				48.89				760				0.37	%			0.50	%			0.50	%			23.48	%			23.48	%
Templeton Foreign VIP Fund, Class 1
2025			6				31.12				31.12				199				2.51	%			0.50	%			0.50	%			28.86	%			28.86	%
2024			6				24.15				24.15				155				2.59	%			0.50	%			0.50	%			(1.29	)%			(1.29	)%
2023			6				24.47				24.47				155				3.36	%			0.50	%			0.50	%			20.49	%			20.49	%
2022			6				20.31				20.31				129				3.00	%			0.50	%			0.50	%			(7.86	)%			(7.86	)%
2021			8				22.04				22.04				178				2.07	%			0.50	%			0.50	%			3.93	%			3.93	%

* The Subaccount has units and/or dollars that round to less than one thousand.

^(a) These ratios represent the dividends received by the Subaccount, excluding distributions of capital gains, divided by the daily average net assets. These ratios exclude expenses, such as mortality and expense risk fees, that result in direct reductions in the unit values. The recognition of investment income by the Subaccount is affected by the timing of the declaration of dividends by the underlying mutual fund in which the Subaccounts invest.

^(b) These ratios represent the annualized Contract expenses of the respective Subaccounts of the Separate Account, consisting primarily of mortality and expense risk fees, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to Contract owner accounts through the redemption of units and expenses of the underlying mutual fund are excluded.

^(c) These amounts represent the total return for the periods indicated, include changes in the value of the underlying mutual fund, and reflect deductions for all items included in the expense ratio. These amounts are not annualized and represent each Subaccount's total return for the periods during which the Subaccount held investment balances. The total return does not include any expenses addressed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented.

7.

SUBSEQUENT EVENTS

The Separate Account has evaluated the effects of events subsequent to December 31, 2025, and through April 20, 2026, the date at which the financial statements were available to be issued. All accounting and disclosure requirements related to subsequent events are included in our financial statements.