Separate Account USL VL-R

The United States Life Insurance Company in the City of New York

Financial Statements

December 31, 2025

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The United States Life Insurance Company in the City of New York and the Contract Owners of Separate Account USL VL-R.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the sub-accounts of Separate Account USL VL-R indicated in the table below as of December 31, 2025 and the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the sub-accounts of Separate Account USL VL-R as of December 31, 2025, and the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

AB VPS Balanced Hedged Allocation Portfolio Class A (1)	LVIP American Century Value Fund Standard Class II (1)
AB VPS Large Cap Growth Portfolio Class A (1)	LVIP JPMorgan Core Bond Fund Standard Class (1)
AB VPS Relative Value Portfolio Class A (1)	LVIP JPMorgan Mid Cap Value Fund Standard Class (1)
AB VPS Small Cap Growth Portfolio Class A (1)	LVIP JPMorgan Small Cap Core Fund Standard Class (1)
AB VPS Sustainable Global Thematic Portfolio Class A (1)	MFS VIT Growth Series Initial Class (1)
Alger Capital Appreciation Portfolio Class I-2 (1)	MFS VIT New Discovery Series Initial Class (1)
Alger Mid Cap Growth Portfolio Class I-2 (1)	Morgan Stanley VIF Growth Portfolio Class I (1)
American Funds IS American High-Income Trust Class 2 (1)	Neuberger Berman AMT Mid Cap Growth Portfolio Class I (1)
American Funds IS Growth-Income Fund Class 2 (1)	PIMCO Commodity Real Return Strategy Portfolio Administrative Class (1)
BNY Mellon IP MidCap Stock Portfolio Initial Shares (1)	PIMCO High Yield Portfolio Administrative Class (1)
BNY Mellon Stock Index Fund, Inc. Initial Shares (1)	PIMCO Long-Term U.S. Government Portfolio Administrative Class (1)
BNY Mellon VIF Small Cap Portfolio Initial Shares (1)	PIMCO Real Return Portfolio Administrative Class (1)
Fidelity VIP Asset Manager 50% Portfolio Initial Class (1)	PIMCO Short-Term Portfolio Administrative Class (1)
Fidelity VIP Asset Manager 50% Portfolio Service Class 2 (1)	PIMCO Total Return Portfolio Administrative Class (1)
Fidelity VIP Contrafund Portfolio Initial Class (1)	Putnam VT International Value Fund Class IB (1)
Fidelity VIP Contrafund Portfolio Service Class 2 (1)	Putnam VT Large Cap Value Fund Class IB (1)
Fidelity VIP Equity-Income Portfolio Service Class 2 (1)	Putnam VT Small Cap Value Fund Class IB (1)
Fidelity VIP Government Money Market Portfolio Initial Class (1)	SAST SA AB Growth Portfolio Class 1 (1)
Fidelity VIP Growth Portfolio Initial Class (1)	SAST SA JPMorgan Diversified Balanced Portfolio Class 1 (1)
Fidelity VIP Growth Portfolio Service Class 2 (1)	SAST SA JPMorgan Equity-Income Portfolio Class 1 (1)
Fidelity VIP High Income Portfolio Initial Class (1)	SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1 (1)
Fidelity VIP Investment Grade Bond Portfolio Initial Class (1)	SAST SA PIMCO Global Bond Opportunities Portfolio Class 1 (1)
Fidelity VIP Mid Cap Portfolio Service Class 2 (1)	SAST SA Wellington Capital Appreciation Portfolio Class 1 (1)
Fidelity VIP Overseas Portfolio Initial Class (1)	SAST SA Wellington Capital Appreciation Portfolio Class 3 (1)
FTVIP Franklin Mutual Shares VIP Fund Class 2 (1)	VALIC Company I Core Bond Fund (1)
FTVIP Franklin Small Cap Value VIP Fund Class 2 (1)	VALIC Company I Emerging Economies Fund (1)
FTVIP Franklin U.S. Government Securities VIP Fund Class 2 (1)	VALIC Company I International Equities Index Fund (1)
FTVIP Templeton Developing Markets VIP Fund Class 2 (1)	VALIC Company I Mid Cap Index Fund (1)
FTVIP Templeton Foreign VIP Fund Class 2 (1)	VALIC Company I Nasdaq-100 Index Fund (1)
Invesco V.I. American Franchise Fund Series I (1)	VALIC Company I Science & Technology Fund (1)
Invesco V.I. American Value Fund Series I (1)	VALIC Company I Small Cap Index Fund (1)
Invesco V.I. Core Equity Fund Series I (1)	VALIC Company I Stock Index Fund (1)
Invesco V.I. EQV International Equity Fund Series 1 (1)	VanEck VIP Emerging Markets Fund Initial Class (1)
Invesco V.I. Global Fund Series I (1)	VanEck VIP Global Resources Fund Initial Class (1)
Invesco V.I. Growth and Income Fund Series I (1)	Vanguard VIF High Yield Bond Portfolio (1)
Invesco V.I. Main Street Fund Series I (1)	Vanguard VIF Real Estate Index Portfolio (1)
Janus Henderson Enterprise Portfolio Service Shares (1)	Vanguard VIF Total Stock Market Index Portfolio (1)
Janus Henderson Global Research Portfolio Service Shares (1)	Victory Pioneer Fund VCT Portfolio Class I (1)
Janus Henderson Overseas Portfolio Service Shares (1)	Victory Pioneer Select Mid Cap Growth VCT Portfolio Class I (1)

LVIP American Century Capital Appreciation Fund Standard Class II (1)

LVIP American Century Disciplined Core Value Fund Standard Class II (1)

(1) Statement of Operations and Changes in Net Assets for the years ended December 31, 2025 and 2024.

Basis for Opinions

These financial statements are the responsibility of The United States Life Insurance Company in the City of New York management. Our responsibility is to express an opinion on the financial statements of each of the sub-accounts of Separate Account USL VL-R based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the sub-accounts of Separate Account USL VL-R in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2025 by correspondence with the transfer agents of the investee mutual funds and the custodians. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 20, 2026

We have served as the auditor of one or more of the sub-accounts of Corebridge Separate Account Group since at least 1994. We have not been able to determine the specific year we began serving as auditor.

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025

Sub-accounts		Investments at Fair Value		Due from (to) General Account, Net		Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves		Net Assets Attributable to Contract Owner Reserves
AB VPS Balanced Hedged Allocation Portfolio Class A	$	108,402	$	—	$	108,402	$	—	$	108,402	$	108,402
AB VPS Large Cap Growth Portfolio Class A		2,496,233		—		2,496,233		—		2,496,233		2,496,233
AB VPS Relative Value Portfolio Class A		629,091		—		629,091		—		629,091		629,091
AB VPS Small Cap Growth Portfolio Class A		170,688		—		170,688		—		170,688		170,688
AB VPS Sustainable Global Thematic Portfolio Class A		419,272		—		419,272		—		419,272		419,272
Alger Capital Appreciation Portfolio Class I-2		97,527		—		97,527		—		97,527		97,527
Alger Mid Cap Growth Portfolio Class I-2		8,118		—		8,118		—		8,118		8,118
American Funds IS American High-Income Trust Class 2		4,936		—		4,936		—		4,936		4,936
American Funds IS Growth-Income Fund Class 2		15,188		—		15,188		—		15,188		15,188
BNY Mellon IP MidCap Stock Portfolio Initial Shares		8,279		—		8,279		—		8,279		8,279
BNY Mellon Stock Index Fund, Inc. Initial Shares		1,775,661		—		1,775,661		—		1,775,661		1,775,661
BNY Mellon VIF Small Cap Portfolio Initial Shares		393		—		393		—		393		393
Fidelity VIP Asset Manager 50% Portfolio Initial Class		431,898		—		431,898		—		431,898		431,898
Fidelity VIP Asset Manager 50% Portfolio Service Class 2		15,564		—		15,564		—		15,564		15,564
Fidelity VIP Contrafund Portfolio Initial Class		4,955,054		—		4,955,054		—		4,955,054		4,955,054
Fidelity VIP Contrafund Portfolio Service Class 2		143,888		—		143,888		—		143,888		143,888
Fidelity VIP Equity-Income Portfolio Service Class 2		27,711		—		27,711		—		27,711		27,711
Fidelity VIP Government Money Market Portfolio Initial Class		213,942		—		213,942		—		213,942		213,942
Fidelity VIP Growth Portfolio Initial Class		3,496,195		—		3,496,195		—		3,496,195		3,496,195
Fidelity VIP Growth Portfolio Service Class 2		93,753		—		93,753		—		93,753		93,753
Fidelity VIP High Income Portfolio Initial Class		95,396		—		95,396		—		95,396		95,396
Fidelity VIP Investment Grade Bond Portfolio Initial Class		43,834		—		43,834		—		43,834		43,834
Fidelity VIP Mid Cap Portfolio Service Class 2		31,779		—		31,779		—		31,779		31,779
Fidelity VIP Overseas Portfolio Initial Class		259,350		—		259,350		—		259,350		259,350
FTVIP Franklin Mutual Shares VIP Fund Class 2		20,646		—		20,646		—		20,646		20,646
FTVIP Franklin Small Cap Value VIP Fund Class 2		50,562		—		50,562		—		50,562		50,562
FTVIP Franklin U.S. Government Securities VIP Fund Class 2		40,461		—		40,461		—		40,461		40,461
FTVIP Templeton Developing Markets VIP Fund Class 2		50,619		—		50,619		—		50,619		50,619
FTVIP Templeton Foreign VIP Fund Class 2		1,157,959		—		1,157,959		—		1,157,959		1,157,959
Invesco V.I. American Franchise Fund Series I		291,007		—		291,007		—		291,007		291,007
Invesco V.I. American Value Fund Series I		390,156		—		390,156		—		390,156		390,156
Invesco V.I. Core Equity Fund Series I		72,001		—		72,001		—		72,001		72,001
Invesco V.I. EQV International Equity Fund Series 1		245,499		—		245,499		—		245,499		245,499
Invesco V.I. Global Fund Series I		61,304		—		61,304		—		61,304		61,304
Invesco V.I. Growth and Income Fund Series I		58,284		—		58,284		—		58,284		58,284
Invesco V.I. Main Street Fund Series I		41,275		—		41,275		—		41,275		41,275
Janus Henderson Enterprise Portfolio Service Shares		14,846		—		14,846		—		14,846		14,846
Janus Henderson Global Research Portfolio Service Shares		16,646		—		16,646		—		16,646		16,646
Janus Henderson Overseas Portfolio Service Shares		9,571		—		9,571		—		9,571		9,571
LVIP American Century Capital Appreciation Fund Standard Class II		6,558		—		6,558		—		6,558		6,558
LVIP American Century Disciplined Core Value Fund Standard Class II		12,434		—		12,434		—		12,434		12,434
LVIP American Century Value Fund Standard Class II		55,361		—		55,361		—		55,361		55,361
LVIP JPMorgan Core Bond Fund Standard Class		3,655		—		3,655		—		3,655		3,655
LVIP JPMorgan Mid Cap Value Fund Standard Class		1,795,139		—		1,795,139		—		1,795,139		1,795,139
LVIP JPMorgan Small Cap Core Fund Standard Class		1,204,720		—		1,204,720		—		1,204,720		1,204,720
MFS VIT Growth Series Initial Class		51,158		—		51,158		—		51,158		51,158
MFS VIT New Discovery Series Initial Class		11,068		—		11,068		—		11,068		11,068
Morgan Stanley VIF Growth Portfolio Class I		14,855		—		14,855		—		14,855		14,855
Neuberger Berman AMT Mid Cap Growth Portfolio Class I		23,401		—		23,401		—		23,401		23,401
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class		39,672		—		39,672		—		39,672		39,672
PIMCO High Yield Portfolio Administrative Class		48,009		—		48,009		—		48,009		48,009
The accompanying Notes to Financial Statements are an integral part of this statement.

3

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2025

Sub-accounts		Investments at Fair Value		Due from (to) General Account, Net		Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves	Net Assets Attributable to Contract Owner Reserves
PIMCO Long-Term U.S. Government Portfolio Administrative Class	$	344,150	$	—	$	344,150	$	—	$	344,150	344,150
PIMCO Real Return Portfolio Administrative Class		31,425		—		31,425		—		31,425	31,425
PIMCO Short-Term Portfolio Administrative Class		81,325		—		81,325		—		81,325	81,325
PIMCO Total Return Portfolio Administrative Class		64,334		—		64,334		—		64,334	64,334
Putnam VT International Value Fund Class IB		26,615		—		26,615		—		26,615	26,615
Putnam VT Large Cap Value Fund Class IB		41,988		—		41,988		—		41,988	41,988
Putnam VT Small Cap Value Fund Class IB		152		—		152		—		152	152
SAST SA AB Growth Portfolio Class 1		53,743		—		53,743		—		53,743	53,743
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		658		—		658		—		658	658
SAST SA JPMorgan Equity-Income Portfolio Class 1		40,302		—		40,302		—		40,302	40,302
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		23,324		—		23,324		—		23,324	23,324
SAST SA PIMCO Global Bond Opportunities Portfolio Class 1		3,788		—		3,788		—		3,788	3,788
SAST SA Wellington Capital Appreciation Portfolio Class 1		9,870		—		9,870		—		9,870	9,870
SAST SA Wellington Capital Appreciation Portfolio Class 3		5,001		—		5,001		—		5,001	5,001
VALIC Company I Core Bond Fund		65,405		—		65,405		—		65,405	65,405
VALIC Company I Emerging Economies Fund		52,723		—		52,723		—		52,723	52,723
VALIC Company I International Equities Index Fund		125,051		—		125,051		—		125,051	125,051
VALIC Company I Mid Cap Index Fund		529,521		—		529,521		—		529,521	529,521
VALIC Company I Nasdaq-100 Index Fund		209,343		—		209,343		—		209,343	209,343
VALIC Company I Science & Technology Fund		65,507		—		65,507		—		65,507	65,507
VALIC Company I Small Cap Index Fund		1,216,594		—		1,216,594		—		1,216,594	1,216,594
VALIC Company I Stock Index Fund		632,297		—		632,297		—		632,297	632,297
VanEck VIP Emerging Markets Fund Initial Class		110,161		—		110,161		—		110,161	110,161
VanEck VIP Global Resources Fund Initial Class		25,082		—		25,082		—		25,082	25,082
Vanguard VIF High Yield Bond Portfolio		18,305		—		18,305		—		18,305	18,305
Vanguard VIF Real Estate Index Portfolio		65,349		—		65,349		—		65,349	65,349
Vanguard VIF Total Stock Market Index Portfolio		2,616,460		—		2,616,460		—		2,616,460	2,616,460
Victory Pioneer Fund VCT Portfolio Class I		26,829		—		26,829		—		26,829	26,829
Victory Pioneer Select Mid Cap Growth VCT Portfolio Class I		49,205		—		49,205		—		49,205	49,205
The accompanying Notes to Financial Statements are an integral part of this statement.

4

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2025

Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held	Level*
AB VPS Balanced Hedged Allocation Portfolio Class A	10,819	$	10.02	$	108,402	$	113,275	1
AB VPS Large Cap Growth Portfolio Class A	26,972		92.55		2,496,233		1,843,965	1
AB VPS Relative Value Portfolio Class A	19,820		31.74		629,091		573,393	1
AB VPS Small Cap Growth Portfolio Class A	12,814		13.32		170,688		207,743	1
AB VPS Sustainable Global Thematic Portfolio Class A	12,771		32.83		419,272		406,805	1
Alger Capital Appreciation Portfolio Class I-2	757		128.85		97,527		88,349	1
Alger Mid Cap Growth Portfolio Class I-2	341		23.82		8,118		6,294	1
American Funds IS American High-Income Trust Class 2	544		9.08		4,936		5,002	1
American Funds IS Growth-Income Fund Class 2	229		66.28		15,188		14,734	1
BNY Mellon IP MidCap Stock Portfolio Initial Shares	407		20.34		8,279		7,304	1
BNY Mellon Stock Index Fund, Inc. Initial Shares	20,375		87.15		1,775,661		1,144,225	1
BNY Mellon VIF Small Cap Portfolio Initial Shares	8		48.00		393		348	1
Fidelity VIP Asset Manager 50% Portfolio Initial Class	24,512		17.62		431,898		382,807	1
Fidelity VIP Asset Manager 50% Portfolio Service Class 2	917		16.97		15,564		14,032	1
Fidelity VIP Contrafund Portfolio Initial Class	82,736		59.89		4,955,054		3,409,632	1
Fidelity VIP Contrafund Portfolio Service Class 2	2,531		56.86		143,888		130,992	1
Fidelity VIP Equity-Income Portfolio Service Class 2	985		28.13		27,711		23,818	1
Fidelity VIP Government Money Market Portfolio Initial Class	213,942		1.00		213,942		213,942	1
Fidelity VIP Growth Portfolio Initial Class	35,778		97.72		3,496,195		3,035,253	1
Fidelity VIP Growth Portfolio Service Class 2	1,009		92.88		93,753		86,893	1
Fidelity VIP High Income Portfolio Initial Class	19,548		4.88		95,396		98,967	1
Fidelity VIP Investment Grade Bond Portfolio Initial Class	3,859		11.36		43,834		47,003	1
Fidelity VIP Mid Cap Portfolio Service Class 2	904		35.17		31,779		29,583	1
Fidelity VIP Overseas Portfolio Initial Class	9,424		27.52		259,350		214,007	1
FTVIP Franklin Mutual Shares VIP Fund Class 2	1,282		16.10		20,646		20,583	1
FTVIP Franklin Small Cap Value VIP Fund Class 2	3,645		13.87		50,562		49,165	1
FTVIP Franklin U.S. Government Securities VIP Fund Class 2	3,853		10.50		40,461		44,786	1
FTVIP Templeton Developing Markets VIP Fund Class 2	4,190		12.08		50,619		39,521	1
FTVIP Templeton Foreign VIP Fund Class 2	71,391		16.22		1,157,959		970,715	1
Invesco V.I. American Franchise Fund Series I	3,593		81.00		291,007		219,979	1
Invesco V.I. American Value Fund Series I	21,496		18.15		390,156		316,781	1
Invesco V.I. Core Equity Fund Series I	1,998		36.03		72,001		64,382	1
Invesco V.I. EQV International Equity Fund Series 1	6,799		36.11		245,499		243,330	1
Invesco V.I. Global Fund Series I	1,615		37.95		61,304		62,163	1
Invesco V.I. Growth and Income Fund Series I	2,732		21.33		58,284		55,509	1
Invesco V.I. Main Street Fund Series I	1,863		22.15		41,275		36,311	1
Janus Henderson Enterprise Portfolio Service Shares	202		73.35		14,846		14,663	1
Janus Henderson Global Research Portfolio Service Shares	218		76.42		16,646		13,903	1
Janus Henderson Overseas Portfolio Service Shares	181		53.02		9,571		7,895	1
LVIP American Century Capital Appreciation Fund Standard Class II	433		15.16		6,558		6,341	1
LVIP American Century Disciplined Core Value Fund Standard Class II	1,285		9.68		12,434		11,147	1
LVIP American Century Value Fund Standard Class II	4,285		12.92		55,361		49,722	1
LVIP JPMorgan Core Bond Fund Standard Class	367		9.96		3,655		4,010	1
LVIP JPMorgan Mid Cap Value Fund Standard Class	199,194		9.01		1,795,139		1,880,544	1
LVIP JPMorgan Small Cap Core Fund Standard Class	54,895		21.95		1,204,720		1,065,058	1
MFS VIT Growth Series Initial Class	754		67.85		51,158		50,792	1
MFS VIT New Discovery Series Initial Class	709		15.60		11,068		8,804	1
Morgan Stanley VIF Growth Portfolio Class I	559		26.56		14,855		15,297	1
Neuberger Berman AMT Mid Cap Growth Portfolio Class I	807		28.99		23,401		20,563	1
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class	6,307		6.29		39,672		39,831	1
PIMCO High Yield Portfolio Administrative Class	6,479		7.41		48,009		50,180	1
* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.
The accompanying Notes to Financial Statements are an integral part of this statement.

5

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2025

Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held	Level*
PIMCO Long-Term U.S. Government Portfolio Administrative Class	46,009	$	7.48	$	344,150	$	515,875	1
PIMCO Real Return Portfolio Administrative Class	2,617		12.01		31,425		31,969	1
PIMCO Short-Term Portfolio Administrative Class	7,873		10.33		81,325		80,906	1
PIMCO Total Return Portfolio Administrative Class	6,808		9.45		64,334		67,559	1
Putnam VT International Value Fund Class IB	1,678		15.86		26,615		17,603	1
Putnam VT Large Cap Value Fund Class IB	1,176		35.69		41,988		31,642	1
Putnam VT Small Cap Value Fund Class IB	14		10.81		152		150	1
SAST SA AB Growth Portfolio Class 1	892		60.28		53,743		46,892	1
SAST SA JPMorgan Diversified Balanced Portfolio Class 1	32		20.45		658		619	1
SAST SA JPMorgan Equity-Income Portfolio Class 1	1,321		30.52		40,302		42,633	1
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1	1,196		19.51		23,324		27,123	1
SAST SA PIMCO Global Bond Opportunities Portfolio Class 1	400		9.46		3,788		3,560	1
SAST SA Wellington Capital Appreciation Portfolio Class 1	191		51.72		9,870		4,281	1
SAST SA Wellington Capital Appreciation Portfolio Class 3	125		39.93		5,001		3,960	1
VALIC Company I Core Bond Fund	6,438		10.16		65,405		63,108	1
VALIC Company I Emerging Economies Fund	6,599		7.99		52,723		41,213	1
VALIC Company I International Equities Index Fund	12,406		10.08		125,051		100,745	1
VALIC Company I Mid Cap Index Fund	20,445		25.90		529,521		511,389	1
VALIC Company I Nasdaq-100 Index Fund	7,663		27.32		209,343		157,582	1
VALIC Company I Science & Technology Fund	1,634		40.08		65,507		45,625	1
VALIC Company I Small Cap Index Fund	69,203		17.58		1,216,594		1,206,013	1
VALIC Company I Stock Index Fund	9,297		68.01		632,297		498,437	1
VanEck VIP Emerging Markets Fund Initial Class	9,312		11.83		110,161		105,517	1
VanEck VIP Global Resources Fund Initial Class	748		33.51		25,082		17,275	1
Vanguard VIF High Yield Bond Portfolio	2,424		7.55		18,305		17,888	1
Vanguard VIF Real Estate Index Portfolio	5,648		11.57		65,349		71,772	1
Vanguard VIF Total Stock Market Index Portfolio	42,942		60.93		2,616,460		1,535,854	1
Victory Pioneer Fund VCT Portfolio Class I	1,365		19.65		26,829		20,391	1
Victory Pioneer Select Mid Cap Growth VCT Portfolio Class I	1,678		29.33		49,205		46,619	1
* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.
The accompanying Notes to Financial Statements are an integral part of this statement.

6

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	AB VPS Balanced Hedged Allocation Portfolio Class A		AB VPS Large Cap Growth Portfolio Class A		AB VPS Relative Value Portfolio Class A		AB VPS Small Cap Growth Portfolio Class A		AB VPS Sustainable Global Thematic Portfolio Class A
For the Year Ended December 31, 2025
From operations:
Dividends	$	2,143	$	—	$	7,058	$	—	$	—
Mortality and expense risk and administrative charges	(501)		(11,611)		(3,215)		(814)		(2,101)
Net investment income (loss)	1,642		(11,611)		3,843		(814)		(2,101)
Net realized gain (loss)	(519)		26,184		14,589		(7,980)		18,035
Capital gain distribution from mutual funds	5,191		202,945		51,427		—		53,729
Change in unrealized appreciation (depreciation) of investments	9,539		63,535		(5,259)		15,943		(44,434)
Increase (decrease) in net assets from operations	15,853		281,053		64,600		7,149		25,229
From contract transactions:
Payments received from contract owners	2,277		27,598		9,485		1,249		8,161
Payments for contract benefits or terminations	—		(26,454)		(71,857)		(15,958)		(24,989)
Policy loans	—		(989)		(28,786)		10		48
Transfers between sub-accounts (including fixed account), net	—		214		(56,023)		689		(273)
Contract maintenance charges	(2,049)		(52,141)		(25,893)		(3,092)		(14,931)
Increase (decrease) in net assets from contract transactions	228		(51,772)		(173,074)		(17,102)		(31,984)
Increase (decrease) in net assets	16,081		229,281		(108,474)		(9,953)		(6,755)
Net assets at beginning of period	92,321		2,266,952		737,565		180,641		426,027
Net assets at end of period	$	108,402	$	2,496,233	$	629,091	$	170,688	$	419,272
Beginning units	3,883		23,497		6,607		2,621		8,890
Units issued	90		313		109		21		174
Units redeemed	(80)		(826)		(1,589)		(267)		(776)
Ending units	3,893		22,984		5,127		2,375		8,288
For the Year Ended December 31, 2024
From operations:
Dividends	$	1,822	$	1,178	$	12,148	$	403	$	—
Mortality and expense risk and administrative charges	(453)		(10,696)		(4,081)		(849)		(2,259)
Net investment income (loss)	1,369		(9,518)		8,067		(446)		(2,259)
Net realized gain (loss)	(547)		30,162		42,786		(282)		24,029
Capital gain distribution from mutual funds	1,822		87,281		28,859		—		1,315
Change in unrealized appreciation (depreciation) of investments	4,432		350,865		17,462		28,371		2,819
Increase (decrease) in net assets from operations	7,076		458,790		97,174		27,643		25,904
From contract transactions:
Payments received from contract owners	2,789		29,628		13,319		3,155		11,591
Payments for contract benefits or terminations	—		(42,342)		(24,603)		—		(32,355)
Policy loans	—		177		613		3		(40)
Transfers between sub-accounts (including fixed account), net	5		5,529		(85,969)		18		14
Contract maintenance charges	(1,936)		(53,087)		(29,579)		(3,472)		(15,176)
Increase (decrease) in net assets from contract transactions	858		(60,095)		(126,219)		(296)		(35,966)
Increase (decrease) in net assets	7,934		398,695		(29,045)		27,347		(10,062)
Net assets at beginning of period	84,387		1,868,257		766,610		153,294		436,089
Net assets at end of period	$	92,321	$	2,266,952	$	737,565	$	180,641	$	426,027
Beginning units	3,844		24,131		7,723		2,625		9,597
Units issued	121		530		134		52		249
Units redeemed	(82)		(1,164)		(1,250)		(56)		(956)
Ending units	3,883		23,497		6,607		2,621		8,890
The accompanying Notes to Financial Statements are an integral part of this statement.

7

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Alger Capital Appreciation Portfolio Class I-2		Alger Mid Cap Growth Portfolio Class I-2		American Funds IS American High-Income Trust Class 2		American Funds IS Growth-Income Fund Class 2		BNY Mellon IP MidCap Stock Portfolio Initial Shares
For the Year Ended December 31, 2025
From operations:
Dividends	$	—	$	—	$	313	$	131	$	49
Mortality and expense risk and administrative charges	(29)		(29)		—		—		(30)
Net investment income (loss)	(29)		(29)		313		131		19
Net realized gain (loss)	11,714		(457)		—		29		135
Capital gain distribution from mutual funds	15,331		—		—		2,346		642
Change in unrealized appreciation (depreciation) of investments	9,661		1,849		60		(121)		(42)
Increase (decrease) in net assets from operations	36,677		1,363		373		2,385		754
From contract transactions:
Payments received from contract owners	1,223		310		—		—		296
Policy loans	(77,903)		—		—		—		—
Transfers between sub-accounts (including fixed account), net	(2,467)		(684)		124		(846)		439
Contract maintenance charges	(1,609)		(227)		(27)		(81)		(222)
Increase (decrease) in net assets from contract transactions	(80,756)		(601)		97		(927)		513
Increase (decrease) in net assets	(44,079)		762		470		1,458		1,267
Net assets at beginning of period	141,606		7,356		4,466		13,730		7,012
Net assets at end of period	$	97,527	$	8,118	$	4,936	$	15,188	$	8,279
Beginning units	2,464		232		260		340		199
Units issued	29		68		7		—		57
Units redeemed	(1,223)		(82)		(2)		(22)		(44)
Ending units	1,270		218		265		318		212
For the Year Ended December 31, 2024
From operations:
Dividends	$	—	$	—	$	289	$	144	$	54
Mortality and expense risk and administrative charges	(233)		(30)		(5)		(16)		(31)
Net investment income (loss)	(233)		(30)		284		128		23
Net realized gain (loss)	41,065		(103)		(223)		3,103		(26)
Capital gain distribution from mutual funds	—		—		—		584		93
Change in unrealized appreciation (depreciation) of investments	3,827		1,391		324		(1,040)		681
Increase (decrease) in net assets from operations	44,659		1,258		385		2,775		771
From contract transactions:
Payments received from contract owners	6,417		365		—		—		295
Transfers between sub-accounts (including fixed account), net	(1,019)		(18)		225		(1,050)		(83)
Contract maintenance charges	(2,336)		(227)		(27)		(81)		(217)
Increase (decrease) in net assets from contract transactions	3,062		120		198		(1,131)		(5)
Increase (decrease) in net assets	47,721		1,378		583		1,644		766
Net assets at beginning of period	93,885		5,978		3,883		12,086		6,246
Net assets at end of period	$	141,606	$	7,356	$	4,466	$	13,730	$	7,012
Beginning units	2,469		227		252		380		199
Units issued	2,481		24		269		340		21
Units redeemed	(2,486)		(19)		(261)		(380)		(21)
Ending units	2,464		232		260		340		199
The accompanying Notes to Financial Statements are an integral part of this statement.

8

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	BNY Mellon Stock Index Fund, Inc. Initial Shares		BNY Mellon VIF Small Cap Portfolio Initial Shares		Fidelity VIP Asset Manager 50% Portfolio Initial Class		Fidelity VIP Asset Manager 50% Portfolio Service Class 2		Fidelity VIP Contrafund Portfolio Initial Class
For the Year Ended December 31, 2025
From operations:
Dividends	$	17,017	$	2	$	10,379	$	359	$	6,472
Mortality and expense risk and administrative charges	(8,120)		(1)		(2,051)		(35)		(31,829)
Net investment income (loss)	8,897		1		8,328		324		(25,357)
Net realized gain (loss)	84,693		(5)		4,224		43		136,245
Capital gain distribution from mutual funds	91,391		—		19,044		651		737,811
Change in unrealized appreciation (depreciation) of investments	81,326		38		23,619		940		12,706
Increase (decrease) in net assets from operations	266,307		34		55,215		1,958		861,405
From contract transactions:
Payments received from contract owners	24,510		59		18,419		969		14,099
Payments for contract benefits or terminations	(40,646)		—		(18,744)		—		(89,311)
Policy loans	(1,010)		—		(50)		(48)		(116)
Transfers between sub-accounts (including fixed account), net	(59,342)		—		191		8		(495)
Contract maintenance charges	(51,294)		(93)		(29,369)		(645)		(118,528)
Increase (decrease) in net assets from contract transactions	(127,782)		(34)		(29,553)		284		(194,351)
Increase (decrease) in net assets	138,525		—		25,662		2,242		667,054
Net assets at beginning of period	1,637,136		393		406,236		13,322		4,288,000
Net assets at end of period	$	1,775,661	$	393	$	431,898	$	15,564	$	4,955,054
Beginning units	14,199		13		8,692		592		42,304
Units issued	220		2		389		37		128
Units redeemed	(1,234)		(3)		(1,004)		(24)		(1,865)
Ending units	13,185		12		8,077		605		40,567
For the Year Ended December 31, 2024
From operations:
Dividends	$	17,217	$	3	$	9,919	$	309	$	7,587
Mortality and expense risk and administrative charges	(7,230)		(1)		(2,170)		(47)		(28,241)
Net investment income (loss)	9,987		2		7,749		262		(20,654)
Net realized gain (loss)	23,860		(8)		10,216		567		140,811
Capital gain distribution from mutual funds	88,745		—		2,690		84		484,690
Change in unrealized appreciation (depreciation) of investments	185,193		19		13,379		51		492,272
Increase (decrease) in net assets from operations	307,785		13		34,034		964		1,097,119
From contract transactions:
Payments received from contract owners	24,900		59		21,574		1,045		18,094
Payments for contract benefits or terminations	(955)		—		(20,247)		—		(119,926)
Policy loans	(653)		—		197		(45)		(117)
Transfers between sub-accounts (including fixed account), net	72,048		—		(19,831)		(2)		38,588
Contract maintenance charges	(47,639)		(86)		(28,807)		(608)		(108,982)
Increase (decrease) in net assets from contract transactions	47,701		(27)		(47,114)		390		(172,343)
Increase (decrease) in net assets	355,486		(14)		(13,080)		1,354		924,776
Net assets at beginning of period	1,281,650		407		419,316		11,968		3,363,224
Net assets at end of period	$	1,637,136	$	393	$	406,236	$	13,322	$	4,288,000
Beginning units	13,794		14		9,685		588		44,052
Units issued	891		2		486		294		618
Units redeemed	(486)		(3)		(1,479)		(290)		(2,366)
Ending units	14,199		13		8,692		592		42,304
The accompanying Notes to Financial Statements are an integral part of this statement.

9

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Fidelity VIP Contrafund Portfolio Service Class 2		Fidelity VIP Equity-Income Portfolio Service Class 2		Fidelity VIP Government Money Market Portfolio Initial Class		Fidelity VIP Growth Portfolio Initial Class		Fidelity VIP Growth Portfolio Service Class 2
For the Year Ended December 31, 2025
From operations:
Dividends	$	—	$	431	$	8,211	$	9,630	$	45
Mortality and expense risk and administrative charges	(335)		(74)		(939)		(16,502)		(322)
Net investment income (loss)	(335)		357		7,272		(6,872)		(277)
Net realized gain (loss)	2,909		614		—		162,948		3,739
Capital gain distribution from mutual funds	22,642		1,508		—		429,247		12,027
Change in unrealized appreciation (depreciation) of investments	198		1,779		—		(144,077)		(3,574)
Increase (decrease) in net assets from operations	25,414		4,258		7,272		441,246		11,915
From contract transactions:
Payments received from contract owners	2,626		732		14,740		35,876		1,356
Payments for contract benefits or terminations	(7,888)		—		—		(91,585)		—
Policy loans	671		(4)		114		(196,039)		—
Transfers between sub-accounts (including fixed account), net	(441)		350		15,099		4,391		2
Contract maintenance charges	(6,754)		(373)		(24,319)		(63,018)		(4,645)
Increase (decrease) in net assets from contract transactions	(11,786)		705		5,634		(310,375)		(3,287)
Increase (decrease) in net assets	13,628		4,963		12,906		130,871		8,628
Net assets at beginning of period	130,260		22,748		201,036		3,365,324		85,125
Net assets at end of period	$	143,888	$	27,711	$	213,942	$	3,496,195	$	93,753
Beginning units	2,370		690		13,155		23,493		1,288
Units issued	85		107		1,979		297		164
Units redeemed	(245)		(91)		(1,664)		(2,440)		(217)
Ending units	2,210		706		13,470		21,350		1,235
For the Year Ended December 31, 2024
From operations:
Dividends	$	39	$	361	$	10,896	$	28	$	—
Mortality and expense risk and administrative charges	(303)		(71)		(1,028)		(15,642)		(318)
Net investment income (loss)	(264)		290		9,868		(15,614)		(318)
Net realized gain (loss)	3,237		144		—		38,933		371
Capital gain distribution from mutual funds	15,129		1,349		—		703,220		18,386
Change in unrealized appreciation (depreciation) of investments	15,220		1,134		—		48,257		1,573
Increase (decrease) in net assets from operations	33,322		2,917		9,868		774,796		20,012
From contract transactions:
Payments received from contract owners	3,036		731		15,702		30,332		1,412
Payments for contract benefits or terminations	—		—		(21,035)		—		—
Policy loans	(1,897)		(4)		10		(54)		—
Transfers between sub-accounts (including fixed account), net	(625)		(176)		(8)		6,156		(3)
Contract maintenance charges	(5,430)		(364)		(22,991)		(60,772)		(4,708)
Increase (decrease) in net assets from contract transactions	(4,916)		187		(28,322)		(24,338)		(3,299)
Increase (decrease) in net assets	28,406		3,104		(18,454)		750,458		16,713
Net assets at beginning of period	101,854		19,644		219,490		2,614,866		68,412
Net assets at end of period	$	130,260	$	22,748	$	201,036	$	3,365,324	$	85,125
Beginning units	2,474		684		14,994		23,679		1,339
Units issued	165		25		1,111		290		22
Units redeemed	(269)		(19)		(2,950)		(476)		(73)
Ending units	2,370		690		13,155		23,493		1,288
The accompanying Notes to Financial Statements are an integral part of this statement.

10

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Fidelity VIP High Income Portfolio Initial Class		Fidelity VIP Investment Grade Bond Portfolio Initial Class		Fidelity VIP Mid Cap Portfolio Service Class 2		Fidelity VIP Overseas Portfolio Initial Class		FTVIP Franklin Mutual Shares VIP Fund Class 2
For the Year Ended December 31, 2025
From operations:
Dividends	$	6,042	$	1,540	$	74	$	4,022	$	400
Mortality and expense risk and administrative charges	(458)		(212)		(99)		(1,234)		(72)
Net investment income (loss)	5,584		1,328		(25)		2,788		328
Net realized gain (loss)	(805)		(202)		428		5,628		(247)
Capital gain distribution from mutual funds	—		—		4,003		22,339		1,969
Change in unrealized appreciation (depreciation) of investments	3,823		1,647		(1,592)		12,125		33
Increase (decrease) in net assets from operations	8,602		2,773		2,814		42,880		2,083
From contract transactions:
Payments received from contract owners	3,503		1,612		1,821		8,828		1,786
Payments for contract benefits or terminations	—		—		(10,424)		—		—
Policy loans	(1,152)		—		(3)		(294)		677
Transfers between sub-accounts (including fixed account), net	2		5		63		(38)		16
Contract maintenance charges	(4,397)		(2,346)		(1,373)		(10,377)		(2,915)
Increase (decrease) in net assets from contract transactions	(2,044)		(729)		(9,916)		(1,881)		(436)
Increase (decrease) in net assets	6,558		2,044		(7,102)		40,999		1,647
Net assets at beginning of period	88,838		41,790		38,881		218,351		18,999
Net assets at end of period	$	95,396	$	43,834	$	31,779	$	259,350	$	20,646
Beginning units	2,941		1,541		909		5,497		753
Units issued	130		63		67		198		116
Units redeemed	(195)		(89)		(234)		(244)		(139)
Ending units	2,876		1,515		742		5,451		730
For the Year Ended December 31, 2024
From operations:
Dividends	$	5,271	$	1,997	$	132	$	4,034	$	367
Mortality and expense risk and administrative charges	(431)		(375)		(95)		(1,246)		(76)
Net investment income (loss)	4,840		1,622		37		2,788		291
Net realized gain (loss)	(630)		(5,036)		475		12,852		(192)
Capital gain distribution from mutual funds	—		—		5,047		11,151		382
Change in unrealized appreciation (depreciation) of investments	2,765		5,057		(12)		(14,866)		1,460
Increase (decrease) in net assets from operations	6,975		1,643		5,547		11,925		1,941
From contract transactions:
Payments received from contract owners	4,666		3,471		2,516		5,803		1,840
Payments for contract benefits or terminations	—		(10,515)		—		(25,556)		—
Policy loans	(449)		—		(3)		—		(1,892)
Transfers between sub-accounts (including fixed account), net	(1)		(30,090)		9		(47)		(1)
Contract maintenance charges	(5,107)		(2,674)		(1,573)		(9,352)		(2,595)
Increase (decrease) in net assets from contract transactions	(891)		(39,808)		949		(29,152)		(2,648)
Increase (decrease) in net assets	6,084		(38,165)		6,496		(17,227)		(707)
Net assets at beginning of period	82,754		79,955		32,385		235,578		19,706
Net assets at end of period	$	88,838	$	41,790	$	38,881	$	218,351	$	18,999
Beginning units	2,970		2,975		886		6,200		860
Units issued	161		140		50		142		91
Units redeemed	(190)		(1,574)		(27)		(845)		(198)
Ending units	2,941		1,541		909		5,497		753
The accompanying Notes to Financial Statements are an integral part of this statement.

11

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	FTVIP Franklin Small Cap Value VIP Fund Class 2		FTVIP Franklin U.S. Government Securities VIP Fund Class 2		FTVIP Templeton Developing Markets VIP Fund Class 2		FTVIP Templeton Foreign VIP Fund Class 2		Invesco V.I. American Franchise Fund Series I
For the Year Ended December 31, 2025
From operations:
Dividends	$	507	$	1,308	$	228	$	24,522	$	—
Mortality and expense risk and administrative charges	(173)		(170)		(319)		(7,849)		(1,280)
Net investment income (loss)	334		1,138		(91)		16,673		(1,280)
Net realized gain (loss)	(335)		(341)		(69)		5,114		3,738
Capital gain distribution from mutual funds	3,952		—		711		68,469		26,227
Change in unrealized appreciation (depreciation) of investments	(756)		1,600		15,400		168,497		1,351
Increase (decrease) in net assets from operations	3,195		2,397		15,951		258,753		30,036
From contract transactions:
Payments received from contract owners	1,374		224		—		1,043		2,237
Payments for contract benefits or terminations	(4,804)		—		—		(14,748)		—
Policy loans	—		—		—		—		(74)
Transfers between sub-accounts (including fixed account), net	277		—		(1)		814		(10)
Contract maintenance charges	(584)		(904)		(1,158)		(24,921)		(7,239)
Increase (decrease) in net assets from contract transactions	(3,737)		(680)		(1,159)		(37,812)		(5,086)
Increase (decrease) in net assets	(542)		1,717		14,792		220,941		24,950
Net assets at beginning of period	51,104		38,744		35,827		937,018		266,057
Net assets at end of period	$	50,562	$	40,461	$	50,619	$	1,157,959	$	291,007
Beginning units	1,446		3,172		2,418		41,664		5,178
Units issued	78		58		—		244		161
Units redeemed	(138)		(115)		(65)		(1,752)		(244)
Ending units	1,386		3,115		2,353		40,156		5,095
For the Year Ended December 31, 2024
From operations:
Dividends	$	451	$	1,186	$	1,404	$	23,936	$	—
Mortality and expense risk and administrative charges	(171)		(170)		(271)		(7,451)		(1,253)
Net investment income (loss)	280		1,016		1,133		16,485		(1,253)
Net realized gain (loss)	(188)		(215)		(322)		3,573		11,840
Capital gain distribution from mutual funds	1,115		—		270		—		—
Change in unrealized appreciation (depreciation) of investments	3,990		(440)		1,276		(35,724)		66,406
Increase (decrease) in net assets from operations	5,197		361		2,357		(15,666)		76,993
From contract transactions:
Payments received from contract owners	1,693		224		—		1,099		1,847
Payments for contract benefits or terminations	—		—		—		(13,451)		(26,083)
Policy loans	—		—		—		—		(75)
Transfers between sub-accounts (including fixed account), net	97		(1)		—		(760)		(4,390)
Contract maintenance charges	(592)		(829)		(1,053)		(24,005)		(7,209)
Increase (decrease) in net assets from contract transactions	1,198		(606)		(1,053)		(37,117)		(35,910)
Increase (decrease) in net assets	6,395		(245)		1,304		(52,783)		41,083
Net assets at beginning of period	44,709		38,989		34,523		989,801		224,974
Net assets at end of period	$	51,104	$	38,744	$	35,827	$	937,018	$	266,057
Beginning units	1,413		3,222		2,489		43,225		5,881
Units issued	221		18		—		83		122
Units redeemed	(188)		(68)		(71)		(1,644)		(825)
Ending units	1,446		3,172		2,418		41,664		5,178
The accompanying Notes to Financial Statements are an integral part of this statement.

12

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Invesco V.I. American Value Fund Series I		Invesco V.I. Core Equity Fund Series I		Invesco V.I. EQV International Equity Fund Series 1		Invesco V.I. Global Fund Series I		Invesco V.I. Growth and Income Fund Series I
For the Year Ended December 31, 2025
From operations:
Dividends	$	1,628	$	441	$	3,360	$	—	$	800
Mortality and expense risk and administrative charges	(2,586)		(126)		(966)		(225)		(122)
Net investment income (loss)	(958)		315		2,394		(225)		678
Net realized gain (loss)	3,948		900		294		1,379		1,308
Capital gain distribution from mutual funds	54,318		5,075		14,913		10,816		4,225
Change in unrealized appreciation (depreciation) of investments	8,416		4,451		16,051		(3,757)		3,224
Increase (decrease) in net assets from operations	65,724		10,741		33,652		8,213		9,435
From contract transactions:
Payments received from contract owners	—		1,950		5,876		2,908		807
Payments for contract benefits or terminations	—		—		—		(8,371)		—
Policy loans	—		20,952		4		—		(22,341)
Transfers between sub-accounts (including fixed account), net	(1)		11		883		(39)		69
Contract maintenance charges	(9,378)		(3,290)		(5,547)		(2,494)		(1,916)
Increase (decrease) in net assets from contract transactions	(9,379)		19,623		1,216		(7,996)		(23,381)
Increase (decrease) in net assets	56,345		30,364		34,868		217		(13,946)
Net assets at beginning of period	333,811		41,637		210,631		61,087		72,230
Net assets at end of period	$	390,156	$	72,001	$	245,499	$	61,304	$	58,284
Beginning units	5,861		1,117		8,064		1,574		2,299
Units issued	—		1,294		276		94		142
Units redeemed	(157)		(768)		(240)		(220)		(897)
Ending units	5,704		1,643		8,100		1,448		1,544
For the Year Ended December 31, 2024
From operations:
Dividends	$	3,061	$	274	$	4,190	$	—	$	993
Mortality and expense risk and administrative charges	(2,271)		(173)		(1,049)		(209)		(200)
Net investment income (loss)	790		101		3,141		(209)		793
Net realized gain (loss)	2,883		1,032		465		428		3,233
Capital gain distribution from mutual funds	7,096		3,291		1,246		3,489		4,262
Change in unrealized appreciation (depreciation) of investments	66,387		8,035		(3,585)		4,478		1,144
Increase (decrease) in net assets from operations	77,156		12,459		1,267		8,186		9,432
From contract transactions:
Payments received from contract owners	—		1,949		7,070		3,516		3,375
Payments for contract benefits or terminations	—		—		(24,138)		—		—
Policy loans	—		(20,952)		1		—		(2)
Transfers between sub-accounts (including fixed account), net	—		(341)		500		5		4
Contract maintenance charges	(8,904)		(3,323)		(6,346)		(2,409)		(1,805)
Increase (decrease) in net assets from contract transactions	(8,904)		(22,667)		(22,913)		1,112		1,572
Increase (decrease) in net assets	68,252		(10,208)		(21,646)		9,298		11,004
Net assets at beginning of period	265,559		51,845		232,277		51,789		61,226
Net assets at end of period	$	333,811	$	41,637	$	210,631	$	61,087	$	72,230
Beginning units	6,035		1,758		8,724		1,544		2,280
Units issued	—		23		1,177		78		1,575
Units redeemed	(174)		(664)		(1,837)		(48)		(1,556)
Ending units	5,861		1,117		8,064		1,574		2,299
The accompanying Notes to Financial Statements are an integral part of this statement.

13

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Invesco V.I. Main Street Fund Series I		Janus Henderson Enterprise Portfolio Service Shares		Janus Henderson Global Research Portfolio Service Shares		Janus Henderson Overseas Portfolio Service Shares		LVIP American Century Capital Appreciation Fund Standard Class II
For the Year Ended December 31, 2025
From operations:
Dividends	$	210	$	6	$	64	$	112	$	—
Mortality and expense risk and administrative charges	(38)		—		(38)		(26)		(7)
Net investment income (loss)	172		6		26		86		(7)
Net realized gain (loss)	(841)		19		40		1,225		7
Capital gain distribution from mutual funds	2,403		1,141		1,345		—		1,032
Change in unrealized appreciation (depreciation) of investments	3,920		(159)		1,377		697		(640)
Increase (decrease) in net assets from operations	5,654		1,007		2,788		2,008		392
From contract transactions:
Payments received from contract owners	1,637		—		665		1,576		233
Policy loans	—		—		—		403		—
Transfers between sub-accounts (including fixed account), net	4		520		—		14		2
Contract maintenance charges	(3,106)		(81)		(930)		(1,302)		(166)
Increase (decrease) in net assets from contract transactions	(1,465)		439		(265)		691		69
Increase (decrease) in net assets	4,189		1,446		2,523		2,699		461
Net assets at beginning of period	37,086		13,400		14,123		6,872		6,097
Net assets at end of period	$	41,275	$	14,846	$	16,646	$	9,571	$	6,558
Beginning units	680		327		416		485		86
Units issued	27		18		17		281		3
Units redeemed	(54)		(7)		(26)		(253)		(3)
Ending units	653		338		407		513		86
For the Year Ended December 31, 2024
From operations:
Dividends	$	—	$	80	$	79	$	98	$	—
Mortality and expense risk and administrative charges	(35)		(16)		(33)		(30)		(5)
Net investment income (loss)	(35)		64		46		68		(5)
Net realized gain (loss)	(1,018)		926		(41)		450		(7)
Capital gain distribution from mutual funds	3,482		558		429		—		332
Change in unrealized appreciation (depreciation) of investments	4,657		215		2,229		(89)		864
Increase (decrease) in net assets from operations	7,086		1,763		2,663		429		1,184
From contract transactions:
Payments received from contract owners	2,283		—		665		1,744		233
Policy loans	—		—		—		(1,138)		—
Transfers between sub-accounts (including fixed account), net	11		—		(1)		(9)		(2)
Contract maintenance charges	(3,004)		(81)		(1,005)		(1,382)		(221)
Increase (decrease) in net assets from contract transactions	(710)		(81)		(341)		(785)		10
Increase (decrease) in net assets	6,376		1,682		2,322		(356)		1,194
Net assets at beginning of period	30,710		11,718		11,801		7,228		4,903
Net assets at end of period	$	37,086	$	13,400	$	14,123	$	6,872	$	6,097
Beginning units	695		338		427		531		86
Units issued	44		328		20		114		3
Units redeemed	(59)		(339)		(31)		(160)		(3)
Ending units	680		327		416		485		86
The accompanying Notes to Financial Statements are an integral part of this statement.

14

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	LVIP American Century Disciplined Core Value Fund Standard Class II		LVIP American Century Value Fund Standard Class II		LVIP JPMorgan Core Bond Fund Standard Class		LVIP JPMorgan Mid Cap Value Fund Standard Class		LVIP JPMorgan Small Cap Core Fund Standard Class
For the Year Ended December 31, 2025
From operations:
Dividends	$	197	$	853	$	128	$	19,890	$	7,171
Mortality and expense risk and administrative charges	(11)		(139)		(4)		(13,239)		(8,332)
Net investment income (loss)	186		714		124		6,651		(1,161)
Net realized gain (loss)	(107)		2,676		—		26,302		16,030
Capital gain distribution from mutual funds	—		4,009		—		190,478		91,747
Change in unrealized appreciation (depreciation) of investments	1,566		274		119		(156,386)		(4,665)
Increase (decrease) in net assets from operations	1,645		7,673		243		67,045		101,951
From contract transactions:
Payments received from contract owners	—		1,561		147		—		17
Payments for contract benefits or terminations	—		(7,972)		—		(30,380)		(18,522)
Policy loans	—		(6)		—		—		(2)
Transfers between sub-accounts (including fixed account), net	1		36		1		686		1,052
Contract maintenance charges	(1,404)		(929)		(16)		(38,631)		(24,273)
Increase (decrease) in net assets from contract transactions	(1,403)		(7,310)		132		(68,325)		(41,728)
Increase (decrease) in net assets	242		363		375		(1,280)		60,223
Net assets at beginning of period	12,192		54,998		3,280		1,796,419		1,144,497
Net assets at end of period	$	12,434	$	55,361	$	3,655	$	1,795,139	$	1,204,720
Beginning units	288		1,384		218		31,163		36,283
Units issued	—		356		9		13		15
Units redeemed	(32)		(512)		—		(1,214)		(1,404)
Ending units	256		1,228		227		29,962		34,894
For the Year Ended December 31, 2024
From operations:
Dividends	$	161	$	1,582	$	144	$	21,986	$	9,220
Mortality and expense risk and administrative charges	(12)		(159)		(4)		(13,159)		(8,514)
Net investment income (loss)	149		1,423		140		8,827		706
Net realized gain (loss)	(236)		101		—		32,800		19,263
Capital gain distribution from mutual funds	—		2,978		—		274,687		17,393
Change in unrealized appreciation (depreciation) of investments	1,589		69		(89)		(97,355)		79,007
Increase (decrease) in net assets from operations	1,502		4,571		51		218,959		116,369
From contract transactions:
Payments received from contract owners	318		2,010		147		—		17
Payments for contract benefits or terminations	—		—		—		(27,999)		(17,871)
Policy loans	—		(6)		—		—		(2)
Transfers between sub-accounts (including fixed account), net	(2)		6		—		(2,776)		(2,034)
Contract maintenance charges	(1,401)		(941)		(15)		(39,293)		(25,495)
Increase (decrease) in net assets from contract transactions	(1,085)		1,069		132		(70,068)		(45,385)
Increase (decrease) in net assets	417		5,640		183		148,891		70,984
Net assets at beginning of period	11,775		49,358		3,097		1,647,528		1,073,513
Net assets at end of period	$	12,192	$	54,998	$	3,280	$	1,796,419	$	1,144,497
Beginning units	314		1,357		210		32,417		37,735
Units issued	8		36		10		7		9
Units redeemed	(34)		(9)		(2)		(1,261)		(1,461)
Ending units	288		1,384		218		31,163		36,283
The accompanying Notes to Financial Statements are an integral part of this statement.

15

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	MFS VIT Growth Series Initial Class		MFS VIT New Discovery Series Initial Class		Morgan Stanley VIF Growth Portfolio Class I		Neuberger Berman AMT Mid Cap Growth Portfolio Class I		PIMCO CommodityRealReturn Strategy Portfolio Administrative Class
For the Year Ended December 31, 2025
From operations:
Dividends	$	—	$	—	$	—	$	—	$	1,047
Mortality and expense risk and administrative charges	(122)		(24)		(34)		(58)		(117)
Net investment income (loss)	(122)		(24)		(34)		(58)		930
Net realized gain (loss)	(127)		(259)		(170)		(15)		(49)
Capital gain distribution from mutual funds	8,847		—		—		3,050		—
Change in unrealized appreciation (depreciation) of investments	(3,043)		1,554		4,075		(1,820)		5,161
Increase (decrease) in net assets from operations	5,555		1,271		3,871		1,157		6,042
From contract transactions:
Payments received from contract owners	595		224		147		581		3,235
Transfers between sub-accounts (including fixed account), net	(2)		—		(1)		—		36
Contract maintenance charges	(2,734)		(78)		(105)		(272)		(1,783)
Increase (decrease) in net assets from contract transactions	(2,141)		146		41		309		1,488
Increase (decrease) in net assets	3,414		1,417		3,912		1,466		7,530
Net assets at beginning of period	47,744		9,651		10,943		21,935		32,142
Net assets at end of period	$	51,158	$	11,068	$	14,855	$	23,401	$	39,672
Beginning units	693		214		143		504		2,535
Units issued	3		34		1		13		242
Units redeemed	(33)		(32)		—		(6)		(129)
Ending units	663		216		144		511		2,648
For the Year Ended December 31, 2024
From operations:
Dividends	$	—	$	—	$	—	$	—	$	699
Mortality and expense risk and administrative charges	(111)		(27)		(21)		(51)		(106)
Net investment income (loss)	(111)		(27)		(21)		(51)		593
Net realized gain (loss)	(146)		2		(322)		(32)		(1,054)
Capital gain distribution from mutual funds	3,421		—		—		1,137		—
Change in unrealized appreciation (depreciation) of investments	8,424		602		3,795		3,112		1,600
Increase (decrease) in net assets from operations	11,588		577		3,452		4,166		1,139
From contract transactions:
Payments received from contract owners	594		224		147		581		3,474
Transfers between sub-accounts (including fixed account), net	(1)		—		—		1		821
Contract maintenance charges	(2,202)		(75)		(101)		(261)		(1,846)
Increase (decrease) in net assets from contract transactions	(1,609)		149		46		321		2,449
Increase (decrease) in net assets	9,979		726		3,498		4,487		3,588
Net assets at beginning of period	37,765		8,925		7,445		17,448		28,554
Net assets at end of period	$	47,744	$	9,651	$	10,943	$	21,935	$	32,142
Beginning units	719		210		142		496		2,356
Units issued	3		5		2		14		572
Units redeemed	(29)		(1)		(1)		(6)		(393)
Ending units	693		214		143		504		2,535
The accompanying Notes to Financial Statements are an integral part of this statement.

16

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	PIMCO High Yield Portfolio Administrative Class		PIMCO Long-Term U.S. Government Portfolio Administrative Class		PIMCO Real Return Portfolio Administrative Class		PIMCO Short-Term Portfolio Administrative Class		PIMCO Total Return Portfolio Administrative Class
For the Year Ended December 31, 2025
From operations:
Dividends	$	2,928	$	11,210	$	1,001	$	4,195	$	2,599
Mortality and expense risk and administrative charges	(350)		(2,570)		(136)		(335)		(224)
Net investment income (loss)	2,578		8,640		865		3,860		2,375
Net realized gain (loss)	(185)		(11,523)		(18)		109		(1,833)
Change in unrealized appreciation (depreciation) of investments	1,270		21,215		1,270		(191)		4,581
Increase (decrease) in net assets from operations	3,663		18,332		2,117		3,778		5,123
From contract transactions:
Payments received from contract owners	—		—		1,294		826		3,225
Payments for contract benefits or terminations	—		(3,767)		—		(49)		(4,301)
Policy loans	—		—		(4)		(52,551)		(4)
Transfers between sub-accounts (including fixed account), net	(1)		3		754		828		755
Contract maintenance charges	(1,271)		(8,195)		(1,333)		(3,068)		(3,796)
Increase (decrease) in net assets from contract transactions	(1,272)		(11,959)		711		(54,014)		(4,121)
Increase (decrease) in net assets	2,391		6,373		2,828		(50,236)		1,002
Net assets at beginning of period	45,618		337,777		28,597		131,561		63,332
Net assets at end of period	$	48,009	$	344,150	$	31,425	$	81,325	$	64,334
Beginning units	1,600		18,747		1,915		10,638		3,957
Units issued	—		4		141		591		375
Units redeemed	(43)		(646)		(97)		(4,998)		(612)
Ending units	1,557		18,105		1,959		6,231		3,720
For the Year Ended December 31, 2024
From operations:
Dividends	$	2,618	$	9,753	$	743	$	6,443	$	2,531
Mortality and expense risk and administrative charges	(338)		(2,698)		(129)		(536)		(219)
Net investment income (loss)	2,280		7,055		614		5,907		2,312
Net realized gain (loss)	(200)		(11,352)		(10)		(110)		(704)
Change in unrealized appreciation (depreciation) of investments	573		(20,509)		(130)		1,233		(263)
Increase (decrease) in net assets from operations	2,653		(24,806)		474		7,030		1,345
From contract transactions:
Payments received from contract owners	—		—		1,057		824		3,674
Payments for contract benefits or terminations	—		(3,827)		—		(47)		—
Policy loans	—		—		(4)		—		(4)
Transfers between sub-accounts (including fixed account), net	1		(9)		643		862		550
Contract maintenance charges	(1,314)		(8,849)		(1,227)		(2,518)		(3,856)
Increase (decrease) in net assets from contract transactions	(1,313)		(12,685)		469		(879)		364
Increase (decrease) in net assets	1,340		(37,491)		943		6,151		1,709
Net assets at beginning of period	44,278		375,268		27,654		125,410		61,623
Net assets at end of period	$	45,618	$	337,777	$	28,597	$	131,561	$	63,332
Beginning units	1,648		19,429		1,883		11,088		3,935
Units issued	—		3		44		9,729		231
Units redeemed	(48)		(685)		(12)		(10,179)		(209)
Ending units	1,600		18,747		1,915		10,638		3,957
The accompanying Notes to Financial Statements are an integral part of this statement.

17

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Putnam VT International Value Fund Class IB		Putnam VT Large Cap Value Fund Class IB		Putnam VT Small Cap Value Fund Class IB		SAST SA AB Growth Portfolio Class 1		SAST SA JPMorgan Diversified Balanced Portfolio Class 1
For the Year Ended December 31, 2025
From operations:
Dividends	$	283	$	516	$	2	$	—	$	14
Mortality and expense risk and administrative charges	(59)		(94)		—		(50)		—
Net investment income (loss)	224		422		2		(50)		14
Net realized gain (loss)	99		153		(79)		324		1
Capital gain distribution from mutual funds	198		2,467		28		7,379		21
Change in unrealized appreciation (depreciation) of investments	6,219		3,982		(1)		(1,491)		25
Increase (decrease) in net assets from operations	6,740		7,024		(50)		6,162		61
From contract transactions:
Payments received from contract owners	598		748		914		821		59
Policy loans	—		—		—		—		135
Transfers between sub-accounts (including fixed account), net	1		(1)		—		3		(2)
Contract maintenance charges	(326)		(342)		(836)		(1,959)		(57)
Increase (decrease) in net assets from contract transactions	273		405		78		(1,135)		135
Increase (decrease) in net assets	7,013		7,429		28		5,027		196
Net assets at beginning of period	19,602		34,559		124		48,716		462
Net assets at end of period	$	26,615	$	41,988	$	152	$	53,743	$	658
Beginning units	1,372		781		3		645		15
Units issued	33		16		18		10		6
Units redeemed	(18)		(6)		(17)		(25)		(2)
Ending units	1,387		791		4		630		19
For the Year Ended December 31, 2024
From operations:
Dividends	$	485	$	354	$	4	$	—	$	8
Mortality and expense risk and administrative charges	(51)		(83)		—		(46)		—
Net investment income (loss)	434		271		4		(46)		8
Net realized gain (loss)	222		145		(3)		318		2
Capital gain distribution from mutual funds	57		1,439		21		4,676		—
Change in unrealized appreciation (depreciation) of investments	261		3,587		(1)		4,936		30
Increase (decrease) in net assets from operations	974		5,442		21		9,884		40
From contract transactions:
Payments received from contract owners	598		748		1,072		821		59
Policy loans	—		—		—		—		25
Transfers between sub-accounts (including fixed account), net	1		(3)		(1)		3		—
Contract maintenance charges	(1,100)		(332)		(1,000)		(1,993)		(55)
Increase (decrease) in net assets from contract transactions	(501)		413		71		(1,169)		29
Increase (decrease) in net assets	473		5,855		92		8,715		69
Net assets at beginning of period	19,129		28,704		32		40,001		393
Net assets at end of period	$	19,602	$	34,559	$	124	$	48,716	$	462
Beginning units	1,405		771		1		663		14
Units issued	40		18		20		11		3
Units redeemed	(73)		(8)		(18)		(29)		(2)
Ending units	1,372		781		3		645		15
The accompanying Notes to Financial Statements are an integral part of this statement.

18

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	SAST SA JPMorgan Equity-Income Portfolio Class 1		SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		SAST SA PIMCO Global Bond Opportunities Portfolio Class 1		SAST SA Wellington Capital Appreciation Portfolio Class 1		SAST SA Wellington Capital Appreciation Portfolio Class 3
For the Year Ended December 31, 2025
From operations:
Dividends	$	871	$	—	$	195	$	—	$	—
Mortality and expense risk and administrative charges	(38)		(22)		(4)		(9)		—
Net investment income (loss)	833		(22)		191		(9)		—
Net realized gain (loss)	498		5		3		121		68
Capital gain distribution from mutual funds	6,353		1,614		—		43		28
Change in unrealized appreciation (depreciation) of investments	(2,513)		120		101		1,108		549
Increase (decrease) in net assets from operations	5,171		1,717		295		1,263		645
From contract transactions:
Payments received from contract owners	494		319		206		92		—
Policy loans	135		—		135		—		—
Transfers between sub-accounts (including fixed account), net	(4)		1		1		(10)		(459)
Contract maintenance charges	(1,779)		(155)		(57)		(212)		(27)
Increase (decrease) in net assets from contract transactions	(1,154)		165		285		(130)		(486)
Increase (decrease) in net assets	4,017		1,882		580		1,133		159
Net assets at beginning of period	36,285		21,442		3,208		8,737		4,842
Net assets at end of period	$	40,302	$	23,324	$	3,788	$	9,870	$	5,001
Beginning units	860		552		209		81		88
Units issued	14		8		21		1		—
Units redeemed	(39)		(4)		(3)		(2)		(9)
Ending units	835		556		227		80		79
For the Year Ended December 31, 2024
From operations:
Dividends	$	875	$	—	$	76	$	—	$	—
Mortality and expense risk and administrative charges	(36)		(20)		(3)		(8)		(5)
Net investment income (loss)	839		(20)		73		(8)		(5)
Net realized gain (loss)	544		(3)		2		93		25
Capital gain distribution from mutual funds	2,517		—		—		—		—
Change in unrealized appreciation (depreciation) of investments	241		2,667		(118)		2,508		1,495
Increase (decrease) in net assets from operations	4,141		2,644		(43)		2,593		1,515
From contract transactions:
Payments received from contract owners	811		319		206		91		—
Policy loans	25		—		25		—		—
Transfers between sub-accounts (including fixed account), net	—		—		(1)		3		(706)
Contract maintenance charges	(1,730)		(152)		(54)		(196)		(27)
Increase (decrease) in net assets from contract transactions	(894)		167		176		(102)		(733)
Increase (decrease) in net assets	3,247		2,811		133		2,491		782
Net assets at beginning of period	33,038		18,631		3,075		6,246		4,060
Net assets at end of period	$	36,285	$	21,442	$	3,208	$	8,737	$	4,842
Beginning units	882		547		198		82		106
Units issued	21		9		15		1		88
Units redeemed	(43)		(4)		(4)		(2)		(106)
Ending units	860		552		209		81		88
The accompanying Notes to Financial Statements are an integral part of this statement.

19

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	VALIC Company I Core Bond Fund		VALIC Company I Emerging Economies Fund		VALIC Company I International Equities Index Fund		VALIC Company I Mid Cap Index Fund		VALIC Company I Nasdaq-100 Index Fund
For the Year Ended December 31, 2025
From operations:
Dividends	$	4,424	$	2,576	$	6,234	$	7,051	$	524
Mortality and expense risk and administrative charges	(239)		(139)		(469)		(3,490)		(514)
Net investment income (loss)	4,185		2,437		5,765		3,561		10
Net realized gain (loss)	(1,119)		(2,192)		(6,100)		(16,499)		8,582
Capital gain distribution from mutual funds	—		—		2,067		63,166		21,038
Change in unrealized appreciation (depreciation) of investments	2,260		9,519		25,518		(28,440)		9,130
Increase (decrease) in net assets from operations	5,326		9,764		27,250		21,788		38,760
From contract transactions:
Payments received from contract owners	—		—		59		176		1,576
Payments for contract benefits or terminations	—		—		—		(7,133)		—
Policy loans	(52,551)		(24,254)		(60,636)		(40,424)		52,197
Transfers between sub-accounts (including fixed account), net	968		(159)		(1,016)		1,208		(917)
Contract maintenance charges	(2,393)		(1,160)		(2,939)		(11,095)		(1,787)
Increase (decrease) in net assets from contract transactions	(53,976)		(25,573)		(64,532)		(57,268)		51,069
Increase (decrease) in net assets	(48,650)		(15,809)		(37,282)		(35,480)		89,829
Net assets at beginning of period	114,055		68,532		162,333		565,001		119,514
Net assets at end of period	$	65,405	$	52,723	$	125,051	$	529,521	$	209,343
Beginning units	9,340		5,401		10,161		15,008		1,118
Units issued	53		27		3		8		1,114
Units redeemed	(4,416)		(2,239)		(4,126)		(2,131)		(630)
Ending units	4,977		3,189		6,038		12,885		1,602
For the Year Ended December 31, 2024
From operations:
Dividends	$	3,999	$	1,499	$	3,887	$	7,748	$	513
Mortality and expense risk and administrative charges	(437)		(237)		(677)		(3,669)		(590)
Net investment income (loss)	3,562		1,262		3,210		4,079		(77)
Net realized gain (loss)	(14,007)		(11,383)		25,840		7,243		35,964
Capital gain distribution from mutual funds	—		—		—		20,307		5,830
Change in unrealized appreciation (depreciation) of investments	11,919		17,031		(24,656)		33,949		(8,850)
Increase (decrease) in net assets from operations	1,474		6,910		4,394		65,578		32,867
From contract transactions:
Payments received from contract owners	—		—		59		176		1,575
Payments for contract benefits or terminations	—		—		—		(6,667)		—
Policy loans	—		—		—		—		(52,197)
Transfers between sub-accounts (including fixed account), net	799		(122)		(1)		(736)		(1,558)
Contract maintenance charges	(1,868)		(918)		(2,314)		(10,934)		(1,718)
Increase (decrease) in net assets from contract transactions	(1,069)		(1,040)		(2,256)		(18,161)		(53,898)
Increase (decrease) in net assets	405		5,870		2,138		47,417		(21,031)
Net assets at beginning of period	113,650		62,662		160,195		517,584		140,545
Net assets at end of period	$	114,055	$	68,532	$	162,333	$	565,001	$	119,514
Beginning units	9,784		5,680		10,669		15,649		1,646
Units issued	9,511		5,475		9,600		4,579		11
Units redeemed	(9,955)		(5,754)		(10,108)		(5,220)		(539)
Ending units	9,340		5,401		10,161		15,008		1,118
The accompanying Notes to Financial Statements are an integral part of this statement.

20

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	VALIC Company I Science & Technology Fund		VALIC Company I Small Cap Index Fund		VALIC Company I Stock Index Fund		VanEck VIP Emerging Markets Fund Initial Class		VanEck VIP Global Resources Fund Initial Class
For the Year Ended December 31, 2025
From operations:
Dividends	$	—	$	13,684	$	8,653	$	723	$	551
Mortality and expense risk and administrative charges	(149)		(8,367)		(2,144)		(498)		(109)
Net investment income (loss)	(149)		5,317		6,509		225		442
Net realized gain (loss)	(496)		(18,724)		(18,781)		(2,132)		195
Capital gain distribution from mutual funds	—		34,976		11,671		—		—
Change in unrealized appreciation (depreciation) of investments	12,845		101,559		61,830		27,402		6,160
Increase (decrease) in net assets from operations	12,200		123,128		61,229		25,495		6,797
From contract transactions:
Payments received from contract owners	180		340		1,192		1,527		243
Payments for contract benefits or terminations	—		(16,360)		—		—		—
Policy loans	—		—		(173,822)		4		(97)
Transfers between sub-accounts (including fixed account), net	—		876		2,735		1		—
Contract maintenance charges	(3,007)		(25,236)		(10,293)		(4,062)		(1,785)
Increase (decrease) in net assets from contract transactions	(2,827)		(40,380)		(180,188)		(2,530)		(1,639)
Increase (decrease) in net assets	9,373		82,748		(118,959)		22,965		5,158
Net assets at beginning of period	56,134		1,133,846		751,256		87,196		19,924
Net assets at end of period	$	65,507	$	1,216,594	$	632,297	$	110,161	$	25,082
Beginning units	601		36,013		18,019		2,801		593
Units issued	2		39		18		169		8
Units redeemed	(30)		(1,364)		(5,189)		(233)		(51)
Ending units	573		34,688		12,848		2,737		550
For the Year Ended December 31, 2024
From operations:
Dividends	$	—	$	13,644	$	7,428	$	1,736	$	707
Mortality and expense risk and administrative charges	(129)		(8,265)		(2,690)		(514)		(137)
Net investment income (loss)	(129)		5,379		4,738		1,222		570
Net realized gain (loss)	(838)		(17,606)		148,950		(4,986)		926
Capital gain distribution from mutual funds	—		—		36,911		—		—
Change in unrealized appreciation (depreciation) of investments	14,966		121,619		(43,390)		5,042		(2,151)
Increase (decrease) in net assets from operations	13,999		109,392		147,209		1,278		(655)
From contract transactions:
Payments received from contract owners	180		340		1,191		5,229		841
Payments for contract benefits or terminations	—		(15,451)		—		(11,393)		(5,380)
Policy loans	—		—		—		1		167
Transfers between sub-accounts (including fixed account), net	—		(1,774)		(348)		127		191
Contract maintenance charges	(1,993)		(25,765)		(8,401)		(5,181)		(3,153)
Increase (decrease) in net assets from contract transactions	(1,813)		(42,650)		(7,558)		(11,217)		(7,334)
Increase (decrease) in net assets	12,186		66,742		139,651		(9,939)		(7,989)
Net assets at beginning of period	43,948		1,067,104		611,605		97,135		27,913
Net assets at end of period	$	56,134	$	1,133,846	$	751,256	$	87,196	$	19,924
Beginning units	622		37,412		18,860		3,142		803
Units issued	2		29		16,936		162		30
Units redeemed	(23)		(1,428)		(17,777)		(503)		(240)
Ending units	601		36,013		18,019		2,801		593
The accompanying Notes to Financial Statements are an integral part of this statement.

21

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS

	Vanguard VIF High Yield Bond Portfolio		Vanguard VIF Real Estate Index Portfolio		Vanguard VIF Total Stock Market Index Portfolio		Victory Pioneer Fund VCT Portfolio Class I		Victory Pioneer Select Mid Cap Growth VCT Portfolio Class I
For the Year Ended December 31, 2025
From operations:
Dividends	$	1,061	$	1,927	$	28,038	$	107	$	—
Mortality and expense risk and administrative charges	(72)		(188)		(18,099)		(59)		(112)
Net investment income (loss)	989		1,739		9,939		48		(112)
Net realized gain (loss)	(63)		(1,472)		62,903		61		(62)
Capital gain distribution from mutual funds	—		1,234		130,889		3,164		4,750
Change in unrealized appreciation (depreciation) of investments	519		399		159,519		1,756		3,660
Increase (decrease) in net assets from operations	1,445		1,900		363,250		5,029		8,236
From contract transactions:
Payments received from contract owners	985		2,224		—		399		661
Payments for contract benefits or terminations	—		(6,040)		(39,097)		—		—
Policy loans	404		540		—		—		—
Transfers between sub-accounts (including fixed account), net	9		25		502		—		1
Contract maintenance charges	(462)		(3,998)		(52,945)		(237)		(145)
Increase (decrease) in net assets from contract transactions	936		(7,249)		(91,540)		162		517
Increase (decrease) in net assets	2,381		(5,349)		271,710		5,191		8,753
Net assets at beginning of period	15,924		70,698		2,344,750		21,638		40,452
Net assets at end of period	$	18,305	$	65,349	$	2,616,460	$	26,829	$	49,205
Beginning units	682		2,606		44,534		420		828
Units issued	80		155		16		7		12
Units redeemed	(44)		(358)		(1,732)		(4)		(2)
Ending units	718		2,403		42,818		423		838
For the Year Ended December 31, 2024
From operations:
Dividends	$	896	$	2,229	$	27,145	$	149	$	—
Mortality and expense risk and administrative charges	(68)		(191)		(16,582)		(51)		(93)
Net investment income (loss)	828		2,038		10,563		98		(93)
Net realized gain (loss)	12		(446)		59,667		58		(84)
Capital gain distribution from mutual funds	—		1,880		148,818		996		—
Change in unrealized appreciation (depreciation) of investments	70		(519)		227,119		2,785		7,864
Increase (decrease) in net assets from operations	910		2,953		446,167		3,937		7,687
From contract transactions:
Payments received from contract owners	984		2,618		—		399		661
Payments for contract benefits or terminations	—		—		(34,420)		—		—
Policy loans	(1,137)		(1,515)		—		—		—
Transfers between sub-accounts (including fixed account), net	6		15		(4,020)		—		(1)
Contract maintenance charges	(418)		(3,884)		(49,515)		(231)		(127)
Increase (decrease) in net assets from contract transactions	(565)		(2,766)		(87,955)		168		533
Increase (decrease) in net assets	345		187		358,212		4,105		8,220
Net assets at beginning of period	15,579		70,511		1,986,538		17,533		32,232
Net assets at end of period	$	15,924	$	70,698	$	2,344,750	$	21,638	$	40,452
Beginning units	705		2,719		46,328		416		816
Units issued	58		103		10		8		15
Units redeemed	(81)		(216)		(1,804)		(4)		(3)
Ending units	682		2,606		44,534		420		828
The accompanying Notes to Financial Statements are an integral part of this statement.

22

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS

1.    Organization

Separate Account USL VL-R (the “Separate Account”) is a segregated investment account established by The United States Life Insurance Company in the City of New York (”USL”) to receive and invest premium payments from variable universal life insurance policies issued by USL. USL is a wholly owned subsidiary of AGC Life Insurance Company (“AGC Life”), which is wholly owned by Corebridge Life Holdings, Inc. (“Corebridge Life Holdings”). Corebridge Life Holdings is wholly owned by Corebridge Financial, Inc. (“Corebridge”). As of December 31, 2025, Corebridge’s three largest shareholders, Nippon Life Insurance Company, a mutual company organized under the laws of Japan (“Nippon”), American International Group, Inc. (“AIG”), and Argon Holdco LLC, a wholly owned subsidiary of Blackstone, owned approximately 24.6%, 10.1% and 12.5% of the outstanding Corebridge common stock, respectively.

The Separate Account includes the following products, which are no longer available for sale:

Executive Advantage	Platinum Investor PLUS
Gemstone Life	Platinum Investor VIP
Income Advantage Select	Protection Advantage Select
Platinum Investor	Variable Universal Life Policy

The Separate Account is registered with the Securities and Exchange Commission as a Unit Investment Trust under the Investment Company Act of 1940, as amended. The Separate Account consists of various sub-accounts. Each sub-account invests all its investible assets in a corresponding eligible mutual fund, which is registered under the 1940 Act as an open- ended management investment company. The names in bold in the table below are the diversified, open-ended management investment companies and the names below them are the names of the sub-accounts/corresponding eligible mutual funds. Collectively, all of the mutual funds are referred to as “Funds” throughout these financial statements.

For each sub-account, the financial statements are comprised of a Statement of Assets and Liabilities, including a Schedule of Portfolio Investments, as of December 31, 2025 and related Statements of Operations and Changes in Net Assets for each of the years in the period then ended, all periods to reflect a full twelve months, except as noted below.

AB Variable Products Series Fund, Inc. (AB VPS)
AB VPS Balanced Hedged Allocation Portfolio Class A	AB VPS Small Cap Growth Portfolio Class A
AB VPS Large Cap Growth Portfolio Class A	AB VPS Sustainable Global Thematic Portfolio Class A
AB VPS Relative Value Portfolio Class A
The Alger Portfolios (Alger)
Alger Capital Appreciation Portfolio Class I-2	Alger Mid Cap Growth Portfolio Class I-2
American Funds Insurance Series (American Funds IS)
American Funds IS American High-Income Trust Class 2	American Funds IS Growth Fund Class 2(a)
American Funds IS Asset Allocation Fund Class 2(a)	American Funds IS Growth-Income Fund Class 2
American Funds IS Global Growth Fund Class 2(a)	American Funds IS International Fund Class 2(a)
BlackRock Variable Series Funds, Inc. (BlackRock)
BlackRock Advantage SMID Cap V.I. Fund Class I(a)	BlackRock Capital Appreciation V.I. Fund Class I(a)
BlackRock Basic Value V.I. Fund Class I(a)
BNY Mellon Investment Portfolios (BNY Mellon IP)
BNY Mellon IP MidCap Stock Portfolio Initial Shares
BNY Mellon Stock Index Fund Inc.
BNY Mellon Stock Index Fund, Inc. Initial Shares
BNY Mellon Variable Investment Fund (BNY Mellon VIF)
BNY Mellon VIF Small Cap Portfolio Initial Shares
Fidelity Variable Insurance Products (Fidelity VIP)
Fidelity VIP Asset Manager 50% Portfolio Initial Class(d)	Fidelity VIP Government Money Market Portfolio Initial Class
Fidelity VIP Asset Manager 50% Portfolio Service Class 2(d)	Fidelity VIP Government Money Market Portfolio Service Class 2(a)
Fidelity VIP Balanced Portfolio Initial Class(a)	Fidelity VIP Growth Portfolio Initial Class
Fidelity VIP Contrafund Portfolio Initial Class	Fidelity VIP Growth Portfolio Service Class 2

23

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Fidelity Variable Insurance Products (Fidelity VIP)
Fidelity VIP Contrafund Portfolio Service Class 2	Fidelity VIP High Income Portfolio Initial Class
Fidelity VIP Equity-Income Portfolio Service Class 2	Fidelity VIP Index 500 Portfolio Initial Class(a)
Fidelity VIP Freedom 2020 Portfolio Service Class 2(a)	Fidelity VIP Investment Grade Bond Portfolio Initial Class
Fidelity VIP Freedom 2025 Portfolio Service Class 2(a)	Fidelity VIP Mid Cap Portfolio Service Class 2
Fidelity VIP Freedom 2030 Portfolio Service Class 2(a)	Fidelity VIP Overseas Portfolio Initial Class
Franklin Templeton Variable Insurance Products Trust (FTVIP)
FTVIP Franklin Mutual Shares VIP Fund Class 2	FTVIP Templeton Developing Markets VIP Fund Class 2
FTVIP Franklin Small Cap Value VIP Fund Class 2	FTVIP Templeton Foreign VIP Fund Class 2
FTVIP Franklin U.S. Government Securities VIP Fund Class 2	FTVIP Templeton Growth VIP Fund Class 2(a)
Goldman Sachs Variable Insurance Trust (Goldman Sachs VIT)
Goldman Sachs VIT International Equity Insights Fund Institutional Shares(a)	Goldman Sachs VIT U.S. Equity Insights Fund Institutional Shares(a)
Invesco Variable Insurance Funds (Invesco V.I.)
Invesco V.I. American Franchise Fund Series I	Invesco V.I. Global Fund Series I
Invesco V.I. American Value Fund Series I	Invesco V.I. Global Real Estate Fund Series I(a)
Invesco V.I. Core Equity Fund Series I	Invesco V.I. Growth and Income Fund Series I
Invesco V.I. Equity and Income Fund Series I(a)	Invesco V.I. High Yield Fund Series I(a)
Invesco V.I. EQV International Equity Fund Series 1	Invesco V.I. Main Street Fund Series I
Janus Aspen Series (Janus)
Janus Henderson Enterprise Portfolio Service Shares	Janus Henderson Global Research Portfolio Service Shares
Janus Henderson Forty Portfolio Service Shares(a)	Janus Henderson Overseas Portfolio Service Shares
Lincoln Variable Insurance Products Trust (LVIP)
LVIP American Century Capital Appreciation Fund Standard Class II	LVIP JPMorgan Core Bond Fund Standard Class
LVIP American Century Disciplined Core Value Fund Standard Class II	LVIP JPMorgan Mid Cap Value Fund Standard Class
LVIP American Century International Fund Standard Class II(a)	LVIP JPMorgan Small Cap Core Fund Standard Class
LVIP American Century Value Fund Standard Class II	LVIP JPMorgan U.S. Equity Fund Standard Class(a)
MFS Variable Insurance Trust (MFS VIT)
MFS VIT Growth Series Initial Class	MFS VIT Research Series Initial Class(a)
MFS VIT New Discovery Series Initial Class
MFS Variable Insurance Trust II (MFS VIT II)
MFS VIT II Core Equity Portfolio Initial Class(a)
Morgan Stanley Variable Insurance Fund, Inc. (Morgan Stanley VIF)
Morgan Stanley VIF Emerging Markets Equity Portfolio Class I(a)	Morgan Stanley VIF Growth Portfolio Class I
Neuberger Berman Advisers Management Trust (Neuberger Berman AMT)
Neuberger Berman AMT Mid Cap Growth Portfolio Class I	Neuberger Berman AMT Short Duration Bond Portfolio Class I(a)
Neuberger Berman AMT Quality Equity Portfolio Class I(a)(e)
PIMCO Variable Insurance Trust (PIMCO)
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class	PIMCO Real Return Portfolio Administrative Class
PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class(a)	PIMCO Short-Term Portfolio Administrative Class
PIMCO High Yield Portfolio Administrative Class	PIMCO Total Return Portfolio Administrative Class
PIMCO Long-Term U.S. Government Portfolio Administrative Class
Putnam Variable Trust (Putnam VT)
Putnam VT Diversified Income Fund Class IB(a)	Putnam VT Large Cap Value Fund Class IB
Putnam VT International Value Fund Class IB	Putnam VT Small Cap Value Fund Class IB

24

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Seasons Series Trust (SST)(b)
SST SA Multi-Managed Mid Cap Value Portfolio Class 3(a)
SunAmerica Series Trust (SAST)(b)
SAST SA AB Growth Portfolio Class 1	SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1
SAST SA Goldman Sachs Government and Quality Bond Portfolio Class 3(a)(f)	SAST SA PIMCO Global Bond Opportunities Portfolio Class 1
SAST SA Janus Focused Growth Portfolio Class 1(a)	SAST SA Wellington Capital Appreciation Portfolio Class 1
SAST SA JPMorgan Diversified Balanced Portfolio Class 1	SAST SA Wellington Capital Appreciation Portfolio Class 3
SAST SA JPMorgan Equity-Income Portfolio Class 1
VALIC Company I(c)
VALIC Company I Core Bond Fund	VALIC Company I Mid Cap Value Fund(a)
VALIC Company I Dynamic Allocation Fund(a)	VALIC Company I Nasdaq-100 Index Fund
VALIC Company I Emerging Economies Fund	VALIC Company I Science & Technology Fund
VALIC Company I International Equities Index Fund	VALIC Company I Small Cap Index Fund
VALIC Company I International Value Fund(a)	VALIC Company I Stock Index Fund
VALIC Company I Mid Cap Index Fund	VALIC Company I U.S. Socially Responsible Fund(a)
VanEck VIP Trust (VanEck VIP)
VanEck VIP Emerging Markets Fund Initial Class	VanEck VIP Global Resources Fund Initial Class
Vanguard Variable Insurance Fund (Vanguard VIF)
Vanguard VIF High Yield Bond Portfolio	Vanguard VIF Total Bond Market Index Portfolio(a)
Vanguard VIF Real Estate Index Portfolio	Vanguard VIF Total Stock Market Index Portfolio
Victory Pioneer Variable Contracts Tru
Victory Pioneer Fund VCT Portfolio Class I(g)	Victory Pioneer Select Mid Cap Growth VCT Portfolio Class I(i)
Victory Pioneer Mid Cap Value VCT Portfolio Class I(a)(h)

(a)	Sub-account had no activity during the current or prior year and no assets or liabilities as of December 31, 2025.
(b)	These are affiliated investment companies. SunAmerica Asset Management, LLC. “SunAmerica”, an affiliate of USL, serves as the investment advisor to Seasons Series Trust, and SunAmerica Series Trust.
(c)	VALIC Company I is an affiliated investment company. The Variable Annuity Life Insurance Company (VALIC), an affiliate of USL, serves as the investment advisor to VALIC Company I and as the administrator to each series of VALIC Company I. VALIC Retirement Services Company, a direct, wholly owned subsidiary of VALIC, serves as the transfer agent and accounting services agent to VALIC Company I.
(d)	Formerly Fidelity VIP Asset Manager Portfolio.
(e)	Formerly Neuberger Berman AMT Sustainable Equity Portfolio.
(f)	Formerly SAST SA Wellington Government and Quality Bond Portfolio.
(g)	Formerly Pioneer Fund VCT Portfolio.
(h)	Formerly Pioneer Mid Cap Value VCT Portfolio.
(i)	Formerly Pioneer Select Mid Cap Growth VCT Portfolio.

In addition to the sub-accounts above, a contract owner may allocate contract funds to a fixed account, which is part of USL’s General Account and not included in these financial statements. Contract owners should refer to the product prospectus for the available Funds and fixed account.

The assets of each of the sub-accounts of the Separate Account are registered in the name of USL. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from USL’s other assets and liabilities. The Separate Account assets are not chargeable with liabilities arising out of any other business USL may conduct.

Net premiums from the contracts are allocated to the sub-accounts and invested in the Funds in accordance with contract owner instructions and are recorded as contract transactions in the Statements of Operations and Changes in Net Assets.

Each subaccount of the Separate Account constitutes a single operating segment and therefore, a single reportable segment. Separate Accounts are structured with a limited purpose by design and their sole purpose, which records and reports the invested funds and activities and performance chosen by contract/policy holders. Investment performance of the subaccounts may vary based on the underlying fund’s investment objectives specified in the fund prospectuses. The chief operating decision maker (CODM) oversees the performance of the underlying funds to evaluate the results of the business and make operational decisions. The accounting policies used to measure the profit and loss of the segment are the same as those described in the summary of significant accounting policies herein.

25

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

2.    Summary of Significant Accounting Policy

The financial statements of the Separate Account have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The Separate Account is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Separate Account in the preparation of its financial statements.

Use of Estimates:The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment. These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from assumptions used, the financial statements of the Separate Account could be materially affected.

Investments: Investments in mutual funds are valued at their closing net asset value per share as determined by the respective mutual funds, which generally value their securities at fair value. Purchases and sales of shares of the Funds are made at the net asset values of such Funds. Transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are recognized at the date of sale and are determined on a first-in, first-out basis. Dividends and capital gain distributions from the Funds are recorded on the ex-dividend date and reinvested upon receipt.

Policy Loans: When a policy loan is made, the loan amount is transferred to USL from the contract owner’s selected investment, and held as collateral. Interest on this collateral amount is credited to the policy. Loan repayments are invested in the contract owner’s selected investment, after they are first used to repay all loans taken from the declared fixed interest account option.

Accumulation Unit: This is the basic valuation unit used to calculate the contract owner’s interest. Such units are valued daily to reflect investment performance and the prorated daily deduction for expense charges.

Income Taxes: The operations of the Separate Account are included in the federal income tax return of USL, which is taxed as a life insurance company under the provision of the Internal Revenue Code (the Code). Under the current provisions of the Code, USL does not expect to incur federal income taxes on the earnings of the Separate Account to the extent that the earnings are credited under the contracts. As a result, no charge is currently made to the Separate Account for federal income taxes. The Separate Account is not treated as a regulated investment company under the Code. USL will periodically review changes in the tax law. USL retains the right to charge for any federal income tax incurred which is applicable to the Separate Account if the law is changed.

3.    Fair Value Measurements

Assets recorded at fair value in the Separate Account’s Statement of Assets and Liabilities are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1— Fair value measurements based on quoted prices (unadjusted) in active markets that the Separate Account has the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. The Separate Account does not adjust the quoted price for such instruments.

• Level 2— Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•Level 3— Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair value positions in Level 3. The circumstances for these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, the Separate Account makes certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The Separate Account assets measured at fair value as of December 31, 2025 consist of investments in registered mutual funds that generally trade daily and are measured at fair value using quoted prices in active markets for identical assets, which are classified as Level 1 throughout the year. As such, no transfers between fair value hierarchy levels occurred during the year. See the Schedule of Portfolio Investments for the table presenting information about assets measured at fair value on a recurring basis at December 31, 2025, and respective hierarchy levels.

26

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

4.    Expenses

Expense charges are applied against the current value of the Separate Account and are paid to USL as follows:

Separate Account Annual Charges: Deductions for the mortality and expense risk charges and administrative charges are calculated daily, at an annual rate, on the actual prior day’s net asset value of the underlying Funds comprising the sub-accounts attributable to the contract owners and are paid to USL. The mortality risk charge represents compensation to USL for the mortality risks assumed under the contract, which is the obligation to provide payments during the payout period for the life of the contract and to provide the standard death benefit. The expense risk charge represents compensation to USL for assuming the risk that the current contract administration charges will be insufficient to cover the cost of administering the contract in the future. The administrative charge reimburses USL for any administrative expenses incurred under the contract. This includes the expenses for administration and marketing. These charges are included on the mortality and expense risk and administrative charges line in the Statements of Operations and Changes in Net Assets. The exact rate depends on the particular product issued.

Expense charges for each product are as follows:

Products	Mortality and Expense Risk Maximum Annual Rate and Administrative Charges Maximum Annual Rate	First Reduction in Mortality and Expense Risk and Administrative Charges Rate(a)	Second Reduction in Mortality and Expense Risk and Administrative Charges Rate(b)
Income Advantage Select	0.70%	0.35%	0.20%
Platinum Investor	0.75%	0.25%	0.25%
Platinum Investor PLUS	0.70%	0.25%	0.35%
Platinum Investor VIP	0.70%	0.35%	0.20%
Protection Advantage Select	0.70%	0.35%	0.20%

(a)    After 10th policy year.

(b)    After 20th policy year.

Products	Separate Account Current Annual Rate	Separate Account Maximum Annual Rate
Executive Advantage®	0.15%	1.00%
Gemstone Life	0.10%	0.25%
Variable Universal Life Policy	0.50%	0.90%

Monthly Administrative Charge: USL makes a monthly charge against each policy account for the administrative expenses. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

The maximum monthly administrative expense charge is $15. USL may deduct an additional monthly expense charge for expenses associated with acquisition, administrative and underwriting of the policy. The monthly expense charge is applied against each $1,000 of base coverage. This charge varies according to the ages, gender and the premium classes of both of the contingent insurers, as well as the amount of coverage. There may be an additional monthly administrative charge during the first policy year and the 12 months after an increase in face amount per insured. This charge will not exceed $25 a month per insured.

Contract Maintenance Charge: Monthly contract maintenance charges are paid to USL for the administrative services provided under the current policies. USL may deduct an additional monthly expense charge for expenses associated with acquisition, administrative and underwriting of your policy. The monthly expense charge is applied only against each $1,000 of coverage (if the policy offers both base and supplement coverage, then only each $1,000 of base coverage). This charge varies according to the ages, gender and the premium class of the insured, as well as the amount of coverage. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

USL may charge a maximum fee of $12 for the monthly contract maintenance charge. The monthly expense charge is applied only against each $1,000 of base coverage.

Withdrawal Charge: A withdrawal charge is applicable to certain contract withdrawals pursuant to the contract and is payable to USL. The withdrawal charges are included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

27

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The amount of the withdrawal charge depends on the age and other insurance characteristics of the insured person. For partial withdrawals, USL may charge a maximum transaction fee per partial withdrawal equal to the lesser of 2 percent of the amount withdrawn or $25. Currently, a $10 transaction fee per policy is charged for each partial withdrawal.

Cost of Insurance Charge: Since determination of both the insurance rate and USL's net amount at risk depends upon several factors, the cost of insurance deduction may vary from month to month. Policy accumulation value, specified amount of insurance and certain characteristics of the insured person are among the variables included in the calculation for the monthly cost of insurance deduction. The cost of insurance charge is included as part of the contract maintenance charges line of the Statements of Operations and Changes in Net Assets.

Policy Loan Interest Charge: A loan may be requested against a policy while the policy has a net cash surrender value. The daily interest charge on the loan is paid to USL for the expenses of administering and providing policy loans. The interest charge is collected through any loan repayment from the policyholder.

Transfer Fee: A transfer fee may be assessed on each transfer of funds in excess of the maximum transactions allowed within a contract year depending on the contract provision. The transfer fee is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

A transfer fee of $25 is assessed on each transfer in excess of 12 transfers during the policy year.

Premium Tax Charge: Certain states charge taxes on purchase payments up to a maximum of 3.5 percent. USL deducts from each premium payment a charge to cover costs associated with the issuance of the policy, administrative services USL performs and a premium tax that is applicable to USL in the state or other jurisdiction of the policy owner. Premium tax charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

A summary of premium tax charges follows:

Products	Premium Tax Charge
Income Advantage Select	3.50% of each premium payment
Platinum Investor	2.00% of each premium payment
Platinum Investor PLUS	3.50% of each premium payment
Platinum Investor VIP	3.50% of each premium payment
Protection Advantage Select	3.50% of each premium payment
Executive Advantage®	The maximum charge is 9.00% of each premium payment
Gemstone Life*	5% of each premium payment up to the target premium amount plus 2% of any premium paid in excess of the target premium amount for policy years 1-10. 3% of each premium payment up to the target premium amount plus 2% of any premium paid in excess of the target premium amount beginning in policy year 11. The maximum charge is 8% of each premium payment.
Variable Universal Life Policy	5% of each premium payment plus the state specific premium taxes

*    The target premium is an amount of premium that is approximately equal to the seven-pay premium, which is the maximum amount of premium that may be paid without the policy becoming a modified endowment contract.

Optional Rider Charge: Monthly charges are deducted if the contract owner selects additional benefit riders. The charges for any rider selected will vary by policy within a range based on either the personal characteristics of the insured person or the specific coverage chosen under the rider. The rider charges are included as part of contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

Guaranteed Minimum Withdrawal Benefit (GMWB) Charge: Daily charges for the GMWB rider are assessed through the daily unit value calculation on all policies that have elected this option. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

The annualized GMWB charge is 0.75 percent, which may be increased to a maximum of 1.50 percent.

28

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

5.    Purchases and Sales of Investments

For the year ended December 31, 2025, the aggregate cost of purchases and proceeds from the sales of investments were:

Sub-accounts		Cost of Purchases		Proceeds from Sales
AB VPS Balanced Hedged Allocation Portfolio Class A	$	9,015	$	1,954
AB VPS Large Cap Growth Portfolio Class A		220,877		81,310
AB VPS Relative Value Portfolio Class A		64,233		182,037
AB VPS Small Cap Growth Portfolio Class A		878		18,794
AB VPS Sustainable Global Thematic Portfolio Class A		58,648		39,004
Alger Capital Appreciation Portfolio Class I-2		17,505		82,965
Alger Mid Cap Growth Portfolio Class I-2		2,097		2,727
American Funds IS American High-Income Trust Class 2		433		22
American Funds IS Growth-Income Fund Class 2		2,476		930
BNY Mellon IP MidCap Stock Portfolio Initial Shares		2,761		1,587
BNY Mellon Stock Index Fund, Inc. Initial Shares		117,377		144,877
BNY Mellon VIF Small Cap Portfolio Initial Shares		60		93
Fidelity VIP Asset Manager 50% Portfolio Initial Class		45,340		47,522
Fidelity VIP Asset Manager 50% Portfolio Service Class 2		1,890		631
Fidelity VIP Contrafund Portfolio Initial Class		749,899		231,797
Fidelity VIP Contrafund Portfolio Service Class 2		27,759		17,238
Fidelity VIP Equity-Income Portfolio Service Class 2		5,738		3,167
Fidelity VIP Government Money Market Portfolio Initial Class		37,896		24,990
Fidelity VIP Growth Portfolio Initial Class		463,627		351,628
Fidelity VIP Growth Portfolio Service Class 2		23,475		15,014
Fidelity VIP High Income Portfolio Initial Class		9,735		6,196
Fidelity VIP Investment Grade Bond Portfolio Initial Class		2,990		2,391
Fidelity VIP Mid Cap Portfolio Service Class 2		6,778		12,718
Fidelity VIP Overseas Portfolio Initial Class		34,625		11,379
FTVIP Franklin Mutual Shares VIP Fund Class 2		5,481		3,619
FTVIP Franklin Small Cap Value VIP Fund Class 2		7,094		6,548
FTVIP Franklin U.S. Government Securities VIP Fund Class 2		2,063		1,605
FTVIP Templeton Developing Markets VIP Fund Class 2		939		1,477
FTVIP Templeton Foreign VIP Fund Class 2		96,298		48,968
Invesco V.I. American Franchise Fund Series I		31,140		11,276
Invesco V.I. American Value Fund Series I		55,946		11,964
Invesco V.I. Core Equity Fund Series I		52,005		26,991
Invesco V.I. EQV International Equity Fund Series 1		26,524		8,001
Invesco V.I. Global Fund Series I		14,455		11,860
Invesco V.I. Growth and Income Fund Series I		10,575		29,052
Invesco V.I. Main Street Fund Series I		3,994		2,884
Janus Henderson Enterprise Portfolio Service Shares		1,924		338
Janus Henderson Global Research Portfolio Service Shares		2,057		951
Janus Henderson Overseas Portfolio Service Shares		4,557		3,781
LVIP American Century Capital Appreciation Fund Standard Class II		1,266		172
LVIP American Century Disciplined Core Value Fund Standard Class II		197		1,415
LVIP American Century Value Fund Standard Class II		19,080		21,667
LVIP JPMorgan Core Bond Fund Standard Class		260		3
LVIP JPMorgan Mid Cap Value Fund Standard Class		210,488		81,684
LVIP JPMorgan Small Cap Core Fund Standard Class		99,017		50,159
MFS VIT Growth Series Initial Class		9,047		2,463
MFS VIT New Discovery Series Initial Class		1,601		1,479
Morgan Stanley VIF Growth Portfolio Class I		143		135
Neuberger Berman AMT Mid Cap Growth Portfolio Class I		3,617		315
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class		4,326		1,907
PIMCO High Yield Portfolio Administrative Class		2,928		1,622
PIMCO Long-Term U.S. Government Portfolio Administrative Class		11,210		14,529
PIMCO Real Return Portfolio Administrative Class		3,233		1,656
PIMCO Short-Term Portfolio Administrative Class		12,578		62,732
PIMCO Total Return Portfolio Administrative Class		8,843		10,589
Putnam VT International Value Fund Class IB		1,052		357
Putnam VT Large Cap Value Fund Class IB		3,688		394
Putnam VT Small Cap Value Fund Class IB		801		693
SAST SA AB Growth Portfolio Class 1		8,088		1,896
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		228		58

29

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

Sub-accounts		Cost of Purchases		Proceeds from Sales
SAST SA JPMorgan Equity-Income Portfolio Class 1	$	7,631	$	1,598
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		1,833		77
SAST SA PIMCO Global Bond Opportunities Portfolio Class 1		522		46
SAST SA Wellington Capital Appreciation Portfolio Class 1		127		223
SAST SA Wellington Capital Appreciation Portfolio Class 3		28		486
VALIC Company I Core Bond Fund		5,102		54,893
VALIC Company I Emerging Economies Fund		2,952		26,089
VALIC Company I International Equities Index Fund		8,358		65,059
VALIC Company I Mid Cap Index Fund		70,388		60,928
VALIC Company I Nasdaq-100 Index Fund		134,562		62,446
VALIC Company I Science & Technology Fund		176		3,152
VALIC Company I Small Cap Index Fund		49,486		49,573
VALIC Company I Stock Index Fund		21,291		183,298
VanEck VIP Emerging Markets Fund Initial Class		5,446		7,752
VanEck VIP Global Resources Fund Initial Class		648		1,846
Vanguard VIF High Yield Bond Portfolio		3,045		1,121
Vanguard VIF Real Estate Index Portfolio		7,447		11,723
Vanguard VIF Total Stock Market Index Portfolio		158,927		109,639
Victory Pioneer Fund VCT Portfolio Class I		3,641		266
Victory Pioneer Select Mid Cap Growth VCT Portfolio Class I		5,394		240

30

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

6.    Financial Highlights

The summary of unit values and units outstanding for sub-accounts, investment income ratios, total return and expense ratios, excluding expenses of the underlying mutual funds, for each of the five years in the period ended December 31, 2025, follows:

	December 31, 2025				For the Year Ended December 31, 2025
					Investment	Expense		Total
		Unit Value ($)(a)(f)		Net	Income	Ratio (%)(d)(f)		Return (%)(e)(f)
Sub-accounts	Units	Lowest	Highest	Assets ($)(b)	Ratio (%)(c)	Lowest	Highest	Lowest	Highest
AB VPS Balanced Hedged Allocation Portfolio Class A	3,893		27.84	108,402	2.14		0.50		17.13
AB VPS Large Cap Growth Portfolio Class A	22,984	77.41	108.99	2,496,233	0.00	0.10	0.50	12.57	13.02
AB VPS Relative Value Portfolio Class A	5,127		122.70	629,091	1.03		0.50		9.92
AB VPS Small Cap Growth Portfolio Class A	2,375		71.87	170,688	0.00		0.50		4.28
AB VPS Sustainable Global Thematic Portfolio Class A	8,288	26.61	51.81	419,272	0.00	0.10	0.50	5.79	6.22
Alger Capital Appreciation Portfolio Class I-2	1,270	75.55	97.37	97,527	0.00	0.00	0.45	32.27	32.87
Alger Mid Cap Growth Portfolio Class I-2	218	36.87	39.21	8,118	0.00	0.10	0.45	16.24	16.65
American Funds IS American High-Income Trust Class 2	265		18.61	4,936	6.66	0.00	0.00		8.24
American Funds IS Growth-Income Fund Class 2	318		47.71	15,188	0.91	0.00	0.00		18.06
BNY Mellon IP MidCap Stock Portfolio Initial Shares	212	38.62	41.08	8,279	0.64	0.10	0.45	9.57	9.96
BNY Mellon Stock Index Fund, Inc. Initial Shares	13,185	72.91	137.70	1,775,661	1.00	0.10	0.50	16.95	17.41
BNY Mellon VIF Small Cap Portfolio Initial Shares	12		33.42	393	0.51		0.25		10.71
Fidelity VIP Asset Manager 50% Portfolio Initial Class	8,077		53.47	431,898	2.48		0.50		14.41
Fidelity VIP Asset Manager 50% Portfolio Service Class 2	605	25.49	26.09	15,564	2.49	0.10	0.35	14.25	14.53
Fidelity VIP Contrafund Portfolio Initial Class	40,567	118.07	118.55	4,955,054	0.14	0.10	0.75	20.57	21.36
Fidelity VIP Contrafund Portfolio Service Class 2	2,210	62.53	106.78	143,888	0.00	0.00	0.45	20.65	21.19
Fidelity VIP Equity-Income Portfolio Service Class 2	706	38.13	40.55	27,711	1.71	0.10	0.45	18.21	18.63
Fidelity VIP Government Money Market Portfolio Initial Class	13,470	13.81	16.28	213,942	3.96	0.10	0.50	3.62	4.03
Fidelity VIP Growth Portfolio Initial Class	21,350	86.45	163.80	3,496,195	0.28	0.10	0.50	14.33	14.78
Fidelity VIP Growth Portfolio Service Class 2	1,235	74.77	79.52	93,753	0.05	0.10	0.45	14.09	14.49
Fidelity VIP High Income Portfolio Initial Class	2,876	33.17	35.38	95,396	6.56	0.10	0.50	9.81	10.25
Fidelity VIP Investment Grade Bond Portfolio Initial Class	1,515	23.58	29.05	43,834	3.60	0.10	0.50	6.69	7.12
Fidelity VIP Mid Cap Portfolio Service Class 2	742	40.62	42.45	31,779	0.21	0.10	0.35	11.10	11.38
Fidelity VIP Overseas Portfolio Initial Class	5,451		47.58	259,350	1.68		0.50		19.79
FTVIP Franklin Mutual Shares VIP Fund Class 2	730	26.25	27.92	20,646	2.02	0.10	0.45	11.02	11.41
FTVIP Franklin Small Cap Value VIP Fund Class 2	1,386	28.43	36.48	50,562	1.00	0.00	0.45	7.17	7.65
FTVIP Franklin U.S. Government Securities VIP Fund Class 2	3,115	12.94	13.76	40,461	3.30	0.10	0.45	6.21	6.59
FTVIP Templeton Developing Markets VIP Fund Class 2	2,353		21.51	50,619	0.53		0.75		45.18
FTVIP Templeton Foreign VIP Fund Class 2	40,156	17.34	29.20	1,157,959	2.34	0.10	0.75	28.23	29.07
Invesco V.I. American Franchise Fund Series I	5,095	56.84	60.39	291,007	0.00	0.10	0.50	11.11	11.55
Invesco V.I. American Value Fund Series I	5,704		68.40	390,156	0.45		0.75		20.10
Invesco V.I. Core Equity Fund Series I	1,643	43.35	44.50	72,001	0.78	0.10	0.25	15.88	16.05
Invesco V.I. EQV International Equity Fund Series 1	8,100	19.95	40.00	245,499	1.47	0.00	0.50	15.92	16.50
Invesco V.I. Global Fund Series I	1,448	40.29	42.85	61,304	0.00	0.10	0.45	14.80	15.21
Invesco V.I. Growth and Income Fund Series I	1,544	33.19	41.40	58,284	1.23	0.00	0.45	15.10	15.62
Invesco V.I. Main Street Fund Series I	653		63.20	41,275	0.54		0.10		15.81
Janus Henderson Enterprise Portfolio Service Shares	338		43.97	14,846	0.04	0.00	0.00		7.41
Janus Henderson Global Research Portfolio Service Shares	407		40.89	16,646	0.42		0.25		20.30
Janus Henderson Overseas Portfolio Service Shares	513	16.58	17.63	9,571	1.36	0.10	0.45	28.00	28.45
LVIP American Century Capital Appreciation Fund Standard Class II	86		75.88	6,558	0.00		0.10		6.61
LVIP American Century Disciplined Core Value Fund Standard Class II	256		48.65	12,434	1.60		0.10		14.74
LVIP American Century Value Fund Standard Class II	1,228	41.88	44.54	55,361	1.55	0.10	0.45	15.50	15.91
LVIP JPMorgan Core Bond Fund Standard Class	227		16.12	3,655	3.69		0.10		7.29
LVIP JPMorgan Mid Cap Value Fund Standard Class	29,962	59.91	66.78	1,795,139	1.11	0.10	0.75	3.93	4.61
LVIP JPMorgan Small Cap Core Fund Standard Class	34,894	34.48	41.55	1,204,720	0.61	0.10	0.75	9.45	10.16
MFS VIT Growth Series Initial Class	663		77.14	51,158	0.00		0.25		11.91
MFS VIT New Discovery Series Initial Class	216	51.13	52.49	11,068	0.00	0.10	0.25	12.68	12.85
Morgan Stanley VIF Growth Portfolio Class I	144		103.43	14,855	0.00		0.25		35.38
Neuberger Berman AMT Mid Cap Growth Portfolio Class I	511		45.82	23,401	0.00		0.25		5.19
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class	2,648	14.19	20.54	39,672	2.92	0.00	0.45	18.26	18.79
PIMCO High Yield Portfolio Administrative Class	1,557		30.83	48,009	6.25		0.75		8.14
PIMCO Long-Term U.S. Government Portfolio Administrative Class	18,105		19.01	344,150	3.29		0.75		5.50
PIMCO Real Return Portfolio Administrative Class	1,959	16.03	17.05	31,425	3.34	0.10	0.45	7.36	7.74
PIMCO Short-Term Portfolio Administrative Class	6,231	13.69	14.82	81,325	3.94	0.10	0.75	3.89	4.57
PIMCO Total Return Portfolio Administrative Class	3,720	17.01	18.09	64,334	4.07	0.10	0.45	8.40	8.78
Putnam VT International Value Fund Class IB	1,387		19.19	26,615	1.22		0.25		34.34
Putnam VT Large Cap Value Fund Class IB	791		53.09	41,988	1.35		0.25		20.05
Putnam VT Small Cap Value Fund Class IB	4		42.25	152	1.45		0.35		4.90
SAST SA AB Growth Portfolio Class 1	630		85.25	53,743	0.00		0.10		12.95
SAST SA JPMorgan Diversified Balanced Portfolio Class 1	19		33.88	658	2.50		0.10		12.84
SAST SA JPMorgan Equity-Income Portfolio Class 1	835		48.29	40,302	2.27		0.10		14.52
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1	556		41.95	23,324	0.00		0.10		7.96

31

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2025				For the Year Ended December 31, 2025
					Investment	Expense		Total
		Unit Value ($)(a)(f)		Net	Income	Ratio (%)(d)(f)		Return (%)(e)(f)
Sub-accounts	Units	Lowest	Highest	Assets ($)(b)	Ratio (%)(c)	Lowest	Highest	Lowest	Highest
SAST SA PIMCO Global Bond Opportunities Portfolio Class 1	227		16.69	3,788	5.57		0.10		8.97
SAST SA Wellington Capital Appreciation Portfolio Class 1	80		123.48	9,870	0.00		0.10		14.42
SAST SA Wellington Capital Appreciation Portfolio Class 3	79		63.12	5,001	0.00	0.00	0.00		14.26
VALIC Company I Core Bond Fund	4,977	13.06	13.59	65,405	4.93	0.00	0.35	7.26	7.64
VALIC Company I Emerging Economies Fund	3,189	16.34	17.00	52,723	4.25	0.00	0.35	29.65	30.11
VALIC Company I International Equities Index Fund	6,038	18.37	19.02	125,051	4.34	0.25	0.45	30.23	30.49
VALIC Company I Mid Cap Index Fund	12,885	43.90	45.46	529,521	1.29	0.25	0.75	6.15	6.69
VALIC Company I Nasdaq-100 Index Fund	1,602	126.75	134.80	209,343	0.32	0.10	0.45	19.88	20.30
VALIC Company I Science & Technology Fund	573		114.26	65,507	0.00		0.25		22.26
VALIC Company I Small Cap Index Fund	34,688	35.05	38.12	1,216,594	1.16	0.45	0.75	11.39	11.72
VALIC Company I Stock Index Fund	12,848	60.57	62.74	632,297	1.25	0.25	0.45	17.02	17.25
VanEck VIP Emerging Markets Fund Initial Class	2,737		40.25	110,161	0.73		0.50		29.28
VanEck VIP Global Resources Fund Initial Class	550		45.64	25,082	2.45		0.50		35.80
Vanguard VIF High Yield Bond Portfolio	718	25.09	26.68	18,305	6.20	0.10	0.45	8.69	9.07
Vanguard VIF Real Estate Index Portfolio	2,403	25.41	27.03	65,349	2.83	0.10	0.45	2.65	3.01
Vanguard VIF Total Stock Market Index Portfolio	42,818		61.11	2,616,460	1.13		0.75		16.06
Victory Pioneer Fund VCT Portfolio Class I	423		63.43	26,829	0.44		0.25		23.05
Victory Pioneer Select Mid Cap Growth VCT Portfolio Class I	838		58.71	49,205	0.00		0.25		20.17

	December 31, 2024				For the Year Ended December 31, 2024
					Investment	Expense		Total
		Unit Value ($)(a)(f)		Net	Income	Ratio (%)(d)(f)		Return (%)(e)(f)
Sub-accounts	Units	Lowest	Highest	Assets ($)(b)	Ratio (%)(c)	Lowest	Highest	Lowest	Highest
AB VPS Balanced Hedged Allocation Portfolio Class A	3,883		23.77	92,321	2.06		0.50		8.29
AB VPS Large Cap Growth Portfolio Class A	23,497	68.49	96.82	2,266,952	0.06	0.10	0.50	24.63	25.13
AB VPS Relative Value Portfolio Class A	6,607		111.63	737,565	1.62		0.50		12.46
AB VPS Small Cap Growth Portfolio Class A	2,621		68.93	180,641	0.24		0.50		18.05
AB VPS Sustainable Global Thematic Portfolio Class A	8,890	25.05	48.98	426,027	0.00	0.10	0.50	5.68	6.11
Alger Capital Appreciation Portfolio Class I-2	2,464	56.86	73.61	141,606	0.00	0.00	0.45	47.47	48.13
Alger Mid Cap Growth Portfolio Class I-2	232		31.72	7,356	0.00		0.45		20.52
American Funds IS American High-Income Trust Class 2	260		17.19	4,466	6.92	0.00	0.00		9.67
American Funds IS Growth-Income Fund Class 2	340	39.41	40.41	13,730	1.12	0.00	0.20	23.98	24.23
BNY Mellon IP MidCap Stock Portfolio Initial Shares	199		35.25	7,012	0.81		0.45		12.11
BNY Mellon Stock Index Fund, Inc. Initial Shares	14,199	62.10	117.75	1,637,136	1.18	0.10	0.50	24.04	24.54
BNY Mellon VIF Small Cap Portfolio Initial Shares	13		30.19	393	0.75		0.25		4.35
Fidelity VIP Asset Manager 50% Portfolio Initial Class	8,692		46.74	406,236	2.40		0.50		7.95
Fidelity VIP Asset Manager 50% Portfolio Service Class 2	592	21.49	22.78	13,322	2.44	0.10	0.45	7.75	8.13
Fidelity VIP Contrafund Portfolio Initial Class	42,304	97.69	97.92	4,288,000	0.20	0.10	0.75	32.79	33.66
Fidelity VIP Contrafund Portfolio Service Class 2	2,370	51.83	88.11	130,260	0.03	0.00	0.45	32.85	33.45
Fidelity VIP Equity-Income Portfolio Service Class 2	690	32.26	33.35	22,748	1.70	0.25	0.45	14.54	14.77
Fidelity VIP Government Money Market Portfolio Initial Class	13,155	13.27	15.71	201,036	5.18	0.10	0.50	4.58	5.00
Fidelity VIP Growth Portfolio Initial Class	23,493	75.31	143.27	3,365,324	0.00	0.10	0.50	29.74	30.26
Fidelity VIP Growth Portfolio Service Class 2	1,288	65.53	67.75	85,125	0.00	0.25	0.45	29.49	29.75
Fidelity VIP High Income Portfolio Initial Class	2,941	30.20	32.09	88,838	6.14	0.10	0.50	8.43	8.86
Fidelity VIP Investment Grade Bond Portfolio Initial Class	1,541	22.02	27.23	41,790	3.28	0.10	0.50	1.28	1.69
Fidelity VIP Mid Cap Portfolio Service Class 2	909	35.96	60.88	38,881	0.37	0.00	0.45	16.65	17.18
Fidelity VIP Overseas Portfolio Initial Class	5,497		39.72	218,351	1.78		0.50		4.53
FTVIP Franklin Mutual Shares VIP Fund Class 2	753	23.64	24.44	18,999	1.90	0.25	0.45	10.77	10.99
FTVIP Franklin Small Cap Value VIP Fund Class 2	1,446	34.04	55.55	51,104	0.94	0.00	0.45	11.20	11.71
FTVIP Franklin U.S. Government Securities VIP Fund Class 2	3,172	12.18	12.60	38,744	3.05	0.25	0.45	0.91	1.11
FTVIP Templeton Developing Markets VIP Fund Class 2	2,418		14.82	35,827	3.99		0.75		6.86
FTVIP Templeton Foreign VIP Fund Class 2	41,664	13.10	22.77	937,018	2.48	0.25	0.75	-1.74	-1.25
Invesco V.I. American Franchise Fund Series I	5,178	51.16	54.13	266,057	0.00	0.10	0.50	34.21	34.75
Invesco V.I. American Value Fund Series I	5,861		56.95	333,811	1.02		0.75		29.43
Invesco V.I. Core Equity Fund Series I	1,117	36.18	37.41	41,637	0.59	0.25	0.45	25.04	25.29
Invesco V.I. EQV International Equity Fund Series 1	8,064	17.13	34.51	210,631	1.89	0.00	0.50	0.11	0.62
Invesco V.I. Global Fund Series I	1,574	35.09	59.24	61,087	0.00	0.00	0.45	15.54	16.07
Invesco V.I. Growth and Income Fund Series I	2,299	28.71	35.97	72,230	1.49	0.00	0.45	15.48	16.00
Invesco V.I. Main Street Fund Series I	680		54.57	37,086	0.00		0.10		23.52
Janus Henderson Enterprise Portfolio Service Shares	327		40.93	13,400	0.64	0.00	0.00		15.32
Janus Henderson Global Research Portfolio Service Shares	416		33.99	14,123	0.61		0.25		22.96
Janus Henderson Overseas Portfolio Service Shares	485	12.95	15.81	6,872	1.39	0.35	0.45	5.10	5.21
LVIP American Century Capital Appreciation Fund Standard Class II	86		71.17	6,097	0.00		0.10		24.86
LVIP American Century Disciplined Core Value Fund Standard Class II	288		42.40	12,192	1.34		0.10		12.98
LVIP American Century Value Fund Standard Class II	1,384	36.26	51.43	54,998	3.03	0.00	0.45	8.99	9.48
LVIP JPMorgan Core Bond Fund Standard Class	218		15.02	3,280	4.52		0.10		1.62

32

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2024				For the Year Ended December 31, 2024
					Investment	Expense		Total
		Unit Value ($)(a)(f)		Net	Income	Ratio (%)(d)(f)		Return (%)(e)(f)
Sub-accounts	Units	Lowest	Highest	Assets ($)(b)	Ratio (%)(c)	Lowest	Highest	Lowest	Highest
LVIP JPMorgan Mid Cap Value Fund Standard Class	31,163	57.65	60.42	1,796,419	1.28	0.45	0.75	13.43	13.77
LVIP JPMorgan Small Cap Core Fund Standard Class	36,283	31.51	35.59	1,144,497	0.83	0.45	0.75	10.87	11.20
MFS VIT Growth Series Initial Class	693		68.92	47,744	0.00		0.25		31.14
MFS VIT New Discovery Series Initial Class	214	43.89	45.37	9,651	0.00	0.25	0.45	6.24	6.46
Morgan Stanley VIF Growth Portfolio Class I	143		76.40	10,943	0.00		0.25		46.22
Neuberger Berman AMT Mid Cap Growth Portfolio Class I	504		43.56	21,935	0.00		0.25		23.71
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class	2,535	12.00	17.29	32,142	2.30	0.00	0.45	3.69	4.16
PIMCO High Yield Portfolio Administrative Class	1,600		28.51	45,618	5.82		0.75		6.08
PIMCO Long-Term U.S. Government Portfolio Administrative Class	18,747		18.02	337,777	2.74		0.75		-6.72
PIMCO Real Return Portfolio Administrative Class	1,915		14.93	28,597	2.64		0.45		1.67
PIMCO Short-Term Portfolio Administrative Class	10,638	12.25	13.18	131,561	5.01	0.35	0.75	5.26	5.68
PIMCO Total Return Portfolio Administrative Class	3,957	15.69	17.47	63,332	4.05	0.00	0.45	2.07	2.53
Putnam VT International Value Fund Class IB	1,372		14.28	19,602	2.50		0.25		4.95
Putnam VT Large Cap Value Fund Class IB	781		44.22	34,559	1.12		0.25		18.84
Putnam VT Small Cap Value Fund Class IB	3		40.27	124	5.13		0.35		5.82
SAST SA AB Growth Portfolio Class 1	645		75.47	48,716	0.00		0.10		25.13
SAST SA JPMorgan Diversified Balanced Portfolio Class 1	15		30.03	462	1.87		0.10		9.42
SAST SA JPMorgan Equity-Income Portfolio Class 1	860		42.17	36,285	2.52		0.10		12.58
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1	552		38.86	21,442	0.00		0.10		14.15
SAST SA PIMCO Global Bond Opportunities Portfolio Class 1	209		15.32	3,208	2.42		0.10		-1.52
SAST SA Wellington Capital Appreciation Portfolio Class 1	81		107.92	8,737	0.00		0.10		41.62
SAST SA Wellington Capital Appreciation Portfolio Class 3	88		55.24	4,842	0.00	0.00	0.00		41.41
VALIC Company I Core Bond Fund	9,340	12.18	12.62	114,055	3.51	0.00	0.35	1.34	1.69
VALIC Company I Emerging Economies Fund	5,401	12.61	13.07	68,532	2.29	0.00	0.35	11.02	11.41
VALIC Company I International Equities Index Fund	10,161	14.10	14.58	162,333	2.41	0.25	0.45	2.66	2.87
VALIC Company I Mid Cap Index Fund	15,008	41.35	42.61	565,001	1.43	0.25	0.75	12.66	13.23
VALIC Company I Nasdaq-100 Index Fund	1,118	105.73	109.30	119,514	0.39	0.25	0.45	24.71	24.96
VALIC Company I Science & Technology Fund	601		93.46	56,134	0.00		0.25		32.27
VALIC Company I Small Cap Index Fund	36,013	31.46	34.12	1,133,846	1.24	0.45	0.75	10.38	10.71
VALIC Company I Stock Index Fund	18,019	51.76	53.51	751,256	1.09	0.25	0.45	24.10	24.35
VanEck VIP Emerging Markets Fund Initial Class	2,801		31.13	87,196	1.88		0.50		0.70
VanEck VIP Global Resources Fund Initial Class	593		33.61	19,924	2.96		0.50		-3.32
Vanguard VIF High Yield Bond Portfolio	682	23.08	24.57	15,924	5.69	0.35	0.45	5.97	6.07
Vanguard VIF Real Estate Index Portfolio	2,606	24.76	40.34	70,698	3.16	0.00	0.45	4.27	4.74
Vanguard VIF Total Stock Market Index Portfolio	44,534		52.65	2,344,750	1.25		0.75		22.78
Victory Pioneer Fund VCT Portfolio Class I	420		51.55	21,638	0.76		0.25		22.35
Victory Pioneer Select Mid Cap Growth VCT Portfolio Class I	828		48.85	40,452	0.00		0.25		23.62

	December 31, 2023				For the Year Ended December 31, 2023
					Investment	Expense		Total
		Unit Value ($)(a)(f)		Net	Income	Ratio (%)(d)(f)		Return (%)(e)(f)
Sub-accounts	Units	Lowest	Highest	Assets ($)(b)	Ratio (%)(c)	Lowest	Highest	Lowest	Highest
AB VPS Balanced Hedged Allocation Portfolio Class A	3,844		21.95	84,387	1.17		0.50		12.47
AB VPS Large Cap Growth Portfolio Class A	24,131	54.74	77.69	1,868,257	0.00	0.10	0.50	34.46	34.99
AB VPS Relative Value Portfolio Class A	7,723		99.26	766,610	1.47		0.50		11.47
AB VPS Small Cap Growth Portfolio Class A	2,625		58.39	153,294	0.00		0.50		17.44
AB VPS Sustainable Global Thematic Portfolio Class A	9,597	23.61	46.35	436,089	0.28	0.10	0.50	15.43	15.89
Alger Capital Appreciation Portfolio Class I-2	2,469	37.50	49.92	93,885	0.00	0.20	0.45	42.49	42.84
Alger Mid Cap Growth Portfolio Class I-2	227		26.32	5,978	0.00		0.45		22.62
American Funds IS American High-Income Trust Class 2	252		15.42	3,883	7.11		0.20		12.23
American Funds IS Growth-Income Fund Class 2	380		31.78	12,086	1.37		0.20		25.89
BNY Mellon IP MidCap Stock Portfolio Initial Shares	199		31.44	6,246	0.73		0.45		17.78
BNY Mellon Stock Index Fund, Inc. Initial Shares	13,794	49.86	94.93	1,281,650	1.42	0.10	0.50	25.30	25.80
BNY Mellon VIF Small Cap Portfolio Initial Shares	14		28.93	407	0.25		0.25		9.01
Fidelity VIP Asset Manager 50% Portfolio Initial Class	9,685		43.29	419,316	1.85		0.50		12.38
Fidelity VIP Asset Manager 50% Portfolio Service Class 2	588	19.95	20.68	11,968	2.26	0.35	0.45	12.15	12.26
Fidelity VIP Contrafund Portfolio Initial Class	44,052	73.09	73.74	3,363,224	0.50	0.10	0.75	32.46	33.32
Fidelity VIP Contrafund Portfolio Service Class 2	2,474	39.01	66.02	101,854	0.27	0.00	0.45	32.52	33.12
Fidelity VIP Equity-Income Portfolio Service Class 2	684	28.16	29.05	19,644	1.78	0.25	0.45	9.88	10.10
Fidelity VIP Government Money Market Portfolio Initial Class	14,994	12.64	15.03	219,490	3.63	0.10	0.50	4.37	4.79
Fidelity VIP Growth Portfolio Initial Class	23,679	57.82	110.43	2,614,866	0.13	0.10	0.50	35.56	36.10
Fidelity VIP Growth Portfolio Service Class 2	1,339	50.61	52.21	68,412	0.00	0.25	0.45	35.28	35.55
Fidelity VIP High Income Portfolio Initial Class	2,970	27.86	29.48	82,754	5.72	0.10	0.50	9.93	10.37
Fidelity VIP Investment Grade Bond Portfolio Initial Class	2,975	21.65	26.89	79,955	2.59	0.10	0.50	5.67	6.10
Fidelity VIP Mid Cap Portfolio Service Class 2	886	30.83	51.95	32,385	0.40	0.00	0.45	14.29	14.80
Fidelity VIP Overseas Portfolio Initial Class	6,200		38.00	235,578	1.06		0.50		19.91

33

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2023				For the Year Ended December 31, 2023
					Investment	Expense		Total
		Unit Value ($)(a)(f)		Net	Income	Ratio (%)(d)(f)		Return (%)(e)(f)
Sub-accounts	Units	Lowest	Highest	Assets ($)(b)	Ratio (%)(c)	Lowest	Highest	Lowest	Highest
FTVIP Franklin Mutual Shares VIP Fund Class 2	860	21.34	22.02	19,706	2.01	0.25	0.45	12.96	13.18
FTVIP Franklin Small Cap Value VIP Fund Class 2	1,413	30.61	49.73	44,709	0.51	0.00	0.45	12.24	12.75
FTVIP Franklin U.S. Government Securities VIP Fund Class 2	3,222	12.07	12.46	38,989	2.79	0.25	0.45	4.00	4.21
FTVIP Templeton Developing Markets VIP Fund Class 2	2,489		13.87	34,523	2.09		0.75		11.78
FTVIP Templeton Foreign VIP Fund Class 2	43,225	13.27	23.18	989,801	3.20	0.25	0.75	19.86	20.46
Invesco V.I. American Franchise Fund Series I	5,881	38.12	40.17	224,974	0.00	0.10	0.50	40.23	40.79
Invesco V.I. American Value Fund Series I	6,035		44.00	265,559	0.62		0.75		14.74
Invesco V.I. Core Equity Fund Series I	1,758	28.94	29.86	51,845	0.75	0.25	0.45	22.81	23.06
Invesco V.I. EQV International Equity Fund Series 1	8,724	32.47	34.47	232,277	0.20	0.10	0.50	17.56	18.03
Invesco V.I. Global Fund Series I	1,544	30.37	51.04	51,789	0.24	0.00	0.45	34.13	34.73
Invesco V.I. Growth and Income Fund Series I	2,280	24.18	31.15	61,226	1.60	0.20	0.45	12.16	12.44
Invesco V.I. Main Street Fund Series I	695		44.18	30,710	0.85		0.10		23.09
Janus Henderson Enterprise Portfolio Service Shares	338		34.68	11,718	0.09		0.20		17.54
Janus Henderson Global Research Portfolio Service Shares	427		27.64	11,801	0.76		0.25		26.15
Janus Henderson Overseas Portfolio Service Shares	531	12.32	15.03	7,228	1.49	0.35	0.45	10.09	10.20
LVIP American Century Capital Appreciation Fund Standard Class II	86		57.00	4,903	0.00		0.10		20.57
LVIP American Century Disciplined Core Value Fund Standard Class II	314		37.53	11,775	1.49		0.10		8.54
LVIP American Century Value Fund Standard Class II	1,357	33.27	46.98	49,358	2.35	0.00	0.45	8.61	9.10
LVIP JPMorgan Core Bond Fund Standard Class	210		14.78	3,097	3.66		0.10		5.80
LVIP JPMorgan Mid Cap Value Fund Standard Class	32,417	50.82	53.11	1,647,528	3.05	0.45	0.75	10.09	10.42
LVIP JPMorgan Small Cap Core Fund Standard Class	37,735	28.42	32.00	1,073,513	1.32	0.45	0.75	12.26	12.59
MFS VIT Growth Series Initial Class	719		52.56	37,765	0.00		0.25		35.53
MFS VIT New Discovery Series Initial Class	210	41.31	42.62	8,925	0.00	0.25	0.45	13.90	14.13
Morgan Stanley VIF Growth Portfolio Class I	142		52.25	7,445	0.00		0.25		48.29
Neuberger Berman AMT Mid Cap Growth Portfolio Class I	496		35.21	17,448	0.00		0.25		17.85
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class	2,356	11.57	16.22	28,554	15.76	0.20	0.45	-8.27	-8.04
PIMCO High Yield Portfolio Administrative Class	1,648		26.87	44,278	5.59		0.75		11.38
PIMCO Long-Term U.S. Government Portfolio Administrative Class	19,429		19.32	375,268	2.34		0.75		3.21
PIMCO Real Return Portfolio Administrative Class	1,883		14.68	27,654	2.98		0.45		3.21
PIMCO Short-Term Portfolio Administrative Class	11,088	12.52	12.66	125,410	4.67	0.45	0.75	5.12	5.43
PIMCO Total Return Portfolio Administrative Class	3,935	15.37	17.04	61,623	3.55	0.00	0.45	5.46	5.93
Putnam VT International Value Fund Class IB	1,405		13.61	19,129	1.49		0.25		18.38
Putnam VT Large Cap Value Fund Class IB	771		37.21	28,704	1.93		0.25		15.38
Putnam VT Small Cap Value Fund Class IB	1		38.06	32	0.00		0.35		23.32
SAST SA AB Growth Portfolio Class 1	663		60.32	40,001	0.00		0.10		34.89
SAST SA JPMorgan Diversified Balanced Portfolio Class 1	14		27.44	393	1.65		0.10		15.32
SAST SA JPMorgan Equity-Income Portfolio Class 1	882		37.46	33,038	2.43		0.10		4.58
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1	547		34.04	18,631	0.00		0.10		23.21
SAST SA PIMCO Global Bond Opportunities Portfolio Class 1	198		15.55	3,075	0.00		0.10		4.17
SAST SA Wellington Capital Appreciation Portfolio Class 1	82		76.20	6,246	0.00		0.10		39.56
SAST SA Wellington Capital Appreciation Portfolio Class 3	106		38.17	4,060	0.00		0.20		39.02
VALIC Company I Core Bond Fund	9,784	11.58	12.13	113,650	2.40	0.20	0.70	5.77	6.30
VALIC Company I Emerging Economies Fund	5,680	10.94	11.46	62,662	6.11	0.20	0.70	11.33	11.89
VALIC Company I International Equities Index Fund	10,669	14.17	15.10	160,195	2.65	0.25	0.70	16.44	16.96
VALIC Company I Mid Cap Index Fund	15,649	36.70	37.63	517,584	1.15	0.25	0.75	15.08	15.65
VALIC Company I Nasdaq-100 Index Fund	1,646	84.78	87.47	140,545	0.36	0.25	0.45	53.80	54.11
VALIC Company I Science & Technology Fund	622		70.66	43,948	0.00		0.25		55.41
VALIC Company I Small Cap Index Fund	37,412	28.51	30.81	1,067,104	1.35	0.45	0.75	15.49	15.83
VALIC Company I Stock Index Fund	18,860	31.68	43.03	611,605	1.43	0.25	0.70	24.93	25.49
VanEck VIP Emerging Markets Fund Initial Class	3,142		30.92	97,135	3.61		0.50		9.23
VanEck VIP Global Resources Fund Initial Class	803		34.76	27,913	2.74		0.50		-4.06
Vanguard VIF High Yield Bond Portfolio	705	21.78	23.16	15,579	4.60	0.35	0.45	11.17	11.28
Vanguard VIF Real Estate Index Portfolio	2,719	23.74	38.51	70,511	2.33	0.00	0.45	11.20	11.70
Vanguard VIF Total Stock Market Index Portfolio	46,328		42.88	1,986,538	1.12		0.75		25.01
Victory Pioneer Fund VCT Portfolio Class I	416		42.14	17,533	0.86		0.25		28.61
Victory Pioneer Select Mid Cap Growth VCT Portfolio Class I	816		39.52	32,232	0.00		0.25		18.47

	December 31, 2022				For the Year Ended December 31, 2022
					Investment	Expense		Total
		Unit Value ($)(a)(f)		Net	Income	Ratio (%)(d)(f)		Return (%)(e)(f)
Sub-accounts	Units	Lowest	Highest	Assets ($)(b)	Ratio (%)(c)	Lowest	Highest	Lowest	Highest
AB VPS Balanced Hedged Allocation Portfolio Class A	3,868		19.52	75,497	3.26		0.50		-19.39
AB VPS Large Cap Growth Portfolio Class A	24,562	40.55	57.78	1,414,035	0.00	0.10	0.50	-28.86	-28.58
AB VPS Relative Value Portfolio Class A	7,877		89.05	701,459	1.37		0.50		-4.67
AB VPS Small Cap Growth Portfolio Class A	2,656		49.72	132,032	0.00		0.50		-39.40

34

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2022				For the Year Ended December 31, 2022
					Investment	Expense		Total
		Unit Value ($)(a)(f)		Net	Income	Ratio (%)(d)(f)		Return (%)(e)(f)
Sub-accounts	Units	Lowest	Highest	Assets ($)(b)	Ratio (%)(c)	Lowest	Highest	Lowest	Highest
AB VPS Sustainable Global Thematic Portfolio Class A	9,667	20.37	40.15	380,606	0.00	0.10	0.50	-27.35	-27.06
Alger Capital Appreciation Portfolio Class I-2	2,502	26.25	35.03	66,646	0.00	0.20	0.45	-36.81	-36.65
Alger Mid Cap Growth Portfolio Class I-2	221		21.46	4,740	0.00		0.45		-36.36
American Funds IS American High-Income Trust Class 2	254		13.74	3,492	7.44		0.20		-9.45
American Funds IS Growth-Income Fund Class 2	403		25.25	10,177	1.20		0.20		-16.66
BNY Mellon IP MidCap Stock Portfolio Initial Shares	195		26.69	5,210	0.66		0.45		-14.46
BNY Mellon Stock Index Fund, Inc. Initial Shares	14,066	39.63	75.76	1,043,214	1.26	0.10	0.50	-18.72	-18.40
BNY Mellon VIF Small Cap Portfolio Initial Shares	15		26.54	390	0.00		0.25		-16.83
Fidelity VIP Asset Manager 50% Portfolio Initial Class	16,577		38.52	638,618	1.95		0.50		-15.36
Fidelity VIP Asset Manager 50% Portfolio Service Class 2	560	17.79	18.43	10,152	1.89	0.35	0.45	-15.53	-15.45
Fidelity VIP Contrafund Portfolio Initial Class	45,973	54.82	55.67	2,645,851	0.47	0.10	0.75	-26.86	-26.39
Fidelity VIP Contrafund Portfolio Service Class 2	2,511	29.22	49.60	77,322	0.24	0.00	0.50	-26.85	-26.49
Fidelity VIP Equity-Income Portfolio Service Class 2	683	25.44	25.63	17,411	1.69	0.45	0.50	-5.72	-5.67
Fidelity VIP Government Money Market Portfolio Initial Class	30,679	10.11	12.06	400,483	2.57	0.10	0.50	1.01	1.34
Fidelity VIP Growth Portfolio Initial Class	24,328	42.48	81.47	1,981,406	0.57	0.10	0.50	-24.83	-24.53
Fidelity VIP Growth Portfolio Service Class 2	1,402	37.14	38.52	52,770	0.33	0.25	0.50	-25.02	-24.83
Fidelity VIP High Income Portfolio Initial Class	3,025	25.34	26.71	76,664	4.99	0.10	0.50	-11.82	-11.46
Fidelity VIP Investment Grade Bond Portfolio Initial Class	3,007	20.41	25.44	76,400	2.32	0.10	0.50	-13.39	-13.05
Fidelity VIP Mid Cap Portfolio Service Class 2	848	26.98	45.25	27,069	0.23	0.00	0.45	-15.35	-14.97
Fidelity VIP Overseas Portfolio Initial Class	6,323		31.69	200,369	0.96		0.50		-24.86
FTVIP Franklin Mutual Shares VIP Fund Class 2	1,118	18.76	19.46	22,125	1.63	0.25	0.50	-7.89	-7.66
FTVIP Franklin Small Cap Value VIP Fund Class 2	1,371	27.27	44.11	38,564	0.90	0.00	0.45	-10.47	-10.06
FTVIP Franklin U.S. Government Securities VIP Fund Class 2	3,034	11.53	11.61	35,213	2.42	0.45	0.50	-10.20	-10.16
FTVIP Templeton Developing Markets VIP Fund Class 2	2,580		12.41	32,006	2.39		0.75		-22.57
FTVIP Templeton Foreign VIP Fund Class 2	45,360	10.70	19.34	866,766	2.93	0.45	0.75	-8.29	-8.02
Invesco V.I. American Franchise Fund Series I	5,883	27.18	28.53	160,418	0.00	0.10	0.50	-31.46	-31.18
Invesco V.I. American Value Fund Series I	6,254		38.35	239,851	0.73		0.75		-3.34
Invesco V.I. Core Equity Fund Series I	1,802	23.56	24.26	43,228	0.88	0.25	0.45	-20.90	-20.74
Invesco V.I. EQV International Equity Fund Series 1	9,004	27.51	29.32	203,099	1.57	0.10	0.50	-18.71	-18.39
Invesco V.I. Global Fund Series I	1,497	22.64	37.88	37,384	0.00	0.00	0.45	-32.07	-31.76
Invesco V.I. Growth and Income Fund Series I	2,279	21.51	27.77	54,405	1.64	0.20	0.45	-6.17	-5.94
Invesco V.I. Main Street Fund Series I	697		35.89	25,029	1.35		0.10		-20.21
Janus Henderson Enterprise Portfolio Service Shares	337		29.50	9,948	0.08		0.20		-16.32
Janus Henderson Global Research Portfolio Service Shares	447		21.91	9,787	0.82		0.25		-19.81
Janus Henderson Overseas Portfolio Service Shares	431	11.19	13.64	5,222	1.60	0.35	0.45	-9.24	-9.15
LVIP American Century Capital Appreciation Fund Standard Class II	90		47.28	4,270	0.00		0.10		-28.18
LVIP American Century Disciplined Core Value Fund Standard Class II	337		34.57	11,653	1.71		0.10		-12.82
LVIP American Century Value Fund Standard Class II	1,335	30.41	43.06	44,117	1.92	0.00	0.50	0.04	0.54
LVIP JPMorgan Core Bond Fund Standard Class	200		13.97	2,800	1.91		0.10		-12.66
LVIP JPMorgan Mid Cap Value Fund Standard Class	34,132	46.17	48.10	1,575,765	0.93	0.45	0.75	-8.84	-8.57
LVIP JPMorgan Small Cap Core Fund Standard Class	39,702	25.31	28.42	1,006,014	0.42	0.45	0.75	-19.95	-19.71
MFS VIT Growth Series Initial Class	1,297		38.78	50,291	0.00		0.25		-31.81
MFS VIT New Discovery Series Initial Class	213	36.01	36.27	7,679	0.00	0.45	0.50	-30.11	-30.07
Morgan Stanley VIF Growth Portfolio Class I	141		35.23	4,982	0.00		0.25		-60.17
Neuberger Berman AMT Mid Cap Growth Portfolio Class I	986	28.81	29.88	29,229	0.00	0.25	0.50	-29.09	-28.91
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class	2,168	12.62	17.63	28,518	23.13	0.20	0.45	8.13	8.40
PIMCO High Yield Portfolio Administrative Class	1,708		24.13	41,197	4.87		0.75		-10.95
PIMCO Long-Term U.S. Government Portfolio Administrative Class	20,339		18.71	380,625	1.94		0.75		-29.41
PIMCO Real Return Portfolio Administrative Class	1,858		14.23	26,444	6.88		0.45		-12.30
PIMCO Short-Term Portfolio Administrative Class	9,919	11.91	12.01	106,780	1.61	0.45	0.75	-0.90	-0.60
PIMCO Total Return Portfolio Administrative Class	3,811	14.47	16.08	56,258	2.46	0.00	0.50	-14.73	-14.30
Putnam VT International Value Fund Class IB	1,444		11.50	16,606	1.90		0.25		-7.04
Putnam VT Large Cap Value Fund Class IB	772	31.10	32.25	24,448	1.61	0.25	0.50	-3.61	-3.37
SAST SA AB Growth Portfolio Class 1	669		44.71	29,935	0.00		0.10		-28.67
SAST SA JPMorgan Diversified Balanced Portfolio Class 1	14		23.80	333	1.16		0.10		-16.04
SAST SA JPMorgan Equity-Income Portfolio Class 1	902		35.82	32,301	1.89		0.10		-1.94
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1	542		27.63	14,967	0.00		0.10		-27.14
SAST SA PIMCO Global Bond Opportunities Portfolio Class 1	188		14.93	2,802	0.00		0.10		-19.01
SAST SA Wellington Capital Appreciation Portfolio Class 1	83		54.60	4,532	0.00		0.10		-36.40
SAST SA Wellington Capital Appreciation Portfolio Class 3	113		27.46	3,099	0.00		0.20		-36.60
VALIC Company I Core Bond Fund	8,637	10.95	11.41	94,840	1.22	0.20	0.70	-14.85	-14.42
VALIC Company I Emerging Economies Fund	5,099	9.83	10.24	50,517	3.41	0.20	0.70	-25.87	-25.50
VALIC Company I International Equities Index Fund	9,599	12.12	12.97	123,726	2.85	0.25	0.70	-15.11	-14.73
VALIC Company I Mid Cap Index Fund	15,808	31.90	32.54	459,014	1.24	0.25	0.75	-14.00	-13.57
VALIC Company I Nasdaq-100 Index Fund	2,816	54.72	56.76	156,965	0.23	0.25	0.50	-33.14	-32.98
VALIC Company I Science & Technology Fund	657	43.84	45.47	29,545	0.00	0.25	0.50	-39.30	-39.15
VALIC Company I Small Cap Index Fund	39,295	24.68	26.60	970,422	0.72	0.45	0.75	-21.26	-21.02

35

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2022				For the Year Ended December 31, 2022
					Investment	Expense		Total
		Unit Value ($)(a)(f)		Net	Income	Ratio (%)(d)(f)		Return (%)(e)(f)
Sub-accounts	Units	Lowest	Highest	Assets ($)(b)	Ratio (%)(c)	Lowest	Highest	Lowest	Highest
VALIC Company I Stock Index Fund	20,425	25.36	34.29	556,995	1.19	0.25	0.70	-18.90	-18.53
VanEck VIP Emerging Markets Fund Initial Class	3,260		28.31	92,278	0.25		0.50		-24.75
VanEck VIP Global Resources Fund Initial Class	899		36.23	32,574	1.74		0.50		7.85
Vanguard VIF High Yield Bond Portfolio	626	19.60	20.81	12,390	4.94	0.35	0.45	-9.77	-9.68
Vanguard VIF Real Estate Index Portfolio	2,712	21.20	34.48	62,542	1.76	0.00	0.50	-26.66	-26.30
Vanguard VIF Total Stock Market Index Portfolio	48,779		34.30	1,673,147	1.28		0.75		-20.19
Victory Pioneer Fund VCT Portfolio Class I	411		32.76	13,451	0.64		0.25		-19.70
Victory Pioneer Select Mid Cap Growth VCT Portfolio Class I	809	32.16	33.35	26,768	0.00	0.25	0.50	-31.40	-31.23

	December 31, 2021				For the Year Ended December 31, 2021
					Investment	Expense		Total
		Unit Value ($)(a)(f)		Net	Income	Ratio (%)(d)(f)		Return (%)(e)(f)
Sub-accounts	Units	Lowest	Highest	Assets ($)(b)	Ratio (%)(c)	Lowest	Highest	Lowest	Highest
AB VPS Balanced Hedged Allocation Portfolio Class A	3,817		24.21	92,422	0.49		0.50		13.16
AB VPS Large Cap Growth Portfolio Class A	25,850	56.78	81.23	2,092,166	0.00	0.10	0.50	28.33	28.84
AB VPS Relative Value Portfolio Class A	8,014		93.41	748,578	0.85		0.50		27.52
AB VPS Small Cap Growth Portfolio Class A	2,578		82.04	211,511	0.00		0.50		8.91
AB VPS Sustainable Global Thematic Portfolio Class A	9,765	27.93	55.26	529,295	0.00	0.10	0.50	22.26	22.75
Alger Capital Appreciation Portfolio Class I-2	2,494	41.44	55.44	104,658	0.00	0.20	0.45	18.59	18.89
Alger Mid Cap Growth Portfolio Class I-2	174		33.72	5,877	0.00		0.45		3.74
American Funds IS American High-Income Trust Class 2	271		15.17	4,112	4.52		0.20		8.20
American Funds IS Growth-Income Fund Class 2	426		30.30	12,919	1.16		0.20		23.85
BNY Mellon IP MidCap Stock Portfolio Initial Shares	199		31.21	6,223	0.62		0.45		25.32
BNY Mellon Stock Index Fund, Inc. Initial Shares	14,844	48.57	93.21	1,356,341	1.15	0.10	0.50	27.77	28.28
BNY Mellon VIF Small Cap Portfolio Initial Shares	269		31.90	8,576	0.11		0.25		16.17
Fidelity VIP Asset Manager 50% Portfolio Initial Class	17,691		45.51	805,193	1.64		0.50		9.37
Fidelity VIP Asset Manager 50% Portfolio Service Class 2	529	21.06	21.79	11,357	1.28	0.35	0.45	9.19	9.30
Fidelity VIP Contrafund Portfolio Initial Class	47,358	74.47	76.12	3,727,024	0.06	0.10	0.75	26.88	27.71
Fidelity VIP Contrafund Portfolio Service Class 2	2,751	39.95	67.47	115,373	0.03	0.00	0.50	26.87	27.51
Fidelity VIP Equity-Income Portfolio Service Class 2	688	26.99	27.17	18,625	1.72	0.45	0.50	23.98	24.05
Fidelity VIP Government Money Market Portfolio Initial Class	14,234	11.90	14.26	200,500	0.01	0.10	0.50	-0.49	-0.09
Fidelity VIP Growth Portfolio Initial Class	25,969	56.29	108.38	2,813,831	0.00	0.10	0.50	22.60	23.09
Fidelity VIP Growth Portfolio Service Class 2	1,454	49.53	51.25	72,945	0.00	0.25	0.50	22.29	22.60
Fidelity VIP High Income Portfolio Initial Class	3,110	28.74	30.17	89,379	5.36	0.10	0.50	3.89	4.31
Fidelity VIP Investment Grade Bond Portfolio Initial Class	2,754	23.47	29.38	80,842	2.00	0.10	0.50	-1.10	-0.71
Fidelity VIP Mid Cap Portfolio Service Class 2	1,106	31.87	53.22	39,883	0.35	0.00	0.45	24.74	25.31
Fidelity VIP Overseas Portfolio Initial Class	6,420		42.18	270,782	0.54		0.50		19.10
FTVIP Franklin Mutual Shares VIP Fund Class 2	1,366	20.37	21.07	29,436	2.90	0.25	0.50	18.57	18.87
FTVIP Franklin Small Cap Value VIP Fund Class 2	1,503	30.46	49.05	46,793	1.01	0.00	0.45	24.80	25.37
FTVIP Franklin U.S. Government Securities VIP Fund Class 2	2,853	12.84	12.92	36,855	2.54	0.45	0.50	-2.32	-2.27
FTVIP Templeton Developing Markets VIP Fund Class 2	2,667		16.02	42,723	0.93		0.75		-6.44
FTVIP Templeton Foreign VIP Fund Class 2	46,465	11.63	21.09	968,630	1.88	0.45	0.75	3.38	3.69
Invesco V.I. American Franchise Fund Series I	6,220	39.66	41.46	247,397	0.00	0.10	0.50	11.37	11.81
Invesco V.I. American Value Fund Series I	6,464		39.68	256,479	0.46		0.75		26.99
Invesco V.I. Core Equity Fund Series I	1,830	29.79	30.61	55,449	0.60	0.25	0.45	27.17	27.42
Invesco V.I. EQV International Equity Fund Series 1	9,436	33.71	36.07	260,100	1.31	0.10	0.50	5.36	5.78
Invesco V.I. Global Fund Series I	2,329	33.34	55.52	97,075	0.00	0.00	0.45	14.97	15.49
Invesco V.I. Growth and Income Fund Series I	2,267	22.87	29.60	57,526	1.61	0.20	0.45	27.93	28.25
Invesco V.I. Main Street Fund Series I	738		44.98	33,214	0.71		0.10		27.44
Janus Henderson Enterprise Portfolio Service Shares	362		35.26	12,749	0.24		0.20		16.31
Janus Henderson Global Research Portfolio Service Shares	464		27.32	12,665	0.36		0.25		17.50
Janus Henderson Overseas Portfolio Service Shares	500	12.33	15.01	6,796	1.10	0.35	0.45	12.78	12.89
LVIP American Century Capital Appreciation Fund Standard Class II	95		65.83	6,233	0.00		0.10		11.04
LVIP American Century Disciplined Core Value Fund Standard Class II	360		39.66	14,263	1.11		0.10		23.53
LVIP American Century Value Fund Standard Class II	1,524	30.40	42.83	49,688	1.81	0.00	0.50	23.89	24.51
LVIP JPMorgan Core Bond Fund Standard Class	191		16.00	3,063	1.85		0.10		-1.45
LVIP JPMorgan Mid Cap Value Fund Standard Class	34,956	50.64	52.61	1,770,351	0.91	0.45	0.75	28.91	29.30
LVIP JPMorgan Small Cap Core Fund Standard Class	40,640	31.62	35.40	1,286,386	0.52	0.45	0.75	20.48	20.84
MFS VIT Growth Series Initial Class	1,587		56.87	90,280	0.00		0.25		23.22
MFS VIT New Discovery Series Initial Class	209	51.52	51.87	10,798	0.00	0.45	0.50	1.29	1.34
Morgan Stanley VIF Growth Portfolio Class I	140		88.45	12,391	0.00		0.25		-0.15
Neuberger Berman AMT Mid Cap Growth Portfolio Class I	1,224	40.63	42.03	50,747	0.00	0.25	0.50	12.43	12.71
PIMCO CommodityRealReturn Strategy Portfolio Administrative Class	2,078	11.67	16.27	25,648	4.56	0.20	0.45	32.74	33.08
PIMCO High Yield Portfolio Administrative Class	1,765		27.09	47,820	4.44		0.75		2.86
PIMCO Long-Term U.S. Government Portfolio Administrative Class	20,899		26.51	554,033	1.46		0.75		-5.49

36

SEPARATE ACCOUNT USL VL-R

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

	December 31, 2021				For the Year Ended December 31, 2021
					Investment	Expense		Total
		Unit Value ($)(a)(f)		Net	Income	Ratio (%)(d)(f)		Return (%)(e)(f)
Sub-accounts	Units	Lowest	Highest	Assets ($)(b)	Ratio (%)(c)	Lowest	Highest	Lowest	Highest
PIMCO Real Return Portfolio Administrative Class	1,877		16.22	30,450	4.98		0.45		5.11
PIMCO Short-Term Portfolio Administrative Class	10,268	12.02	12.08	111,468	1.11	0.45	0.75	-0.80	-0.50
PIMCO Total Return Portfolio Administrative Class	4,115	16.97	18.77	70,928	1.82	0.00	0.50	-1.76	-1.27
Putnam VT International Value Fund Class IB	1,467		12.37	18,145	2.07		0.25		14.65
Putnam VT Large Cap Value Fund Class IB	1,018	32.26	33.38	33,535	1.21	0.25	0.50	26.67	26.99
SAST SA AB Growth Portfolio Class 1	3,538		62.69	221,763	0.00		0.10		28.67
SAST SA JPMorgan Diversified Balanced Portfolio Class 1	13		28.34	354	0.62		0.10		11.70
SAST SA JPMorgan Equity-Income Portfolio Class 1	920		36.52	33,603	1.91		0.10		25.69
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1	1,486		37.92	56,359	0.00		0.10		10.72
SAST SA PIMCO Global Bond Opportunities Portfolio Class 1	1,882		18.43	34,700	2.51		0.10		-7.41
SAST SA Wellington Capital Appreciation Portfolio Class 1	2,422		85.86	207,938	0.00		0.10		5.52
SAST SA Wellington Capital Appreciation Portfolio Class 3	92		43.31	4,000	0.00		0.20		5.16
VALIC Company I Core Bond Fund	8,916	12.86	13.33	114,936	0.00	0.20	0.70	-1.45	-0.96
VALIC Company I Emerging Economies Fund	5,095	13.26	13.75	67,957	1.75	0.20	0.70	0.49	0.99
VALIC Company I International Equities Index Fund	9,855	14.21	15.28	149,684	1.26	0.25	0.70	10.25	10.75
VALIC Company I Mid Cap Index Fund	16,192	37.09	37.65	546,531	1.01	0.25	0.75	23.39	24.01
VALIC Company I Nasdaq-100 Index Fund	2,829	81.85	84.68	235,684	0.29	0.25	0.50	26.30	26.61
VALIC Company I Science & Technology Fund	684	72.22	74.72	50,625	0.04	0.25	0.50	11.46	11.73
VALIC Company I Small Cap Index Fund	40,269	31.35	33.68	1,262,839	0.80	0.45	0.75	13.58	13.93
VALIC Company I Stock Index Fund	21,210	31.26	42.09	714,746	1.47	0.25	0.70	27.45	28.03
VanEck VIP Emerging Markets Fund Initial Class	3,206		37.62	120,583	0.99		0.50		-12.31
VanEck VIP Global Resources Fund Initial Class	965		33.60	32,412	0.46		0.50		18.33
Vanguard VIF High Yield Bond Portfolio	654	21.72	23.05	14,398	4.17	0.35	0.45	3.21	3.32
Vanguard VIF Real Estate Index Portfolio	3,063	28.90	46.78	95,103	2.06	0.00	0.50	39.51	40.21
Vanguard VIF Total Stock Market Index Portfolio	49,956		42.98	2,147,053	1.16		0.75		24.70
Victory Pioneer Fund VCT Portfolio Class I	405		40.80	16,521	0.32		0.25		27.66
Victory Pioneer Select Mid Cap Growth VCT Portfolio Class I	793	46.88	48.50	38,185	0.00	0.25	0.50	7.53	7.80

(a)    Because the unit values are presented as a range of lowest to highest, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual contract unit values are not within the ranges presented.

(b)     These amounts represent the net asset value before adjustments allocated to the contracts in payout period.

(c)    These amounts represent the dividends, excluding distributions of capital gains, received by the sub-account from the Funds, net of management fees assessed by the portfolio manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the Funds in which the sub-account invests. The average net assets are calculated using the net asset balances at the beginning and end of the year. If there are no assets at either the beginning or end of the year, the asset balance of the first or last day the sub-account had assets is used.

(d)    These amounts represent the annualized contract expenses of the sub-account, consisting of distribution, mortality and expense charges, for each period indicated. The ratios include only those expenses that result in direct reduction to unit values. Charges made directly to the contract owners account through the redemption of units and expenses of the Funds have been excluded. For additional information on charges and deductions, see Note 4.

(e)    These amounts represent the total return for the periods indicated, including changes in the value of the Funds, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through redemption of units. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for each of the periods indicated or from the effective date through the end of the reporting period. Because the total return is presented as a range of minimum and maximum values, based on the product grouping representing the minimum and maximum expense ratios, some individual contract total returns are not within the ranges presented.

(f)    A blank in the lowest unit value, lowest expense ratio and lowest total return columns indicates that the lowest value is the same as the highest value.

7.    Subsequent Events

Management considered Separate Accounts related events and transactions that occurred after the date of the Statement of Assets and Liabilities, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that required additional disclosures. Management has evaluated events through the date the financial statements were issued.

•On March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. announced that they have entered into a definitive agreement to combine in an all-stock merger. The transaction is expected to close by year-end 2026, subject to customary closing conditions, including the receipt of required regulatory approvals and approval of shareholders of both Corebridge and Equitable.

37

The United States Life Insurance Company in the City of New York

(An indirect wholly owned subsidiary of Corebridge Financial, Inc.)

Statutory Financial Statements and

Supplemental Information and

Report of Independent Auditors

At December 31, 2025 and 2024 and

for each of the three years ended December 31, 2025

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

TABLE OF CONTENTS

STATUTORY FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION	Page
Report of Independent Auditors	2
Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus at December  31, 2025 and 2024	4
Statutory Statements of Operations for the Years Ended December 31, 2025, 2024 and 2023	6
Statutory Statements of Changes in Capital and Surplus for the Years Ended December  31, 2025, 2024 and 2023	7
Statutory Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023	8
Notes to Statutory Financial Statements	9
Supplemental Schedule of Selected Financial Data	64
Supplemental Investment Risks Interrogatories	66
Supplemental Summary Investment Schedule	72
Supplemental Schedule of Reinsurance Disclosures	74

1

Report of Independent Auditors

To theBoard of Directors and Shareholder of The United States Life Insurance Company in the City of New York

Opinions

We have audited the accompanying statutory financial statements of The United States Life Insurance Company in the City of New York (the “Company”), which comprise the statutory statements of admitted assets, liabilities and capital and surplus as of December 31, 2025 and 2024, and the related statutory statements of operations, of changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus of the Company as of December 31, 2025 and 2024 and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the New York State Department of Financial Services described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the accompanying 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, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the 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 opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company on the basis of the accounting practices prescribed or permitted by the New York State Department of Financial Services, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

The effects on the financial statements of the variances between the statutory basis of accounting described in Note 2and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Responsibilities of Management for the Financial Statements

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

In preparing the 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 the financial statements are available to be issued.

2

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ 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 US 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 financial statements.

In performing an audit in accordance with US GAAS, we:

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

•Identify and assess the risks of material misstatement of the 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 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 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.

Supplemental Information

Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedule of selected financial data, investment risks interrogatories, summary investment schedule, and schedule of reinsurance disclosures (collectively referred to as the “supplemental schedules”) of the Company as of December 31, 2025 and for the year then ended are presented to comply with the National Association of Insurance Commissioners’ Annual Statement Instructions and Accounting Practices and Procedures Manual and for purposes of additional analysis and are not a required part of the financial statements. The supplemental schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 17, 2026

3

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS

	December 31,
(in millions)		2025		2024
Admitted assets
Cash and investments
Bonds	$	22,042	$	20,292
Preferred stock		41		44
Common stock		32		14
Cash, cash equivalents and short-term investments		451		269
Mortgage loans		3,713		3,684
Contract loans		124		128
Derivatives		287		119
Derivative cash collateral		47		19
Other invested assets		2,020		2,074
Total cash and investments		28,757		26,643
Amounts recoverable from reinsurers		60		31
Amounts receivable under reinsurance contracts		7		6
Current federal income tax recoverable		77		—
Deferred tax asset		189		187
Due and accrued investment income		229		203
Premiums due, deferred and uncollected		46		55
Receivables from affiliates		59		5
Other assets		30		7
Separate account assets		6,505		6,023
Total admitted assets	$	35,959	$	33,160
See accompanying Notes to Statutory Financial Statements.

4

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS (CONTINUED)

	December 31,
(in millions, except for share data)		2025		2024
Liabilities
Policy reserves and contractual liabilities
Life and annuity reserves	$	24,713	$	22,832
Liabilities for deposit-type contracts		1,029		654
Accident and health reserves		158		176
Premiums received in advance		1		1
Policy and contract claims		119		81
Policyholder dividends		1		1
Total policy reserves and contractual liabilities		26,021		23,745
Experience rated refund		77		76
Payable to affiliates		18		14
Interest maintenance reserve		93		195
Current federal income taxes payable		—		70
Collateral for derivatives program		269		273
Accrued expenses and other liabilities		390		256
Net transfers from separate accounts due or accrued		(77)		(88)
Asset valuation reserve		424		429
Separate account liabilities		6,505		6,023
Total liabilities		33,720		30,993
Commitments and contingencies (see Note 19)
Capital and surplus
Common stock, $2 par value; 1,980,658 shares authorized, issued and outstanding		4		4
Gross paid-in and contributed surplus		1,914		1,914
Unassigned surplus		321		249
Total capital and surplus		2,239		2,167
Total liabilities and capital and surplus	$	35,959	$	33,160
See accompanying Notes to Statutory Financial Statements.

5

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATUTORY STATEMENTS OF OPERATIONS

	December 31,
(in millions)		2025		2024		2023
Revenues
Premiums and annuity considerations	$	5,276	$	3,706	$	2,382
Net investment income		1,453		1,324		1,123
Amortization of interest maintenance reserve		2		8		17
Reserve adjustments on reinsurance ceded		(507)		(500)		(381)
Commissions and expense allowances		17		48		58
Separate account fees		121		92		114
Other income		24		33		25
Total revenues		6,386		4,711		3,338
Benefits and expenses
Death benefits		181		183		165
Annuity benefits		371		385		208
Surrender benefits		2,351		2,610		2,410
Other benefits		221		167		159
Change in reserves		1,863		1,050		(397)
Commissions		125		133		109
General insurance expenses		141		125		115
Net transfers to (from) separate accounts		48		(271)		(60)
Modco reserve adjustment - Assumed		845		—		—
Other expenses		15		9		4
Total benefits and expenses		6,161		4,391		2,713
Net gain from operations before dividends to policyholders and federal income taxes		225		320		625
Dividends to policyholders		—		—		—
Net gain from operations after dividends to policyholders and before federal income taxes		225		320		625
Federal income tax expense		38		107		46
Net gain from operations		187		213		579
Net realized capital gains (losses), net of tax after transfers to interest maintenance reserves		(162)		(12)		30
Net income	$	25	$	201	$	609
See accompanying Notes to Statutory Financial Statements.

6

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

(in millions)	Common Stock		Gross Paid-In and Contributed Surplus		Unassigned Surplus		Total Capital and Surplus
Balance, January 1, 2023	$	4	$	1,913	$	(284)	$	1,633
Net income	—		—		609		609
Change in net unrealized capital gains (losses)	—		—		(25)		(25)
Change in net unrealized foreign exchange capital gains (losses)	—		—		59		59
Change in deferred tax	—		—		(64)		(64)
Change in non-admitted assets	—		—		24		24
Change in liability for reinsurance in unauthorized and certified companies	—		—		7		7
Change in asset valuation reserve	—		—		6		6
Change in surplus from separate accounts	—		—		10		10
Other changes in surplus in separate accounts	—		—		(10)		(10)
Change in surplus as a result of reinsurance	—		—		(2)		(2)
Dividends	—		—		—		—
Prior period corrections	—		—		(8)		(8)
Balance, December 31, 2023	$	4	$	1,913	$	322	$	2,239
Net income	—		—		201		201
Change in net unrealized capital gains (losses)	—		—		44		44
Change in net unrealized foreign exchange capital gains (losses)	—		—		(43)		(43)
Change in deferred tax	—		—		45		45
Change in non-admitted assets	—		—		(16)		(16)
Change in liability for reinsurance in unauthorized and certified companies	—		—		(7)		(7)
Change in asset valuation reserve	—		—		18		18
Change in surplus from separate accounts	—		—		(6)		(6)
Other changes in surplus in separate accounts	—		—		6		6
Additional-paid-in surplus	—		1		—		1
Change in surplus as a result of reinsurance	—		—		(2)		(2)
Dividends	—		—		(320)		(320)
Prior period corrections	—		—		7		7
Balance, December 31, 2024	$	4	$	1,914	$	249	$	2,167
Net income	—		—		25		25
Change in net unrealized capital gains (losses)	—		—		53		53
Change in net unrealized foreign exchange capital gains (losses)	—		—		121		121
Change in deferred tax	—		—		(13)		(13)
Change in non-admitted assets	—		—		92		92
Change in liability for reinsurance in unauthorized and certified companies	—		—		4		4
Change in asset valuation reserve	—		—		5		5
Change in surplus from separate accounts	—		—		6		6
Other changes in surplus in separate accounts	—		—		(6)		(6)
Additional-paid-in surplus	—		—		—		—
Change in surplus as a result of reinsurance	—		—		(2)		(2)
Dividends	—		—		(213)		(213)
Prior period corrections	—		—		—		—
Balance, December 31, 2025	$	4	$	1,914	$	321	$	2,239
See accompanying Notes to Statutory Financial Statements.

7

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

STATUTORY STATEMENTS OF CASH FLOWS

	December 31,
(in millions)		2025		2024		2023
Cash from operations
Premium and annuity considerations, collected, net of reinsurance	$	3,722	$	3,709	$	2,382
Net investment income collected		1,353		1,245		1,035
Other income		(199)		(249)		(181)
Total revenue received		4,876		4,705		3,236
Benefits paid		2,401		3,349		2,948
Net transfers to (from) separate accounts		(101)		(337)		(9)
Commissions and expenses paid		273		272		236
Dividends paid to policyholders		—		—		1
Federal income taxes paid		86		73		21
Total benefits and expenses paid		2,659		3,357		3,197
Net cash provided by operations		2,217		1,348		39
Cash from investments
Proceeds from investments sold, matured or repaid:
Bonds		3,767		2,221		1,421
Stocks		30		6		9
Mortgage loans		652		492		424
Other invested assets		185		179		422
Other, net		7		23		(11)
Total proceeds from investments sold, matured or repaid		4,641		2,921		2,265
Cost of investments acquired:
Bonds		5,690		3,147		1,783
Stocks		47		—		22
Mortgage loans		605		327		322
Other invested assets		95		604		372
Derivatives		124		(118)		58
Other, net		28		(44)		(133)
Total cost of investments acquired		6,589		3,916		2,424
Net adjustment in contract loans		(4)		(3)		(9)
Net cash used in investing activities		(1,944)		(992)		(150)
Cash from financing and miscellaneous sources
Cash provided (applied):
Capital and paid-in surplus		(2)		(1)		(2)
Net deposits on (withdrawals from) deposit-type contracts		375		(107)		(18)
Dividends to parent		(213)		(320)		—
Other, net		(251)		114		(31)
Net cash used in financing and miscellaneous activities		(91)		(314)		(51)
Net increase (decrease) in cash, cash equivalents and short-term investments		182		42		(162)
Cash, cash equivalents and short-term investments at beginning of year		269		227		389
Cash, cash equivalents and short-term investments at end of year	$	451	$	269	$	227
Non-cash activities, excluded from above:
Non-cash exchange of bonds	$	290	$	21	$	—
Non-cash transfer from general to separate account		151		48		—
Non-cash tax-free exchange of bonds		97		—		—
Non-cash transfer of bonds to other invested assets		38		—		—
Non-cash transfer from separate to general account		13		7		58
Non-cash interest capitalization		5		—		—
Non-cash transfer of preferred stocks to bonds		3		—		—
Non-cash exchange of mortgages		—		134		—
Non-cash exchange of other invested assets		—		39		—
Non-cash modco reinsurance settlement from Fortitude Life		—		14		—
Non-cash modco reinsurance settlement to Fortitude Life		—		8		187
Non-cash corporate actions paid-in-kind		—		2		—
Non-cash transfer from collateral other invested assets to bonds		—		—		137
Non-cash transfer from other invested assets to mortgage loans		—		—		47
Non-cash transfer from other invested assets to common stock		—		—		2
See accompanying Notes to Statutory Financial Statements.

8

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS

1. NATURE OF OPERATIONS

The United States Life Insurance Company in the City of New York (“USL” or the “Company”) is a wholly owned subsidiary of AGC Life Insurance Company (“AGC Life” or the “Parent”), a Missouri-domiciled life insurance company, which is wholly owned by Corebridge Life Holdings, Inc. (“Corebridge Life Holdings”). Corebridge Life Holdings is wholly owned by Corebridge Financial, Inc. (“Corebridge”). As of December 31, 2025, Corebridge’s three largest shareholders, Nippon Life Insurance Company, a mutual company organized under the laws of Japan (“Nippon”), American International Group, Inc. (“AIG”), and Argon Holdco LLC, a wholly-owned subsidiary of Blackstone, owned approximately 24.6%, 10.1% and 12.5% of the outstanding Corebridge common stock, respectively.

The Company is a stock life insurance company domiciled and licensed under the laws of the State of New York and is subject to regulation by the New York State Department of Financial Services (“NYDFS”). The Company is also subject to regulation by the states in which it is authorized to transact business. The Company is licensed to sell life and accident and health insurance in all 50 states and the District of Columbia. The Company is also licensed in the U.S. Virgin Islands.

The Company’s products include fixed, fixed indexed, registered index-linked and variable annuities, term and universal life insurance, and pension risk transfer annuities. The Company distributes its products through a broad multi-channel distribution network, which includes independent marketing organizations, independent insurance agents and financial advisors, banks, broker dealers, and direct-to-consumer.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the NYDFS. These accounting practices vary in certain respects from accounting principles generally accepted in the United States of America (“U.S. GAAP”), as described herein.

The NYDFS recognizes only statutory accounting practices (“SAP”) prescribed or permitted by the State of New York for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under New York Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by the State of New York. The State of New York has the right to permit other specific practices that deviate from prescribed practices.

The Company does not employ any prescribed or permitted accounting practices that differ from the NAIC SAP.

The statement of cash flows in this report has balances that are different from those in the annual statement filed with the NAIC. The annual statement for 2023 had net cash provided by operations, investments and financing of $92 million, $(304) million and $49 million, respectively, while this report has $39 million, $(150) million and $(51) million, respectively.

Use of Estimates

The preparation of financial statements in conformity with accounting practices prescribed or permitted by the NYDFS requires management to make estimates and assumptions that affect the reported amounts in the statutory financial statements and the accompanying notes. It also requires disclosure of contingent assets and liabilities at the date of the statutory financial statements and the reported amounts of revenue and expense during the period. The areas of significant judgments and estimates include the following:

•    application of other-than-temporary impairments;

•     estimates with respect to income taxes, including recoverability of deferred tax assets;

• fair value measurements of certain financial assets; and

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•     policy reserves for life, annuity and accident and health insurance contracts, including guarantees.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, the Company’s Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus, Statutory Statements of Operations and Statutory Statements of Cash Flows could be materially affected.

Significant Accounting Policies

Bonds include debt instruments classified as either issuer credit obligations (“ICO”) or asset-backed securities (“ABS”). Bonds, not backed by other loans, that qualify as issuer credit obligations under the principles-based bond definition are carried at amortized cost except for those with a NAIC designation of “6” or “6*”. Bonds with a NAIC 6 designation are carried at the lower of amortized cost or fair value, with unrealized losses charged directly to unassigned surplus. Bonds that have not been filed and have not received a designation in over one year from the NAIC’s Investment Analysis Office (“IAO”) receive a “6*” designation and are carried at zero, with the unrealized loss charged directly to unassigned surplus. Bonds filed with the IAO which receive a “6*” designation may carry a value greater than zero. Securities are assigned a NAIC 5* designation if the Company certifies that (1) the documentation necessary to permit a full credit analysis does not exist, (2) the issuer or obligor is current on all contracted interest and principal payments and (3) the Company has an actual expectation of ultimate repayment of all contracted interest and principal. Securities with NAIC 5* designations are deemed to possess the credit characteristics of securities assigned a NAIC 5 designation. The discount or premium on bonds is amortized using the effective yield method.

ABS include residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”), other asset-backed securities, pass-thru securities, lease-backed securities, equipment trust certificates, loan-backed securities issued by special purpose corporations or trusts, and securities where there is not direct recourse to the issuer. ABS are carried on a basis consistent with that of bonds not backed by loans. Income recognition for ABS is determined using the effective yield method and estimated cash flows. Prepayment assumptions for single-class and multi-class mortgage-backed securities (“MBS”) and other ABS were obtained from an outside vendor or internal estimates. The Company uses independent pricing services and broker quotes in determining the fair value of its ABS. The Company uses the retrospective adjustment method to account for the effect of unscheduled payments affecting high credit quality securities, while securities with less than high credit quality and securities for which the collection of all contractual cash flows is not probable are both accounted for using the prospective adjustment method.

Reference to “non-rated residual tranches or interests” intends to capture securitization tranches, beneficial interests, interests of structured finance investments, as well as other structures, that reflect loss layers without contractual interest or principal payments. Payments to holders of these investments occur after contractual interest and principal payments have been made to other tranches or interests and are based on the remaining available funds. Although payments to holders can occur throughout an investment’s duration (and not just at maturity), such instances still reflect the residual amount permitted to be distributed after other holders have received contractual interest and principal payments.

NAIC designations are determined with a multi-step approach. The initial designation is used to determine the carrying value of the security. The final NAIC designation is used for reporting and affects risk-based capital (“RBC”). The final NAIC designation is determined for most RMBS and CMBS by financial modeling conducted by BlackRock. For credit tenant loans, equipment trust certificates, any corporate-like securities rated by the IAO, interest-only securities, and those securities with an original NAIC designation of 5, 5*, 6, or 6*, the final NAIC designation is based on the IAO or Credit Rating Provider rating and is not subject to financial modeling.

Redeemable preferred stocks with NAIC designations of “1” through “3” are carried at amortized cost. All other redeemable preferred stocks are stated at the lower of cost, amortized cost or fair value, with unrealized capital losses charged directly to unassigned surplus. Perpetual preferred stocks are valued at fair value, not to exceed any currently effective call price. Provisions made for impairment are recorded as realized capital losses when declines in fair value are determined to be other than temporary.

Unaffiliated common stocks are carried at fair value, with unrealized capital gains and losses credited or charged directly to unassigned surplus. Provisions made for impairment are recorded as realized capital losses when declines in fair value are determined to be other than temporary. For Federal Home Loan Bank (“FHLB”) capital stock, which is only redeemable at par, the fair value shall be presumed to be par, unless considered other-than-temporarily impaired.

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Subsidiary, controlled, and affiliated (“SCA”) entities: The Company has no investments in insurance SCA entities. Investments in non-insurance SCA entities are recorded based on the equity of the investee per audited financial statements prepared pursuant to U.S. GAAP, which is adjusted to a statutory basis of accounting, if applicable. All investments in non-insurance SCA entities for which audited U.S. GAAP financial statements are not available are non-admitted as assets. Undistributed equity in earnings of affiliates is included in unassigned surplus as a component of unrealized capital gains or losses. Dividends received from such affiliates are recorded as investment income when declared.

Mortgage and mezzanine real estate loans are carried at unpaid principal balances less allowances for credit losses and plus or minus adjustments for the accretion or amortization of discount or premium. Interest income on performing loans is accrued as earned.

Mortgage and mezzanine real estate loans are considered impaired when collection of all amounts due under contractual terms is not probable. Impairment is measured using either i) the present value of expected future cash flows discounted at the loan’s effective interest rate, ii) the loan’s observable market price, if available, or iii) the fair value of the collateral if the loan is collateral dependent. An allowance is typically established for the difference between the impaired value of the loan and its current carrying amount. Additional allowance amounts are established for incurred but not specifically identified impairments, based on statistical models primarily driven by past due status, debt service coverage, loan-to-value ratio, property occupancy, profile of the borrower and of the major property tenants, and economic trends in the market where the property is located. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance.

Cash, cash equivalents and short-term investments include cash on hand and amounts due from banks, highly liquid debt instruments that have original maturities within one year of date of purchase and are carried at amortized cost, interest-bearing money market funds, investment pools and other investments (excluding loan-backed and structured securities) with original maturities within one year from the date of purchase.

Contract loans are carried at unpaid balances, which include unpaid principal plus accrued interest, including 90 days or more past due. All loan amounts in excess of the contract cash surrender value are considered non-admitted assets.

Derivativeinstruments used in hedging transactions that meet the criteria of a highly effective hedge are reported in a manner consistent with the hedged asset or liability (“hedge accounting”). Changes in statement value or cash flow of derivatives that qualify for hedge accounting are recorded consistently with how the changes in the statement value or cash flow of the hedged asset or liability are recorded. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge (“ineffective hedges”) are accounted for at fair value and the changes in fair value are recorded as unrealized gains or losses.

The Company designated, under Statement of Statutory Accounting Principles (“SSAP”) 86, Derivatives, certain foreign exchange derivatives as effective hedges of certain invested assets. The Company also designated certain interest rate swaps as effective hedges of certain invested assets.

Other invested assets principally consist of investments in limited partnerships and limited liability companies. Investments in these assets, except for limited partnerships and limited liability companies with a minor ownership interest, are reported using the equity method. Under SAP, such investments are generally reported based on audited U.S. GAAP equity of the investee, with subsequent adjustment to a statutory basis of accounting, if applicable.

Limited partnerships and limited liability companies in which the Company has a minor ownership interest (i.e., less than 10 percent) or lacks control, are generally recorded based on the underlying audited U.S. GAAP equity of the investee, with some prescribed exceptions. SAP allows the use of the U.S. GAAP equity as set forth in the footnote reconciliation of foreign GAAP equity and income to U.S. GAAP within audited foreign GAAP financial statements. The audited U.S. tax basis equity may also be used in certain circumstances.

All other investments in entities for which audited U.S. GAAP financial statements, or another acceptable audited basis of accounting as described above were not available have been recorded as non-admitted assets. Undistributed accumulated earnings of such entities are included in unassigned surplus as a component of unrealized capital gains or losses. Distributions received that are not in excess of the undistributed accumulated earnings are recognized as investment income. Impairments that are determined to be other than temporary are recognized as realized capital losses.

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Securities lending and repurchase agreements: The Company has a securities lending program, which was approved by its Board of Directors, that lends securities from its investment portfolio to supplement liquidity or for other uses as deemed appropriate by management. Under the program, securities are lent to financial institutions, and in return the Company receives cash as collateral equal to 102 percent of the fair value of the loaned securities. The cash collateral received is invested in cash and/or short-term investments that may be sold or repledged or partially used for short-term liquidity purposes based on conservative cash flow forecasts. Securities lent by the Company under these transactions may be sold or repledged by the counterparties. The liability for cash collateral received is reported in payable for securities lending in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus. The Company monitors the fair value of securities loaned and obtains additional collateral as necessary. At the termination of the transactions, the Company and its counterparties are obligated to return the collateral provided and the securities lent, respectively. These transactions are treated as secured financing arrangements.

In addition, the Company is a party to secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which the Company transfers securities in exchange for cash, with an agreement by the Company to repurchase the same or substantially similar securities on agreed upon dates specified in the agreements. In all of these secured financing transactions, the securities transferred by the Company (pledged collateral) may be sold or repledged by the counterparties.

Investment income due and accrued is non-admitted from investment income for bonds and other invested assets when collection of interest is overdue by more than 90 days, or is uncertain, and for mortgage loans when loans are foreclosed, or delinquent in payment for greater than 180 days, or when collection of interest is uncertain.

Net realized capital gains and losses, which are determined by using the specific identification method, are reflected in income net of applicable federal income taxes and transfers to the interest maintenance reserve.

The Company regularly evaluates its investments for other-than-temporary impairment (“OTTI”) in value. The determination that a security has incurred an OTTI in value and the amount of any loss recognition requires the judgment of the Company’s management and a continual review of its investments. For bonds, other than ABS, an OTTI shall be considered to have occurred if it is probable that the Company will not be able to collect all amounts due under the contractual terms in effect at the acquisition date of the debt security. If it is determined an OTTI has occurred, the cost basis of bonds is written down to fair value and the amount of the write-down is recognized as a realized capital loss.

For ABS, a non-interest related OTTI resulting from a decline in value due to fundamental credit problems of the issuer is recognized when the projected discounted cash flows for a particular security are less than its amortized cost. When a non-interest related OTTI occurs, the ABS is written down to the present value of future cash flows expected to be collected. An OTTI is also deemed to have occurred if the Company intends to sell the ABS or does not have the intent and ability to retain the ABS until recovery. If the decline is interest-related, the ABS is written down to fair value.

In periods subsequent to the recognition of an OTTI loss, the Company generally accretes the difference between the new cost basis and the future cash flows expected to be collected, if applicable, as interest income over the remaining life of the security based on the amount and timing of estimated future cash flows.

Non-admitted assets are excluded from admitted assets and the change in the aggregate amount of such assets is reflected as a separate component of unassigned surplus. Non-admitted assets include all assets specifically designated as non-admitted and assets not designated as admitted, such as a certain portion of deferred tax assets, prepaid expenses, electronic data processing (“EDP”) equipment assets, agents’ balances or other receivables over 90 days. Non-admitted assets were $580 million and $672 million at December 31, 2025 and 2024, respectively.

Interest maintenance reserve (“IMR”) is calculated based on methods prescribed by the NAIC and was established to prevent large fluctuations in interest-related investment gains and losses resulting from sales (net of taxes) and interest-related OTTI (net of taxes). IMR applies to all types of fixed maturity investments, including bonds, preferred stocks, ABS and mortgage loans. An OTTI occurs when the Company, at the reporting date, has the intent to sell an investment or does not have the intent and ability to hold the security before recovery of the cost of the investment. For ABS, if the Company recognizes an interest-related OTTI, the non-interest-related OTTI is recorded to the asset valuation reserve, and the interest-related portion to IMR. Such gains and losses are deferred into the IMR and amortized into income using the grouped method over the remaining contractual lives of the securities sold.

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Asset valuation reserve (“AVR”) is used to stabilize surplus from fluctuations in the market value of bonds, stocks, mortgage loans, real estate, limited partnerships and other investments. Changes in the AVR are recorded as direct increases or decreases in surplus.

Separate account assets and liabilities generally represent funds for which the contract holder, rather than the Company, bears the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company, except for certain guaranteed products. Separate account assets are generally reported at fair value. In addition, certain products with fixed guarantees, market-value-adjusted (“MVA”) fixed annuity contracts, and registered index-linked annuities for which the assets are generally carried at amortized cost are required by certain states to be carried in a separate account. The operations of the separate accounts are excluded from the Statutory Statements of Operations and Statutory Statements of Cash Flows of the Company. The Company receives fees for assuming mortality and certain expense risks. Such fees are included in separate account fees in the Statutory Statements of Operations. Reserves for variable annuity contracts and registered index-linked annuities are provided in accordance with subsection 21 of the Valuation Manual (“VM-21”). Reserves for variable universal life accounts are provided in accordance with subsection 20 of the Valuation Manual (“VM-20”) for new business issued beginning in 2020, and in accordance with the Commissioners’ Reserve Valuation Method (“CRVM”) for policies issued prior to 2020.

Policy reserves are established according to different methods.

Life, annuity, and health reserves are developed by actuarial methods and are generally determined based on published tables using specified interest rates, mortality or morbidity assumptions, and valuation methods prescribed or permitted by statutes that will provide, in the aggregate, reserves that are greater than or equal to the minimum or guaranteed policy cash values or the amounts required by the NYDFS.

Principle-based reserving (“PBR”) is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the previous prescribed approach. Reserve requirements for the Company’s life insurance policies issued after January 1, 2020 are contained in VM-20, Requirements for Principle-Based Reserves for Life Products. Life insurance policies issued prior to January 1, 2020 continue to be reserved for using legacy formula‑based methods, including the CRVM. Under VM-20, these reserves are generally more sensitive to changes in actuarial assumptions than under legacy reserving methodologies. The Company’s regulatory reserving practices are governed by New York Regulation 213 which entails some potential deviations from the PBR reserving guidance in VM-20. Under this Regulation, the reserves for term life policies are equal to the greater of i) 70% of the CRVM determined policy level reserve and ii) the PBR (VM-20) reserve, while required universal life reserves are equal to the greater of i) CRVM established reserves and ii) PBR reserves.

The Company calculates reserves for fixed index annuities, both with and without guaranteed minimum withdrawal benefits (“GMWB”), in accordance with the Commissioners’ Annuities Reserve Valuation Method (“CARVM”).

The Company waives the deduction of deferred fractional premiums on the death of the life and annuity policy insured and returns any premium beyond the date of death. The Company reported additional reserves for surrender values in excess of the corresponding policy reserves.

The Company performs annual cash flow testing in accordance with the Actuarial Opinion and Memorandum Regulation to ensure adequacy of the reserves. Additional reserves are established where the results of cash flow testing under various interest rate scenarios indicate the need for such reserves or where the net premiums exceed the gross premiums on any insurance in force. Total cash flow testing reserves were $821 million and $1.0 billion at December 31, 2025 and 2024, respectively.

A majority of the Company’s variable annuity products include a guaranteed minimum death benefit (“GMDB”) and/or a GMWB. Reserves for GMDB and GMWB benefits are included in the VM-21 reserve. PBR is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the factor-based approach typically employed historically. Variable Annuity (“VA”) reserving requirements for applicable products are contained in VM-21, Requirements for Principle-Based Reserves for Variable Annuities, which incorporates a principle‑based reserving framework.

Life policies underwritten as substandard are charged extra premiums. Reserves are computed for a substandard policy by adding the reserve for an otherwise identical non-substandard policy plus a factor times the extra premium charge for the year. The factor varies by duration, type of plan, and underwriting. In addition, an extra mortality reserve is reported for ordinary life insurance policies classified as group conversions. Substandard structured settlement annuity reserves

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are determined by making a constant addition to the mortality rate of the applicable valuation mortality table so that the life expectancy on the adjusted table is equal to the life expectancy determined by the Company’s underwriters at issue.

Tabular interest, tabular less actual reserves released, and tabular cost have been determined by formula, except for universal life insurance and deferred annuity reserves, which include fund accumulations for which tabular interest has been determined from basic data. For the determination of tabular interest on funds not involving life contingencies, the actual credited interest is used.

The liabilities related to policyholder funds left on deposit with the Company generally are equal to fund balances less applicable surrender charges. In addition, an extra mortality reserve is held for ordinary life insurance policies classified as group conversions, equal to the excess, if any, of a substandard reserve over a standard reserve based on mortality rates appropriately increased over the standard class mortality rates.

For long-term disability products, disabled life reserves were established using the 1964 Commissioner’s Disability Table for claims incurred prior to January 1, 1989, and the 1987 Commissioner’s Group Disability Table for claims incurred January 1, 1989 and later, at an interest rate equal to the Single Premium Immediate Annuity rate (based on year incurred) less 1 percent.

Liabilities for deposit-type contracts, which include supplementary contracts without life contingencies and annuities certain, are based on the discounting of future payments at an annual statutory effective rate. Tabular interest on other funds not involving life contingencies is based on the interest rate at which the liability accrues.

Policy and contract claims represent the ultimate net cost of all reported and unreported claims incurred during the year. Reserves for unpaid claims are estimated using individual case-basis valuations and statistical analyses. Those estimates are subject to the effects of trends in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary, as experience develops or new information becomes known; such adjustments are included in current operations.

Reserves for future policy benefits to be paid on life and accident and health policies, incurred in the statement period, but not yet reported, were established using historical data from claim lag experience. The data is aggregated from product specific studies performed on the Company’s business.

Premiums and annuity considerations and related expenses are recognized over different periods. Life premiums are recognized as income over the premium paying periods of the related policies. Annuity considerations are recognized as revenue when received. Premiums for deposit-type products are recorded directly to the liability for deposit-type contracts and are not recorded in the Statutory Statement of Operations. Health premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Acquisition costs such as commissions and other expenses related to the production of new business are charged to the Statutory Statements of Operations as incurred.

Reinsurance premiums and benefits paid or provided are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts.

Annuity and deposit-type contract surrender benefits are reported on a cash basis, and include annuity benefits, payments under supplementary contracts with life contingencies, surrenders and withdrawals. Withdrawals from deposit-type contracts directly reduce the liability for deposit-type contracts and are not reported in the Statutory Statements of Operations.

General insurance expenses include allocated expenses pursuant to cost allocation agreements. The Company purchases administrative, accounting, marketing and data processing services from Corebridge and affiliates and is charged based on estimated levels of usage, transactions or time incurred in providing the respective services. The allocation of costs for investment management services purchased from affiliates is based on the level of assets under management.

Federal income tax expense (benefit) is recognized and computed on a separate company basis pursuant to tax sharing agreements, because the Company is included in the consolidated federal income tax returns of its parent company filing group. The Company joins with AGC Life, American General Life Insurance Company (“AGL”), The Variable Annuity Life Insurance Company (“VALIC”), and Corebridge Insurance Company of Bermuda, Ltd. (“Corebridge Bermuda”), in filing a consolidated life company federal income tax return. To the extent that benefits for net operating

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losses, foreign tax credits, corporate alternative minimum tax (“CAMT”) credits or net capital losses are utilized on a consolidated basis, the Company would recognize tax benefits based upon the amount of those deductions and credits utilized in the consolidated federal income tax return. The federal income tax expense or benefit reflected in the Statutory Statements of Operations represents income taxes provided on income that is currently taxable, but excludes tax on the net realized capital gains or losses.

Income taxes on capital gains or losses reflect differences in the recognition of capital gains or losses on a statutory accounting basis versus a tax accounting basis. The most significant of such differences involve impairments of investments, which are recorded as realized losses in the Statutory Statements of Operations but are not recognized for tax purposes, and the deferral of net capital gains and losses into the IMR for statutory income but not for taxable income. Capital gains and losses on certain related-party transactions are recognized for statutory financial reporting purposes but are deferred for income tax reporting purposes until the security is sold to an outside party.

A deferred tax asset (“DTA”) or deferred tax liability (“DTL”) is included in the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus, which reflects the expected future tax consequences of temporary differences between the statement values of assets and liabilities for statutory financial reporting purposes and the amounts used for income tax reporting purposes. The change in the net DTA or DTL is reflected in a separate component of unassigned surplus. Net DTAs are limited in their admissibility.

The CAMT is disregarded when evaluating the need for a valuation allowance for the Company’s non-CAMT DTAs.

Accounting Changes

The Company adopted the substantive changes made to SSAP 26, Bonds, SSAP 21, Other Admitted Assets, and SSAP 43, Asset-Backed Securities, effective January 1, 2025. The changes provide a new principle-based bond definition to be used for determining which investments are eligible for reporting on Schedule D as a bond. The changes focus on ensuring appropriate consideration of whether an investment qualifies as an issuer credit obligation or asset-backed security prior to reporting as a bond. Pursuant to the transition guidance, the reclassification of investments that no longer qualify as bonds reduced unassigned surplus by ($155) thousand.

SSAP No. 86, Derivatives, was revised to adopt with modification derivative guidance from ASU 2017-12, Derivatives and Hedging and ASU 2022-01, Fair Value Hedging – Portfolio Layer Method, to include guidance for the portfolio layer method and partial-term hedges. These revisions were effective January 1, 2023. A partial-term hedge is a hedge for a portion of the time to maturity of a fixed rate asset (liabilities are not included contrary to U.S. GAAP). The portfolio layer method permits reporting entities to designate the portion of a closed portfolio of financial assets, beneficial interests secured by financial assets, or a combination of the two, that is not expected to be prepaid during the hedge period as the hedged item in a fair value hedge.

Correction of Errors

SAP requires that corrections of errors related to prior periods be reported as pretax adjustments to unassigned surplus to the extent that they are not material to prior periods.

In 2024, an out-of-period error was identified and corrected related to net investment income. This correction increased unassigned surplus by $7 million.

In 2023, out-of-period errors were identified due to the option value that increases reserves and 12b-1 fees that were not allocated to the Company. These errors decreased unassigned surplus by $8 million.

The Company’s management does not believe these corrections to be material to the Company’s results of operations, financial position, or cash flow for the Company’s previously issued audited financial statements.

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Differences in Statutory Accounting and U.S. GAAP Accounting

The accompanying statutory financial statements have been prepared in accordance with accounting practices prescribed or permitted by the NYDFS. These accounting practices vary in certain respects from U.S. GAAP. The primary differences between NAIC SAP and U.S. GAAP are as follows.

The objectives of U.S. GAAP differ from the objectives of SAP. U.S. GAAP is designed to measure the entity as a going concern and to produce general purpose financial statements to meet the varying needs of the different users of financial statements. SAP is designed to address the accounting requirements of regulators, who are the primary users of statutory-basis financial statements and whose primary objective is to measure solvency. As a result, U.S. GAAP stresses measurement of earnings and financial condition of a business from period to period, while SAP stresses measurement of the ability of the insurer to pay claims in the future.

Investments.Under SAP, investments in bonds and redeemable preferred stocks are generally reported at amortized cost. However, if bonds are designated category “6” and redeemable preferred stocks are designated categories “4 – 6” by the NAIC, these investments are reported at the lesser of amortized cost or fair value with a credit or charge to unrealized investment gains or losses. For U.S. GAAP, such fixed-maturity investments are designated at purchase as held-to-maturity, trading, or available-for-sale. Held-to-maturity fixed-maturity investments are reported at amortized cost, and the remaining fixed-maturity investments are reported at fair value, with unrealized capital gains and losses reported in operations for those designated as trading and as a component of other comprehensive income for those designated as available-for-sale.

Under SAP, all single- and multi-class MBS or other ABS (e.g., Collateralized Mortgage Obligations (“CMO”) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium with respect to such securities using either the retrospective or prospective method. For ABS, if 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. Bonds, other than ABS, that are other-than-temporarily impaired are written down to fair value. For U.S. GAAP purposes, all securities, purchased or retained, that represent beneficial interests in securitized assets (e.g., CMO, MBS and other ABS securities), other than high credit quality securities, would be adjusted using the prospective method when there is a change in estimated future cash flows. If high-credit quality securities must be adjusted, the retrospective method would be used. For all bonds, if it is determined that a decline in fair value is other-than-temporary, the cost basis of the security would be written down to the discounted estimated future cash flows, while the non-credit portion of the impairment would be recorded as an unrealized loss in other comprehensive income.

Under SAP, when it is probable that the insurer will be unable to collect all amounts due according to the contractual terms of the mortgage agreement, allowances are established for temporarily-impaired mortgage loans based on the difference between the unpaid loan balance and the estimated fair value of the underlying real estate, less estimated costs to obtain and sell. The initial allowance and subsequent changes in the allowance for mortgage loans are charged or credited directly to unassigned surplus rather than as a component of earnings as would be required under U.S. GAAP. If the impairment is other-than-temporary, a direct write down is recognized as a realized loss, and a new cost basis is established. Under U.S. GAAP, an allowance for credit losses is based on the expectation of lifetime credit losses.

Under SAP, joint ventures, partnerships and limited liability companies in which the insurer has a minor ownership interest (i.e., less than 10 percent) or lacks control are generally recorded based on the underlying audited U.S. GAAP basis equity of the investee. Under U.S. GAAP, joint ventures, partnerships and limited liability companies in which the insurer has a significant ownership interest are accounted for under the equity method. Where that is not the case, such investments are carried at fair value with changes in fair value recognized in earnings.

Real Estate.Under SAP, investments in real estate are reported net of related obligations; under U.S. GAAP, investments in real estate are reported on a gross basis. Under SAP, real estate owned and occupied by the insurer is included in investments; under U.S. GAAP, real estate owned and occupied by the insurer is reported as an operating asset, and operating income and expenses include rent for the insurer’s occupancy of those properties.

Derivatives.Under SAP, derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value with the changes in fair value recorded as unrealized capital gains or losses. Under U.S. GAAP, such derivative instruments are accounted for at fair value with the changes in fair value recorded as realized capital gains or losses. Under U.S. GAAP, fair value measurement for free standing

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derivatives incorporates either counterparty's credit risk for derivative assets or the insurer's credit risk for derivative liabilities by determining the explicit cost to protect against credit exposure. This credit exposure evaluation takes into consideration observable credit default swap rates. Under SAP, non-performance risk (own credit-risk) is not reflected in the fair value calculations for derivative liabilities. Under U.S. GAAP, index life insurance features in indexed universal life contracts and certain guaranteed features of variable annuities are bifurcated and accounted for separately as embedded policy derivatives and market risk benefits, respectively. Under SAP, embedded derivatives and market risk benefits are not bifurcated or accounted for separately from the host contract.

Interest Maintenance Reserve.Under SAP, the insurer is required to maintain an IMR. IMR is calculated based on methods prescribed by the NAIC and was established to prevent large fluctuations in interest-related capital gains and losses realized through sales or OTTI. IMR applies to all types of fixed maturity investments, including bonds, preferred stocks, ABS and mortgage loans. After-tax capital gains or losses realized upon the sale or impairment of such investments resulting from changes in the overall level of interest rates are excluded from current period net income and transferred to the IMR. The transferred after-tax net realized capital gains or losses are then amortized into income over the remaining period to maturity of the divested asset. Realized capital gains and losses are reported net of tax and transfers to the IMR, after net gain from operations. Any negative IMR balance is treated as a non-admitted asset, unless certain criteria are met. This reserve is not required under U.S. GAAP and pre-tax realized capital gains and losses are reported as a component of total revenues, with related taxes included in taxes from operations.

Asset Valuation Reserve.Under SAP, the insurer is required to maintain an AVR, which is computed in accordance with a prescribed formula and represents a provision for possible fluctuations in the value of bonds, equity securities, mortgage loans, real estate, and other invested assets. The level of AVR is based on both the type of investment and its credit rating. Under SAP, AVR is included in total adjusted capital for RBC analysis purposes. Changes to AVR are charged or credited directly to unassigned surplus. This reserve is not required under U.S. GAAP.

Subsidiaries.Under SAP, investments in insurance subsidiaries are recorded based upon the underlying audited statutory equity of a subsidiary with all undistributed earnings or losses shown as an unrealized capital gain or loss in unassigned surplus. Dividends received by the parent company from its subsidiaries are recorded through net investment income. Under U.S. GAAP, subsidiaries’ financial statements are combined with the parent company’s financial statements through consolidation. All intercompany balances and transactions are eliminated under U.S. GAAP. Dividends received by the parent company from its subsidiaries reduce the parent company’s investment in the subsidiaries.

Policy Acquisition Costs and Sales Inducements.Under SAP, policy acquisition costs are expensed when incurred. Under U.S. GAAP, acquisition costs that are incremental and directly related to the successful acquisition of new and renewal of existing insurance contracts are deferred as deferred policy acquisition costs (“DAC”). DAC is amortized on a constant level basis (i.e., approximating straight line amortization with adjustments for expected terminations) over the expected term of the related contracts using assumptions consistent with those used in estimating the related liability for future policy benefits, or any other related balances. Under SAP, sales inducements are expensed when incurred. Under U.S. GAAP, certain sales inducements on interest-sensitive life insurance contracts and deferred annuities are deferred and amortized over the life of the contract using the same methodology and assumptions used to amortize DAC.

Deferred Premiums. Under SAP, when deferred premiums exist, statutory deferred premiums are held as a statutory asset, while under U.S. GAAP, deferred premiums are held as a contra-liability in the future policy benefits liability.

Non-admitted Assets.Certain assets designated as “non-admitted,” principally any agents’ balances or unsecured loans or advances to agents, certain DTAs, furniture, equipment and computer software, receivables over 90 days and prepaid expenses, as well as other assets not specifically identified as admitted assets within the NAIC SAP, are excluded from the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus and are charged directly to unassigned surplus. Under U.S. GAAP, such assets are included in the balance sheet.

Universal Life and Annuity Policies.Under SAP, revenues for universal life and annuity policies containing mortality or morbidity risk considerations consist of the entire premium received, and benefits incurred consist of the total of death benefits paid and the change in policy reserves. Payments received on contracts that do not incorporate any mortality or morbidity risk considerations (deposit-type contracts) are recorded directly to an appropriate liability for deposit-type contract account without recognizing premium income. Interest credited to deposit-type contracts is recorded as an expense in the Statutory Statements of Operations as incurred. Payments that represent a return of policyholder balances are recorded as a direct reduction of the liability for deposit-type contracts, rather than a benefit expense.

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Under U.S. GAAP, premiums received in excess of policy charges are not recognized as premium revenue, and benefits represent the excess of benefits paid over the policy account value and interest credited to the account values.

Benefit Reserves.Under SAP, loading is the difference between the gross and valuation net premium. Valuation net premium is calculated using valuation assumptions which are different for statutory and U.S. GAAP. Statutory valuation assumptions are set by the insurer within limits as defined by statutory law. U.S. GAAP valuation assumptions are set by the insurer based on management’s estimates and judgment.

Policyholder funds not involving life contingencies use different valuation assumptions for SAP and U.S. GAAP. Under SAP, prescribed rates of interest related to payout annuities are used in the discounting of expected benefit payments, while under U.S. GAAP, the insurer’s best estimates of interest rates are used.

Under SAP, individual insurance reserves are determined using a combination of principle‑based reserving frameworks (including VM‑20) and legacy formula‑based methods, including CRVM. Under U.S. GAAP, individual insurance policyholder liabilities for traditional forms of insurance are generally established using the net premium ratio (“NPR”) method. For interest-sensitive policies, a liability for policyholder account balances is established under U.S. GAAP based on the contract value that has accrued to the benefit of the policyholder. Policy assumptions used in the estimation of policyholder liabilities are generally prescribed under SAP. Under U.S. GAAP, policy assumptions are based upon best estimates.

Under SAP, individual deferred annuity reserves are determined using applicable principle‑based reserving requirements and legacy reserving methods, including CARVM. Under U.S. GAAP, individual deferred annuity policyholder liabilities are generally equal to the contract value that has accrued to the benefit of the policyholder, together with liabilities for certain contractual guarantees, if applicable. Under SAP, reserves for fixed rate deposit-type contracts are based upon their accumulated values, discounted at an annual statutory effective rate, while under U.S. GAAP, reserves for deposit-type contracts are recorded at their accumulated values.

Under GAAP, indexed interest credits and guarantees in excess of contract account values are bifurcated from the host contract as embedded derivatives and market risk benefits, respectively, and reported at fair value. Under SAP, embedded derivatives and market risk benefits are not bifurcated and accounted for separately, but rather are included in the benefit reserve valuation for the host contract.

Reinsurance.Under SAP, policy and contract liabilities ceded to reinsurers are reported as reductions of the related reserves rather than as assets as required under U.S. GAAP. Under SAP, a liability for reinsurance balances has been provided for unsecured policy reserves, unearned premiums, and unpaid losses ceded to reinsurers not licensed to assume such business. Changes to these amounts are credited or charged directly to unassigned surplus. Under U.S. GAAP, an allowance for amounts deemed uncollectible would be established through a charge to earnings. Under SAP, the criteria used to demonstrate risk transfer varies from U.S. GAAP, which may result in transactions that are accounted for as reinsurance for SAP and deposit accounting for U.S. GAAP. Under SAP, the reserve credit permitted for unauthorized reinsurers is less than or equal to the amount of letter of credit or funds held in trust by the reinsurer. Under U.S. GAAP, assumed and ceded reinsurance is reflected on a gross basis in the balance sheet, and certain commissions allowed by reinsurers on ceded business are deferred and amortized generally on a basis consistent with DAC.

Policyholder Dividend Liabilities. Under SAP, policyholder dividends are recognized when declared. Under U.S. GAAP, policyholder dividends are recognized over the term of the related policies.

Separate Accounts. Under SAP, separate account surplus created through the use of the CRVM, VM-21 or other reserving methods is reported by the general account as an unsettled transfer from the separate account. The net change on such transfers is included as a part of the net gain from operations in the general account. This is not required under U.S. GAAP.

Separate accounts include certain non-unitized assets which primarily represent MVA fixed options of variable annuity contracts, registered index linked annuities, and certain pension risk transfer annuities issued in various states. Under SAP, these contracts are accounted for in the separate account financial statements, while under U.S. GAAP, they are accounted for in the general account.

Deferred Income Taxes.Under SAP, statutory DTAs that are more likely than not to be realized are limited to: 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary

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differences that reverse by the end of the subsequent calendar year, plus 2) the lesser of the remaining gross DTA expected to be realized within a maximum three years of the reporting date or a maximum 15 percent of the capital and surplus excluding any net DTA, EDP equipment and operating software and any net positive goodwill, plus 3) the amount of the remaining gross DTA that can be offset against existing gross DTLs. The remaining DTAs are non-admitted. Deferred taxes do not include amounts for state taxes. Under U.S. GAAP, state taxes are included in the computation of deferred taxes, all DTAs are recorded and a valuation allowance is established if it is more likely than not that some portion of the DTA will not be realized. Under SAP, income tax expense is based upon taxes currently payable. Changes in deferred taxes are reported in surplus and subject to admissibility limits. Under U.S. GAAP, changes in deferred taxes are recorded in income tax expense.

Offsetting of Assets and Liabilities. Under SAP, offsetting of assets and liabilities is not permitted when there are master netting agreements unless four requirements for valid right of offset are met. The requirements include 1) each of the two parties owes the other determinable amounts, 2) the reporting party has the right to set off the amount owed with the amount owed by the other party, 3) the reporting party intends to set off, and 4) the right of setoff is enforceable. The prohibition against offsetting extends to derivatives and collateral posted against derivative positions, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions, when the reporting entity does not have the intent to set off. Under U.S. GAAP, these amounts under master netting arrangements may generally be offset and presented on a net basis pursuant to an accounting election, even when the reporting entity does not have the intent to set off.

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3. INVESTMENTS

Bonds and Equity Securities

The following table presents the statement value, gross unrealized gain, gross unrealized loss and the estimated fair value of bonds and equity securities by major security type:

(in millions)	Statement Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2025
Issuer credit obligations
U.S. government obligations	$	261	$	1	$	(98)	$	163
Other U.S. government obligations	9		—		(1)		8
Non-U.S. sovereign jurisdiction securities	684		10		(101)		593
Municipal bonds - general obligations (direct & guaranteed)	117		—		(10)		108
Municipal bonds - special revenue	462		2		(71)		392
Project finance bonds issued by operating entities	636		7		(39)		603
Corporate bonds	11,432		137		(1,281)		10,288
Single entity backed obligations	398		2		(33)		368
Bonds issued by funds representing operating entities	1,624		15		(81)		1,558
Bank loans - acquired	207		2		(1)		209
Total issuer credit obligations	15,830		176		(1,716)		14,290
Asset-backed securities
Agency residential MBS (exempt)	32		—		(3)		29
Agency commercial MBS (exempt)	110		1		—		110
Agency residential MBS (non-exempt)	431		4		(16)		419
Agency commercial MBS (non-exempt)	54		1		(4)		50
Non-agency residential MBS	1,114		51		(32)		1,133
Non-agency commercial MBS	961		15		(16)		960
Non-agency - CLOs/CBOs/CDOs	1,272		19		(5)		1,286
Other financial ABS	824		31		(17)		838
Equity backed securities – not self-liquidating	173		—		(6)		168
Lease-backed - full analysis	660		9		(12)		657
Other non-financial ABS - full analysis	549		6		(11)		544
Lease-backed - practical expedient	32		—		(4)		29
Total asset-backed securities	6,212		137		(126)		6,223
Preferred stock	41		—		—		41
Common stock	32		—		—		32
Total equity securities	73		—		—		73
Total	$	22,115	$	313	$	(1,842)	$	20,586

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(in millions)	Statement Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
December 31, 2024
Bonds:
U.S. government obligations	$	405	$	—	$	(101)	$	304
All other governments	716		3		(144)		575
States, territories and possessions	97		—		(10)		87
Political subdivisions of states, territories and possessions	22		—		(3)		19
Special revenue	863		2		(119)		746
Industrial and miscellaneous	17,950		159		(1,965)		16,144
Hybrid securities	22		1		—		23
Bank loans	217		1		(3)		215
Total bonds	20,292		166		(2,345)		18,113
Preferred stock	44		—		—		44
Common stock	14		—		—		14
Total equity securities	58		—		—		58
Total	$	20,350	$	166	$	(2,345)	$	18,171

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Bonds and Equity Securities in Loss Positions

The following table summarizes the fair value and gross unrealized losses (where fair value is less than amortized cost) on bonds and equity securities, including amounts on NAIC 6 and 6* bonds, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 Months				12 Months or More				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2025
Issuer credit obligations
U.S. government obligations	$	—	$	—	$	152	$	(98)	$	152	$	(98)
Other U.S. government obligations	—		—		8		(1)		8		(1)
Non-U.S. sovereign jurisdiction securities	15		—		400		(101)		415		(101)
Municipal bonds - general obligations (direct & guaranteed)	—		—		76		(10)		76		(10)
Municipal bonds - special revenue	20		—		340		(71)		360		(71)
Project finance bonds issued by operating entities	299		(19)		93		(20)		392		(39)
Corporate bonds	1,152		(79)		4,703		(1,204)		5,855		(1,283)
Single entity backed obligations	142		(21)		130		(12)		272		(33)
Bonds issued by funds representing operating entities	431		(15)		539		(66)		970		(81)
Bank loans - acquired	24		—		34		(1)		58		(1)
Total issuer credit obligations	2,083		(134)		6,475		(1,584)		8,558		(1,718)
Asset-backed securities
Equity backed securities – not self-liquidating	90		(4)		14		(2)		104		(6)
Agency commercial MBS (exempt)	3		(1)		3		—		6		(1)
Agency commercial MBS (non-exempt)	—		—		27		(4)		27		(4)
Agency residential MBS (exempt)	1		—		28		(3)		29		(3)
Agency residential MBS (non-exempt)	6		(1)		228		(16)		234		(17)
Non-agency - CLOs/CBOs/CDOs	576		(5)		8		—		584		(5)
Non-agency commercial MBS	125		(2)		176		(13)		301		(15)
Non-agency residential MBS	70		(1)		259		(32)		329		(33)
Other financial ABS	111		(2)		154		(15)		265		(17)
Lease-backed - full analysis	203		(11)		36		(2)		239		(13)
Other non-financial ABS - full analysis	157		(4)		144		(8)		301		(12)
Lease-backed - practical expedient	1		—		19		(3)		20		(3)
Total asset-backed securities	1,343		(31)		1,096		(98)		2,439		(129)
Preferred stock	22		—		—		—		22		—
Common stock	—		—		—		—		—		—
Total equity securities	22		—		—		—		22		—
Total	$	3,448	$	(165)	$	7,571	$	(1,682)	$	11,019	$	(1,847)

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	Less than 12 Months				12 Months or More				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2024
Bonds:
U.S. Government obligations	$	103	$	(1)	$	188	$	(101)	$	291	$	(102)
All other government	108		(4)		445		(140)		553		(144)
States, territories & possessions	18		—		55		(10)		73		(10)
Political subdivisions of states territories & possessions	2		—		13		(3)		15		(3)
Special revenue	116		(4)		596		(115)		712		(119)
Industrial and miscellaneous	3,073		(183)		8,931		(1,786)		12,004		(1,969)
Hybrid securities	11		—		2		—		13		—
Bank loans	40		(1)		11		(2)		51		(3)
Total bonds	$	3,471	$	(193)	$	10,241	$	(2,157)	$	13,712	$	(2,350)
Preferred stock	—		—		—		—		—		—
Common stock	—		—		—		—		—		—
Total equity securities	—		—		—		—		—		—
Total	$	3,471	$	(193)	$	10,241	$	(2,157)	$	13,712	$	(2,350)

As of December 31, 2025 and 2024, the number of bonds and equity securities in an unrealized loss position was 2,537 and 3,341, respectively. Bonds comprised 2,533 of the total, of which 2,072 were in a continuous loss position greater than 12 months at December 31, 2025. Bonds comprised 3,341 of the total, of which 2,694 were in a continuous loss position greater than 12 months at December 31, 2024.

The Company did not recognize the unrealized losses in earnings on these fixed maturity securities at December 31, 2025 and 2024, respectively, because the Company neither intends to sell the securities nor does the Company believe that it is more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, the Company performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, expected defaults on underlying collateral, review of relevant industry analyst reports and forecasts and other available market data.

Contractual Maturities of Bonds The following table presents the statement value and fair value of bonds by contractual maturity:

(in millions)	Statement Value		Fair Value
December 31, 2025
Due in one year or less	$	457	$	457
Due after one year through five years	3,379		3,367
Due after five years through ten years	4,299		4,265
Due after ten years through twenty years	3,027		2,745
Due after twenty years	4,668		3,456
ABS	6,212		6,223
Total	$	22,042	$	20,513

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

Bonds in or near default as to payment of principal or interest had a statement value of $31 million and $7 million at December 31, 2025 and 2024, respectively, which is the fair value. At December 31, 2025 and 2024, the Company had no income excluded from due and accrued for bonds.

At December 31, 2025, the Company’s bond portfolio included bonds totaling $889 million not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 2.5 percent of the Company’s total assets and 3.1 percent of invested assets. These below investment grade securities, excluding structured securities, span across

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15 industries. At December 31, 2024, the Company’s bond portfolio included bonds totaling $1 billion not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 2 percent of the Company’s total assets and 3 percent of invested assets. These below investment grade securities, excluding structured securities, span across 13 industries.

The following table presents the industries that constitute more than 10% of the below investment grade securities:

	December 31,
	2025	2024
Consumer cyclical	12.0%	9.8%
Consumer non-cyclical	22.5	23.2
Utility	—	10.4

ABS

The Company determines fair value of ABS based on the amount at which a security could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The majority of the Company’s ABS, RMBS, CMBS, and collateralized debt obligations (“CDO”) are priced by approved independent third-party valuation service providers and broker dealer quotations. Small portions of the ABS that are not traded in active markets are priced by market standard internal valuation methodologies, which include discounted cash flow methodologies and matrix pricing. The estimated fair values are based on available market information and management’s judgments.

The following table presents the statement value and fair value of ABS:

		December 31, 2025				December 31, 2024
(in millions)		Statement Value		Fair Value		Statement Value		Fair Value
Asset-backed securities	$	6,212	$	6,223	$	5,869	$	5,793

Prepayment assumptions for single class, multi-class mortgage-backed and ABS were obtained from independent third-party valuation service providers or internal estimates. These assumptions are consistent with the current interest rate and economic environment.

At December 31, 2025 and 2024, the Company had exposure to a variety of ABS. These securities could have significant concentrations of credit risk by country, geographical region, property type, servicer or other characteristics. As part of the quarterly surveillance process, the Company takes into account many of these characteristics in making the OTTI assessment.

At December 31, 2025 and 2024, the Company did not have any ABS with a recognized OTTI due to the intent to sell or an inability or lack of intent to retain the security for a period of time sufficient to recover the amortized cost basis.

During 2025, 2024 and 2023, the Company recognized total OTTI of $0 million, $0 million and $5 million, respectively, on ABS that were still held by the Company. In addition, at December 31, 2025 and 2024, the Company held asset-backed impaired securities (fair value is less than cost or amortized cost) for which an OTTI had not been recognized in earnings as a realized loss. Such impairments include securities with a recognized OTTI for non-interest (credit) related declines that were recognized in earnings, but for which an associated interest-related decline has not been recognized in earnings as a realized capital loss.

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The following table summarizes the fair value and aggregate amount of unrealized losses on ABS and length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 Months				12 Months or More				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2025
ABS	$	1,343	$	(31)	$	1,096	$	(98)	$	2,439	$	(129)
December 31, 2024
ABS	$	1,007	$	(22)	$	1,687	$	(179)	$	2,694	$	(201)

In its OTTI assessment, the Company considers all information relevant to the collectability of the security, including past history, current conditions and reasonable forecasts when developing an estimate of future cash flows. Relevant analyst reports and forecasts for the asset class also receive appropriate consideration. The Company also considers how credit enhancements affect the expected performance of the security. In addition, the Company generally considers its cash and working capital requirements and expected cash flows in relation to its business plans and how such forecasts affect the intent and ability to hold such securities to recovery of their amortized cost.

The Company does not have any ABS for which it is not practicable to estimate fair values.

The following table presents the rollforward of non-interest related OTTI for ABS:

	December 31,
(in millions)	2025		2024
Balance, beginning of year	$	165	$	178
Increases due to:
Credit impairment on new securities subject to impairment losses	—		—
Additional credit impairment on previously impaired investments	—		—
Reduction due to:
Credit impaired securities fully disposed for which there was no prior intent or requirement to sell	4		13
Balance, end of year	$	161	$	165

See Note 4 for a list with each ABS at a CUSIP level where the present value of cash flows expected to be collected is less than the amortized cost basis during the current year and a list of the Company’s structured notes holding at December 31, 2025.

Mortgage Loans

Mortgage loans had outstanding principal balances of $3.8 billion and $3.8 billion at December 31, 2025 and 2024, respectively. Contractual interest rates range from 0.00 percent to 10.14 percent. The mortgage loans at December 31, 2025 had maturity dates ranging from 2024 to 2055.

The Company’s mortgage loans are collateralized by a variety of commercial real estate property types located throughout the U.S. and Canada. The commercial mortgage loans are non-recourse to the borrower.

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The following tables present the geographic and property-type distribution of the Company’s mortgage loan portfolio:

	December 31,
	2025	2024
Geographic distribution:
Mid-Atlantic	24.4%	28.4%
Pacific	17.3	18.9
Foreign	18.8	16.1
South Atlantic	10.8	12.0
East North Central	4.0	4.9
West South Central	5.4	5.9
New England	5.6	5.5
Mountain	7.3	3.1
East South Central	5.5	4.7
West North Central	0.9	0.5
Total	100.0%	100.0%
Property type distribution:
Multi-family	29.8%	31.6%
Office	21.3	22.1
Retail	6.5	7.0
Industrial	22.0	18.5
Hotel/Motel	5.4	4.5
Other	15.0	16.3
Total	100.0%	100.0%

At December 31, 2025, there were 51 mortgage loans with outstanding balances of $20 million or more, which loans collectively, aggregated approximately 55.2 percent of this portfolio.

The following table presents the minimum and maximum lending rates for new mortgage loans during 2025 and 2024:

	Years Ended December 31,
	2025				2024
(in millions)	Maximum		Minimum		Maximum		Minimum
Office	5.79	%	5.79	%	9.88	%	5.02	%
Industrial	7.87		5.23		6.84		4.52
Retail	5.80		3.45		—		—
Hotel/Motel	4.90		4.90		—		—
Multi-family	7.47		4.02		—		—
Other	—		—		5.82		5.82

The Company reduced interest rates on one loan during 2025. The Company reduced interest rates on three loans during 2024.

The maximum percentage of any one loan to the value of security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgage was 88.4 percent and 82.8 percent, in 2025 and 2024, respectively.

At December 31, 2025, the Company held $122 million in impaired mortgages with $53 million of related allowances for credit losses and $68 million in impaired loans without a related allowance. At December 31, 2024, the Company held $134 million in impaired mortgage loans with a related allowances for credit losses. There were no impaired mortgage loans without a related allowance. The Company’s average recorded investment in impaired loans was $127 million and $103 million, at December 31, 2025 and 2024, respectively. The Company recognized interest income of $1 million, $2 million and $1 million, in 2025, 2024 and 2023, respectively.

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents a rollforward of the changes in the allowance for losses on mortgage loans receivable:

	December 31,
(in millions)	2025		2024		2023
Balance, beginning of year	$	51	$	48	$	40
Additions (reductions) charged to unrealized capital loss	(1)		3		15
Direct write-downs charged against allowance	(8)		—		(7)
Balance, end of year	$	42	$	51	$	48

During 2025, the Company did not derecognize any mortgage loans and did not recognize any real estate collateral as a result of foreclosure.

The mortgage loan portfolio has been originated by the Company under strict underwriting standards. Commercial mortgage loans on properties such as offices, hotels and shopping centers generally represent a higher level of risk than do mortgage loans secured by multi-family residences. This greater risk is due to several factors, including the larger size of such loans and the more immediate effects of general economic conditions on these commercial property types. However, due to the Company’s strict underwriting standards, the Company believes that it has prudently managed the risk attributable to its mortgage loan portfolio while maintaining attractive yields.

The following table presents the age analysis of mortgage loans:

	December 31,
(in millions)	2025		2024
Current	$	3,689	$	3,657
30 - 59 days past due	2		21
60 - 89 days past due	—		3
90 - 179 days past due	22		3
Total	$	3,713	$	3,684

At December 31, 2025 and 2024, the Company had mortgage loans outstanding under participant or co-lender agreements of $3.5 billion and $2.9 billion, respectively.

The Company had $85 million and $70 million in restructured loans at December 31, 2025 and 2024, respectively.

Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of December 31, 2025:

(in millions)	Residential				Commercial				Agricultural
Loan-to-Value	Amount		Percentage of Total Admitted Assets		Amount		Percentage of Total Admitted Assets		Amount		Percentage of Total Admitted Assets
a. above 95%	$	1	—	%	$	121	0.40	%	$	—	—	%
b. 91% to 95%	2		—		4		—		—		—
c. 81% to 90%	3		—		189		0.60		—		—
d. 71% to 80%	11		—		361		1.20		—		—
e. below 70%	541		1.80		2,524		8.60		—		—

Troubled Debt Restructuring

The Company held no restructured debt for which impairment was recognized for both December 31, 2025 and 2024. The Company had $0 million and $1 million of outstanding commitments to debtors that held loans with restructured terms at December 31, 2025 and 2024, respectively.

27

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Real Estate

The Company had no investments in real estate at December 31, 2025, 2024 and 2023.

Other Invested Assets

The following table presents the components of the Company’s other invested assets:

	December 31,
(in millions)	2025		2024
Investments in limited liability companies	$	178	$	182
Investments in limited partnerships	973		997
Surplus note	500		500
Other unaffiliated investments	364		381
Receivable for securities	5		14
Total	$	2,020	$	2,074

The Company utilizes the look-through approach in valuing its investments in affiliated limited partnerships that have the characteristics of real estate investments. These affiliated real estate investments had an aggregate value of $209 million and $218 million at December 31, 2025 and 2024, respectively. All liabilities, commitments, contingencies, guarantees, or obligations of these holding company entities, which are required to be recorded as liabilities, commitments, contingencies, guarantees or obligations under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in each of the respective holding company entities, if applicable.

The Company recorded impairment write-downs in joint ventures was $14 million, $9 million and $1 million during 2025, 2024 and 2023, respectively.

Net Investment Income

The following table presents the components of net investment income:

	Years ended December 31,
(in millions)	2025		2024		2023
Bonds	$	1,038	$	915	$	860
Preferred stocks	3		1		—
Common stocks	2		1		1
Cash and short-term investments	18		41		21
Mortgage loans	189		193		200
Contract loans	8		8		8
Derivatives	125		100		(36)
Investment income from affiliates	11		15		3
Other invested assets	97		83		96
Gross investment income	1,491		1,357		1,153
Investment expenses	(38)		(33)		(30)
Net investment income	$	1,453	$	1,324	$	1,123

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Net Realized and Unrealized Capital Gains (Losses)

The following table presents the components of Net realized capital gains (losses):

	Years ended December 31,
(in millions)	2025		2024		2023
Bonds	$	(146)	$	(31)	$	(86)
Common stocks	—		—		1
Cash and short-term investments	5		(1)		2
Mortgage loans	(4)		(18)		(12)
Derivatives	(173)		5		48
Other invested assets	(11)		6		12
Realized capital gains (losses)	(329)		(39)		(35)
Federal income tax (expense) benefit	68		8		7
Net losses transferred to IMR	99		19		58
Net realized capital gains (losses)	$	(162)	$	(12)	$	30

During 2025, 2024 and 2023, the Company recognized $8 million, $0 million and $7 million, respectively, of impairment write-downs in the fixed maturity portfolio in accordance with the impairment policy described in Note 2.

The following table presents the proceeds from sales of bonds and equities and the related gross realized capital gains and gross realized capital losses:

	Years ended December 31,
(in millions)	2025		2024		2023
Proceeds	$	1,915	$	263	$	513
Gross realized capital gains	$	6	$	3	$	20
Gross realized capital losses	(142)		(28)		(102)
Net realized capital gains (losses)	$	(136)	$	(25)	$	(82)

The following table presents the net change in unrealized capital gains (losses) of investments (including foreign exchange capital gains (losses):

	Years ended December 31,
(in millions)	2025		2024		2023
Bonds	$	81	$	(35)	$	29
Mortgage loans	75		(16)		25
Derivatives	47		70		29
Other invested assets	17		(19)		(40)
Federal income tax expense	(46)		—		(9)
Net change in unrealized gains (losses) of investments	$	174	$	—	$	34

4. ASSET-BACKED AND STRUCTURED SECURITY IMPAIRMENTS AND STRUCTURED NOTES HOLDINGS

ABS

The following table presents the ABS held by the Company at December 31, 2025 for which it had recognized non-interest related OTTI subsequent to the adoption of SSAP 43R:

(in thousands)
CUSIP	Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI		Date of Financial Statement Where Reported
Year End Total	$	—	$	—	$	—	$	—	$	—

None of the structured notes held by the Company are defined as a Mortgage-Referenced Security by the IAO.

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

5. SECURITIES LENDING AND REPURCHASE AGREEMENTS

Securities Lending

At December 31, 2025 and 2024, the Company had no bonds loaned pursuant to the securities lending program.

Repurchase Agreements

At December 31, 2025, no bonds were subject to repurchase agreements to secure amounts borrowed by the Company. At December 31, 2024, no bonds were subject to repurchase agreements to secure amounts borrowed by the Company.

The following table presents the aggregate fair value of cash collateral received related to the repurchase agreement program and the terms of the contractually obligated collateral positions:

	December 31,
(in millions)	2025		2024
Open positions	$	—	$	—
30 days or less	—		—
31 to 60 days	—		—
61 to 90 days	—		—
Greater than 90 days	—		—
Subtotal	—		—
Securities collateral received	—		—
Total collateral received	$	—	$	—

The following table presents the original (flow) and residual maturity for bi-lateral repurchase agreement transactions for the year ended December 31, 2025:

(in millions)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount
1. Open - No Maturity	$	53	$	—	$	—	$	—
2. Overnight	103		—		—		200
3. 2 Days to 1 Week	302		184		48		200
4. > 1 Week to 1 Month	252		—		—		—
5. > 1 Month to 3 Months	—		—		—		—
6. > 3 Months to 1 Year	—		—		—		—
7. > 1 Year	—		—		—		—
b. Ending Balance
1. Open - No Maturity	$	—	$	—	$	—	$	—
2. Overnight	—		—		—		—
3. 2 Days to 1 Week	—		183		48		—
4. > 1 Week to 1 Month	—		—		—		—
5. > 1 Month to 3 Months	—		—		—		—
6. > 3 Months to 1 Year	—		—		—		—
7. > 1 Year	—		—		—		—

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the Company’s liability to return collateral for the year ended December 31, 2025:

(in millions)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount
1. Cash (Collateral - All)	$	710	$	184	$	48	$	400
2. Securities Collateral (FV)	—		—		—		—
b. Ending Balance
1. Cash (Collateral - All)	$	—	$	183	$	48	$	—
2. Securities Collateral (FV)	—		—		—		—

The Company requires a minimum of 95 percent of the fair value of securities sold under the repurchase agreements to be maintained as collateral. Cash collateral received is invested in corporate bonds and the offsetting collateral liability for repurchase agreements is included in other liabilities.

The following table presents the aggregate amortized cost and fair value of cash collateral reinvested related to the repurchase agreement program by maturity date:

	December 31, 2025				December 31, 2024
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Open positions	$	—	$	—	$	—	$	—
Greater than three years	—		—		—		—
Subtotal	—		—		—		—
Securities collateral received	—		—		—		—
Total collateral reinvested	$	—	$	—	$	—	$	—

The following table presents the fair value of securities under bi-lateral repurchase agreement transactions for the year ended December 31, 2025:

(in millions)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER
a. Maximum Amount
1. BACV	$	—	$	—	$	—	$	—
2. Nonadmitted - Subset of BACV	—		—		—		—
3. Fair Value	—		—		—		—
b. Ending Balance
1. BACV	$	—	$	216	$	56	$	—
2. Nonadmitted - Subset of BACV	—		—		—		—
3. Fair Value	—		182		50		—

6. RESTRICTED ASSETS

The Company has restricted assets as detailed below. Assets under restriction are general account assets and are not part of the Separate Accounts.

The following table presents the carrying value of the Company’s restricted assets:

	December 31,
(in millions)	2025		2024
On deposit with states	$	16	$	16
FHLB stock and collateral pledged	1,219		533
Collateral for derivatives	113		151
Other restricted assets	64		—
Total	$	1,412	$	700

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

7. DERIVATIVES

The Company has taken positions in certain derivative financial instruments to mitigate or hedge the impact of changes in interest rates, foreign currencies, equity markets, swap spreads, volatility, correlations and yield curve risk on cash flows from investment income, policyholder liabilities and equity. Financial instruments used by the Company for such purposes include interest rate swaps, interest rate swaptions, cross-currency swaps, futures and futures options on equity indices, and futures and futures options on government securities. The Company does not engage in the use of derivative instruments for speculative purposes and is neither a dealer nor trader in derivative instruments.

All derivative instruments are recognized in the financial statements. Derivatives that do not qualify for hedge accounting are accounted for at fair value and the changes in the fair value recorded in surplus as unrealized gains and losses, net of deferred taxes. Derivatives which qualify for hedge accounting are accounted at carrying value. The change in the carrying value or cash flow of the derivative is recorded consistently with how the changes in the carrying value or cash flow of the hedged asset. The value of the Company’s exchange traded futures contracts relates to the one day lag in the net cash settlement of these contracts.

The Company elected fair value hedge accounting for the hedge of a portfolio of similar assets using the “portfolio layer method”. The portfolio layer method represents a method of achieving hedge accounting that is allowed pursuant to guidance in SSAP 86.

The Company is hedging the risk of changes in the fair value of a designated specified percentage of a closed portfolio of purchased fixed-rate investment assets that is attributable to changes in a benchmark interest rate. The Company is hedging the portfolio on a partial term basis. The hedged item is the last $2.7 billion of financial assets in a closed portfolio for a 6-year period. A proportionate amount of existing interest rate swaps has been designated as the hedging instruments.

For the purposes of supporting the six-year hedge relationship, portfolio assets with a term greater than six years are assumed to be six-year assets using the partial-term hedging guidance. By electing to hedge the benchmark interest rate component of the contractual cash flows, the hedged assets will have an assumed coupon based on a six-year benchmark interest rate (i.e., SOFR). As a result, the hedged components of the different tenor assets are considered similar when performing the similar asset analysis.

A haircut of approximately 24.3% was applied to the portfolio to maintain a hedged item that is projected to always exceed the notional value of the interest rate swaps. The haircut consisted of the following components:

•Scheduled principal paydowns (approximately 7.5%)

•Anticipated annual defaults (approximately 1.2%)

•Anticipated annual sales (approximately 15.6%)

Pursuant to fair value hedge accounting, the swaps hedging the portfolio of fixed-interest investments have been reported on the same basis (i.e., amortized cost) as the hedged target. The amortized cost basis of the interest rate swaps was zero at December 31, 2025.

The Company recognized a net unrealized capital gain of $58 million in 2025, a net unrealized capital gain of $50 million in 2024 and a net unrealized capital gain of $32 million in 2023, related to derivatives that did not qualify for hedge accounting.

Net cash collateral received for derivative transactions decreased in 2025, as a result of decreases in fair values of derivatives covered by an International Swaps and Derivative Association Master Agreement (“ISDA Master Agreement”) and Credit Support Annex provisions. At December 31, 2025, the Company held $269 million of collateral for derivatives, which is invested in cash, cash equivalents and/or short-term investments.

Refer to Note 3 for disclosures related to net realized capital gains (losses).

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Swaps, Options and Futures

Interest rate or cross-currency swap agreements are agreements to exchange with a counterparty, at specified intervals, payments of differing character (for example, variable-rate payments exchanged for fixed-rate payments) or in different currencies, based on an underlying principal balance, notional amount. Generally no cash is exchanged at the outset of the contract and no principal payments are made by either party. A single net payment is usually made by one counterparty at each contractual payment due date, and this net payment is included in the Statutory Statement of Operations.

Options are contracts that grant the purchaser, for a premium payment, the right, but not the obligation, either to purchase or sell a financial instrument at a specified price within a specified period of time. The Company purchases call options on the S&P 500 Index to offset the risk of certain guarantees of specific equity-index annuity and universal life policy values. The Company also purchases put options on the S&P 500 Index to offset volatility risk arising from minimum guarantees embedded in variable annuities. The options are carried at fair value, with changes in fair value recognized in unrealized investment gains and losses.

Financial futures are contracts between two parties that commit one party to purchase and the other to sell a particular commodity or financial instrument at a price determined on the final settlement day of the contract. Futures contracts detail the quality and quantity of the underlying asset; they are standardized to facilitate trading on a futures exchange. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The Company uses futures contracts on Euro dollar deposits, U.S. Treasury Notes, U.S. Treasury Bonds, the S&P 500 Index, MidCap 400, Russell 2000, MSCI EAFE, foreign government debt securities, and foreign denominated equity indices to offset the risk of certain guarantees on annuity policy values.

Interest Rate Risk

Interest rate derivatives are used to manage interest rate risk associated with certain guarantees of variable annuities and equity indexed annuities and certain bonds. The Company’s interest rate hedging derivative instruments include (1) interest rate swaps and swaptions; (2) listed futures on government securities; (3) listed futures options on government securities; and (4) unlisted swaps and swaptions in U.S. Dollar Secured Overnight Financing Rate.

Currency Risk

Foreign exchange contracts used by the Company include cross-currency swaps, which are used to reduce risks from changes in currency exchange rates with respect to investments denominated in foreign currencies that the Company holds.

Equity Risk

Equity derivatives are used to mitigate financial risk embedded in certain insurance liabilities.

Credit Risk

The Company is exposed to credit-related losses in the event of non-performance by counterparties to financial instruments, but it does not expect any counterparties to fail to meet their obligations given their high credit ratings. For over-the-counter (“OTC”) derivatives, the Company’s net credit exposure is determined based on master netting agreements, which take into consideration all derivative positions with the counterparty, as well as collateral posted by the counterparty at the balance sheet date. The Company is exposed to credit risk when the net position with a particular counterparty results in an asset that exceeds collateral pledged by that counterparty.

For OTC contracts, the Company generally uses an ISDA Master Agreement and Credit Support Annexes with bilateral collateral provisions to reduce counterparty credit exposures. An ISDA Master Agreement is an agreement between two counterparties, which may cover multiple derivative transactions and such ISDA Master Agreement generally provides for the net settlement of all or a specified group of these derivative transactions, as well as transferred collateral, through a single payment, in a single currency, in the event of a default affecting any one derivative transaction or a termination event affecting all or a specified group of the transactions. The Company minimizes the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and may require additional collateral to be posted upon the occurrence of certain events or

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

circumstances. In the unlikely event of a failure to perform by any of the counterparties to these derivative transactions, there would not be a material effect on the Company’s admitted assets, liabilities or capital and surplus.

The Company has also entered into exchange-traded options and futures contracts. Under exchange-traded futures contracts, the Company agrees to purchase a specified number of contracts with other parties and to post or receive variation margin on a daily basis in an amount equal to the difference in the daily market values of those contracts. The parties with whom the Company enters into exchange-traded futures are regulated futures commission merchants who are members of a trading exchange. The credit risk of exchange-traded futures is partially mitigated because variation margin is settled daily in cash. Exchange-traded option contracts are not subject to daily margin settlements and amounts due to the Company based upon favorable movements in the underlying securities or indices are owed upon exercise.

The following table presents the notional amounts, statement values and fair values of the Company’s derivative instruments:

	December 31, 2025						December 31, 2024
(in millions)	Contract or Notional Amount		Statement Value		Fair Value		Contract or Notional Amount		Statement Value		Fair Value
Assets:
Interest rate contracts	$	—	$	14	$	14	$	3,187	$	60	$	86
Foreign exchange contracts	468		36		36		1,450		100		99
Equity contracts	4,706		664		664		3,625		404		404
Derivative assets, gross	5,174		714		714		8,262		564		589
Counter party netting*	—		(427)		(427)		—		(445)		(445)
Derivative assets, net	$	5,174	$	287	$	287	$	8,262	$	119	$	144
Liabilities:
Interest rate contracts	$	2,877	$	12	$	11	$	6,950	$	211	$	69
Foreign exchange contracts	1,370		35		33		65		7		8
Equity contracts	4,711		380		380		3,491		227		227
Derivative liabilities, gross	8,958		427		424		10,506		445		304
Counter party netting*	—		(427)		(427)		—		(445)		(445)
Derivative liabilities, net	$	8,958	$	—	$	(3)	$	10,506	$	—	$	(141)

* Represents netting of derivative exposures covered by a qualifying master netting agreement.

The Company has a right of offset of its derivatives asset and liability positions with various counterparties. The following table presents the effect of the right of offsets:

	December 31, 2025				December 31, 2024
(in millions)	Assets		Liabilities		Assets		Liabilities
Gross amount recognized	$	714	$	427	$	564	$	445
Amount offset	(427)		(427)		(445)		(445)
Net amount presented in the Statement of Admitted
Assets, Liabilities, and Capital and Surplus	$	287	$	—	$	119	$	—

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

8. INFORMATION ABOUT FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK AND FINANCIAL INSTRUMENTS WITH CONCENTRATIONS OF CREDIT RISK

The following table presents the Company’s derivative financial instruments with concentrations of credit risk:

		December 31, 2025			December 31, 2024
(in millions)		Contract or Notional Amount	Final Maturity Date		Contract or Notional Amount	Final Maturity Date
Derivative assets:
Interest rate contracts	$	—	2055	$	3,187	2055
Foreign exchange contracts		468	2049		1,450	2049
Equity contracts		4,706	2026		3,625	2025
Derivative liabilities:
Interest rate contracts		2,877	2034		6,950	2052
Foreign exchange contracts		1,370	2042		65	2042
Equity contracts		4,711	2026		3,491	2025

The credit exposure to the Company’s derivative contracts is limited to the fair value of such contracts that are favorable to the Company at the reporting date.

The credit exposure to the Company’s derivative contracts aggregated $62 million and $124 million at December 31, 2025 and 2024, respectively.

9. FAIR VALUE INSTRUMENTS

Fair Value Measurements

The Company carries certain financial instruments at fair value. The Company defines the fair value of a financial instrument as the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company is responsible for the determination of the value of the investments carried at fair value and the supporting methodologies and assumptions.

The degree of judgment used in measuring the fair value of financial instruments generally inversely correlates with the level of observable valuation inputs. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Financial instruments with quoted prices in active markets generally have more pricing observability and less judgment is used in measuring fair value. Conversely, financial instruments for which no quoted prices are available have less observability and are measured at fair value using valuation models or other pricing techniques that require more judgment. Pricing observability is affected by a number of factors, including the type of financial instrument, whether the financial instrument is new to the market and not yet established, the characteristics specific to the transaction, liquidity and general market conditions.

Fair Value Hierarchy

Assets and liabilities recorded at fair value are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•     Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that the Company has the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. The Company does not adjust the quoted price for such instruments.

•     Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

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•     Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, the Company must make certain assumptions as to the inputs a hypothetical market participant would use to value that asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In those cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value.

Bonds: Fair value is based principally on value from independent third-party valuation service providers, broker quotes and other independent information.

Preferred stocks: Fair value of unaffiliated preferred stocks is based principally on value from independent third-party service providers, broker quotes and other independent information.

Cash, cash equivalents and short term investments: Carrying amount approximate fair value because of the relatively short period of time between origination and expected realization and their limited exposure to credit risk.

Mortgage loans: Fair values are primarily determined by discounting future cash flows to the present at current market rates, using expected prepayment rates.

Contract loans: Carrying amounts, which approximate fair value, are generally equal to unpaid principal amount as of each reporting date. No consideration is given to credit risk because contract loans are effectively collateralized by the cash surrender value of the policies.

Securities lending reinvested collateral assets: Securities lending assets are generally invested in short-term investments and thus carrying amounts approximate fair values because of the relatively short period of time between origination and expected realizations.

Separate account assets: Variable annuity and variable universal life assets are carried at the market value of the underlying securities. Certain separate account assets related to market value adjustment fixed annuity contracts are carried at book value. Fair value is based principally on the value from independent third-party valuation service providers, broker quotes and other independent information.

Policy reserves and contractual liabilities: Fair value for investment contracts (those without significant mortality risk) not accounted for at fair value were estimated for disclosure purposes using discounted cash flow calculations based upon interest rates currently being offered for similar contracts with maturities consistent with those remaining for the contracts being valued. When no similar contracts are being offered, the discount rate is the appropriate swap rates (if available) or current risk-free interest rates consistent with the currency in which cash flows are denominated.

Payable for securities lending: Cash collateral received from the securities lending program is invested in short-term investments and the offsetting liability is included in payable for securities lending. The carrying amount of this liability approximates fair value because of the relatively short period between origination of the liability and expected settlement.

Receivables/payables for securities: Such amounts represent transactions of a short-term nature for which the statement value is considered a reasonable estimate of fair value.

Valuation Methodologies of Financial Instruments Measured at Fair Value

Bonds

Bonds with NAIC 6 or 6* designations and redeemable preferred stocks with NAIC 4, 5 or 6 designations are carried at the lower of amortized cost or fair value. Perpetual preferred stocks are carried at fair value, not to exceed any currently effective call rate. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Whenever available, the Company obtains quoted prices in active markets for identical

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

assets at the balance sheet date to measure bonds at fair value. Market price data generally is obtained from exchange or dealer markets.

The Company estimates the fair value of securities not traded in active markets, by referring to traded securities with similar attributes, using dealer quotations, a matrix pricing methodology, discounted cash flow analyses or internal valuation models. This methodology considers such factors as the issuer’s industry, the security’s rating and tenor, its coupon rate, its position in the capital structure of the issuer, yield curves, credit curves, prepayment rates and other relevant factors. For bonds that are not traded in active markets or that are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments generally are based on available market evidence. In the absence of such evidence, management’s best estimate is used.

Fair values for bonds and preferred stocks based on observable market prices for identical or similar instruments implicitly include the incorporation of counterparty credit risk. Fair values for bonds and preferred stocks based on internal models incorporate counterparty credit risk by using discount rates that take into consideration cash issuance spreads for similar instruments or other observable information.

Common Stocks (Unaffiliated)

Whenever available, the Company obtains quoted prices in active markets for identical assets at the balance sheet date to measure equity securities at fair value. Market price data is generally obtained from exchanges or dealer markets.

Freestanding Derivatives

Derivative assets and liabilities can be exchange-traded or traded OTC. The Company generally values exchange-traded derivatives, such as futures and options, using quoted prices in active markets for identical derivatives at the balance sheet date.

OTC derivatives are valued using market transactions and other observable market evidence whenever possible, including market-based inputs to models, model calibration to market clearing transactions, broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency. When models are used, the selection of a particular model to value an OTC derivative depends on the contractual terms of, and specific risks inherent in, the instrument as well as the availability of pricing information in the market. The Company generally uses similar models to value similar instruments. Valuation models can require a variety of inputs, including contractual terms, market prices and rates, yield curves, credit curves, measures of volatility, prepayment rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, such as generic forwards, swaps and options, model inputs can generally be corroborated by observable market data by correlation or other means, and model selection does not involve significant management judgment.

Certain OTC derivatives trade in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. When the Company does not have corroborating market evidence to support significant model inputs and cannot verify the model using market transactions, the transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so the model value at inception equals the transaction price. Subsequent to initial recognition, the Company updates valuation inputs when corroborated by evidence such as similar market transactions, independent third-party valuation services and/or broker or dealer quotations, or other empirical market data. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used.

Separate Account Assets

Separate account assets are comprised primarily of registered and open-ended variable funds that trade daily and are measured at fair value using quoted prices in active markets for identical assets. Certain separate account assets are carried at amortized cost.

37

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Assets and Liabilities Measured at Fair Value

The following table presents information about assets and liabilities measured at fair value:

(in millions)	Level 1		Level 2		Level 3		Counterparty Netting*		Total
December 31, 2025
Assets at fair value:
Bonds
Issuer credit obligations	$	—	$	12	$	—	$	—	$	12
Assets backed Securities	—		—		20		—		20
Total bonds	—		12		20		—		32
Preferred stock
Industrial and miscellaneous	—		—		40		—		40
Total preferred stock	—		—		40		—		40
Common stock
Industrial and miscellaneous	—		—		—		—		—
Total common stock	—		—		—		—		—
Derivative assets:
Interest rate contracts	—		14		—		—		14
Foreign exchange contracts	—		36		—		—		36
Equity contracts	6		657		1		—		664
Counterparty netting	—		—		—		(427)		(427)
Total derivative assets	6		707		1		(427)		287
Separate account assets	3,846		1,299		—		—		5,145
Total assets at fair value	$	3,852	$	2,018	$	61	$	(427)	$	5,504
Liabilities at fair value:
Derivative liabilities:
Interest rate contracts	$	—	$	12	$	—	$	—	$	12
Foreign exchange contracts	—		16		—		—		16
Equity contracts	1		379		1		—		381
Counterparty netting	—		—		—		(427)		(427)
Total derivative liabilities	1		407		1		(427)		(18)
Total liabilities at fair value	$	1	$	407	$	1	$	(427)	$	(18)

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

(in millions)	Level 1		Level 2		Level 3		Counterparty Netting*		Total
December 31, 2024
Assets at fair value:
U.S. special revenue	$	—	$	—	$	—	$	—	$	—
Industrial and miscellaneous	—		7		—		—		7
Total bonds	—		7		—		—		7
Preferred stock
Industrial and miscellaneous	—		—		40		—		40
Total preferred stock	—		—		40		—		40
Common stock
Industrial and miscellaneous	—		—		—		—		—
Total common stock	—		—		—		—		—
Derivative assets:
Interest rate contracts	—		12		41		—		53
Foreign exchange contracts	—		99		—		—		99
Equity contracts	1		404		—		—		405
Counterparty netting	—		—		—		(445)		(445)
Total derivative assets	1		515		41		(445)		112
Separate account assets	3,593		1,254		—		—		4,847
Total assets at fair value	$	3,594	$	1,776	$	81	$	(445)	$	5,006
Liabilities at fair value:
Derivative liabilities:
Interest rate contracts	$	—	$	210	$	—	$	—	$	210
Foreign exchange contracts	—		—		—		—		—
Equity contracts	—		227		—		—		227
Counterparty netting	—		—		—		(445)		(445)
Total derivative liabilities	—		437		—		(445)		(8)
Total liabilities at fair value	$	—	$	437	$	—	$	(445)	$	(8)

* Represents netting of derivative exposures covered by a qualifying master netting agreement.

39

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Changes in Level 3 Fair Value Measurements

The following tables present changes in Level 3 assets and liabilities measured at fair value and the gains (losses) related to the Level 3 assets and liabilities that remained on the Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus:

(in millions)	Bonds		Preferred Stocks		Derivative Assets		Total Assets		Derivative Liabilities
Balance, January 1, 2023	$	8	$	21	$	14	$	43	$	—
Total realized/unrealized capital gains or losses:
Included in net (loss) income	(1)		—		(27)		(28)		—
Included in surplus	(5)		—		25		20		—
Purchases, issuances and settlements	—		19		27		46		—
Transfers into Level 3	—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—
Balance, December 31, 2023	$	2	$	40	$	39	$	81	$	—
Total realized/unrealized capital gains or losses:
Included in net (loss) income	(6)		—		(12)		(18)		—
Included in surplus	6		—		2		8		—
Purchases, issuances and settlements	(2)		—		12		10		—
Transfers into Level 3	—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—
Balance, December 31, 2024	$	—	$	40	$	41	$	81	$	—
Total realized/unrealized capital gains or losses:
Included in net (loss) income	—		—		35		35		—
Included in surplus	—		—		(41)		(41)		—
Purchases, issuances and settlements	—		—		(34)		(34)		(1)
Transfers into Level 3	20		—		—		20		—
Transfers out of Level 3	—		—		—		—		—
Balance, December 31, 2025	$	20	$	40	$	1	$	61	$	(1)

Assets are transferred out of Level 3 when circumstances change such that significant inputs can be corroborated with market observable data or when the asset is no longer carried at fair value. This may be due to a significant increase in market activity for the asset, a specific event, one or more significant inputs becoming observable or when a long-term interest rate significant to a valuation becomes short-term and thus observable. Transfers out of level 3 can also occur due to favorable credit migration resulting in a higher NAIC designation. Securities are generally transferred into Level 3 due to a decrease in market transparency, downward credit migration and an overall increase in price disparity for certain individual security types. The Company’s policy is to recognize transfers in and out at the end of the reporting period, consistent with the date of the determination of fair value.

In both 2025 and 2024, there were no transfers between Level 1 and Level 2 securities.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized capital gains (losses) on instruments held at December 31, 2025 and 2024 may include changes in fair value that were attributable to both observable and unobservable inputs.

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Quantitative Information About Level 3 Fair Value Measurements

The following table presents the Company’s quantitative information about level 3 fair value measurements at December 31, 2025:

December 31, 2025	Fair Value at December 31, 2025		Valuation Technique	Unobservable Input	Unobservable Input Range (Weighted Average)
Assets:
RMBS	$	1	Discounted Cash Flow	Prepayment Speed (VPR)	6.65%-10.24% (8.05%)
				Loss severity	36.05%-63.54% (49.80%)
				Constant default rate	2.09%-3.62% (2.85%)
				Yield	5.79%-6.01% (5.90%)
Other ABS	19		Discounted Cash Flow	Yield	9.61% - 9.61% (9.61%)

41

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Gross Basis Fair Value Measurements

The following table presents the Company’s derivative assets and liabilities measured at fair value, on a gross basis, before counterparty and cash collateral netting:

(in millions)	Level 1		Level 2		Level 3		Total
December 31, 2025
Derivative assets at fair value	$	6	$	707	$	1	$	714
Derivative liabilities at fair value	(1)		(407)		(1)		(409)
December 31, 2024
Derivative assets at fair value	$	1	$	515	$	41	$	557
Derivative liabilities at fair value	—		(437)		—		(437)

Fair Value Information about Financial Instruments Not Measured at Fair Value

The following table presents the aggregate fair values of the Company’s financial instruments not measured at fair value compared to their statement values:

(in millions)	Aggregate Fair Value		Admitted Assets or Liabilities		Level 1		Level 2		Level 3
December 31, 2025
Assets:
Issuer credit obligations	$	14,278	$	15,818	$	—	$	14,126	$	152
Asset-backed securities	6,203		6,192		—		3,417		2,786
Preferred stocks	1		1		—		1		—
Common stocks	32		32		—		32		—
Cash, cash equivalents
and short-term investments	451		451		422		29		—
Mortgage loans	3,586		3,713		—		—		3,586
Contract loans	124		124		—		—		124
Derivatives	(16)		(18)		—		(16)		—
Receivables for securities	5		5		—		5		—
Separate account assets	1,360		1,360		—		1,360		—
Liabilities:
Policy reserves and contractual liabilities	459		456		—		3		456
December 31, 2024
Assets:
Bonds	$	18,106	$	20,285	$	—	$	15,299	$	2,807
Preferred stocks	4		4		—		4		—
Common stocks	14		14		—		14		—
Cash, cash equivalents
and short-term investments	269		269		243		26		—
Mortgage loans	3,390		3,684		—		—		3,390
Contract loans	128		128		—		—		128
Derivatives	166		—		—		166		—
Receivables for securities	14		14		—		14		—
Separate account assets	1,176		1,176		—		1,176		—
Liabilities:
Policy reserves and contractual liabilities	491		486		—		4		487
Payable for securities	2		2		—		2		—
Derivatives	—		—		—		—		—

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

10. AGGREGATE POLICY RESERVES AND DEPOSIT FUND LIABILITIES

The following table presents the Company’s reserves by major category:

	Years ended December 31,
(in millions)	2025		2024
Life insurance	$	3,329	$	3,329
Annuities (excluding supplementary contracts with life contingencies)	20,154		18,180
Supplementary contracts with life contingencies	163		162
Disability - active lives	1		1
Disability - disabled lives	44		47
Excess of VM-21 reserves over basic reserves	95		42
Deficiency reserves	210		214
Other miscellaneous reserve	864		1,017
Gross life and annuity reserves	24,860		22,992
Reinsurance ceded	(147)		(160)
Net life and annuity reserves	24,713		22,832
Accident and health reserves
Unearned premium reserves	7		8
Present value of amounts not yet due on claims	120		138
Additional contract reserves	44		44
Gross accident and health reserves	171		190
Reinsurance ceded	(13)		(14)
Net accident and health reserves	158		176
Aggregate policy reserves	$	24,871	$	23,008

The following table presents the withdrawal characteristics of annuity actuarial reserves and deposit-type contract funds and other liabilities without life contingencies:

A. Individual Annuities:

	December 31, 2025
(in millions)	General account		Separate account with guarantees		Separate account nonguaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :
a. With market value adjusted	$	3,264	$	—	$	—	$	3,264	14.97%
b. At book value less current surrender charge of 5% or more	7,480		—		—		7,480		34.31%
c. At fair value	—		1		3,475		3,476		15.94%
d. Total with market adjustment or at fair value	10,744		1		3,475		14,220		65.22%
e. At book value without adjustment (minimal or no charge or adjustment)	4,784		—		—		4,784		21.94%
(2) Not subject to discretionary withdrawal	2,795		—		4		2,799		12.84%
(3) Total (gross: direct + assumed)	$	18,323	$	1	$	3,479	$	21,803	100.00%
(4) Reinsurance ceded	—		—		—		—
(5) Total (net)* (3) - (4)	$	18,323	$	1	$	3,479	$	21,803
(6) Amount included in A(1)b above that will move to A(1)e in the year after statement date:	$	1,711	$	—	$	—	$	1,711

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

	December 31, 2024
(in millions)	General account		Separate account with guarantees		Separate account nonguaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :
a. With market value adjusted	$	3,598	$	—	$	—	$	3,598	17.63%
b. At book value less current surrender charge of 5% or more	5,681		—		—		5,681		27.83%
c. At fair value	—		—		3,488		3,488		17.09%
d. Total with market adjustment or at fair value	9,279		—		3,488		12,767		62.55%
e. At book value without adjustment (minimal or no charge or adjustment)	4,832		—		—		4,832		23.66%
(2) Not subject to discretionary withdrawal	2,811		—		5		2,816		13.79%
(3) Total (gross: direct + assumed)	$	16,922	$	—	$	3,493	$	20,415	100.00%
(4) Reinsurance ceded	—		—		—		—
(5) Total (net)* (3) - (4)	$	16,922	$	—	$	3,493	$	20,415
(6) Amount included in A(1)b above that will move to A(1)e in the year after statement date:	$	1,502	$	—	$	—	$	1,502

* Reconciliation of total annuity actuarial reserves and deposit fund liabilities.

B. Group Annuities:

	December 31, 2025
(in millions)	General account		Separate account with guarantees		Separate account nonguaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :
a. With market value adjusted	$	—	$	—	$	—	$	—	0.01
b. At book value less current surrender charge of 5% or more	—		—		—		—		—%
c. At fair value	—		3		1,583		1,586		32.31%
d. Total with market adjustment or at fair value	—		3		1,583		1,586		32.32%
e. At book value without adjustment (minimal or no charge or adjustment)	1,024		—		—		1,024		20.86%
(2) Not subject to discretionary withdrawal	969		1,329		—		2,298		46.82%
(3) Total (gross: direct + assumed)	$	1,993	$	1,332	$	1,583	$	4,908	100.00%
(4) Reinsurance ceded	—		—		—		—
(5) Total (net)* (3) - (4)	$	1,993	$	1,332	$	1,583	$	4,908
(6) Amount included in B(1)b above that will move to B(1)e in the year after statement date:	$	—	$	—	$	—	$	—

	December 31, 2024
(in millions)	General account		Separate account with guarantees		Separate account nonguaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :
a. With market value adjusted	$	—	$	—	$	—	$	—	—%
b. At book value less current surrender charge of 5% or more	—		—		—		—		—%
c. At fair value	—		—		1,260		1,260		32.86%
d. Total with market adjustment or at fair value	—		—		1,260		1,260		32.86%
e. At book value without adjustment (minimal or no charge or adjustment)	401		—		—		401		10.47%
(2) Not subject to discretionary withdrawal	1,022		1,151		—		2,173		56.67%
(3) Total (gross: direct + assumed)	$	1,423	$	1,151	$	1,260	$	3,834	100.00%
(4) Reinsurance ceded	—		—		—		—
(5) Total (net)* (3) - (4)	$	1,423	$	1,151	$	1,260	$	3,834
(6) Amount included in B(1)b above that will move to B(1)e in the year after statement date:	$	—	$	—	$	—	$	—

* Reconciliation of total annuity actuarial reserves and deposit fund liabilities.

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

C. Deposit-Type Contracts (no life contingencies):

	December 31, 2025
(in millions)	General account		Separate account with guarantees		Separate account nonguaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :
a. With market value adjusted	$	—	$	—	$	—	$	—	—%
b. At book value less current surrender charge of 5% or more	—		—		—		—		—%
c. At fair value	—		—		—		—		—%
d. Total with market adjustment or at fair value	—		—		—		—		—%
e. At book value without adjustment (minimal or no charge or adjustment)	—		—		—		—		—%
(2) Not subject to discretionary withdrawal	1,029		—		2		1,031		100.00%
(3) Total (gross: direct + assumed)	$	1,029	$	—	$	2	$	1,031	100.00%
(4) Reinsurance ceded	—		—		—		—
(5) Total (net)* (3) - (4)	$	1,029	$	—	$	2	$	1,031
(6) Amount included in C(1)b above that will move to C(1)e in the year after statement date:	$	—	$	—	$	—	$	—

	December 31, 2024
(in millions)	General account		Separate account with guarantees		Separate account nonguaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :
a. With market value adjusted	$	—	$	—	$	—	$	—	—%
b. At book value less current surrender charge of 5% or more	—		—		—		—		—%
c. At fair value	—		—		—		—		—%
d. Total with market adjustment or at fair value	—		—		—		—		—%
e. At book value without adjustment (minimal or no charge or adjustment)	19		—		—		19		2.90%
(2) Not subject to discretionary withdrawal	635		—		1		636		97.10%
(3) Total (gross: direct + assumed)	$	654	$	—	$	1	$	655	100.00%
(4) Reinsurance ceded	—		—		—		—
(5) Total (net)* (3) - (4)	$	654	$	—	$	1	$	655
(6) Amount included in C(1)b above that will move to C(1)e in the year after statement date:	$	—	$	—	$	—	$	—

* Represents annuity reserves reported in separate accounts liabilities.

45

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Withdrawal characteristics of Life Actuarial Reserves as of December 31, 2025:

	December 31, 2025
	General Account						Separate Account - Nonguaranteed
(in millions)	Account value		Cash value		Reserve		Account value		Cash value		Reserve
A. Subject to discretionary withdrawal,
surrender values, or policy loans:
(1) Term policies with cash value	$	—	$	9	$	21	$	—	$	—	$	—
(2) Universal life	1,015		1,014		1,114		—		—		—
(3) Universal life with secondary guarantees	126		122		771		—		—		—
(4) Indexed universal life	9		9		9		—		—		—
(5) Indexed universal life with secondary guarantees	76		52		90		—		—		—
(6) Indexed life	—		—		—		—		—		—
(7) Other permanent cash value life insurance	59		330		368		13		13		13
(8) Variable life	—		—		—		—		—		—
(9) Variable universal life	2		2		2		15		15		15
(10) Miscellaneous reserves	—		—		—		—		—		—
B. Not subject to discretionary withdrawal
or no cash values
(1) Term policies without cash value	XXX		XXX		$	953	XXX		XXX		$	—
(2) Accidental death benefits	XXX		XXX		—		XXX		XXX		—
(3) Disability - active lives	XXX		XXX		1		XXX		XXX		—
(4) Disability - disabled lives	XXX		XXX		44		XXX		XXX		—
(5) Miscellaneous reserves	XXX		XXX		272		XXX		XXX		—
C. Total (gross: direct + assumed)	$	1,287	$	1,538	$	3,645	$	28	$	28	$	28
D. Reinsurance ceded	35		42		147		—		—		—
E. Total (net) (C) - (D)	$	1,252	$	1,496	$	3,498	$	28	$	28	$	28

46

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Withdrawal characteristics of Life Actuarial Reserves as of December 31, 2024:

	December 31, 2024
	General Account						Separate Account - Nonguaranteed
(in millions)	Account value		Cash value		Reserve		Account value		Cash value		Reserve
A. Subject to discretionary withdrawal,
surrender values, or policy loans:
(1) Term policies with cash value	$	—	$	10	$	23	$	—	$	—	$	—
(2) Universal life	1,053		1,050		1,153		—		—		—
(3) Universal life with secondary guarantees	130		124		747		—		—		—
(4) Indexed universal life	7		6		7		—		—		—
(5) Indexed universal life with secondary guarantees	63		43		77		—		—		—
(6) Indexed life	—		—		—		—		—		—
(7) Other permanent cash value life insurance	57		335		375		12		12		12
(8) Variable life	—		—		—		—		—		—
(9) Variable universal life	1		1		1		14		14		14
(10) Miscellaneous reserves	—		—		—		—		—		—
B. Not subject to discretionary withdrawal
or no cash values
(1) Term policies without cash value	XXX		XXX		$	947	XXX		XXX		$	—
(2) Accidental death benefits	XXX		XXX		—		XXX		XXX		—
(3) Disability - active lives	XXX		XXX		1		XXX		XXX		—
(4) Disability - disabled lives	XXX		XXX		47		XXX		XXX		—
(5) Miscellaneous reserves	XXX		XXX		279		XXX		XXX		—
C. Total (gross: direct + assumed)	$	1,311	$	1,569	$	3,657	$	26	$	26	$	26
D. Reinsurance ceded	37		45		160		—		—		—
E. Total (net) (C) - (D)	$	1,274	$	1,524	$	3,497	$	26	$	26	$	26

11. SEPARATE ACCOUNTS

Separate Accounts

The separate accounts held by the Company consist primarily of variable life insurance policies and variable annuities. These contracts generally are non-guaranteed in nature such that the benefit is determined by the performance and/or market value of the investments held in the separate accounts. The net investment experience of the separate accounts is credited directly to the policyholder and can be positive or negative.

Certain separate accounts relate to pension risk transfer annuities and registered index-linked annuity contracts in which the assets are carried at amortized cost.

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

In accordance with the products/transactions recorded within the separate accounts, some assets are considered legally insulated whereas others are not legally insulated from the general account. The legal insulation of the separate account assets prevents such assets from being generally available to satisfy claims resulting from the general account.

47

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents separate account assets by product or transaction:

	December 31, 2025					December 31, 2024
(in millions)	Legally Insulated Assets			Separate Accounts Assets (Not Legally Insulated)		Legally Insulated Assets			Separate Accounts Assets (Not Legally Insulated)
Variable annuity products		$	5,118	$	—		$	4,846	$	—
Variable universal life products		28		—			26		—
Pension risk transfer annuities		1,359		—			1,151		—
Total		$	6,505	$	—		$	6,023	$	—

Some separate account liabilities are guaranteed by the general account. To compensate the general account for the risks taken, the separate accounts pay risk charges to the general account.

If claims were filed on all contracts, the current total maximum guarantee the general account would provide to the separate account as of December 31, 2025 and 2024 is $31 million and $39 million, respectively.

There was no separate account business seed money at December 31, 2025 and 2024.

The following table presents the risk charges paid by the separate accounts and the guarantees paid by the general account:

(in millions)	Risk Charge paid by the Separate Account		Guarantees Paid by the General Account
2025	$	55	$	—
2024	45		1
2023	55		2
2022	63		2
2021	53		1

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents information regarding the separate accounts:

(in millions)	Indexed		Non-indexed guarantee less than or equal to 4%		Non-indexed guarantee more than 4%		Non-guaranteed separate accounts		Total
December 31, 2025
Premiums, considerations or deposits	$	5	$	—	$	—	$	600	$	605
Reserves for accounts with assets at:
Market value	$	—	$	—	$	—	$	5,092	$	5,092
Amortized cost	4		1,329		—		—		1,333
Total reserves	$	4	$	1,329	$	—	$	5,092	$	6,425
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	4	$	1,329	$	—	$	—	$	1,333
At market value	—		—		—		5,086		5,086
Subtotal	4		1,329		—		5,086		6,419
Not subject to discretionary withdrawal	—		—		—		6		6
Total reserves	$	4	$	1,329	$	—	$	5,092	$	6,425
December 31, 2024
Premiums, considerations or deposits	$	—	$	—	$	—	$	230	$	230
Reserves for accounts with assets at:
Market value	$	—	$	—	$	—	$	4,780	$	4,780
Amortized cost	—		1,151		—		—		1,151
Total reserves	$	—	$	1,151	$	—	$	4,780	$	5,931
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	—	$	1,151	$	—	$	—	$	1,151
At market value	—		—		—		4,774		4,774
Subtotal	—		1,151		—		4,774		5,925
Not subject to discretionary withdrawal	—		—		—		6		6
Total reserves	$	—	$	1,151	$	—	$	4,780	$	5,931
December 31, 2023
Premiums, considerations or deposits	$	—	$	—	$	—	$	267	$	267
Reserves for accounts with assets at:
Market value	$	—	$	—	$	—	$	4,530	$	4,530
Amortized cost	—		1,128		—		—		1,128
Total reserves	$	—	$	1,128	$	—	$	4,530	$	5,658
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	—	$	1,128	$	—	$	—	$	1,128
At market value	—		—		—		4,528		4,528
Subtotal	—		1,128		—		4,528		5,656
Not subject to discretionary withdrawal	—		—		—		2		2
Total reserves	$	—	$	1,128	$	—	$	4,530	$	5,658

Reconciliation of Net Transfers to or from Separate Accounts

The following table presents a reconciliation of the net transfers to (from) separate accounts:

	Years Ended December 31,
(in millions)	2025		2024		2023
Transfers to separate accounts	$	604	$	230	$	267
Transfers from separate accounts	(559)		(501)		(327)
Net transfers to (from) separate accounts	45		(271)		(60)
Reconciling adjustments:
Reinsurance agreement with VALIC	3		—		—
Total reconciling adjustments	3		—		—
Transfers as reported in the Statutory Statements of Operations	$	48	$	(271)	$	(60)

49

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

12. PARTICIPATING POLICY CONTRACTS

Participating policy contracts entitle a policyholder to share in earnings through dividend payments. These contracts represented 0.0 percent, 0.0 percent and 3.4 percent of gross insurance in-force at December 31, 2025, 2024 and 2023, respectively. Policyholder dividends for the years ended December 31, 2025, 2024 and 2023 were immaterial.

13. PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED

The following table presents the deferred and uncollected insurance premiums and annuity consideration (before deduction for amounts non-admitted):

	December 31, 2025				December 31, 2024
(in millions)	Gross		Net of Loading		Gross		Net of Loading
Ordinary new business	1		1		1		1
Ordinary renewal	14		43		16		52
Group life	(1)		(1)		(1)		(1)
Total	$	14	$	43	$	16	$	52

14. REINSURANCE

In the ordinary course of business, the Company utilizes internal and third-party reinsurance transactions to manage insurance risks and to facilitate capital management strategies. Long-duration reinsurance is effected principally under yearly renewable term treaties. Pools of highly-rated third party reinsurers are utilized to manage net amounts at risk in excess of retention limits. Reinsurance agreements do not relieve the Company of its direct obligations to insureds and beneficiaries. Thus, a credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer fails to meet the obligations assumed under any reinsurance agreement. In addition, the Company assumes reinsurance from other insurance companies.

Reinsurance premiums assumed were $1.6 billion in 2025, and were immaterial in 2024 and 2023. Reinsurance premiums ceded in 2025, 2024 and 2023 were $103 million, $133 million and $152 million, respectively. Additionally, reserves on reinsurance assumed were $621 million at December 31, 2025 and were immaterial at December 31, 2024. The reserve credit taken on reinsurance ceded was $160 million and $174 million at December 31, 2025 and 2024, respectively. Amounts payable or recoverable for reinsurance on policy and contract liabilities are not subject to periodic or maximum limits. At December 31, 2025 and 2024, the Company’s reinsurance recoverables were $60 million and $31 million, respectively.

As of December 31, 2025 and 2024, $4.1 billion and $4.4 billion of the Company’s reserves representing a mix of run-off life and annuity risks were ceded to Fortitude Reinsurance Company Ltd. (“Fortitude Re”) under modified coinsurance agreements.

Affiliate Reinsurance Treaties

Effective March 31, 2025, the Company executed an indemnity combination coinsurance and modified coinsurance agreement with its affiliate, VALIC, covering certain of VALIC’s variable annuity products reinsured under the agreement. The impact of the agreement on first quarter 2025 is below. In 2025, the agreement decreased the Company’s pre-tax earnings by $36 million.

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The impact of the VALIC Agreement at inception on March 31, 2025 is below:

(in millions)
Increase (Decrease)
Summary of Operations
Premiums and annuity considerations	$	1,558
Total revenue	1,558
Increase in aggregate reserves for life contracts	713
Modco reserve adjustment assumed	845
Total benefits and expenses	1,558
Net gain from operations before federal income taxes	—

The Company has a coinsurance/modified coinsurance agreement (the “Co/Modco Agreement”) with Corebridge Bermuda. Under the Co/Modco Agreement, Corebridge Bermuda reinsures a 90 percent quota share of the Company’s net liability on term life contracts issued by the Company with issue dates on or after March 1, 2002 through August 1, 2009. Corebridge Bermuda is a Bermuda licensed insurer but is not accredited as a reinsurer in the State of New York. At December 31, 2025 and 2024, the Company did not report any liabilities for unauthorized reinsurance, as the coinsurance reserves ($76 million and $84 million, respectively) ceded to Corebridge Bermuda were fully secured by a letter of credit. The letter of credit, secured by Corebridge Bermuda for the benefit of the Company, contain applicable provisions required by NAIC SAP and are subject to reimbursement by Corebridge in the event of a drawdown. In addition, there are certain terms and conditions regarding events of default, which if triggered by future events, would require the Company to pursue a variety of remedies to preserve the amount of the reserve credit. Pursuant to the modified coinsurance portion of the Co/Modco Agreement, the Company does not record a reserve credit since it retains, controls, and owns all assets held in relation to the modified coinsurance reserve.

The Co/Modco Agreement decreased the Company’s pre-tax earnings by $52 million, $51 million and $56 million in 2025, 2024 and 2023, respectively. The agreement is unlimited in duration, but was amended to terminate for new business issued on and after August 1, 2009.

15. FEDERAL INCOME TAXES

Recent U.S. Tax Law Changes

The Inflation Reduction Act of 2022 (H.R. 5376), (the “Inflation Reduction Act”) includes a 15% CAMT on adjusted financial statement income for corporations with average profits over $1 billion over a three-year period and a 1% stock buyback tax. In 2024, the U.S. Treasury and Internal Revenue Service (“IRS”) published proposed regulations with respect to the CAMT. On September 30, 2025, the IRS issued Notice 2025-46 and Notice 2025-49 which provide favorable interim guidance on tax consolidations. These Notices provide an option to calculate the Company’s CAMT liability based on the consolidated tax group while subject to the waiting period, as well as certain other matters that do not have a significant impact on the Company. The Company’s estimated CAMT liability will continue to be refined based on future guidance.

The AGC Life consolidated federal income tax return group, of which the Company is a member, has determined that as of the reporting date it is an applicable reporting entity for the CAMT.

The One Big Beautiful Bill Act (H.R. 1) (“OBBB”) was signed into law on July 4, 2025. The tax provisions of the OBBB are not expected to have a material impact on the Company’s financial results.

51

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the components of the net deferred tax assets and liabilities:

	December 31, 2025						December 31, 2024						Change
(in millions)	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary		Capital		Total
Gross DTA	$	754	$	43	$	797	$	717	$	130	$	847	$	37	$	(87)	$	(50)
Statutory valuation allowance adjustment	—		29		29		—		19		19		—		10		10
Adjusted gross DTA	754		14		768		717		111		828		37		(97)		(60)
DTA non-admitted	550		14		564		515		111		626		35		(97)		(62)
Net admitted DTA	204		—		204		202		—		202		2		—		2
DTL	15		—		15		15		—		15		—		—		—
Total	$	189	$	—	$	189	$	187	$	—	$	187	$	2	$	—	$	2

The following table presents the ordinary and capital DTA admitted assets as the result of the application of SSAP 101:

	December 31, 2025						December 31, 2024						Change
(in millions)	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary		Capital		Total
Admission calculation components
SSAP 101
Federal income taxes paid in prior years recoverable through loss carry backs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Adjusted gross DTA expected to be realized (excluding amount of DTA from above) after application of the threshold limitation	189		—		189		187		—		187		2		—		2
1. Adjusted gross DTA expected to be realized following the reporting date	189		—		189		187		—		187		2		—		2
2. Adjusted gross DTA allowed per limitation threshold	XXX		XXX		371		XXX		XXX		361		XXX		XXX		10
Adjusted gross DTA (excluding the amount of DTA from above) offset by gross DTL	15		—		15		15		—		15		—		—		—
DTA admitted as the result of application of SSAP 101	$	204	$	—	$	204	$	202	$	—	$	202	$	2	$	—	$	2

The following table presents the ratio percentage and amount of adjusted capital to determine the recovery period and threshold limitation amount:

	Years Ended December 31,
($ in millions)	2025			2024
Ratio percentage used to determine recovery period and threshold limitation amount	980		%	1,018		%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation amount	$	2,475		$	2,410

The Company has no tax planning strategies used in the determination of adjusted gross DTA’s or net admitted DTA’s.

The Company’s tax planning strategy does not include the use of reinsurance.

The Company is not aware of any significant DTLs that are not recognized in the statutory financial statements.

52

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following tables present the major components of the current income tax expense and net deferred tax assets (liabilities):

	Years Ended December 31,
(in millions)	2025		2024		2023
Current income tax expense
Federal	$	38	$	107	$	46
Federal income tax on net capital gains (losses)	(69)		(8)		(7)
Federal income tax incurred	(31)		99		39
	Years Ended December 31,
(in millions)	2025		2024		Change
Deferred tax assets:
Ordinary:
Policyholder reserves	$	507	$	522	$	(15)
Investments	77		27		50
Deferred acquisition costs	140		158		(18)
Fixed assets	4		5		(1)
Net operating loss carry forward	—		—		—
Tax credit carryforward	—		—		—
Other (including items less than 5% of total ordinary tax assets)	26		5		21
Subtotal	754		717		37
Non-admitted	550		515		35
Admitted ordinary deferred tax assets	204		202		2
Capital:
Investments	16		130		(114)
Net capital loss carry-forward	27		—		27
Real Estate	—		—		—
Subtotal	43		130		(87)
Statutory valuation allowance adjustment	29		19		10
Non-admitted	14		111		(97)
Admitted capital deferred tax assets	—		—		—
Admitted deferred tax assets	204		202		2
Deferred tax liabilities:
Ordinary:
Deferred and uncollected premium	15		15		—
Policyholder reserves	—		—		—
Deferred tax liabilities	15		15		—
Net deferred tax assets	$	189	$	187	$	2

53

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The change in net deferred income taxes is comprised of the following (this analysis is exclusive of non-admitted assets as the change in non-admitted assets and the change in net deferred income taxes are reported in separate components of capital and surplus):

	Years Ended December 31,
(in millions)	2025		2024		Change
Total adjusted deferred tax assets	$	769	$	828	$	(59)
Total deferred tax liabilities	15		15		—
Net adjusted deferred tax assets	$	754	$	813	(59)
Tax effect of unrealized gains (losses)					46
Change in net deferred income tax					$	(13)

The provision for incurred federal taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The following table presents the significant items causing this difference:

	December 31, 2025				December 31, 2024				December 31, 2023
(in millions)	Amount		Effective Tax Rate		Amount		Effective Tax Rate		Amount		Effective Tax Rate
Income tax expense at applicable rate	$	(1)	21.0	%	$	63	21.0	%	$	136	21.0	%
Change in valuation adjustment	10		(178.8)		(4)		(1.3)		(6)		(1.0)
Surplus adjustments	(1)		8.1		1		0.3		(2)		(0.4)
Prior year return true-ups and adjustments	(2)		57.4		(2)		(1.0)		(5)		(0.8)
Amortization of interest maintenance reserve	(21)		378.7		(6)		(1.9)		(15)		(2.3)
Change in non-admitted assets	(1)		0.1		4		1.5		(3)		(0.4)
Dividend received deduction	(2)		41.2		(2)		(0.6)		(2)		(0.3)
Other permanent adjustments	—		—		—		—		(1)		(0.1)
Statutory income tax expense (benefit)	$	(18)	327.7	%	$	54	18.0	%	$	102	15.7	%
Federal income taxes incurred	$	(31)	551.2	%	$	99	32.9	%	$	38	5.9	%
Change in net deferred income taxes	13		(223.5)		(45)		(14.9)		64		9.8
Total statutory income taxes	$	(18)	327.7	%	$	54	18.0	%	$	102	15.7	%

At December 31, 2025, the Company had no foreign tax credit carryforwards.

At December 31, 2025, the Company had no U.S. federal operating loss carryforwards.

At December 31, 2025, the Company has the following capital loss carryforwards (in millions).

Year Expires	Amount
2030	$	27
Total	$	27

At December 31, 2025, the Company had no general business credit carryforwards.

At December 31, 2025, the Company had no alternative minimum tax credits.

At December 31, 2025, the Company had no CAMT credits.

54

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents income tax incurred that is available for recoupment in the event of future net losses:

(in millions)
December 31,	Capital
2023	—
2024	—
2025	—
Total	—

In general, realization of DTAs depends on a company's ability to generate sufficient taxable income of the appropriate character within the carryforward periods in the jurisdictions in which the net operating losses and deductible temporary differences were incurred. In accordance with the requirements established in SSAP 101, the Company assessed its ability to realize DTAs of $797 million and concluded that a $29 million valuation allowance was required at December 31, 2025. The Company concluded that a $19 million valuation allowance was required on the DTAs of $847 million at December 31, 2024.

The Company had no deposits admitted under Internal Revenue Code Section 6603.

The following table presents a reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits, excluding interest and penalties:

	Years Ended December 31,
(in millions)	2025		2024
Gross unrecognized tax benefits at beginning of year	$	—	$	—
Increases in tax position for prior years	—		—
Decreases in tax position for prior years	—		—
Gross unrecognized tax benefits at end of year	$	—	$	—

At December 31, 2025 and 2024, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $0.1 million and $(0.1) million, respectively.

Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At both December 31, 2025 and 2024, the Company had no accrued liabilities for the payment of interest (net of the federal benefit) and penalties. In 2025 and 2024, the Company did not recognize any expense of interest (net of the federal benefit) and penalties.

The Company regularly evaluates proposed adjustments by taxing authorities. At December 31, 2025, such proposed adjustments would not have resulted in a material change to the Company’s financial condition, although it is possible that the effect could be material to the Company’s results of operations for an individual reporting period. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next twelve months, based on the information currently available, the Company does not expect any change to be material to its financial condition.

The Company is currently under IRS examinations for the taxable years 2011-2019 and engaging in the IRS Appeals process in regard to years 2007-2010. Although the final outcome of possible issues raised in any future examination are uncertain, the Company believes that the ultimate liability, including interest, will not materially exceed amounts recorded in the financial statements. The Company's taxable years 2007-2024 remain subject to examination by major tax jurisdictions.

The Company is not subject to the repatriation transition tax for the year ended December 31, 2025.

The Company joined with AGC Life, AGL, VALIC and Corebridge Bermuda in filing a consolidated life company federal income tax return.

The Company has a written agreement with AGC Life, under which each subsidiary agrees to pay the parent company an amount equal to the consolidated federal income tax expense multiplied by the ratio that the subsidiary's separate return tax liability bears to the consolidated tax liability, plus one hundred percent of the excess of the subsidiary's

55

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

separate return tax liability over the allocated consolidated tax liability. AGC Life agrees to pay each subsidiary for the tax benefits, if any, of net operating losses, net capital losses and tax credits which are not usable by the subsidiary, but which are used by other members of the consolidated group.

The Company may be charged with a portion of CAMT incurred by the AGC Life consolidated group (or credited with a portion of the consolidated group’s CAMT credit utilization).

16. CAPITAL AND SURPLUS

RBC standards are designed to measure the adequacy of an insurer’s statutory capital and surplus in relation to the risks inherent in its business. The RBC standards consist of formulas that establish capital requirements relating to asset, insurance, business and interest rate risks. The standards are intended to help identify companies that are under-capitalized, and require specific regulatory actions in the event an insurer’s RBC is deficient. The RBC formula develops a risk-adjusted target level of adjusted statutory capital and surplus by applying certain factors to various asset, premium and reserve items. Higher factors are applied to more risky items and lower factors are applied to less risky items. Thus, the target level of statutory surplus varies not only because of the insurer’s size, but also on the risk profile of the insurer’s operations. At December 31, 2025, the Company exceeded RBC requirements that would require any regulatory action.

The Company is subject to New York Insurance Law (“NYIL”), which imposes certain restrictions on shareholder dividends and has two different standards for determination of ordinary dividends (Sections 4207(a)(2) and 4207(a)(3)). Under Section 4207(a)(2), the maximum amount of dividends that can be paid by New York domiciled life insurance companies out of earned surplus without prior notice to the NYDFS in a calendar year is the greater of (1) 10 percent of surplus as regards policyholders as of the immediately preceding calendar year or (2) the net gain from operations of the Company for the immediately preceding calendar year. Section 4207(a)(2) further provides that an insurer may not distribute an ordinary dividend in the calendar year immediately following a calendar year in which the insurer’s net gain from operations, not including realized capital gains, was negative, without the approval of the NYDFS Superintendent. Under Section 4207(a)(3), the maximum amount of dividends that can be paid by New York domiciled life insurance companies without prior approval of the NYDFS in a calendar year is the lessor of (1) 10 percent of surplus as regards policyholders as of the immediately preceding calendar year or (2) the net gain from operations of the Company for the immediately preceding calendar year. Based on current management estimates, the Company would elect the standard under NYIL Section 4207(a)(2). The maximum amount of dividends that the Company may pay to AGC Life (as immediate parent company) without prior approval of the NYDFS in 2026 is $187 million, subject to availability of earned surplus.

Dividends are paid as determined by the Board of Directors and are noncumulative. The following table presents the dividends paid by the Company during 2025, 2024 and 2023:

Date	Type	Cash or Non-cash	Amount (in millions)
2025
March 28, 2025	Ordinary	Cash	$	213
2024
March 25, 2024	Ordinary	Cash	320
2023
—	—	—	—

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

17. RETIREMENT AND SHARE-BASED AND DEFERRED COMPENSATION

The Company does not directly sponsor any defined benefit or defined contribution plans and does not participate in any multi-employer plans.

Employee Retirement and Postretirement Benefit Plans

Corebridge provides post-employment medical and life benefits for certain retired employees. The Company receives an allocation of the Company’s share of expenses based on estimated claims less contributions from participants.

The following table presents information about employee-related costs (expense credits):

	Years Ended December 31,
(in millions)	2025		2024		2023
Defined benefit plans	$	—	$	—	$	1

Defined Contribution Plan

The Company’s employees participate in the Corebridge Financial Inc. Retirement Savings 401(k) Plan (“401(k) plan”), a qualified defined contribution plan that provides for pre-tax salary contributions by its US employees, as well as an employer contribution. The 401(k) plan provides pre-tax salary reduction contributions by its U.S. employees. Employer matching contributions of 100 percent are made on the first six percent of participant contributions, subject to IRS-imposed limitations, and an additional fully vested, non-elective, non-discretionary employer contribution equal to three percent of the participant’s annual base compensation for the plan year, paid each pay period regardless of whether the participant currently contributes to the plan, and subject to the IRS-imposed limitations. The Company’s pre-tax expense associated with this plan was $3 million, $3 million and $3 million in 2025, 2024 and 2023, respectively.

Share-based and Deferred Compensation Plans

The Company’s employees participate in several stock compensation programs under the Corebridge Financial, Inc. Long-term Incentive Plan (each as applicable, the “LTIP”), which are governed by the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan, as amended and restated on February 16, 2023, (the “2022 Plan”, together with the LTIP, the “Corebridge Plans”). Corebridge’s LTIP provides for an annual award to certain employees, including senior executive officers and other highly compensated employees, that may comprise a combination of one or more of the following units: performance share units (“PSUs”), restricted stock units (“RSUs”) or stock options.PSUs are earned based on Corebridge achieving specified performance goals at the end of a three-year performance period. RSUs and stock options are earned based solely on continued service by the participant and vesting occurs in three equal installments on the first, second and third anniversaries of the grant date.

The Company recognized compensation expenses of $4 million, $3 million and $0 million for the years ending December 31, 2025, 2024 and 2023, respectively, on the grant date of the awards.

18. DEBT

The Company is a member of the Federal Home Loan Bank (“FHLB”) of New York. Membership with the FHLB provides the Company with collateralized borrowing opportunities, primarily as an additional source of liquidity or for other uses deemed appropriate by management. The Company’s ownership in the FHLB stock is reported as common stock. Pursuant to the membership terms, the Company elected to pledge such stock to the FHLB as collateral for the Company’s obligations under agreements entered into with the FHLB.

Cash advances obtained from the FHLB are reported in and accounted for as borrowed money. The Company may periodically obtain cash advances on a same-day basis, up to a limit determined by management and applicable laws.

The Company is required to pledge certain mortgage-backed securities, government and agency securities and other qualifying assets to secure advances obtained from the FHLB. To provide adequate collateral for potential advances, the Company has pledged securities to the FHLB in excess of outstanding borrowings. Upon any event of default by the Company, the recovery by the FHLB would generally be limited to the amount of the Company’s liability under advances borrowed.

57

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the aggregate carrying value of stock held with the FHLB of New York and the classification of the stock:

	December 31,
(in millions)	2025		2024
Membership stock - Class B	$	8	$	8
Activity stock	23		$	6
Total	$	31	$	14
Actual or estimated borrowing capacity as determined by the insurer	$	837	$	802

The Company did not hold any Class A at December 31, 2025 or 2024.

The following table presents the amount of collateral pledged, including FHLB common stock held, to secure advances from the FHLB:

	December 31, 2025				December 31, 2024
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Amount pledged	$	1,219	$	1,160	$	533	$	471
Maximum amount pledged during reporting period	1,363		1,259		577		512

The Company’s borrowing capacity determined quarterly based upon the borrowing limit imposed by statute in the state of domicile.

The following table presents the outstanding funding agreements and maximum borrowings from the FHLB:

	December 31,
(in millions)	2025		2024
Amount outstanding	$	525	$	146
Maximum amount borrowed during reporting period	$	548	$	240

While the funding agreements are presented herein to show all amounts received from FHLB, the funding agreements are treated as deposit-type contracts, consistent with the other funding agreements for which the Company’s intent is to earn a spread and not to fund operations. The Company had no debt outstanding with the FHLB at December 31, 2025 or 2024.

The following table reflects the principal amounts of the funding agreements issued to the FHLB:

(in millions)
Funding Agreements	Date Issued	Amounts
5-year fixed rate	March 25, 2025	$	525

19. COMMITMENTS AND CONTINGENCIES

Commitments

The Company had commitments to provide funding to various limited partnerships totaling $438 million and $369 million at December 31, 2025 and 2024, respectively. The commitments to invest in limited partnerships and other funds may be called at the discretion of each fund, as needed and subject to the provisions of such fund’s governing documents, for funding new investments, follow-on investments and/or fees and other expenses of the fund.

At December 31, 2025 and 2024, the Company had $124 million and $185 million, respectively, of outstanding commitments related to various funding obligations associated with its investments in commercial mortgage loans.

The Company has various leases, substantially all of which are for office space and facilities. Rentals under financing leases, contingent rentals, future minimum rental commitments, and rental expense under operating leases are not material.

58

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Contingencies

Legal Matters

Various lawsuits against the Company have arisen in the ordinary course of business. The Company believes it is unlikely that contingent liabilities arising from such lawsuits will have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Regulatory Matters

Various federal, state or other regulatory agencies may from time to time review, examine or inquire into the operations, practices and procedures of the Company, such as through financial examinations, subpoenas, investigations, market conduct exams or other regulatory inquiries. Based on the current status of pending regulatory examinations, investigations, and inquiries involving the Company, the Company believes it is not likely that these regulatory examinations, investigations, or inquiries will have a material adverse effect on the financial position, results of operations or cash flows of the Company.

Other Contingencies

All fifty states and the District of Columbia have laws requiring solvent life insurance companies, through participation in guaranty associations, to pay assessments to protect the interests of policyholders of insolvent life insurance companies. These state insurance guaranty associations generally levy assessments, up to prescribed limits, on member insurers in a particular state based on the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer is engaged. Such assessments are used to pay certain contractual insurance benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. The Company accrues liabilities for guaranty fund assessments (“GFA”) when an assessment is probable and can be reasonably estimated. The Company estimates the liability using the latest information available from the National Organization of Life and Health Insurance Guaranty Associations. While the Company cannot predict the amount and timing of any future GFA, the Company has established reserves it believes are adequate for assessments relating to insurance companies that are currently subject to insolvency proceedings.

The Company accrued $2 million at December 31, 2025 and $2 million at December 31, 2024, for GFA. The Company has recorded receivables of $699 thousand and $632 thousand at December 31, 2025 and 2024, respectively, for expected recoveries against the payment of future premium taxes.

20. RELATED PARTY TRANSACTIONS

Affiliate Transactions

See Note 14 for details of affiliate reinsurance transactions.

On October 28, 2024, the Company and its affiliate, AGL, executed a Surplus Note Agreement, pursuant to which the Company purchased a $500 million surplus note issued by AGL. The surplus note pays interest of 5.725% per annum and has a maturity date of October 28, 2027.

During the year ended December 31, 2025, the Company purchased and sold securities, at fair market value, from or to one or more of its affiliates in the ordinary course of business.

At December 31, 2025, the Company's unfunded capital commitment to US Fund I, US Fund II, US Fund III, US Fund IV, US Fund V Europe Fund I and Europe Fund II (which are managed by an affiliate) were approximately $21 million, $14.2 million, $8.3 million, $14.9 million, $75 million, $7.2 million and $14.2 million respectively.

At December 31, 2024, the Company’s unfunded capital commitment to U.S. Fund I, U.S. Fund II, U.S Fund III, US Fund IV, Europe Fund I and Europe Fund II (which are managed by an affiliate) were approximately $21.6 million, $14.2 million, $10.7 million, $23 million, $6.7 million and $17.1 million, respectively.

59

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Financing Agreements

The Company and certain of its affiliates have a revolving loan facility with Corebridge, pursuant to which the Company and each such affiliate can, on a several basis, borrow monies from Corebridge (as lender) subject to the terms and conditions stated therein. Principal amounts borrowed under this facility may be repaid and re-borrowed, in whole or in part, from time to time, without penalty. However, the total aggregate amount of loans borrowed by all borrowers under the facility cannot exceed $500 million. The loan facility also sets forth individual borrowing limits for each borrower, with the Company’s maximum borrowing limit being $500 million.

At both December 31, 2025 and 2024, the Company did not have a balance outstanding under this facility.

Investments in Subsidiary, Controlled and Affiliated Entities

The following table presents information regarding the Company’s investments in non-insurance SCA entities as of December 31, 2025:

(in millions)	Gross Amount		Non-admitted Amount		Admitted Asset Amount		Date of NAIC Filing
Corebridge U.S. Real Estate Fund V (A), LP	$	(1)	$	—	$	(1)	NA
Corebridge REI LB Southeast Industrial Joint Venture, LP.	56		—		56		NA
Bayshore PII Company LLC	3		—		3		NA
Corebridge Europe Real Estate Fund II LR Feeder, LLC	38		—		38		NA
Corebridge Deco Fund II, LLC	122		—		122		NA
Branch Retail Partners II, LP.	1		—		1		NA
GRE LB Industrial Joint Venture II, LP	4		—		4		NA
Corebridge U.S. Real Estate Fund IV Development Sidecar LP	13		—		13		NA
Gull Holding Company, LLC	4		—		4		NA
Corebridge U.S. Real Estate Fund IV, LP	38		—		38		NA
Bayshore Shopping Center JV LLC	4		—		4		NA
Corebridge U.S. Real Estate Fund I, LP	6		—		6		NA
Corebridge U.S. Real Estate Fund III, LP	13		—		13		NA
Corebridge U.S. LT Apartments JV, LP.	18		—		18		NA
Corebridge U.S. Real Estate Fund II, LP	13		—		13		NA
Corebridge Europe Real Estate Fund I S.C.SP	2		—		2		NA
Total	$	334	$	—	$	334

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents information regarding the Company’s investments in non-insurance SCA entities as of December 31, 2024:

(in millions)	Gross Amount		Non-admitted Amount		Admitted Asset Amount		Date of NAIC Filing
Corebridge REI LB Southeast Industrial Joint Venture, LP.	$	55	$	—	$	55	NA
Corebridge Europe Real Estate Fund II LR Feeder, LLC	30		—		30		NA
Corebridge Deco Fund II, LLC	131		—		131		NA
Branch Retail Partners II, LP	(1)		—		(1)		NA
GRE LB Industrial Joint Venture II, LP	5		—		5		NA
Corebridge U.S. Real Estate Fund IV Development Sidecar LP	12		—		12		NA
Corebridge U.S. Real Estate Fund IV, LP	43		—		43		NA
Bayshore Shopping Center JV LLC	6		—		6		NA
Corebridge U.S. Real Estate Fund I, LP	10		—		10		NA
Corebridge U.S. Real Estate Fund III, LP	18		—		18		NA
Corebridge U.S. LT Apartments JV, LP	18		—		18		NA
Corebridge U.S. Real Estate Fund II, LP	18		—		18		NA
Corebridge Europe Real Estate Fund I S.C.SP	2		—		2		NA
Bayshore PII Company LLC	3		—		3		NA
Total	$	350	$	—	$	350

Operating Agreements

The Company had investments in a Liquidity Pool in which funds were managed by an affiliate, Corebridge Institutional Investments, LLC (formerly known as AIG Asset Management (U.S.), LLC), in the amount of $240 million at December 31, 2023.

Pursuant to service and expense agreements, Corebridge and affiliates provide, or cause to be provided, administrative, marketing, investment management, accounting, occupancy, and data processing services to the Company. The allocation of costs for services is based generally on estimated levels of usage, transactions or time incurred in providing the respective services. Generally, these agreements provide for the allocation of costs upon either the specific identification basis or a proportional cost allocation basis which management believes to be reasonable. In all cases, billed amounts pursuant to these agreements do not exceed the cost to Corebridge or the affiliate providing the service. The Company was charged $138 million, $131 million and $112 million under such agreements in 2025, 2024 and 2023, respectively.

Pursuant to an amended and restated investment advisory agreement, certain of the Company’s invested assets are managed by an affiliate. The investment management fees incurred were $23 million, $20 million and $23 million in 2025, 2024 and 2023, respectively.

21. SUBSEQUENT EVENTS

Management considers events or transactions that occur after the reporting date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures. The Company has evaluated subsequent events through April 17, 2026, the date the financial statements were issued.

On June 25, 2025, the Company entered into a Master Transaction Agreement (the “Agreement”) with Corporate Solutions Life Reinsurance Company, an Iowa-domiciled insurance company (the “VA Reinsurer”), pursuant to which, among other things, subject to the terms and conditions thereof, at the applicable closing of the transactions contemplated thereby, the Company and the VA Reinsurer will enter into a coinsurance and modified coinsurance agreement (the “VA Reinsurance Agreement”). Under the terms of the VA Reinsurance Agreement, the Company will

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

cede to the VA Reinsurer 100% of the applicable reinsured liabilities with respect to in-force individual retirement variable annuity contracts issued prior to the effective time of the VA Reinsurance Agreement. The closing of the VA Reinsurance Agreement occurred on January 2, 2026. As of January 2, 2026, the Company transferred to the VA Reinsurer $192 million of assets primarily consisting of bonds supporting the general account liabilities, net of a ceding commission. Additionally, $3.5 billion of separate account liabilities were ceded under the modco portion of the agreement.

On March 26, 2026, Corebridge Financial, Inc. and Equitable Holdings, Inc. announced that they have entered into a definitive agreement to combine in an all-stock merger. The transaction is expected to close by year-end 2026, subject to customary closing conditions, including the receipt of required regulatory approvals and approval of shareholders of both Corebridge and Equitable.

The Company paid an ordinary cash dividend of $223.5 million to AGC Life on March 26, 2026.

62

Supplemental Information

The accompanying supplemental schedules and interrogatories present selected statutory financial data as of December 31, 2025 and for the year then ended for purposes of complying with the National Association of Insurance Commissioners’ Annual Statement Instructions and the National Association of Insurance Commissioners’ Accounting Practices and Procedures Manual. They agree to or are included in the amounts reported in the Company’s 2025 Statutory Annual Statement as filed with the New York Department of Financial Services. Captions not presented as not applicable to the Company.

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA

DECEMBER 31, 2025

(in millions)

Investment income earned:
Government bonds	$	—
Other bonds (unaffiliated)	1,038
Bonds of affiliates	—
Preferred stocks (unaffiliated)	3
Common stocks (unaffiliated)	2
Common stocks of affiliates	—
Cash and short-term investments	18
Mortgage loans	189
Real estate	—
Contract loans	8
Other invested assets	111
Derivative instruments	125
Miscellaneous income	(3)
Gross investment income	$	1,491
Real estate owned - book value less encumbrances	$	—
Mortgage loans - book value:
Commercial mortgages	$	3,120
Residential mortgages	558
Mezzanine loans	78
Affiliated residential mortgages	—
Total mortgage loans	$	3,756
Mortgage loans by standing - book value:
Good standing	$	3,632
Good standing with restructured terms	85
Interest overdue more than 90 days, not in foreclosure	3
Foreclosure in process	36
Total mortgage loans	$	3,756
Partnerships - statement value	$	2,015
Bonds and stocks of parents, subsidiaries and affiliates - statement value:
Bonds	$	—
Common stocks	—
Bonds, short-term and cash equivalent bond investments by class and maturity:
Bonds, short-term and cash equivalent bond investments by maturity - statement value:
Due within one year or less	$	1,401
Over 1 year through 5 years	7,078
Over 5 years through 10 years	5,440
Over 10 years through 20 years	3,402
Over 20 years	4,721
Total maturity	$	22,042
Bonds, short-term and cash equivalent bond investments by class - statement value:
Class 1	$	12,592
Class 2	8,561
Class 3	654
Class 4	176
Class 5	28
Class 6	31
Total by class	$	22,042
Total bonds, short-term and cash equivalent bond investments publicly traded	$	10,593
Total bonds, short-term and cash equivalent bond investments privately traded	11,449
Preferred stocks - statement value	$	41
Common stocks - market value	32
Short-term investments - book value	—
Cash equivalents - book value	29
Options, caps and floors owned - statement value	278
Collar, swap and forward agreements open - statement value	3
Futures contracts open - current value	5
Cash on deposit	422

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA (Continued)

DECEMBER 31, 2025

(in millions)

Life insurance in-force:
Ordinary	$	75,007
Credit	9
Group	750
Amount of accidental death insurance in-force under ordinary policies	186
Life insurance policies with disability provisions in-force:
Ordinary	4,142
Group life	17
Supplementary contracts in-force:
Ordinary - not involving life contingencies:
Amount on deposit	83
Income payable	22
Ordinary - involving life contingencies:
Amount on deposit	163
Income payable	25
Group - not involving life contingencies:
Amount on deposit	2
Income Payable	2
Annuities:
Ordinary:
Immediate - amount of income payable	$	231
Deferred, fully paid - account balance	12,762
Deferred, not fully paid - account balance	6,131
Group:
Amount of income payable	162
Fully paid - account balance	910
Not fully paid - account balance	350
Accident and health insurance - premiums in-force:
Other	$	1
Group	17
Credit	—
Deposit funds and dividend accumulations:
Deposit funds - account balance	$	525
Dividend accumulations - account balance	15
Claim payments in 2025
Group accident & health:
2025	$	1
2024	7
2023	18
2022	13
2021	13
Prior	705
Other accident & health:
2025	(1)
2024	(1)
2023	1
2022	2
2021	1
Prior	(2)

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES

DECEMBER 31, 2025

(in millions)

1. The Company’s total admitted assets as of December 31, 2025 are $36.0 billion.

The Company’s total admitted assets, excluding separate accounts, as of December 31, 2025 are $29.5 billion.

2. Following are the 10 largest exposures to a single issuer/borrower/investment, by investment category, excluding: (i) U.S. Government, U.S. Government agency securities and those U.S. Government money market funds listed in the Appendix to the IAO Practices and Procedures Manual as exempt, (ii) property occupied by the Company, and (iii) policy loans:

	Issuer	Description of Exposure	Amount		Percentage of Total Admitted Assets
a.	Senior Direct Lending Program LLC	BONDS	$	478	1.60	%
b.	Carlyle Group	OIA	209		0.70
c.	Corebridge Global Real Estate Investment Corp	OIA	189		0.60
d.	KPMG LLP	BONDS	129		0.40
e.	Citigroup Inc.	BONDS	112		0.40
f.	Compass Datacenters Issuer III, LLC and Compass Datacenters Canada Issuer III LP	BONDS	108		0.40
g.	Morgan Stanley	BONDS	103		0.30
h.	Duke Energy Corporation	BONDS	97		0.30
i.	Comcast Corporation	BONDS	97		0.30
j.	HSBC Holdings plc	BONDS	96		0.30

3. The Company’s total admitted assets held in bonds and preferred stocks, by NAIC rating, are:

Bonds and Short-Term Investments					Preferred Stocks
NAIC Rating	Amount		Percentage of Total Admitted Assets		NAIC Rating	Amount		Percentage of Total Admitted Assets
NAIC - 1	$	12,592	42.80	%	P/RP - 1	$	1	—	%
NAIC - 2	8,561		29.10		P/RP - 2	40		0.10
NAIC - 3	654		2.20		P/RP - 3	—		—
NAIC - 4	176		0.60		P/RP - 4	—		—
NAIC - 5	28		0.10		P/RP - 5	—		—
NAIC - 6	30		0.10		P/RP - 6	—		—

4. Assets held in foreign investments:

		Amount		Percentage of Total Admitted Assets
a.	Total admitted assets held in foreign investments	$	5,182	17.60	%
b.	Foreign currency denominated investments	1,591		5.40
c.	Insurance liabilities denominated in that same foreign currency	—		—

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

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DECEMBER 31, 2025

(in millions)

5. Aggregate foreign investment exposure categorized by NAIC sovereign rating:

		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1	$	4,343	14.70	%
b.	Countries rated NAIC - 2	683		2.30
c.	Countries rated NAIC - 3 or below	156		0.50

6. Two largest foreign investment exposures to a single country, categorized by the country’s NAIC sovereign rating:

		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1
	Country 1: United Kingdom	$	836	2.80	%
	Country 2: Ireland	558		1.90
b.	Countries rated NAIC - 2
	Country 1: Mexico	230		0.80
	Country 2: Indonesia	101		0.30
c.	Countries rated NAIC - 3 or below
	Country 1: Colombia	47		0.20
	Country 2: Bahamas	28		0.10

7. Aggregate unhedged foreign currency exposure:

	Amount		Percentage of Total Admitted Assets
Aggregate unhedged foreign currency exposure	$	1,591	5.40	%

8. Aggregate unhedged foreign currency exposure categorized by NAIC sovereign rating:

		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1	$	1,573	5.30	%
b.	Countries rated NAIC - 2	19		0.10
c.	Countries rated NAIC - 3 or below	—		—

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2025

(in millions)

9. Two largest unhedged foreign currency exposures to a single country, categorized by the country’s NAIC sovereign rating:

		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1
	Country 1: Ireland	$	480	1.60	%
	Country 2: United Kingdom	467		1.60
b.	Countries rated NAIC - 2
	Country 1: Italy	19		0.10
	Country 2:	—		—
c.	Countries rated NAIC - 3 or below
	Country 1:	—		—
	Country 2:	—		—

10. Ten largest non-sovereign (i.e. non-governmental) foreign issues:

		NAIC Rating	Amount		Percentage of Total Admitted Assets
a.	5555274	Mortgage Loans	$	170	0.60	%
b.	HSBC Holdings plc	NAIC 1 & 2 - Bonds	80		0.30
c.	5555267	Mortgage Loans	76		0.30
d.	5555221	Mortgage Loans	68		0.20
e.	Barclays PLC	NAIC 1 & 2 - Bonds	65		0.20
f.	Taurus CMBS Series 2025-UK3A	NAIC 1 & 2 - Bonds	61		0.20
g.	TotalEnergies SE	NAIC 1 - Bonds	58		0.20
h.	Silver (BREDS)	OTHER OIA	56		0.20
i.	Suzano S.A.	NAIC 2 - Bonds	56		0.20
j.	AerCap Holdings N.V.	NAIC 2 - Bonds	52		0.20

11. Assets held in Canadian investments are less than 2.5 percent of the reporting entity’s total admitted assets.

12. Assets held in investments with contractual sales restrictions are less than 2.5 percent of the Company’s total admitted assets.

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2025

(in millions)

13. The Company’s admitted assets held in the ten largest equity interests (including investments in the shares of mutual funds, preferred stocks, publicly traded equity securities, and other equity securities and excluding money market and bond mutual funds listed in the Appendix to the SVO Practices and Procedures Manual as exempt or Class 1) are:

		Amount		Percentage of Total Admitted Assets
a.	American General Life Insurance	$	500	1.70	%
b.	Carlyle Group	171		0.60
c.	MASSACHUSETTS MUTUAL LIFE INSU	42		0.10
d.	American Securities Capital Partners L.P.	41		0.10
e.	Franklin BSP Capital Corporation Total	40		0.10
f.	NORTHWESTERN MUTUAL LIFE INSUR	39		0.10
g.	Marlin Equity Partners	37		0.10
h.	Stone Point Capital LLC	32		0.10
i.	Federal Home Loan Banks	31		0.10
j.	TSG Consumer Partners Total	31		0.10

14. Assets held in nonaffiliated, privately placed equities:

		Amount		Percentage of Total Admitted Assets
Aggregate statement value of investment held in nonaffiliated, privately placed equities:		$	315	1.10	%
Largest three investments held in nonaffiliated, privately placed equities:
a.	Carlyle Alternative Opportunities Fund L.P.	$	58	0.20
b.	AlpInvest Co-Investment Fund (Onshore) VIII L.P.	36		0.10
c.	Trident IX L.P.	32		0.10

Ten largest fund managers:
Fund Manager		Total Invested		Diversified		Non- diversified
a.	American General Life Insurance	$	500	$	500	$	—
b.	Carlyle Group	209		209		—
c.	Corebridge Global Real Estate Investment Corp	189		—		189
d.	MASSACHUSETTS MUTUAL LIFE INSU	42		42		—
e.	American Securities Capital Partners L.P.	41		41		—
f.	NORTHWESTERN MUTUAL LIFE INSUR	39		39		—
g.	Marlin Equity Partners	37		37		—
h.	Stone Point Capital LLC	32		32		—
i.	TSG Consumer Partners	31		31		—
j.	Aurelius Group	30		30		—

15. Assets held in general partnership interests are less than 2.5 percent of the Company’s total admitted assets.

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

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DECEMBER 31, 2025

(in millions)

16. Mortgage loans reported in Schedule B, include the following ten largest aggregate mortgage interests. The aggregate mortgage interest represents the combined value of all mortgages secured by the same property or same group of properties:

		Amount		Percentage of Total Admitted Assets
a.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555274, IRL	$	170	0.60	%
b.	COMMERCIAL MORTGAGE LOAN, Loan No. 8003033, AZ	149		0.50
c.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002615, USA	85		0.30
d.	COMMERCIAL MORTGAGE LOAN, Loan No. 8003012, TN	85		0.30
e.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555267, ESP	76		0.30
f.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555221, ESP	68		0.20
g.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002341, USA	63		0.20
h.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002157, NY	58		0.20
i.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002900, MA	56		0.20
j.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002541, IN	55		0.20

Amount and percentage of the reporting entity’s total admitted assets held in the following categories of mortgage loans:

		Amount		Percentage of Total Admitted Assets
a.	Construction loans	$	61	0.20	%
b.	Mortgage loans over 90 days past due	3		—
c.	Mortgage loans in the process of foreclosure	36		0.10
d.	Mortgage loans foreclosed	—		—
e.	Restructured mortgage loans	85		0.30

17. Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date:

		Residential					Commercial					Agricultural
Loan-to-Value			Amount		Percentage of Total Admitted Assets			Amount		Percentage of Total Admitted Assets			Amount		Percentage of Total Admitted Assets
a.	above 95%		$	1	—	%		$	121	0.40	%		$	—	—	%
b.	91% to 95%		2		—			4		—			—		—
c.	81% to 90%		3		—			189		0.60			—		—
d.	71% to 80%		11		—			361		1.20			—		—
e.	below 70%		541		1.80			2,524		8.60			—		—

18. Assets held in each of the five largest investments in one parcel or group of contiguous parcels of real estate reported in Schedule A are less than 2.5 percent of the Company’s total admitted assets.

19. Assets held in mezzanine real estate loans are less than 2.5 percent of the Company’s total admitted assets.

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THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES (Continued)

DECEMBER 31, 2025

(in millions)

20. The Company’s total admitted assets subject to the following types of agreements as of the following dates:

							Unaudited At End of Each Quarter
		At Year-End						1st Quarter		2nd Quarter		3rd Quarter
			Amount		Percentage of Total Admitted Assets			Amount		Amount		Amount
a.	Securities lending (do not include assets held as collateral for such transactions)		$	—	—	%		$	—	$	—	$	—
b.	Repurchase agreements		—		—			—		—		—
c.	Reverse repurchase agreements		—		—			—		216		56
d.	Dollar repurchase agreements		—		—			—		—		—
e.	Dollar reverse repurchase agreements		—		—			—		—		—

21. The Company’s potential exposure to warrants not attached to other financial instruments, options, caps, and floors:

		Owned					Written
			Amount		Percentage of Total Admitted Assets			Amount		Percentage of Total Admitted Assets
a.	Hedging		$	—	—	%		$	—	—	%
b.	Income generation		—		—			—		—
c.	Other		—		—			—		—

22. The Company’s potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for collars, swaps, and forwards as of the following dates:

							Unaudited At End of Each Quarter
		At Year-End						1st Quarter		2nd Quarter		3rd Quarter
			Amount		Percentage of Total Admitted Assets			Amount		Amount		Amount
a.	Hedging		$	55	0.20	%		$	97	$	103	$	85
b.	Income generation		—		—			—		—		—
c.	Replications		—		—			—		—		—
d.	Other		—		—			—		—		—

23. The Company’s potential exposure (defined as the amount determined in accordance with the NAIC Annual Statement Instructions) for futures contracts as of the following dates:

							Unaudited At End of Each Quarter
		At Year-End						1st Quarter		2nd Quarter		3rd Quarter
			Amount		Percentage of Total Admitted Assets			Amount		Amount		Amount
a.	Hedging		$	7	—	%		$	33	$	32	$	42
b.	Income generation		—		—			—		—		—
c.	Replications		—		—			—		—		—
d.	Other		—		—			—		—		—

71

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL SUMMARY INVESTMENT SCHEDULE

DECEMBER 31, 2025

(in millions)

	Gross Investment Holdings				Admitted Assets as Reported in the Annual Statement
Investment Categories		Amount	Percentage		Amount		Securities Lending Reinvested Collateral Amount		Total Amount		Percentage
Issuer credit obligations
U.S. government obligations		261	0.9	%	$	261	$	—	$	261	0.9	%
Other U.S. government obligations		9	—		9		—		9		—
Non-U.S. sovereign jurisdiction securities		684	2.4		684		—		684		2.4
Municipal bonds - general obligations (direct & guaranteed)		117	0.4		117		—		117		0.4
Municipal bonds - special revenue		462	1.6		462		—		462		1.6
Project finance bonds issued by operating entities		636	2.2		636		—		636		2.2
Corporate bonds		11,432	39.8		11,432		—		11,432		39.8
Mandatory convertible bonds		—	—		—		—		—		—
Single entity backed obligations		398	1.4		398		—		398		1.4
SVO-Identified bond exchange traded funds - fair value		—	—		—		—		—		—
SVO-Identified bond exchange traded funds - systematic value		—	—		—		—		—		—
Bonds issued by funds representing operating entities		1,624	5.6		1,624		—		1,624		5.6
Bank loans - issued		—	—		—		—		—		—
Bank loans - acquired		207	0.7		207		—		207		0.7
Mortgages loans that qualify as SVO-Identified credit tenant loans		—	—		—		—		—		—
Certificates of deposit		—	—		—		—		—		—
Other issuer credit obligations		—	—		—		—		—		—
Total issuer credit obligations		15,830	55.0		15,830		—		15,830		55.0
Asset-backed securities
Financial asset-backed securities - self-liquidating		4,798	16.7		4,798		—		4,798		16.7
Financial asset-backed securities - not self-liquidating		173	0.6		173		—		173		0.6
Non-financial asset-backed securities		1,241	4.3		1,241		—		1,241		4.3
Total asset-backed securities		6,212	21.6		6,212		—		6,212		21.6
Preferred stocks:
Industrial and miscellaneous (Unaffiliated)		41	0.1		41		—		41		0.1
Parent, subsidiaries and affiliates		—	—		—		—		—		—
Total preferred stocks		41	0.1		41		—		41		0.1
Common stocks:
Industrial and miscellaneous Publicly traded (Unaffiliated)		—	—		—		—		—		—
Industrial and miscellaneous Other (Unaffiliated)		32	0.1		32		—		32		0.1
Parent, subsidiaries and affiliates Publicly traded		—	—		—		—		—		—
Parent, subsidiaries and affiliates Other		—	—		—		—		—		—
Mutual funds		—	—		—		—		—		—
Unit investment trusts		—	—		—		—		—		—
Closed-end funds		—	—		—		—		—		—
Exchange traded funds		—	—		—		—		—		—
Total common stocks		32	0.1		32		—		32		0.1
Mortgage loans:
Farm mortgages		—	—		—		—		—		—
Residential mortgages		558	1.9		558		—		558		1.9
Commercial mortgages		3,120	10.9		3,120		—		3,120		10.9
Mezzanine real estate loans		77	0.3		77		—		77		0.3
Total valuation allowance		(42)	(0.1)		(42)		—		(42)		(0.1)
Total mortgage loans		3,713	13.0		3,713		—		3,713		13.0

72

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL SUMMARY INVESTMENT SCHEDULE

DECEMBER 31, 2025

(in millions)

	Gross Investment Holdings					Admitted Assets as Reported in the Annual Statement
Investment Categories		Amount		Percentage		Amount		Securities Lending Reinvested Collateral Amount		Total Amount		Percentage
Real estate:
Properties occupied by company		—		—		—		—		—		—
Properties held for production of income		—		—		—		—		—		—
Properties held for sale		—		—		—		—		—		—
Total real estate		—		—		—		—		—		—
Cash, cash equivalents and short-term investments:
Cash		422		1.5		422		—		422		1.5
Cash equivalents		29		0.1		29		—		29		0.1
Short-term investments		—		—		—		—		—		—
Total cash, cash equivalents and short-term investments		451		1.6		451		—		451		1.6
Contract loans		124		0.4		124		—		124		0.4
Derivatives		287		1.0		287		—		287		1.0
Other invested assets		2,015		7.0		2,015		—		2,015		7.0
Receivables for securities		5		—		5		—		5		—
Securities Lending		—		—		—		—		—		—
Other invested assets		47		0.2		47		—		47		0.2
Total invested assets		$	28,757	100.0	%	$	28,757	$	—	$	28,757	100.0	%

73

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES

December 31, 2025

The following information regarding reinsurance contracts is presented to satisfy the disclosure requirements in SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance, which apply to reinsurance contracts entered into, renewed or amended on or after January 1, 1996.

1.    Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is subject to Appendix A-791, Life and Health Reinsurance Agreements, and includes a provision that limits the reinsurer’s assumption of significant risks identified in Appendix A-791?

Yes [ ] No [ X ]

If yes, indicate the number of reinsurance contracts to which such provisions apply:    __________

If yes, indicate if deposit accounting was applied for all contracts subject to Appendix A-791 that limit significant risks.

Yes [ ] No [ ] N/A [ X ]

2.    Has the Company reinsured any risk with any other entity under a reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) that is not subject to Appendix A-791, for which reinsurance accounting was applied and includes a provision that limits the reinsurer’s assumption of risk?

Yes [ ] No [ X ]

If yes, indicate the number of reinsurance contracts to which such provisions apply:    __________

If yes, indicate whether the reinsurance credit was reduced for the risk-limiting features.

Yes [ ] No [ ] N/A [ X ]

3.    Does the Company have any reinsurance contracts (other than reinsurance contracts with a federal or state facility) that contain one or more of the following features which may result in delays in payment in form or in fact:

(a)    Provisions that permit the reporting of losses to be made less frequently than quarterly;

(b)    Provisions that permit settlements to be made less frequently than quarterly;

(c)    Provisions that permit payments due from the reinsurer to not be made in cash within ninety (90) days of the settlement date (unless there is no activity during the period); or

(d)    The existence of payment schedules, accumulating retentions from multiple years, or any features inherently designed to delay timing of the reimbursement to the ceding entity.

Yes [ ] No [ X ]

4.    Has the Company reflected reinsurance accounting credit for any contracts that are not subject to Appendix A-791 and not yearly renewable term reinsurance, which meet the risk transfer requirements of SSAP No. 61R?

Type of contract:	Response:	Identify reinsurance contract(s):	Has the insured event(s) triggering contract coverage been recognized?
Assumption reinsurance – new for the reporting period	Yes [ ] No [ X ]		N/A
Non-proportional reinsurance, which does not result in significant surplus relief	Yes [ ] No [ X ]		N/A

74

THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES

December 31, 2025

5.    Has the Company ceded any risk, which is not subject to Appendix A-791 and not yearly renewable term reinsurance, under any reinsurance contract (or multiple contracts with the same reinsurer or its affiliates) during the period covered by the financial statements, and either:

(a)    Accounted for that contract as reinsurance under statutory accounting principles (SAP) and as a deposit under generally accepted accounting principles (GAAP); or

Yes [ ] No [ X ] N/A [ ]

(b)    Accounted for that contract as reinsurance under GAAP and as a deposit under SAP?

Yes [ ] No [ X ] N/A [ ]

If the answer to item (a) or item (b) is yes, include relevant information regarding GAAP to SAP differences from the accounting policy footnote to the audited statutory-basis financial statements to explain why the contract(s) is treated differently for GAAP and SAP below:

________________________________________________________________________________

75