Certificate of Accounting of Securities (Form 40-17F2)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-17f-2

Certificate of Accounting of Securities and Similar

Investments in the Custody of

Management Investment Companies

Pursuant to Rule 17f-2 [17 CFR 270.17f-2]

Report of Independent Accountants

To the Board of Trustees of Ivy Variable Insurance Portfolios

We have examined management's assertion, included in the accompanying Management Statement Regarding Compliance with Certain Provisions of the Investment Company Act of 1940, that the series listed in Appendix A (eight of the series constituting Ivy Variable Insurance Portfolios, hereafter collectively referred to as the "Series") complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 ("the Act") (the "specified requirements") as of August 15, 2024. The Series' management is responsible for its assertion and the Series' compliance with the specified requirements. Our responsibility is to express an opinion on management's assertion about the Series' compliance with the specified requirements based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management's assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether management's assertion is fairly stated in all material respects. The nature, timing and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management's assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

Included among our procedures were the following tests performed as of August 15, 2024, and with respect to agreement of security purchases and sales or maturities, for the period from December 31, 2023 (the date of our last examination), through August 15, 2024:

PricewaterhouseCoopers LLP, Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, PA 19103-7042 T: (267) 330 3000, www.pwc.us

Our examination does not provide a legal determination on the Series' compliance with the specified requirements.

We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements related to the engagement.

In our opinion, management's assertion that the Series complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of August 15, 2024 with respect to securities reflected in the investment accounts of the Series is fairly stated, in all material respects.

This report is intended solely for the information and use of management and the Board of Trustees of Ivy Variable Insurance Portfolios and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

March 30, 2026

Appendix A

Management Statement Regarding Compliance with Certain
Provisions of the Investment Company Act of 1940

We, as members of management of eight of the series constituting Ivy Variable Insurance Portfolios listed in Appendix A (the "Series"), are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management Investment Companies, of the Investment Company Act of 1940. We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Series' compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of August 15, 2024, and for the periods indicated in Appendix A.

Based on this evaluation, we assert that the Series were in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of August 15, 2024, and for the periods indicated in Appendix A, with respect to securities reflected in the investment account of the Series.

Ivy Variable Insurance Portfolios

By:

Senior Vice President and Chief Financial Officer
Date March 30, 2026

Senior Vice President and Treasurer

Date March 30, 2026