Midland National Life Separate Account A

04/20/2026 | Press release | Distributed by Public on 04/20/2026 06:59

Financial Statements by Insurance Company (Form N-VPFS)


Midland National Life
Insurance Company
Separate Account A
Financial Statements
December 31, 2025 and 2024

Midland National Life Insurance Company
Separate Account A
Index

Page(s)
Report of Independent Registered Public Accounting Firm 1-3
Financial Statements
Statements of Net Assets 4-5
Statements of Operations 6-7
Statements of Changes in Net Assets 8-11
Notes to Financial Statements 12-32


Report of Independent Registered Public Accounting Firm
To the Board of Directors of Midland National Life Insurance Company and the Policyowners of Midland National Life Insurance Company Separate Account A
Opinions on the Financial Statements

We have audited the accompanying statements of net assets of each of the subaccounts of Midland National Life Insurance Company Separate Account A indicated in the table below as of December 31, 2025, and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the subaccounts of Midland National Life Insurance Company Separate Account A as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Fidelity Variable Insurance Products Fund I -
Government Money Market Portfolio (1) 		Lord Abbett Series Fund, Inc. - Growth and
Income Portfolio (1)
Fidelity Variable Insurance Products Fund I -
High Income Portfolio (1) 		Lord Abbett Series Fund, Inc. - Mid-Cap
Stock Portfolio (1)
Fidelity Variable Insurance Products
Fund I - Equity-Income Portfolio (1) 		Lord Abbett Series Fund, Inc. - Dividend
Growth Portfolio (1)
Fidelity Variable Insurance Products Fund I -
Growth Portfolio (1) 		Alger Fund - Large Cap Growth Portfolio (1)
Fidelity Variable Insurance Products Fund I -
Overseas Portfolio (1) 		Alger Fund - Mid Cap Growth Portfolio (1)
Fidelity Variable Insurance Products Fund I -
Mid Cap Portfolio (1) 		Alger Fund - Capital Appreciation Portfolio (1)
Fidelity Variable Insurance Products Fund I -
Freedom Income Portfolio (1) 		Alger Fund - Small Cap Growth Portfolio (1)
Fidelity Variable Insurance Products Fund I -
Freedom 2010 Portfolio (1) 		Invesco Variable Insurance Funds -
Diversified Dividend Fund (1)
Fidelity Variable Insurance Products Fund I -
Freedom 2015 Portfolio (1) 		Invesco Variable Insurance Funds - Health
Care Fund (1)
Fidelity Variable Insurance Products Fund I -
Freedom 2020 Portfolio (1) 		Invesco Variable Insurance Funds -
International Equity Fund (1)
Fidelity Variable Insurance Products Fund I -
Freedom 2025 Portfolio (1) 		VanEck Worldwide Insurance Trust - Global
Resources Fund (1)
Fidelity Variable Insurance Products Fund I -
Freedom 2030 Portfolio (1) 		PIMCO Variable Insurance Trust - Total
Return Portfolio (1)


Fidelity Variable Insurance Products Fund II
- Asset Manager 50% Portfolio (1) 		PIMCO Variable Insurance Trust - Low
Duration Portfolio (1)
Fidelity Variable Insurance Products Fund II -
Investment Grade Bond Portfolio (1) 		PIMCO Variable Insurance Trust - High
Yield Portfolio (1)
Fidelity Variable Insurance Products Fund II
- Index 500 Portfolio (1) 		PIMCO Variable Insurance Trust - Real
Return Portfolio (1)
Fidelity Variable Insurance Products Fund II
- Contrafund Portfolio (1) 		Goldman Sachs Variable Insurance Trust -
Small Cap Equity Insights Fund (1)
Fidelity Variable Insurance Products Fund II
- Asset Manager 70% Portfolio (1) 		Goldman Sachs Variable Insurance Trust -
Large Cap Value Fund (1)
Fidelity Variable Insurance Products Fund III - Balanced Portfolio (1) Neuberger Berman Advisors Management
Trust - AMT Mid Cap Intrinsic Value Portfolio (1)
Fidelity Variable Insurance Products Fund
III - Growth & Income Portfolio (1) 		Profunds VP - Japan (1)
Fidelity Variable Insurance Products Fund
III - Growth Opportunities Portfolio (1) 		Profunds VP - Energy (1)
Lincoln VIP American Century Funds -
Balanced Fund (1) 		Profunds VP - Small-Cap Value (1)
Lincoln VIP American Century Funds -
Capital Appreciation Fund (1) 		Profunds VP - Ultra Mid-Cap (1)
Lincoln VIP American Century Funds -
International Fund (1) 		Vanguard Variable Insurance Funds -
Balanced (1)
Lincoln VIP American Century Funds - Value
Fund (1) 		Vanguard Variable Insurance Funds - Total
Bond Market Index (1)
Lincoln VIP American Century Funds -
Disciplined Core Value Fund (1) 		Vanguard Variable Insurance Funds - High
Yield Bond (1)
MFS Variable Insurance Trust - Growth
Series (1) 		Vanguard Variable Insurance Funds -
International (1)
MFS Variable Insurance Trust - Investors
Trust Series (1) 		Vanguard Variable Insurance Funds - Mid-
Cap Index (1)
MFS Variable Insurance Trust - New
Discovery Series (1) 		Vanguard Variable Insurance Funds - Real
Estate Index (1)
MFS Variable Insurance Trust - Research
Series (1) 		Vanguard Variable Insurance Funds - Small
Company Growth (1)
MFS Variable Insurance Trust - Total Return
Series (1) 		Vanguard Variable Insurance Funds - Short
Term Investment Grade (1)
MFS Variable Insurance Trust - Utilities
Series (1) 		Vanguard Variable Insurance Funds - Total
Stock Market Index (1)
Fidelity Variable Insurance Products Fund I - Freedom 2030 Portfolio (1) PIMCO Variable Insurance Trust - Total Return Portfolio (1)
Fidelity Variable Insurance Products Fund II - Asset Manager Portfolio (1) PIMCO Variable Insurance Trust - Low Duration Portfolio (1)
Fidelity Variable Insurance Products Fund II - Investment Grade Bond Portfolio (1) PIMCO Variable Insurance Trust - High Yield Portfolio (1)
Fidelity Variable Insurance Products Fund II - Index 500 Portfolio (1) PIMCO Variable Insurance Trust - Real Return Portfolio (1)


(1)Statement of operations for the year ended December 31, 2025 and statement of changes in net assets for the years ended December 31, 2025 and 2024.


Basis for Opinions

These financial statements are the responsibility of the Midland National Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the subaccounts of Midland National Life Insurance Company Separate Account A 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 each of the subaccounts of Midland National Life Insurance Company Separate Account A 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 of these financial statements 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. 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. Our procedures included confirmation of investments owned as of December 31, 2025 by correspondence with the transfer agents of the investee mutual funds and the fund managers; when replies were not received from the transfer agents of the investee mutual funds and the fund managers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.



/s/ PricewaterhouseCoopers LLP

Des Moines, Iowa
April 17, 2026

We have served as the auditor of one or more of the subaccounts of Midland National Life Insurance Company Separate Account A since 1987.

Midland National Life Insurance Company
Separate Account A
Statements of Net Assets
December 31, 2025
Assets:
Investments in portfolio shares, at fair value (Note 1): Shares Cost Net Assets
Fidelity Variable Insurance Products
Fund I
Government Money Market Portfolio 8,755,263 $ 8,755,263 $ 8,755,263
High Income Portfolio 1,117,794 5,547,145 5,454,836
Equity-Income Portfolio 989,140 23,855,615 29,110,381
Growth Portfolio 992,608 86,305,253 96,997,682
Overseas Portfolio 473,105 12,071,901 13,019,850
Mid Cap Portfolio 749,817 27,229,916 28,125,631
Freedom Income Portfolio 5,998 66,476 70,113
Freedom 2010 Portfolio 2 28 28
Freedom 2015 Portfolio 23,594 302,233 282,657
Freedom 2020 Portfolio 38,345 514,898 508,458
Freedom 2025 Portfolio 29,000 450,018 500,245
Freedom 2030 Portfolio 52,557 838,562 929,204
Fidelity Variable Insurance Products
Fund II
Asset Manager 50% Portfolio 239,823 3,733,425 4,225,675
Investment Grade Bond Portfolio 631,202 8,087,977 7,170,456
Index 500 Portfolio 173,918 49,794,365 114,808,748
Contrafund Portfolio 1,850,508 83,870,117 110,826,946
Asset Manager 70% Portfolio 139,644 2,741,644 3,612,589
Fidelity Variable Insurance Products
Fund III
Balanced Portfolio 336,117 7,117,165 8,910,457
Growth & Income Portfolio 506,257 12,918,740 16,883,663
Growth Opportunities Portfolio 361,328 20,201,401 36,020,779
Lincoln VIP American Century Funds
Balanced Fund 305,193 2,326,273 2,760,472
Capital Appreciation Fund 737,438 11,379,921 11,179,562
International Fund 1,071,084 11,685,655 13,115,425
Value Fund 2,684,480 32,990,984 34,680,803
Disciplined Core Value Fund 330,527 2,898,040 3,199,499
MFS Variable Insurance Trust
Growth Series 483,213 29,647,242 32,786,010
Investors Trust Series 83,266 2,434,217 2,178,236
New Discovery Series 633,118 10,251,948 9,876,639
Research Series 241,900 7,512,097 7,375,531
Total Return Series 25,038 602,356 584,138
Utilities Series 146,528 5,080,613 5,528,518
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio 328,534 12,071,996 13,785,277
Mid-Cap Stock Portfolio 602,432 15,198,609 15,693,356
Dividend Growth Portfolio 93,435 1,649,526 1,853,744
The accompanying notes are an integral part of these financial statements
4
Midland National Life Insurance Company
Separate Account A
Statements of Net Assets
December 31, 2025
Assets:
Investments in portfolio shares, at fair value (Note 1): Shares Cost Net Assets
Alger Fund
Large Cap Growth Portfolio 255,704 20,601,836 26,380,944
Mid Cap Growth Portfolio 450,625 9,283,502 10,733,891
Capital Appreciation Portfolio 283,823 25,072,320 36,570,645
Small Cap Growth Portfolio 316,119 6,945,373 5,892,451
Invesco Variable Insurance Funds
Diversified Dividend Fund 68,859 1,840,367 1,874,333
Health Care Fund 72,386 2,058,650 2,163,629
International Equity Fund 198,523 7,156,615 7,168,659
VanEck Worldwide Insurance Trust
Global Resources Fund 379,996 8,941,492 12,733,667
PIMCO Variable Insurance Trust
Total Return Portfolio 2,461,221 24,840,008 23,258,537
Low Duration Portfolio 39,617 397,696 387,451
High Yield Portfolio 306,011 2,319,902 2,267,539
Real Return Portfolio 143,316 1,686,114 1,721,220
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund 464,519 5,936,551 6,633,332
Large Cap Value Fund 717,217 6,395,635 5,866,833
Neuberger Berman Advisors
Management Trust
AMT Mid Cap Intrinsic Value Portfolio 178,438 2,921,384 2,928,168
Profunds VP
Japan 15,156 979,477 1,061,520
Energy 71,636 2,908,510 2,632,616
Small-Cap Value 31,040 1,321,079 1,392,754
Ultra Mid-Cap 63,979 2,136,865 2,660,249
Vanguard Variable Insurance Funds
Balanced 140,995 3,215,324 3,582,680
Total Bond Market Index 132,237 1,437,428 1,428,158
High Yield Bond 102,229 755,554 771,825
International 769,293 20,271,848 21,994,082
Mid-Cap Index 484,452 11,416,919 13,545,280
Real Estate Index 288,932 3,541,381 3,342,943
Small Company Growth 532,849 9,957,681 10,161,432
Short Term Investment Grade 59,476 613,894 634,609
Total Stock Market Index 127,505 5,979,083 7,768,876
The accompanying notes are an integral part of these financial statements
5
Midland National Life Insurance Company
Separate Account A
Statements of Operations
Year Ended December 31, 2025
Administrative Change in Net Realized and Change Net Increase (Decrease)
Investment Expense and Net Investment Net Realized Unrealized Appreciation in Unrealized Gains in Net Assets
Dividend Capital Gains Income Mortality and Income (Loss) Gain (Loss) on (Depreciation) on (Losses) on Investments Resulting from Operations
Income (a) Distributions (b) (c)=(a+b) Expense Risk (d) (e)=(c-d) Investments (f) Investments (g) (h)=(f+g) (i)=(e+h)
Fidelity Variable Insurance Products
Fund I
Government Money Market Portfolio $ 387,240 $ - $ 387,240 $ 17,417 $ 369,823 $ - $ - $ - $ 369,823
High Income Portfolio 345,315 - 345,315 18,983 326,332 (134,071) 314,529 180,458 506,790
Equity-Income Portfolio 495,433 1,527,500 2,022,933 140,177 1,882,756 298,600 2,389,902 2,688,502 4,571,258
Growth Portfolio 268,176 11,898,297 12,166,473 482,846 11,683,627 2,840,907 (2,136,577) 704,330 12,387,957
Overseas Portfolio 203,036 1,128,601 1,331,637 37,945 1,293,692 28,719 720,748 749,467 2,043,159
Mid Cap Portfolio 112,310 2,890,514 3,002,824 49,565 2,953,259 115,830 (220,474) (104,644) 2,848,615
Freedom Income Portfolio 2,247 23 2,270 72 2,198 296 3,641 3,937 6,135
Freedom 2010 Portfolio 1 - 1 - 1 1 (1) - 1
Freedom 2015 Portfolio 8,385 10,482 18,867 270 18,597 (1,445) 13,610 12,165 30,762
Freedom 2020 Portfolio 13,534 24,785 38,319 569 37,750 107 21,425 21,532 59,282
Freedom 2025 Portfolio 12,524 17,060 29,584 3,057 26,527 5,286 34,005 39,291 65,818
Freedom 2030 Portfolio 21,239 37,929 59,168 1,814 57,354 6,287 63,116 69,403 126,757
Fidelity Variable Insurance Products
Fund II
Asset Manager 50 % Portfolio 101,783 184,724 286,507 26,972 259,535 26,237 264,654 290,891 550,426
Investment Grade Bond Portfolio 253,458 - 253,458 14,965 238,493 (165,035) 411,584 246,549 485,042
Index 500 Portfolio 1,239,601 556,810 1,796,411 339,141 1,457,270 6,498,419 9,569,426 16,067,845 17,525,115
Contrafund Portfolio 144,996 16,514,445 16,659,441 358,991 16,300,450 2,894,386 335,518 3,229,904 19,530,354
Asset Manager 70% Portfolio 62,488 112,434 174,922 19,210 155,712 78,910 324,534 403,444 559,156
Fidelity Variable Insurance Products
Fund III
Balanced Portfolio 145,956 409,048 555,004 20,234 534,770 187,978 428,122 616,100 1,150,870
Growth & Income Portfolio 244,920 1,478,919 1,723,839 50,020 1,673,819 1,214,646 139,709 1,354,355 3,028,174
Growth Opportunities Portfolio - 512,353 512,353 128,534 383,819 2,480,294 3,743,287 6,223,581 6,607,400
Lincoln VIP American Century Funds
Balanced Fund 49,772 - 49,772 6,136 43,636 35,681 161,310 196,991 240,627
Capital Appreciation Fund - 1,827,540 1,827,540 27,389 1,800,151 566,854 (1,480,063) (913,209) 886,942
International Fund 154,269 - 154,269 29,342 124,927 (237,882) 1,868,032 1,630,150 1,755,077
Value Fund 502,950 2,379,460 2,882,410 52,798 2,829,612 263,207 1,440,120 1,703,327 4,532,939
Disciplined Core Value Fund 50,552 - 50,552 11,036 39,516 8,412 354,820 363,232 402,748
MFS Variable Insurance Trust
Growth Series - 5,697,755 5,697,755 89,213 5,608,542 713,607 (2,769,543) (2,055,936) 3,552,606
Investors Trust Series 34,143 873,808 907,951 6,939 901,012 21,437 (661,924) (640,487) 260,525
New Discovery Series - - - 23,163 (23,163) (709,017) 1,858,405 1,149,388 1,126,225
Research Series 67,118 1,644,786 1,711,904 21,019 1,690,885 48,919 (913,030) (864,111) 826,774
Total Return Series 14,867 39,643 54,510 902 53,608 (1,975) 4,980 3,005 56,613
Utilities Series 149,674 68,450 218,124 7,308 210,816 61,071 436,321 497,392 708,208
The accompanying notes are an integral part of these financial statements
6
Midland National Life Insurance Company
Separate Account A
Statements of Operations
Year Ended December 31, 2025
Administrative Change in Net Realized and Change Net Increase (Decrease)
Investment Expense and Net Investment Net Realized Unrealized Appreciation in Unrealized Gains in Net Assets
Dividend Capital Gains Income Mortality and Income (Loss) Gain (Loss) on (Depreciation) on (Losses) on Investments Resulting from Operations
Income (a) Distributions (b) (c)=(a+b) Expense Risk (d) (e)=(c-d) Investments (f) Investments (g) (h)=(f+g) (i)=(e+h)
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio 74,294 1,376,692 1,450,986 29,602 1,421,384 123,275 491,645 614,920 2,036,304
Mid-Cap Stock Portfolio 50,099 1,216,810 1,266,909 30,603 1,236,306 64,796 (291,907) (227,111) 1,009,195
Dividend Growth Portfolio 10,399 136,731 147,130 3,388 143,742 14,228 88,367 102,595 246,337
Alger Fund
Large Cap Growth Portfolio - 2,843,000 2,843,000 38,651 2,804,349 1,586,338 1,980,272 3,566,610 6,370,959
Mid Cap Growth Portfolio - - - 20,746 (20,746) (230,754) 1,809,503 1,578,749 1,558,003
Capital Appreciation Portfolio - 5,756,136 5,756,136 55,702 5,700,434 1,337,616 2,152,414 3,490,030 9,190,464
Small Cap Growth Portfolio - 68,400 68,400 9,687 58,713 (142,834) 390,915 248,081 306,794
Invesco Variable Insurance Funds
Diversified Dividend Fund 28,549 136,504 165,053 3,019 162,034 (21,612) 114,140 92,528 254,562
Health Care Fund - 83,485 83,485 2,722 80,763 31,448 174,923 206,371 287,134
International Equity Fund 99,357 440,986 540,343 7,049 533,294 (46,931) 541,820 494,889 1,028,183
VanEck Worldwide Insurance Trust
Global Resources Fund 275,964 - 275,964 11,588 264,376 184,929 2,976,946 3,161,875 3,426,251
PIMCO Variable Insurance Trust
Total Return Portfolio 947,765 - 947,765 27,825 919,940 (815,645) 1,806,042 990,397 1,910,337
Low Duration Portfolio 15,867 - 15,867 1,073 14,794 (5,005) 10,835 5,830 20,624
High Yield Portfolio 136,832 - 136,832 2,889 133,943 (9,578) 59,775 50,197 184,140
Real Return Portfolio 61,409 - 61,409 2,832 58,577 (32,548) 125,252 92,704 151,281
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund 46,101 524,662 570,763 8,423 562,340 123,718 223,450 347,168 909,508
Large Cap Value Fund 70,691 879,335 950,026 5,664 944,362 (45,888) (304,727) (350,615) 593,747
Neuberger Berman Advisors
Management Trust
AMT Mid Cap Intrinsic Value Portfolio 11,725 275,125 286,850 3,650 283,200 36,583 (27,258) 9,325 292,525
Profunds VP
Japan 34,268 127,692 161,960 1,734 160,226 6,588 40,040 46,628 206,854
Energy 67,043 374,129 441,172 2,825 438,347 (72,772) (203,507) (276,279) 162,068
Small-Cap Value 4,652 59,658 64,310 1,193 63,117 (2,304) 5,753 3,449 66,566
Ultra Mid-Cap 30,386 - 30,386 4,369 26,017 30,857 (7,630) 23,227 49,244
Vanguard Variable Insurance Funds
Balanced 73,719 315,761 389,480 7,785 381,695 39,703 112,737 152,440 534,135
Total Bond Market Index 47,445 - 47,445 2,271 45,174 (46,106) 92,038 45,932 91,106
High Yield Bond 49,893 - 49,893 564 49,329 (8,702) 28,102 19,400 68,729
International 180,710 1,217,944 1,398,654 24,222 1,374,432 335,163 1,945,502 2,280,665 3,655,097
Mid-Cap Index 163,885 652,898 816,783 12,456 804,327 251,997 373,174 625,171 1,429,498
Real Estate Index 92,204 59,039 151,243 4,831 146,412 (20,075) (26,735) (46,810) 99,602
Small Company Growth 44,783 636,641 681,424 11,605 669,819 (129,239) 39,730 (89,509) 580,310
Short Term Investment Grade 23,199 - 23,199 688 22,511 (3,943) 21,554 17,611 40,122
Total Stock Market Index 79,912 373,048 452,960 14,805 438,155 151,209 611,018 762,227 1,200,382
The accompanying notes are an integral part of these financial statements
7
Midland National Life Insurance Company
Separate Account A
Statements of Changes in Net Assets
Year Ended December 31, 2025
Net Increase Net Increase (Decrease) Total Increase Net Assets
Net Assets (Decrease) in Net Transfers of Transfers Interfund and Net in Net Assets from (Decrease) in End of
Beginning Assets Resulting Net Transfers of Cost of Transfers of Transfers of of Other Transfers (to) from Capital Share Transactions Net Assets Year
of Year (a) from Operations (b) Premiums (c) Policy Loans (d) Insurance (e) Surrenders (f) Death Benefits (g) Terminations (h) General Account (i) (j)=(c+d+e+f+g+h+i) (k)=(b+j) (l)=(a+k)
Fidelity Variable Insurance Products
Fund I
Government Money Market Portfolio $ 13,462,831 $ 369,823 $ 619,669 $ 172,553 $ (733,310) $ (656,760) $ (54,536) $ (48,486) $ (4,376,521) $ (5,077,391) $ (4,707,568) $ 8,755,263
High Income Portfolio 5,258,471 506,790 253,658 44,174 (324,443) (149,597) (43,918) (32,098) (58,201) (310,425) 196,365 5,454,836
Equity-Income Portfolio 25,633,386 4,571,258 720,086 174,703 (1,102,280) (369,598) (226,493) (97,286) (193,395) (1,094,263) 3,476,995 29,110,381
Growth Portfolio 89,906,473 12,387,957 1,408,870 371,558 (2,295,649) (2,587,300) (940,656) (415,632) (837,939) (5,296,748) 7,091,209 96,997,682
Overseas Portfolio 11,154,621 2,043,159 488,931 122,500 (556,004) (383,605) (68,023) (55,135) 273,406 (177,930) 1,865,229 13,019,850
Mid Cap Portfolio 25,766,340 2,848,615 698,868 145,955 (869,569) (508,853) (216,307) (135,925) 396,507 (489,324) 2,359,291 28,125,631
Freedom Income Portfolio 66,061 6,135 2,805 - (6,317) - - - 1,429 (2,083) 4,052 70,113
Freedom 2010 Portfolio - 1 172 - (131) - - - (14) 27 28 28
Freedom 2015 Portfolio 266,064 30,762 24,816 2,510 (39,198) - - - (2,297) (14,169) 16,593 282,657
Freedom 2020 Portfolio 450,907 59,282 5,464 1,224 (6,427) (2,571) - - 579 (1,731) 57,551 508,458
Freedom 2025 Portfolio 530,448 65,818 12,778 3,079 (16,796) (111,788) - - 16,706 (96,021) (30,203) 500,245
Freedom 2030 Portfolio 904,991 126,757 29,939 7,427 (39,269) (103,922) - (3,406) 6,687 (102,544) 24,213 929,204
Fidelity Variable Insurance Products
Fund II
Asset Manager 50 % Portfolio 3,954,307 550,426 195,050 33,666 (278,667) (76,128) (41,410) (24,480) (87,089) (279,058) 271,368 4,225,675
Investment Grade Bond Portfolio 7,079,618 485,042 480,227 65,661 (497,048) (148,212) (63,546) (67,502) (163,784) (394,204) 90,838 7,170,456
Index 500 Portfolio 104,979,831 17,525,115 2,453,444 671,124 (3,004,100) (3,253,069) (1,006,581) (595,963) (2,961,053) (7,696,198) 9,828,917 114,808,748
Contrafund Portfolio 95,928,371 19,530,354 1,674,226 521,050 (2,403,421) (2,192,810) (977,803) (336,164) (916,857) (4,631,779) 14,898,575 110,826,946
Asset Manager 70% Portfolio 3,263,310 559,156 156,290 56,266 (237,367) (74,050) (70,630) (2,085) (38,301) (209,877) 349,279 3,612,589
Fidelity Variable Insurance Products
Fund III
Balanced Portfolio 8,105,229 1,150,870 285,312 61,267 (349,027) (280,298) (26,727) (36,573) 404 (345,642) 805,228 8,910,457
Growth & Income Portfolio 14,721,722 3,028,174 393,351 87,117 (600,284) (379,151) (171,532) (172,691) (23,043) (866,233) 2,161,941 16,883,663
Growth Opportunities Portfolio 30,870,716 6,607,400 456,678 176,393 (742,490) (504,504) (264,658) (132,676) (446,080) (1,457,337) 5,150,063 36,020,779
Lincoln VIP American Century Funds
Balanced Fund 2,652,221 240,627 96,662 22,653 (129,323) (69,574) (24,177) (10,624) (17,993) (132,376) 108,251 2,760,472
Capital Appreciation Fund 11,304,816 886,942 299,052 79,502 (417,429) (326,184) (50,321) (129,473) (467,343) (1,012,196) (125,254) 11,179,562
International Fund 11,961,925 1,755,077 578,586 171,052 (659,310) (235,070) (54,433) (56,911) (345,491) (601,577) 1,153,500 13,115,425
Value Fund 29,384,177 4,532,939 932,984 207,309 (1,067,002) (556,264) (186,492) (185,663) 1,618,815 763,687 5,296,626 34,680,803
Disciplined Core Value Fund 2,940,978 402,748 95,505 19,703 (112,014) (89,249) (31,860) (22,942) (3,370) (144,227) 258,521 3,199,499
MFS Variable Insurance Trust
Growth Series 31,329,198 3,552,606 604,503 177,612 (773,239) (1,014,054) (311,054) (192,840) (586,722) (2,095,794) 1,456,812 32,786,010
Investors Trust Series 2,081,504 260,525 52,129 13,763 (86,710) (57,505) (64,639) (3,510) (17,321) (163,793) 96,732 2,178,236
New Discovery Series 9,421,632 1,126,225 278,724 83,472 (360,518) (222,800) (85,325) (67,380) (297,391) (671,218) 455,007 9,876,639
Research Series 6,859,030 826,774 152,415 35,755 (223,526) (85,361) (42,527) (53,576) (93,453) (310,273) 516,501 7,375,531
Total Return Series 525,545 56,613 25,399 2,442 (30,660) (3,483) (1,193) (14,447) 23,922 1,980 58,593 584,138
Utilities Series 5,071,231 708,208 176,371 37,985 (189,738) (68,856) (18,845) (102,613) (85,225) (250,921) 457,287 5,528,518
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio 12,397,357 2,036,304 407,012 79,479 (500,324) (270,774) (44,804) (137,620) (181,353) (648,384) 1,387,920 13,785,277
Mid-Cap Stock Portfolio 15,207,193 1,009,195 661,706 118,040 (654,484) (351,885) (174,188) (43,567) (78,654) (523,032) 486,163 15,693,356
Dividend Growth Portfolio 1,531,087 246,337 30,081 14,214 (35,363) (3,650) - (12,040) 83,078 76,320 322,657 1,853,744
The accompanying notes are an integral part of these financial statements
8
Midland National Life Insurance Company
Separate Account A
Statements of Changes in Net Assets
Year Ended December 31, 2025
Net Increase Net Increase (Decrease) Total Increase Net Assets
Net Assets (Decrease) in Net Transfers of Transfers Interfund and Net in Net Assets from (Decrease) in End of
Beginning Assets Resulting Net Transfers of Cost of Transfers of Transfers of of Other Transfers (to) from Capital Share Transactions Net Assets Year
of Year (a) from Operations (b) Premiums (c) Policy Loans (d) Insurance (e) Surrenders (f) Death Benefits (g) Terminations (h) General Account (i) (j)=(c+d+e+f+g+h+i) (k)=(b+j) (l)=(a+k)
Alger Fund
Large Cap Growth Portfolio 21,804,151 6,370,959 540,312 139,673 (642,419) (741,106) (396,256) (72,680) (621,690) (1,794,166) 4,576,793 26,380,944
Mid Cap Growth Portfolio 9,848,253 1,558,003 327,576 62,100 (392,995) (427,939) (39,964) (92,501) (108,642) (672,365) 885,638 10,733,891
Capital Appreciation Portfolio 29,784,452 9,190,464 586,444 290,802 (743,818) (1,126,653) (175,059) (267,667) (968,320) (2,404,271) 6,786,193 36,570,645
Small Cap Growth Portfolio 5,889,389 306,794 142,233 40,914 (187,452) (221,866) (8,223) (28,455) (40,883) (303,732) 3,062 5,892,451
Invesco Variable Insurance Funds
Diversified Dividend Fund 1,707,233 254,562 80,549 25,280 (87,457) (23,989) (3,623) (18,259) (59,963) (87,462) 167,100 1,874,333
Health Care Fund 1,896,391 287,134 137,674 25,840 (119,960) (13,594) (45,985) (17,257) 13,386 (19,896) 267,238 2,163,629
International Equity Fund 6,365,083 1,028,183 279,124 98,262 (258,001) (102,151) (23,199) (89,599) (129,043) (224,607) 803,576 7,168,659
VanEck Worldwide Insurance Trust
Global Resources Fund 9,539,799 3,426,251 806,020 127,399 (719,596) (181,700) (97,549) (140,245) (26,712) (232,383) 3,193,868 12,733,667
PIMCO Variable Insurance Trust
Total Return Portfolio 21,896,281 1,910,337 1,044,385 223,907 (1,103,532) (526,404) (197,727) (181,571) 192,861 (548,081) 1,362,256 23,258,537
Low Duration Portfolio 408,146 20,624 13,235 2,987 (18,754) (6,883) (23,189) (1,507) (7,208) (41,319) (20,695) 387,451
High Yield Portfolio 2,127,488 184,140 75,413 26,434 (94,805) (13,362) (850) (903) (36,016) (44,089) 140,051 2,267,539
Real Return Portfolio 1,624,954 151,281 115,457 10,424 (123,797) (86,845) (565) (29,748) 60,059 (55,015) 96,266 1,721,220
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund 6,047,361 909,508 260,968 49,798 (284,009) (164,108) (31,424) (39,462) (115,300) (323,537) 585,971 6,633,332
Large Cap Value Fund 5,666,888 593,747 255,147 55,674 (251,593) (100,910) (27,486) (55,395) (269,239) (393,802) 199,945 5,866,833
Neuberger Berman Advisors
Management Trust
AMT Mid Cap Intrinsic Value Portfolio 2,558,551 292,525 94,302 6,863 (119,189) (22,255) (21,760) (4,154) 143,285 77,092 369,617 2,928,168
Profunds VP
Japan 726,940 206,854 36,297 19,998 (29,531) - - - 100,962 127,726 334,580 1,061,520
Energy 3,053,057 162,068 147,557 52,131 (134,610) (88,961) (19,812) (28,104) (510,710) (582,509) (420,441) 2,632,616
Small-Cap Value 1,333,842 66,566 54,760 9,676 (36,350) (25,572) (5,555) (15,849) 11,236 (7,654) 58,912 1,392,754
Ultra Mid-Cap 3,045,366 49,244 92,387 22,657 (76,374) (48,169) (20,347) (23,181) (381,334) (434,361) (385,117) 2,660,249
Vanguard Variable Insurance Funds
Balanced 3,375,616 534,135 89,092 23,119 (172,342) (18,875) - (107,520) (140,545) (327,071) 207,064 3,582,680
Total Bond Market Index 1,389,284 91,106 43,376 11,246 (48,766) (66,702) (3,829) (7,768) 20,211 (52,232) 38,874 1,428,158
High Yield Bond 802,494 68,729 41,083 17,624 (27,220) (53,355) - (20,604) (56,926) (99,398) (30,669) 771,825
International 19,382,265 3,655,097 617,090 172,805 (606,813) (325,452) (138,778) (133,123) (629,009) (1,043,280) 2,611,817 21,994,082
Mid-Cap Index 12,940,410 1,429,498 438,750 97,502 (398,267) (303,688) (98,424) (102,258) (458,243) (824,628) 604,870 13,545,280
Real Estate Index 3,457,840 99,602 117,684 41,796 (111,435) (150,190) - (45,404) (66,950) (214,499) (114,897) 3,342,943
Small Company Growth 9,636,242 580,310 298,895 58,524 (264,989) (103,226) (35,535) (61,641) 52,852 (55,120) 525,190 10,161,432
Short Term Investment Grade 745,110 40,122 46,119 70,554 (25,946) (40,504) - (1,621) (199,225) (150,623) (110,501) 634,609
Total Stock Market Index 6,334,640 1,200,382 211,826 109,870 (157,352) (104,819) (19,186) (43,254) 236,769 233,854 1,434,236 7,768,876
The accompanying notes are an integral part of these financial statements
9
Midland National Life Insurance Company
Separate Account A
Statements of Changes in Net Assets
Year Ended December 31, 2024
Net Increase Net Increase (Decrease) Total Increase Net Assets
Net Assets (Decrease) in Net Transfers of Transfers Interfund and Net in Net Assets from (Decrease) in End of
Beginning Assets Resulting Net Transfers of Cost of Transfers of Transfers of of Other Transfers (to) from Capital Share Transactions Net Assets Year
of Year (a) from Operations (b) Premiums (c) Policy Loans (d) Insurance (e) Surrenders (f) Death Benefits (g) Terminations (h) General Account (i) (j)=(c+d+e+f+g+h+i) (k)=(b+j) (l)=(a+k)
Fidelity Variable Insurance Products
Fund I
Government Money Market Portfolio $ 9,333,314 $ 465,096 $ 559,002 $ 373,460 $ (745,988) $ (183,538) $ (53,224) $ (38,623) $ 3,753,332 $ 3,664,421 $ 4,129,517 $ 13,462,831
High Income Portfolio 5,055,699 424,288 263,931 45,665 (324,804) (154,477) (49,604) (20,258) 18,031 (221,516) 202,772 5,258,471
Equity-Income Portfolio 23,921,178 3,431,909 757,576 169,819 (1,123,008) (652,023) (389,403) (100,783) (381,879) (1,719,701) 1,712,208 25,633,386
Growth Portfolio 73,749,376 21,411,014 1,429,353 516,767 (2,294,281) (2,468,732) (1,173,890) (329,206) (933,928) (5,253,917) 16,157,097 89,906,473
Overseas Portfolio 11,744,062 534,973 477,697 195,313 (555,685) (283,781) (77,260) (43,264) (837,434) (1,124,414) (589,441) 11,154,621
Mid Cap Portfolio 25,837,441 3,862,692 720,806 160,179 (922,814) (651,946) (195,052) (136,830) (2,908,136) (3,933,793) (71,101) 25,766,340
Freedom Income Portfolio 52,517 2,588 2,039 - (4,585) - - - 13,502 10,956 13,544 66,061
Freedom 2010 Portfolio 14,658 1,253 1,774 - (2) - - - (17,683) (15,911) (14,658) -
Freedom 2015 Portfolio 366,581 21,591 6,585 2,450 (37,205) - - (46) (93,892) (122,108) (100,517) 266,064
Freedom 2020 Portfolio 419,168 31,799 5,051 1,334 (7,464) (1,235) - - 2,254 (60) 31,739 450,907
Freedom 2025 Portfolio 290,922 22,966 10,605 87,632 (13,405) - - (19,167) 150,895 216,560 239,526 530,448
Freedom 2030 Portfolio 858,640 77,920 28,583 100,427 (45,193) (51,515) (8,575) (19,175) (36,121) (31,569) 46,351 904,991
Fidelity Variable Insurance Products
Fund II
Asset Manager 50 % Portfolio 3,961,706 301,110 202,664 45,517 (290,552) (109,722) (71,802) (21,461) (63,153) (308,509) (7,399) 3,954,307
Investment Grade Bond Portfolio 8,797,166 97,489 504,238 55,214 (585,048) (138,166) (43,908) (54,413) (1,552,954) (1,815,037) (1,717,548) 7,079,618
Index 500 Portfolio 88,957,051 21,123,212 2,520,374 703,585 (3,030,124) (1,856,040) (520,609) (416,649) (2,500,969) (5,100,432) 16,022,780 104,979,831
Contrafund Portfolio 78,154,461 24,706,542 1,755,982 612,026 (2,442,928) (2,125,465) (458,161) (403,016) (3,871,070) (6,932,632) 17,773,910 95,928,371
Asset Manager 70% Portfolio 3,138,089 310,915 145,716 39,892 (226,928) (43,419) (14,677) (19,202) (67,076) (185,694) 125,221 3,263,310
Fidelity Variable Insurance Products
Fund III
Balanced Portfolio 7,443,765 1,107,930 301,739 75,641 (347,898) (134,958) (53,819) (48,295) (238,876) (446,466) 661,464 8,105,229
Growth & Income Portfolio 12,957,056 2,749,176 428,660 81,574 (597,981) (433,354) (53,391) (65,885) (344,133) (984,510) 1,764,666 14,721,722
Growth Opportunities Portfolio 23,654,801 8,765,155 521,692 341,343 (626,740) (724,961) (42,242) (188,383) (829,949) (1,549,240) 7,215,915 30,870,716
Lincoln VIP American Century Funds
Balanced Fund 2,615,555 296,960 101,087 25,314 (136,392) (86,515) (29,648) (9,365) (124,775) (260,294) 36,666 2,652,221
Capital Appreciation Fund 9,666,430 2,497,002 298,352 112,901 (398,118) (315,706) (60,253) (78,519) (417,273) (858,616) 1,638,386 11,304,816
International Fund 12,082,621 344,441 598,176 256,847 (672,013) (333,369) (57,261) (87,178) (170,339) (465,137) (120,696) 11,961,925
Value Fund 28,128,569 2,629,043 965,867 257,491 (1,083,469) (919,775) (95,757) (173,341) (324,451) (1,373,435) 1,255,608 29,384,177
Disciplined Core Value Fund 2,831,481 349,284 95,142 14,609 (112,138) (82,225) (4,363) (22,042) (128,770) (239,787) 109,497 2,940,978
MFS Variable Insurance Trust
Growth Series 25,819,002 7,853,132 632,467 228,855 (761,357) (687,068) (113,205) (123,847) (1,518,781) (2,342,936) 5,510,196 31,329,198
Investors Trust Series 1,927,727 355,275 66,658 9,364 (85,757) (97,381) (40,448) (4,845) (49,089) (201,498) 153,777 2,081,504
New Discovery Series 9,421,908 592,788 292,156 92,961 (372,849) (252,864) (47,378) (88,481) (216,609) (593,064) (276) 9,421,632
Research Series 6,078,831 1,100,725 151,715 29,361 (224,873) (159,340) (83,410) (39,375) 5,396 (320,526) 780,199 6,859,030
Total Return Series 490,220 38,665 31,797 1,305 (27,234) - - - (9,208) (3,340) 35,325 525,545
Utilities Series 4,768,236 534,536 210,430 43,595 (199,669) (148,981) (49,822) (9,472) (77,622) (231,541) 302,995 5,071,231
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio 12,217,871 2,143,252 413,784 66,046 (517,304) (195,872) (81,266) (45,020) (1,604,134) (1,963,766) 179,486 12,397,357
Mid-Cap Stock Portfolio 13,829,335 2,024,297 664,090 125,884 (674,885) (340,222) (32,012) (93,407) (295,887) (646,439) 1,377,858 15,207,193
Dividend Growth Portfolio 4,023,398 349,887 62,256 32,644 (59,104) - - (213) (2,877,781) (2,842,198) (2,492,311) 1,531,087
The accompanying notes are an integral part of these financial statements
10
Midland National Life Insurance Company
Separate Account A
Statements of Changes in Net Assets
Year Ended December 31, 2024
Net Increase Net Increase (Decrease) Total Increase Net Assets
Net Assets (Decrease) in Net Transfers of Transfers Interfund and Net in Net Assets from (Decrease) in End of
Beginning Assets Resulting Net Transfers of Cost of Transfers of Transfers of of Other Transfers (to) from Capital Share Transactions Net Assets Year
of Year (a) from Operations (b) Premiums (c) Policy Loans (d) Insurance (e) Surrenders (f) Death Benefits (g) Terminations (h) General Account (i) (j)=(c+d+e+f+g+h+i) (k)=(b+j) (l)=(a+k)
Alger Fund
Large Cap Growth Portfolio 16,850,393 6,988,842 542,115 176,619 (615,091) (406,765) (44,173) (70,040) (1,617,749) (2,035,084) 4,953,758 21,804,151
Mid Cap Growth Portfolio 8,607,664 1,558,514 362,416 96,785 (406,968) (187,029) (39,229) (65,241) (78,659) (317,925) 1,240,589 9,848,253
Capital Appreciation Portfolio 21,100,141 9,923,182 613,052 152,724 (738,384) (440,752) (101,887) (155,119) (568,505) (1,238,871) 8,684,311 29,784,452
Small Cap Growth Portfolio 7,201,873 396,458 152,088 49,924 (213,952) (83,367) (4,501) (23,592) (1,585,542) (1,708,942) (1,312,484) 5,889,389
Invesco Variable Insurance Funds
Diversified Dividend Fund 1,670,422 203,274 69,797 28,524 (84,729) (19,350) (30,577) (5,225) (124,903) (166,463) 36,811 1,707,233
Health Care Fund 1,905,143 82,697 139,023 31,975 (117,128) (72,295) (425) (14,221) (58,378) (91,449) (8,752) 1,896,391
International Equity Fund 6,340,156 31,634 301,885 97,989 (260,631) (163,958) (18,707) (40,941) 77,656 (6,707) 24,927 6,365,083
VanEck Worldwide Insurance Trust
Global Resources Fund 9,823,663 (278,292) 844,601 138,244 (767,465) (311,045) (61,357) (40,413) 191,863 (5,572) (283,864) 9,539,799
PIMCO Variable Insurance Trust
Total Return Portfolio 20,927,351 525,403 1,043,309 235,053 (1,088,195) (682,907) (149,193) (156,153) 1,241,613 443,527 968,930 21,896,281
Low Duration Portfolio 1,382,156 15,291 12,679 2,951 (19,625) (1,301) - (3,005) (981,000) (989,301) (974,010) 408,146
High Yield Portfolio 2,057,599 138,178 78,494 10,507 (99,272) (17,557) (10,261) (2,138) (28,062) (68,289) 69,889 2,127,488
Real Return Portfolio 3,313,390 24,121 104,649 8,190 (121,489) (30,347) - (10,961) (1,662,599) (1,712,557) (1,688,436) 1,624,954
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund 5,332,678 983,524 245,335 68,158 (276,564) (125,083) (12,765) (32,691) (135,231) (268,841) 714,683 6,047,361
Large Cap Value Fund 4,954,412 895,207 248,125 83,472 (267,553) (113,312) (23,058) (21,704) (88,701) (182,731) 712,476 5,666,888
Neuberger Berman Advisors
Management Trust
AMT Mid Cap Intrinsic Value Portfolio 2,370,582 236,444 95,415 45,135 (120,323) (15,071) (12,039) (4,463) (37,129) (48,475) 187,969 2,558,551
Profunds VP
Japan 569,568 124,057 33,340 5,266 (28,236) - - (7,144) 30,089 33,315 157,372 726,940
Energy 3,196,672 128,690 158,866 54,783 (139,783) (57,799) (34,027) (13,034) (241,311) (272,305) (143,615) 3,053,057
Small-Cap Value 1,315,504 71,205 59,567 16,471 (40,194) (17,732) (280) (4,204) (66,495) (52,867) 18,338 1,333,842
Ultra Mid-Cap 2,576,012 462,615 102,473 16,487 (76,705) (60,843) (71,279) (26,485) 123,091 6,739 469,354 3,045,366
Vanguard Variable Insurance Funds
Balanced 3,305,780 463,869 83,758 21,789 (162,129) (5,014) (23,765) (2,663) (306,009) (394,033) 69,836 3,375,616
Total Bond Market Index 950,460 18,851 48,364 7,731 (49,949) (10,440) (5,258) - 429,525 419,973 438,824 1,389,284
High Yield Bond 760,509 47,262 44,576 10,094 (38,147) (7,442) - (5,623) (8,735) (5,277) 41,985 802,494
International 18,177,725 1,674,126 622,634 201,378 (601,448) (582,078) (125,755) (98,452) 114,135 (469,586) 1,204,540 19,382,265
Mid-Cap Index 11,870,143 1,635,128 427,489 127,218 (390,796) (329,511) (36,156) (65,381) (297,724) (564,861) 1,070,267 12,940,410
Real Estate Index 3,307,346 157,498 98,708 40,506 (113,736) (81,852) (26,768) (4,756) 80,894 (7,004) 150,494 3,457,840
Small Company Growth 9,032,118 991,821 306,289 75,464 (274,786) (202,403) (46,021) (36,668) (209,572) (387,697) 604,124 9,636,242
Short Term Investment Grade 529,694 26,915 19,013 187,636 (24,717) (5,295) (1,044) (469) 13,377 188,501 215,416 745,110
Total Stock Market Index 5,518,679 1,225,212 208,743 104,813 (146,976) (93,329) (44,034) (21,798) (416,670) (409,251) 815,961 6,334,640

The accompanying notes are an integral part of these financial statements
11
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

1.Organization and Significant Accounting Policies
Organization
Midland National Life Separate Account A ("Separate Account"), a unit investment trust pursuant to the provisions of the Investment Company Act of 1940 as amended, is a segregated investment account of Midland National Life Insurance Company (the "Company") in accordance with the provisions of the Iowa Insurance laws. The Separate Account follows the accounting and reporting guidance in FASB Accounting Standards Codification 946. The assets and liabilities of the Separate Account are clearly identified and distinguished from the other assets and liabilities of the Company. The Separate Account is used to fund fifteen variable universal life insurance products, each with different characteristics. The dates in which products were introduced result in different product groups. Sammons Financial Network, an affiliate, serves as the underwriter of the variable products. There are no new variable life insurance products being sold.
Investments
The Separate Account invests in specified portfolios of Fidelity Variable Insurance Products Fund I ("VIPF"), Fidelity Variable Insurance Products Fund II ("VIPF II"), Fidelity Variable Insurance Products Fund III ("VIPF III"), Lincoln Variable Insurance Portfolio American Century Funds ("LVIP ACVP"), MFS Variable Insurance Trust ("MFS"), Lord Abbett Series Fund, Inc. ("LAC"), Alger Fund ("FAM"), Invesco Variable Insurance Funds ("INV"), VanEck Worldwide Insurance Trust ("VanEck"), PIMCO Variable Insurance Trust ("PIMCO"), Goldman Sachs Variable Insurance Trust ("Goldman"), Neuberger Berman Advisors Management Trust ("Neuberger"), ProFunds VP ("PF") and Vanguard Variable Insurance Funds ("Vanguard"), (collectively "the Funds"), each diversified open-end management companies registered under the Investment Company Act of 1940, as directed by participants. All portfolios have been in existence for more than two years.
Effective May 1, 2021 the VanEck Global Hard Assets Fund was renamed the VanEck Global Resources Fund.
Effective April 29, 2022 the INV International Growth Fund was renamed the INV International Equity Fund.

Effective March 17, 2023 the PF Oil & Gas Fund was renamed the PF Energy Fund.

Effective April 26, 2024, the American Century Variable Portfolios, Inc. ("ACVP") was reorganized into the LVIP ACVP.

Effective May 1, 2025, the VIPF II Asset Manager Portfolio was renamed the VIPF II Asset Manager 50% Portfolio and the VIPF II Asset Manager Growth Portfolio was renamed the VIPF II Asset Manager 70% Portfolio.








12
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

Fair Value
Investments in shares of the Funds are valued at the net asset values (fair values) of the respective portfolios of the Funds corresponding to the investment portfolios of the Separate Account. Investment transactions are recorded on the trade date (the date the order to buy or sell is executed). Dividends are automatically reinvested in shares of the Funds.
Generally accepted accounting principles ("GAAP") define fair value as an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value standards also establish a hierarchical disclosure framework which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
The Company determines the fair value of its investments, in the absence of observable market prices, using the valuation methodologies described below applied on a consistent basis. For some investments, market activity may be minimal or nonexistent and management's determination of fair value is then based on the best information available in the circumstances and may incorporate management's own assumptions, which involves a significant degree of judgment.
Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories.
Level 1 - Quoted prices are available in active markets for identical financial instruments as of the reporting date. The types of financial instruments included in Level 1 are mutual funds. As required by the fair value measurements guidance, the Company does not adjust the quoted price for these financial instruments, even in situations where it holds a large position and a sale could reasonably impact the quoted price.
Level 2 - Fair values are based on quoted prices for similar assets or liabilities in active and inactive markets. Inactive markets involve few transactions for similar assets or liabilities and the prices are not current or price quotations vary substantially over time or among market makers, which would include some broker quotes. Level 2 inputs also include corroborated market data such as interest rate spreads, yield curves, volatilities, prepayment speeds, credit risks and default rates. The Company does not hold any Level 2 securities in the Separate Account.
Level 3 - Pricing inputs are unobservable for the financial instrument and include situations where there is little, if any, market activity for the financial instrument. These inputs may reflect the Company's estimates of the assumptions that market participants would use in valuing the financial instruments. The Company does not hold any Level 3 securities in the Separate Account.
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, a financial instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The assessment of the
13
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument.
At December 31, 2025, the Company's investments were classified as follows:
Quoted prices Significant
in active other Significant
markets for observable unobservable
identical assets inputs inputs
Assets (Level 1) (Level 2) (Level 3) Total
Mutual Funds $858,369,194 $- $- $858,369,194
The first-in, first-out ("FIFO") method is used to determine realized gains and losses on investments. Dividend and capital gain distributions are recorded as income on the ex-dividend date.
The Separate Account had no liabilities or changes in liabilities as of and for the year ended December 31, 2025.
The contracts do not provide for a variable payout option; therefore, all assets in the Separate Account are in the accumulation phase.
Federal Income Taxes
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 is currently being made against the Separate Account for such tax since, under current law, the Company pays no tax on investment income and capital gains reflected in variable life policy reserves. However, the Company retains the right to charge for any federal income tax incurred which is attributable to the Separate Account if the law is changed. Charges for state and local taxes, if any, attributable to the Separate Account may also be made.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Segment Reporting
The Company has designated the Director of Product Operations as the chief operating decision maker ("CODM") for the subaccounts. The CODM has determined that each subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. We report our subaccount results consistent with the manner in which the CODM reviews the increase (decrease) in net assets from operations as their performance measure in order to make operational decisions while also monitoring the net assets of each of the subaccounts within the Separate Account. Investment performance of the subaccounts may vary based on the
14
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

underlying fund's investment objectives specified in the fund prospectus. The accounting policies used to measure profit and loss of the segment are the same as those described in the summary of significant accounting policies. The measure of segment assets is reported on the Statements of Net Assets as net assets. Refer to the Statements of Operations and Changes in Net Assets and related notes for each subaccount's operating segment significant expenses.

Subsequent Events
The Separate Account has evaluated subsequent events through April 17, 2026, which is the date the financial statements were available to be issued. There are no additional subsequent transactions that require disclosure in the financial statements.









































15
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

2.Expenses
The Company is compensated for certain expenses as described below. The rates of each applicable charge are described in the Separate Account's prospectus.
•A contract administration fee (admin charge) is charged to cover the Company's record keeping and other administrative expenses incurred to operate the Separate Account. This fee is allocated to the individual portfolios of the Funds based on the net asset value of the portfolios in proportion to the total net asset value of the Separate Account.
•A mortality and expense risk (M&E) charge is charged in return for the Company's assumption of risks associated with adverse mortality experience or excess administrative expenses in connection with policies issued. This fee is charged directly to the individual portfolios of the Funds based on the net asset value of the portfolio.
•A transfer charge is imposed on each transfer between portfolios of the Separate Account in excess of a stipulated number of transfers in any one contract year. A deferred sales charge may be imposed in the event of a full or partial withdrawal within the stipulated number of years.
•A cost of insurance rate is applied based on a number of factors including sex, attained age, face amount of insurance, and rating class of the Insured person at the time of the charge.
•A sales and premium tax charge is deducted from each premium payment made prior to deposit into the separate account.
The rates of each applicable charge depending on the product are summarized below:
Product M&E Charge Admin Charge
Advanced Variable Universal Life* 0.90% $7 per month
Advisor Variable Universal Life* 1.40% $10 per month
Foundation Variable Universal Life*^ 0.90% $7 per month
Premier Variable Universal Life 1.1* 0.90% $7 per month
Premier Variable Universal Life 3 *# 0.80% $10 per month
Survivorship Variable Universal Life* 0.50% $10 per month
Variable Executive Universal Life 2* 0.90% $6 per month
Variable Executive Universal Life* 0.90% $5 per month
Variable Universal Life* 0.90% $5 per month
Variable Universal Life 2* 0.90% $5 per month
Variable Universal Life 3* 0.90% $7 per month
Variable Universal Life 4* 0.90% $7 per month
Variable Universal Life -- Cash Value* 0.60% $12 per month
Variable Universal Life -- Cash Value 2 *& 0.60% $12 per month
Variable Universal Life -- Death Benefit* 0.90% $8 per month
*New contracts are no longer being issued for this product
^M&E charge drops to 0.10% upon reaching the 10th anniversary
#M&E charge drops to 0.00% upon reaching the 10th anniversary
&M&E charge drops to 0.05% upon reaching the 10th anniversary
16
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements


3.Purchases and Sales of Investment Securities
The aggregate cost of purchases and proceeds from sales of investments for the years ended December 31, 2025 and 2024, were as follows:
2025 2024
Portfolio Purchases Sales Purchases Sales
Fidelity Variable Insurance Products
Fund I
Government Money Market Portfolio $ 2,393,340 $ 7,100,908 $ 8,495,226 $ 4,365,709
High Income Portfolio 1,890,678 1,874,771 494,257 425,023
Equity-Income Portfolio 2,599,791 1,811,298 2,350,688 2,287,678
Growth Portfolio 13,224,947 6,838,067 20,251,788 7,109,120
Overseas Portfolio 3,838,607 2,722,844 1,572,226 2,018,090
Mid Cap Portfolio 4,305,737 1,841,801 3,904,512 4,548,517
Freedom Income Portfolio 4,956 4,841 17,319 4,154
Freedom 2010 Portfolio 66 39 1,881 17,711
Freedom 2015 Portfolio 49,465 45,037 29,026 131,418
Freedom 2020 Portfolio 45,045 9,029 33,220 8,690
Freedom 2025 Portfolio 138,685 208,179 268,886 40,122
Freedom 2030 Portfolio 112,215 157,405 183,461 194,753
Fidelity Variable Insurance Products
Fund II
Asset Manager 50% Portfolio 371,859 391,383 227,133 441,156
Investment Grade Bond Portfolio 667,687 823,399 657,270 2,240,763
Index 500 Portfolio 3,056,407 9,295,335 5,669,564 9,757,780
Contrafund Portfolio 18,213,073 6,544,402 14,096,240 10,423,602
Asset Manager 70% Portfolio 251,156 305,320 150,948 259,522
Fidelity Variable Insurance Products
Fund III
Balanced Portfolio 890,523 701,396 888,025 967,099
Growth & Income Portfolio 3,821,232 3,013,647 1,380,016 1,266,343
Growth Opportunities Portfolio 5,371,522 6,445,040 759,337 2,418,753
Lincoln VIP American Century Funds
Balanced Fund 114,554 203,294 133,904 346,326
Capital Appreciation Fund 4,710,403 3,922,447 2,432,887 2,675,076
International Fund 1,931,978 2,408,629 3,768,650 4,062,980
Value Fund 5,578,231 1,984,933 5,418,973 4,340,967
Disciplined Core Value Fund 117,263 221,975 122,705 334,692
MFS Variable Insurance Trust
Growth Series 6,021,992 2,509,244 3,302,819 3,457,369
Investors Trust Series 950,867 213,648 208,657 258,983
New Discovery Series 926,108 1,620,489 311,678 929,231
Research Series 1,814,517 433,906 537,680 455,874
Total Return Series 113,991 58,402 98,673 62,944
Utilities Series 527,370 567,476 665,914 647,408
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio 1,727,538 954,539 1,329,455 2,317,885
Mid-Cap Stock Portfolio 2,454,699 1,741,424 3,445,759 2,498,104
Dividend Growth Portfolio 307,974 87,912 2,406,633 5,159,184
17
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

2025 2024
Portfolio Purchases Sales Purchases Sales
Alger Fund
Large Cap Growth Portfolio 7,391,180 6,380,997 2,519,386 4,587,673
Mid Cap Growth Portfolio 591,102 1,284,214 2,838,299 3,175,725
Capital Appreciation Portfolio 7,724,733 4,428,570 1,155,403 2,439,014
Small Cap Growth Portfolio 205,496 450,515 152,482 1,849,618
Invesco Variable Insurance Funds
Diversified Dividend Fund 262,717 188,145 197,578 269,348
Health Care Fund 378,727 317,860 136,273 230,594
International Equity Fund 876,915 568,227 521,181 384,121
VanEck Worldwide Insurance Trust
Global Resources Fund 1,019,934 987,941 1,306,366 1,066,090
PIMCO Variable Insurance Trust
Total Return Portfolio 5,354,268 4,982,409 2,691,632 1,408,093
Low Duration Portfolio 37,849 64,375 30,475 1,004,153
High Yield Portfolio 197,311 107,458 246,293 194,473
Real Return Portfolio 3,107,544 3,103,982 171,123 1,843,810
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund 1,087,117 848,317 1,029,861 775,087
Large Cap Value Fund 1,894,375 1,343,813 3,378,580 2,806,208
Neuberger Berman Advisors
Management Trust
AMT Mid Cap Intrinsic Value Portfolio 2,015,131 1,654,840 1,177,680 1,107,168
Profunds VP
Japan 382,025 94,073 405,374 271,766
Energy 639,430 783,592 521,247 571,612
Small-Cap Value 173,779 118,316 140,738 182,459
Ultra Mid-Cap 317,632 725,976 524,733 504,375
Vanguard Variable Insurance Funds
Balanced 473,861 419,238 490,233 638,162
Total Bond Market Index 325,940 332,998 554,149 102,049
High Yield Bond 136,169 186,236 154,512 114,745
International 5,159,334 4,828,183 6,503,914 6,158,914
Mid-Cap Index 1,209,239 1,229,539 2,235,624 2,493,733
Real Estate Index 400,471 468,559 466,913 285,843
Small Company Growth 1,195,636 580,935 392,854 741,570
Short Term Investment Grade 194,121 322,233 273,057 65,761
Total Stock Market Index 1,963,514 1,291,505 1,055,792 1,002,962
18
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements


4.Summary of Changes from Unit Transactions
Transactions in units for the years ended December 31, 2025 and 2024 were as follows:
2025 2024
Net Increase/ Net Increase/
Portfolio Purchases Sales (Decrease) Purchases Sales (Decrease)
Fidelity Variable Insurance Products
Fund I
Government Money Market Portfolio 394,653 820,494 (425,841) 775,413 463,830 311,583
High Income Portfolio 99,955 111,908 (11,953) 37,099 44,965 (7,866)
Equity-Income Portfolio 50,749 69,203 (18,454) 30,383 61,126 (30,743)
Growth Portfolio 100,823 162,217 (61,394) 50,868 110,505 (59,637)
Overseas Portfolio 216,816 227,298 (10,482) 81,543 126,769 (45,226)
Mid Cap Portfolio 127,853 139,600 (11,747) 37,358 152,247 (114,889)
Freedom Income Portfolio 524 641 (117) 931 292 639
Freedom 2010 Portfolio 13 12 1 89 795 (706)
Freedom 2015 Portfolio 1,278 1,826 (548) 496 5,719 (5,223)
Freedom 2020 Portfolio 445 503 (58) 369 368 1
Freedom 2025 Portfolio 7,745 11,336 (3,591) 11,351 1,760 9,591
Freedom 2030 Portfolio 6,337 10,027 (3,690) 6,992 7,957 (965)
Fidelity Variable Insurance Products
Fund II
Asset Manager 50% Portfolio 14,013 20,599 (6,586) 23,465 29,635 (6,170)
Investment Grade Bond Portfolio 91,522 114,694 (23,172) 67,946 181,058 (113,112)
Index 500 Portfolio 172,153 293,939 (121,786) 190,573 281,404 (90,831)
Contrafund Portfolio 154,590 214,356 (59,766) 103,250 232,942 (129,692)
Asset Manager 70% Portfolio 14,692 20,707 (6,015) 8,638 15,019 (6,381)
Fidelity Variable Insurance Products
Fund III
Balanced Portfolio 57,911 65,823 (7,912) 20,420 33,398 (12,978)
Growth & Income Portfolio 96,379 111,699 (15,320) 19,275 40,446 (21,171)
Growth Opportunities Portfolio 74,323 89,447 (15,124) 19,853 41,360 (21,507)
Lincoln VIP American Century Funds
Balanced Fund 46,577 50,618 (4,041) 6,010 14,931 (8,921)
Capital Appreciation Fund 104,474 121,360 (16,886) 54,639 70,287 (15,648)
International Fund 176,954 212,329 (35,375) 250,168 273,758 (23,590)
Value Fund 208,531 191,658 16,873 160,536 192,454 (31,918)
Disciplined Core Value Fund 54,185 58,018 (3,833) 4,390 10,914 (6,524)
MFS Variable Insurance Trust
Growth Series 50,839 84,964 (34,125) 54,960 93,236 (38,276)
Investors Trust Series 39,766 43,038 (3,272) 2,054 6,634 (4,580)
New Discovery Series 77,455 93,298 (15,843) 20,824 34,337 (13,513)
Research Series 7,976 14,148 (6,172) 5,490 12,430 (6,940)
Total Return Series 2,721 2,694 27 2,617 2,688 (71)
Utilities Series 17,735 26,315 (8,580) 21,892 29,798 (7,906)
19
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

2025 2024
Net Increase/ Net Increase/
Portfolio Purchases Sales (Decrease) Purchases Sales (Decrease)
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio 45,036 61,630 (16,594) 20,746 91,409 (70,663)
Mid-Cap Stock Portfolio 111,285 125,434 (14,149) 92,244 109,168 (16,924)
Dividend Growth Portfolio 8,606 7,199 1,407 57,175 128,666 (71,491)
Alger Fund
Large Cap Growth Portfolio 165,908 191,936 (26,028) 99,397 137,199 (37,802)
Mid Cap Growth Portfolio 36,764 54,022 (17,258) 86,085 100,890 (14,805)
Capital Appreciation Portfolio 101,232 129,699 (28,467) 27,899 46,025 (18,126)
Small Cap Growth Portfolio 27,415 37,094 (9,679) 12,835 76,270 (63,435)
Invesco Variable Insurance Funds
Diversified Dividend Fund 30,752 34,521 (3,769) 16,723 23,155 (6,432)
Health Care Fund 18,902 19,259 (357) 17,465 19,610 (2,145)
International Equity Fund 81,902 93,069 (11,167) 56,225 57,098 (873)
VanEck Worldwide Insurance Trust
Global Resources Fund 475,819 496,693 (20,874) 242,261 236,352 5,909
PIMCO Variable Insurance Trust
Total Return Portfolio 532,492 567,500 (35,008) 407,293 374,983 32,310
Low Duration Portfolio 3,101 6,323 (3,222) 1,369 75,255 (73,886)
High Yield Portfolio 78,375 80,174 (1,799) 10,166 13,546 (3,380)
Real Return Portfolio 244,409 246,122 (1,713) 15,406 125,218 (109,812)
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund 60,682 68,599 (7,917) 33,441 40,731 (7,290)
Large Cap Value Fund 68,895 79,960 (11,065) 104,565 109,107 (4,542)
Neuberger Berman Advisors Management Trust
AMT Mid Cap Intrinsic Value Portfolio 62,843 60,671 2,172 38,361 38,982 (621)
Profunds VP
Japan 9,294 6,504 2,790 11,077 9,531 1,546
Energy 48,272 100,176 (51,904) 40,989 58,482 (17,493)
Small-Cap Value 18,135 18,304 (169) 7,507 9,404 (1,897)
Ultra Mid-Cap 7,620 15,862 (8,242) 11,896 12,116 (220)
Vanguard Variable Insurance Funds
Balanced 14,451 22,952 (8,501) 8,945 20,370 (11,425)
Total Bond Market Index 45,844 49,567 (3,723) 53,901 23,025 30,876
High Yield Bond 9,586 13,666 (4,080) 6,007 6,317 (310)
International 231,056 270,604 (39,548) 300,319 318,117 (17,798)
Mid-Cap Index 51,425 68,980 (17,555) 89,568 105,683 (16,115)
Real Estate Index 35,792 43,794 (8,002) 14,791 14,943 (152)
Small Company Growth 47,062 47,896 (834) 32,071 40,819 (8,748)
Short Term Investment Grade 19,286 30,374 (11,088) 43,297 29,483 13,814
Total Stock Market Index 37,599 31,738 5,861 16,470 24,273 (7,803)
20
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements


5.Financial Highlights
The Company's variable life insurance products have unique combinations of features and fees that are charged against the contract owner's account balance. Differences in the fee structures result in a variety of unit values, expense ratios and total returns.
The following table illustrates the lowest and highest total return by portfolio currently offered by the Company. Only product designs within each portfolio that had units outstanding during the respective periods were considered when determining the lowest and highest total return. The summary may not reflect the minimum and maximum contract charges offered by the Company as contract owners may not have selected all available and applicable contract options.
December 31 Year Ended December 31
Unit Fair Value Investment Expense Ratio Total Return
Lowest to Income Lowest to Lowest to
Units Highest Net Assets Ratio* Highest** Highest***
Net assets represented by
Fidelity Variable Insurance Products
Fund I
Government Money Market Portfolio
2025 694,176 $10.81 to 21.18 $8,755,263 3.49 % 0.00% to 1.40% 2.69% to 4.13%
2024 1,120,017 10.52 to 20.57 $13,462,831 4.24 % 0.00% to 1.40% 3.64% to 5.10%
2023 808,434 10.15 to 19.79 $9,333,314 4.70 % 0.00% to 1.40% 3.44% to 4.89%
2022 1,170,634 9.82 to 19.07 $12,858,238 1.64 % 0.00% to 1.40% 0.03% to 1.44%
2021 766,245 9.81 to 19.01 $8,405,754 0.01 % 0.00% to 1.40% -1.38% to 0.01%
High Income Portfolio
2025 199,451 22.35 to 64.97 $5,454,836 6.45 % 0.00% to 1.40% 8.83% to 10.36%
2024 211,404 20.27 to 59.52 $5,258,471 6.01 % 0.00% to 1.40% 7.45% to 8.97%
2023 219,270 18.62 to 55.23 $5,055,699 5.60 % 0.00% to 1.40% 8.95% to 10.48%
2022 227,300 16.87 to 50.54 $4,817,040 4.76 % 0.00% to 1.40% -12.60% to -11.37%
2021 255,851 19.06 to 57.66 $6,071,181 5.22 % 0.00% to 1.40% 2.96% to 4.41%
Equity-Income Portfolio
2025 470,412 38.89 to 219.38 $29,110,381 1.81 % 0.00% to 1.40% 17.37% to 19.02%
2024 488,866 32.76 to 186.36 $25,633,386 1.81 % 0.00% to 1.40% 13.74% to 15.35%
2023 519,609 28.47 to 163.36 $23,921,178 1.86 % 0.00% to 1.40% 9.11% to 10.65%
2022 556,214 25.79 to 149.27 $23,309,133 1.84 % 0.00% to 1.40% -6.28% to -4.96%
2021 597,491 27.21 to 158.79 $26,336,178 1.93 % 0.00% to 1.40% 23.16% to 24.89%
Growth Portfolio
2025 1,010,582 69.63 to 450.34 $96,997,682 0.29 % 0.00% to 1.40% 13.30% to 14.90%
2024 1,071,976 60.91 to 396.28 $89,906,473 0.00 % 0.00% to 1.40% 28.57% to 30.39%
2023 1,131,613 46.95 to 307.30 $73,749,376 0.13 % 0.00% to 1.40% 34.35% to 36.24%
2022 1,180,155 34.63 to 228.05 $57,200,413 0.58 % 0.00% to 1.40% -25.51% to -24.46%
2021 1,242,006 46.07 to 305.21 $80,737,029 0.00 % 0.00% to 1.40% 21.50% to 23.21%
21
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

December 31 Year Ended December 31
Unit Fair Value Investment Expense Ratio Total Return
Lowest to Income Lowest to Lowest to
Units Highest Net Assets Ratio* Highest** Highest***
Overseas Portfolio
2025 459,908 20.26 to 75.00 $13,019,850 1.68 % 0.00% to 1.40% 18.72% to 20.39%
2024 470,390 16.87 to 62.98 $11,154,621 1.66 % 0.00% to 1.40% 3.58% to 5.05%
2023 515,616 16.10 to 60.62 $11,744,062 1.33 % 0.00% to 1.40% 18.84% to 20.51%
2022 501,867 13.39 to 50.86 $9,659,674 0.93 % 0.00% to 1.40% -25.53% to -24.48%
2021 541,413 17.78 to 68.10 $13,779,578 0.47 % 0.00% to 1.40% 18.04% to 19.70%
Mid Cap Portfolio
2025 591,681 42.05 to 90.26 $28,125,631 0.42 % 0.00% to 1.40% 10.20% to 11.75%
2024 603,428 37.72 to 81.18 $25,766,340 0.53 % 0.00% to 1.40% 15.85% to 17.49%
2023 718,317 32.19 to 69.44 $25,837,441 0.59 % 0.00% to 1.40% 13.48% to 15.08%
2022 769,338 28.04 to 60.64 $24,067,114 0.46 % 0.00% to 1.40% -15.93% to -14.74%
2021 814,028 32.97 to 71.49 $29,945,021 0.62 % 0.00% to 1.40% 23.86% to 25.60%
Freedom Income Portfolio
2025 3,684 16.61 to 20.17 $70,113 3.30 % 0.00% to 1.40% 8.43% to 9.63%
2024 3,801 15.31 to 18.40 $66,061 3.77 % 0.00% to 1.40% 3.30% to 4.45%
2023 3,162 14.83 to 17.61 $52,517 3.74 % 0.00% to 1.40% 6.74% to 7.91%
2022 6,734 13.89 to 16.32 $102,572 2.26 % 0.00% to 1.40% -13.01% to -12.05%
2021 8,150 15.97 to 18.56 $141,056 0.97 % 0.00% to 1.40% 2.22% to 3.35%
Freedom 2010 Portfolio
2025 1 24.13 to 24.13 $28 5.73 % 0.00% to 1.40% 10.42% to 10.42%
2024 - 21.85 to 21.85 $0 1.30 % 0.00% to 1.40% 5.27% to 5.27%
2023 706 20.76 to 20.76 $14,658 4.18 % 0.00% to 1.40% 9.37% to 9.37%
2022 551 15.72 to 18.98 $10,457 1.88 % 0.00% to 1.40% -14.47% to -13.61%
2021 1,968 18.43 to 21.97 $39,245 0.33 % 0.00% to 1.40% 4.73% to 5.79%
Freedom 2015 Portfolio
2025 10,655 21.91 to 26.61 $282,657 3.06 % 0.00% to 1.40% 11.31% to 11.87%
2024 11,203 21.89 to 23.79 $266,064 2.94 % 0.00% to 1.40% 5.99% to 6.52%
2023 16,426 20.65 to 22.33 $366,581 3.60 % 0.00% to 1.40% 10.40% to 10.95%
2022 17,955 18.71 to 20.13 $361,441 2.06 % 0.00% to 1.40% -15.02% to -14.68%
2021 19,462 22.02 to 23.60 $459,090 1.24 % 0.00% to 1.40% 7.16% to 7.59%
Freedom 2020 Portfolio
2025 17,872 23.29 to 29.24 $508,458 2.82 % 0.00% to 1.40% 12.09% to 13.33%
2024 17,930 20.78 to 25.83 $450,907 2.97 % 0.00% to 1.40% 6.53% to 7.71%
2023 17,929 19.51 to 24.00 $419,168 3.21 % 0.00% to 1.40% 11.17% to 12.40%
2022 18,324 17.54 to 21.38 $381,316 2.00 % 0.00% to 1.40% -16.61% to -15.69%
2021 18,426 21.04 to 25.38 $455,455 1.08 % 0.00% to 1.40% 8.27% to 9.47%
Freedom 2025 Portfolio
2025 17,557 24.40 to 32.54 $500,245 2.43 % 0.00% to 1.40% 13.00% to 14.59%
2024 21,148 21.60 to 28.43 $530,448 3.00 % 0.00% to 1.40% 6.95% to 8.47%
2023 11,557 21.13 to 26.23 $290,922 3.20 % 0.00% to 1.40% 12.38% to 13.62%
2022 13,558 18.02 to 23.11 $287,785 1.59 % 0.00% to 1.40% -17.34% to -16.43%
2021 48,057 21.87 to 27.68 $1,263,234 1.50 % 0.00% to 1.40% 9.62% to 10.83%
22
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

December 31 Year Ended December 31
Unit Fair Value Investment Expense Ratio Total Return
Lowest to Income Lowest to Lowest to
Units Highest Net Assets Ratio* Highest** Highest***
Freedom 2030 Portfolio
2025 28,582 27.04 to 35.63 $929,204 2.32 % 0.00% to 1.40% 14.26% to 15.52%
2024 32,272 23.66 to 30.88 $904,991 2.32 % 0.00% to 1.40% 8.21% to 9.41%
2023 33,237 21.87 to 28.25 $858,640 2.45 % 0.00% to 1.40% 13.45% to 14.70%
2022 40,569 18.48 to 24.65 $901,599 1.50 % 0.00% to 1.40% -17.78% to -16.87%
2021 100,914 22.54 to 29.69 $2,768,106 1.44 % 0.00% to 1.40% 11.14% to 12.37%
Fidelity Variable Insurance Products
Fund II
Asset Manager 50% Portfolio
2025 100,053 27.26 to 87.50 $4,225,675 2.49 % 0.00% to 1.40% 13.39% to 14.98%
2024 106,639 23.77 to 76.94 $3,954,307 2.43 % 0.00% to 1.40% 6.98% to 8.50%
2023 112,809 21.96 to 71.70 $3,961,706 2.32 % 0.00% to 1.40% 11.38% to 12.94%
2022 119,537 19.49 to 64.18 $3,740,131 1.93 % 0.00% to 1.40% -16.12% to -14.94%
2021 130,483 22.91 to 76.29 $4,805,391 1.60 % 0.00% to 1.40% 8.39% to 9.92%
Investment Grade Bond Portfolio
2025 400,709 15.46 to 38.49 $7,170,456 3.56 % 0.00% to 1.40% 5.73% to 7.22%
2024 423,881 14.43 to 36.29 $7,079,618 3.11 % 0.00% to 1.40% 0.37% to 1.79%
2023 536,993 14.19 to 36.05 $8,797,166 2.54 % 0.00% to 1.40% 4.73% to 6.20%
2022 561,315 13.38 to 34.32 $8,689,179 2.15 % 0.00% to 1.40% -14.17% to -12.96%
2021 604,633 15.38 to 39.86 $10,813,805 2.16 % 0.00% to 1.40% -1.99% to -0.61%
Index 500 Portfolio
2025 1,635,562 62.16 to 192.49 $114,808,748 1.13 % 0.00% to 1.40% 16.14% to 17.78%
2024 1,757,348 52.91 to 165.24 $104,979,831 1.31 % 0.00% to 1.40% 23.15% to 24.90%
2023 1,848,179 42.47 to 133.77 $88,957,051 1.47 % 0.00% to 1.40% 24.44% to 26.19%
2022 1,963,530 33.74 to 107.17 $75,447,163 1.38 % 0.00% to 1.40% -19.35% to -18.21%
2021 2,065,527 41.35 to 132.49 $97,504,480 1.26 % 0.00% to 1.40% 26.79% to 28.58%
Contrafund Portfolio
2025 1,310,030 64.01 to 233.00 $110,826,946 0.14 % 0.00% to 1.40% 19.79% to 21.48%
2024 1,369,796 52.83 to 193.92 $95,928,371 0.19 % 0.00% to 1.40% 31.92% to 33.79%
2023 1,499,488 39.58 to 146.55 $78,154,461 0.50 % 0.00% to 1.40% 31.60% to 33.45%
2022 1,582,666 29.73 to 111.03 $62,154,926 0.47 % 0.00% to 1.40% -27.34% to -26.31%
2021 1,666,184 40.45 to 152.34 $89,015,042 0.06 % 0.00% to 1.40% 26.06% to 27.83%
Asset Manager 70% Portfolio
2025 94,838 31.68 to 64.68 $3,612,589 1.82 % 0.00% to 1.40% 16.95% to 18.24%
2024 100,853 26.85 to 55.31 $3,263,310 1.79 % 0.00% to 1.40% 9.59% to 10.81%
2023 107,234 24.24 to 50.47 $3,138,089 1.79 % 0.00% to 1.40% 15.10% to 16.37%
2022 113,281 20.83 to 43.85 $2,875,257 1.72 % 0.00% to 1.40% -18.03% to -16.88%
2021 120,227 25.06 to 53.33 $3,673,486 1.44 % 0.00% to 1.40% 12.38% to 13.96%
23
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

December 31 Year Ended December 31
Unit Fair Value Investment Expense Ratio Total Return
Lowest to Income Lowest to Lowest to
Units Highest Net Assets Ratio* Highest** Highest***
Fidelity Variable Insurance Products
Fund III
Balanced Portfolio
2025 188,533 43.70 to 65.07 $8,910,457 1.72 % 0.00% to 1.40% 13.60% to 15.20%
2024 196,445 38.03 to 58.61 $8,105,229 1.84 % 0.00% to 1.40% 14.30% to 15.92%
2023 209,423 32.89 to 51.02 $7,443,765 1.73 % 0.00% to 1.40% 19.84% to 21.53%
2022 214,916 27.13 to 42.36 $6,334,121 1.23 % 0.00% to 1.40% -19.08% to -17.94%
2021 218,257 33.15 to 52.09 $7,888,436 0.96 % 0.00% to 1.40% 16.62% to 18.26%
Growth & Income Portfolio
2025 275,965 52.03 to 91.29 $16,883,663 1.55 % 0.00% to 1.40% 19.81% to 21.50%
2024 291,285 42.93 to 76.99 $14,721,722 1.49 % 0.00% to 1.40% 20.51% to 22.21%
2023 312,456 35.22 to 63.57 $12,957,056 1.66 % 0.00% to 1.40% 17.07% to 18.72%
2022 326,897 29.74 to 54.03 $11,475,789 1.59 % 0.00% to 1.40% -6.27% to -4.95%
2021 346,276 31.37 to 57.35 $12,918,496 2.50 % 0.00% to 1.40% 24.20% to 25.95%
Growth Opportunities Portfolio
2025 351,188 95.84 to 134.08 $36,020,779 0.00 % 0.00% to 1.40% 20.25% to 21.95%
2024 366,312 78.98 to 110.06 $30,870,716 0.00 % 0.00% to 1.40% 36.95% to 38.89%
2023 387,819 57.16 to 79.32 $23,654,801 0.00 % 0.00% to 1.40% 43.63% to 45.65%
2022 405,099 39.44 to 54.52 $16,978,467 0.00 % 0.00% to 1.40% -39.01% to -38.15%
2021 432,673 64.08 to 88.23 $29,510,303 0.00 % 0.00% to 1.40% 10.39% to 11.94%
Lincoln VIP American Century Funds
Balanced Fund
2025 82,507 31.59 to 47.26 $2,760,472 1.84 % 0.00% to 1.40% 8.09% to 9.51%
2024 86,548 28.89 to 44.94 $2,652,221 2.06 % 0.00% to 1.40% 10.50% to 11.95%
2023 95,469 25.84 to 40.47 $2,615,555 1.92 % 0.00% to 1.40% 14.79% to 16.29%
2022 97,416 22.25 to 35.08 $2,311,826 1.15 % 0.00% to 1.40% -18.41% to -17.35%
2021 101,520 26.97 to 42.78 $2,927,492 0.73 % 0.00% to 1.40% 14.16% to 15.65%
Capital Appreciation Fund
2025 214,634 44.03 to 100.77 $11,179,562 0.00 % 0.00% to 1.40% 5.23% to 6.72%
2024 231,520 41.36 to 95.47 $11,304,816 0.00 % 0.00% to 1.40% 23.23% to 24.98%
2023 247,168 33.18 to 77.24 $9,666,430 0.00 % 0.00% to 1.40% 19.02% to 20.69%
2022 263,928 27.56 to 64.70 $8,598,132 0.00 % 0.00% to 1.40% -29.11% to -28.11%
2021 281,123 38.43 to 91.00 $12,723,159 0.00 % 0.00% to 1.40% 9.61% to 11.16%
International Fund
2025 583,379 18.26 to 33.99 $13,115,425 1.23 % 0.00% to 1.40% 14.37% to 15.98%
2024 618,754 15.78 to 29.72 $11,961,925 1.67 % 0.00% to 1.40% 1.17% to 2.61%
2023 642,344 15.42 to 29.23 $12,082,621 1.42 % 0.00% to 1.40% 11.01% to 12.57%
2022 685,132 13.73 to 26.22 $11,500,573 1.28 % 0.00% to 1.40% -25.80% to -24.75%
2021 669,730 18.30 to 35.24 $15,030,782 0.16 % 0.00% to 1.40% 7.24% to 8.75%
24
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

December 31 Year Ended December 31
Unit Fair Value Investment Expense Ratio Total Return
Lowest to Income Lowest to Lowest to
Units Highest Net Assets Ratio* Highest** Highest***
Value Fund
2025 739,462 41.10 to 83.11 $34,680,803 1.57 % 0.00% to 1.40% 14.41% to 16.02%
2024 722,589 35.52 to 73.21 $29,384,177 2.98 % 0.00% to 1.40% 7.95% to 9.48%
2023 754,507 32.52 to 67.48 $28,128,569 2.31 % 0.00% to 1.40% 7.59% to 9.10%
2022 802,379 29.88 to 62.41 $27,519,186 2.08 % 0.00% to 1.40% -0.85% to 0.54%
2021 916,265 29.80 to 62.64 $31,213,232 1.84 % 0.00% to 1.40% 22.78% to 24.51%
Disciplined Core Value Fund
2025 75,784 38.56 to 49.97 $3,199,499 1.65 % 0.00% to 1.40% 13.60% to 14.74%
2024 79,617 33.66 to 46.45 $2,940,978 1.34 % 0.00% to 1.40% 11.51% to 12.98%
2023 86,141 29.83 to 41.45 $2,831,481 1.49 % 0.00% to 1.40% 7.15% to 8.54%
2022 87,902 27.53 to 38.49 $2,668,312 1.72 % 0.00% to 1.40% -13.95% to -12.82%
2021 89,726 31.62 to 44.51 $3,142,744 1.11 % 0.00% to 1.40% 21.93% to 23.53%
MFS Variable Insurance Trust
Growth Series
2025 480,783 51.88 to 103.11 $32,786,010 0.00 % 0.00% to 1.40% 10.64% to 12.19%
2024 514,908 46.47 to 92.73 $31,329,198 0.00 % 0.00% to 1.40% 29.63% to 31.47%
2023 553,184 35.52 to 71.18 $25,819,002 0.00 % 0.00% to 1.40% 33.98% to 48.64%
2022 591,005 26.28 to 52.86 $20,426,688 0.00 % 0.00% to 1.40% -37.64% to -31.63%
2021 617,743 38.63 to 78.02 $31,496,968 0.00 % 0.00% to 1.40% 21.82% to 23.53%
Investors Trust Series
2025 41,074 49.97 to 61.23 $2,178,236 1.60 % 0.00% to 1.40% 12.33% to 13.46%
2024 44,346 44.11 to 54.40 $2,081,504 0.71 % 0.00% to 1.40% 18.21% to 19.40%
2023 48,926 37.00 to 45.93 $1,927,727 0.71 % 0.00% to 1.40% 17.68% to 18.86%
2022 52,421 31.18 to 38.95 $1,741,017 0.64 % 0.00% to 1.40% -17.40% to -16.57%
2021 56,150 37.42 to 47.06 $2,244,893 0.67 % 0.00% to 1.40% 25.43% to 26.69%
New Discovery Series
2025 208,760 40.27 to 102.13 $9,876,639 0.00 % 0.00% to 1.40% 11.39% to 12.96%
2024 224,603 35.69 to 91.23 $9,421,632 0.00 % 0.00% to 1.40% 5.23% to 6.72%
2023 238,116 33.47 to 86.26 $9,421,908 0.00 % 0.00% to 1.40% 12.83% to 14.41%
2022 245,925 29.29 to 76.07 $8,536,497 0.00 % 0.00% to 1.40% -30.73% to -29.76%
2021 249,954 41.73 to 109.28 $12,455,302 0.00 % 0.00% to 1.40% 0.38% to 1.80%
Research Series
2025 132,776 53.63 to 70.83 $7,375,531 0.94 % 0.00% to 1.40% 11.62% to 12.85%
2024 138,948 47.65 to 63.33 $6,859,030 0.61 % 0.00% to 1.40% 17.21% to 18.87%
2023 145,888 40.18 to 53.76 $6,078,831 0.51 % 0.00% to 1.40% 20.72% to 22.42%
2022 150,681 32.91 to 44.31 $5,171,367 0.44 % 0.00% to 1.40% -18.36% to -17.21%
2021 167,102 39.85 to 54.01 $6,991,105 0.55 % 0.00% to 1.40% 23.07% to 24.80%
25
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

December 31 Year Ended December 31
Unit Fair Value Investment Expense Ratio Total Return
Lowest to Income Lowest to Lowest to
Units Highest Net Assets Ratio* Highest** Highest***
Total Return Series
2025 19,299 24.40 to 31.31 $584,138 2.68 % 0.00% to 1.40% 9.95% to 11.16%
2024 19,272 22.19 to 28.16 $525,545 2.68 % 0.00% to 1.40% 6.57% to 7.75%
2023 19,343 20.83 to 26.16 $490,220 2.03 % 0.00% to 1.40% 9.24% to 10.44%
2022 20,693 19.06 to 23.71 $471,195 1.38 % 0.00% to 1.40% -10.57% to -9.58%
2021 28,800 21.32 to 26.25 $734,197 1.89 % 0.00% to 1.40% 12.87% to 14.12%
Utilities Series
2025 161,390 26.94 to 38.11 $5,528,518 2.82 % 0.00% to 1.40% 13.41% to 15.01%
2024 169,970 23.75 to 33.17 $5,071,231 2.34 % 0.00% to 1.40% 10.10% to 11.66%
2023 177,876 21.57 to 29.73 $4,768,236 3.41 % 0.00% to 1.40% -3.47% to -2.11%
2022 191,193 22.35 to 30.40 $5,256,522 2.42 % 0.00% to 1.40% -0.64% to 0.76%
2021 185,232 22.49 to 30.21 $5,079,616 1.67 % 0.00% to 1.40% 12.51% to 14.09%
Lord Abbett Series Fund, Inc.
Growth and Income Portfolio
2025 324,705 36.24 to 65.48 $13,785,277 0.57 % 0.00% to 1.40% 15.66% to 17.29%
2024 341,299 30.97 to 56.34 $12,397,357 0.84 % 0.00% to 1.40% 18.92% to 20.60%
2023 411,962 25.75 to 47.14 $12,217,871 0.92 % 0.00% to 1.40% 11.62% to 13.19%
2022 444,459 22.80 to 42.02 $11,704,244 1.25 % 0.00% to 1.40% -10.70% to -9.44%
2021 466,011 25.24 to 46.82 $13,593,783 1.08 % 0.00% to 1.40% 27.23% to 29.02%
Mid-Cap Stock Portfolio
2025 429,414 30.42 to 78.67 $15,693,356 0.32 % 0.00% to 1.40% 5.56% to 7.05%
2024 443,563 28.48 to 73.86 $15,207,193 0.48 % 0.00% to 1.40% 13.29% to 14.90%
2023 460,487 24.85 to 64.60 $13,829,335 0.46 % 0.00% to 1.40% 13.82% to 15.42%
2022 481,164 21.59 to 56.25 $12,583,361 0.77 % 0.00% to 1.40% -12.45% to -11.21%
2021 514,369 24.37 to 63.67 $15,174,124 0.60 % 0.00% to 1.40% 26.91% to 28.70%
Dividend Growth Portfolio
2025 34,322 41.17 to 57.79 $1,853,744 0.61 % 0.00% to 1.40% 14.37% to 15.98%
2024 32,915 35.99 to 49.83 $1,531,087 0.30 % 0.00% to 1.40% 20.43% to 22.14%
2023 104,406 29.89 to 40.80 $4,023,398 0.40 % 0.00% to 1.40% 14.72% to 16.33%
2022 33,141 26.05 to 35.07 $1,091,250 0.55 % 0.00% to 1.40% -14.75% to -13.55%
2021 86,864 30.56 to 40.57 $3,326,462 1.00 % 0.00% to 1.40% 23.87% to 25.62%
Alger Fund
Large Cap Growth Portfolio
2025 342,174 54.57 to 82.06 $26,380,944 0.00 % 0.00% to 1.40% 28.46% to 30.27%
2024 368,202 42.27 to 63.05 $21,804,151 0.00 % 0.00% to 1.40% 40.89% to 42.89%
2023 406,004 29.85 to 44.17 $16,850,393 0.00 % 0.00% to 1.40% 30.83% to 32.67%
2022 416,259 22.70 to 33.53 $13,038,441 0.00 % 0.00% to 1.40% -39.51% to -38.65%
2021 412,677 37.34 to 55.43 $21,038,305 0.00 % 0.00% to 1.40% 10.29% to 11.84%
Mid Cap Growth Portfolio
2025 244,652 34.54 to 50.00 $10,733,891 0.00 % 0.00% to 1.40% 15.14% to 16.76%
2024 261,910 29.65 to 42.86 $9,848,253 0.00 % 0.00% to 1.40% 19.38% to 21.07%
26
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

December 31 Year Ended December 31
Unit Fair Value Investment Expense Ratio Total Return
Lowest to Income Lowest to Lowest to
Units Highest Net Assets Ratio* Highest** Highest***
2023 276,715 24.55 to 35.44 $8,607,664 0.00 % 0.00% to 1.40% 21.47% to 23.17%
2022 293,949 19.98 to 28.80 $7,411,372 0.00 % 0.00% to 1.40% -36.96% to -36.07%
2021 334,421 31.34 to 45.42 $13,052,006 0.00 % 0.00% to 1.40% 2.75% to 4.20%
Capital Appreciation Portfolio
2025 354,559 85.70 to 141.42 $36,570,645 0.00 % 0.00% to 1.40% 31.02% to 32.87%
2024 383,026 65.08 to 107.94 $29,784,452 0.00 % 0.00% to 1.40% 46.06% to 48.13%
2023 401,152 44.33 to 73.90 $21,100,141 0.00 % 0.00% to 1.40% 41.15% to 43.13%
2022 423,971 31.25 to 52.35 $15,597,775 0.00 % 0.00% to 1.40% -37.40% to -36.52%
2021 447,793 49.68 to 83.64 $25,903,632 0.00 % 0.00% to 1.40% 17.47% to 19.13%
SmallCap Growth Portfolio
2025 172,072 29.07 to 43.81 $5,892,451 0.00 % 0.00% to 1.40% 4.44% to 5.81%
2024 181,751 27.70 to 41.95 $5,889,389 0.34 % 0.00% to 1.40% 6.62% to 8.02%
2023 245,186 25.85 to 39.34 $7,201,873 0.00 % 0.00% to 1.40% 14.88% to 16.37%
2022 262,472 22.39 to 34.25 $6,618,550 0.00 % 0.00% to 1.40% -38.88% to -38.08%
2021 270,953 36.44 to 56.03 $11,029,957 0.00 % 0.00% to 1.40% -7.37% to -6.15%
Invesco Variable Insurance Funds
Diversified Dividend Fund
2025 57,880 18.55 to 40.04 $1,874,333 1.59 % 0.00% to 1.40% 14.13% to 15.74%
2024 61,649 16.26 to 34.63 $1,707,233 1.85 % 0.00% to 1.40% 11.63% to 13.22%
2023 68,081 14.56 to 30.61 $1,670,422 1.90 % 0.00% to 1.40% 7.53% to 9.04%
2022 82,513 13.54 to 28.10 $1,848,401 1.91 % 0.00% to 1.40% -3.04% to -1.68%
2021 80,285 13.97 to 28.61 $1,808,409 2.10 % 0.00% to 1.40% 17.24% to 18.89%
Health Care Fund
2025 54,422 27.26 to 50.44 $2,163,629 0.00 % 0.00% to 1.40% 13.72% to 15.33%
2024 54,779 23.70 to 43.96 $1,896,391 0.00 % 0.00% to 1.40% 2.71% to 4.17%
2023 56,924 22.81 to 42.41 $1,905,143 0.00 % 0.00% to 1.40% 1.59% to 3.02%
2022 61,106 22.19 to 41.38 $2,008,499 0.00 % 0.00% to 1.40% -14.52% to -13.32%
2021 63,146 25.67 to 47.97 $2,399,571 0.20 % 0.00% to 1.40% 10.74% to 12.30%
International Equity Fund
2025 314,585 16.35 to 24.74 $7,168,659 1.47 % 0.00% to 1.40% 14.88% to 16.50%
2024 325,752 14.24 to 21.26 $6,365,083 1.83 % 0.00% to 1.40% -0.79% to 0.62%
2023 326,625 14.35 to 21.15 $6,340,156 0.20 % 0.00% to 1.40% 16.51% to 18.15%
2022 354,858 12.32 to 17.92 $5,842,085 1.60 % 0.00% to 1.40% -19.44% to -18.31%
2021 357,618 15.29 to 21.96 $7,215,931 1.30 % 0.00% to 1.40% 4.42% to 5.89%
VanEck Worldwide Insurance Trust
Global Resources Fund
2025 1,025,786 10.38 to 47.34 $12,733,667 2.48 % 0.00% to 1.40% 34.59% to 36.48%
27
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

December 31 Year Ended December 31
Unit Fair Value Investment Expense Ratio Total Return
Lowest to Income Lowest to Lowest to
Units Highest Net Assets Ratio* Highest** Highest***
2024 1,046,660 7.61 to 34.86 $9,539,799 2.65 % 0.00% to 1.40% -4.19% to -2.83%
2023 1,040,751 7.83 to 36.05 $9,823,663 2.72 % 0.00% to 1.40% -4.92% to -3.58%
2022 1,069,935 8.12 to 37.58 $10,540,772 1.74 % 0.00% to 1.40% 6.89% to 8.39%
2021 1,168,478 7.49 to 34.84 $10,635,402 0.45 % 0.00% to 1.40% 17.27% to 18.92%
PIMCO Variable Insurance Trust
Total Return Portfolio
2025 1,404,593 15.12 to 21.02 $23,258,537 4.20 % 0.00% to 1.40% 7.38% to 8.89%
2024 1,439,601 13.90 to 19.40 $21,896,281 4.05 % 0.00% to 1.40% 1.10% to 2.53%
2023 1,407,291 13.57 to 19.01 $20,927,351 3.46 % 0.00% to 1.40% 4.46% to 5.93%
2022 1,493,642 12.82 to 18.04 $20,990,791 2.53 % 0.00% to 1.40% -15.49% to -14.30%
2021 1,513,757 14.98 to 21.15 $24,886,779 1.81 % 0.00% to 1.40% -2.64% to -1.27%
Low Duration Portfolio
2025 28,176 12.99 to 15.83 $387,451 3.99 % 0.00% to 1.40% 4.06% to 5.42%
2024 31,398 12.39 to 15.08 $408,146 1.88 % 0.00% to 1.40% 3.04% to 4.39%
2023 105,284 11.87 to 14.50 $1,382,156 3.57 % 0.00% to 1.40% 3.52% to 4.87%
2022 106,603 11.32 to 13.88 $1,335,215 1.62 % 0.00% to 1.40% -7.05% to -5.83%
2021 116,125 12.02 to 14.80 $1,546,433 0.52 % 0.00% to 1.40% -2.31% to -1.03%
High Yield Portfolio
2025 93,212 23.00 to 33.86 $2,267,539 6.23 % 0.00% to 1.40% 7.44% to 8.96%
2024 95,011 21.13 to 31.23 $2,127,488 5.88 % 0.00% to 1.40% 5.39% to 6.89%
2023 98,391 19.79 to 29.37 $2,057,599 5.57 % 0.00% to 1.40% 10.66% to 12.22%
2022 102,947 17.65 to 26.30 $1,923,399 4.59 % 0.00% to 1.40% -11.53% to -10.28%
2021 123,067 19.70 to 29.46 $2,555,114 3.90 % 0.00% to 1.40% 2.19% to 3.63%
Real Return Portfolio
2025 105,048 15.52 to 21.12 $1,721,220 3.67 % 0.00% to 1.40% 6.35% to 7.85%
2024 106,761 14.41 to 19.68 $1,624,954 1.72 % 0.00% to 1.40% 0.70% to 2.13%
2023 216,573 14.12 to 19.37 $3,313,390 3.01 % 0.00% to 1.40% 2.23% to 3.67%
2022 224,040 13.64 to 18.78 $3,311,453 6.78 % 0.00% to 1.40% -13.13% to -11.90%
2021 241,840 15.49 to 21.42 $4,051,736 4.86 % 0.00% to 1.40% 4.12% to 5.59%
Goldman Sachs Variable Insurance Trust
Small Cap Equity Insights Fund
2025 140,018 31.41 to 52.00 $6,633,332 0.73 % 0.00% to 1.40% 14.53% to 16.14%
2024 147,935 27.43 to 44.77 $6,047,361 1.01 % 0.00% to 1.40% 17.39% to 19.05%
2023 155,225 23.37 to 37.61 $5,332,678 1.00 % 0.00% to 1.40% 17.62% to 19.28%
2022 160,651 19.87 to 31.53 $4,627,819 0.29 % 0.00% to 1.40% -20.50% to -19.38%
2021 168,101 24.99 to 39.11 $6,006,725 0.49 % 0.00% to 1.40% 22.07% to 23.79%
Large Cap Value Fund
2025 159,490 24.68 to 40.54 $5,866,833 1.23 % 0.00% to 1.40% 9.34% to 10.88%
2024 170,555 22.58 to 36.60 $5,666,888 1.49 % 0.00% to 1.40% 15.46% to 17.10%
28
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

December 31 Year Ended December 31
Unit Fair Value Investment Expense Ratio Total Return
Lowest to Income Lowest to Lowest to
Units Highest Net Assets Ratio* Highest** Highest***
2023 175,097 19.55 to 31.29 $4,954,412 1.69 % 0.00% to 1.40% 11.45% to 13.01%
2022 193,238 17.54 to 27.71 $4,833,989 1.26 % 0.00% to 1.40% -7.67% to -6.37%
2021 217,832 19.00 to 29.63 $5,836,214 1.20 % 0.00% to 1.40% 22.41% to 24.13%
Neuberger Berman Advisors Management Trust
AMT Mid Cap Intrinsic Value Portfolio
2025 86,329 26.02 to 34.78 $2,928,168 0.43 % 0.00% to 1.40% 10.01% to 11.56%
2024 84,157 23.65 to 31.21 $2,558,551 0.90 % 0.00% to 1.40% 7.30% to 8.82%
2023 84,778 22.04 to 28.71 $2,370,582 1.01 % 0.00% to 1.40% 9.46% to 11.00%
2022 93,392 20.14 to 25.89 $2,356,155 0.56 % 0.00% to 1.40% -11.01% to -9.75%
2021 107,865 22.63 to 28.71 $3,010,405 0.67 % 0.00% to 1.40% 30.95% to 32.80%
Profunds VP
Japan
2025 36,107 19.98 to 42.25 $1,061,520 3.83 % 0.00% to 1.40% 29.26% to 30.69%
2024 33,317 15.46 to 32.36 $726,940 2.57 % 0.00% to 1.40% 20.87% to 22.22%
2023 31,771 12.79 to 26.50 $569,568 0.00 % 0.00% to 1.40% 33.04% to 34.51%
2022 9,813 9.93 to 19.72 $141,913 0.00 % 0.00% to 1.40% -10.73% to -9.92%
2021 8,636 11.12 to 21.92 $139,218 0.00 % 0.00% to 1.40% 2.96% to 3.89%
Energy
2025 198,292 10.89 to 17.35 $2,632,616 2.36 % 0.00% to 1.40% 4.39% to 5.86%
2024 250,196 10.29 to 16.41 $3,053,057 2.27 % 0.00% to 1.40% 2.32% to 3.77%
2023 267,689 9.92 to 15.83 $3,196,672 2.12 % 0.00% to 1.40% -3.85% to -2.49%
2022 311,477 10.17 to 16.25 $3,919,011 1.36 % 0.00% to 1.40% 57.22% to 59.43%
2021 229,178 6.38 to 10.20 $1,835,074 1.93 % 0.00% to 1.40% 49.82% to 51.93%
Small-Cap Value
2025 43,735 21.32 to 32.94 $1,392,754 0.34 % 0.00% to 1.40% 3.54% to 5.00%
2024 43,904 20.59 to 31.38 $1,333,842 0.35 % 0.00% to 1.40% 4.39% to 5.87%
2023 45,801 19.73 to 29.63 $1,315,504 0.02 % 0.00% to 1.40% 11.37% to 12.94%
2022 49,974 17.71 to 26.24 $1,264,127 0.00 % 0.00% to 1.40% -13.63% to -12.41%
2021 52,812 20.51 to 29.96 $1,531,056 0.10 % 0.00% to 1.40% 26.77% to 28.56%
Ultra Mid-Cap
2025 52,160 32.07 to 68.34 $2,660,249 1.07 % 0.00% to 1.40% 1.76% to 3.20%
2024 60,402 31.51 to 66.29 $3,045,366 0.68 % 0.00% to 1.40% 15.39% to 17.02%
2023 60,622 27.31 to 56.70 $2,576,012 0.00 % 0.00% to 1.40% 20.52% to 22.21%
2022 64,813 22.66 to 46.44 $2,246,173 0.00 % 0.00% to 1.40% -33.11% to -32.17%
2021 71,036 33.88 to 68.54 $3,611,173 0.00 % 0.00% to 1.40% 44.63% to 46.67%
Vanguard Variable Insurance Funds
Balanced
2025 88,181 33.10 to 42.32 $3,582,680 2.12 % 0.00% to 1.40% 14.85% to 16.46%
29
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

December 31 Year Ended December 31
Unit Fair Value Investment Expense Ratio Total Return
Lowest to Income Lowest to Lowest to
Units Highest Net Assets Ratio* Highest** Highest***
2024 96,682 28.82 to 36.34 $3,375,616 2.40 % 0.00% to 1.40% 13.20% to 14.80%
2023 108,107 25.46 to 31.65 $3,305,780 2.05 % 0.00% to 1.40% 12.74% to 14.33%
2022 114,889 22.58 to 27.69 $3,080,618 1.69 % 0.00% to 1.40% -15.49% to -14.30%
2021 104,684 26.73 to 32.31 $3,284,992 1.69 % 0.00% to 1.40% 17.36% to 19.02%
Total Bond Market Index
2025 94,917 12.81 to 16.38 $1,428,158 3.37 % 0.00% to 1.40% 5.45% to 6.94%
2024 98,640 12.15 to 15.32 $1,389,284 2.94 % 0.00% to 1.40% -0.17% to 1.24%
2023 67,764 12.17 to 15.13 $950,460 2.37 % 0.00% to 1.40% 4.11% to 5.58%
2022 67,803 11.69 to 14.33 $901,700 2.04 % 0.00% to 1.40% -14.42% to -13.21%
2021 75,136 13.66 to 16.52 $1,147,809 2.08 % 0.00% to 1.40% -3.08% to -1.72%
High Yield Bond
2025 29,571 21.16 to 27.05 $771,825 6.34 % 0.00% to 1.40% 7.67% to 9.18%
2024 33,651 19.65 to 24.78 $802,494 5.84 % 0.00% to 1.40% 4.96% to 6.45%
2023 33,961 18.72 to 23.28 $760,509 4.85 % 0.00% to 1.40% 10.12% to 11.67%
2022 35,145 17.00 to 20.84 $704,817 4.93 % 0.00% to 1.40% -10.62% to -9.36%
2021 37,133 19.02 to 23.00 $821,462 4.06 % 0.00% to 1.40% 2.24% to 3.68%
International
2025 698,216 23.12 to 36.12 $21,994,082 0.87 % 0.00% to 1.40% 18.30% to 19.97%
2024 737,764 19.54 to 30.14 $19,382,265 1.22 % 0.00% to 1.40% 7.49% to 9.01%
2023 755,562 18.18 to 27.68 $18,177,725 1.60 % 0.00% to 1.40% 13.06% to 14.65%
2022 804,137 16.08 to 24.16 $16,897,950 1.13 % 0.00% to 1.40% -31.09% to -30.12%
2021 720,639 23.34 to 34.61 $21,669,824 0.29 % 0.00% to 1.40% -2.91% to -1.54%
Mid-Cap Index
2025 272,915 38.70 to 51.50 $13,545,280 1.24 % 0.00% to 1.40% 9.99% to 11.54%
2024 290,470 35.18 to 46.22 $12,940,410 1.40 % 0.00% to 1.40% 13.47% to 15.08%
2023 306,585 31.01 to 40.21 $11,870,143 1.41 % 0.00% to 1.40% 14.22% to 15.83%
2022 322,378 27.15 to 34.75 $10,789,707 1.06 % 0.00% to 1.40% -19.95% to -18.82%
2021 340,443 33.91 to 42.84 $14,048,130 1.14 % 0.00% to 1.40% 22.63% to 24.36%
Real Estate Index
2025 120,448 21.70 to 29.12 $3,342,943 2.71 % 0.00% to 1.40% 1.68% to 3.11%
2024 128,450 21.34 to 28.27 $3,457,840 3.09 % 0.00% to 1.40% 3.28% to 4.74%
2023 128,602 20.66 to 27.02 $3,307,346 2.35 % 0.00% to 1.40% 10.15% to 11.70%
2022 129,463 18.76 to 24.21 $2,986,466 1.80 % 0.00% to 1.40% -27.32% to -26.30%
2021 142,731 25.81 to 32.88 $4,473,457 1.97 % 0.00% to 1.40% 38.26% to 40.21%
Small Company Growth
2025 205,721 41.31 to 52.82 $10,161,432 0.45 % 0.00% to 1.40% 4.63% to 6.11%
2024 206,555 39.48 to 49.78 $9,636,242 0.54 % 0.00% to 1.40% 9.82% to 11.38%
2023 215,303 35.95 to 44.69 $9,032,118 0.41 % 0.00% to 1.40% 17.99% to 19.65%
2022 228,033 30.47 to 37.35 $8,004,179 0.24 % 0.00% to 1.40% -26.39% to -25.35%
2021 230,633 41.39 to 50.04 $10,869,677 0.40 % 0.00% to 1.40% 12.63% to 14.22%
30
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

December 31 Year Ended December 31
Unit Fair Value Investment Expense Ratio Total Return
Lowest to Income Lowest to Lowest to
Units Highest Net Assets Ratio* Highest** Highest***
Short Term Investment Grade
2025 41,598 13.75 to 16.70 $634,609 3.36 % 0.00% to 1.40% 5.68% to 6.85%
2024 52,686 13.01 to 15.63 $745,110 3.07 % 0.00% to 1.40% 3.74% to 4.89%
2023 38,872 12.55 to 14.90 $529,694 2.07 % 0.00% to 1.40% 5.00% to 6.16%
2022 40,233 11.45 to 14.04 $515,480 1.53 % 0.00% to 1.40% -7.03% to -5.72%
2021 38,786 12.32 to 14.89 $528,997 2.03 % 0.00% to 1.40% -1.84% to -0.45%
Total Stock Market Index
2025 122,525 50.46 to 69.17 $7,768,876 1.13 % 0.00% to 1.40% 15.31% to 16.93%
2024 116,664 43.76 to 59.21 $6,334,640 1.23 % 0.00% to 1.40% 21.99% to 23.71%
2023 124,467 35.87 to 47.91 $5,518,679 1.16 % 0.00% to 1.40% 24.21% to 25.95%
2022 124,222 28.88 to 38.08 $4,363,412 1.29 % 0.00% to 1.40% -20.71% to -19.59%
2021 131,792 36.43 to 47.40 $5,792,152 1.20 % 0.00% to 1.40% 23.89% to 25.64%

31
Midland National Life Insurance Company
Separate Account A
Notes to Financial Statements

* The Investment Income Ratio represents the dividends, excluding distributions of capital gains, received by the portfolio, net of management fees assessed by the fund manager, divided by the average net assets. This ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income is affected by the timing of the declaration of dividends.
** The Expense Ratio represents the annualized contract expenses of each portfolio within the Separate Account, consisting primarily of mortality and expense charges, for each period 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 fund are excluded.
*** The Total Return is calculated as the change in the unit value of the underlying portfolio and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. For newly introduced portfolios, the total return for the first year is calculated as the percentage of change from inception to the end of the period.
6.Diversification Requirements
Under the provisions of Section 817(h) of the Internal Revenue Code, as amended (the Code), a variable life insurance policy, other than a policy issued in connection with certain types of employee benefit plans, will not be treated as a life insurance policy for federal tax purposes for any period for which the investments of the segregated asset account, on which the policy is based, are not adequately diversified. The Code provides that the "adequately diversified" requirement may be met if the underlying investments satisfy either a statutory safe harbor test or diversification requirements set forth in regulations issued by the Secretary of the Treasury.
The Internal Revenue Service has issued regulations under Section 817(h) of the Code. Midland National Life believes, based on assurances from the Funds, that the Separate Account satisfies the current requirements of the regulations.
32
Midland National Life Separate Account A published this content on April 20, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 20, 2026 at 12:59 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]