AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021
AND FOR EACH OF THE PERIODS IN THE TWO YEARS THEN ENDED
AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Policyowners of Ameritas Life Insurance Corp. Separate Account LLVA

and the Board of Directors of Ameritas Life Insurance Corp.

Lincoln, Nebraska

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of net assets of each of the subaccounts listed in Note 1 which comprise Ameritas Life Insurance Corp. Separate Account LLVA (the “Account”) as of December 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the subaccounts constituting the Account as of December 31, 2021, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The subaccounts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the subaccounts’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the custodians. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Omaha, Nebraska

March 11, 2022

We have served as the Account’s auditor since 1997.

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AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2021
ASSETS
INVESTMENTS AT FAIR VALUE:
	Calvert Variable Series, Inc. (Calvert):
		Calvert VP SRI Balanced Portfolio, Class I (Balanced) -
			342,756.185 shares at $2.78 per share (cost $763,004)	$	952,862
		Calvert VP SRI Mid Cap Portfolio (Mid Cap) -
			24,488.652 shares at $37.47 per share (cost $749,419)		917,590
	DWS Investments VIT Funds (Scudder):
		DWS Small Cap Index VIP Portfolio, Class A (Small Cap) -
			15,881.956 shares at $18.63 per share (cost $275,682)		295,881
	DWS Variable Series II (Scudder):
		DWS Small Mid Cap Value VIP Portfolio, Class A (Small Mid Value) -
			124,396.344 shares at $15.47 per share (cost $1,700,262)		1,924,411
		DWS International Growth VIP Portfolio, Class A (Thematic) -
			60,307.396 shares at $18.80 per share (cost $955,237)		1,133,779
	DWS Variable Series I (Scudder):
		DWS Capital Growth VIP Portfolio, Class A (Growth) -
			15,806.460 shares at $49.11 per share (cost $577,664)		776,255
	Fidelity(R) Variable Insurance Products (Fidelity):
		Fidelity(R) VIP Overseas Portfolio, Initial Class (Overseas IC) -
			147,025.609 shares at $29.28 per share (cost $3,023,793)		4,304,910
		Fidelity(R) VIP Investment Grade Bond Portfolio, Initial Class (Inv. Grade Bond IC) -
			2,119,586.555 shares at $13.35 per share (cost $27,836,524)		28,296,481
		Fidelity(R) VIP Equity-Income Portfolio(SM), Initial Class (Equity Income IC) -
			120,011.864 shares at $26.15 per share (cost $2,690,619)		3,138,310
		Fidelity(R) VIP Growth Portfolio, Initial Class (Growth IC) -
			57,518.106 shares at $102.43 per share (cost $4,600,499)		5,891,580
		Fidelity(R) VIP High Income Portfolio, Initial Class (High Income IC) -
			439,925.391 shares at $5.25 per share (cost $2,369,707)		2,309,608
		Fidelity(R) VIP High Income Portfolio, Service Class (High Income SC) -
			6,541.121 shares at $5.21 per share (cost $36,189)		34,079
		Fidelity(R) VIP Contrafund(SM) Portfolio, Initial Class (Contrafund IC) -
			449,055.032 shares at $54.35 per share (cost $15,419,371)		24,406,141
		Fidelity(R) VIP Contrafund(SM) Portfolio, Service Class (Contrafund SC) -
			24,795.613 shares at $54.00 per share (cost $801,252)		1,338,963
		Fidelity(R) VIP Mid Cap Portfolio, Initial Class (Mid Cap IC) -
			213,244.500 shares at $41.17 per share (cost $7,203,062)		8,779,276
		Fidelity(R) VIP Mid Cap Portfolio, Service Class (Mid Cap SC) -
			10,985.189 shares at $40.63 per share (cost $363,183)		446,328
		Fidelity(R) VIP Strategic Income Portfolio, Initial Class (Strategic) -
			1,155,612.630 shares at $11.74 per share (cost $13,347,136)		13,566,892

The accompanying notes are an integral part of these financial statements.

FS-3

AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2021
ASSETS, continued
INVESTMENTS AT FAIR VALUE:
	Fidelity(R) Variable Insurance Products (Fidelity), continued:
		Fidelity(R) VIP Government Money Market Portfolio, Initial Class (Money Market) -
			20,173,425.980 shares at $1.00 per share (cost $20,173,426)	$	20,173,426
	AIM Variable Insurance Funds (AIM):
		Invesco V.I. Diversified Dividend Fund Portfolio, Series I (Dividend) -
			3,451.838 shares at $29.82 per share (cost $85,188)		102,934
		Invesco V.I. Health Care Fund Portfolio, Series I (Health) -
			5,669.777 shares at $33.86 per share (cost $159,731)		191,979
		Invesco V.I. Technology Fund Portfolio, Series I (Technology) -
			3,649.420 shares at $38.08 per share (cost $94,274)		138,970
		Invesco V.I. International Growth Fund Portfolio, Series I (Intl. Growth) -
			32,730.629 shares at $41.41 per share (cost $1,192,952)		1,355,375
		Invesco V.I. American Franchise Fund Portfolio, Series I (Franchise) -
			5,243.316 shares at $88.63 per share (cost $464,009)		464,715
	Janus Aspen Series (Janus):
		Janus Henderson Research Portfolio, Institutional Shares (Growth) -
			1,346.710 shares at $56.31 per share (cost $37,233)		75,833
	Neuberger Berman Advisers Management Trust (Neuberger Berman):
		Neuberger Berman AMT Mid Cap Growth Portfolio, Class I (Mid-Cap) -
			9,351.522 shares at $40.34 per share (cost $253,346)		377,240
		Neuberger Berman AMT Short Duration Bond Portfolio, Class I (Bond) -
			2,856.699 shares at $10.48 per share (cost $30,822)		29,938
		Neuberger Berman AMT Sustainable Equity Portfolio, Class I (Equity) -
			33,706.502 shares at $37.03 per share (cost $932,157)		1,248,152
		Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio, Class I (Regency) -
			28,966.052 shares at $20.33 per share (cost $517,799)		588,880
	Rydex Variable Trust (Rydex):
		Rydex Nova Fund Portfolio (Nova) -
			6,567.770 shares at $196.70 per share (cost $1,131,559)		1,291,880
		Rydex NASDAQ-100(R) Fund Portfolio (NASDAQ) -
			43,636.819 shares at $72.88 per share (cost $2,195,004)		3,180,251
		Rydex Precious Metals Fund Portfolio (Precious Metals) -
			86,777.621 shares at $41.25 per share (cost $3,620,430)		3,579,577
		Rydex Inverse S&P 500(R) Strategy Fund Portfolio (Inv. S&P 500) -
			4,540.665 shares at $31.10 per share (cost $190,105)		141,215
		Rydex Government Long Bond 1.2x Strategy Fund Portfolio (Gov. Long Bond) -
			46,332.901 shares at $38.33 per share (cost $1,603,488)		1,775,940
		Rydex Inverse NASDAQ-100(R) Strategy Fund Portfolio (Inverse NASDAQ) -
			2,008.850 shares at $18.86 per share (cost $42,659)		37,887

The accompanying notes are an integral part of these financial statements.

FS-4

AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2021
ASSETS, continued
INVESTMENTS AT FAIR VALUE:
	Rydex Variable Trust (Rydex), continued:
		Rydex Inverse Government Long Bond Strategy Fund Portfolio (Inv. Long Bond) -
			1,754.705 shares at $67.72 per share (cost $121,594)	$	118,829
		Rydex Russell(R) 2000 1.5x Strategy Fund Portfolio (Russell) -
			10,077.723 shares at $87.52 per share (cost $726,759)		882,002
		Guggenheim Long Short Equity Fund Portfolio (Sector Rotation) -
			39,168.322 shares at $17.71 per share (cost $566,883)		693,671
	Third Avenue Variable Series Trust (Third Avenue):
		Third Avenue Value Portfolio (Value) -
			100,061.910 shares at $18.51 per share (cost $1,678,184)		1,852,146
	Vanguard(R) Variable Insurance Fund (Vanguard):
		Vanguard(R) Equity Index Portfolio (Equity Index) -
			1,439,914.346 shares at $65.47 per share (cost $61,187,377)		94,271,192
		Vanguard(R) Total Bond Market Index Portfolio (Total Bond) -
			8,144,168.259 shares at $12.22 per share (cost $98,469,659)		99,521,736
		Vanguard(R) Real Estate Index Portfolio (REIT Index) -
			1,845,148.189 shares at $16.56 per share (cost $22,932,761)		30,555,654
		Vanguard(R) Mid-Cap Index Portfolio (Mid-Cap) -
			1,484,725.693 shares at $29.48 per share (cost $31,258,802)		43,769,713
		Vanguard(R) Total Stock Market Index Portfolio (Stock Market Index) -
			930,557.712 shares at $56.94 per share (cost $35,146,953)		52,985,956
		Vanguard(R) Conservative Allocation Portfolio (Conservative) -
			259,521.844 shares at $28.60 per share (cost $6,793,150)		7,422,325
		Vanguard(R) Moderate Allocation Portfolio (Moderate) -
			113,090.725 shares at $33.89 per share (cost $3,371,728)		3,832,645
		Vanguard(R) Short-Term Investment-Grade Portfolio (Short-Term) -
			2,646,854.792 shares at $10.78 per share (cost $28,544,342)		28,533,095
		Vanguard(R) Equity Income Portfolio (Equity Income) -
			827,520.604 shares at $27.81 per share (cost $17,712,000)		23,013,348
		Vanguard(R) Growth Portfolio (Growth) -
			749,477.863 shares at $38.27 per share (cost $19,583,375)		28,682,518
		Vanguard(R) High Yield Bond Portfolio (High Yield Bond) -
			1,891,846.642 shares at $8.06 per share (cost $14,739,618)		15,248,284
		Vanguard(R) Balanced Portfolio (Balanced) -
			998,998.397 shares at $28.41 per share (cost $22,934,993)		28,381,544
		Vanguard(R) International Portfolio (International) -
			1,238,780.110 shares at $39.70 per share (cost $33,631,024)		49,179,570
		Vanguard(R) Diversified Value Portfolio (Diversified) -
			1,097,039.076 shares at $17.45 per share (cost $14,873,654)		19,143,332

The accompanying notes are an integral part of these financial statements.

FS-5

AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2021
ASSETS, continued
INVESTMENTS AT FAIR VALUE:
	Vanguard(R) Variable Insurance Fund (Vanguard), continued:
		Vanguard(R) Small Company Growth Portfolio (Small Company Growth) -
			769,484.097 shares at $26.50 per share (cost $15,384,729)	$	20,391,329
		Vanguard(R) Total International Stock Market Index Portfolio (International Stock) -
			367,651.170 shares at $24.23 per share (cost $8,263,984)		8,908,188
		Vanguard(R) Global Bond Index Portfolio (Global Bond) -
			125,569.723 shares at $21.30 per share (cost $2,703,211)		2,674,635
	Allspring Funds - Variable Trust (Allspring):
		Allspring VT Discovery Fund Portfolio, Class 2 (Discovery) -
			22,145.765 shares at $42.74 per share (cost $653,293)		946,510
		Allspring VT Opportunity Fund Portfolio, Class 2 (Opportunity) -
			7,584.571 shares at $35.14 per share (cost $172,704)		266,522
	ProFunds VP (ProFunds):
		ProFund VP Bull Portfolio (Bull) -
			21,583.608 shares at $70.29 per share (cost $1,072,911)		1,517,112
		ProFund VP Europe 30 Portfolio (Europe) -
			3,445.261 shares at $25.62 per share (cost $73,703)		88,268
		ProFund VP Mid-Cap Value Portfolio (Mid-Cap) -
			659.283 shares at $50.46 per share (cost $27,370)		33,267
		ProFund VP Nasdaq-100 Portfolio (NASDAQ-100) -
			284.09 shares at $73.87 per share (cost $20,966)		20,986
		ProFund VP Small-Cap Portfolio (Small-Cap) -
			132.792 shares at $43.20 per share (cost $5,628)		5,737
		ProFund VP Small-Cap Value Portfolio (Small-Cap Value) -
			251.707 shares at $54.49 per share (cost $11,795)		13,716
		ProFund VP Dow 30 Portfolio (Classic Dow) -
			225.997 shares at $23.90 per share (cost $6,462)		5,401
	Inverse ProFunds VP (ProFunds):
		ProFund VP Bear Portfolio (Bear) -
			220.538 shares at $14.55 per share (cost $4,640)		3,209
		ProFund VP Short Nasdaq-100 Portfolio (Short NASDAQ) -
			154.651 shares at $13.49 per share (cost $2,850)		2,086
		ProFund VP Short Small-Cap Portfolio (Short Small-Cap) -
			228.225 shares at $22.35 per share (cost $5,377)		5,101
		ProFund VP Short Dow 30 Portfolio (Short Dow) -
			36.778 shares at $22.17 per share (cost $2,764)		815
	Ultra ProFunds VP (ProFunds):
		ProFund VP UltraMid-Cap Portfolio (UltraMid) -
			312.893 shares at $73.95 per share (cost $21,507)		23,138

The accompanying notes are an integral part of these financial statements

FS-6

AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2021
ASSETS, continued
INVESTMENTS AT FAIR VALUE:
	Ultra ProFunds VP (ProFunds), continued:
		ProFund VP UltraNasdaq-100 Portfolio (UltraOTC) -
			19,071.447 shares at $99.32 per share (cost $1,079,349)	$	1,894,176
		ProFund VP UltraSmall-Cap Portfolio (UltraSmall) -
			800.631 shares at $26.25 per share (cost $22,283)		21,017
		ProFund VP UltraBull Portfolio (UltraBull) -
			3,092.851 shares at $46.43 per share (cost $112,435)		143,601
	Non-Equity ProFunds VP (ProFunds):
		ProFund VP U.S. Government Plus Portfolio (U.S. Gov. Plus) -
			76.491 shares at $22.76 per share (cost $2,076)		1,741
		ProFund VP Rising Rates Opportunity Portfolio (Opportunity) -
			1,612.350 shares at $27.76 per share (cost $47,771)		44,759
	Sector ProFunds VP (ProFunds):
		ProFund VP Oil & Gas Portfolio (Oil & Gas) -
			3,098.761 shares at $28.04 per share (cost $82,262)		86,889
		ProFund VP Precious Metals Portfolio (Precious Metals) -
			3,570.391 shares at $28.13 per share (cost $107,513)		100,435
		ProFund VP Real Estate Portfolio (Real Estate) -
			1,515.919 shares at $79.69 per share (cost $99,206)		120,804
	Access VP High Yield Fund (ProFunds):
		ProFund Access VP High Yield Portfolio (High Yield) -
			550.847 shares at $26.51 per share (cost $14,913)		14,603
	ProFund VP Government Money Market (ProFunds):
		ProFund VP Government Money Market Portfolio (Money Market) -
			348,913.290 shares at $1.00 per share (cost $348,913)		348,913
	PIMCO Variable Insurance Trust (Pimco):
		PIMCO CommodityRealReturn(R) Strategy Portfolio,
		Administrative Class (Commodity) -
			358,406.187 shares at $7.74 per share (cost $3,108,641)		2,774,064
		PIMCO Total Return Portfolio, Administrative Class (Total Return) -
			1,307,971.025 shares at $10.76 per share (cost $14,501,384)		14,073,768
		PIMCO Low Duration Portfolio, Administrative Class (Low Duration) -
			1,150.078 shares at $10.23 per share (cost $11,777)		11,765
	American Century Investments (American Century):
		American Century VP Mid Cap Value Fund Portfolio, Class I (Mid Cap) -
			134,199.982 shares at $25.02 per share (cost $2,673,528)		3,357,684
		American Century VP International Fund Portfolio, Class I (International) -
			87,749.481 shares at $14.86 per share (cost $898,118)		1,303,957

The accompanying notes are an integral part of these financial statements.

FS-7

AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2021
ASSETS, continued
INVESTMENTS AT FAIR VALUE:
	American Century Investments (American Century), continued:
		American Century VP Inflation Protection Fund Portfolio, Class I (Inflation) -
			140,222.139 shares at $11.45 per share (cost $1,555,259)	$	1,605,543
	American Funds Insurance Series(R) (American Funds):
		American Funds IS Growth-Income Fund Portfolio, Class 1 (IS Growth-Inc) -
			8,189.810 shares at $67.35 per share (cost $436,703)		551,584
		American Funds IS Growth Fund Portfolio, Class 1 (IS Growth) -
			8,993.938 shares at $127.58 per share (cost $1,066,078)		1,147,447
		American Funds IS Washington Mutual Investors Fund Portfolio, Class 1 (Blue Chip) -
			32,413.841 shares at $18.09 per share (cost $445,503)		586,366
		American Funds IS International Fund Portfolio, Class 1 (IS International) -
			10,583.574 shares at $22.70 per share (cost $228,042)		240,247
		American Funds IS New World Fund Portfolio, Class 1 (IS New World) -
			31,494.585 shares at $31.83 per share (cost $1,017,212)		1,002,473
	Franklin Templeton Variable Insurance Products Trust (Franklin Templeton):
		Templeton Global Bond VIP Fund Portfolio, Class 2 (Global Inc.) -
			414,742.048 shares at $13.13 per share (cost $6,866,406)		5,445,563
	MFS(R) Variable Insurance Trust (MFS):
		MFS(R) Utilities Series, Initial Class (Utilities IC) -
			58,334.418 shares at $38.31 per share (cost $1,864,096)		2,234,792
		MFS(R) Mid Cap Growth Series, Initial Class (Mid Cap) -
			70,684.061 shares at $11.72 per share (cost $836,430)		828,417
	MFS(R) Variable Insurance Trust II (MFS):
		MFS(R) Research International Portfolio, Initial Class (Research) -
			212,636.715 shares at $19.13 per share (cost $3,370,899)		4,067,740
	Calvert Variable Products, Inc. (Summit):
		Calvert VP S&P 500 Index Portfolio (S&P 500) -
			26,792.584 shares at $200.13 per share (cost $3,884,059)		5,362,000
		Calvert VP EAFE International Index Portfolio, Class I (EAFE Intl.) -
			10,502.621 shares at $102.12 per share (cost $918,123)		1,072,528
		Calvert VP S&P MidCap 400 Index Portfolio, Class I (S&P MidCap) -
			5,155.723 shares at $144.47 per share (cost $542,024)		744,847
		Calvert VP Volatility Managed Growth Portfolio, Class F (Growth) -
			312,680.457 shares at $23.93 per share (cost $5,410,739)		7,482,443
		Calvert VP Volatility Managed Moderate Growth Portfolio, Class F (Mod. Growth) -
			282,186.430 shares at $22.49 per share (cost $4,589,475)		6,346,373
		Calvert VP Volatility Managed Moderate Portfolio, Class F (Moderate) -
			586,443.291 shares at $20.80 per share (cost $9,577,485)		12,198,020
		Calvert VP Russell 2000 Small Cap Index Portfolio, Class I (Russell Small Cap) -
			68,748.422 shares at $99.34 per share (cost $5,850,306)		6,829,468

The accompanying notes are an integral part of these financial statements.

FS-8

AMERITAS LIFE INSURANCE CORP.
SEPARATE ACCOUNT LLVA
STATEMENTS OF NET ASSETS
DECEMBER 31, 2021
ASSETS, continued
INVESTMENTS AT FAIR VALUE:
	T. Rowe Price Equity Series, Inc. (T. Rowe):
		T. Rowe Price Blue Chip Growth Portfolio (Blue Chip) -
			319,181.981 shares at $53.12 per share (cost $11,018,825)	$	16,954,947
	Morgan Stanley Variable Insurance Fund, Inc. (Morgan Stanley):
		Morgan Stanley VIF Emerging Markets Equity Portfolio, Class I (Emerging Markets) -
			715,516.843 shares at $18.11 per share (cost $11,227,699)		12,958,010
	DFA Investment Dimensions Group Inc. (DFA):
		VA Global Bond Portfolio (Bond) -
			2,463,361.322 shares at $10.44 per share (cost $26,250,512)		25,717,492
		VA International Small Portfolio (Small) -
			968,639.530 shares at $13.66 per share (cost $12,132,940)		13,231,616
		VA International Value Portfolio (Value) -
			1,863,744.485 shares at $13.35 per share (cost $21,665,034)		24,880,989
		VA Short-Term Fixed Portfolio (Fixed) -
			1,544,209.603 shares at $10.18 per share (cost $15,804,797)		15,720,054
		VA U.S. Large Value Portfolio (Large) -
			762,851.915 shares at $33.12 per share (cost $19,392,318)		25,265,655
		VA U.S. Targeted Value Portfolio (Targeted) -
			793,394.797 shares at $23.57 per share (cost $14,874,833)		18,700,315
		VA Global Moderate Allocation Portfolio (Global) -
			870,233.968 shares at $15.78 per share (cost $11,593,252)		13,732,292
		VA Equity Allocation Portfolio (Equity) -
			170,033.885 shares at $14.94 per share (cost $2,348,673)		2,540,306
	NET ASSETS REPRESENTING EQUITY OF POLICYOWNERS			$	948,006,821

The accompanying notes are an integral part of these financial statements.

FS-9

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Calvert
		Balanced
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	10,255
	Mortality and expense risk charge		(5,461)
Net investment income(loss)			4,794
Realized gain(loss) on investments:
	Net realized gain distributions		26,466
	Net realized gain(loss) on sale of fund shares		87,589
Net realized gain(loss)			114,055
Change in unrealized appreciation/depreciation			10,495
Net increase(decrease) in net assets resulting
	from operations	$	129,344
		Balanced
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	4,794	$	8,280
	Net realized gain(loss)		114,055		39,669
	Net change in unrealized appreciation/depreciation		10,495		94,224
Net increase(decrease) in net assets resulting
	from operations		129,344		142,173
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		166,569		28,025
	Subaccounts transfers (including fixed account), net		(72,010)		86,491
	Transfers for policyowner benefits and terminations		(211,705)		(59,410)
	Policyowner maintenance charges		(145)		(190)
Net increase(decrease) from policyowner transactions			(117,291)		54,916
Total increase(decrease) in net assets			12,053		197,089
Net assets at beginning of period			940,809		743,720
Net assets at end of period		$	952,862	$	940,809
	The accompanying notes are an integral part of these financial statements.

FS-10

Calvert				Scudder
								Small
Mid Cap				Small Cap				Mid Value
2021				2021				2021
$	1,748			$	2,481			$	24,826
	(5,252)				(1,599)				(10,429)
	(3,504)				882				14,397
	37,693				17,248				-
	2,900				2,530				143,243
	40,593				19,778				143,243
	78,716				3,738				273,305
$	115,805			$	24,398			$	430,945
Mid Cap				Small Cap				Small Mid Value
2021		2020		2021		2020		2021		2020
$	(3,504)	$	(1,715)	$	882	$	691	$	14,397	$	8,427
	40,593		59,255		19,778		10,862		143,243		52,362
	78,716		18,587		3,738		11,575		273,305		(20,058)
	115,805		76,127		24,398		23,128		430,945		40,731
	-		-		-		-		410,724		56,831
	(7,255)		(10,198)		105,830		(31,972)		(145,047)		69,303
	(5,889)		(174,302)		(4,302)		(3,797)		(67,806)		(34,264)
	(69)		(87)		(106)		(82)		(191)		(98)
	(13,213)		(184,587)		101,422		(35,851)		197,680		91,772
	102,592		(108,460)		125,820		(12,723)		628,625		132,503
	814,998		923,458		170,061		182,784		1,295,786		1,163,283
$	917,590	$	814,998	$	295,881	$	170,061	$	1,924,411	$	1,295,786

FS-11

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Scudder
		Thematic
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	3,111
	Mortality and expense risk charge		(4,339)
Net investment income(loss)			(1,228)
Realized gain(loss) on investments:
	Net realized gain distributions		10,376
	Net realized gain(loss) on sale of fund shares		4,015
Net realized gain(loss)			14,391
Change in unrealized appreciation/depreciation			59,045
Net increase(decrease) in net assets resulting
	from operations	$	72,208
		Thematic
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(1,228)	$	3,340
	Net realized gain(loss)		14,391		12,078
	Net change in unrealized appreciation/depreciation		59,045		64,338
Net increase(decrease) in net assets resulting
	from operations		72,208		79,756
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		453,179		11,039
	Subaccounts transfers (including fixed account), net		208,171		(22,388)
	Transfers for policyowner benefits and terminations		(8,300)		(8,974)
	Policyowner maintenance charges		(18)		(21)
Net increase(decrease) from policyowner transactions			653,032		(20,344)
Total increase(decrease) in net assets			725,240		59,412
Net assets at beginning of period			408,539		349,127
Net assets at end of period		$	1,133,779	$	408,539
	The accompanying notes are an integral part of these financial statements.

FS-12

Scudder				Fidelity
								Inv. Grade
Growth				Overseas IC				Bond IC
2021				2021				2021
$	1,469			$	21,416			$	572,353
	(3,972)				(23,216)				(159,097)
	(2,503)				(1,800)				413,256
	36,804				310,690				752,957
	37,239				171,732				121,973
	74,043				482,422				874,930
	72,444				237,538				(1,600,176)
$	143,984			$	718,160			$	(311,990)
Growth				Overseas IC				Inv. Grade Bond IC
2021		2020		2021		2020		2021		2020
$	(2,503)	$	(368)	$	(1,800)	$	(4,210)	$	413,256	$	430,147
	74,043		35,514		482,422		70,068		874,930		171,593
	72,444		91,610		237,538		421,024		(1,600,176)		1,526,386
	143,984		126,756		718,160		486,882		(311,990)		2,128,126
	27,894		27,771		540		48,693		823,918		336,914
	36,337		139,558		(332,659)		(209,080)		2,776,505		1,142,085
	(81,740)		(7,115)		(140,753)		(143,110)		(1,719,101)		(1,934,321)
	(81)		(102)		(380)		(459)		(112,965)		(104,142)
	(17,590)		160,112		(473,252)		(303,956)		1,768,357		(559,464)
	126,394		286,868		244,908		182,926		1,456,367		1,568,662
	649,861		362,993		4,060,002		3,877,076		26,840,114		25,271,452
$	776,255	$	649,861	$	4,304,910	$	4,060,002	$	28,296,481	$	26,840,114

FS-13

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Fidelity
		Equity Income
		IC
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	57,510
	Mortality and expense risk charge		(17,260)
Net investment income(loss)			40,250
Realized gain(loss) on investments:
	Net realized gain distributions		330,397
	Net realized gain(loss) on sale of fund shares		52,121
Net realized gain(loss)			382,518
Change in unrealized appreciation/depreciation			199,596
Net increase(decrease) in net assets resulting
	from operations	$	622,364
		Equity Income IC
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	40,250	$	28,558
	Net realized gain(loss)		382,518		112,683
	Net change in unrealized appreciation/depreciation		199,596		(20,596)
Net increase(decrease) in net assets resulting
	from operations		622,364		120,645
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		15,960		81,365
	Subaccounts transfers (including fixed account), net		97,151		(226,796)
	Transfers for policyowner benefits and terminations		(204,469)		(251,356)
	Policyowner maintenance charges		(283)		(408)
Net increase(decrease) from policyowner transactions			(91,641)		(397,195)
Total increase(decrease) in net assets			530,723		(276,550)
Net assets at beginning of period			2,607,587		2,884,137
Net assets at end of period		$	3,138,310	$	2,607,587
	The accompanying notes are an integral part of these financial statements.

FS-14

Fidelity
Growth				High Income				High Income
IC				IC				SC
2021				2021				2021
$	-			$	122,458			$	1,783
	(33,938)				(12,054)				(205)
	(33,938)				110,404				1,578
	1,211,862				-				-
	651,127				(196)				(86)
	1,862,989				(196)				(86)
	(697,165)				(22,994)				(192)
$	1,131,886			$	87,214			$	1,300
Growth IC				High Income IC				High Income SC
2021		2020		2021		2020		2021		2020
$	(33,938)	$	(22,310)	$	110,404	$	91,205	$	1,578	$	1,507
	1,862,989		730,394		(196)		(40,345)		(86)		(1,191)
	(697,165)		852,019		(22,994)		(21,442)		(192)		(253)
	1,131,886		1,560,103		87,214		29,418		1,300		63
	113,446		105,393		195,871		38,431		-		-
	(16,023)		(270,394)		18,736		(100,500)		-		(11,380)
	(495,575)		(401,864)		(148,311)		(110,259)		(1,888)		(1,770)
	(765)		(803)		(122)		(156)		(4)		(7)
	(398,917)		(567,668)		66,174		(172,484)		(1,892)		(13,157)
	732,969		992,435		153,388		(143,066)		(592)		(13,094)
	5,158,611		4,166,176		2,156,220		2,299,286		34,671		47,765
$	5,891,580	$	5,158,611	$	2,309,608	$	2,156,220	$	34,079	$	34,671

FS-15

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Fidelity
		Contrafund
		IC
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	14,085
	Mortality and expense risk charge		(129,034)
Net investment income(loss)			(114,949)
Realized gain(loss) on investments:
	Net realized gain distributions		2,816,367
	Net realized gain(loss) on sale of fund shares		1,229,926
Net realized gain(loss)			4,046,293
Change in unrealized appreciation/depreciation			1,441,343
Net increase(decrease) in net assets resulting
	from operations	$	5,372,687
		Contrafund IC
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(114,949)	$	(60,435)
	Net realized gain(loss)		4,046,293		864,856
	Net change in unrealized appreciation/depreciation		1,441,343		4,067,451
Net increase(decrease) in net assets resulting
	from operations		5,372,687		4,871,872
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		679,119		443,540
	Subaccounts transfers (including fixed account), net		(1,764,359)		(378,392)
	Transfers for policyowner benefits and terminations		(891,578)		(1,421,822)
	Policyowner maintenance charges		(1,748)		(2,415)
Net increase(decrease) from policyowner transactions			(1,978,566)		(1,359,089)
Total increase(decrease) in net assets			3,394,121		3,512,783
Net assets at beginning of period			21,012,020		17,499,237
Net assets at end of period		$	24,406,141	$	21,012,020
	The accompanying notes are an integral part of these financial statements.

FS-16

Fidelity
Contrafund				Mid Cap				Mid Cap
SC				IC				SC
2021				2021				2021
$	652			$	50,715			$	2,159
	(8,070)				(48,209)				(2,642)
	(7,418)				2,506				(483)
	159,941				1,314,166				67,694
	95,692				250,382				15,728
	255,633				1,564,548				83,422
	62,595				207,989				12,738
$	310,810			$	1,775,043			$	95,677
Contrafund SC				Mid Cap IC				Mid Cap SC
2021		2020		2021		2020		2021		2020
$	(7,418)	$	(4,844)	$	2,506	$	4,312	$	(483)	$	(132)
	255,633		13,138		1,564,548		(43,259)		83,422		(1,333)
	62,595		277,192		207,989		1,106,823		12,738		58,929
	310,810		285,486		1,775,043		1,067,876		95,677		57,464
	1,000		-		494,683		13,826		-		-
	(205,625)		56,489		(504,834)		(3,195)		(39,363)		-
	(19,835)		(18,497)		(292,376)		(343,555)		(13,116)		(24,029)
	(204)		(216)		(755)		(849)		(88)		(97)
	(224,664)		37,776		(303,282)		(333,773)		(52,567)		(24,126)
	86,146		323,262		1,471,761		734,103		43,110		33,338
	1,252,817		929,555		7,307,515		6,573,412		403,218		369,880
$	1,338,963	$	1,252,817	$	8,779,276	$	7,307,515	$	446,328	$	403,218

FS-17

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Fidelity
		Strategic
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	354,581
	Mortality and expense risk charge		(72,007)
Net investment income(loss)			282,574
Realized gain(loss) on investments:
	Net realized gain distributions		209,410
	Net realized gain(loss) on sale of fund shares		22,156
Net realized gain(loss)			231,566
Change in unrealized appreciation/depreciation			(109,120)
Net increase(decrease) in net assets resulting
	from operations	$	405,020
		Strategic
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	282,574	$	311,305
	Net realized gain(loss)		231,566		107,670
	Net change in unrealized appreciation/depreciation		(109,120)		322,932
Net increase(decrease) in net assets resulting
	from operations		405,020		741,907
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		596,000		32,517
	Subaccounts transfers (including fixed account), net		1,511,768		(278,634)
	Transfers for policyowner benefits and terminations		(730,281)		(888,394)
	Policyowner maintenance charges		(51,487)		(47,684)
Net increase(decrease) from policyowner transactions			1,326,000		(1,182,195)
Total increase(decrease) in net assets			1,731,020		(440,288)
Net assets at beginning of period			11,835,872		12,276,160
Net assets at end of period		$	13,566,892	$	11,835,872
	The accompanying notes are an integral part of these financial statements.

FS-18

Fidelity				AIM
Money Market				Dividend				Health
2021				2021				2021
$	1,941			$	2,153			$	376
	(107,175)				(592)				(1,079)
	(105,234)				1,561				(703)
	-				390				19,578
	-				640				614
	-				1,030				20,192
	-				13,621				566
$	(105,234)			$	16,212			$	20,055
Money Market				Dividend				Health
2021		2020		2021		2020		2021		2020
$	(105,234)	$	(118,247)	$	1,561	$	2,104	$	(703)	$	(447)
	-		-		1,030		2,547		20,192		4,759
	-		-		13,621		(7,619)		566		17,169
	(105,234)		(118,247)		16,212		(2,968)		20,055		21,481
	5,039,517		11,398,683		-		60		-		-
	10,979,195		3,905,798		(549)		(11,967)		(619)		(1,908)
	(17,153,889)		(11,961,625)		(4,193)		(16,758)		(1,399)		(1,357)
	(1,813)		(3,045)		(20)		(27)		(56)		(64)
	(1,136,990)		3,339,811		(4,762)		(28,692)		(2,074)		(3,329)
	(1,242,224)		3,221,564		11,450		(31,660)		17,981		18,152
	21,415,650		18,194,086		91,484		123,144		173,998		155,846
$	20,173,426	$	21,415,650	$	102,934	$	91,484	$	191,979	$	173,998

FS-19

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		AIM
		Technology
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	-
	Mortality and expense risk charge		(884)
Net investment income(loss)			(884)
Realized gain(loss) on investments:
	Net realized gain distributions		12,695
	Net realized gain(loss) on sale of fund shares		18,902
Net realized gain(loss)			31,597
Change in unrealized appreciation/depreciation			(11,184)
Net increase(decrease) in net assets resulting
	from operations	$	19,529
		Technology
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(884)	$	(1,295)
	Net realized gain(loss)		31,597		60,361
	Net change in unrealized appreciation/depreciation		(11,184)		16,270
Net increase(decrease) in net assets resulting
	from operations		19,529		75,336
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		-		-
	Subaccounts transfers (including fixed account), net		(50,122)		(101,386)
	Transfers for policyowner benefits and terminations		(620)		-
	Policyowner maintenance charges		(39)		(60)
Net increase(decrease) from policyowner transactions			(50,781)		(101,446)
Total increase(decrease) in net assets			(31,252)		(26,110)
Net assets at beginning of period			170,222		196,332
Net assets at end of period		$	138,970	$	170,222
	The accompanying notes are an integral part of these financial statements.

FS-20

AIM								Janus
Intl. Growth				Franchise				Growth
2021				2021				2021
$	17,256			$	-			$	69
	(7,648)				(1,040)				(417)
	9,608				(1,040)				(348)
	91,134				13,279				3,476
	58,110				31,258				219
	149,244				44,537				3,695
	(87,433)				(26,978)				9,091
$	71,419			$	16,519			$	12,438
Intl. Growth				Franchise				Growth
2021		2020		2021		2020		2021		2020
$	9,608	$	19,360	$	(1,040)	$	(480)	$	(348)	$	(98)
	149,244		52,685		44,537		13,583		3,695		4,358
	(87,433)		77,460		(26,978)		28,881		9,091		11,173
	71,419		149,505		16,519		41,984		12,438		15,433
	21,004		31,916		-		1,266		-		-
	(2,967)		(72,331)		295,136		32,486		-		-
	(128,352)		(154,765)		(3,199)		(5,436)		-		-
	(196)		(249)		(6)		(8)		(34)		(31)
	(110,511)		(195,429)		291,931		28,308		(34)		(31)
	(39,092)		(45,924)		308,450		70,292		12,404		15,402
	1,394,467		1,440,391		156,265		85,973		63,429		48,027
$	1,355,375	$	1,394,467	$	464,715	$	156,265	$	75,833	$	63,429

FS-21

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Neuberger Berman
		Mid-Cap
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	-
	Mortality and expense risk charge		(2,205)
Net investment income(loss)			(2,205)
Realized gain(loss) on investments:
	Net realized gain distributions		39,450
	Net realized gain(loss) on sale of fund shares		4,074
Net realized gain(loss)			43,524
Change in unrealized appreciation/depreciation			250
Net increase(decrease) in net assets resulting
	from operations	$	41,569
		Mid-Cap
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(2,205)	$	(1,650)
	Net realized gain(loss)		43,524		24,635
	Net change in unrealized appreciation/depreciation		250		75,218
Net increase(decrease) in net assets resulting
	from operations		41,569		98,203
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		-		-
	Subaccounts transfers (including fixed account), net		(8,368)		(9,191)
	Transfers for policyowner benefits and terminations		(23)		(22,792)
	Policyowner maintenance charges		(196)		(241)
Net increase(decrease) from policyowner transactions			(8,587)		(32,224)
Total increase(decrease) in net assets			32,982		65,979
Net assets at beginning of period			344,258		278,279
Net assets at end of period		$	377,240	$	344,258
	The accompanying notes are an integral part of these financial statements.

FS-22

Neuberger Berman
Bond				Equity				Regency
2021				2021				2021
$	800			$	4,429			$	2,906
	(192)				(6,230)				(2,226)
	608				(1,801)				680
	-				22,648				-
	(34)				28,790				6,903
	(34)				51,438				6,903
	(508)				176,215				84,258
$	66			$	225,852			$	91,841
Bond				Equity				Regency
2021		2020		2021		2020		2021		2020
$	608	$	589	$	(1,801)	$	(76)	$	680	$	1,253
	(34)		(288)		51,438		34,307		6,903		(36,986)
	(508)		546		176,215		107,102		84,258		5,210
	66		847		225,852		141,333		91,841		(30,523)
	-		-		96,190		3,993		444		61,852
	-		-		122,505		(159,708)		263,876		(23,897)
	(4,479)		(8,375)		(129,950)		(101,025)		(31,160)		(76,852)
	(9)		(10)		(226)		(331)		(45)		(44)
	(4,488)		(8,385)		88,519		(257,071)		233,115		(38,941)
	(4,422)		(7,538)		314,371		(115,738)		324,956		(69,464)
	34,360		41,898		933,781		1,049,519		263,924		333,388
$	29,938	$	34,360	$	1,248,152	$	933,781	$	588,880	$	263,924

FS-23

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Rydex
		Nova
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	3,876
	Mortality and expense risk charge		(6,205)
Net investment income(loss)			(2,329)
Realized gain(loss) on investments:
	Net realized gain distributions		46,424
	Net realized gain(loss) on sale of fund shares		230,907
Net realized gain(loss)			277,331
Change in unrealized appreciation/depreciation			40,086
Net increase(decrease) in net assets resulting
	from operations	$	315,088
		Nova
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(2,329)	$	2,210
	Net realized gain(loss)		277,331		90,720
	Net change in unrealized appreciation/depreciation		40,086		47,803
Net increase(decrease) in net assets resulting
	from operations		315,088		140,733
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		915		6,455
	Subaccounts transfers (including fixed account), net		53,019		155,627
	Transfers for policyowner benefits and terminations		(56,831)		(9,092)
	Policyowner maintenance charges		(329)		(219)
Net increase(decrease) from policyowner transactions			(3,226)		152,771
Total increase(decrease) in net assets			311,862		293,504
Net assets at beginning of period			980,018		686,514
Net assets at end of period		$	1,291,880	$	980,018
	The accompanying notes are an integral part of these financial statements.

FS-24

Rydex
				Precious				Inv.
NASDAQ				Metals				S&P 500
2021				2021				2021
$	-			$	106,007			$	-
	(16,871)				(16,318)				(1,020)
	(16,871)				89,689				(1,020)
	239,372				-				-
	216,628				(917)				(102,783)
	456,000				(917)				(102,783)
	239,352				(359,986)				53,135
$	678,481			$	(271,214)			$	(50,668)
NASDAQ				Precious Metals				Inv. S&P 500
2021		2020		2021		2020		2021		2020
$	(16,871)	$	(6,258)	$	89,689	$	122,342	$	(1,020)	$	154
	456,000		550,629		(917)		1,172,050		(102,783)		(130,248)
	239,352		415,696		(359,986)		(258,379)		53,135		(33,115)
	678,481		960,067		(271,214)		1,036,013		(50,668)		(163,209)
	84,025		223,326		75,869		154,357		40		2,373
	(26,446)		395,750		987,042		(1,660,291)		31,174		76,324
	(570,594)		(559,268)		(348,044)		(292,393)		(70,076)		(17,983)
	(560)		(673)		(818)		(841)		(160)		(198)
	(513,575)		59,135		714,049		(1,799,168)		(39,022)		60,516
	164,906		1,019,202		442,835		(763,155)		(89,690)		(102,693)
	3,015,345		1,996,143		3,136,742		3,899,897		230,905		333,598
$	3,180,251	$	3,015,345	$	3,579,577	$	3,136,742	$	141,215	$	230,905

FS-25

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Rydex
		Gov. Long
		Bond
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	6,513
	Mortality and expense risk charge		(10,491)
Net investment income(loss)			(3,978)
Realized gain(loss) on investments:
	Net realized gain distributions		-
	Net realized gain(loss) on sale of fund shares		11,863
Net realized gain(loss)			11,863
Change in unrealized appreciation/depreciation			(181,825)
Net increase(decrease) in net assets resulting
	from operations	$	(173,940)
		Gov. Long Bond
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(3,978)	$	(10,212)
	Net realized gain(loss)		11,863		80,281
	Net change in unrealized appreciation/depreciation		(181,825)		201,970
Net increase(decrease) in net assets resulting
	from operations		(173,940)		272,039
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		53,682		4,231
	Subaccounts transfers (including fixed account), net		(22,488)		249,043
	Transfers for policyowner benefits and terminations		(109,329)		(62,026)
	Policyowner maintenance charges		(130)		(163)
Net increase(decrease) from policyowner transactions			(78,265)		191,085
Total increase(decrease) in net assets			(252,205)		463,124
Net assets at beginning of period			2,028,145		1,565,021
Net assets at end of period		$	1,775,940	$	2,028,145
	The accompanying notes are an integral part of these financial statements.

FS-26

	Rydex
Inverse				Inv. Long
NASDAQ				Bond				Russell
2021				2021				2021
$	-			$	-			$	575
	(413)				(701)				(5,582)
	(413)				(701)				(5,007)
	-				-				168,782
	(24,311)				(2,181)				67,316
	(24,311)				(2,181)				236,098
	2,107				(1,896)				(76,573)
$	(22,617)			$	(4,778)			$	154,518
Inverse NASDAQ				Inv. Long Bond				Russell
2021		2020		2021		2020		2021		2020
$	(413)	$	131	$	(701)	$	(138)	$	(5,007)	$	(4,132)
	(24,311)		(36,553)		(2,181)		(6,768)		236,098		132,344
	2,107		11,054		(1,896)		310		(76,573)		7,322
	(22,617)		(25,368)		(4,778)		(6,596)		154,518		135,534
	1,101		4,823		700		790		2,387		22,517
	10,066		(18,507)		73,241		41,523		(24,298)		(666,778)
	(3,244)		(1,481)		(8,876)		(1,629)		(109,354)		(59,260)
	(133)		(127)		(11)		(11)		(158)		(172)
	7,790		(15,292)		65,054		40,673		(131,423)		(703,693)
	(14,827)		(40,660)		60,276		34,077		23,095		(568,159)
	52,714		93,374		58,553		24,476		858,907		1,427,066
$	37,887	$	52,714	$	118,829	$	58,553	$	882,002	$	858,907

FS-27

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Rydex
		Sector
		Rotation
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	4,377
	Mortality and expense risk charge		(3,493)
Net investment income(loss)			884
Realized gain(loss) on investments:
	Net realized gain distributions		-
	Net realized gain(loss) on sale of fund shares		13,583
Net realized gain(loss)			13,583
Change in unrealized appreciation/depreciation			124,354
Net increase(decrease) in net assets resulting
	from operations	$	138,821
		Sector Rotation
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	884	$	(758)
	Net realized gain(loss)		13,583		(100,400)
	Net change in unrealized appreciation/depreciation		124,354		73,750
Net increase(decrease) in net assets resulting
	from operations		138,821		(27,408)
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		906		65,663
	Subaccounts transfers (including fixed account), net		(51,222)		(676,904)
	Transfers for policyowner benefits and terminations		(13,715)		(34,918)
	Policyowner maintenance charges		(61)		(59)
Net increase(decrease) from policyowner transactions			(64,092)		(646,218)
Total increase(decrease) in net assets			74,729		(673,626)
Net assets at beginning of period			618,942		1,292,568
Net assets at end of period		$	693,671	$	618,942
	The accompanying notes are an integral part of these financial statements.

FS-28

Third Avenue				Vanguard
Value				Equity Index				Total Bond
2021				2021				2021
$	13,504			$	1,079,267			$	1,858,465
	(11,162)				(445,740)				(465,332)
	2,342				633,527				1,393,133
	-				3,224,483				745,247
	17,751				3,655,067				129,334
	17,751				6,879,550				874,581
	313,653				13,553,342				(4,238,448)
$	333,746			$	21,066,419			$	(1,970,734)
Value				Equity Index				Total Bond
2021		2020		2021		2020		2021		2020
$	2,342	$	27,877	$	633,527	$	434,656	$	1,393,133	$	1,400,548
	17,751		(24,640)		6,879,550		5,527,735		874,581		1,760,694
	313,653		(63,318)		13,553,342		3,186,733		(4,238,448)		2,047,660
	333,746		(60,081)		21,066,419		9,149,124		(1,970,734)		5,208,902
	6,280		6,458		5,334,887		2,721,599		9,551,891		5,371,215
	(15,425)		(47,838)		(5,816,817)		4,157,828		7,252,426		(4,461,361)
	(43,493)		(32,676)		(4,376,965)		(3,449,091)		(3,446,540)		(8,106,973)
	(349)		(402)		(144,894)		(133,426)		(120,615)		(111,732)
	(52,987)		(74,458)		(5,003,789)		3,296,910		13,237,162		(7,308,851)
	280,759		(134,539)		16,062,630		12,446,034		11,266,428		(2,099,949)
	1,571,387		1,705,926		78,208,562		65,762,528		88,255,308		90,355,257
$	1,852,146	$	1,571,387	$	94,271,192	$	78,208,562	$	99,521,736	$	88,255,308

FS-29

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Vanguard
		REIT Index
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	546,089
	Mortality and expense risk charge		(149,484)
Net investment income(loss)			396,605
Realized gain(loss) on investments:
	Net realized gain distributions		722,584
	Net realized gain(loss) on sale of fund shares		449,032
Net realized gain(loss)			1,171,616
Change in unrealized appreciation/depreciation			7,368,525
Net increase(decrease) in net assets resulting
	from operations	$	8,936,746
		REIT Index
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	396,605	$	474,804
	Net realized gain(loss)		1,171,616		298,076
	Net change in unrealized appreciation/depreciation		7,368,525		(2,115,287)
Net increase(decrease) in net assets resulting
	from operations		8,936,746		(1,342,407)
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		1,414,629		752,310
	Subaccounts transfers (including fixed account), net		(2,046,117)		(203,724)
	Transfers for policyowner benefits and terminations		(1,089,542)		(2,295,108)
	Policyowner maintenance charges		(57,428)		(52,366)
Net increase(decrease) from policyowner transactions			(1,778,458)		(1,798,888)
Total increase(decrease) in net assets			7,158,288		(3,141,295)
Net assets at beginning of period			23,397,366		26,538,661
Net assets at end of period		$	30,555,654	$	23,397,366
	The accompanying notes are an integral part of these financial statements.

FS-30

Vanguard
				Stock Market
Mid-Cap				Index				Conservative
2021				2021				2021
$	424,901			$	544,383			$	114,960
	(218,298)				(250,490)				(34,066)
	206,603				293,893				80,894
	2,535,781				2,336,018				256,485
	1,400,076				1,607,488				136,355
	3,935,857				3,943,506				392,840
	4,061,684				6,075,321				(93,475)
$	8,204,144			$	10,312,720			$	380,259
Mid-Cap				Stock Market Index				Conservative
2021		2020		2021		2020		2021		2020
$	206,603	$	310,858	$	293,893	$	315,477	$	80,894	$	96,375
	3,935,857		2,994,475		3,943,506		1,698,772		392,840		140,275
	4,061,684		2,136,725		6,075,321		4,615,078		(93,475)		457,986
	8,204,144		5,442,058		10,312,720		6,629,327		380,259		694,636
	3,074,954		1,621,814		4,775,530		4,862,599		1,180,396		1,180,805
	969,026		(1,398,019)		(978,152)		192,046		(1,138,290)		855,869
	(3,015,510)		(5,479,007)		(1,722,368)		(1,782,058)		(481,173)		(222,612)
	(39,910)		(37,353)		(1,407)		(1,746)		(415)		(387)
	988,560		(5,292,565)		2,073,603		3,270,841		(439,482)		1,813,675
	9,192,704		149,493		12,386,323		9,900,168		(59,223)		2,508,311
	34,577,009		34,427,516		40,599,633		30,699,465		7,481,548		4,973,237
$	43,769,713	$	34,577,009	$	52,985,956	$	40,599,633	$	7,422,325	$	7,481,548

FS-31

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Vanguard
		Moderate
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	45,923
	Mortality and expense risk charge		(17,224)
Net investment income(loss)			28,699
Realized gain(loss) on investments:
	Net realized gain distributions		111,270
	Net realized gain(loss) on sale of fund shares		136,917
Net realized gain(loss)			248,187
Change in unrealized appreciation/depreciation			45,561
Net increase(decrease) in net assets resulting
	from operations	$	322,447
		Moderate
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	28,699	$	23,388
	Net realized gain(loss)		248,187		87,241
	Net change in unrealized appreciation/depreciation		45,561		292,584
Net increase(decrease) in net assets resulting
	from operations		322,447		403,213
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		1,270,940		1,175,973
	Subaccounts transfers (including fixed account), net		(372,019)		91,459
	Transfers for policyowner benefits and terminations		(396,743)		(72,379)
	Policyowner maintenance charges		(360)		(223)
Net increase(decrease) from policyowner transactions			501,818		1,194,830
Total increase(decrease) in net assets			824,265		1,598,043
Net assets at beginning of period			3,008,380		1,410,337
Net assets at end of period		$	3,832,645	$	3,008,380
	The accompanying notes are an integral part of these financial statements.

FS-32

Vanguard
				Equity
Short-Term				Income				Growth
2021				2021				2021
$	644,808			$	398,669			$	8,544
	(146,378)				(114,597)				(141,828)
	498,430				284,072				(133,284)
	158,359				368,123				2,245,541
	50,382				725,691				1,252,314
	208,741				1,093,814				3,497,855
	(995,917)				3,086,254				686,760
$	(288,746)			$	4,464,140			$	4,051,331
Short-Term				Equity Income				Growth
2021		2020		2021		2020		2021		2020
$	498,430	$	427,108	$	284,072	$	343,740	$	(133,284)	$	(40,197)
	208,741		133,000		1,093,814		583,996		3,497,855		2,056,831
	(995,917)		478,416		3,086,254		(691,192)		686,760		4,569,774
	(288,746)		1,038,524		4,464,140		236,544		4,051,331		6,586,408
	6,200,611		3,762,181		1,999,024		1,149,092		3,434,529		1,406,039
	(2,976,646)		5,792,562		(292,543)		(1,010,558)		(553,198)		205,397
	(1,630,950)		(3,370,437)		(997,791)		(1,208,278)		(852,970)		(1,850,171)
	(614)		(466)		(1,144)		(1,385)		(1,127)		(1,363)
	1,592,401		6,183,840		707,546		(1,071,129)		2,027,234		(240,098)
	1,303,655		7,222,364		5,171,686		(834,585)		6,078,565		6,346,310
	27,229,440		20,007,076		17,841,662		18,676,247		22,603,953		16,257,643
$	28,533,095	$	27,229,440	$	23,013,348	$	17,841,662	$	28,682,518	$	22,603,953

FS-33

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Vanguard
		High Yield
		Bond
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	617,739
	Mortality and expense risk charge		(79,663)
Net investment income(loss)			538,076
Realized gain(loss) on investments:
	Net realized gain distributions		-
	Net realized gain(loss) on sale of fund shares		27,074
Net realized gain(loss)			27,074
Change in unrealized appreciation/depreciation			(98,652)
Net increase(decrease) in net assets resulting
	from operations	$	466,498
		High Yield Bond
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	538,076	$	571,953
	Net realized gain(loss)		27,074		(26,107)
	Net change in unrealized appreciation/depreciation		(98,652)		(28,530)
Net increase(decrease) in net assets resulting
	from operations		466,498		517,316
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		645,381		864,609
	Subaccounts transfers (including fixed account), net		2,895,338		(349,461)
	Transfers for policyowner benefits and terminations		(809,273)		(1,023,878)
	Policyowner maintenance charges		(35,521)		(33,830)
Net increase(decrease) from policyowner transactions			2,695,925		(542,560)
Total increase(decrease) in net assets			3,162,423		(25,244)
Net assets at beginning of period			12,085,861		12,111,105
Net assets at end of period		$	15,248,284	$	12,085,861
	The accompanying notes are an integral part of these financial statements.

FS-34

Vanguard
Balanced				International				Diversified
2021				2021				2021
$	445,816			$	142,576			$	203,603
	(144,745)				(281,935)				(108,942)
	301,071				(139,359)				94,661
	1,237,190				3,584,975				279,998
	866,926				3,968,500				808,710
	2,104,116				7,553,475				1,088,708
	1,897,603				(8,072,076)				3,556,994
$	4,302,790			$	(657,960)			$	4,740,363
Balanced				International				Diversified
2021		2020		2021		2020		2021		2020
$	301,071	$	414,157	$	(139,359)	$	214,017	$	94,661	$	300,383
	2,104,116		1,084,000		7,553,475		3,737,561		1,088,708		2,339,080
	1,897,603		633,400		(8,072,076)		14,132,600		3,556,994		(886,039)
	4,302,790		2,131,557		(657,960)		18,084,178		4,740,363		1,753,424
	3,680,427		743,007		2,925,495		1,581,308		410,263		695,117
	(1,331,200)		110,963		(6,211,930)		(6,321,266)		(1,524,900)		(440,521)
	(1,383,356)		(1,104,172)		(1,666,142)		(2,209,921)		(939,263)		(1,568,714)
	(889)		(1,020)		(2,240)		(2,683)		(44,105)		(40,196)
	964,982		(251,222)		(4,954,817)		(6,952,562)		(2,098,005)		(1,354,314)
	5,267,772		1,880,335		(5,612,777)		11,131,616		2,642,358		399,110
	23,113,772		21,233,437		54,792,347		43,660,731		16,500,974		16,101,864
$	28,381,544	$	23,113,772	$	49,179,570	$	54,792,347	$	19,143,332	$	16,500,974

FS-35

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Vanguard
		Small Company
		Growth
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	78,199
	Mortality and expense risk charge		(122,189)
Net investment income(loss)			(43,990)
Realized gain(loss) on investments:
	Net realized gain distributions		1,000,441
	Net realized gain(loss) on sale of fund shares		726,816
Net realized gain(loss)			1,727,257
Change in unrealized appreciation/depreciation			992,496
Net increase(decrease) in net assets resulting
	from operations	$	2,675,763
		Small Company Growth
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(43,990)	$	14,758
	Net realized gain(loss)		1,727,257		1,755,527
	Net change in unrealized appreciation/depreciation		992,496		1,892,941
Net increase(decrease) in net assets resulting
	from operations		2,675,763		3,663,226
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		46,317		28,879
	Subaccounts transfers (including fixed account), net		(1,307,319)		(2,132,638)
	Transfers for policyowner benefits and terminations		(1,339,966)		(1,422,696)
	Policyowner maintenance charges		(19,003)		(18,434)
Net increase(decrease) from policyowner transactions			(2,619,971)		(3,544,889)
Total increase(decrease) in net assets			55,792		118,337
Net assets at beginning of period			20,335,537		20,217,200
Net assets at end of period		$	20,391,329	$	20,335,537
	The accompanying notes are an integral part of these financial statements.

FS-36

Vanguard								Allspring
International				Global
Stock				Bond				Discovery
2021				2021				2021
$	129,406			$	31,672			$	-
	(34,965)				(11,118)				(5,975)
	94,441				20,554				(5,975)
	61,625				23,608				74,176
	67,873				(11,041)				2,306
	129,498				12,567				76,482
	122,274				(69,250)				(126,911)
$	346,213			$	(36,129)			$	(56,404)
International Stock				Global Bond				Discovery
2021		2020		2021		2020		2021		2020
$	94,441	$	23,217	$	20,554	$	11,045	$	(5,975)	$	(4,312)
	129,498		136,473		12,567		14,939		76,482		63,595
	122,274		489,805		(69,250)		42,110		(126,911)		321,741
	346,213		649,495		(36,129)		68,094		(56,404)		381,024
	2,387,658		3,072,542		659,332		488,374		428		433
	2,809,720		(215,482)		448,852		362,097		3,641		(1)
	(171,377)		(467,232)		(53,224)		(34,992)		-		(2,624)
	(162)		(46)		(25)		(18)		(136)		(131)
	5,025,839		2,389,782		1,054,935		815,461		3,933		(2,323)
	5,372,052		3,039,277		1,018,806		883,555		(52,471)		378,701
	3,536,136		496,859		1,655,829		772,274		998,981		620,280
$	8,908,188	$	3,536,136	$	2,674,635	$	1,655,829	$	946,510	$	998,981

FS-37

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Allspring
			Opportunity
			2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received		$	101
	Mortality and expense risk charge			(1,462)
Net investment income(loss)				(1,361)
Realized gain(loss) on investments:
	Net realized gain distributions			12,218
	Net realized gain(loss) on sale of fund shares			1,409
Net realized gain(loss)				13,627
Change in unrealized appreciation/depreciation				39,817
Net increase(decrease) in net assets resulting
	from operations		$	52,083
			Opportunity
STATEMENTS OF CHANGES IN NET ASSETS			2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)		$	(1,361)	$	(294)
	Net realized gain(loss)			13,627		14,404
	Net change in unrealized appreciation/depreciation			39,817		22,886
Net increase(decrease) in net assets resulting
	from operations			52,083		36,996
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners			-		-
	Subaccounts transfers (including fixed account), net			12		-
	Transfers for policyowner benefits and terminations			(2,791)		(2,233)
	Policyowner maintenance charges			(100)		(110)
Net increase(decrease) from policyowner transactions				(2,879)		(2,343)
Total increase(decrease) in net assets				49,204		34,653
Net assets at beginning of period				217,318		182,665
Net assets at end of period			$	266,522	$	217,318
	The accompanying notes are an integral part of these financial statements.

FS-38

ProFunds
Bull				Europe				Mid-Cap
2021				2021				2021
$	-			$	743			$	81
	(12,556)				(738)				(273)
	(12,556)				5				(192)
	82,350				-				-
	25,963				187				444
	108,313				187				444
	218,091				15,595				5,737
$	313,848			$	15,787			$	5,989
Bull				Europe				Mid-Cap
2021		2020		2021		2020		2021		2020
$	(12,556)	$	(9,741)	$	5	$	932	$	(192)	$	(143)
	108,313		175,054		187		(2,082)		444		(11,589)
	218,091		17,326		15,595		(8,532)		5,737		(4,983)
	313,848		182,639		15,787		(9,682)		5,989		(16,715)
	-		-		-		-		-		-
	(89,730)		1,243,234		17,740		(8,920)		23,346		(33,380)
	(1,958)		(1,045,305)		(661)		(2,616)		(535)		(3,764)
	-		-		-		-		-		-
	(91,688)		197,929		17,079		(11,536)		22,811		(37,144)
	222,160		380,568		32,866		(21,218)		28,800		(53,859)
	1,294,952		914,384		55,402		76,620		4,467		58,326
$	1,517,112	$	1,294,952	$	88,268	$	55,402	$	33,267	$	4,467

FS-39

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		ProFunds
		NASDAQ-100
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	-
	Mortality and expense risk charge		(52)
Net investment income(loss)			(52)
Realized gain(loss) on investments:
	Net realized gain distributions		-
	Net realized gain(loss) on sale of fund shares		3,295
Net realized gain(loss)			3,295
Change in unrealized appreciation/depreciation			(2,145)
Net increase(decrease) in net assets resulting
	from operations	$	1,098
		NASDAQ-100
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(52)	$	(320)
	Net realized gain(loss)		3,295		16,854
	Net change in unrealized appreciation/depreciation		(2,145)		2,164
Net increase(decrease) in net assets resulting
	from operations		1,098		18,698
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		-		-
	Subaccounts transfers (including fixed account), net		(14,438)		15,628
	Transfers for policyowner benefits and terminations		-		-
	Policyowner maintenance charges		-		-
Net increase(decrease) from policyowner transactions			(14,438)		15,628
Total increase(decrease) in net assets			(13,340)		34,326
Net assets at beginning of period			34,326		-
Net assets at end of period		$	20,986	$	34,326
	The accompanying notes are an integral part of these financial statements.

FS-40

ProFunds
				Small-Cap
Small-Cap				Value				Classic Dow
2021				2021				2021
$	-			$	13			$	-
	(48)				(136)				(138)
	(48)				(123)				(138)
	214				-				2,061
	2				636				(10,955)
	216				636				(8,894)
	109				2,146				11,284
$	277			$	2,659			$	2,252
Small-Cap				Small-Cap Value				Classic Dow
2021		2020		2021		2020		2021		2020
$	(48)	$	(5)	$	(123)	$	(35)	$	(138)	$	(249)
	216		(295)		636		520		(8,894)		1,191
	109		-		2,146		(480)		11,284		(3,038)
	277		(300)		2,659		5		2,252		(2,096)
	-		-		-		-		-		-
	5,460		300		7,251		-		(41,277)		(23,225)
	-		-		(542)		(678)		(1,693)		(2,448)
	-		-		-		-		-		-
	5,460		300		6,709		(678)		(42,970)		(25,673)
	5,737		-		9,368		(673)		(40,718)		(27,769)
	-		-		4,348		5,021		46,119		73,888
$	5,737	$	-	$	13,716	$	4,348	$	5,401	$	46,119

FS-41

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		ProFunds
		Bear
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	-
	Mortality and expense risk charge		(31)
Net investment income(loss)			(31)
Realized gain(loss) on investments:
	Net realized gain distributions		57
	Net realized gain(loss) on sale of fund shares		(8)
Net realized gain(loss)			49
Change in unrealized appreciation/depreciation			(1,070)
Net increase(decrease) in net assets resulting
	from operations	$	(1,052)
		Bear
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(31)	$	(5)
	Net realized gain(loss)		49		(1,461)
	Net change in unrealized appreciation/depreciation		(1,070)		(362)
Net increase(decrease) in net assets resulting
	from operations		(1,052)		(1,828)
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		-		-
	Subaccounts transfers (including fixed account), net		2,730		3,359
	Transfers for policyowner benefits and terminations		-		-
	Policyowner maintenance charges		-		-
Net increase(decrease) from policyowner transactions			2,730		3,359
Total increase(decrease) in net assets			1,678		1,531
Net assets at beginning of period			1,531		-
Net assets at end of period		$	3,209	$	1,531
	The accompanying notes are an integral part of these financial statements.

FS-42

ProFunds
Short				Short Small-
NASDAQ				Cap				Short Dow
2021				2021				2021
$	-			$	-			$	-
	(25)				(54)				(8)
	(25)				(54)				(8)
	36				-				-
	(298)				(9,927)				(18)
	(262)				(9,927)				(18)
	(600)				8,506				(185)
$	(887)			$	(1,475)			$	(211)
Short NASDAQ				Short Small-Cap				Short Dow
2021		2020		2021		2020		2021		2020
$	(25)	$	(14)	$	(54)	$	(44)	$	(8)	$	(9)
	(262)		(1,498)		(9,927)		(2,253)		(18)		363
	(600)		244		8,506		(2,708)		(185)		(654)
	(887)		(1,268)		(1,475)		(5,005)		(211)		(300)
	-		-		-		-		-		-
	2,851		819		(2,205)		5,731		-		(609)
	(465)		-		(1,396)		-		-		-
	-		-		-		-		-		-
	2,386		819		(3,601)		5,731		-		(609)
	1,499		(449)		(5,076)		726		(211)		(909)
	587		1,036		10,177		9,451		1,026		1,935
$	2,086	$	587	$	5,101	$	10,177	$	815	$	1,026

FS-43

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		ProFunds
		UltraMid
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	-
	Mortality and expense risk charge		(218)
Net investment income(loss)			(218)
Realized gain(loss) on investments:
	Net realized gain distributions		-
	Net realized gain(loss) on sale of fund shares		4,531
Net realized gain(loss)			4,531
Change in unrealized appreciation/depreciation			1,630
Net increase(decrease) in net assets resulting
	from operations	$	5,943
		UltraMid
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(218)	$	(16)
	Net realized gain(loss)		4,531		(755)
	Net change in unrealized appreciation/depreciation		1,630		(924)
Net increase(decrease) in net assets resulting
	from operations		5,943		(1,695)
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		-		-
	Subaccounts transfers (including fixed account), net		17,195		(11,913)
	Transfers for policyowner benefits and terminations		-		(3,907)
	Policyowner maintenance charges		-		-
Net increase(decrease) from policyowner transactions			17,195		(15,820)
Total increase(decrease) in net assets			23,138		(17,515)
Net assets at beginning of period			-		17,515
Net assets at end of period		$	23,138	$	-
	The accompanying notes are an integral part of these financial statements.

FS-44

ProFunds
UltraOTC				UltraSmall				UltraBull
2021				2021				2021
$	-			$	-			$	-
	(13,741)				(184)				(972)
	(13,741)				(184)				(972)
	376,298				1,618				-
	5,853				489				221
	382,151				2,107				221
	269,350				(1,266)				47,474
$	637,760			$	657			$	46,723
UltraOTC				UltraSmall				UltraBull
2021		2020		2021		2020		2021		2020
$	(13,741)	$	(7,943)	$	(184)	$	4	$	(972)	$	(23)
	382,151		254,243		2,107		(306)		221		36,186
	269,350		335,464		(1,266)		(696)		47,474		(23,622)
	637,760		581,764		657		(998)		46,723		12,541
	-		-		-		-		-		-
	22,143		(60,528)		20,360		(9,106)		25,696		815
	-		-		-		(1,755)		-		(3,829)
	-		-		-		-		-		-
	22,143		(60,528)		20,360		(10,861)		25,696		(3,014)
	659,903		521,236		21,017		(11,859)		72,419		9,527
	1,234,273		713,037		-		11,859		71,182		61,655
$	1,894,176	$	1,234,273	$	21,017	$	-	$	143,601	$	71,182

FS-45

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		ProFunds
		U.S. Gov.
		Plus
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	-
	Mortality and expense risk charge		(224)
Net investment income(loss)			(224)
Realized gain(loss) on investments:
	Net realized gain distributions		5,888
	Net realized gain(loss) on sale of fund shares		(15,444)
Net realized gain(loss)			(9,556)
Change in unrealized appreciation/depreciation			2,046
Net increase(decrease) in net assets resulting
	from operations	$	(7,734)
		U.S. Gov. Plus
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(224)	$	(420)
	Net realized gain(loss)		(9,556)		8,939
	Net change in unrealized appreciation/depreciation		2,046		(6,058)
Net increase(decrease) in net assets resulting
	from operations		(7,734)		2,461
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		-		-
	Subaccounts transfers (including fixed account), net		(44,850)		27,035
	Transfers for policyowner benefits and terminations		(1,568)		(3,036)
	Policyowner maintenance charges		-		-
Net increase(decrease) from policyowner transactions			(46,418)		23,999
Total increase(decrease) in net assets			(54,152)		26,460
Net assets at beginning of period			55,893		29,433
Net assets at end of period		$	1,741	$	55,893
	The accompanying notes are an integral part of these financial statements.

FS-46

ProFunds
								Precious
Opportunity				Oil & Gas				Metals
2021				2021				2021
$	-			$	1,071			$	-
	(197)				(638)				(813)
	(197)				433				(813)
	-				-				-
	(743)				(2,177)				(5,883)
	(743)				(2,177)				(5,883)
	(2,936)				22,907				(4,130)
$	(3,876)			$	21,163			$	(10,826)
Opportunity				Oil & Gas				Precious Metals
2021		2020		2021		2020		2021		2020
$	(197)	$	(12)	$	433	$	578	$	(813)	$	(706)
	(743)		(2,117)		(2,177)		(6,700)		(5,883)		50,343
	(2,936)		808		22,907		(12,018)		(4,130)		(16,748)
	(3,876)		(1,321)		21,163		(18,140)		(10,826)		32,889
	-		-		-		-		-		-
	47,753		(710)		31,849		1,804		28,302		(49,614)
	(110)		(156)		-		(718)		-		(3,447)
	-		-		-		-		-		-
	47,643		(866)		31,849		1,086		28,302		(53,061)
	43,767		(2,187)		53,012		(17,054)		17,476		(20,172)
	992		3,179		33,877		50,931		82,959		103,131
$	44,759	$	992	$	86,889	$	33,877	$	100,435	$	82,959

FS-47

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		ProFunds
		Real Estate
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	30
	Mortality and expense risk charge		(1,108)
Net investment income(loss)			(1,078)
Realized gain(loss) on investments:
	Net realized gain distributions		-
	Net realized gain(loss) on sale of fund shares		18,591
Net realized gain(loss)			18,591
Change in unrealized appreciation/depreciation			20,912
Net increase(decrease) in net assets resulting
	from operations	$	38,425
		Real Estate
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	(1,078)	$	605
	Net realized gain(loss)		18,591		(7,677)
	Net change in unrealized appreciation/depreciation		20,912		(5,209)
Net increase(decrease) in net assets resulting
	from operations		38,425		(12,281)
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		-		-
	Subaccounts transfers (including fixed account), net		(3,198)		(3,958)
	Transfers for policyowner benefits and terminations		(976)		(4,053)
	Policyowner maintenance charges		-		-
Net increase(decrease) from policyowner transactions			(4,174)		(8,011)
Total increase(decrease) in net assets			34,251		(20,292)
Net assets at beginning of period			86,553		106,845
Net assets at end of period		$	120,804	$	86,553
	The accompanying notes are an integral part of these financial statements.

FS-48

ProFunds								Pimco
High Yield				Money Market				Commodity
2021				2021				2021
$	397			$	48			$	101,615
	(97)				(3,344)				(13,398)
	300				(3,296)				88,217
	-				-				-
	(34)				-				(108,588)
	(34)				-				(108,588)
	(310)				-				630,428
$	(44)			$	(3,296)			$	610,057
High Yield				Money Market				Commodity
2021		2020		2021		2020		2021		2020
$	300	$	-	$	(3,296)	$	(8,830)	$	88,217	$	106,287
	(34)		-		-		-		(108,588)		(374,009)
	(310)		-		-		-		630,428		263,908
	(44)		-		(3,296)		(8,830)		610,057		(3,814)
	-		-		-		-		83,841		16,131
	15,344		-		(52,341)		(1,102,071)		262,762		(255,797)
	(697)		-		(96,650)		(406,752)		(68,152)		(67,786)
	-		-		-		-		(122)		(210)
	14,647		-		(148,991)		(1,508,823)		278,329		(307,662)
	14,603		-		(152,287)		(1,517,653)		888,386		(311,476)
	-		-		501,200		2,018,853		1,885,678		2,197,154
$	14,603	$	-	$	348,913	$	501,200	$	2,774,064	$	1,885,678

FS-49

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Pimco
		Total Return
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	245,546
	Mortality and expense risk charge		(68,378)
Net investment income(loss)			177,168
Realized gain(loss) on investments:
	Net realized gain distributions		581,683
	Net realized gain(loss) on sale of fund shares		30,149
Net realized gain(loss)			611,832
Change in unrealized appreciation/depreciation			(1,003,262)
Net increase(decrease) in net assets resulting
	from operations	$	(214,262)
		Total Return
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	177,168	$	186,183
	Net realized gain(loss)		611,832		185,054
	Net change in unrealized appreciation/depreciation		(1,003,262)		487,495
Net increase(decrease) in net assets resulting
	from operations		(214,262)		858,732
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		1,358,101		306,815
	Subaccounts transfers (including fixed account), net		476,672		2,404,153
	Transfers for policyowner benefits and terminations		(628,109)		(672,125)
	Policyowner maintenance charges		(453)		(604)
Net increase(decrease) from policyowner transactions			1,206,211		2,038,239
Total increase(decrease) in net assets			991,949		2,896,971
Net assets at beginning of period			13,081,819		10,184,848
Net assets at end of period		$	14,073,768	$	13,081,819
	The accompanying notes are an integral part of these financial statements.

FS-50

Pimco				American Century
Low Duration				Mid Cap				International
2021				2021				2021
$	205			$	37,797			$	2,191
	(257)				(17,167)				(7,802)
	(52)				20,630				(5,611)
	-				-				38,795
	971				78,244				52,474
	971				78,244				91,269
	(1,344)				510,419				17,708
$	(425)			$	609,293			$	103,366
Low Duration				Mid Cap				International
2021		2020		2021		2020		2021		2020
$	(52)	$	420	$	20,630	$	25,947	$	(5,611)	$	(1,137)
	971		65		78,244		(76,215)		91,269		81,930
	(1,344)		1,327		510,419		29,066		17,708		180,974
	(425)		1,812		609,293		(21,202)		103,366		261,767
	-		-		544,163		153,973		240		60
	(3,346)		47,711		(193,746)		113,840		54,700		(161,223)
	(97,368)		(2,195)		(97,049)		(196,755)		(110,422)		(224,906)
	(8)		(13)		(163)		(187)		(29)		(45)
	(100,722)		45,503		253,205		70,871		(55,511)		(386,114)
	(101,147)		47,315		862,498		49,669		47,855		(124,347)
	112,912		65,597		2,495,186		2,445,517		1,256,102		1,380,449
$	11,765	$	112,912	$	3,357,684	$	2,495,186	$	1,303,957	$	1,256,102

FS-51

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		American Century
		Inflation
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	35,747
	Mortality and expense risk charge		(4,452)
Net investment income(loss)			31,295
Realized gain(loss) on investments:
	Net realized gain distributions		-
	Net realized gain(loss) on sale of fund shares		3,613
Net realized gain(loss)			3,613
Change in unrealized appreciation/depreciation			29,358
Net increase(decrease) in net assets resulting
	from operations	$	64,266
		Inflation
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	31,295	$	4,441
	Net realized gain(loss)		3,613		4,802
	Net change in unrealized appreciation/depreciation		29,358		20,889
Net increase(decrease) in net assets resulting
	from operations		64,266		30,132
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		246,251		176,776
	Subaccounts transfers (including fixed account), net		792,169		304,841
	Transfers for policyowner benefits and terminations		(21,878)		(139,242)
	Policyowner maintenance charges		(63)		(15)
Net increase(decrease) from policyowner transactions			1,016,479		342,360
Total increase(decrease) in net assets			1,080,745		372,492
Net assets at beginning of period			524,798		152,306
Net assets at end of period		$	1,605,543	$	524,798
	The accompanying notes are an integral part of these financial statements.

FS-52

American Funds
IS Growth-Inc				IS Growth				Blue Chip
2021				2021				2021
$	6,438			$	4,637			$	10,036
	(1,951)				(4,838)				(2,869)
	4,487				(201)				7,167
	3,985				94,911				-
	16,800				25,634				49,767
	20,785				120,545				49,767
	60,390				20,691				87,584
$	85,662			$	141,035			$	144,518
IS Growth-Inc				IS Growth				Blue Chip
2021		2020		2021		2020		2021		2020
$	4,487	$	3,087	$	(201)	$	153	$	7,167	$	7,264
	20,785		6,362		120,545		3,845		49,767		5,936
	60,390		54,076		20,691		59,564		87,584		36,854
	85,662		63,525		141,035		63,562		144,518		50,054
	201,872		185,589		289,935		27,895		28,542		188,943
	(8,265)		32,687		251,887		344,388		(132,793)		240,761
	(10,465)		(5,746)		(8,353)		(212)		(32,686)		(122,988)
	(22)		(1)		(12)		(5)		(34)		(1)
	183,120		212,529		533,457		372,066		(136,971)		306,715
	268,782		276,054		674,492		435,628		7,547		356,769
	282,802		6,748		472,955		37,327		578,819		222,050
$	551,584	$	282,802	$	1,147,447	$	472,955	$	586,366	$	578,819

FS-53

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		American Funds
		IS International
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	6,791
	Mortality and expense risk charge		(1,189)
Net investment income(loss)			5,602
Realized gain(loss) on investments:
	Net realized gain distributions		-
	Net realized gain(loss) on sale of fund shares		8,468
Net realized gain(loss)			8,468
Change in unrealized appreciation/depreciation			(17,234)
Net increase(decrease) in net assets resulting
	from operations	$	(3,164)
		IS International
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	5,602	$	799
	Net realized gain(loss)		8,468		1,794
	Net change in unrealized appreciation/depreciation		(17,234)		27,355
Net increase(decrease) in net assets resulting
	from operations		(3,164)		29,948
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		49,384		55,442
	Subaccounts transfers (including fixed account), net		10,237		36,246
	Transfers for policyowner benefits and terminations		(9,627)		(2,105)
	Policyowner maintenance charges		(3)		(3)
Net increase(decrease) from policyowner transactions			49,991		89,580
Total increase(decrease) in net assets			46,827		119,528
Net assets at beginning of period			193,420		73,892
Net assets at end of period		$	240,247	$	193,420
	The accompanying notes are an integral part of these financial statements.

FS-54

American Funds				Franklin Templeton				MFS
IS New World				Global Inc.				Utilities IC
2021				2021				2021
$	10,492			$	-			$	36,802
	(3,770)				(31,990)				(11,869)
	6,722				(31,990)				24,933
	25,009				-				71,713
	15,412				(83,148)				37,049
	40,421				(83,148)				108,762
	(61,106)				(201,176)				132,326
$	(13,963)			$	(316,314)			$	266,021
IS New World				Global Inc.				Utilities IC
2021		2020		2021		2020		2021		2020
$	6,722	$	(76)	$	(31,990)	$	451,366	$	24,933	$	46,895
	40,421		1,527		(83,148)		(209,831)		108,762		132,476
	(61,106)		46,366		(201,176)		(600,607)		132,326		(74,183)
	(13,963)		47,817		(316,314)		(359,072)		266,021		105,188
	215,175		183,599		68,724		31,191		41,371		75,966
	506,804		135,941		319,767		(238,486)		(21,416)		(244,750)
	(35,902)		(36,984)		(184,506)		(421,020)		(45,082)		(570,527)
	(13)		(1)		(13,325)		(11,641)		(146)		(199)
	686,064		282,555		190,660		(639,956)		(25,273)		(739,510)
	672,101		330,372		(125,654)		(999,028)		240,748		(634,322)
	330,372		-		5,571,217		6,570,245		1,994,044		2,628,366
$	1,002,473	$	330,372	$	5,445,563	$	5,571,217	$	2,234,792	$	1,994,044

FS-55

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		MFS
			Mid Cap
			2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received		$	-
	Mortality and expense risk charge			(3,478)
Net investment income(loss)				(3,478)
Realized gain(loss) on investments:
	Net realized gain distributions			129,791
	Net realized gain(loss) on sale of fund shares			41,911
Net realized gain(loss)				171,702
Change in unrealized appreciation/depreciation				(82,620)
Net increase(decrease) in net assets resulting
	from operations		$	85,604
			Mid Cap
STATEMENTS OF CHANGES IN NET ASSETS			2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)		$	(3,478)	$	(4,155)
	Net realized gain(loss)			171,702		204,759
	Net change in unrealized appreciation/depreciation			(82,620)		70,487
Net increase(decrease) in net assets resulting
	from operations			85,604		271,091
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners			127,677		132,592
	Subaccounts transfers (including fixed account), net			113,910		(76,872)
	Transfers for policyowner benefits and terminations			(4,854)		(24,598)
	Policyowner maintenance charges			(9)		(303)
Net increase(decrease) from policyowner transactions				236,724		30,819
Total increase(decrease) in net assets				322,328		301,910
Net assets at beginning of period				506,089		204,179
Net assets at end of period			$	828,417	$	506,089
	The accompanying notes are an integral part of these financial statements.

FS-56

	MFS			Summit
								EAFE
	Research			S&P 500				Intl.
	2021			2021				2021
$	31,789			$	64,573			$	18,857
	(22,719)				(25,167)				(5,524)
	9,070				39,406				13,333
	185,089				235,278				-
	91,103				164,791				37,775
	276,192				400,069				37,775
	112,145				718,944				56,088
$	397,407			$	1,158,419			$	107,196
	Research			S&P 500				EAFE Intl.
	2021	2020		2021		2020		2021		2020
$	9,070	$	55,247	$	39,406	$	36,437	$	13,333	$	25,355
	276,192		148,483		400,069		121,635		37,775		(19,061)
	112,145		215,982		718,944		327,058		56,088		32,578
	397,407		419,712		1,158,419		485,130		107,196		38,872
	38,698		13,741		621,349		186,142		309,938		6,998
	113,694		(351,739)		121,718		12,328		(91,994)		(136,355)
	(334,415)		(237,619)		(309,505)		(209,838)		(130,773)		(20,976)
	(29,604)		(28,076)		(285)		(373)		(93)		(144)
	(211,627)		(603,693)		433,277		(11,741)		87,078		(150,477)
	185,780		(183,981)		1,591,696		473,389		194,274		(111,605)
	3,881,960		4,065,941		3,770,304		3,296,915		878,254		989,859
$	4,067,740	$	3,881,960	$	5,362,000	$	3,770,304	$	1,072,528	$	878,254

FS-57

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Summit
			S&P
			MidCap
			2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received		$	5,957
	Mortality and expense risk charge			(3,939)
Net investment income(loss)				2,018
Realized gain(loss) on investments:
	Net realized gain distributions			20,227
	Net realized gain(loss) on sale of fund shares			2,522
Net realized gain(loss)				22,749
Change in unrealized appreciation/depreciation				96,059
Net increase(decrease) in net assets resulting
	from operations		$	120,826
			S&P MidCap
STATEMENTS OF CHANGES IN NET ASSETS			2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)		$	2,018	$	2,417
	Net realized gain(loss)			22,749		25,445
	Net change in unrealized appreciation/depreciation			96,059		22,929
Net increase(decrease) in net assets resulting
	from operations			120,826		50,791
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners			-		-
	Subaccounts transfers (including fixed account), net			160,459		(325)
	Transfers for policyowner benefits and terminations			(5,600)		(24,163)
	Policyowner maintenance charges			(97)		(85)
Net increase(decrease) from policyowner transactions				154,762		(24,573)
Total increase(decrease) in net assets				275,588		26,218
Net assets at beginning of period				469,259		443,041
Net assets at end of period			$	744,847	$	469,259
	The accompanying notes are an integral part of these financial statements.

FS-58

Summit
				Mod.
Growth				Growth				Moderate
2021				2021				2021
$	71,268			$	60,935			$	124,670
	(42,624)				(36,113)				(70,703)
	28,644				24,822				53,967
	-				-				-
	291,053				61,119				225,139
	291,053				61,119				225,139
	721,542				653,770				797,944
$	1,041,239			$	739,711			$	1,077,050
Growth				Mod. Growth				Moderate
2021		2020		2021		2020		2021		2020
$	28,644	$	70,391	$	24,822	$	58,352	$	53,967	$	127,357
	291,053		102,089		61,119		228,165		225,139		429,448
	721,542		(108,229)		653,770		(118,230)		797,944		(38,629)
	1,041,239		64,251		739,711		168,287		1,077,050		518,176
	130,567		154,786		25,562		28,096		23,368		27,991
	(70,277)		(271,742)		76,942		(415,516)		187,224		165,625
	(593,871)		(351,436)		(170,955)		(424,182)		(1,073,550)		(1,008,616)
	(85,629)		(85,367)		(74,420)		(74,974)		(114,723)		(111,375)
	(619,210)		(553,759)		(142,871)		(886,576)		(977,681)		(926,375)
	422,029		(489,508)		596,840		(718,289)		99,369		(408,199)
	7,060,414		7,549,922		5,749,533		6,467,822		12,098,651		12,506,850
$	7,482,443	$	7,060,414	$	6,346,373	$	5,749,533	$	12,198,020	$	12,098,651

FS-59

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		Summit
		Russell
		Small Cap
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	47,033
	Mortality and expense risk charge		(31,055)
Net investment income(loss)			15,978
Realized gain(loss) on investments:
	Net realized gain distributions		173,324
	Net realized gain(loss) on sale of fund shares		331,221
Net realized gain(loss)			504,545
Change in unrealized appreciation/depreciation			221,420
Net increase(decrease) in net assets resulting
	from operations	$	741,943
		Russell Small Cap
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	15,978	$	23,569
	Net realized gain(loss)		504,545		(72,463)
	Net change in unrealized appreciation/depreciation		221,420		775,818
Net increase(decrease) in net assets resulting
	from operations		741,943		726,924
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		474,233		496,341
	Subaccounts transfers (including fixed account), net		314,610		(174,842)
	Transfers for policyowner benefits and terminations		(159,842)		(325,513)
	Policyowner maintenance charges		(282)		(226)
Net increase(decrease) from policyowner transactions			628,719		(4,240)
Total increase(decrease) in net assets			1,370,662		722,684
Net assets at beginning of period			5,458,806		4,736,122
Net assets at end of period		$	6,829,468	$	5,458,806
	The accompanying notes are an integral part of these financial statements.

FS-60

T. Rowe				Morgan Stanley				DFA
				Emerging
Blue Chip				Markets				Bond
2021				2021				2021
$	-			$	110,750			$	192,991
	(93,158)				(72,477)				(117,597)
	(93,158)				38,273				75,394
	1,767,460				-				2,533
	2,624,080				397,420				(8,207)
	4,391,540				397,420				(5,674)
	(1,614,438)				(106,461)				(457,873)
$	2,683,944			$	329,232			$	(388,153)
Blue Chip				Emerging Markets				Bond
2021		2020		2021		2020		2021		2020
$	(93,158)	$	(84,888)	$	38,273	$	91,360	$	75,394	$	(97,790)
	4,391,540		3,285,226		397,420		130,698		(5,674)		(121,275)
	(1,614,438)		1,340,065		(106,461)		1,303,975		(457,873)		409,182
	2,683,944		4,540,403		329,232		1,526,033		(388,153)		190,117
	345,747		1,894,507		602,683		429,218		2,199,839		2,224,714
	(1,294,946)		(2,782,322)		(293,064)		(315,157)		2,547,730		(38,773)
	(1,142,790)		(1,522,218)		(614,399)		(570,955)		(554,125)		(3,023,131)
	(30,918)		(30,143)		(17,995)		(17,215)		(471)		(480)
	(2,122,907)		(2,440,176)		(322,775)		(474,109)		4,192,973		(837,670)
	561,037		2,100,227		6,457		1,051,924		3,804,820		(647,553)
	16,393,910		14,293,683		12,951,553		11,899,629		21,912,672		22,560,225
$	16,954,947	$	16,393,910	$	12,958,010	$	12,951,553	$	25,717,492	$	21,912,672

FS-61

 AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		DFA
		Small
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	336,686
	Mortality and expense risk charge		(58,494)
Net investment income(loss)			278,192
Realized gain(loss) on investments:
	Net realized gain distributions		908,086
	Net realized gain(loss) on sale of fund shares		212,166
Net realized gain(loss)			1,120,252
Change in unrealized appreciation/depreciation			112,414
Net increase(decrease) in net assets resulting
	from operations	$	1,510,858
		Small
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	278,192	$	152,736
	Net realized gain(loss)		1,120,252		82,057
	Net change in unrealized appreciation/depreciation		112,414		806,997
Net increase(decrease) in net assets resulting
	from operations		1,510,858		1,041,790
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		1,524,192		638,867
	Subaccounts transfers (including fixed account), net		(260,825)		492,144
	Transfers for policyowner benefits and terminations		(392,649)		(2,099,264)
	Policyowner maintenance charges		(129)		(142)
Net increase(decrease) from policyowner transactions			870,589		(968,395)
Total increase(decrease) in net assets			2,381,447		73,395
Net assets at beginning of period			10,850,169		10,776,774
Net assets at end of period		$	13,231,616	$	10,850,169
	The accompanying notes are an integral part of these financial statements.

FS-62

DFA
Value				Fixed				Large
2021				2021				2021
$	1,013,210			$	1,007			$	425,141
	(126,933)				(74,506)				(113,429)
	886,277				(73,499)				311,712
	-				-				-
	547,190				(10,085)				822,700
	547,190				(10,085)				822,700
	2,452,608				(20,890)				4,081,631
$	3,886,075			$	(104,474)			$	5,216,043
Value				Fixed				Large
2021		2020		2021		2020		2021		2020
$	886,277	$	404,348	$	(73,499)	$	4,388	$	311,712	$	299,089
	547,190		(728,464)		(10,085)		529		822,700		(2,974)
	2,452,608		366,002		(20,890)		6,352		4,081,631		(506,170)
	3,886,075		41,886		(104,474)		11,269		5,216,043		(210,055)
	1,460,327		753,694		2,223,710		1,058,706		4,226,173		1,871,082
	(2,848,602)		2,604,215		474,494		(285,000)		(3,010,048)		(460,866)
	(947,769)		(3,305,827)		(565,374)		(1,955,174)		(704,336)		(4,048,293)
	(61,569)		(55,920)		(17,668)		(15,850)		(358)		(390)
	(2,397,613)		(3,838)		2,115,162		(1,197,318)		511,431		(2,638,467)
	1,488,462		38,048		2,010,688		(1,186,049)		5,727,474		(2,848,522)
	23,392,527		23,354,479		13,709,366		14,895,415		19,538,181		22,386,703
$	24,880,989	$	23,392,527	$	15,720,054	$	13,709,366	$	25,265,655	$	19,538,181

FS-63

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

FOR THE PERIODS ENDED DECEMBER 31

		DFA
		Targeted
		2021
STATEMENTS OF OPERATIONS
Investment income:
	Dividend distributions received	$	265,444
	Mortality and expense risk charge		(82,834)
Net investment income(loss)			182,610
Realized gain(loss) on investments:
	Net realized gain distributions		1,333,160
	Net realized gain(loss) on sale of fund shares		1,069,098
Net realized gain(loss)			2,402,258
Change in unrealized appreciation/depreciation			2,600,485
Net increase(decrease) in net assets resulting
	from operations	$	5,185,353
		Targeted
STATEMENTS OF CHANGES IN NET ASSETS		2021		2020
Increase(decrease) in net assets from operations:
	Net investment income(loss)	$	182,610	$	159,195
	Net realized gain(loss)		2,402,258		(643,370)
	Net change in unrealized appreciation/depreciation		2,600,485		1,296,076
Net increase(decrease) in net assets resulting
	from operations		5,185,353		811,901
Net increase(decrease) from policyowner transactions:
	Payments received from policyowners		3,084,020		989,147
	Subaccounts transfers (including fixed account), net		(2,701,638)		(85,397)
	Transfers for policyowner benefits and terminations		(472,840)		(317,233)
	Policyowner maintenance charges		(127)		(134)
Net increase(decrease) from policyowner transactions			(90,585)		586,383
Total increase(decrease) in net assets			5,094,768		1,398,284
Net assets at beginning of period			13,605,547		12,207,263
Net assets at end of period		$	18,700,315	$	13,605,547
	The accompanying notes are an integral part of these financial statements.

FS-64

DFA
Global				Equity
2021				2021
$	194,252			$	51,144
	(59,227)				(9,775)
	135,025				41,369
	435,475				120,452
	332,469				190,443
	767,944				310,895
	740,482				27,379
$	1,643,451			$	379,643
Global				Equity
2021		2020		2021		2020
$	135,025	$	77,103	$	41,369	$	13,001
	767,944		148,009		310,895		5,016
	740,482		1,077,392		27,379		136,390
	1,643,451		1,302,504		379,643		154,407
	1,636,501		1,009,443		2,052,523		272,043
	(499,306)		1,589,139		(902,057)		278,567
	(244,297)		(145,864)		(61,598)		(69,633)
	(392)		(251)		(98)		(2)
	892,506		2,452,467		1,088,770		480,975
	2,535,957		3,754,971		1,468,413		635,382
	11,196,335		7,441,364		1,071,893		436,511
$	13,732,292	$	11,196,335	$	2,540,306	$	1,071,893

FS-65

AMERITAS LIFE INSURANCE CORP.

SEPARATE ACCOUNT LLVA

NOTES TO FINANCIAL STATEMENTS

FOR THE PERIODS ENDED DECEMBER 31, 2021 AND 2020

1. ORGANIZATION

Ameritas Life Insurance Corp. Separate Account LLVA (the "Account") began operations during 1997. It operates as a separate investment account within Ameritas Life Insurance Corp. (the “Company”), a Nebraska domiciled company. The assets of the Account are held by the Company and are segregated from all of the Company’s other assets and are used only to support the variable annuity products issued by the Company.

Management believes these financial statements should be read in conjunction with the policyowner statements and policy and fund prospectuses.

The Account is registered under the Investment Company Act of 1940, as amended, as a unit investment trust. The Account is made up of variable investment options called subaccounts for which accumulation units are separately maintained. Each subaccount corresponds to a single underlying non-publicly traded portfolio issued through a fund series. At December 31, 2021 there are one hundred and eleven subaccounts available within the Account listed as follows:

Calvert Research and Management			Fidelity Management & Research
(Advisor)			Company LLC, continued
	Calvert (Fund Series short cite)			Fidelity, continued
		*Balanced (Subaccount short cite)			*Money Market
		*Mid Cap
			Invesco Advisers, Inc.
DWS Investment Management Americas,				AIM
Inc.					*Dividend
	Scudder				*Health
		*Small Cap			*Technology
		*Small Mid Value			*Intl. Growth
		*Thematic			*Franchise
		*Growth
			Janus Capital Management LLC
Fidelity Management & Research				Janus
Company LLC					*Growth
	Fidelity
		*Overseas IC	Neuberger Berman Investment Advisers LLC
		*Inv. Grade Bond IC		Neuberger Berman
		*Equity Income IC			*Mid-Cap
		*Growth IC			*Bond
		*High Income IC			*Equity
		*High Income SC				(Commenced April 29, 2019)
		*Contrafund IC			*Regency
		*Contrafund SC
		*Mid Cap IC
		*Mid Cap SC
		*Strategic

FS-66

1. ORGANIZATION, continued

Guggenheim Investments			Schroder Investment Management North
	Rydex		America Inc. and Baillie Gifford
		*Nova	Overseas Ltd.
		*NASDAQ		Vanguard
		*Precious Metals			*International
		*Inv. S&P 500 (formerly Rydex
		Inverse S&P 500 Strategy Fund Portfolio)	Hotchkis and Wiley Capital Management, LLC
		*Gov. Long Bond	and Lazard Asset Management LLC
		*Inverse NASDAQ			Vanguard
		*Inv. Long Bond				*Diversified
		*Russell (formerly Rydex Russell
		2000 1.5x Strategy Fund Portfolio)	The Vanguard Group, Inc. and
		*Sector Rotation	ArrowMark Colorado Holdings, LLC
				Vanguard
Third Avenue Management LLC					*Small Company Growth
	Third Avenue
		*Value (formerly FFI Strategies	The Vanguard Group, Inc.
		Portfolio)		Vanguard
					*International Stock
The Vanguard Group, Inc.							(Commenced June 28, 2019)
	Vanguard				*Global Bond
		*Equity Index					(Commenced May 31, 2019)
		*Total Bond
		*REIT Index	Allspring Funds Management, LLC
		*Mid-Cap	(formerly Wells Fargo Funds Management, LLC)
		*Stock Market Index		Allspring (formerly Wells Fargo)
		*Conservative			*Discovery (formerly Wells  Fargo VT
		*Moderate			Discovery Fund(SM) Portfolio, Class 2)
		*Short-Term			*Opportunity (formerly Wells Fargo VT
					Opportunity Fund(SM) Portfolio, Class 2)
Wellington Management Company, LLP
and The Vanguard Group, Inc.			ProFund Advisors LLC
	Vanguard			ProFunds
		*Equity Income			*Bull
					*Europe
Wellington Management Company, LLP					*Mid-Cap
(formerly Wellington Management Company,					*NASDAQ-100
LLP and Jackson Square Partners, LLC)					*Small-Cap
	Vanguard				*Small-Cap Value
		*Growth			*Classic Dow
					*Bear
Wellington Management Company, LLP					*Short NASDAQ
	Vanguard				*Short Small-Cap
		*High Yield Bond			*Short Dow
		*Balanced.			*UltraMid
					*UltraOTC
					*UltraSmall
					*UltraBull
					*U.S. Gov. Plus
					*Opportunity

FS-67

1. ORGANIZATION, continued

ProFund Advisors LLC, continued				Massachusetts Financial Services
	ProFunds, continued			Company
		*Oil & Gas			MFS
		*Precious Metals				*Utilities IC
		*Real Estate				*Mid Cap
		*High Yield (formerly Access VP					(Commenced May 16, 2019)
		High Yield Fund)				*Research
			(Commenced April 23, 2021)
		*Money Market		Calvert Research and Management
				(See Note 3)
Pacific Investment Management					Summit
Company LLC						*S&P 500
	Pimco					*EAFE Intl.
		*Commodity				*S&P MidCap
		*Total Return				*Growth
		*Low Duration				*Mod. Growth
						*Moderate
American Century Investment						*Russell Small Cap
Management, Inc.
	American Century			T. Rowe Price Associates, Inc.
		*Mid Cap			T. Rowe
		*International				*Blue Chip
		*Inflation
			(Commenced May 7, 2019)	Morgan Stanley Investment
				Management Inc.
Capital Research and Management					Morgan Stanley
Company (SM)						*Emerging Markets
	American Funds
		*IS Growth-Inc		Dimensional Fund Advisors LP
			(Commenced July 1, 2019)		DFA
		*IS Growth				*Bond
			(Commenced July 1, 2019)			*Small
		*Blue Chip (formerly American				*Value
		Funds IS Blue Chip Income and				*Fixed
		Growth Fund Portfolio, Class 1)				*Large
			(Commenced May 9, 2019)			*Targeted
		*IS International				*Global
			(Commenced July 1, 2019)			*Equity
		*IS New World (formerly American					(Commenced June 26, 2019)
		Funds IS New World(R) Portfolio,
		Class 1)
			(Commenced June 2, 2020)
Franklin Advisers, Inc.
	Franklin Templeton
		*Global Inc.

Note: The above chart references the fund series and subaccount short cites from the Statements of Net Assets.

FS-68

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF ACCOUNTING

The financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for variable annuity separate accounts registered as unit investment trusts.

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 increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

INVESTMENTS

The assets of the subaccounts are carried at the net asset value of the underlying portfolios, adjusted for the accrual of dividends. The value of the policyowners’ units corresponds to the investment in the underlying subaccounts. The availability of investment portfolio and subaccount options may vary between products. Share transactions and security transactions are accounted for on a trade date basis.

Income from dividends and gains from realized gain distributions are recorded on the ex-distribution date. Realized gains and losses on the sales of investments represent the difference between the proceeds from sales of investments by the subaccounts and the cost of such shares, which is determined on a weighted average cost basis.

FAIR VALUE MEASUREMENTS

The accounting guidance on fair value measurements establishes a framework for measuring fair value and expands disclosures about fair value measurements. It also defines fair value as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The fair value measurement guidance applies to all assets and liabilities that are measured and reported on a fair value basis and enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. Each asset and liability carried at fair value is classified into one of the following categories:

· Level 1 – Quoted market prices in active markets for identical assets or liabilities.

· Level 2 – Observable market based inputs or unobservable inputs that are corroborated by market data.

· Level 3 – Unobservable inputs that are not corroborated by market data.

Each subaccount invests in shares of open-ended mutual funds, which calculate a daily net asset value based on the value of the underlying securities in its portfolios. As a result, and as required by law, pricing information is provided on an ongoing basis. Shares of open end mutual funds are purchased and redeemed at their quoted daily net asset values as reported by the fund companies at the close of each business day. On that basis, the fair value measurements of all shares held by the Account are reported as Level 1 assets.

FS-69

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued

FEDERAL AND STATE INCOME TAXES

The operations of the Account form a part of and are taxed with the operations of the Company. The Company is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. Under existing federal income tax law, separate account investment income and capital gains are not taxed to the extent they are applied to increase reserves under a contract issued in connection with the Account. Investment income and realized capital gains and losses on assets of the Account are automatically applied to increase or decrease reserves under the contract. Accordingly, no provision for federal income taxes or unrecognized tax benefits are reflected in these financial statements.

3. RELATED PARTIES

Ameritas Investment Partners, Inc., an affiliate of the Company, provides sub-advisor services to certain portfolios of the Summit funds for a fee. These fees are reflected in the daily value of the underlying portfolio share price. The fee is computed separately for each underlying portfolio on daily average net assets, at an annual rate, as of December 31, 2021 and 2020, as follows:

		Sub-Advisor Fee %
Summit:
	S&P 500	.050
	S&P MidCap	.050
	Growth	.050
	Mod. Growth	.050
	Moderate	.050
	Russell Small Cap	.050

FS-70

4. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments in the subaccounts for the period ended

December 31, 2021 were as follows:

			Purchases		Sales
Calvert:
	Balanced	$	290,546	$	376,576
	Mid Cap		39,426		18,450
Scudder:
	Small Cap		134,987		15,435
	Small Mid Value		1,940,733		1,728,655
	Thematic		682,263		20,083
	Growth		185,795		169,083
Fidelity:
	Overseas IC		451,516		615,878
	Inv. Grade Bond IC		5,406,923		2,472,354
	Equity Income IC		581,314		302,308
	Growth IC		3,165,357		2,386,349
	High Income IC		744,495		567,917
	High Income SC		1,648		1,962
	Contrafund IC		3,991,691		3,268,840
	Contrafund SC		159,528		231,668
	Mid Cap IC		1,945,099		931,709
	Mid Cap SC		69,832		55,188
	Strategic		2,329,136		511,153
	Money Market		26,682,130		27,924,354
AIM:
	Dividend		2,597		5,410
	Health		19,950		3,150
	Technology		12,692		51,663
	Intl. Growth		286,855		296,623
	Franchise		621,499		317,330
Janus:
	Growth		3,543		449
Neuberger Berman:
	Mid-Cap		39,443		10,785
	Bond		799		4,679
	Equity		247,315		137,949
	Regency		312,614		78,819

FS-71

4. PURCHASES AND SALES OF INVESTMENTS, continued

			Purchases		Sales
Rydex:
	Nova	$	1,734,264	$	1,693,394
	NASDAQ		533,936		825,010
	Precious Metals		2,448,927		1,645,189
	Inv. S&P 500		199,806		239,848
	Gov. Long Bond		228,962		311,204
	Inverse NASDAQ		244,029		236,652
	Inv. Long Bond		310,312		245,960
	Russell		250,120		217,768
	Sector Rotation		47,641		110,848
Third Avenue:
	Value		136,147		186,792
Vanguard:
	Equity Index		11,672,240		12,818,019
	Total Bond		20,513,492		5,137,950
	REIT Index		2,850,699		3,509,969
	Mid-Cap		8,977,757		5,246,812
	Stock Market Index		9,942,943		5,239,430
	Conservative		1,820,540		1,922,642
	Moderate		1,827,297		1,185,511
	Short-Term		10,193,088		7,943,898
	Equity Income		5,360,539		4,000,798
	Growth		8,108,844		3,969,353
	High Yield Bond		4,296,689		1,062,688
	Balanced		7,900,201		5,396,958
	International		7,838,095		9,347,296
	Diversified		2,927,983		4,651,329
	Small Company Growth		1,256,136		2,919,656
	International Stock		6,094,875		912,970
	Global Bond		2,119,063		1,019,966
Wells Fargo:
	Discovery		78,154		6,020
	Opportunity		12,315		4,336
ProFunds:
	Bull		82,317		104,210
	Europe		18,471		1,386
	Mid-Cap		26,143		3,524
	NASDAQ-100		49,799		64,289
	Small-Cap		5,674		47
	Small-Cap Value		12,263		5,677
	Classic Dow		2,060		43,108
	Bear		2,786		31
	Short NASDAQ		6,793		4,395
	Short Small-Cap		22,654		26,310

FS-72

4. PURCHASES AND SALES OF INVESTMENTS, continued

			Purchases		Sales
ProFunds, continued:
	Short Dow	$	-	$	7
	UltraMid		137,291		120,314
	UltraOTC		411,484		26,785
	UltraSmall		77,656		55,861
	UltraBull		25,680		955
	U.S. Gov. Plus		19,561		60,315
	Opportunity		120,278		72,833
	Oil & Gas		147,343		115,060
	Precious Metals		121,082		93,592
	Real Estate		145,530		150,782
	High Yield		17,119		2,172
	Money Market		462,175		614,461
Pimco:
	Commodity		888,557		522,011
	Total Return		3,967,700		2,002,637
	Low Duration		187		100,962
American Century:
	Mid Cap		802,958		529,123
	International		154,885		177,213
	Inflation		1,145,526		97,752
American Funds:
	IS Growth-Inc		275,008		83,417
	IS Growth		1,472,728		844,561
	Blue Chip		130,049		259,853
	IS International		122,709		67,115
	IS New World		1,281,809		564,014
Franklin Templeton:
	Global Inc.		497,994		339,324
MFS:
	Utilities IC		376,433		305,059
	Mid Cap		767,497		404,460
	Research		493,410		510,879
Summit:
	S&P 500		1,346,670		638,708
	EAFE Intl.		367,677		267,266
	S&P MidCap		186,572		9,566
	Growth		530,481		1,121,048
	Mod. Growth		135,814		253,863
	Moderate		348,678		1,272,392
	Russell Small Cap		2,481,371		1,663,350

FS-73

4. PURCHASES AND SALES OF INVESTMENTS, continued

			Purchases		Sales
T. Rowe:
	Blue Chip	$	5,052,979	$	5,501,584
Morgan Stanley:
	Emerging Markets		2,024,354		2,308,855
DFA:
	Bond		6,366,895		2,095,995
	Small		3,529,177		1,472,310
	Value		3,060,951		4,572,287
	Fixed		4,423,733		2,382,070
	Large		4,930,541		4,107,397
	Targeted		6,035,298		4,610,113
	Global		3,486,117		2,023,111
	Equity		2,763,942		1,513,352

5. FINANCIAL HIGHLIGHTS

The unit value, units, net assets, investment income ratio (“Inv. Income Ratio”), expense ratio and total return (certain of which are defined below) are included in the following table (amounts have been rounded). Total returns, unit values and expense ratios in this table may not be applicable to all policies.

Inv. Income Ratio – The Inv. Income Ratio represents the dividend distributions received divided by average daily net assets. This ratio excludes the mortality and expense risk charge and is affected by the timing of the declaration of dividends by the underlying fund portfolio.

Expense Ratio – The Expense Ratio represents the annualized contract expenses of the subccounts for the period indicated and includes only those expenses that are charged through a reduction of the unit value. Included in this category are mortality and expense charges. During the year ended December 31, 2021, these fees range between .45 percent and .90 percent (annualized) of net assets, depending on the product selected. Expenses of the underlying fund portfolios and charges made directly to policyowner accounts through the redemption of units are excluded. For this separate account, charges made through the redemption of units ranged up to $40 per policy annually, depending on the product selected.

Total Return – The Total Return represents the change in the unit value reported year-to-date; however, subaccounts which commenced during a year, as shown in Note 1, are based on shorter return periods. These percentages do not include any expenses assessed through the redemption of units. As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract total returns are not within the ranges presented.

FS-74

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
Calvert:
Balanced
2021	3.79	5.41	195,162	952,862	1.08	0.45	0.60	14.43	14.60
2020	3.30	4.73	206,443	940,809	1.57	0.45	0.60	14.57	14.74
2019	2.88	4.13	183,112	743,720	1.60	0.45	0.60	16.69	23.66
2018	3.34	3.90	184,269	626,261	1.77	0.60	0.60	(3.25)	(3.25)
2017	2.40	3.45	187,504	658,586	2.10	0.45	0.60	7.76	11.33
Mid Cap
2021	37.47	97.32	9,429	917,590	0.20	0.60	0.60	2.47	14.34
2020	85.11	88.69	9,572	814,998	0.39	0.60	0.60	11.58	11.60
2019	76.28	79.48	12,103	923,458	0.45	0.60	0.60	30.58	30.58
2018	58.42	60.86	13,018	760,733	0.53	0.60	0.60	(5.00)	(4.98)
2017	61.49	64.05	13,282	816,999	0.69	0.60	0.60	10.99	11.00
Scudder:
Small Cap
2021	56.68	56.68	5,220	295,881	0.92	0.60	0.60	13.82	13.82
2020	49.80	49.80	3,415	170,061	1.13	0.60	0.60	18.72	18.72
2019	41.95	41.95	4,358	182,784	1.09	0.60	0.60	24.48	24.48
2018	33.70	33.70	7,229	243,614	0.94	0.60	0.60	(11.76)	(11.76)
2017	38.19	38.19	7,152	273,146	0.94	0.60	0.60	13.65	13.65
Small Mid Value
2021	26.50	29.80	67,428	1,924,411	1.29	0.45	0.60	29.72	29.92
2020	20.40	22.97	58,715	1,295,786	1.34	0.45	0.60	(1.39)	(1.24)
2019	20.66	23.30	52,292	1,163,283	0.70	0.45	0.60	20.79	20.97
2018	17.08	19.29	49,961	928,755	1.29	0.45	0.60	(16.52)	(16.39)
2017	20.42	23.10	42,590	965,671	0.72	0.45	0.60	9.87	10.03
Thematic
2021	19.83	20.37	56,698	1,133,779	0.36	0.45	0.60	7.47	7.63
2020	18.43	18.95	21,674	408,539	1.51	0.45	0.60	21.95	22.14
2019	15.09	15.54	22,626	349,127	1.69	0.45	0.60	30.44	30.64
2018	11.55	11.91	23,470	277,772	1.01	0.45	0.60	(17.19)	(17.06)
2017	13.93	14.39	25,055	358,532	0.33	0.45	0.60	24.72	24.91
Growth
2021	83.22	101.36	8,272	776,255	0.20	0.45	0.60	22.05	22.23
2020	68.09	83.05	8,286	649,861	0.46	0.45	0.60	38.21	38.42
2019	49.19	60.09	6,442	362,993	0.68	0.45	0.60	36.32	36.52
2018	36.03	44.08	5,809	248,478	0.76	0.45	0.60	(2.19)	(2.04)
2017	36.78	45.07	7,663	339,169	0.71	0.45	0.60	25.55	25.73

FS-75

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
Fidelity:
Overseas IC
2021	35.10	48.40	97,248	4,304,910	0.52	0.45	0.60	18.99	19.16
2020	29.46	40.68	108,868	4,060,002	0.44	0.45	0.60	14.92	15.10
2019	25.59	35.40	119,405	3,877,076	1.77	0.45	0.60	27.00	27.19
2018	20.12	27.87	123,701	3,176,638	1.57	0.45	0.60	(15.32)	(15.19)
2017	23.73	32.91	127,067	3,937,799	1.44	0.45	0.60	29.51	29.70
Inv. Grade Bond IC
2021	15.98	23.17	1,343,099	28,296,481	2.03	0.45	0.60	(1.20)	(1.05)
2020	16.15	23.45	1,239,159	26,840,114	2.24	0.45	0.60	8.74	8.90
2019	14.83	21.56	1,269,064	25,271,452	2.75	0.45	0.60	9.01	9.18
2018	13.58	19.78	1,240,908	23,114,300	2.44	0.45	0.60	(1.13)	(0.98)
2017	13.72	20.00	1,311,754	24,780,422	2.41	0.45	0.60	3.60	3.75
Equity Income IC
2021	42.99	79.98	42,834	3,138,310	1.94	0.45	0.60	24.15	24.33
2020	34.58	64.42	43,926	2,607,587	1.76	0.45	0.60	6.06	6.22
2019	32.55	60.74	49,170	2,884,137	1.93	0.45	0.60	26.68	26.87
2018	25.66	47.95	56,594	2,633,958	2.20	0.45	0.60	(8.84)	(8.70)
2017	28.10	52.60	60,781	3,139,847	1.69	0.45	0.60	12.22	12.39
Growth IC
2021	207.71	211.87	27,869	5,891,580	-	0.45	0.60	22.48	22.66
2020	169.33	172.98	29,867	5,158,611	0.08	0.45	0.60	43.03	43.25
2019	118.21	120.94	34,515	4,166,176	0.26	0.45	0.60	33.51	33.71
2018	88.41	90.58	41,316	3,737,548	0.24	0.45	0.60	(0.77)	(0.62)
2017	88.95	91.28	43,513	3,967,391	0.23	0.45	0.60	34.33	34.53
High Income IC
2021	7.55	15.26	222,928	2,309,608	5.32	0.45	0.60	3.79	3.94
2020	7.27	14.70	214,733	2,156,220	5.05	0.45	0.60	2.13	2.28
2019	7.10	14.40	223,252	2,299,286	5.22	0.45	0.60	14.42	14.59
2018	6.20	12.58	248,327	2,115,584	5.00	0.45	0.60	(3.87)	(3.72)
2017	6.44	13.09	220,999	2,375,808	3.75	0.45	0.60	6.30	6.46
High Income SC
2021	18.76	18.76	1,817	34,079	5.21	0.60	0.60	3.87	3.87
2020	18.06	18.06	1,920	34,671	4.43	0.60	0.60	2.04	2.04
2019	17.70	17.70	2,699	47,765	5.11	0.60	0.60	14.23	14.23
2018	15.49	15.49	2,808	43,499	5.50	0.60	0.60	(4.18)	(4.18)
2017	16.17	16.17	3,258	52,674	5.24	0.60	0.60	6.43	6.43

FS-76

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
Fidelity, continued:
Contrafund IC
2021	90.94	153.91	175,645	24,406,141	0.06	0.45	0.60	27.07	27.26
2020	71.46	121.12	190,306	21,012,020	0.25	0.45	0.60	29.79	29.98
2019	54.97	93.32	202,400	17,499,237	0.45	0.45	0.60	30.79	30.99
2018	41.97	71.35	223,068	14,862,211	0.68	0.45	0.60	(6.94)	(6.80)
2017	45.03	76.67	253,964	18,441,152	0.99	0.45	0.60	21.15	21.33
Contrafund SC
2021	153.87	153.87	8,702	1,338,963	0.05	0.60	0.60	26.95	26.95
2020	121.21	121.21	10,336	1,252,817	0.15	0.60	0.60	29.65	29.65
2019	93.49	93.49	9,943	929,555	0.35	0.60	0.60	30.66	30.66
2018	71.55	71.55	10,886	778,898	0.60	0.60	0.60	(7.05)	(7.05)
2017	76.97	76.97	12,469	959,748	0.91	0.60	0.60	21.04	21.04
Mid Cap IC
2021	67.84	141.33	68,079	8,779,276	0.62	0.45	0.60	24.85	25.04
2020	54.25	113.20	68,034	7,307,515	0.67	0.45	0.60	17.48	17.66
2019	46.11	96.36	72,325	6,573,412	0.83	0.45	0.60	22.71	22.90
2018	37.52	78.52	102,217	6,897,579	0.63	0.45	0.60	(15.05)	(14.92)
2017	44.10	92.43	95,464	8,508,360	0.69	0.45	0.60	20.09	20.27
Mid Cap SC
2021	138.93	138.93	3,213	446,328	0.49	0.60	0.60	24.76	24.76
2020	111.36	111.36	3,621	403,218	0.56	0.60	0.60	17.33	17.33
2019	94.91	94.91	3,897	369,880	0.79	0.60	0.60	22.61	22.61
2018	77.41	77.41	4,143	320,730	0.52	0.60	0.60	(15.15)	(15.15)
2017	91.23	91.23	6,064	553,179	0.62	0.60	0.60	19.99	19.99
Strategic
2021	14.96	20.76	732,162	13,566,892	2.72	0.45	0.60	3.12	3.28
2020	14.48	20.13	646,567	11,835,872	3.26	0.45	0.60	6.87	7.03
2019	13.53	18.84	717,097	12,276,160	3.42	0.45	0.60	10.23	10.39
2018	12.26	17.09	700,072	10,871,021	3.64	0.45	0.60	(3.16)	(3.01)
2017	12.64	17.65	719,473	11,605,288	3.25	0.45	0.60	7.15	7.31
Money Market
2021	1.01	1.02	19,834,478	20,173,426	0.01	0.45	0.60	(0.59)	(0.43)
2020	1.02	1.03	20,942,308	21,415,650	0.21	0.45	0.60	(0.28)	(0.13)
2019	1.02	1.03	17,767,199	18,194,086	1.99	0.45	0.60	1.41	1.56
2018	1.01	1.01	21,669,460	21,881,243	1.66	0.45	0.60	1.04	1.19
2017	1.00	1.00	12,513,146	12,495,084	0.66	0.45	0.60	0.08	0.22

FS-77

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
AIM:
Dividend
2021	40.49	40.49	2,542	102,934	2.17	0.60	0.60	18.18	18.18
2020	34.26	34.26	2,670	91,484	2.85	0.60	0.60	(0.46)	(0.46)
2019	34.42	34.42	3,578	123,144	2.56	0.60	0.60	24.35	24.35
2018	27.68	27.68	4,035	111,681	2.37	0.60	0.60	(8.13)	(8.13)
2017	30.13	30.13	6,004	180,904	1.77	0.60	0.60	7.93	7.93
Health
2021	79.03	79.03	2,429	191,979	0.21	0.60	0.60	11.63	11.63
2020	70.80	70.80	2,458	173,998	0.31	0.60	0.60	13.77	13.77
2019	62.23	62.23	2,504	155,846	0.02	0.60	0.60	31.71	31.71
2018	47.24	47.24	8,165	385,743	-	0.60	0.60	0.30	0.30
2017	47.10	47.10	4,276	201,398	0.38	0.60	0.60	15.14	15.14
Technology
2021	67.55	67.55	2,057	138,970	-	0.60	0.60	13.73	13.73
2020	59.40	59.40	2,866	170,222	-	0.60	0.60	45.24	45.24
2019	40.90	40.90	4,801	196,332	-	0.60	0.60	35.07	35.07
2018	30.28	30.28	6,517	197,314	-	0.60	0.60	(1.05)	(1.05)
2017	30.60	30.60	6,614	202,378	-	0.60	0.60	34.33	34.33
Intl. Growth
2021	52.61	57.32	24,154	1,355,375	1.27	0.45	0.60	5.26	5.41
2020	49.91	54.45	26,150	1,394,467	2.17	0.45	0.60	13.31	13.48
2019	43.98	48.06	30,508	1,440,391	1.60	0.45	0.60	27.81	28.00
2018	34.36	37.60	28,175	1,044,266	2.19	0.45	0.60	(15.49)	(15.36)
2017	40.59	44.49	28,006	1,239,250	1.36	0.45	0.60	22.27	22.45
Franchise
2021	149.44	152.36	3,058	464,715	-	0.45	0.60	11.26	11.43
2020	134.31	136.74	1,152	156,265	0.08	0.45	0.60	41.50	41.71
2019	94.92	96.49	896	85,973	-	0.45	0.60	35.94	36.14
2018	69.82	70.87	1,064	74,941	-	0.45	0.60	(4.21)	(4.06)
2017	72.89	73.87	845	62,182	0.11	0.45	0.60	21.73	26.59
Janus:
Growth
2021	107.36	107.36	706	75,833	0.10	0.60	0.60	19.62	19.62
2020	89.76	89.76	707	63,429	0.41	0.60	0.60	32.16	32.16
2019	67.92	67.92	707	48,027	0.46	0.60	0.60	34.71	34.71
2018	50.42	50.42	729	36,768	0.55	0.60	0.60	(3.16)	(3.16)
2017	52.06	52.06	730	38,019	0.40	0.60	0.60	27.12	27.12

FS-78

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense			Total
	Value ($)		Units	($)	Ratio %	Ratio %			Return %
	Min	Max				Min	Max		Min	Max
Neuberger Berman:
Mid-Cap
2021	56.31	56.31	6,699	377,240	-	0.60	0.60		12.32	12.32
2020	50.14	50.14	6,867	344,258	-	0.60	0.60		39.14	39.14
2019	36.03	36.03	7,723	278,279	-	0.60	0.60		31.96	31.96
2018	27.31	27.31	8,099	221,138	-	0.60	0.60		(6.97)	(6.97)
2017	29.35	29.35	7,946	233,226	-	0.60	0.60		24.54	24.54
Bond
2021	23.42	23.42	1,278	29,938	2.49	0.60	0.60		0.14	0.14
2020	23.38	23.38	1,469	34,360	2.19	0.60	0.60		2.84	2.84
2019	22.74	22.74	1,843	41,898	2.21	0.60	0.60		3.07	3.07
2018	22.06	22.06	1,798	39,667	1.50	0.60	0.60		0.42	0.42
2017	21.97	21.97	3,272	71,883	1.39	0.60	0.60		0.29	0.29
Equity
2021	41.52	41.68	30,022	1,248,152	0.39	0.45	0.60		22.74	22.92
2020	33.83	33.91	27,584	933,781	0.54	0.45	0.60		18.85	19.03
2019	28.46	28.49	36,860	1,049,519	0.40	0.45	0.60		9.07	9.10
2018	-	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-	-
Regency
2021	27.63	40.24	16,680	588,880	0.70	0.45	0.60		32.01	32.20
2020	20.90	30.48	10,691	263,924	0.98	0.45	0.60		(3.20)	(3.06)
2019	21.56	31.49	12,165	333,388	0.72	0.45	0.60		16.05	16.22
2018	18.55	27.14	16,827	410,735	0.66	0.45	0.60		(15.78)	(15.66)
2017	21.99	32.22	16,269	480,041	0.82	0.45	0.60		16.04	16.21
Rydex:
Nova
2021	49.99	509.58	18,976	1,291,880	0.37	0.45	0.60		41.34	41.55
2020	35.37	360.01	20,334	980,018	0.90	0.45	0.60		19.31	19.49
2019	29.64	301.28	16,324	686,514	1.71	0.45	0.60		44.18	44.39
2018	20.56	208.65	32,390	912,103	0.19	0.45	0.60		(10.86)	(10.72)
2017	23.06	233.72	52,529	1,776,313	0.05	0.45	0.60		31.00	31.19
NASDAQ
2021	112.88	119.63	27,004	3,180,251	-	0.45	0.60		24.79	24.98
2020	90.32	95.86	31,911	3,015,345	0.30	0.45	0.60		44.09	44.31
2019	62.58	66.53	30,013	1,996,143	0.13	0.45	0.60		36.05	36.25
2018	45.93	48.90	39,313	1,921,178	-	0.45	0.60		(2.40)	(2.25)
2017	46.99	50.10	60,716	3,005,946	-	0.45	0.60		30.34	30.53

FS-79

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
Rydex, continued:
Precious Metals
2021	10.71	47.88	289,051	3,579,577	3.67	0.45	0.60	(9.73)	(9.60)
2020	11.86	52.96	221,885	3,136,742	4.62	0.45	0.60	33.50	33.70
2019	8.89	39.61	410,037	3,899,897	-	0.45	0.60	51.29	51.52
2018	5.87	26.15	416,771	2,515,648	4.35	0.45	0.60	(17.11)	(16.98)
2017	7.09	31.49	367,544	2,625,432	4.97	0.45	0.60	6.45	6.60
Inv. S&P 500
2021	0.55	5.12	213,942	141,215	-	0.45	0.60	(27.55)	(24.89)
2020	0.73	6.81	301,622	230,905	0.63	0.45	0.60	(29.33)	(25.47)
2019	0.98	9.12	334,098	333,598	0.79	0.45	0.60	(23.37)	(7.34)
2018	1.28	1.42	380,332	494,493	-	0.60	0.60	3.34	3.34
2017	1.24	11.48	392,879	494,035	-	0.45	0.60	(17.84)	(13.97)
Gov. Long Bond
2021	27.16	39.49	64,493	1,775,940	0.37	0.45	0.60	(8.04)	(2.30)
2020	29.54	42.88	67,819	2,028,145	0.12	0.45	0.60	(11.02)	21.23
2019	24.37	35.32	63,207	1,565,021	1.20	0.45	0.60	16.08	17.36
2018	20.99	30.38	63,662	1,362,595	1.57	0.45	0.60	(5.88)	(2.27)
2017	22.30	32.24	64,158	1,569,316	1.25	0.45	0.60	8.98	9.14
Inverse NASDAQ
2021	0.97	4.66	28,802	37,887	-	0.45	0.60	(25.90)	(25.79)
2020	1.31	6.28	34,427	52,714	0.84	0.45	0.60	(38.37)	(38.28)
2019	2.13	10.18	39,330	93,374	0.20	0.45	0.60	(28.44)	(28.33)
2018	2.97	14.20	194,417	600,848	-	0.45	0.60	(3.35)	(3.20)
2017	3.08	14.67	29,405	107,849	-	0.45	0.60	(25.10)	(24.99)
Inv. Long Bond
2021	5.03	22.02	8,211	118,829	-	0.45	0.60	(4.24)	0.37
2020	5.01	21.90	11,690	58,553	0.23	0.45	0.60	(21.56)	(10.16)
2019	6.39	27.88	3,833	24,476	-	0.45	0.60	(18.11)	(13.82)
2018	7.41	32.30	4,470	37,897	-	0.45	0.60	3.17	6.38
2017	7.18	31.26	5,223	38,465	-	0.45	0.60	(9.43)	(2.77)
Russell
2021	116.19	125.58	7,058	882,002	0.06	0.45	0.60	18.29	18.47
2020	98.08	106.16	8,165	858,907	-	0.45	0.60	19.32	19.50
2019	82.07	88.97	16,689	1,427,066	-	0.45	0.60	34.56	34.76
2018	60.90	66.12	18,610	1,186,240	-	0.45	0.60	(20.05)	(19.93)
2017	76.06	82.70	22,731	1,822,820	-	0.45	0.60	19.30	19.48

FS-80

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
Rydex, continued:
Sector Rotation
2021	20.49	21.79	32,759	693,671	0.66	0.45	0.60	23.06	23.24
2020	16.62	17.70	36,086	618,942	0.48	0.45	0.60	4.30	4.46
2019	15.91	16.97	76,692	1,292,568	0.59	0.45	0.60	4.91	5.07
2018	15.15	16.18	76,035	1,223,490	-	0.45	0.60	(13.46)	(13.33)
2017	17.48	18.70	73,225	1,361,243	0.43	0.45	0.60	13.62	14.17
Third Avenue:
Value
2021	19.50	40.90	47,263	1,852,146	0.71	0.45	0.60	21.34	21.52
2020	16.05	33.70	48,729	1,571,387	2.71	0.45	0.60	(2.98)	(2.83)
2019	16.51	34.74	50,889	1,705,926	0.27	0.45	0.60	11.79	11.96
2018	14.75	31.07	56,411	1,719,793	1.78	0.45	0.60	(20.82)	(20.70)
2017	18.60	39.24	64,375	2,516,102	0.85	0.45	0.60	12.91	13.08
Vanguard:
Equity Index
2021	83.78	131.48	940,077	94,271,192	1.25	0.45	0.60	27.78	27.97
2020	65.47	102.89	988,876	78,208,562	1.28	0.45	0.60	17.49	17.67
2019	55.64	87.57	952,006	65,762,528	1.56	0.45	0.60	30.51	30.71
2018	42.56	67.10	583,329	35,656,735	1.67	0.45	0.60	(5.08)	(4.94)
2017	44.77	70.69	598,754	39,693,243	1.74	0.45	0.60	20.93	21.11
Total Bond
2021	13.95	19.08	6,568,672	99,521,736	1.97	0.45	0.60	(2.30)	(2.16)
2020	14.26	19.53	5,642,106	88,255,308	2.13	0.45	0.60	6.94	7.10
2019	13.31	18.26	6,181,456	90,355,257	1.93	0.45	0.60	8.03	8.19
2018	12.30	16.90	3,337,025	49,085,981	2.24	0.45	0.60	(0.73)	(0.58)
2017	12.38	17.03	2,689,782	42,323,985	2.28	0.45	0.60	2.87	3.02
REIT Index
2021	24.72	68.90	686,866	30,555,654	2.02	0.45	0.60	39.37	39.58
2020	17.71	49.44	691,645	23,397,366	2.62	0.45	0.60	(5.42)	(5.28)
2019	18.70	52.27	767,511	26,538,661	2.64	0.45	0.60	28.03	28.23
2018	14.58	40.83	719,734	21,164,973	3.03	0.45	0.60	(5.92)	(5.78)
2017	15.48	43.40	635,751	22,462,606	2.45	0.45	0.60	4.15	4.31
Mid-Cap
2021	46.53	81.43	695,347	43,769,713	1.07	0.45	0.60	23.61	23.80
2020	37.59	65.87	639,152	34,577,009	1.53	0.45	0.60	17.37	17.54
2019	31.98	56.13	756,540	34,427,516	1.43	0.45	0.60	30.09	30.29
2018	24.54	43.15	708,151	25,869,579	1.15	0.45	0.60	(9.87)	(9.74)
2017	27.19	47.87	616,681	26,946,977	1.18	0.45	0.60	18.37	18.55

FS-81

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
Vanguard, continued:
Stock Market Index
2021	79.56	138.17	520,428	52,985,956	1.15	0.45	0.60	24.89	25.08
2020	63.61	110.63	481,874	40,599,633	1.51	0.45	0.60	19.83	20.01
2019	53.01	92.32	410,376	30,699,465	1.52	0.45	0.60	29.97	30.17
2018	40.72	71.03	372,526	22,072,641	1.46	0.45	0.60	(5.91)	(5.76)
2017	43.21	75.49	354,078	23,890,465	1.85	0.45	0.60	20.25	20.43
Conservative
2021	34.56	34.84	213,302	7,422,325	1.59	0.45	0.60	5.36	5.51
2020	32.80	33.02	226,757	7,481,548	2.12	0.45	0.60	11.06	11.23
2019	29.53	29.69	167,632	4,973,237	1.64	0.45	0.60	15.14	15.31
2018	25.65	25.75	46,997	1,208,978	1.69	0.45	0.60	(3.57)	(3.42)
2017	26.60	26.66	30,862	822,095	1.27	0.45	0.60	10.23	10.39
Moderate
2021	42.22	42.47	90,602	3,832,645	1.26	0.45	0.60	9.42	9.58
2020	38.59	38.76	78,034	3,008,380	1.65	0.45	0.60	13.09	13.26
2019	34.12	34.22	41,381	1,410,337	2.28	0.45	0.60	18.82	19.00
2018	28.72	28.76	39,360	1,131,199	1.98	0.45	0.60	(5.51)	(5.36)
2017	30.39	30.39	41,768	1,269,455	1.47	0.45	0.60	14.12	14.29
Short-Term
2021	11.77	11.87	2,409,536	28,533,095	2.12	0.45	0.60	(1.05)	(0.90)
2020	11.89	11.97	2,278,389	27,229,440	2.36	0.45	0.60	4.86	5.02
2019	11.34	11.40	1,757,653	20,007,076	2.49	0.45	0.60	5.06	5.22
2018	10.79	10.83	1,507,659	16,311,434	1.47	0.45	0.60	0.43	0.59
2017	10.75	10.77	1,020,297	10,976,598	1.30	0.45	0.60	1.48	1.64
Equity Income
2021	42.50	74.22	384,794	23,013,348	1.90	0.45	0.60	24.58	24.77
2020	34.07	59.58	355,296	17,841,662	2.69	0.45	0.60	2.63	2.78
2019	33.14	58.05	374,625	18,676,247	2.36	0.45	0.60	23.68	23.87
2018	26.76	46.93	326,113	14,169,159	2.25	0.45	0.60	(6.53)	(6.39)
2017	28.58	50.21	303,184	14,694,381	2.52	0.45	0.60	17.54	17.72
Growth
2021	64.29	71.05	420,277	28,682,518	0.03	0.45	0.60	17.16	17.33
2020	54.79	60.64	384,276	22,603,953	0.33	0.45	0.60	42.24	42.45
2019	38.47	42.63	389,244	16,257,643	0.39	0.45	0.60	33.02	33.22
2018	28.87	32.05	368,783	11,645,047	0.30	0.45	0.60	(0.40)	(0.25)
2017	28.95	32.18	357,078	11,427,939	0.51	0.45	0.60	30.14	30.33

FS-82

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
Vanguard, continued:
High Yield Bond
2021	10.84	20.15	1,024,954	15,248,284	4.16	0.45	0.60	3.06	3.21
2020	10.50	19.55	760,431	12,085,861	5.58	0.45	0.60	5.04	5.20
2019	9.98	18.61	779,913	12,111,105	5.77	0.45	0.60	14.98	15.16
2018	8.67	16.19	727,776	10,253,341	4.94	0.45	0.60	(3.31)	(3.17)
2017	8.95	16.74	810,338	11,950,888	4.83	0.45	0.60	6.37	6.53
Balanced
2021	43.07	69.53	482,192	28,381,544	1.72	0.45	0.60	18.31	18.48
2020	36.35	58.77	441,306	23,113,772	2.55	0.45	0.60	10.02	10.18
2019	32.99	53.42	435,454	21,233,437	2.66	0.45	0.60	21.75	21.94
2018	27.06	43.87	412,529	16,919,440	2.40	0.45	0.60	(3.99)	(3.84)
2017	28.14	45.70	441,232	19,356,188	2.28	0.45	0.60	14.04	14.21
International
2021	49.78	65.93	849,896	49,179,570	0.27	0.45	0.60	(2.13)	(1.98)
2020	50.79	67.36	927,626	54,792,347	1.07	0.45	0.60	56.64	56.87
2019	32.38	43.01	1,177,128	43,660,731	1.19	0.45	0.60	30.43	30.63
2018	24.78	32.97	792,647	24,215,325	0.77	0.45	0.60	(13.14)	(13.01)
2017	28.49	37.96	792,548	28,708,459	1.00	0.45	0.60	41.83	42.04
Diversified
2021	34.27	51.03	398,630	19,143,332	1.07	0.45	0.60	29.69	29.88
2020	26.38	39.35	446,965	16,500,974	2.66	0.45	0.60	11.11	11.28
2019	23.71	35.42	471,505	16,101,864	2.86	0.45	0.60	24.94	25.13
2018	18.95	28.35	486,123	13,472,454	2.55	0.45	0.60	(9.66)	(9.53)
2017	20.94	31.38	515,395	15,908,652	2.73	0.45	0.60	12.48	12.65
Small Company Growth
2021	47.95	91.98	241,603	20,391,329	0.37	0.45	0.60	13.54	13.71
2020	42.17	81.02	277,356	20,335,537	0.67	0.45	0.60	22.45	22.63
2019	34.39	66.16	342,555	20,217,200	0.51	0.45	0.60	27.33	27.54
2018	26.96	51.96	399,873	18,445,354	0.39	0.45	0.60	(7.82)	(7.68)
2017	29.21	56.37	398,733	20,865,234	0.47	0.45	0.60	22.73	22.91
International Stock
2021	25.46	25.49	349,524	8,908,188	1.71	0.45	0.60	7.88	8.04
2020	23.59	23.60	149,881	3,536,136	1.50	0.45	0.60	10.51	10.68
2019	21.32	21.35	23,298	496,859	-	0.45	0.60	2.98	6.73
2018	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-

FS-83

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
Vanguard, continued:
Global Bond
2021	22.10	22.15	120,859	2,674,635	1.43	0.45	0.60	(2.43)	(2.28)
2020	22.65	22.67	73,057	1,655,829	1.31	0.45	0.60	6.03	6.19
2019	21.35	21.36	36,170	772,274	-	0.45	0.60	(1.16)	1.07
2018	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-
Allspring:
Discovery
2021	90.00	90.00	10,517	946,510	-	0.60	0.60	(5.61)	(5.61)
2020	95.35	95.35	10,477	998,981	-	0.60	0.60	61.68	61.68
2019	58.97	58.97	10,518	620,280	-	0.60	0.60	38.19	38.19
2018	42.68	42.68	9,207	392,919	-	0.60	0.60	(7.62)	(7.62)
2017	46.20	46.20	9,200	424,998	-	0.60	0.60	28.36	28.36
Opportunity
2021	208.10	208.10	1,281	266,522	0.04	0.60	0.60	24.03	24.03
2020	167.77	167.77	1,295	217,318	0.44	0.60	0.60	20.28	20.28
2019	139.49	139.49	1,310	182,665	0.28	0.60	0.60	30.68	30.68
2018	106.74	106.74	1,442	153,918	0.18	0.60	0.60	(7.70)	(7.70)
2017	115.65	115.65	2,913	336,862	0.69	0.60	0.60	19.72	19.72
ProFunds:
Bull
2021	95.48	95.48	15,889	1,517,112	-	0.90	0.90	25.21	25.21
2020	76.26	76.26	16,981	1,294,952	0.09	0.90	0.90	14.99	14.99
2019	66.31	66.31	13,789	914,384	0.27	0.90	0.90	27.73	27.73
2018	51.92	51.92	13,850	719,082	-	0.90	0.90	(6.99)	(6.99)
2017	55.82	55.82	43,258	2,414,692	-	0.90	0.90	18.28	18.28
Europe
2021	38.39	38.39	2,299	88,268	0.90	0.90	0.90	23.42	23.42
2020	31.11	31.11	1,781	55,402	2.54	0.90	0.90	(10.05)	(10.05)
2019	34.58	34.58	2,216	76,620	2.82	0.90	0.90	16.74	16.74
2018	29.62	29.62	2,263	67,045	2.48	0.90	0.90	(14.90)	(14.90)
2017	34.81	34.81	2,263	78,785	1.76	0.90	0.90	18.64	18.64
Mid-Cap
2021	99.42	99.42	335	33,267	0.26	0.90	0.90	27.38	27.38
2020	78.05	78.05	57	4,467	0.16	0.90	0.90	1.39	1.39
2019	76.98	76.98	758	58,326	0.20	0.90	0.90	22.97	22.97
2018	62.60	62.60	848	53,056	0.10	0.90	0.90	(14.07)	(14.07)
2017	72.85	72.85	848	61,742	0.31	0.90	0.90	9.62	9.62

FS-84

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
ProFunds, continued:
NASDAQ-100
2021	73.84	73.84	284	20,986	-	0.90	0.90	1.57	1.57
2020	74.77	74.77	459	34,326	-	0.90	0.90	46.86	46.86
2019	-	-	-	-	-	-	-	-	-
2018	38.09	38.09	-	-	-	0.90	0.90	0.80	0.80
2017	42.74	42.74	-	-	-	0.90	0.90	8.07	8.07
Small-Cap
2021	44.59	44.59	129	5,737	-	0.90	0.90	5.07	5.07
2020	39.82	39.82	-	-	-	0.90	0.90	(2.13)	(2.13)
2019	-	-	-	-	-	-	-	-	-
2018	28.64	28.64	-	-	-	0.90	0.90	(14.17)	(14.17)
2017	35.01	35.01	1,590	55,647	-	0.90	0.90	(0.64)	(0.64)
Small-Cap Value
2021	90.55	90.55	151	13,716	0.09	0.90	0.90	27.42	27.42
2020	71.06	71.06	61	4,348	0.02	0.90	0.90	0.14	0.14
2019	70.96	70.96	71	5,021	-	0.90	0.90	21.46	21.46
2018	58.43	58.43	87	5,058	-	0.90	0.90	(14.98)	(14.98)
2017	68.72	68.72	87	5,949	0.02	0.90	0.90	8.71	8.71
Classic Dow
2021	70.85	70.85	76	5,401	-	0.90	0.90	16.45	16.45
2020	60.84	60.84	758	46,119	0.41	0.90	0.90	6.45	6.45
2019	57.15	57.15	1,293	73,888	0.09	0.90	0.90	21.09	21.09
2018	47.20	47.20	1,539	72,652	-	0.90	0.90	(6.87)	(6.87)
2017	50.68	50.68	1,539	78,012	-	0.90	0.90	22.50	22.50
Bear
2021	14.64	14.64	219	3,209	-	0.90	0.90	(25.30)	(25.30)
2020	19.59	19.59	78	1,531	0.50	0.90	0.90	(26.50)	(26.50)
2019	-	-	-	-	-	-	-	-	-
2018	34.40	34.40	-	-	-	0.90	0.90	(5.09)	(5.09)
2017	6.11	6.11	923	5,637	-	0.90	0.90	(18.70)	(18.70)
Short NASDAQ
2021	0.71	0.71	2,945	2,086	-	0.90	0.90	(25.81)	(25.81)
2020	0.95	0.95	615	587	0.06	0.90	0.90	(43.34)	(43.34)
2019	1.69	1.69	615	1,036	0.17	0.90	0.90	(28.69)	(28.69)
2018	2.36	2.36	615	1,454	-	0.90	0.90	(3.75)	(3.75)
2017	2.46	2.46	615	1,510	-	0.90	0.90	(25.90)	(25.90)

FS-85

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
ProFunds, continued:
Short Small-Cap
2021	22.33	22.33	228	5,101	-	0.90	0.90	(24.02)	(24.02)
2020	1.41	1.41	7,193	10,177	0.55	0.90	0.90	(32.57)	(32.57)
2019	2.10	2.10	4,504	9,451	0.12	0.90	0.90	(21.49)	(21.49)
2018	2.67	2.67	4,504	12,038	-	0.90	0.90	9.40	9.40
2017	2.44	2.44	4,504	11,004	-	0.90	0.90	(14.97)	(14.97)
Short Dow
2021	5.44	5.44	150	815	-	0.90	0.90	(20.51)	(20.51)
2020	6.85	6.85	150	1,026	0.23	0.90	0.90	(21.64)	(21.64)
2019	8.74	8.74	221	1,935	0.05	0.90	0.90	(19.94)	(19.94)
2018	10.91	10.91	221	2,417	-	0.90	0.90	1.42	1.42
2017	10.76	10.76	221	2,383	-	0.90	0.90	(22.72)	(22.72)
UltraMid
2021	73.43	73.43	315	23,138	-	0.90	0.90	35.64	35.64
2020	50.42	50.42	-	-	0.24	0.90	0.90	(28.41)	(28.41)
2019	124.50	124.50	141	17,515	-	0.90	0.90	46.50	46.50
2018	84.99	84.99	380	32,263	-	0.90	0.90	(27.43)	(27.43)
2017	117.11	117.11	114	13,358	-	0.90	0.90	27.72	27.72
UltraOTC
2021	602.51	602.51	3,144	1,894,176	-	0.90	0.90	51.15	51.15
2020	398.62	398.62	3,096	1,234,273	-	0.90	0.90	84.63	84.63
2019	215.90	215.90	3,303	713,037	-	0.90	0.90	78.06	78.06
2018	121.25	121.25	3,463	419,886	-	0.90	0.90	(10.44)	(10.44)
2017	135.39	135.39	3,753	508,127	-	0.90	0.90	66.83	66.83
UltraSmall
2021	28.44	28.44	739	21,017	-	0.90	0.90	2.09	2.09
2020	23.21	23.21	-	-	0.79	0.90	0.90	(28.94)	(28.94)
2019	70.37	70.37	169	11,859	-	0.90	0.90	46.02	46.02
2018	48.19	48.19	304	14,639	-	0.90	0.90	(27.61)	(27.61)
2017	66.57	66.57	289	19,269	-	0.90	0.90	24.06	24.06
UltraBull
2021	135.12	135.12	1,063	143,601	-	0.90	0.90	56.73	56.73
2020	86.21	86.21	826	71,182	0.86	0.90	0.90	18.76	18.76
2019	72.60	72.60	849	61,655	0.26	0.90	0.90	58.74	58.74
2018	45.73	45.73	849	38,841	-	0.90	0.90	(16.26)	(16.26)
2017	54.62	54.62	849	46,385	-	0.90	0.90	39.76	39.76

FS-86

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
ProFunds, continued:
U.S. Gov. Plus
2021	68.35	68.35	25	1,741	-	0.90	0.90	(7.92)	(7.92)
2020	74.23	74.23	753	55,893	0.03	0.90	0.90	19.60	19.60
2019	62.07	62.07	474	29,433	0.88	0.90	0.90	17.16	17.16
2018	52.97	52.97	689	36,511	0.97	0.90	0.90	(6.27)	(6.27)
2017	56.52	56.52	518	29,304	0.45	0.90	0.90	8.51	8.51
Opportunity
2021	2.70	2.70	16,561	44,759	-	0.90	0.90	(0.97)	(0.97)
2020	2.73	2.73	364	992	0.39	0.90	0.90	(27.35)	(27.35)
2019	3.76	3.76	846	3,179	0.16	0.90	0.90	(18.13)	(18.13)
2018	4.59	4.59	946	4,343	-	0.90	0.90	3.25	3.25
2017	4.44	4.44	875	3,888	-	0.90	0.90	(12.66)	(12.66)
Oil & Gas
2021	52.52	52.52	1,654	86,889	1.49	0.90	0.90	50.57	50.57
2020	34.88	34.88	971	33,877	2.62	0.90	0.90	(35.05)	(35.05)
2019	53.71	53.71	948	50,931	1.37	0.90	0.90	7.55	7.55
2018	49.94	49.94	968	48,344	1.66	0.90	0.90	(20.94)	(20.94)
2017	63.17	63.17	968	61,148	1.22	0.90	0.90	(4.04)	(4.04)
Precious Metals
2021	29.91	29.91	3,358	100,435	-	0.90	0.90	(9.75)	(9.75)
2020	33.14	33.14	2,503	82,959	0.25	0.90	0.90	22.99	22.99
2019	26.94	26.94	3,828	103,131	0.03	0.90	0.90	44.68	44.68
2018	18.62	18.62	3,300	61,451	-	0.90	0.90	(14.25)	(14.25)
2017	21.72	21.72	1,800	39,090	-	0.90	0.90	4.34	4.34
Real Estate
2021	124.65	124.65	969	120,804	0.02	0.90	0.90	35.85	35.85
2020	91.75	91.75	943	86,553	1.57	0.90	0.90	(7.13)	(7.13)
2019	98.80	98.80	1,081	106,845	1.68	0.90	0.90	25.63	25.63
2018	78.65	78.65	1,158	91,063	2.17	0.90	0.90	(6.54)	(6.54)
2017	84.15	84.15	1,066	89,670	1.06	0.90	0.90	7.08	7.08
High Yield
2021	27.00	27.00	541	14,603	2.54	0.90	0.90	(0.32)	(0.32)
2020	-	-	-	-	-	-	-	-	-
2019	-	-	-	-	-	-	-	-	-
2018	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-

FS-87

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
ProFunds, continued:
Money Market
2021	0.96	0.96	363,221	348,913	0.01	0.90	0.90	(0.88)	(0.88)
2020	0.97	0.97	517,167	501,200	0.06	0.90	0.90	(0.86)	(0.86)
2019	0.98	0.98	2,065,289	2,018,853	0.77	0.90	0.90	(0.13)	(0.13)
2018	0.98	0.98	2,075,239	2,031,217	0.64	0.90	0.90	(0.48)	(0.48)
2017	0.98	0.98	460,882	453,274	0.02	0.90	0.90	(0.87)	(0.87)
Pimco:
Commodity
2021	10.21	10.22	271,685	2,774,064	4.25	0.45	0.60	32.55	32.74
2020	7.70	7.70	244,780	1,885,678	6.41	0.45	0.60	0.75	0.90
2019	7.63	7.65	287,569	2,197,154	4.57	0.45	0.60	10.77	10.93
2018	6.88	6.90	323,268	2,230,062	2.09	0.45	0.60	(14.65)	(14.52)
2017	8.05	8.09	322,036	2,603,491	12.66	0.45	0.60	1.54	1.70
Total Return
2021	13.35	16.77	967,973	14,073,768	1.83	0.45	0.60	(1.85)	(1.71)
2020	13.58	17.08	881,599	13,081,819	2.11	0.45	0.60	7.99	8.16
2019	12.56	15.82	740,864	10,184,848	3.00	0.45	0.60	7.71	7.87
2018	11.64	14.69	668,085	8,650,668	2.55	0.45	0.60	(1.13)	(0.98)
2017	11.75	14.85	601,127	8,192,522	2.01	0.45	0.60	4.29	4.45
Low Duration
2021	11.17	11.17	1,054	11,765	0.48	0.60	0.60	(1.51)	(1.51)
2020	11.34	11.34	9,960	112,912	1.07	0.60	0.60	2.37	2.37
2019	11.07	11.07	5,924	65,597	2.77	0.60	0.60	3.40	3.40
2018	10.71	10.71	6,155	65,912	1.98	0.60	0.60	(0.26)	(0.26)
2017	10.74	10.74	1,653	17,751	1.34	0.60	0.60	0.75	0.75
American Century:
Mid Cap
2021	34.67	46.44	82,889	3,357,684	1.18	0.45	0.60	22.47	22.65
2020	28.27	37.92	72,313	2,495,186	1.84	0.45	0.60	0.61	0.76
2019	28.05	37.69	71,448	2,445,517	2.12	0.45	0.60	28.38	28.57
2018	21.82	29.36	63,393	1,711,159	1.38	0.45	0.60	(13.36)	(13.23)
2017	25.15	33.88	74,932	2,405,441	1.53	0.45	0.60	11.03	11.20
International
2021	18.00	19.06	68,821	1,303,957	0.16	0.45	0.60	8.10	8.26
2020	16.63	17.63	71,412	1,256,102	0.50	0.45	0.60	25.13	25.31
2019	13.27	14.09	98,317	1,380,449	0.91	0.45	0.60	27.65	27.85
2018	10.38	11.04	121,669	1,336,825	1.33	0.45	0.60	(15.73)	(15.60)
2017	12.30	13.10	155,456	2,023,749	0.89	0.45	0.60	30.43	30.62

FS-88

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
American Century, continued:
Inflation
2021	11.91	12.17	132,742	1,605,543	3.81	0.45	0.60	5.98	6.14
2020	11.23	11.47	45,950	524,798	2.09	0.45	0.60	9.31	11.34
2019	10.28	10.49	14,520	152,306	1.03	0.45	0.60	(0.36)	(0.32)
2018	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-
American Funds:
IS Growth-Inc
2021	71.22	80.31	6,951	551,584	1.50	0.45	0.60	23.76	23.86
2020	57.55	64.84	4,363	282,802	2.18	0.45	0.60	3.88	38.18
2019	51.34	51.34	131	6,748	1.57	0.60	0.60	7.89	7.89
2018	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-
IS Growth
2021	150.06	168.98	7,159	1,147,447	0.51	0.45	0.60	21.57	21.75
2020	123.44	138.80	3,670	472,955	0.61	0.45	0.60	46.11	51.78
2019	81.22	91.45	408	37,327	2.02	0.45	0.60	(1.16)	3.79
2018	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-
Blue Chip
2021	19.00	20.79	28,828	586,366	1.71	0.45	0.60	27.35	27.54
2020	14.92	16.30	36,183	578,819	2.84	0.45	0.60	8.39	8.55
2019	13.76	15.02	15,467	222,050	3.96	0.45	0.60	6.77	13.43
2018	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-
IS International
2021	23.58	24.27	9,921	240,247	2.62	0.45	0.60	(1.82)	(1.68)
2020	24.02	24.68	7,856	193,420	1.24	0.45	0.60	13.59	13.76
2019	21.15	21.69	3,441	73,892	5.87	0.45	0.60	3.76	4.53
2018	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-
IS New World
2021	32.98	33.41	30,028	1,002,473	1.29	0.45	0.60	4.54	4.69
2020	31.55	31.92	10,352	330,372	0.22	0.45	0.60	20.41	33.32
2019	-	-	-	-	-	-	-	-	-
2018	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-

FS-89

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
Franklin Templeton:
Global Inc.
2021	15.08	24.67	237,829	5,445,563	-	0.45	0.60	(5.56)	(5.42)
2020	15.95	26.12	230,992	5,571,217	8.42	0.45	0.60	(5.85)	(5.71)
2019	16.91	27.75	262,035	6,570,245	7.04	0.45	0.60	1.40	1.56
2018	16.65	27.36	259,298	6,540,281	-	0.45	0.60	1.33	1.48
2017	16.41	27.00	280,602	7,009,199	-	0.45	0.60	1.32	1.47
MFS:
Utilities IC
2021	48.58	70.16	34,638	2,234,792	1.75	0.45	0.60	13.41	13.58
2020	42.77	61.86	35,226	1,994,044	2.61	0.45	0.60	5.27	5.43
2019	40.57	58.77	50,860	2,628,366	4.06	0.45	0.60	24.32	24.51
2018	32.58	47.27	45,297	1,953,248	1.09	0.45	0.60	0.45	0.60
2017	32.39	47.06	43,035	1,947,527	4.44	0.45	0.60	14.15	14.32
Mid Cap
2021	17.49	17.56	47,242	828,417	-	0.45	0.60	13.43	13.60
2020	15.42	15.46	32,775	506,089	-	0.45	0.60	35.66	35.87
2019	11.37	11.38	17,959	204,179	-	0.45	0.60	4.04	10.81
2018	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-
Research
2021	23.77	24.20	168,555	4,067,740	0.82	0.45	0.60	10.90	11.07
2020	21.40	21.82	178,236	3,881,960	2.10	0.45	0.60	12.27	12.44
2019	19.03	19.43	209,701	4,065,941	1.46	0.45	0.60	27.28	27.47
2018	14.93	15.27	226,986	3,458,716	1.51	0.45	0.60	(14.64)	(14.51)
2017	17.47	17.89	216,807	3,872,008	1.83	0.45	0.60	27.53	27.72
Summit:
S&P 500
2021	285.08	318.38	17,703	5,362,000	1.36	0.45	0.60	27.65	27.84
2020	223.00	249.42	15,720	3,770,304	1.70	0.45	0.60	17.39	17.57
2019	189.67	212.46	15,952	3,296,915	1.86	0.45	0.60	30.37	30.56
2018	145.27	162.97	14,484	2,313,808	2.01	0.45	0.60	(5.30)	(5.16)
2017	153.18	172.10	13,835	2,361,955	1.43	0.45	0.60	20.74	20.92
EAFE Intl.
2021	117.60	126.02	8,944	1,072,528	1.70	0.45	0.60	10.21	10.38
2020	106.55	114.34	7,976	878,254	3.51	0.45	0.60	7.13	7.29
2019	99.31	106.73	9,669	989,859	2.76	0.45	0.60	20.54	20.72
2018	82.26	88.55	9,401	800,897	3.06	0.45	0.60	(14.10)	(13.97)
2017	95.62	103.08	8,254	825,992	2.16	0.45	0.60	24.02	24.20

FS-90

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
Summit, continued:
S&P MidCap
2021	228.02	228.02	3,267	744,847	0.90	0.60	0.60	23.67	23.67
2020	184.37	184.37	2,545	469,259	1.19	0.60	0.60	12.65	12.65
2019	163.68	163.68	2,707	443,041	1.15	0.60	0.60	25.08	25.08
2018	130.86	130.86	3,484	455,907	1.12	0.60	0.60	(11.86)	(11.86)
2017	148.47	148.47	3,746	556,212	0.68	0.60	0.60	15.20	15.20
Growth
2021	24.93	25.09	299,949	7,482,443	0.98	0.45	0.60	15.18	15.35
2020	21.65	21.75	326,037	7,060,414	1.61	0.45	0.60	1.54	1.70
2019	21.32	21.39	354,072	7,549,922	1.35	0.45	0.60	18.51	18.69
2018	17.99	18.02	394,566	7,098,634	1.09	0.45	0.60	(8.05)	(7.92)
2017	19.56	19.57	421,297	8,242,407	1.16	0.45	0.60	16.23	16.40
Mod. Growth
2021	24.56	24.70	256,950	6,346,373	1.00	0.45	0.60	12.97	13.13
2020	21.71	21.87	262,984	5,749,533	1.61	0.45	0.60	3.13	3.29
2019	21.01	21.21	305,160	6,467,822	1.47	0.45	0.60	17.86	18.03
2018	17.80	17.99	311,358	5,600,032	1.23	0.45	0.60	(7.25)	(7.11)
2017	19.17	19.40	323,433	6,271,051	1.17	0.45	0.60	13.87	14.04
Moderate
2021	23.52	23.55	517,918	12,198,020	1.04	0.45	0.60	9.41	9.57
2020	21.46	21.53	562,075	12,098,651	1.68	0.45	0.60	4.73	4.88
2019	20.46	20.56	608,555	12,506,850	1.55	0.45	0.60	16.32	16.49
2018	17.57	17.67	657,603	11,617,902	1.36	0.45	0.60	(6.30)	(6.16)
2017	18.72	18.86	679,182	12,804,396	1.31	0.45	0.60	11.49	11.66
Russell Small Cap
2021	142.13	143.26	47,626	6,829,468	0.75	0.45	0.60	13.84	14.01
2020	124.85	125.65	43,347	5,458,806	1.08	0.45	0.60	18.93	19.11
2019	104.98	105.49	44,767	4,736,122	1.27	0.45	0.60	24.33	24.51
2018	84.44	84.72	18,275	1,556,782	1.16	0.45	0.60	(11.76)	(11.63)
2017	95.69	95.87	13,282	1,287,508	0.85	0.45	0.60	13.69	13.86
T. Rowe:
Blue Chip
2021	61.08	64.19	272,068	16,954,947	-	0.45	0.60	16.92	17.09
2020	52.24	54.82	308,667	16,393,910	-	0.45	0.60	33.48	33.68
2019	39.14	41.01	360,229	14,293,683	-	0.45	0.60	29.11	29.31
2018	30.31	31.71	408,765	12,543,598	-	0.45	0.60	1.30	1.46
2017	29.92	31.26	427,240	12,878,262	-	0.45	0.60	35.36	35.56

FS-91

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
Morgan Stanley:
Emerging Markets
2021	20.20	27.26	537,834	12,958,010	0.83	0.45	0.60	2.37	2.53
2020	19.70	26.63	545,151	12,951,553	1.40	0.45	0.60	13.75	13.93
2019	17.30	23.41	569,631	11,899,629	1.07	0.45	0.60	18.87	19.05
2018	14.53	19.69	561,353	9,983,235	0.48	0.45	0.60	(17.96)	(17.84)
2017	17.68	24.00	509,466	11,426,052	0.72	0.45	0.60	34.26	34.46
DFA:
Bond
2021	11.69	12.68	2,177,063	25,717,492	0.77	0.45	0.60	(1.63)	(1.48)
2020	11.87	12.89	1,820,085	21,912,672	0.03	0.45	0.60	0.85	1.00
2019	11.75	12.79	1,891,468	22,560,225	3.04	0.45	0.60	3.56	3.72
2018	11.33	12.35	1,329,386	15,405,389	5.36	0.45	0.60	1.14	1.29
2017	11.18	12.21	919,948	10,670,170	2.55	0.45	0.60	1.50	1.66
Small
2021	19.57	23.41	657,439	13,231,616	2.73	0.45	0.60	13.88	14.05
2020	17.16	20.56	611,626	10,850,169	2.08	0.45	0.60	8.76	8.92
2019	15.75	18.90	660,889	10,776,774	3.09	0.45	0.60	23.16	23.34
2018	12.77	15.35	509,078	6,806,753	1.99	0.45	0.60	(20.25)	(20.13)
2017	15.99	19.24	343,563	5,970,226	3.45	0.45	0.60	29.17	29.37
Value
2021	16.23	17.97	1,472,304	24,880,989	4.06	0.45	0.60	17.41	17.59
2020	13.81	15.31	1,620,713	23,392,527	2.45	0.45	0.60	(2.35)	(2.21)
2019	14.12	15.68	1,578,796	23,354,479	3.90	0.45	0.60	15.17	15.34
2018	12.24	13.61	1,305,295	16,913,228	3.05	0.45	0.60	(17.58)	(17.46)
2017	14.83	16.52	989,880	15,819,746	3.27	0.45	0.60	25.06	25.25
Fixed
2021	10.37	10.57	1,495,768	15,720,054	0.01	0.45	0.60	(0.79)	(0.64)
2020	10.45	10.64	1,298,378	13,709,366	0.54	0.45	0.60	0.00	0.15
2019	10.45	10.62	1,412,191	14,895,415	2.33	0.45	0.60	1.90	2.06
2018	10.26	10.41	1,339,164	13,837,103	1.84	0.45	0.60	1.17	1.32
2017	10.14	10.27	996,447	10,149,544	1.22	0.45	0.60	0.23	0.38
Large
2021	42.29	48.43	581,076	25,265,655	1.81	0.45	0.60	26.28	26.47
2020	33.44	38.35	565,194	19,538,181	2.04	0.45	0.60	(1.97)	(1.82)
2019	34.06	39.12	636,511	22,386,703	2.34	0.45	0.60	25.03	25.22
2018	27.20	31.29	591,590	16,730,440	2.60	0.45	0.60	(12.64)	(12.51)
2017	31.09	35.82	424,389	14,032,119	2.35	0.45	0.60	18.37	18.55

FS-92

5. FINANCIAL HIGHLIGHTS, continued

	At December 31				For the Periods Ended December 31
				Net	Inv.
	Unit			Assets	Income	Expense		Total
	Value ($)		Units	($)	Ratio %	Ratio %		Return %
	Min	Max				Min	Max	Min	Max
DFA, continued:
Targeted
2021	35.24	37.28	526,485	18,700,315	1.50	0.45	0.60	38.85	39.06
2020	25.34	26.85	532,048	13,605,547	2.06	0.45	0.60	3.36	3.52
2019	24.48	25.98	493,543	12,207,263	1.70	0.45	0.60	21.83	22.01
2018	20.07	21.32	368,433	7,474,926	1.09	0.45	0.60	(16.37)	(16.25)
2017	23.96	25.50	282,806	6,912,141	1.60	0.45	0.60	9.11	9.28
Global
2021	18.16	18.29	750,980	13,732,292	1.47	0.45	0.60	13.52	13.69
2020	16.00	16.08	696,142	11,196,335	1.35	0.45	0.60	10.62	10.79
2019	14.46	14.52	512,633	7,441,364	3.07	0.45	0.60	17.42	17.60
2018	12.32	12.35	253,371	3,127,357	2.42	0.45	0.60	(7.46)	(7.32)
2017	13.31	13.32	130,369	1,736,395	3.83	0.45	0.60	13.88	14.05
Equity
2021	16.49	16.54	153,705	2,540,306	2.52	0.45	0.60	23.63	23.82
2020	13.34	13.36	80,271	1,071,893	2.42	0.45	0.60	11.49	11.65
2019	11.96	11.96	36,488	436,511	2.51	0.45	0.60	9.55	10.34
2018	-	-	-	-	-	-	-	-	-
2017	-	-	-	-	-	-	-	-	-

FS-93

6. CHANGES IN UNITS OUTSTANDING

The change in units outstanding for the periods ended December 31, were as follows:

	2021	2020
Calvert:
Balanced
Units issued	91,975	76,504
Units redeemed	(103,256)	(53,173)
Net increase(decrease)	(11,281)	23,331
Mid Cap
Units issued	1	-
Units redeemed	(144)	(2,531)
Net increase(decrease)	(143)	(2,531)
Scudder:
Small Cap
Units issued	2,093	327
Units redeemed	(288)	(1,270)
Net increase(decrease)	1,805	(943)
Small Mid Value
Units issued	112,656	53,292
Units redeemed	(103,943)	(46,869)
Net increase(decrease)	8,713	6,423
Thematic
Units issued	86,855	54,372
Units redeemed	(51,831)	(55,324)
Net increase(decrease)	35,024	(952)
Growth
Units issued	2,557	4,440
Units redeemed	(2,571)	(2,596)
Net increase(decrease)	(14)	1,844
Fidelity:
Overseas IC
Units issued	49,948	76,146
Units redeemed	(61,568)	(86,683)
Net increase(decrease)	(11,620)	(10,537)
Inv. Grade Bond IC
Units issued	2,914,705	2,809,617
Units redeemed	(2,810,765)	(2,839,522)
Net increase(decrease)	103,940	(29,905)

FS-94

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
Fidelity, continued:
Equity Income IC
Units issued	11,352	10,296
Units redeemed	(12,444)	(15,540)
Net increase(decrease)	(1,092)	(5,244)
Growth IC
Units issued	22,264	18,582
Units redeemed	(24,262)	(23,230)
Net increase(decrease)	(1,998)	(4,648)
High Income IC
Units issued	185,327	163,955
Units redeemed	(177,132)	(172,474)
Net increase(decrease)	8,195	(8,519)
High Income SC
Units issued	-	-
Units redeemed	(103)	(779)
Net increase(decrease)	(103)	(779)
Contrafund IC
Units issued	43,604	93,144
Units redeemed	(58,265)	(105,238)
Net increase(decrease)	(14,661)	(12,094)
Contrafund SC
Units issued	220	758
Units redeemed	(1,854)	(365)
Net increase(decrease)	(1,634)	393
Mid Cap IC
Units issued	23,395	42,362
Units redeemed	(23,350)	(46,653)
Net increase(decrease)	45	(4,291)
Mid Cap SC
Units issued	-	-
Units redeemed	(408)	(276)
Net increase(decrease)	(408)	(276)

FS-95

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
Fidelity, continued:
Strategic
Units issued	1,529,661	1,779,564
Units redeemed	(1,444,066)	(1,850,094)
Net increase(decrease)	85,595	(70,530)
Money Market
Units issued	40,430,826	379,604,078
Units redeemed	(41,538,656)	(376,428,969)
Net increase(decrease)	(1,107,830)	3,175,109
AIM:
Dividend
Units issued	315	609
Units redeemed	(443)	(1,517)
Net increase(decrease)	(128)	(908)
Health
Units issued	-	367
Units redeemed	(29)	(413)
Net increase(decrease)	(29)	(46)
Technology
Units issued	-	1,072
Units redeemed	(809)	(3,007)
Net increase(decrease)	(809)	(1,935)
Intl. Growth
Units issued	21,776	26,626
Units redeemed	(23,772)	(30,984)
Net increase(decrease)	(1,996)	(4,358)
Franchise
Units issued	4,075	534
Units redeemed	(2,169)	(278)
Net increase(decrease)	1,906	256
Janus:
Growth
Units issued	-	-
Units redeemed	(1)	-
Net increase(decrease)	(1)	-

FS-96

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
Neuberger Berman:
Mid-Cap
Units issued	-	343
Units redeemed	(168)	(1,199)
Net increase(decrease)	(168)	(856)
Bond
Units issued	-	-
Units redeemed	(191)	(374)
Net increase(decrease)	(191)	(374)
Equity
Units issued	15,696	6,837
Units redeemed	(13,258)	(16,113)
Net increase(decrease)	2,438	(9,276)
Regency
Units issued	23,380	20,224
Units redeemed	(17,391)	(21,698)
Net increase(decrease)	5,989	(1,474)
Rydex:
Nova
Units issued	28,071	31,875
Units redeemed	(29,429)	(27,865)
Net increase(decrease)	(1,358)	4,010
NASDAQ
Units issued	6,249	42,960
Units redeemed	(11,156)	(41,062)
Net increase(decrease)	(4,907)	1,898
Precious Metals
Units issued	231,950	784,844
Units redeemed	(164,784)	(972,996)
Net increase(decrease)	67,166	(188,152)
Inv. S&P 500
Units issued	167,823	542,178
Units redeemed	(255,503)	(574,654)
Net increase(decrease)	(87,680)	(32,476)

FS-97

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
Rydex, continued:
Gov. Long Bond
Units issued	7,566	22,478
Units redeemed	(10,892)	(17,866)
Net increase(decrease)	(3,326)	4,612
Inverse NASDAQ
Units issued	138,311	93,745
Units redeemed	(143,936)	(98,648)
Net increase(decrease)	(5,625)	(4,903)
Inv. Long Bond
Units issued	22,723	15,387
Units redeemed	(26,202)	(7,530)
Net increase(decrease)	(3,479)	7,857
Russell
Units issued	743	1,117
Units redeemed	(1,850)	(9,641)
Net increase(decrease)	(1,107)	(8,524)
Sector Rotation
Units issued	56,061	102,183
Units redeemed	(59,388)	(142,789)
Net increase(decrease)	(3,327)	(40,606)
Third Avenue:
Value
Units issued	12,982	12,064
Units redeemed	(14,448)	(14,224)
Net increase(decrease)	(1,466)	(2,160)
Vanguard:
Equity Index
Units issued	2,787,797	2,915,471
Units redeemed	(2,836,596)	(2,878,601)
Net increase(decrease)	(48,799)	36,870
Total Bond
Units issued	12,805,894	15,323,503
Units redeemed	(11,879,328)	(15,862,853)
Net increase(decrease)	926,566	(539,350)

FS-98

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
Vanguard, continued:
REIT Index
Units issued	913,958	1,024,358
Units redeemed	(918,737)	(1,100,224)
Net increase(decrease)	(4,779)	(75,866)
Mid-Cap
Units acquired	796,933	899,320
Units disposed	(740,738)	(1,016,708)
Net increase(decrease)	56,195	(117,388)
Stock Market Index
Units acquired	409,182	362,683
Units disposed	(370,628)	(291,185)
Net increase(decrease)	38,554	71,498
Conservative
Units acquired	105,716	144,105
Units disposed	(119,171)	(84,980)
Net increase(decrease)	(13,455)	59,125
Moderate
Units acquired	53,072	51,520
Units disposed	(40,504)	(14,867)
Net increase(decrease)	12,568	36,653
Short-Term
Units acquired	3,102,837	3,676,808
Units disposed	(2,971,690)	(3,156,072)
Net increase(decrease)	131,147	520,736
Equity Income
Units acquired	290,871	322,509
Units disposed	(261,373)	(341,838)
Net increase(decrease)	29,498	(19,329)
Growth
Units acquired	301,780	251,544
Units disposed	(265,779)	(256,512)
Net increase(decrease)	36,001	(4,968)

FS-99

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
Vanguard, continued:
High Yield Bond
Units acquired	2,095,318	1,254,114
Units disposed	(1,830,795)	(1,273,596)
Net increase(decrease)	264,523	(19,482)
Balanced
Units acquired	365,719	366,036
Units disposed	(324,833)	(360,184)
Net increase(decrease)	40,886	5,852
International
Units acquired	1,095,785	1,478,106
Units disposed	(1,173,515)	(1,727,608)
Net increase(decrease)	(77,730)	(249,502)
Diversified
Units acquired	604,180	796,299
Units disposed	(652,515)	(820,839)
Net increase(decrease)	(48,335)	(24,540)
Small Company Growth
Units acquired	121,593	189,280
Units disposed	(157,346)	(254,479)
Net increase(decrease)	(35,753)	(65,199)
International Stock
Units acquired	482,975	227,211
Units disposed	(283,332)	(100,628)
Net increase(decrease)	199,643	126,583
Global Bond
Units acquired	146,573	83,716
Units disposed	(98,771)	(46,829)
Net increase(decrease)	47,802	36,887
Allspring:
Discovery
Units acquired	41	7
Units disposed	(1)	(48)
Net increase(decrease)	40	(41)
Opportunity
Units acquired	1	-
Units disposed	(15)	(15)
Net increase(decrease)	(14)	(15)

FS-100

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
ProFunds:
Bull
Units acquired	195	20,662
Units disposed	(1,287)	(17,470)
Net increase(decrease)	(1,092)	3,192
Europe
Units acquired	702	-
Units disposed	(184)	(435)
Net increase(decrease)	518	(435)
Mid-Cap
Units acquired	365	-
Units disposed	(87)	(701)
Net increase(decrease)	278	(701)
NASDAQ-100
Units acquired	690	4,303
Units disposed	(865)	(3,844)
Net increase(decrease)	(175)	459
Small-Cap
Units acquired	129	671
Units disposed	-	(671)
Net increase(decrease)	129	-
Small-Cap Value
Units acquired	183	-
Units disposed	(93)	(10)
Net increase(decrease)	90	(10)
Classic Dow
Units acquired	76	497
Units disposed	(758)	(1,032)
Net increase(decrease)	(682)	(535)
Bear
Units acquired	141	1,193
Units disposed	-	(1,115)
Net increase(decrease)	141	78
Short NASDAQ
Units acquired	10,105	44,699
Units disposed	(7,775)	(44,699)
Net increase(decrease)	2,330	-

FS-101

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
ProFunds, continued:
Short Small-Cap
Units acquired	15,911	11,923
Units disposed	(22,876)	(9,234)
Net increase(decrease)	(6,965)	2,689
Short Dow
Units acquired	-	1
Units disposed	-	(72)
Net increase(decrease)	-	(71)
UltraMid
Units acquired	2,141	-
Units disposed	(1,826)	(141)
Net increase(decrease)	315	(141)
UltraOTC
Units acquired	113	59
Units disposed	(65)	(266)
Net increase(decrease)	48	(207)
UltraSmall
Units acquired	2,588	209
Units disposed	(1,849)	(378)
Net increase(decrease)	739	(169)
UltraBull
Units acquired	237	304
Units disposed	-	(327)
Net increase(decrease)	237	(23)
U.S. Gov. Plus
Units acquired	225	491
Units disposed	(953)	(212)
Net increase(decrease)	(728)	279
Opportunity
Units acquired	40,247	5,778
Units disposed	(24,050)	(6,260)
Net increase(decrease)	16,197	(482)

FS-102

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
ProFunds, continued:
Oil & Gas
Units acquired	3,358	440
Units disposed	(2,675)	(417)
Net increase(decrease)	683	23
Precious Metals
Units acquired	4,453	9,144
Units disposed	(3,598)	(10,469)
Net increase(decrease)	855	(1,325)
Real Estate
Units acquired	1,394	1,697
Units disposed	(1,368)	(1,835)
Net increase(decrease)	26	(138)
High Yield
Units acquired	807	-
Units disposed	(266)	-
Net increase(decrease)	541	-
Money Market
Units acquired	499,350	840,478
Units disposed	(653,296)	(2,388,600)
Net increase(decrease)	(153,946)	(1,548,122)
Pimco:
Commodity
Units acquired	294,085	367,255
Units disposed	(267,180)	(410,044)
Net increase(decrease)	26,905	(42,789)
Total Return
Units acquired	1,661,738	1,557,662
Units disposed	(1,575,364)	(1,416,927)
Net increase(decrease)	86,374	140,735
Low Duration
Units acquired	-	9,634
Units disposed	(8,906)	(5,598)
Net increase(decrease)	(8,906)	4,036

FS-103

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
American Century:
Mid Cap
Units acquired	90,833	79,396
Units disposed	(80,257)	(78,531)
Net increase(decrease)	10,576	865
International
Units acquired	71,851	165,956
Units disposed	(74,442)	(192,861)
Net increase(decrease)	(2,591)	(26,905)
Inflation
Units acquired	152,557	92,495
Units disposed	(65,765)	(61,065)
Net increase(decrease)	86,792	31,430
American Funds:
IS Growth-Inc
Units acquired	3,810	4,847
Units disposed	(1,222)	(615)
Net increase(decrease)	2,588	4,232
IS Growth
Units acquired	13,039	5,736
Units disposed	(9,550)	(2,474)
Net increase(decrease)	3,489	3,262
Blue Chip
Units acquired	32,869	56,128
Units disposed	(40,224)	(35,412)
Net increase(decrease)	(7,355)	20,716
IS International
Units acquired	24,274	15,341
Units disposed	(22,209)	(10,926)
Net increase(decrease)	2,065	4,415
IS New World
Units acquired	52,563	13,007
Units disposed	(32,887)	(2,655)
Net increase(decrease)	19,676	10,352

FS-104

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
Franklin Templeton:
Global Inc.
Units acquired	345,298	401,724
Units disposed	(338,461)	(432,767)
Net increase(decrease)	6,837	(31,043)
MFS:
Utilities IC
Units acquired	18,353	35,253
Units disposed	(18,941)	(50,887)
Net increase(decrease)	(588)	(15,634)
Mid Cap
Units acquired	57,920	261,879
Units disposed	(43,453)	(247,063)
Net increase(decrease)	14,467	14,816
Research
Units acquired	581,181	671,520
Units disposed	(590,862)	(702,985)
Net increase(decrease)	(9,681)	(31,465)
Summit:
S&P 500
Units acquired	11,731	10,032
Units disposed	(9,748)	(10,264)
Net increase(decrease)	1,983	(232)
EAFE Intl.
Units acquired	5,098	2,024
Units disposed	(4,130)	(3,717)
Net increase(decrease)	968	(1,693)
S&P MidCap
Units acquired	749	512
Units disposed	(27)	(674)
Net increase(decrease)	722	(162)
Growth
Units acquired	140,619	136,215
Units disposed	(166,707)	(164,250)
Net increase(decrease)	(26,088)	(28,035)
Mod. Growth
Units acquired	48,758	42,272
Units disposed	(54,792)	(84,448)
Net increase(decrease)	(6,034)	(42,176)

FS-105

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
Summit, continued:
Moderate
Units acquired	1,685,686	1,770,164
Units disposed	(1,729,843)	(1,816,644)
Net increase(decrease)	(44,157)	(46,480)
Russell Small Cap
Units acquired	56,935	79,869
Units disposed	(52,656)	(81,289)
Net increase(decrease)	4,279	(1,420)
T. Rowe:
Blue Chip
Units acquired	332,878	529,557
Units disposed	(369,477)	(581,119)
Net increase(decrease)	(36,599)	(51,562)
Morgan Stanley:
Emerging Markets
Units acquired	851,328	920,153
Units disposed	(858,645)	(944,633)
Net increase(decrease)	(7,317)	(24,480)
DFA:
Bond
Units acquired	4,627,370	4,287,112
Units disposed	(4,270,392)	(4,358,495)
Net increase(decrease)	356,978	(71,383)
Small
Units acquired	835,824	1,060,524
Units disposed	(790,011)	(1,109,787)
Net increase(decrease)	45,813	(49,263)
Value
Units acquired	2,698,267	3,689,308
Units disposed	(2,846,676)	(3,647,391)
Net increase(decrease)	(148,409)	41,917
Fixed
Units acquired	2,449,390	2,050,873
Units disposed	(2,252,000)	(2,164,686)
Net increase(decrease)	197,390	(113,813)

FS-106

6. CHANGES IN UNITS OUTSTANDING, continued

	2021	2020
DFA, continued:
Large
Units acquired	874,786	1,016,237
Units disposed	(858,904)	(1,087,554)
Net increase(decrease)	15,882	(71,317)
Targeted
Units acquired	700,652	770,029
Units disposed	(706,215)	(731,524)
Net increase(decrease)	(5,563)	38,505
Global
Units acquired	423,789	564,103
Units disposed	(368,951)	(380,594)
Net increase(decrease)	54,838	183,509
Equity
Units acquired	310,644	150,903
Units disposed	(237,210)	(107,120)
Net increase(decrease)	73,434	43,783

FS-107

AMERITAS LIFE INSURANCE CORP.

________________

STATUTORY BASIS FINANCIAL STATEMENTS AS OF

DECEMBER 31, 2021 AND 2020 AND FOR EACH OF THE

THREE YEARS IN THE PERIOD ENDED DECEMBER 31, 2021

SUPPLEMENTAL SCHEDULES AS OF AND FOR THE

YEAR ENDED DECEMBER 31, 2021

AND INDEPENDENT AUDITORS’ REPORTS

INDEPENDENT AUDITORS’ REPORT

To the Board of Directors

Ameritas Life Insurance Corp.

Lincoln, Nebraska

We have audited the statutory-basis financial statements of Ameritas Life Insurance Corp. (the "Company"), which comprise the statutory-basis statements of admitted assets, liabilities, and capital and surplus as of December 31, 2021 and 2020, and the related statutory-basis statements of summary of operations and changes in capital and surplus and statements of cash flows for the years then ended, and the related notes to the statutory-basis financial statements (collectively referred to as the “statutory-basis financial statements”).

Unmodified Opinion on Statutory-Basis of Accounting

In our opinion, the accompanying statutory-basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended, in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska described in Note 1 to the statutory basis financial statements.

Adverse Opinion on Accounting Principles Generally Accepted in the United States of America

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory-basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2021 and 2020, or the results of its operations or its cash flows for the years then ended.

Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Statutory-Basis Financial Statements section of our report. We are required to be independent of the Company, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America

As described in Note 1 to the statutory-basis financial statements, the statutory-basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Insurance Department of the State of Nebraska. The effects on the statutory-basis financial statements of the variances between the statutory-basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

1

Responsibilities of Management for the Statutory-Basis Financial Statements

Management is responsible for the preparation and fair presentation of the statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory-basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory-basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the statutory-basis financial statements are issued.

Auditor’s Responsibilities for the Audit of the Statutory-Basis Financial Statements

Our objectives are to obtain reasonable assurance about whether the statutory-basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory-basis financial statements.

In performing an audit in accordance with GAAS, we:

•Exercise professional judgment and maintain professional skepticism throughout the audit.

•Identify and assess the risks of material misstatement of the statutory-basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory-basis financial statements.

•Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.

•Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory-basis financial statements.

•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

Other Information Included in the Annual Report

Management is responsible for the other information included in the annual report. The other information comprises the information included in the annual report but does not include the statutory-basis financial statements and our auditor’s report thereon. Our opinion on the statutory-basis financial statements does not cover the other information, and we do not express an opinion or any form of assurance thereon.

2

In connection with our audit of the statutory-basis financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the statutory-basis financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

/s/ Deloitte & Touche LLP

Omaha, Nebraska

March 25, 2022

3

AMERITAS LIFE INSURANCE CORP.
Balance Sheets - Statutory Basis
(in thousands, except shares)
	December 31
ADMITTED ASSETS	2021		2020
Bonds	$	10,330,856	$	9,638,654
Preferred stocks	10,273		12,177
Common stocks	586,822		477,335
Mortgage loans	2,226,042		2,094,450
Real estate:
Properties occupied by the company	35,221		43,873
Properties held for the production of income	5,022		4,662
Properties held for sale	155		—
Cash, cash equivalents, and short-term investments	186,574		370,839
Loans on insurance contracts	545,818		539,975
Other investments	1,058,235		959,112
Total Cash and Invested Assets	14,985,018		14,141,077
Investment income due and accrued	118,569		113,867
Deferred and uncollected premiums	117,931		117,946
Federal income tax recoverable	6,068		22,861
Net deferred income tax asset	88,344		82,612
Funds held under coinsurance - affiliate	38,775		40,235
Other admitted assets	142,103		137,556
Separate account assets	11,996,727		11,041,001
Total Admitted Assets	$	27,493,535	$	25,697,155
LIABILITIES, CAPITAL AND SURPLUS
Reserves for life, accident and health policies	$	11,386,234	$	10,849,229
Deposit-type funds	990,510		1,000,269
Reserves for unpaid claims	154,319		123,340
Dividends payable to policyholders	26,153		29,600
Interest maintenance reserve	70,775		70,008
Accrued commissions, expenses and insurance taxes	147,234		130,838
Accrued separate account transfers	(13,461)		(33,775)
Asset valuation reserve	295,155		251,837
Other liabilities	462,624		484,122
Separate account liabilities	11,996,727		11,041,001
Total Liabilities	25,516,270		23,946,469
Common stock, par value $0.10 per share; 25,000,000 shares authorized,
issued and outstanding	2,500		2,500
Additional paid in capital	431,449		431,449
Surplus notes	49,958		49,949
Unassigned surplus	1,493,358		1,266,788
Total Capital and Surplus	1,977,265		1,750,686
Total Liabilities, Capital and Surplus	$	27,493,535	$	25,697,155

The accompanying notes are an integral part of these statutory basis financial statements.

4

AMERITAS LIFE INSURANCE CORP.
Summary of Operations and Changes in Capital and Surplus - Statutory Basis
(in thousands)
	Years Ended December 31
	2021		2020		2019
Premiums and Other Revenue
Premium income, net	$	3,653,978	$	3,145,365	$	3,115,518
Net investment income	614,996		574,628		541,505
Commissions and expense allowances on reinsurance ceded	28,594		23,890		28,978
Modco reinsurance adjustment – affiliate	1,003		1,353		15,728
Income from fees associated with separate accounts	77,749		69,103		69,039
Separate account reserve transfers assumed	—		—		3,941
Miscellaneous income	38,397		36,340		33,985
Total Premiums and Other Revenue	4,414,717		3,850,679		3,808,694
Expenses
Benefits to policyholders	3,399,801		2,993,986		2,761,958
Modco reinsurance adjustment	—		—		3,292
Change in reserves for life, accident and health policies	533,841		647,921		508,702
Commissions	278,055		235,130		214,351
General insurance expenses	490,947		414,235		399,545
Taxes, licenses and fees	52,415		61,560		43,829
Net transfers from separate accounts	(471,335)		(599,242)		(257,635)
Total Expenses	4,283,724		3,753,590		3,674,042
Gain from Operations before Dividends, Federal Income Tax
Expense and Net Realized Capital Gains	130,993		97,089		134,652
Dividends to policyholders	24,449		29,448		32,868
Gain from Operations before Federal Income Tax
Expense and Net Realized Capital Gains	106,544		67,641		101,784
Federal income tax expense	17,359		19,600		31,941
Gain from Operations before Net Realized Capital Gains	89,185		48,041		69,843
Net realized capital gains, net of taxes	7,046		16,377		21,404
Net Income	96,231		64,418		91,247
Surplus notes
Surplus notes amortization	9		8		9
Unassigned surplus
Change in unrealized gains, net of tax	147,922		6,833		73,561
Change in net deferred income taxes	17,156		17,672		20,499
Change in non-admitted assets	10,189		4,263		22,426
Change in asset valuation reserve	(43,318)		(37,815)		(59,402)
Change in liability for reinsurance in unauthorized companies	(12)		—		—
Change in valuation basis (Note 1)	—		5,820		—
Change in unrecognized actuarial losses on pension, net of tax	1,234		(124)		(1,361)
Deferred reinsurance gain, net of tax (Note 14)	—		—		36,560
Amortization of reinsurance gain, net of tax (Note 14)	(2,832)		(3,643)		(911)
Net Change in Capital and Surplus	226,579		57,432		182,628
Capital and Surplus at the Beginning of the Year	1,750,686		1,693,254		1,510,626
Capital and Surplus at the End of Year	$	1,977,265	$	1,750,686	$	1,693,254

The accompanying notes are an integral part of these statutory basis financial statements.

5

AMERITAS LIFE INSURANCE CORP.
Statements of Cash Flows – Statutory Basis
(in thousands)
	Years Ended December 31
	2021		2020		2019
OPERATING ACTIVITIES
Premium collected net of reinsurance	$	3,659,508	$	3,148,430	$	3,125,452
Net investment income received	618,329		580,409		542,945
Miscellaneous income	144,399		131,821		131,482
Benefits paid to policyholders	(3,353,557)		(2,964,134)		(2,741,955)
Net transfers from separate accounts	491,649		595,005		257,382
Commissions, expenses and taxes paid	(814,118)		(720,314)		(668,654)
Dividends paid to policyholders	(27,895)		(32,143)		(35,504)
Federal income taxes paid	(5,845)		(41,390)		(4,247)
Net Cash from Operating Activities	712,470		697,684		606,901
INVESTING ACTIVITIES
Proceeds from investments sold, matured or repaid	2,189,136		1,754,890		1,634,808
Cost of investments acquired	(3,076,389)		(2,475,802)		(2,133,732)
Net change in loans on insurance contracts	(6,821)		17,266		(3,412)
Net Cash from Investing Activities	(894,074)		(703,646)		(502,336)
FINANCING AND MISCELLANEOUS ACTIVITIES
Change in deposit-type funds	(9,759)		24,982		13,482
Other miscellaneous, net	7,098		57,797		6,177
Net Cash from Financing and Miscellaneous Activities	(2,661)		82,779		19,659
Net Change in Cash, Cash Equivalents and Short-Term Investments	(184,265)		76,817		124,224
Cash, Cash Equivalents and Short-Term Investments
– Beginning of Year	370,839		294,022		169,798
Cash, Cash Equivalents and Short-Term Investments
– End of Year	$	186,574	$	370,839	$	294,022
Non-cash transactions from operating, investing and financing activities:
Conversion of mortgage loans to real estate	$	155	$	—	$	600
Recognized commitments for low income housing investments (Note 3)	—		20,000		—
Exchanges of bonds and stocks	16,918		29,671		84,538
Bonds converted to stocks	—		516		—
Acquisition of stock from alternative partnerships	—		828		251
Transfer between bonds and short-term investments	—		—		997
Affiliated common stock converted to an affiliated LLC (Note 1)	—		30,052		—
Distribution of electronic data processing equipment and software
from an affiliated LLC (Note 5)	—		288		—
Impairment of internally developed software costs (Note 1)	—		—		1,801
Impairment of other admitted asset (Note 1)	—		1,690		—
Initial commissions and expense allowances ceded due to combination
coinsurance/quota share funds withheld reinsurance agreement (Note 14)	—		—		4,211

The accompanying notes are an integral part of these statutory basis financial statements.

6

AMERITAS LIFE INSURANCE CORP.

Notes to Financial Statements – Statutory Basis

For the Years Ended December 31, 2021, 2020 and 2019

(in thousands)

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Ameritas Life Insurance Corp. (the Company or Ameritas Life), a stock life insurance company domiciled in the state of Nebraska, is a wholly owned subsidiary of Ameritas Holding Company (AHC), which is a wholly owned subsidiary of Ameritas Mutual Holding Company (AMHC). AMHC is a mutual insurance holding company. Owners of designated policies issued by the Company have membership interest in AMHC, while contractual rights remain with the Company. AHC also wholly owns Ameritas Investment Partners, Inc. (AIP), an advisor providing investment management services to the Company.

The Company wholly-owns Ameritas Life Insurance Corp. of New York (Ameritas-NY), a New York domiciled life insurance subsidiary and Ameritas Investment Company, LLC (AIC), a broker dealer. The Company previously owned Calvert Investments, Inc. (Calvert), a provider of investment and administrative services (dissolved March 31, 2020) and Griffin Realty LLC (Griffin), a real estate company (dissolved September 30, 2021). Effective January 1, 2020, AIC converted from a corporation to a single member limited liability company, and the Company formed two single member limited liability companies, Variable Contract Agency LLC (VCA), an insurance agency, and Ameritas Advisory Services LLC (AAS), an investment advisor to house AIC insurance agency licenses and registered investment advisory activity, respectively. Effective April 30, 2020, the Company acquired Select Benefits Group, LLC dba Dental Select (Dental Select), a third-party administrator (TPA) for dental and vision insurance plans. Effective September 30, 2021, Ameritas Life acquired BlueStar Retirement Services, Inc. (BlueStar), a full-service recordkeeper and third-party administrator for retirement plans, and converted it to a single member limited liability company. Effective September 30, 2021, Griffin was liquidated with net assets distributed to Ameritas Life.

The Company has established three Closed Blocks of policies: on October 1, 1998, on July 1, 2005, and on July 1, 2007, (collectively, the Closed Blocks). The Company formed these closed blocks of policies, under arrangements approved by the Insurance Departments of the State of Nebraska, Ohio or the District of Columbia, as appropriate, to provide for dividends on policies that were in force on each respective effective date and which were within the classes of individual policies, for which the Company had a dividend scale in effect at those dates. The Closed Blocks were designed to give reasonable assurance to owners of affected policies that the assets will be available to support such policies, including maintaining dividend scales in effect at the effective dates, if the experience underlying such scales continues. The assets, including income thereon, will accrue solely to the benefit of the owners of policies included in each block until the respective block is no longer in effect.

The Company’s insurance operations consist of life and health insurance, annuity, group pension and retirement contracts. The Company and its subsidiaries operate in 49 states and the District of Columbia.

Basis of Presentation

The accompanying financial statements of the Company have been prepared in accordance with accounting practices prescribed or permitted by the Insurance Department of the State of Nebraska (the Department).

Accounting practices and procedures of the National Association of Insurance Commissioners (NAIC) as prescribed or permitted by the Department comprise a comprehensive basis of accounting (NAIC SAP) other than accounting principles generally accepted in the United States of America (GAAP). The Company follows NAIC SAP and has not been granted any Nebraska prescribed or permitted practices.

7

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

The preparation of financial statements in accordance with statutory accounting practices 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 income and expenses during the reporting period. Such estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed herein. Material estimates susceptible to significant change include reserves, income taxes, investment values, and other-than-temporary impairments (OTTI). Throughout 2020 and 2021, the COVID-19 pandemic has resulted in extreme stress and disruption in the economy, financial markets and business operations. At this stage, the impact on our results of operations, financial condition and cash flows has not been material. The pandemic will continue to disrupt the economy and markets for an indefinite period of time and the Company continues to monitor the risks to investments and insurance liabilities. The Company cannot predict what impact the COVID-19 pandemic will ultimately have on the economy, financial markets or our business.

Current NAIC SAP practices vary from GAAP. The more significant variances between NAIC SAP and GAAP are as follows:

Under NAIC SAP, investments in bonds are reported at the lower of amortized cost or fair value based on their NAIC rating or classification, and any adjustments to fair value are reported directly in surplus. Under GAAP, bonds are carried either at amortized cost or fair value based on their classifications.Under GAAP, bonds designated at purchase as held-to-maturity based on the Company’s intent and ability to hold to maturity would be carried at amortized cost. Bonds designated as available-for-sale would be carried at fair value with net unrealized holding gains and losses reported in other comprehensive income. Bonds designated as trading would be carried at fair value with net unrealized holding gains and losses reported in income.

Under NAIC SAP, for bonds other than loan-backed and structured securities, if the Company has the intent to sell an impaired security, the cost basis of the security is written down to fair value. If the Company does not have the intent to sell, but it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to fair value. Under GAAP, if the Company has the intent to sell or will more likely than not be required to sell before recovery of its cost basis, the cost basis of the security is written down to fair value. If the Company does not have the intent to sell and it is not more likely than not to be required to sell before recovery of its cost basis, the cost basis must be written down to discounted estimated future cash flows with the remaining unrealized loss, if applicable, recognized in other comprehensive income.

Under NAIC SAP, all loan-backed and structured securities are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium of such securities using either the retrospective or prospective method, applied consistently by asset class. If the Company has the intent to sell an impaired security, the cost basis of the security is written down to fair value. If the Company does not have the intent to sell and it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the discounted estimated future cash flows. Under GAAP, all securities, purchased or retained, that represent beneficial interests in securitized assets, other than high credit quality securities, are adjusted using the prospective method when there is a change in estimated future cash flows. If the Company has the intent to sell or will more likely than not be required to sell before recovery of its cost basis, the cost basis must be written down to fair value. If the Company does not have the intent to sell and it is not more likely than not to be required to sell before recovery of its cost basis, the cost basis must be written down to discounted estimated future cash flows with the remaining unrealized loss, if applicable, recognized in other comprehensive income.

Investments in unaffiliated common stocks and preferred stocks are carried at values prescribed by the NAIC. Under GAAP, common stocks and preferred stocks are carried at fair value with changes in unrealized gains and losses recognized in income.

Subsidiaries are included as common stocks carried under the equity method, with the equity in net income (loss) of subsidiaries credited directly to the Company’s unassigned surplus for NAIC SAP. Dividends received from subsidiaries are recorded in net investment income. GAAP requires either consolidation or the equity interest in net income of subsidiaries to be credited to the income statement.

8

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

Under NAIC SAP, real estate owned and occupied by the Company is included in invested assets, and net investment income and operating expenses includes self-charged rent for the Company’s occupancy of this property. Under GAAP, this property would be classified as an operating asset, and there would be no self-charged rent or expenses.

Investments in limited partnerships, limited liability companies, and joint venture investments are accounted for on the GAAP equity method for NAIC SAP. Under GAAP, such investments are accounted for at cost or the equity method depending upon ownership percentage and control unless consolidation is required under variable interest entity guidance.

Under NAIC SAP, investments in low income housing tax credits are carried under amortized cost method. Under GAAP, such investments are accounted for under the equity method or the proportional amortization method, depending upon the characteristics of such investments.

The asset valuation reserve ("AVR") and interest maintenance reserve ("IMR") are established only on the statutory financial statements.

Under NAIC SAP, derivative instruments that meet the criteria of an effective hedge are valued and reported in a manner that is consistent with the hedged asset or liability and embedded derivatives are not accounted for separately from the host contract. Also, the change in fair value of open derivative instruments that do not meet the criteria of an effective hedge is recorded as an unrealized gain or loss in surplus. Under GAAP, all derivatives are reported on the balance sheets at fair value. Changes in fair value of derivatives, to the extent they are effective at offsetting hedged risk are recorded through either income or equity, depending on the nature of the hedge. An embedded derivative within a contract that is not clearly and closely related to the economic characteristics and risks of the host contract is accounted for separately from the host contract and reported at fair value.

Acquisition costs, such as commissions and other costs directly related to acquiring new business, are charged to operations as incurred under NAIC SAP. Under GAAP, acquisition costs are capitalized and charged to operations as the revenues or expected gross profits are recognized.

Under NAIC SAP, identifiable intangible assets are not recorded.

Under NAIC SAP, amounts that represent revenue for services to be provided in future periods are reported as revenue when received. Under GAAP, amounts would be reported as a liability and amortized into revenue using the same assumptions used to amortize deferred policy acquisition costs.

Certain assets designated as non-admitted are excluded from the accompanying Balance Sheets – Statutory Basis and are charged directly to unassigned surplus.Under GAAP, these assets would be included in the balance sheets, net of any valuation allowance.

Under NAIC SAP, Universal Life and Annuity revenues consist of the entire premium received and benefits represent the death benefits paid and the change in policy reserves. Under GAAP, revenues are comprised of contract charges and fees which are recognized when assessed against the policyholder account balance.

Policy reserves for Life, Accident and Health policies are based on methods prescribed by the NAIC, which include mortality and interest assumptions without consideration for lapses or withdrawals. Under GAAP, policy reserves are based on the Company’s estimates of morbidity, mortality, lapse, and interest assumptions.

Under NAIC SAP, policyholder dividends are recognized when declared. Under GAAP, policyholder dividends would be for dividends that have accrued as of the financial statement date.

9

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

Under NAIC SAP, reinsurance agreements must transfer risk from the ceding company to the reinsurer in order to receive the reinsurance accounting treatment. If the terms of the agreement violate the risk transfer criteria, the agreement shall be accounted for as deposit accounting. Under NAIC SAP, reserves and unpaid claim liabilities ceded to reinsurers have been reported as reductions to the related reserves. To qualify for risk transfer and be accounted for as reinsurance under GAAP, an evaluation must be made to determine whether the contract indemnifies against insurance risk. If risk transfer requirements are not met, the reinsurance agreement is considered a financing arrangement and deposit accounting is required. Under deposit accounting, assets received by the assuming entity are offset in the balance sheet by recording a liability. The initial obligation is based on the consideration paid or received less any explicitly identified premiums or fees to be retained by the insurer or reinsurer. Deposit assets and liabilities are reported on a gross basis, unless the right of offset exists. There is no initial impact on the income statement from the recording of the transaction under deposit accounting.

Certain reinsurance agreements which receive reinsurance accounting treatment under NAIC SAP qualify as business combinations under GAAP. In such transaction under GAAP, all acquired assets and liabilities, including identifiable intangible assets and goodwill, are measured and recorded at fair value as of the date of acquisition and reinsurance recoverables are recorded as an asset.

Under NAIC SAP, a liability for reinsurance balances is provided for unsecured policy reserves ceded to reinsurers unauthorized by license to assume such business. Changes to those amounts are credited or charged directly to unassigned surplus. Under GAAP, no such amounts are recorded.

Reinsurance recoverables on unpaid losses are reported as a reduction of policy reserves, while under GAAP, they are reported as an asset.

Under NAIC SAP, the difference between the employee benefit plan’s assets and the employee benefit obligation is reflected as an asset or liability, with an offset to unassigned surplus and the excess recorded as a non-admitted asset. Prior service costs are recorded as a component of unassigned surplus, net of tax. Under GAAP, the difference between the plan’s assets and the benefit obligation is reflected as an asset or liability, with an offset to other comprehensive income. Prior service costs are recorded as a component of other comprehensive income, net of tax.

NAIC SAP requires an amount be recorded for deferred taxes as a component of surplus, however, there are limitations as to the amount of deferred tax assets that may be reported as admitted assets that are not applicable under GAAP. Under NAIC SAP, both the valuation allowance determination and admission calculation are made based on a separate company basis.

Under SAP, surplus notes are reported as surplus under and interest cannot be accrued until written approval has been received from the Department. Under GAAP, surplus notes are included in liabilities including interest.

Under NAIC SAP, cash, cash equivalents and short-term investments represent cash balances and investments with remaining maturities when purchased of one year or less. Under GAAP, cash and cash equivalents include investments with remaining maturities when purchased of three months or less. Under GAAP, short-term investments are reported as a component of fixed maturity or equity investment balances.

Under NAIC SAP, the amount of goodwill recorded as an admitted asset is subject to limitation and is amortized into earnings over a period not to exceed 10 years. Goodwill under GAAP is not amortized into earnings and annually analyzed for impairment which would be reported as a recognized loss into earnings.

Comprehensive income and its components are not presented under NAIC SAP.

Statement of cash flows are presented as prescribed under NAIC SAP.

10

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

Significant statutory accounting practices are as follows:

Investments

Investments are stated at amounts prescribed by the NAIC which are as follows: bonds not backed by other loans and SVO identified investments are stated at amortized cost and loan-backed bonds and structured securities are stated at amortized cost using the interest method including anticipated prepayments at the date of purchase. Significant changes in estimated cash flows from the original purchase assumptions are reviewed monthly. Prepayment assumptions for loan-backed bonds and structured securities are obtained from broker dealer survey values or internal estimates based on characteristics of similar products, consistent with the current interest rate and economic environment. The retrospective adjustment method is used to value all loan-backed and structured securities and non-agency structured securities of high credit quality. The prospective method is used to value structured securities with significant changes in cash flow, or of lower credit quality. All bonds with a NAIC designation of 6 are stated at the lower of amortized cost or fair value.

Investments in preferred stocks are carried at cost if the NAIC designation is RP3 or P3 and above. Preferred stocks with NAIC designations of RP4 or P4 and below are carried at the lower of cost or fair value.

Common stocks are generally reported at fair value. Investments in stocks of insurance subsidiaries are carried at audited statutory equity and non-insurance subsidiaries and affiliates in which the Company has an interest of 10% or more are carried equal to the Company’s proportionate share of the audited GAAP-basis equity after the date of acquisition. The change in the carrying value is generally recorded as a change in unrealized gains (losses) on investments, a component of unassigned surplus. The value of affiliated subsidiaries was $119,436 and $87,265 at December 31, 2021 and 2020, respectively. The Federal Home Loan Bank (FHLB) common stock is carried at cost.

Mortgage loans are stated at the unpaid principal balance less unamortized discounts or plus unamortized premiums. The Company records a reserve for losses on mortgage loans as part of the AVR and mortgage loans are written down if deemed impaired.

Real estate occupied by the Company and held for the production of income is reported at depreciated cost. Real estate held for sale is reported at the lower of amortized cost or fair value. Depreciation expense is determined by the straight-line method. Real estate owned and occupied by the Company is included in investments, and investment income and operating expenses include rent for the Company’s occupancy of its owned properties.

In 2015, the Company entered into a ten year, 4% non-recourse loan of $15,500 on a real estate property with scheduled maturities of $480, $498, $518, and $11,388 during the years ended December 31, 2022, 2023, 2024, and 2025, respectively. The Company recorded an encumbrance on this real estate property up to its carrying value with the remaining amount classified as borrowings included in other liabilities in the Balance Sheets - Statutory Basis. At December 31, 2021 and 2020, the amount of borrowing over the carrying value of real estate property was $3,920 and $3,662, respectively.

Cash and cash equivalents consist of cash-in-bank, cash-in-transit, money market mutual funds and all highly liquid securities with remaining maturity when purchased of three months or less. Money market mutual funds are stated at amortized cost which approximates fair value. Short-term investments presented in the Balance Sheets – Statutory Basis consist of all investments that have a maturity date of one year or less at the date acquired and are stated at amortized cost, which approximates fair value.

Loans on insurance contracts are stated at the aggregate unpaid principal balance. The excess of the unpaid balance of the loan over the cash surrender value is considered a non-admitted asset.

11

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

The carrying amount of limited partnerships, limited liability companies, and joint ventures reflects the underlying GAAP equity of these investments. Income from these investments is recognized when distributed. Unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus. These investments are recorded in other investments in the Balance Sheets – Statutory Basis. The recorded carrying value of affiliated limited liability companies are as follows:

	2021		2020
AIC	$	9,606	$	13,120
Griffin 1	—		1,269
VCA 1	399		227
AAS 1	432		47
Dental Select	79,091		87,443
BlueStar Retirement Services, LLC	34,343		—
Total	$	123,871	$	102,106

1 Griffin, VCA and AAS did not have GAAP audits performed, so the Company non-admits these assets.

Other investments also include collateral loans, surplus debentures, and low-income housing tax credits carried under the amortized cost method. Other-than-temporary impairments of $1,265 and $691 were recorded as realized losses during 2021 and 2020, respectively. There were no other-than-temporary impairments recorded during 2019. The Company has no investments in joint ventures, partnerships, or limited liability companies that exceeds 10% of its admitted assets.

The Company purchases and sells futures contracts to hedge against principal losses on variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Futures contracts are a standardized contractual agreement to buy or sell a particular financial instrument at a predetermined price in the future. The gains and losses of futures contracts are derived from the daily movement of the underlying market. These gains and losses are settled in cash through a daily variation margin. The Company also sells futures contracts on certain equity indices with expiration dates of less than 6 months as well as buys and sells futures contracts on certain Treasury notes and bonds, ranging in maturities between 1 and 30 years, with expiration dates of less than 6 months. The Company purchases and sells futures contracts to hedge volatility risk with expiration dates of less than 6 months. The Company does not receive cash on the initial purchase or sale of the futures contracts, but will receive or pay cash daily based on the movement of the underlying index or Treasury notes. The net notional amount of the futures contracts at December 31, 2021 and 2020 was $47,726 and $(101,040), respectively.

The Company is required to post collateral to the brokering bank for futures. To comply with this requirement, the Company usually posts short-term Treasury bills with the bank. The bank acts as an intermediary to the futures transactions and takes initial margins from both parties to limit the counterparty risk. The collateral (Treasury bills) is recorded in bonds on the Balance Sheets – Statutory Basis as an asset by the Company. The book/adjusted carrying value of the collateral recorded at December 31, 2021 and 2020 was $29,998 and $24,991, respectively.

Since futures contracts are not considered an effective hedge, the total variation margin on open contracts is reflected in the change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The total variation margin on closed futures contracts is reflected in net investment income in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

The Company purchases and sells interest rate swaps to hedge against principal losses on variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. An interest rate swap is an agreement between two parties to exchange a stream of future cash flows based on a notional (principal) amount over a specified period of time. The Company trades “plain vanilla” interest rate swaps where a fixed payment is exchanged for a floating payment where the floating payment is based on three-month LIBOR. The Company does not receive cash on the initial purchase or sale of an interest rates swap, but will receive or pay cash daily based on the change in value of the position. The notional amount of the interest rate swaps at December 31, 2021 and 2020 was $0 and $244,000, respectively.

12

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

The Company is required to post collateral to the brokering bank for interest rate swaps. To comply with this requirement, the Company usually posts short-term Treasury bills with the bank. The bank acts as an intermediary to the swaps transactions and takes initial margins from both parties to limit the counterparty risk. The collateral (Treasury bills) is recorded in bonds on the Balance Sheets - Statutory Basis as an asset by the Company. The book/adjusted carrying value of the collateral recorded at December 31, 2021 and 2020 was $0 and $27,997, respectively.

Since interest rate swaps are not considered an effective hedge, the total variation margin on open swaps is reflected in the change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. The total variation margin on closed interest rate swaps is reflected in net investment income in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis.

The Company purchases and sells call options (Over the Counter (OTC) index call options) to hedge insurance contracts whose credited interest is linked to returns on multiple equity indices based on a formula which applies participation rates and/or cap rates to the returns in the indices. Call options are contracts, which give the option purchaser the right, but not the obligation, to buy securities at a specified price during a specified period. The OTC index call options expire monthly until December 22, 2023. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased OTC index call options give the Company the right to receive cash at settlement if the closing Index value is above the strike price, while the written OTC index call options require the Company to pay cash at settlement if the closing Index value is above the strike price. The Company sells OTC index call options to effectively offset the proceeds the Company would receive on its purchased OTC index call options that represent a return above the amount that would be credited to insurance contracts electing a capped return in the Index. These proceeds do not result in income to the Company because the hedged insurance contracts would be credited interest for an equivalent amount.

The Company purchases and sells Exchange traded index call options (Exchange traded index call options) based on multiple equity indices to hedge equity index annuity contracts and universal life contracts. The Company has purchased and written Exchange traded index call options that expire through December 1, 2022. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased Exchange traded index call options give the Company the right to receive cash at settlement if the closing index value is above the strike price, while the written Exchange traded index call options require the Company to pay cash at settlement if the closing index value is above the strike price. If the closing index value is below the strike price, the Exchange traded index call options expire without value.

The Company purchases and sells Exchange traded put options (Equity put options) based on multiple equity indices to hedge variable annuity contracts with a guaranteed lifetime withdrawal benefit rider attached. Put options are contracts, which give the option purchaser the right, but not the obligation, to sell securities at a specified price during a specified period. The Company has no outstanding purchased and written Exchange traded put options as of December 31, 2021 and 2020. The Company paid and received initial fees (the option premium) to enter the option contracts. The purchased Equity put options give the Company the right to receive cash at settlement if the closing index value is below the strike price, while the written Equity put options require the Company to pay cash at settlement if the closing index value is below the strike price. If the closing index value is above the strike price, the Equity put options expire without value.

The Company is exposed to credit-related losses in the event of nonperformance by counter-parties to the options. To minimize this risk, the Company only enters into private contracts with counter-parties having Standard & Poor's credit ratings of AA- or above or listed contracts guaranteed by the Chicago Board Options Exchange. The Company is required to post collateral to the brokering bank for options. To comply with this requirement, the Company usually posts short-term Treasury bills with the bank. The collateral (Treasury bills) is recorded in bonds on the Balance Sheets – Statutory Basis as an asset by the Company. The book/adjusted carrying value of the collateral recorded at December 31, 2021 and 2020 was $4,000 and $2,000, respectively.

13

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

Starting in 2020, the Company uses OTC foreign currency swaps to reduce the risk from fluctuations in foreign currency exchange rates associated with holding foreign currency denominated investments. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specified intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party. When the currency swaps meet specific criteria, they may be designated as accounting hedges and accounted for as foreign currency fair value hedges. In its hedge documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and at least quarterly throughout the life of the designated hedging relationship.

The Company manages its exposure to credit risk by utilizing highly rated counterparties, establishing risk control limits, executing legally enforceable master netting agreements (MNAs) and obtaining collateral where appropriate. The Company uses MNAs for OTC derivative transactions that permit either party to net payments due for transactions and collateral is either pledged or obtained when certain predetermined exposure limits are exceeded. As of December 31, 2021, the Company had no collateral pledged to or from counterparties. The Company has not incurred any losses on derivative financial instruments due to counterparty nonperformance.

The options (OTC index call options, Exchange traded index call options and Equity put options) are carried at their fair value and reflected in other investments and other liabilities in the Balance Sheets – Statutory Basis. Changes in the fair value of expired options are reflected in net investment income and changes in the fair value of open options are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. Changes in the fair value of open options that do not meet the requirements of an effective hedge are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

The foreign currency swaps used in effective hedges are carried in a manner consistent with the hedged asset or liability. Foreign currency swaps hedging bonds are carried at amortized cost and reflected in other investments and other liabilities in the Balance Sheets - Statutory Basis. Changes in the carrying value of open foreign currency swaps as a result of exchange rate changes are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Interest income received from open foreign currency swaps is reflected in net investment income. Changes in the carrying value of closed foreign currency swaps is reflected in net investment income.

Foreign currency swaps not used in an effective hedge are carried at fair value and reflected in other investments and other liabilities in the Balance Sheets - Statutory Basis. Changes in the fair value of open foreign currency swaps are reflected in change in unrealized gains (losses), net of tax in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis. Changes in the fair value of closed foreign currency swaps and interest income associated with the currency swaps are reflected in net investment income.

14

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

The credit exposure is limited to the fair value of the options and foreign currency swaps as follows:

	Fair Values of Derivative Instruments
	Asset Derivatives
	Balance Sheets - Statutory Basis Location	Notional Amount				Fair Value
		2021		2020		2021		2020
Derivatives Not Designated as Hedging Instruments:
OTC index call option contracts owned	Other investments	$	1,771,358	$	1,321,017	$	149,826	$	167,601
OTC index call option contracts written	Other investments	(929,642)		(708,459)		(86,692)		(106,748)
Exchange traded index call option contracts owned	Other investments	1,219,556		1,120,517		163,887		256,300
Foreign currency swaps - gross asset	Other investments	5,631		—		163		—
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Foreign currency swaps - gross asset	Other investments	17,515		—		460		—
Total asset derivatives		$	2,084,418	$	1,733,075	$	227,644	$	317,153

The fair value of the related derivative liabilities are as follows:

	Fair Values of Derivative Instruments
	Liability Derivatives
	Balance Sheets - Statutory Basis Location	Notional Amount				Fair Value
		2021		2020		2021		2020
Derivatives Not Designated as Hedging Instruments:
Exchange traded index call option contracts written	Other liabilities	$	1,215,314	$	1,116,051	$	116,099	$	205,572
Foreign currency swaps - gross liability	Other liabilities	4,353		17,515		113		310
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Foreign currency swaps - gross asset	Other liabilities	(14,078)		—		(434)		—
Foreign currency swaps - gross liability	Other liabilities	15,025		4,473		548		241
Total liability derivatives		$	1,220,614	$	1,138,039	$	116,326	$	206,123

15

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

The amounts recognized in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for options, futures, interest rate swaps and foreign currency swaps are as follows:

	Summary of Operations and Changes in Capital and Surplus - Statutory Basis Location	Amount Recognized
		2021		2020		2019
Derivatives Not Designated as Hedging Instruments:
OTC index call option contracts - closed	Net investment income	$	34,925	$	6,522	$	3,679
Exchange traded index call option contracts - closed	Net investment income	33,671		13,543		5,455
Equity put option contracts - closed	Net investment income	(1,584)		(15)		(338)
Futures contracts - closed	Net investment income	(30,960)		(25,598)		(29,900)
Interest rate swap contracts - closed	Net investment income	(22,723)		38,844		23,920
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Foreign currency swaps - open	Net investment income	298		(2)		—
Total recognized in net investment income		$	13,627	$	33,294	$	2,816
Derivatives Not Designated as Hedging Instruments:
OTC index call option contracts - open	Change in unrealized gains (losses)	$	(9,980)	$	(3,929)	$	45,017
Exchange traded index call option contracts - open	Change in unrealized gains (losses)	(4,323)		6,674		24,065
Equity put option contracts - open	Change in unrealized gains (losses)	—		—		137
Futures contracts - open	Change in unrealized gains (losses)	(1,185)		(1,785)		(4,655)
Interest rate swap contracts - open	Change in unrealized gains (losses)	11,668		(1,262)		(12,319)
Foreign currency swaps - open	Change in unrealized gains (losses)	50		(310)		—
Derivatives Designated as Hedging Instruments:
Fair value hedges:
Foreign currency swaps - open	Change in unrealized gains (losses)	898		(241)		—
Total recognized in change in unrealized gains (losses)		$	(2,872)	$	(853)	$	52,245

Investment income consists primarily of interest and dividends. Interest is recognized on an accrual basis and dividends are recorded as earned at the ex-dividend date. Interest income on loan-backed and structured securities is determined on the effective yield method based on estimated principal repayments. Accrual of income is suspended for bonds and mortgage loans that are in default or when the receipt of interest payments is in doubt. Realized capital gains and losses are determined on a specific identification basis and recorded in operations.

Accrued interest more than 180 days past due deemed collectible on mortgage loans in default is non-admitted. All other investment income due and accrued, excluding loans on insurance contracts, with amounts over 90 days past due is non-admitted. The amount excluded from unassigned surplus was $561 at December 31, 2019. There were no amounts excluded from unassigned surplus at December 31, 2021 and 2020.

16

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

If the Company has the intent to sell an impaired security, the cost basis of the security is written down to fair value. For bond investments other than loan-backed and structured securities, if the Company does not have the intent to sell, but it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to fair value. For loan-backed and structured security investments, if the Company does not have the intent to sell and it is determined that a decline in fair value is other-than-temporary, the cost basis of the security is written down to the discounted estimated future cash flows. All write downs are recorded as a realized loss. For unaffiliated common stocks and other investments carried at fair value, unrealized gains and losses resulting from differences between the cost and carrying amount of these investments are credited or charged directly to unassigned surplus.

Non-Admitted Assets

In accordance with NAIC SAP, certain assets, designated as non-admitted assets, are excluded from the Balance Sheets – Statutory Basis and are charged directly to surplus. Non-admitted assets consist primarily of a portion of deferred income tax assets, prepaid expenses, advances to agents, furniture and equipment, application software, other investment income that is over 90 days past due, unaudited non-insurance subsidiaries and other assets not specifically identified as an admitted asset within NAIC SAP. Total non-admitted assets were $123,789 and $133,978 at December 31, 2021 and 2020, respectively.

Furniture and Equipment

Electronic data processing (EDP) equipment at cost of $9,877 and $20,720 and operating software at cost of $937 and $1,302 are carried at cost less accumulated depreciation at December 31, 2021 and 2020, respectively. The admitted value of the Company’s EDP and operating software is limited to three percent of capital and surplus, however the Company was not required to impose this limitation. The admitted portion at cost, net of accumulated depreciation of $8,712 and $19,608 was $2,102 and $2,414, respectively and is recorded in other admitted assets in the Balance Sheets – Statutory Basis at December 31, 2021 and 2020. EDP equipment and operating software are depreciated using the straight line method over the lesser of the estimated useful life of the related asset or three years.

An impairment of an asset is recorded as a charge to operations if both of the following conditions are met: information available prior to issuance of the statutory basis financial statements indicates that it is probable that an asset has been impaired at the date of the statutory basis financial statements and the amount of loss can be reasonably estimated.

Leasehold improvements are carried at cost less accumulated amortization. The Company provides for amortization of leasehold improvements using the straight-line method over the lesser of the useful life of the asset or the remaining original lease term, excluding options or renewal periods. Leasehold improvements are generally amortized over three to twenty years. Non-operating software is depreciated over the lesser of its estimated useful life or five years. Other furniture and equipment are depreciated using the straight line method over the estimated useful lives of the assets. Furniture and fixtures are generally depreciated over three to ten years. Depreciation expense on depreciable assets of $5,218, $5,521 and $7,610 was recorded in general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis for the years ended December 31, 2021, 2020 and 2019, respectively.

Reserves for Life, Accident and Health Policies, and Deposit-type Funds

Life policy reserves provide amounts adequate to discharge estimated future obligations in excess of estimated future premiums on policies in force. Reserves for traditional, flexible premium and variable life insurance are computed principally by using the Commissioners' Reserve Valuation Method (CRVM) or the Net Level Premium Method with assumed interest rates and mortality as prescribed by regulatory authorities, or the PBR method under which the company holds the higher of the Net Premium reserve, the Deterministic reserve or the Stochastic reserves which considers a wide range of future economic conditions using justified company experience factors, such as mortality, lapses and expenses with prescribed rule-based requirements and regulatory guardrails. Reserves for fixed annuities are calculated using the Commissioners’ Annuity Reserve Valuation Method (CARVM) with appropriate statutory interest and mortality assumptions. Reserves for variable annuities are calculated in conformance with section VM-21 of the Valuation Manual (VM-21). VM-21 requires the determination of reserves based on the combination of a conditional tail expectation 70 (CTE 70) stochastic amount and a possible additional standard projection amount. The additional standard projection amount is based on the Prescribed Projections Amount (PPA). Both the CTE 70 stochastic amount and PPA are based on a wide range of future economic conditions. The CTE 70 reflects prudent estimate assumptions and the PPA uses prescribed assumptions in place of certain prudent estimate assumptions.

17

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

Tabular interest, tabular less actual reserves released and tabular cost for all life contracts are determined based upon statutory regulations. Other policy reserves are established and maintained on the basis of published mortality tables using assumed interest rates and valuation methods as prescribed by the Department.

Reserves for unpaid individual accident and health disability contracts claims, the present value of amounts not yet due on claim reserves is a first principles-type calculation based on a seriatim listing of open disability claims. All termination rate and interest discounting assumptions adhere to minimum NAIC Standards. The adequacy of these reserves is demonstrated annually using follow-up studies as defined in the Actuarial Standard of Practice No. 5, Section 3.6. In addition, the present value of future payments relative to all incurred but unreported claims is based on historical study using past monthly earned premiums times the planned loss ratio times the anticipated percent of claims outstanding, and expressed as a percentage times tabular reserves, including a provision for litigated claims.

Reserves for unpaid group accident and health long-term disability contracts are a tabular calculation based on a seriatim listing of open disability claims. Prior to 2020, the per $100 of monthly benefit factors were generated based on the 1987 Commissioner’s Group Disability Table (CGDT) assumptions using the appropriate valuation interest rate, quinquennial age groupings, benefit period and duration from disablement. Beginning in 2020 issued and incurred claims were generated on the 2012 Group Long-term Disability Table (GLTD). A modification is made for claims in the first two years from disablement.

Reserves for deposit-type funds are equal to deposits received and interest credited to the benefit of policyholders, less withdrawals that represent a return to the policyholder. For the determination of tabular interest to deposit-type funds, the valuation interest rate, which varies by issue year, is multiplied by the average funds in force during the year subject to such valuation interest rate.

Reserve for Unpaid Claims

The reserves for unpaid group and individual dental and vision claims are estimated using historic claim lags, and then adjusted upward or downward based on the current level of pending/unprocessed claims relative to the historic level of pending/unprocessed claims during the time period used in generating the claim lag factors. The reserves for unpaid claims for group and individual dental and vision insurance includes claims in course of settlement and incurred but not reported claims. Claim adjustment expenses corresponding to the unpaid claims are accounted for by adding an additional load to the reserve for unpaid claims. To the extent the ultimate liability differs from the amounts recorded, such differences are reflected in operations when additional information becomes known.

Reserves for unpaid life claims include claims reported and unpaid and claims not yet reported, which is estimated based upon historical experience. As such amounts are necessarily estimates, the ultimate liability will differ from the amount recorded and will be reflected in operations when additional information becomes known.

Dividends to Policyholders

Dividends are provided based on dividend formulas approved by the Board of Directors of the Company in accordance with actuarially determined dividend scales. Dividends to policyholders are reflected in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis at amounts estimated to be paid or credited to policyholders during the subsequent year on the policy anniversary dates. A portion of the Company’s business has been issued on a participating basis. The amount of insurance in force on direct individual life participating policies was $10,336,185 or 10.1% and $9,053,497 or 9.8% of the individual life policies in force as of December 31, 2021 and 2020, respectively. Dividends to policyholders also include reinsurance assumed business.

Accrued Separate Account Transfers

Accrued separate account transfers primarily consist of the amount of policyholder account values over modified reserves used in the separate account, such as the use of CARVM and CRVM.

18

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

Asset Valuation and Interest Maintenance Reserves

The AVR is a required appropriation of unassigned surplus to provide for possible losses that may occur on certain investments of the Company. The reserve is computed based on holdings of all investments and realized and unrealized gains and losses, other than those resulting from interest rate changes. Changes in the reserve are charged or credited to unassigned surplus.

The IMR is calculated based on the prescribed methods developed by the NAIC. Realized gains and losses, net of tax, resulting from interest rate changes on fixed income investments are deferred and credited to this reserve. These gains and losses are then amortized into investment income over what would have been the remaining years to maturity of the underlying investment. Amortization included in net investment income was $9,487, $8,861 and $8,581 for 2021, 2020 and 2019, respectively.

Recognition of Premium Revenues and Related Costs

Life premiums are recognized as revenue when premiums are due. Annuity considerations are recognized as income when received. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Consideration received on deposit-type funds, which do not contain any life contingencies, is recorded directly to the related liability.

Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as sales commissions, are charged to operations as incurred.

Reinsurance

Reinsurance premiums and claims are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums, benefits, reserves for life, accident and health policies, and reserves for unpaid claims are reported net of reinsured amounts.

In a modified coinsurance arrangement, the ceding company retains the assets with respect to the policies reinsured and also retains and records the associated reserves. The assuming company does not reflect the assets or reserves in its balance sheet.

Surplus Notes

The Surplus Notes (the Notes) are included in capital and surplus. Interest on the Notes is not accrued until written approval from the Department has been received.

Income Taxes

The Company files a life/non-life consolidated tax return with AMHC and AMHC eligible affiliates. The Company’s income tax allocation is based upon a written agreement which uses a modified separate return method. The modified separate return method adjusts the separate return method so that the net operating losses (or other current or deferred tax attributes) are characterized as realized by the Company when those attributes are realized (or realizable) by the consolidated group.

The Company is subject to tax-related audits in the normal course of operations. The Company records a contingency reserve for tax-related matters when it is more likely than not that a liability has been incurred and the amount of the loss can be reasonably estimated. The tax contingency reserves are evaluated based upon the facts and circumstances that exist at each reporting measurement. Adjustments may result from new information, resolution of an issue with the taxing authorities or changes in laws or regulations. There was no reserve for tax related contingencies at December 31, 2021 and 2020.

The Company is subject to taxation in the United States and various states. In 2018, the Internal Revenue Service (IRS) started a limited scope examination of the AMHC consolidated federal income tax return for tax year 2015. Additionally, the 2017 net operating loss carryback claim filed amending tax years 2015 and 2016 are currently under examination as part of the Joint Committee on Taxation process. Due to the IRS examinations, the Company has extended the statute of limitations for tax years 2015 and 2016. The Company is no longer subject to examinations by tax authorities for years before 2015.

19

NOTE 1 - NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES, (continued)

Separate Accounts

Separate account assets and liabilities reported in the accompanying financial statements represent funds that are separately administered, principally for variable annuity, variable life and group annuity contracts and for which the contract holders, rather than the Company, bear the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company. Investment income and gains and losses from these accounts accrue directly to contract holders and are not included in the accompanying financial statements. Net asset values and changes in net asset values of separate account assets generally accrue directly to the contract holders and are not included in the Company’s revenues and expenses or surplus.

Vulnerability due to Certain Concentrations

The Company operates in a business environment which is subject to various risks and uncertainties. Such risks and uncertainties include, but are not limited to, interest rate risk, market risk, credit risk and legal and regulatory changes. Furthermore, the market for deferred annuities and interest-sensitive life insurance is enhanced by the tax incentives available under current law. Any legislative changes that lessen these incentives are likely to negatively impact the demand for these products. The demand for life insurance products that are used to address a customer’s estate planning needs may be impacted to the extent any legislative changes occur to the current estate tax laws.

Statement of Statutory Accounting Principles No. 32 - "Preferred Stock" (SSAP No. 32R)

In July 2020, the NAIC issued SSAP No. 32R which incorporates revisions to the definitions, measurement guidance and impairment guidance for preferred stock pursuant to the investment classification project. SSAP No. 32R is effective as of January 1, 2021 and there was no impact to the Company with the adoption of this guidance.

Statement of Statutory Accounting Principles No. 106 - "Affordable Care Act Section 9010 Assessment" (SSAP No. 106)

In July 2020, the NAIC superseded SSAP No. 106 and nullified INT 18-02: Affordable Care Act (ACA) Section 9010 Assessment Moratoriums due to the repeal of the Section 9010 assessment by H.R. 1685 (Public Law No. 116-94). This action is effective as of January 1, 2021.

Change in Valuation Basis

The Company reported a change in valuation basis in 2020, which impacted variable annuity reserves for contracts written from 1981 to 2019 under the revisions to the Commissioners Annuity Reserve Valuation Method (CARVM) adopted in Valuation Manual Requirements for Principle-Based Reserves for Variable Annuities (VM-21). The Company elected not to phase-in the change in reserve valuation basis and recognized the full amount in unassigned funds of $5,820 for the year ended December 31, 2020.

Accounting Changes

Interpretation No. 20-03, Troubled Debt Restructuring Due to COVID-19, which clarifies that a modification of mortgage loan or bank loan terms in response to COVID-19 shall follow the provisions detailed in the April 7, 2020 “Interagency Statement on Loan Modifications and reporting for Financial Institutions Working with Customers Affected by the Coronavirus”, the Coronavirus Aid Relief, and Economic Security Act ("CARES Act"), and the Consolidated Appropriations Act, 2021 in determining whether a modification shall be reported as a troubled debt restructuring within SSAP No. 36, Troubled Debt Restructuring (SSAP 36). This guidance is only applicable for the period beginning on March 1, 2020 and ending on the earlier of January 1, 2022, or the date that is 60 days after the date on which the national emergency concerning COVID-19 terminates. The Company has elected the option under this guidance not to account for or report qualifying concessions as troubled debt restructurings and does not classify such mortgage loans as either past due or nonaccrual during the payment deferral period. For some residential mortgage loan borrowers, the Company granted concessions which were primarily three to six month interest and principal payment deferrals. Deferred residential mortgage loan interest and principal payments were $9 and $226 at December 31, 2021 and 2020, respectively. For some commercial mortgage loan borrowers (principally in the retail and hotel sectors), the Company granted concessions which were primarily principal payment deferrals generally ranging from three to six months and, to a much lesser extent, up to 24 months. Deferred commercial mortgage loan interest and principal payments were $0 and $3,018 at December 31, 2021 and 2020, respectively.

20

NOTE 2 - BUSINESS COMBINATIONS AND GOODWILL

Statutory Purchase Method

Effective September 30, 2021, the Company acquired 100% of BlueStar Retirement Services, Inc., a Florida third party administrator of retirement plans. In a concurrent transaction, BlueStar Retirement Services, Inc. was converted to a limited liability company.

Effective April 30, 2020, the Company acquired 100% of Select Benefits Group, Inc. dba Dental Select, a Utah third party administrator of dental and vision insurance products. In a concurrent transaction, Select Benefits Group, Inc. was converted to a limited liability company.

The transactions were accounted for as a statutory purchases and reflect the following:

2021
Purchased entity	Acquisition date	Cost of acquired entity		Original amount of goodwill		Original amount of admitted goodwill		Admitted goodwill as of the reporting date		Amount of goodwill amortized during the reporting period		Book Value of SCA		Admitted goodwill as a % of SCA BACV, gross of admitted goodwill
BlueStar Retirement Services, LLC	September 30, 2021	$	34,858	$	31,756	$	31,756	$	30,963	$	794	$	34,343	90.2	%
Select Benefits Group, LLC dba Dental Select	April 30, 2020	$	92,609	$	88,292	$	88,292	$	73,577	$	8,829	$	79,091	93.0	%
Total	XXX	$	127,467	$	120,048	$	120,048	$	104,540	$	9,623	$	113,434	XXX%

Statutory Merger

Effective September 30, 2021, Griffin Realty, LLC, a wholly owned subsidiary, was dissolved per the statutory merger method. The Company recorded a realized loss of $17,759 in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

Effective March 31, 2020, Calvert Investments, Inc., a wholly owned subsidiary, was dissolved per the statutory merger method with its net assets of $13,023 distributed to the Company. The Company recorded a realized gain of $2,994 in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis as a result of this transaction. No additional shares of the Company were issued.

Subcomponents and Calculation of Adjusted Surplus and Total Admitted Goodwill

December 31, 2021
	Calculation of Limitation Using Prior Quarter Numbers		Current Reporting Period
Capital & Surplus	$	1,885,626	XXX
Less:
Admitted Positive Goodwill	107,580		XXX
Admitted EDP Equipment & Operating System Software	1,715		XXX
Admitted Net Deferred Taxes	90,846		XXX
Adjusted Capital and Surplus	1,685,486
Limitation on amount of goodwill (adjusted capital and surplus times 10%
goodwill limitation)	168,549
Current period reported Admitted Goodwill	XXX		104,540
Current Period Admitted Goodwill as a % of prior period Adjusted
Capital and Surplus	XXX		6	%

21

NOTE 3 - INVESTMENTS

Bonds

The cost or amortized cost and estimated fair value of bonds by type are summarized as follows:

December 31, 2021
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government	$	135,288	$	5,723	$	(1,566)	$	139,445
All other governments	2,113		249		—		2,362
Special revenue and special assessment obligations and
all non-guaranteed obligations of agencies and authorities
of governments and their political subdivisions	248,678		14,421		(1,412)		261,687
Hybrid securities	10,044		2,980		(722)		12,302
Industrial and miscellaneous (unaffiliated)	9,935,115		787,565		(45,671)		10,677,009
Total bonds	$	10,331,238	$	810,938	$	(49,371)	$	11,092,805

December 31, 2020
	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Government	$	115,594	$	10,701	$	—	$	126,295
All other governments	2,168		354		—		2,522
Special revenue and special assessment obligations and
all non-guaranteed obligations of agencies and authorities
of governments and their political subdivisions	265,949		23,558		(2)		289,505
Hybrid securities	10,008		2,257		(1,117)		11,148
Industrial and miscellaneous (unaffiliated)	9,244,705		1,081,266		(31,958)		10,294,013
Total bonds	$	9,638,424	$	1,118,136	$	(33,077)	$	10,723,483

At December 31, 2021 and 2020, the amortized cost of bonds was reduced by $382 and increased by $230, respectively, of cumulative fair value adjustments on ETF mutual fund bonds and bonds rated NAIC 6 to derive the carrying amounts of bonds in the Balance Sheets - Statutory Basis of $10,330,856 and $9,638,654, respectively.

The cost or amortized cost and estimated fair value of bonds at December 31, 2021 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Cost or Amortized Cost		Fair Value
Due in one year or less	$	251,305	$	254,755
Due after one year through five years	1,818,457		1,928,422
Due after five years through ten years	2,369,850		2,500,585
Due after ten years	5,747,195		6,251,971
Bonds with multiple repayment dates	144,431		157,072
Total bonds	$	10,331,238	$	11,092,805

Proceeds from the sales of bonds were $297,045, $466,268, and $443,120 for the years ended December 31, 2021, 2020 and 2019, respectively.

22

NOTE 3 - INVESTMENTS, (continued)

Realized capital gains (losses) are as follows:

	Years Ended December 31
	2021		2020		2019
Bonds:
Gross realized capital gains on sales	$	10,740	$	21,299	$	5,693
Gross realized capital losses on sales	(1,350)		(7,164)		(5,945)
Net realized capital gains (losses) on sales	9,390		14,135		(252)
Other, including impairments and net gain on dispositions other than sales	198		(4,018)		(2,116)
Total bonds	9,588		10,117		(2,368)
Preferred stocks	2,050		(6)		156
Common stocks	361		15,400		21,698
Mortgage loans	424		93		246
Real estate	4,501		(1)		592
Other investments	9,696		12,463		15,898
Realized capital gains before federal income taxes and transfer to IMR	26,620		38,066		36,222
Realized capital gains transferred to IMR	12,980		18,132		3,819
Federal income tax expense	6,594		3,557		10,999
Net realized capital gains	$	7,046	$	16,377	$	21,404

The Company has entered into an agreement with the FHLB of Topeka to enhance investment yields through investment spread strategies and to provide for liquidity needs, if a future need for immediate liquidity arises. The agreement provides for advances (lines of credit) up to $933,142 to the Company in return for the purchase of asset-based membership stock equal to 0.1% of assets, with a $500 maximum, plus an additional activity-based stock purchase equal to 4.5% of the advances less the amount of the asset-based membership stock held. As part of the agreement, $14,841 and $16,662 in stock was owned at December 31, 2021 and 2020, respectively. Excluding the funding agreements, the Company had no outstanding balance related to the line of credit at any time during 2021 and 2020.

The amount of FHLB capital stock held, in aggregate, and classified as of December 31 is as follows:

	General Account
	2021		2020
Membership stock - class A	$	305	$	325
Membership stock - class B	14,200		14,961
Excess stock	336		1,376
Aggregate total	$	14,841	$	16,662
Actual or estimated borrowing capacity as determined by the insurer	$	933,142	$	807,377

As of December 31, 2021 and 2020, the Company did not have any FHLB membership stock, listed above, eligible for redemption.

As of December 31, 2021 and 2020, the Company had issued $500,000 of funding agreements with the FHLB. There is $1,270,608 and $1,087,735 of bonds and mortgage loans pledged as collateral at December 31, 2021 and 2020, respectively, as a result of these agreements. The assets and reserves related to the funding agreements are reported in the general account as the Company’s strategy is to increase investment income to the general account from the investment spread strategy. The related reserves are reported in deposit-type funds of $500,117 and $500,158 on the Balance Sheets – Statutory Basis as of December 31, 2021 and 2020, respectively.

23

NOTE 3 - INVESTMENTS, (continued)

The values of the bonds and mortgage loans pledged as collateral to the FHLB and the total aggregate borrowing by the Company as of December 31 is as follows:

	General Account
	2021		2020
Fair value	$	1,331,349	$	1,185,086
Carrying value	$	1,270,608	$	1,087,735
Aggregate total borrowing - funding agreements	$	500,000	$	500,000

The maximum amount of collateral pledged to the FHLB during December 31 is as follows:

	General Account
	2021		2020
Fair value	$	1,413,492	$	1,185,086
Carrying value	$	1,334,970	$	1,087,735
Amount borrowed at time of maximum collateral - funding agreements	$	500,000	$	500,000

The Company does not have any prepayment obligations related to the funding agreements.

Restricted Assets

A detailed summary of restricted assets (including pledged assets) primarily bonds, common stock, mortgage loans and cash at cost or amortized cost is as follows:

December 31, 2021
			Gross Restricted										Percentage
Restricted Asset Category			Total Current Year		Total Prior Year		Increase/ (Decrease)		Total Non-admitted Restricted		Total Current Year Admitted Restricted		Gross Restricted to Total Assets		Admitted Restricted to Total Admitted Assets
FHLB capital stock			$	14,841	$	16,662	$	(1,821)	$	—	$	14,841	0.054	%	0.054	%
Bonds on deposit with states			134,407		133,105		1,302		—		134,407		0.487	%	0.489	%
Pledged collateral to FHLB
	(including assets backing
	funding agreements)		1,270,608		1,087,735		182,873		—		1,270,608		4.601	%	4.621	%
Pledged as collateral not
	captured in other categories:
		Derivatives	33,998		54,988		(20,990)		—		33,998		0.123	%	0.124	%
Other restricted assets:
	Policy Loans reinsurance
		assumed	117,034		125,736		(8,702)		—		117,034		0.424	%	0.426	%
	Bonds and short-term
		investments from
		reinsurance assumed	1,104,770		1,116,592		(11,822)		—		1,104,770		4.000	%	4.018	%
Total restricted assets			$	2,675,658	$	2,534,818	$	140,840	$	—	$	2,675,658	9.689	%	9.732	%

24

NOTE 3 - INVESTMENTS, (continued)

December 31, 2020
			Gross Restricted										Percentage
Restricted Asset Category			Total Current Year		Total Prior Year		Increase/ (Decrease)		Total Non-admitted Restricted		Total Current Year Admitted Restricted		Gross Restricted to Total Assets		Admitted Restricted to Total Admitted Assets
FHLB capital stock			$	16,662	$	16,662	$	—	$	—	$	16,662	0.065	%	0.065	%
Bonds on deposit with states			133,105		132,873		232		—		133,105		0.515	%	0.518	%
Pledged collateral to FHLB
	(including assets backing
	funding agreements)		1,087,735		992,902		94,833		—		1,087,735		4.211	%	4.233	%
Pledged as collateral not
	captured in other categories:
		Derivatives	54,988		45,751		9,237		—		54,988		0.213	%	0.214	%
Other restricted assets:
	Policy Loans reinsurance
		assumed	125,736		137,280		(11,544)		—		125,736		0.487	%	0.489	%
	Bonds and short-term
		investments from
		reinsurance assumed	1,116,592		1,136,548		(19,956)		—		1,116,592		4.323	%	4.345	%
Total restricted assets			$	2,534,818	$	2,462,016	$	72,802	$	—	$	2,534,818	9.814	%	9.864	%

An aging of unrealized losses on the Company’s investments in bonds and unaffiliated stocks were as follows:

	December 31, 2021
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Bonds:
U.S. Governments	$	48,288	$	(1,565)	$	188	$	(1)	$	48,476	$	(1,566)
Special revenue and special assessment
obligations and all non-guaranteed
obligations of agencies and authorities
of governments and their political
subdivisions	48,493		(1,411)		69		(1)		48,562		(1,412)
Hybrid securities	—		—		6,386		(722)		6,386		(722)
Industrial and miscellaneous (unaffiliated)	4,252,007		(21,617)		719,636		(24,054)		4,971,643		(45,671)
Total bonds	4,348,788		(24,593)		726,279		(24,778)		5,075,067		(49,371)
Preferred stocks	3,119		(18)		6,674		(2)		9,793		(20)
Common stocks	119,328		(278)		10,658		(122)		129,986		(400)
Total	$	4,471,235	$	(24,889)	$	743,611	$	(24,902)	$	5,214,846	$	(49,791)

25

NOTE 3 - INVESTMENTS, (continued)

	December 31, 2020
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Bonds:
U.S. Governments	$	—	$	—	$	—	$	—	$	—	$	—
Special revenue and special assessment
obligations and all non-guaranteed
obligations of agencies and authorities
of governments and their political
subdivisions	28,295		(1)		16		(1)		28,311		(2)
Hybrid securities	—		—		5,990		(1,117)		5,990		(1,117)
Industrial and miscellaneous (unaffiliated)	4,189,584		(18,243)		449,305		(13,715)		4,638,889		(31,958)
Total bonds	4,217,879		(18,244)		455,311		(14,833)		4,673,190		(33,077)
Preferred stocks	—		—		5,771		(535)		5,771		(535)
Common stocks	121,643		(1,074)		10,097		(349)		131,740		(1,423)
Total	$	4,339,522	$	(19,318)	$	471,179	$	(15,717)	$	4,810,701	$	(35,035)

The unrealized losses related to bonds in 2021 and 2020 reported above were partially due to liquidity and credit-related considerations. The Company considers various factors when considering if a decline is other-than-temporary, including the length of time and size of the unrealized loss, deterioration in ratings, industry conditions or factors related to a geographic area that are negatively affecting a security, violation of loan covenants, overall financial condition of the issuer and the Company’s intention and ability to sell or hold the security until maturity or recovery. Upon review of these factors, the Company determined that such declines were temporary in nature. Therefore, the Company does not believe the unrealized losses on investments represent an other-than-temporary impairment as of December 31, 2021 and 2020.

The Company considers various factors when considering if a decline in the fair value of a common stock security is other-than-temporary, including but not limited to, the length of time and magnitude of the unrealized loss; the volatility of the investment; analyst recommendations and price targets; opinions of the Company’s investment managers; market liquidity; and the Company’s intentions to sell or ability to hold the investments until recovery. Based on an evaluation of these factors, the Company did not record any realized losses for other-than-temporary impairments on unaffiliated common stocks during 2021, 2020 and 2019.

The Company’s bond and short-term investment portfolios are predominantly comprised of investment grade securities. At December 31, 2021 and 2020, bonds at book/adjusted carrying value totaling $486,807 and $516,962, respectively, (4.6% and 5.3%, respectively, of the total bond and short-term portfolios) are considered below investment grade. Securities are classified as below investment grade by utilizing rating criteria established by the NAIC. During 2021, 2020 and 2019, the Company recorded realized losses for other-than-temporary impairments on bonds of $1,556, $6,584 and $3,798, respectively.

26

NOTE 3 - INVESTMENTS, (continued)

A summary of loan-backed and structured security investments with recognized other-than-temporary impairments in 2021 is as follows:

	Amortized Cost Before OTTI		OTTI Recognized in Loss
			Interest		Non-interest		Fair Value
March 31, 2021
Present value of cash flows	$	—	$	—	$	—	$	—
June 30, 2021
Present value of cash flows	$	—	$	—	$	—	$	—
September 30, 2021
Present value of cash flows	$	429	$	—	$	276	$	219
December 31, 2021
Present value of cash flows	$	12,861	$	—	$	1,280	$	11,497

A detail summary of the loan-backed and structured security investments with recognized other-than-temporary impairments

listed above is as follows:

	December 31, 2021
CUSIP	Book/Adjusted Carrying Value Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized Other-than-Temporary Impairment		Amortized Cost after Other-than-Temporary Impairment		Fair Value at Time of OTTI
2254W0KM6	$	429	$	153	$	276	$	153	$	219
59111RAA0	$	5,661	$	5,055	$	606	$	5,055	$	5,039
75383HAA9	$	7,200	$	6,526	$	675	$	6,526	$	6,458
Total	XXX		XXX		$	1,557	XXX		XXX

A summary of loan-backed and structured security investments included in industrial and miscellaneous (unaffiliated) with unrealized losses for which an other-than-temporary impairment has not been recognized is as follows:

		December 31, 2021
	Unrealized Less Than 12 Months									Unrealized 12 Months or More
	Amortized			Fair			Unrealized			Amortized			Fair			Unrealized
	Cost			Value			Losses			Cost			Value			Losses
Structured securities		$	603,865		$	596,545		$	(7,320)		$	142,691		$	135,662		$	(7,029)

		December 31, 2020
	Unrealized Less Than 12 Months									Unrealized 12 Months or More
	Amortized			Fair			Unrealized			Amortized			Fair			Unrealized
	Cost			Value			Losses			Cost			Value			Losses
Structured securities		$	372,165		$	357,523		$	(14,642)		$	285,971		$	274,935		$	(11,036)

Mortgage Loans and Real Estate

For the commercial mortgage loans held by the Company, debt service coverage ratio (DSCR) is considered a key credit quality indicator for loans that are income dependent while loan to value and borrower financial strength are considered key credit quality indicators for borrower-occupied loans. Debt service coverage ratios compare a property’s net operating income to the borrower’s principal and interest payments. Loan to value and debt service coverage ratios are updated annually or as warranted by economic conditions or impairment considerations. Residential mortgage loans which are delinquent as to principal and interest 90 days or more are classified as nonperforming loans.

27

NOTE 3 - INVESTMENTS, (continued)

Debt service coverage ratios for income dependent mortgage loans are summarized as follows:

	December 31
	2021		2020
DSCR distribution
Below 1.0	$	102,392	$	38,706
1.0 - 1.2	195,258		170,232
1.2 - 1.8	979,953		975,980
Greater than 1.8	880,981		793,858
Total	$	2,158,584	$	1,978,776

Mortgage loans with a debt service coverage ratio below 1.0 that are not considered impaired primarily relate to instances where the borrower has the financial capacity to fund the revenue shortfalls from the properties for the foreseeable future, the decrease in cash flows is considered temporary, or there are other risk mitigating factors.

Loan to value for borrower-occupied commercial real estate mortgage loans is summarized as follows:

	December 31
	2021		2020
Loan to value
Below 60%	$	18,898	$	23,089
60-75%	2,642		382
Above 75%	1,054		2,357
Total	$	22,594	$	25,828

The key credit quality indicators for the residential mortgage loans are based on payment activity as follows:

	December 31, 2021
	Residential First Mortgages		Second Trusts		Total
Performing	$	39,691	$	1,959	$	41,650
Non-performing	3,214		—		3,214
Total	$	42,905	$	1,959	$	44,864

	December 31, 2020
	Residential First Mortgages		Second Trusts		Total
Performing	$	84,743	$	2,382	$	87,125
Non-performing	2,629		92		2,721
Total	$	87,372	$	2,474	$	89,846

28

NOTE 3 - INVESTMENTS, (continued)

An aging analysis of the loans held by the Company is summarized as follows:

	December 31, 2021
	Residential		Commercial		Total
Recorded investment (all)
Current	$	40,489	$	2,181,178	$	2,221,667
30-59 days past due	920		—		920
60-89 days past due	241		—		241
90-179 days past due	1,520		—		1,520
180+ days past due	1,694		—		1,694
Accruing Interest 180+ Days Past Due
Recorded investment	—		—		—
Interest accrued	—		—		—
Participant or co-lender in a mortgage loan agreement
Recorded investment	—		1,782,659		1,782,659

	December 31, 2020
	Residential		Commercial		Total
Recorded investment (all)
Current	$	84,685	$	2,004,604	$	2,089,289
30-59 days past due	1,960		—		1,960
60-89 days past due	480		—		480
90-179 days past due	564		—		564
180+ days past due	2,157		—		2,157
Accruing Interest 180+ Days Past Due
Recorded investment	—		—		—
Interest accrued	—		—		—
Participant or co-lender in a mortgage loan agreement
Recorded investment	22,092		1,584,297		1,606,389

At December 31, 2021, the average size of an individual commercial mortgage loan was $2,397. The average size of an individual residential mortgage loan was $225, excluding a loan held as a participant or co-lender in a mortgage agreement, as shown in the table above. For commercial mortgage loans, the Company’s policy is to obtain a first mortgage lien and to require a loan to value ratio of 75% or less at acquisition. The Company's policy for commercial loans is to recognize due and accrued interest income on impaired loans if deemed collectible. However, the due and accrued interest income deemed collectible on impaired loans over 180 days past due is non-admitted. For residential loans, the Company recognizes due and accrued interest income on impaired loans if under 90 days delinquent. Loans 90 days past due or greater will be placed on non-accrual status and all previously accrued interest will be reversed.

The Company had mortgage reserves (the mortgage component of the AVR) of $18,385 and $17,001 at December 31, 2021 and 2020, respectively. As of December 31, 2021, the maximum and minimum rates of interest in the Company’s mortgage loan portfolio were 7.55% and 2.85% for commercial mortgage loans and 9.63% and 2.00% for residential mortgage loans.

In 2021 and 2020, the Company issued 109 and 92, respectively, new commercial mortgage loans at the maximum and minimum rates of interest of 5.50% and 6.50%, respectively, and 2.85% and 3.20%, respectively, totaling $406,233 and $256,815, respectively. The Company did not acquire any new residential mortgage loans in 2021 and 2020.

At December 31, 2021 and 2020, the Company held no mortgage loans that were converted to loans that require payments of principal or interest be made based upon the cash flows generated by the property serving as collateral for the loans or that have a diminutive payment requirement.

Commercial and residential mortgage loans are evaluated individually for impairment. The Company had no impairments for commercial mortgage loans during 2021, 2020 and 2019. Impairments for residential mortgage loans were $12, $2 and $51 during 2021, 2020 and 2019, respectively.

29

NOTE 3 - INVESTMENTS, (continued)

The Company had no investment in impaired loans with credit losses as of December 31, 2021 and 2020. The investment in impaired loans without credit losses are as follows:

	December 31, 2021
	Residential		Total
No allowance for credit losses	$	34,854	$	34,854

	December 31, 2020
	Residential		Total
No allowance for credit losses	$	53,633	$	53,633

A summary of information pertaining to impaired loans is as follows:

	December 31, 2021
	Residential		Commercial		Total
Average recorded investment	$	43,065	$	—	$	43,065
Interest income recognized	1,674		—		1,674
Recorded investments on nonaccrual status	3,214		—		3,214
Amount of interest income recognized using the cash basis method
of accounting	1,688		—		1,688

	December 31, 2020
	Residential		Commercial		Total
Average recorded investment	$	64,336	$	—	$	64,336
Interest income recognized	2,645		144		2,789
Recorded investments on nonaccrual status	2,721		—		2,721
Amount of interest income recognized using the cash basis method
of accounting	2,654		—		2,654

The mortgage loans derecognized as a result of foreclosure is as follows:

	December 31
	2021		2020
Aggregate amount of mortgage loans derecognized	$	153	$	—
Real estate collateral recognized	155		—

A summary of information pertaining to real estate sales is as follows:

	December 31, 2021
	Commercial		Total
Number of sales	1		1
Gain recognized	$	4,501	$	4,501

	December 31, 2020
	Commercial		Total
Number of sales	1		1
Loss recognized	$	(1)	$	(1)

30

NOTE 3 - INVESTMENTS, (continued)

The gains (losses) recorded on sales are recognized in net realized capital gains (losses) on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

One residential real estate property with a recorded value of $155 was classified as held for sale for the year ended December 31, 2021. There were no residential real estate properties classified as held for sale for the year ended December 31, 2020. There were no commercial real estate properties classified as held for sale for the years ended December 31, 2021 and 2020, respectively.

Residential real estate is acquired through the foreclosure of residential mortgage loans. The Company’s intent is to dispose of all acquired residential real estate by sale as soon as economically feasible, which is typically within one year from acquisition.

Commercial real estate was either sold or classified as held for sale based on the Company’s intent to dispose of certain property via sale. Sales are usually within one year, based on economic factors, but may be extended per other executed agreements.

The Company recognizes real estate property impairments as other-than-temporary and records them as realized losses. The Company had no real estate impairments for the year ended December 31, 2021 and 2020.

Fair value for impaired commercial real estate and residential real estate was determined by valuations based on internal and/or external appraisals. The real estate impairment losses due to decreases in property value are recognized in net realized capital gains (losses) on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

Troubled Debt Restructuring

A summary of information pertaining to mortgage loans with restructured terms is as follows:

	December 31, 2021
	Residential		Commercial		Total
Number of loans	138		—		138
Carry value	$	33,089	$	—	$	33,089
Interest income	$	1,645	$	—	$	1,645

	December 31, 2020
	Residential		Commercial		Total
Number of loans	204		—		204
Carry value	$	51,249	$	—	$	51,249
Interest income	$	2,589	$	—	$	2,589

The Company incurred no amount of commitments to lend additional funds to debtors owing receivables whose terms have been modified in troubled debt restructuring. The Company’s income recognition policy for interest income on an impaired loan is the cash basis/cost recovery method. There were zero short sales on residential mortgage loans in 2021 and one in 2020.

31

NOTE 3 - INVESTMENTS, (continued)

Low-Income Housing Tax Credit Investments

The Company has up to 12 remaining years of unexpired tax credits and is required to hold these investments for up to 16 years. During 2021 and 2020, the Company recognized $5,855 and $4,533, respectively, of low income housing tax credits (LIHTC) and other tax benefits. The Company’s investment in LIHTC recognized in the Balance Sheets - Statutory Basis in other investments was $60,023 and $66,272 and in other liabilities was $24,039 and $32,681 for the years ended December 31, 2021 and 2020, respectively. The Company has made unconditional commitments to provide additional capital contributions in low income housing partnerships of $8,757, $7,521, $6,571, in 2022, 2023 and 2024, respectively, and $1,190 thereafter. No property is currently subject to any regulatory review. The Company had no investment in LIHTC that exceeded 10% of its admitted assets. The Company recognized no impairment losses related to LIHTC during December 31, 2021 and 2020. The Company recognized no write-down or reclassification resulting from the forfeiture or ineligibility of tax credits during December 31, 2021 and 2020.

Offsetting and Netting of Assets and Liabilities

Call options and foreign currency swaps that qualified for offsetting and netting are as follows:

	December 31, 2021						December 31, 2020
	Gross Amount Recognized		Amount Offset		Net Amount Presented on Financial Statements		Gross Amount Recognized		Amount Offset		Net Amount Presented on Financial Statements
Assets:
Derivatives - call options	$	149,826	$	86,692	$	63,134	$	167,601	$	106,748	$	60,853
Derivatives - foreign
currency swaps	1,057		434		623		—		—		—
Liabilities:
Derivatives - call options	$	86,692	$	86,692	$	—	$	106,748	$	106,748	$	—
Derivatives - foreign
currency swaps	661		434		227		551		—		551

At December 31, 2021 and 2020, the net asset amount of $63,757 and $60,853, respectively, was recorded in other investments and the net liability amount of $227 and $551, respectively, was recorded in other liabilities on the Balance Sheets – Statutory Basis.

32

NOTE 3 - INVESTMENTS, (continued)

Net Investment Income

Major categories of net investment income by class of investment are summarized below.

			Years Ended December 31
			2021		2020		2019
Income:
	Bonds		$	400,928	$	388,691	$	385,443
	Preferred stocks		528		484		369
	Common stocks		7,905		5,724		13,060
	Mortgage loans		107,955		103,789		103,311
	Real estate1		15,187		15,209		17,132
	Loans on insurance contracts		30,169		28,114		32,546
	Short-term investments		73		1,680		4,756
	Derivatives		13,627		33,294		2,816
	Other investments		84,268		36,121		32,445
	Amortization of interest maintenance reserve		9,487		8,861		8,581
	Gross investment income		670,127		621,967		600,459
	Total investment expenses		55,131		47,339		58,954
		Net investment income	$	614,996	$	574,628	$	541,505

1Includes amounts for the occupancy of company-owned property of $8,541, $8,999 and $9,106 in 2021, 2020, and 2019, respectively.

The Company had securities sold, redeemed or otherwise disposed of as a result of a callable feature (including make whole call provisions) during 2021 and 2020, of which the total number of CUSIPs sold, disposed or otherwise redeemed was 110 and 83, respectively, and the aggregate amount of investment income generated as a result of a prepayment penalty and/or acceleration fee was $21,393 and $9,756, respectively.

Fair Value Measurements

Included in various investment related lines in the financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds and preferred stocks when carried at the lower of cost or market. The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale.

Fair values are based on quoted market prices when available. When market prices are not available, fair value is generally estimated using discounted cash flow analyses, incorporating current market inputs for similar financial instruments with comparable terms and credit quality (matrix pricing). In instances where there is little or no market activity for the same or similar instruments, the Company estimates fair value using methods, models and assumptions that management believes market participants would use to determine a current transaction price. These valuation techniques involve some level of management estimation and judgment which becomes significant with increasingly complex instruments or pricing models. Where appropriate, adjustments are included to reflect the risk inherent in a particular methodology, model or input used.

The Company’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by Fair Value Measurements as defined under NAIC SAP. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3). The levels of the fair value hierarchy are as follows:

33

NOTE 3 - INVESTMENTS, (continued)

Level 1 – Values are unadjusted quoted prices for identical assets or liabilities in active markets accessible at the measurement date.

Level 2 – Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices from those willing to trade in markets that are not active, or other inputs that are observable or can be corroborated by market data for the term of the instrument. Such inputs include market interest rates and volatilities, spreads and yield curves.

Level 3 – Certain inputs are unobservable (supported by little or no market activity) and significant to the fair value measurement. Unobservable inputs reflect the Company’s best estimate of what hypothetical market participants would use to determine a transaction price for the asset at the reporting date.

Net asset value (NAV) – Separate account assets are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy.

The following tables provide information about the Company’s financial assets and liabilities measured and reported at fair value or NAV:

					December 31, 2021
					Level 1		Level 2		Level 3		Net Asset Value		Total
Assets at fair value/net asset value
	Bonds
		Industrial and miscellaneous (unaffiliated)			$	—	$	—	$	17	$	—	$	17
				Total bonds	—		—		17		—		17
	Common stock
		Industrial and miscellaneous (unaffiliated)			452,545		—		—		—		452,545
				Total common stocks	452,545		—		—		—		452,545
	Other investments				27,628		—		—		—		27,628
		Derivative assets
			Exchange traded index call options		163,887		—		—		—		163,887
			Over the counter index call options		—		63,134		—		—		63,134
			Foreign currency swaps		—		460		—		—		460
				Total other investments	191,515		63,594		—		—		255,109
	Separate account assets				—		—		—		11,996,727		11,996,727
Total assets at fair value/net asset value					$	644,060	$	63,594	$	17	$	11,996,727	$	12,704,398
Liabilities at fair value
	Derivative liabilities
		Exchange traded index call options (written)			$	116,099	$	—	$	—	$	—	$	116,099
		Foreign currency swaps			—		227		—		—		227
Total liabilities at fair value					$	116,099	$	227	$	—	$	—	$	116,326

34

NOTE 3 - INVESTMENTS, (continued)

					December 31, 2020
					Level 1		Level 2		Level 3		Net Asset Value		Total
Assets at fair value/net asset value
	Bonds
		Industrial and miscellaneous (unaffiliated)			$	—	$	1,486	$	83	$	—	$	1,569
				Total bonds	—		1,486		83		—		1,569
	Common stock
		Industrial and miscellaneous (unaffiliated)			373,408		—		—		—		373,408
				Total common stocks	373,408		—		—		—		373,408
	Other investments				24,207		—		—		—		24,207
		Derivative assets
			Exchange traded index call options		256,300		—		—		—		256,300
			Over the counter index call options		—		60,853		—		—		60,853
			Foreign currency swaps		—		—		—		—		—
				Total other investments	280,507		60,853		—		—		341,360
	Separate account assets				—		—		—		11,041,001		11,041,001
Total assets at fair value/net asset value					$	653,915	$	62,339	$	83	$	11,041,001	$	11,757,338
Liabilities at fair value
	Derivative liabilities
		Exchange traded index call options (written)			$	205,572	$	—	$	—	$	—	$	205,572
		Foreign currency swaps			—		551		—		—		551
Total liabilities at fair value					$	205,572	$	551	$	—	$	—	$	206,123

The valuation techniques used to measure the fair values by type of investment in the above table are as follows:

Level 1 – Financial Assets and Liabilities

These assets and liabilities include actively-traded exchange-listed common stocks, mutual funds, exchange traded call and put options and exchange traded call and put options (written). Unadjusted quoted prices for these securities are provided to the Company by independent pricing services. Derivative asset and liability valuations are based on quoted prices in active markets for identical securities. Exchange traded call options and equity put options and written exchange traded call options and written equity put options are classified as Level 1.

Level 2 – Financial Assets

The Company's Level 2 assets includes bonds, OTC index call options and foreign currency swaps. Prices are based on other observable inputs, including quoted prices for similar assets/liabilities. The Company used broker quotes which are corroborated to the market for the monthly valuation of the index call options and foreign currency swaps. For the index call options, the broker quotes use the S&P Dividend Yield and Implied Volatility inputs in the Black Scholes Model that is tailored to the remaining term of each call option. For the foreign currency swaps, the broker quotes use models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. In addition, the Company corroborates the broker quotes to Bloomberg and to actual trades.

Level 3 - Financial Assets

The Company classified asset-backed securities and residential mortgage-backed securities carried at fair value due to NAIC 6 ratings in Level 3 at December 31, 2021 and 2020. The primary inputs to valuation include reported trades, bids, benchmark yields, credit spreads, estimated cash flows, prepayment speeds, and collateral performance. Collateral performance is analyzed for each security and includes delinquency rates, loss severity rates and prepayment speeds. These securities were classified in Level 3 due to the price being based on uncorroborated broker quotes, unobservable market inputs or internal valuations.

35

NOTE 3 - INVESTMENTS, (continued)

NAV - Financial Assets

Separate account assets represent NAVs as a practical expedient received from fund managers who stand ready to transact at the quoted values. The funds in the separate account assets are considered open-end mutual funds, meaning that the fund is ready to redeem its shares at any time and offers its shares for sale to the public, either through retail outlets or through institutional investors continuously. For institutional funds, NAVs are received daily from fund managers, and the managers stand ready to transact at these quoted amounts. The Company, on behalf of the contract holders, transacts in these funds on a daily basis as part of the separate account trading activity. There are no unfunded commitments in the separate account assets.

The following tables summarize changes to our financial instruments for the years ended December 31, 2021 and 2020 carried at fair value for which the Company used significant unobservable inputs (Level 3) to determine fair value measurements:

			Beginning balance at 1/1/2021		Transfers into Level 3		Transfer out of Level 3		Total gains and (losses) included in net income		Total gains and (losses) included in surplus		Sales		Settlements		Ending balance at 12/31/2021
Assets:
	Bonds
		Industrial and miscellaneous (unaffiliated)	$	83	$	12	$	—	$	(3)	$	5	$	(80)	$	—	$	17
Total assets			$	83	$	12	$	—	$	(3)	$	5	$	(80)	$	—	$	17

			Beginning balance at 1/1/2020		Transfers into Level 3		Transfer out of Level 3		Total gains and (losses) included in net income		Total gains and (losses) included in surplus		Sales		Settlements		Ending balance at 12/31/2020
Assets:
	Bonds
		Industrial and miscellaneous (unaffiliated)	$	85	$	—	$	—	$	—	$	1	$	—	$	(3)	$	83
Total assets			$	85	$	—	$	—	$	—	$	1	$	—	$	(3)	$	83

Transfers in and out of Level 3, during 2021 and 2020, included securities measured at lower of cost or fair value.

The following table presents information about significant unobservable inputs used in Level 3 assets measured at fair value:

December 31, 2021
Assets accounted for			Predominant	Significant	Range of Values	Impact of Increase
at Fair Value			Valuation	Unobservable	- Unobservable Inputs	in Input on
on a recurring basis	Fair Value		Method	Input	(Weighted Average) ¹	Fair Value ²
Asset-backed securities 3	$	16	Vendor price	Price	36 - 36 (36)	Increase
Residential mortgage-backed securities 4	$	1	Discounted Cash Flows	Constant prepayment rate	7% - 7% (7%)	Decrease
				Constant default rate	0% - 0% (0%)	Decrease
				Loss severity	27% - 27% (27%)	Decrease

¹ The weighted average is determined based on the fair value of the securities.

² Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table above.

³    Primarily collateralized by home equity.

4 Primarily subordinated tranches of non-agency residential mortgage-backed securities

36

NOTE 3 - INVESTMENTS, (continued)

December 31, 2020
Assets accounted for			Predominant	Significant	Range of Values	Impact of Increase
at Fair Value			Valuation	Unobservable	- Unobservable Inputs	in Input on
on a recurring basis	Fair Value		Method	Input	(Weighted Average) ¹	Fair Value ²
Asset-backed securities 3	$	83	Vendor price	Price	70 - 70 (70)	Increase

¹ The weighted average is determined based on the fair value of the securities.

² Conversely, the impact of a decrease in input would have the opposite impact to the fair value as that presented in the table above.

³    Primarily collateralized by home equity.

The tables below reflect the fair values or NAV and book/adjusted carrying values of all admitted assets and liabilities that are financial instruments excluding those accounted for under the equity method. The Company had no financial instruments that were not practicable to calculate fair value. The Company had no investments measured using NAV instead of fair value in which the investment may be sold below NAV or significant restrictions in the liquidation of the investment held at NAV. The fair values are also categorized into the three-level fair value hierarchy as described previously:

December 31, 2021
		Fair Value		Book/Adjusted Carrying Value		Level 1		Level 2		Level 3		Net Asset Value
Assets:
Bonds		$	11,092,805	$	10,330,856	$	—	$	8,119,665	$	2,973,140	$	—
Preferred stocks		11,325		10,273		—		11,325		—		—
Common stocks		467,386		467,386		452,545		14,841		—		—
Mortgage loans		2,338,215		2,226,042		—		—		2,338,215		—
Cash, cash equivalents and short-term
	investments	186,574		186,574		186,574		—		—		—
Loans on insurance contracts		693,190		545,818		—		—		693,190		—
Other investments		405,729		391,433		192,652		142,081		70,996		—
Investment income due and accrued		118,569		118,569		118,569		—		—		—
Separate account assets		—		11,996,727		—		—		—		11,996,727
Total financial assets		$	15,313,793	$	26,273,678	$	950,340	$	8,287,912	$	6,075,541	$	11,996,727
Liabilities:
Deposit-type funds		$	990,510	$	990,510	$	—	$	—	$	990,510	$	—
Borrowings		3,840		3,989		—		—		3,840		—
Derivative liabilities		116,326		116,326		116,099		227		—		—
Separate account liabilities		—		11,996,727		—		—		—		11,996,727
Total financial liabilities		$	1,110,676	$	13,107,552	$	116,099	$	227	$	994,350	$	11,996,727

37

NOTE 3 - INVESTMENTS, (continued)

December 31, 2020
		Fair Value		Book/Adjusted Carrying Value		Level 1		Level 2		Level 3		Net Asset Value
Assets:
Bonds		$	10,723,483	$	9,638,654	$	—	$	7,467,161	$	3,256,322	$	—
Preferred stocks		13,160		12,177		—		13,160		—		—
Common stocks		390,070		390,070		373,408		16,662		—		—
Mortgage loans		2,250,727		2,094,450		—		—		2,250,727		—
Cash, cash equivalents and short-term
	investments	370,839		370,839		370,839		—		—		—
Loans on insurance contracts		687,007		539,975		—		—		687,007		—
Other investments		501,978		485,923		283,477		140,563		77,938		—
Investment income due and accrued		113,867		113,867		113,867		—		—		—
Separate account assets		—		11,041,001		—		—		—		11,041,001
Total financial assets		$	15,051,131	$	24,686,956	$	1,141,591	$	7,637,546	$	6,271,994	$	11,041,001
Liabilities:
Deposit-type funds		$	1,001,005	$	1,000,269	$	—	$	—	$	1,001,005	$	—
Borrowings		3,865		3,733		—		—		3,865		—
Derivative liabilities		206,123		206,123		205,572		551		—		—
Separate account liabilities		—		11,041,001		—		—		—		11,041,001
Total financial liabilities		$	1,210,993	$	12,251,126	$	205,572	$	551	$	1,004,870	$	11,041,001

The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments:

Bonds and preferred stocks: For bonds and preferred stocks not actively traded, fair values are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. The fair values of loan-backed and structured securities are estimated using values obtained from independent pricing services or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Bonds and preferred stocks priced based on observable market information are assigned to Level 2. Bonds priced based on uncorroborated broker quotes, unobservable market inputs or internal valuations are assigned to Level 3.

Common stocks: For publicly traded securities and mutual funds, fair value is obtained from independent pricing services or fund managers and are assigned to Level 1 as the fair values are based on quoted prices in active markets for identical securities. For stock in FHLB carrying amount approximates fair value and as such is assigned to Level 2. Stocks in affiliates carried on the equity method are not included as part of the fair value disclosure.

Mortgage loans: The fair value of commercial mortgage loans is primarily determined by estimating expected future cash flows and discounting the cash flows using current interest rates for similar mortgage loans with similar credit risk. The fair value of residential mortgage loans is determined by the Yield-Based or Price-Based approach. The Yield-Based approach, applied to performing and sub-performing loans, estimates fair value by first modeling contractual cash flows and then discounting the cash flows at an appropriate discount rate that incorporates an appropriate base rate (e.g., Treasury) to which a risk premium (spread) is added. The Price-Based approach, applied to non-performing loans (greater than 90 days past due) along with certain sub-performing loans, utilizes a direct estimate of a loan’s net present value or dollar price, largely based on underlying collateral values.

Cash, cash equivalents and short-term investments, and investment income due and accrued: The carrying amounts for these instruments approximate their fair values due to the short maturity of these investments.

38

NOTE 3 - INVESTMENTS, (continued)

Other investments and derivative liabilities: Public equity securities are classified as Level 1 securities as the fair values are based on quoted prices in active markets. Exchange traded call and put options and exchange traded call and put options (written) are classified as Level 1 since the valuations are based on quoted prices in active markets for identical securities. U.S. government agency securities are classified as Level 2 as the prices are based on observable market data. OTC index call options where the primary inputs to valuations include broker quotes that utilize inputs tailored to the remaining term of each call option and are assigned to Level 2. Foreign currency swaps are classified as Level 2 as the valuation is based on models that rely on inputs such as basis curves and currency spot rates that are observable for substantially the full term of the contract. The valuation techniques underlying the models are widely accepted in the financial services industry and do not involve significant judgment. The fair value for other investments assigned to Level 3 are based on quoted market prices where trading activity is not available to corroborate or internally derived based on expected future cash flows using a current market rate applicable to the yield, credit quality and maturity of the investments. Other investments carried on the equity method are not included as part of the fair value disclosure.

Loans on insurance contracts: The fair values for loans on insurance contracts are estimated using discounted cash flow analysis at interest rates currently offered for similar loans. Loans on insurance contracts with similar characteristics are aggregated for purposes of the calculations.

Deposit-type funds: Deposit-type funds are valued using discounted cash flow calculations, based on interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued.

Borrowings: The fair value of borrowed money is estimated using discounted cash flow calculations based on current interest rates consistent with the maturity of the obligation.

Separate account assets and liabilities: Separate account assets represent NAV as a practical expedient received from fund managers who stand ready to transact at the quoted values. Separate account liabilities are carried at the value of the underlying assets.

NOTE 4 - INCOME TAXES

The application of NAIC SAP requires a company to evaluate the recoverability of gross deferred tax assets and to establish a valuation allowance if necessary to reduce the gross deferred tax asset to an amount which is more likely than not to be realized (adjusted gross deferred tax asset). Considerable judgment is required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance the Company considers many factors including: (1) the nature of the deferred tax assets and liabilities; (2) whether they are ordinary or capital; (3) the timing of their reversals; (4) taxable capital gains in prior carry back years as well as projected taxable earnings exclusive of reversing temporary differences and carry forwards; (5) the length of time that carryovers can be utilized; (6) unique tax rules that would impact the utilization of the deferred tax assets; and (7) tax planning strategies that the Company would employ to avoid a tax benefit from expiring unused.

Based on an evaluation of the above factors, management believes it more likely than not that the adjusted gross deferred tax assets will be realized.

The components of the net deferred tax asset/(liability) as of December 31, 2021 are as follows:

	Ordinary		Capital		Total
Gross deferred tax assets	$	248,631	$	2,861	$	251,492
Statutory valuation allowance adjustment	—		—		—
Adjusted gross deferred tax assets	248,631		2,861		251,492
Deferred tax assets non-admitted	44,951		—		44,951
Subtotal net admitted deferred tax assets	203,680		2,861		206,541
Deferred tax liabilities	41,680		76,517		118,197
Net admitted deferred tax assets/(net deferred tax liability)	$	162,000	$	(73,656)	$	88,344

39

NOTE 4 - INCOME TAXES, (continued)

The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2021 is:

				Ordinary		Capital		Total
Admission calculation components - NAIC SAP
Federal income taxes paid in prior years recoverable through
	loss carrybacks			$	—	$	—	$	—
Adjusted gross deferred tax assets expected to be realized
	(excluding the amount of deferred tax assets from above)
	after application of the threshold limitation			$	88,344	$	—	$	88,344
		Adjusted gross deferred tax assets expected to be
			realized following the balance sheet date	$	88,344	$	—	$	88,344
		Adjusted gross deferred tax assets allowed per
			limitation threshold	xxx		xxx		$	283,023
Adjusted gross deferred tax assets offset by gross deferred
	tax liabilities			$	115,336	$	2,861	$	118,197
Deferred tax assets admitted as the result of application
	of NAIC SAP			$	203,680	$	2,861	$	206,541

The components of the net deferred tax asset/(liability) as of December 31, 2020 are as follows:

	Ordinary		Capital		Total
Gross deferred tax assets	$	234,307	$	3,851	$	238,158
Statutory valuation allowance adjustment	—		—		—
Adjusted gross deferred tax assets	234,307		3,851		238,158
Deferred tax assets non-admitted	64,592		—		64,592
Subtotal net admitted deferred tax assets	169,715		3,851		173,566
Deferred tax liabilities	44,613		46,341		90,954
Net admitted deferred tax assets/(net deferred tax liability)	$	125,102	$	(42,490)	$	82,612

The amount of admitted adjusted gross deferred tax assets under each component of NAIC SAP as of December 31, 2020 is:

				Ordinary		Capital		Total
Admission calculation components - NAIC SAP
Federal income taxes paid in prior years recoverable through
	loss carrybacks			$	—	$	—	$	—
Adjusted gross deferred tax assets expected to be realized
	(excluding the amount of deferred tax assets from above)
	after application of the threshold limitation			$	82,612	$	—	$	82,612
		Adjusted gross deferred tax assets expected to be
			realized following the balance sheet date	$	82,612	$	—	$	82,612
		Adjusted gross deferred tax assets allowed per
			limitation threshold	xxx		xxx		$	249,849
Adjusted gross deferred tax assets offset by gross deferred
	tax liabilities			$	87,103	$	3,851	$	90,954
Deferred tax assets admitted as the result of application
	of NAIC SAP			$	169,715	$	3,851	$	173,566

40

NOTE 4 - INCOME TAXES, (continued)

The changes in the components of the net deferred tax asset/(liability) from December 31, 2020 to December 31, 2021 are as follows:

	Ordinary		Capital		Total
Gross deferred tax assets	$	14,324	$	(990)	$	13,334
Statutory valuation allowance adjustment	—		—		—
Adjusted gross deferred tax assets	14,324		(990)		13,334
Deferred tax assets non-admitted	(19,641)		—		(19,641)
Subtotal net admitted deferred tax assets	33,965		(990)		32,975
Deferred tax liabilities	(2,933)		30,176		27,243
Net admitted deferred tax assets/(net deferred tax liability)	$	36,898	$	(31,166)	$	5,732

				Ordinary		Capital		Total
Admission calculation components - NAIC SAP
Federal income taxes paid in prior years recoverable through
	loss carrybacks			$	—	$	—	$	—
Adjusted gross deferred tax assets expected to be realized
	(excluding the amount of deferred tax assets from above)
	after application of the threshold limitation			5,732		—		5,732
		Adjusted gross deferred tax assets expected to be
			realized following the balance sheet date	5,732		—		5,732
		Adjusted gross deferred tax assets allowed per
			limitation threshold	xxx		xxx		33,174
Adjusted gross deferred tax assets offset by gross deferred
	tax liabilities			28,233		(990)		27,243
Deferred tax assets admitted as the result of application
	of NAIC SAP			$	33,965	$	(990)	$	32,975

The Company does not carry any deferred tax liabilities on unrealized capital gains related to investments in affiliates.

The Company used the following amounts in determining the DTA admissibility:

	2021			2020
Ratio percentage used to determine recovery period and
threshold limitation above	914		%	1,013		%
Amount of adjusted capital and surplus used to determine
recovery period and threshold limitation above	$	1,886,819		$	1,665,660

There were no tax planning strategies utilized as of December 31, 2021 or 2020.

41

NOTE 4 - INCOME TAXES, (continued)

The provision for incurred federal income taxes on earnings are:

	Years ended December 31
	2021		2020		2019
Federal	$	17,359	$	19,600	$	31,941
Federal income tax on net capital gains	9,319		7,365		11,801
Federal income tax incurred	$	26,678	$	26,965	$	43,742

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

	December 31						Change		Change
	2021		2020		2019		from 2020		from 2019
Deferred tax assets:
Ordinary
Discounting of unpaid losses	$	172	$	167	$	136	$	5	$	31
Unearned premium reserve	515		430		389		85		41
Policyholder reserves	93,859		89,735		80,590		4,124		9,145
Investments	10,124		7,521		57		2,603		7,464
Deferred acquisition costs	75,319		70,032		67,107		5,287		2,925
Policyholder dividends accrual	1,328		1,548		1,806		(220)		(258)
Fixed assets	1		5		85		(4)		(80)
Compensation and benefits accrual	30,390		29,239		27,200		1,151		2,039
Receivables - non-admitted	16,556		14,571		13,549		1,985		1,022
Net operating loss carry-forward	260		277		294		(17)		(17)
Coinsurance/modified coinsurance transaction	—		—		12,219		—		(12,219)
Other (including items <5% of total
ordinary tax assets)	20,107		20,782		8,654		(675)		12,128
Subtotal	248,631		234,307		212,086		14,324		22,221
Statutory valuation allowance adjustment	—		—		—		—		—
Non-admitted deferred tax assets	44,951		64,592		60,967		(19,641)		3,625
Admitted ordinary deferred tax assets	$	203,680	$	169,715	$	151,119	$	33,965	$	18,596

42

NOTE 4 - INCOME TAXES, (continued)

	December 31						Change			Change
	2021		2020		2019			from 2020			from 2019
Capital
Investments	$	476	$	1,469	$	1,486		$	(993)		$	(17)
Real Estate	2,102		1,938		2,797			164			(859)
Other (including items <5% of total
ordinary tax assets)	283		444		660			(161)			(216)
Subtotal	2,861		3,851		4,943			(990)			(1,092)
Statutory valuation allowance adjustment	—		—		—			—			—
Non-admitted	—		—		—			—			—
Admitted capital deferred tax assets	2,861		3,851		4,943			(990)			(1,092)
Admitted deferred tax assets	$	206,541	$	173,566	$	156,062		$	32,975		$	17,504

Deferred tax liabilities:
Ordinary
Investments	$	1,617	$	3,014	$	3,123	$	(1,397)	$	(109)
Fixed assets	2,486		2,925		3,322		(439)		(397)
Deferred and uncollected premium	17,778		17,793		18,001		(15)		(208)
Policyholder reserves	13,452		17,038		20,597		(3,586)		(3,559)
Unearned commissions	6,204		3,699		3,343		2,505		356
Other (including items <5% of total
ordinary tax liabilities)	143		144		144		(1)		—
Subtotal	$	41,680	$	44,613	$	48,530	$	(2,933)	$	(3,917)

Capital
Investments	$	75,747	$	46,050	$	35,890	$	29,697	$	10,160
Real estate	770		291		—		479		291
Subtotal	$	76,517	$	46,341	$	35,890	$	30,176	$	10,451
Deferred tax liabilities	$	118,197	$	90,954	$	84,420	$	27,243	$	6,534
Net deferred tax assets	$	88,344	$	82,612	$	71,642	$	5,732	$	10,970

The change in the net admitted deferred tax assets was $5,732, $10,970 and $2,407 for the years ended December 31, 2021, 2020 and 2019, respectively. The change in non-admitted deferred tax assets of $(19,641), $3,625 and $(7,257) was included in change in non-admitted assets in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for the years ended December 31, 2021, 2020 and 2019, respectively.

The change in net deferred income taxes as of December 31 is as follows:

	2021			2020			Change
Total gross deferred tax assets		$	251,492		$	238,158		$	13,334
Total deferred tax liabilities		118,197			90,954			27,243
Net deferred tax asset		$	133,295		$	147,204		(13,909)
Tax effect of change in unrealized gains and pension liability								31,065
Change in net deferred income tax								$	17,156

43

NOTE 4 - INCOME TAXES, (continued)

	2020			2019			Change
Total gross deferred tax assets		$	238,158		$	217,029		$	21,129
Total deferred tax liabilities		90,954			84,420			6,534
Net deferred tax asset		$	147,204		$	132,609		14,595
Tax effect of change in unrealized gains and pension liability								3,728
Calvert deferred tax asset from dissolution								(651)
Change in net deferred income tax								$	17,672

	2019			2018			Change
Total gross deferred tax assets		$	217,029		$	210,883		$	6,146
Total deferred tax liabilities		84,420			73,424			10,996
Net deferred tax asset		$	132,609		$	137,459		(4,850)
Tax effect of change in unrealized gains and pension liability								25,349
Change in net deferred income tax								$	20,499

The provision for federal income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference as of December 31, 2021, 2020 and 2019 were as follows:

	2021		2020		2019
Net gain from operations before income taxes	$	106,544	$	67,641	$	101,784
Net realized capital gains before income taxes	26,620		38,066		36,222
Deferred reinsurance gain (loss), net	(2,832)		(3,643)		35,649
Change in reserve on account of change in valuation basis	—		5,820		—
Change in pension liability	117		—		—
Change in unauthorized reinsurance	(12)		—		—
Total pre-tax statutory income	130,437		107,884		173,655
Change in non-admitted assets	(9,453)		(4,868)		8,450
IMR amortization	(9,487)		(8,861)		(8,581)
Affordable Care Act assessment	—		14,556		—
Tax-exempt income	(28,681)		(22,785)		(24,932)
Dividends received deduction	—		—		(5,000)
Subsidiary conversion to single member LLC	—		(7,014)		—
Realized gain on dissolution of subsidiary	—		(2,994)		—
Non-deductible expense	2,730		2,691		4,223
Other	1,202		2,368		2,392
Subtotal	86,748		80,977		150,207
Statutory tax rate	0.21		0.21		0.21
Subtotal	18,217		17,005		31,543
Tax credits	(8,695)		(7,712)		(8,300)
Total statutory income taxes	$	9,522	$	9,293	$	23,243
Federal and foreign income tax incurred	$	26,678	$	26,965	$	43,742
Change in deferred income tax	(17,156)		(17,672)		(20,499)
Total statutory income taxes	$	9,522	$	9,293	$	23,243

The Company has no foreign tax credit carryovers to subsequent years.

44

NOTE 4 - INCOME TAXES, (continued)

At December 31, 2021, the Company has tax carryovers to subsequent years as follows:

Year of Origination		Amount		Year of Expiration
2016	Net operating loss	$	1,237	2036

The amount of federal income tax which is available for recoupment in the event of future capital losses is $14,859, $18,002, $14,820 for the tax years 2021, 2020, 2019, respectively.

There were no deposits admitted under IRC Section 6033.

The Company joins in a consolidated federal income tax return filed by AMHC. The other members of the affiliated group joining in the AMHC consolidated return are as follows:

Ameritas Holding Company        

Ameritas Investment Partners, Inc.        

Ameritas Life Insurance Corp.        

Ameritas Life Insurance Corp. of New York        

The Company has no tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

NOTE 5 - INFORMATION CONCERNING PARENT, SUBSIDIARIES, AFFILIATES AND RELATED PARTIES

In 2021 and 2019, the Company received a return of capital of $1,700 and $1,000, respectively, from its wholly owned subsidiary, Griffin, which was accounted for as a reduction in its carrying value.

In 2020, the Company made a capital contribution of $7,550 to its wholly owned subsidiary, AIC.

In 2019, the Company received a cash dividend $5,000 from its wholly owned subsidiary, Calvert, which was recorded in net investment income in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis.

In 2019, the Company made a capital contribution of $30,000 to its wholly owned subsidiary, Ameritas-NY. No additional shares were issued.

The Company's variable life and annuity products are distributed through AIC, an affiliated company. Policies placed by this affiliate generated commission and general insurance expense of $26,047, $24,766 and $16,750 for the years ended December 31, 2021, 2020 and 2019, respectively.

The Company reported the following amounts due from/(to) the below listed affiliates at December 31, 2021 and 2020, which were recorded in other admitted assets and other liabilities in the Balance Sheets-Statutory Basis. The terms of the settlements require that these amounts be settled monthly.

	2021		2020
Ameritas Holding Company	$	(3,927)	$	(3,563)
Ameritas Life Insurance Corp. of New York	1,837		4,981
Ameritas Investment Company, LLC	580		940
Ameritas Investment Partners, Inc.	1,072		767
Griffin Realty, LLC	—		5
Variable Contract Agency, LLC	—		—
Ameritas Advisory Services, LLC	685		—
Dental Select	(60)		1,756
BlueStar Retirement Services, LLC	242		—
Total	$	429	$	4,886

45

NOTE 5 - INFORMATION CONCERNING PARENT, SUBSIDIARIES, AFFILIATES AND RELATED PARTIES, (continued)

The Company provides, as well as receives, technical, financial, legal and marketing support to and from its affiliates under various administrative service and cost-sharing agreements. The net effect on general insurance expenses under these agreements has been a decrease of $2,455, $32,957 and $31,076 for the years ended December 31, 2021, 2020 and 2019, respectively.

In addition, the Company receives investment advisory services from an affiliate. Costs related to this agreement, which are included in investment expenses, totaled $18,434, $16,484 and $15,686 for the years ended December 31, 2021, 2020 and 2019, respectively.

The Company owns Ameritas-NY for which the audited statutory equity reflects a departure from the NAIC SAP due to state of domicile prescribed practice. This amount was immaterial for 2021 and 2020.

NOTE 6 - EMPLOYEE BENEFITS

The Company has unfunded, non-qualified pension plans (the NQ Plans) where the Company makes payments under certain voluntary arrangements for retirement benefits, which are not provided for under the AHC sponsored defined benefit pension plan.

The Company has deferred compensation plans covering the Board of Directors, certain management employees and agents. The Company's method of accounting for these plans is the accrual method and the assets for some of these deferred compensation plans are held in a Rabbi Trust.

The measurement date for the Company’s NQ Plans was December 31. A summary of the obligations and assumptions are as follows:

	Underfunded Pension Benefits
	2021		2020		2019
Benefit obligation at beginning of year	$	49,302	$	46,603	$	44,448
Service cost	35		38		209
Interest cost	966		1,437		1,813
Actuarial gain (loss)	(1,458)		4,781		3,742
Benefits paid	(4,707)		(4,734)		(3,609)
Business combinations, divestitures, curtailments,
settlements and special termination benefits	—		1,177		—
Benefit obligation at end of year	$	44,138	$	49,302	$	46,603

	Pension Benefits
	2021		2020		2019
Fair value of plan assets at beginning of year	$	—	$	—	$	—
Reporting entity contribution	4,707		4,734		3,609
Benefits paid	(4,707)		(4,734)		(3,609)
Fair value of plan assets at end of year	$	—	$	—	$	—

		Pension Benefits
		2021		2020		2019
Components:
	Accrued benefit costs	$	40,739	$	44,372	$	41,946
	Liability for pension benefits	3,399		4,930		4,657
Assets and liabilities recognized:
	Liabilities recognized	44,138		49,302		46,603
Unrecognized liabilities		3,399		4,930		4,657

46

NOTE 6 - EMPLOYEE BENEFITS, (continued)

The components of net periodic benefit cost are as follows:

	Pension Benefits
	2021		2020		2019
Service cost	$	35	$	38	$	209
Interest cost	966		1,437		1,813
Amount of recognized losses	74		4,625		2,019
Total net periodic benefit cost	$	1,075	$	6,100	$	4,041

Amounts in unassigned surplus recognized as components of net periodic benefit cost:

		Pension Benefits
		2021		2020		2019
Items not yet recognized as a component of net periodic cost - prior year		$	4,930	$	4,657	$	13,762
Net gain (loss) arising during the period		(1,457)		4,781		3,742
Net loss recognized		(74)		(4,508)		(2,019)
Cumulative change in amortization method applied1		—		—		(10,828)
Items not yet recognized as a component of net
	periodic cost - current year	$	3,399	$	4,930	$	4,657

1Effective January 1, 2019, the Company elected to change its method for amortizing the actuarial gains and losses to the minimum corridor method. This changed the unrecognized actuarial gains and losses to recognize all gains and losses outside of the 10% corridor cumulative upon the election date. All amounts remain components of unassigned surplus under either method of amortization.

The amounts in unassigned surplus that have not yet been recognized as components of net periodic benefit cost are as follows:

	Pension Benefits
	2021		2020		2019
Net recognized gains	$	3,399	$	4,930	$	4,657

The weighted-average assumptions are as follows:

			Pension Benefits
			2021	2020	2019
Weighted-average assumptions used to determine net periodic
	benefit cost as of December 31:
		Weighted average discount rate	2.98%	3.14%	4.23%
		Rate of compensation increase	1.79%	1.77%	4.47%
Weighted-average assumptions used to determine projected
	benefit obligation as of December 31:
		Weighted average discount rate	2.14%	2.98%	3.14%
		Rate of compensation increase	1.81%	1.79%	1.77%

Future expected pension benefit payments are as follows:

Year	Amount
2022	$	4,697
2023	$	4,256
2024	$	3,813
2025	$	3,703
2026	$	3,589
2027-2031	$	16,153

47

NOTE 6 - EMPLOYEE BENEFITS, (continued)

The accumulated pension benefit obligation for the NQ plans is as follows:

		December 31
		2021		2020
Accumulated benefit obligation		$	44,138	$	49,287
Projected benefit obligation (PBO)		$	44,138	$	49,302
Funded status (PBO - Plan assets)		$	44,138	$	49,302
Unrecognized items:
	Unrecognized losses, net of tax	$	2,685	$	3,895
Total unrecognized items, net of tax		$	2,685	$	3,895

The Company participates in the Ameritas Pension Plan (the Plan), of which AHC is the plan sponsor. There were no expenses recognized for the Plan funding.

Total net periodic benefit cost for the Plan was recorded in general insurance expenses in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis for the years ended December 31, 2021, 2020 and 2019.

The Company's employees and agents participate in defined contribution plans sponsored by AHC that cover substantially all full-time employees and agents. In addition, certain of the Company’s employees participate in an unfunded, non-qualified defined contribution plan sponsored by AHC. Company matching contributions under the defined contribution plans range from 0.5% to 3.0% of the participant’s compensation. In addition, for eligible employees who are not Plan participants, the Company makes a contribution of 6.0% of the participant's compensation for those employees hired prior to January 1, 2006 and 5.0% of the participant's compensation for those hired after January 1, 2006. Contributions by the Company to the employee and agents defined contribution plans were $15,013, $14,717 and $12,791 in 2021, 2020 and 2019, respectively.

Additionally, the Company participates in a postretirement benefit plan sponsored by AHC. The expense for the postretirement benefit plan was entirely paid by AHC and then allocated accordingly.

NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS

The Company is subject to regulation by the Department, which restricts the advancement of funds to parent and affiliated companies as well as the amount of dividends that may be paid without prior approval. Dividend payments to the stockholder by the Company, when aggregated with all other dividends in the preceding 12 months, cannot exceed the greater of 10% of surplus as of the preceding year-end or the statutory net gain from operations for the previous calendar year, without prior approval from the Department. Based on this limitation, the Company would be able to pay $197,477 in dividends in 2022, without prior approval. The Company did not pay ordinary dividends to AHC, its parent, in 2021, 2020 and 2019.

Unassigned surplus represents the undistributed and unappropriated amount of surplus at the statement date. The cumulative effect related to the portion of unassigned surplus represented or reduced by each of the following items as of December 31:

	2021		2020		2019
Unrealized capital gains, net of taxes	$	171,082	$	23,160	$	16,327
Non-admitted asset values	(123,789)		(133,978)		(138,241)
Asset valuation reserve	(295,155)		(251,837)		(214,022)

48

NOTE 7 - DIVIDEND RESTRICTIONS AND SURPLUS, (continued)

On November 1, 1996, the Company issued $50,000 of 8.20% Surplus Notes (Notes). The Notes mature on November 1, 2026 and may not be redeemed prior to maturity. The Notes are unsecured and subordinated to all present and future policy claims, prior claims and senior indebtedness. These Notes were underwritten by Merrill Lynch & Co. with the trustee as Bank of New York. Subject to prior written approval of the Department, these Notes will pay interest semi-annually on May 1 and November 1. In accordance with Department regulations, interest cannot be accrued until written approval has been received. Interest totaling $4,100 was paid in 2021, 2020 and 2019 and included as reduction to net investment income on the Summary of Operations and Changes in Capital and Surplus – Statutory Basis. The carrying amount of the Notes totaling $49,958 and $49,949 at December 31, 2021 and 2020, respectively. There is no unapproved interest and principal. The life-to-date interest expense recognized on the Notes as of December 31, 2021 is $102,466. There has been not been any principal paid during the life of the Notes as of December 31, 2021. The interest offset percentage is 100%. The Notes holder, the asset issuer and the liquidity source are not related parties. The Notes are not contractually linked and the Notes payments are not subject to administrative offsetting provisions. Cash of $50,000 was received upon issuance and was not used to purchase an asset directly from the holder of the surplus note.

NOTE 8 - COMMITMENTS AND CONTINGENCIES

At December 31, 2021 and 2020, respectively, the Company had outstanding agreements to fund mortgages totaling $86,932 and $114,711. In addition at December 31, 2021 and 2020, respectively, the Company has committed to invest $332,803 and $272,249 in equity-type limited partnerships in subsequent years. These transactions are in the normal course of operations and are not reflected in the accompanying statutory basis financial statements. The Company’s exposure to credit loss is represented by the contractual notional amount of these instruments. The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance sheet instruments.

At December 31, 2021 and 2020, the Company had FHLB lines of credit available up to $433,142 and $307,377, respectively, if an immediate liquidity need would arise. The Company had no outstanding balance as of December 31, 2021 and 2020 related to these lines of credit.

Guaranty Funds Assessments

As a condition of doing business, all states and jurisdictions have adopted laws requiring membership in life and health guaranty funds. Member companies are subject to assessments each year based on life, health or annuity premiums collected in the state. In some states these assessments may be applied against premium taxes. For 2021, 2020 and 2019 the charge to operations related to these assessments was not significant. The estimated liability for future guaranty fund assessments of $3,664 and $4,034 at December 31, 2021 and 2020, respectively, was based on data provided by the National Organization of Life & Health Guaranty Associations and is included in other liabilities in the Balance Sheets - Statutory Basis. At December 31, 2021 and 2020, the Company had a related receivable of $2,710 and $3,013, respectively, for amounts recoverable against premium taxes which is included in other admitted assets in the Balance Sheets - Statutory Basis. The periods over which the guaranty funds assessments are expected to be paid are unknown at this time. Premium tax offsets are realized over the period allowed by each state once the guaranty fund assessment has been paid.

Reconciliation of assets recognized from paid and accrued premium tax offsets and policy surcharges which are included in other admitted assets on the Balance Sheets – Statutory Basis as of December 31, 2021 and 2020 are as follows:

49

NOTE 8 - COMMITMENTS AND CONTINGENCIES, (continued)

	2021		2020
Assets recognized from paid and accrued premium tax offsets and policy surcharges as of prior year end	$	6,320	$	7,316
Decreases during the year
Premium tax offset applied	(1,066)		(1,133)
Charge off of estimated premium tax offset	(318)		(320)
	(1,384)		(1,453)
Increases during the year
Assessments paid	165		457
	165		457
Assets recognized from paid and accrued premium tax offsets and policy surcharges as of current year end	$	5,101	$	6,320

The liabilities, contingencies and assessments for long-term care insolvencies related guaranty funds liabilities and assets as of December 31, 2021 and 2020 are summarized below. The discount rate applied was 3.0% and 3.5% for December 31, 2021 and 2020, respectively.

	December 31, 2021
	Guaranty Fund Assessment				Related Assets
Name of the Insolvency	Undiscounted		Discounted		Undiscounted		Discounted
Penn Treaty/ANIC	$	7,567	$	3,288	$	5,389	$	2,360

	December 31, 2021
	Payables			Recoverables
Name of the Insolvency	Number of Jurisdictions	Range of Years	Weighted Average Number of Years	Number of Jurisdictions	Range of Years	Weighted Average Number of Years
Penn Treaty/ANIC	50	1-70	37	44	1-20	6

	December 31, 2020
	Guaranty Fund Assessment				Related Assets
Name of the Insolvency	Undiscounted		Discounted		Undiscounted		Discounted
Penn Treaty/ANIC	$	7,175	$	2,487	$	5,112	$	1,578

	December 31, 2020
	Payables			Recoverables
Name of the Insolvency	Number of Jurisdictions	Range of Years	Weighted Average Number of Years	Number of Jurisdictions	Range of Years	Weighted Average Number of Years
Penn Treaty/ANIC	50	1-70	37	44	1-20	6

50

NOTE 8 - COMMITMENTS AND CONTINGENCIES, (continued)

Litigation and Regulatory Examination

From time to time, the Company is subject to litigation and regulatory examination in the normal course of business. Management does not believe that the Company is party to any such pending litigation or examination which would have a material adverse effect on its financial condition or results of its operations. There were no claims (per claim or claimant) where amounts paid to settle were related to extra contractual obligations or bad faith claims resulting from lawsuits during 2021 and 2020.

Uncollectibility of Assets

The Company had admitted assets of $13,187 and $11,317 at December 31, 2021 and 2020, respectively, in accounts receivable for uninsured plans included in other admitted assets on the Balance Sheets – Statutory Basis. The Company routinely assesses the collectibility of these receivables. Based upon Company experience, less than 1% of the balance may become uncollectible and the potential loss is not material to the Company’s financial condition.

NOTE 9 – GAIN OR LOSS TO THE REPORTING ENTITY FROM UNINSURED ACCIDENT AND HEALTH PLANS

ASO Plans

The loss from operations from administrative services only (ASO) uninsured plans, which is reported within general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis, is as follows for the years ended December 31:

	2021		2020		2019
Net reimbursement for administrative expenses (including administrative fees) in excess of actual expenses	$	(829)	$	(1,393)	$	(2,979)
Net loss from operations	$	(829)	$	(1,393)	$	(2,979)
Total claim payment volume	$	180,138	$	152,945	$	193,120

Under NAIC SAP, claim payments related to ASO uninsured plans are excluded from the Summary of Operations and Changes in Capital and Surplus – Statutory Basis.

ASC Plans

The gain from operations from administrative services contract (ASC) uninsured plans which is reported within general insurance expenses in the Summary of Operations and Changes in Capital and Surplus – Statutory Basis is as follows for the years ended December 31:

	2021		2020		2019
Gross reimbursement for medical cost incurred	$	28,857	$	28,226	$	27,605
Other income or expenses (including interest paid to or received from plans)	8,595		7,462		7,388
Gross expenses incurred (claims and administrative)	27,262		24,297		23,507
Net gain from operations	$	10,190	$	11,391	$	11,486

NOTE 10 - LEASES

The Company leases office space under operating lease agreements that expire at various dates through 2031. Certain rental commitments have renewal options extending through the year 2031. Some of these leases include escalation clauses, which vary with levels of operating expense. Rental expense under these leases totaled $3,166, $4,737 and $4,396 in 2021, 2020 and 2019, respectively. The Company has subleased a portion of office space and received sublease income recorded as an offset to general insurance expenses in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis of $33, $621, and $585 in 2021, 2020 and 2019, respectively.

51

NOTE 10 - LEASES, (continued)

Future minimum lease payments under noncancellable operating leases consisted of the following at December 31, 2021:

Calendar Year	Amount
2022	$	2,175
2023	1,440
2024	913
2025	552
2026 and thereafter	1,102
Total	$	6,182

NOTE 11 - MANAGING GENERAL AGENTS AND THIRD-PARTY ADMINISTRATORS

The Company has a third-party administrator, DXC Technology Company (DXC) for which direct premiums written exceed 5% of total capital and surplus. DXC writes ordinary life and individual annuity business and does not have an exclusive contract. DXC has been granted the authority for claims payment, claims adjustment, reinsurance ceding, binding authority, premium collection and underwriting. The total amount of direct premiums written by DXC was $267,540, $271,184 and $248,018 for the years ended December 31, 2021, 2020 and 2019, respectively. For the years ended December 31, 2020 and 2019, the Company had a third-party administrator, Association Member Benefit Advisors Ltd (AMBA), which wrote group accident and health business, does not have an exclusive contract, and has been granted the authority for binding authority, premium collection and underwriting, for which direct premiums exceeded 5% of total capital and surplus. The total amount of direct premiums written by AMBA was $96,425 and $88,252 for the years ended December 31, 2020 and 2019, respectively. The Company had various other third party administrators and managing general agents during these periods, however their direct premiums written did not exceed 5% of total capital and surplus. The total amount of direct premiums written by third-party administrators was $504,670, $518,344 and $491,627 for the years ended December 31, 2021, 2020 and 2019, respectively.

NOTE 12 - OTHER ITEMS

Securities on Deposit

Included in the Company's deposits with government agencies are bonds with a book/adjusted carrying value of $124,467 and $118,126 and cash of $2,136 and $7,168 at December 31, 2021 and 2020, respectively, in a Regulation 109 deposit account with the State of New York as a result of its delicensure in the state as of September 30, 2013.

NOTE 13 - SUBSEQUENT EVENTS

The Company has evaluated events subsequent to December 31, 2021 and through March 25, 2022, the date the financial statements were available to be issued.

NOTE 14 - REINSURANCE

In the ordinary course of business, the Company assumes and cedes reinsurance with other insurers and reinsurers. These arrangements provide greater diversification of business and limit the maximum net loss potential on large or hazardous risks. These reinsured risks are treated in the financial statements as risks for which the Company is not liable. Accordingly, policy liabilities and accruals, including incurred but not reported claims, are reported in the financial statements net of reinsurance assumed and ceded. A contingent liability exists with respect to the amount of such reinsurance in the event that the reinsuring companies are unable to meet their obligations. The Company has exposure to one reinsurer that is under an order of rehabilitation where a loss is likely for ceded business. The Company recorded a contingency liability of $14,613 and $16,664 at December 31, 2021 and 2020, respectively, on the Balance Sheets - Statutory Basis. The Company also adjusted its other reinsurance receivables included in Other admitted assets and Reserve for unpaid claims in the Balance Sheets - Statutory Basis due to our analysis of collectability. Reinsurance of risk does not discharge the primary liability of the Company, the Company remains contingently liable with respect to any reinsurance ceded, and this contingency would become an actual liability in the event that the assuming company becomes unable to meet its obligation under the reinsurance treaty.

52

NOTE 14 - REINSURANCE, (continued)

The Company conducts reinsurance business with Ameritas-NY and other non-affiliated companies. No policies issued by the Company have been reinsured with a foreign company, which is controlled either directly or indirectly, by a party not primarily engaged in the business of insurance.

Reinsurance premium transactions with affiliated and non-affiliated companies are summarized as follows:

	Years Ended December 31
	2021		2020		2019
Assumed1	$	109,582	$	109,062	$	110,358
Ceded	(267,198)		(252,021)		(253,164)
Reinsurance premiums, net	$	(157,616)	$	(142,959)	$	(142,806)

¹ Includes modco reinsurance premiums of $7,041 in 2019. There were no modco reinsurance premiums in 2021 and 2020.

The reinsurance premiums, net are included in the premium income, net in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis.

The Company did not have any affiliated transactions through reinsurance operations for premium income, commission expense allowances, benefits to policyholders and reserves for life, accident and health policies that were more than half of 1% of the Company's admitted assets for the years ended December 31, 2021, 2020 and 2019.

Effective October 1, 2019, the Company entered into a combination coinsurance/quota share funds withheld reinsurance agreement of an individual indexed annuity block and guaranteed living withdrawal benefit riders on an individual indexed annuity block with a third party.  Under the agreement, the Company ceded $40,879 of reserves to the third party.  This agreement included an in-force block of business, which was accounted for in accordance with NAIC SAP, and that required any increase in surplus, net of federal income taxes of $4,318, on in-force business issued prior to the effective date of the agreement to be identified separately and included as a direct item to surplus by the ceding company.  As a result of this agreement there was $36,560 recorded in change in surplus as a result of reinsurance, net of taxes, in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis at December 31, 2019. Amortization of $2,832 and $3,643, which is based on the growth of the funds withheld liability, was recorded in change in surplus as a result of reinsurance, net of taxes, in the Summary of Operations and Changes in Capital and Surplus - Statutory Basis at December 31, 2021 and 2020, respectively.

The Company entered into two coinsurance agreements of participating life blocks with a third party (Coinsurance Treaties) effective on December 1, 2015. As of December 31, 2021 and 2020, invested assets of $1,117,422 and $1,129,363, respectively, were held in trust to support the obligations reinsured under the Coinsurance Treaties. The amounts held in trust are to be used solely to fund obligations incurred under the Coinsurance Treaties and represent 4.1% and 4.4% of the Company’s admitted assets at December 31, 2021 and 2020, respectively.

No reinsurance contracts with risk-limiting features were identified for disclosure in any year.

53

NOTE 15 - CHANGES IN UNPAID CLAIMS AND CLAIM ADJUSTMENT EXPENSES

The change in the liability for unpaid accident and health claims and claim adjustment expenses, which is reported in reserves for unpaid claims and reserves for life, accident and health policies in the Balance Sheets – Statutory Basis, is summarized as follows:

	2021		2020		2019
Total reserve for unpaid claims at January 1	$	316,765	$	284,339	$	278,529
Less reinsurance assumed	(18,267)		(17,354)		(17,238)
Plus reinsurance ceded	172,907		151,501		147,259
Direct balance	471,405		418,486		408,550
Incurred related to:
Current year	777,744		618,972		611,690
Prior year	2,986		13,035		1,803
Total incurred	780,730		632,007		613,493
Paid related to:
Current year	645,529		495,754		520,536
Prior year	90,184		83,334		83,021
Total paid	735,713		579,088		603,557
Direct balance	516,422		471,405		418,486
Plus reinsurance assumed	18,121		18,267		17,354
Less reinsurance ceded	(189,189)		(172,907)		(151,501)
Total reserve for unpaid claims at December 31	$	345,354	$	316,765	$	284,339

As a result of unfavorable settlement of prior years’ estimated claims, the provision for claims and claim adjustment expenses increased by $2,986, $13,035, and $1,803 for the years ended December 31, 2021, 2020, and 2019, respectively. There were no significant changes in methodologies and assumptions used in calculating the liability for unpaid losses and loss adjustment expenses for the year ended December 31, 2021.

The Company paid and incurred assumed and ceded reinsurance claims as follows:

	2021		2020		2019
Paid assumed reinsurance claims	$	81,375	$	67,813	$	74,081
Incurred assumed reinsurance claims	$	81,229	$	68,726	$	74,197
Paid ceded reinsurance claims	$	29,287	$	24,203	$	21,608
Incurred ceded reinsurance claims	$	45,569	$	45,609	$	25,850

Anticipated salvage and subrogation are not included in the Company’s determination of the liability for unpaid claims/losses.

NOTE 16 - RESERVES FOR LIFE, ACCIDENT AND HEALTH POLICIES

The Company waives deduction of deferred fractional premiums due upon death of the insured and returns any portion of the final premium beyond the date of death on traditional business. Surrender values are not provided in excess of legally computed reserves.

Additional premiums are charged for policies issued on substandard lives according to underwriting classification. Reserves for substandard policies are included in the reserves for life, accident and health policies as reflected on the Balance Sheets – Statutory Basis. The corresponding reserves held on such policies are calculated using the same interest rate as standard policies, but employ mortality rates which are multiples of standard mortality.

54

NOTE 16 - RESERVES FOR LIFE, ACCIDENT AND HEALTH POLICIES, (continued)

As of December 31, 2021 and 2020, respectively, the Company had $3,427,643 and $4,437,411 of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the Department. Reserves to cover the above insurance totaled $28,240 and $31,786 at December 31, 2021 and 2020, respectively.

NOTE 17 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS

Withdrawal characteristics of annuity reserves and deposit-type funds at December 31 are as follows:

	2021
	General Account		Separate Account Non-guaranteed		Total		% of Total
Individual Annuities:
Subject to discretionary withdrawal:
With fair value adjustment	$	—	$	—	$	—	—	%
At book value less current surrender
charge of 5% or more	1,632,630		—		1,632,630		23.6	%
At fair value	—		2,823,648		2,823,648		40.8	%
Total with adjustment or at fair value	1,632,630		2,823,648		4,456,278		64.4	%
At book value without adjustment
(minimal or no charge)	2,097,258		—		2,097,258		30.3	%
Not subject to discretionary withdrawal	368,460		—		368,460		5.3	%
Total gross	4,098,348		2,823,648		6,921,996		100.0	%
Reinsurance ceded	272,328		—		272,328
Total individual annuity reserves	$	3,826,020	$	2,823,648	$	6,649,668
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date:	$	160,832	$	—	$	160,832

Group Annuities:
Subject to discretionary withdrawal:
With fair value adjustment	$	1,030,790	$	—	$	1,030,790	12.0	%
At book value less current surrender
charge of 5% or more	—		—		—		—	%
At fair value	—		7,371,957		7,371,957		86.0	%
Total with adjustment or at fair value	1,030,790		7,371,957		8,402,747		98.0	%
At book value without adjustment
(minimal or no charge)	130,039		—		130,039		1.5	%
Not subject to discretionary withdrawal	38,335		—		38,335		0.5	%
Total gross	1,199,164		7,371,957		8,571,121		100.0	%
Reinsurance ceded	9,840		—		9,840
Total group annuity reserves	$	1,189,324	$	7,371,957	$	8,561,281
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date:	$	—	$	—	$	—

55

NOTE 17 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)

	2021
	General Account		Separate Account Non-guaranteed		Total		% of Total
Deposit-type Funds (no life contingencies):
Subject to discretionary withdrawal:
With fair value adjustment	$	220,205	$	—	$	220,205	14.0	%
At book value less current surrender
charge of 5% or more	—		—		—		—	%
At fair value	—		587,451		587,451		37.2	%
Total with adjustment or at fair value	220,205		587,451		807,656		51.2	%
At book value without adjustment
(minimal or no charge)	255,287		—		255,287		16.2	%
Not subject to discretionary withdrawal	515,442		—		515,442		32.6	%
Total gross	990,934		587,451		1,578,385		100.0	%
Reinsurance ceded	424		—		424
Total deposit-type funds	$	990,510	$	587,451	$	1,577,961
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date:	$	—	$	—	$	—
Total annuity reserves and deposit-type funds	$	6,005,854	$	10,783,056	$	16,788,910

	2020
	General Account		Separate Account Non-guaranteed		Total		% of Total
Individual Annuities:
Subject to discretionary withdrawal:
With fair value adjustment	$	—	$	—	$	—	—	%
At book value less current surrender
charge of 5% or more	1,360,160		—		1,360,160		21.5	%
At fair value	—		2,615,241		2,615,241		41.3	%
Total with adjustment or at fair value	1,360,160		2,615,241		3,975,401		62.8	%
At book value without adjustment
(minimal or no charge)	1,974,097		—		1,974,097		31.2	%
Not subject to discretionary withdrawal	379,297		—		379,297		6.0	%
Total gross	3,713,554		2,615,241		6,328,795		100.0	%
Reinsurance ceded	205,195		—		205,195
Total individual annuity reserves	$	3,508,359	$	2,615,241	$	6,123,600
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date:	$	199,787	$	—	$	199,787

56

NOTE 17 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)

	2020
	General Account		Separate Account Non-guaranteed		Total		% of Total
Group Annuities:
Subject to discretionary withdrawal:
With fair value adjustment	$	1,060,077	$	—	$	1,060,077	13.3	%
At book value less current surrender
charge of 5% or more	—		—		—		—	%
At fair value	—		6,733,259		6,733,259		84.5	%
Total with adjustment or at fair value	1,060,077		6,733,259		7,793,336		97.8	%
At book value without adjustment
(minimal or no charge)	136,360		—		136,360		1.7	%
Not subject to discretionary withdrawal	40,970		—		40,970		0.5	%
Total gross	1,237,407		6,733,259		7,970,666		100.0	%
Reinsurance ceded	11,189		—		11,189
Total group annuity reserves	$	1,226,218	$	6,733,259	$	7,959,477
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date:	$	—	$	—	$	—

Deposit-type Funds (no life contingencies):
Subject to discretionary withdrawal:
With fair value adjustment	$	222,931	$	—	$	222,931	13.7	%
At book value less current surrender
charge of 5% or more	—		—		—		—	%
At fair value	—		626,595		626,595		38.5	%
Total with adjustment or at fair value	222,931		626,595		849,526		52.2	%
At book value without adjustment
(minimal or no charge)	260,689		—		260,689		16.0	%
Not subject to discretionary withdrawal	517,086		—		517,086		31.8	%
Total gross	1,000,706		626,595		1,627,301		100.0	%
Reinsurance ceded	437		—		437
Total deposit-type funds	$	1,000,269	$	626,595	$	1,626,864
Amount included in at book value less current surrender charge of 5% or more that will move to at book value without adjustment (minimal or no charge adjustment) for the first time within the year after the statement date:	$	—	$	—	$	—
Total annuity reserves and deposit-type funds	$	5,734,846	$	9,975,095	$	15,709,941

57

NOTE 17 - ANALYSIS OF ANNUITY RESERVES AND DEPOSIT-TYPE FUNDS BY WITHDRAWAL CHARACTERISTICS, (continued)

The following information is obtained from the applicable Exhibit in the Company’s December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile annuity reserves and deposit-type funds to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

	2021		2020
Life and Accident and Health Annual Statement:
Exhibit 5, Annuities Section, Total (net)	$	4,994,138	$	4,713,646
Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net)	21,206		20,931
Exhibit 7, Deposit-Type Contracts, Line 14, Column 1	990,510		1,000,269
	6,005,854		5,734,846
Separate Accounts Annual Statement:
Exhibit 3, Line 0299999, Column 2	10,195,605		9,348,500
Exhibit 4, Line 9, Column 1	587,451		626,595
Total	$	16,788,910	$	15,709,941

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NOTE 18 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS

Withdrawal characteristics of life insurance account value, cash value and reserves as of December 31 are as follows:

		2021
		General Account						Separate Account Nonguaranteed
		Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
	Universal life	$	1,104,614	$	1,104,077	$	1,110,275	$	—	$	—	$	—
	Universal life with secondary guarantees	754,886		624,483		1,201,317		—		—		—
	Indexed universal life	14,132		14,124		14,203		—		—		—
	Indexed universal life with secondary guarantees	889,324		725,223		796,088		—		—		—
	Other permanent cash value life insurance	—		1,510,716		2,682,080		—		—		—
	Variable universal life	142,289		1,327,907		151,820		1,194,339		—		1,191,320
Not subject to discretionary withdrawal or no cash values:
	Term policies without cash value	XXX		XXX		529,869		XXX		XXX		—
	Accidental death benefits	XXX		XXX		322		XXX		XXX		—
	Disability - active lives	XXX		XXX		30,350		XXX		XXX		—
	Disability - disabled lives	XXX		XXX		24,807		XXX		XXX		—
	Miscellaneous reserves	XXX		XXX		28,782		XXX		XXX		—
Total gross		2,905,245		5,306,530		6,569,913		1,194,339		—		1,191,320
Reinsurance ceded		—		—		634,344		—		—		—
Total life reserves		$	2,905,245	$	5,306,530	$	5,935,569	$	1,194,339	$	—	$	1,191,320

		2020
		General Account						Separate Account Nonguaranteed
		Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
Subject to discretionary withdrawal, surrender values, or policy loans:
	Universal life	$	1,136,735	$	1,135,633	$	1,142,426	$	—	$	—	$	—
	Universal life with secondary guarantees	754,756		616,907		1,167,324		—		—		—
	Indexed universal life	13,490		13,467		13,521		—		—		—
	Indexed universal life with secondary guarantees	704,520		562,964		624,670		—		—		—
	Other permanent cash value life insurance	—		1,448,972		2,626,565		—		—		—
	Variable universal life	145,147		1,176,326		154,228		1,043,274		—		1,036,937
Not subject to discretionary withdrawal or no cash values:
	Term policies without cash value	XXX		XXX		527,047		XXX		XXX		—
	Accidental death benefits	XXX		XXX		337		XXX		XXX		—
	Disability - active lives	XXX		XXX		27,990		XXX		XXX		—
	Disability - disabled lives	XXX		XXX		25,146		XXX		XXX		—
	Miscellaneous reserves	XXX		XXX		32,424		XXX		XXX		—
Total gross		2,754,648		4,954,269		6,341,678		1,043,274		—		1,036,937
Reinsurance ceded		—		—		635,302		—		—		—
Total life reserves		$	2,754,648	$	4,954,269	$	5,706,376	$	1,043,274	$	—	$	1,036,937

59

NOTE 18 - ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS, (continued)

The following information is obtained from the applicable Exhibit in the Company’s December 31 Annual Statements and related Separate Accounts Annual Statements, both of which are filed with the Department, and is provided to reconcile life reserves to amounts reported in the Balance Sheets – Statutory Basis as of December 31:

	2021		2020
Life and Accident and Health Annual Statement:
Exhibit 5, Life Insurance Section, Total (net)	$	5,878,162	$	5,648,860
Exhibit 5, Accidental Death Benefits Section, Total (net)	305		319
Exhibit 5, Disability - Active Lives Section, Total (net)	14,229		12,254
Exhibit 5, Disability - Disabled Lives Section, Total (net)	16,769		17,200
Exhibit 5, Miscellaneous Reserves Section, Total (net)	26,104		27,743
	5,935,569		5,706,376
Separate Accounts Annual Statement:
Exhibit 3, Line 0199999, Column 2	1,191,320		1,036,937
	1,191,320		1,036,937
Total	$	7,126,889	$	6,743,313

NOTE 19 - PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED

Deferred and uncollected life insurance premiums and annuity considerations as of December 31 are as follows:

	2021				2020
Type	Gross		Net of Loading		Gross		Net of Loading
Ordinary new business	$	5,425	$	342	$	2,960	$	435
Ordinary renewal	40,186		56,091		46,963		62,754
Group life	1		1		1		1
Total	$	45,612	$	56,434	$	49,924	$	63,190

NOTE 20 - SEPARATE ACCOUNTS

Separate accounts held by the Company offer no investment experience guarantees and relate to individual variable life and annuity policies, group annuity contracts and group funding agreements of a nonguaranteed return nature, as approved by the state of domicile pursuant to the Company’s certificate of authority. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative. The assets and liabilities of the account are legally separated or insulated from other Company assets and liabilities. The assets of the separate account are carried at NAV.

Variable life and annuities provide an incidental death benefit of the greater of account value or premium paid. The Company offers a policy with a step up minimum guaranteed death benefit option and a guaranteed lifetime withdrawal benefit. The minimum guaranteed death benefit reserve and the guaranteed lifetime withdrawal benefit reserve is held in reserves for life, accident and health policies line of the Balance Sheets – Statutory Basis.

The Company utilizes separate accounts to record and account for assets and liabilities for particular lines of business and/or transactions. As of December 31, 2021, the Company reported assets and liabilities from variable universal life, variable annuities, funding agreements and group annuities product lines in a separate account.

In accordance with the products/transactions recorded within the separate account, assets are considered legally insulated from the general account.

As of December 31, 2021 and 2020 the Company’s Separate Account Statements included legally insulated assets of $11,996,727 and $11,041,001, respectively.

The Company does not engage in securities lending transactions within the separate account.

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NOTE 20 - SEPARATE ACCOUNTS, (continued)

Information regarding the nonguaranteed separate accounts of the Company is as follows:

	2021		2020		2019
For the year ended December 31:
Premiums, considerations or deposits	$	1,281,793	$	1,083,406	$	1,199,605
At December 31:
Reserves by valuation basis
For accounts with assets at:
Fair value	$	11,974,376	$	11,012,032
Reserves subject to discretionary withdrawal:
At fair value	$	11,974,376	$	11,012,032
Total included in Separate account liabilities in the
Balance Sheets – Statutory Basis	$	11,974,376	$	11,012,032

Following is a reconciliation of net transfers to (from) separate accounts at December 31:

	2021		2020		2019
Transfers as reported in the Statements of Income and
Changes in Surplus of the Separate Accounts Statement:
Transfers to the separate accounts1	$	1,228,829	$	1,021,476	$	1,216,392
Transfers from the separate accounts	(1,700,163)		(1,620,718)		(1,366,268)
Net transfers from the separate accounts	(471,334)		(599,242)		(149,876)
Reconciling adjustments:
Other	—		—		5
Assumption reinsurance	—		—		(70,910)
Deposit-type contracts assumption reinsurance	(1)		—		(36,854)
Net transfers from the separate accounts in the Summary of Operations and
Changes in Capital and Surplus – Statutory Basis of the Company	$	(471,335)	$	(599,242)	$	(257,635)

1Includes assumption reinsurance transfers to the separate accounts of $0, $0, $107,764 in 2021, 2020 and 2019, respectively.

NOTE 21 - RECONCILING ITEMS TO ANNUAL STATEMENT

At December 31, 2021 the Company recorded charges for impairments related to a ceded reinsurer under rehabilitation. Certain reclassifications have been made to these financial statements from those filed with the Nebraska Department of Insurance and the audited financial statements as follows. There was no impact on Total Liabilities, Total Expenses or Surplus as filed.

	As Filed		Reclassification Adjustment		Audited Financial Statements
Reserves for life, accident and health policies	$	11,372,768	$	13,466	$	11,386,234
Other liabilities	476,090		(13,466)		462,624
Change in reserves for life, accident and health policies	536,093		(2,252)		533,841
General insurance expenses	488,695		2,252		490,947

61