United Of Omaha Separate Account C

04/24/2026 | Press release | Distributed by Public on 04/24/2026 04:03

Financial Statements by Insurance Company (Form N-VPFS)

United of Omaha

Separate Account C

Financial Statements as of December 31, 2025, and for

each of the Periods Presented in the Years Ended

December 31, 2025 and 2024, and Report of

Independent Registered Public Accounting Firm

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of

United of Omaha Life Insurance Company

Omaha, Nebraska

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of net assets of each of the subaccounts of United of Omaha Separate Account C (the "Account") listed in Note 2 as of December 31, 2025; the related statements of operations and changes in net assets for each of the two years in the period then ended, and financial highlights for each of the five years in the period then ended for each of the subaccounts, except for the subaccounts indicated in the table below, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts listed in Note 2 constituting the Account as of December 31, 2025, and the results of their operations and the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended (or for the periods listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

Individual Subaccounts Comprising the

United of Omaha Separate Account C

Financial Highlights

MFS - Income Series II SC For the period May 23, 2023 to June 26, 2023, and for the period January 1, 2021 to December 20, 2021
Pioneer - Real Estate Shares VCT For the period January 1, 2023 to April 28, 2023, and the years ended December 31, 2022 and 2021
Pioneer - Real Estate Shares VCT II For the period January 1, 2023 to April 28, 2023, and the years ended December 31, 2022 and 2021
DWS - Bond For the period January 1, 2021 to October 28, 2021
DWS - Global Opportunities For the period January 1, 2024 to June 17, 2024, and for the years ended December 31, 2023, 2022 and 2021
DWS - Core Equity VIP For the period January 1, 2024 to June 17, 2024, and for the years ended December 31, 2023, 2022 and 2021
DWS - International B For the period January 1, 2024 to June 17, 2024, and for the years ended December 31, 2023, 2022 and 2021
Morgan Stanley - VIF Core Plus Fixed Income For the period January 1, 2023 to July 28, 2023, and for the years ended December 31, 2022 and 2021

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Account's management. Our responsibility is to express an opinion on the Account's 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 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. The Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Account's internal control over financial reporting. Accordingly, we express no such opinion.

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. 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. Our procedures included confirmation of investments owned as of December 31, 2025, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.

Omaha, Nebraska
April 1, 2026

We have served as the auditor of the Account since 1996.

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENT OF NET ASSETS

DECEMBER 31, 2025

Fair Value
Cost Contracts in
Accumulation
(Deferred)
Period 		Contracts in
Payout
(Annuitization)
Period 		Net Assets Shares

NET ASSETS

Investments:

Alger:

American Growth

$ 3,807,124 $ 5,922,539 $ 66,649 $ 5,989,188 58,052

American Small Capitalization

2,973,686 2,392,798 40,965 2,433,763 130,567

Federated:

Government Money Fund II

4,625,511 4,573,255 52,256 4,625,511 4,625,511

Fund for U.S. Government Securities II

1,241,258 1,102,663 567 1,103,230 118,499

Fidelity:

VIP Asset Manager

30,691 35,389 -  35,389 2,008

VIP Asset Manager: Growth

2,368,385 3,455,046 5,508 3,460,554 133,767

VIP Contrafund

8,391,035 12,407,476 116,634 12,524,110 209,119

VIP Contrafund SVC CL 2

69,610 105,109 -  105,109 1,849

VIP Equity Income

3,466,779 4,268,946 50,618 4,319,564 146,774

VIP Equity Income SVC CL 2

8,272 10,384 -  10,384 369

VIP Growth

200,372 261,515 -  261,515 2,676

VIP Index 500

3,049,893 8,874,967 145,825 9,020,792 13,665

VIP Index 500 SVC CL 2

144,979 341,406 -  341,406 525

VIP Mid Cap SVC CL 2

347,766 350,646 -  350,646 9,970

MFS:

Core Equity Portfolio

2,222,027 2,603,591 156,852 2,760,443 86,725

Core Equity Portfolio SC

46,959 58,649 -  58,649 1,884

Emerging Growth Series

6,737,578 8,902,167 100,668 9,002,835 132,687

High Yield Series

1,176,222 1,081,026 11,822 1,092,848 214,705

High Yield Series SC

12,674 11,423 -  11,423 2,276

Research Series

3,654,953 4,154,517 3,283 4,157,800 136,366

Income Series II

1,048,071 949,877 -  949,877 111,227

Pioneer:

Equity Income VCT

558,892 415,741 -  415,741 33,609

Fund VCT

172,439 209,348 -  209,348 10,509

Mid Cap Value VCT

3,740,004 3,184,983 62,753 3,247,736 285,139

Mid Cap Value VCT II

181,070 157,468 -  157,468 14,072

DWS:

International

1,285,293 1,716,176 5,433 1,721,609 165,222

Money Market

24,600 24,600 -  24,600 24,600

Small Cap Index VIP

355,094 393,289 -  393,289 26,184

T. Rowe Price

Equity Income

7,248,085 8,147,604 124,121 8,271,725 286,120

International Stock

3,355,239 3,517,842 134,062 3,651,904 229,680

Limited-Term Bond

1,356,093 1,283,352 44,518 1,327,870 279,552

All-Cap Opportunities Portfolio

4,023,047 4,977,808 95,569 5,073,377 127,922

Moderate Allocation

3,338,548 3,829,399 11,869 3,841,268 171,256

Morgan Stanley

VIF Emerging Markets Equity

350,530 432,155 12,304 444,459 25,296

See notes to these financial statements.

- 3 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

Alger Federated
American Growth American
Small Capitalization 		Government Money Fund II
2025 2024
2025 2024 2025 2024

Income:

Dividends

$ -  $ -  $ -  $ 9,511 $ 168,326 $ 166,690

Expenses:

Mortality & expense risk

(55,645 ) (52,021 ) (23,392 ) (25,633 ) (47,607 ) (38,119 )

Administrative charges

(11,905 ) (12,678 ) (4,737 ) (5,183 ) (12,023 ) (9,541 )

Net investment income (expense)

(67,550 ) (64,699 ) (28,129 ) (21,305 ) 108,696 119,030

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

264,709 220,856 (125,435 ) (88,783 ) -  - 

Net realized gain distributions

650,997 -  28,209 -  -  - 

Net realized gains (losses)

915,706 220,856 (97,226 ) (88,783 ) -  - 

Change in unrealized appreciation (depreciation) during the year

565,619 1,491,938 225,347 280,549 -  - 

Increase (decrease) in net assets from operations

1,413,775 1,648,095 99,992 170,461 108,696 119,030

Contract transactions:

Payments received from contract owners

15,350 80,822 35,330 42,942 70,585 144,717

Transfers between subaccounts (including fixed account), net

(202,968 ) (83,126 ) 70,864 (2,739 ) 503,844 1,705,934

Transfers for contract benefits and terminations

(398,762 ) (1,130,787 ) (259,914 ) (203,588 ) (562,332 ) (816,677 )

Contract maintenance charges

(3,463 ) (3,311 ) (2,012 ) (2,212 ) (3,920 ) (3,761 )

Net increase (decrease) in net assets from contract transactions

(589,843 ) (1,136,402 ) (155,732 ) (165,597 ) 8,177 1,030,213

Total increase (decrease) in net assets

823,932 511,693 (55,740 ) 4,864 116,873 1,149,243

Net assets at beginning of year

5,165,256 4,653,563 2,489,503 2,484,639 4,508,638 3,359,395

Net assets at end of year

$ 5,989,188 $ 5,165,256 $ 2,433,763 $ 2,489,503 $ 4,625,511 $ 4,508,638

Accumulation units:

Purchases

197 1,839 3,175 1,590 537,467 1,724,404

Withdrawals

(5,101 ) (20,385 ) (6,328 ) (4,802 ) (461,435 ) (930,914 )

Net increase (decrease) in units outstanding

(4,904 ) (18,546 ) (3,153 ) (3,212 ) 76,032 793,490

Units outstanding at beginning of year

44,658 63,204 49,034 52,246 3,617,339 2,823,849

Units outstanding at end of year

39,754 44,658 45,881 49,034 3,693,371 3,617,339

See notes to these financial statements.

- 4 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

Federated (continued) Fidelity
Fund for U.S. Government
Securities II 		VIP Asset Manager VIP Asset Manager: Growth
2025 2024 2025 2024 2025 2024

Income:

Dividends

$ 46,064 $ 41,285 $ 853 $ 788 $ 61,060 $ 57,691

Expenses:

Mortality & expense risk

(12,258 ) (13,008 ) (425 ) (412 ) (34,022 ) (33,228 )

Administrative charges

(2,601 ) (2,744 ) (51 ) (49 ) (6,906 ) (6,739 )

Net investment income (expense)

31,205 25,533 377 327 20,132 17,724

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

(24,672 ) (79,048 ) 187 149 111,322 92,584

Net realized gain distributions

-  -  1,522 205 113,418 38,409

Net realized gains (losses)

(24,672 ) (79,048 ) 1,709 354 224,740 130,993

Change in unrealized appreciation (depreciation) during the year

54,113 40,532 2,185 1,505 285,297 145,920

Increase (decrease) in net assets from operations

60,646 (12,983 ) 4,271 2,186 530,169 294,637

Contract transactions:

Payments received from contract owners

-  14,641 -  -  2,494 39,196

Transfers between subaccounts (including fixed account), net

32,519 71,227 -  -  (5,859 ) 20,110

Transfers for contract benefits and terminations

(144,661 ) (356,606 ) (1,281 ) (1,118 ) (341,503 ) (339,166 )

Contract maintenance charges

(775 ) (893 ) -  -  (3,822 ) (3,695 )

Net increase (decrease) in net assets from contract transactions

(112,917 ) (271,631 ) (1,281 ) (1,118 ) (348,690 ) (283,555 )

Total increase (decrease) in net assets

(52,271 ) (284,614 ) 2,990 1,068 181,479 11,082

Net assets at beginning of year

1,155,501 1,440,115 32,399 31,331 3,279,075 3,267,993

Net assets at end of year

$ 1,103,230 $ 1,155,501 $ 35,389 $ 32,399 $ 3,460,554 $ 3,279,075

Accumulation units:

Purchases

2,106 11,966 -  -  105 1,446

Withdrawals

(8,265 ) (26,085 ) (27 ) (26 ) (6,131 ) (7,122 )

Net increase (decrease) in units outstanding

(6,159 ) (14,119 ) (27 ) (26 ) (6,026 ) (5,676 )

Units outstanding at beginning of year

66,821 80,940 747 773 62,920 68,596

Units outstanding at end of year

60,662 66,821 720 747 56,894 62,920

See notes to these financial statements.

- 5 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

Fidelity (continued)
VIP Contrafund VIP Contrafund SVC
CL 2 		VIP Equity Income
2025 2024 2025 2024 2025 2024

Income:

Dividends

$ 16,580 $ 20,695 $ - $ 31 $ 73,553 $ 72,795

Expenses:

Mortality & expense risk

(119,515 ) (112,723 ) (1,304 ) (1,198 ) (42,006 ) (43,234 )

Administrative charges

(24,467 ) (23,046 ) (676 ) (621 ) (8,522 ) (8,770 )

Net investment income (expense)

(127,402 ) (115,074 ) (1,980 ) (1,788 ) 23,025 20,791

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

526,716 501,810 6,071 4,661 93,429 108,940

Net realized gain distributions

1,908,671 1,312,895 16,723 11,612 229,765 239,235

Net realized gains (losses)

2,435,387 1,814,705 22,794 16,273 323,194 348,175

Change in unrealized appreciation (depreciation) during the year

(144,770 ) 1,308,434 (2,495 ) 10,001 312,266 191,029

Increase (decrease) in net assets from operations

2,163,215 3,008,065 18,319 24,486 658,485 559,995

Contract transactions:

Payments received from contract owners

23,052 38,496 -  -  68,078 7,892

Transfers between subaccounts (including fixed account), net

(27,187 ) (94,594 ) (1,284 ) (2,878 ) 36,692 (45,426 )

Transfers for contract benefits and terminations

(1,255,000 ) (954,835 ) (10,722 ) (6,688 ) (584,822 ) (514,887 )

Contract maintenance charges

(8,095 ) (7,567 ) (6 ) (7 ) (2,026 ) (2,228 )

Net increase (decrease) in net assets from contract transactions

(1,267,230 ) (1,018,500 ) (12,012 ) (9,573 ) (482,078 ) (554,649 )

Total increase (decrease) in net assets

895,985 1,989,565 6,307 14,913 176,407 5,346

Net assets at beginning of year

11,628,125 9,638,560 98,802 83,889 4,143,157 4,137,811

Net assets at end of year

$ 12,524,110 $ 11,628,125 $ 105,109 $ 98,802 $ 4,319,564 $ 4,143,157

Accumulation units:

Purchases

204 273 -  -  1,241 616

Withdrawals

(6,672 ) (6,262 ) (161 ) (170 ) (7,288 ) (8,064 )

Net increase (decrease) in units outstanding

(6,468 ) (5,989 ) (161 ) (170 ) (6,047 ) (7,448 )

Units outstanding at beginning of year

63,577 69,566 1,529 1,699 53,487 60,935

Units outstanding at end of year

57,109 63,577 1,368 1,529 47,440 53,487

See notes to these financial statements.

- 6 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

Fidelity (continued)
VIP Equity Income SVC CL 2 VIP Growth VIP Index 500
2025 2024 2025 2024 2025 2024

Income:

Dividends

$ 162 $ 142 $ 720 $ 2 $ 98,510 $ 105,567

Expenses:

Mortality & expense risk

(120 ) (113 ) (3,032 ) (2,711 ) (89,338 ) (85,390 )

Administrative charges

(63 ) (58 ) (362 ) (323 ) (19,154 ) (18,533 )

Net investment income (expense)

(21 ) (29 ) (2,674 ) (3,032 ) (9,982 ) 1,644

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

41 400 966 1,232 779,292 617,300

Net realized gain distributions

567 535 31,854 48,233 45,436 5,021

Net realized gains (losses)

608 935 32,820 49,465 824,728 622,321

Change in unrealized appreciation (depreciation) during the year

887 160 540 4,848 525,946 1,097,041

Increase (decrease) in net assets from operations

1,474 1,066 30,686 51,281 1,340,692 1,721,006

Contract transactions:

Payments received from contract owners

-  -  -  -  19,982 79,052

Transfers between subaccounts (including fixed account), net

(25 ) 215 -  -  (525,087 ) 65,331

Transfers for contract benefits and terminations

(3,203 ) -  -  (497,510 ) (642,147 )

Contract maintenance charges

-  -  (33 ) (33 ) (5,226 ) (5,833 )

Net increase (decrease) in net assets from contract transactions

(25 ) (2,988 ) (33 ) (33 ) (1,007,841 ) (503,597 )

Total increase (decrease) in net assets

1,449 (1,922 ) 30,653 51,248 332,851 1,217,409

Net assets at beginning of year

8,935 10,857 230,862 179,614 8,687,941 7,470,532

Net assets at end of year

$ 10,384 $ 8,935 $ 261,515 $ 230,862 $ 9,020,792 $ 8,687,941

Accumulation units:

Purchases

-  6 -  -  1,225 5,680

Withdrawals

(1 ) (117 ) -  -  (12,434 ) (12,252 )

Net increase (decrease) in units outstanding

(1 ) (111 ) -  -  (11,209 ) (6,572 )

Units outstanding at beginning of year

297 408 1,333 1,333 104,885 111,457

Units outstanding at end of year

296 297 1,333 1,333 93,676 104,885

See notes to these financial statements.

- 7 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

Fidelity (continued) MFS
VIP Index 500 SVC CL2 VIP Mid Cap SVC CL 2 Core Equity Portfolio
2025 2024 2025 2024 2025 2024

Income:

Dividends

$ 2,966 $ 3,442 $ 819 $ 1,173 $ 12,185 $ 15,602

Expenses:

Mortality & expense risk

(4,053 ) (4,116 ) (3,455 ) (3,414 ) (26,924 ) (26,932 )

Administrative charges

(1,691 ) (1,731 ) (767 ) (761 ) (6,043 ) (6,030 )

Net investment income (expense)

(2,778 ) (2,405 ) (3,403 ) (3,002 ) (20,782 ) (17,360 )

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

19,759 27,094 1,302 2,199 53,733 93,511

Net realized gain distributions

1,662 204 40,125 45,244 271,527 113,536

Net realized gains (losses)

21,421 27,298 41,427 47,443 325,260 207,047

Change in unrealized appreciation (depreciation) during the year

28,778 38,884 (3,855 ) 3,498 (23,900 ) 262,590

Increase (decrease) in net assets from operations

47,421 63,777 34,169 47,939 280,578 452,277

Contract transactions:

Payments received from contract owners

180 180 -  -  27,677 61,436

Transfers between subaccounts (including fixed account), net

(43,373 ) 12,992 84 7,804 (7,374 ) (55,956 )

Transfers for contract benefits and terminations

(6,714 ) (20,392 ) (28,840 ) (14,285 ) (210,760 ) (320,212 )

Contract maintenance charges

(24 ) (24 ) (35 ) (129 ) (1,397 ) (1,629 )

Net increase (decrease) in net assets from contract transactions

(49,931 ) (7,244 ) (28,791 ) (6,610 ) (191,854 ) (316,361 )

Total increase (decrease) in net assets

(2,510 ) 56,533 5,378 41,329 88,724 135,916

Net assets at beginning of year

343,916 287,383 345,268 303,939 2,671,719 2,535,803

Net assets at end of year

$ 341,406 $ 343,916 $ 350,646 $ 345,268 $ 2,760,443 $ 2,671,719

Accumulation units:

Purchases

42 838 8 105 561 1,498

Withdrawals

(1,119 ) (1,033 ) (351 ) (196 ) (2,855 ) (5,681 )

Net increase (decrease) in units outstanding

(1,077 ) (195 ) (343 ) (91 ) (2,294 ) (4,183 )

Units outstanding at beginning of year

7,718 7,913 4,447 4,538 33,490 37,673

Units outstanding at end of year

6,641 7,718 4,104 4,447 31,196 33,490

See notes to these financial statements.

- 8 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

MFS (continued)
Core Equity Portfolio SC Emerging Growth Series High Yield Series
2025 2024 2025 2024 2025 2024

Income:

Dividends

$ 142 $ 916 $ -  $ -  $ 62,137 $ 59,106

Expenses:

Mortality & expense risk

(981 ) (2,429 ) (88,054 ) (82,929 ) (9,846 ) (9,534 )

Administrative charges

( 512 ) (1,093 ) (18,134 ) (17,063 ) (1,970 ) (1,909 )

Net investment income (expense)

(1,351 ) (2,606 ) (106,188 ) (99,992 ) 50,321 47,663

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

20,286 16,524 218,401 288,397 (19,651 ) (17,141 )

Net realized gain distributions

6,482 10,194 1,576,472 640,077 -  - 

Net realized gains (losses)

26,768 26,718 1,794,873 928,474 (19,651 ) (17,141 )

Change in unrealized appreciation (depreciation) during the year

(13,343 ) 17,097 (784,120 ) 1,226,670 35,354 20,566

Increase (decrease) in net assets from operations

12,074 41,209 904,565 2,055,152 66,024 51,088

Contract transactions:

Payments received from contract owners

120 121 17,059 370,787 28,218 57,489

Transfers between subaccounts (including fixed account), net

(174,207 ) 134,024 (33,809 ) (153,907 ) 180,412 34,821

Transfers for contract benefits and terminations

(8,542 ) (14,780 ) (534,800 ) (598,927 ) (162,391 ) (116,337 )

Contract maintenance charges

(4 ) (4 ) (4,089 ) (4,290 ) (937 ) (906 )

Net increase (decrease) in net assets from contract transactions

(182,633 ) 119,361 (555,639 ) (386,337 ) 45,302 (24,933 )

Total increase (decrease) in net assets

(170,559 ) 160,570 348,926 1,668,815 111,326 26,155

Net assets at beginning of year

229,208 68,638 8,653,909 6,985,094 981,522 955,367

Net assets at end of year

$ 58,649 $ 229,208 $ 9,002,835 $ 8,653,909 $ 1,092,848 $ 981,522

Accumulation units:

Purchases

21 13,592 298 2,581 6,130 3,023

Withdrawals

(4,952 ) (9,437 ) (3,931 ) (5,497 ) (5,054 ) (3,863 )

Net increase (decrease) in units outstanding

(4,931 ) 4,155 (3,633 ) (2,916 ) 1,076 (840 )

Units outstanding at beginning of year

6,522 2,367 60,636 63,552 28,946 29,786

Units outstanding at end of year

1,591 6,522 57,003 60,636 30,022 28,946

See notes to these financial statements.

- 9 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

MFS (continued)
High Yield Series SC Research Series Income Series II
2025 2024 2025 2024 2025 2024

Income:

Dividends

$ 736 $ 661 $ 38,786 $ 24,579 $ 40,589 $ 37,296

Expenses:

Mortality & expense risk

(142 ) (140 ) (40,868 ) (41,443 ) (9,624 ) (9,552 )

Administrative charges

(45 ) (42 ) (8,430 ) (8,556 ) (1,999 ) (1,994 )

Net investment income (expense)

549 479 (10,512 ) (25,420 ) 28,966 25,750

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

(125 ) (151 ) 111,530 129,520 (17,983 ) (18,833 )

Net realized gain distributions

-  -  950,485 236,328 -  - 

Net realized gains (losses)

(125 ) (151 ) 1,062,015 365,848 (17,983 ) (18,833 )

Change in unrealized appreciation (depreciation) during the year

307 190 (624,542 ) 312,396 45,449 12,237

Increase (decrease) in net assets from operations

731 518 426,961 652,824 56,432 19,154

Contract transactions:

Payments received from contract owners

-  -  53,547 29,630 9,359 15,774

Transfers between subaccounts (including fixed account), net

112 350 1,773 (8,983 ) 79,400 55,523

Transfers for contract benefits and terminations

(760 ) (785 ) (492,572 ) (350,582 ) (141,772 ) (90,934 )

Contract maintenance charges

(5 ) (5 ) (2,494 ) (2,592 ) (978 ) (965 )

Net increase (decrease) in net assets from contract transactions

(653 ) (440 ) (439,746 ) (332,527 ) (53,991 ) (20,602 )

Total increase (decrease) in net assets

78 78 (12,785 ) 320,297 2,441 (1,448 )

Net assets at beginning of year

11,345 11,267 4,170,585 3,850,288 947,436 948,884

Net assets at end of year

$ 11,423 $ 11,345 $ 4,157,800 $ 4,170,585 $ 949,877 $ 947,436

Accumulation units:

Purchases

5 16 672 1,044 3,687 4,065

Withdrawals

(31 ) (34 ) (5,309 ) (4,931 ) (5,881 ) (4,940 )

Net increase (decrease) in units outstanding

(26 ) (18 ) (4,637 ) (3,887 ) (2,194 ) (875 )

Units outstanding at beginning of year

509 527 44,661 48,548 40,048 40,923

Units outstanding at end of year

483 509 40,024 44,661 37,854 40,048

See notes to these financial statements.

- 10 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

Pioneer
Equity Income VCT Fund VCT Mid Cap Value VCT
2025 2024 2025 2024 2025 2024

Income:

Dividends

$ 7,927 $ 7,424 $ 420 $ 757 $ 64,353 $ 59,087

Expenses:

Mortality & expense risk

(4,011 ) (3,889 ) (1,978 ) (1,855 ) (31,299 ) (31,235 )

Administrative charges

(852 ) (826 ) (336 ) (312 ) (6,595 ) (6,581 )

Net investment income (expense)

3,064 2,709 (1,894 ) (1,410 ) 26,459 21,271

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

(6,320 ) (4,214 ) 1,714 2,005 (49,735 ) (82,883 )

Net realized gain distributions

56,541 69,437 25,319 8,567 249,835 181,357

Net realized gains (losses)

50,221 65,223 27,033 10,572 200,100 98,474

Change in unrealized appreciation (depreciation) during the year

(16,103 ) (33,151 ) 13,061 23,600 69,424 164,069

Increase (decrease) in net assets from operations

37,182 34,781 38,200 32,762 295,983 283,814

Contract transactions:

Payments received from contract owners

-  -  -  -  1,795 177,440

Transfers between subaccounts (including fixed account), net

1,668 1,369 (276 ) 3,945 22,155 42,506

Transfers for contract benefits and terminations

(13,181 ) (9,200 ) (8,621 ) (15,320 ) (203,159 ) (326,067 )

Contract maintenance charges

(351 ) (332 ) (223 ) (207 ) (2,483 ) (2,277 )

Net increase (decrease) in net assets from contract transactions

(11,864 ) (8,163 ) (9,120 ) (11,582 ) (181,692 ) (108,398 )

Total increase (decrease) in net assets

25,318 26,618 29,080 21,180 114,291 175,416

Net assets at beginning of year

390,423 363,805 180,269 159,089 3,133,445 2,958,029

Net assets at end of year

$ 415,741 $ 390,423 $ 209,348 $ 180,269 $ 3,247,736 $ 3,133,445

Accumulation units:

Purchases

53 42 15 120 588 4,136

Withdrawals

(329 ) (240 ) (187 ) (376 ) (3,159 ) (5,670 )

Net increase (decrease) in units outstanding

(276 ) (198 ) (172 ) (256 ) (2,571 ) (1,534 )

Units outstanding at beginning of year

9,282 9,480 3,867 4,123 45,392 46,926

Units outstanding at end of year

9,006 9,282 3,695 3,867 42,821 45,392

See notes to these financial statements.

- 11 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

Pioneer (continued) DWS
Mid Cap Value VCT II Global Opportunities Core Equity VIP
2025 2024 2025 2024 2025 2024

Income:

Dividends

$ 2,887 $ 2,768 $ -  $ 6,565 $ -  $ 7,336

Expenses:

Mortality & expense risk

(1,976 ) (2,037 ) -  (2,742 ) -  (6,069 )

Administrative charges

(1,009 ) (1,032 ) -  (590 ) -  (1,451 )

Net investment income (expense)

(98 ) (301 ) -  3,233 -  (184 )

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

(2,926 ) (4,918 ) -  (118,683 ) -  255,085

Net realized gain distributions

12,850 9,667 -  26,081 -  71,947

Net realized gains (losses)

9,924 4,749 -  (92,602 ) -  327,032

Change in unrealized appreciation (depreciation) during the year

3,643 8,820 -  84,977 -  (174,773 )

Increase (decrease) in net assets from operations

13,469 13,268 -  (4,392 ) -  152,075

Contract transactions:

Payments received from contract owners

120 120 -  100 -  201

Transfers between subaccounts (including fixed account), net

915 783 -  (588,504 ) -  (1,401,554 )

Transfers for contract benefits and terminations

(12,737 ) (19,440 ) -  (1,427 ) -  (21,177 )

Contract maintenance charges

(8 ) (31 ) -  (151 ) -  (880 )

Net increase (decrease) in net assets from contract transactions

(11,710 ) (18,568 ) -  (589,982 ) -  (1,423,410 )

Total increase (decrease) in net assets

1,759 (5,300 ) -  (594,374 ) -  (1,271,335 )

Net assets at beginning of year

155,709 161,009 -  594,374 -  1,271,335

Net assets at end of year

$ 157,468 $ 155,709 $ -  $ - $ -  $ - 

Accumulation units:

Purchases

48 70 -  34 -  5

Withdrawals

(335 ) (595 ) -  (12,743 ) -  (28,468 )

Net increase (decrease) in units outstanding

(287 ) (525 ) -  (12,709 ) -  (28,463 )

Units outstanding at beginning of year

4,343 4,868 -  12,709 -  28,463

Units outstanding at end of year

4,056 4,343 -  -  -  - 

See notes to these financial statements.

- 12 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

DWS (continued)
International International B Money Market
2025 2024 2025 2024 2025 2024

Income:

Dividends

$ 43,727 $ 48,635 $ -  $ 107 $ 966 $ 1,189

Expenses:

Mortality & expense risk

(16,085 ) (14,872 ) -  (21 ) (311 ) (313 )

Administrative charges

(3,194 ) (2,957 ) -  -  (37 ) (37 )

Net investment income (expense)

24,448 30,806 -  86 618 839

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

37,727 (6,514 ) -  (547 ) -  - 

Net realized gain distributions

-  -  -  -  -  - 

Net realized gains (losses)

37,727 (6,514 ) -  (547 ) -  - 

Change in unrealized appreciation (depreciation) during the year

505,910 (4,844 ) -  462 -  - 

Increase (decrease) in net assets from operations

568,085 19,448 -  1 618 839

Contract transactions:

Payments received from contract owners

17,761 30,188 -  -  -  - 

Transfers between subaccounts (including fixed account), net

(141,360 ) 45,258 -  (3,459 ) -  - 

Transfers for contract benefits and terminations

(152,078 ) (155,998 ) -  -  (632 ) (577 )

Contract maintenance charges

(1,871 ) (1,719 ) -  -  (5 ) (6 )

Net increase (decrease) in net assets from contract transactions

(277,548 ) (82,271 ) -  (3,459 ) (637 ) (583 )

Total increase (decrease) in net assets

290,537 (62,823 ) -  (3,458 ) (19 ) 256

Net assets at beginning of year

1,431,072 1,493,895 -  3,458 24,619 24,363

Net assets at end of year

$ 1,721,609 $ 1,431,072 $ -  $ -  $ 24,600 $ 24,619

Accumulation units:

Purchases

963 5,286 -  -  -  - 

Withdrawals

(12,054 ) (9,294 ) -  (272 ) (474 ) (448 )

Net increase (decrease) in units outstanding

(11,091 ) (4,008 ) -  (272 ) (474 ) (448 )

Units outstanding at beginning of year

69,702 73,710 -  272 18,698 19,146

Units outstanding at end of year

58,611 69,702 -  -  18,224 18,698

See notes to these financial statements.

- 13 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

DWS (continued) T. Rowe Price
Small Cap Index VIP Equity Income International Stock
2025 2024 2025 2024 2025 2024

Income:

Dividends

$ 4,918 $ 4,476 $ 131,413 $ 148,080 $ 69,131 $ 34,414

Expenses:

Mortality & expense risk

(3,730 ) (3,881 ) (81,945 ) (85,013 ) (37,090 ) (37,750 )

Administrative charges

(910 ) (937 ) (17,635 ) (18,141 ) (8,118 ) (8,247 )

Net investment income (expense)

278 (342 ) 31,833 44,926 23,923 (11,583 )

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

829 2,133 152,035 276,797 65,329 49,616

Net realized gain distributions

21,001 10,490 787,557 518,196 303,628 89,054

Net realized gains (losses)

21,830 12,623 939,592 794,993 368,957 138,670

Change in unrealized appreciation (depreciation) during the year

18,348 23,811 6,876 (17,791 ) 172,508 (46,565 )

Increase (decrease) in net assets from operations

40,456 36,092 978,301 822,128 565,388 80,522

Contract transactions:

Payments received from contract owners

-  -  190,759 61,982 53,153 119,556

Transfers between subaccounts (including fixed account), net

193 (4,116 ) 60,342 (5,137 ) (4,299 ) 112,289

Transfers for contract benefits and terminations

(9,080 ) (43,414 ) (859,072 ) (1,263,396 ) (493,375 ) (421,720 )

Contract maintenance charges

(376 ) (398 ) (3,416 ) (3,826 ) (2,764 ) (2,897 )

Net increase (decrease) in net assets from contract transactions

(9,263 ) (47,928 ) (611,387 ) (1,210,377 ) (447,285 ) (192,772 )

Total increase (decrease) in net assets

31,193 (11,836 ) 366,914 (388,249 ) 118,103 (112,250 )

Net assets at beginning of year

362,096 373,932 7,904,811 8,293,060 3,533,801 3,646,051

Net assets at end of year

$ 393,289 $ 362,096 $ 8,271,725 $ 7,904,811 $ 3,651,904 $ 3,533,801

Accumulation units:

Purchases

32 26 2,816 6,526 3,581 9,133

Withdrawals

(241 ) (1,203 ) (9,767 ) (21,707 ) (18,226 ) (15,820 )

Net increase (decrease) in units outstanding

(209 ) (1,177 ) (6,951 ) (15,181 ) (14,645 ) (6,687 )

Units outstanding at beginning of year

8,959 10,136 99,232 114,413 127,434 134,121

Units outstanding at end of year

8,750 8,959 92,281 99,232 112,789 127,434

See notes to these financial statements.

- 14 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

T. Rowe Price (Continued)
Limited-Term Bond All-Cap Opportunities Portfolio Moderate Allocation
2025 2024 2025 2024 2025 2024

Income:

Dividends

$ 59,490 $ 61,970 $ -  $ 3,437 $ 84,283 $ 86,492

Expenses:

Mortality & expense risk

(14,033 ) (15,055 ) (50,082 ) (52,274 ) (37,398 ) (38,575 )

Administrative charges

(3,049 ) (3,334 ) (9,998 ) (10,673 ) (7,876 ) (8,092 )

Net investment income (expense)

42,408 43,581 (60,080 ) (59,510 ) 39,009 39,825

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

(10,180 ) (9,243 ) 129,852 420,292 87,274 53,216

Net realized gain distributions

-  -  557,377 531,050 164,205 102,981

Net realized gains (losses)

(10,180 ) (9,243 ) 687,229 951,342 251,479 156,197

Change in unrealized appreciation (depreciation) during the year

27,535 18,908 57,020 222,266 152,983 123,056

Increase (decrease) in net assets from operations

59,763 53,246 684,169 1,114,098 443,471 319,078

Contract transactions:

Payments received from contract owners

53,205 14,846 533 13,488 204,413 27,218

Transfers between subaccounts (including fixed account), net

26,531 76,437 (12,396 ) 48,743 182,548 6,481

Transfers for contract benefits and terminations

(258,722 ) (175,232 ) (437,391 ) (1,426,689 ) (718,161 ) (364,806 )

Contract maintenance charges

(752 ) (1,402 ) (2,190 ) (2,767 ) (3,041 ) (3,028 )

Net increase (decrease) in net assets from contract transactions

(179,738 ) (85,351 ) (451,444 ) (1,367,225 ) (334,241 ) (334,135 )

Total increase (decrease) in net assets

(119,975 ) (32,105 ) 232,725 (253,127 ) 109,230 (15,054 )

Net assets at beginning of year

1,447,845 1,479,950 4,840,652 5,093,779 3,732,038 3,747,092

Net assets at end of year

$ 1,327,870 $ 1,447,845 $ 5,073,377 $ 4,840,652 $ 3,841,268 $ 3,732,038

Accumulation units:

Purchases

7,658 6,650 67 2,172 5,875 1,414

Withdrawals

(17,641 ) (11,760 ) (2,921 ) (11,296 ) (11,339 ) (6,889 )

Net increase (decrease) in units outstanding

(9,983 ) (5,110 ) (2,854 ) (9,124 ) (5,464 ) (5,475 )

Units outstanding at beginning of year

81,370 86,480 31,815 40,939 61,029 66,504

Units outstanding at end of year

71,387 81,370 28,961 31,815 55,565 61,029

See notes to these financial statements.

- 15 -

UNITED OF OMAHA SEPARATE ACCOUNT C

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

Morgan Stanley
VIF Emerging Markets Equity
2025 2024

Income:

Dividends

$ 1,669 $ 5,777

Expenses:

Mortality & expense risk

(4,168 ) (4,392 )

Administrative charges

(1,031 ) (1,070 )

Net investment income (expense)

(3,530 ) 315

Realized gains (losses) on investments:

Net realized gains (losses) on sale of fund shares

5,834 7

Net realized gain distributions

13,863 - 

Net realized gains (losses)

19,697 7

Change in unrealized appreciation (depreciation) during the year

96,481 27,239

Increase (decrease) in net assets from operations

112,648 27,561

Contract transactions:

Payments received from contract owners

6,507 48,483

Transfers between subaccounts

(including fixed account), net

(21,761 ) 10,064

Transfers for contract benefits and terminations

(46,128 ) (142,433 )

Contract maintenance charges

(183 ) (236 )

Net increase (decrease) in net assets from contract transactions

(61,565 ) (84,122 )

Total increase (decrease) in net assets

51,083 (56,561 )

Net assets at beginning of year

393,376 449,937

Net assets at end of year

$ 444,459 $ 393,376

Accumulation units:

Purchases

524 2,863

Withdrawals

(2,538 ) (6,001 )

Net increase (decrease) in units outstanding

(2,014 ) (3,138 )

Units outstanding at beginning of year

14,528 17,666

Units outstanding at end of year

12,514 14,528

See notes to these financial statements.

- 16 -

UNITED OF OMAHA SEPARATE ACCOUNT C

NOTES TO FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

1.

NATURE OF OPERATIONS

United of Omaha Separate Account C (the "Separate Account") was established by United of Omaha Life Insurance Company ("United") on December 1, 1993, under procedures established by Nebraska law, and is registered as a unit investment trust under the Investment Company Act of 1940, as amended. The Separate Account is a funding vehicle for individual variable annuity contracts. The assets of the Separate Account are owned by United, however, the net assets of the Separate Account are clearly identified and distinguished from United's other assets and liabilities. The portion of the Separate Account's assets applicable to the variable annuity contracts is not chargeable with liabilities arising out of any other business United may conduct.

A contract owner of the Separate Account may allocate funds to the fixed income account, which is part of United's general account, in addition to those subaccounts detailed below. Interests in the fixed income account have not been registered under the Securities Act of 1933 and United has not been registered as an investment company under the Investment Company Act of 1940, due to exemptive and exclusionary provisions under such acts.

2.

SUBACCOUNTS

The Separate Account is divided into subaccounts for which accumulation units are separately maintained. Each subaccount invests exclusively in shares of a corresponding mutual fund portfolio. The available subaccounts with activity during 2025 or 2024 are:

Alger

Alger American Fund

Alger American LargeCap Growth Portfolio Class O ("American Growth")

Alger American SmallCap Growth Portfolio Class O ("American Small Capitalization")

Federated

Federated Insurance Series

Federated Hermes Government Money Fund II ("Government Money Fund II")

Federated Hermes Fund for U.S. Government Securities II ("Fund for U.S. Government Securities II")

Fidelity

Fidelity Variable Insurance Products Fund

Fidelity VIP Equity-Income Portfolio Initial Class ("VIP Equity Income")

Fidelity VIP Equity-Income Portfolio Service Class 2 ("VIP Equity Income SVC CL 2")

Fidelity VIP Growth Portfolio Initial Class ("VIP Growth")

Fidelity VIP Mid Cap Portfolio Service Class 2 ("VIP Mid Cap SVC CL 2")

Fidelity Variable Insurance Products

Fidelity VIP Asset Manager Portfolio Initial Class ("VIP Asset Manager")

Fidelity VIP Asset Manager: Growth Portfolio Initial Class ("VIP Asset Manager: Growth")

Fidelity VIP Contrafund Portfolio Service Class ("VIP Contrafund")

Fidelity VIP Contrafund Portfolio Service Class 2 ("VIP Contrafund SVC CL 2")

Fidelity VIP Index 500 Portfolio Initial Class ("VIP Index 500")

Fidelity VIP Index 500 Portfolio Service Class 2 ("VIP Index 500 SVC CL 2")

MFS

MFS Variable Insurance Trust

MFS Core Equity Portfolio ("Core Equity Portfolio")

MFS Core Equity Portfolio ("Core Equity Portfolio SC")

MFS Growth Series Portfolio Initial Class ("Emerging Growth Series")

MFS High Yield Initial Class ("High Yield Series")

MFS High Yield Service Class ("High Yield Series SC")

MFS Research Series Portfolio Initial Class ("Research Series")

MFS VIT II Income Initial Class ("Income Series II")

Pioneer

Pioneer Variable Contracts Trust

Pioneer Equity Income VCT Portfolio Class II ("Equity Income VCT")

Pioneer Fund VCT Portfolio Class II ("Fund VCT")

Pioneer Mid Cap Value VCT Portfolio Class I ("Mid Cap Value VCT")

Pioneer Mid Cap Value VCT Portfolio Class II ("Mid Cap Value VCT II")

DWS

DWS Variable Series I

DWS CROCI International VIP Class A ("International")

DWS Government Money Market VIP Class A ("Money Market")

DWS Investments VIT Funds

DWS Small Cap Index VIP Class A ("Small Cap Index VIP")

T. Rowe Price

T. Rowe Price Equity Series, Inc.

T. Rowe Price Equity Income Portfolio ("Equity Income")

T. Rowe Price All-Cap Opportunities Portfolio ("All-Cap Opportunities Portfolio")

T. Rowe Price Moderate Allocation Portfolio ("Moderate Allocation")

T. Rowe Price International Series, Inc.

T. Rowe Price International Stock Portfolio ("International Stock")

T. Rowe Price Fixed Income Series, Inc.

T. Rowe Price Limited-Term Bond Portfolio ("Limited-Term Bond")

Morgan Stanley

Morgan Stanley Variable Insurance Funds

Morgan Stanley VIF Emerging Markets Equity Portfolio Class I ("VIF Emerging Markets Equity")

- 17 -

The availability of some subaccounts is dependent upon the product under which each contract was written.

The following subaccounts are available but are not shown on the statements due to not having had any activity in 2025 or 2024:

Fidelity VIP Asset Manager: Growth Portfolio Service Class 2 ("VIP Asset Manager: Growth SVC CL 2")

Morgan Stanley VIF Core Plus Fixed Income Portfolio Class II ("UIF Core Plus Fixed Income II")

MFS Growth Series Portfolio Service Class ("Emerging Growth Series SC")

DWS Bond VIP Class A ("Bond")

MFS VIT II Income Service Class ("Income Series II SC")

Effective June 17, 2024, DWS Global Opportunities VIP Class B ("Global Opportunities") was no longer available for investment.

Assets were transferred to Federated Hermes Government Money Fund II ("Government Money Fund II").

Effective June 17, 2024, DWS Core Equity VIP - Class B ("Core Equity VIP") was no longer available for investment.

Assets were transferred to Government Money Fund II.

Effective June 17, 2024, DWS CROCI International VIP Class B ("International B") was no longer available for investment.

Assets were transferred to Government Money Fund II.

3.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and disclosures of assets at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting year. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in investment valuation in the absence of quoted market prices.

Security Valuation and Related Investment Income - Investments are made in the portfolios of the Separate Account and are valued at the reported net asset values of such portfolios, which value their investment securities at fair value. Transactions are recorded on a trade date basis. Income from dividends and gains from realized gain distributions are recorded on the ex-distribution date. Realized gains and losses on the sales of investments are determined based on the average cost of investments sold.

The investments of the Separate Account and United of Omaha Separate Account B are jointly held in accounts with the investment managers.

Contracts in Payout (Annuitization) period - Net assets allocated to contracts in the payout period are computed according to the 1983 Individual Annuitant Mortality Table. The assumed investment return is 4.0%. The mortality risk is fully borne by United and may result in additional amounts being transferred into the subaccounts of the Separate Account by United to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to United. These items are included in the adjustment to net assets allocated to contracts in payout year.

Federal Income Taxes - United is taxed as a life insurance company and includes in its results the taxable income or loss of the Separate Account subaccounts excluding those items which are specifically attributed to the contracts. No charge for federal income taxes is being made to the Separate Account subaccounts. In the event of changes in the tax laws, charges may be made in the future.

As of December 31, 2025, there were no uncertain tax positions which management believes will materially change within the next twelve months.

Fair Value Measurements - Current fair value guidance requires financial instruments measured at fair value to be categorized into a three-level classification. The lowest level input that is significant to the fair value measurement of a financial instrument is used to categorize the instrument and reflects the judgment of management. The valuation criteria is summarized as follows:

Level 1 - Inputs are unadjusted and represent quoted prices in active markets for identical assets at the measurement date.
Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset through correlation with market data at the measurement date.
Level 3 - Inputs reflect management's best estimate of what market participants would use in pricing the asset at the measurement date. Financial assets presented at fair value and categorized as Level 3 are generally those that are valued using unobservable inputs.

Each subaccount invests in shares of mutual funds, which calculate a daily net asset value based on the value of the underlying securities in the portfolio. As such, the investments held in the Separate Account were valued using Level 2 inputs as defined by the applicable fair value guidance.

Payments Received from Contract Owners - In the Statement of Operations and Changes in Net Assets, the line item "Payments received from contract owners" includes both deposits received from policyholders and net gains and losses resulting from the timing of executed trades.

Segment Reporting - Each fund of the Separate Account constitutes a single operating segment and therefore, a single reportable segment because the chief operating decision maker ("CODM") manages the activities of the Separate Account using information of each fund. The Separate Account is engaged in a single line of business as a registered unit investment trust. The Separate Account is a funding vehicle for individual variable annuity contracts with the assets owned by United to support the liabilities of the applicable insurance contracts. The subaccounts haves identified the Chief Financial Officer of the sponsoring company as the CODM as the Separate Account does not have employees and is not a separate legal entity.

The CODM uses increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while monitoring the net assets of each of the funds within the Separate Account. The Accounting policies used to measure profit and loss of the segments are the same as those described in the summary of significant accounting policies (included in this note). The measure of segment assets is reported on the statement of net assets as net assets. Refer to the Statements of Operations and Changes in Net Assets for each fund's operating segment and related footnotes for significant principle expenses and the existing segment requirements as of December 31, 2025 and for the year ended December 31, 2025 and December 31, 2024. All assets and revenue is generated in the US and there is no customer greater than 10% of consolidated results for all periods presented.

Subsequent Events - Subsequent events have been evaluated through April 1, 2026, the date these financial statements were issued.

4.

ACCOUNT CHARGES

Mortality & Expense Risk Charge:

United deducts a daily charge as compensation for the mortality and expense risks assumed by United. The nominal annual rate

is a percentage of the net asset value of each subaccount based on the following products:

Series I

1.25 % Series V 1.00 %

Ultra-Access

1.40 % Ultra-Rewards 1.25 %

Ultra-Select

1.50 %

These charges are assessed through reduction of unit values. United guarantees that the mortality and expense charge will not increase above these levels.

Administrative Charges:

United deducts a daily administrative expense charge from the net assets of the Separate Account. The annual rate is a percentage of the net asset value of each subaccount based on the following products:

Series I

0.15 %

Series V

0.20 %

Ultra-Rewards and Ultra-Select

0.15 % (0% for accumulation value of $100,000 or more)

Ultra-Access

0.20 %

The daily administrative expense charges for Ultra-Rewards and Ultra-Select products are reflected in the Statement of Operations and Changes in Net Assets within the "Mortality & expense risk" financial statement line item aggregated with the mortality and expense risk charges for those products. For the remaining products, the daily administrative expense charges are broken out separately in the Statement of Operations and Changes in Net Assets within the "Administrative charges" financial statement line item.

These charges are assessed through reduction of unit values. United guarantees that the administrative charge will not increase above these levels.

Enhanced Death Benefit - The Series V, Ultra-Rewards, and Ultra-Select variable annuity products include a feature which provides the contract owner an option to purchase an enhanced death benefit. For Ultra-Rewards and Ultra-Select, a daily charge equivalent to an annual rate of 0.30% of the accumulation value is deducted from each contract with this feature. For Series V, a daily charge equivalent to an annual rate of 0.35% of the accumulation value is deducted from each contract issued prior to May 1, 2003. A daily charge equal to an annual rate of 0.30% of accumulation value is deducted from each contract issued after May 1, 2003. These charges are assessed through a reduction of unit values. Series V contracts issued prior to May 1, 1998 are assessed a daily charge of 0.35% of the accumulation value through a reduction of unit value for each contract with this feature.

- 18 -

Enhanced Credit Rider - Ultra-Rewards contract owners can elect the enhanced credit rider. A daily charge equivalent to an annual rate of 0.50% of the accumulation value is deducted from each contract for this charge for the first eight contract years. These charges are assessed through the reduction of unit values.

Enhanced Earnings Death Benefit Charge - Ultra-Select and Ultra-Rewards contract owners can elect the enhanced earnings death benefit rider. A daily charge equivalent to an annual charge of 0.30% of the accumulation value is deducted from each contract for this charge. These charges are assessed through the reduction of unit values.

Return Benefits Charge - Series V, Ultra-Select and Ultra-Access contract owners can elect there turns benefit rider. An annual charge is calculated and assessed on the contract anniversary. The charge equivalent to an annual charge of 0.40% of the accumulation value is deducted from each contract for this charge. These charges are assessed through the reduction of unit values.

Contract Maintenance Charges:

Withdrawal Charge - United may deduct a withdrawal charge, expressed as a percentage of accumulation value (accumulated units times unit value) surrendered or withdrawn. The withdrawal charge percentage varies depending upon the number of years elapsed since the date the purchase payment was made. The amount of the withdrawal requested plus the withdrawal charge is deducted from the accumulation value on the date the request is received as a redemption of units.

Transfer fees - A transfer fee of $10 ($20 for Ultra Select contract owners) may be imposed for any non-systematic transfer in excess of twelve per contract year. The transfer fee is deducted from the amount transferred on the date of the transfer as a redemption of units.

Contract Fee - There is an annual contract fee of $30 for Series I, Series V and Ultra-Access and $40 for Ultra-Rewards and Ultra-Select that is deducted from the accumulated value on the last valuation date of each contract year or at complete surrender. The annual contract fee is waived if the accumulated value is $50,000 or more on the last valuation date of the applicable contract year. This charge is assessed through the redemption of units. United guarantees the annual contract fee will not increase.

5.

PURCHASES AND SALES OF INVESTMENTS

The aggregate cost of daily net purchases and proceeds from daily net sales of investments for the year ended December 31, 2025, were as follows:

Purchases Sales

Alger

American Growth

$ 21,694 $ 679,087

American Small Capitalization

138,772 322,633

Federated

Government Money Fund II

580,718 632,171

Fund for U.S. Government Securities II

35,910 163,686

Fidelity

VIP Asset Manager

-  1,757

VIP Asset Manager: Growth

2,765 392,383

VIP Contrafund

33,360 1,444,572

VIP Contrafund SVC CL 2

-  13,992

VIP Equity Income

97,089 629,695

VIP Equity Income SVC CL 2

-  208

VIP Growth

-  3,427

VIP Index 500

99,921 1,216,254

VIP Index 500 SVC CL 2

1,763 57,438

VIP Mid Cap SVC CL 2

487 33,500

MFS

Core Equity Portfolio

44,393 269,214

Core Equity Portfolio SC

683 184,809

Emerging Growth Series

35,353 697,180

High Yield Series

217,777 184,291

High Yield Series SC

112 952

Research Series

57,602 546,646

Income Series II

87,979 153,593

Pioneer

Equity Income VCT

2,145 18,872

Fund VCT

784 12,218

Mid Cap Value VCT

32,821 252,407

Mid Cap Value VCT II

1,540 16,235

DWS

International

20,641 317,468

Money Market

-  985

Small Cap Index VIP

1,212 15,115

T. Rowe Price

Equity Income

213,214 924,181

International Stock

100,949 593,442

Limited-Term Bond

138,519 335,339

All-Cap Opportunities Portfolio

8,547 520,071

Moderate Allocation

388,174 767,689

Morgan Stanley

VIF Emerging Markets Equity

14,117 80,881
6.

ADMINISTRATION OF THE SEPARATE ACCOUNT

United has an administrative services agreement with Security Benefit Life Insurance Company ("Security Benefit"), whose affiliate Zinnia Corporate Holdings, LLC ("Zinnia") performs adminstrative functions on behalf of United with respect to the contracts comprising the Separate Account.

7.

REINSURANCE ARRANGEMENTS

United has a reinsurance agreement to cede to Security Benefit, on a modified coinsurance basis, certain United rights, liabilities and obligations in the Separate Account. The ceding of this business does not discharge United from its primary legal liability to a contract owner.

- 19 -

8.

FINANCIAL HIGHLIGHTS

A summary of units, unit values, and net assets at December 31 and investment income ratio, expense ratio and total return for the years ended December 31 follows:

At December 31

For the years ended December 31****

Units

Unit Value lowest
to highest

Net Assets

Investment
Income
Ratio*

Expense Ratio
lowest to
highest**

Total Return
lowest to highest***

Alger

American Growth - 2025

39,754 $ 53.02 to $ 64.44 $ 5,989,188 0.00% 1.20% to 2.20% 27.82% to 28.71%

American Growth - 2024

44,658 41.48 to 127.76 5,165,256 0.00% 1.20% to 2.20% 40.14% to 41.16%

American Growth - 2023

63,204 29.60 to 90.51 4,653,563 0.00% 1.20% to 2.20% 30.17% to 31.10%

American Growth - 2022

68,691 22.74 to 69.04 3,888,054 0.00% 1.20% to 2.20% -39.81% to -39.39%

American Growth - 2021

69,849 37.78 to 113.91 6,603,038 0.00% 1.20% to 2.20% 9.73% to 10.50%

American Small Capitalization - 2025

45,881 31.97 to 53.88 2,433,763 0.00% 1.20% to 2.20% 4.27% to 4.64%

American Small Capitalization - 2024

49,034 30.66 to 51.49 2,489,503 0.38% 1.20% to 2.20% 6.46% to 6.83%

American Small Capitalization - 2023

52,246 28.80 to 48.20 2,484,639 0.00% 1.20% to 2.20% 14.70% to 15.09%

American Small Capitalization - 2022

56,359 25.11 to 41.88 2,312,107 0.00% 1.20% to 2.20% -38.98% to -38.75%

American Small Capitalization - 2021

57,363 41.15 to 68.38 3,853,635 0.00% 1.20% to 2.20% -7.51% to -7.18%

Federated

Government Money Fund II - 2025

3,693,371 0.83 to 1.34 4,625,511 3.69% 1.20% to 2.20% 1.22% to 2.29%

Government Money Fund II - 2024

3,617,339 0.82 to 1.31 4,508,638 4.24% 1.20% to 2.20% 2.50% to 3.97%

Government Money Fund II - 2023

2,823,849 0.80 to 1.26 3,359,395 4.81% 1.20% to 2.20% -1.23% to 3.28%

Government Money Fund II - 2022

753,250 0.81 to 1.22 900,553 1.55% 1.20% to 2.20% -1.22% to 0.00%

Government Money Fund II - 2021

546,462 0.82 to 1.22 628,691 0.00% 1.20% to 2.20% -2.38% to -1.61%

Fund for U.S. Government Securities II - 2025

60,662 11.77 to 19.89 1,103,230 4.08% 1.20% to 2.20% 4.62% to 5.52%

Fund for U.S. Government Securities II - 2024

66,821 11.25 to 18.85 1,155,501 3.18% 1.20% to 2.20% -1.49% to -0.63%

Fund for U.S. Government Securities II - 2023

80,940 11.42 to 18.97 1,440,115 2.52% 1.20% to 2.20% 2.15% to 2.93%

Fund for U.S. Government Securities II - 2022

86,689 11.18 to 18.43 1,505,094 1.87% 1.20% to 2.20% -14.33% to -13.60%

Fund for U.S. Government Securities II - 2021

94,012 13.05 to 21.33 1,897,507 2.05% 1.20% to 2.20% -4.04% to -3.22%

Fidelity

VIP Asset Manager - 2025

720 49.19 to 49.19 35,389 2.52% 1.40% to 1.40% 13.37% to 13.37%

VIP Asset Manager - 2024

747 43.39 to 43.39 32,399 2.47% 1.40% to 1.40% 6.98% to 6.98%

VIP Asset Manager - 2023

773 40.56 to 40.56 31,331 2.37% 1.40% to 1.40% 11.37% to 11.37%

VIP Asset Manager - 2022

779 36.42 to 36.42 28,363 2.00% 1.40% to 1.40% -16.12% to -16.12%

VIP Asset Manager - 2021

788 43.42 to 43.42 34,231 1.65% 1.40% to 1.40% 8.39% to 8.39%

VIP Asset Manager: Growth - 2025

56,894 30.84 to 61.54 3,460,554 1.81% 1.20% to 1.60% 16.42% to 16.84%

VIP Asset Manager: Growth - 2024

62,920 26.49 to 52.67 3,279,075 1.76% 1.20% to 1.60% 9.10% to 9.46%

VIP Asset Manager: Growth - 2023

68,596 24.28 to 48.12 3,267,993 1.77% 1.20% to 1.60% 14.58% to 14.98%

VIP Asset Manager: Growth - 2022

75,068 21.19 to 41.85 3,112,677 1.68% 1.20% to 1.60% -18.15% to -17.88%

VIP Asset Manager: Growth - 2021

81,434 25.89 to 50.96 4,108,316 1.39% 1.20% to 1.60% 12.18% to 12.59%

VIP Contrafund - 2025

57,109 103.31 to 223.56 12,524,110 0.14% 1.20% to 1.60% 19.61% to 20.03%

VIP Contrafund - 2024

63,577 86.37 to 186.26 11,628,125 0.19% 1.20% to 1.60% 31.70% to 32.18%

VIP Contrafund - 2023

69,566 65.58 to 140.91 9,638,560 0.48% 1.20% to 1.60% 31.40% to 31.85%

VIP Contrafund - 2022

78,542 49.91 to 106.87 8,251,592 0.45% 1.20% to 1.60% -27.45% to -27.20%

VIP Contrafund - 2021

85,745 68.79 to 146.79 12,329,363 0.06% 1.20% to 1.60% 25.85% to 26.30%

VIP Contrafund SVC CL 2 - 2025

1,368 76.84 to 76.84 105,109 0.00% 1.25% to 2.20% 18.91% to 18.91%

VIP Contrafund SVC CL 2 - 2024

1,529 64.62 to 64.62 98,802 0.03% 1.25% to 2.20% 30.89% to 30.89%

VIP Contrafund SVC CL 2 - 2023

1,699 49.37 to 49.37 83,889 0.26% 1.25% to 2.20% 30.61% to 30.61%

VIP Contrafund SVC CL 2 - 2022

1,790 37.80 to 37.80 67,652 0.24% 1.25% to 2.20% -27.88% to -27.88%

VIP Contrafund SVC CL 2 - 2021

1,798 52.41 to 52.41 94,221 0.02% 1.25% to 2.20% 21.46% to 25.11%

VIP Equity Income - 2025

47,440 45.09 to 92.06 4,319,564 1.74% 1.20% to 1.60% 17.18% to 17.60%

VIP Equity Income - 2024

53,487 38.48 to 78.28 4,143,157 1.76% 1.20% to 1.60% 13.54% to 13.94%

VIP Equity Income - 2023

60,935 33.89 to 68.70 4,137,811 1.79% 1.20% to 1.60% 8.97% to 9.33%

VIP Equity Income - 2022

69,255 31.10 to 62.84 4,279,067 1.79% 1.20% to 1.60% -6.44% to -6.08%

VIP Equity Income - 2021

77,474 33.24 to 66.91 5,097,068 1.91% 1.20% to 1.60% 22.97% to 23.38%

VIP Equity Income SVC CL 2 -2025

296 35.04 to 35.04 10,384 1.68% 1.25% to 2.20% 16.49% to 16.49%

VIP Equity Income SVC CL 2 -2024

297 30.08 to 30.08 8,935 1.43% 1.25% to 2.20% 12.87% to 12.87%

VIP Equity Income SVC CL 2 -2023

408 26.65 to 26.65 10,857 1.67% 1.25% to 2.20% 8.29% to -2.81%

VIP Equity Income SVC CL 2 -2022

441 24.61 to 27.42 10,967 1.61% 1.25% to 2.20% -7.03% to -6.58%

VIP Equity Income SVC CL 2 -2021

484 26.47 to 29.35 12,942 0.90% 1.25% to 2.20% 22.26% to 22.85%

VIP Growth - 2025

1,333 196.25 to 196.25 261,515 0.29% 1.40% to 1.40% 13.29% to 13.29%

VIP Growth - 2024

1,333 173.23 to 173.23 230,862 0.00% 1.40% to 1.40% 28.56% to 28.56%

VIP Growth - 2023

1,333 134.75 to 134.75 179,614 0.14% 1.40% to 1.40% 34.33% to 34.33%

VIP Growth - 2022

1,482 100.31 to 100.31 148,600 0.58% 1.40% to 1.40% -25.51% to -25.51%

VIP Growth - 2021

1,549 134.66 to 134.66 208,567 0.00% 1.40% to 1.40% 21.49% to 21.49%

- 20 -

At December 31

For the years ended December 31****

Units

Unit Value lowest
to highest

Net Assets

Investment
Income
Ratio*

Expense Ratio
lowest to
highest**

Total Return

lowest to highest***

Fidelity (cont'd)

VIP Index 500 - 2025

93,676 $63.62 to $ 166.06 $ 9,020,792 1.11% 1.20% to1.60% 15.95% to 16.13%

VIP Index 500 - 2024

104,885 54.87 to 142.99 8,687,941 1.31% 1.20% to1.60% 22.97% to 23.14%

VIP Index 500 - 2023

111,457 44.62 to 116.12 7,470,532 1.44% 1.20% to1.60% 24.26% to 24.43%

VIP Index 500 - 2022

125,248 35.91 to 93.32 6,753,406 1.36% 1.20% to1.60% -19.48% to -19.35%

VIP Index 500 - 2021

138,511 44.60 to 115.71 9,229,635 1.24% 1.20% to1.60% 26.60% to 26.78%

VIP Index 500 SVC CL 2 - 2025

6,641 46.27 to 56.38 341,406 0.87% 1.25% to 2.20% 14.93% to 15.84%

VIP Index 500 SVC CL 2 - 2024

7,718 40.26 to 48.67 343,916 1.09% 1.25% to 2.20% 21.85% to 22.84%

VIP Index 500 SVC CL 2 - 2023

7,913 33.04 to 39.62 287,383 1.23% 1.25% to 2.20% 23.10% to 24.12%

VIP Index 500 SVC CL 2 - 2022

9,174 26.84 to 31.92 268,206 1.14% 1.25% to 2.20% -20.19% to -19.56%

VIP Index 500 SVC CL 2 - 2021

9,342 33.63 to 39.68 341,083 1.02% 1.25% to 2.20% 25.44% to 26.45%

VIP Mid Cap SVC CL 2 - 2025

4,104 73.40 to 86.12 350,646 0.24% 1.20% to 2.20% 9.39% to 10.16%

VIP Mid Cap SVC CL 2 - 2024

4,447 67.10 to 78.18 345,268 0.36% 1.20% to 2.20% 14.94% to 15.75%

VIP Mid Cap SVC CL 2 - 2023

4,538 58.38 to 67.54 303,939 0.38% 1.20% to 2.20% 12.64% to 13.44%

VIP Mid Cap SVC CL 2 - 2022

4,711 51.83 to 59.54 278,252 0.25% 1.20% to 2.20% -16.58% to -15.99%

VIP Mid Cap SVC CL 2 - 2021

4,901 62.13 to 70.87 344,718 0.37% 1.20% to 2.20% 22.96% to 23.81%

MFS

Core Equity Portfolio - 2025

31,196 57.19 to 93.47 2,760,443 0.45% 1.20% to 1.60% 10.77% to 11.15%

Core Equity Portfolio - 2024

33,490 51.63 to 84.09 2,671,719 0.60% 1.20% to 1.60% 18.23% to 18.65%

Core Equity Portfolio - 2023

37,673 43.67 to 70.87 2,535,803 0.53% 1.20% to 1.60% 21.24% to 21.69%

Core Equity Portfolio - 2022

43,749 36.02 to 58.24 2,427,585 0.29% 1.20% to 1.60% -18.54% to -18.26%

Core Equity Portfolio - 2021

49,918 44.22 to 71.25 3,404,325 0.42% 1.20% to 1.60% 23.38% to 23.81%

Core Equity Portfolio SC - 2025

1,591 35.11 to 41.23 58,649 0.10% 1.25% to 2.20% 9.79% to 10.48%

Core Equity Portfolio SC - 2024

6,522 31.98 to 37.32 229,208 0.62% 1.25% to 2.20% 17.23% to 14.06%

Core Equity Portfolio SC - 2023

2,367 27.28 to 32.72 68,638 0.32% 1.25% to 2.20% 20.12% to 21.10%

Core Equity Portfolio SC - 2022

2,629 22.71 to 27.02 63,185 0.08% 1.25% to 2.20% -19.30% to -18.64%

Core Equity Portfolio SC - 2021

2,617 28.14 to 33.21 77,908 0.23% 1.25% to 2.20% 22.29% to 23.32%

Emerging Growth Series - 2025

57,003 76.29 to 162.27 9,002,835 0.00% 1.20% to 1.60% 10.47% to 10.85%

Emerging Growth Series - 2024

60,636 69.06 to 146.39 8,653,909 0.00% 1.20% to 1.60% 29.42% to 29.88%

Emerging Growth Series - 2023

63,552 53.36 to 112.71 6,985,094 0.00% 1.20% to 1.60% 33.77% to 34.24%

Emerging Growth Series - 2022

72,308 39.89 to 83.96 5,910,432 0.00% 1.20% to 1.60% -32.69% to -32.45%

Emerging Growth Series - 2021

78,318 59.26 to 124.30 9,496,640 0.00% 1.20% to 1.60% 21.61% to 22.05%

High Yield Series - 2025

30,022 24.56 to 36.44 1,092,848 5.99% 1.20% to 1.60% 6.97% to 7.33%

High Yield Series - 2024

28,946 22.96 to 33.95 981,522 6.10% 1.20% to 1.60% 5.27% to 5.63%

High Yield Series - 2023

29,786 21.81 to 32.14 955,367 5.60% 1.20% to 1.60% 10.65% to 11.06%

High Yield Series - 2022

31,730 19.71 to 28.94 915,698 5.26% 1.20% to 1.60% -11.89% to -11.58%

High Yield Series - 2021

35,324 22.37 to 32.73 1,153,364 4.56% 1.20% to 1.60% 1.91% to 2.25%

High Yield Series SC -2025

483 22.37 to 25.31 11,423 6.47% 1.25% to 2.20% 6.42% to 6.97%

High Yield Series SC -2024

509 21.02 to 23.66 11,345 5.85% 1.25% to 2.20% 4.47% to 5.02%

High Yield Series SC -2023

527 20.12 to 22.53 11,267 5.34% 1.25% to 2.20% 10.37% to 10.93%

High Yield Series SC - 2022

551 18.23 to 20.31 10,721 5.16% 1.25% to 2.20% -12.44% to -12.04%

High Yield Series SC - 2021

609 20.82 to 23.09 13,518 4.42% 1.25% to 2.20% 1.12% to 1.63%

Research Series - 2025

40,024 52.14 to 106.20 4,157,800 0.93% 1.20% to 1.60% 11.13% to 11.51%

Research Series - 2024

44,661 46.92 to 95.24 4,170,585 0.61% 1.20% to 1.60% 17.01% to 17.44%

Research Series - 2023

48,548 40.10 to 81.10 3,850,288 0.50% 1.20% to 1.60% 20.53% to 20.95%

Research Series - 2022

53,282 33.27 to 67.05 3,499,348 0.45% 1.20% to 1.60% -18.48% to -18.20%

Research Series - 2021

57,903 40.81 to 81.97 4,654,710 0.54% 1.20% to 1.60% 22.85% to 23.32%

Income Series II - 2025

37,854 21.92 to 25.18 949,877 4.28% 1.20% to 1.60% 5.64% to 6.07%

Income Series II - 2024

40,048 20.75 to 23.74 947,436 3.93% 1.20% to 1.60% 1.67% to 1.98%

Income Series II - 2023

40,923 20.41 to 23.28 948,884 3.61% 1.20% to 1.60% 5.92% to 6.30%

Income Series II - 2022

42,055 19.27 to 21.90 917,016 3.24% 1.20% to 1.60% -15.04% to -14.72%

Income Series II - 2021

47,592 22.68 to 25.68 1,217,581 3.09% 1.20% to 1.60% -1.09% to -0.73%

Income Series II SC - 2025

-  -  to -  -  0.00% 0.00% to 0.00% 0.00% to 0.00%

Income Series II SC - 2024

-  -  to -  -  0.00% 0.00% to 0.00% 0.00% to 0.00%

Income Series II SC - May 23, 2023 - June 26, 2023

-  15.57 to 15.57 -  0.00% 2.20% to 2.20% 0.58% to 0.58%

Income Series II SC - 2022

-  -  to -  -  0.00% 0.00% to 0.00% 0.00% to 0.00%

Income Series II SC - January 1, 2021- December 20, 2021

-  19.28 to 19.28 -  0.06% 1.20% to 1.60% -1.73% to -1.73%

Pioneer

Equity Income VCT - 2025

9,006 39.48 to 46.58 415,741 1.97% 1.20% to 2.20% 9.58% to 9.81%

Equity Income VCT - 2024

9,282 36.03 to 42.42 390,423 1.97% 1.20% to 2.20% 9.41% to 9.61%

Equity Income VCT - 2023

9,480 32.93 to 38.70 363,805 1.64% 1.20% to 2.20% 5.68% to 5.91%

Equity Income VCT - 2022

9,673 31.16 to 36.54 350,673 1.39% 1.20% to2.20% -9.23% to -9.06%

Equity Income VCT - 2021

12,718 34.33 to 40.18 507,775 1.25% 1.20% to2.20% 23.58% to 23.86%

- 21 -

At December 31 For the years ended December 31****
Units Unit Value lowest
to highest 		Net Assets Investment
Income
Ratio*

Expense Ratio
lowest to
highest**

Total Return
lowest to highest***

Pioneer (cont'd)

Fund VCT - 2025

3,695 $ 51.57 to $ 58.58 $ 209,348 0.22 % 1.20% to 2.20% 21.17% to 21.56%

Fund VCT - 2024

3,867 42.56 to 48.19 180,269 0.45 % 1.20% to 2.20% 20.40% to 20.75%

Fund VCT - 2023

4,123 35.35 to 39.91 159,089 0.57 % 1.20% to 2.20% 26.61% to 26.98%

Fund VCT - 2022

5,090 27.92 to 31.43 154,643 0.38 % 1.20% to 2.20% -20.91% to -20.67%

Fund VCT - 2021

5,385 35.30 to 39.62 206,252 0.09 % 1.20% to 2.20% 25.67% to 26.06%

Mid Cap Value VCT - 2025

42,821 52.62 to 77.03 3,247,736 2.02 % 1.20% to 1.60% 9.47% to 9.85%

Mid Cap Value VCT - 2024

45,392 48.07 to 70.12 3,133,445 1.94 % 1.20% to 1.60% 9.20% to 9.60%

Mid Cap Value VCT - 2023

46,926 44.02 to 63.98 2,958,029 1.95 % 1.20% to 1.60% 10.74% to 11.11%

Mid Cap Value VCT - 2022

50,810 39.75 to 57.58 2,891,500 1.99 % 1.20% to 1.60% -7.10% to -6.77%

Mid Cap Value VCT - 2021

57,005 42.79 to 61.76 3,481,562 0.97 % 1.20% to 1.60% 27.66% to 28.11%

Mid Cap Value VCT II - 2025

4,056 36.14 to 44.04 157,468 1.84 % 1.25% to 2.20% 8.43% to 9.31%

Mid Cap Value VCT II - 2024

4,343 33.33 to 40.29 155,709 1.75 % 1.25% to 2.20% 8.21% to 9.07%

Mid Cap Value VCT II - 2023

4,868 30.80 to 36.94 161,009 1.74 % 1.25% to 2.20% 9.73% to 10.63%

Mid Cap Value VCT II - 2022

5,417 28.07 to 33.39 162,639 1.38 % 1.25% to 2.20% -7.94% to -7.20%

Mid Cap Value VCT II - 2021

5,938 30.49 to 35.98 192,813 0.70 % 1.25% to 2.20% 26.57% to 27.59%

Real Estate Shares VCT - 2025

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

Real Estate Shares VCT - 2024

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

Real Estate Shares VCT - January 1, 2023 - April 28, 2023

-  39.40 to 54.59 -  1.23 % 1.20% to 1.60% -1.52% to 4.94%

Real Estate Shares VCT - 2022

15,924 40.01 to 52.02 824,170 1.67 % 1.20% to 1.60% -31.91% to -31.67%

Real Estate Shares VCT - 2021

21,189 58.76 to 76.13 1,606,731 1.08 % 1.20% to 1.60% 38.88% to 39.36%

Real Estate Shares VCT II - 2025

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

Real Estate Shares VCT II - 2024

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

Real Estate Shares VCT II - January 1, 2023 - April 28, 2023

-  32.16 to 39.63 -  0.98 % 1.25% to 2.20% -4.94% to 1.72%

Real Estate Shares VCT II - 2022

1,958 33.83 to 38.96 71,860 1.50 % 1.25% to 2.20% -32.43% to -31.98%

Real Estate Shares VCT II - 2021

2,148 50.07 to 57.28 115,526 1.00 % 1.25% to 2.20% 37.86% to 38.79%

DWS

Bond - 2025

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

Bond - 2024

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

Bond - 2023

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

Bond - 2022

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

Bond - January 1, 2021- October 28, 2021

-  22.51 to 22.51 -  4.07 % 1.40% to 1.40% -1.44% to -1.44%

Global Opportunities - 2025

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

Global Opportunities - January 1, 2024 - June 17, 2024

-  23.54 to 48.31 -  2.21 % 1.20% to 2.20% -1.91% to -1.58%

Global Opportunities - 2023

12,709 24.00 to 49.09 594,374 0.64 % 1.20% to 2.20% 21.89% to 22.73%

Global Opportunities - 2022

15,058 19.69 to 40.00 577,060 0.22 % 1.20% to 2.20% -25.67% to -25.14%

Global Opportunities - 2021

20,598 26.49 to 53.43 1,066,866 0.07 % 1.20% to 2.20% 12.48% to 13.27%

Core Equity VIP - 2025

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

Core Equity VIP - January 1, 2024 - June 17, 2024

-  36.59 to 54.87 -  1.15 % 1.20% to 2.20% 12.88% to 13.07%

Core Equity VIP - 2023

28,463 32.41 to 48.53 1,271,335 0.58 % 1.20% to 2.20% 23.23% to 23.67%

Core Equity VIP - 2022

27,575 26.30 to 39.24 1,027,308 0.45 % 1.20% to 2.20% -17.01% to -16.72%

Core Equity VIP - 2021

30,038 31.69 to 47.12 1,347,300 0.42 % 1.20% to 2.20% 23.02% to 23.45%

International - 2025

58,611 18.03 to 29.50 1,721,609 2.77 % 1.20% to 1.60% 42.53% to 43.13%

International - 2024

69,702 12.65 to 20.61 1,431,072 3.33 % 1.20% to 1.60% 3.60% to 1.23%

International - 2023

73,710 12.21 to 20.36 1,493,895 3.24 % 1.20% to 1.60% 17.07% to 17.55%

International - 2022

80,906 10.43 to 17.32 1,395,805 2.86 % 1.20% to 1.60% -14.51% to -14.26%

International - 2021

97,490 12.20 to 20.20 1,962,262 2.47 % 1.20% to 1.60% 7.58% to 7.96%

International B - 2025

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

International B - 2024 - January 1, 2024 - June 17, 2024

-  12.67 to 12.67 -  6.19 % 1.25% to 2.20% -0.31% to -0.31%

International B - 2023

272 12.71 to 12.71 3,458 4.87 % 1.25% to 2.20% 20.93% to 17.03%

International B - 2022

1,000 10.51 to 10.86 10,615 2.79 % 1.25% to 2.20% -14.69% to- 14.56%

International B - 2021

1,030 12.32 to 12.71 12,827 1.80 % 1.25% to 2.20% 7.53% to 15.03%

Money Market - 2025

18,224 1.35 to 1.35 24,600 3.93 % 1.40% to 1.40% 2.27% to 2.27%

Money Market - 2024

18,698 1.32 to 1.32 24,619 4.85 % 1.40% to 1.40% 3.13% to 3.13%

Money Market - 2023

19,146 1.28 to 1.28 24,363 4.61 % 1.40% to 1.40% 4.07% to 4.07%

Money Market - 2022

19,323 1.23 to 1.23 23,811 1.10 % 1.40% to 1.40% -0.81% to -0.81%

Money Market - 2021

19,585 1.24 to 1.24 24,205 0.01 % 1.40% to 1.40% -0.80% to -0.80%

Small Cap Index VIP - 2025

8,750 39.59 to 45.68 393,289 1.30 % 1.20% to 2.20% 10.52% to 11.28%

Small Cap Index VIP - 2024

8,959 35.82 to 41.05 362,096 1.22 % 1.20% to 2.20% 9.01% to 9.82%

Small Cap Index VIP - 2023

10,136 32.86 to 37.38 373,932 1.09 % 1.20% to 2.20% 14.57% to 15.37%

Small Cap Index VIP - 2022

10,475 28.68 to 32.40 335,124 0.88 % 1.20% to 2.20% -22.15% to -21.59%

Small Cap Index VIP - 2021

12,668 36.84 to 41.32 518,177 0.89 % 1.20% to 2.20% 12.35% to 13.11%

T. Rowe Price

Equity Income - 2025

92,281 34.27 to 108.22 8,271,725 1.62 % 1.20% to 2.20% 11.85% to 12.76%

Equity Income - 2024

99,232 30.64 to 95.97 7,904,811 1.83 % 1.20% to 2.20% 9.27% to 10.13%

Equity Income - 2023

114,413 28.04 to 87.14 8,293,060 2.03 % 1.20% to 2.20% 7.15% to 8.01%

Equity Income - 2022

123,202 26.17 to 80.68 8,234,730 1.81 % 1.20% to 2.20% -5.46% to -4.69%

Equity Income - 2021

135,736 27.68 to 84.65 9,531,887 1.59 % 1.20% to 2.20% 22.80% to 23.79%

- 22 -

At December 31 For the years ended December 31****
Units Unit Value lowest
to highest 		Net Assets Investment
Income
Ratio*

Expense Ratio lowest
to highest**

Total Return
lowest to highest***

T. Rowe Price (cont'd)

International Stock - 2025

112,789 $ 20.23 to $ 33.35 $ 3,651,904 1.92 % 1.20% to 2.20% 15.86% to 17.02%

International Stock - 2024

127,434 17.46 to 28.50 3,533,801 0.96 % 1.20% to 2.20% 0.92% to 2.00%

International Stock - 2023

134,121 17.30 to 27.94 3,646,051 0.95 % 1.20% to 2.20% 13.74% to 14.84%

International Stock - 2022

154,235 15.21 to 24.33 3,654,464 0.70 % 1.20% to 2.20% -17.65% to- 16.82%

International Stock - 2021

167,666 18.47 to 29.25 4,790,220 0.59 % 1.20% to 2.20% -0.91% to 0.10%

Limited-Term Bond - 2025

71,387 12.17 to 19.05 1,327,870 4.29 % 1.20% to 2.20% 3.75% to 4.44%

Limited-Term Bond - 2024

81,370 11.73 to 18.24 1,447,845 4.23 % 1.20% to 2.20% 2.89% to 3.70%

Limited-Term Bond - 2023

86,480 11.40 to 17.59 1,479,950 3.23 % 1.20% to 2.20% 9.93% to 3.11%

Limited-Term Bond - 2022

99,458 10.37 to 17.06 1,629,055 1.90 % 1.20% to 2.20% -6.58% to -5.85%

Limited-Term Bond - 2021

119,950 11.10 to 18.12 2,082,000 1.36 % 1.20% to 2.20% -2.12% to -1.25%

All-Cap Opportunities Portfolio - 2025

28,961 78.90 to 199.29 5,073,377 0.00 % 1.20% to 2.20% 14.50% to 14.68%

All-Cap Opportunities Portfolio - 2024

31,815 68.91 to 173.78 4,840,652 0.07 % 1.20% to 2.20% 23.21% to 23.40%

All-Cap Opportunities Portfolio - 2023

40,939 55.93 to 140.83 5,093,779 0.24 % 1.20% to 2.20% 27.00% to 27.16%

All-Cap Opportunities Portfolio - 2022

49,134 44.04 to 110.75 4,792,949 0.00 % 1.20% to 2.20% -22.72% to- 22.61%

All-Cap Opportunities Portfolio - 2021

52,586 56.99 to 143.10 6,617,649 0.00 % 1.20% to 2.20% 18.93% to 19.11%

Moderate Allocation - 2025

55,565 35.44 to 71.55 3,841,268 2.23 % 1.20% to 2.20% 12.76% to 13.12%

Moderate Allocation - 2024

61,029 31.43 to 63.25 3,732,038 2.31 % 1.20% to 2.20% 8.34% to 8.73%

Moderate Allocation - 2023

66,504 29.01 to 58.17 3,747,092 2.29 % 1.20% to 2.20% 13.54% to 13.97%

Moderate Allocation - 2022

72,054 25.55 to 51.04 3,544,808 1.47 % 1.20% to 2.20% -19.55% to- 19.29%

Moderate Allocation - 2021

76,191 31.76 to 63.24 4,647,279 0.98 % 1.20% to 2.20% 8.75% to 16.08%

Morgan Stanley

VIF Emerging Markets Equity - 2025

12,514 32.34 to 52.96 444,459 0.40 % 1.20% to 2.20% 30.88% to 32.17%

VIF Emerging Markets Equity - 2024

14,528 24.71 to 40.07 393,376 1.37 % 1.20% to 2.20% 6.14% to 7.17%

VIF Emerging Markets Equity - 2023

17,666 23.28 to 37.39 449,937 1.66 % 1.20% to 2.20% 10.28% to 11.31%

VIF Emerging Markets Equity - 2022

18,495 21.11 to 33.59 426,526 0.40 % 1.20% to 2.20% -26.24% to -25.54%

VIF Emerging Markets Equity - 2021

18,382 28.62 to 45.11 572,944 0.86 % 1.20% to 2.20% 1.38% to 2.36%

VIF Core Plus Fixed Income - 2025

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

VIF Core Plus Fixed Income - 2024

-  -  to -  -  0.00 % 0.00% to 0.00% 0.00% to 0.00%

VIF Core Plus Fixed Income - January 1, 2023 - July 28, 2023

-  13.07 to 21.01 -  8.54 % 1.20% to 2.20% 1.32% to 12.84%

VIF Core Plus Fixed Income - 2022

119,211 12.90 to 18.62 2,093,573 3.75 % 1.20% to 2.20% -16.18% to -15.36%

VIF Core Plus Fixed Income - 2021

135,959 15.39 to 22.00 2,843,252 3.95 % 1.20% to 2.20% -1.48% to -2.53%
*

These 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 portfolio manager, divided by the average net assets. These ratios exclude those expenses that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the subaccount is affected by the timing of the distribution of dividends by the underlying portfolio in which the subaccount invests.

**

These ratios represent the annualized contract expenses of the Separate Account for each year indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying portfolio are excluded.

***

These ratios represent the total return for the period indicated, including changes in the value of the underlying portfolio, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. Investment options with a date notation indicate the effective date of that investment option in the Separate Account. The total return is calculated for each year indicated or from the effective date through the end of the reporting year or liquidation date.

****

Funds listed with date ranges represent partial year investments in funds. Unit values displayed represent unit value at disposition date.

- 23 -

United Of Omaha Separate Account C published this content on April 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 24, 2026 at 10:03 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]