KBL Variable Account A

04/28/2026 | Press release | Distributed by Public on 04/28/2026 10:12

Financial Statements by Insurance Company (Form N-VPFS)

Financial Statements

KBL Variable Account A

December 31, 2025

With Report of Independent Registered Public Accounting Firm

KBL Variable Account A

Financial Statements

December 31, 2025

Contents

Audited Financial Statements

Statements of Net Assets 5
Statements of Operations and Change in Net Assets 8
Notes to Financial Statements 21
Note 1. Organization 21
Note 2. Additions, Mergers, Liquidations and Name Changes 22
Note 3. Significant Accounting Policies 23
Note 4. Purchases and Proceeds from Sales of Investments 26
Note 5. Related Party Transactions and Charges and Deductions 28
Note 6. Summary of Unit Transactions 29
Note 7. Financial Highlights 32
Note 8. Subsequent Events 41
Report of Independent Registered Public Accounting Firm 42

KBL Variable Account A

Statements of Net Assets

December 31, 2025

Uncollected
Number of Assets at Actuarial Risk Units
Subaccount Shares Cost Market Value Total Assets Fee Payable Net Assets Outstanding Range of Unit Values
AB VPS Relative Value Portfolio Class A 4,364 $  126,594 $  138,509 $  138,509 $        - $  138,509 2,346 $    59.03 $    59.03
AB VPS Relative Value Portfolio Class B 16,847 479,642 519,725 519,725 - 519,725 11,675 44.20 45.99
AB VPS Sustainable Global Thematic Portfolio 5,296 170,113 160,257 160,257 - 160,257 8,003 20.02 20.02
Alger Small Cap Growth Portfolio 15,942 367,220 297,154 297,154 - 297,154 7,147 41.57 43.12
Columbia Variable Portfolio - Acorn Fund (a) 64,812 787,600 1,030,505 1,030,505 - 1,030,505 17,757 57.94 60.17
Columbia Variable Portfolio - Acorn International Fund (a) 12,187 262,029 249,108 249,108 - 249,108 8,200 30.38 31.55
Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 18,591 455,505 975,294 975,294 - 975,294 32,807 29.72 30.38
Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 6,447 205,207 325,050 325,050 - 325,050 11,317 28.67 29.30
Columbia Variable Portfolio - Government Money Market Fund 2,558,204 2,558,204 2,558,204 2,558,204 (239) 2,558,443 252,913 10.11 10.31
Columbia Variable Portfolio - Income Opportunities Fund Class 1 3,395 23,530 22,984 22,984 - 22,984 1,547 14.86 14.86
Columbia Variable Portfolio - Income Opportunities Fund Class 2 19,497 130,965 130,826 130,826 - 130,826 9,063 14.43 14.71
Columbia Variable Portfolio - Large Cap Growth Fund Class 1 18,191 210,395 1,034,320 1,034,320 - 1,034,320 16,787 61.57 62.93
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 11,096 279,561 606,635 606,635 - 606,635 10,190 59.35 60.67
Columbia Variable Portfolio - Large Cap Index Fund 19,686 454,007 1,123,883 1,123,883 - 1,123,883 22,624 49.68 50.78
Columbia Variable Portfolio - Overseas Core Fund Class 1 10,467 129,267 187,257 187,257 - 187,257 9,761 19.18 19.18
Columbia Variable Portfolio - Overseas Core Fund Class 2 2,278 29,668 40,321 40,321 - 40,321 2,181 18.48 18.48
Columbia Variable Portfolio - Select Mid Cap Value Fund 5,706 169,077 270,136 270,136 - 270,136 8,396 32.11 32.82

(a) Name change. See Note 2.

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

5

KBL Variable Account A

Statements of Net Assets (continued)

December 31, 2025

Uncollected
Number of Assets at Actuarial Risk Units
Subaccount Shares Cost Market Value Total Assets Fee Payable Net Assets Outstanding Range of Unit Values
Columbia Variable Portfolio - Small Cap Value Fund Class 1 7,641 $ 90,319 $ 96,657 $ 96,657 $ - $ 96,657 1,300 $ 74.33 $ 74.33
Columbia Variable Portfolio - Small Cap Value Fund Class 2 21,932 258,876 272,839 272,839 - 272,839 3,832 70.89 73.77
Columbia Variable Portfolio - Small Company Growth Fund 8,229 99,160 123,267 123,267 - 123,267 611 201.91 201.91
Columbia Variable Portfolio - Strategic Income Fund Class 1 54,266 213,363 205,669 205,669 - 205,669 5,331 38.58 38.58
Columbia Variable Portfolio - Strategic Income Fund Class 2 59,963 235,653 224,261 224,261 - 224,261 6,168 36.35 37.96
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 14,855 149,739 139,047 139,047 - 139,047 13,040 10.66 10.66
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 55,761 573,782 520,253 520,253 - 520,253 50,615 10.27 10.50
Fidelity VIP Dynamic Capital Appreciation Portfolio 2,181 28,783 40,291 40,291 - 40,291 578 69.73 69.73
Fidelity VIP Equity-Income Portfolio 30,454 705,980 856,678 856,678 - 856,678 19,773 43.17 44.85
Fidelity VIP Growth Opportunities Portfolio 6,314 321,838 608,663 608,663 - 608,663 8,376 72.67 75.50
Invesco V.I. American Franchise Fund 5,079 313,202 411,419 411,419 - 411,419 7,987 51.43 52.50
Invesco V.I. Core Equity Fund 10,001 302,233 360,351 360,351 - 360,351 8,949 40.07 41.26
Invesco V.I. EQV International Equity Fund 8,245 292,203 297,712 297,712 - 297,712 10,155 29.32 29.32
MFS VIT I Growth Series Initial Class 26,784 1,668,166 1,817,279 1,817,279 - 1,817,279 16,386 110.84 115.78
MFS VIT I Growth Series Service Class 16,124 904,409 978,377 978,377 - 978,377 9,369 104.29 108.94
MFS VIT I Investors Trust Series 12,730 374,810 325,494 325,494 - 325,494 7,996 40.71 42.30
MFS VIT I New Discovery Series 21,084 280,463 255,111 255,111 - 255,111 7,128 35.79 35.79
MFS VIT I Research Series 10,853 329,555 330,915 330,915 - 330,915 4,374 75.63 79.00
MFS VIT I Total Return Bond Series 447 5,836 5,266 5,266 - 5,266 244 21.62 21.62
MFS VIT II Massachusetts Investors Growth Stock Portfolio 23,065 482,152 504,423 504,423 - 504,423 16,088 31.35 31.35
Rydex VT NASDAQ-100 Fund 666 42,299 64,456 64,456 - 64,456 1,826 35.30 35.30

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

6

KBL Variable Account A

Statements of Net Assets (continued)

December 31, 2025

Uncollected
Number of Assets at Actuarial Risk Units
Subaccount Shares Cost Market Value Total Assets Fee Payable Net Assets Outstanding Range of Unit Values
Templeton Developing Markets VIP Fund 3,386 30,396 40,905 40,905 - 40,905 1,245 32.85 32.85

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

7

KBL Variable Account A

Statements of Operations and Change in Net Assets

Years Ended December 31, 2025 and 2024

AB VPS Relative AB VPS Relative AB VPS
Value Portfolio Value Portfolio Sustainable Global
Class A Class B Thematic Portfolio
Net assets as of December 31, 2023 $ 126,265 $ 536,562 $ 162,850
Investment income (loss):
Dividend distributions 1,994 6,887 -
Investment Expenses:
Mortality and expense risk and administrative charges (1,888) (7,626) (2,375)
Net investment income (loss) 106 (739) (2,375)
Increase (decrease) in net assets from operations:
Capital gain distributions 4,737 19,378 515
Realized capital gain (loss) on investments 1,044 27,983 632
Change in unrealized appreciation (depreciation) 8,892 12,015 8,618
Net gain (loss) on investments 14,673 59,376 9,765
Net increase (decrease) in net assets from operations 14,779 58,637 7,390
Contract owner transactions:
Deposits - 86,286 -
Terminations, withdrawals and annuity payments (13,909) (64,987) (6,794)
Transfers between subaccounts, net - (82,918) 473
Maintenance charges and mortality adjustments - (143) (94)
Increase (decrease) in net assets from contract transactions (13,909) (61,762) (6,415)
Total increase (decrease) in net assets 870 (3,125) 975
Net assets as of December 31, 2024 $ 127,135 $ 533,437 $ 163,825
Investment income (loss):
Dividend distributions 1,465 4,700 -
Investment Expenses:
Mortality and expense risk and administrative charges (1,829) (7,124) (2,249)
Net investment income (loss) (364) (2,424) (2,249)
Increase (decrease) in net assets from operations:
Capital gain distributions 10,677 43,885 20,949
Realized capital gain (loss) on investments 84 9,381 3,695
Change in unrealized appreciation (depreciation) 976 (7,481) (15,566)
Net gain (loss) on investments 11,737 45,785 9,078
Net increase (decrease) in net assets from operations 11,373 43,361 6,829
Contract owner transactions:
Deposits - - -
Terminations, withdrawals and annuity payments - (54,346) (11,305)
Transfers between subaccounts, net 91 (2,308) 1,109
Maintenance charges and mortality adjustments (90) (419) (201)
Increase (decrease) in net assets from contract transactions 1 (57,073) (10,397)
Total increase (decrease) in net assets 11,374 (13,712) (3,568)
Net assets as of December 31, 2025 $ 138,509 $ 519,725 $ 160,257

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

8

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

Alger Small Cap
Growth Portfolio 		Columbia Variable
Portfolio - Acorn
Fund (a) 		Columbia Variable
Portfolio - Acorn
International
Fund (a)
Net assets as of December 31, 2023 $ 329,382 $ 1,254,222 $ 256,822
Investment income (loss):
Dividend distributions 1,270 - 3,340
Investment Expenses:
Mortality and expense risk and administrative charges (4,637) (16,257) (3,391)
Net investment income (loss) (3,367) (16,257) (51)
Increase (decrease) in net assets from operations:
Capital gain distributions - - -
Realized capital gain (loss) on investments (7,841) (120,868) (2,709)
Change in unrealized appreciation (depreciation) 32,540 271,530 (20,736)
Net gain (loss) on investments 24,699 150,662 (23,445)
Net increase (decrease) in net assets from operations 21,332 134,405 (23,496)
Contract owner transactions:
Deposits 1,108 99,404 -
Terminations, withdrawals and annuity payments (18,727) (385,296) (16,222)
Transfers between subaccounts, net 211 6,570 12,152
Maintenance charges and mortality adjustments (51) (497) (84)
Increase (decrease) in net assets from contract transactions (17,459) (279,819) (4,154)
Total increase (decrease) in net assets 3,873 (145,414) (27,650)
Net assets as of December 31, 2024 $ 333,255 $ 1,108,808 $ 229,172
Investment income (loss):
Dividend distributions - - 3,106
Investment Expenses:
Mortality and expense risk and administrative charges (4,228) (14,222) (3,407)
Net investment income (loss) (4,228) (14,222) (301)
Increase (decrease) in net assets from operations:
Capital gain distributions 3,446 - 1,197
Realized capital gain (loss) on investments (8,975) 26,257 (2,273)
Change in unrealized appreciation (depreciation) 21,142 13,618 26,763
Net gain (loss) on investments 15,613 39,875 25,687
Net increase (decrease) in net assets from operations 11,385 25,653 25,386
Contract owner transactions:
Deposits - 1,705 1,049
Terminations, withdrawals and annuity payments (47,681) (102,974) (5,842)
Transfers between subaccounts, net 462 (1,550) (413)
Maintenance charges and mortality adjustments (267) (1,137) (244)
Increase (decrease) in net assets from contract transactions (47,486) (103,956) (5,450)
Total increase (decrease) in net assets (36,101) (78,303) 19,936
Net assets as of December 31, 2025 $ 297,154 $ 1,030,505 $ 249,108

(a) Name change. See Note 2.

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

9

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

Columbia Variable
Columbia Variable Columbia Variable Portfolio -
Portfolio - Dividend Portfolio - Dividend Government
Opportunity Fund Opportunity Fund Money Market
Class 1 Class 2 Fund
Net assets as of December 31, 2023 $ 988,957 $ 470,965 $ 2,768,218
Investment income (loss):
Dividend distributions - - 140,641
Investment Expenses:
Mortality and expense risk and administrative charges (13,971) (6,131) (40,201)
Net investment income (loss) (13,971) (6,131) 100,440
Increase (decrease) in net assets from operations:
Capital gain distributions - - -
Realized capital gain (loss) on investments 83,719 170,100 -
Change in unrealized appreciation (depreciation) 58,551 (100,774) -
Net gain (loss) on investments 142,270 69,326 -
Net increase (decrease) in net assets from operations 128,299 63,195 100,440
Contract owner transactions:
Deposits 2,657 - 15,545
Terminations, withdrawals and annuity payments (111,568) (264,415) (323,203)
Transfers between subaccounts, net (4,109) 49,676 232,016
Maintenance charges and mortality adjustments (425) (201) (2,014)
Increase (decrease) in net assets from contract transactions (113,445) (214,940) (77,656)
Total increase (decrease) in net assets 14,854 (151,745) 22,784
Net assets as of December 31, 2024 $ 1,003,811 $ 319,220 $ 2,791,002
Investment income (loss):
Dividend distributions - - 105,267
Investment Expenses:
Mortality and expense risk and administrative charges (13,787) (4,454) (37,401)
Net investment income (loss) (13,787) (4,454) 67,866
Increase (decrease) in net assets from operations:
Capital gain distributions - - -
Realized capital gain (loss) on investments 120,348 20,084 -
Change in unrealized appreciation (depreciation) 24,963 26,777 -
Net gain (loss) on investments 145,311 46,861 -
Net increase (decrease) in net assets from operations 131,524 42,407 67,866
Contract owner transactions:
Deposits - - 1,049
Terminations, withdrawals and annuity payments (159,634) (35,683) (355,221)
Transfers between subaccounts, net 674 (499) 57,365
Maintenance charges and mortality adjustments (1,081) (395) (3,618)
Increase (decrease) in net assets from contract transactions (160,041) (36,577) (300,425)
Total increase (decrease) in net assets (28,517) 5,830 (232,559)
Net assets as of December 31, 2025 $ 975,294 $ 325,050 $ 2,558,443

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

10

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

Columbia Variable Columbia Variable Columbia Variable
Portfolio - Income Portfolio - Income Portfolio - Large
Opportunities Fund Opportunities Fund Cap Growth Fund
Class 1 Class 2 Class 1
Net assets as of December 31, 2023 $ 32,851 $ 133,208 $ 874,395
Investment income (loss):
Dividend distributions 1,868 6,746 -
Investment Expenses:
Mortality and expense risk and administrative charges (433) (1,803) (13,502)
Net investment income (loss) 1,435 4,943 (13,502)
Increase (decrease) in net assets from operations:
Capital gain distributions - - -
Realized capital gain (loss) on investments (2,254) (2,087) 81,135
Change in unrealized appreciation (depreciation) 2,328 2,454 179,565
Net gain (loss) on investments 74 367 260,700
Net increase (decrease) in net assets from operations 1,509 5,310 247,198
Contract owner transactions:
Deposits - - -
Terminations, withdrawals and annuity payments (12,917) (13,666) (83,416)
Transfers between subaccounts, net 1 124 (1,173)
Maintenance charges and mortality adjustments (11) (46) (376)
Increase (decrease) in net assets from contract transactions (12,927) (13,588) (84,965)
Total increase (decrease) in net assets (11,418) (8,278) 162,233
Net assets as of December 31, 2024 $ 21,433 $ 124,930 $ 1,036,628
Investment income (loss):
Dividend distributions 447 2,273 -
Investment Expenses:
Mortality and expense risk and administrative charges (309) (1,771) (14,355)
Net investment income (loss) 138 502 (14,355)
Increase (decrease) in net assets from operations:
Capital gain distributions - - -
Realized capital gain (loss) on investments (45) (722) 134,190
Change in unrealized appreciation (depreciation) 1,468 8,724 26,339
Net gain (loss) on investments 1,423 8,002 160,529
Net increase (decrease) in net assets from operations 1,561 8,504 146,174
Contract owner transactions:
Deposits - - -
Terminations, withdrawals and annuity payments - (2,767) (134,912)
Transfers between subaccounts, net 14 293 (12,529)
Maintenance charges and mortality adjustments (24) (134) (1,041)
Increase (decrease) in net assets from contract transactions (10) (2,608) (148,482)
Total increase (decrease) in net assets 1,551 5,896 (2,308)
Net assets as of December 31, 2025 $ 22,984 $ 130,826 $ 1,034,320

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

11

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

Columbia Variable Columbia Variable
Portfolio - Large Columbia Variable Portfolio -
Cap Growth Fund Portfolio - Large Overseas Core
Class 2 Cap Index Fund Fund Class 1
Net assets as of December 31, 2023 $ 580,636 $ 936,095 $ 186,657
Investment income (loss):
Dividend distributions - - 7,715
Investment Expenses:
Mortality and expense risk and administrative charges (7,626) (14,517) (2,444)
Net investment income (loss) (7,626) (14,517) 5,271
Increase (decrease) in net assets from operations:
Capital gain distributions - - -
Realized capital gain (loss) on investments 169,704 247,095 1,101
Change in unrealized appreciation (depreciation) (23,791) (22,280) (2,193)
Net gain (loss) on investments 145,913 224,815 (1,092)
Net increase (decrease) in net assets from operations 138,287 210,298 4,179
Contract owner transactions:
Deposits 78,330 83,689 801
Terminations, withdrawals and annuity payments (143,498) (282,083) (32,826)
Transfers between subaccounts, net (78,485) 89,992 365
Maintenance charges and mortality adjustments (124) (601) (95)
Increase (decrease) in net assets from contract transactions (143,777) (109,003) (31,755)
Total increase (decrease) in net assets (5,490) 101,295 (27,576)
Net assets as of December 31, 2024 $ 575,146 $ 1,037,390 $ 159,081
Investment income (loss):
Dividend distributions - - 3,537
Investment Expenses:
Mortality and expense risk and administrative charges (7,830) (14,799) (2,450)
Net investment income (loss) (7,830) (14,799) 1,087
Increase (decrease) in net assets from operations:
Capital gain distributions - - -
Realized capital gain (loss) on investments 49,117 82,615 2,390
Change in unrealized appreciation (depreciation) 33,853 89,135 50,750
Net gain (loss) on investments 82,970 171,750 53,140
Net increase (decrease) in net assets from operations 75,140 156,951 54,227
Contract owner transactions:
Deposits - 1,311 -
Terminations, withdrawals and annuity payments (45,513) (56,313) (22,100)
Transfers between subaccounts, net 2,309 (14,142) (3,735)
Maintenance charges and mortality adjustments (447) (1,314) (216)
Increase (decrease) in net assets from contract transactions (43,651) (70,458) (26,051)
Total increase (decrease) in net assets 31,489 86,493 28,176
Net assets as of December 31, 2025 $ 606,635 $ 1,123,883 $ 187,257

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

12

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

Columbia Variable Columbia Variable Columbia Variable
Portfolio - Portfolio - Select Portfolio - Small
Overseas Core Mid Cap Value Cap Value Fund
Fund Class 2 Fund Class 1
Net assets as of December 31, 2023 $ 31,529 $ 290,816 $ 137,623
Investment income (loss):
Dividend distributions 1,340 - 625
Investment Expenses:
Mortality and expense risk and administrative charges (451) (4,907) (1,291)
Net investment income (loss) 889 (4,907) (666)
Increase (decrease) in net assets from operations:
Capital gain distributions - - 3,652
Realized capital gain (loss) on investments (48) 24,875 (17,307)
Change in unrealized appreciation (depreciation) (166) 17,035 19,400
Net gain (loss) on investments (214) 41,910 5,745
Net increase (decrease) in net assets from operations 675 37,003 5,079
Contract owner transactions:
Deposits - - -
Terminations, withdrawals and annuity payments (2,092) (38,898) (56,835)
Transfers between subaccounts, net 395 61,169 -
Maintenance charges and mortality adjustments (29) (224) (23)
Increase (decrease) in net assets from contract transactions (1,726) 22,047 (56,858)
Total increase (decrease) in net assets (1,051) 59,050 (51,779)
Net assets as of December 31, 2024 $ 30,478 $ 349,866 $ 85,844
Investment income (loss):
Dividend distributions 616 - 1,047
Investment Expenses:
Mortality and expense risk and administrative charges (499) (4,329) (1,207)
Net investment income (loss) 117 (4,329) (160)
Increase (decrease) in net assets from operations:
Capital gain distributions - - 14,466
Realized capital gain (loss) on investments 190 77,121 (1,185)
Change in unrealized appreciation (depreciation) 10,485 (34,944) (1,673)
Net gain (loss) on investments 10,675 42,177 11,608
Net increase (decrease) in net assets from operations 10,792 37,848 11,448
Contract owner transactions:
Deposits - 656 -
Terminations, withdrawals and annuity payments (122) (116,111) (612)
Transfers between subaccounts, net (765) (1,748) 61
Maintenance charges and mortality adjustments (62) (375) (84)
Increase (decrease) in net assets from contract transactions (949) (117,578) (635)
Total increase (decrease) in net assets 9,843 (79,730) 10,813
Net assets as of December 31, 2025 $ 40,321 $ 270,136 $ 96,657

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

13

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

Columbia Variable Columbia Variable Columbia Variable
Portfolio - Small Portfolio - Small Portfolio - Strategic
Cap Value Fund Company Growth Income Fund
Class 2 Fund Class 1
Net assets as of December 31, 2023 $ 251,536 $ 87,477 $ 281,631
Investment income (loss):
Dividend distributions 1,435 2,177 11,968
Investment Expenses:
Mortality and expense risk and administrative charges (3,939) (1,328) (3,754)
Net investment income (loss) (2,504) 849 8,214
Increase (decrease) in net assets from operations:
Capital gain distributions 11,802 - -
Realized capital gain (loss) on investments 12,783 (2,381) (2,687)
Change in unrealized appreciation (depreciation) (4,266) 20,248 2,928
Net gain (loss) on investments 20,319 17,867 241
Net increase (decrease) in net assets from operations 17,815 18,716 8,455
Contract owner transactions:
Deposits 50,340 - -
Terminations, withdrawals and annuity payments (121,455) (3,432) (31,134)
Transfers between subaccounts, net 65,549 - 1,410
Maintenance charges and mortality adjustments (83) (23) (93)
Increase (decrease) in net assets from contract transactions (5,649) (3,455) (29,817)
Total increase (decrease) in net assets 12,166 15,261 (21,362)
Net assets as of December 31, 2024 $ 263,702 $ 102,738 $ 260,269
Investment income (loss):
Dividend distributions 2,548 - 10,846
Investment Expenses:
Mortality and expense risk and administrative charges (3,555) (1,491) (3,334)
Net investment income (loss) (1,007) (1,491) 7,512
Increase (decrease) in net assets from operations:
Capital gain distributions 43,874 13,996 -
Realized capital gain (loss) on investments 2,213 (1,207) (4,545)
Change in unrealized appreciation (depreciation) (11,921) 9,252 10,847
Net gain (loss) on investments 34,166 22,041 6,302
Net increase (decrease) in net assets from operations 33,159 20,550 13,814
Contract owner transactions:
Deposits - - -
Terminations, withdrawals and annuity payments (21,999) - (69,333)
Transfers between subaccounts, net (1,803) 82 1,159
Maintenance charges and mortality adjustments (220) (103) (240)
Increase (decrease) in net assets from contract transactions (24,022) (21) (68,414)
Total increase (decrease) in net assets 9,137 20,529 (54,600)
Net assets as of December 31, 2025 $ 272,839 $ 123,267 $ 205,669

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

14

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

Columbia Variable Columbia Variable
Columbia Variable Portfolio - U.S. Portfolio - U.S.
Portfolio - Strategic Government Government
Income Fund Mortgage Fund Mortgage Fund
Class 2 Class 1 Class 2
Net assets as of December 31, 2023 $ 348,794 $ 151,510 $ 651,077
Investment income (loss):
Dividend distributions 12,578 4,832 18,759
Investment Expenses:
Mortality and expense risk and administrative charges (4,136) (2,052) (7,974)
Net investment income (loss) 8,442 2,780 10,785
Increase (decrease) in net assets from operations:
Capital gain distributions - - -
Realized capital gain (loss) on investments (15,992) (2,136) (26,363)
Change in unrealized appreciation (depreciation) 16,105 (532) 15,471
Net gain (loss) on investments 113 (2,668) (10,892)
Net increase (decrease) in net assets from operations 8,555 112 (107)
Contract owner transactions:
Deposits 32,459 650 -
Terminations, withdrawals and annuity payments (149,701) (9,795) (155,823)
Transfers between subaccounts, net 2,107 1,551 20,060
Maintenance charges and mortality adjustments (256) (44) (258)
Increase (decrease) in net assets from contract transactions (115,391) (7,638) (136,021)
Total increase (decrease) in net assets (106,836) (7,526) (136,128)
Net assets as of December 31, 2024 $ 241,958 $ 143,984 $ 514,949
Investment income (loss):
Dividend distributions 10,887 3,287 10,500
Investment Expenses:
Mortality and expense risk and administrative charges (3,375) (2,022) (7,171)
Net investment income (loss) 7,512 1,265 3,329
Increase (decrease) in net assets from operations:
Capital gain distributions - - -
Realized capital gain (loss) on investments (3,096) (2,301) (8,056)
Change in unrealized appreciation (depreciation) 9,151 11,850 41,343
Net gain (loss) on investments 6,055 9,549 33,287
Net increase (decrease) in net assets from operations 13,567 10,814 36,616
Contract owner transactions:
Deposits - - 2,360
Terminations, withdrawals and annuity payments (27,232) (16,486) (28,108)
Transfers between subaccounts, net (3,580) 867 (5,001)
Maintenance charges and mortality adjustments (452) (132) (563)
Increase (decrease) in net assets from contract transactions (31,264) (15,751) (31,312)
Total increase (decrease) in net assets (17,697) (4,937) 5,304
Net assets as of December 31, 2025 $ 224,261 $ 139,047 $ 520,253

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

15

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

Fidelity VIP
Dynamic Capital Fidelity VIP Growth
Appreciation Fidelity VIP Equity- Opportunities
Portfolio Income Portfolio Portfolio
Net assets as of December 31, 2023 $ 29,222 $ 790,765 $ 427,541
Investment income (loss):
Dividend distributions 16 12,276 -
Investment Expenses:
Mortality and expense risk and administrative charges (465) (11,005) (6,643)
Net investment income (loss) (449) 1,271 (6,643)
Increase (decrease) in net assets from operations:
Capital gain distributions 1,419 46,384 -
Realized capital gain (loss) on investments 741 38,135 36,548
Change in unrealized appreciation (depreciation) 5,026 13,874 117,133
Net gain (loss) on investments 7,186 98,393 153,681
Net increase (decrease) in net assets from operations 6,737 99,664 147,038
Contract owner transactions:
Deposits - 110,151 -
Terminations, withdrawals and annuity payments (680) (138,761) (40,119)
Transfers between subaccounts, net - (88,238) (15,489)
Maintenance charges and mortality adjustments (17) (467) (257)
Increase (decrease) in net assets from contract transactions (697) (117,315) (55,865)
Total increase (decrease) in net assets 6,040 (17,651) 91,173
Net assets as of December 31, 2024 $ 35,262 $ 773,114 $ 518,714
Investment income (loss):
Dividend distributions 156 13,364 -
Investment Expenses:
Mortality and expense risk and administrative charges (507) (11,133) (7,652)
Net investment income (loss) (351) 2,231 (7,652)
Increase (decrease) in net assets from operations:
Capital gain distributions 6,783 47,139 7,719
Realized capital gain (loss) on investments 875 15,636 17,414
Change in unrealized appreciation (depreciation) (1,469) 63,690 85,760
Net gain (loss) on investments 6,189 126,465 110,893
Net increase (decrease) in net assets from operations 5,838 128,696 103,241
Contract owner transactions:
Deposits - 1,049 1,180
Terminations, withdrawals and annuity payments (791) (34,453) (10,080)
Transfers between subaccounts, net 26 (10,745) (3,756)
Maintenance charges and mortality adjustments (44) (983) (636)
Increase (decrease) in net assets from contract transactions (809) (45,132) (13,292)
Total increase (decrease) in net assets 5,029 83,564 89,949
Net assets as of December 31, 2025 $ 40,291 $ 856,678 $ 608,663

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

16

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

Invesco V.I. Invesco V.I. EQV
American Invesco V.I. Core International Equity
Franchise Fund Equity Fund Fund
Net assets as of December 31, 2023 $ 358,137 $ 307,839 $ 329,693
Investment income (loss):
Dividend distributions - 2,304 5,027
Investment Expenses:
Mortality and expense risk and administrative charges (5,835) (4,551) (4,260)
Net investment income (loss) (5,835) (2,247) 767
Increase (decrease) in net assets from operations:
Capital gain distributions - 27,671 1,495
Realized capital gain (loss) on investments (468) (7,642) (5,557)
Change in unrealized appreciation (depreciation) 123,532 52,201 2,519
Net gain (loss) on investments 123,064 72,230 (1,543)
Net increase (decrease) in net assets from operations 117,229 69,983 (776)
Contract owner transactions:
Deposits - 33,517 -
Terminations, withdrawals and annuity payments (20,970) (36,560) (63,361)
Transfers between subaccounts, net 274 (33,217) 7,133
Maintenance charges and mortality adjustments (188) (88) (117)
Increase (decrease) in net assets from contract transactions (20,884) (36,348) (56,345)
Total increase (decrease) in net assets 96,345 33,635 (57,121)
Net assets as of December 31, 2024 $ 454,482 $ 341,474 $ 272,572
Investment income (loss):
Dividend distributions - 2,229 4,080
Investment Expenses:
Mortality and expense risk and administrative charges (5,745) (4,734) (3,996)
Net investment income (loss) (5,745) (2,505) 84
Increase (decrease) in net assets from operations:
Capital gain distributions 37,055 25,661 18,108
Realized capital gain (loss) on investments 9,003 5,668 474
Change in unrealized appreciation (depreciation) (7,302) 19,105 21,067
Net gain (loss) on investments 38,756 50,434 39,649
Net increase (decrease) in net assets from operations 33,011 47,929 39,733
Contract owner transactions:
Deposits - - 1,442
Terminations, withdrawals and annuity payments (64,128) (16,601) (6,555)
Transfers between subaccounts, net (11,503) (12,161) (9,194)
Maintenance charges and mortality adjustments (443) (290) (286)
Increase (decrease) in net assets from contract transactions (76,074) (29,052) (14,593)
Total increase (decrease) in net assets (43,063) 18,877 25,140
Net assets as of December 31, 2025 $ 411,419 $ 360,351 $ 297,712

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

17

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

MFS VIT I Growth MFS VIT I
MFS VIT I Growth Series Service Investors Trust
Series Initial Class Class Series
Net assets as of December 31, 2023 $ 1,728,932 $ 789,866 $ 364,291
Investment income (loss):
Dividend distributions - - 1,778
Investment Expenses:
Mortality and expense risk and administrative charges (26,761) (12,602) (5,346)
Net investment income (loss) (26,761) (12,602) (3,568)
Increase (decrease) in net assets from operations:
Capital gain distributions 146,120 74,828 27,749
Realized capital gain (loss) on investments 100,717 38,792 12,132
Change in unrealized appreciation (depreciation) 265,457 125,072 23,964
Net gain (loss) on investments 512,294 238,692 63,845
Net increase (decrease) in net assets from operations 485,533 226,090 60,277
Contract owner transactions:
Deposits 5,122 - -
Terminations, withdrawals and annuity payments (202,579) (72,595) (36,589)
Transfers between subaccounts, net (4,448) (3,385) 11,410
Maintenance charges and mortality adjustments (846) (388) (98)
Increase (decrease) in net assets from contract transactions (202,751) (76,368) (25,277)
Total increase (decrease) in net assets 282,782 149,722 35,000
Net assets as of December 31, 2024 $ 2,011,714 $ 939,588 $ 399,291
Investment income (loss):
Dividend distributions - - 1,833
Investment Expenses:
Mortality and expense risk and administrative charges (26,860) (13,177) (5,043)
Net investment income (loss) (26,860) (13,177) (3,210)
Increase (decrease) in net assets from operations:
Capital gain distributions 341,686 191,239 129,667
Realized capital gain (loss) on investments 121,310 26,973 36,464
Change in unrealized appreciation (depreciation) (248,032) (110,815) (121,752)
Net gain (loss) on investments 214,964 107,397 44,379
Net increase (decrease) in net assets from operations 188,104 94,220 41,169
Contract owner transactions:
Deposits - - 656
Terminations, withdrawals and annuity payments (381,578) (45,777) (115,078)
Transfers between subaccounts, net 1,099 (8,656) (233)
Maintenance charges and mortality adjustments (2,060) (998) (311)
Increase (decrease) in net assets from contract transactions (382,539) (55,431) (114,966)
Total increase (decrease) in net assets (194,435) 38,789 (73,797)
Net assets as of December 31, 2025 $ 1,817,279 $ 978,377 $ 325,494

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

18

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

MFS VIT I Total
MFS VIT I New MFS VIT I Return Bond
Discovery Series Research Series Series
Net assets as of December 31, 2023 $ 289,743 $ 342,497 $ 4,926
Investment income (loss):
Dividend distributions - 2,055 211
Investment Expenses:
Mortality and expense risk and administrative charges (4,339) (4,834) (69)
Net investment income (loss) (4,339) (2,779) 142
Increase (decrease) in net assets from operations:
Capital gain distributions - 19,754 -
Realized capital gain (loss) on investments (5,505) 7,518 (9)
Change in unrealized appreciation (depreciation) 25,342 30,139 (77)
Net gain (loss) on investments 19,837 57,411 (86)
Net increase (decrease) in net assets from operations 15,498 54,632 56
Contract owner transactions:
Deposits - - -
Terminations, withdrawals and annuity payments (8,475) (48,678) -
Transfers between subaccounts, net 14,224 (285) -
Maintenance charges and mortality adjustments (6) (111) -
Increase (decrease) in net assets from contract transactions 5,743 (49,074) -
Total increase (decrease) in net assets 21,241 5,558 56
Net assets as of December 31, 2024 $ 310,984 $ 348,055 $ 4,982
Investment income (loss):
Dividend distributions - 3,270 228
Investment Expenses:
Mortality and expense risk and administrative charges (3,936) (4,701) (71)
Net investment income (loss) (3,936) (1,431) 157
Increase (decrease) in net assets from operations:
Capital gain distributions - 80,143 -
Realized capital gain (loss) on investments (39,059) 4,241 (10)
Change in unrealized appreciation (depreciation) 72,322 (46,496) 137
Net gain (loss) on investments 33,263 37,888 127
Net increase (decrease) in net assets from operations 29,327 36,457 284
Contract owner transactions:
Deposits - - -
Terminations, withdrawals and annuity payments (85,112) (53,435) -
Transfers between subaccounts, net 89 145 3
Maintenance charges and mortality adjustments (177) (307) (3)
Increase (decrease) in net assets from contract transactions (85,200) (53,597) -
Total increase (decrease) in net assets (55,873) (17,140) 284
Net assets as of December 31, 2025 $ 255,111 $ 330,915 $ 5,266

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

19

KBL Variable Account A

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2025 and 2024

MFS VIT II
Massachusetts Rydex VT Templeton
Investors Growth NASDAQ-100 Developing
Stock Portfolio Fund Markets VIP Fund
Net assets as of December 31, 2023 $ 514,159 $ 282,727 $ 29,041
Investment income (loss):
Dividend distributions 745 105 1,193
Investment Expenses:
Mortality and expense risk and administrative charges (7,989) (1,101) (424)
Net investment income (loss) (7,244) (996) 769
Increase (decrease) in net assets from operations:
Capital gain distributions 51,827 973 229
Realized capital gain (loss) on investments 5,301 97,692 406
Change in unrealized appreciation (depreciation) 25,487 (84,723) 524
Net gain (loss) on investments 82,615 13,942 1,159
Net increase (decrease) in net assets from operations 75,371 12,946 1,928
Contract owner transactions:
Deposits - - -
Terminations, withdrawals and annuity payments (10,258) (61,174) (2,610)
Transfers between subaccounts, net 11,893 (179,137) -
Maintenance charges and mortality adjustments (225) (6) (3)
Increase (decrease) in net assets from contract transactions 1,410 (240,317) (2,613)
Total increase (decrease) in net assets 76,781 (227,371) (685)
Net assets as of December 31, 2024 $ 590,940 $ 55,356 $ 28,356
Investment income (loss):
Dividend distributions 83 18 182
Investment Expenses:
Mortality and expense risk and administrative charges (7,611) (814) (474)
Net investment income (loss) (7,528) (796) (292)
Increase (decrease) in net assets from operations:
Capital gain distributions 71,789 3,322 569
Realized capital gain (loss) on investments 41,552 429 114
Change in unrealized appreciation (depreciation) (62,328) 6,689 12,157
Net gain (loss) on investments 51,013 10,440 12,840
Net increase (decrease) in net assets from operations 43,485 9,644 12,548
Contract owner transactions:
Deposits 656 - -
Terminations, withdrawals and annuity payments (131,334) - -
Transfers between subaccounts, net 1,233 (496) 26
Maintenance charges and mortality adjustments (557) (48) (25)
Increase (decrease) in net assets from contract transactions (130,002) (544) 1
Total increase (decrease) in net assets (86,517) 9,100 12,549
Net assets as of December 31, 2025 $ 504,423 $ 64,456 $ 40,905

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

20

KBL Variable Account A

Notes to Financial Statements

December 31, 2025

Note 1. Organization

Keyport Benefit Life ("KBL") Variable Account A (the "Separate Account") is a separate account of Nassau Life Insurance Company ("NNY", the "Company", the "Sponsor", "we" or "us"). NNY is a wholly-owned subsidiary of The Nassau Companies of New York ("NCNY"), whose ultimate parent is Nassau Insurance Group Holdings G.P., LLC ("Nassau"). Founded in April 2015, Nassau is a privately held insurance and reinsurance business focused on building a franchise across the insurance value chain. NCNY is a holding company for NNY. On July 1, 2023, NNY completed its acquisition of Delaware Life Insurance Company of New York ("DLNY") from Delaware Life Insurance Company, after receipt of insurance regulatory approval by the New York Department of Financial Services (the "NYDFS" or the "Department"). Effective July 5, 2023, DLNY merged with and into NNY pursuant to a merger agreement with NNY as the surviving entity.The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended and was established on April 2015. As directed by the owners, amounts directed to each subaccount are invested in a designated mutual fund as follows:

Subaccount Share Class
AB VPS Balanced Hedged Allocation Portfolio Class B
AB VPS Large Cap Growth Class B
AB VPS Relative Value Portfolio Class A
AB VPS Relative Value Portfolio Class B
AB VPS Sustainable Global Thematic Portfolio Class B
Alger Small Cap Growth Portfolio I-2
Columbia Variable Portfolio - Acorn Fund -
Columbia Variable Portfolio - Acorn International Fund -
Columbia Variable Portfolio - Dividend Opportunity Fund Class 1
Columbia Variable Portfolio - Dividend Opportunity Fund Class 2
Columbia Variable Portfolio - Government Money Market Fund Class 1
Columbia Variable Portfolio - Income Opportunities Fund Class 1
Columbia Variable Portfolio - Income Opportunities Fund Class 2
Columbia Variable Portfolio - Large Cap Growth Fund Class 1
Columbia Variable Portfolio - Large Cap Growth Fund Class 2
Columbia Variable Portfolio - Large Cap Index Fund Class 2
Columbia Variable Portfolio - Overseas Core Fund Class 1
Columbia Variable Portfolio - Overseas Core Fund Class 2
Columbia Variable Portfolio - Select Mid Cap Value Fund Class 1
Columbia Variable Portfolio - Small Cap Value Fund Class 1
Columbia Variable Portfolio - Small Cap Value Fund Class 2
Columbia Variable Portfolio - Small Company Growth Fund Class 1
Columbia Variable Portfolio - Strategic Income Fund Class 1
Columbia Variable Portfolio - Strategic Income Fund Class 2
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2
Fidelity VIP Dynamic Capital Appreciation Portfolio Service Class 2
Fidelity VIP Equity-Income Portfolio Service Class 2
Fidelity VIP Growth Opportunities Portfolio Service Class 2
Invesco V.I. American Franchise Fund Series I
Invesco V.I. Core Equity Fund Series I
Invesco V.I. EQV International Equity Fund Series I
MFS VIT I Growth Series Initial Class

21

KBL Variable Account A

Notes to Financial Statements (continued)

Note 1. Organization (continued)

Subaccount Share Class
MFS VIT I Growth Series Service Class
MFS VIT I Investors Trust Series Service Class
MFS VIT I New Discovery Series Service Class
MFS VIT I Research Series Initial Class
MFS VIT I Total Return Bond Series Initial Class
MFS VIT II Massachusetts Investors Growth Stock Portfolio S Class
Rydex VT NASDAQ-100 Fund -
Templeton Developing Markets VIP Fund Class 2

Forty-one subaccounts are currently offered by the Separate Account. The following subaccounts had no activity for two consecutive years and are not included in the Statements of Net Assets or the Statements of Operations and Change in Net Assets:

Subaccount

AB VPS Balanced Hedged Allocation Portfolio

AB VPS Large Cap Growth

Note 2. Additions, Mergers, Liquidations and Name Changes

A. Additions

There were no fund additions in 2024 or 2025.

B. Mergers

There were no fund mergers in 2024 or 2025.

C. Liquidations

During the last two years the following subaccount was liquidated and subsequently reinvested:

Transferred
Date Liquidated Subaccount Reinvested Subaccount Assets ($)
April 15, 2024 AB VPS Sustainable International Thematic Portfolio Columbia VP - Government Money Market Fund -

D. Name Changes

During the last two years the following subaccount name changes were made effective:

Date New Name Old Name
June 2, 2025 Columbia Variable Portfolio - Acorn Fund Wanger Acorn
June 2, 2025 Columbia Variable Portfolio - Acorn International Fund Wanger International

22

KBL Variable Account A

Notes to Financial Statements (continued)

Note 3. Significant Accounting Policies

Investment Valuation

Investments in mutual fund shares are carried in the statements of net assets at market value (net asset value of the underlying mutual fund). Investment transactions are accounted for on the trade date. Realized capital gains and losses on sales of investments are determined based on the average cost of investments sold. The difference between cost and current market value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

Market Risk

Each subaccount invests in shares of a single underlying fund. The investment performance of each subaccount will reflect the investment performance of the underlying fund less separate account expenses. There is no assurance that the investment objective of any underlying fund will be met. A fund calculates a daily net asset value per share ("NAV") which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contract holder's investments in the funds and the amounts reported in the statements of net assets. The contract holder assumes all of the investment performance risk for the subaccounts selected.

Contracts in Payout (Annuitization) Period

Net assets allocated to contracts in the payout period are computed according to the 1983a Individual Annuitant Mortality Table, Annuity 2000 Mortality Table, or 2012 Individual Annuity Reserving Mortality Table depending on the particular product. The assumed interest return is also dependent on the particular product, and could range from 0.75 percent to 5.25 percent, as regulated by the laws of the respective states. During the payout period, the mortality risk is fully borne by NNY and may result in additional amounts being transferred into the Separate Account from NNY to cover greater longevity of annuitants than expected. Conversely, if amounts allocated during the payout period exceed amounts required, transfers of excess amounts from the Separate Account may be made to NNY. These amounts will appear in the "Maintenance charges and mortality adjustments" of the Statements of Operations and Change in Net Assets.

Annuity Assets

Annuity Assets relate to contracts that have annuitized and are in the payout period. Such assets are computed on the basis of published mortality tables using assumed interest rates that will provide assets as prescribed by law. In cases where the payout option selected is life contingent, NNY periodically recalculates the required annuity assets, and any resulting adjustment is either charged or credited to NNY and not to the Separate Account.

The annuity assets for December 31, 2025 by subaccount are as follows:

Subaccount Annuity Assets
AB VPS Relative Value Portfolio Class B $ 15,277
Alger Small Cap Growth Portfolio 128
Columbia Variable Portfolio - Acorn Fund 11,641
Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 1,338
Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 7,491
Columbia Variable Portfolio - Government Money Market Fund 12,745
Columbia Variable Portfolio - Large Cap Growth Fund Class 1 9,191
Columbia Variable Portfolio - Large Cap Index Fund 142
Columbia Variable Portfolio - Select Mid Cap Value Fund 6,329
Columbia Variable Portfolio - Small Cap Value Fund Class 2 7,736
Columbia Variable Portfolio - Strategic Income Fund Class 2 109

23

KBL Variable Account A

Notes to Financial Statements (continued)

Note 3. Significant Accounting Policies (continued)

Subaccount Annuity Assets
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 536
Fidelity VIP Equity-Income Portfolio 11,738
Invesco V.I. American Franchise Fund 8,011
Invesco V.I. Core Equity Fund 11,668
MFS VIT I Growth Series Initial Class 3,945
MFS VIT I Growth Series Service Class 8,075
MFS VIT I Research Series 412

Reinvestment of Dividends

Dividend and capital gain distributions paid by the mutual funds to the Separate Account are reinvested in additional shares of each respective fund. Dividend income and capital gain distributions are recorded as income on the ex-dividend date.

Federal Income Taxes

The operations of the Separate Account are included in the federal income tax return of NNY, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, NNY does not expect to incur federal income taxes on the earnings of the Separate Account to the extent the earnings are credited under contracts. Based on this, no charge is being made currently to the Separate Account for federal income taxes. NNY will review periodically the status of this policy in the event of changes in the tax law.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

In applying these estimates and assumptions, management makes subjective and complex judgments that frequently require assumptions about matters that are uncertain and inherently subject to change such as possibility for elevated mortality and investment market volatility.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).

The Separate Account invests in shares of open-end mutual funds, which process contract holders directed purchases, sales and transfers on a daily basis at the funds' computed net asset values (NAVs). The fair value of the Separate Account's assets is based on the NAVs of mutual funds, which are obtained from the custodians and reflect the fair values of the mutual fund investments. The NAV is calculated daily and is based on the fair values of the underlying securities.

Because the fund provides liquidity for the investments through purchases and redemptions at NAV, this may represent the fair value of the investment in the fund. That is, for an open-ended mutual fund, the fair value of an investment in the fund would not be expected to be higher than the amount that a new investor would be required to spend in order to directly invest in the mutual fund. Similarly, the hypothetical seller of the investment would not be expected to accept less in proceeds than it could receive by directly redeeming its investment with the fund.

24

KBL Variable Account A

Notes to Financial Statements (continued)

Note 3. Significant Accounting Policies (continued)

The Separate Account measures the fair value of its investment in the Fund on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Separate Account has the ability to access.

• Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

• Level 3 - Unobservable inputs for the asset or liability, to the extent observable inputs are not available, representing the Separate Account's own assumptions about the assumptions a market participant would use in valuing the assets or liability, and would be based on the best information available.

Investments in Fund shares are valued using the reported net asset value of the respective Funds at the end of each New York Stock Exchange business day, as determined by the respective Funds. Investments held by the Separate Account are Level 1 within the hierarchy. There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2025.

Segment Disclosures

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the 2VP Finance, Accounting Operations Department, who is responsible for reviewing subaccount financial statements and related Separate Account controls. The Separate Account represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on the investment selections of its contract holders. The financial information which is used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reported on the Statements of Operations and Change in Net Assets as net assets and significant segment expenses are reported in the Statements of Operations and Change in Net Assets. The CODM does not evaluate the business using asset or subaccount expense information.

25

KBL Variable Account A

Notes to Financial Statements (continued)

Note 4. Purchases and Proceeds from Sales of Investments

The cost of investment purchases and proceeds from investments sold for the years ended December 31, 2025 and 2024, were as follows:

2025 2024
Subaccount Cost of Purchases Proceeds from
Sales 		Cost of Purchases Proceeds from
Sales
AB VPS Relative Value Portfolio Class A $ 12,143 $ 1,829 $ 6,731 $ 15,806
AB VPS Relative Value Portfolio Class B 73,563 89,176 104,957 151,052
AB VPS Sustainable Global Thematic Portfolio 28,983 20,680 1,256 9,543
Alger Small Cap Growth Portfolio 4,318 52,586 3,124 24,013
Columbia Variable Portfolio - Acorn Fund (a) 13,789 131,968 109,418 413,373
Columbia Variable Portfolio - Acorn International Fund (a) 12,459 17,014 14,854 19,079
Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 1,214 175,041 3,090 130,804
Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 11,527 52,557 842 280,724
Columbia Variable Portfolio - Government Money Market Fund 174,115 406,590 488,769 476,324
Columbia Variable Portfolio - Income Opportunities Fund Class 1 447 319 1,868 13,362
Columbia Variable Portfolio - Income Opportunities Fund Class 2 5,804 7,910 8,555 17,216
Columbia Variable Portfolio - Large Cap Growth Fund Class 1 2,134 164,971 4,343 103,027
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 39,918 91,399 70,582 222,472
Columbia Variable Portfolio - Large Cap Index Fund 15,273 100,529 189,792 313,763
Columbia Variable Portfolio - Overseas Core Fund Class 1 3,537 28,501 9,572 36,044
Columbia Variable Portfolio - Overseas Core Fund Class 2 616 1,448 1,889 2,728
Columbia Variable Portfolio - Select Mid Cap Value Fund 5,931 127,838 15,250 49,093
Columbia Variable Portfolio - Small Cap Value Fund Class 1 15,513 1,842 4,277 58,160
Columbia Variable Portfolio - Small Cap Value Fund Class 2 49,137 30,292 66,227 126,816
Columbia Variable Portfolio - Small Company Growth Fund 13,997 1,514 2,177 4,790
Columbia Variable Portfolio - Strategic Income Fund Class 1 12,091 72,994 13,381 34,984
Columbia Variable Portfolio - Strategic Income Fund Class 2 14,321 38,072 49,260 156,584

(a) Name change. See Note 2.

26

KBL Variable Account A

Notes to Financial Statements (continued)

Note 4. Purchases and Proceeds from Sales of Investments (continued)

2025 2024
Subaccount Cost of Purchases Proceeds from
Sales 		Cost of Purchases Proceeds from
Sales
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 $ 4,343 $ 18,830 $ 7,686 $ 12,541
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 25,278 53,262 38,914 165,347
Fidelity VIP Dynamic Capital Appreciation Portfolio 6,940 1,316 1,435 1,163
Fidelity VIP Equity-Income Portfolio 89,958 85,720 159,900 233,043
Fidelity VIP Growth Opportunities Portfolio 12,876 26,101 823 63,365
Invesco V.I. American Franchise Fund 39,468 84,231 4,930 32,667
Invesco V.I. Core Equity Fund 37,757 43,654 63,507 75,346
Invesco V.I. EQV International Equity Fund 25,299 21,700 13,904 68,012
MFS VIT I Growth Series Initial Class 344,239 411,952 152,832 236,648
MFS VIT I Growth Series Service Class 212,683 90,052 80,528 95,756
MFS VIT I Investors Trust Series 132,658 121,167 44,027 45,587
MFS VIT I New Discovery Series 275 89,411 14,409 13,026
MFS VIT I Research Series 83,484 58,370 21,999 54,256
MFS VIT I Total Return Bond Series 228 71 211 69
MFS VIT II Massachusetts Investors Growth Stock Portfolio 73,841 139,582 66,800 20,847
Rydex VT NASDAQ-100 Fund 3,558 1,576 1,116 241,477
Templeton Developing Markets VIP Fund 750 473 1,423 3,039

27

KBL Variable Account A

Notes to Financial Statements (continued)

Note 5. Related Party Transactions and Charges and Deductions

Related-Party Transactions

The Sponsor provides administrative services necessary for the operation of the Separate Account. The Sponsor absorbs all organizational expenses including the fees of registering the Separate Account and its contracts for distribution under federal and state securities laws.

Mortality and expense risk charges

Charges for mortality and expense risks are based on the value of the Sub-Account and are deducted from the Separate Account at the end of each valuation period to cover the risks assumed by the Sponsor. These charges are reflected in the Statements of Operations and Change in Net Assets. As of December 31, 2025, the deduction is at an effective annual rate of 1.25% of average separate account assets.

Distribution and administrative charges

A daily deduction from the Separate Account is made for distribution costs incurred by the Sponsor at an effective annual rate of 0.15% of contract value for New York Keyport Advisor Variable Annuity, New York Keyport Advisor Charter Variable Annuity, New York Keyport Advisor Optima Variable Annuity, New York Keyport Charter Variable Annuity, New York Keyport Optima Variable Annuity and New York Keyport Latitude Variable Annuity. There are no distribution charge deductions from the Separate Account for New York Keyport Advisor Variable Annuity contracts during the annuity period.

A daily deduction from the Separate Account is also made for administrative charge at an effective annual rate of 0.15% of contract value for New York Keyport Advisor Vista and New York Keyport Vista Variable Annuity. This charge is designed to compensate the Sponsor for administrative expenses that are not covered by the certificate maintenance charge.

These charges are reflected in the Statements of Operations and Change in Net Assets as a component of "Mortality and expense risk and administrative charges".

Certificate maintenance charge

Each year on the account anniversary date, an annual $36 certificate maintenance charge is deducted from the contract owner's account in the case of New York Keyport Advisor, New York Keyport Advisor Charter, New York Keyport Advisor Optima, New York Keyport Charter, New York Keyport Optima and New York Keyport Latitude to reimburse the Sponsor for certain administrative expenses. This charge is reflected in the Statements of Operations and Change in Net Assets as a component of "Maintenance charges and mortality adjustments".

Surrender charges

The Sponsor does not deduct a sales charge from purchase payments. However, a surrender charge (contingent deferred sales charge) is deducted based on a graded table of charges for New York Keyport Advisor, New York Keyport Advisor Charter, New York Keyport Advisor Optima, New York Keyport Charter, New York Keyport Optima and New York Keyport Latitude if the contract holder requests a full withdrawal prior to reaching the pay-out phase. The surrender charge is deducted from the Sub-Account and the Fixed Account in the same manner as the amount withdrawn. These charges are reflected in the Statements of Operations and Change in Net Assets as a component of "Maintenance charges and mortality adjustments".

Premium Taxes

A deduction, when applicable, is made for premium taxes or similar state or local taxes. It is currently the policy of the Sponsor to make this deduction from the certificate value upon full surrender (including surrender for the death benefit) or annuitization. The certificate value is the sum of the separate account value and the fixed account value under the policyholder's certificates.

28

KBL Variable Account A

Notes to Financial Statements (continued)

Note 6. Summary of Unit Transactions

The changes in units outstanding for the periods December 31, 2025 and 2024, were as follows:

2025 2024
Net Net
Units Units Increase Units Units Increase
Subaccount Issued Redeemed (Decrease) Issued Redeemed (Decrease)
AB VPS Relative Value Portfolio Class A - - - - (251) (251)
AB VPS Relative Value Portfolio Class B 577 (1,915) (1,338) 1,972 (3,670) (1,698)
AB VPS Sustainable Global Thematic Portfolio 398 (949) (551) 40 (371) (331)
Alger Small Cap Growth Portfolio 27 (1,252) (1,225) 49 (502) (453)
Columbia Variable Portfolio - Acorn Fund (a) 276 (2,187) (1,911) 2,165 (7,681) (5,516)
Columbia Variable Portfolio - Acorn International Fund (a) 266 (454) (188) 412 (529) (117)
Columbia Variable Portfolio - Dividend Opportunity Fund Class 1 51 (5,813) (5,762) 127 (4,817) (4,690)
Columbia Variable Portfolio - Dividend Opportunity Fund Class 2 466 (1,806) (1,340) 36 (11,216) (11,180)
Columbia Variable Portfolio - Government Money Market Fund 6,974 (36,932) (29,958) 36,620 (45,272) (8,652)
Columbia Variable Portfolio - Income Opportunities Fund Class 1 - (1) (1) - (930) (930)
Columbia Variable Portfolio - Income Opportunities Fund Class 2 255 (447) (192) 139 (1,170) (1,031)
Columbia Variable Portfolio - Large Cap Growth Fund Class 1 46 (2,525) (2,479) 90 (1,876) (1,786)
Columbia Variable Portfolio - Large Cap Growth Fund Class 2 704 (1,552) (848) 1,602 (5,006) (3,404)
Columbia Variable Portfolio - Large Cap Index Fund 339 (1,862) (1,523) 5,043 (7,638) (2,595)
Columbia Variable Portfolio - Overseas Core Fund Class 1 - (1,546) (1,546) 135 (2,360) (2,225)
Columbia Variable Portfolio - Overseas Core Fund Class 2 - (61) (61) 41 (159) (118)

(a) Name change. See Note 2.

29

KBL Variable Account A

Notes to Financial Statements (continued)

Note 6. Summary of Unit Transactions (continued)

2025 2024
Net Net
Units Units Increase Units Units Increase
Subaccount Issued Redeemed (Decrease) Issued Redeemed (Decrease)
Columbia Variable Portfolio - Select Mid Cap Value Fund 217 (4,065) (3,848) 578 (1,597) (1,019)
Columbia Variable Portfolio - Small Cap Value Fund Class 1 - (10) (10) - (944) (944)
 Columbia Variable Portfolio - Small Cap Value Fund Class 2 48 (395) (347) 930 (2,109) (1,179)
Columbia Variable Portfolio - Small Company Growth Fund - - - - (25) (25)
Columbia Variable Portfolio - Strategic Income Fund Class 1 34 (1,843) (1,809) 41 (877) (836)
Columbia Variable Portfolio - Strategic Income Fund Class 2 97 (963) (866) 1,095 (4,513) (3,418)
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1 106 (1,606) (1,500) 294 (1,077) (783)
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2 1,486 (4,634) (3,148) 2,145 (16,420) (14,275)
Fidelity VIP Dynamic Capital Appreciation Portfolio - (13) (13) - (14) (14)
Fidelity VIP Equity-Income Portfolio 729 (1,848) (1,119) 2,858 (6,380) (3,522)
Fidelity VIP Growth Opportunities Portfolio 88 (274) (186) 15 (1,096) (1,081)
Invesco V.I. American Franchise Fund 57 (1,783) (1,726) 112 (609) (497)
Invesco V.I. Core Equity Fund 257 (1,015) (758) 1,069 (2,266) (1,197)
Invesco V.I. EQV International Equity Fund 111 (638) (527) 283 (2,422) (2,139)
MFS VIT I Growth Series Initial Class 30 (3,716) (3,686) 77 (2,373) (2,296)
MFS VIT I Growth Series Service Class 213 (767) (554) 62 (944) (882)
MFS VIT I Investors Trust Series 32 (2,998) (2,966) 445 (1,234) (789)
MFS VIT I New Discovery Series 10 (2,528) (2,518) 474 (261) 213
MFS VIT I Research Series 1 (747) (746) 3 (792) (789)
MFS VIT I Total Return Bond Series - - - - - -
MFS VIT II Massachusetts Investors Growth Stock Portfolio 74 (4,359) (4,285) 546 (447) 99

30

KBL Variable Account A

Notes to Financial Statements (continued)

Note 6. Summary of Unit Transactions (continued)

2025 2024
Net Net
Units Units Increase Units Units Increase
Subaccount Issued Redeemed (Decrease) Issued Redeemed (Decrease)
Rydex VT NASDAQ-100 Fund 8 (23) (15) 2 (9,651) (9,649)
Templeton Developing Markets VIP Fund - - - - (109) (109)

31

KBL Variable Account A

Notes to Financial Statements (continued)

Note 7. Financial Highlights

The Separate Account has a number of products, which have unique combinations of features and fees that are charged against the contract owner's subaccount balance. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns. The information presented below identifies the range of lowest to highest expense ratios and the corresponding unit values and total returns. The summary may not reflect the minimum and maximum contract charges offered by the Separate Account as contract owners may not have selected all available and applicable contract options as discussed in Note 5.

A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios and total return ratios for each of the five years in the period ended December 31, 2025, were as follows:

Unit Unit Investment Expense Expense Total Total
Values Values Income Ratios Ratios Returns Returns
Lowest Highest Net Ratios Lowest Highest Lowest Highest
Subaccount Units ($) (4) ($) (4) Assets ($) (%) (1) (%) (2) (%) (2) (%) (3)(4) (%) (3)(4)
AB VPS Relative Value Portfolio Class A
2025 2,346 59.03 59.03 138,509 1.11 1.39 1.39 8.95 8.95
2024 2,346 54.18 54.18 127,135 1.48 1.39 1.39 11.44 11.44
2023 2,597 48.62 48.62 126,265 1.50 1.39 1.39 10.48 10.48
2022 2,646 44.00 44.00 116,413 1.41 1.39 1.39 (5.51) (5.51)
2021 2,646 46.57 46.57 123,208 0.82 1.39 1.39 26.39 26.39
AB VPS Relative Value Portfolio Class B
2025 11,675 44.20 45.99 519,725 0.90 1.24 1.39 8.68 8.85
2024 13,013 40.67 42.25 533,437 1.24 1.24 1.39 11.18 11.36
2023 14,711 37.94 36.58 536,562 1.26 1.24 1.39 10.18 10.35
2022 17,447 34.38 34.38 579,922 1.07 1.24 1.24 (5.60) (5.60)
2021 18,539 35.22 35.22 652,851 0.63 1.39 1.39 26.07 26.07
AB VPS Sustainable Global Thematic Portfolio
2025 8,003 20.02 20.02 160,257 - 1.39 1.39 4.54 4.54
2024 8,554 19.15 19.15 163,825 - 1.39 1.39 4.47 4.47
2023 8,885 18.33 18.33 162,850 0.03 1.39 1.39 14.11 14.11
2022 11,739 16.06 16.06 188,560 - 1.39 1.39 (28.17) (28.17)
2021 12,554 22.36 22.36 280,762 - 1.39 1.39 20.88 20.88

32

KBL Variable Account A

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)

Unit Unit Investment Expense Expense Total Total
Values Values Income Ratios Ratios Returns Returns
Lowest Highest Net Ratios Lowest Highest Lowest Highest
Subaccount Units ($) (4) ($) (4) Assets ($) (%) (1) (%) (2) (%) (2) (%) (3)(4) (%) (3)(4)
Alger Small Cap Growth Portfolio
2025 7,147 41.57 43.12 297,154 - 1.24 1.39 4.45 4.58
2024 8,372 39.80 41.23 333,255 0.38 1.24 1.39 6.62 6.79
2023 8,825 38.61 37.33 329,382 - 1.39 1.39 14.89 15.06
2022 8,916 32.49 32.49 289,671 - 1.39 1.39 (38.87) (38.87)
2021 9,207 54.81 53.15 489,367 - 1.24 1.39 (7.36) (7.22)
Columbia Variable Portfolio - Acorn Fund (a)
2025 17,757 57.94 60.17 1,030,505 - 1.24 1.39 3.02 3.17
2024 19,668 56.24 58.32 1,108,808 - 1.24 1.39 12.59 12.76
2023 25,184 51.72 49.95 1,254,222 - 1.24 1.39 20.06 20.24
2022 18,121 43.01 41.61 754,805 - 1.24 1.39 (34.38) (34.28)
2021 18,545 65.45 63.41 1,175,902 0.74 1.24 1.39 7.40 7.56
Columbia Variable Portfolio - Acorn International Fund (a)
2025 8,200 30.38 31.55 249,108 1.27 1.24 1.39 11.20 11.37
2024 8,388 27.32 28.33 229,172 1.38 1.24 1.39 (9.54) (9.37)
2023 8,505 31.26 30.20 256,822 0.32 1.24 1.39 15.34 15.52
2022 8,988 27.07 26.18 235,305 0.93 1.24 1.39 (34.76) (34.66)
2021 9,646 41.42 40.13 387,075 0.54 1.24 1.39 17.17 17.34
Columbia Variable Portfolio - Dividend Opportunity Fund Class 1
2025 32,807 29.72 30.38 975,294 - 1.24 1.39 14.22 14.38
2024 38,569 26.02 26.56 1,003,811 - 1.24 1.39 13.82 13.99
2023 43,259 23.30 22.86 988,957 - 1.24 1.39 3.64 3.80
2022 47,182 22.45 22.06 1,042,213 - 1.24 1.39 (2.47) (2.33)
2021 49,983 22.98 22.62 1,131,872 - 1.24 1.39 24.42 24.61

(a) Name change. See Note 2.

33

KBL Variable Account A

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)

Unit Unit Investment Expense Expense Total Total
Values Values Income Ratios Ratios Returns Returns
Lowest Highest Net Ratios Lowest Highest Lowest Highest
Subaccount Units ($) (4) ($) (4) Assets ($) (%) (1) (%) (2) (%) (2) (%) (3)(4) (%) (3)(4)
Columbia Variable Portfolio - Dividend Opportunity Fund Class 2
2025 11,317 28.67 29.30 325,050 - 1.24 1.39 14.00 14.14
2024 12,657 25.15 25.67 319,220 - 1.24 1.39 13.49 13.68
2023 23,837 22.58 22.16 470,965 - 1.24 1.39 3.40 3.55
2022 26,542 21.81 21.43 535,638 - 1.24 1.39 (2.75) (2.60)
2021 28,440 22.39 22.04 627,484 - 1.24 1.39 24.16 24.34
Columbia Variable Portfolio - Government Money Market Fund
2025 252,913 10.11 10.31 2,558,443 3.90 1.24 1.39 2.54 2.69
2024 282,871 9.86 10.04 2,791,002 4.88 1.24 1.39 3.57 3.72
2023 291,523 9.68 9.52 2,768,218 4.61 1.24 1.39 3.28 3.44
2022 317,022 9.36 9.22 2,922,860 1.16 1.24 1.39 (0.19) (0.04)
2021 323,295 9.36 9.24 2,978,350 0.02 1.24 1.39 (1.36) (1.21)
Columbia Variable Portfolio - Income Opportunities Fund Class 1
2025 1,547 14.86 14.86 22,984 2.01 1.39 1.39 7.29 7.29
2024 1,548 13.85 13.85 21,433 6.05 1.39 1.39 4.45 4.45
2023 2,478 13.26 13.26 32,851 5.17 1.39 1.39 10.02 10.02
2022 2,553 12.05 12.05 30,772 5.39 1.39 1.39 (11.25) (11.25)
2021 2,554 13.58 13.58 34,687 9.03 1.39 1.39 3.05 3.05
Columbia Variable Portfolio - Income Opportunities Fund Class 2
2025 9,063 14.43 14.71 130,826 1.78 1.24 1.39 6.89 7.06
2024 9,255 13.50 13.74 124,930 5.24 1.24 1.39 4.25 4.41
2023 10,286 13.16 12.95 133,208 5.50 1.24 1.39 9.83 9.99
2022 22,086 11.96 11.79 260,430 5.23 1.24 1.39 (11.45) (11.32)
2021 25,424 13.49 13.32 338,755 8.84 1.24 1.39 2.70 2.85
Columbia Variable Portfolio - Large Cap Growth Fund Class 1
2025 16,787 61.57 62.93 1,034,320 - 1.24 1.39 14.55 14.69
2024 19,266 53.75 54.87 1,036,628 - 1.24 1.39 29.49 29.72
2023 21,052 42.30 41.51 874,395 - 1.24 1.39 41.20 41.41
2022 24,755 29.92 29.40 727,915 - 1.24 1.39 (32.33) (32.23)
2021 25,183 44.14 43.44 1,093,733 - 1.24 1.39 26.95 27.14

34

KBL Variable Account A

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)

Unit Unit Investment Expense Expense Total Total
Values Values Income Ratios Ratios Returns Returns
Lowest Highest Net Ratios Lowest Highest Lowest Highest
Subaccount Units ($) (4) ($) (4) Assets ($) (%) (1) (%) (2) (%) (2) (%) (3)(4) (%) (3)(4)
Columbia Variable Portfolio - Large Cap Growth Fund Class 2
2025 10,190 59.35 60.67 606,635 - 1.24 1.39 14.24 14.43
2024 11,038 51.95 53.02 575,146 - 1.24 1.39 29.20 29.38
2023 14,442 40.98 40.21 580,636 - 1.24 1.39 40.80 41.01
2022 15,164 29.06 28.56 433,375 - 1.24 1.39 (32.48) (32.38)
2021 16,399 42.98 42.30 694,062 - 1.24 1.39 26.58 26.77
Columbia Variable Portfolio - Large Cap Index Fund
2025 22,624 49.68 50.78 1,123,883 - 1.24 1.39 15.64 15.80
2024 24,147 42.96 43.85 1,037,390 - 1.24 1.39 22.67 22.86
2023 26,742 35.69 35.02 936,095 - 1.24 1.39 23.92 24.11
2022 29,794 28.76 28.26 842,536 - 1.24 1.39 (19.66) (19.54)
2021 32,663 35.75 35.18 1,149,793 - 1.24 1.39 26.30 26.49
Columbia Variable Portfolio - Overseas Core Fund Class 1
2025 9,761 19.18 19.18 187,257 2.01 1.39 1.39 36.32 36.32
2024 11,307 14.07 14.36 159,081 4.43 1.24 1.39 2.03 2.13
2023 13,532 14.06 13.79 186,657 1.92 1.24 1.39 14.05 14.22
2022 14,477 12.31 12.09 175,099 0.86 1.24 1.39 (15.85) (15.73)
2021 15,766 14.60 14.37 226,620 1.26 1.24 1.39 8.44 8.60
Columbia Variable Portfolio - Overseas Core Fund Class 2
2025 2,181 18.48 18.48 40,321 1.72 1.39 1.39 35.88 35.88
2024 2,242 13.60 13.60 30,478 4.17 1.39 1.39 1.80 1.80
2023 2,360 13.36 13.36 31,529 1.67 1.39 1.39 13.73 13.73
2022 2,391 11.74 11.74 28,082 0.76 1.39 1.39 (16.08) (16.08)
2021 2,474 14.22 13.99 34,620 1.09 1.24 1.39 8.23 8.39
Columbia Variable Portfolio - Select Mid Cap Value Fund
2025 8,396 32.11 32.82 270,136 - 1.24 1.39 12.63 12.78
2024 12,244 28.51 29.10 349,866 - 1.24 1.39 10.93 11.11
2023 13,263 26.19 25.70 290,816 - 1.24 1.39 8.78 8.94
2022 15,359 24.04 23.62 334,969 - 1.24 1.39 (10.69) (10.55)
2021 16,429 26.87 26.45 434,612 - 1.24 1.39 30.50 30.70

35

KBL Variable Account A

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)

Unit Unit Investment Expense Expense Total Total
Values Values Income Ratios Ratios Returns Returns
Lowest Highest Net Ratios Lowest Highest Lowest Highest
Subaccount Units ($) (4) ($) (4) Assets ($) (%) (1) (%) (2) (%) (2) (%) (3)(4) (%) (3)(4)
Columbia Variable Portfolio - Small Cap Value Fund Class 1
2025 1,300 74.33 74.33 96,657 1.21 1.39 1.39 13.41 13.41
2024 1,310 65.54 65.54 85,844 0.68 1.39 1.39 7.34 7.34
2023 2,254 61.06 61.06 137,623 0.76 1.39 1.39 20.26 20.26
2022 2,649 50.77 50.77 134,463 0.75 1.39 1.39 (9.95) (9.95)
2021 2,743 56.38 56.38 154,654 0.68 1.39 1.39 27.40 27.40
Columbia Variable Portfolio - Small Cap Value Fund Class 2
2025 3,832 70.89 73.77 272,839 0.98 1.24 1.39 13.08 13.25
2024 4,179 62.69 65.14 263,702 0.50 1.24 1.39 7.14 7.31
2023 5,358 60.70 58.51 251,536 0.43 1.24 1.39 19.99 20.17
2022 5,796 50.51 50.51 251,288 0.51 1.39 1.39 (10.09) (10.09)
2021 6,015 54.31 54.31 326,699 0.51 1.39 1.39 27.03 27.03
Columbia Variable Portfolio - Small Company Growth Fund
2025 611 201.91 201.91 123,267 - 1.39 1.39 20.01 20.01
2024 611 168.25 168.25 102,738 2.30 1.39 1.39 22.39 22.39
2023 636 137.47 137.47 87,477 - 1.39 1.39 24.89 24.89
2022 752 110.08 110.08 82,803 - 1.39 1.39 (36.65) (36.65)
2021 759 173.77 173.77 131,941 - 1.39 1.39 (4.24) (4.24)
Columbia Variable Portfolio - Strategic Income Fund Class 1
2025 5,331 38.58 38.58 205,669 4.52 1.39 1.39 5.84 5.84
2024 7,140 36.45 37.44 260,269 4.47 1.24 1.39 3.23 3.40
2023 7,976 36.76 35.31 281,631 3.65 1.24 1.39 8.16 8.32
2022 8,899 33.94 32.65 290,557 2.91 1.24 1.39 (12.59) (12.46)
2021 10,068 38.77 26.67 375,902 5.38 1.24 1.39 0.68 0.83
Columbia Variable Portfolio - Strategic Income Fund Class 2
2025 6,168 36.35 37.96 224,261 4.48 1.24 1.39 5.67 5.83
2024 7,034 34.40 35.87 241,958 4.26 1.24 1.39 3.06 3.22
2023 10,452 34.75 33.38 348,794 3.47 1.24 1.39 7.70 7.86
2022 11,377 32.22 30.99 352,689 2.73 1.24 1.39 (12.74) (12.61)
2021 12,582 36.87 35.52 447,534 5.22 1.24 1.39 0.22 0.37

36

KBL Variable Account A

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)
Unit Unit Investment Expense Expense Total Total
Values Values Income Ratios Ratios Returns Returns
Lowest Highest Net Ratios Lowest Highest Lowest Highest
Subaccount Units ($) (4) ($) (4) Assets ($) (%) (1) (%) (2) (%) (2) (%) (3)(4) (%) (3)(4)
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1
2025 13,040 10.66 10.66 139,047 2.26 1.39 1.39 7.68 7.68
2024 14,540 9.90 10.11 143,984 3.30 1.24 1.39 0.10 0.30
2023 15,323 10.08 9.89 151,510 2.78 1.24 1.39 4.24 4.40
2022 16,031 9.65 9.48 152,059 2.13 1.24 1.39 (15.32) (15.20)
2021 20,295 11.38 11.20 227,346 2.05 1.24 1.39 (2.32) (2.17)
Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2
2025 50,615 10.27 10.50 520,253 2.03 1.24 1.39 7.31 7.47
2024 53,763 9.57 9.77 514,949 3.29 1.24 1.39 (0.10) 0.10
2023 68,038 9.76 9.58 651,077 2.55 1.24 1.39 3.98 4.13
2022 71,997 9.38 9.21 661,345 1.85 1.24 1.39 (15.51) (15.38)
2021 79,315 11.08 10.90 863,957 1.76 1.24 1.39 (2.57) (2.42)
Fidelity VIP Dynamic Capital Appreciation Portfolio
2025 578 69.73 69.73 40,291 0.43 1.39 1.39 16.84 16.84
2024 591 59.68 59.68 35,262 0.05 1.39 1.39 23.46 23.46
2023 605 48.34 48.34 29,222 0.12 1.39 1.39 26.95 26.95
2022 617 38.08 38.08 23,504 0.11 1.39 1.39 (22.14) (22.14)
2021 633 48.90 48.90 30,963 0.12 1.39 1.39 22.55 22.55
Fidelity VIP Equity-Income Portfolio
2025 19,773 43.17 44.85 856,678 1.65 1.24 1.39 17.12 17.29
2024 20,892 36.86 38.24 773,114 1.55 1.24 1.39 13.45 13.61
2023 24,414 33.66 32.49 790,765 1.75 1.24 1.39 8.86 9.02
2022 25,885 30.87 29.85 772,091 1.68 1.24 1.39 (6.55) (6.41)
2021 28,565 32.99 31.94 913,625 1.63 1.24 1.39 22.89 23.07
Fidelity VIP Growth Opportunities Portfolio
2025 8,376 72.67 75.50 608,663 - 1.24 1.39 19.96 20.13
2024 8,562 60.58 62.85 518,714 - 1.24 1.39 36.63 36.84
2023 9,643 45.93 44.34 427,541 - 1.24 1.39 43.30 43.52
2022 11,176 32.00 30.94 345,761 - 1.24 1.39 (39.17) (39.08)
2021 11,051 52.53 50.86 562,061 - 1.24 1.39 10.13 10.29

37

KBL Variable Account A

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)
Unit Unit Investment Expense Expense Total Total
Values Values Income Ratios Ratios Returns Returns
Lowest Highest Net Ratios Lowest Highest Lowest Highest
Subaccount Units ($) (4) ($) (4) Assets ($) (%) (1) (%) (2) (%) (2) (%) (3)(4) (%) (3)(4)
Invesco V.I. American Franchise Fund
2025 7,987 51.43 52.50 411,419 - 1.24 1.39 10.10 10.29
2024 9,713 46.71 47.60 454,482 - 1.24 1.39 33.04 33.22
2023 10,210 35.73 35.11 358,137 - 1.24 1.39 38.99 39.19
2022 12,135 25.67 25.26 305,988 - 1.24 1.39 (32.06) (31.96)
2021 13,324 37.73 37.19 494,275 - 1.24 1.39 10.38 10.55
Invesco V.I. Core Equity Fund
2025 8,949 40.07 41.26 360,351 0.64 1.24 1.39 14.58 14.74
2024 9,707 34.97 35.96 341,474 0.70 1.24 1.39 23.83 24.04
2023 10,904 28.99 28.24 307,839 0.74 1.24 1.39 21.67 21.85
2022 11,663 23.79 23.21 270,356 0.89 1.24 1.39 (21.64) (21.53)
2021 12,796 30.32 29.62 378,295 0.63 1.24 1.39 25.98 26.16
Invesco V.I. EQV International Equity Fund
2025 10,155 29.32 29.32 297,712 1.42 1.39 1.39 14.89 14.89
2024 10,682 25.52 25.52 272,572 1.66 1.39 1.39 (0.78) (0.78)
2023 12,821 19.39 25.72 329,693 0.19 1.24 1.39 16.52 16.69
2022 14,352 16.62 22.07 317,302 1.73 1.24 1.39 (19.43) (19.31)
2021 14,911 20.60 27.39 409,534 1.27 1.24 1.39 4.43 4.58
MFS VIT I Growth Series Initial Class
2025 16,386 110.84 115.78 1,817,279 - 1.24 1.39 10.65 10.82
2024 20,072 100.17 104.48 2,011,714 - 1.24 1.39 29.64 29.84
2023 22,368 80.47 77.27 1,728,932 - 1.24 1.39 33.99 34.19
2022 24,976 59.97 57.67 1,441,293 - 1.24 1.39 (32.58) (32.48)
2021 26,872 88.81 85.53 2,299,367 - 1.24 1.39 21.83 22.01
MFS VIT I Growth Series Service Class
2025 9,369 104.29 108.94 978,377 - 1.24 1.39 10.36 10.53
2024 9,923 94.50 98.56 939,588 - 1.24 1.39 29.33 29.51
2023 10,805 76.10 73.07 789,866 - 1.24 1.39 33.64 33.84
2022 12,538 56.85 54.67 685,575 - 1.24 1.39 (32.75) (32.65)
2021 12,905 84.41 81.30 1,049,027 - 1.24 1.39 21.54 21.72

38

KBL Variable Account A

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)
Unit Unit Investment Expense Expense Total Total
Values Values Income Ratios Ratios Returns Returns
Lowest Highest Net Ratios Lowest Highest Lowest Highest
Subaccount Units ($) (4) ($) (4) Assets ($) (%) (1) (%) (2) (%) (2) (%) (3)(4) (%) (3)(4)
MFS VIT I Investors Trust Series
2025 7,996 40.71 42.30 325,494 0.51 1.24 1.39 11.75 11.93
2024 10,962 36.43 37.79 399,291 0.47 1.24 1.39 17.59 17.73
2023 11,751 32.10 30.98 364,291 0.46 1.24 1.39 17.03 17.21
2022 13,148 27.38 26.48 348,712 0.39 1.24 1.39 (17.84) (17.71)
2021 13,732 33.28 32.22 443,318 0.41 1.24 1.39 24.76 24.95
MFS VIT I New Discovery Series
2025 7,128 35.79 35.79 255,111 - 1.39 1.39 11.01 11.01
2024 9,646 32.24 32.24 310,984 - 1.39 1.39 4.95 4.95
2023 9,433 30.72 30.72 289,743 - 1.39 1.39 12.68 12.68
2022 9,732 27.26 27.26 265,300 - 1.39 1.39 (30.96) (30.96)
2021 10,358 39.49 39.49 409,021 - 1.39 1.39 0.17 0.17
MFS VIT I Research Series
2025 4,374 75.63 79.00 330,915 0.97 1.24 1.39 11.30 11.46
2024 5,120 67.95 70.88 348,055 0.60 1.24 1.39 17.22 17.39
2023 5,909 60.38 57.97 342,497 0.51 1.24 1.39 20.73 20.91
2022 6,595 48.02 48.02 316,657 0.49 1.39 1.39 (18.35) (18.35)
2021 6,883 58.81 58.81 404,800 0.54 1.39 1.39 23.08 23.08
MFS VIT I Total Return Bond Series
2025 244 21.62 21.62 5,266 4.44 1.39 1.39 5.72 5.72
2024 244 20.45 20.45 4,982 4.26 1.39 1.39 1.14 1.14
2023 244 20.23 20.23 4,926 3.19 1.39 1.39 5.90 5.90
2022 244 19.10 19.10 4,652 2.78 1.39 1.39 (15.12) (15.12)
2021 244 22.50 22.50 5,480 2.58 1.39 1.39 (2.18) (2.18)
MFS VIT II Massachusetts Investors Growth Stock Portfolio
2025 16,088 31.35 31.35 504,423 0.02 1.39 1.39 8.07 8.07
2024 20,373 29.01 29.01 590,940 0.13 1.39 1.39 14.39 14.39
2023 20,274 25.36 25.36 514,159 0.05 1.39 1.39 22.00 22.00
2022 21,218 21.03 20.79 441,086 - 1.24 1.39 (20.56) (20.44)
2021 22,024 26.44 26.17 576,334 0.03 1.24 1.39 23.92 24.11

39

KBL Variable Account A

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)
Unit Unit Investment Expense Expense Total Total
Values Values Income Ratios Ratios Returns Returns
Lowest Highest Net Ratios Lowest Highest Lowest Highest
Subaccount Units ($) (4) ($) (4) Assets ($) (%) (1) (%) (2) (%) (2) (%) (3)(4) (%) (3)(4)
Rydex VT NASDAQ-100 Fund
2025 1,826 35.30 35.30 64,456 0.03 1.39 1.39 17.39 17.39
2024 1,841 30.07 30.07 55,356 0.14 1.39 1.39 22.19 22.19
2023 11,490 24.61 24.61 282,727 - 1.39 1.39 51.11 51.11
2022 15,888 16.29 16.29 258,730 - 1.39 1.39 (35.05) (35.05)
2021 16,002 25.07 25.07 401,224 - 1.39 1.39 23.81 23.81
Templeton Developing Markets VIP Fund
2025 1,245 32.85 32.85 40,905 0.53 1.39 1.39 44.27 44.27
2024 1,245 22.77 22.77 28,356 3.94 1.39 1.39 6.15 6.15
2023 1,354 21.45 21.45 29,041 2.07 1.39 1.39 11.07 11.07
2022 1,357 19.31 19.31 26,208 2.66 1.39 1.39 (23.06) (23.06)
2021 1,490 25.10 25.10 37,405 0.93 1.39 1.39 (7.04) (7.04)

(1) The investment income ratios represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests.

(2) The expense ratios represent the annualized contract expenses of the Separate Account for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner contracts through the redemption of units and expenses of the Fund have been excluded.

(3) These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. The total return is calculated for the period indicated or from the inception date through the end of the reporting period.

(4) Unit value information is calculated on a daily basis regardless of whether or not the subaccount has contract holders.

40

KBL Variable Account A

Notes to Financial Statements (continued)

Note 8. Subsequent Events

The Separate Account has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure.

41

KPMG LLP

Two Manhattan West

375 9th Avenue, 17th Floor

New York, NY 10001

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Nassau Life Insurance Company and

Contract Owners of KBL Variable Account A:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets of the subaccounts listed in the Appendix that comprise KBL Variable Account A (the Separate Account) as of December 31, 2025, the related statements of operations and change in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights in Note 7 for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each subaccount as of December 31, 2025, the results of their operations and changes in their net assets for each of the years in the two-year period then ended (or for the period indicated in the Appendix), and the financial highlights for each of the years or periods in the five-year period then ended (or for the period indicated in the Appendix), in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the 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 and financial highlights 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 and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2025, by correspondence with the transfer agents of the underlying mutual funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. 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 Nassau Insurance Group Holdings' separate accounts since 2015.

New York, New York

April 14, 2026

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.

42

Appendix

KBL Variable Account A

AB VPS Relative Value Portfolio Class A

AB VPS Relative Value Portfolio Class B

AB VPS Sustainable Global Thematic Portfolio

AB VPS Sustainable International Thematic Portfolio

Alger Small Cap Growth Portfolio

Columbia Variable Portfolio - Acorn Fund (1)

Columbia Variable Portfolio - Acorn International Fund (1)

Columbia Variable Portfolio - Dividend Opportunity Fund Class 1

Columbia Variable Portfolio - Dividend Opportunity Fund Class 2

Columbia Variable Portfolio - Government Money Market Fund

Columbia Variable Portfolio - Income Opportunities Fund Class 1

Columbia Variable Portfolio - Income Opportunities Fund Class 2

Columbia Variable Portfolio - Large Cap Growth Fund Class 1

Columbia Variable Portfolio - Large Cap Growth Fund Class 2

Columbia Variable Portfolio - Large Cap Index Fund

Columbia Variable Portfolio - Overseas Core Fund Class 1

Columbia Variable Portfolio - Overseas Core Fund Class 2

Columbia Variable Portfolio - Select Mid Cap Value Fund

Columbia Variable Portfolio - Small Cap Value Fund Class 1

Columbia Variable Portfolio - Small Cap Value Fund Class 2

Columbia Variable Portfolio - Small Company Growth Fund

Columbia Variable Portfolio - Strategic Income Fund Class 1

Columbia Variable Portfolio - Strategic Income Fund Class 2

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 1

Columbia Variable Portfolio - U.S. Government Mortgage Fund Class 2

Fidelity VIP Dynamic Capital Appreciation Portfolio

Fidelity VIP Equity-Income Portfolio

Fidelity VIP Growth Opportunities Portfolio

Invesco V.I. American Franchise Fund

Invesco V.I. Core Equity Fund

Invesco V.I. EQV International Equity Fund

MFS VIT I Growth Series Initial Class

MFS VIT I Growth Series Service Class

MFS VIT I Investors Trust Series

MFS VIT I New Discovery Series

MFS VIT I Research Series

MFS VIT I Total Return Bond Series

MFS VIT II Massachusetts Investors Growth Stock Portfolio

Rydex VT NASDAQ-100 Fund

Templeton Developing Markets VIP Fund

(1) See Note 2 to the financial statements for the former name of the subaccount.

43

KBL Variable Account A published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 28, 2026 at 16:12 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]