Separate Account U of Venerable Insurance & Annuity Co.
04/23/2026 | Press release | Distributed by Public on 04/23/2026 13:42
Financial Statements by Insurance Company (Form N-VPFS)
FINANCIAL STATEMENTS
Venerable Insurance and Annuity Company
Separate Account U
For the years ended December 31, 2025 and 2024
with Report of Independent Auditors
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|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Financial Statements |
|
Year Ended December 31, 2025 |
Contents
|
Audited Financial Statements |
3 |
|
Statements of Assets and Liabilities |
3 |
|
Statements of Operations |
8 |
|
Statements of Changes in Net Assets |
13 |
|
Notes to Financial Statements |
19 |
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|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Assets and Liabilities |
|
December 31, 2025 |
|
(Dollars in thousands) |
|
Invesco V.I. Global Core Equity Fund - Series I Shares |
Morgan Stanley VIF Emerging Markets Debt Portfolio - Class I |
Morgan Stanley VIF Growth Portfolio - Class I |
VanEck VIP Global Resources Fund - Initial Class |
Voya Intermediate Bond Portfolio - Class I |
||||||||||
|
Assets |
||||||||||||||
|
Investments in mutual funds at fair value |
$ |
66
|
$ |
52
|
$ |
171
|
$ |
81
|
$ |
256
|
||||
|
Total assets |
66
|
52
|
171
|
81
|
256
|
|||||||||
|
Total Net assets |
$ |
66
|
$ |
52
|
$ |
171
|
$ |
81
|
$ |
256
|
||||
|
Total number of mutual fund shares |
5,559
|
9,648
|
6,426
|
2,420
|
23,180
|
|||||||||
|
Cost of mutual fund shares |
$ |
50
|
$ |
63
|
$ |
112
|
$ |
76
|
$ |
288
|
||||
|
The accompanying notes are an integral part of these financial statements. |
|
3 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Assets and Liabilities |
|
December 31, 2025 |
|
(Dollars in thousands) |
|
Voya Government Liquid Assets Portfolio - Class I |
Voya Large Cap Growth Portfolio - Institutional Class |
Voya Limited Maturity Bond Portfolio - Service Class |
Voya U.S. Stock Index Portfolio - Institutional Class |
VY® Invesco Growth and Income Portfolio - Institutional Class |
||||||||||
|
Assets |
||||||||||||||
|
Investments in mutual funds at fair value |
$ |
828
|
$ |
624
|
$ |
35
|
$ |
1,206
|
$ |
464
|
||||
|
Total assets |
828
|
624
|
35
|
1,206
|
464
|
|||||||||
|
Total Net assets |
$ |
828
|
$ |
624
|
$ |
35
|
$ |
1,206
|
$ |
464
|
||||
|
Total number of mutual fund shares |
827,646
|
33,025
|
3,628
|
57,261
|
23,138
|
|||||||||
|
Cost of mutual fund shares |
$ |
828
|
$ |
450
|
$ |
35
|
$ |
977
|
$ |
497
|
||||
|
The accompanying notes are an integral part of these financial statements. |
|
4 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Assets and Liabilities |
|
December 31, 2025 |
|
(Dollars in thousands) |
|
VY® Invesco Equity and Income Portfolio - Initial Class |
Voya International High Dividend Low Volatility Portfolio - Service Class |
Voya Index Plus LargeCap Portfolio - Class I |
Voya International Index Portfolio - Class I |
Voya Russell™ Mid Cap Growth Index Portfolio - Class I |
||||||||||
|
Assets |
||||||||||||||
|
Investments in mutual funds at fair value |
$ |
618
|
$ |
43
|
$ |
130
|
$ |
324
|
$ |
454
|
||||
|
Total assets |
618
|
43
|
130
|
324
|
454
|
|||||||||
|
Total Net assets |
$ |
618
|
$ |
43
|
$ |
130
|
$ |
324
|
$ |
454
|
||||
|
Total number of mutual fund shares |
18,436
|
3,266
|
4,216
|
22,866
|
10,008
|
|||||||||
|
Cost of mutual fund shares |
$ |
763
|
$ |
33
|
$ |
112
|
$ |
226
|
$ |
446
|
||||
|
The accompanying notes are an integral part of these financial statements. |
|
5 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Assets and Liabilities |
|
December 31, 2025 |
|
(Dollars in thousands) |
|
Voya Russell™ Large Cap Growth Index Portfolio - Class I |
Voya Russell™ Large Cap Index Portfolio - Class I |
Voya Russell™ Large Cap Value Index Portfolio - Class I |
Venerable High Yield Fund - Class V |
Venerable Large Cap Index Fund - Class V |
||||||||||
|
Assets |
||||||||||||||
|
Investments in mutual funds at fair value |
$ |
3,857
|
$ |
706
|
$ |
107
|
$ |
222
|
$ |
281
|
||||
|
Total assets |
3,857
|
706
|
107
|
222
|
281
|
|||||||||
|
Total Net assets |
$ |
3,857
|
$ |
706
|
$ |
107
|
$ |
222
|
$ |
281
|
||||
|
Total number of mutual fund shares |
44,592
|
14,780
|
3,887
|
21,875
|
22,170
|
|||||||||
|
Cost of mutual fund shares |
$ |
2,095
|
$ |
381
|
$ |
100
|
$ |
219
|
$ |
236
|
||||
|
The accompanying notes are an integral part of these financial statements. |
|
6 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Assets and Liabilities |
|
December 31, 2025 |
|
(Dollars in thousands) |
|
Venerable Strategic Bond Fund - Class V |
||
|
Assets |
||
|
Investments in mutual funds at fair value |
$ |
13
|
|
Total assets |
13
|
|
|
Total Net assets |
$ |
13
|
|
Total number of mutual fund shares |
1,325
|
|
|
Cost of mutual fund shares |
$ |
13
|
|
The accompanying notes are an integral part of these financial statements. |
|
7 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Operations |
|
For the Year Ended December 31, 2025 |
|
(Dollars in thousands) |
|
Invesco V.I. Global Core Equity Fund - Series I Shares |
Morgan Stanley VIF Emerging Markets Debt Portfolio - Class I |
Morgan Stanley VIF Growth Portfolio - Class I |
VanEck VIP Global Resources Fund - Initial Class |
Voya Intermediate Bond Portfolio - Class I |
||||||||||
|
Net investment income (loss) |
||||||||||||||
|
Investment Income: |
||||||||||||||
|
Dividends |
$ |
1
|
$ |
7
|
$ |
-
|
$ |
2
|
$ |
12
|
||||
|
Expenses: |
||||||||||||||
|
Mortality and expense risk charges |
1
|
1
|
3
|
1
|
4
|
|||||||||
|
Total expenses |
1
|
1
|
3
|
1
|
4
|
|||||||||
|
Net investment income (loss) |
-
|
6
|
(3
)
|
1
|
8
|
|||||||||
|
Realized and unrealized gain (loss) on |
||||||||||||||
|
Net realized gain (loss) on investments |
2
|
-
|
(3
)
|
-
|
(2
)
|
|||||||||
|
Capital gains distributions |
4
|
-
|
-
|
-
|
-
|
|||||||||
|
Total realized gain (loss) on investments and |
6
|
-
|
(3
)
|
-
|
(2
)
|
|||||||||
|
Net unrealized appreciation (depreciation) of |
3
|
-
|
49
|
20
|
9
|
|||||||||
|
Net realized and unrealized gain (loss) on |
9
|
-
|
46
|
20
|
7
|
|||||||||
|
Net increase (decrease) in net assets resulting |
$ |
9
|
$ |
6
|
$ |
43
|
$ |
21
|
$ |
15
|
||||
|
The accompanying notes are an integral part of these financial statements. |
|
8 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Operations |
|
For the Year Ended December 31, 2025 |
|
(Dollars in thousands) |
|
Voya Government Liquid Assets Portfolio - Class I |
Voya Large Cap Growth Portfolio - Institutional Class |
Voya Limited Maturity Bond Portfolio - Service Class |
Voya U.S. Stock Index Portfolio - Institutional Class |
VY® Invesco Growth and Income Portfolio - Institutional Class |
||||||||||
|
Net investment income (loss) |
||||||||||||||
|
Investment Income: |
||||||||||||||
|
Dividends |
$ |
35
|
$ |
-
|
$ |
3
|
$ |
17
|
$ |
15
|
||||
|
Expenses: |
||||||||||||||
|
Mortality and expense risk charges |
14
|
9
|
1
|
20
|
7
|
|||||||||
|
Total expenses |
14
|
9
|
1
|
20
|
7
|
|||||||||
|
Net investment income (loss) |
21
|
(9
)
|
2
|
(3
)
|
8
|
|||||||||
|
Realized and unrealized gain (loss) on |
||||||||||||||
|
Net realized gain (loss) on investments |
-
|
(7
)
|
(3
)
|
67
|
(5
)
|
|||||||||
|
Capital gains distributions |
1
|
62
|
-
|
128
|
80
|
|||||||||
|
Total realized gain (loss) on investments and |
1
|
55
|
(3
)
|
195
|
75
|
|||||||||
|
Net unrealized appreciation (depreciation) of |
-
|
13
|
4
|
(14
)
|
(26
)
|
|||||||||
|
Net realized and unrealized gain (loss) on |
1
|
68
|
1
|
181
|
49
|
|||||||||
|
Net increase (decrease) in net assets resulting |
$ |
22
|
$ |
59
|
$ |
3
|
$ |
178
|
$ |
57
|
||||
|
The accompanying notes are an integral part of these financial statements. |
|
9 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Operations |
|
For the Year Ended December 31, 2025 |
|
(Dollars in thousands) |
|
VY® Invesco Equity and Income Portfolio - Initial Class |
Voya International High Dividend Low Volatility Portfolio - Service Class |
Voya Index Plus LargeCap Portfolio - Class I |
Voya International Index Portfolio - Class I |
Voya Russell™ Mid Cap Growth Index Portfolio - Class I |
||||||||||
|
Net investment income (loss) |
||||||||||||||
|
Investment Income: |
||||||||||||||
|
Dividends |
$ |
12
|
$ |
1
|
$ |
1
|
$ |
8
|
$ |
1
|
||||
|
Expenses: |
||||||||||||||
|
Mortality and expense risk charges |
10
|
1
|
2
|
5
|
8
|
|||||||||
|
Total expenses |
10
|
1
|
2
|
5
|
8
|
|||||||||
|
Net investment income (loss) |
2
|
-
|
(1
)
|
3
|
(7
)
|
|||||||||
|
Realized and unrealized gain (loss) on |
||||||||||||||
|
Net realized gain (loss) on investments |
(10
)
|
-
|
1
|
9
|
2
|
|||||||||
|
Capital gains distributions |
166
|
1
|
13
|
-
|
59
|
|||||||||
|
Total realized gain (loss) on investments and |
156
|
1
|
14
|
9
|
61
|
|||||||||
|
Net unrealized appreciation (depreciation) of |
(95
)
|
9
|
3
|
66
|
(22
)
|
|||||||||
|
Net realized and unrealized gain (loss) on |
61
|
10
|
17
|
75
|
39
|
|||||||||
|
Net increase (decrease) in net assets resulting |
$ |
63
|
$ |
10
|
$ |
16
|
$ |
78
|
$ |
32
|
||||
|
The accompanying notes are an integral part of these financial statements. |
|
10 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Operations |
|
For the Year Ended December 31, 2025 |
|
(Dollars in thousands) |
|
Voya Russell™ Large Cap Growth Index Portfolio - Class I |
Voya Russell™ Large Cap Index Portfolio - Class I |
Voya Russell™ Large Cap Value Index Portfolio - Class I |
Venerable High Yield Fund - Class V |
Venerable Large Cap Index Fund - Class V |
||||||||||
|
Net investment income (loss) |
||||||||||||||
|
Investment Income: |
||||||||||||||
|
Dividends |
$ |
6
|
$ |
10
|
$ |
7
|
$ |
15
|
$ |
-
|
||||
|
Expenses: |
||||||||||||||
|
Mortality and expense risk charges |
59
|
10
|
2
|
4
|
4
|
|||||||||
|
Total expenses |
59
|
10
|
2
|
4
|
4
|
|||||||||
|
Net investment income (loss) |
(53
)
|
-
|
5
|
11
|
(4
)
|
|||||||||
|
Realized and unrealized gain (loss) on |
||||||||||||||
|
Net realized gain (loss) on investments |
377
|
22
|
-
|
(1
)
|
7
|
|||||||||
|
Capital gains distributions |
354
|
16
|
17
|
-
|
1
|
|||||||||
|
Total realized gain (loss) on investments and |
731
|
38
|
17
|
(1
)
|
8
|
|||||||||
|
Net unrealized appreciation (depreciation) of |
(148
)
|
65
|
(8
)
|
5
|
34
|
|||||||||
|
Net realized and unrealized gain (loss) on |
583
|
103
|
9
|
4
|
42
|
|||||||||
|
Net increase (decrease) in net assets resulting |
$ |
530
|
$ |
103
|
$ |
14
|
$ |
15
|
$ |
38
|
||||
|
The accompanying notes are an integral part of these financial statements. |
|
11 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Operations |
|
For the Year Ended December 31, 2025 |
|
(Dollars in thousands) |
|
Venerable Strategic Bond Fund - Class V |
||
|
Net investment income (loss) |
||
|
Investment Income: |
||
|
Dividends |
$ |
1
|
|
Expenses: |
||
|
Mortality and expense risk charges |
-
|
|
|
Total expenses |
-
|
|
|
Net investment income (loss) |
1
|
|
|
Realized and unrealized gain (loss) on |
||
|
Net realized gain (loss) on investments |
(1
)
|
|
|
Capital gains distributions |
-
|
|
|
Total realized gain (loss) on investments and |
(1
)
|
|
|
Net unrealized appreciation (depreciation) of |
2
|
|
|
Net realized and unrealized gain (loss) on |
1
|
|
|
Net increase (decrease) in net assets resulting |
$ |
2
|
|
The accompanying notes are an integral part of these financial statements. |
|
12 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Changes in Net Assets |
|
For the Years Ended December 31, 2025 and 2024 |
|
(Dollars in thousands) |
|
Invesco V.I. Global Core Equity Fund - Series I Shares |
Morgan Stanley VIF Emerging Markets Debt Portfolio - Class I |
Morgan Stanley VIF Growth Portfolio - Class I |
VanEck VIP Global Resources Fund - Initial Class |
||||||||
|
Net assets at January 1, 2024 |
$ |
54
|
$ |
46
|
$ |
90
|
$ |
65
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
-
|
4
|
(2
)
|
1
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
1
|
-
|
(3
)
|
-
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
8
|
-
|
57
|
(3
)
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
9
|
4
|
52
|
(2
)
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
-
|
-
|
-
|
-
|
|||||||
|
Death Benefits |
-
|
-
|
-
|
-
|
|||||||
|
Surrenders and withdrawals |
-
|
-
|
-
|
(1
)
|
|||||||
|
Cost of insurance and administrative charges |
-
|
-
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
(1
)
|
-
|
1
|
(1
)
|
|||||||
|
Increase (decrease) in net assets derived from principal |
(1
)
|
-
|
1
|
(2
)
|
|||||||
|
Total increase (decrease) in net assets |
8
|
4
|
53
|
(4
)
|
|||||||
|
Net assets at December 31, 2024 |
$ |
62
|
$ |
50
|
$ |
143
|
$ |
61
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
-
|
6
|
(3
)
|
1
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
6
|
-
|
(3
)
|
-
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
3
|
-
|
49
|
20
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
9
|
6
|
43
|
21
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
-
|
-
|
-
|
-
|
|||||||
|
Death Benefits |
(4
)
|
-
|
-
|
-
|
|||||||
|
Surrenders and withdrawals |
(1
)
|
(4
)
|
(2
)
|
(1
)
|
|||||||
|
Cost of insurance and administrative charges |
-
|
-
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
-
|
-
|
(13
)
|
-
|
|||||||
|
Increase (decrease) in net assets derived from principal |
(5
)
|
(4
)
|
(15
)
|
(1
)
|
|||||||
|
Total increase (decrease) in net assets |
4
|
2
|
28
|
20
|
|||||||
|
Net assets at December 31, 2025 |
$ |
66
|
$ |
52
|
$ |
171
|
$ |
81
|
|||
|
The accompanying notes are an integral part of these financial statements. |
|
13 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Changes in Net Assets |
|
For the Years Ended December 31, 2025 and 2024 |
|
(Dollars in thousands) |
|
Voya Intermediate Bond Portfolio - Class I |
Voya Government Liquid Assets Portfolio - Class I |
Voya High Yield Portfolio - Service Class |
Voya Large Cap Growth Portfolio - Institutional Class |
||||||||
|
Net assets at January 1, 2024 |
$ |
263
|
$ |
564
|
$ |
266
|
$ |
657
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
8
|
26
|
9
|
(10
)
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
(3
)
|
-
|
(22
)
|
(38
)
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
(1
)
|
-
|
26
|
236
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
4
|
26
|
13
|
188
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
-
|
533
|
-
|
-
|
|||||||
|
Death Benefits |
-
|
(262
)
|
-
|
-
|
|||||||
|
Surrenders and withdrawals |
(14
)
|
(44
)
|
(4
)
|
(157
)
|
|||||||
|
Cost of insurance and administrative charges |
-
|
-
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
4
|
(10
)
|
(275
)
|
(4
)
|
|||||||
|
Increase (decrease) in net assets derived from principal |
(10
)
|
217
|
(279
)
|
(161
)
|
|||||||
|
Total increase (decrease) in net assets |
(6
)
|
243
|
(266
)
|
27
|
|||||||
|
Net assets at December 31, 2024 |
$ |
257
|
$ |
807
|
$ |
-
|
$ |
684
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
8
|
21
|
-
|
(9
)
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
(2
)
|
1
|
-
|
55
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
9
|
-
|
-
|
13
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
15
|
22
|
-
|
59
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
-
|
45
|
-
|
(3
)
|
|||||||
|
Death Benefits |
-
|
(193
)
|
-
|
-
|
|||||||
|
Surrenders and withdrawals |
(18
)
|
(40
)
|
-
|
(84
)
|
|||||||
|
Cost of insurance and administrative charges |
-
|
(1
)
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
2
|
188
|
-
|
(32
)
|
|||||||
|
Increase (decrease) in net assets derived from principal |
(16
)
|
(1
)
|
-
|
(119
)
|
|||||||
|
Total increase (decrease) in net assets |
(1
)
|
21
|
-
|
(60
)
|
|||||||
|
Net assets at December 31, 2025 |
$ |
256
|
$ |
828
|
$ |
-
|
$ |
624
|
|||
|
The accompanying notes are an integral part of these financial statements. |
|
14 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Changes in Net Assets |
|
For the Years Ended December 31, 2025 and 2024 |
|
(Dollars in thousands) |
|
Voya Limited Maturity Bond Portfolio - Service Class |
Voya U.S. Stock Index Portfolio - Institutional Class |
VY® Invesco Growth and Income Portfolio - Institutional Class |
Voya Global Bond Portfolio - Service Class |
||||||||
|
Net assets at January 1, 2024 |
$ |
95
|
$ |
1,303
|
$ |
418
|
$ |
54
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
3
|
(5
)
|
-
|
-
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
-
|
164
|
46
|
(10
)
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
1
|
107
|
13
|
12
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
4
|
266
|
59
|
2
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
-
|
10
|
-
|
-
|
|||||||
|
Death Benefits |
-
|
(14
)
|
-
|
-
|
|||||||
|
Surrenders and withdrawals |
(6
)
|
(293
)
|
(38
)
|
(1
)
|
|||||||
|
Cost of insurance and administrative charges |
-
|
(1
)
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
-
|
(1
)
|
3
|
(55
)
|
|||||||
|
Increase (decrease) in net assets derived from principal |
(6
)
|
(299
)
|
(35
)
|
(56
)
|
|||||||
|
Total increase (decrease) in net assets |
(2
)
|
(33
)
|
24
|
(54
)
|
|||||||
|
Net assets at December 31, 2024 |
$ |
93
|
$ |
1,270
|
$ |
442
|
$ |
-
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
2
|
(3
)
|
8
|
-
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
(3
)
|
195
|
75
|
-
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
4
|
(14
)
|
(26
)
|
-
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
3
|
178
|
57
|
-
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
5
|
1
|
(1
)
|
-
|
|||||||
|
Death Benefits |
-
|
(20
)
|
(1
)
|
-
|
|||||||
|
Surrenders and withdrawals |
(66
)
|
(200
)
|
(38
)
|
-
|
|||||||
|
Cost of insurance and administrative charges |
-
|
-
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
-
|
(23
)
|
5
|
-
|
|||||||
|
Increase (decrease) in net assets derived from principal |
(61
)
|
(242
)
|
(35
)
|
-
|
|||||||
|
Total increase (decrease) in net assets |
(58
)
|
(64
)
|
22
|
-
|
|||||||
|
Net assets at December 31, 2025 |
$ |
35
|
$ |
1,206
|
$ |
464
|
$ |
-
|
|||
|
The accompanying notes are an integral part of these financial statements. |
|
15 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Changes in Net Assets |
|
For the Years Ended December 31, 2025 and 2024 |
|
(Dollars in thousands) |
|
VY® Invesco Equity and Income Portfolio - Initial Class |
Voya International High Dividend Low Volatility Portfolio - Service Class |
Voya Index Plus LargeCap Portfolio - Class I |
Voya International Index Portfolio - Class I |
||||||||
|
Net assets at January 1, 2024 |
$ |
571
|
$ |
39
|
$ |
111
|
$ |
280
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
11
|
-
|
(1
)
|
3
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
40
|
-
|
7
|
2
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
6
|
1
|
20
|
(1
)
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
57
|
1
|
26
|
4
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
-
|
-
|
-
|
-
|
|||||||
|
Death Benefits |
-
|
-
|
-
|
-
|
|||||||
|
Surrenders and withdrawals |
(11
)
|
(9
)
|
(10
)
|
(9
)
|
|||||||
|
Cost of insurance and administrative charges |
-
|
-
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
13
|
1
|
(1
)
|
4
|
|||||||
|
Increase (decrease) in net assets derived from principal |
2
|
(8
)
|
(11
)
|
(5
)
|
|||||||
|
Total increase (decrease) in net assets |
59
|
(7
)
|
15
|
(1
)
|
|||||||
|
Net assets at December 31, 2024 |
$ |
630
|
$ |
32
|
$ |
126
|
$ |
279
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
2
|
-
|
(1
)
|
3
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
156
|
1
|
14
|
9
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
(95
)
|
9
|
3
|
66
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
63
|
10
|
16
|
78
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
(2
)
|
-
|
-
|
-
|
|||||||
|
Death Benefits |
(5
)
|
-
|
(5
)
|
(1
)
|
|||||||
|
Surrenders and withdrawals |
(77
)
|
(1
)
|
(8
)
|
(31
)
|
|||||||
|
Cost of insurance and administrative charges |
-
|
-
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
9
|
2
|
1
|
(1
)
|
|||||||
|
Increase (decrease) in net assets derived from principal |
(75
)
|
1
|
(12
)
|
(33
)
|
|||||||
|
Total increase (decrease) in net assets |
(12
)
|
11
|
4
|
45
|
|||||||
|
Net assets at December 31, 2025 |
$ |
618
|
$ |
43
|
$ |
130
|
$ |
324
|
|||
|
The accompanying notes are an integral part of these financial statements. |
|
16 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Changes in Net Assets |
|
For the Years Ended December 31, 2025 and 2024 |
|
(Dollars in thousands) |
|
Voya Russell™ Mid Cap Growth Index Portfolio - Class I |
Voya Russell™ Large Cap Growth Index Portfolio - Class I |
Voya Russell™ Large Cap Index Portfolio - Class I |
Voya Russell™ Large Cap Value Index Portfolio - Class I |
||||||||
|
Net assets at January 1, 2024 |
$ |
415
|
$ |
3,260
|
$ |
518
|
$ |
89
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
(5
)
|
(43
)
|
(3
)
|
1
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
(2
)
|
451
|
13
|
2
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
88
|
579
|
119
|
8
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
81
|
987
|
129
|
11
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
-
|
28
|
(18
)
|
-
|
|||||||
|
Death Benefits |
-
|
(14
)
|
-
|
-
|
|||||||
|
Surrenders and withdrawals |
(8
)
|
(427
)
|
-
|
(8
)
|
|||||||
|
Cost of insurance and administrative charges |
-
|
(1
)
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
(1
)
|
(29
)
|
-
|
-
|
|||||||
|
Increase (decrease) in net assets derived from principal |
(9
)
|
(443
)
|
(18
)
|
(8
)
|
|||||||
|
Total increase (decrease) in net assets |
72
|
544
|
111
|
3
|
|||||||
|
Net assets at December 31, 2024 |
$ |
487
|
$ |
3,804
|
$ |
629
|
$ |
92
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
(7
)
|
(53
)
|
-
|
5
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
61
|
731
|
38
|
17
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
(22
)
|
(148
)
|
65
|
(8
)
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
32
|
530
|
103
|
14
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
(1
)
|
9
|
5
|
-
|
|||||||
|
Death Benefits |
-
|
(191
)
|
(10
)
|
-
|
|||||||
|
Surrenders and withdrawals |
(65
)
|
(188
)
|
(19
)
|
-
|
|||||||
|
Cost of insurance and administrative charges |
-
|
(1
)
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
1
|
(106
)
|
(2
)
|
1
|
|||||||
|
Increase (decrease) in net assets derived from principal |
(65
)
|
(477
)
|
(26
)
|
1
|
|||||||
|
Total increase (decrease) in net assets |
(33
)
|
53
|
77
|
15
|
|||||||
|
Net assets at December 31, 2025 |
$ |
454
|
$ |
3,857
|
$ |
706
|
$ |
107
|
|||
|
The accompanying notes are an integral part of these financial statements. |
|
17 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Statements of Changes in Net Assets |
|
For the Years Ended December 31, 2025 and 2024 |
|
(Dollars in thousands) |
|
Voya Russell™ Large Cap Value Index Portfolio - Class S |
Venerable High Yield Fund - Class V |
Venerable Large Cap Index Fund - Class V |
Venerable Strategic Bond Fund - Class V |
||||||||
|
Net assets at January 1, 2024 |
$ |
120
|
$ |
-
|
$ |
-
|
$ |
-
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
1
|
3
|
(1
)
|
-
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
45
|
-
|
1
|
-
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
(33
)
|
(2
)
|
11
|
(2
)
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
13
|
1
|
11
|
(2
)
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
-
|
-
|
-
|
-
|
|||||||
|
Death Benefits |
-
|
-
|
-
|
-
|
|||||||
|
Surrenders and withdrawals |
-
|
(21
)
|
(9
)
|
(14
)
|
|||||||
|
Cost of insurance and administrative charges |
-
|
-
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
(133
)
|
300
|
133
|
56
|
|||||||
|
Increase (decrease) in net assets derived from principal |
(133
)
|
279
|
124
|
42
|
|||||||
|
Total increase (decrease) in net assets |
(120
)
|
280
|
135
|
40
|
|||||||
|
Net assets at December 31, 2024 |
$ |
-
|
$ |
280
|
$ |
135
|
$ |
40
|
|||
|
Increase (decrease) in net assets |
|||||||||||
|
Operations: |
|||||||||||
|
Net investment income (loss) |
-
|
11
|
(4
)
|
1
|
|||||||
|
Total realized gain (loss) on investments and capital gains |
-
|
(1
)
|
8
|
(1
)
|
|||||||
|
Net unrealized appreciation (depreciation) of investments |
-
|
5
|
34
|
2
|
|||||||
|
Net increase (decrease) in net assets resulting from operations |
-
|
15
|
38
|
2
|
|||||||
|
Changes from principal transactions: |
|||||||||||
|
Premiums |
-
|
-
|
148
|
-
|
|||||||
|
Death Benefits |
-
|
-
|
(6
)
|
-
|
|||||||
|
Surrenders and withdrawals |
-
|
(53
)
|
(34
)
|
(28
)
|
|||||||
|
Cost of insurance and administrative charges |
-
|
-
|
-
|
-
|
|||||||
|
Transfers between Divisions (including fixed acccount), net |
-
|
(20
)
|
-
|
(1
)
|
|||||||
|
Increase (decrease) in net assets derived from principal |
-
|
(73
)
|
108
|
(29
)
|
|||||||
|
Total increase (decrease) in net assets |
-
|
(58
)
|
146
|
(27
)
|
|||||||
|
Net assets at December 31, 2025 |
$ |
-
|
$ |
222
|
$ |
281
|
$ |
13
|
|||
|
The accompanying notes are an integral part of these financial statements. |
|
18 |
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
1. Organization
Venerable Insurance and Annuity Company ("VIAC" or the "Company") is domiciled in the State of Iowa and was originally organized in 1973 under the insurance laws of Minnesota. On June 1, 2018, the Company became an indirectly wholly owned subsidiary of VA Capital Company LLC, ("VA Capital"), a limited liability company domiciled in the State of Delaware. The Company's direct parent is Venerable Holdings, Inc. ("Venerable Holdings"), a holding company domiciled in the State of Delaware. Before June 1, 2018, the Company was an indirectly wholly owned subsidiary of Voya Financial, Inc.
Separate Account U of the Company (the "Account") was established by the Company on January 1, 2004, to support operations of the Company's variable annuity contracts (the "Contracts"). The Company ceased sales of new variable annuity products in 2010, but existing Contract owners may continue to invest in their Contracts.Directed Services LLC, ("DSL"), an affiliate of the Company, acts as the principal underwriter (as defined in the Securities Act of 1933 and the 1940 Act, as amended) of the Contracts issued by the Company. The Contracts were distributed through registered representatives of other broker-dealers who have entered into selling agreements with DSL.
The variable annuity Contracts supported by the Account are:
| • | SpectraDirect Variable Annuity |
| • | SpectraSelect Variable Annuity |
The Account is registered as a unit investment trust with the Securities Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended. VIAC provides for variable accumulation and benefits under the Contracts by crediting annuity considerations to one or more divisions within the Account or a fixed account (an investment option in the Company's general account), as directed by the contract owners. The portion of the Account's assets applicable to Contracts will not be charged with liabilities arising out of any other business VIAC may conduct, but obligations of the Account, including the promise to make benefit payments, are obligations of VIAC. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of VIAC.
At December 31, 2025, the Account had 21 investment divisions (the "Divisions"), 18 of which invest in independently managed mutual funds and 3 of which invest in mutual funds managed by an affiliate, Venerable Investment Advisers, LLC ("Venerable Advisers"), an investment adviser and wholly owned subsidiary of Venerable Holdings. The assets in each Division are invested in shares of a designated fund ("Fund") of various investment trusts ("Trusts").
The Divisions with asset balances at December 31, 2025 are as follows:
|
Invesco Variable Insurance Fund: |
|
Invesco V.I. Global Core Equity Fund - Series I Shares |
|
Morgan Stanley Variable Insurance Fund, Inc.: |
|
Morgan Stanley VIF Emerging Markets Debt Portfolio - Class I |
|
Morgan Stanley VIF Growth Portfolio - Class I |
|
Van Eck VIP Trust: |
|
VanEck VIP Global Resources Fund - Initial Class |
|
Venerable Variable Insurance Trust: |
|
Venerable High Yield Fund - Class V |
|
Venerable Large Cap Index Fund - Class V |
|
Venerable Strategic Bond Fund - Class V |
|
Voya: |
|
Voya Limited Maturity Bond Portfolio - Service Class |
|
Voya U.S. Stock Index Portfolio - Institutional Class |
|
Voya International High Dividend Low Volatility Portfolio - Service Class |
|
Voya Government Liquid Assets Portfolio - Class I |
19
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|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
|
Voya Large Cap Growth Portfolio - Institutional Class |
|
Voya Index Plus LargeCap Portfolio - Class I |
|
Voya International Index Portfolio - Class I |
|
Voya Russell™ Mid Cap Growth Index Portfolio - Class I |
|
Voya Russell™ Large Cap Growth Index Portfolio - Class I |
|
Voya Russell™ Large Cap Index Portfolio - Class I |
|
Voya Russell™ Large Cap Value Index Portfolio - Class I |
|
Voya Intermediate Bond Portfolio - Class I |
|
Voya (VY): |
|
VY® Invesco Growth and Income Portfolio - Institutional Class |
|
VY® Invesco Equity and Income Portfolio - Initial Class |
2. Significant Accounting Policies
The following is a summary of the significant account policies of the Account.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Investments
Investments are made in shares of a Division and are recorded at fair value, determined by the net asset value per share of the respective Division. Investment transactions in each Division are recorded on the trade date. Distributions of net investment income and capital gains from each Division are recognized on the ex-distribution date. Realized gains and losses on redemptions of the shares of the Division are determined on a first-in, first-out basis. The difference between cost and current fair value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.
Federal Income Taxes
Operations of the Account form a part of, and are taxed with, the total operations of VIAC, which is taxed as a life insurance company under the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to contract owners. Accordingly, earnings and realized capital gains of the Account attributable to the contract owners are excluded in the determination of the federal income tax liability of VIAC, and no charge is being made to the Account for federal income taxes for these amounts. The Company will review this tax accounting in the event of changes in the tax law. Such changes in the law may result in a charge for federal income taxes. Uncertain tax positions are assessed at the parent level on a consolidated basis, including taxes of the operations of the Separate Account.
Contract Owner Reserves
The annuity reserves of the Account are represented by net assets on the Statements of Assets and Liabilities and are equal to the aggregate account values of the contract owners invested in the Account Divisions. To the extent that benefits to be paid to the contract owners exceed their account values, VIAC will contribute additional funds to the benefit proceeds. Conversely, if amounts allocated exceed amounts required, transfers may be made to VIAC. All Contracts in the Account are currently in the accumulation period. Prior to the annuitization date, the Contracts are redeemable for the net cash surrender value of the Contracts.
20
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|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
Changes from Principal Transactions
Included in Changes from principal transactions on the Statements of Changes in Net Assets are items which relate to contract owner activity, including premiums, death benefits, surrenders and withdrawals, contract charges, and cost of insurance and administrative charges. Also included are transfers between the fixed account and the Divisions, transfers between Divisions, in-kind transfers into a Division due to a Novation, and transfers to (from) VIAC related to gains and losses resulting from actual mortality experience (the full responsibility for which is assumed by VIAC).
Segment Disclosures
FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") defines an operating segment as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Account's CODM is the Company's Chief Executive Officer. The Account represents a single operating segment as the CODM monitors operating results, and as a whole, long-term strategic asset allocation is pre-determined based on a defined investment strategy. The "Total increase (decrease) in net assets", which is used by the CODM to assess the segment's performance, is consistent with the accompanying Statements of Changes in Net Assets. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "Total net assets" and significant segment expenses are listed on the accompanying Statements of Operations.
Subsequent Events
The Account has evaluated subsequent events for recognition and disclosure through the date the financial statements were issued.
3. Financial Instruments
The Account invests assets in shares of open-end mutual funds, which process orders to purchase and redeem shares on a daily basis at the fund's next computed net asset values ("NAV"). The fair value of the Account's assets is based on the NAVs of mutual funds, which are obtained from the transfer agents or fund companies and reflect the fair values of the mutual fund investments. The NAV is calculated daily upon close of the New York Stock Exchange and is based on the fair values of the underlying securities.
The Account's assets are recorded at fair value on the Statements of Assets and Liabilities and are categorized as Level 1 as of December 31, 2025. There were no transfers among the levels for the year ended December 31, 2025. The account had no liabilities as of December 31, 2025.
The Account categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.
21
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|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
| • | Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market. The Account defines an active market as a market in which transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis. |
| • | Level 2 - Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: |
| a) | Quoted prices for similar assets or liabilities in active markets; |
| b) | Quoted prices for identical or similar assets or liabilities in non-active markets; |
| c) | Inputs other than quoted market prices that are observable; and |
| d) | Inputs that are derived principally from or corroborated by observable market data through correlation or other means. |
| • | Level 3 - Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These valuations, whether derived internally or obtained from a third party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. |
4. Charges and Fees
Under the terms of the Contracts, certain charges and fees are incurred by the Contracts to cover VIAC's expenses in connection with the issuance and administration of the Contracts. There are two different death benefit options referred to as "Standard" and "Enhanced." Following is a summary of these charges and fees:
Mortality and Expense Risk Charges
VIAC assumes mortality and expense risks related to the operations of the Account and, in accordance with the terms of the Contracts, deducts a daily charge from the assets of the Account. Daily charges are deducted at annual rates of 1.25% for Standard, 1.45% for SPECTRASelect Enhanced, and 1.52% for SPECTRADirect Enhanced, of the average daily net asset value of each Division of the Account to cover these risks, as specified in the Contracts. These charges are assessed through a reduction in unit values.
Asset Based Administrative Charges
A charge to cover administrative expenses of the Account is deducted at an annual rate of 0.15% of the assets attributable to the Contracts. These charges are assessed through a reduction in unit values.
Contract Maintenance Charges
An annual Contract maintenance fee may be deducted from the accumulation value of Contracts to cover ongoing administrative expenses, as specified in the Contracts. The charge is $30 per Contract year for SPECTRADirect Contracts and no charge for SPECTRASelect Contracts. These charges are assessed through the redemption of units.
22
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|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
Contingent Deferred Sales Charges
For certain Contracts, a contingent deferred sales charge ("Surrender Charge") is imposed as a percentage that ranges up to 8.50% of each premium payment if the Contract is surrendered or an excess partial withdrawal is taken, as specified in the Contract. These charges are assessed through the redemption of units.
Fees Waived by VIAC
Certain charges and fees for various types of Contracts may be waived by VIAC. VIAC reserves the right to discontinue these waivers at its discretion or to conform with changes in the law.
5. Related Party Transactions
Effective September 5, 2025, and September 12, 2025, Venerable Advisers, an investment adviser and wholly owned subsidiary of Venerable Holdings, launched additional mutual funds (collectively, "Wave 2") through the VVIT. The Wave 2 funds, with $7.0 billion in assets under management as of the combined effective dates, are comprised of assets substituted from previously managed, independent trusts. Effective September 9, 2024, Venerable Advisers announced the launch of the VVIT and its initial line-up of mutual funds (collectively, "Wave 1"). The Wave 1 funds, comprised of $9.5 billion in assets under management as of the effective date, are also comprised of assets substituted from previously managed, independent trusts. The mutual funds launched in Waves 1 and 2 serve as investment options for the Company's separate accounts, including that of the Account, and brings the management of these mutual funds underlying the Company's variable annuity business primarily in-house.
23
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|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
6. Purchase and Sales of Investment Securities
The aggregate cost of purchases and proceeds from sales of investments for the year ended December 31, 2025 follow:
|
Purchases |
Sales |
||||
|
(Dollars in thousands) |
|||||
|
Invesco Variable Insurance Fund: |
|||||
|
Invesco V.I. Global Core Equity Fund - Series I Shares |
$ |
5
|
$ |
6
|
|
|
Morgan Stanley Variable Insurance Fund, Inc.: |
|||||
|
Morgan Stanley VIF Emerging Markets Debt Portfolio - Class I |
$ |
11
|
$ |
9
|
|
|
Morgan Stanley VIF Growth Portfolio - Class I |
$ |
-
|
$ |
5
|
|
|
Venerable Variable Insurance Trust: |
|||||
|
Venerable High Yield Fund - Class V |
$ |
21
|
$ |
83
|
|
|
Venerable Large Cap Index Fund - Class V |
$ |
149
|
$ |
45
|
|
|
Venerable Strategic Bond Fund - Class V |
$ |
1
|
$ |
29
|
|
|
Van Eck VIP Trust: |
|||||
|
VanEck VIP Global Resources Fund - Initial Class |
$ |
2
|
$ |
2
|
|
|
Voya: |
|||||
|
Voya Intermediate Bond Portfolio - Class I |
$ |
26
|
$ |
34
|
|
|
Voya Government Liquid Assets Portfolio - Class I |
$ |
268
|
$ |
247
|
|
|
Voya Large Cap Growth Portfolio - Institutional Class |
$ |
84
|
$ |
150
|
|
|
Voya Limited Maturity Bond Portfolio - Service Class |
$ |
19
|
$ |
78
|
|
|
Voya U.S. Stock Index Portfolio - Institutional Class |
$ |
168
|
$ |
284
|
|
|
Voya International High Dividend Low Volatility Portfolio - Service Class |
$ |
3
|
$ |
2
|
|
|
Voya Index Plus LargeCap Portfolio - Class I |
$ |
14
|
$ |
15
|
|
|
Voya International Index Portfolio - Class I |
$ |
8
|
$ |
38
|
|
|
Voya Russell™ Mid Cap Growth Index Portfolio - Class I |
$ |
80
|
$ |
92
|
|
|
Voya Russell™ Large Cap Growth Index Portfolio - Class I |
$ |
395
|
$ |
571
|
|
|
Voya Russell™ Large Cap Index Portfolio - Class I |
$ |
32
|
$ |
42
|
|
|
Voya Russell™ Large Cap Value Index Portfolio - Class I |
$ |
26
|
$ |
3
|
|
|
Voya (VY): |
|||||
|
VY® Invesco Growth and Income Portfolio - Institutional Class |
$ |
116
|
$ |
63
|
|
|
VY® Invesco Equity and Income Portfolio - Initial Class |
$ |
225
|
$ |
133
|
|
24
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|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
7. Changes in Units
The net changes in units outstanding follow:
|
Year ended December 31, |
|||||||||||
|
2025 |
2024 |
||||||||||
|
Units |
Units |
Net |
Units |
Units |
Net Increase |
||||||
|
Invesco Variable Insurance Fund: |
|||||||||||
|
Invesco V.I. Global Core Equity Fund - Series I Shares |
5
|
291
|
(286
)
|
22
|
14
|
8
|
|||||
|
Morgan Stanley Variable Insurance Fund, Inc.: |
|||||||||||
|
Morgan Stanley VIF Emerging Markets Debt Portfolio - Class I |
144
|
290
|
(146
)
|
3
|
7
|
(4
)
|
|||||
|
Morgan Stanley VIF Growth Portfolio - Class I |
-
|
26
|
(26
)
|
-
|
3
|
(3
)
|
|||||
|
Venerable Variable Insurance Trust: |
|||||||||||
|
Venerable High Yield Fund - Class V |
542
|
7,773
|
(7,231
)
|
29,978
|
2,001
|
27,977
|
|||||
|
Venerable Large Cap Index Fund - Class V |
13,471
|
3,514
|
9,957
|
13,343
|
865
|
12,478
|
|||||
|
Venerable Strategic Bond Fund - Class V |
-
|
2,846
|
(2,846
)
|
5,543
|
1,407
|
4,136
|
|||||
|
Van Eck VIP Trust: |
|||||||||||
|
VanEck VIP Global Resources Fund - Initial Class |
-
|
24
|
(24
)
|
-
|
24
|
(24
)
|
|||||
|
Voya: |
|||||||||||
|
Voya Intermediate Bond Portfolio - Class I |
1,012
|
2,220
|
(1,208
)
|
399
|
1,079
|
(680
)
|
|||||
|
Voya Government Liquid Assets Portfolio - Class I |
23,629
|
23,290
|
339
|
57,238
|
34,077
|
23,161
|
|||||
|
Voya High Yield Portfolio - Service Class |
-
|
-
|
-
|
1,069
|
13,477
|
(12,408
)
|
|||||
|
Voya Large Cap Growth Portfolio - Institutional Class |
293
|
1,941
|
(1,648
)
|
-
|
2,262
|
(2,262
)
|
|||||
|
Voya Limited Maturity Bond Portfolio - Service Class |
1,501
|
6,892
|
(5,391
)
|
94
|
571
|
(477
)
|
|||||
|
Voya U.S. Stock Index Portfolio - Institutional Class |
474
|
5,376
|
(4,902
)
|
281
|
7,288
|
(7,007
)
|
|||||
|
Voya Global Bond Portfolio - Service Class |
-
|
-
|
-
|
-
|
4,574
|
(4,574
)
|
|||||
|
Voya International High Dividend Low Volatility Portfolio - Service Class |
48
|
72
|
(24
)
|
-
|
599
|
(599
)
|
|||||
|
Voya Index Plus LargeCap Portfolio - Class I |
-
|
593
|
(593
)
|
-
|
551
|
(551
)
|
|||||
|
Voya International Index Portfolio - Class I |
21
|
1,217
|
(1,196
)
|
197
|
379
|
(182
)
|
|||||
|
Voya Russell™ Mid Cap Growth Index Portfolio - Class I |
1,903
|
7,615
|
(5,712
)
|
1
|
854
|
(853
)
|
|||||
|
Voya Russell™ Large Cap Growth Index Portfolio - Class I |
364
|
5,559
|
(5,195
)
|
124
|
5,527
|
(5,403
)
|
|||||
|
Voya Russell™ Large Cap Index Portfolio - Class I |
72
|
412
|
(340
)
|
-
|
258
|
(258
)
|
|||||
25
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|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
|
Year ended December 31, |
|||||||||||
|
2025 |
2024 |
||||||||||
|
Units |
Units |
Net |
Units |
Units |
Net Increase |
||||||
|
Voya: (continued) |
|||||||||||
|
Voya Russell™ Large Cap Value Index Portfolio - Class I |
123
|
87
|
36
|
43
|
652
|
(609
)
|
|||||
|
Voya Russell™ Large Cap Value Index Portfolio - Class S |
-
|
-
|
-
|
6
|
3,328
|
(3,322
)
|
|||||
|
Voya (VY): |
|||||||||||
|
VY® Invesco Growth and Income Portfolio - Institutional Class |
228
|
603
|
(375
)
|
47
|
458
|
(411
)
|
|||||
|
VY® Invesco Equity and Income Portfolio - Initial Class |
1,564
|
3,972
|
(2,408
)
|
434
|
406
|
28
|
|||||
26
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|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
8. Financial Highlights
A summary of unit values, units outstanding, and net assets for variable annuity Contracts as of December 31, 2025, 2024, 2023, 2022, and 2021 and expense ratios, excluding expenses of underlying Funds, investment income ratios and total returns for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 follows:
|
Fund |
Units |
Unit Fair Value |
Net Assets |
Investment |
Expense RatioC |
Total ReturnD |
|||||||||||||||||||
|
Invesco V.I. Global Core Equity Fund - Series I Shares |
|||||||||||||||||||||||||
|
2025 |
4 |
$18.30
|
to |
$17.54
|
$ 66 |
1.35
%
|
1.40
%
|
to |
1.67
%
|
14.07
%
|
to |
13.76
%
|
|||||||||||||
|
2024 |
4 |
$16.05
|
to |
$15.43
|
$ 62 |
1.18
%
|
1.40
%
|
to |
1.67
%
|
15.23
%
|
to |
14.91
%
|
|||||||||||||
|
2023 |
4 |
$13.93
|
to |
$13.43
|
$ 54 |
0.57
%
|
1.40
%
|
to |
1.67
%
|
20.03
%
|
to |
19.71
%
|
|||||||||||||
|
2022 |
4 |
$11.61
|
to |
$11.22
|
$ 48 |
0.32
%
|
1.40
%
|
to |
1.67
%
|
-22.96
%
|
to |
-23.16
%
|
|||||||||||||
|
2021 |
4 |
$15.07
|
to |
$14.60
|
$ 65 |
1.12
%
|
1.40
%
|
to |
1.67
%
|
14.34
%
|
to |
14.06
%
|
|||||||||||||
|
Morgan Stanley VIF Emerging Markets Debt Portfolio - Class I |
|||||||||||||||||||||||||
|
2025 |
2 |
$33.17
|
to |
$30.78
|
$ 52 |
13.68
%
|
1.40
%
|
to |
1.67
%
|
13.32
%
|
to |
13.02
%
|
|||||||||||||
|
2024 |
2 |
$29.17
|
to |
$27.14
|
$ 50 |
10.31
%
|
1.40
%
|
to |
1.67
%
|
9.69
%
|
to |
9.39
%
|
|||||||||||||
|
2023 |
2 |
$26.59
|
to |
$24.81
|
$ 46 |
9.49
%
|
1.40
%
|
to |
1.67
%
|
10.28
%
|
to |
9.98
%
|
|||||||||||||
|
2022 |
2 |
$24.11
|
to |
$22.56
|
$ 52 |
5.91
%
|
1.40
%
|
to |
1.67
%
|
-19.75
%
|
to |
-19.96
%
|
|||||||||||||
|
2021 |
3 |
$30.09
|
to |
$28.23
|
$ 87 |
4.96
%
|
1.40
%
|
to |
1.67
%
|
-3.40
%
|
to |
-3.62
%
|
|||||||||||||
|
Morgan Stanley VIF Growth Portfolio- Class I |
|||||||||||||||||||||||||
|
2025 |
2 |
$110.18
|
to |
$102.24
|
$ 171 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
32.96
%
|
to |
32.61
%
|
|||||||||||||
|
2024 |
2 |
$84.33
|
to |
$78.61
|
$ 143 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
44.56
%
|
to |
44.17
%
|
|||||||||||||
|
2023 |
2 |
$56.95
|
to |
$53.13
|
$ 90 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
46.60
%
|
to |
46.20
%
|
|||||||||||||
|
2022 |
2 |
$38.85
|
to |
$36.34
|
$ 74 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
-60.06
%
|
to |
-60.17
%
|
|||||||||||||
|
2021 |
2 |
$98.66
|
to |
$92.54
|
$ 190 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
-1.29
%
|
to |
-1.56
%
|
|||||||||||||
|
VanEck VIP Global Resources Fund - Initial Class |
|||||||||||||||||||||||||
|
2025 |
2 |
$34.10
|
to |
$35.75
|
$ 81 |
2.48
%
|
1.40
%
|
to |
1.67
%
|
33.12
%
|
to |
32.76
%
|
|||||||||||||
|
2024 |
2 |
$25.34
|
to |
$26.63
|
$ 61 |
2.71
%
|
1.40
%
|
to |
1.67
%
|
-4.18
%
|
to |
-4.44
%
|
|||||||||||||
|
2023 |
2 |
$26.44
|
to |
$27.87
|
$ 65 |
2.77
%
|
1.40
%
|
to |
1.67
%
|
-4.93
%
|
to |
-5.18
%
|
|||||||||||||
|
2022 |
2 |
$27.81
|
to |
$29.40
|
$ 69 |
1.74
%
|
1.40
%
|
to |
1.67
%
|
5.82
%
|
to |
5.54
%
|
|||||||||||||
|
2021 |
2 |
$26.02
|
to |
$27.58
|
$ 65 |
0.39
%
|
1.40
%
|
to |
1.67
%
|
17.26
%
|
to |
16.96
%
|
|||||||||||||
27
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
|
Fund |
Units |
Unit Fair Value |
Net Assets |
Investment |
Expense RatioC |
Total ReturnD |
|||||||||||||||||||
|
Voya Intermediate Bond Portfolio - Class I |
|||||||||||||||||||||||||
|
2025 |
18 |
$14.47
|
to |
$13.80
|
$ 256 |
4.62
%
|
1.40
%
|
to |
1.67
%
|
6.19
%
|
to |
5.91
%
|
|||||||||||||
|
2024 |
19 |
$13.63
|
to |
$13.02
|
$ 257 |
4.66
%
|
1.40
%
|
to |
1.67
%
|
1.39
%
|
to |
1.12
%
|
|||||||||||||
|
2023 |
20 |
$13.44
|
to |
$12.88
|
$ 263 |
4.28
%
|
1.40
%
|
to |
1.67
%
|
5.78
%
|
to |
5.50
%
|
|||||||||||||
|
2022 |
25 |
$12.70
|
to |
$12.21
|
$ 307 |
2.70
%
|
1.40
%
|
to |
1.67
%
|
-15.11
%
|
to |
-15.33
%
|
|||||||||||||
|
2021 |
26 |
$15.06
|
to |
$14.51
|
$ 380 |
3.05
%
|
1.40
%
|
to |
1.67
%
|
-2.27
%
|
to |
-2.49
%
|
|||||||||||||
|
Voya Government Liquid Assets Portfolio - Class I |
|||||||||||||||||||||||||
|
2025 |
82 |
$10.46
|
to |
$9.92
|
$ 828 |
4.28
%
|
1.40
%
|
to |
1.67
%
|
2.69
%
|
to |
2.41
%
|
|||||||||||||
|
2024 |
82 |
$10.19
|
to |
$9.68
|
$ 807 |
5.58
%
|
1.40
%
|
to |
1.67
%
|
3.60
%
|
to |
3.32
%
|
|||||||||||||
|
2023 |
59 |
$9.83
|
to |
$9.37
|
$ 564 |
4.92
%
|
1.40
%
|
to |
1.67
%
|
3.47
%
|
to |
3.20
%
|
|||||||||||||
|
2022 |
61 |
$9.50
|
to |
$9.08
|
$ 569 |
1.29
%
|
1.40
%
|
to |
1.67
%
|
0.11
%
|
to |
-0.16
%
|
|||||||||||||
|
2021 |
87 |
$9.49
|
to |
$9.10
|
$ 797 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
-1.35
%
|
to |
-1.62
%
|
|||||||||||||
|
Voya Large Cap Growth Portfolio - Institutional Class |
|||||||||||||||||||||||||
|
2025 |
7 |
$94.98
|
to |
$89.81
|
$ 624 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
13.61
%
|
to |
13.31
%
|
|||||||||||||
|
2024 |
8 |
$83.52
|
to |
$79.18
|
$ 684 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
32.93
%
|
to |
32.57
%
|
|||||||||||||
|
2023 |
11 |
$62.83
|
to |
$59.73
|
$ 657 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
35.94
%
|
to |
35.57
%
|
|||||||||||||
|
2022 |
12 |
$46.22
|
to |
$44.06
|
$ 551 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
-31.49
%
|
to |
-31.68
%
|
|||||||||||||
|
2021 |
12 |
$67.44
|
to |
$64.46
|
$ 815 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
17.88
%
|
to |
17.56
%
|
|||||||||||||
|
Voya Limited Maturity Bond Portfolio - Service Class |
|||||||||||||||||||||||||
|
2025 |
3 |
$11.67
|
to |
$11.07
|
$ 35 |
4.26
%
|
1.40
%
|
to |
1.67
%
|
3.94
%
|
to |
3.66
%
|
|||||||||||||
|
2024 |
9 |
$11.23
|
to |
$10.68
|
$ 93 |
4.54
%
|
1.40
%
|
to |
1.67
%
|
3.42
%
|
to |
3.14
%
|
|||||||||||||
|
2023 |
9 |
$10.86
|
to |
$10.35
|
$ 95 |
3.38
%
|
1.40
%
|
to |
1.67
%
|
3.06
%
|
to |
2.79
%
|
|||||||||||||
|
2022 |
14 |
$10.54
|
to |
$10.07
|
$ 141 |
1.62
%
|
1.40
%
|
to |
1.67
%
|
-6.17
%
|
to |
-6.42
%
|
|||||||||||||
|
2021 |
15 |
$11.24
|
to |
$10.77
|
$ 164 |
1.41
%
|
1.40
%
|
to |
1.67
%
|
-1.58
%
|
to |
-1.82
%
|
|||||||||||||
|
Voya U.S. Stock Index Portfolio - Institutional Class |
|||||||||||||||||||||||||
|
2025 |
23 |
$55.30
|
to |
$52.44
|
$ 1,206 |
1.40
%
|
1.40
%
|
to |
1.67
%
|
16.20
%
|
to |
15.88
%
|
|||||||||||||
|
2024 |
28 |
$47.72
|
to |
$45.37
|
$ 1,270 |
1.22
%
|
1.40
%
|
to |
1.67
%
|
22.95
%
|
to |
22.62
%
|
|||||||||||||
|
2023 |
35 |
$38.81
|
to |
$37.00
|
$ 1,303 |
1.53
%
|
1.40
%
|
to |
1.67
%
|
24.18
%
|
to |
23.84
%
|
|||||||||||||
|
2022 |
38 |
$31.25
|
to |
$29.88
|
$ 1,164 |
1.21
%
|
1.40
%
|
to |
1.67
%
|
-19.99
%
|
to |
-20.20
%
|
|||||||||||||
|
2021 |
42 |
$38.82
|
to |
$37.21
|
$ 1,571 |
1.04
%
|
1.40
%
|
to |
1.67
%
|
26.61
%
|
to |
26.26
%
|
|||||||||||||
28
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
|
Fund |
Units |
Unit Fair Value |
Net Assets |
Investment |
Expense RatioC |
Total ReturnD |
|||||||||||||||||||
|
VY® Invesco Growth and Income Portfolio - Institutional Class |
|||||||||||||||||||||||||
|
2025 |
5 |
$107.75
|
to |
$102.17
|
$ 464 |
3.36
%
|
1.40
%
|
to |
1.67
%
|
14.09
%
|
to |
13.78
%
|
|||||||||||||
|
2024 |
5 |
$94.49
|
to |
$89.84
|
$ 442 |
1.66
%
|
1.40
%
|
to |
1.67
%
|
14.81
%
|
to |
14.50
%
|
|||||||||||||
|
2023 |
5 |
$82.30
|
to |
$78.46
|
$ 418 |
2.07
%
|
1.40
%
|
to |
1.67
%
|
11.05
%
|
to |
10.75
%
|
|||||||||||||
|
2022 |
6 |
$74.11
|
to |
$70.85
|
$ 400 |
1.51
%
|
1.40
%
|
to |
1.67
%
|
-7.97
%
|
to |
-8.21
%
|
|||||||||||||
|
2021 |
6 |
$79.61
|
to |
$76.31
|
$ 439 |
1.55
%
|
1.40
%
|
to |
1.67
%
|
27.42
%
|
to |
27.08
%
|
|||||||||||||
|
VY® Invesco Equity and Income Portfolio - Initial Class |
|||||||||||||||||||||||||
|
2025 |
18 |
$35.22
|
to |
$33.31
|
$ 618 |
1.85
%
|
1.40
%
|
to |
1.67
%
|
11.26
%
|
to |
10.97
%
|
|||||||||||||
|
2024 |
21 |
$31.67
|
to |
$30.02
|
$ 630 |
3.52
%
|
1.40
%
|
to |
1.67
%
|
10.44
%
|
to |
10.14
%
|
|||||||||||||
|
2023 |
21 |
$28.67
|
to |
$27.26
|
$ 571 |
2.22
%
|
1.40
%
|
to |
1.67
%
|
8.71
%
|
to |
8.42
%
|
|||||||||||||
|
2022 |
22 |
$26.38
|
to |
$25.14
|
$ 561 |
1.61
%
|
1.40
%
|
to |
1.67
%
|
-9.46
%
|
to |
-9.70
%
|
|||||||||||||
|
2021 |
25 |
$28.95
|
to |
$27.67
|
$ 689 |
1.45
%
|
1.40
%
|
to |
1.67
%
|
17.21
%
|
to |
16.85
%
|
|||||||||||||
|
Voya International High Dividend Low Volatility Portfolio - Service Class |
|||||||||||||||||||||||||
|
2025 |
2 |
$19.85
|
to |
$19.66
|
$ 43 |
3.88
%
|
1.60
%
|
to |
1.67
%
|
35.57
%
|
to |
35.47
%
|
|||||||||||||
|
2024 |
2 |
$14.70
|
to |
$14.57
|
$ 32 |
4.02
%
|
1.60
%
|
to |
1.67
%
|
5.39
%
|
to |
5.32
%
|
|||||||||||||
|
2023 |
3 |
$14.28
|
to |
$13.84
|
$ 39 |
4.11
%
|
1.40
%
|
to |
1.67
%
|
12.93
%
|
to |
12.63
%
|
|||||||||||||
|
2022 |
3 |
$12.65
|
to |
$12.29
|
$ 37 |
3.76
%
|
1.40
%
|
to |
1.67
%
|
-10.59
%
|
to |
-10.83
%
|
|||||||||||||
|
2021 |
4 |
$14.11
|
to |
$13.74
|
$ 50 |
1.75
%
|
1.40
%
|
to |
1.67
%
|
10.23
%
|
to |
9.92
%
|
|||||||||||||
|
Voya Index Plus LargeCap Portfolio - Class I |
|||||||||||||||||||||||||
|
2025 |
6 |
$22.78
|
to |
$22.33
|
$ 130 |
0.73
%
|
1.40
%
|
to |
1.67
%
|
13.80
%
|
to |
13.49
%
|
|||||||||||||
|
2024 |
6 |
$20.05
|
to |
$19.71
|
$ 126 |
0.89
%
|
1.40
%
|
to |
1.67
%
|
23.47
%
|
to |
23.13
%
|
|||||||||||||
|
2023 |
7 |
$16.24
|
to |
$16.01
|
$ 111 |
0.89
%
|
1.40
%
|
to |
1.67
%
|
24.31
%
|
to |
23.98
%
|
|||||||||||||
|
2022 |
8 |
$13.06
|
to |
$12.91
|
$ 101 |
0.79
%
|
1.40
%
|
to |
1.67
%
|
-20.57
%
|
to |
-20.78
%
|
|||||||||||||
|
2021 |
8 |
$16.37
|
to |
$16.22
|
$ 129 |
1.07
%
|
1.40
%
|
to |
1.67
%
|
27.49
%
|
to |
27.12
%
|
|||||||||||||
|
Voya International Index Portfolio - Class I |
|||||||||||||||||||||||||
|
2025 |
11 |
$30.41
|
to |
$29.06
|
$ 324 |
2.57
%
|
1.40
%
|
to |
1.67
%
|
29.55
%
|
to |
29.21
%
|
|||||||||||||
|
2024 |
12 |
$23.56
|
to |
$22.58
|
$ 279 |
2.90
%
|
1.40
%
|
to |
1.67
%
|
1.60
%
|
to |
1.33
%
|
|||||||||||||
|
2023 |
12 |
$23.19
|
to |
$22.28
|
$ 280 |
5.07
%
|
1.40
%
|
to |
1.67
%
|
16.10
%
|
to |
15.78
%
|
|||||||||||||
|
2022 |
13 |
$19.97
|
to |
$19.24
|
$ 254 |
2.54
%
|
1.40
%
|
to |
1.67
%
|
-15.98
%
|
to |
-16.21
%
|
|||||||||||||
|
2021 |
8 |
$23.71
|
to |
$22.91
|
$ 190 |
2.62
%
|
1.40
%
|
to |
1.67
%
|
9.31
%
|
to |
9.04
%
|
|||||||||||||
29
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
|
Fund |
Units |
Unit Fair Value |
Net Assets |
Investment |
Expense RatioC |
Total ReturnD |
|||||||||||||||||||
|
Voya Russell™ Mid Cap Growth Index Portfolio - Class I |
|||||||||||||||||||||||||
|
2025 |
40 |
$11.50
|
to |
$11.37
|
$ 454 |
0.26
%
|
1.40
%
|
to |
1.67
%
|
6.27
%
|
to |
5.99
%
|
|||||||||||||
|
2024 |
46 |
$10.77
|
to |
$10.67
|
$ 487 |
0.39
%
|
1.40
%
|
to |
1.67
%
|
19.86
%
|
to |
19.53
%
|
|||||||||||||
|
2023 |
46 |
$8.98
|
to |
$8.93
|
$ 415 |
0.49
%
|
1.40
%
|
to |
1.67
%
|
23.60
%
|
to |
23.27
%
|
|||||||||||||
|
2022 |
10/15/2021 |
52 |
$7.27
|
to |
$7.24
|
$ 380 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
-27.27
%
|
to |
-27.47
%
|
||||||||||||
|
2021 |
57 |
$10.09
|
to |
$10.09
|
$ 575 |
(a) |
1.40
%
|
to |
1.67
%
|
(a) |
to |
(a) |
|||||||||||||
|
Voya Russell™ Large Cap Growth Index Portfolio - Class I |
|||||||||||||||||||||||||
|
2025 |
36 |
$112.15
|
to |
$107.27
|
$ 3,857 |
0.17
%
|
1.40
%
|
to |
1.67
%
|
16.78
%
|
to |
16.46
%
|
|||||||||||||
|
2024 |
41 |
$96.28
|
to |
$92.34
|
$ 3,804 |
0.41
%
|
1.40
%
|
to |
1.67
%
|
32.73
%
|
to |
32.37
%
|
|||||||||||||
|
2023 |
46 |
$72.54
|
to |
$69.76
|
$ 3,260 |
0.51
%
|
1.40
%
|
to |
1.67
%
|
43.96
%
|
to |
43.57
%
|
|||||||||||||
|
2022 |
50 |
$50.39
|
to |
$48.59
|
$ 2,474 |
0.40
%
|
1.40
%
|
to |
1.67
%
|
-31.74
%
|
to |
-31.92
%
|
|||||||||||||
|
2021 |
54 |
$73.02
|
to |
$70.61
|
$ 3,820 |
0.82
%
|
1.40
%
|
to |
1.67
%
|
28.85
%
|
to |
28.50
%
|
|||||||||||||
|
Voya Russell™ Large Cap Index Portfolio - Class I |
|||||||||||||||||||||||||
|
2025 |
8 |
$87.06
|
to |
$83.22
|
$ 706 |
1.55
%
|
1.40
%
|
to |
1.67
%
|
17.33
%
|
to |
17.01
%
|
|||||||||||||
|
2024 |
9 |
$74.35
|
to |
$71.26
|
$ 629 |
1.07
%
|
1.40
%
|
to |
1.67
%
|
25.19
%
|
to |
24.85
%
|
|||||||||||||
|
2023 |
9 |
$59.39
|
to |
$57.08
|
$ 518 |
1.22
%
|
1.40
%
|
to |
1.67
%
|
27.61
%
|
to |
27.26
%
|
|||||||||||||
|
2022 |
9 |
$46.54
|
to |
$44.85
|
$ 419 |
0.64
%
|
1.40
%
|
to |
1.67
%
|
-21.85
%
|
to |
-22.06
%
|
|||||||||||||
|
2021 |
10 |
$59.05
|
to |
$57.06
|
$ 585 |
1.36
%
|
1.40
%
|
to |
1.67
%
|
25.64
%
|
to |
25.30
%
|
|||||||||||||
|
Voya Russell™ Large Cap Value Index Portfolio - Class I |
|||||||||||||||||||||||||
|
2025 |
6 |
$16.70
|
to |
$16.43
|
$ 107 |
6.75
%
|
1.40
%
|
to |
1.67
%
|
16.42
%
|
to |
16.11
%
|
|||||||||||||
|
2024 |
6 |
$14.36
|
to |
$14.16
|
$ 92 |
1.98
%
|
1.40
%
|
to |
1.67
%
|
13.39
%
|
to |
13.09
%
|
|||||||||||||
|
2023 |
7 |
$12.66
|
to |
$12.52
|
$ 89 |
2.70
%
|
1.40
%
|
to |
1.67
%
|
8.74
%
|
to |
8.44
%
|
|||||||||||||
|
2022 |
14 |
$11.65
|
to |
$11.55
|
$ 168 |
1.29
%
|
1.40
%
|
to |
1.67
%
|
-7.31
%
|
to |
-7.56
%
|
|||||||||||||
|
2021 |
15 |
$13.00
|
to |
$12.43
|
$ 188 |
0.98
%
|
1.40
%
|
to |
1.67
%
|
21.36
%
|
to |
21.03
%
|
|||||||||||||
|
Venerable High Yield Fund - Class V |
|||||||||||||||||||||||||
|
2025 |
21 |
$10.71
|
to |
$10.67
|
$ 222 |
6.14
%
|
1.40
%
|
to |
1.67
%
|
6.88
%
|
to |
6.60
%
|
|||||||||||||
|
2024 |
09/06/2024 |
28 |
$10.00
|
to |
$9.99
|
$ 280 |
2.68
%
|
1.40
%
|
to |
1.67
%
|
0.14
%
|
to |
0.06
%
|
||||||||||||
|
2023 |
(b) |
(b) |
to |
(b) |
(b) |
(b) |
(b) |
to |
(b) |
(b) |
to |
(b) |
|||||||||||||
|
2022 |
(b) |
(b) |
to |
(b) |
(b) |
(b) |
(b) |
to |
(b) |
(b) |
to |
(b) |
|||||||||||||
|
2021 |
(b) |
(b) |
to |
(b) |
(b) |
(b) |
(b) |
to |
(b) |
(b) |
to |
(b) |
|||||||||||||
30
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
|
Fund |
Units |
Unit Fair Value |
Net Assets |
Investment |
Expense RatioC |
Total ReturnD |
|||||||||||||||||||
|
Venerable Large Cap Index Fund - Class V |
|||||||||||||||||||||||||
|
2025 |
22 |
$12.55
|
to |
$12.51
|
$ 281 |
0.18
%
|
1.40
%
|
to |
1.67
%
|
15.89
%
|
to |
15.58
%
|
|||||||||||||
|
2024 |
09/06/2024 |
12 |
$10.85
|
to |
$10.84
|
$ 135 |
0.00
%
|
1.40
%
|
to |
1.67
%
|
8.52
%
|
to |
8.43
%
|
||||||||||||
|
2023 |
(b) |
(b) |
to |
(b) |
(b) |
(b) |
(b) |
to |
(b) |
(b) |
to |
(b) |
|||||||||||||
|
2022 |
(b) |
(b) |
to |
(b) |
(b) |
(b) |
(b) |
to |
(b) |
(b) |
to |
(b) |
|||||||||||||
|
2021 |
(b) |
(b) |
to |
(b) |
(b) |
(b) |
(b) |
to |
(b) |
(b) |
to |
(b) |
|||||||||||||
|
Venerable Strategic Bond Fund - Class V |
|||||||||||||||||||||||||
|
2025 |
1 |
$10.07
|
to |
$10.07
|
$ 13 |
4.65
%
|
1.67
%
|
to |
1.67
%
|
5.00
%
|
to |
5.00
%
|
|||||||||||||
|
2024 |
09/06/2024 |
4 |
$9.59
|
to |
$9.58
|
$ 40 |
2.02
%
|
1.40
%
|
to |
1.67
%
|
-4.11
%
|
to |
-4.19
%
|
||||||||||||
|
2023 |
(b) |
(b) |
to |
(b) |
(b) |
(b) |
(b) |
to |
(b) |
(b) |
to |
(b) |
|||||||||||||
|
2022 |
(b) |
(b) |
to |
(b) |
(b) |
(b) |
(b) |
to |
(b) |
(b) |
to |
(b) |
|||||||||||||
|
2021 |
(b) |
(b) |
to |
(b) |
(b) |
(b) |
(b) |
to |
(b) |
(b) |
to |
(b) |
|||||||||||||
31
Back to Table of Contents
|
VENERABLE INSURANCE AND ANNUITY COMPANY |
|
SEPARATE ACCOUNT U |
|
Notes to Financial Statements |
| (a) | As investment Division had no investments until 2021, this data is not meaningful and is therefore not presented. |
| (b) | As investment Division had no investments until 2024, this data is not meaningful and is therefore not presented. |
| AThe Fund Inception Date represents the first date the fund received money. |
| BThe Investment Income Ratio represents dividends received by the Division, excluding capital gains distributions, divided by the average net assets. |
| CThe Expense Ratio considers only the annualized contract expenses borne directly by the Account, excluding expenses charged through the redemption of units, and is equal to the mortality and expense, administrative, and other charges, as defined in the Charges and Fees note. |
| DTotal Return is calculated as the change in unit value for each Contract presented in the Statements of Assets and Liabilities. Certain items in this table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table. |
32
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Separate Account U of Venerable Insurance & Annuity Co. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 23, 2026 at 19:42 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]