TABLE OF CONTENTS

SEPARATE ACCOUNT A
Investments	SA-1
Financial Statements:
Statements of Assets and Liabilities	SA-4
Statements of Operations	SA-15
Statements of Changes in Net Assets	SA-22
Financial Highlights	SA-43
Notes to Financial Statements	SA-55
Report of Independent Registered Public Accounting Firm	SA-62

SEPARATE ACCOUNT A

INVESTMENTS

DECEMBER 31, 2022

Each variable account invests in shares of the corresponding portfolio (with the same name). The shares owned and value of investments as of December 31, 2022; and the cost of purchases and proceeds from sales of investments for the year or period ended December 31, 2022, were as follows:

					Cost of		Proceeds
Variable Accounts	Shares Owned		Value		Purchases		from Sales
Core Income Class I *		124,404	$	1,380,514	$	401,574	$	228,622
Diversified Bond Class I *		941,623		9,149,353		1,345,694		2,771,110
Floating Rate Income Class I *		724,684		9,840,290		2,744,152		2,293,695
High Yield Bond Class I *		740,531		6,565,786		1,318,154		1,832,390
Inflation Managed Class I *		760,111		8,847,437		2,933,491		1,797,947
Intermediate Bond Class I *		30,223		262,504		307,595		42,757
Managed Bond Class I *		762,975		9,682,183		517,224		3,050,245
Short Duration Bond Class I *		1,247,228		12,741,539		1,766,218		2,578,197
Emerging Markets Debt Class I *		134,347		1,484,665		96,785		409,012
Dividend Growth Class I *		861,377		28,436,869		5,766,551		2,568,904
Equity Index Class I *		1,336,291		130,003,548		15,173,373		13,300,518
Focused Growth Class I *		252,795		10,550,558		1,385,097		2,576,223
Growth Class I *		217,169		9,695,526		1,756,695		1,668,652
Hedged Equity Class I *		1,998,420		19,384,072		15,370,734		1,398,344
Large-Cap Core Class I *		113,718		6,198,789		1,223,206		1,470,066
Large-Cap Growth Class I *		622,169		9,519,430		1,895,667		2,654,962
Large-Cap Value Class I *		286,576		9,204,018		2,175,787		1,933,028
Mid-Cap Equity Class I *		241,621		6,833,005		1,320,738		984,295
Mid-Cap Growth Class I *		519,093		11,525,132		1,470,466		1,994,919
Mid-Cap Value Class I *		208,987		5,312,389		534,633		1,585,773
Small-Cap Equity Class I *		133,525		3,512,273		1,112,924		423,020
Small-Cap Growth Class I *		250,469		5,869,078		907,931		1,114,578
Small-Cap Index Class I *		411,277		11,467,151		1,819,848		1,664,003
Small-Cap Value Class I *		194,331		4,982,754		1,226,550		1,326,507
Value Class I *		185,222		3,604,815		1,386,110		836,401
Value Advantage Class I *		191,728		4,490,032		1,146,916		882,143
Emerging Markets Class I *		335,139		5,543,770		1,177,481		1,121,226
International Growth Class I *		8,323		64,747		62,147		1,093
International Large-Cap Class I *		645,859		7,546,286		478,161		946,770
International Small-Cap Class I *		129,429		1,425,276		126,055		161,783
International Value Class I *		290,704		4,094,057		930,158		1,788,010
Health Sciences Class I *		457,048		27,867,938		1,931,610		3,680,853
Real Estate Class I *		194,849		5,786,827		749,576		1,219,489
Technology Class I *		1,248,821		13,199,541		2,986,008		2,586,233
ESG Diversified Class I *		211,130		1,884,298		874,707		43,183
ESG Diversified Growth Class I *		14,921		123,558		133,459		1,259
PSF Avantis Balanced Allocation Class D *		945,316		13,598,829		3,003,656		1,972,699
PSF Avantis Balanced Allocation Class P *		8,581		124,434		126,556		124
Pacific Dynamix - Conservative Growth Class I *		2,279,138		40,483,776		3,254,245		6,101,879
Pacific Dynamix - Moderate Growth Class I *		5,765,030		135,516,929		11,470,602		19,332,138
Pacific Dynamix - Growth Class I *		4,781,534		131,379,731		46,718,301		3,229,858
Pacific Dynamix - Growth Class P *		982		27,162		27,014		267
Portfolio Optimization Conservative Class I *		5,542,935		73,296,683		11,514,325		14,497,494
Portfolio Optimization Moderate-Conservative Class I *		6,710,703		101,568,124		3,735,938		14,763,944
Portfolio Optimization Moderate Class I *		22,424,487		379,606,159		4,396,740		46,556,812
Portfolio Optimization Growth Class I *		16,376,129		307,761,900		5,497,221		34,108,779
Portfolio Optimization Aggressive-Growth Class I *		3,866,828		76,217,032		1,636,970		7,362,722
Invesco Oppenheimer V.I. International Growth Series II		403,217		717,726		275,801		298,981
Invesco® V.I. Balanced-Risk Allocation Series II		2,359,089		18,801,936		5,942,271		2,797,508
Invesco® V.I. Equity and Income Series II		126,468		2,027,285		1,071,124		776,941
Invesco® V.I. Global Real Estate Series II		88,552		1,126,382		205,506		988,229
Invesco® V.I. Global Series II		47,288		1,432,823		522,940		291,945
Invesco® V.I. Technology Series I		959		12,080		19,108		130

See Notes to Financial Statements SA-1 See explanation of symbol on page SA-3

SEPARATE ACCOUNT A

INVESTMENTS (Continued)

DECEMBER 31, 2022

					Cost of		Proceeds
Variable Accounts	Shares Owned		Value		Purchases		from Sales
American Century VP Mid Cap Value Class II		253,112	$	5,358,385	$	2,427,886	$	1,251,030
American Funds IS American High-Income Trust Class 4		256,263		2,370,436		742,251		1,566,114
American Funds IS Asset Allocation Class 1		5,619		124,739		128,764		125
American Funds IS Asset Allocation Class 4		9,569,060		208,031,367		43,477,562		31,240,976
American Funds IS Capital Income Builder® Class 4		470,996		5,162,112		2,103,976		907,537
American Funds IS Capital World Bond Class 4		104,606		975,977		134,867		250,648
American Funds IS Capital World Growth and Income Class 4		227,696		2,584,350		1,200,970		375,080
American Funds IS Global Balanced Class 4		291,717		3,593,954		567,419		329,627
American Funds IS Global Growth Class 4		151,167		4,460,953		1,245,522		687,046
American Funds IS Global Small Capitalization Class 4		104,210		1,592,331		918,533		577,295
American Funds IS Growth Class 1		824		62,893		65,481		17
American Funds IS Growth Class 4		375,556		27,655,938		10,985,826		4,690,307
American Funds IS Growth-Income Class 1		375		18,834		19,957		76
American Funds IS Growth-Income Class 4		312,067		15,203,919		4,321,726		2,217,401
American Funds IS International Class 4		196,804		2,950,087		865,939		285,320
American Funds IS International Growth and Income Class 4		203,318		1,740,402		999,663		129,670
American Funds IS Managed Risk Asset Allocation Class P2		1,152,240		13,930,577		1,844,234		2,349,917
American Funds IS New World Fund® Class 4		136,035		2,970,999		931,978		672,586
American Funds IS The Bond Fund of America Class 1		8,472		79,725		82,858		75
American Funds IS The Bond Fund of America Class 4		638,735		5,895,520		2,111,857		921,423
American Funds IS U.S. Government Securities Class 4		270,217		2,664,335		971,708		1,710,242
American Funds IS Washington Mutual Investors Class 4		943,497		11,642,755		6,572,022		2,300,987
BlackRock® 60/40 Target Allocation ETF V.I. Class I		1,451,553		16,968,655		5,932,192		628,590
BlackRock® Capital Appreciation V.I. Class III		81,357		468,615		216,663		36,828
BlackRock® Global Allocation V.I. Class III		7,676,271		91,117,335		5,081,384		13,953,974
BlackRock® S&P 500 Index V.I. Class I		2,292		56,562		59,412		347
BlackRock® Small Cap Index V.I. Class I		2,797		28,190		28,665		173
Delaware Ivy VIP Asset Strategy Class II		192,443		1,510,680		830,321		174,375
Delaware Ivy VIP Energy Class II		720,878		3,654,850		2,222,106		1,616,572
DFA VA US Large Value Institutional Class		2,129		64,779		67,049		17
Fidelity® VIP Contrafund® Service Class 2		924,895		33,795,662		6,712,923		3,201,868
Fidelity® VIP FundsManager® 60% Service Class 2		4,449,706		38,489,960		13,402,238		3,858,120
Fidelity® VIP Government Money Market Service Class		26,210,560		26,210,560		28,159,232		20,720,401
Fidelity® VIP Strategic Income Service Class 2		581,992		5,761,724		1,144,093		2,058,432
First Trust Dorsey Wright Tactical Core Class I		176,068		1,846,952		483,175		702,245
First Trust Multi Income Allocation Class I		135,357		1,506,527		837,918		196,692
First Trust/Dow Jones Dividend & Income Allocation Class I		3,920,157		48,884,362		12,072,536		5,350,973
Franklin Allocation VIP Class 2		35,337		155,837		37,315		10,994
Franklin Allocation VIP Class 4		2,515,074		11,519,041		2,378,168		1,474,352
Franklin Income VIP Class 2		771,932		11,370,557		3,200,739		1,658,181
Franklin Mutual Global Discovery VIP Class 2		255,696		4,247,116		1,439,708		1,411,455
Franklin Rising Dividends VIP Class 1 *		502		14,146		14,727		417
Franklin Rising Dividends VIP Class 2		463,489		12,528,104		3,098,304		1,786,616
Templeton Global Bond VIP Class 2 *		334,617		4,176,016		270,329		1,312,969
Janus Henderson Balanced Service Shares		9,638,586		409,350,738		78,867,072		33,349,869
Janus Henderson Flexible Bond Service Shares		215,727		2,370,835		285,893		625,114
JPMorgan Insurance Trust Global Allocation Class 2		24,753		385,654		83,290		108,866
JPMorgan Insurance Trust Income Builder Class 2		97,611		947,802		71,485		85,582
ClearBridge Variable Aggressive Growth - Class II		52,216		774,370		315,507		503,098
Lord Abbett Bond Debenture Class VC		429,616		4,382,088		852,017		1,835,971
Lord Abbett Total Return Class VC		393,097		5,483,707		731,830		1,096,982
MFS® Massachusetts Investors Growth Stock - Service Class		29,354		553,623		126,107		85,834
MFS® Total Return Series - Service Class		1,699,098		37,295,209		9,742,473		3,781,215
MFS® Utilities Series - Service Class		138,536		4,927,711		1,491,430		1,052,973
MFS® Value Series - Service Class		39,957		840,289		80,764		144,704
Neuberger Berman U.S. Equity Index PutWrite Strategy Class S		15,873		130,155		71,768		16,978
PIMCO All Asset - Advisor Class		25,776		225,796		68,881		10,144

See Notes to Financial Statements SA-2 See explanation of symbol on page SA-3

SEPARATE ACCOUNT A

INVESTMENTS (Continued)

DECEMBER 31, 2022

					Cost of		Proceeds
Variable Accounts	Shares Owned		Value		Purchases		from Sales
PIMCO CommodityRealReturn® Strategy - Advisor Class		220,281	$	1,544,169	$	2,223,113	$	1,287,549
PIMCO Income - Advisor Class		190,080		1,841,879		1,292,905		622,039
PIMCO Total Return - Institutional Class		7,301		65,566		66,412		17
Schwab VIT Balanced		329,706		4,065,276		1,846,648		2,008,162
Schwab VIT Balanced with Growth		520,574		7,251,600		933,470		675,252
Schwab VIT Growth		231,795		3,636,857		1,119,934		1,238,946
State Street Total Return V.I.S. Class 3		1,093,916		14,275,607		1,129,744		1,873,701
T. Rowe Price Health Sciences - I		251		14,013		13,730		135
VanEck VIP Global Resources Class S		69,068		1,875,892		822,934		733,859
Vanguard® VIF Balanced*		66,470		1,443,727		2,272,792		733,488
Vanguard® VIF Conservative Allocation *		38,517		876,268		848,033		2,773
Vanguard® VIF Real Estate Index *		1,056		12,172		13,507		125
Vanguard® VIF Total International Stock Market Index*		1,653		31,497		28,047		192

 * The variable account did not receive any dividend or capital gain distributions from its underlying portfolio during the reporting period.

See Notes to Financial Statements SA-3

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES

DECEMBER 31, 2022    

	Variable Accounts
	Core		Diversified		Floating		High Yield		Inflation		Intermediate
	Income		Bond		Rate Income		Bond		Managed		Bond
	Class I		Class I		Class I		Class I		Class I		Class I
ASSETS
Investments in mutual funds, at value	$	1,380,514	$	9,149,353	$	9,840,290	$	6,565,786	$	8,847,437	$	262,504
Receivables:
Due from Pacific Life & Annuity Company		-		-		10,561		-		14,575		-
Investments sold		74		631		-		629		-		8
Total Assets		1,380,588		9,149,984		9,850,851		6,566,415		8,862,012		262,512
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		158		923		-		502		-		20
Investments purchased		-		-		11,592		-		14,582		-
Total Liabilities		158		923		11,592		502		14,582		20
NET ASSETS	$	1,380,430	$	9,149,061	$	9,839,259	$	6,565,913	$	8,847,430	$	262,492
NET ASSETS CONSIST OF:
Accumulation units		1,380,430		9,088,732		9,817,470		6,558,009		8,829,772		262,492
Contracts in payout (annuitization) period		-		60,329		21,789		7,904		17,658		-
NET ASSETS	$	1,380,430	$	9,149,061	$	9,839,259	$	6,565,913	$	8,847,430	$	262,492
Units Outstanding		136,017		843,024		824,960		477,685		762,919		30,595
Accumulation Unit Value		$9.80 - $10.79		$9.87 - $15.43		$11.24 - $13.06		$11.28 - $27.79		$9.09 - $23.87		$8.53 - $8.64
Cost of Investments	$	1,365,263	$	8,241,591	$	8,489,898	$	3,937,119	$	7,922,895	$	264,007

	Managed		Short Duration		Emerging		Dividend		Equity		Focused
	Bond		Bond		Markets Debt		Growth		Index		Growth
	Class I		Class I		Class I		Class I		Class I		Class I
ASSETS
Investments in mutual funds, at value	$	9,682,183	$	12,741,539	$	1,484,665	$	28,436,869	$	130,003,548	$	10,550,558
Receivables:
Due from Pacific Life & Annuity Company		1,255		14,363		-		19,277		13,484		-
Investments sold		-		-		1,129		-		-		3,879
Total Assets		9,683,438		12,755,902		1,485,794		28,456,146		130,017,032		10,554,437
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		-		-		1,198		-		-		4,072
Investments purchased		1,224		14,809		-		20,389		13,786		-
Total Liabilities		1,224		14,809		1,198		20,389		13,786		4,072
NET ASSETS	$	9,682,214	$	12,741,093	$	1,484,596	$	28,435,757	$	130,003,246	$	10,550,365
NET ASSETS CONSIST OF:
Accumulation units		9,678,493		12,705,952		1,479,906		28,140,765		129,203,187		10,373,605
Contracts in payout (annuitization) period		3,721		35,141		4,690		294,992		800,059		176,760
NET ASSETS	$	9,682,214	$	12,741,093	$	1,484,596	$	28,435,757	$	130,003,246	$	10,550,365
Units Outstanding		828,645		1,303,034		157,801		1,058,817		5,062,369		359,360
Accumulation Unit Value		$9.16 - $23.89		$9.04 - $12.58		$8.59 - $10.25		$19.34 - $41.20		$18.65 - $65.04		$19.99 - $51.54
Cost of Investments	$	7,932,583	$	11,909,000	$	1,411,777	$	13,675,200	$	67,907,627	$	4,577,286

See Notes to Financial Statements SA-4

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2022    

		Variable Accounts
				Hedged		Large-Cap		Large-Cap		Large-Cap		Mid-Cap
		Growth		Equity		Core		Growth		Value		Equity
		Class I		Class I		Class I		Class I		Class I		Class I
ASSETS
Investments in mutual funds, at value	$	9,695,526	$	19,384,072	$	6,198,789	$	9,519,430	$	9,204,018	$	6,833,005
Receivables:
Due from Pacific Life & Annuity Company		8,945		21		-		11,714		9,178		-
Investments sold		-		-		284		-		-		785
Total Assets		9,704,471		19,384,093		6,199,073		9,531,144		9,213,196		6,833,790
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		-		-		434		-		-		837
Investments purchased		9,068		976		-		12,147		9,343		-
Total Liabilities		9,068		976		434		12,147		9,343		837
NET ASSETS	$	9,695,403	$	19,383,117	$	6,198,639	$	9,518,997	$	9,203,853	$	6,832,953
NET ASSETS CONSIST OF:
Accumulation units		9,667,859		19,383,117		6,195,520		9,454,276		9,166,704		6,794,251
Contracts in payout (annuitization) period		27,544		-		3,119		64,721		37,149		38,702
NET ASSETS	$	9,695,403	$	19,383,117	$	6,198,639	$	9,518,997	$	9,203,853	$	6,832,953
Units Outstanding		343,826		2,037,766		254,575		397,294		424,028		282,187
Accumulation Unit Value		$20.52 - $74.31		$9.42 - $9.66		$16.37 - $47.51		$18.38 - $31.58		$16.28 - $36.19		$16.52 - $54.70
Cost of Investments	$	4,764,869	$	19,535,749	$	2,326,796	$	4,262,864	$	3,666,149	$	2,878,722
		Mid-Cap		Mid-Cap		Small-Cap		Small-Cap		Small-Cap		Small-Cap
		Growth		Value		Equity		Growth		Index		Value
		Class I		Class I		Class I		Class I		Class I		Class I
ASSETS
Investments in mutual funds, at value	$	11,525,132	$	5,312,389	$	3,512,273	$	5,869,078	$	11,467,151	$	4,982,754
Receivables:
Due from Pacific Life & Annuity Company		17,658		5,033		-		6,669		292		6,415
Investments sold		-		-		135		-		-		-
Total Assets		11,542,790		5,317,422		3,512,408		5,875,747		11,467,443		4,989,169
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		-		-		301		-		-		-
Investments purchased		18,001		5,006		-		6,791		478		6,206
Total Liabilities		18,001		5,006		301		6,791		478		6,206
NET ASSETS	$	11,524,789	$	5,312,416	$	3,512,107	$	5,868,956	$	11,466,965	$	4,982,963
NET ASSETS CONSIST OF:
Accumulation units		11,524,789		5,293,745		3,504,924		5,799,565		11,426,470		4,973,310
Contracts in payout (annuitization) period		-		18,671		7,183		69,391		40,495		9,653
NET ASSETS	$	11,524,789	$	5,312,416	$	3,512,107	$	5,868,956	$	11,466,965	$	4,982,963
Units Outstanding		442,760		234,963		181,185		285,450		597,589		235,969
Accumulation Unit Value		$20.98 - $36.70		$15.81 - $42.68		$13.66 - $33.09		$19.02 - $31.93		$13.60 - $38.93		$12.96 - $60.14
Cost of Investments	$	4,279,480	$	2,627,760	$	2,118,042	$	2,666,215	$	7,362,652	$	2,158,466

See Notes to Financial Statements SA-5

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2022    

	Variable Accounts
			Value		Emerging		International		International		International
	Value		Advantage		Markets		Growth		Large-Cap		Small-Cap
	Class I		Class I		Class I		Class I		Class I		Class I
ASSETS
Investments in mutual funds, at value	$	3,604,815	$	4,490,032	$	5,543,770	$	64,747	$	7,546,286	$	1,425,276
Receivables:
Due from Pacific Life & Annuity Company		-		-		-		-		-		-
Investments sold		2,424		206		1,530		3		1,978		286
Total Assets		3,607,239		4,490,238		5,545,300		64,750		7,548,264		1,425,562
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		2,569		385		1,681		9		2,135		218
Investments purchased		-		-		-		-		-		-
Total Liabilities		2,569		385		1,681		9		2,135		218
NET ASSETS	$	3,604,670	$	4,489,853	$	5,543,619	$	64,741	$	7,546,129	$	1,425,344
NET ASSETS CONSIST OF:
Accumulation units		3,604,670		4,489,853		5,503,781		64,741		7,509,569		1,396,810
Contracts in payout (annuitization) period		-		-		39,838		-		36,560		28,534
NET ASSETS	$	3,604,670	$	4,489,853	$	5,543,619	$	64,741	$	7,546,129	$	1,425,344
Units Outstanding		170,340		221,719		455,269		8,533		458,444		101,885
Accumulation Unit Value		$14.42 - $28.09		$15.68 - $21.78		$9.46 - $63.03		$7.58 - $7.67		$13.89 - $31.13		$11.37 - $19.97
Cost of Investments	$	1,256,300	$	3,406,978	$	3,503,121	$	70,244	$	3,616,395	$	724,878
												ESG
		International		Health		Real				ESG		Diversified
		Value		Sciences		Estate		Technology		Diversified		Growth
		Class I		Class I		Class I		Class I		Class I		Class I
ASSETS
Investments in mutual funds, at value	$	4,094,057	$	27,867,938	$	5,786,827	$	13,199,541	$	1,884,298	$	123,558
Receivables:
Due from Pacific Life & Annuity Company		-		-		60		11,256		-		-
Investments sold		5,796		7,558		-		-		168		4
Total Assets		4,099,853		27,875,496		5,786,887		13,210,797		1,884,466		123,562
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		5,744		8,269		-		-		318		9
Investments purchased		-		-		28		11,801		-		-
Total Liabilities		5,744		8,269		28		11,801		318		9
NET ASSETS	$	4,094,109	$	27,867,227	$	5,786,859	$	13,198,996	$	1,884,148	$	123,553
NET ASSETS CONSIST OF:
Accumulation units		4,091,120		27,837,351		5,762,232		13,170,565		1,884,148		123,553
Contracts in payout (annuitization) period		2,989		29,876		24,627		28,431		-		-
NET ASSETS	$	4,094,109	$	27,867,227	$	5,786,859	$	13,198,996	$	1,884,148	$	123,553
Units Outstanding		357,460		820,339		329,616		609,979		215,846		15,221
Accumulation Unit Value		$7.81 - $15.97		$17.77 - $76.38		$11.80 - $61.08		$12.95 - $24.50		$8.63 - $8.74		$8.10 - $8.12
Cost of Investments	$	2,381,112	$	8,301,014	$	2,210,203	$	7,567,345	$	2,158,460	$	139,508

See Notes to Financial Statements SA-6

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2022    

	Variable Accounts
					Pacific		Pacific
	PSF Avantis		PSF Avantis		Dynamix -		Dynamix -		Pacific		Pacific
	Balanced		Balanced		Conservative		Moderate		Dynamix -		Dynamix -
	Allocation		Allocation		Growth		Growth		Growth		Growth
	Class D		Class P		Class I		Class I		Class I		Class P
ASSETS
Investments in mutual funds, at value	$	13,598,829	$	124,434	$	40,483,776	$	135,516,929	$	131,379,731	$	27,162
Receivables:
Due from Pacific Life & Annuity Company		6,333		-		-		-		492,135		-
Investments sold		-		91		3,880		27,592		-		36
Total Assets		13,605,162		124,525		40,487,656		135,544,521		131,871,866		27,198
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		-		92		4,266		27,138		-		38
Investments purchased		7,075		-		-		-		492,697		-
Total Liabilities		7,075		92		4,266		27,138		492,697		38
NET ASSETS	$	13,598,087	$	124,433	$	40,483,390	$	135,517,383	$	131,379,169	$	27,160
NET ASSETS CONSIST OF:
Accumulation units		13,598,087		124,433		40,483,390		135,339,181		131,011,568		27,160
Contracts in payout (annuitization) period		-		-		-		178,202		367,601		-
NET ASSETS	$	13,598,087	$	124,433	$	40,483,390	$	135,517,383	$	131,379,169	$	27,160
Units Outstanding		1,085,875		13,429		2,936,979		8,930,868		7,703,984		2,989
Accumulation Unit Value		$8.79 - $13.57		$9.27 - $9.27		$8.63 - $18.46		$8.62 - $24.43		$14.81 - $30.30		$9.09 - $9.09
Cost of Investments	$	11,606,348	$	126,430	$	27,847,016	$	82,263,628	$	119,000,672	$	26,751

			Portfolio						Portfolio		Invesco
	Portfolio		Optimization		Portfolio		Portfolio		Optimization		Oppenheimer
	Optimization		Moderate-		Optimization		Optimization		Aggressive-		V.I. International
	Conservative		Conservative		Moderate		Growth		Growth		Growth
	Class I		Class I		Class I		Class I		Class I		Series II
ASSETS
Investments in mutual funds, at value	$	73,296,683	$	101,568,124	$	379,606,159	$	307,761,900	$	76,217,032	$	717,726
Receivables:
Due from Pacific Life & Annuity Company		370		-		-		-		-		-
Investments sold		607		337,176		68,820		235,073		24,941		732
Total Assets		73,297,660		101,905,300		379,674,979		307,996,973		76,241,973		718,458
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		-		334,024		63,443		232,258		22,882		765
Investments purchased		-		-		-		-		-		-
Total Liabilities		-		334,024		63,443		232,258		22,882		765
NET ASSETS	$	73,297,660	$	101,571,276	$	379,611,536	$	307,764,715	$	76,219,091	$	717,693
NET ASSETS CONSIST OF:
Accumulation units		73,156,914		101,530,260		379,057,280		307,641,376		76,219,091		717,693
Contracts in payout (annuitization) period		140,746		41,016		554,256		123,339		-		-
NET ASSETS	$	73,297,660	$	101,571,276	$	379,611,536	$	307,764,715	$	76,219,091	$	717,693
Units Outstanding		6,555,593		7,909,557		26,538,175		19,477,020		4,609,550		63,695
Accumulation Unit Value		$8.61 - $13.06		$8.62 - $14.89		$8.60 - $16.84		$12.22 - $18.34		$15.59 - $19.80		$10.82 - $12.76
Cost of Investments	$	55,346,182	$	64,959,575	$	214,365,340	$	153,501,276	$	35,851,649	$	901,584

See Notes to Financial Statements SA-7

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2022    

		Variable Accounts
		Invesco V.I.										American
		Balanced-		Invesco V.I.		Invesco V.I.						Century
		Risk		Equity and		Global		Invesco V.I.		Invesco V.I.		VP Mid
		Allocation		Income		Real Estate		Global		Technology		Cap Value
		Series II		Series II		Series II		Series II		Series I		Class II
ASSETS
Investments in mutual funds, at value	$	18,801,936	$	2,027,285	$	1,126,382	$	1,432,823	$	12,080	$	5,358,385
Receivables:
Due from Pacific Life & Annuity Company		18,197		8,768		-		-		-		11,818
Investments sold		-		-		76		52		16		-
Total Assets		18,820,133		2,036,053		1,126,458		1,432,875		12,096		5,370,203
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		-		-		113		149		17		-
Investments purchased		18,283		8,955		-		-		-		12,115
Total Liabilities		18,283		8,955		113		149		17		12,115
NET ASSETS	$	18,801,850	$	2,027,098	$	1,126,345	$	1,432,726	$	12,079	$	5,358,088
NET ASSETS CONSIST OF:
Accumulation units		18,801,850		2,027,098		1,126,345		1,285,940		12,079		5,350,510
Contracts in payout (annuitization) period		-		-		-		146,786		-		7,578
NET ASSETS	$	18,801,850	$	2,027,098	$	1,126,345	$	1,432,726	$	12,079	$	5,358,088
Units Outstanding		1,441,727		132,691		118,114		104,197		1,918		239,915
Accumulation Unit Value		$8.74 - $21.73		$14.75 - $15.47		$8.88 - $10.82		$13.27 - $15.36		$6.30 - $6.30		$15.09 - $24.58
Cost of Investments	$	23,159,409	$	2,131,294	$	1,287,400	$	1,707,739	$	18,927	$	4,675,423

	American Funds										American Funds
	IS American		American Funds		American Funds		American Funds		American Funds		IS Capital World
	High-Income		IS Asset		IS Asset		IS Capital		IS Capital		Growth and
	Trust		Allocation		Allocation		Income Builder		World Bond		Income
	Class 4		Class 1		Class 4		Class 4		Class 4		Class 4
ASSETS
Investments in mutual funds, at value	$	2,370,436	$	124,739	$	208,031,367	$	5,162,112	$	975,977	$	2,584,350
Receivables:
Due from Pacific Life & Annuity Company		612		-		-		-		-		2,042
Investments sold		-		91		648,419		6,461		29		-
Total Assets		2,371,048		124,830		208,679,786		5,168,573		976,006		2,586,392
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		-		93		649,303		6,721		63		-
Investments purchased		703		-		-		-		-		2,117
Total Liabilities		703		93		649,303		6,721		63		2,117
NET ASSETS	$	2,370,345	$	124,737	$	208,030,483	$	5,161,852	$	975,943	$	2,584,275
NET ASSETS CONSIST OF:
Accumulation units		2,370,345		124,737		208,020,212		5,161,852		971,850		2,570,144
Contracts in payout (annuitization) period		-		-		10,271		-		4,093		14,131
NET ASSETS	$	2,370,345	$	124,737	$	208,030,483	$	5,161,852	$	975,943	$	2,584,275
Units Outstanding		189,561		12,904		14,627,779		414,907		108,933		177,560
Accumulation Unit Value		$12.15 - $12.96		$9.67 - $9.67		$8.97 - $15.99		$11.78 - $13.62		$8.49 - $9.48		$14.00 - $15.21
Cost of Investments	$	2,666,619	$	128,635	$	202,059,207	$	4,796,042	$	1,192,996	$	3,002,315

See Notes to Financial Statements SA-8

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2022    

	Variable Accounts
	American Funds		American Funds		American Funds						American Funds
	IS Global		IS Global		IS Global Small		American Funds		American Funds		IS Growth-
	Balanced		Growth		Capitalization		IS Growth		IS Growth		Income
	Class 4		Class 4		Class 4		Class 1		Class 4		Class 1
ASSETS
Investments in mutual funds, at value	$	3,593,954	$	4,460,953	$	1,592,331	$	62,893	$	27,655,938	$	18,834
Receivables:
Due from Pacific Life & Annuity Company		200		-		-		-		60,995		-
Investments sold		-		1,788		53		3		-		47
Total Assets		3,594,154		4,462,741		1,592,384		62,896		27,716,933		18,881
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		-		2,060		119		4		-		47
Investments purchased		340		-		-		-		63,305		-
Total Liabilities		340		2,060		119		4		63,305		47
NET ASSETS	$	3,593,814	$	4,460,681	$	1,592,265	$	62,892	$	27,653,628	$	18,834
NET ASSETS CONSIST OF:
Accumulation units		3,593,814		4,460,681		1,592,265		62,892		27,601,328		18,834
Contracts in payout (annuitization) period		-		-		-		-		52,300		-
NET ASSETS	$	3,593,814	$	4,460,681	$	1,592,265	$	62,892	$	27,653,628	$	18,834
Units Outstanding		274,300		238,643		121,298		7,907		1,306,432		1,895
Accumulation Unit Value		$12.68 - $13.53		$17.83 - $19.09		$12.55 - $14.04		$7.95 - $7.95		$20.37 - $25.39		$9.94 - $9.94
Cost of Investments	$	3,674,942	$	4,031,238	$	2,113,126	$	65,464	$	28,768,345	$	19,875

					American Funds		American Funds
	American Funds				IS International		IS Managed		American Funds		American Funds
	IS Growth-		American Funds		Growth and		Risk Asset		IS New World		IS The Bond
	Income		IS International		Income		Allocation		Fund		Fund of America
	Class 4		Class 4		Class 4		Class P2		Class 4		Class 1
ASSETS
Investments in mutual funds, at value	$	15,203,919	$	2,950,087	$	1,740,402	$	13,930,577	$	2,970,999	$	79,725
Receivables:
Due from Pacific Life & Annuity Company		821		-		-		-		-		-
Investments sold		-		320		763		349		116		39
Total Assets		15,204,740		2,950,407		1,741,165		13,930,926		2,971,115		79,764
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		-		466		902		996		317		40
Investments purchased		2,570		-		-		-		-		-
Total Liabilities		2,570		466		902		996		317		40
NET ASSETS	$	15,202,170	$	2,949,941	$	1,740,263	$	13,929,930	$	2,970,798	$	79,724
NET ASSETS CONSIST OF:
Accumulation units		15,199,018		2,949,941		1,740,263		13,929,930		2,957,401		79,724
Contracts in payout (annuitization) period		3,152		-		-		-		13,397		-
NET ASSETS	$	15,202,170	$	2,949,941	$	1,740,263	$	13,929,930	$	2,970,798	$	79,724
Units Outstanding		870,853		274,173		163,003		1,081,671		243,539		9,138
Accumulation Unit Value		$16.82 - $20.13		$9.98 - $12.17		$10.14 - $12.75		$8.87 - $13.44		$11.46 - $14.23		$8.72 - $8.72
Cost of Investments	$	14,241,291	$	3,585,299	$	2,481,094	$	14,006,028	$	2,865,882	$	82,779

See Notes to Financial Statements SA-9

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2022    

	Variable Accounts
	American Funds		American Funds		American Funds
	IS The Bond		IS		IS Washington		BlackRock		BlackRock		BlackRock
	Fund		U.S. Government		Mutual		60/40 Target		Capital		Global
	of America		Securities		Investors		Allocation ETF		Appreciation		Allocation
	Class 4		Class 4		Class 4		V.I. Class I		V.I. Class III		V.I. Class III
ASSETS
Investments in mutual funds, at value	$	5,895,520	$	2,664,335	$	11,642,755	$	16,968,655	$	468,615	$	91,117,335
Receivables:
Due from Pacific Life & Annuity Company		-		-		-		-		-		-
Investments sold		1,136		156		9,727		1,916		11		19,810
Total Assets		5,896,656		2,664,491		11,652,482		16,970,571		468,626		91,137,145
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		1,413		463		10,191		2,827		31		17,325
Investments purchased		-		-		-		-		-		-
Total Liabilities		1,413		463		10,191		2,827		31		17,325
NET ASSETS	$	5,895,243	$	2,664,028	$	11,642,291	$	16,967,744	$	468,595	$	91,119,820
NET ASSETS CONSIST OF:
Accumulation units		5,895,243		2,664,028		11,634,466		16,967,744		468,595		91,063,736
Contracts in payout (annuitization) period		-		-		7,825		-		-		56,084
NET ASSETS	$	5,895,243	$	2,664,028	$	11,642,291	$	16,967,744	$	468,595	$	91,119,820
Units Outstanding		590,910		274,241		679,825		1,274,585		15,645		6,676,716
Accumulation Unit Value		$9.46 - $10.45		$9.34 - $10.15		$16.12 - $17.85		$9.16 - $14.53		$25.33 - $34.17		$8.29 - $16.92
Cost of Investments	$	6,748,756	$	3,086,120	$	12,058,127	$	18,030,323	$	567,862	$	98,849,756

			BlackRock		Delaware Ivy				DFA VA
	BlackRock		Small Cap		VIP Asset		Delaware Ivy		US Large Value		Fidelity VIP
	S&P 500 Index		Index		Strategy		VIP Energy		Institutional		Contrafund
	V.I. Class I		V.I. Class I		Class II		Class II		Class		Service Class 2
ASSETS
Investments in mutual funds, at value	$	56,562	$	28,190	$	1,510,680	$	3,654,850	$	64,779	$	33,795,662
Receivables:
Due from Pacific Life & Annuity Company		-		-		-		-		-		48,815
Investments sold		285		142		201		1,294		3		-
Total Assets		56,847		28,332		1,510,881		3,656,144		64,782		33,844,477
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		286		142		274		1,526		3		-
Investments purchased		-		-		-		-		-		50,384
Total Liabilities		286		142		274		1,526		3		50,384
NET ASSETS	$	56,561	$	28,190	$	1,510,607	$	3,654,618	$	64,779	$	33,794,093
NET ASSETS CONSIST OF:
Accumulation units		56,561		28,190		1,510,607		3,654,618		64,779		33,794,093
Contracts in payout (annuitization) period		-		-		-		-		-		-
NET ASSETS	$	56,561	$	28,190	$	1,510,607	$	3,654,618	$	64,779	$	33,794,093
Units Outstanding		5,674		3,643		138,767		528,923		5,743		1,445,878
Accumulation Unit Value		$9.97 - $9.97		$7.74 - $7.74		$8.88 - $11.51		$6.63 - $7.74		$11.28 - $11.28		$18.02 - $25.28
Cost of Investments	$	59,052	$	28,491	$	1,692,237	$	2,194,423	$	67,031	$	31,692,208

See Notes to Financial Statements SA-10

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2022    

	Variable Accounts
											First Trust/Dow
	Fidelity VIP		Fidelity VIP		Fidelity VIP		First Trust		First Trust		Jones Dividend
	FundsManager		Government		Strategic		Dorsey Wright		Multi Income		& Income
	60%		Money Market		Income		Tactical Core		Allocation		Allocation
	Service Class 2		Service Class		Service Class 2		Class I		Class I		Class I
ASSETS
Investments in mutual funds, at value	$	38,489,960	$	26,210,560	$	5,761,724	$	1,846,952	$	1,506,527	$	48,884,362
Receivables:
Due from Pacific Life & Annuity Company		2,205		-		-		5,930		-		-
Investments sold		-		9,198		-		-		1,641		18,306
Total Assets		38,492,165		26,219,758		5,761,724		1,852,882		1,508,168		48,902,668
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		-		9,830		759		-		1,774		19,332
Investments purchased		3,303		-		174		6,058		-		-
Total Liabilities		3,303		9,830		933		6,058		1,774		19,332
NET ASSETS	$	38,488,862	$	26,209,928	$	5,760,791	$	1,846,824	$	1,506,394	$	48,883,336
NET ASSETS CONSIST OF:
Accumulation units		38,488,862		26,120,970		5,760,791		1,846,824		1,506,394		48,883,336
Contracts in payout (annuitization) period		-		88,958		-		-		-		-
NET ASSETS	$	38,488,862	$	26,209,928	$	5,760,791	$	1,846,824	$	1,506,394	$	48,883,336
Units Outstanding		2,574,726		2,789,343		523,668		146,775		121,378		3,096,757
Accumulation Unit Value		$8.77 - $18.53		$8.95 - $10.39		$10.53 - $11.97		$12.05 - $12.71		$11.92 - $12.64		$9.06 - $18.81
Cost of Investments	$	44,992,282	$	26,210,542	$	6,428,610	$	1,838,405	$	1,506,334	$	48,808,797

							Franklin		Franklin		Franklin
	Franklin		Franklin		Franklin		Mutual Global		Rising		Rising
	Allocation		Allocation		Income		Discovery		Dividends		Dividends
	VIP Class 2		VIP Class 4		VIP Class 2		VIP Class 2		VIP Class 1		VIP Class 2
ASSETS
Investments in mutual funds, at value	$	155,837	$	11,519,041	$	11,370,557	$	4,247,116	$	14,146	$	12,528,104
Receivables:
Due from Pacific Life & Annuity Company		1		-		-		-		-		71,196
Investments sold		-		1,872		6,187		1,557		35		-
Total Assets		155,838		11,520,913		11,376,744		4,248,673		14,181		12,599,300
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		-		1,682		6,836		1,703		35		-
Investments purchased		6		-		-		-		-		71,719
Total Liabilities		6		1,682		6,836		1,703		35		71,719
NET ASSETS	$	155,832	$	11,519,231	$	11,369,908	$	4,246,970	$	14,146	$	12,527,581
NET ASSETS CONSIST OF:
Accumulation units		155,832		11,519,231		11,369,908		4,246,970		14,146		12,518,502
Contracts in payout (annuitization) period		-		-		-		-		-		9,079
NET ASSETS	$	155,832	$	11,519,231	$	11,369,908	$	4,246,970	$	14,146	$	12,527,581
Units Outstanding		8,823		834,517		895,553		255,792		1,270		513,673
Accumulation Unit Value		$16.52 - $18.13		$8.70 - $17.26		$12.11 - $13.66		$14.53 - $21.57		$11.14 - $11.14		$19.04 - $26.88
Cost of Investments	$	197,075	$	13,641,809	$	11,332,242	$	4,223,041	$	14,312	$	11,252,616

See Notes to Financial Statements SA-11

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2022    

	Variable Accounts
							JPMorgan		JPMorgan		ClearBridge
			Janus		Janus		Insurance Trust		Insurance Trust		Variable
	Templeton		Henderson		Henderson		Global		Income		Aggressive
	Global Bond		Balanced		Flexible Bond		Allocation		Builder		Growth -
	VIP Class 2		Service Shares		Service Shares		Class 2		Class 2		Class II
ASSETS
Investments in mutual funds, at value	$	4,176,016	$	409,350,738	$	2,370,835	$	385,654	$	947,802	$	774,370
Receivables:
Due from Pacific Life & Annuity Company		-		79,685		-		-		-		12,179
Investments sold		530		-		80		15		34		-
Total Assets		4,176,546		409,430,423		2,370,915		385,669		947,836		786,549
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		834		-		219		27		112		-
Investments purchased		-		82,964		-		-		-		12,192
Total Liabilities		834		82,964		219		27		112		12,192
NET ASSETS	$	4,175,712	$	409,347,459	$	2,370,696	$	385,642	$	947,724	$	774,357
NET ASSETS CONSIST OF:
Accumulation units		4,175,712		409,347,459		2,370,696		385,642		947,724		774,357
Contracts in payout (annuitization) period		-		-		-		-		-		-
NET ASSETS	$	4,175,712	$	409,347,459	$	2,370,696	$	385,642	$	947,724	$	774,357
Units Outstanding		521,452		24,154,199		242,745		32,307		85,036		67,561
Accumulation Unit Value		$7.59 - $10.60		$9.01 - $20.78		$9.27 - $10.30		$11.66 - $12.11		$10.82 - $11.33		$11.15 - $12.45
Cost of Investments	$	4,861,723	$	360,723,645	$	2,751,941	$	423,168	$	955,519	$	1,165,101

					MFS
	Lord Abbett				Massachusetts		MFS		MFS		MFS
	Bond		Lord Abbett		Investors		Total Return		Utilities		Value
	Debenture		Total Return		Growth Stock -		Series -		Series -		Series -
	Class VC		Class VC		Service Class		Service Class		Service Class		Service Class
ASSETS
Investments in mutual funds, at value	$	4,382,088	$	5,483,707	$	553,623	$	37,295,209	$	4,927,711	$	840,289
Receivables:
Due from Pacific Life & Annuity Company		-		3,097		-		-		5,301		-
Investments sold		100		-		526		13,533		-		597
Total Assets		4,382,188		5,486,804		554,149		37,308,742		4,933,012		840,886
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		267		-		593		14,007		-		624
Investments purchased		-		3,383		-		-		5,603		-
Total Liabilities		267		3,383		593		14,007		5,603		624
NET ASSETS	$	4,381,921	$	5,483,421	$	553,556	$	37,294,735	$	4,927,409	$	840,262
NET ASSETS CONSIST OF:
Accumulation units		4,353,463		5,483,421		553,556		37,294,735		4,919,847		840,262
Contracts in payout (annuitization) period		28,458		-		-		-		7,562		-
NET ASSETS	$	4,381,921	$	5,483,421	$	553,556	$	37,294,735	$	4,927,409	$	840,262
Units Outstanding		359,104		539,214		25,445		2,329,635		280,946		28,793
Accumulation Unit Value		$11.42 - $13.69		$9.29 - $12.26		$21.51 - $21.85		$9.28 - $20.10		$16.49 - $19.81		$27.19 - $33.97
Cost of Investments	$	4,999,764	$	6,383,129	$	497,701	$	37,672,558	$	3,932,252	$	599,811

See Notes to Financial Statements SA-12

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2022    

	Variable Accounts
	Neuberger Berman				PIMCO
	U.S. Equity Index				Commodity-				PIMCO
	PutWrite		PIMCO All		RealReturn		PIMCO		Total Return -
	Strategy		Asset -		Strategy -		Income -		Institutional		Schwab
	Class S		Advisor Class		Advisor Class		Advisor Class		Class		VIT Balanced
ASSETS
Investments in mutual funds, at value	$	130,155	$	225,796	$	1,544,169	$	1,841,879	$	65,566	$	4,065,276
Receivables:
Due from Pacific Life & Annuity Company		-		-		1,112		-		-		-
Investments sold		4		-		-		93		2		191,822
Total Assets		130,159		225,796		1,545,281		1,841,972		65,568		4,257,098
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		13		3		-		189		3		191,906
Investments purchased		-		7		1,281		-		-		-
Total Liabilities		13		10		1,281		189		3		191,906
NET ASSETS	$	130,146	$	225,786	$	1,544,000	$	1,841,783	$	65,565	$	4,065,192
NET ASSETS CONSIST OF:
Accumulation units		130,146		225,786		1,544,000		1,841,783		65,565		4,065,192
Contracts in payout (annuitization) period		-		-		-		-		-		-
NET ASSETS	$	130,146	$	225,786	$	1,544,000	$	1,841,783	$	65,565	$	4,065,192
Units Outstanding		11,250		18,530		196,177		179,837		7,740		305,434
Accumulation Unit Value		$11.44 - $11.60		$12.08 - $12.23		$7.01 - $14.12		$10.09 - $10.46		$8.47 - $8.47		$13.31 - $13.31
Cost of Investments	$	144,864	$	270,458	$	1,586,602	$	1,986,641	$	66,395	$	3,681,243

									VanEck VIP
	Schwab				State Street		T. Rowe Price		Global
	VIT Balanced		Schwab		Total Return		Health		Resources		Vanguard VIF
	with Growth		VIT Growth		V.I.S. Class 3		Sciences - I		Class S		Balanced
ASSETS
Investments in mutual funds, at value	$	7,251,600	$	3,636,857	$	14,275,607	$	14,013	$	1,875,892	$	1,443,727
Receivables:
Due from Pacific Life & Annuity Company		-		-		-		-		-		-
Investments sold		1,884		116		2,326		18		78		1,767
Total Assets		7,253,484		3,636,973		14,277,933		14,031		1,875,970		1,445,494
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		1,913		64		1,385		19		135		1,785
Investments purchased		-		-		-		-		-		-
Total Liabilities		1,913		64		1,385		19		135		1,785
NET ASSETS	$	7,251,571	$	3,636,909	$	14,276,548	$	14,012	$	1,875,835	$	1,443,709
NET ASSETS CONSIST OF:
Accumulation units		7,251,571		3,636,909		14,276,548		14,012		1,819,336		1,443,709
Contracts in payout (annuitization) period		-		-		-		-		56,499		-
NET ASSETS	$	7,251,571	$	3,636,909	$	14,276,548	$	14,012	$	1,875,835	$	1,443,709
Units Outstanding		476,004		210,378		927,873		1,529		204,817		145,591
Accumulation Unit Value		$15.23 - $15.23		$17.29 - $17.29		$8.59 - $22.37		$9.17 - $9.17		$8.24 - $11.39		$9.92 - $9.92
Cost of Investments	$	6,068,668	$	2,840,731	$	16,223,497	$	13,599	$	1,412,972	$	1,465,930

See Notes to Financial Statements SA-13

SEPARATE ACCOUNT A

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

DECEMBER 31, 2022    

	Variable Accounts
					Vanguard VIF
					Total
	Vanguard VIF				International
	Conservative		Vanguard VIF		Stock Market
	Allocation		Real Estate Index		Index
ASSETS
Investments in mutual funds, at value	$	876,268	$	12,172	$	31,497
Receivables:
Due from Pacific Life & Annuity Company		-		-		-
Investments sold		1,800		16		159
Total Assets		878,068		12,188		31,656
LIABILITIES
Payables:
Due to Pacific Life & Annuity Company		1,815		17		159
Investments purchased		-		-		-
Total Liabilities		1,815		17		159
NET ASSETS	$	876,253	$	12,171	$	31,497
NET ASSETS CONSIST OF:
Accumulation units		876,253		12,171		31,497
Contracts in payout (annuitization) period		-		-		-
NET ASSETS	$	876,253	$	12,171	$	31,497
Units Outstanding		99,839		1,243		3,677
Accumulation Unit Value		$8.77 - $8.80		$9.79 - $9.79		$8.56 - $8.56
Cost of Investments	$	845,243	$	13,376	$	27,876

See Notes to Financial Statements SA-14

SEPARATE ACCOUNT A

STATEMENTS OF OPERATIONS 

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2022 

		Variable Accounts
		Core			Diversified			Floating			High Yield			Inflation			Intermediate
		Income			Bond			Rate Income			Bond			Managed			Bond
		Class I			Class I			Class I			Class I			Class I			Class I (1)
INVESTMENT INCOME
Dividends	$	-		$	-		$	-		$	-		$	-		$	-
EXPENSES
Mortality and expense risk		13,607			99,511			104,139			82,315			94,845			740
Administrative fees		3,315			22,316			22,915			16,550			21,396			196
Total Expenses		16,922			121,827			127,054			98,865			116,241			936
Net Investment Income (Loss)		(16,922	)		(121,827	)		(127,054	)		(98,865	)		(116,241	)		(936	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(15,462	)		(263,766	)		(26,441	)		38,715			(125,576	)		(831	)
Capital gain distributions		-			-			-			-			-			-
Realized Gain (Loss) on Investments		(15,462	)		(263,766	)		(26,441	)		38,715			(125,576	)		(831	)
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(163,681	)		(1,928,623	)		(133,334	)		(895,818	)		(1,038,838	)		(1,503	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(196,065	)	$	(2,314,216	)	$	(286,829	)	$	(955,968	)	$	(1,280,655	)	$	(3,270	)
		Managed			Short Duration			Emerging			Dividend			Equity			Focused
		Bond			Bond			Markets Debt			Growth			Index			Growth
		Class I			Class I			Class I			Class I			Class I			Class I
INVESTMENT INCOME
Dividends	$	-		$	-		$	-		$	-		$	-		$	-
EXPENSES
Mortality and expense risk		126,873			120,221			19,740			275,991			1,378,776			128,601
Administrative fees		26,445			28,211			3,518			62,693			325,121			28,555
Total Expenses		153,318			148,432			23,258			338,684			1,703,897			157,156
Net Investment Income (Loss)		(153,318	)		(148,432	)		(23,258	)		(338,684	)		(1,703,897	)		(157,156	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		364,192			(85,056	)		(55,387	)		(134,036	)		(1,179,375	)		(92,752	)
Capital gain distributions		-			-			-			-			-			-
Realized Gain (Loss) on Investments		364,192			(85,056	)		(55,387	)		(134,036	)		(1,179,375	)		(92,752	)
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(2,242,707	)		(544,493	)		(144,998	)		(2,753,304	)		(27,762,138	)		(5,531,395	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,031,833	)	$	(777,981	)	$	(223,643	)	$	(3,226,024	)	$	(30,645,410	)	$	(5,781,303	)
					Hedged			Large-Cap			Large-Cap			Large-Cap			Mid-Cap
		Growth			Equity			Core			Growth			Value			Equity
		Class I			Class I			Class I			Class I			Class I			Class I
INVESTMENT INCOME
Dividends	$	-		$	-		$	-		$	-		$	-		$	-
EXPENSES
Mortality and expense risk		109,339			105,884			78,334			117,688			89,698			75,964
Administrative fees		25,315			25,920			16,058			26,914			19,969			16,159
Total Expenses		134,654			131,804			94,392			144,602			109,667			92,123
Net Investment Income (Loss)		(134,654	)		(131,804	)		(94,392	)		(144,602	)		(109,667	)		(92,123	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(188,696	)		(127,287	)		41,200			293,107			(18,657	)		(77,003	)
Capital gain distributions		-			-			-			-			-			-
Realized Gain (Loss) on Investments		(188,696	)		(127,287	)		41,200			293,107			(18,657	)		(77,003	)
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(4,101,682	)		(281,352	)		(1,788,373	)		(6,241,503	)		(568,822	)		(1,269,384	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,425,032	)	$	(540,443	)	$	(1,841,565	)	$	(6,092,998	)	$	(697,146	)	$	(1,438,510	)

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-15

SEPARATE ACCOUNT A

STATEMENTS OF OPERATIONS (Continued)  

FOR THE YEAR ENDED DECEMBER 31, 2022

	Variable Accounts
		Mid-Cap			Mid-Cap			Small-Cap			Small-Cap			Small-Cap			Small-Cap
		Growth			Value			Equity			Growth			Index			Value
		Class I			Class I			Class I			Class I			Class I			Class I
INVESTMENT INCOME
Dividends	$	-		$	-		$	-		$	-		$	-		$	-
EXPENSES
Mortality and expense risk		133,307			60,047			31,438			69,862			107,790			55,364
Administrative fees		29,347			12,005			6,990			15,238			27,219			11,479
Total Expenses		162,654			72,052			38,428			85,100			135,009			66,843
Net Investment Income (Loss)		(162,654	)		(72,052	)		(38,428	)		(85,100	)		(135,009	)		(66,843	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(4,548	)		(44,202	)		(24,516	)		26,890			(286,814	)		144,888
Capital gain distributions		-			-			-			-			-			-
Realized Gain (Loss) on Investments		(4,548	)		(44,202	)		(24,516	)		26,890			(286,814	)		144,888
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(5,185,116	)		(460,501	)		(385,561	)		(2,605,639	)		(2,677,126	)		(1,126,955	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,352,318	)	$	(576,755	)	$	(448,505	)	$	(2,663,849	)	$	(3,098,949	)	$	(1,048,910	)
					Value			Emerging			International			International			International
		Value			Advantage			Markets			Growth			Large-Cap			Small-Cap
		Class I			Class I			Class I			Class I			Class I			Class I
INVESTMENT INCOME
Dividends	$	-		$	-		$	-		$	-		$	-		$	-
EXPENSES
Mortality and expense risk		39,018			50,700			64,830			503			79,531			16,567
Administrative fees		7,638			9,498			13,643			116			16,870			3,162
Total Expenses		46,656			60,198			78,473			619			96,401			19,729
Net Investment Income (Loss)		(46,656	)		(60,198	)		(78,473	)		(619	)		(96,401	)		(19,729	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(4,467	)		(15,601	)		(116,156	)		(228	)		34,890			14,580
Capital gain distributions		-			-			-			-			-			-
Realized Gain (Loss) on Investments		(4,467	)		(15,601	)		(116,156	)		(228	)		34,890			14,580
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(1,627	)		(164,790	)		(1,724,614	)		(5,887	)		(1,442,503	)		(303,830	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(52,750	)	$	(240,589	)	$	(1,919,243	)	$	(6,734	)	$	(1,504,014	)	$	(308,979	)
																	ESG
		International			Health			Real						ESG			Diversified
		Value			Sciences			Estate			Technology			Diversified			Growth
		Class I			Class I			Class I			Class I			Class I			Class I
INVESTMENT INCOME
Dividends	$	-		$	-		$	-		$	-		$	-		$	-
EXPENSES
Mortality and expense risk		51,663			305,146			75,476			160,470			17,159			1,004
Administrative fees		10,278			66,625			16,224			36,148			4,552			248
Total Expenses		61,941			371,771			91,700			196,618			21,711			1,252
Net Investment Income (Loss)		(61,941	)		(371,771	)		(91,700	)		(196,618	)		(21,711	)		(1,252	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		124,319			349,602			194,873			(371,290	)		(6,021	)		(190	)
Capital gain distributions		-			-			-			-			-			-
Realized Gain (Loss) on Investments		124,319			349,602			194,873			(371,290	)		(6,021	)		(190	)
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(279,349	)		(2,244,764	)		(2,321,115	)		(6,981,774	)		(316,341	)		(16,226	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(216,971	)	$	(2,266,933	)	$	(2,217,942	)	$	(7,549,682	)	$	(344,073	)	$	(17,668	)

See Notes to Financial Statements SA-16

SEPARATE ACCOUNT A

STATEMENTS OF OPERATIONS (Continued)      

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2022          

	Variable Accounts
		PSF Avantis			PSF Avantis			Pacific			Pacific			Pacific			Pacific
		Balanced			Balanced			Dynamix -			Dynamix -			Dynamix -			Dynamix -
		Allocation			Allocation			Conservative			Moderate			Growth			Growth
		Class D			Class P (1)			Growth Class I			Class I			Class I			Class P  (1)
INVESTMENT INCOME
Dividends	$	-		$	-		$	-		$	-		$	-		$	-
EXPENSES
Mortality and expense risk		129,795			12			454,434			1,518,659			1,156,437			20
Administrative fees		32,308			24			100,086			337,477			281,651			40
Total Expenses		162,103			36			554,520			1,856,136			1,438,088			60
Net Investment Income (Loss)		(162,103	)		(36	)		(554,520	)		(1,856,136	)		(1,438,088	)		(60	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(223,056	)		(2	)		655,831			1,772,655			(489,565	)		4
Capital gain distributions		-			-			-			-			-			-
Realized Gain (Loss) on Investments		(223,056	)		(2	)		655,831			1,772,655			(489,565	)		4
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(2,044,127	)		(1,996	)		(7,862,173	)		(28,221,338	)		(19,642,725	)		411
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,429,286	)	$	(2,034	)	$	(7,760,862	)	$	(28,304,819	)	$	(21,570,378	)	$	355
					Portfolio									Portfolio			Invesco
		Portfolio			Optimization			Portfolio			Portfolio			Optimization			Oppenheimer
		Optimization			Moderate-			Optimization			Optimization			Aggressive-			V.I. International
		Conservative			Conservative			Moderate			Growth			Growth			Growth
		Class I			Class I			Class I			Class I			Class I			Series II
INVESTMENT INCOME
Dividends	$	-		$	-		$	-		$	-		$	-		$	-
EXPENSES
Mortality and expense risk		933,665			1,429,924			5,466,020			4,559,198			1,159,680			9,164
Administrative fees		172,815			249,795			954,856			786,135			192,415			2,157
Total Expenses		1,106,480			1,679,719			6,420,876			5,345,333			1,352,095			11,321
Net Investment Income (Loss)		(1,106,480	)		(1,679,719	)		(6,420,876	)		(5,345,333	)		(1,352,095	)		(11,321	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		204,725			4,238,166			19,097,339			14,808,972			3,126,113			(160,549	)
Capital gain distributions		-			-			-			-			-			168,681
Realized Gain (Loss) on Investments		204,725			4,238,166			19,097,339			14,808,972			3,126,113			8,132
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(11,953,289	)		(23,385,594	)		(95,701,893	)		(81,594,798	)		(20,210,350	)		(342,707	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,855,044	)	$	(20,827,147	)	$	(83,025,430	)	$	(72,131,159	)	$	(18,436,332	)	$	(345,896	)
		Invesco V.I.			Invesco V.I.			Invesco V.I.									American
		Balanced-Risk			Equity and			Global			Invesco V.I.			Invesco V.I.			Century
		Allocation			Income			Real Estate			Global			Technology			VP Mid Cap Value
		Series II			Series II			Series II			Series II			Series I (1)			Class II
INVESTMENT INCOME
Dividends	$	1,481,155		$	29,117		$	38,698		$	-		$	-		$	108,285
EXPENSES
Mortality and expense risk		214,625			16,697			10,196			16,911			10			53,694
Administrative fees		45,678			3,761			3,820			3,516			20			11,873
Total Expenses		260,303			20,458			14,016			20,427			30			65,567
Net Investment Income (Loss)		1,220,852			8,659			24,682			(20,427	)		(30	)		42,718
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(367,543	)		28,030			(100,114	)		(106,411	)		(52	)		(103,171	)
Capital gain distributions		716,594			268,675			-			266,710			5,601			663,605
Realized Gain (Loss) on Investments		349,051			296,705			(100,114	)		160,299			5,549			560,434
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(4,939,038	)		(447,512	)		(444,188	)		(831,382	)		(6,847	)		(744,623	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,369,135	)	$	(142,148	)	$	(519,620	)	$	(691,510	)	$	(1,328	)	$	(141,471	)

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-17

SEPARATE ACCOUNT A

STATEMENTS OF OPERATIONS (Continued)      

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2022          

	Variable Accounts
		American Funds															American Funds
		IS American									American Funds			American Funds			IS Capital World
		High-Income			American Funds			American Funds			IS Capital			IS Capital			Growth and
		Trust			IS Asset Allocation			IS Asset Allocation			Income Builder			World Bond			Income
		Class 4			Class 1 (1)			Class 4			Class 4			Class 4			Class 4
INVESTMENT INCOME
Dividends	$	176,198		$	2,207		$	3,730,395		$	122,745		$	2,363		$	57,673
EXPENSES
Mortality and expense risk		29,301			12			2,537,175			47,632			8,984			25,891
Administrative fees		6,932			24			531,172			10,839			2,497			5,772
Total Expenses		36,233			36			3,068,347			58,471			11,481			31,663
Net Investment Income (Loss)		139,965			2,171			662,048			64,274			(9,118	)		26,010
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(167,655	)		(4	)		(2,413,880	)		(61,491	)		(56,144	)		(87,169	)
Capital gain distributions		-			-			24,113,822			-			18,582			567,499
Realized Gain (Loss) on Investments		(167,655	)		(4	)		21,699,942			(61,491	)		(37,562	)		480,330
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(363,101	)		(3,896	)		(60,994,973	)		(441,570	)		(196,530	)		(1,040,497	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(390,791	)	$	(1,729	)	$	(38,632,983	)	$	(438,787	)	$	(243,210	)	$	(534,157	)
								American Funds
		American Funds			American Funds			IS Global Small			American Funds			American Funds			American Funds
		IS Global Balanced			IS Global Growth			Capitalization			IS Growth			IS Growth			IS Growth-Income
		Class 4			Class 4			Class 4			Class 1 (1)			Class 4			Class 1 (1)
INVESTMENT INCOME
Dividends	$	-		$	20,565		$	-		$	215		$	31,793		$	242
EXPENSES
Mortality and expense risk		35,127			48,529			17,178			6			326,574			10
Administrative fees		8,559			10,680			3,952			11			69,465			19
Total Expenses		43,686			59,209			21,130			17			396,039			29
Net Investment Income (Loss)		(43,686	)		(38,644	)		(21,130	)		198			(364,246	)		213
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(50,936	)		(190,711	)		(247,193	)		(1	)		(1,939,862	)		(6	)
Capital gain distributions		21,168			527,460			599,478			-			4,426,298			-
Realized Gain (Loss) on Investments		(29,768	)		336,749			352,285			(1	)		2,486,436			(6	)
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(578,017	)		(1,846,998	)		(1,061,443	)		(2,571	)		(13,979,936	)		(1,041	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(651,471	)	$	(1,548,893	)	$	(730,288	)	$	(2,374	)	$	(11,857,746	)	$	(834	)
								American Funds			American Funds						American Funds
		American Funds			American Funds			IS International			IS Managed Risk			American Funds IS			IS The Bond Fund
		IS Growth-Income			IS International			Growth and Income			Asset Allocation			New World Fund			of America
		Class 4			Class 4			Class 4			Class P2			Class 4			Class 1 (1)
INVESTMENT INCOME
Dividends	$	170,214		$	47,944		$	49,133		$	325,445		$	34,662		$	1,606
EXPENSES
Mortality and expense risk		167,111			25,602			18,809			156,586			29,541			13
Administrative fees		37,736			6,768			4,095			36,952			6,981			26
Total Expenses		204,847			32,370			22,904			193,538			36,522			39
Net Investment Income (Loss)		(34,633	)		15,574			26,229			131,907			(1,860	)		1,567
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(135,352	)		(93,508	)		(91,425	)		(117,527	)		(150,694	)		(4	)
Capital gain distributions		1,516,088			436,588			846,903			543,151			287,326			-
Realized Gain (Loss) on Investments		1,380,736			343,080			755,478			425,624			136,632			(4	)
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(4,644,359	)		(1,152,370	)		(1,133,836	)		(3,181,249	)		(1,009,509	)		(3,054	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,298,256	)	$	(793,716	)	$	(352,129	)	$	(2,623,718	)	$	(874,737	)	$	(1,491	)

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-18

SEPARATE ACCOUNT A

STATEMENTS OF OPERATIONS (Continued)      

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2022          

		Variable Accounts
		American Funds			American Funds IS			American Funds			BlackRock			BlackRock			BlackRock
		IS The Bond Fund			U.S. Government			IS Washington			60/40 Target			Capital			Global
		of America			Securities			Mutual Investors			Allocation ETF			Appreciation			Allocation
		Class 4			Class 4			Class 4			V.I. Class I			V.I. Class III			V.I. Class III
INVESTMENT INCOME
Dividends	$	168,192		$	103,708		$	185,922		$	365,430		$	-		$	-
EXPENSES
Mortality and expense risk		51,109			32,870			107,768			151,798			3,173			1,082,786
Administrative fees		12,908			7,734			23,185			35,845			703			222,969
Total Expenses		64,017			40,604			130,953			187,643			3,876			1,305,755
Net Investment Income (Loss)		104,175			63,104			54,969			177,787			(3,876	)		(1,305,755	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(133,362	)		(348,988	)		(515,438	)		(121,401	)		(15,816	)		(2,104,591	)
Capital gain distributions		69,453			-			2,485,989			4,817			26,966			1,517,957
Realized Gain (Loss) on Investments		(63,909	)		(348,988	)		1,970,551			(116,584	)		11,150			(586,634	)
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(891,918	)		(180,630	)		(3,103,907	)		(2,658,519	)		(217,993	)		(18,386,056	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(851,652	)	$	(466,514	)	$	(1,078,387	)	$	(2,597,316	)	$	(210,719	)	$	(20,278,445	)
								Delaware Ivy						DFA VA
		BlackRock			BlackRock			VIP Asset			Delaware Ivy			US Large Value			Fidelity VIP
		S&P 500 Index			Small Cap Index			Strategy			VIP Energy			Institutional			Contrafund
		V.I. Class I (1)			V.I. Class I (1)			Class II			Class II			Class (1)			Service Class 2
INVESTMENT INCOME
Dividends	$	904		$	363		$	24,834		$	105,311		$	997		$	97,839
EXPENSES
Mortality and expense risk		31			16			12,217			35,810			6			364,548
Administrative fees		31			16			3,020			7,852			11			86,714
Total Expenses		62			32			15,237			43,662			17			451,262
Net Investment Income (Loss)		842			331			9,597			61,649			980			(353,423	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(12	)		(1	)		(33,147	)		73,860			(1	)		(939,350	)
Capital gain distributions		2,414			255			104,391			-			539			1,814,833
Realized Gain (Loss) on Investments		2,402			254			71,244			73,860			538			875,483
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(2,490	)		(301	)		(265,279	)		1,048,632			(2,252	)		(12,814,513	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	754		$	284		$	(184,438	)	$	1,184,141		$	(734	)	$	(12,292,453	)
					Fidelity VIP						First Trust			First Trust			First Trust/Dow
		Fidelity VIP			Government			Fidelity VIP			Dorsey Wright			Multi Income			Jones Dividend &
		FundsManager 60%			Money Market			Strategic Income			Tactical Core			Allocation			Income Allocation
		Service Class 2			Service Class			Service Class 2			Class I			Class I			Class I
INVESTMENT INCOME
Dividends	$	670,710		$	367,823		$	209,517		$	30,878		$	36,564		$	720,829
EXPENSES
Mortality and expense risk		404,079			287,767			67,218			20,903			13,080			537,254
Administrative fees		93,132			60,994			15,248			4,515			2,923			119,460
Total Expenses		497,211			348,761			82,466			25,418			16,003			656,714
Net Investment Income (Loss)		173,499			19,062			127,051			5,460			20,561			64,115
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(1,068,237	)		-			(190,635	)		(29,752	)		(12,868	)		(703,932	)
Capital gain distributions		6,568,138			-			6,787			282,251			15,411			6,350,159
Realized Gain (Loss) on Investments		5,499,901			-			(183,848	)		252,499			2,543			5,646,227
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS		(12,841,835	)		18			(863,491	)		(704,777	)		(139,437	)		(13,314,542	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,168,435	)	$	19,080		$	(920,288	)	$	(446,818	)	$	(116,333	)	$	(7,604,200	)

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-19

SEPARATE ACCOUNT A

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2022          

		Variable Accounts
											Franklin			Franklin			Franklin
		Franklin			Franklin			Franklin			Mutual Global			Rising			Rising
		Allocation			Allocation			Income			Discovery			Dividends			Dividends
		VIP Class 2			VIP Class 4			VIP Class 2			VIP Class 2			VIP Class 1 (1)			VIP Class 2
INVESTMENT INCOME
Dividends	$	2,376		$	179,703		$	551,178		$	61,723		$	-		$	100,949
EXPENSES
Mortality and expense risk		1,233			137,777			113,992			44,758			7			125,915
Administrative fees		231			27,043			27,770			9,528			15			29,383
Total Expenses		1,464			164,820			141,762			54,286			22			155,298
Net Investment Income (Loss)		912			14,883			409,416			7,437			(22	)		(54,349	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(4,526	)		(440,216	)		(154,104	)		(79,711	)		3			1,486
Capital gain distributions		14,279			1,132,532			223,726			369,103			-			1,610,676
Realized Gain (Loss) on Investments		9,753			692,316			69,622			289,392			3			1,612,162
CHANGE IN NET UNREALIZED APPRECIATION  (DEPRECIATION) ON INVESTMENTS		(39,789	)		(3,122,278	)		(1,311,726	)		(625,924	)		(166	)		(3,235,917	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(29,124	)	$	(2,415,079	)	$	(832,688	)	$	(329,095	)	$	(185	)	$	(1,678,104	)
					Janus			Janus			JPMorgan			JPMorgan			ClearBridge
		Templeton			Henderson			Henderson			Insurance Trust			Insurance Trust			Variable
		Global Bond			Balanced			Flexible Bond			Global Allocation			Income Builder			Aggressive
		VIP Class 2			Service Shares			Service Shares			Class 2			Class 2			Growth - Class II
INVESTMENT INCOME
Dividends	$	-		$	4,642,655		$	52,162		$	6,874		$	35,889		$	-
EXPENSES
Mortality and expense risk		47,707			4,217,025			26,881			5,673			10,786			9,072
Administrative fees		11,402			992,307			6,414			1,184			2,374			1,958
Total Expenses		59,109			5,209,332			33,295			6,857			13,160			11,030
Net Investment Income (Loss)		(59,109	)		(566,677	)		18,867			17			22,729			(11,030	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(399,347	)		(4,732,414	)		(108,981	)		(25,182	)		(5,703	)		(271,842	)
Capital gain distributions		-			11,917,866			45,099			30,286			29,129			109,634
Realized Gain (Loss) on Investments		(399,347	)		7,185,452			(63,882	)		5,104			23,426			(162,208	)
CHANGE IN NET UNREALIZED APPRECIATION  (DEPRECIATION) ON INVESTMENTS		107,226			(89,997,626	)		(426,052	)		(110,379	)		(200,017	)		(151,650	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(351,230	)	$	(83,378,851	)	$	(471,067	)	$	(105,258	)	$	(153,862	)	$	(324,888	)
								MFS
		Lord Abbett						Massachusetts			MFS			MFS			MFS
		Bond			Lord Abbett			Investors			Total Return			Utilities			Value
		Debenture			Total Return			Growth Stock -			Series -			Series -			Series -
		Class VC			Class VC			Service Class			Service Class			Service Class			Service Class
INVESTMENT INCOME
Dividends	$	208,468		$	194,531		$	-		$	549,765		$	111,796		$	10,208
EXPENSES
Mortality and expense risk		51,044			49,536			3,936			361,961			52,200			5,930
Administrative fees		12,390			12,073			903			86,846			11,700			1,336
Total Expenses		63,434			61,609			4,839			448,807			63,900			7,266
Net Investment Income (Loss)		145,034			132,922			(4,839	)		100,958			47,896			2,942
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(256,475	)		(132,062	)		(6,340	)		(428,310	)		(12,345	)		14,449
Capital gain distributions		15,317			13,222			82,210			3,269,555			196,563			53,737
Realized Gain (Loss) on Investments		(241,158	)		(118,840	)		75,870			2,841,245			184,218			68,186
CHANGE IN NET UNREALIZED APPRECIATION  (DEPRECIATION) ON INVESTMENTS		(758,581	)		(1,021,436	)		(215,713	)		(7,297,060	)		(241,606	)		(142,912	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(854,705	)	$	(1,007,354	)	$	(144,682	)	$	(4,354,857	)	$	(9,492	)	$	(71,784	)

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).

See Notes to Financial Statements SA-20

SEPARATE ACCOUNT A

STATEMENTS OF OPERATIONS (Continued)

FOR THE YEAR OR PERIOD ENDED DECEMBER 31, 2022          

		Variable Accounts
								PIMCO
		Neuberger Berman						Commodity-						PIMCO
		U.S. Equity Index						RealReturn						Total Return -
		PutWrite Strategy			PIMCO All Asset -			Strategy -			PIMCO Income -			Institutional			Schwab
		Class S			Advisor Class			Advisor Class			Advisor Class			Class (1)			VIT Balanced
INVESTMENT INCOME
Dividends	$	-		$	17,387		$	379,201		$	68,324		$	196		$	58,366
EXPENSES
Mortality and expense risk		1,078			2,471			18,220			16,296			6			14,263
Administrative fees		269			571			3,815			4,330			11			10,188
Total Expenses		1,347			3,042			22,035			20,626			17			24,451
Net Investment Income (Loss)		(1,347	)		14,345			357,166			47,698			179			33,915
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(3,442	)		(1,063	)		(138,736	)		(66,471	)		-			26,990
Capital gain distributions		19,347			18,525			-			161			-			70,646
Realized Gain (Loss) on Investments		15,905			17,462			(138,736	)		(66,310	)		-			97,636
CHANGE IN NET UNREALIZED APPRECIATION  (DEPRECIATION) ON INVESTMENTS		(28,268	)		(64,428	)		(164,936	)		(143,927	)		(829	)		(832,622	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,710	)	$	(32,621	)	$	53,494		$	(162,539	)	$	(650	)	$	(701,071	)
		Schwab						State Street			T. Rowe Price			VanEck VIP
		VIT Balanced			Schwab			Total Return			Health			Global Resources			Vanguard VIF
		with Growth			VIT Growth			V.I.S. Class 3			Sciences - I (1)			Class S			Balanced (1)
INVESTMENT INCOME
Dividends	$	127,605		$	67,261		$	62,235		$	-		$	23,853		$	-
EXPENSES
Mortality and expense risk		27,433			13,597			173,309			10			18,603			1,292
Administrative fees		19,595			9,712			31,911			20			3,901			1,734
Total Expenses		47,028			23,309			205,220			30			22,504			3,026
Net Investment Income (Loss)		80,577			43,952			(142,985	)		(30	)		1,349			(3,026	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(50,665	)		7,762			(298,673	)		4			47,390			(73,374	)
Capital gain distributions		157,371			97,911			232,557			223			-			-
Realized Gain (Loss) on Investments		106,706			105,673			(66,116	)		227			47,390			(73,374	)
CHANGE IN NET UNREALIZED APPRECIATION  (DEPRECIATION) ON INVESTMENTS		(1,674,870	)		(938,744	)		(3,003,730	)		414			96,324			(22,203	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,487,587	)	$	(789,119	)	$	(3,212,831	)	$	611		$	145,063		$	(98,603	)
								Vanguard VIF
								Total
		Vanguard VIF			Vanguard VIF			International
		Conservative			Real Estate			Stock Market
		Allocation (1)			Index (1)			Index (1)
INVESTMENT INCOME
Dividends	$	-		$	-		$	-
EXPENSES
Mortality and expense risk		488			9			17
Administrative fees		500			19			17
Total Expenses		988			28			34
Net Investment Income (Loss)		(988	)		(28	)		(34	)
REALIZED GAIN (LOSS) ON INVESTMENTS
Realized gain (loss) on sale of investments		(17	)		(6	)		21
Capital gain distributions		-			-			-
Realized Gain (Loss) on Investments		(17	)		(6	)		21
CHANGE IN NET UNREALIZED APPRECIATION  (DEPRECIATION) ON INVESTMENTS		31,025			(1,204	)		3,621
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	30,020		$	(1,238	)	$	3,608

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-21

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS          

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year/Period Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Core Income						Diversified Bond						Floating Rate Income
		Class I						Class I						Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(16,922	)	$	(16,495	)	$	(121,827	)	$	(161,036	)	$	(127,054	)	$	(129,484	)
Realized gain (loss) on investments		(15,462	)		(1,551	)		(263,766	)		(29,025	)		(26,441	)		37,568
Change in net unrealized appreciation  (depreciation) on investments		(163,681	)		(5,327	)		(1,928,623	)		(191,250	)		(133,334	)		393,977
Net Increase (Decrease) in Net Assets  Resulting from Operations		(196,065	)		(23,373	)		(2,314,216	)		(381,311	)		(286,829	)		302,061
INCREASE (DECREASE) IN NET ASSETS  FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		158,382			59,180			690,971			1,941,089			867,915			374,649
Transfers between variable and fixed accounts, net		112,839			189,941			(258,744	)		710,372			884,194			1,221,246
Contract benefits and terminations		(81,224	)		(185,759	)		(1,721,326	)		(1,378,968	)		(1,166,842	)		(1,660,486	)
Contract charges and deductions		(38	)		(34	)		(14,651	)		(14,298	)		(8,054	)		(7,971	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			237			226			191			146
Other		(85	)		(3	)		79			4			116			(31	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		189,874			63,325			(1,303,434	)		1,258,425			577,520			(72,447	)
NET INCREASE (DECREASE) IN NET ASSETS		(6,191	)		39,952			(3,617,650	)		877,114			290,691			229,614
NET ASSETS
Beginning of Year		1,386,621			1,346,669			12,766,711			11,889,597			9,548,568			9,318,954
End of Year	$	1,380,430		$	1,386,621		$	9,149,061		$	12,766,711		$	9,839,259		$	9,548,568
		High Yield Bond						Inflation Managed						Intermediate Bond
		Class I						Class I						Class I (1)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(98,865	)	$	(106,221	)	$	(116,241	)	$	(107,826	)	$	(936	)
Realized gain (loss) on investments		38,715			44,146			(125,576	)		30,203			(831	)
Change in net unrealized appreciation  (depreciation) on investments		(895,818	)		356,966			(1,038,838	)		407,778			(1,503	)
Net Increase (Decrease) in Net Assets  Resulting from Operations		(955,968	)		294,891			(1,280,655	)		330,155			(3,270	)
INCREASE (DECREASE) IN NET ASSETS  FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		464,088			575,864			1,048,853			952,275			178,871
Transfers between variable and fixed accounts, net		259,966			411,697			1,008,929			1,163,094			87,141
Contract benefits and terminations		(1,123,195	)		(765,556	)		(796,146	)		(1,002,628	)		(164	)
Contract charges and deductions		(16,256	)		(15,376	)		(9,993	)		(10,068	)		(75	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			209			(3,350	)		-
Other		34			69			(173	)		(23	)		(11	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(415,363	)		206,698			1,251,679			1,099,300			265,762
NET INCREASE (DECREASE) IN NET ASSETS		(1,371,331	)		501,589			(28,976	)		1,429,455			262,492
NET ASSETS
Beginning of Year or Period		7,937,244			7,435,655			8,876,406			7,446,951			-
End of Year or Period	$	6,565,913		$	7,937,244		$	8,847,430		$	8,876,406		$	262,492

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-22

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Managed Bond						Short Duration Bond						Emerging Markets Debt
		Class I						Class I						Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(153,318	)	$	(201,443	)	$	(148,432	)	$	(162,464	)	$	(23,258	)	$	(27,625	)
Realized gain (loss) on investments		364,192			256,747			(85,056	)		(1,992	)		(55,387	)		(641	)
Change in net unrealized appreciation (depreciation) on investments		(2,242,707	)		(444,531	)		(544,493	)		(62,630	)		(144,998	)		(125,942	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,031,833	)		(389,227	)		(777,981	)		(227,086	)		(223,643	)		(154,208	)
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		311,007			1,088,404			846,081			1,446,249			8,003			35,115
Transfers between variable and fixed accounts, net		(574,460	)		798,216			(449,863	)		1,757,378			(140,952	)		206,111
Contract benefits and terminations		(2,094,557	)		(2,982,847	)		(1,042,142	)		(2,234,178	)		(152,515	)		(134,373	)
Contract charges and deductions		(22,079	)		(21,521	)		(18,040	)		(19,611	)		(3,530	)		(3,361	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		243			222			326			270			-			-
Other		293			138			99			(54	)		56			(78	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(2,379,553	)		(1,117,388	)		(663,539	)		950,054			(288,938	)		103,414
NET INCREASE (DECREASE) IN NET ASSETS		(4,411,386	)		(1,506,615	)		(1,441,520	)		722,968			(512,581	)		(50,794	)
NET ASSETS
Beginning of Year		14,093,600			15,600,215			14,182,613			13,459,645			1,997,177			2,047,971
End of Year	$	9,682,214		$	14,093,600		$	12,741,093		$	14,182,613		$	1,484,596		$	1,997,177
		Dividend Growth						Equity Index						Focused Growth
		Class I						Class I						Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(338,684	)	$	(310,372	)	$	(1,703,897	)	$	(1,679,757	)	$	(157,156	)	$	(216,846	)
Realized gain (loss) on investments		(134,036	)		29,284			(1,179,375	)		302,153			(92,752	)		55,953
Change in net unrealized appreciation (depreciation) on investments		(2,753,304	)		5,576,946			(27,762,138	)		33,187,594			(5,531,395	)		2,839,940
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,226,024	)		5,295,858			(30,645,410	)		31,809,990			(5,781,303	)		2,679,047
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		2,813,092			3,015,016			10,043,791			18,228,912			461,909			1,025,802
Transfers between variable and fixed accounts, net		2,686,939			815,222			3,868,866			(1,640,049	)		(631,390	)		(142,794	)
Contract benefits and terminations		(1,946,507	)		(2,528,892	)		(10,340,176	)		(8,600,561	)		(860,238	)		(1,293,822	)
Contract charges and deductions		(22,735	)		(21,817	)		(17,756	)		(17,538	)		(3,954	)		(3,967	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		(1	)		-			-			(17	)		(1	)		(1	)
Other		5,508			(4,037	)		21,877			(2,818	)		(94	)		(836	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		3,536,296			1,275,492			3,576,602			7,967,929			(1,033,768	)		(415,618	)
NET INCREASE (DECREASE) IN NET ASSETS		310,272			6,571,350			(27,068,808	)		39,777,919			(6,815,071	)		2,263,429
NET ASSETS
Beginning of Year		28,125,485			21,554,135			157,072,054			117,294,135			17,365,436			15,102,007
End of Year	$	28,435,757		$	28,125,485		$	130,003,246		$	157,072,054		$	10,550,365		$	17,365,436

See Notes to Financial Statements SA-23

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year/Period Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Growth						Hedged Equity						Large-Cap Core
		Class I						Class I (1)						Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(134,654	)	$	(155,768	)	$	(131,804	)	$	(23,407	)	$	(94,392	)	$	(104,098	)
Realized gain (loss) on investments		(188,696	)		123,781			(127,287	)		(211	)		41,200			287,067
Change in net unrealized appreciation (depreciation) on investments		(4,101,682	)		2,417,373			(281,352	)		129,675			(1,788,373	)		1,600,791
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,425,032	)		2,385,386			(540,443	)		106,057			(1,841,565	)		1,783,760
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		1,134,086			977,953			6,469,296			4,493,530			173,719			329,387
Transfers between variable and fixed accounts, net		(169,384	)		686,073			8,471,755			1,242,198			(58,147	)		(299,992	)
Contract benefits and terminations		(735,215	)		(1,234,596	)		(735,273	)		(6,099	)		(262,010	)		(766,484	)
Contract charges and deductions		(7,061	)		(6,642	)		(107,120	)		(16,042	)		(6,147	)		(6,365	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			209			182
Other		337			(1,153	)		4,918			340			(74	)		(274	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		222,763			421,635			14,103,576			5,713,927			(152,450	)		(743,546	)
NET INCREASE (DECREASE) IN NET ASSETS		(4,202,269	)		2,807,021			13,563,133			5,819,984			(1,994,015	)		1,040,214
NET ASSETS
Beginning of Year or Period		13,897,672			11,090,651			5,819,984			-			8,192,654			7,152,440
End of Year or Period	$	9,695,403		$	13,897,672		$	19,383,117		$	5,819,984		$	6,198,639		$	8,192,654
		Large-Cap Growth						Large-Cap Value						Mid-Cap Equity
		Class I						Class I						Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(144,602	)	$	(214,497	)	$	(109,667	)	$	(110,479	)	$	(92,123	)	$	(98,616	)
Realized gain (loss) on investments		293,107			835,461			(18,657	)		50,065			(77,003	)		168,113
Change in net unrealized appreciation (depreciation) on investments		(6,241,503	)		2,119,851			(568,822	)		1,872,192			(1,269,384	)		868,398
Net Increase (Decrease) in Net Assets Resulting from Operations		(6,092,998	)		2,740,815			(697,146	)		1,811,778			(1,438,510	)		937,895
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		901,965			1,595,581			707,901			1,217,901			434,323			1,140,740
Transfers between variable and fixed accounts, net		(342,374	)		(3,421,372	)		627,186			43,803			258,977			431,277
Contract benefits and terminations		(1,171,167	)		(1,569,480	)		(967,982	)		(1,021,712	)		(256,728	)		(1,004,816	)
Contract charges and deductions		(3,251	)		(3,068	)		(12,958	)		(12,284	)		(8,612	)		(7,865	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			64			59
Other		387			(2,753	)		(1,720	)		1,915			551			(3,980	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(614,440	)		(3,401,092	)		352,427			229,623			428,575			555,415
NET INCREASE (DECREASE) IN NET ASSETS		(6,707,438	)		(660,277	)		(344,719	)		2,041,401			(1,009,935	)		1,493,310
NET ASSETS
Beginning of Year		16,226,435			16,886,712			9,548,572			7,507,171			7,842,888			6,349,578
End of Year	$	9,518,997		$	16,226,435		$	9,203,853		$	9,548,572		$	6,832,953		$	7,842,888

(1) Operations commenced or resumed during 2021 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-24

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)  

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Mid-Cap Growth						Mid-Cap Value						Small-Cap Equity
	Class I						Class I						Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(162,654	)	$	(215,864	)	$	(72,052	)	$	(73,488	)	$	(38,428	)	$	(39,118	)
Realized gain (loss) on investments		(4,548	)		54,103			(44,202	)		79,422			(24,516	)		136,555
Change in net unrealized appreciation (depreciation) on investments		(5,185,116	)		2,448,307			(460,501	)		1,172,441			(385,561	)		574,124
Net Increase (Decrease) in Net Assets Resulting from Operations		(5,352,318	)		2,286,546			(576,755	)		1,178,375			(448,505	)		671,561
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		474,411			1,624,652			220,294			391,053			416,693			152,928
Transfers between variable and fixed accounts, net		(130,102	)		(320,405	)		(873,225	)		1,529,260			469,590			(86,172	)
Contract benefits and terminations		(694,086	)		(1,393,563	)		(318,207	)		(626,865	)		(156,900	)		(279,602	)
Contract charges and deductions		(11,159	)		(13,067	)		(7,986	)		(7,821	)		(1,950	)		(2,004	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			(1	)		-
Other		(93	)		(3,729	)		159			(1,572	)		877			(10	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(361,029	)		(106,112	)		(978,965	)		1,284,055			728,309			(214,860	)
NET INCREASE (DECREASE) IN NET ASSETS		(5,713,347	)		2,180,434			(1,555,720	)		2,462,430			279,804			456,701
NET ASSETS
Beginning of Year		17,238,136			15,057,702			6,868,136			4,405,706			3,232,303			2,775,602
End of Year	$	11,524,789		$	17,238,136		$	5,312,416		$	6,868,136		$	3,512,107		$	3,232,303

	Small-Cap Growth						Small-Cap Index						Small-Cap Value
	Class I						Class I						Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(85,100	)	$	(122,447	)	$	(135,009	)	$	(151,300	)	$	(66,843	)	$	(80,444	)
Realized gain (loss) on investments		26,890			86,764			(286,814	)		92,108			144,888			135,626
Change in net unrealized appreciation (depreciation) on investments		(2,605,639	)		93,648			(2,677,126	)		1,449,517			(1,126,955	)		1,454,417
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,663,849	)		57,965			(3,098,949	)		1,390,325			(1,048,910	)		1,509,599
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		373,255			538,425			434,748			2,028,678			358,518			415,168
Transfers between variable and fixed accounts, net		(76,478	)		(74,577	)		876,751			702,906			31,762			186,205
Contract benefits and terminations		(412,392	)		(833,687	)		(1,018,546	)		(926,135	)		(418,875	)		(678,488	)
Contract charges and deductions		(6,128	)		(6,535	)		(2,880	)		(2,968	)		(4,611	)		(5,806	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			39			37			(1	)		-
Other		224			(1,263	)		816			(1,611	)		107			(2,417	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(121,519	)		(377,637	)		290,928			1,800,907			(33,100	)		(85,338	)
NET INCREASE (DECREASE) IN NET ASSETS		(2,785,368	)		(319,672	)		(2,808,021	)		3,191,232			(1,082,010	)		1,424,261
NET ASSETS
Beginning of Year		8,654,324			8,973,996			14,274,986			11,083,754			6,064,973			4,640,712
End of Year	$	5,868,956		$	8,654,324		$	11,466,965		$	14,274,986		$	4,982,963		$	6,064,973

See Notes to Financial Statements SA-25

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year Ended			Year/Period Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Value						Value Advantage						Emerging Markets
	Class I						Class I						Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(46,656	)	$	(40,318	)	$	(60,198	)	$	(50,157	)	$	(78,473	)	$	(106,537	)
Realized gain (loss) on investments		(4,467	)		294,269			(15,601	)		22,745			(116,156	)		281,744
Change in net unrealized appreciation (depreciation) on investments		(1,627	)		308,497			(164,790	)		732,321			(1,724,614	)		(915,355	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(52,750	)		562,448			(240,589	)		704,909			(1,919,243	)		(740,148	)
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		258,836			89,192			297,525			303,307			452,789			613,076
Transfers between variable and fixed accounts, net		620,273			44,063			328,820			1,866,467			418,253			140,692
Contract benefits and terminations		(275,759	)		(581,685	)		(300,446	)		(408,704	)		(723,360	)		(908,024	)
Contract charges and deductions		(6,904	)		(7,401	)		(1,083	)		(824	)		(12,128	)		(12,839	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-			-
Other		(155	)		152			165			(93	)		(791	)		(2,051	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		596,291			(455,679	)		324,981			1,760,153			134,763			(169,146	)
NET INCREASE (DECREASE) IN NET ASSETS		543,541			106,769			84,392			2,465,062			(1,784,480	)		(909,294	)
NET ASSETS
Beginning of Year		3,061,129			2,954,360			4,405,461			1,940,399			7,328,099			8,237,393
End of Year	$	3,604,670		$	3,061,129		$	4,489,853		$	4,405,461		$	5,543,619		$	7,328,099

	International Growth						International Large-Cap						International Small-Cap
	Class I (1)						Class I						Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(619	)	$	(5	)	$	(96,401	)	$	(111,419	)	$	(19,729	)	$	(23,898	)
Realized gain (loss) on investments		(228	)		-			34,890			69,235			14,580			15,953
Change in net unrealized appreciation (depreciation) on investments		(5,887	)		390			(1,442,503	)		1,124,961			(303,830	)		201,768
Net Increase (Decrease) in Net Assets  Resulting from Operations		(6,734	)		385			(1,504,014	)		1,082,777			(308,979	)		193,823
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		61,309			9,423			213,550			734,605			67,695			70,173
Transfers between variable and fixed accounts, net		363			-			(76,604	)		81,925			(3,382	)		22,321
Contract benefits and terminations		-			-			(486,292	)		(595,839	)		(75,093	)		(104,868	)
Contract charges and deductions		-			-			(23,131	)		(24,449	)		(5,216	)		(5,126	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			183			165			(2	)		-
Other		(5	)		-			145			110			(12	)		(154	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		61,667			9,423			(372,149	)		196,517			(16,010	)		(17,654	)
NET INCREASE (DECREASE) IN NET ASSETS		54,933			9,808			(1,876,163	)		1,279,294			(324,989	)		176,169
NET ASSETS
Beginning of Year or Period		9,808			-			9,422,292			8,142,998			1,750,333			1,574,164
End of Year or Period	$	64,741		$	9,808		$	7,546,129		$	9,422,292		$	1,425,344		$	1,750,333

(1) Operations commenced or resumed during 2021 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-26

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year/Period Ended			Year Ended			Year/Period Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	International Value						Health Sciences						Real Estate
	Class I						Class I						Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(61,941	)	$	(70,561	)	$	(371,771	)	$	(396,430	)	$	(91,700	)	$	(99,489	)
Realized gain (loss) on investments		124,319			57,786			349,602			27,467			194,873			266,528
Change in net unrealized appreciation (depreciation) on investments		(279,349	)		850,439			(2,244,764	)		3,420,433			(2,321,115	)		2,236,234
Net Increase (Decrease) in Net Assets Resulting from Operations		(216,971	)		837,664			(2,266,933	)		3,051,470			(2,217,942	)		2,403,273
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		286,037			97,370			784,341			2,031,222			280,632			488,757
Transfers between variable and fixed accounts, net		(368,978	)		482,815			189,469			1,522,325			88,607			186,574
Contract benefits and terminations		(695,934	)		(690,115	)		(2,338,260	)		(2,927,817	)		(738,531	)		(1,163,142	)
Contract charges and deductions		(16,731	)		(15,763	)		(13,195	)		(13,082	)		(7,427	)		(7,426	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		177			147			-			(13	)		58			39
Other		(398	)		9			272			(652	)		(1,532	)		(1,390	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(795,827	)		(125,537	)		(1,377,373	)		611,983			(378,193	)		(496,588	)
NET INCREASE (DECREASE) IN NET ASSETS		(1,012,798	)		712,127			(3,644,306	)		3,663,453			(2,596,135	)		1,906,685
NET ASSETS
Beginning of Year		5,106,907			4,394,780			31,511,533			27,848,080			8,382,994			6,476,309
End of Year	$	4,094,109		$	5,106,907		$	27,867,227		$	31,511,533		$	5,786,859		$	8,382,994

	Technology						ESG Diversified						ESG Diversified Growth
	Class I						Class I (1)						Class I (1)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(196,618	)	$	(247,056	)	$	(21,711	)	$	(5,598	)	$	(1,252	)	$	(3	)
Realized gain (loss) on investments		(371,290	)		417,730			(6,021	)		(37	)		(190	)		-
Change in net unrealized appreciation (depreciation) on investments		(6,981,774	)		1,977,330			(316,341	)		42,179			(16,226	)		276
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,549,682	)		2,148,004			(344,073	)		36,544			(17,668	)		273
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		1,230,227			2,647,584			181,785			1,336,522			133,365			7,500
Transfers between variable and fixed accounts, net		836,580			(1,666,335	)		696,692			6,257			95			-
Contract benefits and terminations		(1,464,066	)		(1,525,399	)		(1,113	)		(175	)		-			-
Contract charges and deductions		(7,506	)		(8,087	)		(24,128	)		(3,973	)		(8	)		-
Adjustments to net assets allocated to contracts in payout (annuitization) period		43			44			-			-			-			-
Other		1,383			(381	)		(33	)		(157	)		(4	)		-
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		596,661			(552,574	)		853,203			1,338,474			133,448			7,500
NET INCREASE (DECREASE) IN NET ASSETS		(6,953,021	)		1,595,430			509,130			1,375,018			115,780			7,773
NET ASSETS
Beginning of Year or Period		20,152,017			18,556,587			1,375,018			-			7,773			-
End of Year or Period	$	13,198,996		$	20,152,017		$	1,884,148		$	1,375,018		$	123,553		$	7,773

(1) Operations commenced or resumed during 2021 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-27

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year Ended			Year Ended			Year/Period Ended			Year Ended	Year/Period Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,	December 31,			December 31,
	2022			2021			2022			2021	2022			2021
	PSF Avantis						PSF Avantis				Pacific Dynamix -
	Balanced Allocation Class D						Balanced Allocation Class P (1)				Conservative Growth Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(162,103	)	$	(157,291	)	$	(36	)		$	(554,520	)	$	(643,501	)
Realized gain (loss) on investments		(223,056	)		(1,376	)		(2	)			655,831			864,990
Change in net unrealized appreciation (depreciation) on investments		(2,044,127	)		1,489,813			(1,996	)			(7,862,173	)		2,301,455
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,429,286	)		1,331,146			(2,034	)			(7,760,862	)		2,522,944
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		2,331,454			2,638,005			126,556				2,369,372			2,465,207
Transfers between variable and fixed accounts, net		(23,249	)		566,757			-				(72,305	)		553,971
Contract benefits and terminations		(997,020	)		(576,865	)		(89	)			(4,374,933	)		(5,724,607	)
Contract charges and deductions		(117,347	)		(88,978	)		-				(214,982	)		(213,194	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-				-			-
Other		(742	)		214			-				(40	)		(808	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		1,193,096			2,539,133			126,467				(2,292,888	)		(2,919,431	)
NET INCREASE (DECREASE) IN NET ASSETS		(1,236,190	)		3,870,279			124,433				(10,053,750	)		(396,487	)
NET ASSETS
Beginning of Year or Period		14,834,277			10,963,998			-				50,537,140			50,933,627
End of Year or Period	$	13,598,087		$	14,834,277		$	124,433			$	40,483,390		$	50,537,140

	Pacific Dynamix -						Pacific Dynamix -						Pacific Dynamix -
	Moderate Growth Class I						Growth Class I						Growth Class P (1)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(1,856,136	)	$	(2,094,041	)	$	(1,438,088	)	$	(1,023,660	)	$	(60	)
Realized gain (loss) on investments		1,772,655			1,557,141			(489,565	)		7,998			4
Change in net unrealized appreciation (depreciation) on investments		(28,221,338	)		14,735,054			(19,642,725	)		10,105,379			411
Net Increase (Decrease) in Net Assets Resulting from Operations		(28,304,819	)		14,198,154			(21,570,378	)		9,089,717			355
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		10,732,956			12,260,270			36,940,428			35,692,491			27,014
Transfers between variable and fixed accounts, net		(1,892,852	)		3,847,075			11,799,140			6,362,650			-
Contract benefits and terminations		(13,830,913	)		(15,073,046	)		(2,888,034	)		(4,581,617	)		(207	)
Contract charges and deductions		(1,006,483	)		(909,451	)		(927,639	)		(441,063	)		-
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			191			(9,535	)		-
Other		(7,808	)		1,523			2,421			(5,545	)		(2	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(6,005,100	)		126,371			44,926,507			37,017,381			26,805
NET INCREASE (DECREASE) IN NET ASSETS		(34,309,919	)		14,324,525			23,356,129			46,107,098			27,160
NET ASSETS
Beginning of Year or Period		169,827,302			155,502,777			108,023,040			61,915,942			-
End of Year or Period	$	135,517,383		$	169,827,302		$	131,379,169		$	108,023,040		$	27,160

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-28

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Portfolio Optimization						Portfolio Optimization						Portfolio Optimization
	Conservative Class I						Moderate-Conservative Class I						Moderate Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(1,106,480	)	$	(1,275,584	)	$	(1,679,719	)	$	(2,071,389	)	$	(6,420,876	)	$	(7,831,846	)
Realized gain (loss) on investments		204,725			124,420			4,238,166			7,125,217			19,097,339			24,046,969
Change in net unrealized appreciation (depreciation) on investments		(11,953,289	)		1,736,474			(23,385,594	)		1,199,652			(95,701,893	)		20,612,468
Net Increase (Decrease) in Net Assets Resulting from Operations		(12,855,044	)		585,310			(20,827,147	)		6,253,480			(83,025,430	)		36,827,591
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		874,652			5,310,284			1,519,868			2,953,423			4,312,696			8,315,083
Transfers between variable and fixed accounts, net		5,550,450			4,089,061			(215,729	)		(2,128,950	)		(3,832,426	)		5,253,551
Contract benefits and terminations		(7,742,504	)		(10,580,982	)		(9,950,844	)		(14,312,221	)		(32,980,070	)		(49,537,692	)
Contract charges and deductions		(558,194	)		(534,466	)		(701,614	)		(750,186	)		(3,192,968	)		(3,317,750	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		2,707			2,331			169			(6,562	)		(48,554	)		(8,739	)
Other		(3,530	)		(1,084	)		(124	)		4,874			3,542			6,587
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(1,876,419	)		(1,714,856	)		(9,348,274	)		(14,239,622	)		(35,737,780	)		(39,288,960	)
NET INCREASE (DECREASE) IN NET ASSETS		(14,731,463	)		(1,129,546	)		(30,175,421	)		(7,986,142	)		(118,763,210	)		(2,461,369	)
NET ASSETS
Beginning of Year		88,029,123			89,158,669			131,746,697			139,732,839			498,374,746			500,836,115
End of Year	$	73,297,660		$	88,029,123		$	101,571,276		$	131,746,697		$	379,611,536		$	498,374,746

	Portfolio Optimization						Portfolio Optimization						Invesco Oppenheimer V.I.
	Growth Class I						Aggressive-Growth Class I						International Growth Series II
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(5,345,333	)	$	(6,446,609	)	$	(1,352,095	)	$	(1,622,054	)	$	(11,321	)	$	(14,745	)
Realized gain (loss) on investments		14,808,972			22,080,770			3,126,113			5,780,527			8,132			113,804
Change in net unrealized appreciation (depreciation) on investments		(81,594,798	)		27,412,124			(20,210,350	)		8,458,976			(342,707	)		2,921
Net Increase (Decrease) in Net Assets Resulting from Operations		(72,131,159	)		43,046,285			(18,436,332	)		12,617,449			(345,896	)		101,980
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		3,092,082			6,913,478			551,241			798,222			28,130			239,856
Transfers between variable and fixed accounts, net		77,979			(1,509,520	)		656,400			(1,056,781	)		(151,133	)		296,173
Contract benefits and terminations		(23,769,750	)		(35,918,706	)		(4,909,649	)		(7,382,596	)		(57,500	)		(155,998	)
Contract charges and deductions		(2,660,495	)		(2,576,843	)		(672,058	)		(633,508	)		(16	)		(19	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		(15,414	)		1,172			-			-			-			-
Other		8,818			3,341			277			434			(5	)		(16	)
Net Increase (Decrease) in Net Assets      Derived from Contract Owner Transactions		(23,266,780	)		(33,087,078	)		(4,373,789	)		(8,274,229	)		(180,524	)		379,996
NET INCREASE (DECREASE) IN NET ASSETS		(95,397,939	)		9,959,207			(22,810,121	)		4,343,220			(526,420	)		481,976
NET ASSETS
Beginning of Year		403,162,654			393,203,447			99,029,212			94,685,992			1,244,113			762,137
End of Year	$	307,764,715		$	403,162,654		$	76,219,091		$	99,029,212		$	717,693		$	1,244,113

See Notes to Financial Statements SA-29

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year Ended			Year Ended			Year/Period Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Invesco V.I. Balanced-Risk						Invesco V.I. Equity and						Invesco V.I. Global
	Allocation Series II						Income Series II						Real Estate Series II
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	1,220,852		$	346,369		$	8,659		$	10,148		$	24,682		$	37,295
Realized gain (loss) on investments		349,051			585,071			296,705			27,842			(100,114	)		(8,981	)
Change in net unrealized appreciation  (depreciation) on investments		(4,939,038	)		599,567			(447,512	)		257,865			(444,188	)		427,723
Net Increase (Decrease) in Net Assets Resulting from Operations		(3,369,135	)		1,531,007			(142,148	)		295,855			(519,620	)		456,037
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		1,791,413			1,614,076			185,926			63,654			80,733			94,234
Transfers between variable and fixed accounts, net		1,519,724			53,173			(40,946	)		428,092			(511,082	)		478,693
Contract benefits and terminations		(1,915,558	)		(1,996,191	)		(126,629	)		(142,146	)		(376,262	)		(74,907	)
Contract charges and deductions		(188,389	)		(170,294	)		(1,458	)		(1,633	)		(59	)		(61	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-			-
Other		41			(1,051	)		(21	)		(40	)		(661	)		(220	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		1,207,231			(500,287	)		16,872			347,927			(807,331	)		497,739
NET INCREASE (DECREASE) IN NET ASSETS		(2,161,904	)		1,030,720			(125,276	)		643,782			(1,326,951	)		953,776
NET ASSETS
Beginning of Year		20,963,754			19,933,034			2,152,374			1,508,592			2,453,296			1,499,520
End of Year	$	18,801,850		$	20,963,754		$	2,027,098		$	2,152,374		$	1,126,345		$	2,453,296

	Invesco V.I.						Invesco V.I.			American Century
	Global Series II						Technology Series I (1)			VP Mid Cap Value Class II
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(20,427	)	$	(25,404	)	$	(30	)	$	42,718		$	(12,238	)
Realized gain (loss) on investments		160,299			126,926			5,549			560,434			26,786
Change in net unrealized appreciation (depreciation) on investments		(831,382	)		129,336			(6,847	)		(744,623	)		870,903
Net Increase (Decrease) in Net Assets Resulting from Operations		(691,510	)		230,858			(1,328	)		(141,471	)		885,451
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		52,838			290,125			13,507			494,727			421,213
Transfers between variable and fixed accounts, net		92,637			(50,092	)		-			484,652			67,323
Contract benefits and terminations		(160,769	)		(108,083	)		(100	)		(508,131	)		(491,594	)
Contract charges and deductions		(98	)		(62	)		-			(605	)		(508	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			(1	)		(7	)
Other		154			(23	)		-			(159	)		(110	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(15,238	)		131,865			13,407			470,483			(3,683	)
NET INCREASE (DECREASE) IN NET ASSETS		(706,748	)		362,723			12,079			329,012			881,768
NET ASSETS
Beginning of Year or Period		2,139,474			1,776,751			-			5,029,076			4,147,308
End of Year or Period	$	1,432,726		$	2,139,474		$	12,079		$	5,358,088		$	5,029,076

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-30

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year Ended			Year Ended			Year/Period Ended			Year Ended	Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,	December 31,			December 31,
	2022			2021			2022			2021	2022			2021
	American Funds IS American						American Funds IS Asset				American Funds IS Asset
	High-Income Trust Class 4						Allocation Class 1 (1)				Allocation Class 4
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	139,965		$	88,867		$	2,171			$	662,048		($	76,108	)
Realized gain (loss) on investments		(167,655	)		(8,252	)		(4	)			21,699,942			9,181,171
Change in net unrealized appreciation (depreciation) on investments		(363,101	)		79,531			(3,896	)			(60,994,973	)		21,729,002
Net Increase (Decrease) in Net Assets  Resulting from Operations		(390,791	)		160,146			(1,729	)			(38,632,983	)		30,834,065
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		364,989			534,784			126,556				14,203,514			14,941,530
Transfers between variable and fixed accounts, net		(960,732	)		1,260,908			-				(6,760,899	)		696,996
Contract benefits and terminations		(367,258	)		(294,120	)		(90	)			(18,236,091	)		(21,258,480	)
Contract charges and deductions		(986	)		(592	)		-				(1,774,483	)		(1,652,548	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-				634			544
Other		265			(81	)		-				28,677			(1,712	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(963,722	)		1,500,899			126,466				(12,538,648	)		(7,273,670	)
NET INCREASE (DECREASE) IN NET ASSETS		(1,354,513	)		1,661,045			124,737				(51,171,631	)		23,560,395
NET ASSETS
Beginning of Year or Period		3,724,858			2,063,813			-				259,202,114			235,641,719
End of Year or Period	$	2,370,345		$	3,724,858		$	124,737			$	208,030,483		$	259,202,114

	American Funds IS Capital						American Funds IS						American Funds IS Capital World
	Income Builder Class 4						Capital World Bond Class 4						Growth and Income Class 4
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	64,274		$	54,011		$	(9,118	)	$	6,266		$	26,010		$	9,324
Realized gain (loss) on investments		(61,491	)		3,290			(37,562	)		24,967			480,330			51,133
Change in net unrealized appreciation (depreciation) on investments		(441,570	)		442,786			(196,530	)		(111,164	)		(1,040,497	)		232,170
Net Increase (Decrease) in Net Assets Resulting from Operations		(438,787	)		500,087			(243,210	)		(79,931	)		(534,157	)		292,627
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		1,295,941			815,128			32,610			124,615			388,824			561,907
Transfers between variable and fixed accounts, net		162,935			73,774			(19,122	)		204,729			(37,921	)		123,388
Contract benefits and terminations		(323,713	)		(424,339	)		(137,719	)		(99,152	)		(117,910	)		(266,328	)
Contract charges and deductions		(2,188	)		(2,144	)		(634	)		(754	)		(610	)		(606	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			(3	)		-
Other		(837	)		(55	)		(364	)		(29	)		(5	)		(64	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		1,132,138			462,364			(125,229	)		229,409			232,375			418,297
NET INCREASE (DECREASE) IN NET ASSETS		693,351			962,451			(368,439	)		149,478			(301,782	)		710,924
NET ASSETS
Beginning of Year		4,468,501			3,506,050			1,344,382			1,194,904			2,886,057			2,175,133
End of Year	$	5,161,852		$	4,468,501		$	975,943		$	1,344,382		$	2,584,275		$	2,886,057

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-31

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year/Period Ended			Year Ended			Year Ended			Year Ended			Year/Period Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	American Funds IS						American Funds IS						American Funds IS Global
	Global Balanced Class 4						Global Growth Class 4						Small Capitalization Class 4
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(43,686	)	$	(10,327	)	$	(38,644	)	$	(61,936	)	$	(21,130	)	$	(29,094	)
Realized gain (loss) on investments		(29,768	)		241,366			336,749			505,089			352,285			53,197
Change in net unrealized appreciation (depreciation) on investments		(578,017	)		129,559			(1,846,998	)		301,812			(1,061,443	)		33,720
Net Increase (Decrease) in Net Assets Resulting from Operations		(651,471	)		360,598			(1,548,893	)		744,965			(730,288	)		57,823
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		341,353			251,358			356,457			648,582			76,289			351,124
Transfers between variable and fixed accounts, net		21,625			(817,753	)		111,470			(612,074	)		(209,045	)		555,329
Contract benefits and terminations		(101,015	)		(174,196	)		(396,617	)		(491,702	)		(103,814	)		(83,356	)
Contract charges and deductions		(1,713	)		(1,928	)		(1,488	)		(1,042	)		(584	)		(654	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-			-
Other		71			(27	)		(61	)		192			101			(32	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		260,321			(742,546	)		69,761			(456,044	)		(237,053	)		822,411
NET INCREASE (DECREASE) IN NET ASSETS		(391,150	)		(381,948	)		(1,479,132	)		288,921			(967,341	)		880,234
NET ASSETS
Beginning of Year		3,984,964			4,366,912			5,939,813			5,650,892			2,559,606			1,679,372
End of Year	$	3,593,814		$	3,984,964		$	4,460,681		$	5,939,813		$	1,592,265		$	2,559,606

	American Funds IS			American Funds IS						American Funds IS
	Growth Class 1 (1)			Growth Class 4						Growth-Income Class 1 (1)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	198		$	(364,246	)	$	(412,310	)	$	213
Realized gain (loss) on investments		(1	)		2,486,436			4,576,239			(6	)
Change in net unrealized appreciation (depreciation) on investments		(2,571	)		(13,979,936	)		1,219,710			(1,041	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,374	)		(11,857,746	)		5,383,639			(834	)
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		66,063			3,036,023			3,679,555			19,636
Transfers between variable and fixed accounts, net		-			1,389,047			2,358,481			80
Contract benefits and terminations		(2	)		(2,183,575	)		(3,345,374	)		(47	)
Contract charges and deductions		-			(15,434	)		(15,826	)		-
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			(1	)		-			-
Other		(795	)		8,283			20,149			(1	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		65,266			2,234,343			2,696,985			19,668
NET INCREASE (DECREASE) IN NET ASSETS		62,892			(9,623,403	)		8,080,624			18,834
NET ASSETS
Beginning of Year or Period		-			37,277,031			29,196,407			-
End of Year or Period	$	62,892		$	27,653,628		$	37,277,031		$	18,834

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).                                

See Notes to Financial Statements SA-32

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year/Period Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	American Funds IS						American Funds IS						American Funds IS International
	Growth-Income Class 4						International Class 4						Growth and Income Class 4
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(34,633	)	$	(68,101	)	$	15,574		$	42,383		$	26,229		$	30,179
Realized gain (loss) on investments		1,380,736			371,710			343,080			(24,056	)		755,478			14,884
Change in net unrealized appreciation (depreciation) on investments		(4,644,359	)		3,008,345			(1,152,370	)		(143,988	)		(1,133,836	)		33,901
Net Increase (Decrease) in Net Assets  Resulting from Operations		(3,298,256	)		3,311,954			(793,716	)		(125,661	)		(352,129	)		78,964
INCREASE (DECREASE) IN NET ASSETS  FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		2,516,346			1,782,907			96,616			304,421			12,631			72,753
Transfers between variable and fixed accounts, net		(265,193	)		(696,143	)		244,468			400,269			65,916			79,492
Contract benefits and terminations		(1,610,959	)		(2,000,411	)		(210,838	)		(497,910	)		(81,463	)		(239,202	)
Contract charges and deductions		(9,795	)		(10,186	)		(1,289	)		(1,537	)		(230	)		(322	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		204			177			-			-			-			-
Other		(7,448	)		16,850			(469	)		8,776			33			(600	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		623,155			(906,806	)		128,488			214,019			(3,113	)		(87,879	)
NET INCREASE (DECREASE) IN NET ASSETS		(2,675,101	)		2,405,148			(665,228	)		88,358			(355,242	)		(8,915	)
NET ASSETS
Beginning of Year		17,877,271			15,472,123			3,615,169			3,526,811			2,095,505			2,104,420
End of Year	$	15,202,170		$	17,877,271		$	2,949,941		$	3,615,169		$	1,740,263		$	2,095,505

	American Funds IS Managed Risk						American Funds IS						American Funds IS The Bond
	Asset Allocation Class P2						New World Fund Class 4						Fund of America Class 1 (1)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	131,907		$	4,728		$	(1,860	)	$	(20,857	)	$	1,567
Realized gain (loss) on investments		425,624			52,040			136,632			113,949			(4	)
Change in net unrealized appreciation  (depreciation) on investments		(3,181,249	)		1,662,402			(1,009,509	)		3,726			(3,054	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,623,718	)		1,719,170			(874,737	)		96,818			(1,491	)
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		686,682			1,457,344			229,185			387,061			80,790
Transfers between variable and fixed accounts, net		(259,669	)		814,759			(100,946	)		733,208			280
Contract benefits and terminations		(1,491,759	)		(1,887,507	)		(152,817	)		(455,222	)		(38	)
Contract charges and deductions		(115,927	)		(105,842	)		(961	)		(961	)		-
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-
Other		153			490			(453	)		(216	)		183
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(1,180,520	)		279,244			(25,992	)		663,870			81,215
NET INCREASE (DECREASE) IN NET ASSETS		(3,804,238	)		1,998,414			(900,729	)		760,688			79,724
NET ASSETS
Beginning of Year or Period		17,734,168			15,735,754			3,871,527			3,110,839			-
End of Year or Period	$	13,929,930		$	17,734,168		$	2,970,798		$	3,871,527		$	79,724

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-33

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	American Funds IS The Bond						American Funds IS U.S. Government						American Funds IS Washington
	Fund of America Class 4						Securities Class 4						Mutual Investors Class 4
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	104,175		$	4,702		$	63,104		$	(17,541	)	$	54,969		$	11,110
Realized gain (loss) on investments		(63,909	)		183,310			(348,988	)		249,143			1,970,551			3,928
Change in net unrealized appreciation (depreciation) on investments		(891,918	)		(302,291	)		(180,630	)		(363,419	)		(3,103,907	)		2,011,197
Net Increase (Decrease) in Net Assets Resulting from Operations		(851,652	)		(114,279	)		(466,514	)		(131,817	)		(1,078,387	)		2,026,235
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		1,124,493			354,220			142,187			146,086			1,671,503			1,044,273
Transfers between variable and fixed accounts, net		433,416			479,545			(530,695	)		(1,476,661	)		834,506			1,906,625
Contract benefits and terminations		(538,160	)		(983,333	)		(412,250	)		(681,361	)		(773,412	)		(876,600	)
Contract charges and deductions		(2,742	)		(2,622	)		(437	)		(413	)		(2,108	)		(1,576	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			(1	)		-
Other		(193	)		43			(384	)		86			(431	)		(1,228	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		1,016,814			(152,147	)		(801,579	)		(2,012,263	)		1,730,057			2,071,494
NET INCREASE (DECREASE) IN NET ASSETS		165,162			(266,426	)		(1,268,093	)		(2,144,080	)		651,670			4,097,729
NET ASSETS
Beginning of Year		5,730,081			5,996,507			3,932,121			6,076,201			10,990,621			6,892,892
End of Year	$	5,895,243		$	5,730,081		$	2,664,028		$	3,932,121		$	11,642,291		$	10,990,621

	BlackRock 60/40 Target						BlackRock Capital Appreciation						BlackRock Global Allocation
	Allocation ETF V.I. Class I						V.I. Class III						V.I. Class III
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	177,787		$	112,019		$	(3,876	)	$	(4,819	)	$	(1,305,755	)	$	(620,329	)
Realized gain (loss) on investments		(116,584	)		991,249			11,150			124,224			(586,634	)		20,485,467
Change in net unrealized appreciation (depreciation) on investments		(2,658,519	)		119,301			(217,993	)		(12,769	)		(18,386,056	)		(13,713,185	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(2,597,316	)		1,222,569			(210,719	)		106,636			(20,278,445	)		6,151,953
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		5,056,140			3,008,421			125,367			77,731			2,919,950			7,015,965
Transfers between variable and fixed accounts, net		370,564			1,281,112			63,703			(42,241	)		12,949			195,069
Contract benefits and terminations		(309,355	)		(553,557	)		(28,611	)		(132,615	)		(11,111,012	)		(15,511,254	)
Contract charges and deductions		(1,235	)		(269	)		(3,714	)		(4,118	)		(905,835	)		(934,556	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			783			(10,125	)
Other		4,788			(170	)		(4	)		(617	)		(1,636	)		4,337
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		5,120,902			3,735,537			156,741			(101,860	)		(9,084,801	)		(9,240,564	)
NET INCREASE (DECREASE) IN NET ASSETS		2,523,586			4,958,106			(53,978	)		4,776			(29,363,246	)		(3,088,611	)
NET ASSETS
Beginning of Year		14,444,158			9,486,052			522,573			517,797			120,483,066			123,571,677
End of Year	$	16,967,744		$	14,444,158		$	468,595		$	522,573		$	91,119,820		$	120,483,066

See Notes to Financial Statements SA-34

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year/Period Ended			Year Ended	Period Ended			Year Ended			Year Ended
	December 31,			December 31,	December 31,			December 31,			December 31,
	2022			2021	2022			2022			2021
	BlackRock S&P 500 Index				BlackRock Small Cap Index			Delaware Ivy VIP
	V.I. Class I (1)				V.I. Class I (1)			Asset Strategy Class II
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	842			$	331		$	9,597		$	7,227
Realized gain (loss) on investments		2,402				254			71,244			108,199
Change in net unrealized appreciation (depreciation) on investments		(2,490	)			(301	)		(265,279	)		(53,434	)
Net Increase (Decrease) in Net Assets Resulting from Operations		754				284			(184,438	)		61,992
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		56,094				28,047			425,948			479,152
Transfers between variable and fixed accounts, net		-				-			149,788			9,748
Contract benefits and terminations		(284	)			(142	)		(24,497	)		(20,330	)
Contract charges and deductions		-				-			(9,220	)		(1,123	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-				-			-			-
Other		(3	)			1			(91	)		(108	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		55,807				27,906			541,928			467,339
NET INCREASE (DECREASE) IN NET ASSETS		56,561				28,190			357,490			529,331
NET ASSETS
Beginning of Year or Period		-				-			1,153,117			623,786
End of Year or Period	$	56,561			$	28,190		$	1,510,607		$	1,153,117

	Delaware Ivy VIP						DFA VA US Large Value			Fidelity VIP Contrafund
	Energy Class II						Institutional Class (1)			Service Class 2
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	61,649		$	4,705		$	980		$	(353,423	)	$	(481,338	)
Realized gain (loss) on investments		73,860			(181,319	)		538			875,483			5,009,843
Change in net unrealized appreciation (depreciation) on investments		1,048,632			653,503			(2,252	)		(12,814,513	)		4,310,965
Net Increase (Decrease) in Net Assets Resulting from Operations		1,184,141			476,889			(734	)		(12,292,453	)		8,839,470
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		391,475			199,619			66,063			2,207,676			5,351,406
Transfers between variable and fixed accounts, net		663,528			415,137			-			2,853,495			1,272,688
Contract benefits and terminations		(513,288	)		(225,228	)		(2	)		(3,011,979	)		(4,739,536	)
Contract charges and deductions		(253	)		(99	)		-			(4,326	)		(4,728	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			(9	)
Other		2,285			(135	)		(548	)		5,153			(3,043	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		543,747			389,294			65,513			2,050,019			1,876,778
NET INCREASE (DECREASE) IN NET ASSETS		1,727,888			866,183			64,779			(10,242,434	)		10,716,248
NET ASSETS
Beginning of Year or Period		1,926,730			1,060,547			-			44,036,527			33,320,279
End of Year or Period	$	3,654,618		$	1,926,730		$	64,779		$	33,794,093		$	44,036,527

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-35

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)          

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Fidelity VIP FundsManager 60%						Fidelity VIP Government						Fidelity VIP Strategic Income
	Service Class 2						Money Market Service Class						Service Class 2
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	173,499		$	(124,046	)	$	19,062		$	(324,118	)	$	127,051		$	90,027
Realized gain (loss) on investments		5,499,901			619,945			-			-			(183,848	)		114,792
Change in net unrealized appreciation (depreciation) on investments		(12,841,835	)		3,484,047			18			-			(863,491	)		(56,884	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(7,168,435	)		3,979,946			19,080			(324,118	)		(920,288	)		147,935
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		5,040,074			5,508,202			2,231,071			2,832,518			640,372			713,151
Transfers between variable and fixed accounts, net		863,786			1,789,462			19,739,895			(7,249,581	)		(984,841	)		1,718,409
Contract benefits and terminations		(2,728,329	)		(3,392,810	)		(14,542,229	)		(9,502,699	)		(702,327	)		(964,926	)
Contract charges and deductions		(375,936	)		(321,957	)		(9,688	)		(10,038	)		(1,006	)		(1,029	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			719			548			-			-
Other		2,964			(98	)		(381	)		841			(149	)		320
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		2,802,559			3,582,799			7,419,387			(13,928,411	)		(1,047,951	)		1,465,925
NET INCREASE (DECREASE) IN NET ASSETS		(4,365,876	)		7,562,745			7,438,467			(14,252,529	)		(1,968,239	)		1,613,860
NET ASSETS
Beginning of Year		42,854,738			35,291,993			18,771,461			33,023,990			7,729,030			6,115,170
End of Year	$	38,488,862		$	42,854,738		$	26,209,928		$	18,771,461		$	5,760,791		$	7,729,030

	First Trust Dorsey Wright						First Trust						First Trust/Dow Jones
	Tactical Core Class I						Multi Income Allocation Class I						Dividend & Income Allocation Class I
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	5,460		$	(23,575	)	$	20,561		$	9,414		$	64,115		$	(192,406	)
Realized gain (loss) on investments		252,499			75,916			2,543			12,968			5,646,227			438,462
Change in net unrealized appreciation (depreciation) on investments		(704,777	)		227,032			(139,437	)		68,598			(13,314,542	)		5,201,218
Net Increase (Decrease) in Net Assets Resulting from Operations		(446,818	)		279,373			(116,333	)		90,980			(7,604,200	)		5,447,274
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		64,940			52,991			186,653			107,049			4,731,144			4,082,667
Transfers between variable and fixed accounts, net		(484,228	)		523,129			548,067			194,319			(473,257	)		2,047,478
Contract benefits and terminations		(90,988	)		(84,036	)		(129,539	)		(146,457	)		(3,502,478	)		(4,617,905	)
Contract charges and deductions		(39	)		(51	)		(28	)		(18	)		(449,552	)		(408,791	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-			-
Other		3,616			(43	)		33			(18	)		1,636			93
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(506,699	)		491,990			605,186			154,875			307,493			1,103,542
NET INCREASE (DECREASE) IN NET ASSETS		(953,517	)		771,363			488,853			245,855			(7,296,707	)		6,550,816
NET ASSETS
Beginning of Year		2,800,341			2,028,978			1,017,541			771,686			56,180,043			49,629,227
End of Year	$	1,846,824		$	2,800,341		$	1,506,394		$	1,017,541		$	48,883,336		$	56,180,043

See Notes to Financial Statements SA-36

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Variable Accounts
	Year Ended			Year Ended			Year/Period Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Franklin						Franklin						Franklin Income
	Allocation VIP Class 2						Allocation VIP Class 4						VIP Class 2
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	912		$	1,213		$	14,883		$	24,716		$	409,416		$	366,780
Realized gain (loss) on investments		9,753			(796	)		692,316			(240,176	)		69,622			331
Change in net unrealized appreciation (depreciation) on investments		(39,789	)		15,378			(3,122,278	)		1,492,734			(1,311,726	)		1,135,036
Net Increase (Decrease) in Net Assets Resulting from Operations		(29,124	)		15,795			(2,415,079	)		1,277,274			(832,688	)		1,502,147
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		20,208			10,122			791,268			1,069,227			390,971			258,976
Transfers between variable and fixed accounts, net		646			473			(216,063	)		417,494			1,311,919			670,388
Contract benefits and terminations		(8,776	)		(1,229	)		(719,056	)		(1,311,779	)		(792,685	)		(1,095,397	)
Contract charges and deductions		(948	)		(876	)		(99,478	)		(93,663	)		(685	)		(965	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-			-
Other		1			(2	)		(276	)		(721	)		(192	)		(56	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		11,131			8,488			(243,605	)		80,558			909,328			(167,054	)
NET INCREASE (DECREASE) IN NET ASSETS		(17,993	)		24,283			(2,658,684	)		1,357,832			76,640			1,335,093
NET ASSETS
Beginning of Year		173,825			149,542			14,177,915			12,820,083			11,293,268			9,958,175
End of Year	$	155,832		$	173,825		$	11,519,231		$	14,177,915		$	11,369,908		$	11,293,268

	Franklin Mutual Global						Franklin Rising			Franklin Rising
	Discovery VIP Class 2						Dividends VIP Class 1 (1)			Dividends VIP Class 2
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	7,437		$	72,824		$	(22	)	$	(54,349	)	$	(54,341	)
Realized gain (loss) on investments		289,392			(39,001	)		3			1,612,162			627,173
Change in net unrealized appreciation (depreciation) on investments		(625,924	)		830,224			(166	)		(3,235,917	)		2,385,223
Net Increase (Decrease) in Net Assets Resulting from Operations		(329,095	)		864,047			(185	)		(1,678,104	)		2,958,055
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		236,227			57,962			14,727			579,191			1,301,288
Transfers between variable and fixed accounts, net		(65,403	)		(427,256	)		(360	)		525,107			(57,273	)
Contract benefits and terminations		(507,373	)		(791,642	)		(36	)		(1,347,195	)		(2,645,553	)
Contract charges and deductions		(11,684	)		(12,326	)		-			(2,401	)		(2,497	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			(5	)		-			(1	)		-
Other		(21	)		245			-			734			5,133
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(348,254	)		(1,173,022	)		14,331			(244,565	)		(1,398,902	)
NET INCREASE (DECREASE) IN NET ASSETS		(677,349	)		(308,975	)		14,146			(1,922,669	)		1,559,153
NET ASSETS
Beginning of Year or Period		4,924,319			5,233,294			-			14,450,250			12,891,097
End of Year or Period	$	4,246,970		$	4,924,319		$	14,146		$	12,527,581		$	14,450,250

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).

See Notes to Financial Statements SA-37

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Templeton						Janus Henderson						Janus Henderson
	Global Bond VIP Class 2						Balanced Service Shares						Flexible Bond Service Shares
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(59,109	)	$	(74,493	)	$	(566,677	)	$	(2,271,507	)	$	18,867		$	19,793
Realized gain (loss) on investments		(399,347	)		(303,325	)		7,185,452			2,785,125			(63,882	)		62,082
Change in net unrealized appreciation (depreciation) on investments		107,226			(11,408	)		(89,997,626	)		57,124,108			(426,052	)		(138,296	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(351,230	)		(389,226	)		(83,378,851	)		57,637,726			(471,067	)		(56,421	)
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		183,673			129,681			52,754,268			71,478,275			42,526			212,678
Transfers between variable and fixed accounts, net		(358,617	)		648,271			11,205,993			17,376,606			14,848			1,394,848
Contract benefits and terminations		(804,018	)		(1,175,078	)		(26,412,142	)		(30,488,229	)		(460,358	)		(905,321	)
Contract charges and deductions		(3,720	)		(3,967	)		(3,412,667	)		(2,548,365	)		(190	)		(556	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-			-
Other		(792	)		146			29,672			(10,293	)		21			(112	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(983,474	)		(400,947	)		34,165,124			55,807,994			(403,153	)		701,537
NET INCREASE (DECREASE) IN NET ASSETS		(1,334,704	)		(790,173	)		(49,213,727	)		113,445,720			(874,220	)		645,116
NET ASSETS
Beginning of Year		5,510,416			6,300,589			458,561,186			345,115,466			3,244,916			2,599,800
End of Year	$	4,175,712		$	5,510,416		$	409,347,459		$	458,561,186		$	2,370,696		$	3,244,916

	JPMorgan Insurance Trust						JPMorgan Insurance Trust						ClearBridge Variable
	Global Allocation Class 2						Income Builder Class 2						Aggressive Growth - Class II
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	17		$	(3,817	)	$	22,729		$	14,158		$	(11,030	)	$	(13,548	)
Realized gain (loss) on investments		5,104			22,562			23,426			7,638			(162,208	)		382,830
Change in net unrealized appreciation (depreciation) on investments		(110,379	)		19,841			(200,017	)		51,925			(151,650	)		(322,801	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(105,258	)		38,586			(153,862	)		73,721			(324,888	)		46,481
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		32,548			18,309			580			87,881			132,731			122,840
Transfers between variable and fixed accounts, net		(58,196	)		170,298			(3,890	)		(1,497	)		(374,768	)		545,193
Contract benefits and terminations		(30,168	)		(136,317	)		(62,580	)		(174,663	)		(44,054	)		(36,549	)
Contract charges and deductions		(46	)		(39	)		(65	)		(67	)		(15	)		(28	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-			-
Other		(11	)		2			12			(3	)		(40	)		(83	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(55,873	)		52,253			(65,943	)		(88,349	)		(286,146	)		631,373
NET INCREASE (DECREASE) IN NET ASSETS		(161,131	)		90,839			(219,805	)		(14,628	)		(611,034	)		677,854
NET ASSETS
Beginning of Year		546,773			455,934			1,167,529			1,182,157			1,385,391			707,537
End of Year	$	385,642		$	546,773		$	947,724		$	1,167,529		$	774,357		$	1,385,391

See Notes to Financial Statements SA-38

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Variable Accounts
	Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Lord Abbett						Lord Abbett						MFS Massachusetts Investors
	Bond Debenture Class VC						Total Return Class VC						Growth Stock - Service Class
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	145,034		$	119,178		$	132,922		$	60,611		$	(4,839	)	$	(5,517	)
Realized gain (loss) on investments		(241,158	)		99,860			(118,840	)		33,983			75,870			114,356
Change in net unrealized appreciation (depreciation) on investments		(758,581	)		(107,270	)		(1,021,436	)		(190,191	)		(215,713	)		49,646
Net Increase (Decrease) in Net Assets Resulting from Operations		(854,705	)		111,768			(1,007,354	)		(95,597	)		(144,682	)		158,485
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		389,794			849,693			84,093			245,492			5,239			10,704
Transfers between variable and fixed accounts, net		(515,227	)		1,094,832			200,567			1,113,864			27,643			(58,643	)
Contract benefits and terminations		(1,016,764	)		(848,626	)		(780,821	)		(994,825	)		(67,220	)		(50,160	)
Contract charges and deductions		(1,628	)		(1,021	)		(15,104	)		(18,250	)		(2,689	)		(3,742	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-			-
Other		(373	)		(126	)		43			(146	)		(54	)		(15	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		(1,144,198	)		1,094,752			(511,222	)		346,135			(37,081	)		(101,856	)
NET INCREASE (DECREASE) IN NET ASSETS		(1,998,903	)		1,206,520			(1,518,576	)		250,538			(181,763	)		56,629
NET ASSETS
Beginning of Year		6,380,824			5,174,304			7,001,997			6,751,459			735,319			678,690
End of Year	$	4,381,921		$	6,380,824		$	5,483,421		$	7,001,997		$	553,556		$	735,319

	MFS Total Return Series -						MFS Utilities Series -						MFS Value Series -
	Service Class						Service Class						Service Class
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	100,958		$	151,193		$	47,896		$	9,916		$	2,942		$	3,687
Realized gain (loss) on investments		2,841,245			1,816,850			184,218			170,953			68,186			61,194
Change in net unrealized appreciation (depreciation) on investments		(7,297,060	)		2,294,448			(241,606	)		331,853			(142,912	)		165,606
Net Increase (Decrease) in Net Assets Resulting from Operations		(4,354,857	)		4,262,491			(9,492	)		512,722			(71,784	)		230,487
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		4,097,535			3,733,898			339,034			448,347			16,131			26,867
Transfers between variable and fixed accounts, net		1,529,844			813,604			564,166			(87,414	)		(59,665	)		(67,800	)
Contract benefits and terminations		(2,746,530	)		(3,408,413	)		(708,392	)		(439,174	)		(70,598	)		(171,130	)
Contract charges and deductions		(290,790	)		(244,158	)		(519	)		(332	)		(6,434	)		(6,948	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			(1	)		-			-			-
Other		606			(237	)		(348	)		(54	)		(48	)		(28	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		2,590,665			894,694			193,940			(78,627	)		(120,614	)		(219,039	)
NET INCREASE (DECREASE) IN NET ASSETS		(1,764,192	)		5,157,185			184,448			434,095			(192,398	)		11,448
NET ASSETS
Beginning of Year		39,058,927			33,901,742			4,742,961			4,308,866			1,032,660			1,021,212
End of Year	$	37,294,735		$	39,058,927		$	4,927,409		$	4,742,961		$	840,262		$	1,032,660

See Notes to Financial Statements SA-39

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Variable Accounts
	Year Ended			Year Ended			Year/Period Ended			Year Ended			Year Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Neuberger Berman U.S. Equity Index						PIMCO All Asset -						PIMCO CommodityRealReturn
	PutWrite Strategy Class S						Advisor Class						Strategy - Advisor Class
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(1,347	)	$	(1,351	)	$	14,345		$	16,558		$	357,166		$	19,262
Realized gain (loss) on investments		15,905			23,566			17,462			(1,745	)		(138,736	)		(448	)
Change in net unrealized appreciation (depreciation) on investments		(28,268	)		343			(64,428	)		5,367			(164,936	)		121,361
Net Increase (Decrease) in Net Assets Resulting from Operations		(13,710	)		22,558			(32,621	)		20,180			53,494			140,175
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		26,336			24,746			5,000			25,252			177,810			131,894
Transfers between variable and fixed accounts, net		10,853			(1,364	)		21,569			63,345			610,420			256,701
Contract benefits and terminations		(396	)		(107,689	)		(657	)		(18	)		(210,804	)		(20,372	)
Contract charges and deductions		(3	)		(3	)		(37	)		(192	)		(83	)		(31	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-			-
Other		-			1			(7	)		(5	)		954			(198	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		36,790			(84,309	)		25,868			88,382			578,297			367,994
NET INCREASE (DECREASE) IN NET ASSETS		23,080			(61,751	)		(6,753	)		108,562			631,791			508,169
NET ASSETS
Beginning of Year		107,066			168,817			232,539			123,977			912,209			404,040
End of Year	$	130,146		$	107,066		$	225,786		$	232,539		$	1,544,000		$	912,209

	PIMCO Income -						PIMCO Total Return -
	Advisor Class						Institutional Class (1)			Schwab VIT Balanced
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	47,698		$	15,954		$	179		$	33,915		$	36,694
Realized gain (loss) on investments		(66,310	)		(1,289	)		-			97,636			5,714
Change in net unrealized appreciation (depreciation) on investments		(143,927	)		(10,162	)		(829	)		(832,622	)		316,213
Net Increase (Decrease) in Net Assets Resulting from Operations		(162,539	)		4,503			(650	)		(701,071	)		358,621
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		80,563			414,561			66,063			553,502			-
Transfers between variable and fixed accounts, net		650,195			717,184			-			210,776			11,341
Contract benefits and terminations		(107,760	)		(130,101	)		(2	)		(1,003,904	)		(247,026	)
Contract charges and deductions		(66	)		(5	)		-			(27,386	)		(27,762	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-
Other		41			(56	)		154			944			16
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		622,973			1,001,583			66,215			(266,068	)		(263,431	)
NET INCREASE (DECREASE) IN NET ASSETS		460,434			1,006,086			65,565			(967,139	)		95,190
NET ASSETS
Beginning of Year or Period		1,381,349			375,263			-			5,032,331			4,937,141
End of Year or Period	$	1,841,783		$	1,381,349		$	65,565		$	4,065,192		$	5,032,331

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).    

See Notes to Financial Statements SA-40

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Variable Accounts
	Year/Period Ended			Year Ended			Year Ended			Year Ended			Year/Period Ended			Year Ended
	December 31,			December 31,			December 31,			December 31,			December 31,			December 31,
	2022			2021			2022			2021			2022			2021
	Schwab VIT												State Street
	Balanced with Growth						Schwab VIT Growth						Total Return V.I.S. Class 3
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	80,577		$	65,513		$	43,952		$	33,781		$	(142,985	)	$	95,190
Realized gain (loss) on investments		106,706			183,265			105,673			367,551			(66,116	)		2,451,397
Change in net unrealized appreciation (depreciation) on investments		(1,674,870	)		656,026			(938,744	)		223,228			(3,003,730	)		(557,593	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(1,487,587	)		904,804			(789,119	)		624,560			(3,212,831	)		1,988,994
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		658,657			60,000			-			-			633,992			194,921
Transfers between variable and fixed accounts, net		(183,332	)		(3,082	)		(27,444	)		(8,259	)		73,867			274,679
Contract benefits and terminations		(398,903	)		(933,818	)		(199,213	)		(540,523	)		(1,371,860	)		(1,527,073	)
Contract charges and deductions		(56,055	)		(49,348	)		(34,220	)		(32,954	)		(169,278	)		(170,083	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-			-			-			-
Other		(91	)		(428	)		(5	)		11			(374	)		(514	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		20,276			(926,676	)		(260,882	)		(581,725	)		(833,653	)		(1,228,070	)
NET INCREASE (DECREASE) IN NET ASSETS		(1,467,311	)		(21,872	)		(1,050,001	)		42,835			(4,046,484	)		760,924
NET ASSETS
Beginning of Year		8,718,882			8,740,754			4,686,910			4,644,075			18,323,032			17,562,108
End of Year	$	7,251,571		$	8,718,882		$	3,636,909		$	4,686,910		$	14,276,548		$	18,323,032

	T. Rowe Price			VanEck VIP						Vanguard VIF
	Health Sciences - I (1)			Global Resources Class S						Balanced (1)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(30	)	$	1,349		$	(15,215	)	$	(3,026	)
Realized gain (loss) on investments		227			47,390			5,543			(73,374	)
Change in net unrealized appreciation (depreciation) on investments		414			96,324			197,268			(22,203	)
Net Increase (Decrease) in Net Assets Resulting from Operations		611			145,063			187,596			(98,603	)
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		13,507			198,664			58,914			2,272,845
Transfers between variable and fixed accounts, net		-			214,344			584,896			(722,406	)
Contract benefits and terminations		(105	)		(325,039	)		(179,364	)		(6,020	)
Contract charges and deductions		-			(368	)		(429	)		(2,089	)
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			(1,098	)		-			-
Other		(1	)		1,209			(80	)		(18	)
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		13,401			87,712			463,937			1,542,312
NET INCREASE (DECREASE) IN NET ASSETS		14,012			232,775			651,533			1,443,709
NET ASSETS
Beginning of Year or Period		-			1,643,060			991,527			-
End of Year or Period	$	14,012		$	1,875,835		$	1,643,060		$	1,443,709

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).

See Notes to Financial Statements SA-41

SEPARATE ACCOUNT A

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Variable Accounts
	Period Ended			Period Ended			Period Ended
	December 31,			December 31,			December 31,
	2022			2022			2022
	Vanguard VIF			Vanguard VIF			Vanguard VIF Total
	Conservative Allocation (1)			Real Estate Index (1)			International Stock Market Index (1)
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income (loss)	$	(988	)	$	(28	)	$	(34	)
Realized gain (loss) on investments		(17	)		(6	)		21
Change in net unrealized appreciation (depreciation) on investments		31,025			(1,204	)		3,621
Net Increase (Decrease) in Net Assets Resulting from Operations		30,020			(1,238	)		3,608
INCREASE (DECREASE) IN NET ASSETS FROM CONTRACT OWNER TRANSACTIONS
Payments received from contract owners		126,556			13,507			28,047
Transfers between variable and fixed accounts, net		721,477			-			-
Contract benefits and terminations		(1,786	)		(97	)		(158	)
Contract charges and deductions		-			-			-
Adjustments to net assets allocated to contracts in payout (annuitization) period		-			-			-
Other		(14	)		(1	)		-
Net Increase (Decrease) in Net Assets Derived from Contract Owner Transactions		846,233			13,409			27,889
NET INCREASE (DECREASE) IN NET ASSETS		876,253			12,171			31,497
NET ASSETS
Beginning of Period		-			-			-
End of Period	$	876,253		$	12,171		$	31,497

(1) Operations commenced or resumed during 2022 (See Financial Highlights for commencement date of operations).

See Notes to Financial Statements SA-42

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS

A summary of accumulation unit values ("AUV"), units outstanding, net assets, investment income ratios, expense ratios, and total returns for each year or period ended December 31 are presented in the table below.   

	At the End of Each Year or Period								Investment
Variable Accounts	AUV (1)				Units		Net		Income			Expense Ratios (3)						Total Returns (4)
For Each Year or Period	Lowest		Highest		Outstanding		Assets		Ratios (2)			Lowest			Highest			Lowest			Highest
Core Income Class I
2022	$	9.80	$	10.79		136,017	$	1,380,430		0.00	%		0.30	%		1.70	%		(13.88	)%		(12.66	)%
2021		11.38		12.35		118,199		1,386,621		0.00	%		0.30	%		1.85	%		(2.07	)%		(0.69	)%
2020		11.62		12.44		112,957		1,346,669		0.00	%		0.30	%		1.70	%		7.73	%		9.03	%
2019		10.79		11.32		84,473		927,796		0.00	%		0.30	%		1.70	%		9.06	%		10.37	%
2018		9.89		10.30		65,415		664,366		0.00	%		0.30	%		1.70	%		(3.60	)%		(2.43	)%
Diversified Bond Class I
2022	$	9.87	$	15.43		843,024	$	9,149,061		0.00	%		0.30	%		1.85	%		(20.11	)%		(18.86	)%
2021		12.34		19.04		950,178		12,766,711		0.00	%		0.30	%		1.85	%		(3.73	)%		(2.22	)%
2020		12.70		19.49		854,822		11,889,597		0.00	%		0.30	%		1.85	%		8.33	%		10.02	%
2019		11.72		17.73		709,361		9,113,387		0.00	%		0.30	%		1.85	%		10.93	%		12.66	%
2018		10.54		15.75		697,874		8,213,416		0.00	%		0.30	%		1.85	%		(3.18	)%		(1.65	)%
Floating Rate Income Class I
2022	$	11.24	$	13.06		824,960	$	9,839,259		0.00	%		0.30	%		1.95	%		(3.44	)%		(1.84	)%
2021		11.64		13.32		779,138		9,548,568		0.00	%		0.30	%		1.95	%		2.60	%		4.31	%
2020		11.35		12.78		784,878		9,318,954		0.00	%		0.30	%		1.95	%		2.69	%		4.39	%
2019		11.05		12.25		955,570		10,976,299		0.00	%		0.30	%		1.95	%		6.18	%		7.78	%
2018		10.45		11.38		360,146		3,888,142		0.00	%		0.30	%		1.85	%		(1.82	)%		(0.43	)%
High Yield Bond Class I
2022	$	11.28	$	27.79		477,685	$	6,565,913		0.00	%		0.30	%		1.85	%		(11.99	)%		(10.62	)%
2021		12.81		31.12		499,918		7,937,244		0.00	%		0.30	%		1.85	%		3.49	%		5.10	%
2020		12.37		29.64		482,726		7,435,655		0.00	%		0.30	%		1.85	%		3.81	%		5.43	%
2019		11.91		28.14		491,134		7,253,178		0.00	%		0.30	%		1.85	%		11.89	%		13.64	%
2018		10.51		24.79		487,744		6,568,609		0.00	%		0.30	%		1.85	%		(5.05	)%		(3.66	)%
Inflation Managed Class I
2022	$	9.09	$	23.87		762,919	$	8,847,430		0.00	%		0.30	%		1.85	%		(13.48	)%		(12.14	)%
2021		10.50		27.47		642,308		8,876,406		0.00	%		0.30	%		1.85	%		3.75	%		5.37	%
2020		10.12		26.35		543,426		7,446,951		0.00	%		0.30	%		1.85	%		9.38	%		11.09	%
2019		9.24		23.99		553,542		7,016,755		0.00	%		0.30	%		1.85	%		6.65	%		8.32	%
2018		8.66		22.39		586,240		7,045,475		0.00	%		0.30	%		1.95	%		(3.96	)%		(2.55	)%
Intermediate Bond Class I (5)
04/18/2022 - 12/31/2022	$	8.53	$	8.64		30,595	$	262,492		0.00	%		0.30	%		1.65	%		(5.88	)%		(5.58	)%
Managed Bond Class I
2022	$	9.16	$	23.89		828,645	$	9,682,214		0.00	%		0.30	%		1.85	%		(15.59	)%		(14.28	)%
2021		10.84		28.18		1,028,819		14,093,600		0.00	%		0.30	%		1.85	%		(2.94	)%		(1.43	)%
2020		11.07		28.90		1,094,711		15,600,215		0.00	%		0.30	%		1.85	%		6.35	%		8.02	%
2019		10.40		27.05		1,122,637		15,081,298		0.00	%		0.30	%		1.85	%		6.50	%		8.17	%
2018		9.81		25.29		1,187,503		15,140,718		0.00	%		0.30	%		1.95	%		(2.43	)%		(1.00	)%
Short Duration Bond Class I
2022	$	9.04	$	12.58		1,303,034	$	12,741,093		0.00	%		0.30	%		1.95	%		(6.42	)%		(4.86	)%
2021		9.66		13.23		1,366,721		14,182,613		0.00	%		0.30	%		1.95	%		(2.37	)%		(0.75	)%
2020		9.90		13.35		1,277,391		13,459,645		0.00	%		0.30	%		1.95	%		1.73	%		3.42	%
2019		9.73		12.92		1,313,292		13,421,340		0.00	%		0.30	%		1.95	%		2.21	%		3.91	%
2018		9.52		12.44		1,004,803		10,024,575		0.00	%		0.30	%		1.95	%		(0.83	)%		0.73	%
Emerging Markets Debt Class I
2022	$	8.59	$	10.25		157,801	$	1,484,596		0.00	%		0.30	%		1.95	%		(11.02	)%		(9.54	)%
2021		9.63		11.33		189,700		1,997,177		0.00	%		0.30	%		1.95	%		(7.94	)%		(6.40	)%
2020		10.44		12.10		180,789		2,047,971		0.00	%		0.30	%		1.95	%		(0.21	)%		0.64	%
2019		10.36		12.31		172,215		1,892,055		0.00	%		0.75	%		1.95	%		7.40	%		8.70	%
2018		9.80		11.32		142,320		1,458,698		0.00	%		0.75	%		1.95	%		(7.29	)%		(6.16	)%
Dividend Growth Class I
2022	$	19.34	$	41.20		1,058,817	$	28,435,757		0.00	%		0.30	%		1.85	%		(12.13	)%		(10.76	)%
2021		21.71		46.21		925,565		28,125,485		0.00	%		0.30	%		1.85	%		23.49	%		25.42	%
2020		17.34		36.88		875,693		21,554,135		0.00	%		0.30	%		1.85	%		11.36	%		13.10	%
2019		15.37		32.64		887,848		19,734,773		0.00	%		0.30	%		1.85	%		28.24	%		30.25	%
2018		11.82		25.09		751,574		13,104,496		0.00	%		0.30	%		1.95	%		(3.10	)%		(1.68	)%
Equity Index Class I
2022	$	18.65	$	65.04		5,062,369	$	130,003,246		0.00	%		0.30	%		1.95	%		(19.89	)%		(18.55	)%
2021		22.94		80.74		4,918,573		157,072,054		0.00	%		0.30	%		1.95	%		25.89	%		27.99	%
2020		17.96		63.79		4,618,605		117,294,135		0.00	%		0.30	%		1.95	%		15.83	%		17.76	%
2019		15.28		54.77		4,506,520		98,603,385		0.00	%		0.30	%		1.95	%		28.57	%		30.70	%
2018		11.72		42.36		4,671,197		79,353,834		0.00	%		0.30	%		1.95	%		(6.58	)%		(5.11	)%

See Notes to Financial Statements SA-43 See explanation of references on page SA-54

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Investment
Variable Accounts	AUV (1)				Units		Net		Income			Expense Ratios (3)						Total Returns (4)
For Each Year or Period	Lowest		Highest		Outstanding		Assets		Ratios (2)			Lowest			Highest			Lowest			Highest
Focused Growth Class I
2022	$	19.99	$	51.54		359,360	$	10,550,365		0.00	%		0.30	%		1.95	%		(35.08	)%		(34.00	)%
2021		30.35		79.14		385,041		17,365,436		0.00	%		0.30	%		1.95	%		17.47	%		19.43	%
2020		25.47		67.17		394,425		15,102,007		0.00	%		0.30	%		1.95	%		35.62	%		37.88	%
2019		18.51		49.38		348,255		10,046,830		0.00	%		0.30	%		1.95	%		32.85	%		35.06	%
2018		13.73		37.06		381,528		8,333,146		0.00	%		0.30	%		1.95	%		2.95	%		3.99	%
Growth Class I
2022	$	20.52	$	74.31		343,826	$	9,695,403		0.00	%		0.30	%		1.85	%		(32.47	)%		(31.42	)%
2021		29.98		109.55		334,741		13,897,672		0.00	%		0.30	%		1.85	%		21.16	%		23.05	%
2020		24.41		90.01		324,355		11,090,651		0.00	%		0.30	%		1.85	%		29.15	%		31.17	%
2019		18.65		69.38		362,437		9,562,350		0.00	%		0.30	%		1.85	%		35.60	%		37.72	%
2018		13.57		50.93		296,936		5,766,650		0.00	%		0.30	%		1.95	%		0.52	%		1.89	%
Hedged Equity Class I
2022	$	9.42	$	9.66		2,037,766	$	19,383,117		0.00	%		0.30	%		1.85	%		(9.22	)%		(8.22	)%
05/26/2021 - 12/31/2021		10.45		10.53		556,230		5,819,984		0.00	%		0.30	%		1.40	%		3.91	%		3.91	%
Large-Cap Core Class I
2022	$	16.37	$	47.51		254,575	$	6,198,639		0.00	%		0.40	%		1.85	%		(22.07	)%		(20.93	)%
2021		20.72		60.69		264,278		8,192,654		0.00	%		0.40	%		1.85	%		25.42	%		27.25	%
2020		16.30		48.17		290,641		7,152,440		0.00	%		0.40	%		1.85	%		11.85	%		13.48	%
2019		14.38		42.88		289,627		6,384,950		0.00	%		0.40	%		1.85	%		29.71	%		31.60	%
2018		10.93		32.91		289,422		4,953,819		0.00	%		0.40	%		1.85	%		(9.44	)%		(8.11	)%
Large-Cap Growth Class I
2022	$	18.38	$	31.58		397,294	$	9,518,997		0.00	%		0.30	%		1.85	%		(39.04	)%		(38.09	)%
2021		29.75		51.24		415,540		16,226,435		0.00	%		0.30	%		1.85	%		18.07	%		19.91	%
2020		24.86		42.92		502,142		16,886,712		0.00	%		0.30	%		1.85	%		35.81	%		37.93	%
2019		18.17		30.22		395,640		9,673,246		0.00	%		0.30	%		1.85	%		29.92	%		31.95	%
2018		13.71		23.20		448,893		8,427,029		0.00	%		0.30	%		1.85	%		0.01	%		1.48	%
Large-Cap Value Class I
2022	$	16.28	$	36.19		424,028	$	9,203,853		0.00	%		0.30	%		1.85	%		(8.34	)%		(6.91	)%
2021		17.53		38.91		405,244		9,548,572		0.00	%		0.30	%		1.85	%		23.81	%		25.74	%
2020		13.97		30.98		389,187		7,507,171		0.00	%		0.30	%		1.85	%		3.93	%		5.55	%
2019		13.34		29.38		352,323		6,609,054		0.00	%		0.30	%		1.85	%		26.11	%		28.08	%
2018		10.37		23.93		337,585		5,035,426		0.00	%		0.30	%		1.85	%		(11.02	)%		(9.71	)%
Mid-Cap Equity Class I
2022	$	16.52	$	54.70		282,187	$	6,832,953		0.00	%		0.30	%		1.85	%		(18.77	)%		(17.50	)%
2021		20.07		67.03		260,678		7,842,888		0.00	%		0.30	%		1.85	%		14.27	%		16.05	%
2020		17.33		58.40		238,983		6,349,578		0.00	%		0.30	%		1.85	%		25.18	%		27.13	%
2019		13.65		46.45		272,595		5,742,899		0.00	%		0.30	%		1.85	%		18.63	%		20.48	%
2018		11.36		38.98		259,053		4,593,737		0.00	%		0.30	%		1.95	%		(11.38	)%		(9.99	)%
Mid-Cap Growth Class I
2022	$	20.98	$	36.70		442,760	$	11,524,789		0.00	%		0.30	%		1.85	%		(31.99	)%		(30.93	)%
2021		30.44		53.38		451,793		17,238,136		0.00	%		0.30	%		1.85	%		14.53	%		16.32	%
2020		26.22		46.10		451,462		15,057,702		0.00	%		0.30	%		1.85	%		47.39	%		49.69	%
2019		17.55		30.93		446,944		10,075,956		0.00	%		0.30	%		1.85	%		35.91	%		38.04	%
2018		12.74		22.72		481,494		8,020,409		0.00	%		0.30	%		1.85	%		(1.68	)%		(0.24	)%
Mid-Cap Value Class I
2022	$	15.81	$	42.68		234,963	$	5,312,416		0.00	%		0.30	%		1.85	%		(8.96	)%		(7.54	)%
2021		17.10		46.21		274,608		6,868,136		0.00	%		0.30	%		1.85	%		24.71	%		26.65	%
2020		13.50		36.52		218,040		4,405,706		0.00	%		0.30	%		1.85	%		3.58	%		5.20	%
2019		12.84		34.75		193,122		3,864,584		0.00	%		0.30	%		1.85	%		27.56	%		29.55	%
2018		9.91		26.85		199,407		3,173,198		0.00	%		0.30	%		1.95	%		(16.36	)%		(15.14	)%
Small-Cap Equity Class I
2022	$	13.66	$	33.09		181,185	$	3,512,107		0.00	%		0.30	%		1.85	%		(14.51	)%		(13.18	)%
2021		15.76		38.53		143,248		3,232,303		0.00	%		0.30	%		1.85	%		24.14	%		26.08	%
2020		12.53		30.90		152,522		2,775,602		0.00	%		0.30	%		1.85	%		3.48	%		5.10	%
2019		11.94		29.72		153,500		2,701,005		0.00	%		0.30	%		1.85	%		21.69	%		23.59	%
2018		9.68		24.32		163,209		2,417,091		0.00	%		0.30	%		1.85	%		(14.52	)%		(13.56	)%
Small-Cap Growth Class I
2022	$	19.02	$	31.93		285,450	$	5,868,956		0.00	%		0.30	%		1.85	%		(31.21	)%		(30.13	)%
2021		27.60		45.75		290,913		8,654,324		0.00	%		0.30	%		1.85	%		(0.17	)%		1.39	%
2020		27.61		45.17		301,512		8,973,996		0.00	%		0.30	%		1.85	%		52.73	%		55.11	%
2019		17.87		29.15		335,639		6,639,964		0.00	%		0.30	%		1.85	%		29.48	%		31.51	%
2018		13.67		22.19		279,675		4,343,377		0.00	%		0.30	%		1.85	%		3.61	%		5.13	%

See Notes to Financial Statements SA-44 See explanation of references on page SA-54

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Investment
Variable Accounts	AUV (1)				Units		Net		Income			Expense Ratios (3)						Total Returns (4)
For Each Year or Period	Lowest		Highest		Outstanding		Assets		Ratios (2)			Lowest			Highest			Lowest			Highest
Small-Cap Index Class I
2022	$	13.60	$	38.93		597,589	$	11,466,965		0.00	%		0.30	%		1.85	%		(22.31	)%		(21.10	)%
2021		17.27		49.39		569,876		14,274,986		0.00	%		0.30	%		1.85	%		12.14	%		13.89	%
2020		15.20		43.41		491,481		11,083,754		0.00	%		0.30	%		1.85	%		16.97	%		18.80	%
2019		12.82		36.58		519,616		10,135,506		0.00	%		0.30	%		1.85	%		22.51	%		24.42	%
2018		10.32		29.43		563,132		8,832,089		0.00	%		0.30	%		1.85	%		(13.18	)%		(11.82	)%
Small-Cap Value Class I
2022	$	12.96	$	60.14		235,969	$	4,982,963		0.00	%		0.30	%		1.85	%		(18.33	)%		(17.06	)%
2021		15.65		72.59		231,013		6,064,973		0.00	%		0.30	%		1.85	%		33.12	%		35.20	%
2020		11.60		53.74		238,266		4,640,712		0.00	%		0.30	%		1.85	%		1.54	%		3.13	%
2019		11.27		52.16		227,711		4,433,328		0.00	%		0.30	%		1.85	%		20.34	%		22.10	%
2018		9.24		42.72		229,777		3,727,294		0.00	%		0.40	%		1.85	%		(17.83	)%		(16.63	)%
Value Class I
2022	$	14.42	$	28.09		170,340	$	3,604,670		0.00	%		0.30	%		1.85	%		(2.35	)%		(1.28	)%
2021		18.37		28.45		136,265		3,061,129		0.00	%		0.75	%		1.85	%		19.42	%		20.74	%
2020		15.23		23.57		154,680		2,954,360		0.00	%		0.30	%		1.85	%		(8.64	)%		(7.63	)%
2019		12.84		25.51		171,176		3,461,384		0.00	%		0.30	%		1.85	%		22.43	%		24.10	%
2018		10.35		20.61		187,704		3,048,702		0.00	%		0.50	%		1.85	%		(13.99	)%		(12.81	)%
Value Advantage Class I
2022	$	15.68	$	21.78		221,719	$	4,489,853		0.00	%		0.30	%		1.85	%		(5.82	)%		(4.35	)%
2021		16.42		22.88		205,517		4,405,461		0.00	%		0.30	%		1.85	%		26.17	%		27.88	%
2020		12.84		17.93		112,996		1,940,399		0.00	%		0.50	%		1.85	%		(4.56	)%		(3.26	)%
2019		13.28		18.58		102,221		1,826,738		0.00	%		0.50	%		1.85	%		24.63	%		26.33	%
2018		10.51		14.75		98,472		1,401,855		0.00	%		0.50	%		1.85	%		(10.74	)%		(9.52	)%
Emerging Markets Class I
2022	$	9.46	$	63.03		455,269	$	5,543,619		0.00	%		0.30	%		1.95	%		(26.72	)%		(25.50	)%
2021		12.82		84.69		440,071		7,328,099		0.00	%		0.30	%		1.95	%		(10.06	)%		(8.56	)%
2020		14.16		92.71		436,537		8,237,393		0.00	%		0.30	%		1.95	%		15.06	%		16.98	%
2019		12.23		79.33		496,074		8,280,900		0.00	%		0.30	%		1.95	%		23.18	%		25.23	%
2018		9.86		63.42		540,280		7,351,415		0.00	%		0.30	%		1.95	%		(13.70	)%		(12.26	)%
International Growth Class I
2022	$	7.58	$	7.67		8,533	$	64,741		0.00	%		0.30	%		1.40	%		(22.47	)%		(22.47	)%
12/14/2021 - 12/31/2021		9.79		9.79		1,001		9,808		0.00	%		1.20	%		1.20	%		4.08	%		4.08	%
International Large-Cap Class I
2022	$	13.89	$	31.13		458,444	$	7,546,129		0.00	%		0.30	%		1.95	%		(16.83	)%		(15.45	)%
2021		16.68		36.85		479,212		9,422,292		0.00	%		0.30	%		1.95	%		12.56	%		14.43	%
2020		14.80		32.23		465,259		8,142,998		0.00	%		0.30	%		1.95	%		8.60	%		10.41	%
2019		13.60		29.23		466,577		7,485,650		0.00	%		0.30	%		1.95	%		25.56	%		27.65	%
2018		10.82		22.92		496,763		6,331,408		0.00	%		0.30	%		1.95	%		(13.52	)%		(12.08	)%
International Small-Cap Class I
2022	$	11.37	$	19.97		101,885	$	1,425,344		0.00	%		0.30	%		1.95	%		(18.69	)%		(17.42	)%
2021		13.90		24.26		102,893		1,750,333		0.00	%		0.30	%		1.95	%		11.67	%		13.42	%
2020		12.37		21.47		104,127		1,574,164		0.00	%		0.30	%		1.95	%		6.33	%		7.99	%
2019		11.57		19.95		107,214		1,511,569		0.00	%		0.30	%		1.95	%		17.75	%		19.71	%
2018		9.76		16.74		104,521		1,231,591		0.00	%		0.30	%		1.95	%		(23.67	)%		(22.47	)%
International Value Class I
2022	$	7.81	$	15.97		357,460	$	4,094,109		0.00	%		0.30	%		1.85	%		(3.07	)%		(1.56	)%
2021		8.02		16.24		423,676		5,106,907		0.00	%		0.30	%		1.85	%		18.16	%		20.00	%
2020		6.75		13.55		439,510		4,394,780		0.00	%		0.30	%		1.85	%		(8.87	)%		(7.45	)%
2019		7.37		14.66		389,627		4,264,093		0.00	%		0.30	%		1.85	%		14.46	%		16.25	%
2018		6.41		12.68		369,318		3,489,365		0.00	%		0.30	%		1.95	%		(16.53	)%		(15.30	)%
Health Sciences Class I
2022	$	17.77	$	76.38		820,339	$	27,867,227		0.00	%		0.30	%		1.85	%		(7.53	)%		(6.09	)%
2021		19.11		82.43		854,149		31,511,533		0.00	%		0.30	%		1.85	%		10.32	%		12.05	%
2020		17.23		74.57		821,413		27,848,080		0.00	%		0.30	%		1.85	%		16.61	%		18.43	%
2019		14.69		63.82		828,592		24,289,103		0.00	%		0.30	%		1.85	%		23.46	%		25.39	%
2018		11.83		51.59		859,760		20,675,352		0.00	%		0.30	%		1.95	%		5.91	%		7.57	%
Real Estate Class I
2022	$	11.80	$	61.08		329,616	$	5,786,859		0.00	%		0.30	%		1.85	%		(27.00	)%		(25.86	)%
2021		16.07		83.30		342,557		8,382,994		0.00	%		0.30	%		1.85	%		37.75	%		39.90	%
2020		11.60		60.20		363,170		6,476,309		0.00	%		0.30	%		1.85	%		(5.05	)%		(3.66	)%
2019		12.16		63.11		399,306		7,440,600		0.00	%		0.40	%		1.85	%		28.88	%		30.76	%
2018		9.38		48.75		398,991		5,670,003		0.00	%		0.40	%		1.85	%		(9.16	)%		(7.82	)%

See Notes to Financial Statements SA-45 See explanation of references on page SA-54

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Investment
Variable Accounts	AUV (1)				Units		Net		Income			Expense Ratios (3)						Total Returns (4)
For Each Year or Period	Lowest		Highest		Outstanding		Assets		Ratios (2)			Lowest			Highest			Lowest			Highest
Technology Class I
2022	$	12.95	$	24.50		609,979	$	13,198,996		0.00	%		0.30	%		1.85	%		(37.23	)%		(36.25	)%
2021		20.54		38.93		586,941		20,152,017		0.00	%		0.30	%		1.85	%		11.77	%		13.52	%
2020		18.29		34.74		606,691		18,556,587		0.00	%		0.30	%		1.85	%		44.54	%		46.80	%
2019		12.60		23.98		582,717		12,290,994		0.00	%		0.30	%		1.85	%		33.82	%		35.91	%
2018		9.37		17.87		560,414		8,791,315		0.00	%		0.30	%		1.85	%		(0.09	)%		1.18	%
ESG Diversified Class I
2022	$	8.63	$	8.74		215,846	$	1,884,148		0.00	%		0.75	%		1.65	%		(17.96	)%		(17.21	)%
06/14/2021 - 12/31/2021		10.43		10.60		129,810		1,375,018		0.00	%		0.75	%		1.65	%		4.50	%		4.50	%
ESG Diversified Growth Class I
2022	$	8.10	$	8.12		15,221	$	123,553		0.00	%		1.20	%		1.40	%		(19.22	)%		(19.22	)%
12/20/2021 - 12/31/2021		10.03		10.03		775		7,773		0.00	%		1.40	%		1.40	%		3.64	%		3.64	%
PSF Avantis Balanced Allocation Class D
2022	$	8.79	$	13.57		1,085,875	$	13,598,087		0.00	%		0.30	%		1.85	%		(16.55	)%		(15.25	)%
2021		10.48		16.01		955,947		14,834,277		0.00	%		0.30	%		1.85	%		10.44	%		12.16	%
2020		13.12		14.27		779,152		10,963,998		0.00	%		0.30	%		1.85	%		10.05	%		11.77	%
2019		11.86		12.85		764,898		9,691,444		0.00	%		0.30	%		1.85	%		17.55	%		19.39	%
2018		10.03		10.85		662,128		7,087,884		0.00	%		0.30	%		1.85	%		(7.92	)%		(6.47	)%
PSF Avantis Balanced Allocation Class P (5)
12/06/2022 - 12/31/2022	$	9.27	$	9.27		13,429	$	124,433		0.00	%		0.45	%		0.45	%		(1.61	)%		(1.61	)%
Pacific Dynamix - Conservative Growth Class I
2022	$	8.63	$	18.46		2,936,979	$	40,483,390		0.00	%		0.30	%		1.85	%		(15.94	)%		(14.63	)%
2021		10.22		21.81		3,087,697		50,537,140		0.00	%		0.30	%		1.85	%		4.49	%		6.12	%
2020		12.68		20.72		3,242,829		50,933,627		0.00	%		0.30	%		1.85	%		10.16	%		11.88	%
2019		11.45		18.68		3,246,329		46,302,731		0.00	%		0.30	%		1.85	%		13.35	%		15.12	%
2018		10.05		16.37		3,207,983		40,569,227		0.00	%		0.30	%		2.00	%		(5.62	)%		(4.13	)%
Pacific Dynamix - Moderate Growth Class I
2022	$	8.62	$	24.43		8,930,868	$	135,517,383		0.00	%		0.30	%		1.85	%		(17.24	)%		(15.95	)%
2021		10.35		27.19		8,966,797		169,827,302		0.00	%		0.30	%		1.85	%		8.59	%		10.29	%
2020		13.44		24.86		8,842,919		155,502,777		0.00	%		0.30	%		1.85	%		12.48	%		14.24	%
2019		11.88		23.27		9,147,626		143,286,925		0.00	%		0.30	%		1.85	%		16.76	%		18.58	%
2018		10.12		19.69		9,552,450		130,370,211		0.00	%		0.30	%		1.85	%		(7.27	)%		(5.81	)%
Pacific Dynamix - Growth Class I
2022	$	14.81	$	30.30		7,703,984	$	131,379,169		0.00	%		0.30	%		2.00	%		(18.34	)%		(16.94	)%
2021		17.83		36.52		5,161,096		108,023,040		0.00	%		0.30	%		2.00	%		12.07	%		13.99	%
2020		15.64		32.07		3,237,619		61,915,942		0.00	%		0.30	%		2.00	%		13.50	%		15.44	%
2019		13.55		27.81		1,913,691		33,535,855		0.00	%		0.30	%		2.00	%		20.50	%		22.57	%
2018		11.06		22.71		1,768,089		26,509,842		0.00	%		0.30	%		2.00	%		(9.13	)%		(7.56	)%
Pacific Dynamix - Growth Class P (5)
07/01/2022 - 12/31/2022	$	9.09	$	9.09		2,989	$	27,160		0.00	%		0.45	%		0.45	%		1.31	%		1.31	%
Portfolio Optimization Conservative Class I
2022	$	8.61	$	13.06		6,555,593	$	73,297,660		0.00	%		0.30	%		2.00	%		(15.37	)%		(14.01	)%
2021		10.11		15.18		6,673,193		88,029,123		0.00	%		0.30	%		2.00	%		0.18	%		1.80	%
2020		11.97		14.92		6,805,319		89,158,669		0.00	%		0.30	%		2.00	%		5.75	%		7.45	%
2019		11.37		13.88		6,575,306		81,073,618		0.00	%		0.30	%		2.00	%		9.98	%		11.75	%
2018		10.31		12.42		6,628,580		74,015,064		0.00	%		0.40	%		2.00	%		(5.30	)%		(3.77	)%
Portfolio Optimization Moderate-Conservative Class I
2022	$	8.62	$	14.89		7,909,557	$	101,571,276		0.00	%		0.30	%		2.00	%		(16.59	)%		(15.16	)%
2021		10.24		17.57		8,584,296		131,746,697		0.00	%		0.30	%		2.00	%		4.18	%		5.86	%
2020		12.29		16.60		9,517,737		139,732,839		0.00	%		0.40	%		2.00	%		7.79	%		9.53	%
2019		11.32		15.15		10,730,343		145,453,637		0.00	%		0.40	%		2.00	%		13.00	%		14.82	%
2018		9.95		13.22		12,119,762		144,853,069		0.00	%		0.40	%		2.00	%		(6.88	)%		(5.37	)%
Portfolio Optimization Moderate Class I
2022	$	8.60	$	16.84		26,538,175	$	379,611,536		0.00	%		0.30	%		2.00	%		(17.38	)%		(15.97	)%
2021		10.33		20.13		28,880,546		498,374,746		0.00	%		0.30	%		2.00	%		7.02	%		8.85	%
2020		12.62		18.57		31,180,415		500,836,115		0.00	%		0.30	%		2.00	%		9.61	%		11.49	%
2019		11.49		16.73		34,268,716		500,217,551		0.00	%		0.30	%		2.00	%		16.11	%		18.10	%
2018		9.87		14.23		39,586,114		495,993,252		0.00	%		0.30	%		2.00	%		(8.41	)%		(6.83	)%

See Notes to Financial Statements SA-46 See explanation of references on page SA-54

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Investment
Variable Accounts	AUV (1)				Units		Net		Income			Expense Ratios (3)						Total Returns (4)
For Each Year or Period	Lowest		Highest		Outstanding		Assets		Ratios (2)			Lowest			Highest			Lowest			Highest
Portfolio Optimization Growth Class I
2022	$	12.22	$	18.34		19,477,020	$	307,764,715		0.00	%		0.30	%		2.00	%		(18.52	)%		(17.13	)%
2021		14.90		22.32		20,865,222		403,162,654		0.00	%		0.30	%		2.00	%		10.88	%		12.78	%
2020		13.34		20.05		22,646,907		393,203,447		0.00	%		0.30	%		2.00	%		10.49	%		12.39	%
2019		11.99		18.08		24,813,829		388,792,075		0.00	%		0.30	%		2.00	%		19.25	%		21.29	%
2018		9.98		15.10		27,777,699		363,800,807		0.00	%		0.30	%		2.00	%		(10.02	)%		(8.47	)%
Portfolio Optimization Aggressive-Growth Class I
2022	$	15.59	$	19.80		4,609,550	$	76,219,091		0.00	%		0.40	%		2.00	%		(19.14	)%		(17.83	)%
2021		19.22		24.39		4,860,170		99,029,212		0.00	%		0.40	%		2.00	%		13.39	%		15.22	%
2020		16.90		21.43		5,288,583		94,685,992		0.00	%		0.40	%		2.00	%		10.23	%		12.01	%
2019		15.29		19.59		5,931,846		96,008,850		0.00	%		0.40	%		2.00	%		21.31	%		23.27	%
2018		12.56		15.95		6,674,915		88,788,383		0.00	%		0.40	%		2.00	%		(11.20	)%		(9.76	)%
Invesco Oppenheimer V.I. International Growth Series II
2022	$	10.82	$	12.76		63,695	$	717,693		0.00	%		0.30	%		1.70	%		(28.39	)%		(27.38	)%
2021		15.00		17.57		79,709		1,244,113		0.00	%		0.30	%		1.85	%		8.37	%		9.79	%
2020		13.75		16.01		53,477		762,137		0.68	%		0.30	%		1.85	%		18.82	%		20.68	%
2019		11.57		13.26		52,091		619,573		0.75	%		0.30	%		1.85	%		25.86	%		27.44	%
2018		9.27		9.65		59,998		563,366		0.66	%		0.40	%		1.65	%		(20.88	)%		(19.87	)%
Invesco V.I. Balanced-Risk Allocation Series II
2022	$	8.74	$	21.73		1,441,727	$	18,801,850		7.56	%		0.30	%		2.00	%		(16.21	)%		(14.77	)%
2021		10.36		25.57		1,313,865		20,963,754		3.02	%		0.30	%		2.00	%		7.10	%		8.61	%
2020		12.03		23.54		1,329,079		19,933,034		7.90	%		0.60	%		2.00	%		7.81	%		9.33	%
2019		11.08		21.53		1,374,948		19,105,001		0.00	%		0.60	%		2.00	%		12.61	%		14.20	%
2018		9.77		18.86		1,546,672		19,051,246		1.30	%		0.60	%		2.00	%		(8.57	)%		(7.27	)%
Invesco V.I. Equity and Income Series II
2022	$	14.75	$	15.47		132,691	$	2,027,098		1.65	%		0.75	%		1.80	%		(9.36	)%		(8.40	)%
2021		16.13		16.96		129,021		2,152,374		1.71	%		0.75	%		1.85	%		16.36	%		17.47	%
2020		13.97		14.49		105,660		1,508,592		2.19	%		0.75	%		1.70	%		7.80	%		8.83	%
2019		12.96		13.37		114,634		1,507,427		2.36	%		0.75	%		1.70	%		17.99	%		19.11	%
2018		10.96		11.27		101,613		1,125,702		1.83	%		0.75	%		1.80	%		(11.26	)%		(10.41	)%
Invesco V.I. Global Real Estate Series II
2022	$	8.88	$	10.82		118,114	$	1,126,345		2.45	%		0.30	%		1.85	%		(26.51	)%		(25.44	)%
2021		12.08		13.31		192,014		2,453,296		2.75	%		0.40	%		1.85	%		23.15	%		24.94	%
2020		9.81		10.65		144,773		1,499,520		4.49	%		0.40	%		1.85	%		(14.17	)%		(12.91	)%
2019		11.43		12.23		188,154		2,231,980		4.10	%		0.40	%		1.85	%		20.64	%		22.16	%
2018		9.54		10.01		152,127		1,493,586		3.72	%		0.40	%		1.85	%		(7.92	)%		(6.71	)%
Invesco V.I. Global Series II
2022	$	13.27	$	15.36		104,197	$	1,432,726		0.00	%		0.30	%		1.80	%		(33.15	)%		(32.14	)%
2021		19.85		22.64		104,537		2,139,474		0.00	%		0.30	%		1.85	%		13.12	%		14.83	%
2020		17.54		19.72		98,826		1,776,751		0.42	%		0.30	%		1.80	%		25.07	%		26.96	%
2019		14.03		15.53		120,540		1,724,083		0.65	%		0.30	%		1.85	%		29.11	%		31.06	%
2018		10.85		11.85		128,226		1,412,270		0.87	%		0.30	%		1.85	%		(14.99	)%		(13.65	)%
Invesco V.I. Technology Series I (5)
07/01/2022 - 12/31/2022	$	6.30	$	6.30		1,918	$	12,079		0.00	%		0.45	%		0.45	%		(9.89	)%		(9.89	)%
American Century VP Mid Cap Value Class II
2022	$	15.09	$	24.58		239,915	$	5,358,088		2.12	%		0.30	%		1.85	%		(3.19	)%		(1.68	)%
2021		15.38		25.20		218,165		5,029,076		1.04	%		0.30	%		1.85	%		20.76	%		22.40	%
2020		12.57		21.90		218,105		4,147,308		1.64	%		0.30	%		1.85	%		(0.74	)%		0.71	%
2019		12.49		21.75		252,942		4,813,752		1.89	%		0.30	%		1.85	%		26.63	%		28.48	%
2018		9.73		16.93		255,772		3,862,470		1.25	%		0.40	%		1.85	%		(14.57	)%		(13.31	)%
American Funds IS American High-Income Trust Class 4
2022	$	12.15	$	12.96		189,561	$	2,370,345		5.82	%		0.30	%		1.80	%		(11.14	)%		(9.80	)%
2021		13.53		14.44		266,458		3,724,858		4.60	%		0.30	%		1.80	%		6.41	%		7.86	%
2020		12.57		13.44		157,949		2,063,813		8.98	%		0.30	%		1.70	%		5.97	%		7.41	%
2019		11.79		12.57		125,979		1,551,733		6.04	%		0.30	%		1.65	%		10.43	%		11.93	%
2018		10.54		11.28		105,122		1,167,043		5.47	%		0.30	%		1.70	%		(4.24	)%		(2.93	)%
American Funds IS Asset Allocation Class 1 (5)
12/06/2022 - 12/31/2022	$	9.67	$	9.67		12,904	$	124,737		See Note (6)			0.45	%		0.45	%		(1.37	)%		(1.37	)%

See Notes to Financial Statements SA-47 See explanation of references on page SA-54

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Investment
Variable Accounts	AUV (1)				Units		Net		Income			Expense Ratios (3)						Total Returns (4)
For Each Year or Period	Lowest		Highest		Outstanding		Assets		Ratios (2)			Lowest			Highest			Lowest			Highest
American Funds IS Asset Allocation Class 4
2022	$	8.97	$	15.99		14,627,779	$	208,030,483		1.66	%		0.30	%		2.00	%		(15.37	)%		(13.92	)%
2021		10.53		18.66		15,374,587		259,202,114		1.35	%		0.30	%		2.00	%		12.57	%		14.50	%
2020		13.29		16.37		15,751,470		235,641,719		1.46	%		0.30	%		2.00	%		9.94	%		11.82	%
2019		12.06		14.71		16,557,407		223,794,339		1.70	%		0.30	%		2.00	%		18.53	%		20.56	%
2018		10.15		12.25		17,415,254		197,418,663		1.44	%		0.30	%		2.00	%		(6.73	)%		(5.12	)%
American Funds IS Capital Income Builder Class 4
2022	$	11.78	$	13.62		414,907	$	5,161,852		2.57	%		0.30	%		1.85	%		(8.93	)%		(7.65	)%
2021		13.10		14.75		328,719		4,468,501		2.55	%		0.30	%		1.85	%		12.75	%		14.34	%
2020		11.50		12.90		292,184		3,506,050		2.66	%		0.30	%		1.85	%		2.21	%		3.80	%
2019		11.25		12.43		360,381		4,208,592		2.69	%		0.30	%		1.85	%		15.46	%		16.74	%
2018		9.75		10.26		327,111		3,284,034		2.72	%		0.75	%		1.85	%		(8.96	)%		(7.95	)%
American Funds IS Capital World Bond Class 4
2022	$	8.49	$	9.48		108,933	$	975,943		0.21	%		0.30	%		1.85	%		(19.35	)%		(18.09	)%
2021		10.52		11.57		121,629		1,344,382		1.57	%		0.30	%		1.85	%		(6.92	)%		(5.46	)%
2020		11.30		12.24		101,683		1,194,904		1.04	%		0.30	%		1.85	%		7.61	%		9.29	%
2019		10.50		11.20		126,073		1,353,254		1.55	%		0.30	%		1.85	%		5.57	%		7.21	%
2018		9.95		10.45		62,484		633,509		1.21	%		0.30	%		1.85	%		(3.28	)%		(2.35	)%
American Funds IS Capital World Growth and Income Class 4
2022	$	14.00	$	15.21		177,560	$	2,584,275		2.26	%		0.30	%		1.80	%		(19.04	)%		(17.82	)%
2021		17.29		18.51		161,402		2,886,057		1.66	%		0.30	%		1.80	%		12.42	%		14.12	%
2020		15.38		16.24		137,802		2,175,133		1.13	%		0.30	%		1.80	%		6.61	%		8.22	%
2019		14.43		15.07		133,512		1,966,633		1.65	%		0.30	%		1.85	%		28.40	%		30.34	%
2018		11.22		11.62		159,993		1,821,983		1.65	%		0.30	%		1.85	%		(11.51	)%		(10.57	)%
American Funds IS Global Balanced Class 4
2022	$	12.68	$	13.53		274,300	$	3,593,814		0.00	%		0.75	%		1.70	%		(16.17	)%		(15.37	)%
2021		15.07		15.98		256,329		3,984,964		0.83	%		0.30	%		1.85	%		8.60	%		9.64	%
2020		13.77		14.73		303,599		4,366,912		0.94	%		0.30	%		1.85	%		7.98	%		9.67	%
2019		12.76		13.43		259,920		3,415,773		1.26	%		0.30	%		1.85	%		18.06	%		19.85	%
2018		10.83		11.21		206,302		2,280,361		1.33	%		0.30	%		1.85	%		(7.90	)%		(6.59	)%
American Funds IS Global Growth Class 4
2022	$	17.83	$	19.09		238,643	$	4,460,681		0.44	%		0.30	%		1.85	%		(26.29	)%		(25.14	)%
2021		23.95		25.71		235,674		5,939,813		0.20	%		0.30	%		1.85	%		14.01	%		15.79	%
2020		20.72		22.38		257,600		5,650,892		0.16	%		0.30	%		1.85	%		27.78	%		29.78	%
2019		16.00		17.39		223,295		3,816,671		0.97	%		0.30	%		1.85	%		32.40	%		34.47	%
2018		11.92		13.03		207,463		2,665,032		0.50	%		0.30	%		1.85	%		(10.91	)%		(9.92	)%
American Funds IS Global Small Capitalization Class 4
2022	$	12.55	$	14.04		121,298	$	1,592,265		0.00	%		0.30	%		1.85	%		(30.98	)%		(29.90	)%
2021		18.18		20.03		135,846		2,559,606		0.00	%		0.30	%		1.85	%		4.48	%		6.11	%
2020		17.40		18.88		93,754		1,679,372		0.13	%		0.30	%		1.85	%		27.02	%		29.00	%
2019		13.70		14.64		98,191		1,375,775		0.01	%		0.30	%		1.85	%		28.84	%		30.85	%
2018		10.63		11.19		91,069		984,226		0.02	%		0.30	%		1.85	%		(12.45	)%		(11.48	)%
American Funds IS Growth Class 1 (5)
12/06/2022 - 12/31/2022	$	7.95	$	7.95		7,907	$	62,892		5.32	%		0.45	%		0.45	%		(3.34	)%		(3.34	)%
American Funds IS Growth Class 4
2022	$	20.37	$	25.39		1,306,432	$	27,653,628		0.11	%		0.30	%		1.85	%		(31.39	)%		(30.32	)%
2021		29.70		36.61		1,215,693		37,277,031		0.05	%		0.30	%		1.85	%		19.45	%		21.32	%
2020		24.86		30.31		1,147,600		29,196,407		0.20	%		0.30	%		1.85	%		48.94	%		51.26	%
2019		16.68		20.13		977,419		16,638,760		0.57	%		0.30	%		1.85	%		28.05	%		30.05	%
2018		12.77		15.55		975,971		12,908,911		0.26	%		0.30	%		1.85	%		(2.34	)%		(0.90	)%
American Funds IS Growth-Income Class 1 (5)
08/25/2022 - 12/31/2022	$	9.94	$	9.94		1,895	$	18,834		3.73	%		0.45	%		0.45	%		(4.24	)%		(4.24	)%
American Funds IS Growth-Income Class 4
2022	$	16.82	$	20.13		870,853	$	15,202,170		1.09	%		0.30	%		1.85	%		(18.23	)%		(16.96	)%
2021		20.57		24.35		842,439		17,877,271		0.94	%		0.30	%		1.85	%		21.53	%		23.31	%
2020		16.92		19.82		890,935		15,472,123		1.17	%		0.40	%		1.85	%		11.17	%		12.80	%
2019		15.06		17.63		958,573		14,890,984		1.49	%		0.30	%		1.85	%		23.55	%		25.35	%
2018		12.02		14.12		1,006,401		12,582,866		1.20	%		0.30	%		1.85	%		(3.86	)%		(2.45	)%

See Notes to Financial Statements SA-48 See explanation of references on page SA-54

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Investment
Variable Accounts	AUV (1)				Units		Net		Income			Expense Ratios (3)						Total Returns (4)
For Each Year or Period	Lowest		Highest		Outstanding		Assets		Ratios (2)			Lowest			Highest			Lowest			Highest
American Funds IS International Class 4
2022	$	9.98	$	12.17		274,173	$	2,949,941		1.56	%		0.30	%		1.85	%		(22.47	)%		(21.26	)%
2021		12.88		15.45		262,936		3,615,169		2.20	%		0.30	%		1.85	%		(3.51	)%		(2.01	)%
2020		13.35		15.77		251,014		3,526,811		0.44	%		0.30	%		1.85	%		11.58	%		13.32	%
2019		11.96		13.91		275,471		3,440,912		1.27	%		0.30	%		1.85	%		20.42	%		22.30	%
2018		9.93		11.38		334,075		3,432,023		1.68	%		0.30	%		1.85	%		(15.01	)%		(13.76	)%
American Funds IS International Growth and Income Class 4
2022	$	10.14	$	12.75		163,003	$	1,740,263		2.77	%		0.30	%		1.85	%		(17.07	)%		(15.78	)%
2021		12.23		15.14		163,875		2,095,505		2.71	%		0.30	%		1.85	%		3.17	%		4.78	%
2020		11.86		14.45		170,830		2,104,420		1.26	%		0.30	%		1.85	%		3.79	%		5.42	%
2019		11.42		13.71		194,022		2,294,997		2.34	%		0.30	%		1.85	%		20.22	%		22.10	%
2018		9.42		11.23		208,927		2,044,405		1.75	%		0.30	%		1.85	%		(13.05	)%		(12.30	)%
American Funds IS Managed Risk Asset Allocation Class P2
2022	$	8.87	$	13.44		1,081,671	$	13,929,930		2.17	%		0.30	%		1.85	%		(15.54	)%		(14.23	)%
2021		10.45		15.80		1,150,358		17,734,168		1.33	%		0.30	%		1.85	%		10.44	%		12.17	%
2020		12.36		14.20		1,126,009		15,735,754		1.54	%		0.30	%		1.85	%		3.94	%		5.57	%
2019		11.83		13.56		1,074,245		14,361,623		2.34	%		0.30	%		1.85	%		15.82	%		16.69	%
2018		10.16		11.62		1,106,197		12,692,365		1.35	%		1.10	%		1.85	%		(6.65	)%		(5.94	)%
American Funds IS New World Fund Class 4
2022	$	11.46	$	14.23		243,539	$	2,970,798		1.12	%		0.30	%		1.85	%		(23.68	)%		(22.49	)%
2021		15.02		18.35		244,309		3,871,527		0.68	%		0.30	%		1.85	%		2.71	%		4.32	%
2020		14.62		17.59		203,039		3,110,839		0.04	%		0.30	%		1.85	%		21.03	%		22.92	%
2019		12.08		14.31		232,555		2,921,670		0.82	%		0.30	%		1.85	%		26.45	%		28.43	%
2018		9.55		11.14		209,260		2,062,018		0.72	%		0.30	%		1.85	%		(15.70	)%		(14.51	)%
American Funds IS The Bond Fund of America Class 1 (5)
08/25/2022 - 12/31/2022	$	8.72	$	8.72		9,138	$	79,724		See Note (6)			0.45	%		0.45	%		(3.58	)%		(3.58	)%
American Funds IS The Bond Fund of America Class 4
2022	$	9.46	$	10.45		590,910	$	5,895,243		2.87	%		0.30	%		1.85	%		(14.35	)%		(13.01	)%
2021		11.05		12.02		496,026		5,730,081		1.21	%		0.30	%		1.85	%		(2.41	)%		(0.88	)%
2020		11.32		12.13		512,069		5,996,507		2.22	%		0.30	%		1.85	%		7.38	%		9.05	%
2019		10.54		11.12		314,251		3,408,548		2.65	%		0.30	%		1.85	%		7.08	%		8.75	%
2018		9.84		10.22		242,152		2,433,875		2.60	%		0.30	%		1.85	%		(2.71	)%		(1.18	)%
American Funds IS U.S. Government Securities Class 4
2022	$	9.34	$	10.15		274,241	$	2,664,028		3.20	%		0.30	%		1.80	%		(12.69	)%		(11.46	)%
2021		10.70		11.46		355,799		3,932,121		0.93	%		0.30	%		1.85	%		(2.55	)%		(1.17	)%
2020		10.86		11.62		540,025		6,076,201		1.94	%		0.30	%		1.85	%		7.53	%		8.94	%
2019		10.14		10.69		166,287		1,726,774		1.95	%		0.50	%		1.80	%		3.27	%		4.62	%
2018		9.82		10.25		150,056		1,500,443		1.85	%		0.50	%		1.80	%		(1.30	)%		0.00	%
American Funds IS Washington Mutual Investors Class 4
2022	$	16.12	$	17.85		679,825	$	11,642,291		1.79	%		0.30	%		1.85	%		(10.36	)%		(8.96	)%
2021		17.74		19.70		579,425		10,990,621		1.38	%		0.30	%		1.85	%		25.18	%		27.13	%
2020		13.98		15.56		455,179		6,892,892		1.67	%		0.30	%		1.85	%		6.48	%		8.15	%
2019		12.95		14.46		399,776		5,650,160		1.98	%		0.30	%		1.85	%		18.82	%		20.67	%
2018		10.75		12.03		390,306		4,614,962		2.01	%		0.30	%		1.85	%		(10.60	)%		(9.19	)%
BlackRock 60/40 Target Allocation ETF V.I. Class I
2022	$	9.16	$	14.53		1,274,585	$	16,967,744		2.42	%		0.30	%		1.85	%		(16.38	)%		(15.08	)%
2021		15.33		17.11		900,508		14,444,158		2.16	%		0.30	%		1.85	%		10.16	%		11.66	%
2020		13.99		15.33		652,737		9,486,052		2.24	%		0.30	%		1.80	%		12.62	%		13.41	%
2019		12.42		12.93		399,455		5,109,416		2.61	%		1.10	%		1.80	%		19.42	%		20.08	%
2018		10.49		10.76		250,308		2,672,552		1.01	%		1.10	%		1.65	%		(6.51	)%		(5.99	)%
BlackRock Capital Appreciation V.I. Class III
2022	$	25.33	$	34.17		15,645	$	468,595		0.00	%		0.75	%		1.30	%		(38.61	)%		(38.28	)%
2021		41.27		55.36		10,763		522,573		0.00	%		0.75	%		1.30	%		19.33	%		19.99	%
2020		34.58		46.14		12,741		517,797		0.00	%		0.75	%		1.30	%		39.69	%		40.46	%
2019		24.76		32.85		17,033		493,866		0.00	%		0.75	%		1.30	%		29.85	%		30.57	%
2018		19.07		25.16		18,238		405,551		0.00	%		0.75	%		1.30	%		0.80	%		1.36	%
BlackRock Global Allocation V.I. Class III
2022	$	8.29	$	16.92		6,676,716	$	91,119,820		0.00	%		0.30	%		2.00	%		(17.73	)%		(16.32	)%
2021		10.01		20.24		7,241,395		120,483,066		0.81	%		0.30	%		2.00	%		4.31	%		6.10	%
2020		13.38		19.09		7,736,066		123,571,677		1.27	%		0.30	%		2.00	%		18.32	%		20.35	%
2019		11.28		15.88		8,623,099		115,730,698		1.21	%		0.30	%		2.00	%		15.42	%		17.40	%
2018		9.75		13.54		10,292,964		119,103,716		0.82	%		0.30	%		2.00	%		(9.42	)%		(7.86	)%

See Notes to Financial Statements SA-49 See explanation of references on page SA-54

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Investment
Variable Accounts	AUV (1)				Units		Net		Income			Expense Ratios (3)						Total Returns (4)
For Each Year or Period	Lowest		Highest		Outstanding		Assets		Ratios (2)			Lowest			Highest			Lowest			Highest
BlackRock S&P 500 Index V.I. Class I (5)
10/24/2022 - 12/31/2022	$	9.97	$	9.97		5,674	$	56,561		8.38	%		0.60	%		0.60	%		1.34	%		1.34	%
BlackRock Small Cap Index V.I. Class I (5)
10/24/2022 - 12/31/2022	$	7.74	$	7.74		3,643	$	28,190		6.67	%		0.60	%		0.60	%		1.01	%		1.01	%
Delaware Ivy VIP Asset Strategy Class II
2022	$	8.88	$	11.51		138,767	$	1,510,607		2.01	%		1.15	%		1.70	%		(16.18	)%		(15.71	)%
2021		10.55		13.66		87,953		1,153,117		2.17	%		1.15	%		1.70	%		8.58	%		9.12	%
2020		12.11		12.52		50,094		623,786		1.43	%		1.15	%		1.70	%		11.96	%		12.52	%
2019		10.82		11.13		49,762		550,600		1.05	%		1.15	%		1.80	%		19.73	%		20.33	%
2018		8.99		9.27		196,258		1,808,207		3.43	%		1.15	%		1.80	%		(7.04	)%		(6.57	)%
Delaware Ivy VIP Energy Class II
2022	$	6.63	$	7.74		528,923	$	3,654,618		3.12	%		0.30	%		1.80	%		47.80	%		49.72	%
2021		4.48		5.10		416,003		1,926,730		1.59	%		0.50	%		1.80	%		39.61	%		41.29	%
2020		3.23		3.61		319,995		1,060,547		2.19	%		0.50	%		1.70	%		(37.90	)%		(37.15	)%
2019		5.21		5.75		204,128		1,082,752		0.00	%		0.50	%		1.70	%		1.73	%		2.96	%
2018		5.12		5.58		146,296		760,664		0.00	%		0.50	%		1.70	%		(35.26	)%		(34.47	)%
DFA VA US Large Value Institutional Class (5)
12/06/2022 - 12/31/2022	$	11.28	$	11.28		5,743	$	64,779		See Note (6)			0.45	%		0.45	%		(0.83	)%		(0.83	)%
Fidelity VIP Contrafund Service Class 2
2022	$	18.02	$	25.28		1,445,878	$	33,794,093		0.27	%		0.30	%		1.85	%		(27.83	)%		(26.71	)%
2021		24.64		34.65		1,366,969		44,036,527		0.03	%		0.30	%		1.85	%		25.17	%		27.13	%
2020		19.42		27.39		1,297,656		33,320,279		0.07	%		0.30	%		1.85	%		27.85	%		29.84	%
2019		14.99		21.26		1,268,217		25,314,064		0.22	%		0.30	%		1.85	%		28.87	%		30.88	%
2018		11.47		16.37		1,193,991		18,380,807		0.45	%		0.30	%		1.85	%		(8.36	)%		(6.92	)%
Fidelity VIP FundsManager 60% Service Class 2
2022	$	8.77	$	18.53		2,574,726	$	38,488,862		1.72	%		0.30	%		1.85	%		(16.80	)%		(15.50	)%
2021		10.48		21.96		2,291,982		42,854,738		0.97	%		0.30	%		1.85	%		10.15	%		11.76	%
2020		13.69		19.65		2,070,740		35,291,993		0.93	%		0.30	%		1.85	%		12.81	%		14.46	%
2019		12.07		17.16		2,120,981		31,855,617		1.37	%		0.30	%		1.85	%		18.05	%		19.89	%
2018		10.16		14.33		2,233,979		28,289,916		1.08	%		0.30	%		1.85	%		(8.24	)%		(6.79	)%
Fidelity VIP Government Money Market Service Class
2022	$	8.95	$	10.39		2,789,343	$	26,209,928		1.42	%		0.30	%		1.95	%		(0.59	)%		1.06	%
2021		9.00		10.28		1,980,259		18,771,461		0.01	%		0.30	%		1.95	%		(1.92	)%		(0.29	)%
2020		9.18		10.31		3,469,686		33,023,990		0.21	%		0.30	%		1.95	%		(1.66	)%		(0.02	)%
2019		9.33		10.32		2,342,735		22,547,886		1.88	%		0.30	%		1.95	%		(0.05	)%		1.61	%
2018		9.34		10.15		2,019,537		19,256,958		1.54	%		0.30	%		1.95	%		(0.42	)%		1.25	%
Fidelity VIP Strategic Income Service Class 2
2022	$	10.53	$	11.97		523,668	$	5,760,791		3.29	%		0.30	%		1.80	%		(13.09	)%		(11.78	)%
2021		12.11		13.58		614,445		7,729,030		2.60	%		0.30	%		1.85	%		1.69	%		3.22	%
2020		11.87		13.17		496,677		6,115,170		3.10	%		0.30	%		1.85	%		5.20	%		6.84	%
2019		11.28		12.34		542,010		6,311,547		3.20	%		0.30	%		1.85	%		8.63	%		10.32	%
2018		10.39		11.20		623,030		6,658,991		4.01	%		0.30	%		1.85	%		(4.61	)%		(3.21	)%
First Trust Dorsey Wright Tactical Core Class I
2022	$	12.05	$	12.71		146,775	$	1,846,824		1.51	%		0.30	%		1.85	%		(18.57	)%		(17.96	)%
2021		14.80		15.50		182,763		2,800,341		0.39	%		1.10	%		1.85	%		11.95	%		12.63	%
2020		13.34		13.76		148,482		2,028,978		0.46	%		1.10	%		1.80	%		9.22	%		9.88	%
2019		12.16		12.52		230,103		2,859,791		0.65	%		1.10	%		1.80	%		18.83	%		19.66	%
2018		10.24		10.46		212,446		2,208,536		0.32	%		1.10	%		1.80	%		(9.74	)%		(9.10	)%
First Trust Multi Income Allocation Class I
2022	$	11.92	$	12.64		121,378	$	1,506,394		2.95	%		0.30	%		1.80	%		(9.08	)%		(7.80	)%
2021		13.22		13.74		74,804		1,017,541		2.39	%		0.30	%		1.70	%		10.79	%		12.35	%
2020		11.94		12.34		63,213		771,686		1.99	%		0.30	%		1.70	%		0.76	%		2.18	%
2019		11.85		12.19		80,545		971,131		2.35	%		0.30	%		1.70	%		14.42	%		16.03	%
2018		10.30		10.60		90,409		947,819		2.20	%		0.30	%		1.70	%		(6.06	)%		(5.58	)%
First Trust/Dow Jones Dividend & Income Allocation Class I
2022	$	9.06	$	18.81		3,096,757	$	48,883,336		1.42	%		0.30	%		1.85	%		(13.81	)%		(12.46	)%
2021		10.45		21.55		3,026,924		56,180,043		0.95	%		0.30	%		1.85	%		10.19	%		11.91	%
2020		13.03		19.31		2,926,944		49,629,227		1.49	%		0.30	%		1.85	%		5.83	%		7.48	%
2019		12.24		18.02		3,070,545		49,008,538		1.58	%		0.30	%		2.00	%		18.56	%		20.41	%
2018		10.27		15.01		3,032,496		40,667,962		1.64	%		0.30	%		2.00	%		(6.81	)%		(5.20	)%

See Notes to Financial Statements SA-50 See explanation of references on page SA-54

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Investment
Variable Accounts	AUV (1)				Units		Net		Income			Expense Ratios (3)						Total Returns (4)
For Each Year or Period	Lowest		Highest		Outstanding		Assets		Ratios (2)			Lowest			Highest			Lowest			Highest
Franklin Allocation VIP Class 2
2022	$	16.52	$	18.13		8,823	$	155,832		1.54	%		0.75	%		1.30	%		(17.08	)%		(16.63	)%
2021		19.93		21.74		8,193		173,825		1.73	%		0.75	%		1.30	%		10.24	%		10.85	%
2020		18.08		19.61		7,811		149,542		1.44	%		0.75	%		1.30	%		10.30	%		10.91	%
2019		16.39		17.68		7,481		129,136		3.61	%		0.75	%		1.30	%		18.31	%		18.96	%
2018		13.85		14.87		7,050		102,361		2.75	%		0.75	%		1.30	%		(10.82	)%		(10.33	)%
Franklin Allocation VIP Class 4
2022	$	8.70	$	17.26		834,517	$	11,519,231		1.49	%		0.30	%		1.85	%		(17.73	)%		(16.44	)%
2021		10.52		20.92		825,709		14,177,915		1.57	%		0.30	%		1.85	%		9.49	%		11.20	%
2020		13.70		19.06		809,881		12,820,083		1.32	%		0.30	%		1.85	%		9.70	%		11.42	%
2019		12.30		17.33		745,663		10,820,775		3.41	%		0.30	%		1.85	%		17.37	%		19.08	%
2018		11.31		14.73		859,343		10,570,813		2.88	%		0.40	%		1.95	%		(11.25	)%		(9.94	)%
Franklin Income VIP Class 2
2022	$	12.11	$	13.66		895,553	$	11,369,908		4.77	%		0.30	%		1.85	%		(7.20	)%		(5.76	)%
2021		13.05		14.49		830,074		11,293,268		4.66	%		0.30	%		1.85	%		14.62	%		16.40	%
2020		11.38		12.45		844,312		9,958,175		5.75	%		0.30	%		1.85	%		(1.15	)%		0.39	%
2019		11.52		12.40		979,117		11,608,410		5.60	%		0.30	%		1.85	%		13.93	%		14.79	%
2018		10.11		10.39		891,650		9,219,075		4.79	%		1.10	%		1.85	%		(5.93	)%		(5.36	)%
Franklin Mutual Global Discovery VIP Class 2
2022	$	14.53	$	21.57		255,792	$	4,246,970		1.31	%		0.30	%		1.85	%		(6.49	)%		(5.46	)%
2021		15.51		22.82		279,626		4,924,319		2.56	%		0.30	%		1.85	%		16.95	%		18.24	%
2020		13.24		19.30		350,404		5,233,294		2.30	%		0.40	%		1.85	%		(6.21	)%		(4.84	)%
2019		14.10		20.35		370,073		5,739,296		1.55	%		0.40	%		1.85	%		22.09	%		23.87	%
2018		11.53		16.49		420,931		5,282,704		2.40	%		0.40	%		1.85	%		(12.85	)%		(11.57	)%
Franklin Rising Dividends VIP Class 1 (5)
08/25/2022 - 12/31/2022	$	11.14	$	11.14		1,270	$	14,146		0.00	%		0.45	%		0.45	%		(1.31	)%		(1.31	)%
Franklin Rising Dividends VIP Class 2
2022	$	19.04	$	26.88		513,673	$	12,527,581		0.80	%		0.30	%		1.85	%		(12.21	)%		(10.84	)%
2021		21.40		30.39		522,340		14,450,250		0.84	%		0.30	%		1.85	%		24.47	%		26.41	%
2020		16.96		24.24		583,366		12,891,097		1.24	%		0.30	%		1.85	%		13.84	%		15.62	%
2019		14.70		21.13		664,783		12,873,709		1.23	%		0.30	%		1.85	%		26.86	%		28.84	%
2018		11.43		16.53		711,971		10,793,957		1.26	%		0.30	%		1.85	%		(6.82	)%		(5.55	)%
Templeton Global Bond VIP Class 2
2022	$	7.59	$	10.60		521,452	$	4,175,712		0.00	%		0.30	%		1.85	%		(6.69	)%		(5.23	)%
2021		8.12		11.24		643,218		5,510,416		0.00	%		0.30	%		1.85	%		(6.73	)%		(5.28	)%
2020		8.70		11.92		693,142		6,300,589		8.27	%		0.30	%		1.85	%		(7.02	)%		(5.56	)%
2019		9.34		12.67		825,399		8,011,967		7.17	%		0.30	%		1.85	%		0.14	%		1.71	%
2018		9.26		12.52		900,481		8,655,798		0.00	%		0.30	%		1.85	%		0.06	%		1.53	%
Janus Henderson Balanced Service Shares
2022	$	9.01	$	20.78		24,154,199	$	409,347,459		1.11	%		0.30	%		1.85	%		(18.14	)%		(16.87	)%
2021		10.95		25.02		21,201,007		458,561,186		0.69	%		0.30	%		1.85	%		14.77	%		16.56	%
2020		14.81		21.48		18,083,049		345,115,466		1.56	%		0.30	%		1.85	%		11.94	%		13.69	%
2019		13.21		18.92		15,309,411		260,453,551		1.70	%		0.30	%		1.85	%		20.03	%		21.91	%
2018		11.00		15.53		12,958,585		182,599,624		1.79	%		0.30	%		1.85	%		(1.42	)%		0.13	%
Janus Henderson Flexible Bond Service Shares
2022	$	9.27	$	10.30		242,745	$	2,370,696		1.93	%		0.30	%		1.85	%		(15.48	)%		(14.16	)%
2021		10.96		11.99		282,188		3,244,916		1.85	%		0.30	%		1.85	%		(2.93	)%		(1.41	)%
2020		11.29		12.17		221,172		2,599,800		2.45	%		0.30	%		1.85	%		8.23	%		9.92	%
2019		10.43		11.07		187,412		2,018,458		2.86	%		0.30	%		1.85	%		7.27	%		8.95	%
2018		9.73		10.16		183,288		1,829,603		2.65	%		0.30	%		1.85	%		(3.11	)%		(1.58	)%
JPMorgan Insurance Trust Global Allocation Class 2
2022	$	11.66	$	12.11		32,307	$	385,642		1.44	%		0.50	%		1.85	%		(19.33	)%		(18.23	)%
2021		14.28		15.97		37,215		546,773		0.79	%		0.50	%		1.85	%		7.26	%		8.72	%
2020		13.32		14.69		33,556		455,934		1.41	%		0.50	%		1.85	%		13.57	%		14.02	%
2019		11.89		12.12		17,563		211,437		1.77	%		1.15	%		1.60	%		14.73	%		15.19	%
2018		10.37		10.54		55,128		578,348		0.00	%		1.15	%		1.85	%		(7.81	)%		(7.39	)%
JPMorgan Insurance Trust Income Builder Class 2
2022	$	10.82	$	11.33		85,036	$	947,724		3.58	%		1.10	%		1.70	%		(13.98	)%		(13.46	)%
2021		12.58		13.10		90,430		1,167,529		2.57	%		1.10	%		1.70	%		6.39	%		7.03	%
2020		11.83		12.23		97,785		1,182,157		3.36	%		1.10	%		1.70	%		3.54	%		4.06	%
2019		11.49		11.76		81,472		952,857		3.11	%		1.10	%		1.60	%		12.45	%		13.02	%
2018		10.21		10.40		75,767		784,951		0.00	%		1.10	%		1.60	%		(6.43	)%		(5.96	)%

See Notes to Financial Statements SA-51 See explanation of references on page SA-54

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Investment
Variable Accounts	AUV (1)				Units		Net		Income			Expense Ratios (3)						Total Returns (4)
For Each Year or Period	Lowest		Highest		Outstanding		Assets		Ratios (2)			Lowest			Highest			Lowest			Highest
ClearBridge Variable Aggressive Growth - Class II
2022	$	11.15	$	12.45		67,561	$	774,357		0.00	%		0.30	%		1.85	%		(27.93	)%		(26.81	)%
2021		15.25		17.01		87,945		1,385,391		0.17	%		0.30	%		1.85	%		8.08	%		9.71	%
2020		14.15		15.50		48,591		707,537		0.60	%		0.30	%		1.80	%		15.63	%		17.38	%
2019		12.24		13.21		46,657		584,246		0.79	%		0.30	%		1.80	%		22.52	%		24.37	%
2018		9.99		10.62		44,316		450,158		0.45	%		0.30	%		1.80	%		(10.21	)%		(8.84	)%
Lord Abbett Bond Debenture Class VC
2022	$	11.42	$	13.69		359,104	$	4,381,921		3.89	%		0.30	%		1.85	%		(14.40	)%		(13.06	)%
2021		13.00		15.77		448,435		6,380,824		3.17	%		0.30	%		1.85	%		1.38	%		2.97	%
2020		12.76		15.33		371,185		5,174,304		3.63	%		0.30	%		1.85	%		5.34	%		6.98	%
2019		11.85		14.34		477,216		6,243,103		5.29	%		0.30	%		1.85	%		11.28	%		13.01	%
2018		10.55		12.70		299,033		3,490,385		4.43	%		0.30	%		1.85	%		(5.74	)%		(4.31	)%
Lord Abbett Total Return Class VC
2022	$	9.29	$	12.26		539,214	$	5,483,421		3.24	%		0.30	%		1.85	%		(15.62	)%		(14.30	)%
2021		11.01		14.37		586,358		7,001,997		1.89	%		0.30	%		1.85	%		(2.07	)%		(0.54	)%
2020		11.24		14.51		556,459		6,751,459		2.40	%		0.30	%		1.85	%		5.46	%		7.10	%
2019		10.66		13.61		554,177		6,344,069		2.66	%		0.30	%		1.85	%		6.42	%		8.08	%
2018		10.01		12.65		584,543		6,235,400		3.24	%		0.30	%		1.85	%		(2.85	)%		(1.77	)%
MFS Massachusetts Investors Growth Stock - Service Class
2022	$	21.51	$	21.85		25,445	$	553,556		0.00	%		0.75	%		0.95	%		(20.21	)%		(20.05	)%
2021		26.96		27.33		27,000		735,319		0.03	%		0.75	%		0.95	%		24.47	%		24.72	%
2020		21.66		21.91		31,066		678,690		0.23	%		0.75	%		0.95	%		21.04	%		21.29	%
2019		17.90		18.07		38,834		699,323		0.34	%		0.75	%		0.95	%		38.26	%		38.54	%
2018		12.94		13.04		43,971		572,076		0.33	%		0.75	%		0.95	%		(0.38	)%		(0.18	)%
MFS Total Return Series - Service Class
2022	$	9.28	$	20.10		2,329,635	$	37,294,735		1.50	%		0.30	%		1.85	%		(11.49	)%		(10.11	)%
2021		10.42		22.39		2,115,821		39,058,927		1.64	%		0.30	%		1.85	%		11.75	%		13.38	%
2020		12.80		19.80		2,036,187		33,901,742		2.10	%		0.40	%		1.85	%		7.51	%		9.08	%
2019		11.84		18.21		2,058,464		31,763,722		2.10	%		0.40	%		1.85	%		17.92	%		19.64	%
2018		9.98		15.28		2,267,268		29,731,199		1.94	%		0.40	%		1.85	%		(7.61	)%		(6.25	)%
MFS Utilities Series - Service Class
2022	$	16.49	$	19.81		280,946	$	4,927,409		2.25	%		0.30	%		1.85	%		(1.36	)%		0.18	%
2021		16.86		19.86		267,962		4,742,961		1.52	%		0.30	%		1.85	%		11.74	%		13.48	%
2020		15.06		18.56		272,754		4,308,866		2.13	%		0.30	%		1.85	%		3.68	%		5.20	%
2019		14.41		17.65		301,907		4,580,547		3.80	%		0.40	%		1.85	%		22.51	%		24.30	%
2018		11.75		14.20		319,407		3,929,868		0.85	%		0.40	%		1.85	%		(1.05	)%		0.41	%
MFS Value Series - Service Class
2022	$	27.19	$	33.97		28,793	$	840,262		1.14	%		0.75	%		1.30	%		(7.35	)%		(6.84	)%
2021		29.35		36.46		32,921		1,032,660		1.15	%		0.75	%		1.30	%		23.54	%		24.22	%
2020		23.76		29.35		40,249		1,021,212		1.39	%		0.75	%		1.30	%		1.89	%		2.45	%
2019		23.32		28.65		42,088		1,041,862		1.90	%		0.75	%		1.30	%		27.83	%		28.54	%
2018		18.24		22.29		44,709		863,397		1.33	%		0.75	%		1.30	%		(11.52	)%		(11.03	)%
Neuberger Berman U.S. Equity Index PutWrite Strategy Class S
2022	$	11.44	$	11.60		11,250	$	130,146		0.00	%		1.20	%		1.40	%		(12.51	)%		(12.34	)%
2021		13.07		13.24		8,121		107,066		0.23	%		1.20	%		1.40	%		16.30	%		16.54	%
2020		11.24		11.36		14,890		168,817		0.86	%		1.20	%		1.40	%		6.75	%		6.97	%
2019		10.53		10.62		14,644		155,272		0.16	%		1.20	%		1.40	%		13.66	%		13.88	%
2018		9.26		9.32		14,517		135,201		0.00	%		1.20	%		1.40	%		(8.09	)%		(7.90	)%
PIMCO All Asset - Advisor Class
2022	$	12.08	$	12.23		18,530	$	225,786		7.60	%		1.20	%		1.65	%		(13.31	)%		(12.92	)%
2021		13.94		14.04		16,590		232,539		10.93	%		1.20	%		1.65	%		14.31	%		14.66	%
06/01/2020 - 12/31/2020		12.22		12.25		10,124		123,977		4.31	%		1.20	%		1.50	%		16.16	%		16.36	%
PIMCO CommodityRealReturn Strategy - Advisor Class
2022	$	7.01	$	14.12		196,177	$	1,544,000		21.57	%		0.30	%		1.85	%		6.68	%		8.34	%
2021		6.57		13.03		121,791		912,209		4.35	%		0.30	%		1.85	%		30.67	%		32.71	%
2020		5.03		9.82		72,940		404,040		6.21	%		0.30	%		1.85	%		(0.63	)%		0.07	%
2019		5.06		5.61		90,377		497,928		4.29	%		1.10	%		1.85	%		9.31	%		10.08	%
2018		4.63		5.10		49,491		248,874		1.93	%		1.10	%		1.85	%		(15.78	)%		(15.15	)%
PIMCO Income - Advisor Class
2022	$	10.09	$	10.46		179,837	$	1,841,783		3.75	%		0.30	%		1.80	%		(9.07	)%		(8.07	)%
2021		11.18		11.38		122,952		1,381,349		2.83	%		0.30	%		1.65	%		0.48	%		1.49	%
06/01/2020 - 12/31/2020		11.10		11.20		33,645		375,263		2.92	%		0.40	%		1.65	%		7.85	%		7.85	%

See Notes to Financial Statements SA-52 See explanation of references on page SA-54

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS (Continued)

	At the End of Each Year or Period								Investment
Variable Accounts	AUV (1)				Units		Net		Income			Expense Ratios (3)						Total Returns (4)
For Each Year or Period	Lowest		Highest		Outstanding		Assets		Ratios (2)			Lowest			Highest			Lowest			Highest
PIMCO Total Return Institutional Class (5)
12/06/2022 - 12/31/2022	$	8.47	$	8.47		7,740	$	65,565		4.68	%		0.45	%		0.45	%		(1.04	)%		(1.04	)%
Schwab VIT Balanced
2022	$	13.31	$	13.31		305,434	$	4,065,192		1.43	%		0.60	%		0.60	%		(15.22	)%		(15.22	)%
2021		15.70		15.70		320,556		5,032,331		1.32	%		0.60	%		0.60	%		7.54	%		7.54	%
2020		14.60		14.60		338,208		4,937,141		1.89	%		0.60	%		0.60	%		7.58	%		7.58	%
2019		13.57		13.57		289,601		3,929,665		1.56	%		0.60	%		0.60	%		13.56	%		13.56	%
2018		11.95		11.95		249,889		2,985,903		1.37	%		0.60	%		0.60	%		(5.21	)%		(5.21	)%
Schwab VIT Balanced with Growth
2022	$	15.23	$	15.23		476,004	$	7,251,571		1.62	%		0.60	%		0.60	%		(16.51	)%		(16.51	)%
2021		18.25		18.25		477,854		8,718,882		1.34	%		0.60	%		0.60	%		10.76	%		10.76	%
2020		16.47		16.47		530,580		8,740,754		2.03	%		0.60	%		0.60	%		9.43	%		9.43	%
2019		15.05		15.05		564,874		8,503,866		1.87	%		0.60	%		0.60	%		17.34	%		17.34	%
2018		12.83		12.83		581,801		7,464,217		1.51	%		0.60	%		0.60	%		(7.26	)%		(7.26	)%
Schwab VIT Growth
2022	$	17.29	$	17.29		210,378	$	3,636,909		1.73	%		0.60	%		0.60	%		(17.74	)%		(17.74	)%
2021		21.01		21.01		223,031		4,686,910		1.32	%		0.60	%		0.60	%		13.98	%		13.98	%
2020		18.44		18.44		251,894		4,644,075		2.01	%		0.60	%		0.60	%		10.67	%		10.67	%
2019		16.66		16.66		289,593		4,824,304		1.83	%		0.60	%		0.60	%		20.12	%		20.12	%
2018		13.87		13.87		334,031		4,632,531		2.17	%		0.60	%		0.60	%		(8.91	)%		(8.91	)%
State Street Total Return V.I.S. Class 3
2022	$	8.59	$	22.37		927,873	$	14,276,548		0.40	%		0.30	%		2.00	%		(18.37	)%		(16.97	)%
2021		10.43		26.97		955,868		18,323,032		1.85	%		0.30	%		2.00	%		10.96	%		12.86	%
2020		12.06		23.92		1,018,022		17,562,108		1.59	%		0.30	%		2.00	%		4.04	%		5.82	%
2019		11.51		22.63		1,121,297		18,687,701		2.04	%		0.30	%		2.00	%		13.28	%		15.22	%
2018		10.09		19.66		1,287,844		18,863,671		1.80	%		0.30	%		2.00	%		(8.47	)%		(6.98	)%
T. Rowe Price Health Sciences - I (5)
07/01/2022 - 12/31/2022	$	9.17	$	9.17		1,529	$	14,012		0.00	%		0.45	%		0.45	%		4.53	%		4.53	%
VanEck VIP Global Resources Class S
2022	$	8.24	$	11.39		204,817	$	1,875,835		1.39	%		0.30	%		1.85	%		6.20	%		7.80	%
2021		7.76		10.57		193,779		1,643,060		0.33	%		0.30	%		1.80	%		16.68	%		18.32	%
2020		6.74		8.93		135,896		991,527		0.72	%		0.30	%		1.70	%		16.82	%		18.47	%
2019		5.77		7.54		155,799		972,038		0.00	%		0.30	%		1.70	%		9.67	%		11.21	%
2018		5.26		6.78		143,414		811,546		0.00	%		0.30	%		1.70	%		(29.64	)%		(28.64	)%
Vanguard VIF Balanced (5)
05/31/2022 - 12/31/2022	$	9.92	$	9.92		145,591	$	1,443,709		0.00	%		0.45	%		0.60	%		(3.89	)%		(3.89	)%
Vanguard VIF Conservative Allocation (5)
10/13/2022 - 12/31/2022	$	8.77	$	8.80		99,839	$	876,253		0.00	%		0.45	%		0.60	%		4.51	%		4.51	%
Vanguard VIF Real Estate Index (5)
07/01/2022 - 12/31/2022	$	9.79	$	9.79		1,243	$	12,171		0.00	%		0.45	%		0.45	%		(9.20	)%		(9.20	)%
Vanguard VIF Total International Stock Market Index (5)
10/24/2022 - 12/31/2022	$	8.56	$	8.56		3,677	$	31,497		0.00	%		0.60	%		0.60	%		12.87	%		12.87	%

See Notes to Financial Statements SA-53 See explanation of references on page SA-54

SEPARATE ACCOUNT A

FINANCIAL HIGHLIGHTS (Continued)

Explanation of References for Financial Highlights on pages SA-43 to SA-53 

(1) The AUV is presented as a range from lowest to highest based on the ending AUV for all product groupings as of December 31 of each year or period ended. The lowest and highest AUV may be the same for a variable account if there is only one product which had investments at the end of the year or period.

(2) The investment income ratios represent the dividends, excluding distributions of capital gains, received by the variable accounts from the underlying portfolios, divided by the average daily net assets (See Note 3 in Notes to Financial Statements). These ratios exclude those expenses, such as as mortality and expense risk ("M&E") fees, administrative fees, and additional death benefit rider charges, if any, 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 variable accounts is affected by the timing of the declaration of dividends by the underlying portfolios in which the variable accounts invest. The investment income ratios for periods of less than one full year are annualized.

(3) The expense ratios represent annualized contract fees and expenses of the Separate Account divided by the average daily net assets for each period indicated. These ratios include only those expenses that result in a direct reduction of unit values. Excluded are expenses of the underlying portfolios in which the variable accounts invest and charges made directly to contract owner accounts through the redemption of units (See Note 4 in Notes to Financial Statements). The expense ratios are presented as a range of lowest to highest based on the product groupings. The expense ratios for periods of less than one full year are annualized.

(4) Total returns reflect changes in unit values of the underlying portfolios and deductions for M&E fees, administrative fees, and additional death benefit rider charges, if any, assessed through the daily AUV calculation. These fees and charges are assessed at annual rates ranging from 0.30% to 2.00% based on the average daily net assets of each variable account as discussed in Note 4 in Notes to Financial Statements. Total returns do not include deductions at the separate account or contract level for any premium loads, maintenance fees, premium tax charges, withdrawal and surrender charges, charges for other optional benefit riders, or other charges that may be incurred under a contract which, if incurred, would have resulted in lower returns. Total returns are presented as a range from lowest to highest values based on the product grouping representing the minimum to maximum expense ratio amounts. Total returns for those contracts which commenced operations subsequent to the beginning of the year or period indicated for each variable account may not be within the ranges presented, and these contracts are excluded when calculating the total returns from lowest to highest as presented in the table. Total returns are calculated for each period indicated and are not annualized for periods of less than one full year.

(5) Operations commenced or resumed during 2022 (See Note 1 in Notes to Financial Statements).

(6) The annualized investment income ratios for the American Funds IS Asset Allocation Class 1, American Funds IS The Bond Fund of America Class 1, and DFA VA US Large Value Institutional Class Variable Accounts were 25.66%, 17.51%, and 24.34%, respectively, for 2022. The high investment income ratios were due to large purchases received shortly before the annual investment income distributions in 2022.

See Notes to Financial Statements SA-54

SEPARATE ACCOUNT A

NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

The Separate Account A (the “Separate Account”) of Pacific Life & Annuity Company (“PL&A”) is registered as a unit investment trust under the Investment Company Act of 1940, as amended. The Separate Account consists of subaccounts (each, a “Variable Account” and collectively, the “Variable Accounts”) which invest in shares of corresponding portfolios (each, a “Portfolio” and collectively, the “Portfolios”) of registered investment management companies (each, a “Fund” and collectively, the “Funds”). As of December 31, 2022, the Fund investment options are Pacific Select Fund (See Note 4), AIM Variable Insurance Funds (Invesco Variable Insurance Funds), American Century Variable Portfolios, Inc., American Funds Insurance Series®, BlackRock Variable Series Funds, Inc., BlackRock Variable Series Fund II, Inc., DFA Investment Dimensions Group Inc., Fidelity Variable Insurance Products Funds, First Trust Variable Insurance Trust, Franklin Templeton Variable Insurance Products Trust, Goldman Sachs Variable Insurance Trust, Ivy Variable Insurance Portfolios, Janus Aspen Series, JPMorgan Insurance Trust, Legg Mason Partners Variable Equity Trust, Lord Abbett Series Fund, Inc., MFS Variable Insurance Trust, MFS Variable Insurance Trust II, Neuberger Berman Advisers Management Trust, Northern Lights Variable Trust, PIMCO Variable Insurance Trust, Schwab Annuity Portfolios, State Street Variable Insurance Series Funds, Inc., T. Rowe Price Equity Series, Inc., Van Eck VIP Trust, and Vanguard Variable Insurance Fund. The Variable Accounts which have not commenced operations as of December 31, 2022 are not presented in this annual report.

Each of the Portfolios pursues different investment objectives and policies. The financial statements of the Funds, including the schedules of investments, are provided separately and should be read in conjunction with the Separate Account's financial statements.

The following Variable Accounts changed names during 2022:

Current Variable Account Names	Former Variable Account Names
Large-Cap Core Class I	Main Street Core Class I
PSF Avantis Balanced Allocation Class D	PSF DFA Balanced Allocation Class D
Delaware Ivy VIP Asset Strategy Class II	Ivy VIP Asset Strategy Class II
Delaware Ivy VIP Energy Class II	Ivy VIP Energy Class II

The following Variable Accounts commenced or resumed operations during 2022:

	Commenced		Commenced
	or Resumed		or Resumed
Variable Accounts	Operations on	Variable Accounts	Operations on
Intermediate Bond Class I	April 18, 2022	BlackRock Small Cap Index V.I. Class I	October 24, 2022
PSF Avantis Balanced Allocation Class P	December 6, 2022	DFA VA US Large Value Institutional Class	December 6, 2022
Pacific Dynamix - Growth Class P	July 1, 2022	Franklin Rising Dividends VIP Class 1	August 25, 2022
Invesco V.I. Technology Series I	July 1, 2022	PIMCO Total Return Institutional Class	December 6, 2022
American Funds IS Asset Allocation Class 1	December 6, 2022	T. Rowe Price Health Sciences - I	July 1, 2022
American Funds IS Growth Class 1	December 6, 2022	Vanguard VIF Balanced	May 31, 2022
American Funds IS Growth-Income Class 1	August 25, 2022	Vanguard VIF Conservative Allocation	October 13, 2022
American Funds IS The Bond Fund of America Class 1	August 25, 2022	Vanguard VIF Real Estate Index	July 1, 2022
BlackRock S&P 500 Index V.I. Class I	October 24, 2022	Vanguard VIF Total International Stock Market Index	October 24, 2022

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the other assets and liabilities of PL&A. The assets of the Separate Account will not be charged with any liabilities arising out of any other business conducted by PL&A, but the obligations of the Separate Account, including benefits related to variable annuity contracts, are obligations of PL&A.

The Separate Account funds individual flexible premium deferred variable annuity contracts (the "Contracts"). The investments of the Separate Account are carried at fair value.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Separate Account in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Separate Account qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to Investment Companies Topic of U.S. GAAP.

A. Valuation of Investments

The fair value of the Variable Account’s investments in mutual funds is based on the computed net asset values (“NAV”) of the corresponding Portfolios, which are obtained from the transfer agents or Fund companies and reflect the fair values of the Portfolio investments. The NAV is calculated daily upon the close of the New York Stock Exchange and is based on the fair values of the underlying securities. Valuation of the underlying securities is discussed in the notes to the Funds’ financial statements.

SA-55

SEPARATE ACCOUNT A

NOTES TO FINANCIAL STATEMENTS (Continued)

B. Security Transactions and Income

Transactions are recorded on the trade date. Realized gains and losses on sales of investments are determined on the basis of identified cost. Dividends and capital gains distributions, if any, from mutual fund investments are recorded on the ex-dividend date.

C. Federal Income Taxes

The operations of the Separate Account are included within the total operations of PL&A, which files income tax returns as part of the Pacific Mutual Holding Company consolidated federal income tax return. Under the current tax law, no federal income taxes are expected to be paid with respect to the operations of the Separate Account. PL&A will periodically review the status of this policy in the event of changes in the tax law.

D. Contracts in Payout Period

Net assets allocated to Contracts in payout period are computed, on a current basis, according to the Annuity 2000 Mortality Table or 2012 IAR Mortality Table depending on the year of annuitization. The assumed investment return is 4.0 percent. The mortality risk is fully borne by PL&A and may result in additional amounts being transferred into the Variable Accounts by PL&A to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed the amounts required, transfers may be made to PL&A. These transfers, if any, are shown as adjustments to net assets allocated to contracts in payout (annuitization) period in the accompanying Statements of Changes in Net Assets.

3. DIVIDENDS AND DISTRIBUTIONS FROM MUTUAL FUND INVESTMENTS

All dividend and capital gain distributions, if any, received from the Portfolios are reinvested in additional full and fractional shares of the related Portfolios and are recorded by the Variable Accounts on the ex-dividend date.

Each of the Portfolios in the Pacific Select Fund is treated as a partnership for federal income tax purposes only (the “Partnership Portfolios”). The Partnership Portfolios are not required to distribute taxable income and capital gains for federal income tax purposes. Therefore, no dividend or capital gain distributions were received from any Portfolios in the Pacific Select Fund nor were they recorded by the applicable Variable Accounts in the Statements of Operations for the year ended December 31, 2022.

4. CHARGES AND EXPENSES AND RELATED PARTY TRANSACTIONS

PL&A deducts from the Separate Account daily charges for mortality and expense risks ("M&E") and administrative fees PL&A assumes, and  additional death benefit rider charges, if applicable. Contracts funded by the Separate Account currently being sold or administered, along with their respective annual expense rates, are summarized in the following table. The mortality risk assumed by PL&A is the risk that the annuitant will live longer than predicted and will receive more annuity payments than anticipated. PL&A also assumes mortality risk in connection with any death benefit paid under the Contracts. The expense risk assumed is that expenses incurred in administering the Contracts and the Separate Account will exceed the amounts realized from fees and charges assessed against the Contracts. These charges are assessed daily at the following annual rates based on the average daily net assets of each Variable Account and result in a direct reduction in unit values. M&E fees and administrative fees are included in the Statements of Operations.

	Death Benefit Options
				With Return of Investment
Pacific Advisory Contracts	Standard Death Benefit			(ROI) Death Benefit Rider
M&E Charge		0.15	%		0.15	%
Administrative Fee		0.15	%		0.15	%
Platform Fee		0.15	%		0.15	%
Death Benefit Rider Charge		None			0.15	%
Total Annual Expenses		0.45	%		0.60	%

Pacific Choice Contracts (Without Stepped-Up	Standard Death Benefit			Standard Death Benefit			Standard Death Benefit
Death Benefit II Rider Charge)	With 5 Year Option			With 3 Year Option			With 0 Year Option
M&E Charge		0.95	%		1.25	%		1.35	%
Administrative Fee		0.25	%		0.25	%		0.25	%
Total Annual Expenses		1.20	%		1.50	%		1.60	%

Pacific Choice Contracts (With Stepped-Up	Stepped-Up Death Benefit			Stepped-Up Death Benefit			Stepped-Up Death Benefit
Death Benefit II Rider Charge)	With 5 Year Option			With 3 Year Option			With 0 Year Option
M&E Charge		0.95	%		1.25	%		1.35	%
Administrative Fee		0.25	%		0.25	%		0.25	%
Death Benefit Rider Charge		0.20	%		0.20	%		0.20	%
Total Annual Expenses		1.40	%		1.70	%		1.80	%

SA-56

SEPARATE ACCOUNT A

NOTES TO FINANCIAL STATEMENTS (Continued)

	Death Benefit Options
				With Return of Purchase
Pacific Choice Income	Standard Death Benefit			Payments Death Benefit Rider
M&E Charge		0.90	%		0.90	%
Administrative Fee		0.25	%		0.25	%
Death Benefit Rider Charge		None			0.15	%
Total Annual Expenses		1.15	%		1.30	%

Pacific Destinations and				With Stepped-Up			With Stepped-Up
Pacific Destination - O Series Contracts	Standard Death Benefit			Death Benefit Rider			Death Benefit II Rider
M&E Charge		0.60	%		0.60	%		0.60	%
Administrative Fee		0.15	%		0.15	%		0.15	%
Death Benefit Rider Charge		None			0.20	%		0.20	%
Total Annual Expenses		0.75	%		0.95	%		0.95	%

				With Stepped-Up
Pacific Destinations B Contracts	Standard Death Benefit			Death Benefit Rider
M&E Charge		1.15	%		1.15	%
Administrative Fee		0.15	%		0.15	%
Death Benefit Rider Charge		None			0.20	%
Total Annual Expenses		1.30	%		1.50	%

	Without Stepped-Up Death									With Stepped-Up Death
	Benefit Rider and Four Year			With Stepped-Up Death			With Four Year Withdrawal			Benefit Rider and Four Year
Pacific Journey Select Contracts	Withdrawal Charge Option			Benefit Rider Only			Charge Option Only			Withdrawal Charge Option
M&E Charge		0.95	%		0.95	%		0.95	%		0.95	%
Administrative Fee		0.15	%		0.15	%		0.15	%		0.15	%
Death Benefit Rider Charge		None			0.20	%		None			0.20	%
Four Year Withdrawal Charge		None			None			0.35	%		0.35	%
Total Annual Expenses		1.10	%		1.30	%		1.45	%		1.65	%

	Without Stepped-Up Death									With Stepped-Up Death
	Benefit Rider II and Four Year			With Stepped-Up Death			With Four Year Withdrawal			Benefit Rider II and Four Year
Pacific Navigator Contracts	Withdrawal Charge Option			Benefit Rider II Only			Charge Option Only			Withdrawal Charge Option
M&E Charge		1.05	%		1.05	%		1.05	%		1.05	%
Administrative Fee		0.25	%		0.25	%		0.25	%		0.25	%
Death Benefit Rider II Charge		None			0.20	%		None			0.20	%
Four Year Withdrawal Charge		None			None			0.45	%		0.45	%
Total Annual Expenses		1.30	%		1.50	%		1.75	%		1.95	%

Pacific Odyssey Contracts				With Stepped-Up
(issued on or after 12/1/2016)	Standard Death Benefit			Death Benefit Rider
M&E Charge		0.15	%		0.15	%
Administrative Fee		0.15	%		0.15	%
Death Benefit Rider Charge		None			0.20	%
Total Annual Expenses		0.30	%		0.50	%

Pacific Odyssey Contracts				With Stepped-Up
(issued prior to 12/1/2016)	Standard Death Benefit			Death Benefit Rider
M&E Charge		0.15	%		0.15	%
Administrative Fee		0.25	%		0.25	%
Death Benefit Rider Charge		None			0.20	%
Total Annual Expenses		0.40	%		0.60	%

				With Stepped-Up
Pacific One Select Contracts	Standard Death Benefit			Death Benefit Rider
M&E Charge		1.50	%		1.50	%
Administrative Fee		0.25	%		0.25	%
Death Benefit Rider Charge		None			0.20	%
Total Annual Expenses		1.75	%		1.95	%

SA-57

SEPARATE ACCOUNT A

NOTES TO FINANCIAL STATEMENTS (Continued)

	Death Benefit Options
				With Stepped-Up
Pacific Portfolios Contracts	Standard Death Benefit			Death Benefit Rider
M&E Charge		1.25	%		1.25	%
Administrative Fee		0.15	%		0.15	%
Death Benefit Rider Charge		None			0.20	%
Total Annual Expenses		1.40	%		1.60	%

				With Return of Purchase			With Stepped-Up
Pacific Quest	Standard Death Benefit			Payments Death Benefit Rider			Death Benefit Rider
M&E Charge		0.70	%		0.70	%		0.70	%
Administrative Fee		0.25	%		0.25	%		0.25	%
Death Benefit Rider Charge		None			0.10	%		0.40	%
Total Annual Expenses		0.95	%		1.05	%		1.35	%

Pacific Value and				With Stepped-Up
Pacific Innovations Select Contracts	Standard Death Benefit			Death Benefit Rider
M&E Charge		1.40	%		1.40	%
Administrative Fee		0.25	%		0.25	%
Death Benefit Rider Charge		None			0.20	%
Total Annual Expenses		1.65	%		1.85	%

				With Stepped-Up
Pacific Value Edge Contracts	Standard Death Benefit			Death Benefit Rider
M&E Charge		1.55	%		1.55	%
Administrative Fee		0.25	%		0.25	%
Death Benefit Rider Charge		None			0.20	%
Total Annual Expenses		1.80	%		2.00	%

				With Stepped-Up
Pacific Value Select Contracts	Standard Death Benefit			Death Benefit Rider
M&E Charge		1.45	%		1.45	%
Administrative Fee		0.15	%		0.15	%
Death Benefit Rider Charge		None			0.20	%
Total Annual Expenses		1.60	%		1.80	%

				With Stepped-Up
Pacific Voyages Contracts	Standard Death Benefit			Death Benefit Rider
M&E Charge		1.00	%		1.00	%
Administrative Fee		0.15	%		0.15	%
Death Benefit Rider Charge		None			0.20	%
Total Annual Expenses		1.15	%		1.35	%

Schwab Retirement Income				With Return of Purchase			With Stepped-Up
Variable Annuity Contracts	Standard Death Benefit			Payments Death Benefit Rider			Death Benefit Rider
M&E Charge		0.35	%		0.35	%		0.35	%
Administrative Fee		0.25	%		0.25	%		0.25	%
Death Benefit Rider Charge		None			0.20	%		0.40	%
Total Annual Expenses		0.60	%		0.80	%		1.00	%

SA-58

SEPARATE ACCOUNT A

NOTES TO FINANCIAL STATEMENTS (Continued)

Under the Contracts, PL&A makes certain deductions from the net assets of each Variable Account through a redemption of units for maintenance fees, any other optional riders, any state premium taxes, and any withdrawal and surrender charges, and are shown as a decrease in net assets from contract owner transactions in the accompanying Statements of Changes in Net Assets. For certain Contracts, a surrender charge is imposed if the Contract is partially or fully surrendered within the specified surrender charge period and charges will vary depending on the individual Contract. Most Contracts offer optional benefits that can be added to the Contract by rider. The charges for riders can range depending on the individual contract. These fees and charges are assessed directly to each Contract owner account through a redemption of units. Withdrawal and surrender charges are included in contract benefits and terminations; and maintenance fees, any other optional benefit riders and state premium taxes are included in contract charges and deductions in the accompanying Statements of Changes in Net Assets. The operating expenses of the Separate Account are paid by PL&A and are not reflected in the accompanying financial statements.

In addition to charges and expenses described above, the Variable Accounts also indirectly bear a portion of the operating expenses of the applicable Portfolios in which they invest.

PL&A is a wholly-owned subsidiary of Pacific Life Insurance Company ("Pacific Life"). The assets of certain Variable Accounts invest in Class D, Class I, or Class P shares of the corresponding Portfolios of Pacific Select Fund ("PSF"). Each Portfolio of PSF pays an advisory fee to Pacific Life Fund Advisors LLC (“PLFA”), a wholly-owned subsidiary of Pacific Life, pursuant to PSF's Investment Advisory Agreement and pays a class-specific non-12b-1 service fee for class I shares and a class-specific 12b-1 distribution and service fee for class D shares to Pacific Select Distributors, LLC ("PSD"), also a wholly-owned subsidiary of Pacific Life, for providing shareholder servicing activities under PSF's non-12b-1 Service Plan and 12b-1 Distribution and Service Plan. Each Portfolio of PSF also compensates Pacific Life and PLFA on an approximate cost basis pursuant to PSF Administration and Support Services Agreement for providing services to PSF that are outside the scope of the Investment Adviser’s responsibilities under the Investment Advisory Agreement. The advisory fee and distribution and/or service fee rates are disclosed in the notes to financial statements of PSF, which are provided separately. For the year ended December 31, 2022, PLFA received net advisory fees from the Portfolios of PSF at effective annual rates ranging from 0.05% to 0.90%, and PSD received a non-12b-1 service fee of 0.20% on Class I shares only and a 12b-1 service fee of 0.20% and a distribution fee of 0.05% on Class D shares only, all of which are based on the average daily net assets of each Portfolio.

5. RELATED PARTY AGREEMENT

PSD serves as principal underwriter of the Contracts funded by interests in the Separate Account, without remuneration from the Separate Account.

6. FAIR VALUE MEASUREMENTS

The Variable Accounts characterize their holdings in the Portfolios as Level 1, Level 2, or Level 3 based upon the various inputs or methodologies used to value the holdings. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

Level 1 – Quoted prices (unadjusted) in active markets for identical holdings

Level 2 – Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data

Level 3 – Significant unobservable inputs that are not corroborated by observable market data

The inputs or methodologies used for valuing the Variable Accounts' holdings are not necessarily an indication of risks associated with investing in those holdings. As of December 31, 2022, the Variable Accounts' holdings as presented in the Investments section were all categorized as Level 1 under the three-tier hierarchy of inputs.

7. CHANGES IN UNITS OUTSTANDING

The changes in units outstanding for the year or period ended December 31, 2022 and 2021 were as follows:

	2022								2021
	Units		Units			Net Increase			Units		Units			Net Increase
Variable Accounts	Issued		Redeemed			(Decrease)			Issued		Redeemed			(Decrease)
Core Income Class I		36,910		(19,092	)		17,818			23,333		(18,091	)		5,242
Diversified Bond Class I		140,042		(247,196	)		(107,154	)		346,871		(251,515	)		95,356
Floating Rate Income Class I		247,576		(201,754	)		45,822			150,473		(156,213	)		(5,740	)
High Yield Bond Class I		114,607		(136,840	)		(22,233	)		73,039		(55,847	)		17,192
Inflation Managed Class I		288,404		(167,793	)		120,611			232,931		(134,049	)		98,882
Intermediate Bond Class I		35,268		(4,673	)		30,595
Managed Bond Class I		69,178		(269,352	)		(200,174	)		185,863		(251,755	)		(65,892	)
Short Duration Bond Class I		185,946		(249,633	)		(63,687	)		386,976		(297,646	)		89,330
Emerging Markets Debt Class I		9,681		(41,580	)		(31,899	)		29,300		(20,389	)		8,911
Dividend Growth Class I		241,616		(108,364	)		133,252			183,576		(133,704	)		49,872
Equity Index Class I		686,325		(542,529	)		143,796			865,539		(565,571	)		299,968

SA-59

SEPARATE ACCOUNT A

NOTES TO FINANCIAL STATEMENTS (Continued)

	2022								2021
	Units		Units			Net Increase			Units		Units			Net Increase
Variable Accounts	Issued		Redeemed			(Decrease)			Issued		Redeemed			(Decrease)
Focused Growth Class I		48,792		(74,473	)		(25,681	)		50,688		(60,072	)		(9,384	)
Growth Class I		61,390		(52,305	)		9,085			67,895		(57,509	)		10,386
Hedged Equity Class I		1,595,899		(114,363	)		1,481,536			559,017		(2,787	)		556,230
Large-Cap Core Class I		47,340		(57,043	)		(9,703	)		19,945		(46,308	)		(26,363	)
Large-Cap Growth Class I		78,118		(96,364	)		(18,246	)		64,906		(151,508	)		(86,602	)
Large-Cap Value Class I		108,348		(89,564	)		18,784			90,187		(74,130	)		16,057
Mid-Cap Equity Class I		55,515		(34,006	)		21,509			71,857		(50,162	)		21,695
Mid-Cap Growth Class I		59,725		(68,758	)		(9,033	)		77,440		(77,109	)		331
Mid-Cap Value Class I		28,818		(68,463	)		(39,645	)		114,780		(58,212	)		56,568
Small-Cap Equity Class I		58,883		(20,946	)		37,937			22,552		(31,826	)		(9,274	)
Small-Cap Growth Class I		48,131		(53,594	)		(5,463	)		36,751		(47,350	)		(10,599	)
Small-Cap Index Class I		107,318		(79,605	)		27,713			178,452		(100,057	)		78,395
Small-Cap Value Class I		62,907		(57,951	)		4,956			106,393		(113,646	)		(7,253	)
Value Class I		71,259		(37,184	)		34,075			15,100		(33,515	)		(18,415	)
Value Advantage Class I		59,551		(43,349	)		16,202			128,204		(35,683	)		92,521
Emerging Markets Class I		106,181		(90,983	)		15,198			91,170		(87,636	)		3,534
International Growth Class I		7,592		(60	)		7,532			1,001		-			1,001
International Large-Cap Class I		30,642		(51,410	)		(20,768	)		59,361		(45,408	)		13,953
International Small-Cap Class I		10,325		(11,333	)		(1,008	)		12,870		(14,104	)		(1,234	)
International Value Class I		88,252		(154,468	)		(66,216	)		90,111		(105,945	)		(15,834	)
Health Sciences Class I		96,557		(130,367	)		(33,810	)		153,456		(120,720	)		32,736
Real Estate Class I		41,085		(54,026	)		(12,941	)		61,698		(82,311	)		(20,613	)
Technology Class I		143,798		(120,760	)		23,038			127,001		(146,751	)		(19,750	)
ESG Diversified Class I		88,842		(2,806	)		86,036			130,292		(482	)		129,810
ESG Diversified Growth Class I		14,448		(2	)		14,446			775		-			775
PSF Avantis Balanced Allocation Class D		255,430		(125,502	)		129,928			231,443		(54,648	)		176,795
PSF Avantis Balanced Allocation Class P		13,439		(10	)		13,429
Pacific Dynamix - Conservative Growth Class I		280,753		(431,471	)		(150,718	)		338,515		(493,647	)		(155,132	)
Pacific Dynamix - Moderate Growth Class I		1,214,995		(1,250,924	)		(35,929	)		1,124,369		(1,000,491	)		123,878
Pacific Dynamix - Growth Class I		2,833,827		(290,939	)		2,542,888			2,218,321		(294,844	)		1,923,477
Pacific Dynamix - Growth Class P		3,012		(23	)		2,989
Portfolio Optimization Conservative Class I		1,016,226		(1,133,826	)		(117,600	)		1,131,286		(1,263,412	)		(132,126	)
Portfolio Optimization Moderate-Conservative Class I		346,152		(1,020,891	)		(674,739	)		283,400		(1,216,841	)		(933,441	)
Portfolio Optimization Moderate Class I		485,898		(2,828,269	)		(2,342,371	)		1,217,704		(3,517,573	)		(2,299,869	)
Portfolio Optimization Growth Class I		421,636		(1,809,838	)		(1,388,202	)		588,756		(2,370,441	)		(1,781,685	)
Portfolio Optimization Aggressive-Growth Class I		104,833		(355,453	)		(250,620	)		76,770		(505,183	)		(428,413	)
Invesco Oppenheimer V.I. International Growth Series II		9,154		(25,168	)		(16,014	)		40,708		(14,476	)		26,232
Invesco V.I. Balanced-Risk Allocation Series II		321,142		(193,280	)		127,862			149,435		(164,649	)		(15,214	)
Invesco V.I. Equity and Income Series II		51,559		(47,889	)		3,670			39,955		(16,594	)		23,361
Invesco V.I. Global Real Estate Series II		16,868		(90,768	)		(73,900	)		66,525		(19,284	)		47,241
Invesco V.I. Global Series II		17,907		(18,247	)		(340	)		17,693		(11,982	)		5,711
Invesco V.I. Technology Series I		1,933		(15	)		1,918
American Century VP Mid Cap Value Class II		77,185		(55,435	)		21,750			33,081		(33,021	)		60
American Funds IS American High-Income Trust Class 4		47,233		(124,130	)		(76,897	)		158,803		(50,294	)		108,509
American Funds IS Asset Allocation Class 1		12,913		(9	)		12,904
American Funds IS Asset Allocation Class 4		1,381,587		(2,128,395	)		(746,808	)		1,316,607		(1,693,490	)		(376,883	)
American Funds IS Capital Income Builder Class 4		155,634		(69,446	)		86,188			74,645		(38,110	)		36,535
American Funds IS Capital World Bond Class 4		12,020		(24,716	)		(12,696	)		34,095		(14,149	)		19,946
American Funds IS Capital World Growth and Income Class 4		38,485		(22,327	)		16,158			40,171		(16,571	)		23,600
American Funds IS Global Balanced Class 4		40,792		(22,821	)		17,971			53,656		(100,926	)		(47,270	)
American Funds IS Global Growth Class 4		38,464		(35,495	)		2,969			35,324		(57,250	)		(21,926	)
American Funds IS Global Small Capitalization Class 4		21,989		(36,537	)		(14,548	)		50,239		(8,147	)		42,092
American Funds IS Growth Class 1		7,907		-			7,907
American Funds IS Growth Class 4		317,518		(226,779	)		90,739			384,516		(316,423	)		68,093
American Funds IS Growth-Income Class 1		1,900		(5	)		1,895
American Funds IS Growth-Income Class 4		156,078		(127,664	)		28,414			120,456		(168,952	)		(48,496	)
American Funds IS International Class 4		35,567		(24,330	)		11,237			53,036		(41,114	)		11,922

SA-60

SEPARATE ACCOUNT A

NOTES TO FINANCIAL STATEMENTS (Continued)

	2022								2021
	Units		Units			Net Increase			Units		Units			Net Increase
Variable Accounts	Issued		Redeemed			(Decrease)			Issued		Redeemed			(Decrease)
American Funds IS International Growth and Income Class 4		9,681		(10,553	)		(872	)		14,115		(21,070	)		(6,955	)
American Funds IS Managed Risk Asset Allocation Class P2		98,288		(166,975	)		(68,687	)		194,831		(170,482	)		24,349
American Funds IS New World Fund Class 4		47,301		(48,071	)		(770	)		82,515		(41,245	)		41,270
American Funds IS The Bond Fund of America Class 1		9,142		(4	)		9,138
American Funds IS The Bond Fund of America Class 4		178,094		(83,210	)		94,884			144,644		(160,687	)		(16,043	)
American Funds IS U.S. Government Securities Class 4		77,672		(159,230	)		(81,558	)		46,975		(231,201	)		(184,226	)
American Funds IS Washington Mutual Investors Class 4		232,837		(132,437	)		100,400			190,150		(65,904	)		124,246
BlackRock 60/40 Target Allocation ETF V.I. Class I		418,422		(44,345	)		374,077			317,647		(69,876	)		247,771
BlackRock Capital Appreciation V.I. Class III		5,940		(1,058	)		4,882			1,916		(3,894	)		(1,978	)
BlackRock Global Allocation V.I. Class III		420,507		(985,186	)		(564,679	)		700,153		(1,194,824	)		(494,671	)
BlackRock S&P 500 Index V.I. Class I		5,703		(29	)		5,674
BlackRock Small Cap Index V.I. Class I		3,661		(18	)		3,643
Delaware Ivy VIP Asset Strategy Class II		64,925		(14,111	)		50,814			39,657		(1,798	)		37,859
Delaware Ivy VIP Energy Class II		396,260		(283,340	)		112,920			220,830		(124,822	)		96,008
DFA VA US Large Value Institutional Class		5,743		-			5,743
Fidelity VIP Contrafund Service Class 2		230,350		(151,441	)		78,909			295,086		(225,773	)		69,313
Fidelity VIP FundsManager 60% Service Class 2		542,625		(259,881	)		282,744			454,737		(233,495	)		221,242
Fidelity VIP Government Money Market Service Class		3,144,120		(2,335,036	)		809,084			1,482,607		(2,972,034	)		(1,489,427	)
Fidelity VIP Strategic Income Service Class 2		94,234		(185,011	)		(90,777	)		198,692		(80,924	)		117,768
First Trust Dorsey Wright Tactical Core Class I		9,306		(45,294	)		(35,988	)		41,480		(7,199	)		34,281
First Trust Multi Income Allocation Class I		60,261		(13,687	)		46,574			23,291		(11,700	)		11,591
First Trust/Dow Jones Dividend & Income Allocation Class I		417,762		(347,929	)		69,833			461,101		(361,121	)		99,980
Franklin Allocation VIP Class 2		1,161		(531	)		630			499		(117	)		382
Franklin Allocation VIP Class 4		97,862		(89,054	)		8,808			109,665		(93,837	)		15,828
Franklin Income VIP Class 2		201,448		(135,969	)		65,479			92,574		(106,812	)		(14,238	)
Franklin Mutual Global Discovery VIP Class 2		62,316		(86,150	)		(23,834	)		13,774		(84,552	)		(70,778	)
Franklin Rising Dividends VIP Class 1		1,305		(35	)		1,270
Franklin Rising Dividends VIP Class 2		67,291		(75,958	)		(8,667	)		77,058		(138,084	)		(61,026	)
Templeton Global Bond VIP Class 2		35,918		(157,684	)		(121,766	)		108,533		(158,457	)		(49,924	)
Janus Henderson Balanced Service Shares		5,287,238		(2,334,046	)		2,953,192			5,117,190		(1,999,232	)		3,117,958
Janus Henderson Flexible Bond Service Shares		22,792		(62,235	)		(39,443	)		141,707		(80,691	)		61,016
JPMorgan Insurance Trust Global Allocation Class 2		4,171		(9,079	)		(4,908	)		13,856		(10,197	)		3,659
JPMorgan Insurance Trust Income Builder Class 2		590		(5,984	)		(5,394	)		9,340		(16,695	)		(7,355	)
ClearBridge Variable Aggressive Growth - Class II		15,372		(35,756	)		(20,384	)		46,185		(6,831	)		39,354
Lord Abbett Bond Debenture Class VC		58,624		(147,955	)		(89,331	)		158,462		(81,212	)		77,250
Lord Abbett Total Return Class VC		60,154		(107,298	)		(47,144	)		162,099		(132,200	)		29,899
MFS Massachusetts Investors Growth Stock - Service Class		2,177		(3,732	)		(1,555	)		594		(4,660	)		(4,066	)
MFS Total Return Series - Service Class		482,559		(268,745	)		213,814			376,413		(296,779	)		79,634
MFS Utilities Series - Service Class		76,988		(64,004	)		12,984			37,927		(42,719	)		(4,792	)
MFS Value Series - Service Class		719		(4,847	)		(4,128	)		1,269		(8,597	)		(7,328	)
Neuberger Berman U.S. Equity Index PutWrite Strategy Class S		4,525		(1,396	)		3,129			2,001		(8,770	)		(6,769	)
PIMCO All Asset - Advisor Class		2,484		(544	)		1,940			9,878		(3,412	)		6,466
PIMCO CommodityRealReturn Strategy - Advisor Class		229,080		(154,694	)		74,386			61,466		(12,615	)		48,851
PIMCO Income - Advisor Class		118,701		(61,816	)		56,885			101,535		(12,228	)		89,307
PIMCO Total Return - Institutional Class		7,740		-			7,740
Schwab VIT Balanced		121,758		(136,880	)		(15,122	)		32,477		(50,129	)		(17,652	)
Schwab VIT Balanced with Growth		39,259		(41,109	)		(1,850	)		3,674		(56,400	)		(52,726	)
Schwab VIT Growth		48,918		(61,571	)		(12,653	)		24,316		(53,179	)		(28,863	)
State Street Total Return V.I.S. Class 3		78,896		(106,891	)		(27,995	)		39,905		(102,059	)		(62,154	)
T. Rowe Price Health Sciences - I		1,541		(12	)		1,529
VanEck VIP Global Resources Class S		88,637		(77,599	)		11,038			94,329		(36,446	)		57,883
Vanguard VIF Balanced		223,764		(78,173	)		145,591
Vanguard VIF Conservative Allocation		100,043		(204	)		99,839
Vanguard VIF Real Estate Index		1,252		(9	)		1,243
Vanguard VIF Total International Stock Market Index		3,695		(18	)		3,677

SA-61

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of

Pacific Life & Annuity Company:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Separate Account A of Pacific Life & Annuity Company (the "Separate Account") comprising the variable accounts listed in Appendix A, including the schedules of investments as of December 31, 2022, the related statements of operations, statements of changes in net assets, and financial highlights for the periods indicated in Appendix A, and the related notes. In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Variable Accounts constituting the Separate Account A of Pacific Life & Annuity Company as of December 31, 2022, the results of their operations, changes in their net assets, and financial highlights for each of the periods indicated in Appendix A, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31, 2022, by correspondence with the transfer agents. We believe that our audits provide a reasonable basis for our opinion.

 

Costa Mesa, California

February 28, 2023

We have served as the auditor of Separate Account A of Pacific Life & Annuity Company since 2002.

SA-62

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)

APPENDIX A

Variable Account Comprising the Separate Account	Statement of Operations	Statement of Changes in Net Assets	Financial Highlights
Core Income Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Diversified Bond Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Floating Rate Income Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
High Yield Bond Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Inflation Managed Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Intermediate Bond Class I	For the period April 18, 2022 (commencement of operations) through December 31, 2022
Managed Bond Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Short Duration Bond Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Emerging Markets Debt Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Dividend Growth Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Equity Index Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Focused Growth Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Growth Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Hedged Equity Class I	For the year ended December 31, 2022	For the year ended December 31, 2022 and the period from May 26, 2021 (commencement of operations) through December 31, 2021
Large-Cap Core Class I (formerly Main Street Core Class I)	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Large-Cap Growth Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Large-Cap Value Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Mid-Cap Equity Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Mid-Cap Growth Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Mid-Cap Value Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Small-Cap Equity Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Small-Cap Growth Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Small-Cap Index Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Small-Cap Value Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Value Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Value Advantage Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Emerging Markets Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022

SA-63

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)

APPENDIX A (Continued)

Variable Account Comprising the Separate Account	Statement of Operations	Statement of Changes in Net Assets	Financial Highlights
International Growth Class I	For the year ended December 31, 2022	For the year ended December 31, 2022 and the period from December 14, 2021 (commencement of operations) through December 31, 2021
International Large-Cap Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
International Small-Cap Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
International Value Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Health Sciences Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Real Estate Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Technology Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
ESG Diversified Class I	For the year ended December 31, 2022	For the year ended December 31, 2022 and the period from June 14, 2021 (commencement of operations) through December 31, 2021
ESG Diversified Growth Class I	For the year ended December 31, 2022	For the year ended December 31, 2022 and the period from December 20, 2021 (commencement of operations) through December 31, 2021
PSF Avantis Balanced Allocation Class D (Formerly PSF DFA Balanced Allocation Class D)	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
PSF Avantis Balanced Allocation Class P	For the period December 6, 2022 (commencement of operations) through December 31, 2022
Pacific Dynamix - Conservative Growth Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Pacific Dynamix - Moderate Growth Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Pacific Dynamix - Growth Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Pacific Dynamix - Growth Class P	For the period July 1, 2022 (commencement of operations) through December 31, 2022
Portfolio Optimization Conservative Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Portfolio Optimization Moderate-Conservative Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Portfolio Optimization Moderate Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Portfolio Optimization Growth Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Portfolio Optimization Aggressive-Growth Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Invesco Oppenheimer V.I. International Growth Series II	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Invesco® V.I. Balanced-Risk Allocation Series II	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Invesco® V.I. Equity and Income Series II	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Invesco® V.I. Global Real Estate Series II	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Invesco® V.I. Global Series II	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Invesco® V.I. Technology Series I	For the period July 1, 2022 (commencement of operations) through December 31, 2022

SA-64

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)

APPENDIX A (Continued)

Variable Account Comprising the Separate Account	Statement of Operations	Statement of Changes in Net Assets	Financial Highlights
American Century VP Mid Cap Value Class II	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS American High-Income Trust Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS Asset Allocation Class 1	For the period December 6, 2022 (commencement of operations) through December 31, 2022
American Funds IS Asset Allocation Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS Capital Income Builder® Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS Capital World Bond Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS Capital World Growth and Income Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS Global Balanced Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS Global Growth Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS Global Small Capitalization Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS Growth Class 1	For the period December 6, 2022 (commencement of operations) through December 31, 2022
American Funds IS Growth Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS Growth-Income Class 1	For the period August 25, 2022 (commencement of operations) through December 31, 2022
American Funds IS Growth-Income Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS International Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS International Growth and Income Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS Managed Risk Asset Allocation Class P2	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS New World Fund® Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS The Bond Fund of America Class 1	For the period August 25, 2022 (commencement of operations) through December 31, 2022
American Funds IS The Bond Fund of America Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS U.S. Government Securities Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
American Funds IS Washington Mutual Investors Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
BlackRock® 60/40 Target Allocation ETF V.I. Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
BlackRock® Capital Appreciation V.I. Class III	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
BlackRock® Global Allocation V.I. Class III	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
BlackRock® S&P 500 Index V.I. Class I	For the period October 24, 2022 (commencement of operations) through December 31, 2022
BlackRock® Small Cap Index V.I. Class I	For the period October 24, 2022 (commencement of operations) through December 31, 2022

SA-65

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)

APPENDIX A (Continued)

Variable Account Comprising the Separate Account	Statement of Operations	Statement of Changes in Net Assets	Financial Highlights
Delaware Ivy VIP Asset Strategy Class II (Formerly Ivy VIP Asset Strategy Class II)	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Delaware Ivy VIP Energy Class II (Formerly Ivy VIP Energy Class II)	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
DFA VA US Large Value Institutional Class	For the period December 6, 2022 (commencement of operations) through December 31, 2022
Fidelity® VIP Contrafund® Service Class 2	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Fidelity® VIP FundsManager® 60% Service Class 2	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Fidelity® VIP Government Money Market Service Class	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Fidelity® VIP Strategic Income Service Class 2	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
First Trust Dorsey Wright Tactical Core Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
First Trust Multi Income Allocation Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
First Trust/Dow Jones Dividend & Income Allocation Class I	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Franklin Allocation VIP Class 2	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Franklin Allocation VIP Class 4	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Franklin Income VIP Class 2	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Franklin Mutual Global Discovery VIP Class 2	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Franklin Rising Dividends VIP Class 1	For the period August 25, 2022 (commencement of operations) through December 31, 2022
Franklin Rising Dividends VIP Class 2	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Templeton Global Bond VIP Class 2	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Janus Henderson Balanced Service Shares	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Janus Henderson Flexible Bond Service Shares	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
JPMorgan Insurance Trust Global Allocation Class 2	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
JPMorgan Insurance Trust Income Builder Class 2	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
ClearBridge Variable Aggressive Growth - Class II	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Lord Abbett Bond Debenture Class VC	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Lord Abbett Total Return Class VC	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
MFS® Massachusetts Investors Growth Stock - Service Class	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022

SA-66

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)

APPENDIX A (Continued)

Variable Account Comprising the Separate Account	Statement of Operations	Statement of Changes in Net Assets	Financial Highlights
MFS® Total Return Series - Service Class	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
MFS® Utilities Series - Service Class	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
MFS® Value Series - Service Class	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Neuberger Berman U.S. Equity Index PutWrite Strategy Class S	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
PIMCO All Asset - Advisor Class	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For the years ended December 31, 2022, 2021, and the period from June 1, 2020 (commencement of operations) through December 31, 2020
PIMCO CommodityRealReturn® Strategy - Advisor Class	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
PIMCO Income - Advisor Class	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For the years ended December 31, 2022, 2021, and the period from June 1, 2020 (commencement of operations) through December 31, 2020
PIMCO Total Return Institutional Class	For the period December 6, 2022 (commencement of operations) through December 31, 2022
Schwab VIT Balanced	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Schwab VIT Balanced with Growth	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Schwab VIT Growth	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
State Street Total Return V.I.S. Class 3	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
T. Rowe Price Health Sciences - I	For the period July 1, 2022 (commencement of operations) through December 31, 2022
VanEck VIP Global Resources Class S	For the year ended December 31, 2022	For each of the two years in the period ended December 31, 2022	For each of the five years in the period ended December 31, 2022
Vanguard® VIF Balanced	For the period May 31, 2022 (commencement of operations) through December 31, 2022
Vanguard® VIF Conservative Allocation	For the period October 13, 2022 (commencement of operations) through December 31, 2022
Vanguard® VIF Real Estate Index	For the period July 1, 2022 (commencement of operations) through December 31, 2022
Vanguard® VIF Total International Stock Market Index	For the period October 24, 2022 (commencement of operations) through December 31, 2022

SA-67

 

PACIFIC LIFE & ANNUITY COMPANY

Financial Statements - Statutory Basis 

as of December 31, 2022 and 2021 and 

for the years ended December 31, 2022, 2021 and 2020,

Supplemental Schedule of Selected Financial Data

as of and for the year ended December 31, 2022,

Supplemental Summary Investment Schedule,

Supplemental Schedule of Investment Risk Interrogatories,

and Supplemental Schedule of Reinsurance Disclosures

as of December 31, 2022

and Independent Auditor’s Report

Deloitte & Touche LLP  695 Town Center Drive Suite 1000 Costa Mesa, CA 92626
USA Tel:  714 436 7100  Fax:  714 436 7200 www.deloitte.com

INDEPENDENT AUDITOR’S REPORT

Pacific Life & Annuity Company:

Opinions

We have audited the statutory-basis financial statements of Pacific Life & Annuity Company (the “Company”), which comprise the statements of admitted assets, liabilities, and capital and surplus - statutory basis as of December 31, 2022 and 2021, and the related statements of operations - statutory basis, capital and surplus - statutory basis, and cash flows - statutory basis for each of the three years in the period ended December 31, 2022, and the related notes to the statutory-basis financial statements (collectively referred to as the “statutory-basis financial statements”).

Unmodified Opinion on Statutory-Basis of Accounting

In our opinion, the accompanying statutory-basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in accordance with the accounting practices prescribed or permitted by the Arizona Department of Insurance and Financial Institutions as described in Note 1.

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

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory-basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2022 and 2021, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2022.

Basis for Opinions

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Statutory-Basis Financial Statements section of our report. We are required to be independent of the Company, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. 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 Accounting Principles Generally Accepted in the United States of America

As described in Note 1 to the statutory-basis financial statements, the statutory-basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Arizona Department of Insurance and Financial Institutions, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Arizona Department of Insurance and Financial Institutions. The effects on the statutory-basis financial statements of the variances between the statutory-basis of accounting described in Note 2 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

Responsibilities of Management for the Statutory-Basis Financial Statements

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

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

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

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

In performing an audit in accordance with GAAS, we:

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

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

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

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

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

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

Report on Supplemental Schedules

Our 2022 audit was conducted for the purpose of forming an opinion on the 2022 statutory-basis financial statements as a whole. The supplemental schedule of selected financial data, the supplemental summary investment schedule, the supplemental schedule of investment risk interrogatories, and the supplemental schedule of reinsurance disclosures as of and for the year ended December 31, 2022 are presented for purposes of additional analysis and are not a required part of the 2022 statutory-basis financial statements. These schedules are the responsibility of the Company’s management and were derived from and relate directly to the underlying accounting and other records used to prepare the statutory-basis financial statements. Such schedules have been subjected to the auditing procedures applied in our audit of the 2022 statutory-basis financial statements and certain additional procedures, including comparing and reconciling such schedules directly to the underlying accounting and other records used to prepare the statutory-basis financial statements or to the statutory-basis financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such schedules are fairly stated in all material respects in relation to the 2022 statutory-basis financial statements as a whole.

/s/ Deloitte & Touche LLP

April 3, 2023

Pacific Life & Annuity Company

STATEMENTS OF ADMITTED ASSETS, 

LIABILITIES AND CAPITAL AND SURPLUS - STATUTORY BASIS

	December 31,
(In Thousands, except share data)	2022			2021
ADMITTED ASSETS
Bonds	$	5,033,766		$	4,533,525
Common stocks		5,592			3,647
Mortgage loans		403,315			377,880
Cash and cash equivalents		333,373			74,065
Contract loans		9,483			9,747
Derivatives		11,844			16,169
Other invested assets		92,200			33,606
Investment income due and accrued		59,059			51,393
Net deferred tax asset		16,948			15,664
Other assets		12,408			8,891
Separate account assets		2,909,502			3,490,561
TOTAL ADMITTED ASSETS	$	8,887,490		$	8,615,148
LIABILITIES AND CAPITAL AND SURPLUS
Liabilities:
Aggregate reserves	$	4,519,506		$	3,731,027
Liability for deposit-type contracts		936,383			860,645
Transfers to separate accounts due or accrued, net		(64,143	)		(55,187	)
Other liabilities		110,103			48,417
Asset valuation reserve		2,193			2,808
Separate account liabilities		2,909,502			3,490,561
TOTAL LIABILITIES		8,413,544			8,078,271
Capital and Surplus:
Common stock - $1 par value; 5 million shares authorized; 2.9 million shares issued and outstanding		2,900			2,900
Paid-in surplus		134,607			134,607
Unassigned surplus		336,439			399,370
TOTAL CAPITAL AND SURPLUS		473,946			536,877
TOTAL LIABILITIES AND CAPITAL AND SURPLUS	$	8,887,490		$	8,615,148

See Notes to Financial Statements - Statutory Basis

3

Pacific Life & Annuity Company

STATEMENTS OF OPERATIONS - STATUTORY BASIS

	Years Ended December 31,
(In Thousands)	2022			2021			2020
REVENUES
Premiums and annuity considerations	$	1,198,734		$	583,009		$	452,814
Net investment income		239,548			224,787			241,295
Separate account fees		62,723			65,872			57,913
Other income		10,091			5,979			8,564
TOTAL REVENUES		1,511,096			879,647			760,586
BENEFITS AND EXPENSES
Current and future policy benefits		1,470,649			755,840			621,018
Commission expense		45,600			36,397			33,684
Operating expenses		25,517			21,505			29,345
TOTAL BENEFITS AND EXPENSES		1,541,766			813,742			684,047
NET GAIN (LOSS) FROM OPERATIONS BEFORE FEDERAL INCOME TAXES		(30,670	)		65,905			76,539
Federal income tax expense		2,428			6,223			9,399
NET GAIN (LOSS) FROM OPERATIONS		(33,098	)		59,682			67,140
Net realized capital gains (losses) less tax		15,011			(27,552	)		(59,775	)
NET INCOME (LOSS)	$	(18,087	)	$	32,130		$	7,365

See Notes to Financial Statements - Statutory Basis

4

Pacific Life & Annuity Company

STATEMENTS OF CAPITAL AND SURPLUS - STATUTORY BASIS

	Common		Paid-in		Unassigned
(In Thousands)	Stock		Surplus		Surplus			Total
BALANCES, JANUARY 1, 2020	$	2,900	$	134,607	$	408,073		$	545,580
Net income						7,365			7,365
Change in net unrealized capital gains less tax						9,913			9,913
Change in net deferred income tax						3,223			3,223
Change in nonadmitted assets						1,360			1,360
Change in reserve on account of change in valuation basis						13,565			13,565
Change in asset valuation reserve						13,954			13,954
Dividend paid to parent						(40,000	)		(40,000	)
Other surplus transactions, net						(190	)		(190	)
BALANCES, DECEMBER 31, 2020		2,900		134,607		417,263			554,770
Net income						32,130			32,130
Change in net unrealized capital gains less tax						(11,356	)		(11,356	)
Change in net deferred income tax						3,523			3,523
Change in nonadmitted assets						(2,209	)		(2,209	)
Change in asset valuation reserve						1,870			1,870
Dividend paid to parent						(41,700	)		(41,700	)
Other surplus transactions, net						(151	)		(151	)
BALANCES, DECEMBER 31, 2021		2,900		134,607		399,370			536,877
Net loss						(18,087	)		(18,087	)
Change in net unrealized capital losses less tax						(46,536	)		(46,536	)
Change in net deferred income tax						17,721			17,721
Change in nonadmitted assets						(16,479	)		(16,479	)
Change in asset valuation reserve						615			615
Other surplus transactions, net						(165	)		(165	)
BALANCES, DECEMBER 31, 2022	$	2,900	$	134,607	$	336,439		$	473,946

See Notes to Financial Statements - Statutory Basis

5

Pacific Life & Annuity Company

STATEMENTS OF CASH FLOWS - STATUTORY BASIS

	Years Ended December 31,
(In Thousands)	2022			2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES
Premiums collected, net of reinsurance	$	1,198,670		$	583,076		$	452,806
Net investment income		232,325			224,183			237,736
Other income		72,833			71,832			66,481
Benefits and loss related payments		(607,114	)		(648,079	)		(504,585	)
Net transfers (to) from separate accounts		(39,936	)		49,459			38,199
Commissions, expenses paid and other deductions		(70,121	)		(58,044	)		(53,155	)
Federal income taxes paid		(7,515	)		(8,696	)		(7,389	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		779,142			213,731			230,093
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from investments sold, matured or repaid
Bonds		150,739			297,035			268,294
Stocks					4,087
Mortgage loans		23,218			37,958			22,365
Other invested assets					958			988
Miscellaneous proceeds		30,220			4,883			19,017
Cost of investments acquired
Bonds		(651,229	)		(490,787	)		(381,424	)
Stocks		(1,944	)		(1,276	)
Mortgage loans		(48,629	)		(29,963	)
Other invested assets								(151	)
Miscellaneous applications		(67,351	)		(39,561	)		(81,483	)
Net (increase) decrease in contract loans		263			(1,597	)		134
NET CASH USED IN INVESTING ACTIVITIES		(564,713	)		(218,263	)		(152,260	)
CASH FLOWS FROM FINANCING AND MISCELLANEOUS ACTIVITIES
Net deposits (withdrawals) on deposit-type contracts		33,002			(35,135	)		11,931
Dividend paid to parent					(21,694	)		(40,000	)
Other cash provided (applied)		11,877			858			(1,968	)
NET CASH PROVIDED BY (USED IN) FINANCING AND MISCELLANEOUS ACTIVITIES		44,879			(55,971	)		(30,037	)
Net change in cash and cash equivalents		259,308			(60,503	)		47,796
Cash and cash equivalents, beginning of year		74,065			134,568			86,772
CASH AND CASH EQUIVALENTS, END OF YEAR	$	333,373		$	74,065		$	134,568
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION FOR NON-CASH TRANSACTIONS
Bonds disposed and acquired	$	61,082		$	36,708		$	80,985
Bond dividend paid to parent					20,006

See Notes to Financial Statements - Statutory Basis

6

Pacific Life & Annuity Company

NOTES TO FINANCIAL STATEMENTS - STATUTORY BASIS

1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NATURE OF OPERATIONS

Pacific Life & Annuity Company (PL&A or the Company) is a stock life insurance company domiciled in the State of Arizona and a wholly owned subsidiary of Pacific Life Insurance Company (Pacific Life). The Company markets and distributes life insurance and annuities. The Company is licensed to sell certain of its products in the state of New York.

The top geographic locations in the United States for statutory premiums and annuity considerations, and deposits were New York and Missouri representing 78% and 17%, respectively, of total statutory premiums and annuity considerations, and deposits for the year ended December 31, 2022. No other jurisdiction accounted for more than 5% of the total.

BASIS OF PRESENTATION

The Company prepares its financial statements - statutory basis in accordance with accounting practices prescribed or permitted by the Arizona Department of Insurance and Financial Institutions (AZ DIFI), which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America (U.S. GAAP). The AZ DIFI has adopted the National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual (NAIC SAP), subject to any deviations prescribed or permitted by the AZ DIFI, of which there were none.

NAIC SAP differs in certain respects, which in some cases are material, from U.S. GAAP (Note 2).

The transactions with related parties may not necessarily be indicative of the conditions that would have existed or the results of operations if the Company had been operated as a stand-alone entity.

The Company has evaluated events subsequent to December 31, 2022 through the date the financial statements - statutory basis were available to be issued and has concluded that no events have occurred that required adjustments.

Economic and capital market uncertainties have arisen as a result of the spread of COVID-19. The impact of COVID-19 on the Company is constantly evolving and its future effects are uncertain and cannot be reasonably estimated as of the date of this filing. Interest rates and equity market levels have had the most significant effect on the Company’s financial statements. COVID-19 related claims have not been material for the years ended December 31, 2022 and 2021. The Company continues to actively monitor direct and indirect impacts of the pandemic on its financial statements, especially in relation to claims and the investments portfolio.

USE OF ESTIMATES

The preparation of financial statements - statutory basis in conformity with accounting practices prescribed or permitted by regulatory authorities requires management to make estimates and assumptions that affect the reported amounts of admitted assets and liabilities. It also requires disclosure of contingent assets and liabilities at the date of the financial statements - statutory basis and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

7

RECONCILIATION FROM ANNUAL REPORT TO THE AUDITED FINANCIAL STATEMENTS - STATUTORY BASIS

Subsequent to the filing of the Company’s 2022 Annual Statement, the Company determined the activity for miscellaneous proceeds and miscellaneous applications on the statement of cash flows were not properly presented as of December 31, 2022, which resulted in the reconciliations included in the table below. There was no impact to surplus or net income (loss).

	Annual Report			Change			Audited Financial  Statements
					(In Thousands)
Statement of Cash Flows - Statutory Basis
For the year ended December 31, 2022:
Cash flows from investing activities:
Miscellaneous proceeds	$	63,352		$	(33,132	)	$	30,220
Miscellaneous applications		(100,483	)		33,132			(67,351	)
Net cash used in investing activities		(564,713	)		—			(564,713	)

ACCOUNTING CHANGES, CORRECTIONS OF ERRORS AND RECLASSIFICATIONS

The Inflation Reduction Act was enacted on August 16, 2022 and imposes a 15% Corporate Alternative Minimum Tax (CAMT) on corporations with three-year average adjusted financial statement income over $1.0 billion that is effective January 1, 2023. The CAMT is payable to the extent the CAMT liability exceeds the regular corporate income tax liability; however, any CAMT paid would be available as a credit with indefinite carryover that could reduce future regular tax in excess of CAMT.

During the fourth quarter of 2022, the NAIC revised Interpretation 22-02, Third Quarter 2022 through First Quarter 2023 Reporting of the Inflation Reduction Act – Corporate Alternative Minimum Tax (INT 22-02), that for a limited time provides a partial exception to SSAP No. 101, Income Taxes, and SSAP No. 9, Subsequent Events. Under INT 22-02, changes in estimates related to Corporate Alternative Minimum Tax (CAMT) that arise from the Inflation Reduction Act need not be recognized in the year ended December 31, 2022 financial statements - statutory basis nor recognized as Type 1 subsequent events; rather, the Company needs to determine if it will be liable for CAMT in 2023. On December 13, 2022, NAIC extended the exceptions of INT 22-02 to apply for the December 31, 2022 and March 31, 2023 financial statements - statutory basis with automatic nullification on June 15, 2023. The Company has determined that the consolidated group of corporations of which the Company is a member expects to be subject to the CAMT; however, the Company has not determined if it expects to be liable for the CAMT. Accordingly, the year ended December 31, 2022 financial statements - statutory basis do not include an estimated impact of the CAMT because a reasonable estimate cannot be made.

Effective January 1, 2021, the Company adopted revisions to Statement of Statutory Accounting Principles (SSAP) No. 86, Derivatives, to ensure reporting consistency for derivatives with financing components. A financing derivative is one which the premium to acquire the derivative is paid throughout the derivative term, or at maturity. The revisions require that at acquisition and subsequently, the gross reported fair value of the derivative shall exclude the impact of the financing premiums and the premiums payable shall be separately reported as payable for securities. The impact of the adoption on January 1, 2021 was an increase to Derivatives of $0.7 million, an increase to Investment Income Due and Accrued of $0.8 million and an increase to Payable for Securities included in Other liabilities of $1.5 million.

Effective January 1, 2021, the Company adopted SSAP No. 26R, Bonds, and SSAP No. 32R, Preferred Stock, which clarified the valuation and measurement for perpetual bonds and stocks held as investments. Perpetual bonds that do not possess or no longer possess an effective call option shall be reported at fair value regardless of NAIC designation, otherwise reported at amortized cost. Perpetual preferred stocks shall now be reported at fair value, not to exceed any current effective call price. For perpetual bonds and preferred stocks recorded at fair value, changes in fair value are recorded in unassigned surplus as a change in net unrealized capital gains (losses) less tax. The impact of this adoption on the Company’s financial statements - statutory basis was immaterial.

Variable annuity contracts are subject to Actuarial Guideline 43 (AG43) and the Valuation Manual section VM-21 (VM-21). As a result of updates to AG43 and VM-21, effective January 1, 2020, for all variable annuity contracts, $13.6 million of reserves were released with an offsetting adjustment in surplus, change in reserve on account of change in valuation basis, on the statements of capital and surplus - statutory basis.

8

FUTURE ADOPTION OF ACCOUNTING PRINCIPLES

During 2020, the NAIC issued Interpretation 20-01 to provide statutory accounting and reporting guidance for the adoption of Accounting Standards Update 2020-04 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting issued by the Financial Accounting Standards Board. This Interpretation adopts, with minor modification, the U.S. GAAP adopted guidance, which provides optional expedients and exceptions for applying current accounting guidance to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met, through December 31, 2024.

INVESTMENTS AND DERIVATIVE INSTRUMENTS

Bonds not backed by other loans are generally stated at amortized cost using the effective interest method. Bonds, including loan-backed and structured securities (LBASS), with a NAIC designation of 6 are stated at the lower of amortized cost or fair value with changes in fair value recorded in unassigned surplus as a change in net unrealized capital gains (losses) less tax. Perpetual bonds that do not possess or no longer possess an effective call option shall be reported at fair value regardless of NAIC designation, otherwise reported at amortized cost.

LBASS are generally stated at amortized cost using the effective interest method. Income is determined considering anticipated cash flows based on industry prepayment models and internal estimates. These assumptions are consistent with the current interest rate and economic conditions at the time of valuation. For LBASS purchased with high credit quality and fixed interest rates, the effective yield is recalculated on a retrospective basis. For all other LBASS, including those where cash flows are deemed other than temporarily impaired, effective yield is recalculated on a prospective basis.

Preferred stocks are generally stated at amortized cost. Preferred stocks designated as low quality, lower quality and in or near default are stated at the lower of amortized cost or fair value with changes in fair value recorded in unassigned surplus as a change in net unrealized capital gains (losses) less tax. Perpetual preferred stocks are reported at fair value, not to exceed any current effective call price, with changes in fair value recorded in unassigned surplus as a change in net unrealized capital gains (losses) less tax.

Investments in unaffiliated common stocks are valued at fair value with changes in fair value recorded in unassigned surplus as a change in net unrealized capital gains (losses) less tax.

The Company has certain investments, including financial instruments, denominated in currencies other than the U.S. dollar. All assets and liabilities denominated in foreign currencies are remeasured at year end exchange rates, while revenue and expenses are measured at the transaction date and recorded in net unrealized capital gains (losses) less tax. The Company primarily uses foreign currency interest rate swaps to manage its foreign exchange risk.

Other than temporary impairment (OTTI) evaluation is a quantitative and qualitative process subject to significant estimates and management judgment. The Company has controls and procedures in place to monitor securities and identify those that are subject to greater analysis for OTTI. The Company has an investment impairment committee that reviews and evaluates investments for potential OTTI at least on a quarterly basis.

In determining whether a decline in value is other than temporary, the Company considers several factors including, but not limited to the following: the extent and duration of the decline in value, the reasons for the decline (credit event, currency or interest rate related including spread widening), the Company’s inability or lack of intent to retain the investment for a period of time sufficient to recover the amortized cost basis and the performance of the security’s underlying collateral and projected future cash flows. In projecting future cash flows, the Company incorporates inputs from third-party sources and applies reasonable judgment in developing assumptions used to estimate the probability and timing of collecting all contractual cash flows.

The Company writes down all investments that are deemed to be other than temporarily impaired in the period the securities are deemed to be impaired. The Company records an OTTI to fair value for common stock, preferred stock, and bonds, except for LBASS, which are written down to the present value of cash flows expected to be collected, discounted at the security’s effective interest rate. The Company records an OTTI to fair value for any investment that the Company intends to sell or would be required to sell prior to recovery at a realized loss. The Company records OTTI in net realized capital gains (losses) less tax.

9

Mortgage loans on real estate are carried at their unpaid principal balance, net of deferred origination fees and impairment losses. Mortgage loans on real estate do not include accrued interest, which is included in investment income due and accrued. The Company generally recognizes interest income on its impaired loans upon receipt. As of December 31, 2022, 2021 and 2020, no loans were considered impaired or in nonaccrual status. The Company did not recognize any interest income on mortgage loans using the cash-basis of accounting during the years ended December 31, 2022, 2021 or 2020. No mortgage loans were derecognized as a result of foreclosure during the years ended December 31, 2022, 2021 and 2020.

Cash and cash equivalents are stated at amortized cost and approximate fair value. Cash and cash equivalents include money market instruments, cash on deposit and highly liquid debt instruments with maturities of three months or less from purchase date.

Contract loans are carried at unpaid principal balances.

Other invested assets are generally carried at values based on the underlying audited equity of the investee as determined in accordance with U.S. GAAP with changes in value recorded in unassigned surplus as a change in net unrealized capital gains (losses) less tax. Other invested assets primarily consist of investments in joint ventures, partnerships and limited liability companies, including affiliated companies, as well as those in which the Company has minor ownership interests. An impairment occurs if it is probable that the Company will be unable to recover the carrying amount of the investment. The investment is written down to fair value as the new cost basis and the OTTI is recorded in net realized capital gains (losses) less tax.

The Company applies hedge accounting, as prescribed by SSAP No. 86, Derivatives, by designating derivative instruments as either fair value or cash flow hedges on the inception date of the hedging relationship. At the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction. In this documentation, the Company specifically identifies the asset, liability, firm commitment or forecasted transaction that has been designated as the hedged item and states how the hedging instrument is expected to hedge the risks related to the hedged item. The Company formally assesses and measures effectiveness of its hedging relationships both at the hedge inception date and on an ongoing basis in accordance with its risk management policy.

Derivative instruments used in hedging transactions that meet the criteria of a highly effective hedge are considered effective hedges and are reported in the financial statements in a manner consistent with the hedged asset or liability (amortized cost or fair value). Changes in the carrying value of derivatives that qualify for hedge accounting are recorded consistently with how the changes in the carrying value of the hedged asset or liability are recorded.

To the extent the Company chooses not to designate a derivative as a hedge or the designated derivative no longer meets the criteria of an effective hedge, the derivative is accounted for at fair value with changes in fair value recorded in unassigned surplus as a change in net unrealized capital gains (losses) less tax and any change in fair value attributable to changes in foreign exchange rates are reflected as adjustments to unassigned surplus as a change in net unrealized foreign exchange capital gain (loss) consistent with the hedged items. When these derivative instruments are terminated, the gains and losses are reported as net realized capital gains (losses) less tax.

Carrying value is calculated based on the gross derivative asset or liability position. If the carrying value of the derivative is positive, the amount is recorded in derivatives. If the carrying value of the derivative is negative, the amount is recorded in other liabilities. The Company’s receivable for the return of cash collateral pledged is recorded in other invested assets. The Company’s obligation to return cash collateral received is recorded in other liabilities.

Gains and losses on terminated derivative instruments that are hedging bonds are subject to the Interest Maintenance Reserve (IMR). Gains and losses on terminated forward starting swap positions that are hedging anticipatory purchases of bonds are deferred to unearned investment income, included in other liabilities, if the effective date of the forward starting swap is beyond the current fiscal year. Once the effective date is within the current fiscal year, the gains and losses are transferred from unearned investment income to the IMR.

Periodic net settlements on derivatives designated as hedges are recorded on an accrual basis consistent with the hedged items. Periodic net settlements on derivatives not designated as hedging are recorded on an accrual basis in net investment income.

10

The asset valuation reserve (AVR) is computed in accordance with a prescribed formula and is designed to stabilize surplus against valuation and credit-related losses for certain investments. Changes to the AVR are reported as direct additions to, or deductions from, unassigned surplus. The IMR results in the deferral of after tax realized capital gains and losses attributable to interest rate fluctuations on bonds and other investments. These capital gains and losses are amortized into net investment income over the remaining life of the investment sold. The IMR of $5.1 million and $5.1 million is included in other liabilities as of December 31, 2022 and 2021, respectively.

Net investment income consists of interest, dividend, accretion income, net of amortization and investment expenses, partnership realized income, and periodic net settlements on derivatives. Interest income for bonds is recognized on an accrual basis. Dividend income for perpetual preferred stock and common stock is recognized as earned on the ex-dividend date. Amortization and accretion are determined by the effective interest method based on estimated principal repayments. Accrual of interest income is suspended, and any existing accrual balances are written off, for bonds that are in default or when it is probable the interest due and accrued is uncollectible. Prepayment penalties for bonds and prepayment premiums for mortgage loans are recorded as net investment income.

The Company accrues interest income on impaired loans to the extent it is deemed collectible. If any interest income due and accrued is deemed uncollectible, interest accrual ceases and previously accrued amounts are written off. Accrued interest income more than 180 days past due deemed collectible on mortgage loans in default is nonadmitted. All other investment income due and accrued over 90 days past due is nonadmitted.

Net realized capital gains (losses) less tax are determined on the specific identification method and are presented net of Federal income taxes and transfers to the IMR.

AGGREGATE RESERVES AND LIABILITY FOR DEPOSIT-TYPE CONTRACTS

Life insurance reserves are valued using the net level premium method, the Commissioners’ Reserve Valuation Method (CRVM), or other modified reserve methods. Interest rate assumptions ranged from 2.00% to 4.50%. Reserves for individual variable annuities are held in accordance with VM-21. Reserves for individual fixed annuities are maintained using the Commissioners’ Annuity Reserve Valuation Method, with appropriate statutory interest and mortality assumptions computed on the basis of interest ranging from 1.00% to 6.50%. Group annuity reserves are valued using the CRVM with statutory interest and mortality assumptions computed on the basis of interest ranging from 1.00% to 4.25%.

The Company establishes loss liabilities for claims that have been incurred before the valuation date, but have not yet been paid. An expense liability is established associated with paying those claims.

The Company waives deduction of deferred fractional premium upon death of insured. The Company does not return any portion of the final premium for periods beyond the date of death. Continuous or modal premium assumptions are used for all reserves. All reserves are equal to the greater of the computed reserve and surrender value or, on certain products, a higher alternative comparison value.

Payments received on deposit-type contracts, which do not incorporate any mortality or morbidity risk, are recorded directly to the liability for deposit-type contracts. Interest credited to deposit-type contracts is recorded as an expense in the summary of operations when earned under the terms of the contract. Payments to contract holders are recorded as current and future policy benefits expense to the extent that such payments differ from the recorded liability. Interest rates credited ranged primarily from 1.00% to 6.50%.

TRANSFERS TO SEPARATE ACCOUNTS DUE OR ACCRUED, NET

Transfers to separate accounts due or accrued, net consist primarily of amounts accrued from the separate account for expense allowances recognized in reserves. These amounts represent the excess of separate account contract values over statutory reserves held in the separate account.

REINSURANCE

The Company has reinsurance contracts with other insurance companies and affiliates to limit potential losses, reduce exposure from larger mortality risks and provide additional capacity for growth. As part of its risk management process, the Company routinely evaluates its reinsurance programs and may change retention limits, reinsurers or other features at any time. 

11

The ceding of risk does not discharge the Company from its primary obligations to contract owners. To the extent that the assuming companies become unable to meet their obligations under reinsurance contracts, the Company remains liable. Each reinsurer is reviewed to evaluate its financial stability before entering into each reinsurance contract and throughout the period that the reinsurance contract is in place.

Reserve adjustments on reinsurance ceded, included in other income, relate to amounts ceded by the Company in connection with modified coinsurance reinsurance agreements. The amounts included in revenue adjustments on reinsurance ceded primarily represent ceded current and future policy benefits, net investment income and net realized capital gains (losses) less tax, related to these agreements.

All assets associated with business reinsured on a modified coinsurance basis remain with, and under the control of, the Company.

For the years ended December 31, 2022, 2021 and 2020, individual life and annuity premiums assumed were an immaterial amount, and premiums ceded were $4.0 million, $3.7 million and $3.7 million, respectively. As of December 31, 2022 and 2021, reserve credits recorded on ceded reinsurance were $7.1 million and $7.6 million, respectively.

The estimated amount of the aggregate reduction in surplus of termination of all reinsurance agreements, by either party, was $1.6 million and $1.7 million as of December 31, 2022 and 2021, respectively.

The Company has ceded reinsurance contracts in place with a reinsurer whose financial stability has deteriorated. In March, 2019, the reinsurer’s domiciliary state regulator issued a rehabilitation and injunction order in which the regulator shall conduct and continue business of the reinsurer. As of December 31, 2022, the Company does not expect the financial deterioration of the reinsurer to have a material adverse effect on the Company’s financial statements - statutory basis.

REVENUES, BENEFITS AND EXPENSES

Life insurance premiums are recognized as income when due from the policyholder under the terms of the insurance contract. Premiums for flexible premium products are recognized when received from the policyholder. Annuity considerations are recognized as premiums when received.

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

FEDERAL INCOME TAXES

The Company is taxed as a life insurance company for income tax purposes and its operations are included in the consolidated Federal income tax return of Pacific Mutual Holding Company (PMHC), the Company’s ultimate parent. In addition to the Company, included in PMHC’s consolidated return are the following entities: Pacific LifeCorp, Pacific Life, Pacific Alliance Reinsurance Company of Vermont, Pacific Baleine Reinsurance Company, Pacific Life Fund Advisors LLC (PLFA,), and Pacific Life Re Global Limited.

The method of tax allocation between companies is subject to written tax sharing agreements, approved by the Company’s Board of Directors. Allocation is based upon separate return calculations with current credit for net losses to the extent utilized in the consolidated return. If the consolidated return has tax losses, intercompany balances are generally settled as refunds are received. If the consolidated return has a tax payable, the intercompany balances are generally settled as paid.

SEPARATE ACCOUNTS

Separate accounts primarily include variable life and annuity contracts. The Company’s separate accounts without guarantees consist of the variable annuities and variable life businesses where the assets of these accounts are carried at fair value and represent legally segregated contract holder funds. A separate account liability is recorded at fair value at an amount equal to the separate account asset. The investment results of separate account assets typically pass through to the contract holders so that the Company generally bears no investment risk on these assets. Amounts charged to the separate account for mortality, surrender and expense charges are included in separate account fees in other income. 

12

Separate account assets are primarily invested in mutual funds, but are also invested in hedge funds.

RISK-BASED CAPITAL

Risk-based capital is a method developed by the NAIC to measure the minimum amount of capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The formulas for determining the amount of risk-based capital specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Additionally, certain risks are required to be measured using actuarial cash flow modeling techniques, subject to formulaic minimums. The adequacy of a company’s actual capital is measured by the risk-based capital results, as determined by the formulas and actuarial models. Companies below minimum risk-based capital requirements are classified within certain levels, each of which requires specified corrective action. As of December 31, 2022 and 2021, the Company exceeded the minimum risk-based capital requirements. 

13

2. COMPARISON OF NAIC SAP TO U.S. GAAP

The objectives of U.S. GAAP reporting differ from the objectives of NAIC SAP reporting. U.S. GAAP stresses measurement of earnings of a business from period to period, while NAIC SAP stresses measurement of ability to pay claims in the future.

The Company prepares its financial statements - statutory basis in accordance with statutory accounting practices prescribed or permitted by the AZ DIFI, which is a comprehensive basis of accounting other than U.S. GAAP. NAIC SAP primarily differs from U.S. GAAP by charging policy acquisition costs to expense as incurred, recognizing certain policy fees as revenue when billed, establishing future policy benefit liabilities using different actuarial assumptions and methods, as well as reporting investments and certain assets and accounting for deferred income taxes on a different basis.

14

3. INVESTMENTS

BONDS AND CASH EQUIVALENTS

The book/adjusted carrying value, fair value and net unrealized gains of bonds and cash equivalents are shown below. Cash equivalents as of December 31, 2022 and 2021 were $311.1 million and $76.2 million, respectively. See Note 4 for information on the Company’s fair value measurements.

					Net
	Book/Adjusted				Unrealized
	Carrying				Gains
	Value		Fair Value		(Losses)
			(In Thousands)
December 31, 2022:
U.S. Government	$	9,271	$	8,949	$	(322	)
All other governments		31,465		28,875		(2,590	)
U.S. states, territories and possessions		8,870		7,632		(1,238	)
U.S. political subdivisions of states, territories and possessions		63,679		64,856		1,177
U.S. special revenue and special assessment obligations		338,906		341,704		2,798
Industrial and miscellaneous		4,470,809		4,115,699		(355,110	)
LBASS:
Residential mortgage-backed securities (RMBS)		52,092		46,700		(5,392	)
Commercial mortgage-backed securities (CMBS)		129,352		120,132		(9,220	)
Other		240,393		235,775		(4,618	)
Total	$	5,344,837	$	4,970,322	$	(374,515	)

	Book/Adjusted				Net
	Carrying				Unrealized
	Value		Fair Value		Gains
			(In Thousands)
December 31, 2021:
U.S. Government	$	9,079	$	9,549	$	470
All other governments		31,479		35,016		3,537
U.S. states, territories and possessions		8,838		10,489		1,651
U.S. political subdivisions of states, territories and possessions		58,184		69,903		11,719
U.S. special revenue and special assessment obligations		279,601		376,641		97,040
Industrial and miscellaneous		4,003,481		4,621,915		618,434
LBASS:
RMBS		69,353		72,957		3,604
CMBS		81,674		83,473		1,799
Other		68,075		71,712		3,637
Total	$	4,609,764	$	5,351,655	$	741,891

15

The book/adjusted carrying value and fair value of bonds and cash equivalents as of December 31, 2022, by contractual repayment date of principal, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Book/Adjusted
	Carrying
	Value		Fair Value
	(In Thousands)
Due in one year or less	$	472,519	$	471,230
Due after one year through five years		950,747		919,333
Due after five years through ten years		1,100,366		988,404
Due after ten years		2,399,368		2,188,748
		4,923,000		4,567,715
LBASS		421,837		402,607
Total	$	5,344,837	$	4,970,322

16

The following tables present the fair value and gross unrealized losses for bonds where the fair value had declined and remained continuously below the amortized cost adjusted for OTTI for less than twelve months and for twelve months or greater:

	Less than 12 Months				12 Months or Greater				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
	(In Thousands)
December 31, 2022:
U.S. Government	$	3,125	$	29	$	5,796	$	293	$	8,921	$	322
All other governments		11,250		719		10,146		2,442		21,396		3,161
U.S. special revenue and special assessment obligations		106,311		14,999		15,015		5,424		121,326		20,423
Industrial and miscellaneous		2,603,900		310,685		281,808		103,567		2,885,708		414,252
LBASS:
RMBS		15,996		1,752		19,524		5,022		35,520		6,774
CMBS		60,393		2,070		14,753		7,246		75,146		9,316
Other		109,139		4,368		5,640		1,794		114,779		6,162
Total	$	2,910,114	$	334,622	$	352,682	$	125,788	$	3,262,796	$	460,410
December 31, 2021:
U.S. Government	$	6,020	$	59					$	6,020	$	59
All other governments		12,237		370						12,237		370
U.S. special revenue and special assessment obligations		20,405		73						20,405		73
Industrial and miscellaneous		358,589		8,219	$	19,455	$	1,664		378,044		9,883
LBASS:
RMBS		27,685		736		2,697		48		30,382		784
CMBS		51,442		555						51,442		555
Other		13,735		873						13,735		873
Total	$	490,113	$	10,885	$	22,152	$	1,712	$	512,265	$	12,597

The Company has evaluated investments with gross unrealized losses and determined that the unrealized losses are temporary. The Company does not have the intent to sell these securities and has the intent and ability to retain these investments for a period of time sufficient to recover the amortized cost basis.

The Company received prepayment penalties and acceleration of fees of $18 thousand, $5.9 million and $2.8 million from 17, 23 and 22 securities for the years ended December 31, 2022, 2021 and 2020, respectively.

As of December 31, 2022, the Company does not have any securities lending agreements accounted for as a secured borrowing and did not have any repurchase agreements accounts for as a collateralized borrowing or reverse repurchase agreements accounted for as a collateralized lending.

Bonds with a book/adjusted carrying value of $6.2 million and $6.1 million as of December 31, 2022 and 2021, respectively, were held as restricted assets on deposit with government agencies as required by law in various jurisdictions in which the Company conducts business. 

17

The table below summarizes the OTTI by security type:      

	Years Ended December 31,
	2022		2021		2020
	(In Thousands)
Bonds:
Industrial and miscellaneous			$	5,094
LBASS	$	2,065
Total OTTI	$	2,065	$	5,094	$	—

No OTTI was recognized on LBASS during the years ended December 31, 2022, 2021 and 2020 due to intent to sell or inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis.

The following table presents all LBASS with an OTTI recognized during the year ended December 31, 2022, whereby the present value of cash flows expected to be collected is less than the amortized cost basis of the securities:

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 When Reported
(In Thousands)
10623*AA4	$	7,097	$	6,388	$	709	$	6,388	$	6,388		3/31/2022
10623*AA4		6,388		5,032		1,356		5,032		5,032		9/30/2022
Total					$	2,065

The assignment of an NAIC 5GI designation to a debt security occurs when the necessary documentation for a full credit analysis does not exist but the security is current on all contractual payments and the Company expects the security to make full payment of all contractual principal and interest. The following table presents the number of investments, the book/adjusted carrying value, and the fair value for bonds with an NAIC 5GI designation:

	December 31, 2022						December 31, 2021
	Number		Book/Adjusted Carrying Value		Fair Value		Number		Book/Adjusted Carrying Value		Fair Value
	(In Thousands)						(In Thousands)
U.S. special revenue and special assessment obligations		—	$	—	$	—		2	$	7,896	$	8,022
Total		—	$	—	$	—		2	$	7,896	$	8,022

Proceeds, gross gains and gross losses recognized on sales of bonds were $3.8 million, zero and $0.1 million, respectively, for the year ended December 31, 2022. Proceeds, gross gains and gross losses recognized on sales of bonds were $46.1 million, $1.8 million and zero, respectively, for the year ended December 31, 2021. Proceeds, gross gains and gross losses recognized on sales of bonds were $37.9 million, $1.9 million and $0.1 million for the year ended December 31, 2020.

18

MORTGAGE LOANS

The maximum and minimum lending rates for newly issued mortgage loans, by category, are as follows: 

	Maximum			Minimum
Year Ended December 31, 2022:
Commercial		6.65	%		5.70	%
Year Ended December 31, 2021:
Commercial		3.10	%		2.70	%

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 mortgages was 69%.

The age analysis of mortgage loans by type and identification of mortgage loans in which the insurer is a participant or co-lender in a mortgage loan agreement is as follows:

	Commercial		Mezzanine		Total
December 31, 2022:	(In Thousands)
Current	$	376,603	$	26,712	$	403,315
Participant or co-lender in a mortgage loan agreement:
Recorded investment (1)			$	26,711	$	26,711

	Commercial		Mezzanine		Total
December 31, 2021:	(In Thousands)
Current	$	351,191	$	26,689	$	377,880
Participant or co-lender in a mortgage loan agreement:
Recorded investment (1)	$	19,122	$	26,689	$	45,811

⁽¹⁾ All of the Company’s mortgage loans are participations with its parent company, Pacific Life. Such amount represents mortgage loan participations with both Pacific Life and unrelated third parties and excludes mortgage loan participations where the sole participants are the Company and Pacific Life.

The Company’s mortgage loans primarily finance various types of properties throughout the U.S. and Canada. The geographic distributions of the mortgage loans book/adjusted carrying value were as follows:

	December 31,			December 31,
	2022			2021
	(In Thousands)			(In Thousands)
California	$	136,492	California	$	109,154
Illinois		59,578	Illinois		59,568
Washington		32,677	Texas		46,999
Massachusetts		32,628	Georgia		33,716
Georgia		32,423	Washington		32,677
Texas		27,296	Massachusetts		32,605
New York		26,711	New York		26,689
Florida		19,878	District of Columbia		15,000
District of Columbia		15,000	North Carolina		9,768
North Carolina		9,570	Virginia		8,760
Other		11,062	Other		2,944
Total	$	403,315	Total	$	377,880

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As of December 31, 2022 and 2021, the carrying value and percentage of total mortgage loans for the largest single loan in each of the above states is as follows:

	December 31,					December 31,
	2022					2021
	($ In Thousands)					($ In Thousands)
Illinois	$	39,594	10	%	Illinois	$	39,583	10	%
Washington		32,677	8	%	Georgia		33,716	9	%
Massachusetts		32,628	8	%	Washington		32,677	9	%
Georgia		32,423	8	%	Massachusetts		32,605	9	%
California		28,751	7	%	California		28,086	7	%
New York		26,711	7	%	New York		26,689	7	%
Florida		19,878	5	%	Texas		18,714	5	%
Texas		18,314	5	%	District of Columbia		15,000	4	%
District of Columbia		15,000	4	%	North Carolina		9,768	3	%
North Carolina		9,570	2	%	Virginia		8,760	2	%

These loans are secured by a variety of property types, primarily office buildings, retail, apartments and lodging.

As of December 31, 2022, 2021 and 2020, the Company recognized in net investment income prepayment income of zero, zero, and $2.5 million, respectively, for early pay off mortgage loans.

The Company reviews the performance and credit quality of the mortgage loan portfolio on an on-going basis, including loan payment and collateral performance. Collateral performance includes a review of the most recent collateral inspection reports and financial statements. Analysts track each loan’s debt service coverage ratio (DCR) and loan-to-value ratio (LTV). The DCR compares the collateral’s net operating income to its debt service payments. DCRs less than 1.0 times indicate that the collateral operations do not generate enough income to cover the loan’s current debt payments. A larger DCR indicates a greater excess of net operating income over the debt service. The LTV compares the amount of the loan to the fair value of the collateral and is commonly expressed as a percentage. LTVs greater than 100% indicate that the loan amount exceeds the collateral value. A smaller LTV percentage indicates a greater excess of collateral value over the loan amount. This includes troubled debt restructures (TDR) performing as agreed for more than one year.

The loan review process results in each loan being placed into a No Credit Concern category or one of three levels: Level 1 Minimal Credit Concern, Level 2 Moderate Credit Concern or Level 3 Significant Credit Concern. Loans in the No Credit Concern category are performing and no issues are noted. The collateral exhibits a strong DCR and LTV and there are no near term maturity concerns. The loan credit profile and borrower sponsorship have not experienced any significant changes and remain strong. For construction loans, projects are progressing as planned with no significant cost overruns or delays.

Level 1 loans are experiencing negative market pressure and outlook due to economic factors. Financial covenants may have been triggered due to declines in performance. There may be disputes between the borrower and contractors. Credit profile and/or borrower sponsorship remain stable but require monitoring. Near term (6 months or less) maturity requires monitoring due to negative trends. No impairment loss concerns exist under current conditions, however some possibility of loss may exist under stressed scenarios or changes in sponsorship financial strength.

Level 2 loans are experiencing significant or prolonged negative market pressure and uncertain outlook due to economic factors; financial covenants may have been triggered due to declines in performance and/or the borrower may have requested covenant relief. There may be disputes between the borrower and contractors. Loan credit profile, borrower sponsorship and/or collateral value may have declined or given cause for concern. Near term maturity (12 months or less) coupled with negative market conditions, property performance and value and/or borrower stability result in increased refinance risk. Likelihood for TDR, impairment and loss is increased. This includes all loans performing as agreed during the first year of a TDR unless assigned to Level 3.

Level 3 loans are experiencing prolonged and/or severe negative market trends, declines in collateral performance and value, and/ or borrower financial difficulties exist. Borrower may have asked for modification of loan terms. Without additional capital infusion and/or acceptable modification to existing loan terms, default is likely and foreclosure the probable alternative. Impairment loss is possible depending on current fair market value of the collateral. This category includes loans in default and previously impaired restructured loans that underperform despite modified terms and/or for which future loss is probable.

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Loans classified as Level 1 through Level 3 are placed on a watch list and monitored monthly, subject to the terms of the loan agreement. Loans that have been identified as Level 3 are evaluated to determine if the loan is impaired. A loan is impaired if it is probable that amounts due according to the contractual terms of the loan agreement will not be collected.

As of December 31, 2022 and 2021, the Company had no loans classified as Level 2.

The Company was working with borrowers who are experiencing financial difficulty as a direct result of the novel coronavirus COVID-19 pandemic (COVID-19). When necessary, the Company provided loan modifications to assist borrowers with their circumstances. These loans are accruing interest and are classified as current when performing under the terms of the modified loan agreement. On April 7, 2020, a group of banking agencies issued an Interagency Statement that offers practical expedients for evaluating whether loan modifications that occur in response to COVID-19 are troubled debt restructures (TDR) consistent with the Coronavirus Aid, Relief and Economic Security Act (the CARES Act). The Consolidated Appropriations Act, signed into law on December 27, 2020 extended the relief offered in the CARES Act through January 1, 2022 and clarified that insurance companies were covered under the CARES Act. The Company’s loan modifications fell within the guidance of either the April 7, 2020 Interagency Statement or the CARES Act, both as adopted by the NAIC under Interpretation of the Statutory Accounting Principles Working Group (INT) 20-03, and do not qualify as TDRs.

Prior to January 1, 2022, the Company provided modifications in the form of principal and/or interest payment relief and extension of maturity dates to mortgage loans. As of December 31, 2022, the mortgage loans that are still in their modification period had a total book value of $72.3 million. These loans do not qualify as TDRs.

21

The following tables set forth mortgage loan credit levels as of December 31, 2022 and 2021 ($ In Thousands):

	December 31, 2022
					Level 1				Level 3
					Minimal Credit				Significant
	No Credit Concern				Concern				Credit Concern				Total
			Weighted				Weighted				Weighted				Weighted
	Carrying		Average		Carrying		Average		Carrying		Average		Carrying		Average
Type	Amount		DCR		Amount		DCR		Amount		DCR		Amount		DCR
Office	$	207,578		1.61									$	207,578		1.61
Retail		32,677		2.55					$	39,594		0.58		72,271		1.47
Apartment		64,374		1.49										64,374		1.49
Lodging		36,798		6.32										36,798		6.32
Industrial		20,000		2.24										20,000		2.24
Golf course					$	2,294		0.80						2,294		0.80
Total	$	361,427		2.19	$	2,294		0.80	$	39,594		0.58	$	403,315		2.02

	December 31, 2021
					Level 1				Level 3
					Minimal Credit				Significant
	No Credit Concern				Concern				Credit Concern				Total
			Weighted				Weighted				Weighted				Weighted
	Carrying		Average		Carrying		Average		Carrying		Average		Carrying		Average
Type	Amount		DCR		Amount		DCR		Amount		DCR		Amount		DCR
Office	$	199,593		1.79									$	199,593		1.79
Retail		32,677		1.75					$	39,583		0.75		72,260		1.20
Apartment		45,255		1.38										45,255		1.38
Lodging		37,854		4.28										37,854		4.28
Industrial		19,975		2.30										19,975		2.30
Golf course					$	2,943		0.15						2,943		0.15
Total	$	335,354		2.04	$	2,943		0.15	$	39,583		0.75	$	377,880		1.89

JOINT VENTURES, PARTNERSHIPS AND LIMITED LIABILITY COMPANIES

The Company does not have investments in joint ventures, partnerships and limited liability companies that exceed 10% of admitted assets of the Company as of December 31, 2022 and 2021. The Company does not have impaired investments in joint ventures, partnerships and limited liability companies during the years ended December 31, 2022, 2021 and 2020, respectively.

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4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial assets and liabilities that are carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100R, Fair Value. The determination of fair value requires the use of observable market data when available. The hierarchy consists of the following three levels that are prioritized based on observable and unobservable inputs.

Level 1 Unadjusted quoted prices for identical instruments in active markets. Level 1 financial instruments include securities that are traded in an active exchange market.

Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in inactive markets, and model-derived valuations for which all significant inputs are observable market data.

Level 3 Valuations derived from valuation techniques in which one or more significant inputs are not market observable.

The following tables present, by fair value hierarchy level, the Company’s financial instruments that are carried at fair value or net asset value (NAV) as of December 31, 2022 and 2021.

	Level 1		Level 2		Level 3		NAV		Total
December 31, 2022:	(In Thousands)
Assets:
Bonds:
Issuer obligations					$	5,010			$	5,010
LBASS						3,104				3,104
Total bonds		—		—		8,114		—		8,114
Common stocks:
Industrial and miscellaneous						5,592				5,592
Total common stocks		—		—		5,592		—		5,592
Derivatives:
Foreign currency and interest rate swaps			$	605						605
Equity derivatives	$	9,992				1,247				11,239
Total derivatives		9,992		605		1,247		—		11,844
Separate account assets (1)		2,894,457					$	15,045		2,909,502
Total	$	2,904,449	$	605	$	14,953	$	15,045	$	2,935,052
Liabilities:
Derivatives:
Foreign currency and interest rate swaps			$	52,573					$	52,573
Equity derivatives					$	2				2
Total	$	—	$	52,573	$	2	$	—	$	52,575

23

	Level 1		Level 2		Level 3		NAV		Total
December 31, 2021:	(In Thousands)
Assets:
Common stocks:
Industrial and miscellaneous					$	3,647			$	3,647
Total common stocks		—		—		3,647		—		3,647
Derivatives:
Foreign currency and interest rate swaps			$	7,535						7,535
Equity derivatives	$	6,391				2,243				8,634
Total derivatives		6,391		7,535		2,243		—		16,169
Separate account assets (1)		3,472,565					$	17,996		3,490,561
Total	$	3,478,956	$	7,535	$	5,890	$	17,996	$	3,510,377
Liabilities:
Derivatives:
Foreign currency and interest rate swaps			$	4,716					$	4,716
Equity derivatives					$	316				316
Total	$	—	$	4,716	$	316	$	—	$	5,032

⁽¹⁾  Consists of separate account assets that are primarily invested in mutual funds and hedge funds. Investment performance related to separate account assets is offset by corresponding amounts credited to contract holders whose liability is recorded in the separate account liabilities. Separate account liabilities are measured to equal the fair value of separate account assets.

FAIR VALUE MEASUREMENT

The following describes the valuation methodologies used by the Company to measure various types of financial instruments at fair value. 

BONDS AND COMMON STOCKS

The fair values of bonds, preferred stocks and common stocks are determined by management after considering external pricing sources and internal valuation techniques. For securities with sufficient trading volume, prices are obtained from third-party pricing services. For securities that are traded infrequently, fair values are determined after evaluating prices obtained from third-party pricing services and independent brokers or are valued internally using various valuation techniques.

The Company’s management analyzes and evaluates prices received from independent third parties and determines whether they are reasonable estimates of fair value. Management’s analysis may include, but is not limited to, review of third-party pricing methodologies and inputs, analysis of recent trades, comparison to prices received from other third parties and development of internal models utilizing observable market data of comparable securities. The Company assesses the reasonableness of valuations received from independent brokers by considering current market dynamics and current pricing for similar securities. 

For prices received from independent pricing services, the Company applies a formal process to challenge any prices received that are not considered representative of fair value. If prices received from independent pricing services are not considered reflective of market activity or representative of fair value, independent non-binding broker quotations are obtained or an internally developed valuation is prepared. Upon evaluation, the Company determines which source represents the best estimate of fair value. Overrides of third-party prices to internally developed valuations of fair value did not produce material differences in the fair values for the majority of the portfolio; accordingly, overrides were not material. In the absence of such market observable activity, management’s best estimate is used.

24

Fair values determined by internally derived valuation tools use market-observable data if available. Generally, this includes using an actively traded comparable security as a benchmark for pricing. These internal valuation methods primarily represent discounted cash flow models that incorporate significant assumptive inputs such as spreads, discount rates, default rates, severity and prepayment speeds. These inputs are analyzed by the Company’s portfolio managers and analysts, investment accountants and risk managers. Internally developed estimates may also use unobservable data, which reflect the Company’s own assumptions about the inputs market participants would use. 

Most securities priced by a major independent third-party service have been classified as Level 2, as management has verified that the significant inputs used in determining their fair values are market observable and appropriate. Externally priced securities for which fair value measurement inputs are not sufficiently transparent, such as securities valued based on broker quotations, have been classified as Level 3. Internally valued securities, including adjusted prices received from independent third parties, where significant management assumptions have been utilized in determining fair value, have been classified as Level 3. Securities categorized as Level 1 consist primarily of investments in mutual funds. 

The Company applies controls over the valuation process. Prices are reviewed and approved by the Company’s professional credit analysts that have industry expertise and considerable knowledge of the issuers. Management performs validation checks to determine the completeness and reasonableness of the pricing information, which include, but are not limited to, changes from identified pricing sources, significant or unusual price fluctuations above predetermined tolerance levels from the prior period, and back-testing of fair values against prices of actual trades. A group comprised of the Company’s investment accountants, portfolio managers and analysts and risk managers meet to discuss any unusual items above the tolerance levels that may have been identified in the pricing review process. These items are investigated, further analysis is performed and resolutions are appropriately documented. 

DERIVATIVE INSTRUMENTS

Derivative instruments are reported at fair value using pricing valuation models which utilize market data inputs or independent broker quotations or exchange prices for exchange-traded futures. The Company calculates the fair value of derivatives using market standard valuation methodologies for foreign currency and interest rate swaps and equity options. Internal models are used to value equity total return swaps. The derivatives are valued using mid-market inputs that are predominantly observable in the market. Inputs include, but are not limited to, interest swap rates, foreign currency forward and spot rates, credit spreads and correlations, interest volatility, equity volatility and equity index levels. On a monthly basis, the Company performs an analysis of derivative valuations, which includes both quantitative and qualitative analyses. Examples of procedures performed include, but are not limited to, review of pricing statistics and trends, analysis of the impacts of changes in the market environment and review of changes in the market value for each derivative by both risk managers and investment accountants. Internally calculated fair values are reviewed and compared to external broker fair values for reasonableness. 

Derivative instruments classified as Level 1 are exchange-traded. Derivative instruments classified as Level 2 primarily include foreign currency and interest rate swaps. The derivative valuations are determined using pricing models with inputs that are observable in the market or can be derived principally from or corroborated by observable market data, primarily interest swap rates, interest rate volatility and foreign currency forward and spot rates. 

Derivative instruments classified as Level 3 include complex derivatives, such as equity options and total return swaps. These derivatives are valued using pricing models which utilize both observable and unobservable inputs, primarily interest rate volatility, equity volatility, equity index levels and, to a lesser extent, broker quotations. A derivative instrument containing Level 2 inputs would be classified as a Level 3 financial instrument in its entirety if it has at least one significant Level 3 input. 

SEPARATE ACCOUNT ASSETS

The fair value of separate account assets is based on the fair value or NAV of the underlying assets. Separate account assets held at fair value primarily consist of mutual funds and hedge funds.

Level 1 separate account assets include mutual funds that are valued based on reported net asset values provided by fund managers daily and can be redeemed without restriction. Management performs validation checks to determine the reasonableness of the pricing information, which include, but are not limited to, price fluctuations above predetermined thresholds from the prior day and validation against similar funds or indices. Variances are investigated, further analysis is performed and resolutions are appropriately documented.

25

Investments Measured Using the NAV Practical Expedient 

Separate account assets include hedge funds where the fair value is based on the net asset value obtained from the fund managers. Investment strategies related to separate account hedge funds include multi-strategy primarily invested in U.S. and international equity, fixed income, long/short equity, loans, derivatives, privately held companies and private partnerships. The redemption frequency is quarterly. There are no remaining lockup periods or unfunded commitments of investments measured using the NAV practical expedient as of December 31, 2022. 

LEVEL 3 RECONCILIATION 

The tables below present a reconciliation of the beginning and ending balances of the Level 3 financial instruments that are carried at fair value using significant unobservable inputs: 

							Total Gains or (Losses)
	January 1, 2022		Transfers into Level 3 (1) (2)		Transfers out of Level 3		Included in Net Income			Included in Surplus		Purchases		Sales		Settlements			December 31, 2022
	(In Thousands)
Bonds
Issuer Obligations			$	5,010															$	5,010
LBASS				7,096			$	(2,048	)			$	153			$	(2,097	)		3,104
Common stocks	$	3,647											1,945							5,592
Derivatives, net		1,927						(632	)	$	589		76				(715	)		1,245
Total	$	5,574	$	12,106	$	—	$	(2,680	)	$	589	$	2,174	$	—	$	(2,812	)	$	14,951

							Total Gains or (Losses)
	January 1, 2021		Transfers into Level 3		Transfers out of Level 3		Included in Net Income		Included in Surplus			Purchases		Sales			Settlements			December 31, 2021
	(In Thousands)
Common stocks	$	4,639					$	32	$	(33	)	$	1,276	$	(2,267	)				$	3,647
Derivatives, net		1,280						2,849		(15	)		777				$	(2,964	)		1,927
Total	$	5,919	$	—	$	—	$	2,881	$	(48	)	$	2,053	$	(2,267	)	$	(2,964	)	$	5,574

(1)	Transferred into Level 3 due to carrying value adjustments down to fair value.
(2)	Transfers in and/or out are recognized at the end of each quarter.

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The book/adjusted carrying values and fair values of the Company’s financial instruments are presented in the following table.

	December 31, 2022
	Fair Value			Book/ Adjusted Carrying Value			Level 1		Level 2			Level 3		NAV		Not Practicable (Carrying Value)
	(In Thousands)
Assets:
Bonds	$	4,659,251		$	5,033,766				$	4,557,389		$	101,862
Common stocks		5,592			5,592								5,592
Mortgage loans		358,254			403,315								358,254
Cash and cash equivalents		333,373			333,373		$	333,373
Contract loans		9,483			9,483								9,483
Derivatives, net		(40,731	)		(40,731	)		9,992		(51,968	)		1,245
Other invested assets (1)		21,921			24,940					21,921
Separate account assets		2,909,502			2,909,502			2,894,457						$	15,045
Liabilities:
Liability for deposit-type contracts		933,990			936,383								933,990
Separate account liability for deposit type contracts		2,118			2,118								2,118

	December 31, 2021
	Fair Value		Book/ Adjusted Carrying Value		Level 1		Level 2		Level 3		NAV		Not Practicable (Carrying Value)
	(In Thousands)
Assets:
Bonds	$	5,275,417	$	4,533,525			$	5,201,142	$	74,275
Common stocks		3,647		3,647						3,647
Mortgage loans		399,541		377,880						399,541
Cash and cash equivalents		74,065		74,065	$	74,065
Contract loans		9,747		9,747						9,747
Derivatives, net		11,137		11,137		6,391		2,819		1,927
Other invested assets (1)		28,572		24,939				28,572
Separate account assets		3,490,561		3,490,561		3,472,565					$	17,996
Liabilities:
Liability for deposit-type contracts		1,008,086		860,645						1,008,086
Separate account liability for deposit type contracts		3,462		3,462						3,462

⁽¹⁾ Excludes investments accounted for under the equity method.

The tables above exclude the following financial instruments: investment income due and accrued and derivatives collateral receivable and payable. The fair value of these financial instruments, which are primarily classified as Level 2, approximates carrying value as they are short-term in nature such that there is minimal risk of material changes in fair value due to changes in interest rates or counterparty credit.

27

The following methods and assumptions were used to estimate the fair value of these financial instruments as of December 31, 2022 and 2021:

MORTGAGE LOANS

The fair value of the mortgage loan portfolio is determined by discounting the estimated future cash flows, using current rates that are applicable to similar credit quality, property type and average maturity of the composite portfolio.

CASH AND CASH EQUIVALENTS

Cash equivalents are money market mutual funds that have fair values that approximate their book/adjusted carrying values due to the short maturities of the underlying investments of the funds. The carrying value of cash approximates the fair value.

CONTRACT LOANS

Contract loans are not separable from their associated insurance contract and bear no credit risk since they do not exceed the contract’s cash surrender value, making these assets fully secured by the cash surrender value of the contracts. Therefore, the carrying amount of the contract loans is a reasonable approximation of fair value.

OTHER INVESTED ASSETS

Other invested assets consist of surplus note investments held from other insurance providers. The fair value of the surplus note investments are priced by an independent pricing service as described for bonds above.

LIABILITY FOR DEPOSIT-TYPE CONTRACTS

The primary methods used to determine the estimated fair value of liability for deposit-type contracts are based on discounted cash flow methodologies using significant unobservable inputs.

SEPARATE ACCOUNT LIABILITY FOR DEPOSIT-TYPE CONTRACTS

The statement value of separate account liability for deposit-type contracts is reported under separate account liabilities and is a reasonable estimate of their fair value because the contractual interest rates are variable and based on current market rates.

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5. DERIVATIVE INSTRUMENTS

The Company primarily utilizes derivative instruments to manage its exposure to interest rate risk, foreign currency risk and equity risk, collectively “market risk”, and credit risk. Derivative instruments are also used to manage the duration mismatch of general account assets and liabilities. Derivatives may be exchange-traded or contracted in the over-the-counter (OTC) market. The Company’s OTC derivatives are primarily bilateral contracts between two counterparties. Certain of the Company’s OTC derivatives are cleared and settled through central clearing counterparties. The Company utilizes a variety of derivative instruments including swaps, exchange-traded futures and options.

Market risk is the possibility that future changes in market conditions may make the derivative financial instrument less valuable. Credit risk is defined as the possibility that a loss may occur from the failure of another party to perform in accordance with the terms of the contract, which exceeds the value of existing collateral, if any. The Company mitigates these risks through established market and credit risk limits.

The following table summarizes the notional amount, net carrying value, and fair value of the Company’s derivative instruments by derivative type. Cash collateral received from or pledged to counterparties is not included in the amounts below.

			Net
	Notional		Carrying
	Amount		Value			Fair Value
December 31, 2022:	(In Thousands)
Equity total return swaps	$	22,384	$	273		$	273
Equity futures		189,827		9,992			9,992
Equity call options		41,980		972			972
Foreign currency swaps		2,678		511			511
Interest rate swaps		302,315		(52,479	)		(52,479	)
Total	$	559,184	$	(40,731	)	$	(40,731	)
December 31, 2021:
Equity total return swaps	$	26,529	$	(316	)	$	(316	)
Equity futures		122,866		6,391			6,391
Equity call options		41,360		2,243			2,243
Foreign currency swaps		3,213		506			506
Interest rate swaps		233,115		2,313			2,313
Total	$	427,083	$	11,137		$	11,137

Notional amount represents a standard of measurement of the volume of derivatives. Notional amount is not a quantification of market risk or credit risk and is not recorded in the statements of admitted assets, liabilities and capital and surplus - statutory basis. Notional amounts generally represent those amounts used to calculate contractual cash flows to be exchanged and are not paid or received, except for certain contracts such as foreign currency swaps.

Cash collateral received from OTC counterparties was $0.7 million and $1.2 million as of December 31, 2022 and 2021, respectively. Cash collateral pledged to OTC counterparties was $65.7 million and $7.2 million as of December 31, 2022 and 2021, respectively.

The Company is required to pledge initial margin for all futures contracts. The amount of required margin is determined by the exchange on which it is traded. The Company pledged cash to satisfy this collateral requirement. Cash pledged for initial margin was $10.0 million and $6.4 million as of December 31, 2022 and 2021, respectively.

DERIVATIVES DESIGNATED AS FAIR VALUE HEDGES

The Company offers life insurance products with indexed account options. The interest credited on the indexed accounts is a function of the underlying domestic and/or international equity index, subject to various caps, thresholds and participation rates.

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The Company utilizes equity call options to hedge the credit paid to the policyholder on the underlying index for its life insurance products with indexed account options. These equity call options are contracts to buy the index at a predetermined time at a contracted price. The contracts will be net settled in cash based on differentials in the index at the time of exercise and the strike price subject to a cap, net of option premiums. These equity call options are designated as a fair value hedge under statutory accounting principles with changes in fair value recorded in net realized capital gains (losses) less tax.

For the years ended December 31, 2022, 2021 and 2020, $1.5 million, $1.5 million and $1.5 million, respectively, of option premium expense was recorded in net investment income for the one-year equity call options hedging life indexed account insurance products. This amount was excluded from the assessment of hedge effectiveness. For all other hedging relationships, no component of the hedging instrument’s fair value was excluded from the assessment of hedge effectiveness.

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

The Company offers a rider on certain variable annuity contracts that guarantees net principal over specified periods, as well as riders on certain variable annuity contracts that guarantee a minimum withdrawal benefit over specified periods, subject to certain restrictions.

The Company utilizes total return swaps and exchange-traded futures based upon domestic and international equity market indices to economically hedge the equity risk of the guarantees in its variable annuity products. Total return swaps are swaps whereby the Company agrees to exchange the difference between the economic risk and reward of an equity index and a floating rate of interest, calculated by reference to an agreed upon notional amount. Cash is paid and received over the life of the contract based on the terms of the swap. In exchange-traded futures transactions, the Company agrees to purchase or sell a specified number of contracts, the values of which are determined by the underlying equity indices, and to post variation margin on a daily basis in an amount equal to the change in the daily fair value of those contracts. The Company also utilizes interest rate swaps to manage interest rate risk in the variable annuity products.

Foreign currency interest rate swap agreements are used to convert fixed or floating rate foreign-denominated assets to U.S. dollar fixed or floating rate assets. A foreign currency interest rate swap involves the exchange of an initial principal amount in two currencies, and the agreement to re-exchange the currencies at a future date, at an agreed-upon exchange rate. There are also periodic exchanges of interest payments in the two currencies at specified intervals, calculated using agreed-upon interest rates, exchange rates, and the exchanged principal amounts. The Company enters into these agreements primarily to manage the currency risk associated with investments that are denominated in foreign currencies.

Interest rate swaps are used by the Company to reduce market risk from changes in interest rates and other interest rate exposure arising from duration mismatches between assets and liabilities. An interest rate swap agreement involves the exchange, at specified intervals, of interest payments resulting from the difference between fixed rate and floating rate interest amounts calculated by reference to an underlying notional amount. Generally, no cash is exchanged at the outset of the contract and no principal payments are made by either party.

30

The average and ending fair value of derivatives not designated as hedging instruments are as follows:

	Average Fair Value					Ending Fair Value
	Years Ended					as of
	December 31,					December 31,
	2022			2021		2022				2021
						Asset		Liability		Asset		Liability
						(In Thousands)
Equity futures	$	8,329		$	6,914	$	9,992			$	6,391
Foreign currency swaps		496			538		511				506
Interest rate swaps		(31,277	)		3,848			$	52,479		7,029	$	4,716
Equity total return swaps		57			90		275		2				316
Equity call options		7			13						34
Total	$	(22,388	)	$	11,403	$	10,778	$	52,481	$	13,960	$	5,032

The following table summarizes the surplus and net realized capital gains (losses) impact on derivative instruments not designated as hedging instruments.

	Years Ended December 31,									Years Ended December 31,
	2022			2021			2020			2022		2021			2020
	Surplus									Net Realized Capital Gains (Losses)
	(In Thousands)
Equity futures	$	7,973		$	431		$	(1,698	)	$	17,060	$	(27,276	)	$	(62,345	)
Equity total return swaps		589			(15	)		2,192
Foreign currency swaps		(110	)		(117	)		(143	)
Interest rate swaps		(55,114	)		(11,762	)		9,172
Equity call options					30			3
Total	$	(46,662	)	$	(11,433	)	$	9,526		$	17,060	$	(27,276	)	$	(62,345	)

For the years ended December 31, 2022, 2021 and 2020, net gains or (losses) from periodic net settlements recorded in net investment income were $5.5 million, ($1.8) million and $9.7 million, respectively.

For equity call options with deferred financing premiums which are paid at the end of the derivative contract, summarized in the tables below are the undiscounted future settled premium commitments, equity call option fair value and equity call option fair value excluding impact of discounted future settled premiums (In Thousands):

	Premium
Years Ending December 31:	Payments Due
2023	$	1,577	(1)
2024
2025
2026
2027 and thereafter
Total undiscounted future settled premium commitments	$	1,577

⁽¹⁾ Premium payments are expected to be made monthly, based upon current maturity date of derivative contracts.

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					Equity Call
					Option Fair
					Value
					Excluding
	Undiscounted				Impact of
	Future		Equity Call		Discounted
	Premium		Option Fair		Future Settled
Years Ending December 31:	Commitments		Value		Premiums
2022	$	1,577	$	972	$	972
2021		1,501		2,243		2,243

DERIVATIVE CREDIT EXPOSURE

The Company is exposed to credit-related losses in the event of nonperformance by derivative counterparties to OTC derivatives. The Company manages its credit risk by dealing with creditworthy counterparties, establishing risk-control limits, executing legally enforceable master netting agreements, and obtaining collateral where appropriate. In addition, the Company evaluates the financial stability of each counterparty before entering into each agreement and throughout the period that the financial instrument is owned.

The Company’s OTC-cleared derivatives are effected through central clearing counterparties and its exchange-traded derivatives are effected through regulated exchanges. Such positions are marked to market and margined on a daily basis (both initial margin and variation margin), and the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivatives.

For OTC derivative transactions, the Company enters into legally enforceable master netting agreements which provide for the netting of payments and receipts with a single counterparty. The net position with each counterparty is calculated as the aggregate fair value of all derivative instruments with each counterparty, net of income or expense accruals and collateral paid or received. These master netting agreements include collateral arrangements with derivative counterparties, which require positions be marked to market and margined on a daily basis by the daily settlement of variation margin. The Company has minimal counterparty exposure to credit-related losses in the event of non performance by these counterparties.

The OTC agreements may include a termination event clause associated with financial strength ratings assigned by certain independent rating agencies. If these financial strength ratings were to fall below a specified level, as defined within each counterparty master agreement, or if one of the rating agencies were to cease to provide a financial strength rating, the counterparty could terminate the master agreement with payment due based on the net fair value of the underlying derivatives. As of December 31, 2022 and 2021, the Company’s financial strength ratings were above the specified level.

The Company’s credit exposure is measured on a counterparty basis as the net positive fair value of all derivative positions with the counterparty, net of income or expense accruals and collateral received. The Company’s credit exposure for OTC derivatives as of December 31, 2022 was $0.2 million. The maximum exposure to any single counterparty was $0.2 million as of December 31, 2022. All of the net credit exposure for the Company from derivative contracts is with investment-grade counterparties. The Company has not incurred any losses on derivative financial instruments due to counterparty nonperformance for the years ended December 31, 2022, 2021 and 2020. The Company does not expect any counterparties to fail to meet their obligations given their investment-grade ratings.

The Company does not have any derivatives accounted for under SSAP No. 108, Derivatives Hedging Variable Annuity Guarantees.

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6. INCOME TAXES

The components of net admitted deferred tax assets are as follows:

	December 31, 2022						December 31, 2021
	Ordinary		Capital		Total		Ordinary		Capital		Total
	(In Thousands)						(In Thousands)
Gross deferred tax assets	$	63,551	$	5,511	$	69,062	$	46,864	$	5,244	$	52,108
Statutory valuation allowance adjustment
Adjusted gross deferred tax assets		63,551		5,511		69,062		46,864		5,244		52,108
Deferred tax assets nonadmitted		38,573		2,563		41,136		22,624		1,999		24,623
Net admitted deferred tax asset		24,978		2,948		27,926		24,240		3,245		27,485
Deferred tax liabilities		8,030		2,948		10,978		8,576		3,245		11,821
Net admitted deferred tax asset	$	16,948	$	—	$	16,948	$	15,664	$	—	$	15,664

	Change during 2022
	Ordinary			Capital			Total
	(In Thousands)
Gross deferred tax assets	$	16,687		$	267		$	16,954
Statutory valuation allowance adjustment
Adjusted gross deferred tax assets		16,687			267			16,954
Deferred tax assets nonadmitted		15,949			564			16,513
Net admitted deferred tax asset		738			(297	)		441
Deferred tax liabilities		(546	)		(297	)		(843	)
Net admitted deferred tax asset	$	1,284		$	—		$	1,284

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The admission calculation components of SSAP No. 101, Income Taxes, are as follows:

	December 31, 2022						December 31, 2021
	Ordinary		Capital		Total		Ordinary		Capital		Total
	(In Thousands)						(In Thousands)
Federal income taxes paid in prior years recoverable through loss carrybacks	$	—			$	—	$	—			$	—
Adjusted gross deferred tax assets expected to be realized after application of the threshold limitation		16,948				16,948		15,664				15,664
Adjusted gross deferred tax assets expected to be realized following the balance sheet date		16,948				16,948		15,664				15,664
Adjusted gross deferred tax assets allowed per limitation threshold						68,550						78,182
Adjusted gross deferred tax assets offset by gross deferred tax liabilities		8,030	$	2,948		10,978		8,576	$	3,245		11,821
Deferred tax assets admitted as the result of application of SSAP No. 101	$	24,978	$	2,948	$	27,926	$	24,240	$	3,245	$	27,485

	Change during 2022
	Ordinary			Capital			Total
	(In Thousands)
Federal income taxes paid in prior years recoverable through loss carrybacks	$	—					$	—
Adjusted gross deferred tax assets expected to be realized after application of the threshold limitation		1,284						1,284
Adjusted gross deferred tax assets expected to be realized following the balance sheet date		1,284						1,284
Adjusted gross deferred tax assets allowed per limitation threshold								(9,632	)
Adjusted gross deferred tax assets offset by gross deferred tax liabilities		(546	)	$	(297	)		(843	)
Deferred tax assets admitted as the result of application of SSAP No. 101	$	738		$	(297	)	$	441

The ratio percentage and adjusted capital and surplus used to determine recovery period and threshold limitation are as follows ($ In Thousands):

	December 31,
	2022			2021
Ratio percentage used to determine recovery period and threshold limitation amount		792	%		1,122	%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation	$	456,998		$	521,213

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The impacts of tax planning strategies as of December 31, 2022 and 2021 are as follows ($ In Thousands):

	December 31, 2022
	Ordinary			Capital
Adjusted gross deferred tax assets	$	63,551		$	5,511
Percent of total adjusted gross deferred tax assets		0	%		0	%
Net admitted adjusted gross deferred tax assets	$	24,978		$	2,948
Percent of total net admitted adjusted gross deferred tax assets		0	%		0	%

	December 31, 2021
	Ordinary			Capital
Adjusted gross deferred tax assets	$	46,864		$	5,244
Percent of total adjusted gross deferred tax assets		0	%		0	%
Net admitted adjusted gross deferred tax assets	$	24,240		$	3,245
Percent of total net admitted adjusted gross deferred tax assets		0	%		0	%

The Company’s tax planning strategies do not include the use of reinsurance as of December 31, 2022 and 2021.

The Federal income taxes are as follows:

	Years Ended December 31,								Change			Change
	2022			2021			2020		2022-2021			2021-2020
	(In Thousands)
Federal income tax expense	$	2,428		$	6,223		$	9,399	$	(3,795	)	$	(3,176	)
Federal income taxes on net capital gains (losses)		(178	)		(1	)		266		(177	)		(267	)
Federal income tax expense	$	2,250		$	6,222		$	9,665	$	(3,972	)	$	(3,443	)

35

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

	December 31,
Deferred tax assets:	2022		2021		Change
Ordinary:	(In Thousands)
Policyholder reserves	$	47,486	$	33,596	$	13,890
Deferred acquisition costs		13,418		10,618		2,800
Compensation and benefits accrual		388		356		32
Other		2,259		2,294		(35	)
Total		63,551		46,864		16,687
Statutory valuation allowance adjustment
Nonadmitted		38,573		22,624		15,949
Admitted ordinary deferred tax assets		24,978		24,240		738
Capital:
Investments		5,511		5,244		267
Total		5,511		5,244		267
Statutory valuation allowance adjustment
Nonadmitted		2,563		1,999		564
Admitted capital deferred tax assets		2,948		3,245		(297	)
Admitted deferred tax assets		27,926		27,485		441
Deferred tax liabilities:
Ordinary:
Investments		7,367		7,912		(545	)
Other		663		664		(1	)
Total		8,030		8,576		(546	)
Capital:
Investments		2,948		3,245		(297	)
Total		2,948		3,245		(297	)
Deferred tax liabilities		10,978		11,821		(843	)
Net admitted deferred tax assets	$	16,948	$	15,664	$	1,284

36

The change in net deferred income taxes, exclusive of the nonadmitted assets, is as follows:

	December 31,
	2022		2021		Change
	(In Thousands)
Total deferred tax assets	$	69,063	$	52,108	$	16,955
Total deferred tax liabilities		10,978		11,821		(843	)
Net deferred tax asset	$	58,085	$	40,287		17,798
Tax effect of unrealized activities						(77	)
Change in net operating deferred income tax					$	17,721

Federal income tax expense (benefit) is different from that which would be obtained by applying the statutory Federal income tax rate of 21% to income before income taxes. The significant items causing these differences are as follows:

	Years Ended December 31,
	2022			2021			2020
	(In Thousands)
Tax contingency	$	216		$	215		$	216
Tax impact from surplus activities								2,849
Amortization of IMR		(129	)		(153	)		(176	)
Tax impact from affiliates		(972	)		(1,090	)		(911	)
Dividend received deduction		(1,541	)		(1,714	)		(1,338	)
Provision computed at statutory rate		(3,342	)		8,075			3,814
Tax impact from derivative gains (losses) from surplus		(9,708	)		(2,383	)		2,030
Other		4			(250	)		(42	)
Total statutory income tax	$	(15,472	)	$	2,700		$	6,442
Federal income tax expense	$	2,250		$	6,222		$	9,665
Change in net deferred income taxes		(17,722	)		(3,522	)		(3,223	)
Total statutory income tax	$	(15,472	)	$	2,700		$	6,442

As of December 31, 2022 and 2021, the Company had no low income housing and foreign tax credit carryforwards. The Company had no investment tax credits. The Company had no benefits of operating loss carry-forwards. The Company had no adjustments of deferred tax assets (DTAs) and deferred tax liabilities (DTLs) for enacted changes in tax laws or a change in tax status. The Company had no adjustments to gross DTAs because of a change in circumstances that causes a change in judgment about the realizability of the related DTAs. The Company had no deposits under Section 6603 of the Internal Revenue Code.

The following are estimated Federal income taxes in the current and prior years that will be available for recoupment in the event of future net losses (In Thousands).

	Ordinary	Capital
2022 estimated
2021		$	31
2020			307

The Company had no federal or foreign income tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within 12 months from December 31, 2022. The Company had no Alternative Minimum Tax credit carryforward.

The Company’s policy is to recognize interest expense and penalties related to tax contingencies as a component of Federal and foreign income taxes. No interest and penalties were recorded in Federal and foreign income taxes for the years ended December 31, 2022, 2021 and 2020.

37

PMHC and its subsidiaries file income tax returns in the U.S. Federal and various state jurisdictions. PMHC is under continuous audit by the Internal Revenue Service (IRS) and is audited periodically by some state taxing authorities. The IRS is currently examining PMHC’s tax returns for the years ended December 31, 2013 through 2018. The exam of the Federal tax returns through tax years ended December 31, 2012 has been completed and certain issues are under appeal. The State of California is auditing the tax year ended December 31, 2009 and certain issues are under protest. The Company does not expect the current Federal and California audits to result in any material assessments.

7. CAPITAL AND SURPLUS

The Company has 5 million shares of common stock authorized of which 2.9 million shares are issued and outstanding with a par value of $1.00 per share. There is only one class of shares.

DIVIDEND RESTRICTIONS

The payment of dividends by the Company to its parent is subject to restrictions set forth in the State of Arizona insurance laws. These laws require (i) notification to the AZ DIFI for the declaration and payment of any dividend and (ii) approval by the AZ DIFI for accumulated dividends within the preceding twelve months that exceed the lesser of 10% of statutory surplus as regards to policyholders as of the preceding December 31 or statutory net gain from operations for the preceding twelve months ended December 31. Based on these restrictions and 2022 statutory results, the Company could pay zero in dividends to Pacific Life in 2023 without prior regulatory approval. Within the dividend restrictions, there are no restrictions placed on the portion of Company profits that may be paid as ordinary dividends to stockholders. There are no other restrictions on unassigned surplus.

No dividends were paid during the year ended December 31, 2022. During the year ended December 31, 2021 , PL&A paid ordinary dividends in the form of cash and bonds to Pacific Life of $41.7 million. During the year ended December 31, 2020, PL&A paid ordinary cash dividends to Pacific Life of $40.0 million.

UNASSIGNED SURPLUS

The portion of unassigned surplus represented by cumulative unrealized gains (losses), net, as of December 31, 2022 and 2021 was ($46.2) million and $0.4 million, respectively.

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8. RELATED PARTY TRANSACTIONS

Pacific Life provides general administrative and investment management services to the Company under an administrative services agreement. Product contract services relating to the Company’s variable universal life insurance, other life insurance, variable annuities and investment management services are under a separate services agreement. Amounts charged by Pacific Life to the Company for these services were $28.0 million, $22.7 million and $19.9 million for the years ended December 31, 2022, 2021 and 2020, respectively, and are primarily included in operating expenses.

PLFA is the investment adviser for the Pacific Select Fund, the investment vehicle provided to the Company’s variable life insurance policyholders and variable annuity contract owners. PLFA is owned 99% by Pacific Life and 1% by the Company. Distributions to the Company from PLFA, reflecting net revenues and expenses, net of taxes, are recorded by the Company as net investment income when declared, to the extent they are not in excess of undistributed accumulated earnings. Distributions from PLFA to the Company included in net investment income for the years ended December 31, 2022, 2021 and 2020 were $4.6 million, $5.2 million and $4.3 million, respectively. Any undistributed net revenue and expense, net of tax, is recorded directly to surplus.

Pacific Select Distributors, LLC (PSD), a wholly-owned broker-dealer subsidiary of Pacific Life, primarily serves as the distributor of registered investment-related products and services, principally variable life and annuity contracts issued by the Company and Pacific Life. In connection with PSD’s distribution of these variable life and annuity contracts to the Company and Pacific Life, the Company incurred commission expense of $29.7 million, $34.0 million and $28.4 million during the years ended December 31, 2022, 2021 and 2020, respectively. A service plan was adopted by the Pacific Select Fund whereby Pacific Select Fund pays PSD, as distributor of the funds, a service fee in connection with services rendered or procured to or for shareholders of the fund or their variable contract owners. These services may include, but are not limited to, payment of compensation to broker-dealers, including PSD itself, and other financial institutions and organizations, which assist in providing any of the services. From these service fees, PSD reimbursed the Company $3.6 million, $4.2 million and $3.6 million, included in commission expense, for paying trail commissions on its behalf for the years ended December 31, 2022, 2021 and 2020, respectively. PSD also offers limited retail broker-dealer services that include selling variable annuities issued by the Company to customers advised by third party fiduciaries such as trust companies and registered investment advisers. With respect to these sales, PSD acts as the broker-dealer of record for the initial sale, but does not receive commissions.

During the year ended December 31, 2021, participants previously covered by a group annuity contract at Pacific Life were transferred to the Company. As a result, the Company recognized $72.6 million of premium revenue included in premium revenue and an increase in reserves included in aggregate reserves of $72.6 million. There was no similar transaction during the year ended December 31, 2022.

As of December 31, 2022, the Company reported $0.2 million and $0.3 million as amounts due from Pacific Life, and other affiliated companies, respectively. As of December 31, 2021, the Company reported $0.2 million and $0.3 million as amounts due from Pacific Life and other affiliated companies, respectively. The Company reported $3.8 million and $4.3 million due to Pacific Life as of December 31, 2022 and 2021, respectively. The Company reported no amounts payable to other affiliated companies as of December 31, 2022 and 2021. It is the Company’s policy to settle these amounts no later than 90 days after the due date.

The Company’s structured settlement transactions are typically designed such that an affiliated assignment company assumes settlement obligations from external parties in exchange for consideration. The affiliated assignment company then funds the assumed settlement obligations by purchasing annuity contracts from the Company. Consequently, substantially all of the Company’s structured settlement annuities are sold to an affiliated assignment company. Included in the liability for aggregate reserves are insurance contracts with the affiliated assignment company with contract values of $1,998.3 million and $1,914.2 million as of December 31, 2022 and 2021, respectively. Related to these annuity contracts, the Company received $101.7 million, $41.6 million and $62.9 million of premium and annuity considerations and paid $123.8 million, $126.2 million and $118.4 million of current and future policy benefits for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, included in the liability for deposit-type contracts are insurance contracts with the affiliated assignment company of $905.3 million and $830.4 million as of December 31, 2022 and 2021, respectively.

39

The Company has an agreement with Pacific Life to borrow up to $100 million at variable interest rates. There was no amount outstanding under the facility as of December 31, 2022 and 2021. The Company also has an intercompany uncommitted revolving credit facility with affiliates to lend or borrow funds. Under the agreement, the Company can lend or borrow up to 3% of the Company’s admitted assets to certain affiliates as of the preceding December 31. The aggregate total borrowing of all outstanding loans is limited to $1.0 billion including any outstanding loans under any other affiliate lending agreements. The Company had no amount outstanding under the facility as of December 31, 2022.

9. RESERVES FOR LIFE CONTRACTS AND ANNUITY CONTRACTS

For policies with a substandard rating or flat extra, mean reserves are based on an appropriate multiple of or addition to the valuation mortality table.

As of December 31, 2022 and 2021, the Company had $255.7 million and $279.5 million, respectively, of insurance in force for which gross premiums were less than the net premiums according to the valuation standard set by the Arizona DIFI.

For traditional policies, tabular interest, tabular less actual reserve released, and tabular cost have been determined by formula as described by the NAIC instructions. For non-traditional universal life type policies, the tabular interest and tabular cost are based on the actual interest credited to and monthly deductions from the policies. For some deferred annuity policies and some immediate payout policies, tabular interest was calculated using basic data.

The tabular interest on deposit funds not involving life contingencies has been determined from actual interest credited to deposits.

The components for other reserve changes are as follows:

	December 31,
	2022							2021
	Ordinary							Ordinary
	Life			Individual				Life			Individual
	Insurance			Annuities		Total		Insurance			Annuities	Total
	(In Thousands)
The components of other reserve changes include change in asset adequacy reserves, change of separate account fair value, surrender or alternative comparison values, partial withdrawals, changes in deficiency reserves and change in CRVM expense allowances	$	(1,799	)	$	40,000	$	38,201	$	(51,602	)		$	(51,602	)

40

10. ANALYSIS OF ANNUITY ACTUARIAL RESERVES AND DEPOSIT TYPE CONTRACT LIABILITIES BY WITHDRAWAL CHARACTERISTICS

The tables below describe withdrawal characteristics of individual annuities and deposit-type contracts:

Individual Annuities:	December 31, 2022
	General Account		Separate Account Nonguaranteed		Total		% of Total
	($ In Thousands)
Subject to discretionary withdrawal:
With market value adjustment	$	70,590			$	70,590		1	%
At book value less current surrender charge of 5% or more (1)		203,066				203,066		2	%
At fair value			$	2,764,401		2,764,401		40	%
Total with market value adjustment or at fair value		273,656		2,764,401		3,038,057		43	%
At book value without adjustment		1,719,350				1,719,350		25	%
Not subject to discretionary withdrawal		2,193,063		316		2,193,379		32	%
Total	$	4,186,069	$	2,764,717	$	6,950,786		100	%
Amount included at book value less current surrender charge of 5% or more that will move to at book value without adjustment for the first time within the year after the statement date:	$	164,877	$	—	$	164,877

⁽¹⁾ Withdrawal characteristic categories were evaluated using effective surrender charge rates, where applicable.

Group Annuities:	December 31, 2022
	General Account		Separate Account Nonguaranteed		Total		% of Total
	($ In Thousands)
Not subject to discretionary withdrawal	$	257,602			$	257,602		100	%
Total	$	257,602	$	—	$	257,602		100	%

Deposit-type Contracts:	December 31, 2022
	General Account		Separate Account Nonguaranteed		Total		% of Total
	($ In Thousands)
Subject to discretionary withdrawal:
With market value adjustment	$	4,802			$	4,802		1	%
At fair value			$	2,118		2,118
Total with market value adjustment or at fair value		4,802		2,118		6,920		1	%
Not subject to discretionary withdrawal		931,581				931,581		99	%
Total	$	936,383	$	2,118	$	938,501		100	%

41

Total Individual and Group Annuities and Deposit-type Contracts:

	December 31, 2022
	General Account		Separate Account Nonguaranteed		Total		% of Total
	($ In Thousands)
Subject to discretionary withdrawal:
With market value adjustment	$	75,392			$	75,392		1	%
At book value less current surrender charge of 5% or more (1)		203,066				203,066		2	%
At fair value			$	2,766,519		2,766,519		34	%
Total with market value adjustment or at fair value		278,458		2,766,519		3,044,977		37	%
At book value without adjustment		1,719,350				1,719,350		21	%
Not subject to discretionary withdrawal		3,382,246		316		3,382,562		42	%
Total	$	5,380,054	$	2,766,835	$	8,146,889		100	%

Total Individual and Group Annuities and Deposit-type Contracts:

	December 31, 2021
	General Account		Separate Account Nonguaranteed		Total		% of Total
	($ In Thousands)
Subject to discretionary withdrawal:
With market value adjustment	$	83,314			$	83,314		1	%
At book value less current surrender charge of 5% or more (1)		460,754				460,754		6	%
At fair value			$	3,337,290		3,337,290		42	%
Total with market value adjustment or at fair value		544,068		3,337,290		3,881,358		49	%
At book value without adjustment		836,147				836,147		11	%
Not subject to discretionary withdrawal		3,136,365		403		3,136,768		40	%
Total	$	4,516,580	$	3,337,693	$	7,854,273		100	%

⁽¹⁾ Withdrawal characteristic categories were evaluated using effective surrender charge rates, where applicable.

The following information is obtained from the applicable exhibit in the Company’s Annual Statement and related Separate Accounts Annual Statement, both of which are filed with the AZ DIFI, and are provided to reconcile annuity reserves and deposit-type contract funds and other liabilities without life or disability contingencies to amounts reported in the Annual Statement:

	December 31,
	2022		2021
	(In Thousands)
Annual Statement:
Annuities	$	4,443,671	$	3,655,935
Deposit-type contracts		936,383		860,645
Total		5,380,054		4,516,580
Separate Accounts Annual Statement:
Annuities		2,764,717		3,334,231
Other contract deposit funds		2,118		3,462
Combined total	$	8,146,889	$	7,854,273

42

11. ANALYSIS OF LIFE ACTUARIAL RESERVES BY WITHDRAWAL CHARACTERISTICS

The tables below describe withdrawal characteristics of life actuarial reserves as of December 31, 2022 and 2021:

	General Account						Separate Account - Nonguaranteed
December 31, 2022	Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
	(In Thousands)
Subject to discretionary withdrawal, surrender values, or contract loans:
Universal life	$	356	$	21	$	201
Universal life with secondary guarantees		9,588		9,275		9,707
Indexed universal life with secondary guarantees		45,629		45,239		46,162
Other permanent cash value life insurance		6,804		7,175		7,351
Variable universal life		8,311		8,275		8,295	$	77,806	$	77,795	$	77,795
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value						4,781
Disability - active lives						44
Disability - disabled lives						5,722
Miscellaneous reserves						677
Total (direct + assumed)		70,688		69,985		82,940		77,806		77,795		77,795
Reinsurance ceded						7,105
Total (net)	$	70,688	$	69,985	$	75,835	$	77,806	$	77,795	$	77,795

43

	General Account						Separate Account - Nonguaranteed
December 31, 2021	Account Value		Cash Value		Reserve		Account Value		Cash Value		Reserve
	(In Thousands)
Subject to discretionary withdrawal, surrender values, or contract loans:
Universal life with secondary guarantees	$	9,216	$	8,813	$	9,264
Indexed universal life with secondary guarantees		45,164		43,520		45,524
Other permanent cash value life insurance		6,743		6,702		7,107
Variable universal life		9,183		9,144		9,170	$	93,844	$	93,802	$	93,802
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value						4,617
Disability - active lives						40
Disability - disabled lives						6,068
Miscellaneous reserves						913
Total (direct + assumed)		70,306		68,179		82,703		93,844		93,802		93,802
Reinsurance ceded						7,612
Total (net)	$	70,306	$	68,179	$	75,091	$	93,844	$	93,802	$	93,802

The table below describes the total withdrawal characteristics of life actuarial reserves for life and accident and health and separate accounts annual statements.

	December 31,
	2022		2021
Annual Statement:	(In Thousands)
Life insurance section	$	74,965	$	73,993
Disability - active lives section		18		16
Disabled lives section		181		173
Miscellaneous section		671		909
Subtotal		75,835		75,091
Separate Accounts Annual Statement:
Life insurance section		77,795		93,802
Combined total	$	153,630	$	168,893

44

12. PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED

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

	December 31, 2022				December 31, 2021
			Net of				Net of
	Gross		Loading		Gross		Loading
	(In Thousands)
Ordinary renewal	$	124	$	122	$	60	$	45
Total	$	124	$	122	$	60	$	45

13. SEPARATE ACCOUNTS

The Company utilizes Separate Accounts to record and account for assets and liabilities related to variable annuities and variable universal life. The liabilities consist of reserves established to meet withdrawal and future benefit payment contractual provisions. Investment risk associated with market value changes are generally borne by the contract holders.

In accordance with the products 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.

As of December 31, 2022 and 2021, the Company’s Separate Accounts Annual Statement included legally insulated assets of $2,909.5 million and $3,490.6 million, respectively. The assets legally insulated and not legally insulated from the general account as of December 31, 2022 are attributed to the following products (In Thousands):

Product	Separate Account Assets Legally Insulated		Separate Account Assets Not Legally Insulated
Variable annuities	$	2,831,690
Variable universal life		77,812
Total	$	2,909,502	$	—

In accordance with the products recorded within the Separate Account, some separate account liabilities are guaranteed by the General Account. In accordance with guarantees provided, if the investment proceeds are insufficient to cover the rate of return guaranteed for the product, the policyholder proceeds will be remitted by the General Account.

To compensate the General Account for the risk taken, the Separate Account paid risk charges as follows for the years ended December 31, 2022, 2021, 2020, 2019, and 2018 of $19.6 million, $18.4 million, $16.7 million, $16.7 million, and $17.4 million, respectively.

For the years ended December 31, 2022, 2021 and 2020, the General Account of the Company had paid $0.9 million, zero and $0.1 million, respectively, toward the Separate Account guarantees.

The Company has no Separate Accounts with guarantees. The Company’s Separate Accounts without guarantees consist of the variable annuities and variable universal life businesses where the assets of these accounts are carried at fair value.

45

Information regarding the Separate Accounts of the Company is as follows:

	Years Ended December 31,
	2022		2021
	(In Thousands)
Premiums, considerations or deposits	$	282,557	$	331,695

	December 31,
	2022		2021
	(In Thousands)
Reserves for accounts with assets at fair value	$	2,844,630	$	3,431,495
Reserves by withdrawal characteristics:
Subject to discretionary withdrawal at fair value	$	2,844,314	$	3,431,092
Not subject to discretionary withdrawal		316		403
Total	$	2,844,630	$	3,431,495

	Years Ended December 31,
	2022			2021			2020
				(In Thousands)
Transfers as reported in the summary of operations - statutory basis of the Separate Accounts Annual Statement:
Transfers to separate accounts	$	282,497		$	331,200		$	238,311
Transfers from separate accounts		251,482			386,614			278,642
Net transfers from separate accounts		31,015			(55,414	)		(40,331	)
Reconciling adjustments:
Net lag gain/loss for annuities in general account only		(36	)		3			(550	)
Transfers as reported in current and future policy benefits in the accompanying statements of operations - statutory basis	$	30,979		$	(55,411	)	$	(40,881	)

46

14. BORROWED MONEY

PL&A is a member of the Federal Home Loan Bank of San Francisco (FHLB). The Company is eligible to receive advances from the FHLB based on a percentage of the Company’s net admitted assets provided it has sufficient available eligible collateral and is in compliance with the FHLB requirements and insurance laws and regulations. The Company’s estimated maximum borrowing capacity (after taking into account required collateralization levels) was $7.0 million and $11.0 million as of December 31, 2022 and 2021. However, asset eligibility determination is subject to the FHLB’s discretion and to the availability of qualifying assets at the Company. The Company had no collateral pledged to the FHLB. Interest is at variable or fixed rates. The Company had no borrowing from the FHLB as of December 31, 2022 and 2021.

The Company is required to purchase stock in FHLB of San Francisco each time it receives an advance. As of December 31, 2022, the Company held $3.5 million of Class B stock and $0.2 million of Excess Stock for a total of $3.6 million of FHLB of San Francisco membership stock, which is recorded in common stocks. As of December 31, 2021, the Company held $3.6 million of membership Class B stock of FHLB of San Francisco. All of the membership stock is not eligible for redemption.

The membership stock (Class A and B) eligible and not eligible for redemption as of December 31, 2022 and 2021 is as follows: 

December 31, 2022	Total		Not Eligible for Redemption		Eligible for Redemption
			(In Thousands)
Membership stock:
Class A
Class B	$	3,454	$	3,454

December 31, 2021	Total		Not Eligible for Redemption		Eligible for Redemption
			(In Thousands)
Membership stock:
Class A
Class B	$	3,647	$	3,647

15. COMMITMENTS AND CONTINGENCIES

COMMITMENTS

As of December 31, 2022, the Company has no outstanding commitments for investments in joint ventures, partnerships and limited liability companies.

As of December 31, 2022, the Company had $10.0 million and zero of outstanding contractual obligations to acquire private placement securities for the General and Separate Account, respectively. As of December 31, 2022, the Company had $1.6 million of outstanding mortgage loan commitments in the General Account which were primarily advances available for construction loans.

In connection with the operations of PLFA, the Company and Pacific Life are obligated to contribute additional capital funding as may be required according to their respective membership percentages. There were no capital contributions to PLFA for the years ended December 31, 2022, 2021 and 2020.

CONTINGENCIES - LITIGATION

The Company is a respondent in a number of legal proceedings, some of which involve allegations for extra-contractual damages. Although the Company is confident of its position in these matters, success is not a certainty and a judge or jury could rule against the Company. In the opinion of management, the outcome of such proceedings is not likely to have a material adverse effect on the Company’s financial statements - statutory basis.

Issues were identified in a market conduct exam that may be indicative of potential losses. The Company has accrued a loss contingency based on management’s best estimate and does not expect these issues to have a materially adverse effect on the Company’s financial statements - statutory basis.

47

CONTINGENCIES - IRS REVENUE RULING

In 2007, the IRS issued Rev. Rul. 2007-54, interpreting then-current tax law regarding the computation of the dividend received deduction (DRD). Later in 2007, the IRS issued Revenue Ruling 2007-61, suspending Rev. Rul. 2007-54 and indicating that the IRS would re-address this issue in a future regulation project. In 2014, the IRS issued Rev. Rul. 2014-7, stating that it would not address this issue through regulation, but instead would defer to legislative action. Rev. Rul. 2014-7 also expressly superseded Rev. Rul. 2007-54, and declared Rev. Rul. 2007-61 obsolete. With the enactment the Act on December 22, 2017, DRD computations have been modified effective January 1, 2018. Therefore, the Company does not expect that any of the rulings described above will affect DRD computations in the future. However, in open tax years before 2018, the Company could still lose a substantial portion of its DRD claims, which could in turn have a material adverse effect on the Company’s financial statements - statutory basis.

CONTINGENCIES - OTHER

In the course of its business, the Company provides certain indemnifications related to dispositions, investments, lease agreements or other transactions that are triggered by, among other things, breaches of representations, warranties or covenants provided by the Company. These obligations are typically subject to time limitations that vary in duration, including contractual limitations and those that arise by operation of law, such as applicable statutes of limitation. Because the amounts of these types of indemnifications often are not explicitly stated, the overall maximum amount of the obligation under such indemnifications cannot be reasonably estimated. The Company has not made material payments for these types of indemnifications. The estimated maximum potential amount of future payments under these obligations is not determinable due to the lack of a stated maximum liability for certain matters, and therefore, the Company may record a contingent reserve for such matters. Management believes that judgments, if any, against the Company related to such matters are not likely to have a material adverse effect on the Company’s financial statements - statutory basis.

The Company is required by law to participate in the guaranty associations of the various states in which it is licensed to do business. The state guaranty associations ensure payments of guaranteed benefits, with certain restrictions, to policyholders of impaired or insolvent insurance companies by assessing all other companies operating in similar lines of business. The Company has not received notification of any insolvency that is expected to result in a material guaranty fund assessment.

The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of December 31, 2022 and 2021, the estimated liability was zero and $0.2 million, respectively. As of December 31, 2022 and 2021, the related premium tax receivable was $2.2 million and $2.4 million, respectively. These amounts represent management’s best estimate based on information received from the state in which the Company writes business and may change due to many factors including the Company’s share of the ultimate cost of current insolvencies. Future guaranty fund assessments are expected to be paid based on anticipated funding periods for each guaranty association obligation. Premium tax offsets are expected to be realized based on regulations set forth by various state taxing authorities.

See Note 1 for discussion of other contingencies related to reinsurance.

See Note 5 for discussion of other contingencies related to derivative instruments.

See Note 6 for discussion of other contingencies related to income taxes.

48

Pacific Life & Annuity Company

SUPPLEMENTAL SCHEDULE OF SELECTED FINANCIAL DATA   

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2022

(In Thousands)

Investment Income Earned:
U.S. Government bonds	$	152
Bonds exempt from U.S. tax
Other bonds (unaffiliated)		210,797
Bonds of affiliates
Preferred stocks (unaffiliated)
Preferred stocks of affiliates
Common stocks (unaffiliated)		228
Common stocks of affiliates
Mortgage loans		18,545
Real estate
Contract loans		274
Cash and cash equivalents		3,104
Derivative instruments		3,904
Other invested assets		5,735
Aggregate write-ins for investment income		898
Gross Investment Income	$	243,637
Real Estate Owned - Book Value Less Encumbrances
Mortgage Loans - Book Value:
Farm mortgages
Residential mortgages
Commercial mortgages	$	376,603
Mezzanine		26,712
Total Mortgage Loans	$	403,315
Mortgage Loans By Standing - Book Value:
Good standing	$	403,315
Good standing with restructured terms
Interest overdue more than 90 days, not in foreclosure
Foreclosure in process
Other Long-Term Assets - Carrying Value	$	25,791
Bonds and Stocks of Parents, Subsidiaries and Affiliates - Carrying Value:
Bonds
Preferred stocks
Common stocks

49

Bonds by NAIC Designation and Maturity:
Bonds by Maturity - Statement Value:
Due within one year or less	$	208,556
Over 1 year through 5 years		1,200,475
Over 5 years through 10 years		1,195,279
Over 10 years through 20 years		1,353,701
Over 20 years		1,075,755
Total by Maturity	$	5,033,766
Bonds by NAIC Designation - Statement Value:
NAIC 1	$	2,698,624
NAIC 2		2,250,785
NAIC 3		71,848
NAIC 4		3,906
NAIC 5		489
NAIC 6		8,114
Total by NAIC Designation	$	5,033,766
Total Bonds Publicly Traded	$	3,674,486
Total Bonds Privately Traded	$	1,359,280
Preferred Stocks - Statement Value
Common Stocks - Unaffiliated - Statement Value	$	5,592
Common Stocks - Affiliated - Statement Value
Cash Equivalents	$	311,071
Options, Caps & Floors Owned - Statement Value
Options, Caps & Floors Written and In Force - Statement Value
Collar, Swap & Forward Agreements Open - Statement Value	$	(50,723	)
Futures Contracts Open - Statement Value	$	9,992
Cash on Deposit	$	22,302
Life Insurance In Force:
Industrial
Ordinary	$	4,102,662
Credit Life
Group Life	$	466
Amount of Accidental Death Insurance In Force Under Ordinary Policies	$	550

50

Life Insurance Policies with Disability Provisions In Force:
Industrial
Ordinary	$	7,254
Credit Life
Group Life
Supplementary Contracts In Force:
Ordinary - Not Involving Life Contingencies
Amount on Deposit
Income Payable
Ordinary - Involving Life Contingencies
Income Payable
Group - Not Involving Life Contingencies
Amount on Deposit
Income Payable
Group - Involving Life Contingencies
Income Payable
Annuities:
Ordinary
Immediate - Amount of Income Payable	$	144,547
Deferred - Fully Paid Account Balance	$	1,921,357
Deferred - Not Fully Paid - Account Balance
Group
Amount of Income Payable	$	20,929
Fully Paid Account Balance
Not Fully Paid - Account Balance
Accident and Health Insurance - Premiums In Force:
Group
Credit
Other
Deposit Funds and Dividend Accumulations:
Deposit Funds - Account Balance	$	936,383
Dividend Accumulations - Account Balance

51

Claim Payments 2022:

Group Accident and Health - Year Ended December 31, 2022

2022

2021

2020

2019

2018

Prior

Other Accident and Health

2022

2021

2020

2019

2018

Prior

Other Coverages that Use Developmental Methods to Calculate Claim Reserves

2022

2021

2020

2019

2018

Prior

52

Pacific Life & Annuity Company

SUPPLEMENTAL SUMMARY INVESTMENT SCHEDULE

DECEMBER 31, 2022

(In Thousands)

	Gross Investment Holdings*				Admitted Assets as Reported in the Annual Statement
Long-term bonds:
U.S. Governments	$	9,271	0.157	%	$	9,271	0.157	%
All other governments		31,465	0.534	%		31,465	0.534	%
U.S. states, territories, and possessions, etc. guaranteed		8,870	0.151	%		8,870	0.151	%
U.S. political subdivisions of states, territories, and possessions, guaranteed		63,679	1.081	%		63,679	1.081	%
U.S. special revenue and special assessment obligations, etc. non-guaranteed		348,305	5.914	%		348,305	5.914	%
Industrial and miscellaneous		4,572,176	77.632	%		4,572,176	77.632	%
Total long-term bonds		5,033,766	85.469	%		5,033,766	85.469	%
Common stocks:
Industrial and miscellaneous other (unaffiliated)		5,592	0.095	%		5,592	0.095	%
Total common stocks		5,592	0.095	%		5,592	0.095	%
Mortgage loans:
Commercial mortgages		376,603	6.394	%		376,603	6.394	%
Mezzanine real estate loans		26,712	0.454	%		26,712	0.454	%
Total mortgage loans		403,315	6.848	%		403,315	6.848	%
Cash and cash equivalents:
Cash		22,302	0.379	%		22,302	0.379	%
Cash equivalents		311,071	5.282	%		311,071	5.282	%
Total cash and cash equivalents		333,373	5.661	%		333,373	5.661	%
Contract loans		9,483	0.159	%		9,483	0.159	%
Derivatives		11,844	0.201	%		11,844	0.201	%
Receivables for securities		736	0.013	%		736	0.013	%
Other invested assets		91,464	1.554	%		91,464	1.554	%
Total invested assets	$	5,889,573	100.000	%	$	5,889,573	100.000	%

*Gross Investment Holdings as valued in compliance with NAIC Accounting Practices and Procedures Manual.

53

Pacific Life & Annuity Company

SUPPLEMENTAL SCHEDULE OF INVESTMENT RISK INTERROGATORIES

 DECEMBER 31, 2022

The Company’s Total Admitted Assets, excluding separate accounts, as reported in the Statements of Admitted Assets, Liabilities and Capital and Surplus (Total Admitted Assets) was $5,978.0 million as of December 31, 2022.

1. The 10 largest exposures to a single issuer/borrower/investment as of December 31, 2022, are as follows:

	(In Thousands)		Percentage of Total Admitted Assets
Amgen Inc (Bond)	$	51,905		0.9	%
Comcast Corporation (Bond)		46,891		0.8	%
IBM Corporation (Bond)		44,773		0.7	%
AT&T Corporation (Bond)		41,415		0.7	%
Commercial loan (Mortgage Loan)		39,594		0.7	%
Pfizer Inc (Bond)		38,964		0.7	%
Metropolitan Transport Authority NY (Bond)		36,886		0.6	%
United Technologies Corporation (Bond)		34,850		0.6	%
Xcel Energy Inc (Bond)		34,745		0.6	%
Union Pacific Corporation (Bond)		32,896		0.6	%

2. The amounts and percentages of Total Admitted Assets held in bonds and preferred stocks by NAIC designation as of December 31, 2022, are as follows:

	(In Thousands)		Percentage of Total Admitted Assets				(In Thousands)	Percentage of Total Admitted Assets
Bonds:						Preferred Stock:
NAIC 1	$	2,698,624		45.1	%	P/RP 1
NAIC 2		2,250,785		37.7	%	P/RP 2
NAIC 3		71,848		1.2	%	P/RP 3
NAIC 4		3,906		0.1	%	P/RP 4
NAIC 5		489		0.0	%	P/RP 5
NAIC 6		8,115		0.1	%	P/RP 6

54

3. Assets held in foreign investments as of December 31, 2022, totaled $532.6 million, which represents 8.9% of Total Admitted Assets.

a. The aggregate foreign investment exposure, categorized by NAIC sovereign designation as of December 31, 2022, is as follows:

	(In Thousands)		Percentage of Total Admitted Assets
Countries designated NAIC 1	$	458,429		7.7	%
Countries designated NAIC 2		44,728		0.7	%
Countries designated NAIC 3 or below		29,488		0.5	%

b. The largest foreign investment exposures in a single country, categorized by the country’s NAIC sovereign designation as of December 31, 2022, are as follows:

	(In Thousands)		Percentage of Total Admitted Assets
Countries designated NAIC 1
Country: United Kingdom (Great Britain)	$	156,883		2.6	%
Country: Germany		57,941		1.0	%
Countries designated NAIC 2
Country: Mexico		27,311		0.5	%
Country: Indonesia		11,937		0.2	%
Countries designated NAIC 3 or below
Country: Bahamas		16,900		0.3	%
Country: Brazil		12,588		0.2	%

c. The 10 largest non-sovereign (i.e. non-governmental) foreign issues as of December 31, 2022 are as follows:

NAIC Designation	Issuer	(In Thousands)		Percentage of Total Admitted Assets
1.F FE	BP Capital Markets PLC	$	25,000		0.4	%
1.C FE	Platinum Securities KY		20,620		0.3	%
2.B FE	BAT International Finance PLC		19,999		0.3	%
1.D PL	Cayman Universe		18,906		0.3	%
2.C FE	Ashtead Capital Inc		18,905		0.3	%
1.E FE/1.G FE	Lloyds TSB Bank Group PLC		15,016		0.3	%
2.A FE	Banco Bilbao Vizcaya Argentari		15,000		0.3	%
1.G FE	Mizuho Financial Group Inc		15,000		0.3	%
2.B FE	Takeda Pharmaceutical Co Ltd		15,000		0.3	%
2.A FE	Anheuser-Busch Companies Inc		13,487		0.2	%

4. The aggregate amount and percentage of Total Admitted Assets held in Canadian investments as of December 31, 2022, totaled $200.1 million, which represent 3.3% of Total Admitted Assets.

5. The aggregate amount and percentage of Total Admitted Assets held in investments with contractual sales restrictions are less than 2.5% of Total Admitted Assets as of December 31, 2022.

6. Assets held in equity interest are less than 2.5% of Total Admitted Assets as of December 31, 2022.

55

7. Assets held in nonaffiliated, privately placed equities are less than 2.5% of Total Admitted Assets as of December 31, 2022.

a. Ten largest fund managers as of December 31, 2022 are as follows:

Fund Manager	Total Invested		Diversified		Nondiversified
	(In Thousands)
Walkers Fiduciary Limited	$	490	$	490

8. Assets held in general partnership interests are less than 2.5% of Total Admitted Assets as of December 31, 2022.

9. The amounts and percentages of Total Admitted Assets held in mortgage loans as of December 31, 2022, are as follows:

a. The 10 largest aggregate mortgage interests sharing the same property or group of properties as of December 31, 2022 are as follows:

Type (Residential, Commercial, Agricultural)	(In Thousands)		Percentage of Total Admitted Assets
Commercial loan	$	39,594		0.7	%
Commercial loan		32,677		0.5	%
Commercial loan		32,628		0.5	%
Commercial loan		32,423		0.5	%
Commercial loan		28,751		0.5	%
Commercial loan		27,228		0.5	%
Commercial loan		26,711		0.4	%
Commercial loan		25,000		0.4	%
Commercial loan		20,000		0.3	%
Commercial loan		19,985		0.3	%

10. The aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisals as of December 31, 2022 are as follows:

	(In Thousands)		Percentage of Total Admitted Assets
Commercial:
Above 95%
91% to 95%
81% to 90%
71% to 80%
Below 70%	$	403,315		6.7	%

11. Assets held in real estate are less than 2.5% of Total Admitted Assets as of December 31, 2022.

12. Assets held in investments held in mezzanine real estate loans are less than 2.5% of Total Admitted Assets as of December 31, 2022.

13. The Company has no securities lending agreements, repurchase agreements, or reverse repurchase agreements as of December 31, 2022.

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14. The amounts and percentages of Total Admitted Assets for warrants not attached to other financial instruments, options, caps, and floors as of December 31, 2022, are as follows:

	(In Thousands)		Percentage of Total Admitted Assets
Owned:
Hedging:	$	972		0.0	%

15. The amounts and percentages of Total Admitted Assets of potential exposure for collars, swaps, and forwards as of December 31, 2022 and each of the preceding three quarters are as follows ($ In Thousands):

			Percentage
	December 31,		of Total			As of Each Quarter End
	2022		Admitted Assets			1st Quarter		2nd Quarter		3rd Quarter
Hedging	$	5,748		0.1	%	$	4,883	$	5,704	$	5,704

16. The amounts and percentages of Total Admitted Assets of potential exposure for futures contracts as of December 31, 2022 and each of the preceding three quarters are as follows ($ In Thousands):

			Percentage
	December 31,		of Total			As of Each Quarter End
	2022		Admitted Assets			1st Quarter		2nd Quarter		3rd Quarter
Hedging	$	9,992		0.2	%	$	8,127	$	10,751	$	10,480

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Pacific Life & Annuity Company

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES

 DECEMBER 31, 2022

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. The Company has not 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, that includes a provision that limits the reinsurer’s assumption of significant risks identified in Appendix A-791.

2. The Company has not 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.

3. The Company does not 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, or settlements to be made, less frequently than quarterly;

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

c. 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.

4. The Company has not 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.

5. The Company has not 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 year ended December 31, 2022 and are accounted for the contract as reinsurance under SAP and as a deposit under GAAP.

6. The Company has not 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 year ended December 31, 2022 and accounted for the contract as reinsurance under GAAP and as a deposit under SAP.

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