Financial Statements by Insurance Company (Form N-VPFS)

Pinnacle Series Account

Financial Statements

Year Ended December 31, 2025

(With Report of Independent Registered Public Accounting Firm Thereon)

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

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

Basis for Opinion

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

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

/s/ KPMG LLP

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

Birmingham, Alabama
April 20, 2026

Appendix

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

Empower S&P 500 Index Fund, Investor Class

Empower U.S. Government Securities Fund, Investor Class

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

Empower Government Money Market Fund, Investor Class

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

Fidelity VIP Government Money Market Portfolio, Service Class

PINNACLE SERIES ACCOUNT

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2025

		SUBACCOUNTS
			Empower S&P 500 Index Fund, Investor Class				Empower U.S. Government Securities Fund, Investor Class				Fidelity VIP Government Money Market Portfolio, Service Class
ASSETS:
Investments at fair value (1)		$	1,473,569			$	35,373			$	20,740
NET ASSETS		$	1,473,569			$	35,373			$	20,740
Fair value per share (NAV)		$	43.96			$	11.12			$	1.00
Shares outstanding in the Separate Account			33,521				3,181				20,740
(1) Investments in mutual fund shares, at cost		$	712,893			$	37,607			$	20,740

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

(Concluded)

See accompanying notes to financial statements.

PINNACLE SERIES ACCOUNT

STATEMENTS OF OPERATIONS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Empower S&P 500 Index Fund, Investor Class				Empower U.S. Government Securities Fund, Investor Class				Fidelity VIP Government Money Market Portfolio, Service Class
INVESTMENT INCOME:
Dividend income		$	4,091			$	923			$	3,138
NET INVESTMENT INCOME (LOSS)			4,091				923				3,138
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments			44,314				(1,899	)			-
Capital gain distributions			1,499				-				-
Net realized gain (loss) on investments			45,813				(1,899	)			-
Change in net unrealized appreciation (depreciation) on investments			170,999				3,290				-
Net realized and unrealized gain (loss) on investments			216,812				1,391				-
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	220,903			$	2,314			$	3,138

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.

PINNACLE SERIES ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2025

		SUBACCOUNTS
		Empower S&P 500 Index Fund, Investor Class				Empower U.S. Government Securities Fund, Investor Class				Fidelity VIP Government Money Market Portfolio, Service Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	4,091			$	923			$	3,138
Net realized gain (loss) on investments			45,813				(1,899	)			-
Change in net unrealized appreciation (depreciation) on investments			170,999				3,290				-
Net increase (decrease) in net assets resulting from operations			220,903				2,314				3,138
POLICY TRANSACTIONS:
Policy maintenance charges			(11,482	)			(1,015	)			(613	)
Policy owners' benefits			-				-				(130,755	)
Net transfers (to) from the Company and/or Subaccounts			(112,127	)			(16,305	)			128,432
Increase (decrease) in net assets resulting from Policy transactions			(123,609	)			(17,320	)			(2,936	)
Total increase (decrease) in net assets			97,294				(15,006	)			202
NET ASSETS:
Beginning of period			1,376,275				50,379				20,538
End of period		$	1,473,569			$	35,373			$	20,740

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.

PINNACLE SERIES ACCOUNT

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2024

		SUBACCOUNTS
		Empower Government Money Market Fund, Investor Class				Empower S&P 500 Index Fund, Investor Class				Empower U.S. Government Securities Fund, Investor Class				Fidelity VIP Government Money Market Portfolio, Service Class
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)		$	482			$	7,351			$	1,345			$	543
Net realized gain (loss) on investments			-				83,486				(207	)			-
Change in net unrealized appreciation (depreciation) on investments			-				223,312				(745	)			-
Net increase (decrease) in net assets resulting from operations			482				314,149				393				543
POLICY TRANSACTIONS:
Policy maintenance charges			(283	)			(12,484	)			(1,154	)			(285	)
Policy owners' benefits			(9	)			(208,343	)			(1,136	)			(853	)
Net transfers (to) from the Company and/or Subaccounts			(36,670	)			1				(1	)			21,133
Increase (decrease) in net assets resulting from Policy transactions			(36,962	)			(220,826	)			(2,291	)			19,995
Total increase (decrease) in net assets			(36,480	)			93,323				(1,898	)			20,538
NET ASSETS:
Beginning of period			36,480				1,282,952				52,277				-
End of period		$	-			$	1,376,275			$	50,379			$	20,538

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.

PINNACLE SERIES ACCOUNT

NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2025

1.          ORGANIZATION

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

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.

New Policies are no longer being sold under the product in the Separate Account, and the product is closed to additional premium payments from existing Policy owners.

The following is the variable life insurance product funded by the Separate Account:

Pinnacle

For the years ended December 31, 2025 and 2024, the Separate Account offered up to 4 available Subaccount investment options, as follows:

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

Empower S&P 500 Index Fund, Investor Class

Empower U.S. Government Securities Fund, Investor Class

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

^(a) See Subaccount Changes tables below

Subaccount Change: Liquidation
During 2024, the following Subaccount was liquidated:
Subaccount Name	Date of Liquidation
Empower Government Money Market Fund, Investor Class	June 14, 2024

Subaccount Change: Trading Commencement
During 2024, the following Subaccount commenced trading:
Subaccount Name	Date Trading Commenced
Fidelity VIP Government Money Market Portfolio, Service Class	June 14, 2024

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

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

2.

SIGNIFICANT ACCOUNTING POLICIES

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

Investment valuation

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

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

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

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

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

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

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 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.

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 the first-in-first-out (FIFO) basis) and capital gain distributions from the mutual funds.

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

Net transfers (to) from the Company and 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
Empower S&P 500 Index Fund, Investor Class		$	5,590			$	123,607
Empower U.S. Government Securities Fund, Investor Class			923				17,321
Fidelity VIP Government Money Market Portfolio, Service Class			131,570				131,368

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)
	Empower Government Money Market Fund, Investor Class			-				-				-				0	*			2,550				(2,550	)
	Empower S&P 500 Index Fund, Investor Class			-				4,433				(4,433	)			-				8,079				(8,079	)
	Empower U.S. Government Securities Fund, Investor Class			-				764				(764	)			-				102				(102	)
	Fidelity VIP Government Money Market Portfolio, Service Class			12,399				12,458				(59	)			2,100				111				1,989

* 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 charges below are the current expenses deducted by Subaccount from the Policy as a redemption of units. Charges may vary based on factors such as face amount, gender, age at issue of the insured, age at issue of the joint insured, insurance rate classification and smoking status, death benefit option selected, insured's age at time of face increase, and/or age of the Policy. The 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 life insurance policy, as set forth in the Policy.

		Expense Type			Range
		Mortality and Expense Risk Charge
		This charge is assessed to reimburse the Company for assuming mortality and expense risks. The charge is deducted daily, assessed through a redemption of units, and recorded as Policy maintenance charges in the Statements of Changes in Net Assets.			a daily charge amounting to a per annum aggregate of 0.10% - 0.50% of the average daily net assets of the Subaccounts
		Transfer Charge
		Currently there is no charge assessed for transfers; however, the Company has reserved the right to charge for transfers as reimbursement for costs incurred when transferring funds. The charge is deducted upon transfer, assessed through a redemption of units, and recorded as Policy owners' benefits within the Statements of Changes in Net Assets.			$25 per transfer after the first 6 transfers in any Policy year

6.

FINANCIAL HIGHLIGHTS

The Company sold one variable life product that is funded by the Separate Account. A summary of the units outstanding, unit fair values, net assets for variable Policies, investment income ratios, 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)				Total Return (b)
	Empower Government Money Market Fund, Investor Class
	2024				-			$	-			$	-				2.28	%			2.28	%
	2023				3				14.30				36				4.52	%			4.54	%
	2022				2				13.68				21				1.21	%			1.18	%
	2021				2				13.52				21				0.01	%			0.00	%
	Empower S&P 500 Index Fund, Investor Class
	2025				46				31.77				1,474				0.30	%			17.30	%
	2024				51				27.08				1,376				0.51	%			24.33	%
	2023				59				21.78				1,283				0.46	%			25.61	%
	2022				59				17.34				1,030				0.37	%			(18.55	)%
	2021				60				21.29				1,276				0.37	%			28.18	%
	Empower U.S. Government Securities Fund, Investor Class
	2025				1				24.01				35				2.56	%			6.60	%
	2024				2				22.52				50				2.60	%			0.76	%
	2023				2				22.35				52				2.44	%			4.44	%
	2022				4				21.40				84				1.39	%			(12.07	)%
	2021				4				24.34				97				0.65	%			(2.16	)%

			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)				Total Return (b)
	Fidelity VIP Government Money Market Portfolio, Service Class
	2025				2			$	10.74			$	21				4.02	%			4.03	%
	2024				2				10.32				21				3.99	%			2.61	%

^(a) These ratios represent the dividends received by the Subaccount, excluding distributions of capital gains, divided by the daily average net assets. 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 amounts represent the total return for the periods indicated and include changes in the value of the underlying mutual fund. These amounts are not annualized and represent each Subaccount's total return for the periods during which the Subaccount held investment balances. The total return does not include any expenses addressed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented.

7.

SUBSEQUENT EVENTS

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