Financial Statements by Insurance Company (Form N-VPFS)

Separate Account VL

Financial Statements

Year Ended December 31, 2025

(With Report of Independent Registered Public Accounting Firm Thereon)

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Protective Life Insurance Company and Policy Owners of Separate Account VL:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in the Appendix that comprise Separate Account VL (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 in the two-year period then ended, 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 in the two-year period then ended, 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 Protective Life Insurance Company Separate Accounts since 2019.

Birmingham, Alabama
April 16, 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.

Columbia VP Select Small Cap Value Fund, Class 2

Columbia VP Seligman Global Technology Fund, Class 2

DWS Equity 500 Index VIP, Class A

DWS Small Cap Index VIP, Class A

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes Government Money Fund II, Service Shares

Federated Hermes High Income Bond Fund II, Primary Shares

Fidelity VIP Contrafund Portfolio, Service Class 2

Fidelity VIP Equity-Income Portfolio, Service Class 2

Fidelity VIP Growth & Income Portfolio, Service Class 2

Fidelity VIP Growth Opportunities Portfolio, Service Class 2

Franklin Small-Mid Cap Growth VIP Fund, Class 2

Invesco V.I. American Franchise Fund, Series I

Invesco V.I. Discovery Mid Cap Growth Fund, Series I

Invesco V.I. Diversified Dividend Fund, Series I

Invesco V.I. Global Real Estate Fund, Series I

Invesco V.I. Health Care Fund, Series I

Lord Abbett Series Fund Growth and Income Portfolio, Class VC

LVIP American Century Disciplined Core Value Fund, Standard Class II

LVIP American Century International Fund, Standard Class II

LVIP American Century Ultra Fund, Standard Class II

LVIP American Century Value Fund, Standard Class II

MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class

MFS VIT II Massachusetts Investors Growth Stock Portfolio, Service Class

MFS VIT Investors Trust Series, Initial Class

MFS VIT Investors Trust Series, Service Class

MFS VIT New Discovery Series, Initial Class

MFS VIT New Discovery Series, Service Class

MFS VIT Total Return Series, Service Class

MFS VIT Utilities Series, Service Class

Templeton Developing Markets VIP Fund, Class 2

Templeton Foreign VIP Fund, Class 2

Templeton Growth VIP Fund, Class 2

SEPARATE ACCOUNT VL

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

		SUBACCOUNTS
		Columbia VP Select Small Cap Value Fund, Class 2				Columbia VP Seligman Global Technology Fund, Class 2				DWS Equity 500 Index VIP, Class A				DWS Small Cap Index VIP, Class A				Federated Hermes Fund for U.S. Government Securities II				Federated Hermes Government Money Fund II, Service Shares				Federated Hermes High Income Bond Fund II, Primary Shares
ASSETS:
Investments at fair value (1)		$	326,181			$	2,248,699			$	1,798,243			$	390,907			$	294,336			$	803,497			$	459,520
Receivable from the Policies			1,286				-				-				59				2,313				6,574				237
Receivable from the fund manager			-				4,374				1,595				-				-				-				-
Total assets			327,467				2,253,073				1,799,838				390,966				296,649				810,071				459,757
LIABILITIES:
Payable to the Policies			-				4,374				1,595				-				-				-				-
Payable to the fund manager			1,286				-				-				59				2,313				6,574				237
Payable to the Company			4				29				23				5				4				10				6
Total liabilities			1,290				4,403				1,618				64				2,317				6,584				243
NET ASSETS		$	326,177			$	2,248,670			$	1,798,220			$	390,902			$	294,332			$	803,487			$	459,514
Fair value per share (NAV)		$	40.33			$	33.97			$	32.55			$	15.02			$	9.31			$	1.00			$	5.78
Shares outstanding in the Separate Account			8,088				66,197				55,246				26,026				31,615				803,497				79,502
(1) Investments in mutual fund shares, at cost		$	144,567			$	1,450,472			$	1,149,565			$	353,757			$	331,682			$	803,497			$	464,629

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

(Continued)

See accompanying notes to financial statements.

SEPARATE ACCOUNT VL

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

		SUBACCOUNTS
		Fidelity VIP Contrafund Portfolio, Service Class 2				Fidelity VIP Equity-Income Portfolio, Service Class 2				Fidelity VIP Growth & Income Portfolio, Service Class 2				Fidelity VIP Growth Opportunities Portfolio, Service Class 2				Franklin Small-Mid Cap Growth VIP Fund, Class 2				Invesco V.I. American Franchise Fund, Series I				Invesco V.I. Discovery Mid Cap Growth Fund, Series I
ASSETS:
Investments at fair value (1)		$	3,077,597			$	962,355			$	1,170,891			$	663,076			$	147,907			$	3,324,172			$	236,951
Receivable from the Policies			-				-				-				101				153				4,622				1,957
Receivable from the fund manager			5,162				2,330				100				-				-				-				-
Total assets			3,082,759				964,685				1,170,991				663,177				148,060				3,328,794				238,908
LIABILITIES:
Payable to the Policies			5,162				2,330				100				-				-				-				-
Payable to the fund manager			-				-				-				101				153				4,622				1,957
Payable to the Company			39				12				15				8				2				42				3
Total liabilities			5,201				2,342				115				109				155				4,664				1,960
NET ASSETS		$	3,077,558			$	962,343			$	1,170,876			$	663,068			$	147,905			$	3,324,130			$	236,948
Fair value per share (NAV)		$	56.86			$	28.13			$	31.99			$	96.40			$	14.31			$	81.00			$	75.21
Shares outstanding in the Separate Account			54,126				34,211				36,602				6,878				10,336				41,039				3,150
(1) Investments in mutual fund shares, at cost		$	2,173,557			$	778,322			$	807,135			$	258,892			$	158,312			$	2,251,516			$	225,616

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

(Continued)

See accompanying notes to financial statements.

SEPARATE ACCOUNT VL

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

		SUBACCOUNTS
		Invesco V.I. Diversified Dividend Fund, Series I				Invesco V.I. Global Real Estate Fund, Series I				Invesco V.I. Health Care Fund, Series I				Lord Abbett Series Fund Growth and Income Portfolio, Class VC				LVIP American Century Disciplined Core Value Fund, Standard Class II				LVIP American Century International Fund, Standard Class II				LVIP American Century Ultra Fund, Standard Class II
ASSETS:
Investments at fair value (1)		$	65,127			$	163,425			$	164,838			$	1,307,192			$	263,992			$	197,728			$	1,973,567
Receivable from the Policies			-				33				-				140				5				7				1,136
Receivable from the fund manager			56				-				60				-				-				-				-
Total assets			65,183				163,458				164,898				1,307,332				263,997				197,735				1,974,703
LIABILITIES:
Payable to the Policies			56				-				60				-				-				-				-
Payable to the fund manager			-				33				-				140				5				7				1,136
Payable to the Company			1				2				2				17				3				3				25
Total liabilities			57				35				62				157				8				10				1,161
NET ASSETS		$	65,126			$	163,423			$	164,836			$	1,307,175			$	263,989			$	197,725			$	1,973,542
Fair value per share (NAV)		$	27.22			$	14.16			$	29.89			$	41.96			$	9.68			$	12.25			$	31.50
Shares outstanding in the Separate Account			2,393				11,541				5,515				31,153				27,272				16,148				62,661
(1) Investments in mutual fund shares, at cost		$	57,536			$	171,483			$	141,404			$	1,030,908			$	227,199			$	161,242			$	1,163,975

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

(Continued)

See accompanying notes to financial statements.

SEPARATE ACCOUNT VL

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

		SUBACCOUNTS
		LVIP American Century Value Fund, Standard Class II				MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class				MFS VIT II Massachusetts Investors Growth Stock Portfolio, Service Class				MFS VIT Investors Trust Series, Initial Class				MFS VIT Investors Trust Series, Service Class				MFS VIT New Discovery Series, Initial Class				MFS VIT New Discovery Series, Service Class
ASSETS:
Investments at fair value (1)		$	1,286,614			$	18,443			$	787,139			$	69,961			$	452,614			$	9,941			$	1,191,272
Receivable from the Policies			-				-				67				-				-				-				3,457
Receivable from the fund manager			864				-				-				2				91				2				-
Total assets			1,287,478				18,443				787,206				69,963				452,705				9,943				1,194,729
LIABILITIES:
Payable to the Policies			864				-				-				2				91				2				-
Payable to the fund manager			-				-				67				-				-				-				3,457
Payable to the Company			16				-				10				1				6				-				15
Total liabilities			880				-				77				3				97				2				3,472
NET ASSETS		$	1,286,598			$	18,443			$	787,129			$	69,960			$	452,608			$	9,941			$	1,191,257
Fair value per share (NAV)		$	12.92			$	22.55			$	21.87			$	26.16			$	25.57			$	15.60			$	12.10
Shares outstanding in the Separate Account			99,591				818				35,992				2,674				17,701				637				98,452
(1) Investments in mutual fund shares, at cost		$	961,345			$	16,799			$	729,362			$	69,705			$	470,518			$	10,338			$	1,352,012

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

(Continued)

See accompanying notes to financial statements.

SEPARATE ACCOUNT VL

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

		SUBACCOUNTS
		MFS VIT Total Return Series, Service Class				MFS VIT Utilities Series, Service Class				Templeton Developing Markets VIP Fund, Class 2				Templeton Foreign VIP Fund, Class 2				Templeton Growth VIP Fund, Class 2
ASSETS:
Investments at fair value (1)		$	337,281			$	144,630			$	149,340			$	685,979			$	618,302
Receivable from the Policies			508				29				51				-				-
Receivable from the fund manager			-				-				-				4,644				4,593
Total assets			337,789				144,659				149,391				690,623				622,895
LIABILITIES:
Payable to the Policies			-				-				-				4,644				4,593
Payable to the fund manager			508				29				51				-				-
Payable to the Company			4				2				2				9				8
Total liabilities			512				31				53				4,653				4,601
NET ASSETS		$	337,277			$	144,628			$	149,338			$	685,970			$	618,294
Fair value per share (NAV)		$	22.64			$	36.82			$	12.08			$	16.22			$	14.15
Shares outstanding in the Separate Account			14,898				3,928				12,362				42,292				43,696
(1) Investments in mutual fund shares, at cost		$	323,906			$	121,979			$	114,070			$	587,776			$	519,448

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

(Concluded)

See accompanying notes to financial statements.

SEPARATE ACCOUNT VL

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Columbia VP Select Small Cap Value Fund, Class 2				Columbia VP Seligman Global Technology Fund, Class 2				DWS Equity 500 Index VIP, Class A				DWS Small Cap Index VIP, Class A				Federated Hermes Fund for U.S. Government Securities II				Federated Hermes Government Money Fund II, Service Shares				Federated Hermes High Income Bond Fund II, Primary Shares
INVESTMENT INCOME:
Dividend income		$	-			$	-			$	18,077			$	5,174			$	13,124			$	30,939			$	26,199
EXPENSES:
Mortality and expense risk			2,467				13,673				12,023				2,682				2,343				6,244				3,092
NET INVESTMENT INCOME (LOSS)			(2,467	)			(13,673	)			6,054				2,492				10,781				24,695				23,107
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments			35,805				42,837				43,565				(1,645	)			(11,191	)			-				(5,800	)
Capital gain distributions			-				199,902				149,564				22,096				-				-				-
Net realized gain (loss) on investments			35,805				242,739				193,129				20,451				(11,191	)			-				(5,800	)
Change in net unrealized appreciation (depreciation) on investments			(15,323	)			339,021				64,063				17,522				19,673				-				13,123
Net realized and unrealized gain (loss) on investments			20,482				581,760				257,192				37,973				8,482				-				7,323
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	18,015			$	568,087			$	263,246			$	40,465			$	19,263			$	24,695			$	30,430

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.

SEPARATE ACCOUNT VL

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Fidelity VIP Contrafund Portfolio, Service Class 2				Fidelity VIP Equity-Income Portfolio, Service Class 2				Fidelity VIP Growth & Income Portfolio, Service Class 2				Fidelity VIP Growth Opportunities Portfolio, Service Class 2				Franklin Small-Mid Cap Growth VIP Fund, Class 2				Invesco V.I. American Franchise Fund, Series I				Invesco V.I. Discovery Mid Cap Growth Fund, Series I
INVESTMENT INCOME:
Dividend income		$	-			$	15,034			$	14,720			$	-			$	-			$	-			$	-
EXPENSES:
Mortality and expense risk			21,150				6,342				7,590				4,211				1,027				23,438				1,751
NET INVESTMENT INCOME (LOSS)			(21,150	)			8,692				7,130				(4,211	)			(1,027	)			(23,438	)			(1,751	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments			104,855				9,714				37,957				17,335				(1,644	)			119,918				124
Capital gain distributions			501,577				52,694				106,157				8,452				8,123				304,607				19,400
Net realized gain (loss) on investments			606,432				62,408				144,114				25,787				6,479				424,525				19,524
Change in net unrealized appreciation (depreciation) on investments			(39,502	)			77,195				44,495				94,942				(3,578	)			(60,369	)			(17,409	)
Net realized and unrealized gain (loss) on investments			566,930				139,603				188,609				120,729				2,901				364,156				2,115
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	545,780			$	148,295			$	195,739			$	116,518			$	1,874			$	340,718			$	364

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.

SEPARATE ACCOUNT VL

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Invesco V.I. Diversified Dividend Fund, Series I				Invesco V.I. Global Real Estate Fund, Series I				Invesco V.I. Health Care Fund, Series I				Lord Abbett Series Fund Growth and Income Portfolio, Class VC				LVIP American Century Disciplined Core Value Fund, Standard Class II				LVIP American Century International Fund, Standard Class II				LVIP American Century Ultra Fund, Standard Class II
INVESTMENT INCOME:
Dividend income		$	1,011			$	3,319			$	-			$	7,066			$	4,211			$	2,313			$	-
EXPENSES:
Mortality and expense risk			422				1,227				1,342				9,035				1,722				1,391				12,838
NET INVESTMENT INCOME (LOSS)			589				2,092				(1,342	)			(1,969	)			2,489				922				(12,838	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments			575				(4,935	)			9,701				23,549				1,918				6,937				78,453
Capital gain distributions			4,836				-				7,322				131,114				-				-				154,061
Net realized gain (loss) on investments			5,411				(4,935	)			17,023				154,663				1,918				6,937				232,514
Change in net unrealized appreciation (depreciation) on investments			2,651				14,399				8,847				35,883				28,917				20,317				(11,947	)
Net realized and unrealized gain (loss) on investments			8,062				9,464				25,870				190,546				30,835				27,254				220,567
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	8,651			$	11,556			$	24,528			$	188,577			$	33,324			$	28,176			$	207,729

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.

SEPARATE ACCOUNT VL

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		LVIP American Century Value Fund, Standard Class II				MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class				MFS VIT II Massachusetts Investors Growth Stock Portfolio, Service Class				MFS VIT Investors Trust Series, Initial Class				MFS VIT Investors Trust Series, Service Class				MFS VIT New Discovery Series, Initial Class				MFS VIT New Discovery Series, Service Class
INVESTMENT INCOME:
Dividend income		$	19,891			$	48			$	134			$	1,060			$	2,917			$	-			$	-
EXPENSES:
Mortality and expense risk			8,762				131				5,525				587				3,488				76				8,426
NET INVESTMENT INCOME (LOSS)			11,129				(83	)			(5,391	)			473				(571	)			(76	)			(8,426	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments			27,375				65				8,202				273				1,161				(57	)			(44,644	)
Capital gain distributions			95,217				2,534				116,109				27,119				206,312				-				-
Net realized gain (loss) on investments			122,592				2,599				124,311				27,392				207,473				(57	)			(44,644	)
Change in net unrealized appreciation (depreciation) on investments			41,070				(968	)			(52,234	)			(20,016	)			(150,055	)			1,211				178,989
Net realized and unrealized gain (loss) on investments			163,662				1,631				72,077				7,376				57,418				1,154				134,345
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	174,791			$	1,548			$	66,686			$	7,849			$	56,847			$	1,078			$	125,919

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.

SEPARATE ACCOUNT VL

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		MFS VIT Total Return Series, Service Class				MFS VIT Utilities Series, Service Class				Templeton Developing Markets VIP Fund, Class 2				Templeton Foreign VIP Fund, Class 2				Templeton Growth VIP Fund, Class 2
INVESTMENT INCOME:
Dividend income		$	8,612			$	3,747			$	729			$	15,305			$	5,004
EXPENSES:
Mortality and expense risk			2,475				1,095				956				4,724				4,072
NET INVESTMENT INCOME (LOSS)			6,137				2,652				(227	)			10,581				932
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments			1,573				4,835				2,491				10,763				8,393
Capital gain distributions			25,336				1,869				2,274				42,736				42,964
Net realized gain (loss) on investments			26,909				6,704				4,765				53,499				51,357
Change in net unrealized appreciation (depreciation) on investments			(516	)			9,237				45,676				98,585				66,849
Net realized and unrealized gain (loss) on investments			26,393				15,941				50,441				152,084				118,206
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	32,530			$	18,593			$	50,214			$	162,665			$	119,138

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.

SEPARATE ACCOUNT VL

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Columbia VP Select Small Cap Value Fund, Class 2				Columbia VP Seligman Global Technology Fund, Class 2				DWS Equity 500 Index VIP, Class A				DWS Small Cap Index VIP, Class A				Federated Hermes Fund for U.S. Government Securities II				Federated Hermes Government Money Fund II, Service Shares				Federated Hermes High Income Bond Fund II, Primary Shares
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	(2,467	)		$	(13,673	)		$	6,054			$	2,492			$	10,781			$	24,695			$	23,107
Net realized gain (loss) on investments			35,805				242,739				193,129				20,451				(11,191	)			-				(5,800	)
Change in net unrealized appreciation (depreciation) on investments			(15,323	)			339,021				64,063				17,522				19,673				-				13,123
Net increase (decrease) in net assets resulting from operations			18,015				568,087				263,246				40,465				19,263				24,695				30,430
POLICY TRANSACTIONS:
Policy owners' net payments			10,344				24,927				30,535				9,864				11,190				53,772				41,275
Policy maintenance charges			(16,748	)			(66,582	)			(41,270	)			(13,035	)			(24,813	)			(80,212	)			(59,560	)
Policy owners' benefits			(41,905	)			(77,633	)			(93,178	)			(35,754	)			(48,864	)			(99,506	)			(51,171	)
Net transfers (to) from the Company and/or Subaccounts			1,672				(28,838	)			(22,239	)			5,178				2,835				12,967				47,869
Net Policy loan repayments (withdrawals)			(4,772	)			(6,329	)			2,843				2,773				113				2,224				4,948
Increase (decrease) in net assets resulting from Policy transactions			(51,409	)			(154,455	)			(123,309	)			(30,974	)			(59,539	)			(110,755	)			(16,639	)
Total increase (decrease) in net assets			(33,394	)			413,632				139,937				9,491				(40,276	)			(86,060	)			13,791
NET ASSETS:
Beginning of period			359,571				1,835,038				1,658,283				381,411				334,608				889,547				445,723
End of period		$	326,177			$	2,248,670			$	1,798,220			$	390,902			$	294,332			$	803,487			$	459,514

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.

SEPARATE ACCOUNT VL

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Fidelity VIP Contrafund Portfolio, Service Class 2				Fidelity VIP Equity-Income Portfolio, Service Class 2				Fidelity VIP Growth & Income Portfolio, Service Class 2				Fidelity VIP Growth Opportunities Portfolio, Service Class 2				Franklin Small-Mid Cap Growth VIP Fund, Class 2				Invesco V.I. American Franchise Fund, Series I				Invesco V.I. Discovery Mid Cap Growth Fund, Series I
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	(21,150	)		$	8,692			$	7,130			$	(4,211	)		$	(1,027	)		$	(23,438	)		$	(1,751	)
Net realized gain (loss) on investments			606,432				62,408				144,114				25,787				6,479				424,525				19,524
Change in net unrealized appreciation (depreciation) on investments			(39,502	)			77,195				44,495				94,942				(3,578	)			(60,369	)			(17,409	)
Net increase (decrease) in net assets resulting from operations			545,780				148,295				195,739				116,518				1,874				340,718				364
POLICY TRANSACTIONS:
Policy owners' net payments			47,318				25,952				35,284				8,570				4,361				100,531				7,531
Policy maintenance charges			(99,705	)			(38,725	)			(37,219	)			(19,442	)			(6,008	)			(211,176	)			(10,839	)
Policy owners' benefits			(248,790	)			(654	)			(63,996	)			(8,582	)			(2,533	)			(160,978	)			(78,490	)
Net transfers (to) from the Company and/or Subaccounts			(38,984	)			(667	)			21,180				(5,047	)			(4,439	)			(13,417	)			5,486
Net Policy loan repayments (withdrawals)			5,421				(4,758	)			1,817				(1,975	)			(731	)			(8,273	)			(192	)
Increase (decrease) in net assets resulting from Policy transactions			(334,740	)			(18,852	)			(42,934	)			(26,476	)			(9,350	)			(293,313	)			(76,504	)
Total increase (decrease) in net assets			211,040				129,443				152,805				90,042				(7,476	)			47,405				(76,140	)
NET ASSETS:
Beginning of period			2,866,518				832,900				1,018,071				573,026				155,381				3,276,725				313,088
End of period		$	3,077,558			$	962,343			$	1,170,876			$	663,068			$	147,905			$	3,324,130			$	236,948

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.

SEPARATE ACCOUNT VL

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Invesco V.I. Diversified Dividend Fund, Series I				Invesco V.I. Global Real Estate Fund, Series I				Invesco V.I. Health Care Fund, Series I				Lord Abbett Series Fund Growth and Income Portfolio, Class VC				LVIP American Century Disciplined Core Value Fund, Standard Class II				LVIP American Century International Fund, Standard Class II				LVIP American Century Ultra Fund, Standard Class II
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	589			$	2,092			$	(1,342	)		$	(1,969	)		$	2,489			$	922			$	(12,838	)
Net realized gain (loss) on investments			5,411				(4,935	)			17,023				154,663				1,918				6,937				232,514
Change in net unrealized appreciation (depreciation) on investments			2,651				14,399				8,847				35,883				28,917				20,317				(11,947	)
Net increase (decrease) in net assets resulting from operations			8,651				11,556				24,528				188,577				33,324				28,176				207,729
POLICY TRANSACTIONS:
Policy owners' net payments			4,228				13,704				6,909				42,018				12,218				6,386				39,678
Policy maintenance charges			(5,050	)			(8,909	)			(8,615	)			(82,830	)			(14,681	)			(8,786	)			(83,023	)
Policy owners' benefits			-				(35,101	)			(62,016	)			(27,555	)			(12,068	)			(30,888	)			(112,954	)
Net transfers (to) from the Company and/or Subaccounts			(883	)			(10,686	)			(629	)			(11,468	)			(1,827	)			8,048				57,930
Net Policy loan repayments (withdrawals)			2,806				3,130				3,483				(3,100	)			147				171				3,759
Increase (decrease) in net assets resulting from Policy transactions			1,101				(37,862	)			(60,868	)			(82,935	)			(16,211	)			(25,069	)			(94,610	)
Total increase (decrease) in net assets			9,752				(26,306	)			(36,340	)			105,642				17,113				3,107				113,119
NET ASSETS:
Beginning of period			55,374				189,729				201,176				1,201,533				246,876				194,618				1,860,423
End of period		$	65,126			$	163,423			$	164,836			$	1,307,175			$	263,989			$	197,725			$	1,973,542

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.

SEPARATE ACCOUNT VL

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		LVIP American Century Value Fund, Standard Class II				MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class				MFS VIT II Massachusetts Investors Growth Stock Portfolio, Service Class				MFS VIT Investors Trust Series, Initial Class				MFS VIT Investors Trust Series, Service Class				MFS VIT New Discovery Series, Initial Class				MFS VIT New Discovery Series, Service Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	11,129			$	(83	)		$	(5,391	)		$	473			$	(571	)		$	(76	)		$	(8,426	)
Net realized gain (loss) on investments			122,592				2,599				124,311				27,392				207,473				(57	)			(44,644	)
Change in net unrealized appreciation (depreciation) on investments			41,070				(968	)			(52,234	)			(20,016	)			(150,055	)			1,211				178,989
Net increase (decrease) in net assets resulting from operations			174,791				1,548				66,686				7,849				56,847				1,078				125,919
POLICY TRANSACTIONS:
Policy owners' net payments			49,227				93				24,314				1				22,896				1				46,641
Policy maintenance charges			(94,362	)			(493	)			(42,109	)			(795	)			(25,619	)			(327	)			(76,851	)
Policy owners' benefits			(22,731	)			-				(48,254	)			-				(74,582	)			-				(104,545	)
Net transfers (to) from the Company and/or Subaccounts			(20,101	)			(122	)			1,712				(451	)			5,920				(66	)			(2,007	)
Net Policy loan repayments (withdrawals)			1,838				-				(6,259	)			-				(3,964	)			(1	)			(4,569	)
Increase (decrease) in net assets resulting from Policy transactions			(86,129	)			(522	)			(70,596	)			(1,245	)			(75,349	)			(393	)			(141,331	)
Total increase (decrease) in net assets			88,662				1,026				(3,910	)			6,604				(18,502	)			685				(15,412	)
NET ASSETS:
Beginning of period			1,197,936				17,417				791,039				63,356				471,110				9,256				1,206,669
End of period		$	1,286,598			$	18,443			$	787,129			$	69,960			$	452,608			$	9,941			$	1,191,257

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.

SEPARATE ACCOUNT VL

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		MFS VIT Total Return Series, Service Class				MFS VIT Utilities Series, Service Class				Templeton Developing Markets VIP Fund, Class 2				Templeton Foreign VIP Fund, Class 2				Templeton Growth VIP Fund, Class 2
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	6,137			$	2,652			$	(227	)		$	10,581			$	932
Net realized gain (loss) on investments			26,909				6,704				4,765				53,499				51,357
Change in net unrealized appreciation (depreciation) on investments			(516	)			9,237				45,676				98,585				66,849
Net increase (decrease) in net assets resulting from operations			32,530				18,593				50,214				162,665				119,138
POLICY TRANSACTIONS:
Policy owners' net payments			11,507				8,123				3,064				30,162				20,125
Policy maintenance charges			(21,453	)			(11,676	)			(5,784	)			(49,725	)			(33,948	)
Policy owners' benefits			(19,126	)			(30,363	)			(7,444	)			(61,194	)			(42,214	)
Net transfers (to) from the Company and/or Subaccounts			(112	)			10,847				(6,011	)			(10,654	)			15,603
Net Policy loan repayments (withdrawals)			1,783				1,260				1,590				5,995				(3,503	)
Increase (decrease) in net assets resulting from Policy transactions			(27,401	)			(21,809	)			(14,585	)			(85,416	)			(43,937	)
Total increase (decrease) in net assets			5,129				(3,216	)			35,629				77,249				75,201
NET ASSETS:
Beginning of period			332,148				147,844				113,709				608,721				543,093
End of period		$	337,277			$	144,628			$	149,338			$	685,970			$	618,294

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.

SEPARATE ACCOUNT VL

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024

		SUBACCOUNTS
		Columbia VP Select Small Cap Value Fund, Class 2				Columbia VP Seligman Global Technology Fund, Class 2				DWS Equity 500 Index VIP, Class A				DWS Small Cap Index VIP, Class A				Federated Hermes Fund for U.S. Government Securities II				Federated Hermes Government Money Fund II, Service Shares				Federated Hermes High Income Bond Fund II, Primary Shares
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	(3,170	)		$	(13,999	)		$	9,258			$	1,692			$	9,537			$	32,997			$	22,873
Net realized gain (loss) on investments			64,831				237,097				198,391				10,633				(7,169	)			-				(7,017	)
Change in net unrealized appreciation (depreciation) on investments			(9,207	)			218,038				147,083				24,369				(2,895	)			-				7,775
Net increase (decrease) in net assets resulting from operations			52,454				441,136				354,732				36,694				(527	)			32,997				23,631
POLICY TRANSACTIONS:
Policy owners' net payments			10,695				35,585				35,336				12,431				12,820				56,272				42,710
Policy maintenance charges			(20,761	)			(63,950	)			(49,935	)			(24,391	)			(25,634	)			(77,266	)			(55,050	)
Policy owners' benefits			(80,012	)			(279,618	)			(224,213	)			(5,050	)			(10,886	)			(12,505	)			(12,655	)
Net transfers (to) from the Company and/or Subaccounts			5,555				3,470				(12,730	)			1,083				14,396				48,878				(32,180	)
Net Policy loan repayments (withdrawals)			1,597				(4,793	)			(10,192	)			2,228				(1,230	)			1,196				13,076
Increase (decrease) in net assets resulting from Policy transactions			(82,926	)			(309,306	)			(261,734	)			(13,699	)			(10,534	)			16,575				(44,099	)
Total increase (decrease) in net assets			(30,472	)			131,830				92,998				22,995				(11,061	)			49,572				(20,468	)
NET ASSETS:
Beginning of period			390,043				1,703,208				1,565,285				358,416				345,669				839,975				466,191
End of period		$	359,571			$	1,835,038			$	1,658,283			$	381,411			$	334,608			$	889,547			$	445,723

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.

SEPARATE ACCOUNT VL

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024

		SUBACCOUNTS
		Fidelity VIP Contrafund Portfolio, Service Class 2				Fidelity VIP Equity-Income Portfolio, Service Class 2				Fidelity VIP Growth & Income Portfolio, Service Class 2				Fidelity VIP Growth Opportunities Portfolio, Service Class 2				Franklin Small-Mid Cap Growth VIP Fund, Class 2				Invesco V.I. American Franchise Fund, Series I				Invesco V.I. Discovery Mid Cap Growth Fund, Series I
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	(19,040	)		$	7,275			$	5,269			$	(3,861	)		$	(1,052	)		$	(22,165	)		$	(2,102	)
Net realized gain (loss) on investments			524,285				60,997				111,480				44,614				(2,663	)			120,711				1,323
Change in net unrealized appreciation (depreciation) on investments			256,848				38,707				68,324				131,392				18,156				780,604				63,376
Net increase (decrease) in net assets resulting from operations			762,093				106,979				185,073				172,145				14,441				879,150				62,597
POLICY TRANSACTIONS:
Policy owners' net payments			67,918				26,196				53,984				8,620				4,271				104,223				12,652
Policy maintenance charges			(113,714	)			(45,491	)			(58,306	)			(21,708	)			(6,841	)			(222,074	)			(36,398	)
Policy owners' benefits			(193,151	)			(26,807	)			(46,223	)			(49,980	)			(11,667	)			(154,335	)			(4,259	)
Net transfers (to) from the Company and/or Subaccounts			(111,840	)			5,030				(40,548	)			(9,839	)			10,509				(57,440	)			6,402
Net Policy loan repayments (withdrawals)			(6,065	)			(2,853	)			10,790				(6,693	)			961				(6,602	)			(740	)
Increase (decrease) in net assets resulting from Policy transactions			(356,852	)			(43,925	)			(80,303	)			(79,600	)			(2,767	)			(336,228	)			(22,343	)
Total increase (decrease) in net assets			405,241				63,054				104,770				92,545				11,674				542,922				40,254
NET ASSETS:
Beginning of period			2,461,277				769,846				913,301				480,481				143,707				2,733,803				272,834
End of period		$	2,866,518			$	832,900			$	1,018,071			$	573,026			$	155,381			$	3,276,725			$	313,088

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.

SEPARATE ACCOUNT VL

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024

		SUBACCOUNTS
		Invesco V.I. Diversified Dividend Fund, Series I				Invesco V.I. Global Real Estate Fund, Series I				Invesco V.I. Health Care Fund, Series I				Lord Abbett Series Fund Growth and Income Portfolio, Class VC				LVIP American Century Disciplined Core Value Fund, Standard Class II				LVIP American Century International Fund, Standard Class II				LVIP American Century Ultra Fund, Standard Class II
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	667			$	3,460			$	(1,509	)		$	1,391			$	1,484			$	1,770			$	(12,252	)
Net realized gain (loss) on investments			3,005				(1,419	)			1,967				116,529				595				1,591				208,668
Change in net unrealized appreciation (depreciation) on investments			1,896				(5,763	)			5,981				90,128				26,621				130				224,960
Net increase (decrease) in net assets resulting from operations			5,568				(3,722	)			6,439				208,048				28,700				3,491				421,376
POLICY TRANSACTIONS:
Policy owners' net payments			3,722				14,145				9,055				44,931				12,843				8,657				42,694
Policy maintenance charges			(5,841	)			(16,551	)			(8,349	)			(85,763	)			(14,018	)			(8,072	)			(91,510	)
Policy owners' benefits			(1,115	)			(4,668	)			-				(43,037	)			(11,503	)			(3,675	)			(31,016	)
Net transfers (to) from the Company and/or Subaccounts			9,545				16,915				6,540				1,863				(7,100	)			5,122				(56,059	)
Net Policy loan repayments (withdrawals)			(57	)			3,981				(3,937	)			(7,072	)			88				1,286				870
Increase (decrease) in net assets resulting from Policy transactions			6,254				13,822				3,309				(89,078	)			(19,690	)			3,318				(135,021	)
Total increase (decrease) in net assets			11,822				10,100				9,748				118,970				9,010				6,809				286,355
NET ASSETS:
Beginning of period			43,552				179,629				191,428				1,082,563				237,866				187,809				1,574,068
End of period		$	55,374			$	189,729			$	201,176			$	1,201,533			$	246,876			$	194,618			$	1,860,423

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.

SEPARATE ACCOUNT VL

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024

		SUBACCOUNTS
		LVIP American Century Value Fund, Standard Class II				MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class				MFS VIT II Massachusetts Investors Growth Stock Portfolio, Service Class				MFS VIT Investors Trust Series, Initial Class				MFS VIT Investors Trust Series, Service Class				MFS VIT New Discovery Series, Initial Class				MFS VIT New Discovery Series, Service Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	26,387			$	(67	)		$	(4,464	)		$	(123	)		$	(1,229	)		$	(76	)		$	(9,149	)
Net realized gain (loss) on investments			108,543				1,612				80,017				4,997				53,731				(144	)			(72,981	)
Change in net unrealized appreciation (depreciation) on investments			(35,099	)			821				31,558				5,064				26,644				745				152,633
Net increase (decrease) in net assets resulting from operations			99,831				2,366				107,111				9,938				79,146				525				70,503
POLICY TRANSACTIONS:
Policy owners' net payments			53,236				94				34,991				-				21,854				-				50,700
Policy maintenance charges			(85,780	)			(748	)			(55,493	)			(765	)			(27,819	)			(408	)			(79,947	)
Policy owners' benefits			(92,788	)			-				(24,339	)			(895	)			(45,428	)			(167	)			(124,644	)
Net transfers (to) from the Company and/or Subaccounts			25,105				122				10,455				447				268				64				41,986
Net Policy loan repayments (withdrawals)			(7,925	)			-				(6,589	)			-				(162	)			(1	)			(4,895	)
Increase (decrease) in net assets resulting from Policy transactions			(108,152	)			(532	)			(40,975	)			(1,213	)			(51,287	)			(512	)			(116,800	)
Total increase (decrease) in net assets			(8,321	)			1,834				66,136				8,725				27,859				13				(46,297	)
NET ASSETS:
Beginning of period			1,206,257				15,583				724,903				54,631				443,251				9,243				1,252,966
End of period		$	1,197,936			$	17,417			$	791,039			$	63,356			$	471,110			$	9,256			$	1,206,669

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.

SEPARATE ACCOUNT VL

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024

		SUBACCOUNTS
		MFS VIT Total Return Series, Service Class				MFS VIT Utilities Series, Service Class				Templeton Developing Markets VIP Fund, Class 2				Templeton Foreign VIP Fund, Class 2				Templeton Growth VIP Fund, Class 2
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	5,047			$	1,880			$	3,567			$	10,202			$	1,271
Net realized gain (loss) on investments			19,030				5,991				(59	)			3,687				9,225
Change in net unrealized appreciation (depreciation) on investments			(2,947	)			6,330				4,007				(22,742	)			16,603
Net increase (decrease) in net assets resulting from operations			21,130				14,201				7,515				(8,853	)			27,099
POLICY TRANSACTIONS:
Policy owners' net payments			11,866				9,312				3,341				34,599				21,361
Policy maintenance charges			(16,436	)			(21,216	)			(5,206	)			(46,018	)			(27,718	)
Policy owners' benefits			(16,676	)			(5,239	)			(3,682	)			(9,150	)			(24,515	)
Net transfers (to) from the Company and/or Subaccounts			5,222				9,167				2,725				25,117				(15,182	)
Net Policy loan repayments (withdrawals)			(703	)			2,913				(1,075	)			(6,806	)			4,778
Increase (decrease) in net assets resulting from Policy transactions			(16,727	)			(5,063	)			(3,897	)			(2,258	)			(41,276	)
Total increase (decrease) in net assets			4,403				9,138				3,618				(11,111	)			(14,177	)
NET ASSETS:
Beginning of period			327,745				138,706				110,091				619,832				557,270
End of period		$	332,148			$	147,844			$	113,709			$	608,721			$	543,093

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.

SEPARATE ACCOUNT VL

NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2025

1.

ORGANIZATION

The Separate Account VL of First Variable Life Insurance Company (the "Separate Account"), a segregated unit investment trust registered under the Investment Company Act of 1940, as amended, was established by First Variable Life Insurance Company, and exists in accordance with the regulations of the Alabama Department of Insurance. First Variable Life Insurance Company was acquired by Protective Life Insurance Company (the "Company"), which made First Variable Life Insurance Company a wholly owned subsidiary of Protective Life Insurance Company. Protective Life Insurance Company is a wholly owned subsidiary of Protective Life Corporation ("PLC"). PLC is a wholly owned subsidiary of Dai-ichi Life International Holding, LLC, a godo kaisha organized under the laws of Japan.

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 life policies (the "Policies") 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 life insurance Policies; 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 Policy owners based on the number and value of their 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 - Protection 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.

Policy owners may allocate some or all of the applicable net payments or transfer some or all of the Policy 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.

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

The following is a list of the variable life insurance products funded by the Separate Account:

Capital Estate Builder

Capital One Pay

Capital Solutions

For the years or periods ended December 31, 2025 and 2024, the Separate Account was invested in up to 33 Subaccounts, as follows:

Columbia VP Select Small Cap Value Fund, Class 2

Columbia VP Seligman Global Technology Fund, Class 2

DWS Equity 500 Index VIP, Class A

DWS Small Cap Index VIP, Class A

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes Government Money Fund II, Service Shares

Federated Hermes High Income Bond Fund II, Primary Shares

Fidelity VIP Contrafund Portfolio, Service Class 2

Fidelity VIP Equity-Income Portfolio, Service Class 2

Fidelity VIP Growth & Income Portfolio, Service Class 2

Fidelity VIP Growth Opportunities Portfolio, Service Class 2

Franklin Small-Mid Cap Growth VIP Fund, Class 2

Invesco V.I. American Franchise Fund, Series I

Invesco V.I. Discovery Mid Cap Growth Fund, Series I

Invesco V.I. Diversified Dividend Fund, Series I

Invesco V.I. Global Real Estate Fund, Series I

Invesco V.I. Health Care Fund, Series I

Lord Abbett Series Fund Growth and Income Portfolio, Class VC

LVIP American Century Disciplined Core Value Fund, Standard Class II^(a)

LVIP American Century International Fund, Standard Class II^(a)

LVIP American Century Ultra Fund, Standard Class II^(a)

LVIP American Century Value Fund, Standard Class II^(a)

MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class

MFS VIT II Massachusetts Investors Growth Stock Portfolio, Service Class

MFS VIT Investors Trust Series, Initial Class

MFS VIT Investors Trust Series, Service Class

MFS VIT New Discovery Series, Initial Class

MFS VIT New Discovery Series, Service Class

MFS VIT Total Return Series, Service Class

MFS VIT Utilities Series, Service Class

Templeton Developing Markets VIP Fund, Class 2

Templeton Foreign VIP Fund, Class 2

Templeton Growth VIP Fund, Class 2

^(a) See Subaccount Changes tables below

Subaccount Changes: Reorganizations
During 2024, the following Subaccounts were reorganized:

Previous Name	New Name	Date of Reorganizations
American Century Investments VP Value Fund, Class I	LVIP American Century Value Fund, Standard Class II	April 26, 2024
American Century Investments VP Disciplined Core Value Fund, Class I	LVIP American Century Disciplined Core Value Fund, Standard Class II	April 26, 2024
American Century Investments VP International Fund, Class I	LVIP American Century International Fund, Standard Class II	April 26, 2024
American Century Investments VP Ultra Fund, Class I	LVIP American Century Ultra Fund, Standard Class II	April 26, 2024

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

Each product within the Separate Account is unique; as such, all Subaccounts available for investment within the Separate Account may not be available for investment under each product.

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 Policies and the fund manager

Receivables and payables from (to) the Policies and the fund manager include trading activity initiated at the Policy 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.

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 a weighted average cost 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 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 Policies, 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 Policies.

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.

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
Columbia VP Select Small Cap Value Fund, Class 2		$	11,022			$	62,368
Columbia VP Seligman Global Technology Fund, Class 2			223,970				179,299
DWS Equity 500 Index VIP, Class A			184,972				141,010
DWS Small Cap Index VIP, Class A			47,196				50,906
Federated Hermes Fund for U.S. Government Securities II			27,736				74,147
Federated Hermes Government Money Fund II, Service Shares			77,877				157,698
Federated Hermes High Income Bond Fund II, Primary Shares			119,990				110,395
Fidelity VIP Contrafund Portfolio, Service Class 2			527,346				361,529
Fidelity VIP Equity-Income Portfolio, Service Class 2			103,025				54,637
Fidelity VIP Growth & Income Portfolio, Service Class 2			192,577				115,081
Fidelity VIP Growth Opportunities Portfolio, Service Class 2			12,793				31,008
Franklin Small-Mid Cap Growth VIP Fund, Class 2			17,453				18,617
Invesco V.I. American Franchise Fund, Series I			351,137				340,126
Invesco V.I. Discovery Mid Cap Growth Fund, Series I			41,330				97,984
Invesco V.I. Diversified Dividend Fund, Series I			11,883				4,968
Invesco V.I. Global Real Estate Fund, Series I			23,767				58,207
Invesco V.I. Health Care Fund, Series I			24,896				78,373
Lord Abbett Series Fund Growth and Income Portfolio, Class VC			159,515				104,861
LVIP American Century Disciplined Core Value Fund, Standard Class II			14,468				26,457
LVIP American Century International Fund, Standard Class II			23,963				46,744
LVIP American Century Ultra Fund, Standard Class II			250,960				191,296
LVIP American Century Value Fund, Standard Class II			134,764				106,144
MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class			2,653				602
MFS VIT II Massachusetts Investors Growth Stock Portfolio, Service Class			136,204				90,534
MFS VIT Investors Trust Series, Initial Class			28,178				1,382
MFS VIT Investors Trust Series, Service Class			233,791				100,088
MFS VIT New Discovery Series, Initial Class			-				404
MFS VIT New Discovery Series, Service Class			28,763				170,056
MFS VIT Total Return Series, Service Class			47,016				40,614
MFS VIT Utilities Series, Service Class			29,828				46,079
Templeton Developing Markets VIP Fund, Class 2			6,008				17,745
Templeton Foreign VIP Fund, Class 2			88,576				116,404
Templeton Growth VIP Fund, Class 2			87,763				83,993

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)
Columbia VP Select Small Cap Value Fund, Class 2			172				932				(760	)			174				1,519				(1,345	)
Columbia VP Seligman Global Technology Fund, Class 2			288				1,828				(1,540	)			319				4,000				(3,681	)
DWS Equity 500 Index VIP, Class A			307				2,240				(1,933	)			485				5,736				(5,251	)
DWS Small Cap Index VIP, Class A			372				896				(524	)			384				685				(301	)
Federated Hermes Fund for U.S. Government Securities II			901				4,399				(3,498	)			1,731				2,582				(851	)
Federated Hermes Government Money Fund II, Service Shares			3,425				11,135				(7,710	)			5,449				4,664				785
Federated Hermes High Income Bond Fund II, Primary Shares			2,679				3,065				(386	)			1,508				2,999				(1,491	)
Fidelity VIP Contrafund Portfolio, Service Class 2			326				4,287				(3,961	)			1,675				7,326				(5,651	)
Fidelity VIP Equity-Income Portfolio, Service Class 2			758				1,002				(244	)			486				1,672				(1,186	)
Fidelity VIP Growth & Income Portfolio, Service Class 2			1,290				2,001				(711	)			834				2,740				(1,906	)
Fidelity VIP Growth Opportunities Portfolio, Service Class 2			59				331				(272	)			45				1,296				(1,251	)
Franklin Small-Mid Cap Growth VIP Fund, Class 2			206				407				(201	)			419				512				(93	)
Invesco V.I. American Franchise Fund, Series I			901				5,880				(4,979	)			1,968				9,929				(7,961	)
Invesco V.I. Discovery Mid Cap Growth Fund, Series I			1,354				6,303				(4,949	)			1,056				2,584				(1,528	)
Invesco V.I. Diversified Dividend Fund, Series I			295				211				84				688				388				300
Invesco V.I. Global Real Estate Fund, Series I			521				1,478				(957	)			931				579				352
Invesco V.I. Health Care Fund, Series I			424				1,855				(1,431	)			443				398				45
Lord Abbett Series Fund Growth and Income Portfolio, Class VC			433				1,930				(1,497	)			481				2,681				(2,200	)
LVIP American Century Disciplined Core Value Fund, Standard Class II			248				587				(339	)			296				845				(549	)
LVIP American Century International Fund, Standard Class II			907				1,878				(971	)			644				558				86
LVIP American Century Ultra Fund, Standard Class II			1,251				2,360				(1,109	)			331				2,574				(2,243	)
LVIP American Century Value Fund, Standard Class II			324				1,564				(1,240	)			564				2,646				(2,082	)
MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class			2				14				(12	)			3				24				(21	)
MFS VIT II Massachusetts Investors Growth Stock Portfolio, Service Class			628				2,637				(2,009	)			770				2,368				(1,598	)
MFS VIT Investors Trust Series, Initial Class			-				16				(16	)			-				40				(40	)
MFS VIT Investors Trust Series, Service Class			541				2,017				(1,476	)			258				1,538				(1,280	)
MFS VIT New Discovery Series, Initial Class			-				5				(5	)			0	*			9				(9	)
MFS VIT New Discovery Series, Service Class			692				3,997				(3,305	)			2,617				5,837				(3,220	)
MFS VIT Total Return Series, Service Class			388				1,135				(747	)			676				1,303				(627	)
MFS VIT Utilities Series, Service Class			496				918				(422	)			403				541				(138	)

		2025												2024
Subaccount		Units Issued				Units Redeemed				Net Increase (Decrease)				Units Issued				Units Redeemed				Net Increase (Decrease)
Templeton Developing Markets VIP Fund, Class 2			67				329				(262	)			117				239				(122	)
Templeton Foreign VIP Fund, Class 2			1,382				4,933				(3,551	)			2,419				2,669				(250	)
Templeton Growth VIP Fund, Class 2			1,381				2,783				(1,402	)			870				2,608				(1,738	)

* The Subaccount has units that round to less than one.

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 Policy as a redemption of units. Fees and charges may vary based on factors such as the product purchased, optional benefits chosen, benefit base, asset base, death benefit option elected, a Policy's total asset value, age of Policy, surrender amount, if a surrender is requested during the period specified, 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 Policies in accordance with the terms which govern each annuity, as set forth in the Policy.

The minimum and maximum Policy expenses offered by the Company may not directly equate to the minimum and maximum expense ratios by Subaccount in the Financial Highlights footnote as Policy owners across all products offered may not have invested in all available products during the current year.

	Expense Type			Range
	Monthly Standard Administrative Charge
	This charge is assessed to reimburse the Company for expenses incurred in the administration of the Policy and the Separate Account. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.			$8.50 - $10 per month
	Monthly Standard Maintenance Charge
	This charge is assessed to reimburse the Company for expenses incurred in the administration of the Policy and the Separate Account. The charge is deducted monthly, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.			$2.50 per month of the specificied amount of the Policy
	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 redemption of units, and recorded as mortality and expense risk in the Statement of Operations.			a daily fee amounting to a per annum aggregate of 0.70% - 0.90% of the average daily net assets of the Subaccounts
	Distribution, Premium Tax and Federal Tax Charge
	This deduction is to reimburse the Company for distribution expenses, premium tax expenses and/or federal tax expenses. This charge may be assessed for the first ten years of the policy on an annual basis against the account value, is deducted through a redemption of units, and is recognized as Policy maintenance charges in the Statements of Changes in Net Assets.			annual rate of 0.0% - 0.65% of the account value
	Cost of Insurance Charge (COI)
	This charge is assessed to reimburse the Company for the cost of providing the death benefit. The charge is assessed on the Policy's anniversary, assessed through a redemption of units, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.			$0.05 - $26.63 per $1,000 of face amount of the policy

	Expense Type			Range
	Policy Expense Charge
	This charge is assessed to reimburse the Company for sales expenses, underwriting and issue expenses, and the average premium tax expense incurred when issuing Policies. The charge is based upon the Policy value on the monthly anniversary, assessed through a redemption o funits, and recorded as Policy maintenance charges within the Statements of Changes in Net Assets.			a monthly charge amounting to a per annum aggregated of 0.27% - 0.30% of the Policy's value
The Company offers a loan privilege to certain Policy owners. Such Policy owners may obtain loans using the Policy's value as the only security for the loan. Loans are subject to provisions of The Internal Revenue Code of 1986, as amended.

6.

FINANCIAL HIGHLIGHTS

The Company sold a number of variable life products that are funded by the Separate Account. These products have unique combinations of features and expenses that are charged against the Policy 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 Policy expenses offered by the Company, as Policy owners may not have selected all available and applicable Policy options for or during the periods presented.

A summary of the units outstanding, unit fair values, net assets for variable Policies, net 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								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c)
						Low				High												Low				High				Low				High
Columbia VP Select Small Cap Value Fund, Class 2
2025			5			$	68.06			$	64.78			$	326				0.00	%			0.70	%			0.90	%			5.56	%			5.35	%
2024			6				64.48				61.49				360				0.00	%			0.70	%			0.90	%			12.86	%			12.64	%
2023			7				57.13				54.59				390				0.00	%			0.70	%			0.90	%			12.06	%			11.84	%
2022			7				50.98				48.81				357				0.00	%			0.70	%			0.90	%			(15.52	)%			(15.69	)%
2021			8				60.34				57.90				498				0.00	%			0.70	%			0.90	%			34.92	%			24.45	%
Columbia VP Seligman Global Technology Fund, Class 2
2025			19				120.11				114.09				2,249				0.00	%			0.70	%			0.90	%			33.43	%			33.17	%
2024			20				90.01				85.67				1,835				0.00	%			0.70	%			0.90	%			25.69	%			25.44	%
2023			24				71.61				68.30				1,703				0.00	%			0.70	%			0.90	%			43.86	%			43.58	%
2022			45				49.78				47.57				2,226				0.00	%			0.70	%			0.90	%			(32.33	)%			(32.47	)%
2021			47				73.56				70.44				3,458				0.28	%			0.70	%			0.90	%			43.54	%			31.87	%
DWS Equity 500 Index VIP, Class A
2025			28				64.70				61.31				1,798				1.07	%			0.70	%			0.90	%			16.81	%			16.58	%
2024			30				55.39				52.59				1,658				1.27	%			0.70	%			0.90	%			23.75	%			23.50	%
2023			35				44.76				42.58				1,565				1.36	%			0.70	%			0.90	%			25.12	%			24.88	%
2022			37				35.77				34.10				1,337				1.16	%			0.70	%			0.90	%			(18.91	)%			(19.07	)%
2021			38				44.11				42.13				1,709				1.45	%			0.70	%			0.90	%			33.22	%			21.79	%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c)
						Low				High												Low				High				Low				High
DWS Small Cap Index VIP, Class A
2025			6			$	62.33			$	59.06			$	391				1.40	%			0.70	%			0.90	%			11.85	%			11.63	%
2024			7				55.73				52.91				381				1.19	%			0.70	%			0.90	%			10.37	%			10.15	%
2023			7				50.49				48.03				358				1.10	%			0.70	%			0.90	%			15.95	%			15.71	%
2022			7				43.55				41.51				319				0.80	%			0.70	%			0.90	%			(21.19	)%			(21.35	)%
2021			6				55.25				52.78				352				0.84	%			0.70	%			0.90	%			18.81	%			8.60	%
Federated Hermes Fund for U.S. Government Securities II
2025			18				16.58				15.78				294				4.07	%			0.70	%			0.90	%			6.06	%			5.84	%
2024			21				15.63				14.91				335				3.56	%			0.70	%			0.90	%			(0.13	)%			(0.33	)%
2023			22				15.65				14.96				346				2.51	%			0.70	%			0.90	%			3.46	%			3.26	%
2022			24				15.13				14.48				366				1.97	%			0.70	%			0.90	%			(13.16	)%			(13.33	)%
2021			28				17.42				16.71				497				2.04	%			0.70	%			0.90	%			1.18	%			(6.67	)%
Federated Hermes Government Money Fund II, Service Shares
2025			58				13.86				13.65				803				3.69	%			0.70	%			0.90	%			2.99	%			2.78	%
2024			66				13.45				13.28				890				4.58	%			0.70	%			0.90	%			3.94	%			3.73	%
2023			65				12.94				12.80				840				4.43	%			0.70	%			0.90	%			3.63	%			3.42	%
2022			69				12.49				12.38				861				1.07	%			0.70	%			0.90	%			0.33	%			0.09	%
2021			71				12.45				12.37				891				0.00	%			0.70	%			0.90	%			(0.21	)%			(1.38	)%
Federated Hermes High Income Bond Fund II, Primary Shares
2025			13				36.96				35.11				460				6.12	%			0.70	%			0.90	%			7.47	%			7.26	%
2024			13				34.39				32.73				446				5.88	%			0.70	%			0.90	%			5.52	%			5.31	%
2023			14				32.59				31.08				466				5.89	%			0.70	%			0.90	%			11.93	%			11.71	%
2022			15				29.12				27.83				426				5.30	%			0.70	%			0.90	%			(12.39	)%			(12.57	)%
2021			14				33.24				31.82				475				4.75	%			0.70	%			0.90	%			8.51	%			(0.30	)%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c)
						Low				High												Low				High				Low				High
Fidelity VIP Contrafund Portfolio, Service Class 2
2025			35			$	89.20			$	84.73			$	3,078				0.00	%			0.70	%			0.90	%			20.35	%			20.11	%
2024			39				74.11				70.54				2,867				0.03	%			0.70	%			0.90	%			32.51	%			32.25	%
2023			44				55.93				53.34				2,461				0.26	%			0.70	%			0.90	%			32.19	%			31.93	%
2022			48				42.31				40.43				2,048				0.24	%			0.70	%			0.90	%			(27.00	)%			(27.15	)%
2021			51				57.96				55.50				2,971				0.03	%			0.70	%			0.90	%			31.96	%			21.25	%
Fidelity VIP Equity-Income Portfolio, Service Class 2
2025			18				52.49				49.86				962				1.69	%			0.70	%			0.90	%			17.92	%			17.68	%
2024			19				44.51				42.37				833				1.61	%			0.70	%			0.90	%			14.25	%			14.02	%
2023			20				38.96				37.16				770				1.70	%			0.70	%			0.90	%			9.61	%			9.39	%
2022			23				35.54				33.97				805				1.63	%			0.70	%			0.90	%			(5.90	)%			(6.09	)%
2021			24				37.77				36.17				926				1.75	%			0.70	%			0.90	%			28.96	%			18.48	%
Fidelity VIP Growth & Income Portfolio, Service Class 2
2025			19				61.52				58.56				1,171				1.40	%			0.70	%			0.90	%			20.37	%			20.13	%
2024			20				51.11				48.75				1,018				1.26	%			0.70	%			0.90	%			21.10	%			20.86	%
2023			22				42.21				40.33				913				1.49	%			0.70	%			0.90	%			17.54	%			17.31	%
2022			22				35.91				34.38				797				1.29	%			0.70	%			0.90	%			(5.83	)%			(6.02	)%
2021			28				38.13				36.59				1,069				2.29	%			0.70	%			0.90	%			29.77	%			19.71	%
Fidelity VIP Growth Opportunities Portfolio, Service Class 2
2025			7				88.90				84.45				663				0.00	%			0.70	%			0.90	%			20.79	%			20.55	%
2024			8				73.60				70.05				573				0.00	%			0.70	%			0.90	%			37.59	%			37.31	%
2023			9				53.49				51.02				480				0.00	%			0.70	%			0.90	%			44.29	%			44.01	%
2022			10				37.07				35.43				357				0.00	%			0.70	%			0.90	%			(38.75	)%			(38.87	)%
2021			10				60.52				57.95				614				0.00	%			0.70	%			0.90	%			15.58	%			6.18	%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c)
						Low				High												Low				High				Low				High
Franklin Small-Mid Cap Growth VIP Fund, Class 2
2025			3			$	45.56			$	45.56			$	148				0.00	%			0.70	%			0.70	%			1.80	%			1.80	%
2024			3				44.76				44.76				155				0.00	%			0.70	%			0.70	%			10.26	%			10.26	%
2023			4				40.59				40.59				144				0.00	%			0.70	%			0.70	%			25.86	%			25.86	%
2022			4				32.25				32.25				136				0.00	%			0.70	%			0.70	%			(34.15	)%			(34.15	)%
2021			4				48.98				48.98				212				0.00	%			0.70	%			0.70	%			9.25	%			9.25	%
Invesco V.I. Global Real Estate Fund, Series I
2025			4				40.30				40.30				163				1.91	%			0.70	%			0.70	%			7.10	%			7.10	%
2024			5				37.63				35.89				190				2.58	%			0.70	%			0.90	%			(2.49	)%			(2.69	)%
2023			5				38.59				36.88				180				1.51	%			0.70	%			0.90	%			8.29	%			8.07	%
2022			5				35.64				34.13				168				2.58	%			0.70	%			0.90	%			(25.46	)%			(25.61	)%
2021			5				47.81				45.87				254				2.79	%			0.70	%			0.90	%			29.85	%			19.77	%
Invesco V.I. American Franchise Fund, Series I
2025			58				57.35				54.34				3,324				0.00	%			0.70	%			0.90	%			10.89	%			10.66	%
2024			63				51.72				49.11				3,277				0.00	%			0.70	%			0.90	%			33.94	%			33.67	%
2023			71				38.62				36.74				2,734				0.00	%			0.70	%			0.90	%			39.95	%			39.67	%
2022			82				27.59				26.30				2,276				0.00	%			0.70	%			0.90	%			(31.59	)%			(31.73	)%
2021			94				40.34				38.53				3,818				0.00	%			0.70	%			0.90	%			16.13	%			6.16	%
Invesco V.I. Discovery Mid Cap Growth Fund, Series I
2025			14				17.49				17.49				237				0.00	%			0.70	%			0.70	%			4.06	%			4.06	%
2024			18				16.81				16.81				313				0.00	%			0.70	%			0.70	%			23.36	%			23.36	%
2023			20				13.63				13.63				273				0.00	%			0.70	%			0.70	%			12.36	%			12.36	%
2022			22				12.13				12.13				272				0.00	%			0.70	%			0.70	%			(31.45	)%			(31.45	)%
2021			19				17.69				17.69				337				0.00	%			0.70	%			0.70	%			18.27	%			18.27	%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c)
						Low				High												Low				High				Low				High
Invesco V.I. Diversified Dividend Fund, Series I
2025			3			$	23.12			$	23.12			$	65				1.68	%			0.70	%			0.70	%			14.93	%			14.93	%
2024			3				20.12				20.12				55				2.02	%			0.70	%			0.70	%			12.42	%			12.42	%
2023			2				17.89				17.89				44				1.46	%			0.70	%			0.70	%			8.29	%			8.29	%
2022			5				16.53				16.53				77				1.82	%			0.70	%			0.70	%			(2.39	)%			(2.39	)%
2021			5				16.93				16.93				85				1.21	%			0.70	%			0.70	%			18.06	%			18.06	%
Invesco V.I. Health Care Fund, Series I
2025			4				45.42				43.23				165				0.00	%			0.70	%			0.90	%			14.52	%			14.29	%
2024			5				39.66				37.83				201				0.00	%			0.70	%			0.90	%			3.44	%			3.23	%
2023			5				38.34				36.64				191				0.00	%			0.70	%			0.90	%			2.31	%			2.10	%
2022			11				37.48				35.89				426				0.00	%			0.70	%			0.90	%			(13.92	)%			(14.09	)%
2021			12				43.54				41.78				508				0.21	%			0.70	%			0.90	%			15.99	%			7.00	%
Lord Abbett Series Fund Growth and Income Portfolio, Class VC
2025			24				54.80				51.93				1,307				0.58	%			0.70	%			0.90	%			16.47	%			16.24	%
2024			26				47.05				44.67				1,202				0.86	%			0.70	%			0.90	%			19.76	%			19.52	%
2023			28				39.29				37.38				1,083				0.95	%			0.70	%			0.90	%			12.40	%			12.18	%
2022			29				34.96				33.32				1,026				1.19	%			0.70	%			0.90	%			(10.07	)%			(10.25	)%
2021			33				38.87				37.13				1,298				1.04	%			0.70	%			0.90	%			33.87	%			22.37	%
LVIP American Century Disciplined Core Value Fund, Standard Class II
2025			6				45.96				43.74				264				1.72	%			0.70	%			0.90	%			14.06	%			13.83	%
2024			6				40.29				38.43				247				1.31	%			0.70	%			0.90	%			12.30	%			12.07	%
2023			7				35.88				34.29				238				1.54	%			0.70	%			0.90	%			7.90	%			7.68	%
2022			7				33.25				31.84				223				1.69	%			0.70	%			0.90	%			(13.34	)%			(13.52	)%
2021			7				38.37				36.82				268				1.10	%			0.70	%			0.90	%			27.72	%			17.81	%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c)
						Low				High												Low				High				Low				High
LVIP American Century International Fund, Standard Class II
2025			8			$	25.57			$	24.34			$	198				1.17	%			0.70	%			0.90	%			15.18	%			14.95	%
2024			9				22.20				21.17				195				1.62	%			0.70	%			0.90	%			1.89	%			1.68	%
2023			9				21.79				20.82				188				1.39	%			0.70	%			0.90	%			11.79	%			11.57	%
2022			9				19.49				18.67				170				1.12	%			0.70	%			0.90	%			(25.28	)%			(25.43	)%
2021			6				26.09				25.03				163				0.16	%			0.70	%			0.90	%			12.33	%			3.61	%
LVIP American Century Ultra Fund, Standard Class II
2025			24				84.17				80.12				1,974				0.00	%			0.70	%			0.90	%			12.06	%			11.83	%
2024			25				75.11				71.64				1,860				0.00	%			0.70	%			0.90	%			27.89	%			27.64	%
2023			27				58.73				56.13				1,574				0.00	%			0.70	%			0.90	%			42.51	%			42.23	%
2022			28				41.21				39.46				1,145				0.00	%			0.70	%			0.90	%			(32.85	)%			(32.98	)%
2021			34				61.37				58.88				2,119				0.00	%			0.70	%			0.90	%			27.21	%			17.35	%
LVIP American Century Value Fund, Standard Class II
2025			19				67.50				63.96				1,287				1.62	%			0.70	%			0.90	%			15.21	%			14.98	%
2024			20				58.59				55.63				1,198				2.90	%			0.70	%			0.90	%			8.71	%			8.50	%
2023			22				53.89				51.27				1,206				2.37	%			0.70	%			0.90	%			8.34	%			8.12	%
2022			24				49.75				47.42				1,211				2.05	%			0.70	%			0.90	%			(0.16	)%			(0.36	)%
2021			27				49.82				47.59				1,342				1.80	%			0.70	%			0.90	%			29.19	%			18.10	%
MFS VIT Investors Trust Series, Initial Class
2025			1				53.97				51.14				70				1.62	%			0.70	%			0.90	%			12.78	%			12.55	%
2024			1				47.86				45.44				63				0.70	%			0.70	%			0.90	%			18.69	%			18.45	%
2023			1				40.32				38.36				55				0.73	%			0.70	%			0.90	%			18.15	%			17.92	%
2022			1				34.13				32.53				47				0.64	%			0.70	%			0.90	%			(17.07	)%			(17.24	)%
2021			1				41.15				39.31				58				0.63	%			0.70	%			0.90	%			31.58	%			20.28	%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c)
						Low				High												Low				High				Low				High
MFS VIT Investors Trust Series, Service Class
2025			9			$	49.96			$	47.46			$	453				0.61	%			0.70	%			0.90	%			12.53	%			12.31	%
2024			11				44.40				42.26				471				0.47	%			0.70	%			0.90	%			18.39	%			18.15	%
2023			12				37.50				35.77				443				0.47	%			0.70	%			0.90	%			17.84	%			17.60	%
2022			13				31.83				30.41				418				0.36	%			0.70	%			0.90	%			(17.27	)%			(17.43	)%
2021			15				38.47				36.84				582				0.40	%			0.70	%			0.90	%			30.93	%			20.30	%
MFS VIT II Massachusetts Investors Growth Stock Portfolio, Initial Class
2025			1				34.64				33.89				18				0.27	%			0.70	%			0.90	%			9.13	%			8.92	%
2024			1				31.74				31.12				17				0.35	%			0.70	%			0.90	%			15.45	%			15.22	%
2023			1				27.49				27.01				16				0.30	%			0.70	%			0.90	%			23.14	%			22.90	%
2022			1				22.32				21.98				13				0.10	%			0.70	%			0.90	%			(19.82	)%			(19.98	)%
2021			1				27.84				27.46				17				0.24	%			0.70	%			0.90	%			26.56	%			23.40	%
MFS VIT II Massachusetts Investors Growth Stock Portfolio, Service Class
2025			23				33.73				33.01				787				0.02	%			0.70	%			0.90	%			8.84	%			8.62	%
2024			25				30.99				30.39				791				0.13	%			0.70	%			0.90	%			15.17	%			14.94	%
2023			27				26.91				26.44				725				0.05	%			0.70	%			0.90	%			22.84	%			22.60	%
2022			36				21.90				21.56				789				0.00	%			0.70	%			0.90	%			(20.01	)%			(20.17	)%
2021			39				27.38				27.01				1,079				0.03	%			0.70	%			0.90	%			26.24	%			23.09	%
MFS VIT New Discovery Series, Initial Class
2025			0	*			79.31				75.15				10				0.00	%			0.70	%			0.90	%			12.17	%			11.95	%
2024			0	*			70.70				67.13				9				0.00	%			0.70	%			0.90	%			5.97	%			5.76	%
2023			0	*			66.72				63.47				9				0.00	%			0.70	%			0.90	%			13.62	%			13.39	%
2022			0	*			58.72				55.98				9				0.00	%			0.70	%			0.90	%			(30.25	)%			(30.39	)%
2021			2				84.19				80.41				187				0.00	%			0.70	%			0.90	%			5.63	%			(3.44	)%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c)
						Low				High												Low				High				Low				High
MFS VIT New Discovery Series, Service Class
2025			27			$	44.74			$	42.50			$	1,191				0.00	%			0.70	%			0.90	%			11.77	%			11.55	%
2024			30				40.03				38.10				1,207				0.00	%			0.70	%			0.90	%			5.69	%			5.48	%
2023			33				37.87				36.12				1,253				0.00	%			0.70	%			0.90	%			13.46	%			13.23	%
2022			39				33.38				31.90				1,292				0.00	%			0.70	%			0.90	%			(30.48	)%			(30.62	)%
2021			41				48.02				45.98				1,969				0.00	%			0.70	%			0.90	%			5.13	%			(3.42	)%
MFS VIT Total Return Series, Service Class
2025			10				35.58				33.87				337				2.55	%			0.70	%			0.90	%			10.14	%			9.92	%
2024			10				32.30				30.81				332				2.27	%			0.70	%			0.90	%			6.71	%			6.49	%
2023			11				30.27				28.93				328				1.83	%			0.70	%			0.90	%			9.45	%			9.23	%
2022			12				27.66				26.49				328				1.56	%			0.70	%			0.90	%			(10.47	)%			(10.65	)%
2021			16				30.89				29.64				486				1.63	%			0.70	%			0.90	%			17.58	%			8.46	%
MFS VIT Utilities Series, Service Class
2025			3				53.57				50.99				145				2.56	%			0.70	%			0.90	%			13.96	%			13.73	%
2024			3				47.01				44.83				148				2.07	%			0.70	%			0.90	%			10.56	%			10.34	%
2023			3				42.52				40.63				139				3.37	%			0.70	%			0.90	%			(3.01	)%			(3.20	)%
2022			3				43.84				41.98				143				1.91	%			0.70	%			0.90	%			(0.22	)%			(0.42	)%
2021			5				43.93				42.15				203				1.52	%			0.70	%			0.90	%			17.57	%			8.45	%
Templeton Developing Markets VIP Fund, Class 2
2025			3				57.52				54.75				149				0.54	%			0.70	%			0.90	%			45.25	%			44.96	%
2024			3				39.60				37.77				114				3.87	%			0.70	%			0.90	%			6.91	%			6.70	%
2023			3				37.04				35.40				110				2.11	%			0.70	%			0.90	%			11.84	%			11.62	%
2022			3				33.12				31.71				107				2.47	%			0.70	%			0.90	%			(22.53	)%			(22.68	)%
2021			5				42.75				41.02				195				0.93	%			0.70	%			0.90	%			(2.64	)%			(10.19	)%

		As of December 31																For the period ended December 31
Subaccount		Units (000's)				Unit Fair Value								Net Assets (000's)				Investment Income Ratio (a)				Expense Ratios (b)								Total Return (c)
						Low				High												Low				High				Low				High
Templeton Foreign VIP Fund, Class 2
2025			27			$	25.35			$	24.02			$	686				2.33	%			0.70	%			0.90	%			28.29	%			28.04	%
2024			31				19.76				18.76				609				2.37	%			0.70	%			0.90	%			(1.69	)%			(1.89	)%
2023			31				20.10				19.12				620				3.17	%			0.70	%			0.90	%			19.92	%			19.68	%
2022			35				16.76				15.98				586				3.04	%			0.70	%			0.90	%			(8.25	)%			(8.43	)%
2021			41				18.27				17.45				755				1.85	%			0.70	%			0.90	%			8.07	%			(1.21	)%
Templeton Growth VIP Fund, Class 2
2025			19				31.92				30.32				618				0.87	%			0.70	%			0.90	%			22.96	%			22.72	%
2024			21				25.96				24.71				543				0.94	%			0.70	%			0.90	%			4.66	%			4.45	%
2023			23				24.80				23.66				557				3.37	%			0.70	%			0.90	%			20.17	%			19.93	%
2022			24				20.64				19.73				493				0.15	%			0.70	%			0.90	%			(12.12	)%			(12.29	)%
2021			25				23.49				22.49				582				1.11	%			0.70	%			0.90	%			8.54	%			(0.28	)%

* 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 Policy expenses of the respective Subaccounts of the Separate Account, consisting primarily of mortality and expense risk [and admin ]fees, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to Policy 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 16, 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.