485BPOS 1 felvulfiling.htm 0525FELVUL FILING


 
As filed with the Securities and Exchange Commission on April 29, 2025
Registration Nos. 333-149540; 811-09507

 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 
FORM N-6

 
REGISTRATION STATEMENT
UNDER
 
THE SECURITIES ACT OF 1933
 
 
Pre-Effective Amendment No.
☐
 
Post-Effective Amendment No. 19
☒
and/or
REGISTRATION STATEMENT
UNDER
THE INVESTMENT COMPANY ACT OF 1940
 
Amendment No. 61
☒

 
FARMERS VARIABLE LIFE SEPARATE ACCOUNT A
(Exact Name of Registrant)
FARMERS NEW WORLD LIFE INSURANCE COMPANY
(Name of Depositor)

 
3120 139th Ave SE, Suite 300, Bellevue, Washington 98005
(Address of Depositor’s Principal Executive Offices)
1-800-238-9671
(Depositor’s Telephone Number)

 
Tina de Jong
Special Corporate Counsel and Corporate Secretary
Farmers New World Life Insurance Company
3120 139th Ave SE, Suite 300
Bellevue, Washington 98005
(Name and Address of Agent for Service)

 
Approximate date of proposed public offering: Continuous
It is proposed that this filing will become effective (check appropriate box):
☐ immediately upon filing pursuant to paragraph (b) of Rule 485
☒ on May 1, 2025 pursuant to paragraph (b) of Rule 485
☐ days after filing pursuant to paragraph (a)(1) of Rule 485
☐ on (date) pursuant to paragraph (a)(1) of Rule 485
If appropriate, check the following box:

 ☐
this post-effective amendment designates a new effective date for a previously-filed post-effective amendment.

 

 

Prospectus
May 1, 2025
Farmers EssentialLife® Variable Universal Life
A FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE INSURANCE POLICY
ISSUED THROUGH:
Farmers Variable Life Separate Account A
BY
Farmers New World Life Insurance Company

This prospectus describes Farmers EssentialLife® Variable Universal Life, an individual flexible premium variable life insurance policy (the “Policy”), issued by Farmers New World Life Insurance Company. The Policy provides life insurance, with a life insurance benefit (called the “Death Benefit Amount Payable”) that we will pay if the Insured dies while the Policy is in force. The amount of life insurance may increase or decrease depending on the number of years the Policy is in force and the investment experience of the Subaccounts of the Farmers Variable Life Separate Account A (the “Variable Account”) in which you invest.
This Policy is currently not being issued.
This prospectus provides basic information that you should know before investing. You should keep this prospectus for future reference. Additional information about certain investment products, including variable life insurance, has been prepared by the Securities and Exchange Commission’s staff and is available at www.investor.gov.
Replacing your existing life insurance with this Policy may not be to your advantage. In addition, it may not be to your advantage to finance the purchase of or to maintain this Policy through a loan or through Surrenders or partial Surrenders from another policy.
An investment in this Policy is not a bank deposit, and the Policy is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Investing in this Policy involves risk, including possible loss of Premiums. Please read the “Principal Policy Risks” section of this prospectus. It describes some of the risks associated with investing in the Policy.
The Securities and Exchange Commission has not approved or disapproved this Policy or determined that this prospectus is accurate or complete.
Anyone who tells you otherwise is committing a federal crime.

 
Not FDIC Insured
 
May Lose Value
 
No Bank Guarantee
 
Table of Contents
 
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34 
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43 
43 
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45 
46 
49 
49 
49 
50 
50 
50 
51 
51 
51 
52 
56 
56 
57 
57 
A-58
B-63
C-66
D-68
 
Glossary

For your convenience, we are providing a glossary of the special terms we use in this prospectus.
Accumulation Unit Value. An accounting unit we use to calculate Subaccount values. It measures the net investment results of each of the Subaccounts.
Attained Age. The sum of the Issue Age plus the number of Policy Years completed since the Issue Date.
Beneficiary. The Beneficiary is the natural person(s) or the entity(ies) named to receive the Death benefit Amount Payable at the Insured’s death.
Business Day. Each day that the NYSE is open for regular trading. Farmers New World Life Insurance Company is open to administer the Policy on each day the NYSE is open for regular trading. When we use the term “Business Day” in the Prospectus, it has the same meaning as the term “Valuation Day” found in the Policy.
Cash Surrender Value. The amount we will pay you if you fully surrender the Policy while it is in force. The Cash Surrender Value on the date you surrender is equal to: the Contract Value, minus the Surrender Charge, if any, minus any Monthly Deduction due and unpaid, and minus any Policy Loan Balance.
Company (we, us, our, Farmers, FNWL). Farmers New World Life Insurance Company
Contract Value. On the Valuation Day, the Contract Value is equal to the Fixed Account Value plus the Subaccount Policy Value plus any Loan Account Value.
Death Benefit Amount Payable. If the Insured dies while the Policy is In Force, the amount we will pay to the Beneficiary on receipt of satisfactory Proof of Death is the Death Benefit in effect as of the date of death; less any Monthly Deductions due and unpaid at the date of death; less any Policy Loan Balance; plus the amounts to be paid under the terms of any attached riders.
Face Amount. An amount chosen by you that is used to determine the Death Benefit. The actual Death Benefit Amount Payable paid upon death may be more or less than the Face Amount. Face Amount is sometimes referred to as Principal Sum.
Fixed Account. An account that is secured by our general account, and is not a part of or dependent on the investment performance of the Variable Account.
Fixed Account Value. The portion of your Contract Value allocated to the Fixed Account. Your Policy’s Fixed Account Value is backed by our general account, and is not a part of or dependent on the investment performance of the Variable Account.
Fund(s). Investment companies that are registered with the SEC. The Policy allows you to invest in the portfolios of the funds that are listed in Appendix A of the Prospectus.
General Account. The account containing all of Farmers’ assets, other than those held in its separate accounts.
Home Office. The address of our Home Office is 3120 139th Ave SE, Suite 300, Bellevue, WA 98005.
Initial Premium. The amount you must pay before insurance coverage begins under the Policy. The initial premium is shown on your Policy’s specification page.
Insured. The natural person whose life is Insured by this Policy.
Issue Age. The Insured’s age as of his/her last birthday on this Policy’s Issue Date.
Issue Date. The effective date for the insurance coverage under this Policy, provided the first Premium Payment has been made. Policy Months, Years, and Anniversaries are measured from the Issue Date.
Loan Account Value. The portion of your Contract Value allocated to the loan account.
Lapse. The termination of this Policy due to nonpayment of sufficient Premium Payments or Loan Repayments. A policy that has lapsed provides no further values or benefits.
Monthly Deduction. The amount we deduct from the Contract Value each month to pay for the insurance coverage. The Monthly Deduction is the Cost of Insurance Charge for the Policy; plus the Risk Charges of any attached riders; plus the Monthly Administration Charge; plus any Monthly Underwriting and Sales Expense Charge.
Monthly Due Date. The day of each month on which Monthly Deductions are determined and become due. It is on the same day of the month as the Issue Date.
NYSE. The New York Stock Exchange
Outstanding Loan Amount. The Policy Loan Balance is the sum of Policy Loans taken; plus accrued loan interest; minus the sum of Loan Repayments. The loan account is part of our General Account. The outstanding loan amount, or loan account value, is defined as the “Policy Loan Balance” in the Policy.
Portfolio. A series of a Fund with its own objective and policies, which represents shares of beneficial interest in a separate portfolio of securities and other assets. Portfolio is sometimes referred to herein as a Fund.
Premium Class. An underwriting classification that is used to determine the Monthly Deduction, Surrender Charge, and Minimum Premium.
Premiums. Any Planned or Unplanned Premium Payment for this Policy and any attached riders. When we use the term “premium” in the Prospectus, it generally has the same meaning as “Premium Payments” in the Policy, refers to planned or unplanned premium payments, and means a premium without a premium expense charge applied.
Premium Expense Charge. An amount deducted from each Premium Payment before the remainder of the premium payment is allocated to the Subaccounts and Fixed Account based on your current allocation percentages for Premium Payments.
Reallocation Date. The first Valuation Day on or after the Record Date; plus the number of days in the Right to Examine Period; plus 10 days.
Record Date. The date we record your Policy on Our books as an In Force policy.
Right to Examine Period. The period when you may return the Policy and receive a refund of the greater of all premiums you paid for the Policy or the Contract Value on the date we receive the returned Policy at Our Home Office. The length of the Right to Examine period varies by state. It will be at least 10 days from the date you receive the Policy. The first page of your Policy shows your Right to Examine Period.
Service Center. The address of the Service Center is P.O. Box 724208, Atlanta, GA 31139. Infosys McCamish Systems, L.L.C. is the administrator of the Policy. You can call the Service Center toll-free at 1-877-376-8008.
Subaccount. The Subaccounts are invested in distinct underlying fund portfolios. The Accumulation Unit Value of each Subaccount will fluctuate in accordance with the investment experience of the Subaccount’s underlying fund portfolios.
Surrender. The termination of the Policy at the option of the Owner.
Surrender Charge. The amount, based on the Face Amount, we charge you to fully surrender the Policy. The Surrender Charge is equal to (a) + (b), where (a) is the Surrender Charge for the Face Amount on the issue date; and (b) is the Surrender Charge for each increase in Face Amount. The Surrender Charge applies during the first nine years after the Issue Date and the first nine years after each increase in Face Amount.
Tax Code. The Internal Revenue Code of 1986, as amended.
Variable Account. Farmers Variable Life Separate Account A. It is a separate investment account that is divided into subaccounts, each of which invests in a corresponding portfolio of a designated fund.
Written Notice. The Written Notice you must sign and send us to request or exercise your rights as Owner under the Policy. To be complete, it must: (1) be in a form we accept, (2) contain the information and documentation that we determine is necessary, and (3) be received at our Service Center.
You (your, Owner). The person entitled to exercise all rights as Policy Owner under the Policy.

 Key Information
Important Information You Should Consider About the Policy
 
FEES AND EXPENSES
Charges for Early Withdrawal
There are surrender charges assessed if your Policy is surrendered during the first 9 Policy years, or within 9 years following any increase in Face Amount. The amount of the charge depends on the age of the insured person and other factors, but the maximum charge is $44.40 per $1000 of Face Amount. For example, if the Face Amount is $100,000, the highest possible surrender charge would be $4,440.
 
See “Charges and Deductions – Surrender Charge.”
Transaction Charges
In addition to surrender charges (if applicable), you may also be charged for the following transactions:
 
• A premium expense charge will be deducted upon the payment of each premium.
 
• A partial surrender processing fee will be deducted upon any partial surrender.
 
• A transfer fee may be deducted upon transfers into or out of a variable subaccount (or the fixed account) after you have made more than 12 such transfers in a year.
 
• A fee may be charged upon request for an additional annual report.
 
See “Charges and Deductions.”
Ongoing Fees and Expenses (annual charges)
In addition to surrender charges and transaction charges, you will also be subject to certain ongoing fees and expenses, including fees and expenses covering the cost of insurance under the Policy and the cost of optional benefits under the Policy. Some of these fees and expenses are based wholly or in part on the characteristics of the insured person (e.g., age, sex, and underwriting classification). You should view the policy specifications page of your Policy for rates applicable to your Policy.
 
See “Charges and Deductions.”
 
You will also bear expenses associated with the underlying portfolios under the Policy, as shown in the following table:
 
 
Annual Fee
Minimum
Maximum
 
Investment options
(Portfolio fees and expenses)*
 
0.19%
 
1.05%
 
 
 
* As a percentage of Portfolio net assets.
 
See “Appendix A: Portfolios Available Under the Policy.”
 
RISKS
Risk of Loss
You can lose money by investing in the Policy.
 
See “Principal Policy Risks.”
Not a Short-Term Investment
The Policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Policy is unsuitable as a short-term savings vehicle because of the substantial policy-level charges, including the premium expense charge and the surrender charge, as well as potential adverse tax consequences from such short-term use.
 
See “Principal Policy Risks – Effects of Surrender Charges.”
Risks Associated
with Investment
Options
An investment in the Policy is subject to the risk of poor performance and can vary depending on the performance of the Subaccount allocation options available under the Policy (i.e., Portfolios). Each such option (as well as the Fixed Account) will have its own unique risks, and you should review these options before making an allocation decision.
 
See “Principal Policy Risks – Risk of Poor Investment Performance.”
Insurance
Company Risks
Your investment in the policy is subject to risks related to Farmers New World Life Insurance Company (“Farmers”), including that the obligations (including under the Fixed Account option), guarantees, or benefits are subject to the claims-paying ability of Farmers. Information about Farmers, including its financial strength ratings, is available upon request from your Farmers representative. Our current financial strength ratings can also be obtained at www.ambest.com.
 
See “Farmers New World Life Insurance Company and Fixed Account – Farmers New World Life Insurance Company.”
Contract Lapse
The Policy may lapse as a result of insufficient premium payments, poor performance of the variable Subaccounts and/or Fixed Account you have chosen, withdrawals, or unpaid loans or loan interest. If a default is not cured within a 61-day grace period, your policy will lapse without value, and no death benefit or other benefits will be payable. You can apply to reinstate a policy that has gone into default, subject to conditions including payment of a specified amount of additional premiums.
 
See “Policy Lapse and Reinstatement.”
RESTRICTIONS
Investments
There are limitations on the transfer of Policy value among investment options (i.e., Subaccounts and the Fixed Account).. These restrictions include an annual limit on the number of free transfers you may make, and a charge for transfers in excess of that limit, as well as a minimum dollar amount for transfers. We also impose additional restrictions to discourage market timing and disruptive trading activity.
 
See “Transfers.”
 
The Policy also allows us to eliminate the shares of a Portfolio or class of Portfolio shares, or to substitute shares of another new or existing Portfolio, subject to applicable legal requirements.
 
See “The Variable Account and the Portfolios.”
Optional Benefits
There are restrictions and limitations relating to supplemental benefits (riders) offered under the Policy, as well as conditions under which a supplemental benefit may be modified or terminated by us. For example, certain supplemental benefits may be subject to underwriting, and your election of an option may result in restrictions on certain policy benefits.
 
See “Other Benefits Available Under the Policy.”
TAXES
Tax Implications
You should consult with a tax professional to determine the tax implications of an investment in and payments received under the Policy. There is no additional tax benefit to you if the policy is purchased through a tax-qualified plan. If we pay out any amount of your policy value upon surrender or partial withdrawal, all or part of that distribution would generally be treated as a return of the premiums you’ve paid and not subjected to income tax, unless the Policy is a Modified Endowment Contract in which case to the extent there are earnings in the contract, they will be treated as being distributed first and subject to tax. Any portion not treated as a return of your premiums is includible in your income. The taxable portion of distributions also is subject to tax penalties under some circumstances.
 
See “Federal Tax Considerations.”
CONFLICTS OF INTEREST
Investment Professional Compensation
The policy is currently not being issued, however, some investment professionals may receive compensation in connection with additional Premiums in an outstanding Policy, including by means of commissions, and may have a financial incentive to recommend such additional premiums over another investment.
 
See “Additional Information.”
Exchanges
Some investment professionals may have a financial incentive to offer you a new policy in place of the one you already own, and you should only exchange your policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable for you to purchase the new policy rather than continue to own the existing policy.
 
See “The Policy – Tax-Free “Section 1035” Exchanges.”
Overview of the Policy
 
Purpose
The purpose of the Policy is to provide lifetime insurance protection, with a death benefit payable if the insured dies while the Policy is in effect. The Policy gives you the potential for long-term life insurance coverage with the opportunity for tax-deferred cash value accumulation. The Policy may be appropriate for persons seeking both life insurance protection and the potential for the accumulation of cash values.
Premiums
You can vary the frequency and amount of premiums subject to certain limitations discussed in the Premium Flexibility section of this Prospectus. You may be able to skip premium payments under certain circumstances. However, you greatly increase your risk of Lapse if you do not regularly pay premiums at least as large as the current minimum premium. After you pay an Initial Premium, you can pay subsequent Premiums (minimum $25) at any time.
You may allocate premiums to one or more Subaccounts of the Variable Account. Each Subaccount invests exclusively in one of the Portfolios listed in “Appendix A: Portfolios Available Under the Policy.” Investment returns from amounts allocated to the Subaccounts will vary each day with the investment experience of these Subaccounts. You may also allocate premiums to the Fixed Account where we guarantee that it will earn interest at an annual rate of at least 2.5%. We may declare higher rates of interest, but are not obligated to do so.
Policy Features
Death Benefit
As long as the Policy remains in force, we will pay a death benefit payment to the Beneficiary on receipt of due proof of death. You may choose one of two death benefit options under the Policy.

 •
Option A is a variable death benefit through Attained Age 99 that is the greater of:

¡ 
the Face Amount of your Policy plus the Contract Value on the date of the Insured’s death; or

¡  
the Contract Value on the date of the Insured’s death multiplied by the applicable Death Benefit Percentage.

•
Option B is a level death benefit through Attained Age 99 that is the greater of:

¡ 
the Face Amount on the date of the Insured’s death; or

¡  
the Contract Value on the date of the Insured’s death multiplied by the applicable Death Benefit Percentage.
Surrender
At any time while the Policy is in force, you may fully Surrender your Policy and receive the Cash Surrender Value. After the first Policy year, you may withdraw part of the Cash Surrender Value, subject to certain restrictions. Surrenders may have tax consequences. See “Full and Partial Surrenders.”
Loans
You may take a loan against the Policy by submitting a signed request to the Service Center. Generally, the minimum amount of each loan is $250. Interest is charged on each loan. If there is an outstanding loan the amount of the loan and accrued interest will be deducted from the death benefit and other Policy proceeds. If your Policy is a Modified Endowment Contract, there may be additional tax implications.
 
Supplemental Benefits (Riders)
The Policy offers the following riders that provide supplemental benefits under the Policy.

 •
Accelerated Benefit Rider for Terminal Illness

•
Accidental Death Benefit Rider

•
Automatic Increase Benefit

•
Children’s Term Insurance Rider

•
Waiver of Deduction Rider

•
Monthly Disability Benefit Rider (not available under Policies issued after August 7, 2015)
Additional fees are charged for certain riders. See “Other Benefits Available Under the Policy
Fee Table

The following tables describe the fees and charges that you will pay when buying, owning, and surrendering or making withdrawals from the Policy. Please refer to your Policy specifications page for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that you will pay at the time that you buy the Policy, surrender or make withdrawals from the Policy, or transfer cash value between investment options.
 
Transaction Fees
Charge
 
When Charge is Deducted
 
Amount Deducted
 
Guaranteed
Maximum Charge
 
Current Charge
 
Sales Expense
Upon payment of each premium
4.8%
4.8% in years 1-10 years; 0.8% in years 11+
Premium Taxes
Upon payment of each premium
2.2%
2.2%
Maximum Deferred Sales Charge (Load)1
(Per $1,000 of Face Amount)
Upon full Surrender of the Policy during first 9 Policy years, or within 9 years following any increase in Face Amount
 
 
 
 
 
 
◆ Minimum Charge in Policy Year 12
 
$3.00
$3.00
 
 
 
 
◆ Maximum Charge in Policy Year 13
 
$44.40
$44.40
 
 
 
 
◆ Charge for a Policy issued to a male at age 35, during Policy Year 1
  
$10.06
$10.06
Partial Surrender Processing Fees
Upon partial surrender
2.0%
2.0%
(As a percentage of the amount withdrawn, not to exceed $25.00)
      
Transfer Fees
Upon transfer
First 12 transfers in a Policy year are free, $25 for each subsequent transfer
First 12 transfers in a Policy year are free, $25 for each subsequent transfer
 

1 
The Surrender Charge is determined by applying a Surrender Charge Factor (see Appendix D) to the Face Amount, and dividing the result by 1,000 as more fully set out in your Policy.
2 
This minimum charge is based on a female Insured age 0 at issue.
3 
This maximum charge is based on a male Insured for a Policy that is issued at age 61.
 
The next table describes the fees and expenses that you will pay periodically during the time that you own the Policy, not including Portfolio Company fees and expenses.
 
Periodic Charges Other Than Annual Portfolio Company Expenses
Charge
 
When Charge is Deducted
 
Amount Deducted
 
Guaranteed
Maximum Charge
 
Current Charge
 
Base Contract Charge:
      
Cost of Insurance4 (No table rating factor charge or other extra charge 5):
Monthly on the Issue Date and on each monthly due date
Per $1,000 of Risk Insurance Amount 8
Per $1,000 of Risk Insurance Amount
 
 
 
 
◆ Minimum 6
 
$0.01
$0.01
 
 
 
 
◆ Maximum Charge 7
 
$37.12
$37.12
 
 
 
 
◆ Charge for a Policy insuring a male, Issue Age 35, in the standard non-nicotine Premium Class, in Policy year 5 with a Face Amount less than $150,000
  
$0.12
$0.06
Monthly Underwriting and Sales Expense Charge
 
(Per $1,000 of original Face Amount and any Face Amount increase)
Monthly on Issue Date and (Per $1,000 of original Face Amount and any Face Amount increase) or within 5 years after any increase in Face Amount
 
 
 
 
 
 
◆ Minimum Charge 9
 
$0.07
$0.07
 
 
 
 
◆ Maximum Charge 10
 
$2.21
$2.21
 
 
 
 
◆ Charge for a Policy issued to a male at age 35, in a non-nicotine standard class, during the first year
  
$0.26
$0.25
 

4 
Cost of insurance charges are based on the Insured’s Issue Age, gender, Premium Class, the Contract Value, the number of months since the Issue Date, and the amount of the Face Amount, among other factors. The cost of insurance rate you pay may increase annually with the age of the Insured. We currently apply higher cost of insurance rates for Policies with a Face Amount of less than $150,000. If you reduce your Face Amount below $150,000 at any time, then the higher rates will apply in most cases. The cost of insurance charges shown in the table may not be representative of the charges you will pay. Your Policy will indicate the guaranteed maximum cost of insurance charge applicable to your Policy. You can obtain more information about your cost of insurance charges by contacting your agent.
5 
Table rating factor charges and flat extra charges are additional charges assessed on policies insuring individuals considered to have higher mortality risks based on our underwriting standards and guidelines.
6 
The minimum charge is based on a female Insured, Issue Age 3, in the juvenile underwriting class.
7 
This maximum charge is based on a male Insured, at Attained Age 99, in the nicotine underwriting class, who does not have a table rating factor charge. This maximum charge will be higher for a Policy with a table rating factor charge or a flat extra charge.
8 
The Risk Insurance Amount, on the Monthly Due Date, equals the adjusted death benefit, minus the adjusted Contract Value on that date. The adjusted death benefit and the adjusted Contract Value are determined by using the Contract Value on the respective Monthly Due Date and deducting all applicable charges and fees, except the cost of insurance charge.
9 
This minimum charge is based on a female Insured that is 0 at issue, assuming no subsequent increases in Face Amount.
10 This maximum charge is based on a male Insured at age 80.
 
 
Mortality and Expense Risk Fees (As an annualized percentage of daily net assets in each Subaccount)
Daily
0.60%
0.30%
Administrative Expenses
Monthly on the Issue Date and on each monthly due date
$12.00
$12.00, up to Attained Age 100
Loan Interest Rates
Interest is charged daily, and is due and payable at the end of each Policy year, or on the date of any Policy loan increase or repayment, if earlier.
These rates may change at our discretion, but are guaranteed not to exceed 6.5%.
For years 1 through 15, we will charge you loan interest at a rate of 4.5%, compounded annually. For years 16 and beyond, we will charge you loan interest at a rate 2.5%, compounded annually.
Optional Benefit Charges:
    
Accelerated Benefit Rider for Terminal Illness
When a benefit is paid under this rider
$250 plus the actuarial discount
$150 plus the actuarial discount
Accidental Death Benefit Rider (Per $1,000 of rider Face Amount)
Monthly on the Issue Date and on each monthly due date
 
 
 
 
 
 
◆ Minimum Charge 11
 
$0.08
$0.04
 
 
 
 
◆ Maximum Charge 12
 
$0.56
$0.51
 
 
 
 
◆ Charge for an Insured at Attained Age 35
  
$0.08
$0.06
Children’s Term Insurance Rider (Per $1,000 of rider amount)
Monthly on Issue Date and on each Monthly Due Date
$0.87
$0.78
Monthly Disability Benefit Rider (Per $100 of monthly benefit)
Monthly on Issue Date and on each Monthly Due Date
 
 
 
 
 
 
◆ Minimum Charge 13
 
$6
$4
 
 
 
 
◆ Maximum Charge
 
$62
$45
 
 
 
 
◆ Charge at the Insured’s Attained Age 35
  
$7
$4.5
Waiver of Deduction Rider (As a percentage of all other monthly charges)
Monthly on the Issue Date and on each monthly due date
 
 
 
 
 
 
◆ Minimum Charge 13
 
6%
4%
 
 
 
 
◆ Maximum Charge
 
60%
45%
 
 
 
 
◆ Charge at the Insured’s Attained Age 35
  
7%
4.5%
11 The minimum charge is based on a female Insured at Attained Age 11.
12 The maximum charge is based on a male Insured at Attained Age 69 whose occupation and/or avocations at issue lead us to believe the Insured’s         risk of accidental death is roughly triple that of a representative Insured.
13 The minimum charge is for an Insured at Attained Age 21.
 
The Policy charges a Monthly Deduction, which consists of the total of 1) Cost of Insurance, 2) Administrative Expenses, 3) Monthly Underwriting and Sales Expense Charge and 4) risk charges of any attached riders. See “Charges and Deductions – Monthly Deductions.”
The next item shows the minimum and maximum total operating expenses charged by the Portfolio Companies that you may pay periodically during the time that you own the Contract. [These amounts also include applicable Platform Charges if you choose to invest in certain Portfolio Companies.] A complete list of Portfolio Companies available under the Contract, including their annual expenses, may be found at the back of this document.
 

Annual Portfolio Company Expenses 14
Minimum
Maximum
(Expenses that are deducted from Portfolio Company assets, including management fees, distribution and/or service (12b-1) fees, and other expenses)
 
0.19%
 
1.05%
Principal Policy Risks
 
Risk of Poor Investment Performance
If you invest your Contract Value in one or more Subaccounts, you will be subject to the risk that investment performance will be unfavorable and that your Contract Value will decrease. You could lose everything you invest and your Policy could lapse without value, unless you pay additional Premiums. In addition, we deduct Policy fees and charges from your Contract Value, which can significantly reduce your Contract Value. During times of declining investment performance, the deduction for monthly charges based on the Risk Insurance Amount could accelerate and further reduce your Contract Value.
If you allocate Premiums and Contract Value to the Fixed Account, we will credit your Contract Value in the Fixed Account with a declared rate of interest. You assume the risk that the rate may decrease, although it will never be lower than a guaranteed minimum annual effective rate of 2.5%.
Risks of Market Timing and Disruptive Trading
This Policy and the underlying Portfolios are not designed for market timers. However, there is no assurance that we will be able to identify and prevent all market timing and other forms of disruptive trading in the Policy and the underlying Portfolios. For a discussion of our policies and procedures on market timing and of the potential costs and risks to you that can result if market timing or disruptive trading occurs in the underlying Portfolios, see the “Transfers – Policy and Procedures Regarding Disruptive Trading and Market Timing” section.
Risk of Lapse
Paying the minimum premium is one way to reduce the risk that your Policy will Lapse without value. You greatly increase the risk of your Policy lapsing if you do not regularly pay Premiums at least as large as the current minimum premium. However, paying the minimum Premiums for the Policy will not necessarily keep your Policy in force because poor investment performance and/or partial surrenders could result in a lapse of a Policy, notwithstanding payment of minimum Premiums.
You also increase the risk that your Policy will Lapse if you take out a loan, take partial Surrenders or increase the Face Amount of your Policy. These activities, any increase in the current charges, or any unfavorable investment returns will significantly increase the risk of your Policy lapsing. It is likely that additional Premiums will be necessary to keep your Policy in force until maturity.
For a full discussion on the conditions that will cause the Policy to enter the grace period and the Grace Premium Test, please see the “Policy Lapse and Reinstatement” section of this prospectus.
 
 
Whenever your Policy enters the 61-day grace period, you must make a payment before the grace period ends that is large enough to keep your Policy in force. Market performance alone will not be deemed to constitute a sufficient payment. If you do not make a large enough payment before the end of the grace period, your Policy will terminate without value, insurance coverage will no longer be in force, and you will receive no benefits. A Policy Lapse may have adverse tax consequences.
14 Before expense reimbursements or fee waiver arrangements. The Portfolio expenses used to prepare this table were provided to Farmers by the Portfolio(s). Farmers has not independently verified such information. The expenses shown are those incurred for the year ending December 31, 2024. Current or future expenses may be greater or less than those shown.
Tax Risks
A Policy must satisfy certain requirements in the Tax Code in order to qualify as a life insurance contract for federal income tax purposes and to receive the tax treatment normally accorded life insurance contracts under federal tax law. There is limited guidance as to how these requirements are to be applied. Nevertheless, we believe that a Policy issued on a standard Premium Class basis should satisfy the applicable Tax Code requirements. There is, however, some uncertainty about the application of the Tax Code requirements to a Policy issued on a special Premium Class basis, particularly if the full amount of Premiums permitted under the Policy is paid.
Depending on the total amount of Premiums you pay during the first seven years of a Policy, the Policy may be treated as a modified endowment contract (“MEC”) under federal tax laws. In addition, any Section 1035 Exchange coming from a policy that is a MEC makes the new Policy a MEC. If a Policy is treated as a MEC, then partial Surrenders and loans under a Policy will be taxable as ordinary income, to the extent there are earnings in the Policy. In addition, a 10% penalty tax may be imposed on the taxable portion of partial Surrenders and loans taken before you reach age 59 1/ 2. There may be tax consequences to distributions from Policies that are not MECs. However, the 10% penalty tax will not apply to distributions from Policies that are not MECs. Loans from or secured by a Policy that is not a MEC are generally not treated as distributions. However, the tax consequences associated with Policy loans from this Policy are less clear because the difference between the interest rate we charge on Policy loans and the rate we credit to the loan account results in a net cost to you that could be viewed as negligible and, as a result, it is possible that such a loan could be treated as, in substance, a taxable distribution. You should consult a qualified tax advisor about such loans.
The federal tax laws are unclear in a variety of areas. You should review the “Federal Tax Considerations” section of this prospectus carefully, especially if you are purchasing this Policy with the intention of taking Policy loans or partial Surrenders at any time in the future, and/or you intend to keep the Policy in force after the Insured reaches Attained Age 100. You should consult a qualified tax advisor for assistance in all tax matters involving your Policy.
Limits on Partial Surrenders
The Policy permits you to take only one partial Surrender in any calendar quarter, and only after the first Policy year has been completed. The amount you may withdraw is limited to 75% of the Cash Surrender Value. You may not withdraw less than $500. If 75% of the Cash Surrender Value is less than $500, then a partial Surrender is not available.
A partial Surrender reduces the Cash Surrender Value and Contract Value and will increase the risk that the Policy will Lapse. A partial Surrender also may have tax consequences.
In addition, a partial Surrender will reduce the death benefit. If you select a level death benefit (Option B), a partial Surrender will permanently reduce the Face Amount by the amount of the partial Surrender (not including the processing fee). If a variable death benefit (Option A) is in effect when you make a partial Surrender, the Face Amount will remain the same but the death benefit will be reduced by the amount that the Contract Value is reduced.
Loan Risks
A Policy loan, whether or not repaid, will affect Contract Value over time because we subtract the amount of the loan from the Subaccounts and Fixed Account and place this amount into the loan account as collateral. We credit a fixed interest rate of 2.5% per year to the loan account. For Policy years 1 through 15, we will charge you loan interest at a rate of 4.5%, compounded annually. For Policy years 16 and beyond, we will charge you loan interest at a rate of 2.5%, compounded annually. These rates may change at our discretion, but are guaranteed not to exceed 6.5%. As a result, the loan collateral does not participate in the investment results of the Subaccounts, nor does it receive as high an interest rate as amounts allocated to the Fixed Account. The longer the loan is outstanding, the greater the effect on Contract Value is likely to be. Depending on the investment results of the Subaccounts and the interest rates charged against the loan and credited to the Fixed Account, the effect could be favorable or unfavorable.
 
A Policy loan affects the death benefit because a loan reduces the Death Benefit Amount Payable by the amount of the outstanding loan plus any interest you owe on Policy loans.
A Policy loan will increase the risk that the Policy will Lapse. There is a risk that if the loan amount, together with poor investment performance and payment of monthly insurance charges, reduces your Cash Surrender Value (or Contract Value, in certain circumstances) to an amount that is not large enough to pay the Monthly Deduction when due, then the Policy will enter the 61-day grace period, and possibly Lapse. Adverse tax consequences could result. In addition, the tax consequences of loans are uncertain. You should consult a qualified tax advisor about such loans.
Increase in Current Fees and Expenses
Certain fees and expenses are currently assessed at less than their maximum levels. We may increase these current charges in the future up to the guaranteed maximum levels. If fees and expenses are increased, you may need to increase the amount and/or frequency of Premiums you pay to keep the Policy in force.
Effects of Surrender Charges
There are significant Surrender Charges under this Policy during the first nine Policy years and during the nine years after any elected increase in Face Amount. It is likely that you will receive no Cash Surrender Value if you Surrender your Policy in the early Policy years. You should purchase this Policy only if you have the financial ability to keep it in force at the initial Face Amount for a substantial period of time.
Even if you do not ask to Surrender your Policy, Surrender Charges may play a role in determining whether your Policy will Lapse. The Cash Surrender Value is one measure we use to determine whether your Policy will enter a grace period and possibly Lapse.
Portfolio Risks
A comprehensive discussion of the risks of each Portfolio may be found in each Portfolio’s prospectus. Please refer to the prospectuses for the Portfolios for more information. There is no assurance that any of the Portfolios will achieve its stated investment objective.
Cybersecurity and Business Continuity Risk
Like others in our industry, we are subject to operational and information security risks resulting from “cyber-attacks,” “hacking” or similar illegal or unauthorized intrusions into computer systems and networks. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, denial of service attacks on websites and unauthorized release of confidential customer information. Additionally, our operations support complex transactions and are highly dependent on the proper functioning of information technology and communication systems. Any failure of, disruption to, or gap in the systems and processes necessary to support complex transactions and avoid systems failure, fraud, information security failures, processing errors, loss of data and breaches of regulation caused by cyber-attacks or other similar illegal, or unauthorized intrusions may lead to a materially adverse effect on our operations, results, financial condition, and corporate reputation.
In addition, we must commit significant resources to maintain and enhance our existing systems in order to keep pace with applicable regulatory requirements, industry standards and customer preferences. If we fail to maintain secure and well-functioning information systems, we may not be able to rely on information for product pricing, compliance obligations, risk management and underwriting decisions. Although we seek to limit our vulnerability to such risks through technological and other means to maintain the integrity and security of our information systems and data, it is not possible to anticipate or prevent all potential forms of cyber-attack or other similar illegal or unauthorized intrusions or to guarantee our ability to timely detect, remediate, and defend against all such attacks. In addition, due to the sensitive nature of much of the financial and personal information we maintain, we may be at particular risk for targeting.
Cyber-attacks affecting us, any third-party administrator, the underlying funds, intermediaries and other affiliated or third-party service providers may adversely affect us and your account value. For instance, cyber-attacks may interfere with our processing of contract transactions, including the processing of orders from our website or with the underlying funds, impact our ability to calculate accumulation unit values, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cyber security risks may also affect the issuers of securities in which the underlying funds invest, which may cause the funds underlying your contract to lose value. There can be no assurance that we or the underlying funds or our service providers will avoid losses affecting your contract that result from cyber-attacks or information security breaches in the future.
We are also exposed to risks related to natural and man-made disasters and catastrophes, any of which could adversely affect our ability to conduct business. A natural or man-made disaster or catastrophe, including a pandemic (such as COVID-19), could affect the ability of our employees or the employees of our service providers to perform their responsibilities. In the event our employees and/or the employees of our service providers are required to work remotely, those remote work arrangements could result in our business operations being less efficient than under normal circumstances and could lead to delays in our processing of contract-related transactions, including orders from owners. Catastrophic events may also negatively affect the computer and other systems on which we rely. There can be no assurance that we, our service providers or the underlying funds will be able to avoid negative impacts associated with natural and man-made disasters and catastrophes.
 
Farmers New World Life Insurance Company and the Fixed Account 
Farmers New World Life Insurance Company
Farmers New World Life Insurance Company (“Farmers”) is located at 3120 139th Ave SE, Suite 300, Bellevue, Washington 98005. We are obligated to pay all amounts promised under the Policy.
The Fixed Account
You may allocate some or all of your premium payments and transfer some or all of your Contract Value to the Fixed Account. The Fixed Account offers a guarantee of principal accumulating at a specified rate of interest that will be reduced by deductions for fees and expenses. The Fixed Account is part of Farmers’ General Account. We use our general assets to support our insurance and annuity obligations other than those funded by our separate investment accounts (i.e., the Variable Account), and those obligations amounts are subject to our claims-paying ability and financial strength. Subject to applicable law, Farmers has sole discretion over investment of the Fixed Account’s assets. Farmers bears the full investment risk for all amounts contributed to the Fixed Account. Farmers guarantees that the amounts allocated to the Fixed Account will be credited interest daily at an annual net effective interest rate of at least 2.5%. We will determine any interest rate credited in excess of the guaranteed rate at our sole discretion. All assets in the General Account are subject to our general liabilities from business operations.
Money you place in the Fixed Account will earn interest that is compounded annually and accrues daily at the current interest rate in effect at the time of your allocation. We intend to credit the Fixed Account with interest at current rates in excess of the minimum guaranteed rate of 2.5%, but we are not obligated to do so. We have no specific formula for determining current interest rates.
The Fixed Account Value will not share in the investment performance of our General Account. Because we, in our sole discretion, anticipate changing the current interest rate from time to time, different allocations you make to the Fixed Account will be credited with different current interest rates. You assume the risk that interest credited to amounts in the Fixed Account may not exceed the minimum 2.5% guaranteed rate.
We reserve the right to change the method of crediting interest from time to time, provided that such changes do not reduce the guaranteed rate of interest below 2.5% per year or shorten the period for which the interest rate applies to less than one year (except for the year in which such amount is received or transferred).
We currently allocate amounts from the Fixed Account for partial Surrenders, transfers to the Subaccounts, or charges for the Monthly Deduction on a last in, first out basis (“LIFO”) for the purpose of crediting interest.
The Fixed Account is not registered with the Securities and Exchange Commission (“SEC”). The disclosures included in this prospectus about the Fixed Account are for your information and have not been necessarily reviewed by the staff of the SEC. However, Fixed Account disclosure is subject to general applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in this prospectus.

The Variable Account and the Portfolios
The Variable Account
Farmers established the Variable Account as a separate investment account under the law of the State of Washington on April 6, 1999. Farmers owns the assets in the Variable Account. Farmers may use the Variable Account to support other variable life insurance policies Farmers issues. The Variable Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 (the “1940 Act”) and qualifies as a “separate account” within the meaning of the federal securities laws.
The Variable Account is divided into Subaccounts, each of which invests in shares of one Portfolio of a fund.
Income, gains, and losses credited to, or charged against, a Subaccount of the Variable Account reflect the Subaccount’s own investment experience and not the investment experience of our other assets. The Variable Account’s assets may not be used to pay any of our liabilities other than those arising from the Policies and from other variable life insurance policies supported by the Variable Account. Farmers is obligated to pay all amounts promised to investors under the Policies. If the Variable Account’s assets exceed the required reserves and other liabilities, we may transfer to our General Account the excess related to seed capital, as well as earned fees and charges to which we are entitled under the Policy.
 
Changes to the Variable Account. We reserve the right in our sole discretion, and subject to applicable law, to add, close, remove, or combine one or more Subaccounts, combine the Variable Account with one or more other separate accounts, or operate the Variable Account as a different kind of investment company. Subject to obtaining any approvals or consents required by law, the assets of one or more Subaccounts may also be transferred to any other Subaccount if, in our sole discretion, conditions warrant. In addition, we reserve the right to modify the provisions of the Policy to reflect changes to the Subaccounts and the Variable Account and to comply with applicable law. Some of these future changes may be the result of changes in applicable laws or interpretation of the law.
The Portfolios
Each Subaccount of the Variable Account invests exclusively in shares of a designated Portfolio of a fund, as available. Shares of each Portfolio are purchased and redeemed at net asset value, without a sales charge. Any dividends and distributions from a Portfolio are reinvested at net asset value in shares of that Portfolio. Each fund available under the Policy is registered with the SEC under the 1940 Act as an open-end, management investment company. Such registration does not involve supervision of the management or investment practices or policies of the Funds by the SEC.
The assets of each Portfolio are separate from the assets of any other Portfolio, and each Portfolio has separate investment objectives and policies. As a result, each Portfolio operates as a separate investment Portfolio and the income or losses of one Portfolio has no effect on the investment performance of any other Portfolio.
Each of the Portfolios is managed by an investment advisor registered with the SEC under the Investment Advisers Act of 1940, as amended. Each investment advisor is responsible for the selection of the investments of the Portfolio. These investments must be consistent with the investment objective, policies and restrictions of that Portfolio.
Some of the Portfolios have been established by investment advisors that manage retail mutual Funds sold directly to the public having similar names and investment objectives to the Portfolios available under the Policy. While some of the Portfolios may be similar to, and may in fact be modeled after, publicly traded mutual Funds, you should understand that the Portfolios are not otherwise directly related to any publicly traded mutual fund.
Consequently, the investment performance of publicly traded mutual Funds and any similarly named Portfolio may differ substantially from the Portfolios available through this Policy.
An investment in a Subaccount, or in any Portfolio, including the DWS Government Money Market VIP, is not Insured or guaranteed by the U.S. Government and there can be no assurance that the DWS Government Money Market VIP will be able to maintain a stable net asset value per share. During extended periods of low interest rates, and due in part to insurance charges, the yields on the money market Subaccount may become extremely low and possibly negative.
Information regarding each Portfolio, including (i) its name, (ii) its type, (iii) its investment adviser and any sub-investment adviser, (iv) current expenses, and (v) performance is available in an appendix to this prospectus. See “Appendix A: Portfolios Available Under the Policy.”
Please read the attached prospectuses and/or summary prospectuses for the Portfolios to obtain more complete information regarding the Portfolios
Selection of the Portfolios
The Portfolios offered through the Policies are selected by Farmers, and Farmers may consider various factors, including, but not limited to asset class coverage, the strength of the investment advisor’s (and/or subadvisor’s) reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. We also consider whether the Portfolio or one of its service providers (e.g., the investment advisor) will make payments to us in connection with certain administrative, marketing, and support services, or whether the Portfolio’s advisor is an affiliate. We review the Portfolios periodically and may remove a Portfolio, or limit its availability to new Premiums and/or transfers of Contract Value if we determine that a Portfolio no longer satisfies one or more of the selection criteria and/or if the Portfolio has not attracted significant allocations from Policy Owners.
You are responsible for choosing to invest in the Portfolios and the amounts allocated to each that are appropriate for your own individual circumstances and your investment goals, financial situation, and risk tolerance. Since you bear the investment risk of investing in the Subaccounts, you should carefully consider any decisions regarding allocations of premium and Contract Value to each Subaccount.
 
In making your investment selections, we encourage you to thoroughly investigate all of the information regarding the Portfolios that is available to you, including each Portfolio’s prospectus and/or summary prospectus, statement of additional information, and annual and semi-annual reports. Other sources such as the Portfolio’s website or newspapers and financial and other magazines provide more current information, including information about any regulatory actions or investigations relating to a Portfolio. After you select Subaccounts in which to allocate premium or Contract Value, you should monitor and periodically re-evaluate your investment allocations to determine if they are still appropriate.
You bear the risk of any decline in the Contract Value of your Policy resulting from the performance of the Subaccounts you have chosen.
We do not provide investment advice and we do not recommend or endorse any of the particular Portfolios available as investment options in the Policy.
Revenue We Receive From the Portfolios and/or Their Service Providers. We and/or Farmers Financial Solutions, LLC (“FFS”), may directly or indirectly receive payments from the Portfolios and/or their service providers (investment advisors, administrators, and/or distributors), in connection with certain administrative, marketing and other services we and/or FFS provide and expenses we incur. We and/or FFS generally receive three types of payments:

 •
Rule 12b-1 Fees. We and/or FFS, the principal underwriter and distributor for the Policies, receive some or all of the 12b-1 fees from the Portfolios that charge a 12b-1 fee. See the prospectuses for the Portfolios for more information. The 12b-1 fees we and/or FFS receive are calculated as a percentage of the average daily net assets of the Portfolios owned by the Subaccounts available under this Policy and certain other variable insurance products that we issue.

•
Administrative, Marketing and Support Service Fees (“Support Fees”). We and/or FFS may receive compensation from some of the Portfolios’ service providers for administrative and other services we perform relating to Variable Account operations that might otherwise have been provided by the Portfolios. The amount of this compensation is based on a percentage of the average assets of the particular Portfolios attributable to the Policy and to certain other variable insurance products that we issue. These percentages currently range from 0.00% to 0.25% and may be significant. Some service providers may pay us more than others.
The chart below provides the current maximum combined percentages of 12b-1 fees and Support Fees that we anticipate will be paid to us and/or FFS on an annual basis:
 
Incoming Payments to Farmers and/or FFS
From the following Funds and
their Service Providers:
Maximum %
of assets*
From the following Funds and their
Service Providers:
Maximum %
of assets*
American Funds
0.25%
Franklin Templeton
0.25%
DWS
0.25%
Janus
0.25%
BNY Mellon
0.25%
PIMCO
0.15%
Fidelity®
0.25%
Principal
0.25%
*
Payments are based on a percentage of the average assets of each underlying Portfolio owned by the Subaccounts available under this Policy and under certain other variable insurance products offered by us.

•
Other payments. We and/or FFS also may directly or indirectly receive additional amounts or different percentages of assets under management from some of the Portfolio’s service providers with regard to the variable insurance products we issue. These payments may be derived, in whole or in part, from the advisory fees deducted from assets of the Portfolios. Policy Owners, through their indirect investment in the Portfolios, bear the costs of these advisory fees. Certain investment advisors or their affiliates may provide us and/or FFS with wholesaling services to assist us in the distribution of the Policy, may pay us and/or FFS amounts to participate in sales meetings or may reimburse our sales costs, and may provide us and/or FFS with occasional gifts, meals, tickets, or other compensation or reimbursement. The amounts in the aggregate may be significant and may provide the investment advisor (or other affiliates) with increased access to us and FFS.
Proceeds from these payments made by the Portfolios, investment advisors, and/or their affiliates may be used for any corporate purpose, including payment of expenses that we and FFS incur in promoting, issuing,
 
distributing, and administering the Policies, and that we incur, in our role as intermediary, in marketing and administering the underlying Portfolios. We and our affiliates may profit from these payments.
For further details about the compensation payments we make in connection with the sale of the Policies, see the “Additional Information – Distribution of the Policies” section.
Availability of the Portfolios
We do not guarantee that each Portfolio will always be available for investment through the Policies.
We reserve the right, subject to applicable law, to add new Portfolios or classes of Portfolio shares, remove or close existing Portfolios or classes of Portfolio shares, or substitute Portfolio shares held by any Subaccount for shares of a different Portfolio. New or substitute Portfolios or classes of Portfolio shares may have different fees and expenses and their availability may be limited to certain classes of purchasers. If the shares of a Portfolio are no longer available for investment or if, in our judgment, further investment in any Portfolio should become inappropriate, we may redeem the shares of that Portfolio and substitute shares of another Portfolio. We will not add, remove or substitute any shares without notice and prior approval of the SEC and state insurance authorities, to the extent required by the 1940 Act or other applicable law.
Your Right to Vote Portfolio Shares
Even though we are the legal Owner of the Portfolio shares held in the Subaccounts, and have the right to vote on all matters submitted to shareholders of the Portfolios, we will vote our shares only as you and other Policy Owners instruct, so long as such action is required by law.
Before a vote of a Portfolio’s shareholders occurs, we will send voting materials to you. We will ask you to instruct us on how to vote and to return your proxy to us in a timely manner. You will have the right to instruct us on the number of Portfolio shares that corresponds to the amount of Contract Value you have in that Portfolio (as of a date set by the Portfolio). The number of votes you have will be calculated separately for each Subaccount in which you have an investment.
We do not require a minimum number of votes received from Policy Owners in order to cast our votes. Instead, if we do not receive your voting instructions, or if we do not receive them within the time allowed to cast your vote, we will vote our Portfolio shares attributable to your Policy in proportion to the instructions that we timely receive from all Policy Owners who have a voting interest in the Portfolio’s shares. Because we do not require a minimum number of votes received, one result of “proportional voting” is that a small number of Policy Owners, who choose to timely vote, may control the outcome of a vote.
Should federal securities laws, regulations and interpretations change, we may elect to vote Portfolio shares in our own right. Under current legal requirements, we may disregard the voting instructions we receive from Policy Owners only in certain narrow circumstances prescribed by SEC regulations. In the event we disregard voting instructions from Policy Owners, we will send a summary in the next annual report to impacted Policy Owners advising them of the actions and the reasons we took such action.
The Policy
Purchasing a Policy
Please note that we are no longer offering the Policies for sale. This “Purchasing a Policy” section is included in the prospectus for your information.
To purchase a Policy, you must send the application and, in most cases, an Initial Premium, to us through any licensed Farmers insurance agent who is also a registered representative of a broker-dealer having a selling agreement with the principal underwriter that offers the Policy, Farmers Financial Solutions, LLC.
There may be delays in our receipt of an application that are outside of our control because of the failure of the agent to forward the application to us promptly, or because of delays in determining that the Policy is suitable for you. Any such delays will affect when your Policy can be issued and when your Initial Premium is allocated to one or more Subaccounts of the Variable Account and/or to the Fixed Account.
Acceptance of an application is subject to our insurance underwriting. Interest is not credited to your Initial Premium and any other amounts submitted with the application during the underwriting review process. This is true regardless of whether the application is declined or withdrawn, an offer to insure is not taken, or a Policy issued. We use different underwriting standards in relation to the Policy. We can provide you with details as to these underwriting standards when you apply for a Policy. We must receive evidence of insurability that satisfies our underwriting standards before we will issue a Policy. We reserve the right to reject an application for any reason permitted by law.
 
We reserve the right to decline an application for any reasons subject to the requirements imposed by law in the jurisdiction where the requested insurance Policy was to be issued and delivered. If the application is declined or canceled, the full amount paid with the application will be refunded.
We determine the minimum Face Amount (an amount that is used to determine the death benefit) for a Policy based on the Attained Age of the Insured when we issue the Policy. The minimum Face Amount for the preferred and premier Premium Classes is $150,000; $75,000 for standard/nicotine Premium Class Insureds age 21-50; and $50,000 for all others. The maximum Issue Age for Insureds in the preferred and premier underwriting classes is age 75; in the juvenile underwriting class is age 20; and in the standard Premium Classes is age 80. We base the minimum Initial Premium for your Policy on a number of factors including the age, gender and Premium Class of the Insured and the Face Amount. We currently require a minimum Initial Premium as shown on your Policy specifications page.
Tax-Free “Section 1035” Exchanges
You can generally exchange one life insurance policy for another in a ‘tax-free exchange’ under Section 1035 of the Tax Code. Before making an exchange, you should compare both policies carefully. Remember that if you exchange another policy for the one described in this prospectus, you might have to pay a Surrender Charge on your old policy. There will be a new Surrender Charge period for this Policy and other charges may be higher (or lower) and the benefits may be different. This Policy will have new suicide and incontestability periods, during which benefits may be denied in certain circumstances. Your old policy’s suicide and incontestability periods may have expired. If the exchange does not qualify for Section 1035 treatment, you may have to pay federal income and penalty taxes on the exchange. You should not exchange another policy for this one unless you determine, after knowing all the facts, that the exchange is in your best interest and not just better for the person trying to sell you this Policy (that person will generally earn a commission if you buy this Policy through an exchange or otherwise).
When Insurance Coverage Takes Effect
Temporary Insurance Coverage. If the primary proposed Insured meets our eligibility requirements for temporary insurance coverage, then we will provide the primary proposed Insured and children to be covered under a Children’s Term Insurance Rider with temporary insurance coverage in the amount applied for (excluding any riders and supplemental benefits) or $500,000, whichever is less. The conditions and eligibility requirements for temporary insurance coverage are detailed in the Temporary Insurance Agreement (“TIA”) included with the Policy application.
Temporary insurance coverage terminates automatically, and without notice, on the earliest of:

 •
The date insurance coverage under the Policy becomes effective;

•
The date you receive notice that either the temporary insurance coverage or the application has been declined, and in no event later than 12:01 a.m. Pacific Time of the fifth day after Farmers has mailed a letter giving such notice; or

•
The date Farmers receives a signed request from the Proposed Policy Owner(s) to cancel or withdraw either the Application or the TIA.
Insurance Coverage Under the Policy. If we issue the Policy as applied for, insurance coverage under the Policy will take effect on the Issue Date, provided sufficient payment has been received. If we issue a Policy other than as applied for, insurance coverage under the Policy will take effect either upon the completion of all underwriting and Owner payment for and acceptance of the Policy, or on the Issue Date, whichever is later. The Issue Date will be printed in the Policy and may be several days later than when the Policy is delivered to you. Insurance coverage under the Policy will not begin before the Issue Date printed in the Policy, if issued.
Generally, we will issue the Policy if we determine that the Insured meets our underwriting requirements, we accept the original application, and we receive the Owner’s payment. On the Issue Date, we will allocate your premium(s) (after subtracting the premium expense charge and the Monthly Deductions for the first month) to the Fixed Account until the Reallocation Date.
Backdating. We may sometimes backdate a Policy, if you request, by assigning an Issue Date earlier than the Record Date so that you can obtain lower cost of insurance rates, based on a younger insurance age. We will not backdate a Policy earlier than the date the application is signed. For a backdated Policy, Monthly Deductions, including cost of insurance charges and underwriting and sales expense charges, will begin on the backdated Issue Date. You will therefore incur charges for the period between the Issue Date and the Record Date as though insurance coverage under the Policy is in effect during this period, even though such coverage does not in fact begin until the Record Date (or a few days prior to the Record Date in some cases).
 
Cancelling a Policy (Right to Examine Period)
You may cancel a Policy during the “Right to Examine Period” by returning it with a signed request for cancellation to our Home Office. In most states, the Right to Examine Period expires 10 days after you receive the Policy. This period will be longer if required by state law. If you decide to cancel the Policy during the Right to Examine Period, we will treat the Policy as if we never issued it. We will refund an amount equal to the greater of the sum of all Premiums paid for the Policy or the Contract Value at the end of the Valuation Date on which we receive the returned Policy, which must be sent along with a signed request for cancellation to our Home Office.
Policies Sold in California. If you purchase your Policy in California, and are 60 years of age or older at the time, the Right to Examine Period lasts for 30 days from the date you receive the Policy. You may cancel the Policy at any time during the Right to Examine Period by returning it with a signed request for cancellation to our Home Office.
During the 30-day Right to Examine Period (plus 10 days), we will place your premium in the Fixed Account, unless you specifically direct that we allocate your premium to the Subaccounts and Fixed Account you selected on the application. We will credit your premium(s) placed in the Fixed Account with interest at the current Fixed Account interest rate. If your premium is placed solely in the Fixed Account, we will refund to you all Premiums and Policy fees you paid as of the business day on which we receive your cancelled Policy, which must be sent along with a signed request for cancellation to our Home Office.
If you have directed that your premium be invested in the Subaccounts, rather than the Fixed Account, during the Right to Examine Period, we will refund you only the Contract Value. The Contract Value refunded will be as of the business day we receive your cancelled Policy, which must be sent along with a signed request for cancellation to our Home Office. Any amounts refunded will reflect the investment performance of the Subaccounts you selected, and the fees and charges that we deduct. You bear the risk that a refund of your Contract Value could be less than the premium you paid for this Policy. If you decide to cancel this Policy after the Right to Examine Period has expired, we will impose a Surrender Charge on the transaction.
Other Policies
We may offer other life insurance policies that have different investment options, death benefits, policy features, and optional benefits. These other policies also have different charges that would result in different performance levels than this Policy. For more information about the other policies, please contact our Home Office or your agent.
Ownership Rights
The Policy belongs to the Owner named in the application. The Owner may exercise all of the Ownership rights and privileges described in the Policy. The Insured is the Owner unless the application specifies a different person (another natural person or entity) as the Owner or a new Owner or co-Owner is named by the Owner. If the Owner dies before the Insured and no successor Owner is named, then Ownership of the Policy will pass to the Insured. The Owner may designate the Beneficiary (the person to receive the Death Benefit Amount Payable when the Insured dies) in the application.
 
Changing the Owner
• You may change the Owner by providing a written request to us at any time while the Insured is alive, subject to any existing assignments of your Policy.
 
• The change takes effect on the date that the written request is signed.
 
• We are not liable for any actions we may have taken before we received the written request.
 
• Changing the Owner does not automatically change the Beneficiary. Changing the Owner may have tax consequences. You should consult a tax advisor before changing the Owner.
Selecting and
Changing the
Beneficiary
• If you designate more than one Beneficiary, then each Beneficiary shares equally in any Death Benefit Amount Payable unless the Beneficiary designation states otherwise.
 
• If the Beneficiary dies before the Insured, then any contingent Beneficiary becomes the Beneficiary.
 
• If both the Beneficiary and contingent Beneficiary die before the Insured, then we will pay the Death Benefit Amount Payable to the Owner or the Owner’s estate once the Insured dies.
 
• You can request a delay clause that provides that if the Beneficiary dies within a specified number of days (maximum 180 days) following the Insured’s death, then the Death Benefit Amount Payable will be paid as if the Beneficiary had died first.
 
• You can change the Beneficiary by providing us with a written request while the Insured is living.
 
• The change in Beneficiary is effective as of the date you sign the written request.
 
• We are not liable for any actions we may have taken before we received the written request.
Modifying the Policy
 
Assigning the
Policy – Collateral
Assignment
• You may assign Policy rights while the Insured is alive.
• The Owner retains any Ownership rights that are not assigned.
• The assignee may not change the Owner or the Beneficiary, and may not elect or change an optional method of payment. We will pay any amount payable to the assignee in a lump sum.
 
• Claims under any assignment are subject to proof of interest and the extent of the assignment.
 
• We are not:
 
• bound by any assignment unless we receive and record a Written Notice of the assignment.
 
• responsible for the validity of any assignment.
 
• liable for any payment we made before we received Written Notice of the assignment.
 
Assigning the Policy may have tax consequences. See the “Federal Tax Considerations” section.
Only one of our officers may modify the Policy or waive any of our rights or requirements under the Policy. Any modification or waiver must be in writing. No agent may bind us by making any promise not contained in the Policy.
Upon notice to you, we may modify the Policy to:

 •
conform the Policy, our operations, or the Variable Account’s operations to the requirements of any law (or regulation issued by a government agency) to which the Policy, our company or the Variable Account is subject;

•
assure continued qualification of the Policy as a life insurance contract under the federal tax laws; or

•
reflect a change in the Variable Account’s operations.
If we modify the Policy, we will make appropriate endorsements to the Policy. If any provision of the Policy conflicts with the laws of a jurisdiction that govern the Policy, we will amend the provision to conform with such laws.
Policy Termination
Your Policy will terminate on the earliest of:

 •
the Maturity Date (Insured’s Attained Age 121);

•
the date the Insured dies;
 

 •
a grace period ends before we receive the sufficient Premium Payment or Loan Repayment or both as defined in the Grace Period section; or

•
the date you Surrender the Policy in full.

Premiums
Premium Flexibility
You have flexibility to determine the frequency and the amount of the Premiums you pay. You do not have to pay Premiums according to any schedule. However, you greatly increase your risk of Lapse if you do not regularly pay Premiums at least as large as the current minimum premium. Paying the minimum Premiums for the Policy will not necessarily keep your Policy in force. It is likely that additional Premiums will be necessary to keep the Policy in force until maturity.
Before the Issue Date of the Policy (or if premium is paid on delivery of the Policy, before the Record Date), we will require you to pay the minimum premium indicated on your Policy specifications page. Thereafter, you may pay Premiums ($25 minimum) at any time. You must send all Premiums to our Service Center or to your agent. We reserve the right to limit the number and amount of any unscheduled Premiums. You may not pay any Premiums once the Insured reaches Attained Age 100.
We deduct a premium expense charge from each premium payment, after which the remainder of the premium payment is allocated to the Subaccounts and the Fixed Account based on your current allocation percentages for premium payments (Initial Premiums are assessed the premium expense charge and the remainder of the premium is allocated to the Fixed Account until the Reallocation Date). We retain the premium expense charge to compensate us for certain expenses such as premium taxes and selling expenses. See “Charges and Deductions – Premium Deductions.”
We will treat any payment you make as a premium unless you clearly mark it as a loan repayment. We have the right to limit or refund any premium, if the premium would disqualify the Policy as a life insurance contract under the Tax Code, or if the payment would increase the death benefit by more than the amount of the premium.
Planned Premiums. You may determine a planned premium schedule that allows you to pay level Premiums at fixed intervals over a specified period of time. You are not required to pay Premiums according to this schedule. You may change the amount and frequency of your planned Premiums by sending us a written request. We have the right to limit the amount of any increase in planned Premiums. Even if you pay your planned Premiums on schedule, your Policy will Lapse unless your Cash Surrender Value is positive or your Policy passes the Grace Exemption Test. See the “Principal Policy Risks – Risk of Lapse” and the “Policy Lapse and Reinstatement – Lapse” sections.
Electronic Payments and Billing. If you authorize electronic payment of your Premiums from your bank account, the total amount of Premiums being debited, must be at least $25 per month. If you request to be billed for your planned Premiums, the total amount billed must be at least $300 per year. You can be billed on an annual, semi-annual, quarterly or monthly basis for the applicable fraction of $300, but the total for the year must add up to at least $300.
You can stop paying Premiums at any time and your Policy will continue in force until the earlier of the Maturity Date (when the Insured reaches Attained Age 121), or the date when either (1) the Insured dies, or (2) the Policy Lapses, or (3) we receive your signed request to Surrender the Policy in full.
Tax Code Processing. If we receive any premium payment that we anticipate will cause a Policy to become a modified endowment contract (“MEC”) or will cause a Policy to lose its status as life insurance under Section 7702 of the Tax Code, we will not accept the excess portion of that premium. We will immediately notify the Owner and give an explanation of the issue by sending a letter to the Owner’s address of record. We will refund the excess premium no later than 2 weeks after receipt of the premium at the Service Center (the “refund date”), except in the following circumstances:

 a.
the tax problem resolves itself prior to the refund date; or

b.
the tax problem relates to a MEC and we receive a signed acknowledgment from the Owner prior to the refund date instructing us to process the premium notwithstanding the tax issue involved.
 
During this two-week period, we will hold such excess premium in a suspense account until the refund date. Premiums held in the suspense account will not be credited interest. Farmers will treat the excess premium as having been received on the date the tax problem resolves itself or the date Farmers receives the signed acknowledgement at the Service Center. We will then process the excess premium accordingly.
Minimum Premiums
Paying the minimum premium is one way to reduce the risk that your Policy will Lapse without value. You greatly increase the risk of your Policy lapsing if you do not regularly pay Premiums at least as large as the current minimum premium. However, paying the minimum Premiums for the Policy will not necessarily keep your Policy in force.
It is likely that you will be required to pay additional Premiums in order to keep your Policy in force until maturity.
For a full discussion of the conditions that will cause the Policy to enter the grace period, please see the “Policy Lapse and Reinstatement – Lapse” section of this prospectus.
The initial minimum premium is shown on your Policy specifications page. The minimum premium depends on a number of factors including the age, gender, and Premium Class of the proposed Insured, and the Face Amount.
The minimum premium will change if:

 •
you increase or decrease the Face Amount;

•
you change the death benefit option;

•
you change or add a rider;

•
you take a partial Surrender when you have elected the level death benefit option (Option B); or

•
the Insured’s Premium Class changes (for example, from nicotine to non-nicotine, or from substandard to standard).
Your Policy can Lapse before maturity, depending on the amount of Premiums you pay, whether you take loans and partial Surrenders or increase the Face Amount of your Policy, if the investment results of the Subaccounts in which you invest your Contract Value are unfavorable, or whether your current insurance charge increases. Your agent can provide you with a personalized illustration that can show how many years your Policy would stay in force under various premium and hypothetical investment scenarios. For certain Issue Ages, classes and Policy sizes, this illustration may show that regular payments of the minimum premium will keep your Policy in force several years even if investment results are very low and even if we impose the maximum charges allowed by the Policy, so long as you do not take a loan or partial Surrender or increase the Face Amount of your Policy. This is not true for all ages, classes, and investment results, however. So we encourage you to ask your agent for a personalized illustration to help you decide what level of premium payments to pay in your particular circumstances.
Allocating Premiums
When you apply for a Policy, you must instruct us to allocate your Initial Premium(s) to one or more Subaccounts of the Variable Account and to the Fixed Account according to the following rules:

 •
You must put at least 1% of each premium in any Subaccount you select or the Fixed Account.

•
Allocation percentages must be in whole numbers and the sum of the percentages must equal 100.
You can change the allocation instructions for additional Premiums without charge at any time by providing us with written notification (or any other notification we deem satisfactory). Any allocation change will be effective on the date we record the change. Any future Premiums will be allocated in accordance with the new allocation, unless we receive contrary written instructions. Changing your allocation instructions will not change the way your existing Contract Value is apportioned among the Subaccounts or the Fixed Account. We reserve the right to limit the number of premium allocation changes. We also reserve the right to limit the number of Subaccount allocations in effect at any one time.
Investment returns from amounts allocated to the Subaccounts will vary with the investment experience of these Subaccounts and will be reduced by applicable Policy fees and charges. You bear the risk of any decline in the Contract Value of your Policy resulting from the performance of the Subaccounts you have chosen.
On the Issue Date, we will allocate your premium(s) received, minus the premium expense charge, minus the Monthly Deduction(s), to the Fixed Account unless your state requires that we immediately allocate your premium to the Subaccounts. We also allocate any Premiums we receive from the Issue Date to the Reallocation Date (the Record Date, plus the number of days in your state’s right to examine period, plus 10 days) to the Fixed Account. While held in the Fixed Account, premium(s) will be credited with interest at the current Fixed Account rate. On the Reallocation Date, we will reallocate the Contract Value in the Fixed Account to the Subaccounts (at the unit value next determined) in accordance with the allocation percentages provided in the application. In the absence of allocation instructions, the Contract Value will remain in the Fixed Account pending such instructions.
Unless additional underwriting is required or a situation described above in the “Tax Code Processing” section occurs, we invest all Premiums paid after the Reallocation Date on the Business Day they are received in our Service Center. We credit these Premiums to the Subaccounts at the unit value next computed at the end of a Business Day on which we receive them at our Service Center. If we receive your additional Premiums after the close of a Business Day, we will calculate and credit them as of the end of the next Business Day.
Personalized Illustrations
Your Policy can Lapse before maturity, depending on the Premiums you pay and the investment results of the Subaccounts in which you invest your Contract Value. Your agent can provide you, free of charge, with personalized illustrations that can show how many years your Policy would stay in force under various premium and hypothetical investment scenarios. You should request personalized illustrations from your agent to help you decide what level of premium payments to pay in your particular circumstances.
Your Contract Values

 
Your Contract Value:
• varies from day to day, depending on the investment experience of the Subaccounts you choose, the interest credited to the Fixed Account, the charges deducted and any other Policy transactions (such as additional premium payments, transfers, partial Surrenders and Policy loans);
• serves as the starting point for calculating values under a Policy;
 
• equals the sum of all values in each Subaccount, the loan account (the Loan Account Value), and the Fixed Account (the Fixed Account Value);
 
• is determined on the Issue Date and on each Business Day;
 
• on the Issue Date, equals the Initial Premium received, minus the premium expense charge, and minus the Monthly Deductions; and
 
• has no guaranteed minimum amount and may be more or less than Premiums paid.
Subaccount Value
Each Subaccount’s value is determined at the end of each Business Day. We determine your Policy’s value in each Subaccount by multiplying the number of units that your Policy has in the Subaccount by the Accumulation Unit value of that Subaccount at the end of the Business Day.
 
The number of units in any Subaccount on any Business Day equals:
• the number of units you had in any Subaccount at the end of the preceding Business Day; plus
• units purchased with additional Premiums since the preceding Business Day and allocated to the Subaccounts, net of the premium expense charge; plus
• units purchased via transfers from another Subaccount, the Fixed Account, or loan account, to the Subaccount since the preceding Business Day; minus
• units redeemed as part of a transfer to another Subaccount, the Fixed Account, or the loan account, plus units redeemed to cover any associated transfer fees since the preceding Business Day; minus
 
• units redeemed to pay partial Surrenders and partial Surrender fees assessed against the Subaccount since the preceding Business Day; minus
 
• units redeemed to pay for the pro-rata share of the Monthly Deductions on the Business Day on or after the Monthly Due Date.
Every time you allocate or transfer money to or from a Subaccount, we convert that dollar amount into units. We determine the number of units we credit to, or subtract from, your Policy by dividing the dollar amount of the allocation, transfer, or partial Surrender, by the unit value for that Subaccount at the end of the Business Day for that transaction.
 
Subaccount Unit Value
The Accumulation Unit value (or price) of each Subaccount will reflect the investment performance of the Portfolio in which the Subaccount invests. Unit values will vary among Subaccounts. The unit value of each Subaccount was originally established at the figure shown on the Variable Account’s financial statements. The unit value may increase or decrease from one Business Day to the next. For a discussion of how unit values are calculated, see the SAI.
Fixed Account Value
On the Issue Date, the Fixed Account Value is equal to the Initial Premium paid, less the premium expense charge, less the first Monthly Deduction. Any subsequent premium payments that are received by us prior to the Reallocation Date, minus the premium expense charge, will also be allocated to the Fixed Account.
 
The Fixed Account Value on any Business Day after the Issue Date equals:
• the Fixed Account Value on the preceding Business Day plus interest from the preceding Business Day to the current Business Day; plus
• the portion of the premium(s), minus the premium expense charge, allocated to the Fixed Account since the preceding Business Day, plus interest from the date such premium(s) were received to the current Business Day; plus
• any amounts transferred to the Fixed Account since the preceding Business Day, plus interest from the effective date of such transfers since the preceding Business Day to the current Business Day; minus
 
• the amount of any transfer from the Fixed Account to the Subaccounts and the loan account, and any associated transfer fees, since the preceding Business Day, plus interest on each transferred amount and transfer fees from the effective date of such transfers since the preceding Business Day to the current Business Day; minus
 
• the amount of any partial Surrenders and any applicable partial Surrender fees deducted from the Fixed Account since the preceding Business Day, plus interest on those Surrendered amounts from the effective date of each partial Surrender since the preceding Business Day to the current Business Day; minus
 
• the amount equal to a pro-rata share of the Monthly Deduction on the Business Day on or after each Monthly Due Date, for the month beginning on that Monthly Due Date.
Your Policy’s guaranteed minimum Fixed Account Value will not be less than the minimum values required by the state where we deliver your Policy.
Loan Account Value
 
The Loan Account
Value on any Business Day after the Issue Date equals:
• the Loan Account Value on the preceding Business Day plus interest from the preceding Business Day to the date of calculation; plus
• any amounts transferred to the loan account since the preceding Business Day, plus interest from the effective date of such transfers to the date of calculation; minus
 
• the amount of any transfer from the loan account to the Subaccounts and the Fixed Account since the preceding Business Day, plus interest from the effective date of such transfers since the preceding Business Day to the date of calculation.
Interest is charged daily on Policy loans. Interest is due and payable at the end of each Policy year or, if earlier, on the date of any Policy loan increase or repayment. Any interest not paid when due will be transferred from the Fixed Account and Subaccounts to the loan account on a pro-rata basis, if sufficient Funds are available for transfer. Unpaid interest becomes part of the Outstanding Loan Amount and accrues interest daily.
Charges and Deductions

This section describes the charges and deductions that we make under the Policy to compensate for: (1) the services and benefits we provide; (2) the costs and expenses we incur; and (3) the risks we assume. The fees and charges we deduct under the Policy may result in a profit to us.
 
 
Services and benefits we provide:
• the death benefit, Surrender and loan benefits under the Policy, and the benefits provided by riders.
 
• investment options, including premium allocations.
 
• administration of elective options.
 
• the distribution of reports to Owners.
 
Costs and expenses we incur:
• costs associated with processing and underwriting applications, issuing and administering the Policy (including any riders).
 
• overhead and other expenses for providing services and benefits.
 
• sales and marketing expenses, including compensation paid in connection with the sale of the Policies.
 
• other costs of doing business, such as collecting Premiums, maintaining records, processing claims, affecting transactions, and paying federal, state and local premium and other taxes and fees.
 
Risks we assume include but are not limited to:
• that the cost of insurance charges we deduct are insufficient to meet our actual claims because Insureds die sooner than we anticipate.
• that the costs of providing the services and benefits under the Policies exceed the charges we deduct.
All of the charges we deduct are used to pay aggregate Policy costs and expenses, including a profit to us, that we incur in providing the services and benefits under the Policy and assuming the risks associated with the Policy.
Premium Deductions
When you make a premium payment, and before we allocate the net premium payment to the Subaccounts and/or the Fixed Account, we deduct a premium expense charge currently equal to 7% of the premium payment for Premiums paid in Policy years 1-10 and 3% of the premium payment for Premiums paid in Policy years 11+. The premium expense charge will never exceed 7% of the premium payment. We determine the amount that we will allocate to the Subaccounts and the Fixed Account according to your instructions. For Policy years 1 through 10, the 7% of each premium that we retain is the sum of 4.8%, which compensates us for a portion of our sales expenses, and 2.2%, which compensates us for the estimated average state premium taxes we expect to incur in the future. For Policy years 11 and over, the 3% of each premium that we retain is the sum of 0.8%, which compensates us for a portion of our sales expenses, and 2.2%, which compensates us for the estimated average state premium taxes we expect to incur in the future. State premium tax rates vary from state to state and currently range from 0% to 3.50% in the states in which the Policy is sold. The estimated charge does not necessarily reflect the actual premium tax rate that applies to a particular Policy. If the actual premium tax rate is less than 2.2%, the difference between the actual rate and the 2.2% will be retained by us to help cover additional premium tax charges that may be imposed in the future, and to help cover premium taxes imposed on Policies in states that charge a higher premium tax rate.
Monthly Deduction
We take a Monthly Deduction from the Contract Value on the Issue Date and on the Business Day on or after each subsequent Monthly Due Date (the same day of each succeeding month as the Issue Date). We will make deductions by canceling units in each Subaccount and withdrawing Funds from the Fixed Account. We will take the Monthly Deduction on a pro-rata basis from all accounts except the loan account (i.e., in the same proportion that the value in each Subaccount and the Fixed Account bears to the sum of all Subaccounts and the Fixed Account on the Monthly Due Date). Because portions of the Monthly Deduction can vary from month-to-month, the Monthly Deduction will also vary.
The Monthly Deduction is equal to:

 •
The monthly administration charge; plus

•
The cost of insurance charge for the Policy; plus

•
The monthly underwriting and sales expense charge, if any; plus

•
The risk charges of any attached riders.
 
Monthly Administration Charge. We deduct this charge to compensate us for a portion of our administrative expenses such as recordkeeping, processing death benefit claims and Policy changes, and overhead costs. The monthly administration charge currently equals $12.00. We may increase or decrease this charge but it is guaranteed never to be higher than $12.00.
Cost of Insurance Charge. We assess a monthly cost of insurance charge to compensate us for the anticipated cost of paying a death benefit in excess of your Contract Value. The charge depends on a number of variables (e.g., the Face Amount, the Contract Value, the Death Benefit Option, the Insured’s Issue Age, gender, and Premium Class, and the number of months since the Issue Date, among other factors) that will cause it to vary from Policy to Policy and from month to month.
The cost of insurance charge is equal to Risk of Insurance Amount, as defined below, divided by 1,000, then multiplied by the number produced from the following:

 1.
the monthly cost of insurance rate per $1,000; times

2.
the table rating factor charge for your Policy, if any, as shown on your Policy’s specifications page; plus

3.
the flat extra charge for your Policy, if any, as shown on your Policy’s specifications page.
The guaranteed maximum monthly cost of insurance rate will be the rate shown in the table in Appendix B (or on your Policy specifications page), except that a different table of guaranteed maximum monthly cost of insurance rate per $1,000 may apply to increases in Face Amount that are issued with a Premium Class different from that shown on your Policy specifications page.
The table rating factor charge is a factor by which the cost of insurance rate may be multiplied if this Policy is in a special Premium Class. This factor is applied to both current and guaranteed cost of insurance rates. This factor is deducted as part of the cost of insurance charge and compensates us for additional costs associated with policies in a special Premium Class. If applicable to you, your Policy specifications page will show you the amount of this factor.
The flat extra charge is an extra amount that may be added to the cost of insurance charge if your Policy is in a special Premium Class. The flat extra charge is a rate per $1,000 of Risk Insurance Amount per month. This charge, if any, will be shown on your Policy’s specifications page. This charge compensates us for additional costs we anticipate from Policies in a special Premium Class.
The Risk Insurance Amount on the Monthly Due Date is:

 1.
the adjusted death benefit; minus

2.
the adjusted Contract Value on that date.
The adjusted death benefit and the adjusted Contract Value are what the death benefit and the Contract Value, respectively, would be on that date if the cost of insurance charge for this Policy was zero. The adjusted death benefit and the adjusted Contract Value are determined by using the Contract Value on the respective Monthly Due Date and deducting all applicable charges and fees, except the cost of insurance charge.
The Risk Insurance Amount may increase or decrease each month depending on investment experience of the Portfolios in which you are invested, the payment of additional Premiums, the fees and charges deducted under the Policy, the death benefit option you chose, Policy riders, any Policy transactions (such as loans, partial Surrenders, changes in death benefit option) and the application of the death benefit percentage formula. Therefore, the cost of insurance charges can increase or decrease each month.
Cost of insurance rates vary by the Insured’s Attained Age, gender, Premium Class, the number of months since the Issue Date, and the amount of the Face Amount, among other factors. The cost of insurance rates are generally higher for male Insureds than for female Insureds of the same age and Premium Class, and ordinarily increase with age. Cost of insurance rates may never exceed the guaranteed maximum cost of insurance rates. For Sample rates, see “Appendix B: Guaranteed Maximum Cost of Insurance Rates.”
The Premium Class of the Insured will affect the cost of insurance rates. We currently place Insureds into premier, preferred and standard Premium Classes and into special Premium Classes involving higher mortality risks.
The cost of insurance rates for Insureds in special Premium Classes involving higher mortality risks are multiples of the standard rates. If the Insured is in a special Premium Class, the guaranteed maximum monthly cost of insurance rate will be the rate shown in the table in the Policy times a table rating factor charge shown on your Policy specifications page.
 
We calculate the cost of insurance separately for the initial Face Amount and for any increase in Face Amount. If you request and we approve an increase in your Policy’s Face Amount, then a different Premium Class (and a different cost of insurance rate) may apply to the increase, based on the Insured’s age and circumstances at the time of the increase.
The Policies are based on 2001 or 2017 C.S.O. mortality tables that distinguish between men and women. As a result, the Policy may pay different benefits to men and women of the same age and Premium Class. We also offer Policies based on unisex mortality tables if required by state law.
We currently charge cost of insurance rates that are higher for Policies having a Face Amount less than $150,000. If you reduce your Face Amount below $150,000 at any time, then the higher rates will apply in most cases.
Monthly Underwriting and Sales Expense Charge. We deduct this charge each month during the first 5 Policy years after the Issue Date to compensate us for a portion of the expenses of selling, underwriting and issuing the Policy. This charge is imposed for an additional 5 Policy years each time you choose to increase the Face Amount after the Issue Date. The rate for this charge depends upon the Insured’s age at issue or at the time of any increase in Face Amount. The charge is calculated by multiplying the rate for this charge by the amount of Face Amount issued or by the amount by which the Face Amount is increased above the Face Amount immediately prior to the current increase. The underwriting and sales expense charge is not imposed on any increases in Face Amount that are due to a change in death benefit option. The monthly underwriting and sales expense charge will not be reduced as a result of a reduction in the Face Amount.
The amount of the monthly underwriting and sales expense charge is computed on the Issue Date, or on the Monthly Due Date for increases in Face Amount, as follows:

 1.
Find the appropriate monthly underwriting and sales expense charge per $1,000 for the Insured’s Issue Age in Appendix C; then

2.
Multiply this charge per $1,000 by the original Face Amount; and then

3.
Divide the result by 1,000.
If you choose to increase the Face Amount after the Issue Date, we will assess an additional monthly underwriting and sales expense charge for 5 years after the increase takes effect. The additional charge will be assessed only on the amount of the increase in Face Amount, using the charge applicable to the Insured’s Attained Age at the time of the increase. The additional charge will be calculated by following the three steps outlined above.

 •
Monthly Underwriting and Sales Expense Charge discount (“MUSEC discount”). We may provide a discount on the base monthly underwriting and sales expense charge if a “qualifying” policy is in force, applied for, or pending when we receive your Policy application. Qualifying policies currently include those where the Policy Owner, the payor of the Policy or the primary Insured on the Policy is an active driver on a Farmers Insurance® auto policy, or is one of the named Insureds under a Farmers Insurance® home owner’s or renter’s policy, or owns another life insurance or commercial policy issued by us. We may also provide the discount prospectively if, after issue, you purchase a qualifying policy, subject to state restrictions. Contact us or your agent for details concerning the rate of MUSEC discount that may be applied to your Policy. The size of the qualifying policy does not affect the amount of the discount.
Rider Charges. The Monthly Deduction includes charges for certain optional insurance benefits you add to your Policy by rider. The rider charges are summarized in the Fee Table in this prospectus. Any rider charges applicable to your Policy will be indicated in the rider you receive. If you add one or more of the following riders to your Policy, your Monthly Deduction will include the corresponding rider charges:

 •
Accidental Death Benefit Rider

•
Children’s Term Insurance Rider

•
Waiver of Deduction Rider

•
Monthly Disability Benefit Rider (not available effective August 7, 2015)
Mortality and Expense Risk Charge
We deduct a daily charge from your Contract Value in each Subaccount to compensate us for a portion of certain mortality and expense risks we assume. The mortality risk is the risk that an Insured will live for a shorter time than we project. The expense risk is the risk that the expenses we incur will exceed the maximum charges we can impose according to the terms of the Policy. The mortality and expense risk charge is equal to:

 •
your Contract Value in each Subaccount; multiplied by
 

 •
the daily portion of the annual mortality and expense risk charge rate, which is currently 0.30%.

•
We reserve the right, at our discretion, to increase the annual mortality and expense risk charge rate to no more than 0.60%.
If this charge and the other charges we impose do not cover our actual costs, we absorb the loss. Conversely, if the charges we impose more than cover actual costs, the excess is added to our surplus. We expect to profit from the mortality and expense risk charge. We may use any profits for any lawful purpose including covering distribution costs.
Surrender Charge
We deduct a Surrender Charge if, during the first nine Policy Years, or within nine years following any increase in Face Amount, you fully Surrender the Policy. In the case of a full Surrender, we pay you the Contract Value, less any Surrender Charge, less any Monthly Deduction due and unpaid, and less any Outstanding Loan Amount (including any interest you owe). The payment you receive is called the Cash Surrender Value.
The Surrender Charge may be significant. You should carefully calculate this charge before you request a full Surrender. Under some circumstances the level of Surrender Charges might result in no Cash Surrender Value available if you Surrender your Policy during the period when Surrender Charges apply. This will depend on a number of factors, but is more likely if:

 1.
you pay Premiums equal to or not much higher than the minimum premium shown in your Policy, or

2.
investment performance is too low.
The Surrender Charge is equal to the sum of:

 1.
the Surrender Charge for the Face Amount on the Issue Date; plus

2.
the Surrender Charge for each increase in Face Amount.
To calculate the Surrender Charge for the Face Amount on the Issue Date, (i) locate the appropriate Surrender Charge factor from a table in Appendix D of this prospectus, or the “Surrender Charge Factors” table in your Policy, for the Insured’s Issue Age and the number of complete years that have elapsed since your Policy was issued, then (ii) multiply this factor by the Face Amount on the Issue Date and divide the result by 1,000.
To calculate the Surrender Charge for increases in Face Amount that are issued with the same Premium Class as that shown on your Policy specifications page, (i) locate the appropriate Surrender Charge factor from a table in Appendix D of this prospectus, or the “Surrender Charge Factors” table in your Policy, for the Insured’s Attained Age at the time of increase and the number of complete years that have elapsed since the increase, then (ii) multiply this factor by the amount of the increase in Face Amount and divide the result by 1,000.
For increases in Face Amount that are issued with a Premium Class different from that shown on your Policy specifications page, the same process is followed, but a different table from the “Surrender Charge Factors” table in your Policy may apply; see “Appendix D: Table of Surrender Charge Factors” of this prospectus for an exhaustive list of surrender charge factor tables. The applicable Surrender Charge factor varies by Issue Age, gender, nicotine use, and number of full Policy years since the Issue Date.
An example of calculating the Surrender Charge follows:
This example is for a Policy issued to a male Insured, in the standard non-nicotine Premium Class. The Face Amount is $150,000 and the Issue Age is 32. The Surrender Charge in Policy year 1 will be $1,300.50 ($150,000 multiplied by the Surrender Charge factor (8.67) divided by 1,000).
Partial Surrender Processing Fee. Upon partial Surrender, we deduct a partial Surrender processing fee equal to the lesser of 2% of the amount of the partial Surrender or $25. The partial Surrender processing fee will be deducted from the Subaccounts and the Fixed Account on a pro-rata basis, or on different basis if you so request.
Transfer Charge

 •
We currently allow you to make 12 transfers each Policy year free from charge. Any unused free transfers do not carry over to the next Policy year.

•
We charge $25 for each additional transfer. We will not increase this charge.

•
For purposes of assessing the transfer charge, each written or telephone request is considered to be one transfer, regardless of the number of Subaccounts (or Fixed Account) affected by the transfer.

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We deduct the transfer charge from the Subaccounts and Fixed Account on a pro-rata basis, or on a different basis if you so request.
 

 •
Transfers we effect on the Reallocation Date, and transfers due to loans, dollar cost averaging, and death benefit processing do not count as transfers for the purpose of assessing this charge.
Loan Charges

 •
For years 1 through 15, we will charge you loan interest at a rate of 4.5%, compounded annually. For years 16 and beyond, we will charge you loan interest at a rate 2.5%, compounded annually. These rates may change at our discretion, but are guaranteed not to exceed 6.5%.

•
Interest is charged daily, and is due and payable at the end of each Policy year, or on the date of any Policy loan increase or repayment, if earlier.

•
Unpaid interest becomes part of the Outstanding Loan Amount and accrues interest daily.

•
Amounts in the loan account earn interest at the guaranteed minimum rate of 2.5%  per year.
Portfolio Management Fees and Expenses
Each Portfolio deducts Portfolio management fees and expenses from the amounts you have invested in the Portfolios through the Subaccounts. You pay these Portfolio fees and expenses indirectly. In addition, some Portfolios deduct 12b-1 fees at an annual rate of up to 0.25% of average daily Portfolio assets. For 2024, total annual Portfolio fees and charges for the Portfolios offered through this Policy ranged from 0.19% to 1.05% of average daily Portfolio assets. See the prospectuses for the Portfolios for more information.
Redemption Fees. A Portfolio may assess a redemption fee of up to 2% on Subaccount assets that are redeemed out of the Portfolio in connection with a partial Surrender or transfer. Each Portfolio determines the amount of the redemption fee and when the fee is imposed. The redemption fee is retained by or paid to the Portfolio and is not retained by us. The redemption fee will be deducted from your Contract Value. For more information on each Portfolio’s redemption fee, see the Portfolio prospectus. See also “Transfers – Policy and Procedures Regarding Disruptive Trading and Market Timing.”
Other Charges

 ◾
We may charge a fee not to exceed $25 for each additional annual report you request. We currently charge $0 for each additional annual report you request.

◾
Certain riders attached to the Policy will have their own charges. See the “Fee Table” for more information.
Death Benefit
Death Benefit Amount Payable
As long as the Policy is in force, we will pay the Death Benefit Amount Payable once we receive satisfactory proof of the Insured’s death at our Home Office. We may require return of the Policy. We will pay the Death Benefit Amount Payable to the primary Beneficiary or a contingent beneficiary. If the Beneficiary dies before the Insured and there is no contingent beneficiary, we will pay the Death Benefit Amount Payable to the Owner or the Owner’s estate. We will pay the Death Benefit proceeds in a lump sum or a series of payments according to the payment option selected by the Beneficiary. For more information, see the “Payment Options” section in the SAI.
 
Death benefit Amount Payable equals:
• the death benefit (described below) in effect as of the date of the Insured’s death; minus
• any Monthly Deductions due and unpaid at the date of the Insured’s death; minus
 
• any Outstanding Loan Amount you owe on the Policy loan(s); plus
 
• the amounts to be paid under the terms of any riders you added to the Policy.
If all or a part of the Death Benefit Amount Payable is paid in one lump sum and the amount is at least $10,000, we will place the lump-sum payment into an interest-bearing special account opened in the Beneficiary’s name unless the Beneficiary elects to receive the lump sum by check or payment by check is required by applicable law. We will provide the Beneficiary with a checkbook to access these Funds from the special account within seven days of receipt of due proof of death and payment instructions at the Home Office. The Beneficiary can withdraw all or a portion of the Death Benefit Amount Payable at any time, and will receive interest on the proceeds remaining in the account. The special account is part of our General Account, is not FDIC Insured, and is subject to the claims of our creditors. We may receive a benefit from the amounts held in the account.
 
We may further adjust the amount of the Death Benefit Amount Payable under certain circumstances. See the “Additional Policy Provisions – Our Right to Contest the Policy; Suicide Exclusion; Misstatement of Age or Gender” sections in the SAI.
Death Benefit Options
In your application, you tell us how much life insurance coverage you initially want to purchase on the life of the Insured. We call this the “Face Amount” of insurance. You also choose whether the death benefit we will pay is Option A (variable death benefit through Attained Age 99), or Option B (level death benefit through Attained Age 99). For Attained Ages 100 through 120, the death benefit equals the Contract Value.
You may change the death benefit option after the first Policy year if you send us a signed request for a Policy change, and, if you change from Option A to Option B, you send evidence of insurability satisfactory to us at the Service Center. A change in death benefit option may have tax consequences.
 
The variable death benefit under Option A is the greater of:
• your Policy’s Face Amount, plus your Contract Value on the date of the Insured’s death; or
• your Contract Value on the date of the Insured’s death multiplied by the applicable death benefit percentage.
Under Option A, the death benefit varies with the Contract Value.
 
The level death benefit under Option B is the greater of:
• your Policy’s Face Amount on the date of the Insured’s death; or
• your Contract Value on the date of the Insured’s death multiplied by the applicable death benefit percentage.
Under Option B, your death benefit generally equals the Face Amount and will remain level, unless the Contract Value becomes so large that the Tax Code requires a higher death benefit (Contract Value times the applicable death benefit percentage).
Under Option A, your death benefit will tend to be higher than under Option B. However, the monthly insurance charges we deduct will also be higher to compensate us for our additional risk. Because of this, your Contract Value will tend to be higher under Option B than under Option A.
In order for the Policy to qualify as life insurance, federal tax law requires that your death benefit be at least as much as your Contract Value multiplied by the applicable death benefit percentage. The death benefit percentage is based on the Insured person’s Attained Age. For example, the death benefit percentage is 250% for an Insured at age 40 or under, and it declines for older Insureds. The following table indicates the applicable death benefit percentages for different Attained Ages:
 
Attained Age
 
 
 
Death Benefit Percentage
 
40 and under
 
250%
41 to 45
 
250% minus 7% for each age over age 40
46 to 50
 
209% minus 6% for each age over age 46
51 to 55
 
178% minus 7% for each age over age 51
56 to 60
 
146% minus 4% for each age over age 56
61 to 65
 
128% minus 2% for each age over age 61
66 to 70
 
119% minus 1% for each age over age 66
71 to 74
 
113% minus 2% for each age over age 71
75 to 90
 
105%
91 to 94
 
104% minus 1% for each age over age 91
95 and above
 
100%
If the Tax Code requires us to increase the death benefit by reference to the death benefit percentages, that increase in the death benefit will increase our risk, and will result in a higher monthly cost of insurance.
Option A Example. Assume that the Insured’s Attained Age is under 40, that there have been no decreases in the Face Amount, and that there are no outstanding loans. Under Option A, a Policy with a Face Amount of $50,000 will have a death benefit equal to the greater of $50,000 plus Contract Value or 250% of the Contract Value. Thus, a Policy with a Contract Value of $10,000 will have a death benefit of $60,000 (that is, the greater of $60,000 ($50,000 + $10,000) or $25,000 (250% of $10,000)).
 
However, once the Contract Value exceeds $33,334, the death benefit determined by reference to the death benefit percentage ($33,334 X 250% = $83,335) will be greater than the Face Amount plus Contract Value ($50,000 + $33,334 = $83,334). Each additional dollar of Contract Value above $33,334 will increase the death benefit by $2.50. This is a circumstance in which we have the right to prohibit you from paying additional Premiums because an additional dollar of premium would increase the death benefit by more than one dollar.
Similarly, under this scenario, any time Contract Value exceeds $33,334, each dollar taken out of Contract Value will reduce the death benefit by $2.50.
Option B Example. Assume that the Insured’s Attained Age is under 40, there have been no partial Surrenders or decreases in Face Amount, and that there are no outstanding loans. Under Option B, a Policy with a $100,000 Face Amount will generally have a $100,000 death benefit. However, because the death benefit must be equal to or be greater than 250% of Contract Value, any time the Contract Value exceeds $40,000, the death benefit will be determined as required by the Tax Code (Contract Value X 250%) and will exceed the Face Amount of $100,000. Each additional dollar added to the Contract Value above $40,000 will increase the death benefit by $2.50. This is a circumstance in which we have the right to prohibit you from paying additional Premiums because an additional dollar of premium would increase the death benefit by more than one dollar.
Similarly, so long as the Contract Value exceeds $40,000, each dollar taken out of the Contract Value will reduce the death benefit by $2.50.
Changing Death Benefit Options
After the first Policy year, you may change death benefit options or increase or decrease the Face Amount once each Policy year if you send us a signed request for a Policy change and, in certain instances, the Insured provides evidence of insurability satisfactory to us (but you may not change both the death benefit option and Face Amount during the same Policy year, unless done simultaneously). Surrender Charges may apply. You may not decrease the Face Amount below the minimum Face Amount shown on your Policy specifications page.
A change in death benefit option may affect the future monthly cost of insurance charge, which varies with the Risk Insurance Amount. Generally, the Risk Insurance Amount is the amount by which the death benefit exceeds the Contract Value. (See the “Charges and Deductions – Monthly Deduction – Cost of Insurance Charge” section.) If the death benefit does not equal Contract Value times the death benefit percentage under either Options A or B, changing from Option A (variable death benefit) to Option B (level death benefit) will generally decrease the future Risk Insurance Amount. This would decrease the future cost of insurance charges. Changing from Option B (level death benefit) to Option A (variable death benefit) generally results in a Risk Insurance Amount that remains level. Such a change, however, results in an increase in cost of insurance charges over time, since the cost of insurance rates increase with the Insured’s age. Changing the death benefit option may have tax consequences. You should consult a qualified tax advisor before changing the death benefit option.
After any reduction in Face Amount or change in death benefit option, the monthly underwriting and sales expense charge and the Surrender Charge for the Policy will continue to be based on the same Face Amount on which they were based immediately before the change and on any subsequent requested increase in Face Amount.
For a more detailed discussion on changing death benefit options, see the SAI.
Effects of Partial Surrenders on the Death Benefit
If you have selected the variable death benefit (Option A), a partial Surrender will not affect the Face Amount. But if you have selected the level death benefit (Option B), a partial Surrender will reduce the Face Amount by the amount of the partial Surrender (not including the processing fee). The reduction in Face Amount will be subject to the terms of the “Changing the Face Amount” section below.
Changing the Face Amount
When you apply for the Policy, you tell us how much life insurance coverage you initially want on the life of the Insured. We call this the Face Amount. After the first Policy year, you may change the Face Amount subject to the conditions described below. You may change the Face Amount or the death benefit option once each Policy year, but you may not change both the Face Amount and the death benefit option during the same Policy year unless done simultaneously. We will send you a Policy endorsement with the change to attach to your Policy.
Increasing the Face Amount could increase the death benefit. Decreasing the Face Amount could decrease the death benefit. The amount of change in the death benefit will depend, among other things, upon the selected death benefit option and the degree to which the death benefit exceeds the Face Amount prior to the change. Changing the Face Amount could affect the subsequent level of death benefit we pay and your Contract Value. An increase in the Face Amount may increase the Risk Insurance Amount, thereby increasing your cost of insurance charge. Conversely, a decrease in the Face Amount may decrease the Risk Insurance Amount, thereby decreasing your cost of insurance charge.
We will not permit any change that would result in your Policy being disqualified as a life insurance contract under Section 7702 of the Tax Code. However, changing the Face Amount may have other tax consequences. You should consult a qualified tax advisor before changing the Face Amount.
Increases

 •
You may increase the Face Amount by submitting a signed, written request and providing evidence of insurability satisfactory to us. The increase will be effective on the Monthly Due Date following our approval of your request. We can deny your request for reasons including, but not limited to, the following:

¡ 
We do not wish to increase the death benefits due to the Insured’s health, occupation, avocations, or any factor that we believe has a bearing on the Insured’s risk of death.

¡ 
We conclude the Insured has an excessive amount of insurance coverage.

¡  
We conclude the Owner no longer has an insurable interest in the Insured.

•
You can increase the Face Amount at any time after the first Policy year and before the Insured’s Attained Age 81.

•
The minimum increase is $10,000.

•
An additional monthly underwriting and sales expense charge will be imposed each month during the 60 months following each increase in Face Amount. We assess this charge on the amount of the increase in Face Amount. See the “Charges and Deductions – Monthly Deduction – Monthly Underwriting and Sales Expense Charge” section of this prospectus for an explanation of how this charge is calculated.

•
An additional Surrender Charge will be imposed on full Surrenders occurring within 9 years of each increase in Face Amount.

•
Increasing the Face Amount will increase your Policy’s minimum premium.
Decreases

 •
You may decrease the Face Amount, but not below the minimum Face Amount shown on your Policy specifications page.

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You must submit a signed, written request to decrease the Face Amount. Evidence of insurability is not required.

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Any decrease will be effective on the Monthly Due Date following our approval of your request.

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Any decrease will first be used to reduce:

¡  
the most recent increase; then

¡ 
the next most recent increases in succession; and then

¡  
the Face Amount on the Issue Date.

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A reduction in Face Amount will not reduce any monthly underwriting and sales expense charges or Surrender Charges on the Policy.

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A decrease in Face Amount may require that a portion of a Policy’s Cash Surrender Value be distributed as a partial Surrender in order to maintain federal tax compliance. Decreasing the Face Amount may also cause your Policy to become a Modified Endowment Policy, or “MEC,” under federal tax law and receive less favorable tax treatment than other life insurance policies. See the “Federal Tax Considerations – Tax Treatment of Policy Benefits – Modified Endowment Contracts” section.

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Decreasing the Face Amount will reduce your Policy’s minimum premium.

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Decreasing the Face Amount may increase the rates we charge you for the cost of insurance. Except for juvenile policies, we currently charge higher rates if the Face Amount is below $150,000 than if it is at least $150,000.
 
Payment Options
There are several ways of receiving proceeds under the death benefit and Surrender provisions of the Policy, other than in a lump sum. None of these options vary with the investment performance of the Variable Account. For a discussion of the settlement options described in your Policy, see “Payment Options” of the SAI.
Other Benefits Available Under the Policy

In addition to the standard death benefit associated with your contract, other standard and/or optional benefits may also be available to you. The following tables summarize information about those benefits. Information about the fees associated with each benefit included in the tables may be found in the Fee Table.
 
Optional Benefits with No Additional Charge
Name of Benefit
Purpose
Brief Description of
Restrictions/Limitation
Accelerated Benefit Rider for Terminal Illness
Access up to 50% of the Death Benefit (subject to a $150,000 maximum) under the Policy if the Insured is diagnosed with a terminal illness as defined in the Policy.
• The Policy’s expiration/maturity date must be more than 2 years from the request of the benefit under this rider.
• Consent from irrevocable beneficiaries and permitted assignees, if any, needed.
• No benefit if the Policy Owner is a) required by law to use this benefit to meet the claims of creditors, whether in bankruptcy or otherwise, or b) required by a government entity to use this benefit in order to apply for, obtain, or otherwise keep a
   
  government benefit or entitlement, or for any other reason.
• No benefit if the Terminal Illness results from actions of the Insured that are intended or would be expected to result in injury.
Automatic Increase Benefit Rider
Automatic annual increases in Face Amount.
• Increases apply on each Policy Anniversary prior to the Insured’s Attained Age 55, or on the first two Policy Anniversaries if the Insured’s Issue Age is between 53 and 55 when the rider is issued.
• The rider ends when the Insured attains age 55.
Accidental Death Benefit Rider
Payment of an additional death benefit if the Insured’s death was caused by accidental bodily injury.
• Exclusions from Coverage – Death resulting from:
¡ Suicide whether sane or insane;
¡ War or any act attributable to war, declared or undeclared, whether the Insured is in the military service or not;
¡ Bodily or mental infirmity, illness or disease of any kind;
¡ Bacterial infection other than infection occurring as a result of accidental or external bodily injuries;
¡ Committing or attempting to commit an assault or felony;
¡ Voluntary taking of any poison, drug or sedative, asphyxiation from voluntary inhalation of gas;
¡ Participating in aviation, except as a passenger.
Children’s Term Insurance Rider
Term insurance on the Insured’s current and future legal dependent children.
• Insurance coverage for each insured child continues until the earlier: (1) the child’s 22nd birthday, or (2) the Insured reaches Attained Age 65.
Waiver of Deduction Rider
Waives Monthly Deductions due to the Insured’s qualifying total disability. This rider may help prevent the Policy from lapsing during a period of total disability by waiving Monthly Deductions.
• Exclusions from coverage – disability resulting from:
¡ Intentional self-inflicted injury;
¡ War or any act attributable to war, declared or undeclared, while the Insured is in the military, naval or air service of any country;
¡ Participation in aviation, except as a passenger
Monthly Disability Benefit Rider
Payment of a Monthly Disability Benefit if the insured is totally Disabled.
• Effective August 7, 2015, the Monthly Disability Benefit Rider was no longer available and could not be added to a Policy; Monthly Disability Benefit Riders that were in force as of August 7, 2015 were not affected
• Exclusions from Coverage – Disability resulting from:
¡ Intentional self-inflicted injury;
¡ War or any act attributable to war, declared or undeclared, while the Insured is in the military, naval or air service of any country; or
¡ Participation in aviation, except as a passenger.
 
Accelerated Benefit Rider for Terminal Illness
This rider provides for a payment to the Owner if the Insured is diagnosed by certain physicians as having a medical condition that with reasonable medical certainty will result in the Insured’s death within 12 months from the date of the physician’s statement, regardless of any medical treatment the Insured receives, or a condition that requires a human bone marrow or an entire human heart, kidney, lung, pancreas or liver (“Major Organ”) transplant to prevent the Insured’s death within the next 12 months (“Terminal Illness”). The benefit amount is a part of the Policy’s death benefit paid while the Insured is living. If the Insured dies before payment is made then no benefit amount is payable. The maximum portion of the death benefit available for acceleration is the lesser of: (1) $150,000; or (2) 50 percent of the death benefit available on the policy to which this rider is attached on the date the request for the benefit amount is received in our home office. If, however, at the time of request for the benefit amounts, the death benefit equals the surrender value, and the Insured’s death is anticipated within 24 months, any amount up to 100 percent of the death benefit is available for acceleration. Non-accelerated benefits provided by riders attached to the policy are not included in the determination of the benefit amount. The benefit amount is subject to the following adjustments and deductions:
1. We will pay the present value of the amount available for acceleration under the benefit amount. This calculation will be based on the applicable actuarial discount appropriate to the Policy. The maximum interest rate used for the discount is the greater of: a) the current yield on 90 day US Treasury Bills; or b) the current maximum statutory adjustable policy loan interest rate.
2. If, on the date we approve the request, there is an outstanding policy loan, the benefit amount will be reduced by the benefit amount before any adjustments and deductions, divided by the current death benefit provided by the Policy excluding any attached riders (“Benefit Percentage”) multiplied by the outstanding loan balance. This reduction repays a portion of the policy loan.
3. We will reduce the benefit amount by any monthly deductions that are due and unpaid at the time we approved the request for payment of the benefit amount. Otherwise, we will reduce the benefit amount by any premiums which are due and unpaid at the time we approve the request.
4. We may reduce the benefit amount by an administrative charge not to exceed $250.
Payment of the benefit amount is subject to the following conditions:
1. The expiration or maturity date of the Policy must be more than 2 years from the date the benefit amount is requested. The Policy must not be in force as extended term or reduced paid-up insurance.
2. The sum of benefit amounts on this and any other policies issued by us on the life of the Insured may not exceed $150,000. Only one benefit amount is allowed per Policy. These limitations will not apply to this Policy if the benefit is requested at a time when the death benefit proceeds that would be payable under the Policy in the event of the Insured’s death are the same as the proceeds that would be payable if the Policy was surrendered.
3. We must receive proof of eligibility that is acceptable to us and will only pay the benefit amount during the Insured’s Lifetime.
4. We must receive a consent form from all irrevocable beneficiaries and permitted assignees, if any. We also reserve the right to require a consent form from the Insured and the Policy Owner, their spouses, other beneficiaries, and any other person if, in our sole discretion, such person’s consent is necessary to protect our interests.
5. This benefit is not meant to cause involuntary access to proceeds. Therefore, this benefit is not available if the Policy Owner is: a) required by law to use this benefit to meet the claims of creditors, whether in bankruptcy or otherwise, or b) required by a government entity to use this benefit in order to apply for, obtain, or otherwise keep a government benefit or entitlement, or for any other reason.
In addition to any other conditions, exclusions or limitations set forth in this rider, no benefit will be provided by this rider if the Terminal Illness results from actions of the Insured that are intended or would be expected to result in injury.
The administrative charge for this rider varies by state. It is guaranteed not to exceed $250 or the maximum allowed by state regulation. In addition to the administrative charge, we reduce the single sum benefit at the time of payment by an actuarial discount to compensate us for lost income due to the early payment of the death benefit. The actuarial
discount may be significant, depending on the death benefit amount being accelerated and the Moody’s Corporate Bond Yield Averages Rate. The amount of the administrative fee and the actuarial discount will be communicated to the Policy Owner, who may accept or refuse the offer to accelerate the benefit.
Claim Provisions. Written proof of the Insured’s Terminal Illness, in form and content acceptable to us, must be received by us at our home office before we will pay the benefit amount. This proof will include properly completed claim forms, a Physician’s Statement, and medical information acceptable to us supporting the Diagnosis including documentation supported by clinical, radiological, histological and laboratory evidence. We may require additional medical information from the physician submitting the statement and from other Physicians, specialists, or institutions having knowledge of the Insured’s Terminal Illness. At our expense, we reserve the right to have a physician of our choosing examine the Insured prior to paying the benefit amount, and as often as we deem reasonably necessary to determine the validity of your claim. We reserve the right to rely on the physician we choose for claim purposes. The benefit amount will be paid to the Policy Owner. We may place benefits in an interest bearing account to which the Policy Owner will have full access, unless the Policy Owner directs otherwise.
After the benefit amount is paid, the Policy will remain in force subject to the following adjustments:
1. This rider will terminate.
2. The death benefit or principal sum, Policy value or cash value, accumulation account, excluding any riders other than the Critical Illness Accelerated Benefit Rider, if any, and any outstanding loans, as applicable, will be reduced by the Benefit Percentage. Amounts in any Subaccounts and the Fixed Account will be reduced by the same percentage.
3. Cost of insurance charges and other monthly charges, if any, and any required premiums will be adjusted appropriately to reflect the current coverage.
4. Any outstanding loan will be reduced by the amount of loan repayment as described in item 2 above.
5. The benefits for any Accidental Death Benefit Rider and/or Children’s Term Insurance Rider will not be affected, provided these riders remain in effect according to the terms and conditions of any such riders.
We will send the Policy Owner, any irrevocable beneficiary and any permitted assignee, a statement showing the effect of the payment of the benefit amount on the Policy.
Termination of the Rider. This rider ends on the earlier of the following:
1. When we receive the Policy Owner’s written request to cancel this rider;
2. When the policy to which this rider is attached ends for any reason;
3. When the policy is in force as reduced paid-up or extended term insurance;
4. When we pay the benefit amount provided by this rider; or
5. When the Insured dies.
Impact on Policy Terms. This rider does not increase or decrease any Guaranteed Values of the Policy.
Example
John Doe is 49 years old, lives in Texas, and meets the medical condition requirements for the Accelerated Benefit Rider for Terminal Illness. His increasing death benefit option policy has a face amount of $325,000, and a current account value of $123,000 on the date the request for accelerated benefit is received. He has a $50,000 loan balance on the policy, and no other policies with Farmers.
The maximum death benefit available for acceleration is $150,000.
 
= min(150000, 50% × Death Benefit Available)
 
= min(150000, 50% × (325000 + 123000 – 50000))
 
= min(150000, 199000)
 
= 150000
 
The interest rate used for the actuarial discount of the benefit is 2.96%.
= max(Current Yield on 90 day US Treasury Bills, Current Max Stat Adjustable Policy Loan Interest Rate)
= max(0.12%, 2.96%)
= 2.96%
The benefit amount will be reduced by $18,844.22 due to the policy loan balance.
 
=
Maximum Benefit Available
x
Outstanding Loan Balance
Current Death Benefit
 
=
150000
 
 
× 50000
(325000 + 123000 – 50000)
 
 
 
 
     = 18844.22
 
For this example, there are no monthly deduction that are due and unpaid, and no premiums which are due and unpaid.
The benefit will be reduced by an additional $150, because John Doe lives in Texas.
The final benefit amount received will be $126,693.42
 
=
Max Benefit
 
 
– Reduction for Loan – Administrative  Charge
(1 + Interest Rae + for Discounting)
 
 
 
 
 
= 
150000
 
 
—
18844.22–150
 
1 + 2.96%
 
 
 
= 126693.42
Accidental Death Benefit Rider
This rider provides for a payment to the Beneficiary upon receipt of due proof that the Insured’s death was caused by accidental bodily injury subject to the terms below. The Accidental Death Benefit amount varies by face amount, but is not less than $10,000.00.
Death must occur: 1) as a direct result of accidental bodily injury and independently of all other causes; and 2) within 90 days of such injury; and 3) before the Insured reaches Attained Age 70; and 4) while the Policy and rider are in force.
We will not pay this benefit if the death results from: 1) suicide whether sane or insane; 2) war or any act attributable to war, declared or undeclared, whether the Insured is in the military service or not; 3) bodily or mental infirmity, illness or disease of any kind; 4) bacterial infection other than infection occurring as a result of accidental or external bodily injuries; 5) committing or attempting to commit an assault or felony; 6) the voluntary taking of any poison, drug or sedative, asphyxiation from voluntary inhalation of gas; 7) participating in aviation, except as a passenger.
Charge for this Rider. The charge for this rider will be added to the monthly deduction for the policy. The monthly charge is the sum of: 1) the Risk Rate at the Insured’s Attained Age times the number of thousands of Accidental Death Benefit amount shown on the Policy Specifications page; plus 2) the extra monthly charge for a special premium class for this rider, if any.
If the Policy provides for Waiver of Deduction, the monthly charge for this rider will be waived if the monthly deduction for the Policy is waived.
 
Guaranteed Maximum Monthly Risk Rates are shown in the following table.
 
GUARANTEED MAXIMUM RISK RATES PER $1,000 ATTAINED AGE
AGE
RISK RATE
AGE
RISK RATE
AGE
RISK RATE
AGE
RISK RATE
AGE
RISK RATE
 
 
 
 
 
 
 
 
 
 
1
0.104
15
0.104
29
0.083
43
0.104
57
0.125
 
 
 
 
 
 
 
 
 
 
2
0.104
16
0.125
30
0.083
44
0.104
58
0.125
 
 
 
 
 
 
 
 
 
 
3
0.083
17
0.146
31
0.083
45
0.104
59
0.125
 
 
 
 
 
 
 
 
 
 
4
0.083
18
0.146
32
0.083
46
0.104
60
0.125
 
 
 
 
 
 
 
 
 
 
5
0.083
19
0.146
33
0.083
47
0.104
61
0.146
 
 
 
 
 
 
 
 
 
 
6
0.083
20
0.146
34
0.083
48
0.104
62
0.146
 
 
 
 
 
 
 
 
 
 
7
0.083
21
0.146
35
0.083
49
0.104
63
0.146
 
 
 
 
 
 
 
 
 
 
8
0.083
22
0.125
36
0.083
50
0.104
64
0.167
 
 
 
 
 
 
 
 
 
 
9
0.083
23
0.125
37
0.083
51
0.104
65
0.167
 
 
 
 
 
 
 
 
 
 
10
0.083
24
0.104
38
0.083
52
0.104
66
0.167
 
 
 
 
 
 
 
 
 
 
11
0.083
25
0.104
39
0.083
53
0.104
67
0.188
 
 
 
 
 
 
 
 
 
 
12
0.083
26
0.104
40
0.083
54
0.104
68
0.188
 
 
 
 
 
 
 
 
 
 
13
0.083
27
0.104
41
0.083
55
0.125
69
0.188
 
 
 
 
 
 
 
 
 
 
14
0.083
28
0.083
42
0.083
56
0.125
    
Termination of Rider. This rider will end when: 1) the Insured Attains Age 70; or 2) the policy ends; or 3) the Owner’s signed request for termination is received.
Impact on Policy Terms. This rider does not increase or decrease the guaranteed values of the Policy.
Example.
Jane Smith is 57 when her base policy is issued. She elects an additional $100,000 of Accidental Death Benefit coverage.
Under the guaranteed maximum charges, she will pay the following schedule of charges, each month.
 
 Attained Age 
 Risk Rate 
Guar Max Monthly Charges for
$100,000 Coverage
 
 
 
57
0.125
$12.50
 
 
 
58
0.125
$12.50
 
 
 
59
0.125
$12.50
 
 
 
60
0.125
$12.50
 
 
 
61
0.146
$14.60
 
 
 
62
0.146
$14.60
 
 
 
63
0.146
$14.60
 
 
 
64
0.167
$16.70
 
 
 
65
0.167
$16.70
 
 
 
66
0.167
$16.70
 
 
 
67
0.188
$18.80
 
 
 
68
0.188
$18.80
 
 
 
69
0.188
$18.80
For example, when Jane has an attained age of 61, she will pay $14.60 each month, 175.20 for the year, for her accidental death coverage. If Jane dies prior to attained age 70, under applicable causes, the beneficiary will receive an additional $100,000 of death benefit. If Jane lives to attained age 70 or dies of other causes not covered by the rider, the beneficiary will only receive the base coverage death benefit.
 
Automatic Increase Benefit Rider
This rider provides for an automatic increase in the Face Amount of the policy on each Policy anniversary subject to the terms below. We will not require evidence of insurability.
On each Policy anniversary prior to the Insured’s Attained Age 55, or on the first two Policy anniversaries if the Insured’s Issue Age is between 53 and 55 when the rider is issued: 1) the Face Amount will be increased by the lesser of: (a) 3% of the Face Amount on the policy’s Issue Date or (b) $10,000; and 2) the planned premium payment will be increased by 3%.
Any increase in planned premium may not be sufficient to keep your policy in force and you may be required to make additional premium payments.
The increases described above will continue automatically unless: 1) the Monthly Deductions for the policy are being waived under the terms of any riders attached to the policy. Automatic increases will resume when the Monthly Deductions for the policy are no longer being waived under the terms of any rider; or 2) this rider ends as described in the Termination of Rider section.
There are no risk charges for this rider. However, all charges described in the policy apply to each increase in Face Amount.
Termination of Rider. This rider will end when:
1. the Insured Attains Age 55, or immediately following the second Policy anniversary after the rider is issued if the Insured’s Issue Age is between 53 and 55 when the rider is issued;
2. the total of all increases equals the Face Amount of the policy on the policy’s Issue Date;
3. you refuse an increase in Face Amount. We must receive your signed notice of refusal 30 days before the Policy anniversary on which the automatic increase would take place;
4. you request a decrease in Face Amount;
5. the policy ends; or
6. we receive your signed request for termination of this rider.
Example.
Joyce Ward purchased a $125,000 policy on September 9th, 2020 when she was 51. Each policy anniversary prior to attained age 55, Joyce’s policy will increase by 3% of the face amount on the policy’s issue date, $3750. See the table below for a face amount schedule.
 
Attained Age
Date
Total Face Amount
 
 
 
51
9/20/2020
125,000
 
 
 
52
9/20/2021
128,750
 
 
 
53
9/20/2022
132,500
 
 
 
54
9/20/2023
136,250
 
 
 
55
9/20/2024
136,250
 
 
 
56
9/20/2025
136,250
Children’s Term Insurance Rider
This rider provides for a payment to the Beneficiary of the rider a Children’s Term Rider amount which will be shown on the Policy Specifications page upon our receipt of due proof of the death of an Insured Child, provided 1) this rider is in force on the date of death; and 2) death occurred prior to the Insured Child’s 22nd birthday.
Each of the children described below is an Insured Child from age 15 days until the earliest of either the child’s 22nd birthday or the Insured’s Attained Age 65.
1. A child of the Insured who is listed in the application and is not yet 20 years of age on the effective date of this rider.
2. A future child born to the Insured.
3. A child legally adopted by the Insured before the child is age 20 and before the Insured Attains Age 63.
 
Upon receipt of due proof of the Insured’s death while this rider is in force, we will provide you paid-up term insurance to age 22 on each Insured Child. This paid-up term insurance may be surrendered at any time prior to the Insured Child’s 22nd birthday. The surrender value will be the net single premium necessary to continue the Insured Child’s insurance to age 22. The basis for the net single premium is: 1) an interest rate that does not exceed the maximum rate allowed by the laws of the state in which this rider is issued; 2) Commissioners 2017 Standard Ordinary Mortality Table; 3) age last birthday; and 4) the assumption that the Insured Child’s death occurs at the end of the policy year.
The Insured is the Beneficiary under this rider, unless you designate otherwise, subject to the terms of the Change of Beneficiary section of the policy, while the Insured is living. At the time of the Beneficiary’s death, if you are living, you will become the Beneficiary; if you are not living, the surviving Insured Children will share and share alike.
While the policy and this rider are in force, the insurance on each Insured Child may be converted to any permanent life insurance product we make available for conversion at that time. Conversion is subject to certain terms set forth in the rider.
Upon receipt of due proof that the death of an Insured Child, eligible to be insured under a new policy, occurred during the 31 days following the expiration of that Insured Child’s insurance under this rider, and before any new policy had become effective, We will pay to the Beneficiary of this rider, the amount which would have been paid if such Insured Child’s term insurance had not expired.
Risk Charge. The Risk Charge for this rider is part of the Monthly Deduction for the policy. The Guaranteed Maximum Monthly Risk Charge for this rider is $0.87 per thousand of the Children’s Term Rider amount. If the Monthly Deduction for the policy is being waived under the provision of any rider attached to the policy, the Risk Charge for this rider will also be waived.
Termination of Rider. This rider will end when:
1. the Insured dies or Attains Age 65;
2. the youngest Insured Child covered by this rider reaches age 22;
3. all Insured Children have exercised their conversion privilege;
4. the policy ends; or
5. we receive your signed request for termination of this rider.
Example.
Aaron Johnson is 40 years old when he purchases his policy with an additional $5000 of coverage under the Children’s Term Insurance Rider for his son, Mark, who is 5 years old. When Aaron is 45 years old, he has a second child, Mary, who is eligible for an additional $5000 of coverage under the Children’s Term Insurance Rider for her when she is 15 days old. The following table outlines the guaranteed maximum monthly risk charge Aaron will pay for $5000 of coverage on each child. Mark will be covered from age 5 until age 22, and Mary will be covered from 15 days old until Aaron attains age 65.
 
Insured’s
 Attained Age 
Child 1’s
 Attained Age 
Child 2’s
Attained Age
Guar Max Monthly
Risk Charge
 
 
 
 
40
5
na
$4.35
 
 
 
 
41
6
na
$4.35
 
 
 
 
na
 
 
 
 
45
10
0
$4.35
 
 
 
 
46
11
1
$4.35
 
 
 
 
 
 
 
 
56
21
11
$4.35
 
 
 
 
57
22
12
$4.35
 
 
 
 
 
 
 
 
64
29
19
$4.35
 
 
 
 
65
30
20
$—
 
Waiver of Deduction Rider
This rider provides for the waiver of the Monthly Deductions due during the Insured’s continued disability, as defined below.
While the Policy and this rider are in force, Disability means that, as a result of bodily injury or disease starting after the Issue Date of this rider and before the Insured reaches Attained Age 60, the Insured is totally disabled so that the Insured: 1) is, and for a continuous period of at least 180 days has been, prevented from working in any occupation for which the Insured is reasonably qualified by education, training or experience; or 2) has suffered total and irrevocable loss of the sight of both eyes, or the loss of both hands, or both feet, or one hand and one foot.
We will not waive Monthly Deductions until the claim for benefits under this rider is approved. If the claim is approved, we will credit the Contract Value with all Monthly Deductions that were deducted from the Contract Value since the start of the Disability. However, we will not waive Monthly Deductions retroactively for any Monthly Due Date that was more than 12 months before receipt of Written Notice of Disability. During the period in which we are waiving Monthly Deductions under this rider, we will not accept or approve any request for: 1) an increase in Face Amount; or 2) a change in death benefit option.
We will not waive Monthly Deductions if Disability results from: 1) intentional self-inflicted injury; 2) war or any act attributable to war, declared or undeclared, while the Insured is in the military, naval or air service of any country; or 3) participation in aviation, except as a passenger.
Termination of Disability. You must give proof of the Insured’s continuing Disability upon request in certain circumstances. We reserve the right to require that the Insured be examined by a physician acceptable to us. If you do not furnish this proof within 91 days of our request, benefits under this rider will end and we will notify you of the Monthly Deduction then due.
Risk Charge. The Risk Charge for this rider is part of the Monthly Deduction for the policy. The Risk Charge is: 1) the Monthly Waiver of Deduction Risk Rate, times 2) the Monthly Waiver of Deduction Table Rating Factor, if any, as shown on the Policy Specifications page; with the result then multiplied by 3) the Monthly Deduction for the policy, excluding the Risk Charge for this rider. The Monthly Waiver of Deduction Risk Rate is based on the Insured’s Attained Age. The Guaranteed Maximum Monthly Waiver of Deduction Risk Rates are shown in the following table. We may use Monthly Waiver of Deduction Risk Rates that are less than those shown in the table, but not greater.
 
GUARANTEED MAXIMUM MONTHLY
WAIVER OF DEDUCTION RISK RATES
Attained Age
 
 
Rate
 
Attained Age
 
Rate
 
 
 
 
 
30 and below
.06
51-55
.15
 
 
 
 
31-40
.07
56-59
.20
 
 
 
 
41-45
.08
60 and above
.00
 
 
 
 
46-50
.10
 
 
Termination of Rider. This rider will end when: 1) the Insured Attains Age 60 and is not Disabled; 2) the Insured’s Disability terminates, if the Insured is Disabled upon reaching Attained Age 60; 3) the policy ends; or 4) we receive your signed request for termination of this rider.
Impact on Policy Terms. Any proceeds paid under the policy will not be reduced by any Monthly Deductions waived under this rider.
Monthly Disability Benefit Rider
This rider provides for the addition of a monthly benefit to the Fixed Account Value of the policy on each Monthly Due Date during the Insured’s continued disability as defined below, but not beyond the Insured’s Attained Age 65. The monthly benefit varies by the characteristics of the Insured, but is not less than $48.25 per month.
Disability means that, as a result of bodily injury or disease starting after the Issue Date of this rider and before the Insured reaches Attained Age 60, the Insured is totally disabled so that the Insured: 1) is, and for a continuous period of at least 180 days has been, prevented from working in any occupation for which the Insured is reasonably qualified by education, training or experience; or 2) has suffered total and irrevocable loss of the sight of both eyes, or the loss of both hands, or both feet, or one hand and one foot. We must receive Written Notice of Disability at our
 
Home Office during the Insured’s continuing disability and while the Insured is alive, unless it can be shown that notice was given as soon as reasonably possible.
We will not pay any monthly benefit until the claim for benefits under this rider is approved. If the claim is approved, we will add the monthly benefit to the Fixed Account Value beginning on the first Monthly Due Date after the start of the Insured’s disability. However, we will not add monthly benefits retroactively for any Monthly Due Date that was more than 12 months before receipt of Written Notice of Disability.
We will not pay Monthly Benefits if the Disability results from: 1) intentional self-inflicted injury; 2) war or any act attributable to war, declared or undeclared, while the Insured is in the military, naval or air service of any country; or 3) participation in aviation, except as a passenger. You must give proof of the Insured’s continuing disability upon request in certain circumstances. We reserve the right to require that the Insured be examined by a physician acceptable to us. If you do not furnish this proof within 91 days of our request, the benefit will end.
Risk Charge. The Risk Charge for the rider is part of the Monthly Deduction for the policy. The Risk Charge is 1) the Monthly Risk Rate for Monthly Disability Benefit; times 2) the Monthly Disability Benefit Rider Table Rating Factor, if any, as shown on the Policy Specifications page; with the result then multiplied by 3) the Monthly Disability Benefit Rider amount shown on the Policy Specifications page. The Monthly Risk Rate for Monthly Disability Benefit is based on the Insured’s Attained Age. The Guaranteed Maximum Risk Rates for Monthly Disability Benefit are shown in the following table. We may use Monthly Risk Rates for Monthly Disability Benefit that are less than those shown in the table, but not greater.
 
GUARANTEED MAXIMUM MONTHLY RISK RATES
FOR MONTHLY DISABILITY BENEFIT
Attained Age
 
 
Rate
 
Attained Age
 
Rate
 
 
 
 
 
21-30
.06
46-50
.10
 
 
 
 
31-40
.07
51-55
.15
 
 
 
 
41-45
.08
56 and above
.20
Termination of Rider. This rider will end when: 1) the Insured Attains Age 60 and is not Disabled; 2) You are receiving benefits under this rider and the Insured dies or Attains Age 65 or the Insured’s Disability Terminates; 3) the policy ends; or 4) We receive Your signed request for termination of this rider.
Impact on Policy Terms. Any proceeds paid under the policy will not be reduced by any Monthly Benefits paid by this rider. This rider does not increase or decrease any guaranteed values of the Policy.
Full and Partial Surrenders

 

 
Full Surrender
You may make a written request to fully Surrender your Policy for its Cash Surrender Value, as calculated at the end of the Business Day on which we receive your signed request, unless you specify a later Business Day in your request. Please send your written request to the Service Center. The Cash Surrender Value is the amount we pay when you fully Surrender your Policy while it is in force.
The Cash Surrender Value on any Business Day equals:

 •
the Contract Value as of such date; minus

•
any Surrender Charge as of such date; minus

•
any Monthly Deductions due and unpaid as of such date; minus

•
any Outstanding Loan Amount (including interest you owe) as of such date.
 
 
Full Surrender Conditions:
• You must make your Surrender request in writing.
• Your written Surrender request must contain your signature.
• Send your written request to the Service Center.
• The Insured must be alive and the Policy must be in force when you make your written request. A Surrender is effective as of the end of the Business Day on which we receive your written request and your Policy.
• You will incur a Surrender Charge if you Surrender the Policy during the first nine Policy years or within nine years after any increase in the Face Amount. See the “Charges and Deductions” section.
• Once you Surrender your Policy, all coverage and other benefits under it cease and cannot be reinstated.
• We will pay you the Cash Surrender Value in a lump sum usually within seven calendar days unless you request other arrangements.
We will price complete Surrender requests that we receive from you at our Service Center before the NYSE closes for regular trading (usually, 4:00 p.m. Eastern Time, 1:00 p.m. Pacific Time) using the Accumulation Unit value determined at the close of that regular trading session of the NYSE. If we receive your complete Surrender request after the close of regular trading on the NYSE, we will price your Surrender request using the Accumulation Unit value determined at the close of the next regular trading session of the NYSE, unless you specify a later Business Day in your request.
Surrendering the Policy may have adverse tax consequences, including a penalty tax. See the “Federal Tax Considerations” section.
Partial Surrenders
After the first Policy year, you may request a partial Surrender of a portion of your Cash Surrender Value, subject to certain conditions. Partial Surrenders may have tax consequences. See the “Federal Tax Considerations” section.
 
Partial Surrender Conditions:
• You must make your partial Surrender request in writing.
• Your written partial Surrender request must contain your signature.
• Send your written request to the Service Center.
• You may make only one partial Surrender each calendar quarter.
• You partial Surrender request must be at least $500.
• You cannot withdraw more than 75% of the Cash Surrender Value without Surrendering the Policy.
• You can specify the Subaccount(s) and Fixed Account from which to make the partial Surrender, otherwise we will deduct the amount from the Subaccounts and the Fixed Account on a pro-rata basis (that is, according to the percentage of Contract Value contained in each Subaccount and the Fixed Account). No portion of the loan account may be withdrawn.
• We will price complete partial Surrender requests that we receive from you at our Service Center before the NYSE closes for regular trading (usually, 4:00 p.m. Eastern Time, 1:00 p.m. Pacific Time) using the Accumulation Unit value determined at the close of that regular trading session. If we receive your complete partial Surrender request after the close of regular trading on the NYSE, we will price your partial Surrender request using the Accumulation Unit value determined at the close of the next regular trading session of the NYSE.
• We will reduce your Contract Value by the amount of the partial Surrender you requested plus any processing fee.
• We generally will pay a partial Surrender request within seven calendar days after the Business Day when we receive the request.
Processing Fee for Partial Surrenders. Whenever you take a partial Surrender, we deduct a processing fee according to your instructions (or on a pro rata basis if you provide no instructions) from the Subaccounts and the Fixed Account equal to the lesser of $25 or 2% of the amount withdrawn.
 
If the level death benefit (Option B) is in effect at the time of a partial Surrender, we will reduce the Face Amount by the amount of the partial Surrender (but not by the processing fee). See the “Death Benefit – Changing the Face Amount – Decreases” section. We will not allow any partial Surrender to reduce the Face Amount below the minimum Face Amount set forth in your Policy specifications page.
Income taxes, tax penalties and certain restrictions may apply to any full Surrender or partial Surrenders you make.
When We Will Make Payments
We usually pay the amounts of any full Surrender, partial Surrender, Death Benefit Amount Payable, loans, or settlement options within seven calendar days after we receive all applicable Written Notices and/or due proofs of death. However, we can postpone such payments if:

 •
the NYSE is closed, other than customary weekend and holiday closings, or trading on the NYSE is restricted as determined by the SEC; or

•
the SEC permits, by an order, the postponement for the protection of Policy Owners; or

•
the SEC determines that an emergency exists that would make the disposal of securities held in the Variable Account or the determination of their value not reasonably practicable.
If you have submitted a recent check or draft, we have the right to defer payment of a full Surrender, a partial Surrender, Death Benefit Amount Payable, or payments under a settlement option until such check or draft has been honored.
If mandated under applicable law, we may be required to reject a premium payment and/or otherwise block access to a Policy Owner’s account and thereby refuse to pay any request for transfers, partial Surrenders, a full Surrender, loans, or death benefits. We may also be required to provide additional information about you, the Insured, your Beneficiary, or your account to government regulators. Once blocked, monies would be held in that account until instructions are received from the appropriate regulator.
We have the right to defer payment of any full Surrender, partial Surrender, Death Benefit Amount Payable, loans, or settlement options from the Fixed Account for up to six months from the date we receive your written request.
Transfers

 

 
You may make transfers from the Subaccounts or from the Fixed Account, subject to the conditions stated below. You may not make any transfers from the loan account. We determine the amount you have available for transfers at the end of the Business Day when we receive your transfer request. We may modify or revoke the transfer privilege at any time. The following features apply to transfers under the Policy:

 •
You may make an unlimited number of transfers in a Policy year from and among the Subaccounts (subject to the “Policy and Procedures Regarding Disruptive Trading and Market Timing” section below).

•
You may only make one transfer each Policy year from the Fixed Account (unless you choose dollar cost averaging).

•
You may request transfers in writing (in a form we accept), or by telephone. You should send written requests to the Service Center.

•
For Subaccount transfers, you must transfer at least the lesser of $250, or the total value in the Subaccount.

•
For Fixed Account transfers, you may not transfer more than 25% of the value in the Fixed Account, unless the balance after the transfer is less than $250, in which case the entire amount will be transferred.

•
We charge $25 for the 13th and each additional transfer during a Policy year, and unless you instruct us otherwise we deduct the transfer charge from the Subaccounts and Fixed Account on a pro-rata basis.
Any unused free transfers do not carry over to the next Policy year. Transfers we effect on the Reallocation Date, and transfers resulting from loans, dollar cost averaging, and death benefit processing are not treated as transfers for the purpose of assessing the transfer charge.
 

 •
We consider each written or telephone request to be a single transfer, regardless of the number of Subaccounts (or Fixed Account) involved.

•
We will price complete transfer requests that we receive at our Service Center before the NYSE closes for regular trading (usually, 4:00 p.m. Eastern Time, 1:00 p.m. Pacific Time) using the Accumulation Unit value determined at the close of that regular trading session of the NYSE. If we receive your complete transfer request after the close of regular trading on the NYSE, we will price the transfer request using the Accumulation Unit value determined at the close of the next regular trading session of the NYSE.
We reserve the right to modify, restrict, suspend or eliminate transfer privileges at any time, for any class of Policies, for any reason.
Third Party Transfers
If you authorize a third party to transact transfers on your behalf, we will honor their transfer instructions, so long as they comply with our administrative systems, rules and procedures, which we may modify or rescind at any time. We take no responsibility for any third party asset allocation program. Please note that any fees and charges assessed for third party asset allocation services are separate and distinct from the Policy fees and charges set forth in this prospectus. We neither recommend nor discourage the use of asset allocation services.
Telephone Transfers
Your Policy, as applied for and issued, will automatically receive telephone transfer privileges unless you provide other instructions. To make a telephone transfer, you must call the Service Center toll-free at 1-877-376-8008, open between 8:00 a.m. and 6:00 p.m. Eastern Time. Any telephone transfer requests directed to another number may not be considered received at our Service Center.
Please note the following regarding telephone transfers:

 •
We are not liable for any loss, damage, cost or expense from complying with telephone instructions we reasonably believe to be authentic. You bear the risk of any such loss.

•
We will employ reasonable procedures to confirm that telephone instructions are genuine.

•
Such procedures may include requiring forms of personal identification prior to acting upon telephone instructions, providing written confirmation of transactions to you, and/or tape recording telephone instructions received from you.

•
If we do not employ reasonable confirmation procedures, we may be liable for losses due to unauthorized or fraudulent instructions.
We will price any complete telephone transfer request that we receive at the Service Center before the NYSE closes for regular trading (usually, 4:00 p.m. Eastern Time, 1:00 p.m. Pacific Time) using the Accumulation Unit value determined at the end of that regular trading session of the NYSE. We cannot guarantee that telephone transfer transactions will always be available. For example, our Service Center may be closed during severe weather emergencies or there may be interruptions in telephone service or problems with computer systems that are beyond our control. Outages or slowdowns may prevent or delay our receipt of your request. If the volume of calls is unusually high, we might not have someone immediately available to receive your order. Although we have taken precautions to help our systems handle heavy use, we cannot promise complete reliability under all circumstances.
The corresponding Portfolio of any Subaccount determines its net asset value per each share once daily, as of the close of the regular business session of the NYSE (usually, 4:00 p.m. Eastern Time, 1:00 p.m. Pacific Time), which coincides with the end of each Business Day. Therefore, we will price any transfer request we receive after the close of the regular business session of the NYSE, on any day the NYSE is open for regular trading, using the net asset value for each share of the applicable Portfolio determined as of the close of the next regular business session of the NYSE.
We reserve the right to modify, restrict, suspend or eliminate the transfer privileges (including the telephone transfer facility) at any time, for any class of Policies, for any reason.
Policy and Procedures Regarding Disruptive Trading and Market Timing
Statement of Policy. This Policy is not designed for use by organizations or individuals engaged in market timing or for use by investors who make frequent transfers, programmed transfers, transfers into and then out of a Subaccount in a short period of time, or transfers of large amounts at one time (“Disruptive Trading”).
 
Market timing and other kinds of Disruptive Trading can increase your investment risks and have harmful effects for you, for other Policy Owners, for the underlying Portfolios, and for other persons who have material rights under the Policy, such as Insureds and beneficiaries. These risks and harmful effects include:

 •
dilution of the interests of long-term investors in a Subaccount if market timers manage to transfer into an underlying Portfolio at prices that are below the true value or to transfer out of the underlying Portfolio at prices that are above the true value of the underlying Portfolio’s investments (some market timers attempt to do this through methods known as “time-zone arbitrage” and “liquidity arbitrage”);

•
reduced investment performance due to adverse effects on Portfolio management by:

¡ 
impeding a Portfolio manager’s ability to sustain an investment objective;

¡  
causing the underlying Portfolio to maintain a higher level of cash than would otherwise be the case; or

¡  
causing an underlying Portfolio to liquidate investments prematurely (or otherwise at an inopportune time) in order to pay partial Surrenders or transfers out of the underlying Portfolio; and

•
increased costs to you in the form of increased brokerage and administrative expenses. These costs are borne by all Policy Owners invested in those Subaccounts, not just those making the transfers.
Policy Against Disruptive Trading. We have adopted internal policies and procedures intended to detect and deter market timing and other forms of Disruptive Trading. We do not make special arrangements or grant exceptions or waivers to accommodate any persons or class of persons with regard to these internal policies and procedures. Do not invest with us if you intend to conduct market timing or potentially Disruptive Trading.
For these purposes, we do not include transfers made pursuant to Dollar Cost Averaging or Automatic Asset Rebalancing.
Detection. We monitor the transfer activities of Owners and coordinate with the underlying fund companies in order to detect market timing and other forms of Disruptive Trading activity. However, despite our monitoring we may not be able to detect or halt all Disruptive Trading activity. Our ability to detect Disruptive Trading may be limited by operational or technological systems, as well as by our ability to predict strategies employed by market timers to avoid detection. As a result, despite our efforts, there is no assurance that we will be able to identify and curtail all Disruptive Trading by such Policy Owners or intermediaries acting on their behalf.
In addition, because other insurance companies (and retirement plans) with different market timing policies and procedures may invest in the underlying Portfolios, we cannot guarantee that all harmful trading will be detected or that an underlying Portfolio will not suffer harm from Disruptive Trading in the Subaccounts of variable products issued by these other insurance companies (or retirement plans) that invest in the underlying Portfolios.
As a result, to the extent we are not able to detect Disruptive Trading activity, or other insurance companies (or retirement plans) fail to detect such activity, it is possible that a market timer may be able to engage in Disruptive Trading transactions that may interfere with underlying Portfolio management and cause you to experience detrimental effects such as increased costs, lower performance and a dilution of your interest in a underlying Portfolio.
Deterrence. We impose limits on transfer activity within the Policy in order to deter Disruptive Trading.
We will accept the following transfers only if the order is sent to us with an original signature or other standard identity authentication :

 •
transfers in excess of $1,000,000 per Policy, per day
We will conduct ongoing monitoring for possible suspicious transfer activity. This includes identifying two or more round trip transactions to the same Subaccount within a 90-day period and more than four round trip transactions to the same Subaccount within a 12 month period. We will also coordinate and cooperate with the underlying fund companies’ efforts to deter, detect, and impose transaction restrictions as necessary to address disruptive trading activity.
If we identify suspicious transfer activity, we will advise you in writing that we are monitoring your transfer activity and that we will impose restrictions if we identify a pattern of Disruptive Trading activity. If we identify such a pattern as a result of continued monitoring, we will notify you in writing that all future transfers must be submitted through written request. This means that we may accept only written transfer requests with an original signature transmitted to us only by first class U.S. mail. We may also restrict the transfer privileges of others acting on your behalf, including your registered representative or an asset allocation or investment advisory service.
To further deter any market timing and Disruptive Trading activities, we may at any time and without prior notice:

 •
terminate all telephone, website, email or fax transfer privileges;

•
limit the total number of transfers;

•
place further limits on the dollar amount that may be transferred;

•
require a minimum period of time between transfers; or

•
refuse transfer requests from intermediaries acting on behalf of you.
To the extent we are unable to effectively impose these restrictions to discourage market timing and other forms of Disruptive Trading, some Policy Owners may be able to market time through the Policy, while others would bear the harm associated with the timing.
We reserve the right to reject any premium payment or transfer request from any person without prior notice, if, in our judgment, (1) the payment or transfer, or series of transfers, would have a negative impact on an underlying Portfolio’s operations, or (2) if an underlying Portfolio would reject or has rejected our purchase order, or has instructed us not to allow that purchase or transfer, or (3) you have a history of large or frequent transfers. We may impose other restrictions on transfers, or even prohibit transfers for any Policy Owner who, in our view, has abused, or appears likely to abuse, the transfer privilege. We also reserve the right to reverse a potentially harmful transfer if an underlying Portfolio refuses or reverses our order; in such instances some Policy Owners may be treated differently than others. For all of these purposes, we may aggregate two or more variable insurance products that we believe are connected.
In addition to our internal policies and procedures, we will administer your Policy to comply with any applicable state, federal, and other regulatory requirements concerning transfers. We reserve the right to implement, administer, and charge you for any fee or restriction, including redemption fees, imposed by any underlying Portfolio. To the extent permitted by law, we also reserve the right to defer the transfer privilege at any time that we are unable to purchase or redeem shares of any of the underlying Portfolios.
Under our current policies and procedures, we do not:

 •
impose redemption fees on transfers;

•
expressly limit the number, size or frequency of transfers in a given period (except for certain Subaccounts listed above where transfers that exceed a certain size are prohibited); or

•
allow a certain number of transfers in a given period.
Redemption fees, other transfer limits, and other procedures or restrictions may be more or less successful than ours in deterring market timing or other forms of Disruptive Trading and in preventing or limiting harm from such trading.
We may revise our policies and procedures in our sole discretion at any time and without prior notice, as we deem necessary or appropriate (1) to better detect and deter market timing or other Disruptive Trading if we discover that our current procedures do not adequately curtail such activity, (2) to comply with state or federal regulatory requirements, or (3) to impose additional or alternative restrictions on Owners engaging in frequent transfer activity among the underlying Portfolios under the Policy. The actions we take will be based on policies and procedures that we apply uniformly to all Policy Owners.
Underlying Portfolio Frequent Trading Policies. The underlying Portfolios may have adopted their own policies and procedures with respect to frequent purchases and redemptions of their respective shares. Such policies and procedures may include a redemption fee of up to 2% on Subaccount assets that are redeemed out of a Portfolio in connection with a partial Surrender or Transfer. The prospectuses for the underlying Portfolios describe any such policies and procedures. The frequent trading policies and procedures of one underlying Portfolio may be different, and more or less restrictive, than the frequent trading policies and procedures of another underlying Portfolio and the policies and procedures we have adopted for the Policy to discourage market timing and other programmed, large, frequent, or short-term transfers.
You should be aware that, as required by SEC regulation, we have entered into a written agreement with each underlying fund or principal underwriter that obligates us to provide the fund, upon written request, with information about you and your trading activities in the fund’s Portfolios. In addition, we are
 
obligated to execute instructions from the Funds that may require us to restrict or prohibit your investment in a specific Portfolio if the fund identifies you as violating the frequent trading policies that the fund has established for that Portfolio.
If we receive a premium payment from you with instructions to allocate it into a fund that has directed us to restrict or prohibit your trades into the fund, then we will request new allocation instructions from you. If you request a transfer into a fund that has directed us to restrict or prohibit your trades, then we will not effect the transfer.
Omnibus Order. Policy Owners and other persons with material rights under the Policy also should be aware that the purchase and redemption orders received by the underlying Portfolios generally are “omnibus” orders from intermediaries such as retirement plans and separate accounts funding variable insurance products. The omnibus orders reflect the aggregation and netting of multiple orders from individual retirement plan participants and individual Owners of variable insurance products. The omnibus nature of these orders may limit the underlying Portfolios’ ability to apply their respective frequent trading policies and procedures. We cannot guarantee that the underlying Portfolios will not be harmed by transfer activity relating to the retirement plans or other insurance companies that may invest in the underlying Portfolios. These other insurance companies are responsible for their own policies and procedures regarding frequent transfer activity. If their policies and procedures fail to successfully discourage harmful transfer activity, it will affect other Owners of underlying Portfolio shares, as well as the Owners of all of the variable annuity or life insurance policies, including ours, whose variable investment options correspond to the affected underlying Portfolios. In addition, if an underlying Portfolio believes that an omnibus order we submit may reflect one or more transfer requests from Owners engaged in market timing and other programmed, large, frequent, or short- term transfers, the underlying Portfolio may reject the entire omnibus order and thereby delay or prevent us from implementing your request.
Automatic Asset Rebalancing Program
Under the Automatic Asset Rebalancing (“AAR”) program, we will automatically transfer amounts among the Subaccounts each quarter to reflect your most recent instructions for allocating Premiums. The Automatic Asset Rebalancing program may not be used to transfer amounts into and out of the Fixed Account. No transfer fees apply, and transfers under the AAR program are not included when we determine the number of free transfers permitted each year. For more information, see the SAI. The AAR program is not available if you elect to enroll in the Dollar Cost Averaging program discussed below.
Dollar Cost Averaging Program
Under the Dollar Cost Averaging Program, you may authorize us to transfer a fixed dollar amount at monthly intervals from the Fixed Account to one or more Subaccounts. You may designate up to eight Subaccounts to receive the transfers.
You may enroll in the Dollar Cost Averaging program at any time by submitting a request to the Service Center. We make transfers on the same day of every month on your Monthly Due Date. Transfers under this program are not included when we determine the number of free transfers permitted each year. We must receive your request at least five Business Days before the transfer date for your transfers to begin on that date. When you enroll in the dollar cost averaging program, your total Fixed Account Value must be at least equal to the amount you designate to be transferred on each transfer date. Transfers from the Fixed Account under this program must be at least $100. If on any transfer date the amount remaining in the Fixed Account is less than the amount designated to be transferred, the entire balance will be transferred out of the Fixed Account and applied pro-rata to the selected Subaccounts, and the dollar cost averaging request will expire. The Dollar Cost Averaging program is not available if you elect to enroll in the Automatic Asset Rebalancing program discussed above.
 
Loans

 

 
While the Policy is in force, you may borrow money from us using the Policy as the only security for the loan. A loan that is taken from, or secured by, a Policy may have tax consequences. See the “Federal Tax Considerations” section.
 
Loan Conditions:
• You may take a loan against the Policy for amounts up to the Cash Surrender Value, as calculated at the end of the Business Day on which we receive your signed request, minus loan interest you would have to pay by the next Policy anniversary, and minus three Monthly Deductions, or the number of Monthly Deductions due prior to the next Policy anniversary, if fewer.
• To secure the loan, we transfer an amount equal to the loan from the Subaccounts and Fixed Account to the loan account, which is a part of our General Account. If your loan request does not specify any allocation instructions, we will transfer the loan from the Subaccounts and the Fixed Account on a pro-rata basis (that is, according to the percentage of Contract Value contained in each Subaccount and the Fixed Account).
• Amounts in the loan account earn interest at the guaranteed minimum rate of 2.5% per year, compounded annually. We may credit the loan account with an interest rate different from the Fixed Account.
• We normally pay the amount of the loan within seven calendar days after we receive a proper loan request at the Service Center. We may postpone payment of loans under certain conditions. See the “Full and Partial Surrenders – When We Will Make Payments” section. We charge you interest on your loan. The loan interest rate for Policy years 1 through 15 is 4.5% per year, compounded annually. The loan interest rate for Policy years 16 and beyond is 2.5% per year, compounded annually. This loan interest rate is guaranteed never to exceed 6.5% per year, compounded annually. Interest accrues daily and is due and payable at the end of each Policy year, or on the date of any loan increase or repayment, if earlier. Unpaid interest becomes part of the Outstanding Loan Amount and accrues interest daily.
         
• You may repay all or part of your Outstanding Loan Amount at any time by sending the repayment to the Service Center. Loan repayments must be at least $25, and must be clearly marked as “loan repayment” or they will be credited as Premiums.
 
• Upon each loan repayment, we will transfer an amount equal to the loan repayment from the loan account to the fixed and/or Subaccounts according to your current premium allocation instructions.
• We deduct any Outstanding Loan Amount (including any interest you owe), from the Cash Surrender Value and from the Death Benefit on the Insured’s death.
• Unpaid loan amounts (including any interest you owe) will reduce the Cash Surrender Value and possibly cause your Policy to fail the Grace Premium Test, which may result in the Policy entering the 61-day grace period. See “Policy Lapse and Reinstatement .”
Effects of Policy Loans
Risk of Policy Lapse. There are risks involved in taking a Policy loan, one of which is an increased potential for the Policy to Lapse. A Policy loan, whether or not repaid, affects the Policy, the Contract Value and the death benefit. We deduct any Outstanding Loan Amount (including any interest you owe on the loans) from the proceeds payable upon the death of the Insured and from the Cash Surrender Value. Repaying the loan causes the Death Benefit Amount Payable and Cash Surrender Value to increase by the amount of the repayment. We will notify you (or any assignee of record) if the sum of your Outstanding Loan Amount (including any interest you owe on the loans) is more than the Contract Value. If you do not submit a sufficient payment during the 61-day grace period, your Policy will Lapse without value, insurance coverage will no longer be in effect, and you will receive no benefits.
Risk of Investment Performance. As long as a loan is outstanding, we hold an amount equal to the Outstanding Loan Amount in the loan account. The amount in the loan account is not affected by the Variable Account’s investment performance and may not be credited with the same interest rates currently accruing on the
 
Fixed Account. Amounts transferred from the Variable Account to the loan account will affect the Contract Value because we credit such amounts with an interest rate we declare rather than a rate of return reflecting the investment results of the Variable Account.
Tax Risks. The federal tax consequences of a Policy loan are uncertain. A Policy loan may have adverse tax consequences. You should review the “Federal Tax Considerations” section of this prospectus carefully, especially if you are purchasing this Policy with the intention of taking Policy loans or a partial Surrender at any time in the future, and/or you intend to keep the Policy in force after the Insured reaches age 100. You should consult a qualified tax advisor before taking out a Policy loan.
Policy Lapse and Reinstatement

 

 
Lapse
The following flow chart shows the process used to determine if the Policy will enter the 61-day grace period:
 
 
** These two conditions make up the Grace Exemption Test. If the answer to both questions is “Yes,” then the Grace Exemption Test is passed.
If your Policy enters into a grace period, we will mail a notice to your last known address and to any assignee of record. We will mail the notice at least 61 days before the end of the grace period. The notice will specify the minimum payment that you must pay to prevent your Policy from lapsing and the final date by which we must receive the payment at the Service Center in order to keep the Policy from lapsing. If we do not receive the specified minimum payment by the end of the grace period, all coverage under the Policy will terminate.
It is possible that we may require you to pay an additional premium (over and above the premium specified in the Lapse notice) if the investment performance of your Policy is unfavorable during the grace period.
In order to prevent your Policy from lapsing, the premium payment you pay must be large enough to cause either one of the following conditions:
Condition One: After deducting the Monthly Deduction due on the first two Monthly Due Dates following the first day of the grace period, the Cash Surrender Value would be positive.
Condition Two: The Policy passes the Grace Premium Test after two more minimum Premiums are added to the cumulative minimum Premiums following the first date of the grace period.
Reinstatement
We will consider reinstating a Lapsed Policy within three years, unless otherwise required by state law, after the Policy enters a grace period that ends with a Lapse (and prior to the Maturity Date).
If your Policy has Lapsed, you must do the following to reinstate the Policy:

 1.
Provide evidence of insurability sufficient to demonstrate that there has been no material change in the health of the Insured since the Issue Date and that there has been no material change in the health of any natural persons covered under any riders attached to this policy since that rider’s Issue Date;
 

 2.
Pay sufficient premium payments such that after deducting all due and unpaid Monthly Deductions from the first day of the Grace Period to and including the effective date of Reinstatement: a) You must pay sufficient premium payments such that after deducting all due and unpaid Monthly Deductions from the first day of the Grace Period to and including the effective date of Reinstatement; and (b) You must pay sufficient premium payments so the policy would pass the Grace Exemption Test (described in the diagram above) is passed as of the effective date of the reinstatement of the Policy, plus pay an additional three minimum premium payments.
We will not reinstate any indebtedness unless required by state law.
We will not consider your request for reinstatement unless you have made sufficient premium payments and provided the requested evidence of insurability. Until we have received all required Premiums and evidence of insurability, we will hold your Premiums in the Reinstatement Suspense Account without interest. If your reinstatement Premiums have been in our Reinstatement Suspense Account for more than 60 days, we will send a notice to your address of record reminding you that your Policy will remain Lapsed until you send in the required items and we approve your application. After we have held your reinstatement Premiums in our Reinstatement Suspense Account for 90 days, we will return your reinstatement Premiums to you and you will be required to re-apply for reinstatement of your Policy.
We may decline a request for reinstatement. We will not reinstate a Policy that has been surrendered for the Cash Surrender Value or that had an Outstanding Loan Amount on the date of Lapse.
Federal Tax Considerations

 

 
The following summary provides a general description of the federal income tax considerations associated with a Policy and does not purport to be complete or to cover all situations. This discussion is not intended as tax advice. Please consult counsel or other qualified tax advisors for more complete information. We base this discussion on our understanding of the present federal income tax laws as they are currently interpreted by the Internal Revenue Service (the “IRS”). Federal income tax laws and the current interpretations by the IRS may change.
Tax Status of the Policy
A Policy must satisfy certain requirements set forth in the Tax Code in order to qualify as a life insurance contract for federal income tax purposes and to receive the tax treatment normally accorded life insurance contracts under federal tax law. There is limited guidance as to how these requirements are to be applied. Nevertheless, we believe that a Policy issued on a standard Premium Class basis should satisfy the applicable Tax Code requirements. There is, however, some uncertainty about the application of the Tax Code requirements if a Policy is issued on a special Premium Class basis, particularly if the full amount of Premiums permitted under the Policy is paid. If it is subsequently determined that a Policy does not satisfy the applicable requirements, we may take appropriate steps to bring the Policy into compliance with such requirements and we reserve the right to restrict Policy transactions and make other changes to your Policy that may be necessary in order to do so.
In some circumstances, Owners of variable life insurance contracts who retain excessive control over the investment of the underlying Portfolio assets of the Variable Account may be treated as the Owners of those assets and may be subject to tax on income produced by those assets. Although there is limited published guidance in this area and it does not address certain aspects of the Policies, we believe that the Owner of a Policy should not be treated as the Owner of the underlying assets. We reserve the right to modify the Policies to bring them into conformity with applicable standards should such modification be necessary to prevent Owners of the Policies from being treated as the Owners of the underlying Portfolio assets of the Variable Account.
In addition, the Tax Code requires that the investments of the Variable Account be “adequately diversified” in order to treat the Policy as a life insurance contract for federal income tax purposes. We intend that the Variable Account, through the Portfolios, will satisfy these diversification requirements.
The following discussion assumes that the Policy will qualify as a life insurance contract for federal income tax purposes.
 
Tax Treatment of Policy Benefits
In General. We believe that the death benefit under a Policy generally should be excludible from the Beneficiary’s gross income. If the death benefit is not received in a lump sum, however, and is instead applied under a proceeds option agreed to by us and the Beneficiary, payments generally will be prorated between amounts attributable to the death benefit, which will be excludible from the Beneficiary’s income, and amounts attributable to interest (occurring after the Insured’s death), which will be includable in the Beneficiary’s income.
Generally, you will not be deemed to be in constructive receipt of the Contract Value. When distributions from a Policy occur, or when loans are taken out from or secured by (e.g., by assignment), a Policy, the tax consequences depend on whether the Policy is classified as a “Modified Endowment Contract.”
Federal, state and local transfer, and other tax consequences of Ownership or receipt of Policy proceeds depend on your circumstances and the Beneficiary’s circumstances. You should consult a tax advisor on these consequences.
Modified Endowment Contracts. Under the Tax Code, certain life insurance contracts are classified as “Modified Endowment Contracts,” (“MEC”) with less favorable lifetime income tax treatment than other life insurance contracts. Due to the flexibility of the Policies as to Premiums and benefits, the individual circumstances of each Policy will determine whether it is classified as a MEC. In general, a Policy will be classified as a MEC if the amount of Premiums paid into the Policy causes the Policy to fail the “7-pay test.” A Policy will fail the 7-pay test if at any time in the first seven Policy years, the amount paid into the Policy exceeds the sum of the level Premiums that would have been paid at that point under a Policy that provided for paid-up future benefits after the payment of seven level annual payments.
If there is a reduction in the benefits under the Policy during the first seven Policy years, for example, as a result of a partial Surrender, the 7-pay test will have to be reapplied as if the Policy had originally been issued at the reduced Face Amount. If there is a “material change” in the Policy’s benefits or other terms, even after the first seven Policy years, the Policy will have to be retested as if it were a newly issued Policy. A material change can occur, for example, when there is an increase in the death benefit that is due to the payment of an unnecessary premium. Unnecessary Premiums are Premiums paid into the Policy which are not needed in order to provide a death benefit equal to the lowest death benefit that was payable in the first seven Policy years. To prevent your Policy from becoming a MEC it may be necessary to limit premium payments or to limit reductions in benefits. A current or prospective Policy Owner should consult with a competent tax advisor to determine whether a Policy transaction will cause the Policy to be classified as a Modified Endowment Contract.
Upon issuance of your Policy, we will notify you if your Policy is classified as a MEC based on the Initial Premium we receive. If any future payment we receive would cause your Policy to become a MEC, you will be notified. We will not invest that premium in the Policy until you notify us that you want to continue your Policy as a MEC.
Distributions (other than Death Benefits) from Modified Endowment Contracts (“MEC”). Policies classified as MECs are subject to the following tax rules:

 •
All distributions other than death benefits from a MEC, including distributions upon Surrender and partial Surrender, will be treated first as distributions of gain taxable as ordinary income and as tax-free recovery of the Policy Owner’s investment in the Policy only after all gain has been distributed.

•
Loans taken from or secured by (e.g., by assignment) such a Policy are treated as distributions and taxed accordingly.

•
A 10% additional income tax is imposed on the amount included in income except where the distribution or loan is made when you have Attained Age 59 1/2 or are disabled, or where the distribution is part of a series of substantially equal periodic payments for your life (or life expectancy) or the joint lives (or joint life expectancies) of you, and the Beneficiary.

•
If a Policy becomes a MEC, distributions that occur during the Policy year will be taxed as distributions from a MEC. In addition, distributions from a Policy within two years before it becomes a MEC will be taxed in this manner. This means that a distribution from a Policy that is not a MEC at the time when the distribution is made could later become taxable as a distribution from a MEC.
Distributions (other than Death Benefits) from Policies that are not Modified Endowment Contracts. Distributions other than Death Benefits from a Policy that is not a MEC are generally treated first as a recovery of your investment in the Policy, and as taxable income after the recovery of all investment in the Policy. However, certain distributions which must be made in order to enable the Policy to continue to qualify as a life insurance
 
contract for federal income tax purposes if Policy benefits are reduced during the first 15 Policy years may be treated in whole or in part as ordinary income subject to tax.
Loans from or secured by a Policy that is not a MEC are generally not treated as distributions. However, the tax consequences associated with Policy loans from this Policy are less clear because the difference between the interest rate we charge on Policy loans and the rate we credit to the loan account results in a net cost to you that could be viewed as negligible and, as a result, it is possible that such a loan could be treated as, in substance, a taxable distribution. You should consult a tax advisor about such loans.
Finally, neither distributions from nor loans from or secured by a Policy that is not a MEC are subject to the 10% additional tax.
Investment in the Policy. Your investment in the Policy is generally your aggregate Premiums. When a distribution is taken from the Policy, your investment in the Policy is reduced by the amount of the distribution that is tax-free.
Policy Loans. If a loan from a Policy is outstanding when the Policy is cancelled or Lapses, the amount of the outstanding indebtedness will be added to the amount distributed and will be taxed accordingly. In general, interest you pay on a loan from a Policy will not be deductible. Before taking out a Policy loan, you should consult a tax advisor as to the tax consequences. If your Policy has a large amount of indebtedness when it Lapses or is Surrendered, you might owe taxes that are much more than the Surrender Value you receive.
This Policy may be purchased with the intention of accumulating cash value on a tax-free basis for some period (such as, until retirement) and then periodically borrowing from the Policy without allowing the Policy to Lapse. The aim of this strategy is to continue borrowing from the Policy until its Contract Value is just enough to pay off the Policy loans that have been taken out. Anyone contemplating taking advantage of this strategy should be aware that it involves several risks. First, this strategy will fail to achieve its goal if the Policy is a MEC or becomes a MEC after the periodic borrowing begins. Second, this strategy has not been ruled on by the Internal Revenue Service or the courts and it may be subject to challenge by the IRS, since it is possible that loans under this Policy will be treated as taxable distributions. Finally, there is a significant risk that poor investment performance, together with ongoing deductions for insurance charges, will lead to a substantial decline in the Contract Value that could result in the Policy lapsing. In that event, assuming Policy loans have not already been subject to tax as distributions, a significant tax liability could arise when the Lapse occurs. Anyone considering using the Policy as a source of tax-free income by taking out Policy loans should consult a competent tax advisor before purchasing the Policy about the tax risks inherent in such a strategy.
Multiple Policies. All MECs that we issue (or that our affiliates issue) to the same Owner during any calendar year are treated as one MEC for purposes of determining the amount includible in the Owner’s income when a taxable distribution occurs.
Withholding. To the extent that Policy distributions are taxable, they are generally subject to withholding for the recipient’s federal income tax liability. Recipients can generally elect, however, not to have tax withheld from distributions.
Life Insurance Purchases by Residents of Puerto Rico. The Internal Revenue Service has announced that income received by residents of Puerto Rico under life insurance contracts issued by a Puerto Rico branch of a United States life insurance company is U.S.-source income that is generally subject to United States federal income tax.
Other Policy Owner Tax Matters. The tax consequences of continuing the Policy after the Insured reaches age 100 are unclear. The IRS has issued Revenue Procedure 2010-28 providing a safe harbor concerning the application of Sections 7702 and 7702A to life insurance contracts that have mortality guarantees based on the 2001 CSO Table and which may continue in force after an insured attains age 100. If a contract satisfies all the requirements of Sections 7702 and 7702A using all of the Age 100 Safe Harbor Testing Method requirements set forth in Rev. Proc. 2010-28, the IRS will not challenge the qualification of that contract under Sections 7702 and 7702A. Rev. Proc. 2010-28 also states that: “No adverse inference should be drawn with respect to the qualification of a contract as a life insurance contract under Section 7702, or its status as not a MEC under Section 7702A, merely by reason of a failure to satisfy all of the requirements of [the Age 100 Safe Harbor]. Revenue Procedure 2018-20 modifies and supersedes Revenue Procedure 2010-28 to the extent life insurance contracts have mortality guarantees based on the 2017 CSO Table.
You should consult a tax advisor if you intend to keep the Policy in-force after the Insured reaches age 100. It is possible that the Internal Revenue Service might tax you as though you have Surrendered the Policy
 
when the Insured reaches age 100, even if you keep the Policy in force. This could potentially result in a very large tax liability for you. The tax liability might be much larger than the Cash Surrender Value of this Policy.
Business Uses of the Policy. The Policy may be used in various arrangements, including nonqualified deferred compensation or salary continuance plans, split-dollar insurance plans, executive bonus plans, retiree medical benefit plans and others. The tax consequences of such plans and business uses of the Policy may vary depending on the particular facts and circumstances of each individual arrangement and business use of the Policy. Therefore, if you are contemplating using the Policy in any arrangement the value of which depends in part on its tax consequences, you should be sure to consult a tax advisor as to the tax attributes of the arrangement.
Employer-owned Life Insurance Contracts. Pursuant to section 101(j) of the Code, unless certain eligibility, notice and consent requirements are satisfied, the amount excludible as a death benefit payment under an employer-owned life insurance contract will generally be limited to the Premiums paid for such contract (although certain exceptions may apply in specific circumstances). An employer-owned life insurance contract is a life insurance contract owned by an employer that insures an employee of the employer and where the employer is a direct or indirect beneficiary under such contract. It is the employer’s responsibility to verify the eligibility of the intended insured under employer-owned life insurance contracts and to provide the notices and obtain the consents required by section 101(j). These requirements generally apply to employer-owned life insurance contracts issued or materially modified after August 17, 2006. A tax advisor should be consulted by anyone considering the purchase or modification of an employer-owned life insurance contract.
Non-Individual Owners and Business Beneficiaries of Policies. If a Policy is owned or held by a corporation, trust or other non-natural person, this could jeopardize some (or all) of such entity’s interest deduction under Code Section 264, even where such entity’s indebtedness is in no way connected to the Policy unless one of the exceptions under Code Section 264(f)(4) applies. In addition, under Section 264(f)(5), if a business (other than a sole proprietorship) is directly or indirectly a beneficiary of a Policy, this Policy could be treated as held by the business for purposes of the Section 264(f) entity-holder rules. Therefore, it would be advisable to consult with a qualified tax advisor before any non-natural person is made an Owner or holder of a Policy, or before a business (other than a sole proprietorship) is made a beneficiary of a Policy.
In Revenue Ruling 2011-9, the IRS held that the status of an Insured as an employee “at the time first covered” for purposes of Section 264(f)(4) does not carry over from a policy given up in a Section 1035 tax-free exchange for a policy received in such an exchange. Therefore, the pro rata interest expense disallowance exception of Section 264(f)(4) does not apply to new policies received in Section 1035 tax-free exchanges unless such policies also qualify for the exception provided by Section 264(f)(4) of the Code.
Split-Dollar Arrangements. The Sarbanes-Oxley Act of 2002 prohibits, with limited exceptions, publicly-traded companies, including non-U.S. companies that have securities listed on exchanges in the United States, from extending, directly or through a subsidiary, many types of personal loans to their directors or executive officers. It is possible that this prohibition may be interpreted as applying to split-dollar life insurance policies for directors and executive officers of such companies, since such insurance arguably can be viewed as involving a loan from the employer for at least some purposes.
Although the prohibition on loans is generally effective as of July 30, 2002, there is an exception for loans outstanding as of the date of enactment, so long as there is no material modification to the loan terms and the loan is not renewed after July 30, 2002. Any affected business contemplating the payment of a premium on an existing Policy, or the purchase of a new Policy, in connection with a split-dollar life insurance arrangement should consult legal counsel.
In addition, the IRS and Treasury have issued guidance relating to split-dollar insurance arrangements that significantly affect the tax treatment of such arrangements. This guidance affects all split-dollar arrangements, not just those involving publicly-traded companies. Any business contemplating the purchase of a new Policy or a change in an existing Policy should consult a tax advisor.
Estate, Gift and Generation-Skipping Transfer Taxes. The transfer of the Policy or designation of a beneficiary may have federal, state, and/or local transfer and inheritance tax consequences, including the imposition of gift, estate, and generation-skipping transfer taxes. For example, when the Insured dies, the death proceeds will generally be includable in the Owner’s estate for purposes of federal estate tax if the Insured owned the Policy. If the Owner was not the Insured, the fair market value of the Policy would be included in the Owner’s estate upon the Owner’s death. The Policy would not be includable in the Insured’s estate if the Insured did not retain incidents of Ownership at death or had given up Ownership more than three years before death.
 
Moreover, under certain circumstances, the Tax Code may impose a “generation skipping transfer tax” when all or part of a life insurance policy is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Owner. Regulations issued under the Tax Code may require us to deduct the tax from your Policy, or from any applicable payment, and pay it directly to the IRS.
Qualified tax advisors should be consulted concerning the estate and gift tax consequences of Policy Ownership and distributions under federal, state and local law. The individual situation of each Owner or beneficiary will determine the extent, if any, to which federal, state, and local transfer and inheritance taxes may be imposed and how Ownership or receipt of Policy proceeds will be treated for purposes of federal, state and local estate, inheritance, generation-skipping and other taxes.
The American Taxpayer Relief Act of 2012 (“ATRA”). ATRA permanently establishes the federal estate tax, gift tax and generation-skipping transfer tax exemptions at $5,000,000, indexed for inflation. ATRA also permanently establishes the maximum federal estate tax, gift tax and generation-skipping transfer tax rate at 40%. ATRA allows a deceased spouse’s estate to transfer any unused portion of the deceased spouse’s exemption amount to a surviving spouse. ATRA also unified the estate tax, gift tax and generation skipping transfer tax exemptions and provided for indexing of these exemptions for inflation beginning in 2012. The Tax Cut and Jobs Act of 2017, increased the federal estate, gift and generation-skipping transfer tax exemption amounts to $11,200,000 for individuals and $22,400,000 for married couples respectively beginning in 2018. These exemption amounts are scheduled to increase with inflation each year until 2025. On January 1, 2026, the exemption amounts are scheduled to revert to the 2017 levels, adjusted for inflation.
The Health Care and Education Reconciliation Act of 2010 (the “Act”). The Act imposes a 3.8% tax in taxable years beginning in 2013 on an amount equal to the lesser of (a) “net investment income”; or (b) the excess of a taxpayer’s modified adjusted gross income over a specified income threshold ($250,000 for married couples filing jointly, $125,000 for married couples filing separately, and $200,000 for everyone else). Regulations issued by the IRS define “net investment income” for this purpose as including taxable distributions from life insurance policies over allowable deductions, as such term is defined in the Act. Please consult the impact of the Act on you with a competent tax advisor.
Accelerated Benefit Rider for Terminal Illness. The tax consequences associated with adding or electing to receive benefits under the Accelerated Benefit Rider for Terminal Illness are unclear. A tax advisor should be consulted about the tax consequences of adding this rider to a Policy or requesting payment under the rider.
Life Insurance Purchases by Nonresident Aliens and Foreign Corporations. The discussion above provides general information regarding U.S. federal income tax consequences to life insurance purchasers that are U.S. citizens or residents. Purchasers that are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions from life insurance policies at a 30% rate, unless a lower treaty rate applies. In addition, purchasers may be subject to state and/or municipal taxes and taxes that may be imposed by the purchaser’s country of citizenship or residence. Prospective purchasers are advised to consult with a qualified tax advisor regarding U.S., state, and foreign taxation with respect to a life insurance policy purchase.
Foreign Tax Credits. We may benefit from any foreign tax credits attributable to taxes paid by certain Portfolios to foreign jurisdictions to the extent permitted under federal tax law.
Possible Charges for Our Taxes. At the present time, we make no charge for any federal, state or local taxes (other than the charge for state premium taxes) that may be attributable to the Subaccounts or to the Policy. We reserve the right to impose charges for any future taxes or economic burden we may incur.
Possible Tax Law Changes. While the likelihood of legislative changes is uncertain, there is always a possibility that the tax treatment of the Policy could change by legislation or otherwise. It is even possible that any legislative change could be retroactive (effective prior to the date of the change). Consult a tax advisor with respect to legislative developments and their effect on the Policy.
Additional Information

 

 
Distribution of the Policies
Distribution and Principal Underwriting Agreement. We have entered into a distribution agreement with Farmers Financial Solutions, LLC (“FFS”) for the distribution and sale of the Policies. Pursuant to this agreement, FFS serves as principal underwriter for the Policies. FFS offers the Policies for sale through its sales representatives. We reimburse FFS for certain expenses it incurs in order to pay for the distribution of the Policies.
 
Compensation to Broker-Dealers Selling the Policies. We pay commissions to FFS for sales of the Policies by FFS’ sales representatives. Sales commissions may vary, but the commissions payable for Policy sales by sales representatives of FFS are expected not to exceed 99% of Premiums up to a target premium set by Farmers received within the first two Policy years (we may pay additional amounts) and 5.14% of premium received in excess of the target premium through the 10th Policy year. After year 10, the commission is not expected to exceed 0.185% of the Policy’s Contract Value each year. FFS may be required to return to us first year commissions if the Policy is not continued through the first Policy year.
Special Compensation Paid to FFS. We pay for FFS’ operating and other expenses, including overhead, legal, and accounting fees. We may also pay for certain sales expenses of FFS: sales representative training materials; marketing materials and advertising expenses; and certain other expenses of distributing the Policies. In addition, we contribute indirectly to the deferred compensation for FFS’ sales representatives. FFS pays its sales representatives a portion of the commissions received for their sales of the Policies.
FFS’ sales representatives and their managers also may be eligible for various cash benefits under certain circumstances. Such cash benefits may include incentive bonuses for the sale of non-variable insurance products we issue as well as certain insurance benefits and financing arrangements.
In addition, FFS’ sales representatives who meet certain productivity, persistency and length of service standards and/or their managers may be eligible for additional non-cash compensation. Non-cash compensation items that FFS and we may provide jointly include attendance at conferences, conventions, seminars and trips (including travel, lodging and meals in connection therewith), entertainment, awards, merchandise and other similar items. By selling this Policy, sales representatives and/or their managers may qualify for these productivity benefits. FFS’ sales representatives and managers may receive other payments from us for services that do not directly involve the sale of the Policies, including payments made for the recruitment and training of personnel, production of promotional literature and similar services.
Exclusive Access to FFS’ Distribution Network. In exchange for the amounts we pay to FFS, we receive exclusive access to FFS’ distribution network. The amounts we pay are designed especially to encourage the sale of our products by FFS. See the SAI for a discussion of the amounts we have paid FFS in connection with its exclusive offering of the Policies and other Farmers variable life products.
The prospect of receiving, or the actual receipt, of the additional compensation may provide FFS and/or its sales representatives with an incentive to recommend the Policies to prospective Owners over the sales of other investments with respect to which FFS either does not receive additional compensation or receives lower levels of additional compensation.
Ask your sales representative for further information about the compensation your sales representative and FFS may receive in connection with your purchase of a Policy. Also inquire about any revenue sharing arrangements that we may have with FFS, including the conflicts of interest that such arrangements may create.
No specific charge is assessed directly to Policy Owners or the Variable Account to cover commissions and other incentives and payments described above in connection with the distribution of the Policies. However, we intend to recoup commissions and other sales expenses through the fees and charges we deduct under the Policy and through other corporate revenue.
You should be aware that FFS and its sales representatives may receive different compensation or incentives for selling one product over another. In some cases, these payments may create an incentive for the selling firm or its sales representatives to recommend or sell this Policy to you. You may wish to take these payments into account when considering and evaluating any recommendations relating to the Policy.
Legal Proceedings
Like other life insurance companies, we are involved in lawsuits that arise in the ordinary course of the Company’s business. These actions are in various stages of discovery and development, and some seek punitive as well as compensatory damages. In addition, we are, from time to time, involved as a party to various governmental and administrative proceedings. While it is not possible to predict the outcome of such matters with absolute certainty, at the present time, it appears that there are no pending or threatened lawsuits that are likely to have a material adverse impact on the Variable Account, on FFS’ ability to perform under its principal underwriting agreement, or on the Company’s ability to meet its obligations under the Policy.
 
Financial Statements
The audited financial statements of Farmers New World Life Insurance Company and of Farmers Variable Life Separate Account A are contained in the SAI. You should consider the financial statements of Farmers New World Life Insurance Company as bearing only upon our ability to meet our obligations under the Policies. For a free copy of these audited financial statements and/or the SAI, please call our Service Center at 1-877-376-8008, or write to us at P. O. Box 724208 Atlanta, Georgia 31139.

 Appendix A: Portfolios Available Under the Policy

 

 
The following is a list of Portfolios under the Contract. More information about the Portfolios is available in the prospectuses for the Portfolios, which may be amended from time to time and can be found online at
https://vpx.broadridge.com/GetContract1.asp?cid=fnwl&fid=FVL. You can also request this information at no cost by calling 1-877-376-8008 or emailing us at farmersvariable@infosys.com.
The current expenses and performance information below reflects fees and expenses of the Portfolios, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher, and performance would be lower, if these other charges were included. Each Portfolio’s past performance is not necessarily an indication of future performance.
 
Investment Objective
 
Portfolio and Adviser/Subadviser
 
Current
Expenses
 
Average Annual Total
Returns
(as of 12/31/24)
 
1 year
5 year
10 year
Seeks to provide a high total return (including income and capital gains) consistent with preservation of capital over the long term.
American Funds Asset Allocation Fund (Class 2 Shares)
 
Investment Adviser:
Capital Research and Management CompanySM
 
0.54%
 
16.44%
 
8.32%
 
8.32%
Seeks (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.
American Funds Capital Income Builder® (Class 2 Shares)1
 
Investment Adviser:
Capital Research and Management CompanySM
 
0.66%
 
10.19%
 
6.02%
 
5.48%
Seeks to provide long-term growth of capital while providing current income.
American Funds Capital World Growth and Income Fund (Class 2 Shares)1
 
Investment Adviser:
Capital Research and Management CompanySM
 
0.77%
 
14.00%
 
7.29%
 
8.45%
Seeks to provide a long-term growth of capital.
American Funds Global Growth Fund
(Class 2 Shares)
 
Investment Adviser:
Capital Research and Management CompanySM
 
0.76%
13.68%
 
9.76%
 
10.74%
Seeks to provide growth of capital.
American Funds Growth Fund
(Class 2 Shares)
 
Investment Adviser:
Capital Research and Management CompanySM
 
0.59%
 
31.61%
 
18.83%
 
16.58%
Seeks to achieve long-term growth of capital and income.
American Funds Growth-Income Fund
(Class 2 Shares)
 
Investment Adviser:
Capital Research and Management CompanySM
 
0.53%
 
24.23%
 
13.01%
 
12.20%
Seeks to provide long-term growth of capital.
American Funds International Fund
(Class 2 Shares)
 
Investment Adviser:
Capital Research and Management CompanySM
 
0.78%
 
3.16%
 
1.23%
 
4.01%
Seeks capital growth.
BNY Mellon Opportunistic Small Cap Portfolio (Service Class Shares)
 
Investment Adviser:
BNY Mellon Investment Advisors, Inc.
 
Subadviser:
Newton Investment Management North America, LLC
 
1.05%
 
4.36%
 
5.62%
 
6.20%
Seeks long-term capital appreciation.
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. (Service Class Shares)
 
Investment Adviser:
BNY Mellon Investment Advisors, Inc.
 
Subadviser:
Newton Investment Management Limited
 
0.92%
 
24.58%
 
13.18%
 
11.25%
Seeks long-term growth of capital.
DWS CROCI® International VIP (Series I) (Class A Shares)1
 
Investment Adviser:
DWS Investment Management Americas, Inc.
 
0.93%
 
2.45%
 
3.47%
 
3.68%
Seeks to achieve a high rate of total return.
DWS CROCI® U.S. VIP (Series II)
(Class A Shares)1
 
Investment Adviser:
DWS Investment Management Americas, Inc.
 
0.78%
 
17.76%
 
6.01%
 
5.72%
Seeks above-average capital appreciation over the long term.
DWS Global Small Cap VIP (Series I) (Class A Shares)1
 
Investment Adviser:
DWS Investment Management Americas, Inc.
 
1.08%
 
5.76%
 
6.18%
 
4.84%
Seeks maximum current income to the extent consistent with stability of principal.
DWS Government Money Market VIP (Series II) (Class A Shares)
 
Investment Adviser:
DWS Investment Management Americas, Inc.
 
0.40%
 
4.92%
 
2.22%
 
1.47%
Seeks to provide a high level of current income.
DWS High Income VIP (Series II)
(Class A Shares)1
 
Investment Adviser:
DWS Investment Management Americas, Inc.
 
0.91%
 
7.14%
 
3.73%
 
4.62%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Fidelity® VIP Freedom 2010 Portfolio
(Service Class 2 Shares)
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
0.65%
 
5.06%
 
3.26%
 
4.38%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Fidelity® VIP Freedom 2015 Portfolio
(Service Class 2 Shares)
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
 
 
0.68%
 
6.21%
 
4.08%
 
5.11%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Fidelity® VIP Freedom 2020 Portfolio
(Service Class 2 Shares)
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
0.71%
 
7.40%
 
4.89%
 
5.76%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Fidelity® VIP Freedom 2025 Portfolio
(Service Class 2 Shares)
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
0.73%
 
8.28%
 
5.52%
 
6.27%
Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.
Fidelity® VIP Freedom 2030 Portfolio
(Service Class 2 Shares)
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
0.76%
 
9.14%
 
6.25%
 
7.03%
Seeks high total return with a secondary objective of principal preservation.
Fidelity® VIP Freedom Income Portfolio (Service Class 2 Shares)
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
0.62%
 
4.20%
 
2.26%
 
3.19%
Seeks high current income and, as a secondary objective, capital appreciation.
Fidelity® VIP FundsManager 20% Portfolio (Service Class 2 Shares)1
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
0.66%
 
5.39%
 
2.80%
 
3.16%
Seeks high total return.
Fidelity® VIP FundsManager 50% Portfolio (Service Class 2 Shares)1
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
0.79%
 
8.38%
 
5.60%
 
5.69%
Seeks high total return.
Fidelity® VIP FundsManager 70% Portfolio (Service Class 2 Shares)1
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
0.83%
 
10.68%
 
7.40%
 
7.29%
Seeks high total return.
 
Fidelity® VIP FundsManager 85% Portfolio (Service Class 2 Shares)1
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
0.86%
 
12.38%
 
8.57%
 
8.45%
Seeks to achieve capital appreciation.
Fidelity® VIP Growth Portfolio
(Service Class Shares)
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
 
0.66%
 
30.27%
 
18.81%
 
16.51%
Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500.
Fidelity® VIP Index 500 Portfolio
(Service Class Shares)
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
Subadviser: Geode Capital Management, LLC
 
0.19%
 
24.77%
 
14.29%
 
12.88%
Seeks long-term growth of capital.
Fidelity® VIP Mid Cap Portfolio
(Service Class Shares)
 
Investment Adviser:
Fidelity Management & Research Company LLC
 
 
0.67%
17.35%
 
11.23%
 
9.10%
Seeks long-term total return. Under normal market conditions, the fund invests at least 80% of its net assets in investments of small capitalization companies.
Franklin Small Cap Value VIP Fund
(Class 2 Shares)2
 
Investment Adviser:
Franklin Mutual Advisors, LLC
 
0.90%
 
 
11.71%
 
8.36%
 
8.17%
Seeks long-term capital growth. Under normal market conditions, the fund invests at least 80% of its net assets in investments of small-capitalization and mid-capitalization companies.
Franklin Small-Mid Cap Growth VIP Fund (Class 2 Shares)1
 
Investment Adviser:
Franklin Advisors, Inc.
 
1.09%
 
11.04%
 
9.75%
 
9.32%
Seeks long-term capital growth, consistent with preservation of capital and balanced by current income.
Janus Henderson Balanced Portfolio
(Service Class Shares)
 
Investment Adviser:
Janus Henderson Investors US LLC
 
0.87%
 
15.15%
 
8.06%
 
8.40%
Seeks long-term growth of capital.
Janus Henderson Forty Portfolio
(Institutional Shares)
 
Investment Adviser:
Janus Henderson Investors US LLC
 
0.58%
 
28.47%
 
15.40%
 
15.65%
Seeks maximum total return, consistent with preservation of capital and prudent investment management.
PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Administrative Class Shares)
 
Investment Adviser:
Pacific Investment Management Company LLC (“PIMCO”)
 
1.01%
 
5.46%
 
1.34%
 
2.51%
Seeks maximum total return, consistent with preservation of capital and prudent investment management.
PIMCO Low Duration Portfolio (Administrative Class Shares)
 
Investment Adviser:
Pacific Investment Management Company LLC (“PIMCO”)
 
0.67%
 
4.50%
 
1.08%
 
1.28%
Seeks to provide as high a level of total return (consisting of reinvested income and capital appreciation) as is consistent with reasonable risk.
Principal SAM Balanced Portfolio
(Class 2 Shares)
 
Investment Adviser:
Principal Global Investors, LLC
0.48%
 
12.38%
 
6.48%
 
6.52%
 
Seeks to provide a high level of total return (consisting of reinvestment of income and capital appreciation), consistent with a moderate degree of principal risk.
Principal SAM Conservative Balanced Portfolio (Class 2 Shares)
 
Investment Adviser:
Principal Global Investors, LLC
0.49%
 
8.69%
 
4.39%
 
4.89%
 
Seeks to provide long-term capital appreciation.
Principal SAM Conservative Growth Portfolio (Class 2 Shares)
 
Investment Adviser:
Principal Global Investors, LLC
0.48%
 
14.94%
 
8.24%
 
7.98%
 
Seeks to provide a high level of total return (consistent of income with some capital appreciation).
Principal SAM Flexible Income Portfolio (Class 2 Shares)
 
Investment Adviser:
Principal Global Investors, LLC
0.49%
 
6.43%
 
2.82%
 
3.73%
 
Seeks to provide long-term capital appreciation.
Principal SAM Strategic Growth Portfolio (Class 2 Shares)
 
Investment Adviser:
Principal Global Investors, LLC
0.48%
 
16.68%
 
9.61%
 
8.79%
 
1 
This Portfolio is subject to an expense reimbursement or fee waiver arrangement resulting in a temporary expense reduction. See the Portfolio’s prospectus for additional information.
2
The Subaccount that invests in this Portfolio is closed to new investors.


Appendix B: Guaranteed Maximum Cost of Insurance Rates

 

 
This Table applies for Prior Policies.
 
GUARANTEED MAXIMUM MONTHLY COST OF INSURANCE RATES
Per 1,000 of Risk Insurance Amount
Attained
Age
Male
Non-
Nicotine
Male
Nicotine*
Female
Non-
Nicotine
Female
Nicotine*
Attained
Age
Male
Non-
Nicotine
Male
Nicotine*
Female
Non-
Nicotine
Female
Nicotine*
 
 
 
 
 
 
 
 
 
 
0
N/A
0.06001
N/A
0.03500
51
 0.31471
 0.61121
 0.27458
 0.53155
 
 
 
 
 
 
 
 
 
 
1
N/A
0.03834
N/A
0.02583
52
 0.34732
 0.67332
 0.30551
 0.59108
 
 
 
 
 
 
 
 
 
 
2
N/A
0.02750
N/A
0.01916
53
 0.38498
 0.74807
 0.33812
 0.65569
 
 
 
 
 
 
 
 
 
 
3
N/A
0.02000
N/A
0.01666
54
 0.43269
 0.83717
 0.37242
 0.72454
 
 
 
 
 
 
 
 
 
 
4
N/A
0.01750
N/A
0.01583
55
 0.48629
 0.93226
 0.41176
 0.79765
 
 
 
 
 
 
 
 
 
 
5
N/A
0.01750
N/A
0.01500
56
 0.54161
 1.03082
 0.45446
 0.87587
 
 
 
 
 
 
 
 
 
 
6
N/A
0.01833
N/A
0.01583
57
 0.59527
 1.12189
 0.49970
 0.95500
 
 
 
 
 
 
 
 
 
 
7
N/A
0.01833
N/A
0.01750
58
 0.64897
 1.20883
 0.54664
 1.03756
 
 
 
 
 
 
 
 
 
 
8
N/A
0.01833
N/A
0.01750
59
 0.71194
 1.31107
 0.59443
 1.12611
 
 
 
 
 
 
 
 
 
 
9
N/A
0.01916
N/A
0.01750
60
 0.78840
 1.43713
 0.64478
 1.21812
 
 
 
 
 
 
 
 
 
 
10
N/A
0.02000
N/A
0.01833
61
 0.88176
 1.59135
 0.70019
 1.31784
 
 
 
 
 
 
 
 
 
 
11
N/A
0.02333
N/A
0.02083
62
 0.99037
 1.76877
 0.75899
 1.42359
 
 
 
 
 
 
 
 
 
 
12
N/A
0.02833
N/A
0.02250
63
 1.10924
 1.95930
 0.82119
 1.53200
 
 
 
 
 
 
 
 
 
 
13
N/A
0.03333
N/A
0.02583
64
 1.23333
 2.15024
 0.88933
 1.64904
 
 
 
 
 
 
 
 
 
 
14
N/A
0.04334
N/A
0.02833
65
 1.36266
 2.33731
 0.96510
 1.77557
 
 
 
 
 
 
 
 
 
 
15
N/A
0.05501
N/A
0.03000
66
 1.49387
 2.51876
 1.04768
 1.91334
 
 
 
 
 
 
 
 
 
 
16
N/A
0.06502
N/A
0.03250
67
 1.63122
 2.70230
 1.13961
 2.06666
 
 
 
 
 
 
 
 
 
 
17
N/A
0.07419
N/A
0.03417
68
 1.77642
 2.89051
 1.24177
 2.23476
 
 
 
 
 
 
 
 
 
 
18
N/A
0.07920
N/A
0.03667
69
 1.93972
 3.09808
 1.35336
 2.42029
 
 
 
 
 
 
 
 
 
 
19
N/A
0.08170
N/A
0.03834
70
 2.13062
 3.33638
 1.47947
 2.63021
 
 
 
 
 
 
 
 
 
 
20
N/A
0.08337
N/A
0.03917
71
 2.36296
 3.62993
 1.62358
 2.86556
 
 
 
 
 
 
 
 
 
 
21
0.07920
0.11340
0.03917
0.05251
72
 2.63536
 3.97231
 1.78151
 3.12222
 
 
 
 
 
 
 
 
 
 
22
0.07920
0.11924
0.04000
0.05501
73
 2.92321
 4.31861
 1.95420
 3.40297
 
 
 
 
 
 
 
 
 
 
23
0.08003
0.12508
0.04000
0.05751
74
 3.23355
 4.69520
 2.14598
 3.69761
 
 
 
 
 
 
 
 
 
 
24
0.08086
0.13176
0.04167
0.06085
75
 3.57270
 5.11567
 2.35698
 4.00801
 
 
 
 
 
 
 
 
 
 
25
0.08337
0.13927
0.04250
0.06585
76
 3.95664
 5.58418
 2.58905
 4.34483
 
 
 
 
 
 
 
 
 
 
26
0.08670
0.14678
0.04584
0.07002
77
 4.40517
 6.12911
 2.84664
 4.70924
 
 
 
 
 
 
 
 
 
 
27
0.08837
0.15095
0.04751
0.07419
78
 4.92894
 6.75812
 3.12826
 5.10421
 
 
 
 
 
 
 
 
 
 
28
0.08670
0.15179
0.05001
0.07920
79
 5.51951
 7.45576
 3.43845
 5.53102
 
 
 
 
 
 
 
 
 
 
29
0.08587
0.15095
0.05251
0.08420
80
 6.18263
 8.22452
 3.82529
 6.06583
 
 
 
 
 
 
 
 
 
 
30
0.08503
0.15012
0.05501
0.08921
81
 6.90909
 9.04868
 4.30288
 6.72401
 
 
 
 
 
 
 
 
 
 
31
0.08420
0.15095
0.05835
0.09588
82
 7.68497
 9.90463
 4.81112
 7.40691
 
 
 
 
 
 
 
 
 
 
32
0.08503
0.15346
0.06168
0.10255
83
 8.53991
 10.82608
 5.34786
 8.10961
 
 
 
 
 
 
 
 
 
 
33
0.08754
0.15847
0.06585
0.11090
84
 9.50017
 11.87958
 5.95007
 8.84722
 
 
 
 
 
 
 
 
 
 
34
0.08921
0.16431
0.07086
0.12174
85
 10.58031
 13.08901
 6.56439
 9.53442
 
 
 
 
 
 
 
 
 
 
35
0.09338
0.17099
0.07669
0.13259
86
 11.78364
 14.41951
 7.29574
10.33521
 
 
 
 
 
 
 
 
 
 
36
0.09755
0.18101
0.08253
0.14344
87
 13.10250
 15.85547
 8.20718
11.33853
 
 
 
 
 
 
 
 
 
 
37
0.10339
0.19270
0.08754
0.15262
88
 14.52614
 17.37749
 9.17863
12.35414
38
0.11090
0.20690
0.09171
0.16181
89
16.04444
18.97012
10.15602
13.29346
 
 
 
 
 
 
 
 
 
 
39
0.11757
0.22277
0.09671
0.17182
90
17.58287
20.53619
10.88246
13.83189
 
 
 
 
 
 
 
 
 
 
40
0.12675
0.24198
0.10255
0.18268
91
19.12353
22.05253
11.58260
14.27591
 
 
 
 
 
 
 
 
 
 
41
0.13760
0.26538
0.10923
0.19520
92
20.76683
23.63636
12.75537
15.24260
 
 
 
 
 
 
 
 
 
 
42
0.15095
0.29297
0.11674
0.21107
93
22.53307
25.30420
14.36966
16.62877
 
 
 
 
 
 
 
 
 
 
43
0.16681
0.32558
0.12592
0.22862
94
24.43244
27.11897
16.42157
18.59746
 
 
 
 
 
 
 
 
 
 
44
0.18435
0.36238
0.13676
0.24950
95
26.35437
28.98442
18.70919
20.97702
45
0.20356
0.39920
0.14928
0.27374
96
28.27211
30.79253
21.02122
23.30415
46
0.22277
0.43604
0.16431
0.30216
97
30.36217
32.73942
22.55449
24.71403
47
0.23864
0.46703
0.18184
0.33729
98
32.64693
34.84234
23.39817
25.28542
48
0.25118
0.49048
0.20105
0.37912
99
35.15185
37.11809
25.17504
26.84313
49
0.26705
0.52065
0.22277
0.42599
100+
0
0
0
0
50
0.28795
0.56005
0.24700
0.47624
          
* Attained ages 0-20 are juvenile issues
If the Insured is in a special Premium Class, the guaranteed maximum monthly cost of insurance rate will be the rate shown in the table times the table rating factor shown on the policy specifications page.
The rates shown above are for the base policy only. Separate maximum charges apply to each rider.
 
This Table applies for Updated Policies.
 
GUARANTEED MAXIMUM MONTHLY COST OF INSURANCE RATES
Per 1,000 of Risk Insurance Amount
Attained
Age
Male
Non-
Nicotine
Male
Nicotine*
Female
Non-
Nicotine
Female
Nicotine*
Attained
Age
Male
Non-
Nicotine
Male
Nicotine*
Female
Non-
Nicotine
Female
Nicotine*
 
 
 
 
 
 
 
 
 
 
0
N/A
0.02000
N/A
0.02167
51
 0.21024
 0.43688
 0.13343
 0.33980
 
 
 
 
 
 
 
 
 
 
1
N/A
0.01250
N/A
0.01167
52
 0.23029
 0.47457
 0.14845
 0.37327
 
 
 
 
 
 
 
 
 
 
2
N/A
0.01083
N/A
0.00750
53
 0.25118
 0.51563
 0.16682
 0.41176
 
 
 
 
 
 
 
 
 
 
3
N/A
0.01000
N/A
0.00667
54
 0.27291
 0.56257
 0.18686
 0.45363
 
 
 
 
 
 
 
 
 
 
4
N/A
0.00917
N/A
0.00667
55
 0.29381
 0.61625
 0.20607
 0.50054
 
 
 
 
 
 
 
 
 
 
5
N/A
0.00833
N/A
0.00750
56
 0.31304
 0.67668
 0.22528
 0.55419
 
 
 
 
 
 
 
 
 
 
6
N/A
0.00833
N/A
0.00750
57
 0.33311
 0.74555
 0.24366
 0.61457
 
 
 
 
 
 
 
 
 
 
7
N/A
0.00750
N/A
0.00667
58
 0.35486
 0.82372
 0.26372
 0.68172
 
 
 
 
 
 
 
 
 
 
8
N/A
0.00750
N/A
0.00667
59
 0.38163
 0.91374
 0.28461
 0.75563
 
 
 
 
 
 
 
 
 
 
9
N/A
0.00750
N/A
0.00667
60
 0.41511
 1.01650
 0.30886
 0.83886
 
 
 
 
 
 
 
 
 
 
10
N/A
0.00833
N/A
0.00750
61
 0.45949
 1.13455
 0.33813
 0.93142
 
 
 
 
 
 
 
 
 
 
11
N/A
0.00917
N/A
0.00750
62
 0.51060
 1.26713
 0.37076
 1.03251
 
 
 
 
 
 
 
 
 
 
12
N/A
0.01167
N/A
0.00667
63
 0.56928
 1.41259
 0.40842
 1.14384
 
 
 
 
 
 
 
 
 
 
13
N/A
0.01667
N/A
0.00750
64
 0.63303
 1.57355
 0.44861
 1.26459
 
 
 
 
 
 
 
 
 
 
14
N/A
0.02417
N/A
0.01250
65
 0.70187
 1.74923
 0.49300
 1.39566
 
 
 
 
 
 
 
 
 
 
15
N/A
0.03501
N/A
0.01917
66
 0.77496
 1.93547
 0.54077
 1.53625
 
 
 
 
 
 
 
 
 
 
16
N/A
0.04918
N/A
0.02500
67
 0.85568
 2.13062
 0.59192
 1.68639
 
 
 
 
 
 
 
 
 
 
17
N/A
0.06502
N/A
0.02750
68
 0.94574
 2.34073
 0.64898
 1.84358
 
 
 
 
 
 
 
 
 
 
18
N/A
0.06669
N/A
0.02750
69
 1.05021
 2.57190
 0.71531
 2.01297
 
 
 
 
 
 
 
 
 
 
19
N/A
0.07003
N/A
0.02750
70
 1.17422
 2.83375
 0.79261
 2.20146
 
 
 
 
 
 
 
 
 
 
20
0.07086
0.07253
0.02667
0.02667
71
 1.32123
 3.13172
 0.88429
 2.39719
 
 
 
 
 
 
 
 
 
 
21
0.07086
0.07503
0.02667
0.02667
72
 1.49473
 3.46183
 0.99206
 2.60020
 
 
 
 
 
 
 
 
 
 
22
0.06919
0.07753
0.02667
0.02750
73
 1.69488
 3.81834
 1.11768
 2.82172
 
 
 
 
 
 
 
 
 
 
23
0.06836
0.08004
0.02667
0.03000
74
 1.92185
 4.18936
 1.26375
 3.06618
 
 
 
 
 
 
 
 
 
 
24
0.06836
0.08337
0.02667
0.03334
75
 2.17244
 4.56366
 1.43206
 3.33724
 
 
 
 
 
 
 
 
 
 
25
0.06586
0.08421
0.02667
0.03334
76
 2.44854
 4.93423
 1.62528
 3.63948
 
 
 
 
 
 
 
 
 
 
26
0.05668
0.08421
0.02667
0.03417
77
 2.75469
 5.30456
 1.85038
 3.97493
 
 
 
 
 
 
 
 
 
 
27
0.05168
0.08337
0.02834
0.03417
78
 3.09981
 5.68439
 2.11698
 4.34659
 
 
 
 
 
 
 
 
 
 
28
0.05001
0.08170
0.03084
0.03584
79
 3.49733
 6.08900
 2.43912
 4.80146
 
 
 
 
 
 
 
 
 
 
29
0.04668
0.08170
0.03251
0.03834
80
 3.96100
 6.53125
 2.82086
 5.37704
 
 
 
 
 
 
 
 
 
 
30
0.04501
0.08337
0.03417
0.04084
81
 4.49358
 7.00358
 3.23010
 6.05158
 
 
 
 
 
 
 
 
 
 
31
0.04835
0.08754
0.03584
0.04418
82
 5.10686
 7.60972
 3.65596
 6.81830
 
 
 
 
 
 
 
 
 
 
32
0.05168
0.09422
0.04001
0.04751
83
 5.82291
 8.40539
 4.14748
 7.64507
 
 
 
 
 
 
 
 
 
 
33
0.05668
0.10089
0.04668
0.05668
84
 6.66210
 9.31617
 4.82958
 8.44838
 
 
 
 
 
 
 
 
 
 
34
0.06586
0.10840
0.05418
0.06836
85
 7.64417
10.36138
 5.61965
 9.42708
 
 
 
 
 
 
 
 
 
 
35
0.07670
0.11758
0.06169
0.07920
86
 8.78935
11.54945
 6.41042
10.58781
 
 
 
 
 
 
 
 
 
 
36
0.08838
0.12842
0.07003
0.09338
87
10.11221
12.88214
 7.32646
11.73999
 
 
 
 
 
 
 
 
 
 
37
0.10006
0.14094
0.07670
0.10840
88
11.59966
14.33254
 8.38254
12.99755
 
 
 
 
 
 
 
 
 
 
38
0.10923
0.15597
0.08254
0.12258
89
13.22687
15.86442
 9.56128
14.34231
 
 
 
 
 
 
 
 
 
 
39
0.11591
0.17684
0.08504
0.13343
90
14.96281
17.44422
10.85333
15.74030
 
 

GUARANTEED MAXIMUM MONTHLY COST OF INSURANCE RATES
Per 1,000 of Risk Insurance Amount
Attained
Age
Male
Non-
Nicotine
Male
Nicotine*
Female
Non-
Nicotine
Female
Nicotine*
Attained
Age
Male
Non-
Nicotine
Male
Nicotine*
Female
Non-
Nicotine
Female
Nicotine*
 
 
 
 
 
 
 
 
 
 
40
0.12175
0.19855
0.08587
0.14345
91
16.75815
19.02260
12.26342
17.18368
 
 
 
 
 
 
 
 
 
 
41
0.12926
0.22110
0.08671
0.15179
92
18.58107
20.57599
13.81441
18.68869
 
 
 
 
 
 
 
 
 
 
42
0.13760
0.24199
0.08671
0.16098
93
20.38033
22.06638
15.46390
20.18093
 
 
 
 
 
 
 
 
 
 
43
0.14595
0.26037
0.08671
0.17016
94
22.06638
23.41872
17.20990
21.64133
 
 
 
 
 
 
 
 
 
 
44
0.15096
0.27375
0.08754
0.17934
95
23.86216
24.88209
19.26070
23.31064
 
 
 
 
 
 
 
 
 
 
45
0.15597
0.28879
0.08921
0.19354
96
25.99959
26.72182
21.71026
25.27107
 
 
 
 
 
 
 
 
 
 
46
0.16181
0.30719
0.09255
0.21191
97
28.35327
28.80495
24.46746
27.35722
 
 
 
 
 
 
 
 
 
 
47
0.16765
0.32726
0.09755
0.23280
98
30.94902
31.17660
27.54398
29.53318
 
 
 
 
 
 
 
 
 
 
48
0.17517
0.34984
0.10339
0.25536
99
33.75115
33.81926
30.92665
31.74040
 
 
 
 
 
 
 
 
 
 
49
0.18352
0.37494
0.11090
0.28043
100+
0
0
0
0
 
 
 
 
 
 
 
 
 
 
50
0.19437
0.40423
0.12091
0.30802
          
* Attained ages 0-20 are juvenile issues
If the Insured is in a special Premium Class, the guaranteed maximum monthly cost of insurance rate will be the rate shown in the table times the table rating factor shown on the policy specifications page.
The rates shown above are for the base policy only. Separate maximum charges apply to each rider.

 Appendix C: Monthly Underwriting and Sales Expense Charges

 

 
This Table applies for Prior Policies and Updated Policies in all states other than California.
 
GUARANTEED MAXIMUM MONTHLY UNDERWRITING
AND SALES EXPENSE CHARGE
Per $1,000 of Face Amount
Issue Age or
Attained
Age at
Increase
Male
Non-
Nicotine
Male
Nicotine*
Female
Non-
Nicotine
Female
Nicotine*
Issue Age
or Attained
Age at
Increase
Male
Non-
Nicotine
Male
Nicotine*
Female
Non-
Nicotine
Female
Nicotine*
 
 
 
 
 
 
 
 
 
 
0
N/A
0.075
N/A
0.072
41
0.352
0.415
0.281
0.287
 
 
 
 
 
 
 
 
 
 
1
N/A
0.076
N/A
0.072
42
0.368
0.436
0.292
0.298
 
 
 
 
 
 
 
 
 
 
2
N/A
0.077
N/A
0.073
43
0.383
0.457
0.303
0.310
 
 
 
 
 
 
 
 
 
 
3
N/A
0.078
N/A
0.074
44
0.398
0.478
0.314
0.321
 
 
 
 
 
 
 
 
 
 
4
N/A
0.079
N/A
0.075
45
0.414
0.499
0.325
0.332
 
 
 
 
 
 
 
 
 
 
5
N/A
0.080
N/A
0.076
46
0.441
0.532
0.346
0.352
 
 
 
 
 
 
 
 
 
 
6
N/A
0.083
N/A
0.078
47
0.468
0.564
0.367
0.371
 
 
 
 
 
 
 
 
 
 
7
N/A
0.085
N/A
0.081
48
0.495
0.597
0.388
0.391
 
 
 
 
 
 
 
 
 
 
8
N/A
0.088
N/A
0.083
49
0.522
0.629
0.409
0.411
 
 
 
 
 
 
 
 
 
 
9
N/A
0.091
N/A
0.086
50
0.549
0.662
0.430
0.430
 
 
 
 
 
 
 
 
 
 
10
N/A
0.093
N/A
0.088
51
0.591
0.707
0.461
0.461
 
 
 
 
 
 
 
 
 
 
11
N/A
0.098
N/A
0.092
52
0.632
0.753
0.492
0.492
 
 
 
 
 
 
 
 
 
 
12
N/A
0.103
N/A
0.097
53
0.673
0.798
0.523
0.523
 
 
 
 
 
 
 
 
 
 
13
N/A
0.108
N/A
0.101
54
0.714
0.843
0.553
0.553
 
 
 
 
 
 
 
 
 
 
14
N/A
0.113
N/A
0.106
55
0.755
0.889
0.584
0.584
 
 
 
 
 
 
 
 
 
 
15
N/A
0.118
N/A
0.110
56
0.816
0.952
0.638
0.638
 
 
 
 
 
 
 
 
 
 
16
N/A
0.126
N/A
0.116
57
0.877
1.015
0.693
0.693
 
 
 
 
 
 
 
 
 
 
17
N/A
0.134
N/A
0.122
58
0.938
1.077
0.747
0.747
 
 
 
 
 
 
 
 
 
 
18
N/A
0.142
N/A
0.128
59
0.999
1.140
0.801
0.801
 
 
 
 
 
 
 
 
 
 
19
N/A
0.150
N/A
0.134
60
1.060
1.203
0.855
0.855
 
 
 
 
 
 
 
 
 
 
20
N/A
0.158
N/A
0.140
61
1.108
1.222
0.903
0.903
 
 
 
 
 
 
 
 
 
 
21
0.159
0.173
0.140
0.142
62
1.156
1.242
0.950
0.950
 
 
 
 
 
 
 
 
 
 
22
0.161
0.188
0.140
0.145
63
1.204
1.261
0.998
0.998
 
 
 
 
 
 
 
 
 
 
23
0.162
0.203
0.140
0.147
64
1.251
1.280
1.045
1.045
 
 
 
 
 
 
 
 
 
 
24
0.163
0.218
0.140
0.150
65
1.299
1.299
1.093
1.093
 
 
 
 
 
 
 
 
 
 
25
0.164
0.233
0.140
0.152
66
1.351
1.351
1.144
1.144
 
 
 
 
 
 
 
 
 
 
26
0.173
0.242
0.146
0.159
67
1.402
1.402
1.195
1.195
 
 
 
 
 
 
 
 
 
 
27
0.183
0.250
0.151
0.166
68
1.454
1.454
1.246
1.246
 
 
 
 
 
 
 
 
 
 
28
0.193
0.259
0.158
0.173
69
1.505
1.505
1.297
1.297
 
 
 
 
 
 
 
 
 
 
29
0.202
0.268
0.163
0.180
70
1.557
1.557
1.348
1.348
 
 
 
 
 
 
 
 
 
 
30
0.212
0.276
0.169
0.186
71
1.645
1.645
1.431
1.431
 
 
 
 
 
 
 
 
 
 
31
0.221
0.285
0.177
0.194
72
1.733
1.733
1.515
1.515
 
 
 
 
 
 
 
 
 
 
32
0.231
0.293
0.185
0.202
73
1.821
1.821
1.598
1.598
 
 
 
 
 
 
 
 
 
 
33
0.240
0.302
0.193
0.210
74
1.909
1.909
1.682
1.682
 
 
 
 
 
 
 
 
 
 
34
0.249
0.310
0.200
0.218
75
1.997
1.997
1.765
1.765
 
 
 
 
 
 
 
 
 
 
35
0.258
0.319
0.208
0.225
76
2.039
2.039
1.802
1.802
 
 
 
 
 
 
 
 
 
 
36
0.274
0.334
0.221
0.235
77
2.081
2.081
1.839
1.839
 
 
 
 
 
 
 
 
 
 
37
0.290
0.349
0.233
0.246
78
2.123
2.123
1.876
1.876
 
 
 
 
 
 
 
 
 
 
38
0.306
0.364
0.245
0.256
79
2.164
2.164
1.913
1.913
 
 
 
 
 
 
 
 
 
 
39
0.321
0.379
0.257
0.266
80
2.206
2.206
1.950
1.950
 
 
 
 
 
 
 
 
 
 
40
0.337
0.394
0.270
0.276
          
* Attained ages 0-20 are juvenile issues
 
This Table applies for Updated Policies issued only in the state of California.
 
GUARANTEED MAXIMUM MONTHLY UNDERWRITING
AND SALES EXPENSE CHARGE
Per $1,000 of Face Amount
Issue Age or
Attained
Age at
Increase
Male
Non-
Nicotine
Male
Nicotine*
Female
Non-
Nicotine
Female
Nicotine*
Issue Age or
Attained
Age at
Increase
Male
Non-
Nicotine
Male
Nicotine*
Female
Non-
Nicotine
Female
Nicotine*
 
 
 
 
 
 
 
 
 
 
0
N/A
0.075
N/A
0.072
41
0.352
0.415
0.281
0.287
 
 
 
 
 
 
 
 
 
 
1
N/A
0.076
N/A
0.072
42
0.368
0.436
0.292
0.298
 
 
 
 
 
 
 
 
 
 
2
N/A
0.077
N/A
0.073
43
0.383
0.457
0.303
0.310
 
 
 
 
 
 
 
 
 
 
3
N/A
0.078
N/A
0.074
44
0.398
0.478
0.314
0.321
 
 
 
 
 
 
 
 
 
 
4
N/A
0.079
N/A
0.075
45
0.414
0.499
0.325
0.332
 
 
 
 
 
 
 
 
 
 
5
N/A
0.080
N/A
0.076
46
0.441
0.532
0.346
0.352
 
 
 
 
 
 
 
 
 
 
6
N/A
0.083
N/A
0.078
47
0.468
0.564
0.367
0.371
 
 
 
 
 
 
 
 
 
 
7
N/A
0.085
N/A
0.081
48
0.495
0.597
0.388
0.391
 
 
 
 
 
 
 
 
 
 
8
N/A
0.088
N/A
0.083
49
0.522
0.629
0.409
0.411
 
 
 
 
 
 
 
 
 
 
9
N/A
0.091
N/A
0.086
50
0.549
0.662
0.430
0.430
 
 
 
 
 
 
 
 
 
 
10
N/A
0.093
N/A
0.088
51
0.591
0.707
0.461
0.461
 
 
 
 
 
 
 
 
 
 
11
N/A
0.098
N/A
0.092
52
0.632
0.753
0.491
0.492
 
 
 
 
 
 
 
 
 
 
12
N/A
0.103
N/A
0.097
53
0.673
0.794
0.522
0.523
 
 
 
 
 
 
 
 
 
 
13
N/A
0.108
N/A
0.101
54
0.714
0.801
0.553
0.553
 
 
 
 
 
 
 
 
 
 
14
N/A
0.113
N/A
0.106
55
0.722
0.810
0.584
0.584
 
 
 
 
 
 
 
 
 
 
15
N/A
0.118
N/A
0.110
56
0.738
0.821
0.638
0.638
 
 
 
 
 
 
 
 
 
 
16
N/A
0.126
N/A
0.116
57
0.753
0.827
0.693
0.693
 
 
 
 
 
 
 
 
 
 
17
N/A
0.134
N/A
0.122
58
0.761
0.828
0.747
0.747
 
 
 
 
 
 
 
 
 
 
18
N/A
0.142
N/A
0.128
59
0.783
0.836
0.756
0.801
 
 
 
 
 
 
 
 
 
 
19
N/A
0.150
N/A
0.134
60
0.798
0.880
0.760
0.855
 
 
 
 
 
 
 
 
 
 
20
N/A
0.158
N/A
0.140
61
0.811
0.927
0.769
0.903
 
 
 
 
 
 
 
 
 
 
21
0.159
0.173
0.140
0.142
62
0.823
0.971
0.782
0.950
 
 
 
 
 
 
 
 
 
 
22
0.161
0.188
0.140
0.145
63
0.835
0.969
0.796
0.998
 
 
 
 
 
 
 
 
 
 
23
0.162
0.203
0.140
0.147
64
0.847
0.940
0.808
1.045
 
 
 
 
 
 
 
 
 
 
24
0.163
0.218
0.140
0.150
65
0.858
0.911
0.821
1.050
 
 
 
 
 
 
 
 
 
 
25
0.164
0.233
0.140
0.152
66
0.869
0.881
0.834
1.023
 
 
 
 
 
 
 
 
 
 
26
0.173
0.242
0.146
0.159
67
0.880
0.850
0.846
0.997
 
 
 
 
 
 
 
 
 
 
27
0.183
0.250
0.151
0.166
68
0.907
0.847
0.857
0.969
 
 
 
 
 
 
 
 
 
 
28
0.193
0.259
0.158
0.173
69
0.916
0.854
0.870
0.940
 
 
 
 
 
 
 
 
 
 
29
0.202
0.268
0.163
0.180
70
0.921
0.864
0.894
0.910
 
 
 
 
 
 
 
 
 
 
30
0.212
0.276
0.169
0.186
71
0.931
0.879
0.918
0.878
 
 
 
 
 
 
 
 
 
 
31
0.221
0.285
0.177
0.194
72
0.942
0.897
0.914
0.874
 
 
 
 
 
 
 
 
 
 
32
0.231
0.293
0.185
0.202
73
0.954
0.915
0.922
0.884
 
 
 
 
 
 
 
 
 
 
33
0.240
0.302
0.193
0.210
74
0.962
0.931
0.931
0.892
 
 
 
 
 
 
 
 
 
 
34
0.249
0.310
0.200
0.218
75
0.972
0.949
0.939
0.899
 
 
 
 
 
 
 
 
 
 
35
0.258
0.319
0.208
0.225
76
0.973
0.954
0.939
0.898
 
 
 
 
 
 
 
 
 
 
36
0.274
0.334
0.221
0.235
77
0.975
0.960
0.940
0.897
 
 
 
 
 
 
 
 
 
 
37
0.290
0.349
0.233
0.246
78
0.976
0.963
0.942
0.898
 
 
 
 
 
 
 
 
 
 
38
0.306
0.364
0.245
0.256
79
0.984
0.962
0.957
0.916
 
 
 
 
 
 
 
 
 
 
39
0.321
0.379
0.257
0.266
80
0.991
0.964
0.948
0.910
 
 
 
 
 
 
 
 
 
 
40
0.337
0.394
0.270
0.276
          
* Attained ages 0-20 are juvenile issues
 

Appendix D: Table of Surrender Charge Factors

 

 
These tables apply for Prior Policies.
 
TABLE OF SURRENDER CHARGE FACTORS
Male Non-Nicotine (Premier, Preferred, & Standard)
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
 
 
 
 
 
 
 
 
 
 
 
21
5.22
4.96
4.65
4.38
4.12
3.86
3.29
2.19
1.10
0.00
 
 
 
 
 
 
 
 
 
 
 
22
5.33
5.06
4.74
4.48
4.21
3.94
3.36
2.24
1.12
0.00
 
 
 
 
 
 
 
 
 
 
 
23
5.47
5.20
4.87
4.59
4.32
4.05
3.45
2.30
1.15
0.00
 
 
 
 
 
 
 
 
 
 
 
24
5.63
5.35
5.01
4.73
4.45
4.17
3.55
2.36
1.18
0.00
 
 
 
 
 
 
 
 
 
 
 
25
5.83
5.54
5.19
4.90
4.61
4.31
3.67
2.45
1.22
0.00
 
 
 
 
 
 
 
 
 
 
 
26
6.11
5.80
5.44
5.13
4.83
4.52
3.85
2.57
1.28
0.00
 
 
 
 
 
 
 
 
 
 
 
27
6.48
6.16
5.77
5.44
5.12
4.80
4.08
2.72
1.36
0.00
 
 
 
 
 
 
 
 
 
 
 
28
6.92
6.57
6.16
5.81
5.47
5.12
4.36
2.91
1.45
0.00
 
 
 
 
 
 
 
 
 
 
 
29
7.35
6.98
6.54
6.17
5.81
5.44
4.63
3.09
1.54
0.00
 
 
 
 
 
 
 
 
 
 
 
30
7.78
7.39
6.92
6.54
6.15
5.76
4.90
3.27
1.63
0.00
 
 
 
 
 
 
 
 
 
 
 
31
8.22
7.81
7.32
6.90
6.49
6.08
5.18
3.45
1.73
0.00
 
 
 
 
 
 
 
 
 
 
 
32
8.67
8.24
7.72
7.28
6.85
6.42
5.46
3.64
1.82
0.00
 
 
 
 
 
 
 
 
 
 
 
33
9.13
8.67
8.13
7.67
7.21
6.76
5.75
3.83
1.92
0.00
 
 
 
 
 
 
 
 
 
 
 
34
9.59
9.11
8.54
8.06
7.58
7.10
6.04
4.03
2.01
0.00
 
 
 
 
 
 
 
 
 
 
 
35
10.06
9.56
8.95
8.45
7.95
7.44
6.34
4.23
2.11
0.00
 
 
 
 
 
 
 
 
 
 
 
36
10.63
10.10
9.46
8.93
8.40
7.87
6.70
4.46
2.23
0.00
 
 
 
 
 
 
 
 
 
 
 
37
11.28
10.72
10.04
9.48
8.91
8.35
7.11
4.74
2.37
0.00
 
 
 
 
 
 
 
 
 
 
 
38
11.94
11.34
10.63
10.03
9.43
8.84
7.52
5.01
2.51
0.00
 
 
 
 
 
 
 
 
 
 
 
39
12.60
11.97
11.21
10.58
9.95
9.32
7.94
5.29
2.65
0.00
 
 
 
 
 
 
 
 
 
 
 
40
13.25
12.59
11.79
11.13
10.47
9.81
8.35
5.57
2.78
0.00
 
 
 
 
 
 
 
 
 
 
 
41
13.85
13.16
12.33
11.63
10.94
10.25
8.73
5.82
2.91
0.00
 
 
 
 
 
 
 
 
 
 
 
42
14.43
13.71
12.84
12.12
11.40
10.68
9.09
6.06
3.03
0.00
 
 
 
 
 
 
 
 
 
 
 
43
15.09
14.34
13.43
12.68
11.92
11.17
9.51
6.34
3.17
0.00
 
 
 
 
 
 
 
 
 
 
 
44
15.74
14.95
14.01
13.22
12.43
11.65
9.92
6.61
3.31
0.00
 
 
 
 
 
 
 
 
 
 
 
45
16.26
15.45
14.47
13.66
12.85
12.03
10.24
6.83
3.41
0.00
 
 
 
 
 
 
 
 
 
 
 
46
16.76
15.92
14.92
14.08
13.24
12.40
10.56
7.04
3.52
0.00
 
 
 
 
 
 
 
 
 
 
 
47
17.48
16.61
15.56
14.68
13.81
12.94
11.01
7.34
3.67
0.00
 
 
 
 
 
 
 
 
 
 
 
48
18.37
17.45
16.35
15.43
14.51
13.59
11.57
7.72
3.86
0.00
 
 
 
 
 
 
 
 
 
 
 
49
19.41
18.44
17.27
16.30
15.33
14.36
12.23
8.15
4.08
0.00
 
 
 
 
 
 
 
 
 
 
 
50
20.60
19.57
18.33
17.30
16.27
15.24
12.98
8.65
4.33
0.00
 
 
 
 
 
 
 
 
 
 
 
51
21.81
20.72
19.41
18.32
17.23
16.14
13.74
9.16
4.58
0.00
 
 
 
 
 
 
 
 
 
 
 
52
22.91
21.76
20.39
19.24
18.10
16.95
14.43
9.62
4.81
0.00
 
 
 
 
 
 
 
 
 
 
 
53
24.04
22.84
21.40
20.19
18.99
17.79
15.15
10.10
5.05
0.00
 
 
 
 
 
 
 
 
 
 
 
54
25.27
24.01
22.49
21.23
19.96
18.70
15.92
10.61
5.31
0.00
 
 
 
 
 
 
 
 
 
 
 
55
26.43
25.11
23.52
22.20
20.88
19.56
16.65
11.10
5.55
0.00
 
 
 
 
 
 
 
 
 
 
 
56
27.53
26.15
24.50
23.13
21.75
20.37
17.34
11.56
5.78
0.00
 
 
 
 
 
 
 
 
 
 
 
57
28.84
27.40
25.67
24.23
22.78
21.34
18.17
12.11
6.06
0.00
 
 
 
 
 
 
 
 
 
 
 
58
30.45
28.93
27.10
25.58
24.06
22.53
19.18
12.79
6.39
0.00
TABLE OF SURRENDER CHARGE FACTORS
Male Non-Nicotine (Premier, Preferred, & Standard)
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
 
 
 
 
 
 
 
 
 
 
 
59
32.22
30.61
28.68
27.06
25.45
23.84
20.30
13.53
6.77
0.00
 
 
 
 
 
 
 
 
 
 
 
60
33.90
32.21
30.17
28.48
26.78
25.09
21.36
14.24
7.12
0.00
 
 
 
 
 
 
 
 
 
 
 
61
35.40
33.63
31.51
29.74
27.97
26.20
22.30
14.87
7.43
0.00
 
 
 
 
 
 
 
 
 
 
 
62
36.90
35.06
32.84
31.00
29.15
27.31
23.25
15.50
7.75
0.00
 
 
 
 
 
 
 
 
 
 
 
63
38.40
36.48
34.18
32.26
30.34
28.42
24.19
16.13
8.06
0.00
 
 
 
 
 
 
 
 
 
 
 
64
39.90
37.91
35.51
33.52
31.52
29.53
25.14
16.76
8.38
0.00
 
 
 
 
 
 
 
 
 
 
 
65
41.40
39.33
36.85
34.78
32.71
30.64
26.08
17.39
8.69
0.00
 
 
 
 
 
 
 
 
 
 
 
66
42.90
40.76
38.18
36.04
33.89
31.75
27.03
18.02
9.01
0.00
 
 
 
 
 
 
 
 
 
 
 
67
44.40
42.18
39.52
37.30
35.08
32.86
27.97
18.65
9.32
0.00
 
 
 
 
 
 
 
 
 
 
 
68
44.40
42.18
39.51
37.29
35.07
32.85
27.97
18.64
9.32
0.00
 
 
 
 
 
 
 
 
 
 
 
69
43.90
41.70
39.07
36.87
34.68
32.48
27.65
18.43
9.21
0.00
 
 
 
 
 
 
 
 
 
 
 
70
43.30
41.13
38.53
36.37
34.20
32.04
27.27
18.18
9.09
0.00
 
 
 
 
 
 
 
 
 
 
 
71
42.50
40.37
37.82
35.70
33.57
31.45
26.77
17.85
8.92
0.00
 
 
 
 
 
 
 
 
 
 
 
72
41.60
39.52
37.02
34.94
32.86
30.78
26.20
17.47
8.73
0.00
 
 
 
 
 
 
 
 
 
 
 
73
40.70
38.66
36.22
34.18
32.15
30.11
25.64
17.09
8.54
0.00
 
 
 
 
 
 
 
 
 
 
 
74
39.90
37.90
35.51
33.51
31.52
29.52
25.13
16.75
8.37
0.00
 
 
 
 
 
 
 
 
 
 
 
75
39.00
37.05
34.71
32.76
30.81
28.86
24.57
16.38
8.19
0.00
 
 
 
 
 
 
 
 
 
 
 
76
38.60
36.67
34.35
32.42
30.49
28.56
24.31
16.21
8.10
0.00
 
 
 
 
 
 
 
 
 
 
 
77
38.10
36.19
33.90
32.00
30.09
28.19
24.00
16.00
8.00
0.00
 
 
 
 
 
 
 
 
 
 
 
78
37.60
35.72
33.46
31.58
29.70
27.82
23.68
15.79
7.89
0.00
 
 
 
 
 
 
 
 
 
 
 
79
37.20
35.34
33.10
31.24
29.38
27.52
23.43
15.62
7.81
0.00
 
 
 
 
 
 
 
 
 
 
 
80
36.70
34.86
32.66
30.82
28.99
27.15
23.12
15.41
7.70
0.00
 
TABLE OF SURRENDER CHARGE FACTORS
  
Male Nicotine (Ages 0-20 are juvenile issues.)
  
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
  
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
  
 
 
 
 
 
 
 
 
 
 
 
  
0
3.27
3.11
2.91
2.75
2.58
2.42
2.06
1.37
0.69
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
1
3.30
3.14
2.94
2.77
2.61
2.44
2.08
1.39
0.69
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
2
3.36
3.19
2.99
2.82
2.65
2.49
2.12
1.41
0.71
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
3
3.44
3.27
3.06
2.89
2.72
2.55
2.17
1.44
0.72
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
4
3.51
3.33
3.12
2.95
2.77
2.60
2.21
1.47
0.74
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
5
3.60
3.42
3.20
3.02
2.84
2.66
2.27
1.51
0.76
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
6
3.68
3.50
3.28
3.09
2.91
2.72
2.32
1.55
0.77
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
7
3.78
3.59
3.36
3.18
2.99
2.80
2.38
1.59
0.79
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
8
3.88
3.69
3.45
3.26
3.07
2.87
2.44
1.63
0.81
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
9
3.98
3.78
3.54
3.34
3.14
2.95
2.51
1.67
0.84
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
10
4.09
3.89
3.64
3.44
3.23
3.03
2.58
1.72
0.86
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
11
4.17
3.96
3.71
3.50
3.29
3.09
2.63
1.75
0.88
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
12
4.26
4.05
3.79
3.58
3.37
3.15
2.68
1.79
0.89
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
13
4.34
4.12
3.86
3.65
3.43
3.21
2.73
1.82
0.91
0.00
  
TABLE OF SURRENDER CHARGE FACTORS
Male Nicotine (Ages 0-20 are juvenile issues.)
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
 
 
 
 
 
 
 
 
 
 
 
14
4.43
4.21
3.94
3.72
3.50
3.28
2.79
1.86
0.93
0.00
 
 
 
 
 
 
 
 
 
 
 
15
4.52
4.29
4.02
3.80
3.57
3.34
2.85
1.90
0.95
0.00
 
 
 
 
 
 
 
 
 
 
 
16
4.63
4.40
4.12
3.89
3.66
3.43
2.92
1.94
0.97
0.00
 
 
 
 
 
 
 
 
 
 
 
17
4.75
4.51
4.23
3.99
3.75
3.52
2.99
2.00
1.00
0.00
 
 
 
 
 
 
 
 
 
 
 
18
4.87
4.63
4.33
4.09
3.85
3.60
3.07
2.05
1.02
0.00
 
 
 
 
 
 
 
 
 
 
 
19
5.00
4.75
4.45
4.20
3.95
3.70
3.15
2.10
1.05
0.00
 
 
 
 
 
 
 
 
 
 
 
20
5.13
4.87
4.57
4.31
4.05
3.80
3.23
2.15
1.08
0.00
 
 
 
 
 
 
 
 
 
 
 
21
7.23
6.87
6.43
6.07
5.71
5.35
4.55
3.04
1.52
0.00
 
 
 
 
 
 
 
 
 
 
 
22
7.46
7.09
6.64
6.27
5.89
5.52
4.70
3.13
1.57
0.00
 
 
 
 
 
 
 
 
 
 
 
23
7.67
7.29
6.83
6.44
6.06
5.68
4.83
3.22
1.61
0.00
 
 
 
 
 
 
 
 
 
 
 
24
7.87
7.48
7.00
6.61
6.22
5.82
4.96
3.31
1.65
0.00
 
 
 
 
 
 
 
 
 
 
 
25
8.10
7.70
7.21
6.80
6.40
5.99
5.10
3.40
1.70
0.00
 
 
 
 
 
 
 
 
 
 
 
26
8.39
7.97
7.47
7.05
6.63
6.21
5.29
3.52
1.76
0.00
 
 
 
 
 
 
 
 
 
 
 
27
8.77
8.33
7.81
7.37
6.93
6.49
5.53
3.68
1.84
0.00
 
 
 
 
 
 
 
 
 
 
 
28
9.20
8.74
8.19
7.73
7.27
6.81
5.80
3.86
1.93
0.00
 
 
 
 
 
 
 
 
 
 
 
29
9.61
9.13
8.55
8.07
7.59
7.11
6.05
4.04
2.02
0.00
 
 
 
 
 
 
 
 
 
 
 
30
10.01
9.51
8.91
8.41
7.91
7.41
6.31
4.20
2.10
0.00
 
 
 
 
 
 
 
 
 
 
 
31
10.42
9.90
9.27
8.75
8.23
7.71
6.56
4.38
2.19
0.00
 
 
 
 
 
 
 
 
 
 
 
32
10.85
10.31
9.66
9.11
8.57
8.03
6.84
4.56
2.28
0.00
 
 
 
 
 
 
 
 
 
 
 
33
11.31
10.74
10.07
9.50
8.93
8.37
7.13
4.75
2.38
0.00
 
 
 
 
 
 
 
 
 
 
 
34
11.80
11.21
10.50
9.91
9.32
8.73
7.43
4.96
2.48
0.00
 
 
 
 
 
 
 
 
 
 
 
35
12.32
11.70
10.96
10.35
9.73
9.12
7.76
5.17
2.59
0.00
 
 
 
 
 
 
 
 
 
 
 
36
12.86
12.22
11.45
10.80
10.16
9.52
8.10
5.40
2.70
0.00
 
 
 
 
 
 
 
 
 
 
 
37
13.44
12.77
11.96
11.29
10.62
9.95
8.47
5.64
2.82
0.00
 
 
 
 
 
 
 
 
 
 
 
38
14.05
13.35
12.50
11.80
11.10
10.40
8.85
5.90
2.95
0.00
 
 
 
 
 
 
 
 
 
 
 
39
14.70
13.97
13.08
12.35
11.61
10.88
9.26
6.17
3.09
0.00
 
 
 
 
 
 
 
 
 
 
 
40
15.43
14.66
13.73
12.96
12.19
11.42
9.72
6.48
3.24
0.00
 
 
 
 
 
 
 
 
 
 
 
41
16.22
15.41
14.44
13.62
12.81
12.00
10.22
6.81
3.41
0.00
 
 
 
 
 
 
 
 
 
 
 
42
17.02
16.17
15.15
14.30
13.45
12.59
10.72
7.15
3.57
0.00
 
 
 
 
 
 
 
 
 
 
 
43
17.83
16.94
15.87
14.98
14.09
13.19
11.23
7.49
3.74
0.00
 
 
 
 
 
 
 
 
 
 
 
44
18.67
17.74
16.62
15.68
14.75
13.82
11.76
7.84
3.92
0.00
 
 
 
 
 
 
 
 
 
 
 
45
19.55
18.57
17.40
16.42
15.44
14.47
12.32
8.21
4.11
0.00
 
 
 
 
 
 
 
 
 
 
 
46
20.47
19.45
18.22
17.19
16.17
15.15
12.90
8.60
4.30
0.00
 
 
 
 
 
 
 
 
 
 
 
47
21.43
20.36
19.07
18.00
16.93
15.86
13.50
9.00
4.50
0.00
 
 
 
 
 
 
 
 
 
 
 
48
22.46
21.34
19.99
18.87
17.74
16.62
14.15
9.43
4.72
0.00
 
 
 
 
 
 
 
 
 
 
 
49
23.59
22.41
21.00
19.82
18.64
17.46
14.86
9.91
4.95
0.00
 
 
 
 
 
 
 
 
 
 
 
50
24.75
23.51
22.03
20.79
19.55
18.32
15.59
10.40
5.20
0.00
 
 
 
 
 
 
 
 
 
 
 
51
25.86
24.57
23.02
21.72
20.43
19.14
16.29
10.86
5.43
0.00
 
 
 
 
 
 
 
 
 
 
 
52
26.95
25.60
23.99
22.64
21.29
19.94
16.98
11.32
5.66
0.00
 
 
 
 
 
 
 
 
 
 
 
53
28.18
26.77
25.08
23.67
22.26
20.85
17.75
11.84
5.92
0.00
 
 
 
 
 
 
 
 
 
 
 
54
29.61
28.13
26.35
24.87
23.39
21.91
18.65
12.44
6.22
0.00
 
 
 
 
 
 
 
 
 
 
 
55
31.03
29.48
27.62
26.07
24.51
22.96
19.55
13.03
6.52
0.00
 
 
 
 
 
 
 
 
 
 
 
56
32.43
30.81
28.86
27.24
25.62
24.00
20.43
13.62
6.81
0.00
 
 
 
 
 
 
 
 
 
 
 
57
34.24
32.53
30.47
28.76
27.05
25.34
21.57
14.38
7.19
0.00
 
 
 
 
 
 
 
 
 
 
 
58
36.45
34.63
32.44
30.62
28.80
26.97
22.96
15.31
7.65
0.00
 
 
 
 
 
 
 
 
 
 
 
59
38.40
36.48
34.18
32.26
30.34
28.42
24.19
16.13
8.06
0.00
 
 
 
 
 
 
 
 
 
 
 
60
38.40
36.48
34.18
32.26
30.34
28.42
24.19
16.13
8.06
0.00
 
 
 
 
 
 
 
 
 
 
 
61
38.40
36.48
34.18
32.26
30.34
28.42
24.19
16.13
8.06
0.00
 
 
 
 
 
 
 
 
 
 
 
62
38.40
36.48
34.18
32.26
30.34
28.42
24.19
16.13
8.06
0.00
 
 
 
 
 
 
 
 
 
 
 
63
38.40
36.48
34.18
32.26
30.34
28.42
24.19
16.13
8.06
0.00
 
 
 
 
 
 
 
 
 
 
 
64
39.90
37.91
35.51
33.52
31.52
29.53
25.14
16.76
8.38
0.00
 
 
 
 
 
 
 
 
 
 
 
65
41.40
39.33
36.85
34.78
32.71
30.64
26.08
17.39
8.69
0.00
 
 
 
 
 
 
 
 
 
 
 
66
42.90
40.76
38.18
36.04
33.89
31.75
27.03
18.02
9.01
0.00
 
 
 
 
 
 
 
 
 
 
 
67
44.40
42.18
39.52
37.30
35.08
32.86
27.97
18.65
9.32
0.00
 
 
 
 
 
 
 
 
 
 
 
68
44.40
42.18
39.51
37.29
35.07
32.85
27.97
18.64
9.32
0.00
 
 
 
 
 
 
 
 
 
 
 
69
43.90
41.70
39.07
36.87
34.68
32.48
27.65
18.43
9.21
0.00
 
 
 
 
 
 
 
 
 
 
 
70
43.30
41.13
38.53
36.37
34.20
32.04
27.27
18.18
9.09
0.00
 
 
 
 
 
 
 
 
 
 
 
71
42.50
40.37
37.82
35.70
33.57
31.45
26.77
17.85
8.92
0.00
 
 
 
 
 
 
 
 
 
 
 
72
41.60
39.52
37.02
34.94
32.86
30.78
26.20
17.47
8.73
0.00
 
 
 
 
 
 
 
 
 
 
 
73
40.70
38.66
36.22
34.18
32.15
30.11
25.64
17.09
8.54
0.00
 
 
 
 
 
 
 
 
 
 
 
74
39.90
37.90
35.51
33.51
31.52
29.52
25.13
16.75
8.37
0.00
 
 
 
 
 
 
 
 
 
 
 
75
39.00
37.05
34.71
32.76
30.81
28.86
24.57
16.38
8.19
0.00
 
 
 
 
 
 
 
 
 
 
 
76
38.60
36.67
34.35
32.42
30.49
28.56
24.31
16.21
8.10
0.00
 
 
 
 
 
 
 
 
 
 
 
77
38.10
36.19
33.90
32.00
30.09
28.19
24.00
16.00
8.00
0.00
 
 
 
 
 
 
 
 
 
 
 
78
37.60
35.72
33.46
31.58
29.70
27.82
23.68
15.79
7.89
0.00
 
 
 
 
 
 
 
 
 
 
 
79
37.20
35.34
33.10
31.24
29.38
27.52
23.43
15.62
7.81
0.00
 
 
 
 
 
 
 
 
 
 
 
80
36.70
34.86
32.66
30.82
28.99
27.15
23.12
15.41
7.70
0.00
 
TABLE OF SURRENDER CHARGE FACTORS
Female Non-Nicotine (Premier, Preferred, & Standard)
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
 
 
 
 
 
 
 
 
 
 
 
21
4.65
4.42
4.14
3.91
3.67
3.44
2.93
1.95
0.98
0.00
 
 
 
 
 
 
 
 
 
 
 
22
4.75
4.51
4.23
3.99
3.75
3.52
2.99
2.00
1.00
0.00
 
 
 
 
 
 
 
 
 
 
 
23
4.84
4.60
4.31
4.07
3.82
3.58
3.05
2.03
1.02
0.00
 
 
 
 
 
 
 
 
 
 
 
24
4.94
4.69
4.40
4.15
3.90
3.66
3.11
2.07
1.04
0.00
 
 
 
 
 
 
 
 
 
 
 
25
5.03
4.78
4.48
4.23
3.97
3.72
3.17
2.11
1.06
0.00
 
 
 
 
 
 
 
 
 
 
 
26
5.25
4.99
4.67
4.41
4.15
3.89
3.31
2.21
1.10
0.00
 
 
 
 
 
 
 
 
 
 
 
27
5.48
5.21
4.88
4.60
4.33
4.06
3.45
2.30
1.15
0.00
 
 
 
 
 
 
 
 
 
 
 
28
5.72
5.43
5.09
4.80
4.52
4.23
3.60
2.40
1.20
0.00
 
 
 
 
 
 
 
 
 
 
 
29
5.98
5.68
5.32
5.02
4.72
4.43
3.77
2.51
1.26
0.00
 
 
 
 
 
 
 
 
 
 
 
30
6.26
5.95
5.57
5.26
4.95
4.63
3.94
2.63
1.31
0.00
 
 
 
 
 
 
 
 
 
 
 
31
6.59
6.26
5.87
5.54
5.21
4.88
4.15
2.77
1.38
0.00
 
 
 
 
 
 
 
 
 
 
 
32
6.96
6.61
6.19
5.85
5.50
5.15
4.38
2.92
1.46
0.00
 
 
 
 
 
 
 
 
 
 
 
33
7.37
7.00
6.56
6.19
5.82
5.45
4.64
3.10
1.55
0.00
 
 
 
 
 
 
 
 
 
 
 
34
7.79
7.40
6.93
6.54
6.15
5.76
4.91
3.27
1.64
0.00
 
 
 
 
 
 
 
 
 
 
 
35
8.20
7.79
7.30
6.89
6.48
6.07
5.17
3.44
1.72
0.00
 
 
 
 
 
 
 
 
 
 
 
36
8.62
8.19
7.67
7.24
6.81
6.38
5.43
3.62
1.81
0.00
 
 
 
 
 
 
 
 
 
 
 
37
9.08
8.63
8.08
7.63
7.17
6.72
5.72
3.81
1.91
0.00
 
 
 
 
 
 
 
 
 
 
 
38
9.63
9.15
8.57
8.09
7.61
7.13
6.07
4.04
2.02
0.00
 
 
 
 
 
 
 
 
 
 
 
39
10.20
9.69
9.08
8.57
8.06
7.55
6.43
4.28
2.14
0.00
 
 
 
 
 
 
 
 
 
 
 
40
10.70
10.17
9.52
8.99
8.45
7.92
6.74
4.49
2.25
0.00
 
 
 
 
 
 
 
 
 
 
 
41
11.11
10.55
9.89
9.33
8.78
8.22
7.00
4.67
2.33
0.00
 
 
 
 
 
 
 
 
 
 
 
42
11.53
10.95
10.26
9.69
9.11
8.53
7.26
4.84
2.42
0.00
 
 
 
 
 
 
 
 
 
 
 
43
11.96
11.36
10.64
10.05
9.45
8.85
7.53
5.02
2.51
0.00
 
 
 
 
 
 
 
 
 
 
 
44
12.35
11.73
10.99
10.37
9.76
9.14
7.78
5.19
2.59
0.00
 
 
 
 
 
 
 
 
 
 
 
45
12.83
12.19
11.42
10.78
10.14
9.49
8.08
5.39
2.69
0.00
 
 
 
 
 
 
 
 
 
 
 
46
13.43
12.76
11.95
11.28
10.61
9.94
8.46
5.64
2.82
0.00
 
 
 
 
 
 
 
 
 
 
 
47
14.08
13.38
12.53
11.83
11.12
10.42
8.87
5.91
2.96
0.00
 
 
 
 
 
 
 
 
 
 
 
48
14.75
14.01
13.13
12.39
11.65
10.92
9.29
6.20
3.10
0.00
 
 
 
 
 
 
 
 
 
 
 
49
15.47
14.70
13.77
12.99
12.22
11.45
9.75
6.50
3.25
0.00
 
 
 
 
 
 
 
 
 
 
 
50
16.23
15.42
14.44
13.63
12.82
12.01
10.22
6.82
3.41
0.00
 
 
 
 
 
 
 
 
 
 
 
51
17.16
16.30
15.27
14.41
13.56
12.70
10.81
7.21
3.60
0.00
 
 
 
 
 
 
 
 
 
 
 
52
17.94
17.04
15.97
15.07
14.17
13.28
11.30
7.53
3.77
0.00
 
 
 
 
 
 
 
 
 
 
 
53
18.72
17.78
16.66
15.72
14.79
13.85
11.79
7.86
3.93
0.00
 
 
 
 
 
 
 
 
 
 
 
54
19.58
18.60
17.43
16.45
15.47
14.49
12.34
8.22
4.11
0.00
 
 
 
 
 
 
 
 
 
 
 
55
20.53
19.50
18.27
17.25
16.22
15.19
12.93
8.62
4.31
0.00
 
 
 
 
 
 
 
 
 
 
 
56
21.75
20.66
19.36
18.27
17.18
16.10
13.70
9.14
4.57
0.00
 
 
 
 
 
 
 
 
 
 
 
57
23.05
21.90
20.51
19.36
18.21
17.06
14.52
9.68
4.84
0.00
 
 
 
 
 
 
 
 
 
 
 
58
24.44
23.22
21.75
20.53
19.31
18.09
15.40
10.26
5.13
0.00
 
 
 
 
 
 
 
 
 
 
 
59
25.92
24.62
23.07
21.77
20.48
19.18
16.33
10.89
5.44
0.00
 
 
 
 
 
 
 
 
 
 
 
60
27.40
26.03
24.39
23.02
21.65
20.28
17.26
11.51
5.75
0.00
 
 
 
 
 
 
 
 
 
 
 
61
28.90
27.46
25.72
24.28
22.83
21.39
18.21
12.14
6.07
0.00
 
 
 
 
 
 
 
 
 
 
 
62
30.40
28.88
27.06
25.54
24.02
22.50
19.15
12.77
6.38
0.00
 
 
 
 
 
 
 
 
 
 
 
63
31.90
30.31
28.39
26.80
25.20
23.61
20.10
13.40
6.70
0.00
 
 
 
 
 
 
 
 
 
 
 
65
34.90
33.16
31.06
29.32
27.57
25.83
21.99
14.66
7.33
0.00
 
 
 
 
 
 
 
 
 
 
 
66
36.40
34.58
32.40
30.58
28.76
26.94
22.93
15.29
7.64
0.00
 
 
 
 
 
 
 
 
 
 
 
67
37.90
36.01
33.73
31.84
29.94
28.05
23.88
15.92
7.96
0.00
 
 
 
 
 
 
 
 
 
 
 
68
39.40
37.43
35.06
33.09
31.12
29.15
24.82
16.54
8.27
0.00
 
 
 
 
 
 
 
 
 
 
 
69
40.90
38.85
36.40
34.35
32.31
30.26
25.76
17.17
8.58
0.00
 
 
 
 
 
 
 
 
 
 
 
70
42.40
40.28
37.73
35.61
33.49
31.37
26.71
17.80
8.90
0.00
 
 
 
 
 
 
 
 
 
 
 
71
43.90
41.70
39.07
36.87
34.68
32.48
27.65
18.43
9.21
0.00
 
 
 
 
 
 
 
 
 
 
 
72
43.90
41.70
39.07
36.87
34.68
32.48
27.65
18.43
9.21
0.00
 
 
 
 
 
 
 
 
 
 
 
73
43.10
40.94
38.35
36.20
34.04
31.89
27.15
18.10
9.05
0.00
 
 
 
 
 
 
 
 
 
 
 
74
42.20
40.09
37.55
35.44
33.33
31.22
26.58
17.72
8.86
0.00
 
 
 
 
 
 
 
 
 
 
 
75
41.40
39.33
36.84
34.77
32.70
30.63
26.08
17.38
8.69
0.00
 
 
 
 
 
 
 
 
 
 
 
76
41.00
38.95
36.49
34.44
32.39
30.34
25.83
17.22
8.61
0.00
 
 
 
 
 
 
 
 
 
 
 
77
40.60
38.57
36.13
34.10
32.07
30.04
25.57
17.05
8.52
0.00
 
 
 
 
 
 
 
 
 
 
 
78
40.20
38.19
35.77
33.76
31.75
29.74
25.32
16.88
8.44
0.00
 
 
 
 
 
 
 
 
 
 
 
79
38.80
36.86
34.53
32.59
30.65
28.71
24.44
16.29
8.14
0.00
 
 
 
 
 
 
 
 
 
 
 
80
38.80
36.86
34.53
32.59
30.65
28.71
24.44
16.29
8.14
0.00
 
TABLE OF SURRENDER CHARGE FACTORS
  
Female Nicotine (Ages 0-20 are juvenile issues.)
  
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
  
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
  
 
 
 
 
 
 
 
 
 
 
 
  
0
3.00
2.85
2.67
2.52
2.37
2.22
1.89
1.26
0.63
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
1
3.03
2.88
2.70
2.55
2.39
2.24
1.91
1.27
0.64
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
2
3.08
2.93
2.74
2.59
2.43
2.28
1.94
1.29
0.65
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
3
3.15
2.99
2.80
2.65
2.49
2.33
1.98
1.32
0.66
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
4
3.22
3.06
2.87
2.70
2.54
2.38
2.03
1.35
0.68
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
5
3.29
3.13
2.93
2.76
2.60
2.43
2.07
1.38
0.69
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
6
3.36
3.19
2.99
2.82
2.65
2.49
2.12
1.41
0.71
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
7
3.45
3.28
3.07
2.90
2.73
2.55
2.17
1.45
0.72
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
8
3.53
3.35
3.14
2.97
2.79
2.61
2.22
1.48
0.74
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
9
3.62
3.44
3.22
3.04
2.86
2.68
2.28
1.52
0.76
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
10
3.72
3.53
3.31
3.12
2.94
2.75
2.34
1.56
0.78
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
11
3.79
3.60
3.37
3.18
2.99
2.80
2.39
1.59
0.80
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
12
3.86
3.67
3.44
3.24
3.05
2.86
2.43
1.62
0.81
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
13
3.94
3.74
3.51
3.31
3.11
2.92
2.48
1.65
0.83
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
14
4.02
3.82
3.58
3.38
3.18
2.97
2.53
1.69
0.84
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
15
4.10
3.90
3.65
3.44
3.24
3.03
2.58
1.72
0.86
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
16
4.19
3.98
3.73
3.52
3.31
3.10
2.64
1.76
0.88
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
17
4.28
4.07
3.81
3.60
3.38
3.17
2.70
1.80
0.90
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
18
4.38
4.16
3.90
3.68
3.46
3.24
2.76
1.84
0.92
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
19
4.47
4.25
3.98
3.75
3.53
3.31
2.82
1.88
0.94
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
20
4.57
4.34
4.07
3.84
3.61
3.38
2.88
1.92
0.96
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
21
5.09
4.84
4.53
4.28
4.02
3.77
3.21
2.14
1.07
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
22
5.18
4.92
4.61
4.35
4.09
3.83
3.26
2.18
1.09
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
23
5.28
5.02
4.70
4.44
4.17
3.91
3.33
2.22
1.11
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
24
5.35
5.08
4.76
4.49
4.23
3.96
3.37
2.25
1.12
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
25
5.45
5.18
4.85
4.58
4.31
4.03
3.43
2.29
1.14
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
26
5.65
5.37
5.03
4.75
4.46
4.18
3.56
2.37
1.19
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
27
5.95
5.65
5.30
5.00
4.70
4.40
3.75
2.50
1.25
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
28
6.29
5.98
5.60
5.28
4.97
4.65
3.96
2.64
1.32
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
29
6.59
6.26
5.87
5.54
5.21
4.88
4.15
2.77
1.38
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
30
6.87
6.53
6.11
5.77
5.43
5.08
4.33
2.89
1.44
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
31
7.18
6.82
6.39
6.03
5.67
5.31
4.52
3.02
1.51
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
32
7.57
7.19
6.74
6.36
5.98
5.60
4.77
3.18
1.59
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
33
8.02
7.62
7.14
6.74
6.34
5.93
5.05
3.37
1.68
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
34
8.44
8.02
7.51
7.09
6.67
6.25
5.32
3.54
1.77
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
35
8.83
8.39
7.86
7.42
6.98
6.53
5.56
3.71
1.85
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
36
9.21
8.75
8.20
7.74
7.28
6.82
5.80
3.87
1.93
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
37
9.62
9.14
8.56
8.08
7.60
7.12
6.06
4.04
2.02
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
38
10.05
9.55
8.94
8.44
7.94
7.44
6.33
4.22
2.11
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
39
10.48
9.96
9.33
8.80
8.28
7.76
6.60
4.40
2.20
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
40
10.92
10.37
9.72
9.17
8.63
8.08
6.88
4.59
2.29
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
41
11.37
10.80
10.12
9.55
8.98
8.41
7.16
4.78
2.39
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
42
11.83
11.24
10.53
9.94
9.35
8.75
7.45
4.97
2.48
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
43
12.30
11.69
10.95
10.33
9.72
9.10
7.75
5.17
2.58
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
44
12.75
12.11
11.35
10.71
10.07
9.44
8.03
5.36
2.68
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
45
13.13
12.47
11.69
11.03
10.37
9.72
8.27
5.51
2.76
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
46
13.43
12.76
11.95
11.28
10.61
9.94
8.46
5.64
2.82
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
47
14.08
13.38
12.53
11.83
11.12
10.42
8.87
5.91
2.96
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
48
14.75
14.01
13.13
12.39
11.65
10.92
9.29
6.20
3.10
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
49
15.47
14.70
13.77
12.99
12.22
11.45
9.75
6.50
3.25
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
50
16.23
15.42
14.44
13.63
12.82
12.01
10.22
6.82
3.41
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
51
17.16
16.30
15.27
14.41
13.56
12.70
10.81
7.21
3.60
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
52
17.94
17.04
15.97
15.07
14.17
13.28
11.30
7.53
3.77
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
53
18.72
17.78
16.66
15.72
14.79
13.85
11.79
7.86
3.93
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
54
19.58
18.60
17.43
16.45
15.47
14.49
12.34
8.22
4.11
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
55
20.53
19.50
18.27
17.25
16.22
15.19
12.93
8.62
4.31
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
56
21.75
20.66
19.36
18.27
17.18
16.10
13.70
9.14
4.57
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
57
23.05
21.90
20.51
19.36
18.21
17.06
14.52
9.68
4.84
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
58
24.44
23.22
21.75
20.53
19.31
18.09
15.40
10.26
5.13
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
59
26.21
24.90
23.33
22.02
20.71
19.40
16.51
11.01
5.50
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
60
27.40
26.03
24.39
23.02
21.65
20.28
17.26
11.51
5.75
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
61
28.90
27.46
25.72
24.28
22.83
21.39
18.21
12.14
6.07
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
62
30.40
28.88
27.06
25.54
24.02
22.50
19.15
12.77
6.38
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
63
31.90
30.31
28.39
26.80
25.20
23.61
20.10
13.40
6.70
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
64
33.40
31.73
29.73
28.06
26.39
24.72
21.04
14.03
7.01
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
65
34.90
33.16
31.06
29.32
27.57
25.83
21.99
14.66
7.33
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
66
36.40
34.58
32.40
30.58
28.76
26.94
22.93
15.29
7.64
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
67
37.90
36.01
33.73
31.84
29.94
28.05
23.88
15.92
7.96
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
68
39.40
37.43
35.06
33.09
31.12
29.15
24.82
16.54
8.27
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
69
40.90
38.85
36.40
34.35
32.31
30.26
25.76
17.17
8.58
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
70
42.40
40.28
37.73
35.61
33.49
31.37
26.71
17.80
8.90
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
71
43.90
41.70
39.07
36.87
34.68
32.48
27.65
18.43
9.21
0.00
  
 
 
 
 
 
 
 
 
 
 
 
  
72
43.90
41.70
39.07
36.87
34.68
32.48
27.65
18.43
9.21
0.00
  
TABLE OF SURRENDER CHARGE FACTORS
Female Nicotine (Ages 0-20 are juvenile issues.)
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
 
 
 
 
 
 
 
 
 
 
 
73
43.10
40.94
38.35
36.20
34.04
31.89
27.15
18.10
9.05
0.00
 
 
 
 
 
 
 
 
 
 
 
74
42.20
40.09
37.55
35.44
33.33
31.22
26.58
17.72
8.86
0.00
 
 
 
 
 
 
 
 
 
 
 
75
41.40
39.33
36.84
34.77
32.70
30.63
26.08
17.38
8.69
0.00
 
 
 
 
 
 
 
 
 
 
 
76
41.00
38.95
36.49
34.44
32.39
30.34
25.83
17.22
8.61
0.00
 
 
 
 
 
 
 
 
 
 
 
77
40.60
38.57
36.13
34.10
32.07
30.04
25.57
17.05
8.52
0.00
 
 
 
 
 
 
 
 
 
 
 
78
40.20
38.19
35.77
33.76
31.75
29.74
25.32
16.88
8.44
0.00
 
 
 
 
 
 
 
 
 
 
 
79
38.80
36.86
34.53
32.59
30.65
28.71
24.44
16.29
8.14
0.00
 
 
 
 
 
 
 
 
 
 
 
80
38.80
36.86
34.53
32.59
30.65
28.71
24.44
16.29
8.14
0.00
 
These tables apply for Updated Policies.
 
TABLE OF SURRENDER CHARGE FACTORS, Male Nicotine/Juvenile
Per $1,000 of Face Amount
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
 
 
 
 
 
 
 
 
 
 
 
0
3.27
3.11
2.91
2.75
2.58
2.42
2.06
1.37
0.69
—
 
 
 
 
 
 
 
 
 
 
 
1
3.30
3.14
2.94
2.77
2.61
2.44
2.08
1.39
0.69
—
 
 
 
 
 
 
 
 
 
 
 
2
3.36
3.19
2.99
2.82
2.65
2.49
2.12
1.41
0.71
—
 
 
 
 
 
 
 
 
 
 
 
3
3.44
3.27
3.06
2.89
2.72
2.55
2.17
1.44
0.72
—
 
 
 
 
 
 
 
 
 
 
 
4
3.51
3.33
3.12
2.95
2.77
2.60
2.21
1.47
0.74
—
 
 
 
 
 
 
 
 
 
 
 
5
3.60
3.42
3.20
3.02
2.84
2.66
2.27
1.51
0.76
—
 
 
 
 
 
 
 
 
 
 
 
6
3.68
3.50
3.28
3.09
2.91
2.72
2.32
1.55
0.77
—
 
 
 
 
 
 
 
 
 
 
 
7
3.78
3.59
3.36
3.18
2.99
2.80
2.38
1.59
0.79
—
 
 
 
 
 
 
 
 
 
 
 
8
3.88
3.69
3.45
3.26
3.07
2.87
2.44
1.63
0.81
—
 
 
 
 
 
 
 
 
 
 
 
9
3.98
3.78
3.54
3.34
3.14
2.95
2.51
1.67
0.84
—
 
 
 
 
 
 
 
 
 
 
 
10
4.09
3.89
3.64
3.44
3.23
3.03
2.58
1.72
0.86
—
 
 
 
 
 
 
 
 
 
 
 
11
4.17
3.96
3.71
3.50
3.29
3.09
2.63
1.75
0.88
—
 
 
 
 
 
 
 
 
 
 
 
12
4.26
4.05
3.79
3.58
3.37
3.15
2.68
1.79
0.89
—
 
 
 
 
 
 
 
 
 
 
 
13
4.34
4.12
3.86
3.65
3.43
3.21
2.73
1.82
0.91
—
 
 
 
 
 
 
 
 
 
 
 
14
4.43
4.21
3.94
3.72
3.50
3.28
2.79
1.86
0.93
—
 
 
 
 
 
 
 
 
 
 
 
15
4.52
4.29
4.02
3.80
3.57
3.34
2.85
1.90
0.95
—
 
 
 
 
 
 
 
 
 
 
 
16
4.63
4.40
4.12
3.89
3.66
3.43
2.92
1.94
0.97
—
 
 
 
 
 
 
 
 
 
 
 
17
4.75
4.51
4.23
3.99
3.75
3.52
2.99
2.00
1.00
—
 
 
 
 
 
 
 
 
 
 
 
18
4.87
4.63
4.33
4.09
3.85
3.60
3.07
2.05
1.02
—
 
 
 
 
 
 
 
 
 
 
 
19
5.00
4.75
4.45
4.20
3.95
3.70
3.15
2.10
1.05
—
 
 
 
 
 
 
 
 
 
 
 
20
5.13
4.87
4.57
4.31
4.05
3.80
3.23
2.15
1.08
—
 
 
 
 
 
 
 
 
 
 
 
21
7.23
6.87
6.43
6.07
5.71
5.35
4.55
3.04
1.52
—
 
 
 
 
 
 
 
 
 
 
 
22
7.46
7.09
6.64
6.27
5.89
5.52
4.70
3.13
1.57
—
 
 
 
 
 
 
 
 
 
 
 
23
7.67
7.29
6.83
6.44
6.06
5.68
4.83
3.22
1.61
—
 
 
 
 
 
 
 
 
 
 
 
24
7.87
7.48
7.00
6.61
6.22
5.82
4.96
3.31
1.65
—
 
 
 
 
 
 
 
 
 
 
 
25
8.10
7.70
7.21
6.80
6.40
5.99
5.10
3.40
1.70
—
 
 
 
 
 
 
 
 
 
 
 
26
8.39
7.97
7.47
7.05
6.63
6.21
5.29
3.52
1.76
—
 
 
 
 
 
 
 
 
 
 
 
27
8.77
8.33
7.81
7.37
6.93
6.49
5.53
3.68
1.84
—
 
 
 
 
 
 
 
 
 
 
 
28
9.20
8.74
8.19
7.73
7.27
6.81
5.80
3.86
1.93
—
 
 
 
 
 
 
 
 
 
 
 
29
9.61
9.13
8.55
8.07
7.59
7.11
6.05
4.04
2.02
—
 
 
 
 
 
 
 
 
 
 
 
30
10.01
9.51
8.91
8.41
7.91
7.41
6.31
4.20
2.10
—
 
 
 
 
 
 
 
 
 
 
 
31
10.42
9.90
9.27
8.75
8.23
7.71
6.56
4.38
2.19
—
 
 
 
 
 
 
 
 
 
 
 
32
10.85
10.31
9.66
9.11
8.57
8.03
6.84
4.56
2.28
—
 
 
 
 
 
 
 
 
 
 
 
33
11.31
10.74
10.07
9.50
8.93
8.37
7.13
4.75
2.38
—
 
 
 
 
 
 
 
 
 
 
 
34
11.80
11.21
10.50
9.91
9.32
8.73
7.43
4.96
2.48
—
 
 
 
 
 
 
 
 
 
 
 
35
12.32
11.70
10.96
10.35
9.73
9.12
7.76
5.17
2.59
—
 
 
 
 
 
 
 
 
 
 
 
36
12.86
12.22
11.45
10.80
10.16
9.52
8.10
5.40
2.70
—
 
 
 
 
 
 
 
 
 
 
 
37
13.44
12.77
11.96
11.29
10.62
9.95
8.47
5.64
2.82
—
 
 
 
 
 
 
 
 
 
 
 
38
14.05
13.35
12.50
11.80
11.10
10.40
8.85
5.90
2.95
—
 
 
 
 
 
 
 
 
 
 
 
39
14.70
13.97
13.08
12.35
11.61
10.88
9.26
6.17
3.09
—
 
 
 
 
 
 
 
 
 
 
 
 
40
15.43
14.66
13.73
12.96
12.19
11.42
9.72
6.48
3.24
—
 
 
 
 
 
 
 
 
 
 
 
41
16.22
15.41
14.44
13.62
12.81
12.00
10.22
6.81
3.41
—
 
 
 
 
 
 
 
 
 
 
 
42
17.02
16.17
15.15
14.30
13.45
12.59
10.72
7.15
3.57
—
 
 
 
 
 
 
 
 
 
 
 
43
17.83
16.94
15.87
14.98
14.09
13.19
11.23
7.49
3.74
—
 
 
 
 
 
 
 
 
 
 
 
44
18.67
17.74
16.62
15.68
14.75
13.82
11.76
7.84
3.92
—
 
 
 
 
 
 
 
 
 
 
 
45
19.55
18.57
17.40
16.42
15.44
14.47
12.32
8.21
4.11
—
 
 
 
 
 
 
 
 
 
 
 
46
20.47
19.45
18.22
17.19
16.17
15.15
12.90
8.60
4.30
—
 
 
 
 
 
 
 
 
 
 
 
47
21.43
20.36
19.07
18.00
16.93
15.86
13.50
9.00
4.50
—
 
 
 
 
 
 
 
 
 
 
 
48
22.46
21.34
19.99
18.87
17.74
16.62
14.15
9.43
4.72
—
 
 
 
 
 
 
 
 
 
 
 
49
23.59
22.41
21.00
19.82
18.64
17.46
14.86
9.91
4.95
—
 
 
 
 
 
 
 
 
 
 
 
50
24.75
23.51
22.03
20.79
19.55
18.32
15.59
10.40
5.20
—
 
 
 
 
 
 
 
 
 
 
 
51
25.86
24.57
23.02
21.72
20.43
19.14
16.29
10.86
5.43
—
 
 
 
 
 
 
 
 
 
 
 
52
26.95
25.60
23.99
22.64
21.29
19.94
16.98
11.32
5.66
—
 
 
 
 
 
 
 
 
 
 
 
53
28.18
26.77
25.08
23.67
22.26
20.85
17.75
11.84
5.92
—
 
 
 
 
 
 
 
 
 
 
 
54
29.61
28.13
26.35
24.87
23.39
21.91
18.65
12.44
6.22
—
 
 
 
 
 
 
 
 
 
 
 
55
31.03
29.48
27.62
26.07
24.51
22.96
19.55
13.03
6.52
—
 
 
 
 
 
 
 
 
 
 
 
56
32.43
30.81
28.86
27.24
25.62
24.00
20.43
13.62
6.81
—
 
 
 
 
 
 
 
 
 
 
 
57
34.24
32.53
30.47
28.76
27.05
25.34
21.57
14.38
7.19
—
 
 
 
 
 
 
 
 
 
 
 
58
36.45
34.63
32.44
30.62
28.80
26.97
22.96
15.31
7.65
—
 
 
 
 
 
 
 
 
 
 
 
59
38.40
36.48
34.18
32.26
30.34
28.42
24.19
16.13
8.06
—
 
 
 
 
 
 
 
 
 
 
 
60
38.40
36.48
34.18
32.26
30.34
28.42
24.19
16.13
8.06
—
 
 
 
 
 
 
 
 
 
 
 
61
38.40
36.48
34.18
32.26
30.34
28.42
24.19
16.13
8.06
—
 
 
 
 
 
 
 
 
 
 
 
62
38.40
36.48
34.18
32.26
30.34
28.42
24.19
16.13
8.06
—
 
 
 
 
 
 
 
 
 
 
 
63
38.40
36.48
34.18
32.26
30.34
28.42
24.19
16.13
8.06
—
 
 
 
 
 
 
 
 
 
 
 
64
39.90
37.91
35.51
33.52
31.52
29.53
25.14
16.76
8.38
—
 
 
 
 
 
 
 
 
 
 
 
65
41.40
39.33
36.85
34.78
32.71
30.64
26.08
17.39
8.69
—
 
 
 
 
 
 
 
 
 
 
 
66
42.90
40.76
38.18
36.04
33.89
31.75
27.03
18.02
9.01
—
 
 
 
 
 
 
 
 
 
 
 
67
44.40
42.18
39.52
37.30
35.08
32.86
27.97
18.65
9.32
—
 
 
 
 
 
 
 
 
 
 
 
68
44.40
42.18
39.52
37.30
35.08
32.86
27.97
18.65
9.32
—
 
 
 
 
 
 
 
 
 
 
 
69
43.90
41.71
39.07
36.88
34.68
32.49
27.66
18.44
9.22
—
 
 
 
 
 
 
 
 
 
 
 
70
43.30
41.14
38.54
36.37
34.21
32.04
27.28
18.19
9.09
—
 
 
 
 
 
 
 
 
 
 
 
71
42.50
40.38
37.83
35.70
33.58
31.45
26.78
17.85
8.93
—
 
 
 
 
 
 
 
 
 
 
 
72
41.60
39.52
37.02
34.94
32.86
30.78
26.21
17.47
8.74
—
 
 
 
 
 
 
 
 
 
 
 
73
40.70
38.67
36.22
34.19
32.15
30.12
25.64
17.09
8.55
—
 
 
 
 
 
 
 
 
 
 
 
74
39.90
37.91
35.51
33.52
31.52
29.53
25.14
16.76
8.38
—
 
 
 
 
 
 
 
 
 
 
 
75
39.00
37.05
34.71
32.76
30.81
28.86
24.57
16.38
8.19
—
 
 
 
 
 
 
 
 
 
 
 
76
38.60
36.67
34.35
32.42
30.49
28.56
24.32
16.21
8.11
—
 
 
 
 
 
 
 
 
 
 
 
77
38.10
36.20
33.91
32.00
30.10
28.19
24.00
16.00
8.00
—
 
 
 
 
 
 
 
 
 
 
 
78
37.60
35.72
33.46
31.58
29.70
27.82
23.69
15.79
7.90
—
 
 
 
 
 
 
 
 
 
 
 
79
37.20
35.34
33.11
31.25
29.39
27.53
23.44
15.62
7.81
—
 
 
 
 
 
 
 
 
 
 
 
80
36.70
34.87
32.66
30.83
28.99
27.16
23.12
15.41
7.71
—
 
 
TABLE OF SURRENDER CHARGE FACTORS, Male Non-Nicotine
Per $1,000 of Face Amount
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
 
 
 
 
 
 
 
 
 
 
 
21
5.22
4.96
4.65
4.38
4.12
3.86
3.29
2.19
1.10
—
 
 
 
 
 
 
 
 
 
 
 
22
5.33
5.06
4.74
4.48
4.21
3.94
3.36
2.24
1.12
—
 
 
 
 
 
 
 
 
 
 
 
23
5.47
5.20
4.87
4.59
4.32
4.05
3.45
2.30
1.15
—
 
 
 
 
 
 
 
 
 
 
 
24
5.63
5.35
5.01
4.73
4.45
4.17
3.55
2.36
1.18
—
 
 
 
 
 
 
 
 
 
 
 
25
5.83
5.54
5.19
4.90
4.61
4.31
3.67
2.45
1.22
—
 
 
 
 
 
 
 
 
 
 
 
26
6.11
5.80
5.44
5.13
4.83
4.52
3.85
2.57
1.28
—
 
 
 
 
 
 
 
 
 
 
 
27
6.48
6.16
5.77
5.44
5.12
4.80
4.08
2.72
1.36
—
 
 
 
 
 
 
 
 
 
 
 
28
6.92
6.57
6.16
5.81
5.47
5.12
4.36
2.91
1.45
—
 
 
 
 
 
 
 
 
 
 
 
29
7.35
6.98
6.54
6.17
5.81
5.44
4.63
3.09
1.54
—
 
 
 
 
 
 
 
 
 
 
 
30
7.78
7.39
6.92
6.54
6.15
5.76
4.90
3.27
1.63
—
 
 
 
 
 
 
 
 
 
 
 
31
8.22
7.81
7.32
6.90
6.49
6.08
5.18
3.45
1.73
—
 
 
 
 
 
 
 
 
 
 
 
32
8.67
8.24
7.72
7.28
6.85
6.42
5.46
3.64
1.82
—
 
 
 
 
 
 
 
 
 
 
 
33
9.13
8.67
8.13
7.67
7.21
6.76
5.75
3.83
1.92
—
 
 
 
 
 
 
 
 
 
 
 
34
9.59
9.11
8.54
8.06
7.58
7.10
6.04
4.03
2.01
—
 
 
 
 
 
 
 
 
 
 
 
35
10.06
9.56
8.95
8.45
7.95
7.44
6.34
4.23
2.11
—
 
 
 
 
 
 
 
 
 
 
 
36
10.63
10.10
9.46
8.93
8.40
7.87
6.70
4.46
2.23
—
 
 
 
 
 
 
 
 
 
 
 
37
11.28
10.72
10.04
9.48
8.91
8.35
7.11
4.74
2.37
—
 
 
 
 
 
 
 
 
 
 
 
38
11.94
11.34
10.63
10.03
9.43
8.84
7.52
5.01
2.51
—
 
 
 
 
 
 
 
 
 
 
 
39
12.60
11.97
11.21
10.58
9.95
9.32
7.94
5.29
2.65
—
 
 
 
 
 
 
 
 
 
 
 
40
13.25
12.59
11.79
11.13
10.47
9.81
8.35
5.57
2.78
—
 
 
 
 
 
 
 
 
 
 
 
41
13.85
13.16
12.33
11.63
10.94
10.25
8.73
5.82
2.91
—
 
 
 
 
 
 
 
 
 
 
 
42
14.43
13.71
12.84
12.12
11.40
10.68
9.09
6.06
3.03
—
 
 
 
 
 
 
 
 
 
 
 
43
15.09
14.34
13.43
12.68
11.92
11.17
9.51
6.34
3.17
—
 
 
 
 
 
 
 
 
 
 
 
44
15.74
14.95
14.01
13.22
12.43
11.65
9.92
6.61
3.31
—
 
 
 
 
 
 
 
 
 
 
 
45
16.26
15.45
14.47
13.66
12.85
12.03
10.24
6.83
3.41
—
 
 
 
 
 
 
 
 
 
 
 
46
16.76
15.92
14.92
14.08
13.24
12.40
10.56
7.04
3.52
—
 
 
 
 
 
 
 
 
 
 
 
47
17.48
16.61
15.56
14.68
13.81
12.94
11.01
7.34
3.67
—
 
 
 
 
 
 
 
 
 
 
 
48
18.37
17.45
16.35
15.43
14.51
13.59
11.57
7.72
3.86
—
 
 
 
 
 
 
 
 
 
 
 
49
19.41
18.44
17.27
16.30
15.33
14.36
12.23
8.15
4.08
—
 
 
 
 
 
 
 
 
 
 
 
50
20.60
19.57
18.33
17.30
16.27
15.24
12.98
8.65
4.33
—
 
 
 
 
 
 
 
 
 
 
 
51
21.81
20.72
19.41
18.32
17.23
16.14
13.74
9.16
4.58
—
 
 
 
 
 
 
 
 
 
 
 
52
22.91
21.76
20.39
19.24
18.10
16.95
14.43
9.62
4.81
—
 
 
 
 
 
 
 
 
 
 
 
53
24.04
22.84
21.40
20.19
18.99
17.79
15.15
10.10
5.05
—
 
 
 
 
 
 
 
 
 
 
 
54
25.27
24.01
22.49
21.23
19.96
18.70
15.92
10.61
5.31
—
 
 
 
 
 
 
 
 
 
 
 
55
26.35
25.03
23.45
22.13
20.82
19.50
16.60
11.07
5.53
—
 
 
 
 
 
 
 
 
 
 
 
56
27.03
25.68
24.06
22.71
21.35
20.00
17.03
11.35
5.68
—
 
 
 
 
 
 
 
 
 
 
 
57
27.80
26.41
24.74
23.35
21.96
20.57
17.51
11.68
5.84
—
 
 
 
 
 
 
 
 
 
 
 
58
28.67
27.24
25.52
24.08
22.65
21.22
18.06
12.04
6.02
—
 
 
 
 
 
 
 
 
 
 
 
59
29.64
28.16
26.38
24.90
23.42
21.93
18.67
12.45
6.22
—
 
 
 
 
 
 
 
 
 
 
 
60
30.73
29.19
27.35
25.81
24.28
22.74
19.36
12.91
6.45
—
 
 
 
 
 
 
 
 
 
 
 
61
32.05
30.45
28.52
26.92
25.32
23.72
20.19
13.46
6.73
—
62
33.51
31.83
29.82
28.15
26.47
24.80
21.11
14.07
7.04
—
 
 
 
 
 
 
 
 
 
 
 
63
35.10
33.35
31.24
29.48
27.73
25.97
22.11
14.74
7.37
—
 
 
 
 
 
 
 
 
 
 
 
64
36.83
34.99
32.78
30.94
29.10
27.25
23.20
15.47
7.73
—
 
 
 
 
 
 
 
 
 
 
 
65
38.72
36.78
34.46
32.52
30.59
28.65
24.39
16.26
8.13
—
 
 
 
 
 
 
 
 
 
 
 
66
40.74
38.70
36.26
34.22
32.18
30.15
25.67
17.11
8.56
—
 
 
 
 
 
 
 
 
 
 
 
67
42.97
40.82
38.24
36.09
33.95
31.80
27.07
18.05
9.02
—
 
 
 
 
 
 
 
 
 
 
 
68
44.40
42.18
39.52
37.30
35.08
32.86
27.97
18.65
9.32
—
 
 
 
 
 
 
 
 
 
 
 
69
43.90
41.71
39.07
36.88
34.68
32.49
27.66
18.44
9.22
—
 
 
 
 
 
 
 
 
 
 
 
70
43.30
41.14
38.54
36.37
34.21
32.04
27.28
18.19
9.09
—
 
 
 
 
 
 
 
 
 
 
 
71
42.50
40.38
37.83
35.70
33.58
31.45
26.78
17.85
8.93
—
 
 
 
 
 
 
 
 
 
 
 
72
41.60
39.52
37.02
34.94
32.86
30.78
26.21
17.47
8.74
—
 
 
 
 
 
 
 
 
 
 
 
73
40.70
38.67
36.22
34.19
32.15
30.12
25.64
17.09
8.55
—
 
 
 
 
 
 
 
 
 
 
 
74
39.90
37.91
35.51
33.52
31.52
29.53
25.14
16.76
8.38
—
 
 
 
 
 
 
 
 
 
 
 
75
39.00
37.05
34.71
32.76
30.81
28.86
24.57
16.38
8.19
—
 
 
 
 
 
 
 
 
 
 
 
76
38.60
36.67
34.35
32.42
30.49
28.56
24.32
16.21
8.11
—
 
 
 
 
 
 
 
 
 
 
 
77
38.05
36.15
33.86
31.96
30.06
28.16
23.97
15.98
7.99
—
 
 
 
 
 
 
 
 
 
 
 
78
37.50
35.63
33.38
31.50
29.63
27.75
23.63
15.75
7.88
—
 
 
 
 
 
 
 
 
 
 
 
79
36.65
34.82
32.62
30.79
28.95
27.12
23.09
15.39
7.70
—
 
 
 
 
 
 
 
 
 
 
 
80
35.85
34.06
31.91
30.11
28.32
26.53
22.59
15.06
7.53
—
 
TABLE OF SURRENDER CHARGE FACTORS, Female Nicotine/Juvenile
Per $1,000 of Face Amount
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
 
 
 
 
 
 
 
 
 
 
 
0
3.00
2.85
2.67
2.52
2.37
2.22
1.89
1.26
0.63
—
 
 
 
 
 
 
 
 
 
 
 
1
3.03
2.88
2.70
2.55
2.39
2.24
1.91
1.27
0.64
—
 
 
 
 
 
 
 
 
 
 
 
2
3.08
2.93
2.74
2.59
2.43
2.28
1.94
1.29
0.65
—
 
 
 
 
 
 
 
 
 
 
 
3
3.15
2.99
2.80
2.65
2.49
2.33
1.98
1.32
0.66
—
 
 
 
 
 
 
 
 
 
 
 
4
3.22
3.06
2.87
2.70
2.54
2.38
2.03
1.35
0.68
—
 
 
 
 
 
 
 
 
 
 
 
5
3.29
3.13
2.93
2.76
2.60
2.43
2.07
1.38
0.69
—
 
 
 
 
 
 
 
 
 
 
 
6
3.36
3.19
2.99
2.82
2.65
2.49
2.12
1.41
0.71
—
 
 
 
 
 
 
 
 
 
 
 
7
3.45
3.28
3.07
2.90
2.73
2.55
2.17
1.45
0.72
—
 
 
 
 
 
 
 
 
 
 
 
8
3.53
3.35
3.14
2.97
2.79
2.61
2.22
1.48
0.74
—
 
 
 
 
 
 
 
 
 
 
 
9
3.62
3.44
3.22
3.04
2.86
2.68
2.28
1.52
0.76
—
 
 
 
 
 
 
 
 
 
 
 
10
3.72
3.53
3.31
3.12
2.94
2.75
2.34
1.56
0.78
—
 
 
 
 
 
 
 
 
 
 
 
11
3.79
3.60
3.37
3.18
2.99
2.80
2.39
1.59
0.80
—
 
 
 
 
 
 
 
 
 
 
 
12
3.86
3.67
3.44
3.24
3.05
2.86
2.43
1.62
0.81
—
 
 
 
 
 
 
 
 
 
 
 
13
3.94
3.74
3.51
3.31
3.11
2.92
2.48
1.65
0.83
—
 
 
 
 
 
 
 
 
 
 
 
14
4.02
3.82
3.58
3.38
3.18
2.97
2.53
1.69
0.84
—
 
 
 
 
 
 
 
 
 
 
 
15
4.10
3.90
3.65
3.44
3.24
3.03
2.58
1.72
0.86
—
 
 
 
 
 
 
 
 
 
 
 
16
4.19
3.98
3.73
3.52
3.31
3.10
2.64
1.76
0.88
—
 
 
 
 
 
 
 
 
 
 
 
17
4.28
4.07
3.81
3.60
3.38
3.17
2.70
1.80
0.90
—
 
 
 
 
 
 
 
 
 
 
 
18
4.38
4.16
3.90
3.68
3.46
3.24
2.76
1.84
0.92
—
 
 
 
 
 
 
 
 
 
 
 
19
4.47
4.25
3.98
3.75
3.53
3.31
2.82
1.88
0.94
—
 
 
 
 
 
 
 
 
 
 
 
20
4.57
4.34
4.07
3.84
3.61
3.38
2.88
1.92
0.96
—
 
 
 
 
 
 
 
 
 
 
 
21
5.09
4.84
4.53
4.28
4.02
3.77
3.21
2.14
1.07
—
 
 
 
 
 
 
 
 
 
 
 
22
5.18
4.92
4.61
4.35
4.09
3.83
3.26
2.18
1.09
—
 
 
 
 
 
 
 
 
 
 
 
23
5.28
5.02
4.70
4.44
4.17
3.91
3.33
2.22
1.11
—
 
 
 
 
 
 
 
 
 
 
 
24
5.35
5.08
4.76
4.49
4.23
3.96
3.37
2.25
1.12
—
 
 
 
 
 
 
 
 
 
 
 
25
5.45
5.18
4.85
4.58
4.31
4.03
3.43
2.29
1.14
—
 
 
 
 
 
 
 
 
 
 
 
26
5.65
5.37
5.03
4.75
4.46
4.18
3.56
2.37
1.19
—
 
 
 
 
 
 
 
 
 
 
 
27
5.95
5.65
5.30
5.00
4.70
4.40
3.75
2.50
1.25
—
 
 
 
 
 
 
 
 
 
 
 
28
6.29
5.98
5.60
5.28
4.97
4.65
3.96
2.64
1.32
—
 
 
 
 
 
 
 
 
 
 
 
29
6.59
6.26
5.87
5.54
5.21
4.88
4.15
2.77
1.38
—
 
 
 
 
 
 
 
 
 
 
 
30
6.87
6.53
6.11
5.77
5.43
5.08
4.33
2.89
1.44
—
 
 
 
 
 
 
 
 
 
 
 
31
7.18
6.82
6.39
6.03
5.67
5.31
4.52
3.02
1.51
—
 
 
 
 
 
 
 
 
 
 
 
32
7.57
7.19
6.74
6.36
5.98
5.60
4.77
3.18
1.59
—
 
 
 
 
 
 
 
 
 
 
 
33
8.02
7.62
7.14
6.74
6.34
5.93
5.05
3.37
1.68
—
 
 
 
 
 
 
 
 
 
 
 
34
8.44
8.02
7.51
7.09
6.67
6.25
5.32
3.54
1.77
—
 
 
 
 
 
 
 
 
 
 
 
35
8.83
8.39
7.86
7.42
6.98
6.53
5.56
3.71
1.85
—
 
 
 
 
 
 
 
 
 
 
 
36
9.21
8.75
8.20
7.74
7.28
6.82
5.80
3.87
1.93
—
 
 
 
 
 
 
 
 
 
 
 
37
9.62
9.14
8.56
8.08
7.60
7.12
6.06
4.04
2.02
—
 
 
 
 
 
 
 
 
 
 
 
38
10.05
9.55
8.94
8.44
7.94
7.44
6.33
4.22
2.11
—
 
 
 
 
 
 
 
 
 
 
 
39
10.48
9.96
9.33
8.80
8.28
7.76
6.60
4.40
2.20
—
 
 
 
 
 
 
 
 
 
 
 
40
10.92
10.37
9.72
9.17
8.63
8.08
6.88
4.59
2.29
—
 
 
 
 
 
 
 
 
 
 
 
41
11.37
10.80
10.12
9.55
8.98
8.41
7.16
4.78
2.39
—
 
 
 
 
 
 
 
 
 
 
 
42
11.83
11.24
10.53
9.94
9.35
8.75
7.45
4.97
2.48
—
 
 
 
 
 
 
 
 
 
 
 
43
12.30
11.69
10.95
10.33
9.72
9.10
7.75
5.17
2.58
—
 
 
 
 
 
 
 
 
 
 
 
44
12.75
12.11
11.35
10.71
10.07
9.44
8.03
5.36
2.68
—
 
 
 
 
 
 
 
 
 
 
 
45
13.13
12.47
11.69
11.03
10.37
9.72
8.27
5.51
2.76
—
 
 
 
 
 
 
 
 
 
 
 
46
13.43
12.76
11.95
11.28
10.61
9.94
8.46
5.64
2.82
—
 
 
 
 
 
 
 
 
 
 
 
47
14.08
13.38
12.53
11.83
11.12
10.42
8.87
5.91
2.96
—
 
 
 
 
 
 
 
 
 
 
 
48
14.75
14.01
13.13
12.39
11.65
10.92
9.29
6.20
3.10
—
 
 
 
 
 
 
 
 
 
 
 
49
15.47
14.70
13.77
12.99
12.22
11.45
9.75
6.50
3.25
—
 
 
 
 
 
 
 
 
 
 
 
50
16.23
15.42
14.44
13.63
12.82
12.01
10.22
6.82
3.41
—
 
 
 
 
 
 
 
 
 
 
 
51
17.16
16.30
15.27
14.41
13.56
12.70
10.81
7.21
3.60
—
 
 
 
 
 
 
 
 
 
 
 
52
17.94
17.04
15.97
15.07
14.17
13.28
11.30
7.53
3.77
—
 
 
 
 
 
 
 
 
 
 
 
53
18.72
17.78
16.66
15.72
14.79
13.85
11.79
7.86
3.93
—
 
 
 
 
 
 
 
 
 
 
 
54
19.58
18.60
17.43
16.45
15.47
14.49
12.34
8.22
4.11
—
 
 
 
 
 
 
 
 
 
 
 
55
20.53
19.50
18.27
17.25
16.22
15.19
12.93
8.62
4.31
—
 
 
 
 
 
 
 
 
 
 
 
56
21.75
20.66
19.36
18.27
17.18
16.10
13.70
9.14
4.57
—
 
 
 
 
 
 
 
 
 
 
 
57
23.05
21.90
20.51
19.36
18.21
17.06
14.52
9.68
4.84
—
 
 
 
 
 
 
 
 
 
 
 
58
24.44
23.22
21.75
20.53
19.31
18.09
15.40
10.26
5.13
—
 
 
 
 
 
 
 
 
 
 
 
59
26.21
24.90
23.33
22.02
20.71
19.40
16.51
11.01
5.50
—
 
 
 
 
 
 
 
 
 
 
 
60
27.40
26.03
24.39
23.02
21.65
20.28
17.26
11.51
5.75
—
 
 
 
 
 
 
 
 
 
 
 
61
28.90
27.46
25.72
24.28
22.83
21.39
18.21
12.14
6.07
—
 
 
 
 
 
 
 
 
 
 
 
62
30.40
28.88
27.06
25.54
24.02
22.50
19.15
12.77
6.38
—
 
 
 
 
 
 
 
 
 
 
 
63
31.90
30.31
28.39
26.80
25.20
23.61
20.10
13.40
6.70
—
 
 
 
 
 
 
 
 
 
 
 
64
33.40
31.73
29.73
28.06
26.39
24.72
21.04
14.03
7.01
—
 
 
 
 
 
 
 
 
 
 
 
65
34.90
33.16
31.06
29.32
27.57
25.83
21.99
14.66
7.33
—
 
 
 
 
 
 
 
 
 
 
 
66
36.40
34.58
32.40
30.58
28.76
26.94
22.93
15.29
7.64
—
 
 
 
 
 
 
 
 
 
 
 
67
37.90
36.01
33.73
31.84
29.94
28.05
23.88
15.92
7.96
—
 
 
 
 
 
 
 
 
 
 
 
68
39.40
37.43
35.07
33.10
31.13
29.16
24.82
16.55
8.27
—
 
 
 
 
 
 
 
 
 
 
 
69
40.90
38.86
36.40
34.36
32.31
30.27
25.77
17.18
8.59
—
 
 
 
 
 
 
 
 
 
 
 
70
42.40
40.28
37.74
35.62
33.50
31.38
26.71
17.81
8.90
—
 
 
 
 
 
 
 
 
 
 
 
71
43.90
41.71
39.07
36.88
34.68
32.49
27.66
18.44
9.22
—
 
 
 
 
 
 
 
 
 
 
 
72
43.80
41.61
38.98
36.79
34.60
32.41
27.59
18.40
9.20
—
 
 
 
 
 
 
 
 
 
 
 
73
42.95
40.80
38.23
36.08
33.93
31.78
27.06
18.04
9.02
—
 
 
 
 
 
 
 
 
 
 
 
74
42.15
40.04
37.51
35.41
33.30
31.19
26.55
17.70
8.85
—
 
 
 
 
 
 
 
 
 
 
 
75
41.30
39.24
36.76
34.69
32.63
30.56
26.02
17.35
8.67
—
 
 
 
 
 
 
 
 
 
 
 
76
40.90
38.86
36.40
34.36
32.31
30.27
25.77
17.18
8.59
—
 
 
 
 
 
 
 
 
 
 
 
77
40.45
38.43
36.00
33.98
31.96
29.93
25.48
16.99
8.49
—
 
 
 
 
 
 
 
 
 
 
 
78
39.95
37.95
35.56
33.56
31.56
29.56
25.17
16.78
8.39
—
 
 
 
 
 
 
 
 
 
 
 
79
38.80
36.86
34.53
32.59
30.65
28.71
24.44
16.30
8.15
—
 
 
 
 
 
 
 
 
 
 
 
80
38.80
36.86
34.53
32.59
30.65
28.71
24.44
16.30
8.15
—
 
TABLE OF SURRENDER CHARGE FACTORS, Female Non-Nicotine
Per $1,000 of Face Amount
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
 
 
 
 
 
 
 
 
 
 
 
21
4.65
4.42
4.14
3.91
3.67
3.44
2.93
1.95
0.98
—
 
 
 
 
 
 
 
 
 
 
 
22
4.75
4.51
4.23
3.99
3.75
3.52
2.99
2.00
1.00
—
 
 
 
 
 
 
 
 
 
 
 
23
4.84
4.60
4.31
4.07
3.82
3.58
3.05
2.03
1.02
—
 
 
 
 
 
 
 
 
 
 
 
24
4.94
4.69
4.40
4.15
3.90
3.66
3.11
2.07
1.04
—
 
 
 
 
 
 
 
 
 
 
 
25
5.03
4.78
4.48
4.23
3.97
3.72
3.17
2.11
1.06
—
 
 
 
 
 
 
 
 
 
 
 
26
5.25
4.99
4.67
4.41
4.15
3.89
3.31
2.21
1.10
—
 
 
 
 
 
 
 
 
 
 
 
27
5.48
5.21
4.88
4.60
4.33
4.06
3.45
2.30
1.15
—
 
 
 
 
 
 
 
 
 
 
 
28
5.72
5.43
5.09
4.80
4.52
4.23
3.60
2.40
1.20
—
 
 
 
 
 
 
 
 
 
 
 
29
5.98
5.68
5.32
5.02
4.72
4.43
3.77
2.51
1.26
—
 
 
 
 
 
 
 
 
 
 
 
30
6.26
5.95
5.57
5.26
4.95
4.63
3.94
2.63
1.31
—
 
 
 
 
 
 
 
 
 
 
 
31
6.59
6.26
5.87
5.54
5.21
4.88
4.15
2.77
1.38
—
 
 
 
 
 
 
 
 
 
 
 
32
6.96
6.61
6.19
5.85
5.50
5.15
4.38
2.92
1.46
—
 
 
 
 
 
 
 
 
 
 
 
33
7.37
7.00
6.56
6.19
5.82
5.45
4.64
3.10
1.55
—
 
 

TABLE OF SURRENDER CHARGE FACTORS, Female Non-Nicotine
Per $1,000 of Face Amount
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
 
 
 
 
 
 
 
 
 
 
 
34
7.79
7.40
6.93
6.54
6.15
5.76
4.91
3.27
1.64
—
 
 
 
 
 
 
 
 
 
 
 
35
8.20
7.79
7.30
6.89
6.48
6.07
5.17
3.44
1.72
—
 
 
 
 
 
 
 
 
 
 
 
36
8.62
8.19
7.67
7.24
6.81
6.38
5.43
3.62
1.81
—
 
 
 
 
 
 
 
 
 
 
 
37
9.08
8.63
8.08
7.63
7.17
6.72
5.72
3.81
1.91
—
 
 
 
 
 
 
 
 
 
 
 
38
9.63
9.15
8.57
8.09
7.61
7.13
6.07
4.04
2.02
—
 
 
 
 
 
 
 
 
 
 
 
39
10.20
9.69
9.08
8.57
8.06
7.55
6.43
4.28
2.14
—
 
 
 
 
 
 
 
 
 
 
 
40
10.70
10.17
9.52
8.99
8.45
7.92
6.74
4.49
2.25
—
 
 
 
 
 
 
 
 
 
 
 
41
11.11
10.55
9.89
9.33
8.78
8.22
7.00
4.67
2.33
—
 
 
 
 
 
 
 
 
 
 
 
42
11.53
10.95
10.26
9.69
9.11
8.53
7.26
4.84
2.42
—
 
 
 
 
 
 
 
 
 
 
 
43
11.96
11.36
10.64
10.05
9.45
8.85
7.53
5.02
2.51
—
 
 
 
 
 
 
 
 
 
 
 
44
12.35
11.73
10.99
10.37
9.76
9.14
7.78
5.19
2.59
—
 
 
 
 
 
 
 
 
 
 
 
45
12.83
12.19
11.42
10.78
10.14
9.49
8.08
5.39
2.69
—
 
 
 
 
 
 
 
 
 
 
 
46
13.43
12.76
11.95
11.28
10.61
9.94
8.46
5.64
2.82
—
 
 
 
 
 
 
 
 
 
 
 
47
14.08
13.38
12.53
11.83
11.12
10.42
8.87
5.91
2.96
—
 
 
 
 
 
 
 
 
 
 
 
48
14.75
14.01
13.13
12.39
11.65
10.92
9.29
6.20
3.10
—
 
 
 
 
 
 
 
 
 
 
 
49
15.47
14.70
13.77
12.99
12.22
11.45
9.75
6.50
3.25
—
 
 
 
 
 
 
 
 
 
 
 
50
16.23
15.42
14.44
13.63
12.82
12.01
10.22
6.82
3.41
—
 
 
 
 
 
 
 
 
 
 
 
51
17.16
16.30
15.27
14.41
13.56
12.70
10.81
7.21
3.60
—
 
 
 
 
 
 
 
 
 
 
 
52
17.94
17.04
15.97
15.07
14.17
13.28
11.30
7.53
3.77
—
 
 
 
 
 
 
 
 
 
 
 
53
18.72
17.78
16.66
15.72
14.79
13.85
11.79
7.86
3.93
—
 
 
 
 
 
 
 
 
 
 
 
54
19.58
18.60
17.43
16.45
15.47
14.49
12.34
8.22
4.11
—
 
 
 
 
 
 
 
 
 
 
 
55
20.53
19.50
18.27
17.25
16.22
15.19
12.93
8.62
4.31
—
 
 
 
 
 
 
 
 
 
 
 
56
21.75
20.66
19.36
18.27
17.18
16.10
13.70
9.14
4.57
—
 
 
 
 
 
 
 
 
 
 
 
57
23.05
21.90
20.51
19.36
18.21
17.06
14.52
9.68
4.84
—
 
 
 
 
 
 
 
 
 
 
 
58
24.44
23.22
21.75
20.53
19.31
18.09
15.40
10.26
5.13
—
 
 
 
 
 
 
 
 
 
 
 
59
25.92
24.62
23.07
21.77
20.48
19.18
16.33
10.89
5.44
—
 
 
 
 
 
 
 
 
 
 
 
60
27.40
26.03
24.39
23.02
21.65
20.28
17.26
11.51
5.75
—
 
 
 
 
 
 
 
 
 
 
 
61
28.72
27.28
25.56
24.12
22.69
21.25
18.09
12.06
6.03
—
 
 
 
 
 
 
 
 
 
 
 
62
29.83
28.34
26.55
25.06
23.57
22.07
18.79
12.53
6.26
—
 
 
 
 
 
 
 
 
 
 
 
63
31.03
29.48
27.62
26.07
24.51
22.96
19.55
13.03
6.52
—
 
 
 
 
 
 
 
 
 
 
 
64
32.35
30.73
28.79
27.17
25.56
23.94
20.38
13.59
6.79
—
 
 
 
 
 
 
 
 
 
 
 
65
33.80
32.11
30.08
28.39
26.70
25.01
21.29
14.20
7.10
—
 
 
 
 
 
 
 
 
 
 
 
66
35.35
33.58
31.46
29.69
27.93
26.16
22.27
14.85
7.42
—
 
 
 
 
 
 
 
 
 
 
 
67
37.06
35.21
32.98
31.13
29.28
27.42
23.35
15.57
7.78
—
 
 
 
 
 
 
 
 
 
 
 
68
38.95
37.00
34.67
32.72
30.77
28.82
24.54
16.36
8.18
—
 
 
 
 
 
 
 
 
 
 
 
69
40.90
38.86
36.40
34.36
32.31
30.27
25.77
17.18
8.59
—
 
 
 
 
 
 
 
 
 
 
 
70
42.40
40.28
37.74
35.62
33.50
31.38
26.71
17.81
8.90
—
 
 
 
 
 
 
 
 
 
 
 
71
43.90
41.71
39.07
36.88
34.68
32.49
27.66
18.44
9.22
—
 
 
 
 
 
 
 
 
 
 
 
72
43.80
41.61
38.98
36.79
34.60
32.41
27.59
18.40
9.20
—
 
 
 
 
 
 
 
 
 
 
 
73
43.00
40.85
38.27
36.12
33.97
31.82
27.09
18.06
9.03
—
 
 
 
 
 
 
 
 
 
 
 
74
42.15
40.04
37.51
35.41
33.30
31.19
26.55
17.70
8.85
—
 
 

TABLE OF SURRENDER CHARGE FACTORS, Female Non-Nicotine
Per $1,000 of Face Amount
Number of Full Policy Years Completed Since the Issue Date or Since Increase in Face Amount
Issue
Age
0
1
2
3
4
5
6
7
8
9 or
more
 
 
 
 
 
 
 
 
 
 
 
75
41.30
39.24
36.76
34.69
32.63
30.56
26.02
17.35
8.67
—
 
 
 
 
 
 
 
 
 
 
 
76
40.90
38.86
36.40
34.36
32.31
30.27
25.77
17.18
8.59
—
 
 
 
 
 
 
 
 
 
 
 
77
40.45
38.43
36.00
33.98
31.96
29.93
25.48
16.99
8.49
—
 
 
 
 
 
 
 
 
 
 
 
78
39.95
37.95
35.56
33.56
31.56
29.56
25.17
16.78
8.39
—
 
 
 
 
 
 
 
 
 
 
 
79
38.80
36.86
34.53
32.59
30.65
28.71
24.44
16.30
8.15
—
 
 
 
 
 
 
 
 
 
 
 
80
38.80
36.86
34.53
32.59
30.65
28.71
24.44
16.30
8.15
—
 
 

Home Office
Service Center
3120 139th Ave SE, Suite 300
P. O. Box 724208
Bellevue, Washington 98005
Atlanta, Georgia 31139
Phone: 1-800-238-9671
Phone: 1-877-376-8008 (toll free) 8:00 a.m. to 6:00 p.m. Eastern Time
The Statement of Additional Information (“SAI”) dated May 1, 2025 contains additional information about the Policy and the Variable Account. The Table of Contents for the SAI appears near the end of this prospectus. The SAI has been filed with the SEC and is incorporated by reference into this prospectus.
You can obtain the SAI (at no cost) by visiting our website athttps://vpx.broadridge.com/GetContract1.asp?cid=fnwl&fid=fvl, by writing to the Service Center at the address shown above, or by calling 1-877-376-8008. You may also obtain reports and other information about the Variable Account on the SEC’s website at www.sec.gov, and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.
Farmers Financial Solutions, LLC (“FFS”) serves as the principal underwriter and distributor of the Policies. You may obtain more information about FFS and its registered representatives at http://www.finra.org or by calling 1-800-289-9999. You also can obtain an investor brochure from the Financial Industry Regulatory Authority (“FINRA”), describing its Public Disclosure Program.
 
EDGAR Contract Identifier: C000064226


 
Statement of Additional Information for the Farmers EssentialLife® Variable Universal Life
Individual Flexible Premium Variable Life Insurance Policy
Issued Through
Farmers Variable Life Separate Account A
Offered by
Farmers New World Life Insurance Company
3120 139th Ave SE, Suite 300
Bellevue, Washington 98005
Phone: 1-800-238-9671
Service Center:
P.O. Box 724208
Atlanta, Georgia 31139
Phone: 1-877-376-8008 (toll free)
8:00 a.m. to 6:00 p.m. Eastern Time
This Statement of Additional Information expands upon subjects discussed in the current Prospectus for Farmers EssentialLife® Variable Universal Life, an individual flexible premium variable life insurance policy, offered by Farmers New World Life Insurance Company. You may obtain a copy of the Prospectus for the Policy dated May 1, 2025 by calling 1-877-376-8008 or by writing to our Service Center at P.O. Box 724208, Atlanta, Georgia 31139.
This Statement of Additional Information is not a prospectus and should be read only in conjunction with the Prospectuses for your Policy and the Portfolios.
The date of this Statement of Additional Information is May 1, 2025.
 
Table of Contents
 
   
1 
1 
1 
1 
1 
1 
1 
2 
2 
2 
3 
3 
3 
4 
4 
4 
5 
5 
5 
6 
7 
8 
8 
9 
 

General Information and History
Farmers New World Life Insurance Company
Farmers New World Life Insurance Company (“Farmers”) is the stock life insurance company issuing the Policy. Farmers is located at 3120 139th Ave SE, Suite 300, Bellevue, Washington 98005, and was incorporated under Washington law on February 21, 1910. Farmers established the Variable Account to support the investment options under the Policy and under other variable life insurance policies Farmers issues. Farmers’ General Account supports the Fixed Account under the Policy.
Farmers is a direct wholly-owned subsidiary of Farmers Group, Inc. (“FGI”). FGI is a stock holding and management company. The ultimate controlling parent of FGI is Zurich Insurance Group LTD (formerly Zurich Financial Services LTD), a publicly traded holding company listed on the Swiss Exchange, but not publicly traded in the U.S.
Farmers markets a broad line of individual life insurance products, including universal life, term life, and whole life insurance products. Farmers currently is licensed to sell insurance in 49 states and the District of Columbia. Farmers is not licensed in New York.
Farmers Variable Life Separate Account A
Farmers established the Variable Account as a separate investment account under Washington law on April 6, 1999. Farmers owns the assets in the variable account and is obligated to pay all benefits under the Policies. Farmers may use the variable account to support other variable life insurance policies Farmers issues. The variable account is registered with the U.S. Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940 and qualifies as a “separate account” within the meaning of the Federal securities laws.
We hold the title to the assets of the variable account. The assets are kept physically segregated and held separate and apart from our General Account assets and from the assets in any other separate account. We and our agent, McCamish, maintain records of all purchases and redemptions of portfolio shares held by each of the subaccounts. Additional protection for the assets of the variable account is provided by a blanket fidelity bond issued by Federal Insurance Company to Farmers Group, Inc., providing coverage of $20,000,000 in the aggregate and $10,000,000 per occurrence (subject to a $1,000,000 deductible) for all officers and employees of Farmers Group, Inc.
  Services
Third Party Administration Agreement
Resolution Life has entered into an Administration Agreement (the “Agreement”) with Infosys McCamish Systems, L.L.C. (“McCamish”), a limited liability company organized and existing under the laws of Georgia. McCamish has its principal business address at 3225 Cumberland Blvd SE, Suite 201, Atlanta, Georgia 30339 (the “Service Center”). Under the Agreement, McCamish provides, at the Service Center and at its Contact Center located at 500 SW 7th Street, Suite 304, Des Moines, IA 50309, significant administrative services for the Contract and the variable account, including the processing of all premium payments, requests for transfers, partial withdrawals, and surrenders, and the calculation of accumulation unit values for each Contract and the variable account.
Records
We and our agent, McCamish, maintain all records relating to the variable account and the Fixed Account.
Legal Matters
All matters of state and federal law pertaining to the Policy have been passed upon by Corporate Counsel.
Experts
The financial statements of Farmers New World Life Insurance Company at December 31, 2024 and 2023, and for each of the three years in the period ended December 31, 2024, appearing in this Prospectus and Registration Statement have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.
The financial statements of the subaccounts of Farmers Variable Life Separate Account A at December 31, 2024, and for each of the two years in the period ended December 31, 2024, appearing in this Prospectus and Registration Statement have been audited by Ernst & Young LLP, independent auditors, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.
Report to Owners
 
At least once each year, or more often as required by law, we will mail to Owners at their last known address a report showing at least the following information as of the end of the report period:
 
• the current Face Amount
• any Policy Loan taken since the last report
 
 
• Death Benefit at the end of the report period
• premiums paid since the last report
 
 
• the Contract Value
• all deductions since the last report
 
 
• the Cash Surrender Value
• any outstanding Policy Loan Balance
 
 
• any other information required by the state where the Policy was issued.
 
You may request additional copies of reports for a fee not to exceed $25. We will maintain all records relating to the variable account and the Fixed Account.
 
Distribution of Policies – Underwriters

We discontinued offering new Contracts in 2024. We will continue to accept premium and to process transactions for existing Contracts.
Farmers Financial Solutions, LLC (“FFS”) serves as the principal underwriter for the Policies. FFS is a Nevada limited liability company and its home office is located at 31051 Agoura Road, Westlake Village, California 91361. FFS is registered as a broker- dealer with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as well as with the securities commissions in the states in which it operates. FFS is a member of the Financial Industry Regulatory Authority (“FINRA”), and of the Securities Investor Protection Corporation. Currently, the Policies are sold through FFS’ sales representatives who are appointed as our insurance agents.
We pay commissions to FFS for sales of the Policies by its sales representatives. We also pay commissions to FFS for sales of other variable life insurance policies supported by the variable account. FFS received sales commissions with respect to variable life insurance policies supported by the variable account, including the other policies (even prior to the date that sales of the Policies began), in the following amounts during the periods indicated:
 
Fiscal year
 
 
Aggregate Amount of Commissions
Paid to FFS*
 
Aggregate Amount of Commissions
Retained by FFS as Principal
Underwriter
 
2022 
$ 9,723,937 
0 
2023 
$ 7,746,303 
0 
2024 
$ 5,634,276
0
 


 *
Includes sales commissions paid to FFS for all variable life insurance policies issued by Farmers, including the other policies.
FFS passes through commissions it receives as principal underwriter and does not retain any portion of it in return for its services as principal underwriter for the Policies. As a selling firm for the other variable life insurance policies supported by the variable account, FFS retained approximately $2,641,883.06 in commissions for all variable life insurance policies supported by the variable account in 2024.
We pay for certain of FFS’ operating and other expenses, including overhead, legal, and accounting fees. We may also pay for certain sales expenses of FFS: sales representative training materials; marketing materials and advertising expenses; and certain other expenses of distributing the Policies. In addition, we contribute indirectly to the deferred compensation for FFS’ sales representatives and managers.
FFS’ sales representatives and their managers also may be eligible for various cash benefits under certain circumstances. Such cash benefits may include incentive bonuses for the sale of non-variable insurance products we issue as well as certain insurance benefits and financing arrangements.
Certain non-cash compensation also may be provided jointly with FFS. During 2024, we paid FFS sales representatives and district managers $0.00 in bonus compensation for their sales of all of our variable life insurance policies supported by the variable account.
We may pay FFS additional cash amounts for: (1) exclusively offering the Policies; (2) costs associated with sales conferences and educational seminars for FFS’ sales representatives; and (3) other sales expenses incurred by them.
  Subaccount Unit Value
 
On the Valuation Day that a Subaccount is first available, the Accumulation Unit Value is set at an initial value by us. The Accumulation Unit Value at the end of any later Valuation Day is equal to A x B where:
“A” is equal to the Subaccount’s Accumulation Unit Value at the end of the immediately preceding Valuation Day.
“B” is equal to the Net Investment Factor at the end of the current Valuation Day. This Net Investment Factor equals (X / Y ) – Z where:
“X” equals:

 1.
the net asset value per fund portfolio share held in the Subaccount at the end of the current Valuation Day; plus

2.
the per share amount of any dividend or capital gain distribution on the same fund portfolio shares held in the Subaccount during the current Valuation Day; less

3.
the per share amount of any capital loss distribution on the same fund portfolio shares held in the Subaccount during the current Valuation Day; less

4.
the per share amount of any taxes or any amount set aside during the Valuation Day as a reserve for taxes due to the investment results of the Subaccount;
“Y” equals the net asset value per fund portfolio share held in the Subaccount as of the end of the preceding Valuation Day; and “Z” equals the daily equivalent of the annual Mortality and Expense Risk Charge for the Valuation Day times the number of days since the last Valuation Day.
The Net Investment Factor may be greater than, less than, or equal to one. Therefore, Your Subaccount Policy Value may increase, decrease or remain the same.
Additional Policy Provisions
The Policy
The entire contract consists of the Policy, the signed application attached at issue, any attached amendments and supplements to the application, any attached reinstatement applications, any applications for changes, any revised Policy specifications page issued by us, any document we send you with instructions to attach it to your Policy, and any attached riders and endorsements. In the absence of fraud, we consider all statements in the application or in any amendments or supplements to application to be representations and not warranties. We will not use any statement to contest a claim unless that statement is in an attached application or in an amendment or supplement to the application attached to the Policy.
Any change in the Policy or waiver of its provisions must be in writing and signed by one of our officers. Any modification or waiver must be in writing. No agent may bind us by making any promise not contained in the Policy.
Upon notice to you, we may modify the Policy to:

 •
conform the Policy, our operations, or the variable account’s operations to the requirements of any law (or regulation issued by a government agency) to which the Policy, our company or the variable account is subject;

•
assure continued qualification of the Policy as a life insurance contract under the Federal tax laws; or

•
reflect a change in the variable account’s operations.
If we modify the Policy, we will make appropriate endorsements to the Policy. If any provision of the Policy conflicts with the laws of a jurisdiction that govern the Policy, we will amend the provision to conform with such laws.
Our Right to Contest the policy
In issuing the Policy, we rely on all statements made by or for the insured in the application and in any amendments and supplements to the application. Therefore, if you make any material misrepresentation of a fact in the application (or in any amendments or supplements to the application), then we may contest the Policy’s validity, any increases in Face Amount, any reinstatement of the Policy, any attached rider, or we may resist a claim under the Policy.
In the absence of fraud, we cannot bring any legal action to contest the validity of the Policy after the Policy has been in force during the insured’s lifetime for two years from the issue date, or if reinstated, for two years during the insured’s lifetime from the effective date of reinstatement. In the absence of fraud, we will not contest any increase in Face Amount after the increase has been in force for two years during the insured’s lifetime. This limitation of our right to contest the validity of the Policy does not apply to any riders.
Suicide Exclusion
If, within two years after the Issue Date, the Insured dies by suicide, while sane or insane, we will limit the Death Benefit Amount Payable to:

 1.
the Premium Payments made; less

2.
any Policy Loan Balance; less

3.
any Partial Surrender amounts previously paid by Us.
A new two-year suicide period will apply to each Policy Change for which we require Evidence of Insurability starting on the effective date of each such Policy Change. During this two-year period, if the Insured dies by suicide while sane or insane, the Death Benefit Amount Payable will be limited to the amount that would have been payable if the Policy Change had not been made, plus any additional Cost of Insurance Charges and Monthly Underwriting and Sales Expense Charges that have been deducted from the Contract Value solely as a result of the Policy Change.
Misstatement of Age or Gender
If the Insured’s age or gender has been misstated, we will adjust the death benefit. The adjusted death benefit will be that which would have been purchased by the most recent Cost of Insurance Charge based on the Insured’s correct age or gender.
Proof of age or gender may be filed with us at any time. Once the insured’s age or gender is established to our satisfaction, we will use this age or gender in any settlement.
Addition, Deletion or Substitution of Investments
We reserve the right, subject to applicable law, to make additions to, deletions from, or substitutions for the shares of a portfolio that are held in the variable account. New or substitute portfolios may have different fees and expenses and their availability may be limited to certain classes of purchasers. If the shares of a portfolio are no longer available for investment or if, in our judgment, further investment in any portfolio should become inappropriate, we may redeem the shares of that portfolio and substitute shares of another portfolio. We will not substitute any shares without notice and prior approval of the SEC and state insurance authorities, to the extent required by the 1940 Act or other applicable law. We also reserve the right in our sole discretion to establish additional subaccounts, eliminate or combine one or more subaccounts, combine the variable account with one or more other separate accounts, or operate the variable account as a different kind of investment company. Subject to obtaining any approvals or consents required by law, the assets of one or more subaccounts may also be transferred to any other subaccount if, in our sole discretion, conditions warrant. In addition, we reserve the right to modify the provisions of the Policy to reflect changes to the subaccounts and the variable account and to comply with applicable law.
Resolving Material Conflicts
The portfolios currently sell shares to registered separate accounts of insurance companies other than us to support other variable annuity contracts and variable life insurance contracts. In addition, our other separate accounts and separate accounts of other affiliated life insurance companies may purchase some of the funds to support other variable annuity or variable life insurance contracts. Moreover, qualified retirement plans may purchase shares of some of the funds. As a result, there is a possibility that an irreconcilable material conflict may arise between your interests as an Owner and the interests of persons owning other contracts investing in the same funds. There is also the possibility that a material conflict may arise between the interests of Owners generally, or certain classes of Owners, and participating qualified retirement plans or participants in such retirement plans.
We currently do not foresee any disadvantages to you that would arise from the sale of portfolio shares to support variable life insurance contracts or variable annuity contracts of other companies or to qualified retirement plans. However, the management of each fund will monitor events related to its fund in order to identify any material irreconcilable conflicts that might possibly arise as a result of such fund offering its shares to support both variable life insurance contracts and variable annuity contracts, or support the variable life insurance contracts and/or variable annuity contracts issued by various affiliated and unaffiliated insurance companies. In addition, the management of the portfolios will monitor the portfolios in order to identify any material irreconcilable conflicts that might possibly arise as a result of the sale of its shares to qualified retirement plans, if applicable.
In the event of such a conflict, the management of the appropriate fund would determine what action, if any, should be taken in response to the conflict. In addition, if we believe that the response of the portfolios to any such conflict does not sufficiently protect you, then we will take our own appropriate action, including withdrawing the variable account’s investment in such portfolios, as appropriate.
Changing Death Benefit Options
 

 •
After the first Policy year, you may change death benefit options or change the Face Amount (but not both, unless done simultaneously) once each Policy year.

•
You must make your request in writing and sign the request.

•
We may require evidence of insurability. We can deny your request for reasons including but not limited to the following:

•
We do not wish to increase the death benefits due to the insured’s health, occupation, avocations, or any factor that we believe has a bearing on the insured’s risk of death.

•
We conclude the insured has an excessive amount of insurance coverage.

•
We conclude the Owner no longer has an insurable interest in the insured.

•
The effective date of the change will be the monthly due date following the date when we approve your request for a change.

•
The minimum premium will be recalculated.

•
We will send you a Policy endorsement with the change to attach to your Policy.

•
Changing the death benefit option may have tax consequences. You should consult a tax adviser before changing the death benefit option.
From Option A (variable death benefit) to Option B (level death benefit)

 •
We do not require evidence of insurability.

•
The Face Amount will change. The new Option B Face Amount will equal the Option A Face Amount prior to the change plus the Contract Value on the effective date of the change.

•
We will not impose an additional underwriting and sales expense charge on the portions of any increase in Face Amount due to a change in death benefit option.

•
The minimum premium will increase.

•
The change in option affects the determination of the death benefit since Contract Value is no longer added to the Face Amount. The death benefit will equal the new Face Amount (or, if higher, the Contract Value times the applicable death benefit percentage).
From Option B (level death benefit) to Option A (variable death benefit)

 •
You must provide satisfactory evidence of insurability.

•
The Face Amount will change. The new Option A Face Amount will equal the Option B Face Amount prior to the change less the Contract Value on the effective date of the change, but the new Face Amount will not be less than the minimum Face Amount shown on your Policy specifications page.

•
We will not impose any partial surrender charge solely as a result of this change in Face Amount.

•
The minimum premium will decrease.

•
The change in death benefit option affects the determination of the death benefit since Contract Value will be added to the new Face Amount, and the death benefit will then vary with the Contract Value.

•
Any underwriting and sales expense charge on the Policy will not be reduced as a result of any decrease in the Face Amount.
Payment Options
 
There are several ways of receiving proceeds under the death benefit and surrender provisions of the Policy, other than in a lump sum. Below is information concerning settlement options described in your Policy. None of these options vary with the investment performance of the variable account.
Settlement Options. If you surrender the Policy, or if the Policy matures, you may elect to receive the Cash Surrender Value in either a lump sum or as a series of regular income payments under one of five fixed settlement options described below. In either event, life insurance coverage ends. Also, when the insured dies, the beneficiary may apply the lump sum Death Benefit Amount Payable proceeds to one of the same settlement options. The proceeds under any settlement option must be at least $2,500, and each payment must be at least $25, or we will instead pay the proceeds in one lump sum. We may make other settlement options available in the future.
Once we begin making payments under a settlement option, you or the beneficiary will no longer have any value in the subaccounts or the Fixed Account. Instead, the only entitlement will be the amount of the regular payment for the period selected under the terms of the settlement option chosen. Depending upon the circumstances, the effective date of a settlement option is the surrender date, the maturity date or the insured’s date of death.
Under any settlement option, the dollar amount of each payment will depend on three things:

 •
the amount of the surrender or Death Benefit Amount Payable proceeds on the surrender date, maturity date or insured’s date of death;

•
the interest rate we credit on those amounts (we guarantee a minimum interest rate); and

•
the specific option(s) you choose. The amount you would receive may depend on your adjusted age and gender.
If you select Option 1, 2, 3, or 4, as described below, and the payee dies before we have paid all amounts available under the selected option, we will pay any remaining amount to the contingent payee, and if none, then to the estate of the payee.
Option 1 – Interest Accumulation:

 •
Your proceeds will earn interest at a rate of not less than 2.5% per year compounded annually.

•
We may not keep the funds under this option for longer than five years, unless the Payee is a minor, in which case we may hold the funds until the Payee attains the age of majority.
Option 2 – Interest Income:

 •
Each $1,000 of proceeds will yield an income of not less than $25 annually, $12.42 semi-annually, $6.19 quarterly, or $2.05 monthly for each $1,000 of proceeds.

•
Unless you direct otherwise, or the Payee is a minor, the Payee may withdraw the proceeds at any time.

•
After the first year, we may defer such withdrawal for up to six months.
Option 3 – Income—Period Certain:

 •
We will pay installments for a specified period.

•
The amount of each installment per $1,000 of proceeds will not be less than the amounts shown in the table in your Policy.
Option 4 – Income—Amount Certain:

 •
We will pay installments of a specified amount until the proceeds together with interest are paid in full.

•
We will credit interest at a rate of not less than 2.5% compounded annually.
Option 5 – Income—Life:

 •
We will pay installments for the payee’s lifetime.

•
We will make payments for at least a specified guaranteed number of installments.

•
The amount of each installment will depend on the adjusted age and gender of the payee at the time the first payment is due.

•
We determine the adjusted age by calculating the age at the payee’s nearest birthday on the date of the first payment and subtracting a number that depends on the year in which the first payment begins:
 
First Payment Date
 
 
Adjusted Age is Age Minus
 
Prior to 2011 
1 Year
2011 to 2020 
2 Years
2021 to 2030 
3 Years
2031 to 2040 
4 Years
After 2040 
5 Years
Tax Consequences. Even if the Death Benefit Amount Payable under the Policy is excludible from income, payments under settlement options may not be excludible in full. This is because earnings on the Death Benefit Amount Payable after the insured’s death are taxable and payments under the settlement options generally include such earnings. You should consult a tax adviser as to the tax treatment of payments under settlement options.
  Dollar Cost Averaging

Under the Dollar Cost Averaging program, you may authorize us to transfer a fixed dollar amount at monthly intervals from the Fixed Account to one or more subaccounts. You may designate up to eight subaccounts to receive the transfers. The fixed dollar amount will purchase more Accumulation Units of a subaccount when their value is lower and fewer units when their value is higher. Over time, the cost per unit averages out to be less than if all purchases of units had been made at the highest value and greater than if all purchases had been made at the lowest value. The dollar cost averaging method of investment reduces the risk of making purchases only when the price of Accumulation Units is high. It does not assure a profit or protect against a loss in declining markets.
You may cancel your participation in the program at any time.
You may enroll in the Dollar Cost Averaging program at any time by submitting a request to the Service Center. We make transfers on the same day of every month as your issue date. Transfers under the Dollar Cost Averaging program are not included when we determine the number of free transfers permitted each year. We must receive the form at least 5 Business Days before the transfer date, for your transfers to begin on that date. When you enroll in the Dollar Cost Averaging program, your total Contract Value in the Fixed Account must be at least equal to the amount you designate to be transferred on each transfer date. Transfers from the Fixed Account must be at least $100. If on any transfer date the amount remaining in the Fixed Account is less than the amount designated to be transferred, the entire balance will be transferred out of the Fixed Account and applied pro-rata to the selected subaccounts, and the dollar cost averaging request will expire.
We may modify or revoke the Dollar Cost Averaging program at any time. There is no charge for participating in the Dollar Cost Averaging program. We do not assess transfer fees on dollar cost averaging transfers. The Dollar Cost Averaging program is not available if you elect to enroll in the Automatic Asset Rebalancing program discussed below.
Automatic Asset Rebalancing Program

If you select the Automatic Asset Rebalancing program (“AAR”), you can instruct us to automatically rebalance your money in the subaccounts each quarter to reflect your most recent instructions for allocating premiums. (The AAR may not be used to transfer amounts into and out of the Fixed Account.) Investment performance will likely cause any allocation percentages you selected to shift. With AAR, we will automatically make transfers among the subaccounts on the first day of each calendar quarter to bring your Policy back in line with the percentages you most recently provided to us.
For instance, assume you instructed us to put your Initial Premium into 5 subaccounts in equal proportions (20% in each) and you selected AAR on your application. Over the next few months, investment performance caused the percentage of your Contract Value in the 5 subaccounts to change so that the 5 subaccounts were 10%, 30%, 10%, 30% and 20% of your Contract Value. On the first day of the calendar quarter, we will transfer your money among the subaccounts so that 20% of your Contract Value is again in each of the 5 subaccounts.
If you select an asset allocation model on your application and you select AAR, then on the first day of each calendar quarter, we will automatically transfer money among the subaccounts to match the percentages in the original asset allocation model you select. Unless you instruct us to update the asset allocation model, AAR will rebalance your money in the subaccounts to the original model that was in place on the issue date (or to the model in place on the date you most recently told us to update the model).
Transfers under this program are not subject to the $100 minimum transfer limitation. There is no charge for using AAR and we do not charge a transfer fee for asset rebalancing. We do not include any money allocated to the Fixed Account in the rebalancing.
You can start and stop AAR at any time, and you can change your instructions at any time by submitting a request to the Service Center. Your AAR instructions are effective on the Business Day we receive them at the Service Center. We do not assess transfer fees on AAR transfers, nor do we count them toward the twelve free transfers permitted each Policy year.
We may suspend or modify AAR at any time. The AAR program is not available if you elect to enroll in the Dollar Cost Averaging Program discussed above.
  Other Information

We have filed a registration statement with the SEC under the Securities Act of 1933, as amended, with respect to the Policies discussed in this Statement of Additional Information. The Statement of Additional Information does not include all of the information set forth in the registration statement, amendments and exhibits. Statements contained in this Statement of Additional Information concerning the content of the Policies and other legal instruments are intended to be summaries. For a complete statement of the terms of these documents, you should refer to the instruments filed with the SEC.
Financial Statements

The audited statutory financial statements of Farmers New World Life Insurance Company as of December 31, 2024 and 2023, and the related statutory statements of operations and changes in capital and surplus, and of cash flows for the years ending December 31, 2024, 2023, and 2022, prepared in accordance with accounting practices prescribed or permitted by the Office of the Insurance Commissioner of the State of Washington, which include the Independent Auditor’s Report, are set forth below. You should consider the financial statements of Farmers New World Life Insurance Company as bearing only upon our ability to meet our obligations under the Policies.
The audited financial statements of Farmers Variable Life Separate Account A as of December 31, 2024 and for the period ending December 31, 2024, as well as the Report of the Independent Registered Public Accounting Firm, are set forth below.
Reinsurance

Strategic partnership for Reinsurance and Administration. We have entered into a strategic partnership with Resolution Life US for the reinsurance and administrative oversight of certain in-force FNWL variable universal life insurance policies and variable annuity contracts effective August 1, 2023. Security Life of Denver Insurance Company (“SLD”), a wholly owned subsidiary of Resolution Life US, will provide servicing and administrative oversight in concert with third party administrator, Infosys McCamish, of certain in-force FNWL variable universal life insurance policies and variable annuities. There are no changes to the provisions of your in-force variable universal life insurance policy.

Other Information
Exhibits
 
 
  
 
 
  
a.
Board of Directors Resolutions.
  
 
 
 
  
 
1.
  
 
 
  
b.
Custodian Agreements.
  
 
 
  
 
Not applicable.
  
 
 
  
c.
Underwriting Contracts.
  
 
1.
  
 
2.
  
 
3.
  
 
4.
  
 
5.
  
 
 
  
d.
Contracts.
  
 
 
 
  
 
1.
  
 
2.
  
 
3.
  
 
4.
  
 
5.
  
 
6.
  
 
7.
  
 
 
  
e.
Applications.
  
 
 
 
  
 
1.
  
 
2.
 
3.
 
4.
 
5.
 
6.
 
7.
 
8.
 
9.
 
10.
 
11.
 
12.
 
13.
 
14.
 
15.
 
 
f.
Depositor’s Certificate of Incorporation and By-Laws.
 
 
 
 
1.
 
2.
 
3.
 
4.
 
5.
 
6.
 
7.
 
8.
 
 

g.
Reinsurance Contracts.
 
 
 
 
1.
 
2.
 
3.
 
4.
 
5.
 
6.
 
7.
 
8.
 
9.
 
10.
 
11.
Commutation and Release Agreement between Farmers New World Life Insurance Company and Zurich Insurance Company, Ltd. dated as of August 1, 2023, redacted for confidentiality filed herewith.
 
12.
Coinsurance and Modified Coinsurance Agreement between Farmers New World Life Insurance Company and Security Life of Denver Insurance Company effective August 1, 2023.
 
 

h.
Agreements.
 
 
 
 
1.
 
 
 
 
2.
 
 
 
 
3.
 
 
 
 
4.
 
 
 
 
5.
 
 
 
 
6.
 
 
 
 
7.
 
 
 
 
8.
 
 
 
 
9.
 
 
 
 
10.
 
 
 
 
11.
 
 
 
 
12.
 
 
 
 
13.
 
 
 
 
14.
 
 
 
 
15.
 
 
 
 
16.
 
 
 
 
17.
 
 
 
 
18.
 
 
 
 
19.
 
 
 
 
20.
 
 
 
 
21.
 
 
 
 
22.
Amendment No. 3 to the Participation Agreement among Franklin Templeton Variable Insurance Products Trust, Franklin Templeton Distributors, Inc., and Farmers New World Life Insurance Company.
 
 
 
 
23.
 
 
 
 
24.
 
 
 
 
25.
 
 
 
 
26.
 
 
 
 
27.
 
 
 
 
28.
 
 
 
 
29.
 
 
 
 
30.
 
 
 
 
31.
 
 
 
 
32.
 
 
 
 
33.
 
 
34.
 
 
 
 
35.
 
 
 
 
36.
 
 
 
 
37.
 
 
 
 
38.
 
 
 
 
39.
 
 
 
 
40.
 
 
 
 
41.
 
 
 
 
42.
 
 
 
 
43.
 
 
 
 
44.
 
 
 
 
45.
 
 
 
 
46.
 
 
 
 
47.
 
 
 
 
 
48.
i.
Administrative Contracts.
 
1.
 
2.
j.
Other Material Contracts.
 
1.
Power of Attorney, Filed herewith
k.
Legal Opinion.
 
1.
Opinion of Ian Macleod, Attorney-in-Fact, Filed herewith
l.
Actuarial Opinion. Not applicable.
m.
Calculations. Not applicable.
n.
Other Opinions.
 
1.
Consent of Independent Registered Public Accounting Firm Filed herewith.
o.
Omitted Financial Statements.
 
Not applicable.
p.
Initial Capital Agreements.
 
Not applicable.
q.
Redeemability Exemption.
 
1.
 
2.
 
3.
 
4.
 
5.
 
6.
Revised Description of Issuance, Transfer and Redemption Procedures, is incorporated herein by reference to filed in Post Effective Amendment No. 18 to the initial registration statement on Form N-6 Farmers Variable Life Separate Account A.
 
 
r.
Form of Initial Summary Prospectuses, Filed herewith.
 
Directors and Officers of the Depositor
 
 
Name and Principal Business Address
 
 
Positions and Offices with Depositor
 
 
 
Annette Thompson3
Director
Scott Stoll7
Director
David Travers5
Director
Warren Tucker
John Griek6
Director
Director
Walter Kiceleff2
Director, Chairman of the Board and President
Clay Callahan2
Chief Financial Officer
Michael Rohwetter4
Chief Investment Officer
Paula Gospel2
Chief Risk Officer
Jennie McGinnis2
Chief Actuary
Keith A. Terry2
Appointed Actuary and Illustration Actuary
James Levett2
Controller
Michael Hoetzel2
Chief Claims Officer
Robert Gibson2
38a-1 Chief Compliance Officer
David Swaim2
Chief Underwriting Officer
Tina de Jong2
Special Corporate Counsel and Corporate Secretary
Jim Taylor1
Chief Compliance Officer
Michael Langford1
Assistant Treasurer
Margaret S. Giles1
Assistant Secretary
Nicole J. Pryor1
Assistant Secretary
Matthew Bowman2
Assistant Secretary
1
The principal business address is 6301 Owensmouth Ave., Woodland Hills, CA 91367.
2
The principal business address is 3120 139th Ave, Suite 300, Bellevue, WA 98005.
3
The principal business address is 735 Avenida Alcola, Arroyo Grande, CA 93420.
4
The principal business address is 4 World Trade Center, 150 Greenwich St., New York, NY 10007.
5
The principal business address is 15700 Long Vista Dr., Austin, TX 78728.
6
The principal business address is 9618 SW Quartermaster Dr., Vashon, WA 98070.
7
The principal business address is 6900 Chileno Valley Road, Petaluma, CA 94952.
 
Persons Controlled by Under Common Control with the Depositor or Registrant

Organizations Affiliated with Zurich U.S. Insurance Group
 
Company
Domicile
 
Ownership
 
%
 

 
3PZ Holdings, LLC
DE
ZSF/Dallas Tower LLC
63.770
Access Franchise Management Limited
GBR
Zurich Assurance Ltd
100.000
ACN 000 141 051 Ltd.
AUS
Zurich Financial Services Australia Limited
100.000
Afterland Limited
GBR
Zurich Assurance Ltd
100.000
AG Haus der Wirtschaft
CHE
Zurich Versicherungs-Gesellschaft AG
8.163
AIG Travel Asia Pacific Pte. Ltd.
SGP
Zurich Cover-More Global Travel, Inc.
100.000
AIG Travel Assist Consulting (Shanghai) Co., Ltd.
CHN
Zurich Cover-More Global Travel, Inc.
100.000
AIG Travel Assist Malaysia Sdn. Bhd.
MYS
Zurich Cover-More Global Travel, Inc.
100.000
Allied Dunbar Assurance plc
GBR
Zurich Financial Services (UKISA) Nominees Limited
100.000
Allied Dunbar Financial Services Limited
GBR
Allied Dunbar Assurance plc
100.000
Allied Dunbar Provident plc
GBR
Allied Dunbar Assurance plc
100.000
Allied Zurich Holdings Limited
JEY
Zurich Versicherungs-Gesellschaft AG
100.000
Allied Zurich Limited
GBR
Zurich Insurance Group Ltd.
100.000
American Guarantee and Liability Insurance Company
NY
Zurich American Insurance Company
100.000
American Zurich Insurance Company
IL
Steadfast Insurance Company
100.000
Applyhere Pty Ltd
AUS
Davidson Trahaire Holding Pty Ltd
100.000
Ashdale Land and Property Company Limited
GBR
Zurich Insurance plc
100.000
Asistbras S/A Assistência ao Viajante
BRA
Travel Ace Internacional de Servicios S.A.
65.000
Assistancee Online HK Ltd
HKG
Assistancee Online HK Ltd
 
Assistancee Online HK Ltd
HKG
Assistancee Online Pte. Ltd
100.000
Assistancee Online Pte. Ltd
SGP
Customer Care Assistance Pty Ltd
100.000
ASTIS Holdings Limited
AUS
Cover-More Finance Pty Limited
100.000
Aust Office 1, LLC
DE
Zurich American Insurance Company
100.000
autoSense AG
CHE
Zürich Versicherungs-Gesellschaft AG
33.330
Ballykilliane Holdings Limited
IRL
Zurich Insurance plc
100.000
Bansabadell Pensiones, E.G.F.P, S.A.
ESP
Zurich Vida, Companía de Seguros y Reaseguros, S.A. - Socied
50.000
Bansabadell Seguros Generales, S.A. de Seguros y Reaseguros
ESP
Zurich Versicherungs-Gesellschaft AG
50.000
Bansabadell Servicios Auxiliares De Seguros, S.L.
ESP
Bansabadell Seguros Generales, S.A. de Seguros y Reaseguros
100.000
Bansabadell Vida S.A. de Seguros y Reaseguros
ESP
Zurich Vida, Companía de Seguros y Reaseguros, S.A. - Socied
50.000
Benefit Finance Partners, L.L.C.
DE
Zurich Benefit Finance LLC
50.000
BFP Securities LLC
DE
Benefit Finance Partners, L.L.C.
100.000
Bloomington Office LP
DE
Zurich Structured Finance, Inc.
99.000
Bloomington Office MGP Manager, Inc
DE
Zurich Structured Finance, Inc.
100.000
Bloomington Office MGP, LLC
DE
Bloomington Office MGP Manager, Inc
1.000
Bloomington Office MGP, LLC
DE
Zurich Structured Finance, Inc.
99.000
Blue Insurance Australia Pty Ltd
AUS
Blue Insurance Limited
100.000
Blue Insurance Limited
IRL
Cover-More Australia Pty Ltd
97.610
Blue Marble Micro Limited
GBR
Zürich Versicherungs-Gesellschaft AG
100.000
Blue Marble Microinsurance, Inc.
DE
Blue Marble Micro Limited
100.000
Bonus Pensionskassen Aktiengesellschaft
AUT
Zurich Versicherungs-Aktiengesellschaft
87.500
BONUS Vorsorgekasse AG
AUT
Zurich Versicherungs-Aktiengesellschaft
50.000
BOS Apt 1, LLC
DE
Zurich American Insurance Company
100.000
BOS Apt 2, LLC
DE
Zurich American Insurance Company
100.000
BOS Office 3, LLC
DE
Farmers New World Life Insurance Company
100.000
BOS Office 4, LLC
DE
Zurich American Insurance Company
100.000
BOS Retail 1, LLC
DE
Zurich American Insurance Company
100.000
Boxx Cyber Services Middle East Ltd
ARE
Boxx Insurance Inc.
100.000
Boxx Insurance Inc.
CAN
Zürich Versicherungs-Gesellschaft AG
33.333
Boxx Insurance LLC
FL
Boxx Insurance Inc.
100.000
Boxx Services PTE Limited
SGP
Boxx Insurance Inc.
100.000
Boxx Solutions LLC
FL
Boxx Insurance LLC
100.000
Bristlecourt Limited
GBR
Zurich Assurance Ltd
100.000
brokerbusiness.ch AG
CHE
Zürich Versicherungs-Gesellschaft AG
25.000
Cayley Aviation Ltd.
BMU
Zurich Insurance Company Ltd, Bermuda Branch
100.000
Celta Assistance SL
ESP
Universal Assistance S.A.
100.000
Centre Group Holdings (U.S.) Limited
DE
Zurich Structured Finance, Inc.
100.000
Centre Insurance Company
DE
Centre Solutions (U.S.) Limited
100.000
Centre Life Insurance Company
MA
Centre Solutions (U.S.) Limited
100.000
Centre Reinsurance (U.S.) Limited
BMU
Centre Group Holdings (U.S.) Limited
100.000
Centre Solutions (Bermuda) Limited
BMU
Zurich Finance Company Ltd
100.000
Centre Solutions (U.S.) Limited
BMU
Centre Group Holdings (U.S.) Limited
100.000
Charlotte Industrial 3, LLC
DE
Farmers New World Life Insurance Company
100.000
Charlotte Office 1, LLC
DE
Zurich American Insurance Company
100.000
CHI APT 1, LLC
DE
Zurich American Insurance Company
100.000
CHI IND 1, LLC
DE
Farmers New World Life Insurance Company
100.000
CHI IND 6, LLC
DE
Farmers New World Life Insurance Company
100.000
Chilena Consolidada Seguros de Vida S.A.
CHL
Inversiones Suizo Chilena S.A.
98.977
Chilena Consolidada Seguros Generales S.A.
CHL
Chilena Consolidada Seguros de Vida S.A.
7.405
Chilena Consolidada Seguros Generales S.A.
CHL
Inversiones Suizo Chilena S.A.
82.732
COFITEM-COFIMUR
FRA
Zurich Versicherungs-Gesellschaft AG
12.405
Collective Benefits Ltd
GBR
Travel Guard Assist, Inc.
100.000
Collective Denmark ApS
DNK
AIG Travel Asia Pacific Pte. Ltd.
100.000
Collective Europe Holdings B.V.
NLD
Travel Guard Assist, Inc.
100.000
Collective Netherlands B.V.
NLD
AIG Travel Asia Pacific Pte. Ltd.
100.000
Collective Society Ltd
GBR
Travel Guard Assist, Inc.
100.000
Colonial American Casualty and Surety Company
IL
Fidelity and Deposit Company of Maryland
100.000
Concisa Vorsorgeberatung und Management AG
AUT
Bonus Pensionskassen Aktiengesellschaft
100.000
Cover-More (NZ) Limited
NZL
Cover-More Australia Pty Ltd
100.000
Cover-More Asia Pte. Ltd
SGP
Travel Assist Pty Limited
100.000
Cover-More Australia Pty Ltd
AUS
Cover-More Holdings Pty Ltd
100.000
Cover-More Finance Pty Limited
AUS
Cover-More Group Limited
100.000
Cover-More Group Limited
AUS
Zurich Travel Solutions Pty Limited
100.000
Cover-More Holdings Pty Ltd
AUS
Travel Assist Pty Limited
100.000
Cover-More Holdings USA Inc.
DE
Travel Assist Pty Limited
100.000
Cover-More Inc.
DE
Cover-More Holdings USA Inc.
100.000
Cover-More Insurance Services Limited
GBR
Cover-More Australia Pty Ltd
100.000
Cover-More Insurance Services Pty Ltd
AUS
Travel Assist Pty Limited
100.000
Cowbell Cyber India Private Limited
IND
Cowbell Cyber, Inc.
100.000
Cowbell Cyber Limited
GBR
Cowbell Cyber, Inc.
100.000
Cowbell Cyber Technologies ULC
CAN
Cowbell Cyber, Inc.
100.000
Cowbell Insurance Agency Inc.
CAN
Cowbell Cyber, Inc.
100.000
Cowbell Insurance Agency, LLC
CA
Cowbell Cyber, Inc.
100.000
Cowbell Managing General Agency Limited
GBR
Cowbell Cyber, Inc.
100.000
Cowbell Reinsurance Company
VT
Cowbell Cyber, Inc.
100.000
Cowbell Specialty Insurance Company
NE
Cowbell Cyber, Inc.
100.000
Cowbell, Inc.
DE
Cowbell Cyber, Inc.
100.000
CREC (Bloomington) Lender, LLC
DE
Zurich Structured Finance, Inc.
 
CREC (Dallas) Lender, LLC
DE
Zurich Structured Finance, Inc.
100.000
CREC (Florence), LLC
DE
ZSF/KY Annex LLC
50.000
CREC (Florence), LLC
DE
ZSF/Office KY, LLC
50.000
CREC (Las Vegas), LLC
DE
Zurich Structured Finance, Inc.
100.000
CREC (Sioux Falls) Lender, LLC
DE
Zurich Structured Finance, Inc.
100.000
CREC (Sioux Falls) Owner, LLC
DE
Zurich Structured Finance, Inc.
100.000
CREC (Sioux Falls), LLC
DE
Zurich Structured Finance, Inc.
100.000
Customer Care Assistance Pty Ltd
AUS
Customer Care Holdings Pty Ltd
100.000
Customer Care Holdings Pty Ltd
AUS
Travel Assist Pty Limited
100.000
Customer Care Pty Ltd
AUS
Customer Care Holdings Pty Ltd
100.000
DA Deutsche Allgemeine Versicherung Aktiengesellschaft
DEU
Zürich Beteiligungs-Aktiengesellschaft (Deutschland)
100.000
Dallas Office MGP Manager, Inc.
DE
Zurich Structured Finance, Inc.
100.000
Dallas Office MGP, LLC
DE
Dallas Office MGP Manager, Inc.
1.000
Dallas Office MGP, LLC
DE
Zurich Structured Finance, Inc.
99.000
Dallas Tower LP
DE
Zurich Structured Finance, Inc.
99.000
Davidson Trahaire Corpsych (Singapore) Pte. Limited
SGP
DTC Bidco Pty Ltd
100.000
Davidson Trahaire Corpsych Pty Ltd
AUS
Applyhere Pty Ltd
35.000
Davidson Trahaire Corpsych Pty Ltd
AUS
Davidson Trahaire Holding Pty Ltd
65.000
Davidson Trahaire Holding Pty Ltd
AUS
DTC Australia Pty Ltd
100.000
DB Vita S.A.
LUX
Deutscher Herold Aktiengesellschaft
25.000
DEN Industrial 2, LLC
DE
Zurich American Insurance Company
100.000
Dentolo Deutschland GmbH
DEU
Zürich Beteiligungs-Aktiengesellschaft (Deutschland)
100.000
Deutsche Zurich Pensiones, Entidad Gestora de Fondos de Pens
ESP
Zurich Vida, Companía de Seguros y Reaseguros, S.A. - Socied
50.000
Deutscher Herold Aktiengesellschaft
DEU
Zurich Beteiligungs-Aktiengesellschaft (Deutschland)
79.826
Deutscher Pensionsfonds Aktiengesellschaft
DEU
Deutscher Herold Aktiengesellschaft
74.900
Deutsches Institut fur Altersvorsorge GmbH
DEU
Deutscher Herold Aktiengesellschaft
22.000
DIG GmbH
DEU
Digital Insurance Group B.V.
100.000
DTC Australia Pty Ltd
AUS
DTC Bidco Pty Ltd
100.000
DTC Bidco Pty Ltd
AUS
DTC Holdco Pty Ltd
100.000
DTC Holdco Pty Ltd
AUS
ASTIS Holdings Limited
100.000
DTC NZ Bidco Limited
NZL
DTC Bidco Pty Ltd
100.000
Dunbar Assets Ireland
IRL
ZCM Asset Holding Company (Bermuda) Limited
 
Dunbar Assets Ireland
IRL
Zurich Finance Company Ltd
0.037
Dusfal S.A.
URY
Zürich Versicherungs-Gesellschaft AG
100.000
Eagle Star (Leasing) Limited
GBR
Zurich Assurance Ltd
100.000
Eagle Star European Life Assurance Company Limited
IRL
Zurich Life Assurance plc
100.000
Eagle Star Group Services Limited
GBR
Eagle Star Holdings Limited
100.000
Eagle Star Holding Company of Ireland
IRL
Zurich Assurance Ltd
0.001
Eagle Star Holding Company of Ireland
IRL
Zurich Assurance Ltd
99.999
Eagle Star Holdings Limited
GBR
Zurich Financial Services (UKISA) Limited
100.000
EcoHub AG
CHE
Zürich Versicherungs-Gesellschaft AG
6.164
Edilspettacolo SRL
ITA
Zurich Insurance Company Ltd - Rappresentanza Generale per l
35.712
Empire Fire and Marine Insurance Company
IL
Zurich American Insurance Company
100.000
Empire Indemnity Insurance Company
OK
Zurich American Insurance Company
100.000
Employee Services Limited
GBR
Allied Dunbar Financial Services Limited
100.000
Endsleigh Financial Services Limited
GBR
Zurich Holdings (UK) Limited
100.000
Endsleigh Pension Trustee Limited
GBR
Zurich Holdings (UK) Limited
100.000
ES Plympton Nominee 1 Limited
GBR
Zurich Assurance Ltd
100.000
ES Plympton Nominee 2 Limited
GBR
Zurich Assurance Ltd
100.000
Euclid KY Annex, LP
DE
Zurich Structured Finance, Inc.
99.000
Euclid Office LP
DE
Zurich Structured Finance, Inc.
99.000
Euclid Warehouses LP
DE
Zurich Structured Finance, Inc.
99.000
Euroamérica Administradora General de Fondos S.A
CHL
Chilena Consolidada Seguros de Vida S.A.
100.000
Extremus Versicherung-Aktiengesellschaft
DEU
Zurich Insurance plc Niederlassung fur Deutschland
5.000
Farmers Family Fund
CA
Farmers Group, Inc.
100.000
Farmers General Insurance Agency, Inc.
RI
FIG Leasing Co, Inc.
100.000
Farmers Group, Inc.
NV
Zurich Insurance Group Ltd.
12.100
Farmers Group, Inc.
NV
Zurich Versicherungs-Gesellschaft AG
87.900
Farmers Life Insurance Company of New York
NY
Farmers New World Life Insurance Company
100.000
Farmers New World Life Insurance Company
WA
Farmers Group, Inc.
100.000
Farmers Reinsurance Company
CA
Farmers Group, Inc.
100.000
Farmers Services Corporation
NV
Farmers Group, Inc.
100.000
Farmers Underwriters Association
CA
Farmers Group, Inc.
100.000
Fidelity and Deposit Company of Maryland
IL
Zurich American Insurance Company
100.000
FIG Holding Company
CA
Farmers Group, Inc.
100.000
FIG Leasing Co., Inc.
CA
Farmers Group, Inc.
100.000
Fire Underwriters Association
CA
Farmers Group, Inc.
100.000
Fitsense Insurance  Services Pty Ltd
AUS
Travel Assist Pty Limited
100.000
Futuro de Bolivia S.A. Administradora de Fondos de Pensiones
BOL
Zurich Boliviana Seguros Personales S.A.
8.422
Futuro de Bolivia S.A. Administradora de Fondos de Pensiones
BOL
Zurich South America Invest AB
71.578
FX Insurance Agency Hawaii, LLC
HI
FIG Leasing Co., Inc.
100.000
FX Insurance Agency, LLC
DE
FIG Leasing Co., Inc.
100.000
General Surety & Guarantee Co Limited
GBR
Zurich Insurance Company (U.K.) Limited
100.000
Grovewood Property Holdings Limited
GBR
Eagle Star Holdings Limited
100.000
H4B Humboldthafen Einheitsgesellschaft GmbH&Co.KG
DEU
REX-ZDHL S.C.S. SICAV-SIF
94.900
Halo Holdco Limited
GBR
Cover-More Australia Pty Ltd
100.000
Halo Holdco Limited
GBR
Zürich Versicherungs-Gesellschaft AG
 
Halo Insurance Services Limited
GBR
Halo Holdco Limited
100.000
Halo Insurance Services Pty Ltd
AUS
Halo Insurance Services Limited
100.000
Hawkcentral Limited
GBR
Zurich Assurance Ltd
100.000
Healthinsite Proprietary Limited
ZAF
Zürich Versicherungs-Gesellschaft AG
100.000
Healthlogix Pty Ltd
AUS
Insite Holdings Pty Ltd
100.000
Healthlogix Technologia Eireli
BRA
Healthlogix Pty Ltd
100.000
Herengracht Investments B.V
DEU
RE Curve Holding B.V.
100.000
HOU IND 1, LLC
DE
Zurich American Insurance Company
100.000
HOU IND 2, LLC
DE
Zurich American Insurance Company
100.000
HOU IND 3, LLC
DE
Zurich American Insurance Company
100.000
Independence Center Realty L.P.
DE
Philadelphia Investor, LLC
89.000
INNATE, Inc.
DC
Cover-More Holdings USA Inc.
100.000
Insite Holdings Pty Ltd
AUS
Zürich Versicherungs-Gesellschaft AG
100.000
INTEGRA Versicherungsdienst GmbH
AUT
Zurich Versicherungs-Aktiengesellschaft
100.000
Intelligent Technologies OÜ
EST
Zürich Versicherungs-Gesellschaft AG
100.000
International Travel Assistance S.A.
PAN
Zürich Versicherungs-Gesellschaft AG
55.000
Inversiones Suizo Chilena S.A.
CHL
Inversiones Suizo-Argentina S.A.
0.001
Inversiones Suizo Chilena S.A.
CHL
Zurich Versicherungs-Gesellschaft AG
99.999
Inversiones Suizo-Argentina S.A.
ARG
Zurich Lebensversicherungs-Gesellschaft AG
5.004
Inversiones Suizo-Argentina S.A.
ARG
Zurich Versicherungs-Gesellschaft AG
94.996
Inversiones ZS America Dos Limitada
CHL
Inversiones ZS America SpA
100.000
Inversiones ZS America SpA
CHL
Zurich Santander Insurance America, S.L.
100.000
Inversiones ZS America Tres SpA
CHL
Zurich Santander Insurance America, S.L.
100.000
Irish National Insurance Company p.l.c.
IRL
Zurich Insurance plc
100.000
Isis S.A.
ARG
Inversiones Suizo-Argentina S.A.
60.501
Isis S.A.
ARG
Zurich Versicherungs-Gesellschaft AG
39.499
Karvat Cover-More Assist. Pvt Ltd.
IND
Cover-More Asia Pte. Ltd
100.000
Kennet Road 1 UK Limited
GBR
Zurich Assurance Ltd
100.000
Kennet Road 2 UK Limited
GBR
Zurich Assurance Ltd
100.000
Klare Corredora de Seguros S.A.
CHL
Zurich Insurance Mobile Solutions AG
49.900
Komparu B.V.
NLD
Digital Insurance Group B.V.
100.000
Kono Insurance Limited
HKG
Zurich Versicherungs-Gesellschaft AG
100.000
Kraft Lake Insurance Agency, Inc.
MI
FIG Leasing Co, Inc.
100.000
LA Apt. 1, LLC
DE
Zurich American Insurance Company
100.000
LA Industrial 1, LLC
DE
Zurich American Insurance Company
100.000
LA Industrial 4, LLC
DE
Zurich American Insurance Company
100.000
LA Retail 1 LLC
DE
Zurich American Insurance Company
100.000
Livetravel Inc.
WI
Zurich Cover-More Global Travel, Inc.
100.000
Manon Vision Co., Ltd.
THA
Centre Solutions (Bermuda) Limited
0.001
Manon Vision Co., Ltd.
THA
Zurich Finance Company Ltd
0.001
Manon Vision Co., Ltd.
THA
Zurich Versicherungs-Gesellschaft AG
99.999
Mapfre Ya?am Sigorta A.?.
TUR
Zurich Sigorta A.S.
99.778
MEATPACKING B.V.
NLD
Rock Inne Vastgoed B.V.
100.000
Medidata AG
CHE
Zurich Versicherungs-Gesellschaft AG
8.852
MI Administrators, LLC
DE
FIG Leasing Co., Inc.
100.000
MIAMI INDUSTRIAL 1, LLC
DE
Zurich American Insurance Company
100.000
Miami Office 2, LLC
DE
Zurich American Insurance Company
100.000
MIAMI OFFICE 3, LLC
DE
Zurich American Insurance Company
100.000
Miami Retail 1, LLC
DE
Zurich American Insurance Company
100.000
Minas Brasil Promotora de Servicos S/A
BRA
Zurich Minas Brasil Seguros S.A,
100.000
MSP APT 1, LLC
DE
Zurich American Insurance Company
100.000
Nashville Apt. 1, LLC
DE
Zurich American Insurance Company
 
Nashville Office 1, LLC
DE
Zurich American Insurance Company
100.000
Navigators and General Insurance Company Limited
GBR
Zurich Insurance plc
100.000
Nearheath Limited
GBR
Zurich Assurance Ltd
100.000
NY Industrial 1, LLC
DE
Zurich American Insurance Company
100.000
Oak Underwriting plc
GBR
Zurich Holdings (UK) Limited
100.000
OnePath General Insurance Pty Limited
AUS
Zurich Financial Services Australia Limited
100.000
OnePath Life Australia Holdings Pty  Ltd
AUS
Zurich Financial Services Australia Limited
100.000
OnePath Life Limited
AUS
OnePath Life Australia Holdings Pty  Ltd
100.000
Orange Stone Company
IRL
Zurich Finance Company AG
100.000
Orion Rechtsschutz-Versicherung AG
CHE
Zurich Versicherungs-Gesellschaft AG
78.000
Parcelgate Limited
GBR
Zurich Assurance Ltd
100.000
Perils AG
CHE
Zurich Versicherungs-Gesellschaft AG
11.111
Perunsel S.A.
URY
Zürich Versicherungs-Gesellschaft AG
60.000
PFS Pension Fund Services AG
CHE
Zürich Versicherungs-Gesellschaft AG
18.433
Philly Office 1, LLC
DE
Zurich American Insurance Company
100.000
Philly Office Land, LLC
DE
Zurich American Insurance Company
100.000
POR Apt 1, LLC
DE
Zurich American Insurance Company
100.000
POR Apt 2, LLC
DE
Zurich American Insurance Company
100.000
Prime Corporate Psychology Pty Ltd
AUS
DTC Bidco Pty Ltd
100.000
Protektor Lebensversicherungs-AG
DEU
Zurich Deutscher Herold Lebensversicherung Aktiengesellschaf
5.158
PT Asuransi Adira Dinamika Tbk
IDN
Zürich Versicherungs-Gesellschaft AG
98.488
PT Zurich Insurance Indonesia
IDN
Zürich Rückversicherungs-Gesellschaft AG
1.569
PT Zurich Insurance Indonesia
IDN
Zurich Versicherungs-Gesellschaft AG
97.091
PT Zurich Topas Life
IDN
Zurich Versicherungs-Gesellschaft AG
80.000
Qover
BEL
Zürich Versicherungs-Gesellschaft AG
21.260
Raleigh Office 2, LLC
DE
Farmers New World Life Insurance Company
100.000
RE Curve Holding B.V.
DEU
Zurich Deutscher Herold Lebensversicherung Aktiengesellschaf
100.000
Real Garant Espana S.L.
ESP
Real Garant GmbH Garantiesysteme
100.000
Real Garant GmbH Garantiesysteme
DEU
Real Garant Versicherung Aktiengesellschaft
100.000
Real Garant Versicherung Aktiengesellschaft
DEU
Zurich Beteiligungs-Aktiengesellschaft (Deutschland)
100.000
REX Baume S.C.I
FRA
REX Holding France
100.000
REX Holding France
FRA
REX OPPCI Fonds
100.000
REX Holding S.a.r.l.
LUX
REX-ZDHL S.C.S. SICAV-SIF
100.000
REX Mauchamps
FRA
REX Holding France
100.000
REX Vilette
FRA
REX Holding France
 
REX-Aurea-ZDHL S.C.S.
LUX
REX-ZDHL GP S.à r.l.
100.000
REX-De Baak B.V.
NLD
REX Holding S.à r.l.
100.000
REX-Germany-ZDHL S.C.S
LUX
REX-ZDHL S.C.S. SICAV-SIF
95.240
REX-Humboldthafen Verwaltungs GmbH
DEU
REX-ZDHL S.C.S. SICAV-SIF
100.000
Rex-Spain-ZDHL S.L.
ESP
Zurich Deutscher Herold Lebensversicherung Aktiengesellschaf
100.000
REX-The East S.à.r.l
LUX
REX-ZDHL S.C.S. SICAV-SIF
94.800
REX-ZDHL GP S.a.r.l.
LUX
Zurich Deutscher Herold Lebensversicherung Aktiengesellschaf
100.000
REX-ZDHL S.C.S. SICAV-SIF
LUX
Zurich Deutscher Herold Lebensversicherung Aktiengesellschaf
100.000
Rock Inne Vastgoed B.V.
NLD
REX Holding S.à.r.l.
100.000
Rokin 21 B.V.
NLD
Roxana Vastgoed B.V.
100.000
Rokin 49 B.V.
NLD
Rock Inne Vastgoed B.V.
100.000
Roxana Vastgoed B.V.
NLD
REX Holding S.à.r.l.
100.000
Rural Community Insurance Company
MN
Zurich American Insurance Company
100.000
San Diego Retail 1, LLC
DE
Zurich American Insurance Company
100.000
Santander Rio Seguros S.A.
ARG
Inversiones ZS America SpA
4.000
Santander Rio Seguros S.A.
ARG
Zurich Santander Insurance America, S.L.
96.000
Santander Seguros Sociedad Anónima
URY
Zurich Santander Insurance America, S.L.
100.000
Saudi National Insurance Company
BEL
Zurich Insurance Company Ltd (Bahrain Branch)
5.000
SEA APARTMENT 2, LLC
DE
Zurich American Insurance Company
100.000
Serviaide, S.A. - Sociedad Unipersonal
ESP
AIDE Asistencia Seguros y Reaseguros, S.A. - Sociedad Uniper
100.000
Servizurich S.A. - Sociedad Unipersonal
ESP
Zurich Insurance plc, Sucursal en Espana
100.000
SF Apt 1, LLC
DE
Zurich American Insurance Company
100.000
SpearTip, LLC
IL
Zurich Holding Company of America, Inc.
100.000
Special Insurance Services, Inc.
IL
Zurich American Insurance Company
100.000
Speigelhof Vastgoed B.V.
DEU
RE Curve Holding B.V.
100.000
Springboard Health and Performance Pty Ltd
AUS
DTC Bidco Pty Ltd
100.000
Springworks International AB
SWE
autoSense AG
50.000
Steadfast Insurance Company
IL
Zurich American Insurance Company
100.000
Stratos Limited
NZL
DTC NZ Bidco Limited
100.000
Swiss Insurance Management (Hong Kong) Limited
HKG
Zurich Services (Hong Kong) Limited
0.495
Swiss Insurance Management (Hong Kong) Limited
HKG
Zurich Insurance Holdings (Hong Kong) Limited
99.505
TDG Tele Dienste GmbH
DEU
Zurich Beteiligungs-Aktiengesellschaft (Deutschland)
100.000
Tennyson Insurance Limited
GBR
Zurich Holdings (UK) Limited
100.000
TGG Real Estate Holdings LLC
DE
Zurich Cover-More Global Travel, Inc.
100.000
The Liverpool Reversionary Company Limited
GBR
Zurich Legacy Solutions Services (UK) Limited
100.000
The Zurich Services Corporation
IL
Zurich Holding Company of America, Inc.
100.000
TopReport Schadenbesichtigungs GmbH
AUT
Zurich Versicherungs-Aktiengesellschaft
14.286
Travel Ace Chile S.A.
CHL
Travel Ace Internacional de Servicios S.A.
1.000
Travel Ace Chile S.A.
CHL
Zürich Versicherungs-Gesellschaft AG
99.000
Travel Ace Internacional de Servicios S.A.
URY
Zürich Versicherungs-Gesellschaft AG
100.000
Travel Assist Pty Limited
AUS
ASTIS Holdings Limited
100.000
Travel Guard Americas LLC
WI
Zurich Cover-More Global Travel, Inc.
100.000
Travel Guard Assist, Inc.
DE
Zurich Cover-More Global Travel, Inc.
100.000
Travel Guard EMEA Limited
GBR
Zurich Cover-More Global Travel, Inc.
100.000
Travel Guard Group Canada, Inc.
CAN
Zurich Cover-More Global Travel, Inc.
100.000
Travel Guard Group, Inc.
WI
Zurich Cover-More Global Travel, Inc.
100.000
Travel Insurance Partners Pty Ltd
AUS
Travel Assist Pty Limited
100.000
Travel Insurance Services Canada Inc.
CAN
World Travel Protection Canada Inc.
100.000
Travelex Insurance Services Limited
DE
Cover-More Holdings USA Inc.
100.000
Truck Underwriters Association
CA
Farmers Group, Inc.
100.000
Turegum Immobilien AG
CHE
Zurich Versicherungs-Gesellschaft AG
100.000
UA Assistance S.A. de C.V.
MEX
Travel Ace Internacional de Servicios S.A.
 
UA Assistance S.A. de C.V.
MEX
Zürich Versicherungs-Gesellschaft AG
100.000
Universal Assistance S.A.
ARG
World Wide Assistance S.A.
92.710
Universal Assistance S.A.
ARG
Zürich Versicherungs-Gesellschaft AG
7.290
Universal Assistance S.A.
URY
Zürich Versicherungs-Gesellschaft AG
100.000
Universal Travel Assistance S.A.S.
COL
Zürich Versicherungs-Gesellschaft AG
100.000
Universal Underwriters Insurance Company
IL
Zurich American Insurance Company
100.000
Universal Underwriters of Texas Insurance Company
IL
Universal Underwriters Insurance Company
100.000
Universal Underwriters Service Corporation
MO
Zurich Holding Company of America, Inc.
100.000
Unviversal Assistance Inc.
FL
Universal Assistance S.A.
 
Vehicle Dealer Solutions, Inc.
FL
Zurich Holding Company of America, Inc.
100.000
Western Star Insurance Services, Inc.
TX
FIG Leasing Co, Inc.
100.000
Wohnen H3B Humboldthafen GmbH&Co.KG
DEU
REX-ZDHL S.C.S. SICAV-SIF
94.900
World Travel Protection Canada Inc.
CAN
Zurich Canadian Holdings Limited
100.000
World Wide Assistance S.A.
ARG
Zürich Versicherungs-Gesellschaft AG
100.000
Z flex Gesellschaft fur Personaldienstleistungen mbH
DEU
Zurich Beteiligungs-Aktiengesellschaft (Deutschland)
100.000
ZCM (U.S.) Limited
DE
Zurich Finance Company Ltd
100.000
ZCM Asset Holding Company (Bermuda) Limited
BMU
Zurich Finance Company Ltd
100.000
ZFUS Services, LLC
DE
Zurich Holding Company of America, Inc.
100.000
ZGEE14 Limited
GBR
Zurich Legacy Solutions Services (UK) Limited
100.000
ZLS Aseguradora de Colombia S.A
COL
Zürich Lebensversicherungs-Gesellschaft AG
4.430
ZLS Aseguradora de Colombia S.A
 
Zürich Versicherungs-Gesellschaft AG
95.000
ZNA Services, LLC
DE
ZFUS Services, LLC
100.000
ZPC Capital Limited
GBR
Zurich Holdings (UK) Limited
100.000
ZSF / Office KY, LLC
DE
Euclid Office LP
100.000
ZSF / Office NV, LLC
DE
Euclid Office LP
100.000
ZSF KY Annex, LLC
DE
Euclid KY Annex, LP
100.000
ZSF/Bloomington, LLC
DE
Bloomington Office LP
100.000
ZSF/C1 MGP Manager, Inc
DE
Zurich Structured Finance, Inc.
100.000
ZSF/C1 MGP, LLC
DE
ZSF/C1 MGP Manager, Inc
1.000
ZSF/C1 MGP, LLC
DE
Zurich Structured Finance, Inc.
99.000
ZSF/C2 MGP Manager, Inc
DE
Zurich Structured Finance, Inc.
100.000
ZSF/C2 MGP, LLC
DE
ZSF/CF2 MGP Manager, Inc.
1.000
ZSF/C2 MGP, LLC
DE
Zurich Structured Finance, Inc.
99.000
ZSF/Dallas Tower, LLC
DE
Dallas Tower LP
100.000
ZSF/WD Hammond, LLC
DE
Euclid Warehouses LP
100.000
ZSF/WD Jacksonville, LLC
DE
Euclid Warehouses LP
100.000
ZSG Kfz-ZulassungsservicegesmbH
AUT
Zurich Versicherungs-Aktiengesellschaft
33.333
Zurich - Companhia de Seguros Vida S.A.
PRT
Zurich Finanz-Gesellschaft AG
0.001
Zurich - Companhia de Seguros Vida S.A.
PRT
Zurich Investments Life S.p.A.
0.001
Zurich - Companhia de Seguros Vida S.A.
PRT
Zurich Lebensversicherungs-Gesellschaft AG
99.996
Zurich - Companhia de Seguros Vida S.A.
PRT
Zurich Versicherungs-Gesellschaft AG
0.001
Zurich - Companhia de Seguros Vida S.A.
PRT
Zurich Vida, Companía de Seguros y Reaseguros, S.A. - Socied
0.001
Zurich (Scotland) Limited Partnership
GBR
Zurich General Partner (Scotland) Ltd
100.000
Zurich Advice Network Limited
GBR
Allied Dunbar Assurance plc
100.000
Zurich AFIN Mexico, S.A. DE C.V.
MEX
Zurich Compania de Sefuros, S.A.
0.002
Zurich AFIN Mexico, S.A. DE C.V.
MEX
Zurich Versicherungs-Gesellschaft AG
99.998
Zurich Agency Services  Inc.
MA
Zurich Holding Company of America, Inc.
100.000
Zurich Alternative Asset Management, LLC
DE
Zurich Holding Company of America, Inc.
100.000
Zurich America Latina Serviços Brasil Ltda.
BRA
Zurich Lebensversicherungs-Gesellschaft AG
0.010
Zurich America Latina Serviços Brasil Ltda.
BRA
Zurich Versicherungs-Gesellschaft AG
99.990
Zurich American Insurance Company
NY
Zurich Holding Company of America, Inc.
100.000
Zurich American Insurance Company of Illinois
IL
American Zurich Insurance Company
100.000
Zurich American Life Insurance Company
IL
Zurich Holding Company of America, Inc.
100.000
Zurich American Life Insurance Company of New York
NY
Zurich American Life Insurance Company.
100.000
Zurich Argentina Cia. de Seguros S.A.
ARG
Inversiones Suizo-Argentina S.A.
55.461
Zurich Argentina Cia. de Seguros S.A.
ARG
Zurich Versicherungs-Gesellschaft AG
44.536
Zurich Argentina Companía de Seguros de Retiro S.A.
ARG
Zurich Argentina Cia. de Seguros S.A.
46.642
Zurich Argentina Companía de Seguros de Retiro S.A.
ARG
Zurich Versicherungs-Gesellschaft AG
53.358
Zurich Aseguradora Argentina S.A.
ARG
Zürich Versicherungs-Gesellschaft AG
99.900
Zurich Aseguradora Mexicana, S.A. de C.V.
MEX
Zürich Lebensversicherungs-Gesellschaft AG
 
Zurich Aseguradora Mexicana, S.A. de C.V.
MEX
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Asset Management Gerente de Fondos Comunes de Inversi
ARG
Inversiones Suizo-Argentina S.A.
90.000
Zurich Asset Management Gerente de Fondos Comunes de Inversi
ARG
Isis S.A.
10.000
Zurich Assurance Ltd
GBR
Eagle Star Holdings Limited
100.000
Zurich Assure Australia Pty Limited
AUS
Zurich Financial Services Australia Limited
100.000
Zurich Australia Limited
AUS
Zurich Financial Services Australia Limited
100.000
Zurich Australian Insurance Limited
AUS
Zurich Financial Services Australia Limited
100.000
Zurich Australian Insurance Properties Pty Limited
AUS
Zurich Australia Limited
40.000
Zurich Australian Insurance Properties Pty Limited
AUS
Zurich Australian Insurance Limited
60.000
Zurich Australian Property Holdings Pty Ltd
AUS
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Bank International Limited
GBR
Dunbar Assets Ireland
100.000
Zurich Benefit Finance LLC
DE
Zurich Holding Company of America, Inc.
100.000
Zurich Beteiligungs-Aktiengesellschaft (Deutschland)
DEU
Zurich IT Service AG Niederlassung fur Deutschland
82.617
Zurich Beteiligungs-Aktiengesellschaft (Deutschland)
DEU
Zurich Leben Service AG Niederlassung fur Deutschland
17.383
Zurich Brand and Experience Studio Spain, S.L.
ESP
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Brasil Capitalizacao S.A
BRA
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Brasil Companhia de Seguros
BRA
Zurich Minas Brasil Seguros S.A.
100.000
Zurich Building Control Services Limited
GBR
Zurich Holdings (UK) Limited
100.000
Zurich Canadian Holdings Limited
CAN
Zurich Insurance Company Ltd, Canadian Branch
68.819
Zurich Canadian Holdings Limited
CAN
Zurich Versicherungs-Gesellschaft AG
31.181
Zurich Commercial Services (Europe) GmbH
DEU
Zürich Beteiligungs-Aktiengesellschaft (Deutschland)
100.000
Zurich Community Trust (UK) Limited
GBR
Zurich Financial Services (UKISA) Limited
50.000
Zurich Community Trust (UK) Limited
GBR
Zurich Financial Services (UKISA) Nominees Limited
50.000
Zurich Compania de Reaseguros Argentina S.A.
ARG
Inversiones Suizo-Argentina S.A.
95.000
Zurich Compania de Reaseguros Argentina S.A.
ARG
Zurich Versicherungs-Gesellschaft AG
5.000
Zurich Companía de Seguros, S.A.
MEX
Zurich Versicherungs-Gesellschaft AG
99.883
Zurich Corredora de Bolsa S.A.
CHL
Inversiones Suizo Chilena S.A.
99.000
Zurich Corredora de Bolsa S.A.
CHL
Zurich Investments Chile S.A.
1.000
Zurich Cover-More Global Travel, Inc.
DE
Zurich Holding Company of America, Inc.
100.000
Zurich Customer Active Management, d.o.o.
SVN
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich CZI Management Holding Ltd.
DE
Zurich Global Investment Management Inc.
100.000
Zurich Deutscher Herold Lebensversicherung Aktiengesellschaf
DEU
Deutscher Herold Aktiengesellschaft
67.540
Zurich Deutscher Herold Lebensversicherung Aktiengesellschaf
DEU
Zurich Beteiligungs-Aktiengesellschaft (Deutschland)
32.460
Zurich E&S Insurance Brokerage, Inc.
CA
Zurich American Insurance Company
100.000
Zurich Employment Services Limited
GBR
Zurich Financial Services (UKISA) Limited
100.000
Zurich Engineering Inspection Services Ireland Limited
IRL
Zurich Insurance plc
100.000
Zurich Eurolife S.A.
LUX
Zurich Lebensversicherungs-Gesellschaft AG
90.000
Zurich Eurolife S.A.
LUX
Zurich Versicherungs-Gesellschaft AG
10.000
Zurich F&I Reinsurance T&C Limited
TCA
Universal Underwriters Service Corporation
100.000
Zurich F&I Reinsurance T&C Limited
TCA
Zurich Agency Services  Inc.
0.001
Zurich Fianzas Mexico, S.A.DE C.V.
MEX
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Finance (Australia) Limited
AUS
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Finance (Ireland) DAC
IRL
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Finance (Ireland) II DAC
IRL
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Finance (UK) plc
GBR
Zurich Financial Services (UKISA) Limited
99.998
Zurich Finance (UK) plc
GBR
Zurich Financial Services (UKISA) Nominees Limited
0.002
Zurich Finance Company Ltd
CHE
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Financial Services (Isle of Man) Group Services Limit
GBR
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Financial Services (Isle of Man) Holdings Limited
GBR
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Financial Services (Isle of Man) Insurance Manager Lt
GBR
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Financial Services (UKISA) Limited
GBR
Allied Zurich Holdings Limited
90.316
Zurich Financial Services (UKISA) Limited
GBR
Zurich Insurance plc
9.684
Zurich Financial Services (UKISA) Nominees Limited
GBR
Zurich Financial Services (UKISA) Limited
100.000
Zurich Financial Services Australia Limited
AUS
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Financial Services EUB Holdings Limited
IRL
Zurich Ins Group
0.083
Zurich Financial Services EUB Holdings Limited
IRL
Zurich Insurance Group Ltd.
99.917
Zurich Financial Services UK Pension Trustee Limited
GBR
Zurich Financial Services (UKISA) Limited
99.000
Zurich Finanz-Gesellschaft AG
CHE
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich General Insurance (Hong Kong) Limited
HKG
Zurich Insurance Company Ltd, Hong Kong Branch
100.000
Zurich General Insurance Company (China) Limited
CHN
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich General Insurance Malaysia Berhad
MYS
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich General Partner (Scotland) Ltd
GBR
Allied Zurich Holdings Limited
100.000
Zurich General Takaful Malaysia Berhad
MYS
Zurich Holdings Malaysia Berhad
100.000
Zurich GL Servicios Mexico, S.A. de C.V.
MEX
Zurich Companía de Seguros, S.A.
5.000
Zurich GL Servicios Mexico, S.A. de C.V.
MEX
Zurich Vida, Compañía de Seguros, S.A.
95.000
Zurich Global Corporate UK Limited
GBR
Zurich Holdings (UK) Limited
100.000
Zurich Global Investment Management Inc.
DE
Zurich Holding Company of America, Inc.
100.000
Zurich Global Ventures MGA Solutions (SA)
 
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Global, Ltd.
BMU
Zurich Holding Company of America, Inc.
100.000
Zurich Group Pension Services (UK) Ltd
GBR
Zurich Assurance Ltd
100.000
Zurich GSG Limited
GBR
Zurich GSH Limited
100.000
Zurich GSH Limited
GBR
Zurich Holdings (UK) Limited
100.000
Zurich Holding Company of America, Inc.
DE
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Holding Ireland Limited
IRL
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Holdings (UK) Limited
GBR
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Immobilien (Deutschland) AG & Co. KG
DEU
Zurich Immobilientreuhand (Deutschland) GmbH
 
Zurich Immobilien Liegenschaftsverwaltungs-GesmbH
AUT
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Immobilientreuhand (Deutschland) GmbH
DEU
Zurich Deutscher Herold Lebensversicherung Aktiengesellschaf
100.000
Zurich Insurance Company (U.K.) Limited
GBR
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Insurance Company Escritorio de Representacao no Bras
BRA
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Insurance Company Ltd., Representative Office Buenos Aires
ARG
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Insurance Group Ltd.
CHE
Board of Directors
 
Zurich Insurance Holdings (Hong Kong) Limited
HKG
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Insurance Malaysia Berhad
MYS
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Insurance plc
IRL
Zurich Beteiligungs-Aktiengesellschaft (Deutschland)
25.074
Zurich Insurance plc
IRL
Zurich Holding Ireland Limited
70.405
Zurich Insurance plc
IRL
Zurich Insurance Company Ltd - Rappresentanza Generale per l
4.521
Zurich Insurance plc, Representative Office Buenos Aires
ARG
Zurich Insurance plc
100.000
Zurich Intermediary Group Limited
GBR
Zurich Financial Services (UKISA) Limited
99.999
Zurich Intermediary Group Limited
GBR
Zurich Financial Services (UKISA) Nominees Limited
0.001
Zurich International (UK) Limited
GBR
Zurich Holdings (UK) Limited
100.000
Zurich International Life Limited
GBR
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich International Pensions Administration Limited
IMN
Zurich International Life Limited
100.000
Zurich Invest AG
CHE
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Investment Management Limited
AUS
Zurich Australia Limited
100.000
Zurich Investment Services Limited
BMU
Zurich Finance Company Ltd
100.000
Zurich Investments Life S.p.A.
ITA
Zurich Insurance Company Ltd - Rappresentanza Generale per l
100.000
ZURICH IRELAND MASTER TRUSTEE DESIGNATED ACTIVITY COMPANY
IRL
Zurich Life Assurance plc
100.000
Zurich Italy S.p.A.
ITA
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich JVCompany Servicios Mexico, S.A. DE C.V.
MEX
Zurich Santander Seguros Mexico, S.A.
99.998
Zurich JVCompany Servicios Mexico, S.A. DE C.V.
MEX
Zurich Vida, Compania de Seguros, S.A.
0.002
Zurich Kotak General Insurance Company (India) Limited
IND
Zurich Shared Services Malaysia Sdn Bhd
 
Zurich Kotak General Insurance Company (India) Limited
IND
Zürich Versicherungs-Gesellschaft AG
70.000
Zurich Kotak General Insurance Company (India) Limited
IND
Zurich Finance Company AG
 
Zurich Kotak General Insurance Company (India) Limited
IND
Zurich Services Malaysia Sdn Bhd
 
Zurich Kotak General Insurance Company (India) Limited
IND
Zurich Australian Insurance Properties Pty Limited
 
Zurich Kotak General Insurance Company (India) Limited
IND
Zurich Insurance Mobile Solutions AG
 
Zurich Kunden Center GmbH
DEU
Zurich Beteiligungs-Aktiengesellschaft (Deutschland)
100.000
Zurich Latin America Corporation
FL
Zurich Holding Company of America, Inc.
100.000
Zurich Latin America Holding S.L. - Sociedad Unipersonal
ESP
Zurich Lebensversicherungs-Gesellschaft AG
100.000
Zurich Latin American Services S.A.
ARG
Inversiones Suizo-Argentina S.A.
6.320
Zurich Latin American Services S.A.
ARG
Zurich Versicherungs-Gesellschaft AG
93.680
Zurich Lebensversicherungs-Gesellschaft AG
CHE
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Legacy Solutions Services (UK) Limited
GBR
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Life Assurance plc
IRL
Zurich Holding Ireland Limited
100.000
Zurich Life Insurance (Hong Kong) Limited
HKG
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Life Insurance Company Ltd., Representative office Buenos Aires
ARG
Zurich Lebensversicherungs-Gesellschaft AG
100.000
Zurich Life Preparatory Japan Co. Ltd.
JPN
Zürich Lebensversicherungs-Gesellschaft AG
100.000
Zurich LiveWell Services and Solutions AG
CHE
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Management (Bermuda) Ltd
BMU
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Management Services Limited
GBR
Zurich Holdings (UK) Limited
100.000
Zurich Medical Analytics Pty Ltd
AUS
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Minas Brasil Seguros S.A,
BRA
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Pension Trustees Ireland Limited
IRL
Zurich Insurance plc
50.000
Zurich Pension Trustees Ireland Limited
IRL
Zurich Trustee Services Limited
50.000
Zurich Pension Trustees Limited
GBR
Zurich Assurance Ltd
100.000
Zurich Pensions Management Limited
GBR
Allied Dunbar Assurance plc
100.000
Zurich Pensionskassen-Beratung AG
CHE
Zurich Lebensversicherungs-Gesellschaft AG
100.000
Zurich Professional Limited
GBR
Zurich Holdings (UK) Limited
100.000
Zurich Project Finance (UK) Limited
GBR
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Properties Pty Limited
AUS
Zurich Australia Limited
40.001
Zurich Properties Pty Limited
AUS
Zurich Australian Insurance Limited
59.999
Zurich Property Services Malaysia Sdn Bhd
MYS
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Realty, Inc.
MD
Zurich Holding Company of America, Inc.
100.000
Zurich Rechtsschutz-Schadenservice GmbH
DEU
Zurich Beteiligungs-Aktiengesellschaft (Deutschland)
100.000
Zurich Resseguradora Brasil S.A.
BRA
Zurich Lebensversicherungs-Gesellschaft AG
0.001
Zurich Resseguradora Brasil S.A.
BRA
Zurich Versicherungs-Gesellschaft AG
99.999
Zurich Risk Management Services (India) Private Limited
IND
Zürich Rückversicherungs-Gesellschaft AG
1.000
Zurich Risk Management Services (India) Private Limited
 
Zurich Versicherungs-Gesellschaft AG
99.000
Zurich Ruckversicherungs-Gesellschaft AG
CHE
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Sander Vermögensverwaltungs AG (Deutschland)
DEU
Zürich Beteiligungs-Aktiengesellschaft (Deutschland)
32.460
Zurich Sander Vermögensverwaltungs AG (Deutschland)
DEU
Deutscher Herold Aktiengesellschaft
67.540
Zurich Santander Brasil Odonto LTDA.
BRA
Zurich Santander Brasil Seguros e Previdência S.A.
99.000
Zurich Santander Brasil Odonto LTDA.
BRA
Zurich Santander Brasil Seguros S.A.
1.000
Zurich Santander Brasil Seguros e Previdência S.A.
BRA
Zurich Latin America Holding S.L. - Sociedad Unipersonal
0.220
Zurich Santander Brasil Seguros e Previdência S.A.
BRA
Zurich Santander Holding (Spain), S.L.
99.568
Zurich Santander Brasil Seguros S.A.
BRA
Zurich Santander Brasil Seguros e Previdência S.A.
100.000
Zurich Santander Holding (Spain), S.L.
ESP
Zurich Santander Insurance America, S.L.
100.000
Zurich Santander Holding Dos (Spain), S.L.
ESP
Zurich Santander Insurance America, S.L.
100.000
Zurich Santander Insurance America, S.L.
ESP
Zurich Latin America Holding S.L. - Sociedad Unipersonal
51.000
Zurich Santander Seguros Argentina S.A.
ARG
Inversiones ZS America SpA
4.000
Zurich Santander Seguros Argentina S.A.
ARG
Zurich Santander Insurance America, S.L.
96.000
Zurich Santander Seguros de Vida Chile S.A.
CHL
Inversiones ZS America Dos Limitada
99.782
Zurich Santander Seguros de Vida Chile S.A.
CHL
Inversiones ZS America SpA
0.218
Zurich Santander Seguros Generales Chile S.A.
CHL
Inversiones ZS America Dos Limitada
99.505
Zurich Santander Seguros Generales Chile S.A.
CHL
Inversiones ZS America SpA
0.495
Zurich Santander Seguros Mexico, S.A.
MEX
Inversiones ZS America SpA
0.001
Zurich Santander Seguros Mexico, S.A.
MEX
Zurich Santander Insurance America, S.L.
99.999
Zurich Schweiz Services AG
CHE
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Seguros Ecuador, S.A.
ECU
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Seguros Rentas Vitalicias Chile S.A.
CHL
Zurich Servicios e Inversiones S.A
0.010
Zurich Service GmbH
DEU
Zurich Versicherungs-Aktiengesellschaft
100.000
Zurich Services (Australia) Pty Limited
AUS
Zurich Financial Services Australia Limited
100.000
Zurich Services (Hong Kong) Limited
HKG
Zurich Insurance Holdings (Hong Kong) Limited
99.997
Zurich Services (Hong Kong) Limited
HKG
Zürich Versicherungs-Gesellschaft AG
0.003
Zurich Services A.I.E.
ESP
AIDE Asistencia Seguros y Reaseguros, S.A. - Sociedad Uniper
0.001
Zurich Services A.I.E.
ESP
Bansabadell Pensiones, E.G.F.P, S.A.
0.001
Zurich Services A.I.E.
ESP
Bansabadell Seguros Generales, S.A. de Seguros y Reaseguros
0.001
Zurich Services A.I.E.
ESP
Bansabadell Vida S.A. de Seguros y Reaseguros
0.001
Zurich Services A.I.E.
ESP
Zurich Insurance plc, Sucursal en Espana
97.180
Zurich Services A.I.E.
ESP
Zurich Vida, Companía de Seguros y Reaseguros, S.A. - Socied
2.816
Zurich Services Company (Pty) Ltd
AUS
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Services US. LLC
 
Farmers Group, Inc.
50.000
Zurich Services US. LLC
 
Zurich Holding Company of America, Inc.
50.000
Zurich Servicios de Mexico, S.A. de. C.V.
MEX
Zurich Vida, Compania de Seguros, S.A.
90.000
Zurich Servicios de Mexico, S.A. de. C.V.
MEX
Zurich, Compania de Seguros, S.A.
10.000
ZURICH SERVICIOS DIRECTO ESPAÑA, S.L.
ESP
Zurich Insurance Mobile Solutions AG
100.000
Zurich Servicios y Soporte México, S.A. de C.V.
MEX
Zürich Lebensversicherungs-Gesellschaft AG
0.020
Zurich Servicios y Soporte México, S.A. de C.V.
MEX
Zürich Versicherungs-Gesellschaft AG
99.980
Zurich Shared Services S.A.
CHL
Inversiones Suizo Chilena S.A.
99.987
Zurich Shared Services S.A.
CHL
Zurich Investments Chile S.A.
0.013
Zurich Sigorta A.S.
TUR
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Small Amount and Short Term Insurance Ltd
 
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich South America Invest AB
SWE
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Specialties London Limited
GBR
Zurich Holdings (UK) Limited
100.000
Zurich Structured Finance, Inc.
 
Zurich Finance Company Ltd
100.000
Zurich Takaful Malaysia Berhad (ZTMB)
MYS
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Technical and Consulting Services (Beijing) Co. Ltd.
CHN
Zurich Insurance Holdings (Hong Kong) Limited
100.000
Zurich Technical Development (China) Limited
CHN
Zurich Insurance Holdings (Hong Kong) Limited
100.000
Zurich Technology Malaysia Sdn Bhd
MYS
Zurich Technology Services Malaysia Sdn Bhd
100.000
Zurich Technology Services Malaysia Sdn Bhd
MYS
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Transitional Services Limited
GBR
Zurich Holdings (UK) Limited
100.000
Zurich Travel Solutions Pty Limited
AUS
Zürich Versicherungs-Gesellschaft AG
100.000
Zurich Treasury Services Limited
IRL
Zurich Financial Services EUB Holdings Limited
100.000
Zurich Trustee Services Limited
IRL
Zurich Life Assurance plc
100.000
Zurich UK General Employee Services Limited
GBR
Zurich UK General Services Limited
100.000
Zurich UK General Services Limited
GBR
Zurich Holdings (UK) Limited
100.000
Zurich Versicherungs-Aktiengesellschaft
AUT
Zurich Versicherungs-Gesellschaft AG
99.981
Zurich Versicherungs-Gesellschaft AG
CHE
Zurich Insurance Group Ltd.
100.000
Zurich Vida e Previdencia S.A.
BRA
Zurich Minas Brasil Seguros S.A,
100.000
Zurich Vida, Companía de Seguros y Reaseguros, S.A. - Socied
ESP
Zurich Lebensversicherungs-Gesellschaft AG
100.000
Zurich Vida, Companía de Seguros, S.A.
MEX
Zurich Versicherungs-Gesellschaft AG
100.000
Zurich Vorsorge-Beratungs und Vertriebs GmbH (Deutschland)
DEU
Zürich Beteiligungs-Aktiengesellschaft (Deutschland)
100.000
Zurich Workplace Solutions (Middle East) Limited
ARE
Zurich International Life Limited
100.000

Organizations Affiliated with Farmers Insurance Group
 
Company
Domicile
 
Ownership
 
%
 


10433 Ella Blvd, LLC
DE
Mid-Century Insurance Company
100.000
11930 Narcoossee Road, LLC
DE
Mid-Century Insurance Company
100.000
12225 NE 60th Way, LLC
DE
Truck Insurance Exchange
100.000
145 Great Road LLC
DE
Mid Century Insurance Company
100.000
17885 Von Karman, LLC
CA
Farmers Insurance Exchange
100.000
201 Railroad Ave, LLC
DE
Farmers Insurance Exchange
100.000
21st Century Casualty Company
CA
21st Century Insurance Group
100.000
21st Century Centennial Insurance Company
PA
Mid-Century Insurance Company
100.000
21st Century Insurance and Financial Services, Inc.
DE
Mid-Century Insurance Company
100.000
21st Century Insurance Company
CA
21st Century Insurance Group
100.000
21st Century Insurance Group
DE
Mid-Century Insurance Company
100.000
21st Century North America Insurance Company
NY
Mid-Century Insurance Company
100.000
21st Century Pinnacle Insurance Company
NJ
21st Century North America Insurance Company
100.000
21st Century Premier Insurance Company
PA
21st Century Centennial Insurance Company
100.000
2475 Mill Center Parkway, LLC
DE
Farmers Insurance Exchange
100.000
280 Riverside Parkway, LLC
DE
Farmers Insurance Exchange
100.000
3049 East Washburn Road, LLC
DE
Farmers Insurance Exchange
100.000
3195 East Washburn Road, LLC
DE
Farmers Insurance Exchange
100.000
384 Santa Trinita Ave LLC
DE
Fire Insurance Exchange
100.000
4345 Hamilton Mill Road, LLC
DE
Farmers Insurance Exchange
100.000
475 Riverside Parkway, LLC
DE
Mid-Century Insurance Company
100.000
6671-6675 North Macarthur Blvd, LLC
DE
Mid-Century Insurance Company
100.000
American Federation Insurance Company
TX
21st Century Insurance Group
100.000
American Pacific Insurance Company, Inc.
HI
Farmers Insurance Hawaii, Inc.
100.000
Bristol West Casualty Insurance Company
OH
Coast National Insurance Company
100.000
Bristol West Holdings, Inc.
DE
Farmers Insurance Exchange
42.000
Bristol West Holdings, Inc.
DE
Fire Insurance Exchange
3.750
Bristol West Holdings, Inc.
DE
Mid-Century Insurance Company
47.500
Bristol West Holdings, Inc.
DE
Truck Insurance Exchange
6.750
Bristol West Insurance Company
OH
Coast National Insurance Company
100.000
Bristol West Insurance Services of California, Inc.
CA
Bristol West Holdings, Inc.
100.000
Bristol West Insurance Services, Inc. of Florida
FL
Bristol West Holdings, Inc.
100.000
Bristol West Preferred Insurance Company
MI
Bristol West Holdings, Inc.
100.000
BW GP, LLC
DE
Bristol West Holdings, Inc.
100.000
BWIS of Nevada, Inc.
NV
Bristol West Holdings, Inc.
100.000
Civic Property and Casualty Company
CA
Fire Insurance Exchange
80.000
Civic Property and Casualty Company
CA
Truck Insurance Exchange
20.000
Coast National General Agency, Inc.
TX
Bristol West Holdings, Inc.
100.000
Coast National Holding Company
CA
Bristol West Holdings, Inc.
100.000
Coast National Insurance Company
CA
Coast National Holding Company
100.000
Economy Fire & Casualty Company
IL
Farmers Property and Casualty Insurance Company
100.000
Economy Preferred Insurance Company
IL
Economy Fire & Casualty Company
100.000
Economy Premier Assurance Company
IL
Economy Fire & Casualty Company
100.000
Exact Property and Casualty Company
CA
Fire Insurance Exchange
80.000
Exact Property and Casualty Company
CA
Truck Insurance Exchange
20.000
Farmers Casualty Insurance Company
RI
Farmers Property and Casualty Insurance Company
100.000
Farmers Direct Property and Casualty Insurance Company
RI
Farmers Property and Casualty Insurance Company
100.000
Farmers Financial Solutions, LLC
NV
FFS Holding, LLC
100.000
Farmers Group Property and Casualty Insurance Company
RI
Farmers Property and Casualty Insurance Company
100.000
Farmers Insurance Company of Arizona
AZ
Farmers Insurance Exchange
70.000
Farmers Insurance Company of Arizona
AZ
Fire Insurance Exchange
10.000
Farmers Insurance Company of Arizona
AZ
Truck Insurance Exchange
20.000
Farmers Insurance Company of Idaho
ID
Farmers Insurance Exchange
80.000
Farmers Insurance Company of Idaho
ID
Fire Insurance Exchange
6.700
Farmers Insurance Company of Idaho
ID
Truck Insurance Exchange
13.300
Farmers Insurance Company of Oregon
OR
Farmers Insurance Exchange
80.000
Farmers Insurance Company of Oregon
OR
Truck Insurance Exchange
20.000
Farmers Insurance Company of Washington
WA
Fire Insurance Exchange
80.000
Farmers Insurance Company of Washington
WA
Truck Insurance Exchange
20.000
Farmers Insurance Company, Inc.
KS
Farmers Insurance Exchange
90.000
Farmers Insurance Company, Inc.
KS
Fire Insurance Exchange
10.000
Farmers Insurance Exchange
CA
See Note 1
 
Farmers Insurance Hawaii, Inc.
HI
Mid-Century Insurance Company
100.000
Farmers Insurance of Columbus, Inc.
OH
Farmers Insurance Exchange
100.000
Farmers Lloyds Insurance Company of Texas
TX
See Note 12
 
Farmers Lloyds, Inc.
TX
Farmers Property and Casualty Insurance Company
100.000
Farmers New Century Insurance Company
IL
Illinois Farmers Insurance Company
100.000
Farmers Property and Casualty Insurance Company
RI
Farmers Insurance Exchange
80.000
Farmers Property and Casualty Insurance Company
RI
Truck Insurance Exchange
10.000
Farmers Property and Casualty Insurance Company
RI
Fire Insurance Exchange
10.000
Farmers Services Insurance Agency
CA
Truck Insurance Exchange
100.000
Farmers Specialty Insurance Company
MI
Foremost Insurance Company Grand Rapids, Michigan
100.000
Farmers Texas County Mutual Insurance Company
TX
See Note 2
 
FCOA, LLC
DE
Foremost Insurance Company Grand Rapids, Michigan
100.000
FFS Holding, LLC
 
Mid-Century Insurance Company
100.000
Fire Insurance Exchange
CA
See Note 3
 
Foremost County Mutual Insurance Company
TX
See Note 4
 
Foremost Insurance Company Grand Rapids, Michigan
MI
Farmers Insurance Exchange
80.000
Foremost Insurance Company Grand Rapids, Michigan
MI
Fire Insurance Exchange
10.000
Foremost Insurance Company Grand Rapids, Michigan
MI
Truck Insurance Exchange
10.000
Foremost Lloyds of Texas
TX
See Note 5
 
Foremost Property & Casualty Insurance Company
MI
Foremost Insurance Company Grand Rapids, Michigan
100.000
Foremost Signature Insurance Company
MI
Foremost Insurance Company Grand Rapids, Michigan
100.000
Hawaii Insurance Consultants, Ltd.
HI
Mid-Century Insurance Company
100.000
Illinois Farmers Insurance Company
IL
Farmers Insurance Exchange
100.000
Insurance Data Systems, G.P.
FL
Bristol West Holdings, Inc.
99.900
Insurance Data Systems, G.P.
FL
BW GP, LLC
0.100
MC Maple Tree, LLC
DE
Mid-Century Insurance Company
100.000
Mid-Century Insurance Company
CA
Farmers Insurance Exchange
80.000
Mid-Century Insurance Company
CA
Fire Insurance Exchange
10.000
Mid-Century Insurance Company
CA
Truck Insurance Exchange
10.000
Mid-Century Insurance Company of Texas
TX
Farmers Insurance Exchange
100.000
Neighborhood Spirit Property and Casualty Company
CA
Fire Insurance Exchange
80.000
Neighborhood Spirit Property and Casualty Company
CA
Truck Insurance Exchange
20.000
Northwest Distribution Center Apopka Road, LLC
DE
Farmers Insurance Exchange
100.000
Security National Insurance Company
FL
Bristol West Holdings, Inc.
100.000
Texas Farmers Insurance Company
TX
Farmers Insurance Exchange
86.280
Texas Farmers Insurance Company
TX
Mid Century Insurance Company
13.720
Toggle Insurance Company
DE
Mid-Century Insurance Company
100.000
Toggle Services, LLC
DE
Toggle Insurance Company
100.000
Truck Insurance Exchange
CA
See Note 6
 
Note 1: Farmers Insurance Exchange is a California “interinsurance exchange” owned by its policyholders. Its attorney-in-fact is Farmers Group, Inc, dba Farmers Underwriters Association, which is a subsidiary of Zurich Insurance Group Ltd.
Note 2: Farmers Group Inc, as attorney-in-fact for Farmers Insurance Exchange, provides management services to Farmers Texas County Mutual Insurance Company.
Note 3: Fire Insurance Exchange is a California “interinsurance exchange” owned by its policyholders. Its attorney-in-fact is Fire Underwriters Association, which is a subsidiary of Zurich Insurance Group Ltd.
 
Note 4: Foremost County Mutual Insurance Company is a Texas County mutual insurance company managed by Foremost Insurance Company Grand Rapids, Michigan.
Note 5: Foremost Lloyds of Texas underwriters are officers and/or directors of Foremost Insurance Company Grand Rapids, Michigan.
Note 6: Truck Insurance Exchange is a California “interinsurance exchange” owned by its policyholders. Its attorney-in-fact is Truck Underwriters Association, which is a subsidiary of Zurich Insurance Group Ltd.
Note 7: Zurich Insurance Plc operates branches in the following countries: Italy (AA-1364106), Portugal (AA-1820001), Spain (AA-1840150), and United Kingdom (AA-1780059).
Note 8: Zurich Versicherungs-Aktiengesellschaft operates a branch in Germany (AA-1340017)
Note 9: Zurich Versicherungs-Gesellschaft AG also known as Zurich Insurance Company, Ltd operates branches in the following countries: Bermuda (AA-3190825), Canada (AA-1560999), Hong Kong (AA-5324112), Ireland (AA-1780042), Japan (AA-1584115), and Singapore (AA-5760036). It also operates a management entity Alpina International (AA-1460010) in Switzerland.
Note 10: An affiliate entity is the attorney-in-fact of Farmers Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange (collectively “Exchanges”). The reporting entity’s relationship to the Exchanges, their subsidiaries, and the affiliates that they manage is classified as OTHER.
Note 11: This company is a subsidiary of Zurich Insurance Group Ltd., and is an affiliate of Farmers Group, Inc.
Note 12: Farmers Lloyds Insurance Company of Texas is a Texas company managed by Farmers Lloyds, Inc.
 
Zurich Insurance Group Ltd conducts its primary insurance operations in the United States through two holding companies, each operating INDEPENDENTLY with its own staff:
Zurich Holding Company of America, Inc., an entity organized under the laws of the State of Delaware
Farmers Group, Inc., an entity organized under the laws of the State of Nevada
Country Code Key (Standard USPS Codes are used for U.S. States)
 
ANO
Netherlands Antilles
DEU
Germany
 
PRT
Portugal
ARG
Argentina
ESP
Spain
 
RUS
Russian Federation
AUT
Austria
FRA
France
 
SGP
Singapore
AUS
Australia
GBR
United Kingdom
 
SWE
Sweden
BHR
Bahrain
HKG
Hong Kong
 
SWZ
Swaziland
BMU
Bermuda
IDN
Indonesia
 
TCA
Turks & Caicos
BOL
Bolivia
IRL
Ireland
 
THA
Thailand
BRA
Brazil
IND
India
 
TUR
Turkey
BHS
Bahamas
ITA
Italy
 
TWN
Taiwan
CAN
Canada
JPN
Japan
 
URY
Uruguay
CHE
Switzerland
LBN
Lebanon
 
VEN
Venezuela
CHL
Chile
LUX
Luxembourg
 
VGB
Virgin Islands
CHN
China
MLT
Malta
 
ZAF
South Africa
COL
Colombia
MEX
Mexico
 
 
 
CYM
Cayman Islands
MYS
Malaysia
 
 
 

 Indemnification

 

 
Under its By-Laws, Farmers New World Life Insurance Company, to the full extent permitted by the Washington Business Corporation Act, will indemnify any person who was or is a party to any proceeding by reason of the fact that he or she is or was a director of Farmers, as provided below.
By-Laws of Farmers New World Life Insurance Company (as amended May 27, 2015)
INDEMNIFICATION OF DIRECTORS, OFFICERS, AND EMPLOYEES
SECTION 58. Indemnification. (a) Each person who acts as a Director, Officer or employee of the Corporation shall be indemnified by the Corporation for all sums which he or she becomes obligated to pay (including counsel fees, expenses and court costs actually and necessarily incurred by him or her) in connection with any action, suit or proceeding in which he or she is made a party by reason of his being, or having been a Director, Officer, or employee of the Corporation, except in relation to matters as to which he or she shall be adjudged in such action, suit or proceeding to be liable for bad faith or misconduct in the performance of his or her duties as such Director, Officer or employee, and except any sum paid to the Corporation in settlement of an action, suit or proceeding based upon bad faith or misconduct in the performance of his or her duties.
(b) The right of indemnification in this article provided shall inure to each Director, Officer and employee of the Corporation, whether or not he or she is such Director, Officer or employee at the time he or she shall become obligated to pay such sums, and whether or not the claim asserted against him or her is based on matters which predate the adoption of this article; and in the event of his or her death shall extend to his or her legal representatives. Each person who shall act as a Director, Officer or employee of the Corporation shall be deemed to be doing so in reliance upon such right of indemnification; and such right shall not be deemed exclusive of any other right to which any such person may be entitled, under any By-Law, agreement, vote of stockholders, or otherwise.
(c) The Board of Directors of the Corporation, acting at a meeting at which a majority of the quorum is unaffected by self-interest (notwithstanding that other members of the quorum present but not voting may be so affected), shall determine the propriety and reasonableness of any indemnity claimed under this article, and such determination shall be final and conclusive. If, however, a majority of a quorum of the Board of Directors which is unaffected by self-interest and willing to act is not obtainable, the Board of Directors in its discretion may appoint from among the stockholders who are not Directors or Officers or employees of the Corporation, a committee of two (2) or more persons to consider and determine any such question, and the determination of such committee shall be final and conclusive.
 
RULE 484 UNDERTAKING
Insofar as indemnification for liability arising under the Securities Act of 1933 (the “Act”) may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
 Principal Underwriter

 

 
(a) Farmers Financial Solutions, LLC is the registrant’s principal underwriter. It is also the principal underwriter for Farmers Variable Life Separate Account A.
(b) Officers and Directors of Farmers Financial Solutions, LLC, and their addresses, are as follows
 
Name and Principal Address
Positions and Officers with FFS
Janice Scott1
Director
Guy Meade Hanson1
Director
Al Gildemeister1
Director
Zachary Schear1
President
Taretha Ann Robinson1
Chief Compliance Officer
Joshua Alan Borkin1
Treasurer and Chief Financial Officer
Chau Do2
Secretary
1.
The principal business address is 31051 Agoura Road, Westlake Village, CA 91361
2.
The principal business address is 6301 Owensmouth Ave., Woodland Hills, CA 91367.
(c) Compensation from the Registrant. The following commissions and other compensation were received by the principal underwriter, directly or indirectly, from the Registrant during the Registrant’s last fiscal year:
 
(1) Name of Principal Underwriter
 
 
  (2) Net Underwriting  
Discounts and
Commissions
 
  (3) Compensation  
on Redemption
 
  (4) Brokerage  
Commissions
 
 (5) Compensation 
 
 
 
 
 
 
Farmers Financial Solutions, LLC
N/A 
N/A 
$
5,634,276.37
$ 0.00 
 Location of Books and Records

 

 
All accounts and records required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder (including Rule 38a-1) are maintained by Farmers New World Life Insurance Company at 3120 139th Ave SE, Suite 300, Bellevue, WA 98005, and at Infosys McCamish Systems, LLC, Insurance Administrators, 3225 Cumberland Center Blvd SE, Suite 201, Atlanta, GA 30339.
 Management Services

 

 
All management contracts are discussed in Part A or Part B.
 Fee Representations

 

 
Farmers New World Life Insurance Company hereby represents that the fees and charges deducted under the Policy, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Farmers New World Life Insurance Company.
 
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, Farmers Variable Life Separate Account A certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Bellevue, and the State of Washington, on this 30th day of April, 2025.
 
 
FARMERS VARIABLE LIFE SEPARATE ACCOUNT
A (Registrant)
 
 
 
 
Attest:
/s/ Ian Macleod
By:
/s/ Walter Kiceleff
 
 
 
 
 
Ian Macleod
 
Walter Kiceleff
 
Attorney-in-Fact
 
President
 
Security Life of Denver Insurance Company
 
Farmers New World Life Insurance Company
 
 
 
FARMERS NEW WORLD LIFE INSURANCE COMPANY (Depositor)
 
 
 
 
Attest:
/s/ Ian Macleod
By:
/s/ Walter Kiceleff
 
 
 
 
 
Ian Macleod
 
Walter Kiceleff
 
Attorney-in-Fact
 
President
 
Security Life of Denver Insurance Company
 
Farmers New World Life Insurance Company
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 19 to the registration statement has been signed by the following persons in the capacities and on the dates indicated.
 
Signature
Title
 
 
/s/ Walter Kiceleff
 
 
Director, Chairman of the Board and President
Walter Kiceleff
 
 
 
/s/ Clay Callahan
 
 
Chief Financial Officer
Clay Callahan
 
 
 
/s/ James Levett
 
 
Controller
James Levett
 
 
 
*/s/ David Travers
 
 
Director
David Travers
 
 
 
*/s/ Scott Stoll
 
 
Director
Scott Stoll
 
 
 
*/s/ Annette Thompson
 
 
Director
Annette Thompson
 
 
 
*/s/ Warren Tucker
 
 
Director
Warren Tucker
 
   
*/s/ John Griek
 
 
Director
John Griek
 
 
 
 
*/s/ Ian Macleod
 
 
*On April 30, 2025 as Attorney-In-Fact pursuant to Powers of Attorney filed herewith or by previous amendment
* by Ian Macleod
 
 
EXHIBIT INDEX
 
Exhibit (g)(11)
Commutation and Release Agreement between Farmers New World Life Insurance Company and Zurich Insurance Company, Ltd. dated as of August 1, 2023.
 
 
Exhibit (g)(12)
Coinsurance and Modified Coinsurance Agreement between Farmers New World Life Insurance Company and Security Life of Denver Insurance Company effective August 1, 2023.
 
 
Exhibit (j)(1)
Power of Attorney
 
 
Exhibit (k)(1)
Opinion of Ian Macleod, Attorney-in-Fact
 
 
Exhibit (n)(1)
Consent of Independent Registered Public Accounting Firm



Farmers New World Life Insurance Company
(A Wholly Owned Subsidiary of Farmers Group, Inc.)
Statutory Financial Statements
December 31, 2024 and 2023 and
For the Years Ended December 31, 2024, 2023 and 2022
Farmers New World Life Insurance Company
(A Wholly Owned Subsidiary of Farmers Group, Inc.)
Index
December 31, 2024, 2023 and 2022
   Page(s)
 
Report of Independent Auditors
 1
   
Statutory Financial Statements  

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus
   2

Statutory Statements of Operations
    3

Statutory Statements of Changes in Capital and Surplus
    4

Statutory Statements of Cash Flows
   5

Notes to Statutory Financial Statements
    6-44

Ernst & Young LLP
55 Ivan Allen Jr. Blvd.
Suite 1000,
Atlanta, GA 30308

Report of Independent Auditors


The Board of Directors
Farmers New World Life Insurance Company

Opinion

We have audited the statutory-basis financial statements of Farmers New World Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, and capital and surplus as of December 31, 2024 and December 31, 2023, and the related statutory statements of operations, changes in capital and surplus and cash flows for each of the three years ended December 31, 2024, and the related notes to the financial statements (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and December 31, 2023, and the results of its operations and its cash flows for each of the three years ended December 31, 2024, on the basis of accounting described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles section of our report, the 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 at December 31, 2024 and December 31, 2023, or the results of its operations or its cash flows for each of the three years ended December 31, 2024.
Basis for Opinion

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

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

As described in Note 2 to the financial statements, the Company prepared these financial statements using accounting practices prescribed or permitted by the Washington State Office of the Insurance Commissioner, which is a basis of accounting other than accounting principles generally accepted in the United States of America. The effects on the financial statements of the variances between these statutory accounting practices 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 Financial Statements

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

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 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 financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
•
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.

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

April 25, 2025
 
1
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus
December 31, 2024 and 2023

(in thousands of dollars)
2024
  
2023
Admitted Assets
Bonds, at amortized cost
 
$ 546,661
  
 
$ 270,492
Investment real estate:
Properties held for the production of income, net
 
29,759
  
 
88,948
Properties held for sale, net
-
  
23,852
Cash, cash equivalents and short-term investments
15,660
  
258,306
Total cash and invested assets
592,080
  
641,598
Accrued investment income
5,345
  
6,331
Other assets
371,851
  
389,855
Current federal income tax recoverable and interest thereon
329
  
8,804
Net deferred tax asset
26,208
  
7,797
Separate accounts
1,422,472
  
1,244,925
Total admitted assets
$ 2,418,285
  
$ 2,299,310
Liabilities
Aggregate reserves for life and annuity policies
 
$ 132,832
  
 
$ 138,850
General expenses due and accrued
10,171
  
15,019
Taxes, licenses, and fees due and accrued
3,435
  
6,272
Amounts withheld or retained by company as agent or trustee
391
  
389
Amounts held for agents’ account
4,697
  
5,172
Remittances and items not allocated
12,112
  
13,477
Asset valuation reserve
3,922
  
11,089
Other liabilities
321,655
  
336,759
Separate accounts
1,422,472
  
1,244,925
Total liabilities
$ 1,911,687
  
$ 1,771,952
Capital and Surplus
Common capital stock ($1 par value, 25,000,000 shares authorized,
6,600,000 shares issued and outstanding December 31, 2024 and
  
2023)
6,600
  
6,600
Gross paid-in and contributed surplus
3,199
  
3,199
Unassigned and special surplus
496,799
  
517,559
Total capital and surplus
506,598
  
527,358
Total liabilities and capital and surplus
$ 2,418,285
  
$ 2,299,310
The accompanying notes are an integral part of these statutory financial statements.
2
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statutory Statements of Operations
Years Ended December 31, 2024, 2023 and 2022

(in thousands of dollars)
2024
  
2023
  
2022
Revenues
          
Premiums and annuity considerations
$ -
  
$  (4,291,652)
  
$ 534,530
Net investment income
22,922
  
120,465
  
167,978
Amortization of interest maintenance reserve
(8,941)
  
(5,007)
  
1,981
Commissions and expense allowances on reinsurance ceded
217,410
  
2,701,351
  
226,752
Reserve adjustments on reinsurance ceded
-
  
4,736,464
  
-
Other
11,572
  
90,116
  
9,848
Total revenues
$ 242,963
  
$ 3,351,737
  
$ 941,089
Benefits and expenses
          
Death and other benefits
-
  
113,761
  
266,397
Surrender benefits and other fund withdrawals
-
  
88,983
  
139,933
Interest on policy or contract funds
-
  
6,673
  
10,385
Increase in aggregate reserves
(6,018)
  
2,741
  
21,788
Commissions
75,398
  
79,776
  
77,890
General insurance expenses
122,515
  
195,263
  
187,561
Taxes, licenses and fees
28,278
  
34,095
  
28,972
Increase / (decrease) in loading on
          
deferred and uncollected premiums
-
  
(65,919)
  
(427)
Transfers (from) / to separate accounts
-
  
7,964
  
29,468
Aggregate write-ins for deductions
64,936
  
1,097,940
  
2,431
Total benefits and expenses
$ 285,109
  
$ 1,561,277
  
$ 764,398
Net gain from operations before federal income
          
taxes and realized capital gains
(42,146)
  
1,790,460
  
176,691
Federal income taxes (recoverable)
(1,155)
  
364,454
  
37,414
Net gain from operations before realized capital
          
gains
(40,991)
  
1,426,006
  
139,277
Net realized capital gains (losses) net of taxes of
          
($1,256), $78,104 and ($7,968) and transfers to (from) interest
          
maintenance reserve of ($5), $307,280 and ($8,506)
          
at December 31, 2024, 2023 and 2022, respectively.
          
Refer to note 3 for further breakout.
(3,790)
  
3,688
  
(5,029)
Net income
$ (44,781)
  
$ 1,429,694
  
$ 134,248

The accompanying notes are an integral part of these statutory financial statements.
3
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statutory Statements of Changes in Capital and Surplus
December 31, 2024, 2023 and 2022

 
 
 
(in thousands of dollars)
Common Capital Stock
Gross Paid-In and Contributed
Surplus
Unassigned and Special Surplus
Total Capital and
Surplus
 
Balances at December 31, 2021
 
$ 6,600
 
$ 3,199
 
$ 332,206
 
$ 342,005
Net Income
-
-
134,248
134,248
Change in net deferred taxes
-
-
7,067
7,067
Change in nonadmitted assets
-
-
(10,002)
(10,002)
Change in asset valuation reserve
    
(1,882)
(1,882)
Extraordinary dividends to stockholder
-
-
(152,000)
(152,000)
 
Balances at December 31, 2022
 
6,600
 
3,199

 309,637
 
319,436
Net Income
-
-
1,429,694
1,429,694
Change in net deferred taxes
-
-
(59,774)
(59,774)
Change in nonadmitted assets
Change in liability for reinsurance in unauthorized and certified companies
-
-
-
-
-
-
28,618
 
(663)
28,618
- (663)
Change in asset valuation reserve
    
25,287
25,287
Change in surplus as a result of reinsurance
    
(15,240)
(15,240)
Extraordinary dividends to stockholder
 
 
(1,200,000)
(1,200,000)
 
Balances at December 31, 2023
  
 
6,600
    
 
3,199
    
 
517,559
    
 
527,358
Net Income
  
-
    
-
    
(44,781)
    
(44,781)
Change in net deferred taxes
  
-
    
-
    
10,140
    
10,140
Change in nonadmitted assets
Change in liability for reinsurance in unauthorized and certified companies
  
-
 
-
    
-
 
-
    
448
 
663
    
448
 
663
Change in asset valuation reserve
  
-
    
-
    
7,167
    
7,167
Aggregate write-ins for gains and losses in surplus
  
-
    
-
    
5,603
    
5,603
Balances at December 31, 2024
$
6,600
  
$
3,199
  
$
496,799
  
$
506,598


The accompanying notes are an integral part of these statutory financial statements.
4
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statutory Statements of Cash Flows
For the Years Ended December 31, 2024, 2023 and 2022

(in thousands of dollars)
2024
  
2023
  
2022
Cash from operations
Premiums collected net of reinsurance
 
$ -
  
 
$  (4,144,126)
  
 
$ 538,166
Net investment income
25,772
  
148,397
  
175,578
Miscellaneous income
120,282
  
2,791,467
  
236,600
Cash provided by operating activities
146,054
  
(1,204,262)
  
950,344
Benefits and loss related payments
(1,050)
  
(1,151,622)
  
412,846
Net transfers (from) / to separate accounts
-
  
(21,996)
  
11,693
Commissions, expenses paid and write-ins
295,882
  
1,173,612
  
284,647
Federal and foreign income taxes paid
(8,375)
  
295,755
  
43,583
Cash used in operating activities
286,457
  
295,749
  
752,769
Net cash from operations
(140,403)
  
(1,500,011)
  
197,575
Cash from investments
Proceeds from investments sold, matured or repaid
Bonds
105,863
  
3,365,707
  
746,850
Mortgage loans
-
  
424,442
  
48,141
Real estate
78,955
  
34,062
  
-
Other invested assets
-
  
-
  
100,000
Net gains on cash, cash equivalents and short-term
          
investments
1
  
-
  
-
Miscellaneous proceeds
-
  
1,327
  
2,215
Cash provided by investing activities
184,819
  
3,825,538
  
897,206
ost of investments acquired (long-term only):
Bonds 381,460 896,387 729,228
Mortgage loans
-
  
-
  
32,250
Real estate
553
  
997
  
26,172
Miscellaneous applications
-
  
-
  
3,046
Cash paid for investing activities
382,013
  
897,384
  
790,696
Net (decrease) / increase in contract loans and
          
premium notes
-
  
(272,112)
  
(1,316)
Net cash provided by / (used in) investments
(197,194)
  
3,200,266
  
107,826

Cash from financing and miscellaneous sources
Net (withdrawals) / deposits on deposit-type contracts
and other insurance liabilities
-
  
(323,142)
  
20,978
Dividends to stockholder
-
  
(1,200,000)
  
(152,000)
Other cash (applied) / provided
94,951
  
(144,816)
  
6,447
Net cash used by financing and
miscellaneous sources
 
94,951
  
 
(1,667,958)
  
 
(124,575)
Net change in cash, cash equivalents and
short-term investments
 
(242,646)
  
 
32,297
  
 
180,826
Cash, cash equivalents and short-term investments

Beginning of year
258,306
  
226,009
  
45,183
End of year
$ 15,660
  
$ 258,306
  
$ 226,009

The accompanying notes are an integral part of these statutory financial statements.
5
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

1. Nature of Operations

The Company

The accompanying financial statements include the accounts of Farmers New World Life Insurance Company (the “Company”), a wholly owned subsidiary of Farmers Group, Inc. (“FGI”), whose ultimate parent is Zurich Insurance Group Ltd (“ZIG”). FGI has attorney-in-fact relationships with three inter- insurance exchanges: Farmers Insurance Exchange, Fire Insurance Exchange, and Truck Insurance Exchange (the “Exchanges”).

The Company is a stock life insurance company domiciled in the state of Washington and is subject to regulation by the Washington State Office of the Insurance Commissioner (“OIC”). It is also subject to regulation by the states in which it transacts business.

Nature of Operations
The Company concentrates its sales activities in the individual life insurance markets. Principal lines of business include traditional term and whole life products as well as indexed universal life products.

The Company and the Exchanges operate using federally registered trade names, including Farmers Insurance Group of Companies, Farmers Insurance Group, Farmers, Farmers New World Life and Farmers Life. The Company and the Exchanges distribute their respective insurance products through a common network of direct writing agents and district managers. Each agent is required to first submit business to the insurers in the Farmers Insurance Group of Companies within the classes and lines of business written by such insurers. The Company is currently licensed in 49 states and the District of Columbia.

Business Risks
The Company operates in a business environment that is subject to various risks and uncertainties, including but not limited to, mortality risk, market risk, interest rate risk and legal and regulatory changes. The Company is subject to various state and federal regulatory authorities. The potential exists for changes in regulatory initiatives that could result in additional, unanticipated expenses to the Company.

Existing federal laws and regulations affect the taxation of life insurance products and insurance companies. There can be no assurance as to what, if any, future legislation might be enacted, or if enacted, whether such legislation would include provisions with possible negative effects on the Company’s life, accident and health or annuity products.

2. Summary of Significant Accounting Policies

Basis of Presentation
The financial statements have been prepared in conformity with accounting practices prescribed or
permitted by the OIC.

The OIC only recognizes statutory accounting practices prescribed or permitted by the State of Washington for reporting the financial condition and results of operations of an insurance company for the purposes of determining its compliance with the Washington Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual (“AIC SAP”) has been adopted as a component of prescribed or permitted practices by the State of Washington. The Commissioner of Insurance of the OIC has the power to permit other specific practices that may deviate from prescribed practices. The Company did not use any permitted practices that differed from NAIC statutory accounting practices (SAP) as of December 31, 2024.


6
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022
 
For the December 31, 2023 reporting period, The Company received approval for a permitted practice from the OIC to fully amortize the reinsurance gains the Company was holding in special surplus. As illustrated in Appendix 791 on life and health reinsurance agreements, the after-tax gains from a reinsurance transaction are to be amortized over the profits that emerge on the reinsured block of business with a corresponding decrease in special surplus. This permitted practice differs from this accounting practice by allowing the Company to fully recognize the $1.6B of special surplus immediately through line 6 of page 4 with a zero net impact on overall surplus as noted in the table below. The Company’s risk-based capital would not have triggered any regulatory event in the absence of this permitted practice and this permitted practice is only allowed for the year-end 2023 reporting period.

 
 
SSAP
 
F/S Page
 
F/S Line
 
2024
 
2023
(1) Net Income, state basis (page 4, Line 35,
Columns 1 & 2)
 
 
 
 
 
($44,780,776)
 
 
$1,429,693,992
 
 
 
 
 
 
(2) State Prescribed Practices that increase/(decrease)
NAIC SAP
 
 
 
 
 
-
 
 
-
 
 
 
 
 
 
(3) State Permitted Practices that increase/(decrease)
NAIC SAP
 
 
61R
 
Pg 4
Summary of Operations
 
6-Commissions and expense allowances on reinsurance ceded
 
 
-
 
 
1,570,179,316
 
 
 
 
 
 
(4) Net Income, NAIC SAP
(1-2=3)
 
 
 
 
($44,780,776)
 
(140,485,324)
 
 
 
 
 
 
(5) Statutory surplus, state basis (Page 3, Line 38,
Columns 1 & 2)
 
 
 
 
 
$506,598,024
 
 
$527,358,275
 
 
 
 
 
 
(6) State Prescribed Practices that increase/(decrease)
NAIC SAP
 
 
61R
 
Pg 3
Liabilities, Surplus & Other funds
 
34 - Aggregate write-ins for special surplus funds
 
 
-
 
 
(1,570,179,316)
 
 
 
 
 
 
(7) State Permitted Practices that increase/(decrease)
NAIC SAP
 
 
61R
 
Pg 3
Liabilities, Surplus & Other funds
 
34 - Aggregate write-ins for special surplus funds
 
 
-
 
 
1,570,179,316
 
 
 
 
 
 
(8) Statutory Surplus,
NAIC SAP (5-6-7=8)
 
 
 
 
$506,598,024
 
$527,358,275

The effects on the financial statements of the variances between statutory basis of accounting and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material. Statutory accounting practices differ from Generally Accepted Accounting Principles (“GAAP”) in the following respects (italicized items):

Investments
Investments in bonds are stated at amortized cost or at values required by the NAIC. Under GAAP, bonds are carried at fair value or amortized cost based upon management’s intent as to whether bonds are available for sale, will be held until maturity or are available for trading.





7
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Asset Valuation Reserve
The asset valuation reserve (“AVR”) is determined by NAIC prescribed formulas, which establish a provision for the risk of asset defaults and is reported as a liability with changes recorded directly to unassigned surplus. Under GAAP, no such liability is established.

Interest Maintenance Reserve
An interest maintenance reserve (“IMR”) is provided as required by the NAIC in order to defer certain realized investment gains and losses, net of tax, related to interest rate fluctuations, and to amortize such gains and losses through operating income over the remaining life of the securities sold. Any net unamortized deferred losses are non-admitted and charged directly to unassigned surplus. Reporting entities are permitted to admit its negative IMR up to 10% of the Company’s adjusted capital and surplus. The Company elected to fully admit its negative IMR balance of $26,754,000 and $35,700,000 as of December 31, 2024 and 2023, respectively. Fixed income investments generating IMR losses comply with the reporting entity’s documented investment or liability management policies. Asset sales that were generating admitted negative IMR were not compelled by liquidity pressures. The admitted negative IMR is reported in other assets section of the Statement of Admitted Assets. No such reserve is required by GAAP.

Life Policy and Contract Reserves
Life policy, annuity and contract reserves under statutory accounting practices are based on statutory mortality, morbidity, and interest requirements without consideration of withdrawals and Company experience, unless annual asset adequacy analysis reveals the need to hold reserves in excess of the normal statutory reserves. One exception to this relates to deficiency reserves for certain term insurance plans issued on or after January 1, 2000, while another relates to Principles-Based Valuation for Life Products as required under VM-20 for plans issued on or after January 1, 2017 and for Variable Annuity products as required under VM-21. A third exception is the reserve held in accordance with SSAP A-791 Paragraph 2 due to reinsurance expense allowances not being sufficient to cover anticipated allocable direct renewal expenses. All three exceptions are mentioned in the Aggregate Reserves for Life and Annuity Policies section below.

Acquisition Costs
Under statutory accounting practices, costs of acquiring new business are charged to operations in the year such costs are incurred. Under GAAP, costs related to the successful acquisition of new business are deferred and amortized over the premium paying period of the policies for traditional products, or as a level percentage of gross profits for interest sensitive products.

Recognition of Revenue and Related Expenses
Under statutory accounting practices, life premiums are recognized as income over the premium-paying period of the related policies. Annuity considerations are recognized as revenue when received. Accident and health premiums are earned ratably over the terms of the related insurance policies or reinsurance contracts. Deposits received on contracts that do not incorporate policyholder mortality or morbidity risks are recorded directly to liability for deposit-type contracts. Interest credited to deposit-type contracts is recorded as an expense in the statement of operations when earned under the terms of the contract.
Expenses incurred in connection with acquisition of new insurance business, including acquisition costs such as sales commissions, are expensed as incurred in the statement of operations. Under statutory accounting practices, deferred premiums, representing gross premiums less loading, are reported as an admitted asset.
8
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

For GAAP purposes, premiums for traditional life insurance products, which include those products with fixed and guaranteed premiums and benefits and consist principally of whole and term life insurance policies, are recognized as revenues when due. Under GAAP, revenues for universal life insurance policies and for investment products consist of policy charges for the cost of insurance, policy administration charges, and surrender charges assessed against policyholder account balances, benefit claims incurred in excess of policy account balances and commissions and expense allowances on reinsurance assumed. Revenues also include commissions and expense allowances on reinsurance ceded. Under GAAP, uncollected premiums are stated at gross amounts and deferred premiums are reflected as a reduction of the related aggregate reserve.

Reinsurance
Under statutory accounting practices, ceded reserves are netted with direct reserves within the aggregate reserve lines of the liabilities page. Reinsurance recoverable on unpaid claims on reinsured business are netted in aggregate with the liability for contract claims line. Under GAAP, these reinsurance amounts are reflected as assets.

Under statutory accounting practices, reinsured commissions are reported with expense allowance within the revenue section of the summary of operations. Under GAAP, reinsured commissions are netted against direct commissions within expenses.

Federal Income Taxes
Under statutory accounting practices, deferred income taxes are provided for temporary differences between the financial statement and tax bases of assets and liabilities at the end of each year based on enacted tax rates. Deferred income tax assets are reduced by a valuation allowance if it is more likely than not some portion or all of the deferred tax assets will not be realized. In addition to a valuation allowance, statutory accounting limits deferred tax assets to their admissible amount according to a prescribed formula. Changes in deferred income tax assets and liabilities are reported as adjustments to surplus. Under GAAP, changes in deferred income taxes are included in income tax expense or benefit and are allocated to continuing operations, discontinued operations, extraordinary items and items charged directly to shareholders equity consistently with the pre-tax income item to which they relate.

Nonadmitted Assets
Under statutory accounting practices, assets are reported at admitted assets values and nonadmitted assets are excluded through a charge against surplus, because there are no nonadmitted assets for GAAP purposes, the nonadmitted balances of these assets are included in the balance sheet.
Nonadmitted assets, such as electronic data processing equipment and software, furniture and equipment, receivables over 90 days past due and certain deferred tax assets, are considered nonadmitted assets for statutory purposes as they may not be fully realizable at their carrying values in a liquidation scenario and, therefore, these nonadmitted assets and any changes in such assets are charged directly to unassigned surplus. As of December 31, 2024 and 2023 the total nonadmitted assets are $68,897,000 and $69,345,000, respectively.

Separate Accounts
Separate accounts assets are carried at fair value. Separate accounts liabilities represent the contract holders’ claims to the related assets. Investment income and realized capital gains and losses of the separate accounts accrue directly to the contract holders and, therefore, are not included in the Company’s statutory basis statements of operations. Under GAAP these investment amounts and resulting changes in separate account liabilities are shown net of applicable fees. Mortality, policy administration, and surrender charges to all accounts are included in the revenues of the Company and do not differ from GAAP.

9
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022
 
The Company is licensed to issue variable universal life (“VUL”) and deferred variable annuity contracts although it suspended issuance of “new” VUL and variable annuities, effective February 28, 2024 and September 30, 2012, respectively. The assets and liabilities held for VUL, Farmers EssentialLife VUL, Life Accumulator VUL and deferred variable annuity contracts are held in the Separate Accounts (the “Accounts”), which are legally segregated from the general assets of the Company.

Please see Note 13 for additional information on separate accounts.

Statements of Cash Flows
The statutory basis statement of cash flows is presented as required under statutory accounting principles and differs in certain respects from the GAAP presentation.

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

Aggregate Reserves for Life and Annuity Policies
Life reserves are based on mortality tables approved by the NAIC using statutory specified interest rates and valuation methods that provide, in the aggregate, reserves that are greater than or equal to the minimum required by the OIC.

•
Reserves for life insurance are based on the American Experience, 1941, 1958, 1980, 2001, or 2017 Commissioner’s Standard Ordinary (“CSO”) and Commissioners Extended Term (“CET”) mortality tables with interest rates from 0.00% to 5.50%. For certain term insurance plans issued on or after January 1, 2000, the Company calculates deficiency reserves using valuation mortality rates representative of actual Company experience, as permitted by the Valuation of Life Insurance Policies Model Regulation of the NAIC. For term life insurance policies issued on or after January 1, 2017 and all other life insurance policies issued after January 1, 2020, the Company calculates Principles- Based Reserves using Company experience, as required in VM-20. There is an exception for some plans that pass the exclusion tests as defined in VM-20. Additionally, a reserve is held per SSAP A- 791 Paragraph 2 due to reinsurance expense allowances not being sufficient to cover anticipated allocable direct renewal expenses; this calculation uses Company experience.

•
Reserves for fixed deferred annuities are based on 1971 Individual Annuity Mortality (“IAM”), 1983 Table A, Annuity 2000, or 2012 IAR mortality tables with interest rates from 3.50% to 6.00%.


•
For variable deferred annuities, the Company calculates Principles-Based Reserves using Company experience, as required in VM-21.

•
Reserves for equity-indexed annuities are based on 1983 Table A or Annuity 2000 mortality tables with interest rates from 4.50% to 5.50%.

•
Reserves for immediate annuity contracts, other than structured settlements, are based on the Annuity Table for 1949, 1971 IAM, 1983 Table A, Annuity 2000, or 2012 IAR mortality tables with interest rates from 1.75% to 5.25%. For immediate annuities issued on or after January 1, 2018, the Company uses valuation interest rates as prescribed in VM-22.

•
Reserves for structured settlement annuities are based on the 1983 Table A mortality table with interest rates from 4.75% to 7.00%. The reserves held for structured settlement annuity contracts with a substandard rating are based on a rated age approach and are compliant with the approach specified by Actuarial Guideline 9A of the NAIC.
10
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022
 
The Company waives deduction of deferred fractional premiums upon the death of the insured. For all plans, with the exception of its universal life plans, any portion of the final premium beyond the month of death is returned. For universal life plans, premiums beyond the date of death are not refunded. Surrender values are not promised in excess of the legally computed reserves.

For certain universal life policies, reserves for substandard lives are not separately identified and are calculated in the aggregate. For all other life policies, substandard lives are charged an extra premium plus the regular gross premium for the rated issue age. For the Farmers Level Term 2000 plan group, the Farmers Value Term group, and Farmers Term Life, the reserve is the standard interpolated terminal reserve at the rated age, plus the regular net unearned premium reserve at the rated age, plus an additional gross unearned premium reserve using the substandard extra premium charge for the premium payment mode. For all other plan groups, mean reserves are determined by computing the regular mean reserve for the plan at the rated age and holding, in addition, a substandard reserve of one-half of the annualized substandard extra premium charge. The reserves held for structured settlement annuity contracts with a substandard rating are based on a rated age approach.

As of December 31, 2024, and 2023, the Company had approximately $2,480,603,000 and $2,510,460,000 respectively, of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the OIC. The premiums deficiency reserve amount is
$12,873,000 before reinsurance and $0 after reinsurance. Company does not utilize anticipated investment income as a factor in the premium deficiency calculation.

As of December 31, 2024, and 2023, the total in force for which VM-20 deterministic/stochastic reserves are calculated are $106,525,819,000 and $97,338,114,000 respectively. The excess VM- 20 deterministic/stochastic reserve over NPR after reinsurance are $112,118,000 for 2024 and
$117,026,000 for 2023.

As of December 31, 2024, and 2023, the reserves required by SSAP A-791 Paragraph 2 due to insufficient reinsurance expense allowances are $19,421,000 and $20,229,000 respectively.

For tabular interest on annuities involving life contingencies, the tabular less actual reserve released, and the tabular cost have been determined by formula. For annuities and other deposits not involving life contingencies the tabular interest was determined by one of the following methods: 1) serially using the actual interest credited to funds on deposit for the year, or 2) estimated in the aggregate from the beginning and the ending balances, assuming a uniform distribution of cash flows during the year, and the average statutory valuation interest rate.

Excess of Minimum Reserves
As of December 31, 2024, the only life insurance plan written after January 1, 2001 for which the statutory reserve basis is specifically selected to be more conservative than specified in Appendix A-820 is the Farmers Graded Death Benefit Whole Life product (FGDBWL). The mortality assumption used in the statutory reserve calculation is the 1980 CSO ALB Ultimate mortality, rather than the 2001 CSO ALB Select & Ultimate mortality; and the 2017 GI ALB Ultimate mortality, rather than the 2017 CSO ALB Select & Ultimate mortality.

As of December 31, 2024, the FGDBWL statutory reserves net of deferred and uncollected premiums is $31,329,000. If they had instead been calculated using 2001 CSO ALB Select & Ultimate mortality and 2017 CSO ALB Select & Ultimate mortality, the amount would be $28,259,000 or $3,070,000 lower.

11
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

To comply with VM-20 Section 3.C.1.g, scalars are applied to the valuation mortality for standard non- smoker classes of the following plans: Farmers Term Life – 135% for Male, 120% for Female; Farmers Value Term – 120% for Male, 110% for Female; Farmers Essential Life Universal Life and Farmers Index Universal Life – 120% for Male and Female. A 140% scalar is applied for all classes of FESWL. An additional 125% scalar is applied to the valuation mortality for all FVT policies that used accelerated underwriting. A 120% scalar is applied for the Male standard non-smoker class of VUL, Female non- smokers have no additional scalar. An additional 130% scalar is applied for conversion policies. Scaled mortality rates are capped at 1,000 per unit. All classes of Simple Term have a scalar of 200% applied to valuation mortality for Male and Female, capped at the 2017 CSO GI (Loaded) Ultimate rates.

Unpaid Loss/Claim Adjustment Expenses
The Company accrues an operating expense for the cost of settling benefit claims incurred in the current period, with settlement in future periods. The estimate is based upon the time duration of expected transactions and the total expected costs of settlement, including overhead expenses for each transaction. The balance in the liability for the unpaid loss/claim adjustment expense as of December 31, 2024 and 2023 was approximately $230,000 and $298,000, respectively.

Reinsurance
Premiums, commissions, expense reimbursements, benefits and reserves related to reinsured business are accounted for on bases consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Premiums ceded to other companies have been reported as a reduction of premium income. Commissions ceded to other companies have been reported as income with the expense allowance in the revenue section of the summary of operation. Amounts applicable to reinsurance ceded for future policy benefits, unearned premium reserves and claim liabilities have been reported as reductions of these items.

Investments
Investments are valued as prescribed by the NAIC and as required by the OIC. Security transactions are recorded on a trade date basis and private placements are recorded on a funding date basis. Investments are recorded on the following bases:

•
Bonds–at amortized cost. Bonds with NAIC designations of 6 are carried at the lower of amortized cost or fair value. Discount or premium on bonds is amortized using the interest method on a prospective basis. A yield to worst amortization method is used to take into consideration any bond call or sinking fund feature. Loan-backed securities are amortized using the interest method including anticipated prepayments at the date of purchase. Prepayment assumptions are obtained from broker dealer surveys or internal estimates and are based on the current interest rate and economic environment. Significant changes in estimated cash flows from the original purchase assumptions are accounted for using the prospective method.

•
Unaffiliated common stocks- at fair value. In determining the estimated fair value disclosed for these securities, management obtained quotations from independent sources, generally pricing services.

•
Mortgage loans– at the aggregate unpaid balance less allowance for uncollectible amounts. The Company measures impaired loans based on the present value of expected future cash flows discounted at the loan’s effective interest rate or estimated, at the loan’s observable market price or the fair value of the collateral, if the loan is collateral dependent. Interest income on impaired loans would be recognized to the extent the borrower is currently paying interest according to their contractual obligation. Any future cash receipts will be identified as either reductions of principal or interest income depending on the facts and circumstances of the individual loan’s investment and the risk profile of the collateral.
 
12
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022


•
Real estate, including related improvements–at the depreciated historical cost or market if impaired. This invested asset is comprised of the following classifications: held for production of income, held for own use, and held for sale. Depreciation is computed on a straight-line basis over the estimated useful life of the acquired assets. Independent appraisals are obtained at least every three years on investment held for production of income and held for sale; if fair value is less than book value and the amount is deemed non-recoverable, an impairment loss is recognized. These properties are accounted for under NAIC Statement of Statutory Accounting Principles (“SSAP”) 40R.

•
Contract loans–at unpaid balances, not in excess of policy cash surrender value.

•
Other invested assets, Surplus Notes – at amortized cost. This is in accordance with SSAP 41R, Surplus Notes

•
Short-term investments – at cost or amortized cost.

Realized gains and losses on sales of investments, recognized in the statement of operations, are determined based on the sale price, and carrying value of the specific security.

Changes in interest rates have a direct, inverse impact on the fair value of fixed income investments. It is reasonably possible that changes in interest rates will occur in the near term and could, as a result of such changes, have a material impact on the fair value of fixed income investments. If a decline in the fair value of an individual investment, except for loan-backed securities, is considered to be other-than-temporary, the difference between amortized book value or original cost and fair value is recorded as a realized investment loss. If the fair value of loan‑backed securities declines below its amortized cost basis, the Company determines whether the decline is other-than-temporary. Loan-backed securities with evidence of deterioration of credit quality and for which it is probable that the Company will be unable to collect all contractually required payments receivable, are written down to the present value of cash flows expected to be received.

Accrued Investment Income
Investment income due and accrued with amounts over 90 days past due are nonadmitted.

Federal Income Taxes
The Company has applied the SSAP No. 101, “Income Taxes.” Income tax incurred is recognized by applying the enacted income tax law. Deferred income taxes are provided for temporary differences between the financial statement and tax bases of assets and liabilities at the end of each year based on enacted tax rates. Changes in admitted deferred income tax assets and liabilities are recognized as adjustments to surplus. Deferred tax assets are first subjected to a valuation allowance assessment and then are admitted to the extent they meet specific criteria but are limited to the amount of gross deferred tax assets expected to be reversed within a limited time period and are limited to a percentage of adjusted capital and surplus. The reversal and surplus limitation parameters in the admission tests are determined based on the risk-based capital levels.
13
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Leases
The Company has long-term lease commitments with options to renew at the end of the lease periods. Operating lease payments are charged to the income statement in the period in which they are incurred. See Note 12 for additional information on lease commitments.

Death, Disability and Other Benefits
Death and disability benefits represent the estimated ultimate net cost of all reported and unreported claims incurred through year end. Such estimates are based on projections applied to historical claim payment data.

Electronic Data Processing Equipment
Depreciation on electronic data processing equipment, a non-admitted asset, is calculated using the straight-line basis over 3 years. Gross electronic data processing equipment, accumulated depreciation and net admitted assets of EDP for December 31, 2024 and 2023 are as follows:

(in thousands of dollars) 
 
2024
2023
Gross EDP Equipment
$ 1,276
$ 1,253
Accumulated Depreciation
(1,256)
(1,253)
Net EDP
20
-
Non-Admitted EDP
(20)
-
Net Admitted EDP
$ -
$ -


Depreciation expense on electronic data processing equipment assets was $3,000, $251,000, $251,000 and for the year ended December 31, 2024, 2023 and 2022, respectively, and has been included in general insurance expenses.

Financial Instruments and Concentrations of Credit Risk
The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash, investments, and reinsurance receivables and payables.

The Company cedes insurance risk to various reinsurance companies that have low default risk based on different rating agencies risk assessments. The Company’s management reviews the financial strength of its reinsurers at the inception of a reinsurance contract and periodically thereafter for the purpose of assessing the financial ability of the reinsurers to perform. Management believes that its reinsurers have the financial strength to perform on their financial obligations.

The Company places its cash with high credit quality institutions. At times, such amounts may be in excess of the FDIC insurance limits. Management believes that risk with respect to these balances is minimal, due to the high credit quality of the depositories.

The Company invests in high quality securities with no significant concentration of risk.

Accounting Changes and Corrections of Errors
At March 31, 2024, the Company included a SSAP No. 3 Accounting Changes and Corrections of Errors adjustment on page 4 Line 5301 Column 1 in the amount of $5,602,000 net of tax to correct a prior year error in the calculation of Commissions.
 
14
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Change in Valuation Basis
There were no changes in reserve valuation basis for 2024.

Statements of Cash Flows
For purposes of the statement of cash flows the following are included: cash, cash equivalents and short- term investments. Short-term investments consist principally of money market funds with remaining maturities at date of purchase of 12 months or less.

3. Investments

The components of investment income by type of investment for the years ended December 31, 2024, 2023 and 2022 are as follows:

(in thousands of dollars)
2024
2023
2022
 
Bonds
 
$ 20,034
  
 
$ 63,318
  
 
$ 130,292
Mortgage loans
-
  
15,433
  
19,078
Investment real estate
5,968
  
11,297
  
11,348
Contract loans
-
  
9,915
  
17,010
Short-term investments
5,245
  
40,351
  
2,394
Other
262
  
1,033
  
3,880
Gross investment income
31,509
  
141,347
  
184,002
Less: Investment expenses
(8,587)
  
(20,882)
  
(16,024)
Net investment income
$ 22,922
  
$ 120,465
  
$ 167,978

Investment expenses included the following fees paid to the Company’s various affiliated investment managers:

In 2024, 2023 and 2022, the Company’s investment expense included fees of approximately $234,000,
$353,000 and $344,000, respectively, to its Parent Company, FGI.

In 2024, 2023 and 2022, the Company’s investment expenses included fees of approximately $51,000,
$331,000 and $360,000, respectively, to Zurich Investment Services.

In 2024, 2023 and 2022, the Company’s investment expenses included fees of approximately
$1,930,000, $2,315,000, $2,429,000, respectively, to Zurich Global Investment Management.

In 2024, 2023 and 2022, the Company’s investment expenses included fees of approximately $521,000,
$713,000 and $505,000, respectively, to Zurich Alternative Asset Management.

Interest Income Due and Accrued
The gross, non-admitted and admitted amounts for interest income due and accrued as of December 31, 2024, 2023 and 2022 are as follows:

(in thousands of dollars)
  
 
2024
  
2023
  
2022
Gross
$ 5,349
  
$ 6,362
  
$ 30,613
Nonadmitted
(4)
  
(31)
  
(39)
Admitted
$ 5,345
  
$ 6,331
  
$ 30,574
 
15
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022
 
Realized Gains and Losses
Realized gains and losses on sales, redemptions and impairments of investments are determined based on the actual cost of the securities. Realized investment gains and losses for the years ended December 31, 2024, 2023 and 2022 are as follows:

(in thousands of dollars)
2024
  
2023
  
2022
Bonds
$ 5
  
$ (296,820)
  
$ 11,445
Short-term investments
1
  
8,271
  
-
Investment real estate
(2,535)
        
Mortgage Loans
-
  
(93,147)
  
-
 
(2,529)
  
(381,696)
  
11,445
Transfer to(from) interest maintenance reserve
(5)
  
307,280
  
(8,506)
Add: Tax expense on net realized gains
(1,256)
  
78,104
  
(7,968)
Net realized gains
$ (3,790)
  
$ 3,688
  
$ (5,029)


Impairment losses included in realized gains and losses above were $17,217,000, $3,445,000 and
$4,000 for the years ended December 31, 2024, 2023 and 2022, respectively.

Unrealized Gains and Losses on Fixed Maturities
Amortized cost, gross unrealized gains, gross unrealized losses, fair value of fixed maturities and equity securities as of December 31, 2024 and 2023 are as follows:

 
2024
  
     
Gross
  
Gross
    
 
Amortized
  
Unrealized
  
Unrealized
  
Fair
(in thousands of dollars)
Cost
  
Gains
  
Losses
  
Value
Fixed Maturities
U.S. governments
 
$ 125,094
  
 
$ 348
 
$
 
(3,158)
  
 
$ 122,284
Political subdivisions
500
  
-
  
(78)
  
422
Special revenues
1,085
  
-
  
(67)
  
1,018
Industrial and miscellaneous
201,555
  
934
  
(1,983)
  
200,505
Total bonds
328,234
  
1,282
  
(5,286)
  
324,229
Loan-backed securities
218,427
  
1,246
  
(2,862)
  
216,811
Short-term fixed income securities
2,498
  
1
  
-
  
2,499
Total fixed maturities
$ 549,159
  
$ 2,529
$
(8,148)
  
$ 543,540

16
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022
 

       
2023
      
     
Gross
  
Gross
    
 
Amortized
  
Unrealized
  
Unrealized
  
Fair
(in thousands of dollars)
Cost
  
Gains
  
Losses
  
Value
Fixed Maturities
U.S. governments
 
$ 41,980
  
 
$ 120
 
$
 
(2,761)
  
 
$ 39,339
Political subdivisions
500
  
-
  
(91)
  
409
Special revenues
1,085
  
-
  
(95)
  
990
Industrial and miscellaneous
78,900
  
491
  
(1,876)
  
77,515
Total bonds
122,465
  
611
  
(4,823)
  
118,253
Loan-backed securities
148,027
  
435
  
(4,633)
  
143,829
Short-term fixed income securities
249,134
  
42
  
-
  
249,176
Total fixed maturities
$ 519,626
  
$ 1,088
$
(9,456)
  
$ 511,258


Unrealized Losses on Fixed Maturities and Equity Securities
Fair value and gross unrealized losses of fixed maturities and equity securities as of December 31, 2024 and 2023 were as follows:

2024
Unrealized Losses Unrealized Losses
Less Than 12 Months 12 Months or Greater Unrealized Unrealized
(in thousands of dollars)
Fair Value
  
Losses
  
Fair Value
  
Losses
Fixed maturities
U.S. governments
 
$ 46,271
  
 
$ (746)
  
 
$ 16,190
  
 
$ (2,412)
U.S. Political Subdivisions Bonds
-
  
-
  
422
  
(78)
Special revenues
-
  
-
  
1,018
  
(67)
Industrial and miscellaneous
55,021
  
(744)
  
39,422
  
(1,239)
Total bonds
101,292
  
(1,490)
  
57,052
  
(3,796)
Loan-backed securities
20,355
  
(147)
  
75,484
  
(2,715)
Total fixed maturities
$ 121,647
  
$ (1,637)
  
$ 132,536
  
$ (6,511)


2023
Unrealized Losses Unrealized Losses
Less Than 12 Months 12 Months or Greater Unrealized Unrealized
(in thousands of dollars)
Fair Value
  
Losses
  
Fair Value
  
Losses
Fixed maturities
U.S. governments
 
$ -
  
 
$ -
  
 
$ 36,251
  
 
$ (2,761)
U.S. Political Subdivisions Bonds
-
  
-
  
409
  
(91)
Special revenues
-
  
-
  
990
  
(95)
Industrial and miscellaneous
11,375
  
(79)
  
48,000
  
(1,797)
Total bonds
11,375
  
(79)
  
85,650
  
(4,744)
Loan-backed securities
4,981
  
(18)
  
122,422
  
(4,615)
Total fixed maturities
$ 16,356
  
$ (97)
  
$ 208,072
  
$ (9,359)
17
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

As of December 31, 2024, fixed maturities represented 100% of the Company’s total unrealized loss amount, which was comprised of 166 securities. The Company held 1 security that was in an unrealized loss position in excess of 20%.

Fixed maturities in an unrealized loss position for less than 12 months were comprised of 66 securities, of which 100%, or $121,647,000 were comprised of securities with fair value to amortized cost ratios at or greater than 95%. Most of these securities are investment grade fixed maturities that have decreased in fair values due to changes in interest rates since the date of purchase.

Fixed maturities in an unrealized loss position for 12 months or more as of December 31, 2024 were comprised of 100 securities, with a total fair value of approximately $132,535,000. The decline in market value for these securities is primarily attributable to changes in interest rates. A variety of data is reviewed, including the aging and severity of unrealized losses; watch lists distributed by the asset managers, deviations in market prices between months, and results of tests indicating if any bond holdings with unrealized losses have a credit rating below investment grade for 12 consecutive months. If a fixed maturity security, except for loan-backed securities, is deemed other-than-temporarily impaired, then the security’s book value basis is written down to current market value with the Company recognizing an impairment loss in current period’s earnings.

Because the decline in market value is attributable to changes in interest rates and not credit quality and because the Company has the ability and intent to hold the fixed income investments until a recovery of fair value, which may be maturity, the Company does not consider these investments to be other-than- temporarily impaired as of December 31, 2024.

Loan-Backed Securities
There were no loan-backed securities impaired during 2024 due to intent to sell or inability or lack of intent to retain the security for a period of time sufficient to recover the amortized cost basis. Loan-backed securities with evidence of deterioration of credit quality for which it is probable that the Company will be unable to collect all contractually required payments receivable, are written down to the present value of expected cash flows to be received. In determining the impairments for loan-backed securities, a review of default rate, credit support and other key assumptions is made on the security level.

Prepayment Penalty and Acceleration Fees
For securities sold, redeemed or otherwise disposed as a result of a callable feature, the following table discloses the number of CUSIPs sold, redeemed or otherwise disposed and the aggregate amount of investment income generated as a result of a prepayment penalty and/or acceleration fee for the years ended December 31, 2024 and 2023 are as follows:

(in thousands of dollars)
2024
    
2023
  
Number of CUSIPs
  
2
    
1
Aggregate Amount of Investment Income
$
8
  
$
245


Subprime Mortgage Related Risk Exposure
The Company has no direct exposure through investments in subprime mortgage loans.
 
18
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

5GI Securities
The Company does not have any 5GI securities as of December 31, 2024 and 2023.

Maturities of Bonds
The amortized cost and fair value of bonds and short-term investments, by contractual maturity, at December 31, 2024 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 penalty:

 
(in thousands of dollars)
Amortized
Cost
Fair
Value
 
Due to 1 year or less
 
$ 27,082
  
 
$ 26,958
Due after 1 year through 5 years
245,957
  
244,545
Due after 5 years through 10 years
48,196
  
47,826
Due after 10 years
9,497
  
7,399
 
330,732
  
326,728
Loan-backed securities
218,427
  
216,811
Total bonds
$ 549,159
  
$ 543,539

Sales of Bonds and Common Stocks
The gross gains, gross losses and proceeds from sales on bonds and common stocks for the years ended December 31, 2024, 2023 and 2022 are as follows:
 
(in thousands of dollars)
 
Gross
Gains
Gross
Losses
 
Proceeds
 
2024 Bonds
 
$  86
 
$  (52)
 
$  53,268
 
$  86
$  (52)
$  53,268
 
2023 Bonds
 
$  3,820
 
$  (300,641)
 
$3,215,347
 
$  3,820
$  (300,641)
$3,215,347
 
2022 Bonds
 
$  20,378
 
$  (3,318)
 
$  415,860
 
$  20,378
$  (3,318)
$  415,860

Bonds with an amortized cost of approximately $5,253,000 and $5,209,000 were on deposit with regulatory authorities at December 31, 2024 and 2023, respectively, to satisfy regulatory requirements. The fair value of these securities was approximately $3,662,000 and $3,926,000 as of December 31, 2024 and 2023, respectively.

On January 18, 2022, Mount Rosa/Mount Evans bonds were called and the Company received total proceeds of $104,303,000. The Company recorded a prepayment penalty income of $26,155,000 and realized loss of $6,241,000 in accordance with SSAP No. 26R.

19
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Commercial Mortgage Loans
As of December 31, 2024, the Company no longer has any investment in mortgage loans. The Company disposed of all mortgage loans on November 1, 2023.

Real Estate
Real estate investments at December 31, 2024 and 2023 were as follows:

(in thousands of dollars)
  
 
2024
  
2023
Actual Costs:
Property held for the production of income
 
$ 53,358
  
 
$ 105,751
Property held for sale
-
  
28,803
Accumulated depreciation
(6,382)
  
(18,309)
Other than temporary impairment
(17,217)
  
(3,445)
Total real estate carrying value
$ 29,759
  
$  112,800

The Company establishes wholly owned subsidiary single member LLC legal entities to invest in direct real estate properties held for the production of income. As of December 31, 2024, the Company owned the following legal entities: BOS Office 3, LLC, CHI Ind 6, LLC, and Raleigh Office 2, LLC. The Company recognized $17,217,000 and $3,445,000 impairments on real estate for the years ended December 31, 2024 and 2023, respectively. At December 31, 2024, no properties were classified as held for sale. During 2024, The Company sold five real estate properties: LA Industrial 2, LLC, DC Retail 1, LLC, Charlotte Industrial 2, LLC, CHI Ind 1, LLC, and Charlotte Industrial 3, LLC. The Company also partially sold one real estate property: BOS Office 3, LLC. The Company recognized a total capital gain of $14,681,000.
Both the impairment loss and the net capital gain on disposal are reported in the Statement of Operations under net realized capital gains/losses net of taxes.

Other Invested Assets
On December 20, 2017, the Company purchased a surplus debenture of $100,000,000 issued by Farmers Insurance Exchange and the asset has been carried at cost. The Insurance Commissioner of the State of California authorized the purchase with a maturity date of December 20, 2027. The note has an annual interest rate of 3.758% due semi-annually on June 20 and December 20. On December 20, 2022, the surplus note was paid off in full by Farmers Insurance Exchange for $100,000,000.

20
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Restricted Assets
As of December 31,2024, and 2023, total restricted assets amounted to $5,253,000 and $5,209,000 respectively. Of these assets, bonds and short-term investments on deposit were for state insurance departments to satisfy regulatory requirements.

(in thousands) December 31, 2024

Restricted Asset Category
Total General
Account (G/A)
Total
Total from
Prior Year
Increase/ (Decrease)
Total
Admitted
Restricted
Gross
Restricted
to Total
Assets
Admitted
Restricted
to Total
Admitted
Assets
               
On deposit with states regulatory bodies
5,253
5,253
5,209
45
5,253
0.211%
0.217%
               
Total restricted assets
5,253
5,253
5,209
45
5,253
0.211%
0.217%
               

(in thousands) December 31, 2023

Restricted Asset Category
Total General
Account (G/A)
Total
Total from
Prior Year
Increase/ (Decrease)
Total
Admitted
Restricted
Gross
Restricted
to Total
Assets
Admitted
Restricted
to Total
Admitted
Assets
               
On deposit with states regulatory bodies
5,209
5,209
3,918
1,290
5,209
0.220%
0.226%
               
Total restricted assets
5,209
5,209
3,918
1,290
5,209
0.220%
0.226%
               

4. Fair Value of Financial Instruments

Included in various investment related line items in the financial statements are certain financial instruments carried at fair value on a recurring basis. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds when carried at the lower of cost or market.

The Company’s financial assets and liabilities carried at fair value have been classified, for disclosure purposes, based on a hierarchy defined by SSAP No. 100R. The hierarchy gives the highest ranking to fair values determined using unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest ranking to fair values determined using methodologies and models with unobservable inputs (Level 3). An asset’s or liability’s classification is based on the lowest level input that is significant to its measurement. For example, a Level 3 fair value measurement may include inputs that are both observable (Levels 1 and 2) and unobservable (Level 3).

21
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

The levels of the fair value hierarchy are as follows:

Level 1 Fair value measurements based on observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the company has the ability to access at the measurement date. Level 1 securities include money market funds.

Level 2 Fair value measurements based on quoted prices in markets that are not active or significant inputs that are observable either directly or indirectly. Level 2 inputs include the following:

a)
Quoted prices for similar assets or liabilities in active markets.

b)
Quoted prices for identical or similar assets or liabilities in non-active markets.

c)
Inputs other than quoted market prices that are observable.

d)
Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

Level 3 Fair value measurements based on valuation techniques that require significant inputs that are both unobservable and significant to the overall fair value measurement. These measurements include circumstances in which there is little, if any, market activity for the asset or liability and reflect management’s own judgments about the assumptions a market participant would use in pricing the asset or liability.

There were no revisions to the Company’s fair value level classifications policy for 2024 or 2023.

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table provides information as of December 31, 2024 and 2023 about the Company’s financial assets measured at fair value:

(in thousands of dollars) 
 
2024
 
 
Level 1
  
Level 2
  
Level 3
  
Total
Assets at fair value
Separate account assets
Total assets at fair value
$   1,422,472
  
$   -
  
$   -
  
$   1,422,472
 
$   1,422,472
  
$   -
  
$   -
  
$   1,422,472
               
(in thousands of dollars) 
 
2023
 
 
Level 1
  
Level 2
  
Level 3
  
Total
Assets at fair value
Separate account assets
Total assets at fair value
$   1,244,925
  
$   -
  
$   -
  
$   1,244,925
 
$   1,244,925
  
$   -
  
$   -
  
$   1,244,925
               

22
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Level 1 Financial Assets
Separate Account Assets
Fair values and changes in the fair values of separate account assets generally accrue directly to the contract holders and are not included in the Company’s revenues and expenses or surplus.

Separate account assets in Level 1 include actively traded institutional and retail mutual fund investments valued by the respective mutual fund companies.

Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis
There were no changes in assets classified as Level 3 for the years ended December 31, 2024 and 2023.

Policy on Transfers In and Out of Level 3
At the end of each reporting period, the Company evaluates whether or not any event has occurred, or circumstances have changed that would cause an investment to be transferred in or out of Level 3. There were no transfers in or out of Level 3 in 2024 and 2023.

Fair Values of Financial Instruments and its Level within the Fair Value Hierarchy
The following tables provide information as of December 31, 2024 and 2023 about the fair values of the Company’s financial instruments and their levels within the fair value hierarchy.

(in thousands of dollars) December 31, 2024

Type of Financial Instrument
Aggregate Fair Value
Statement Value
Level 1
Level 2
Level 3
Not Practicable (Carrying Value)
Assets at Fair Value
            
             
Bonds
$   541,041
$   546,661
$   -
$   537,539
$   3,501
 
$   -
Cash, cash equivalents and short-term investments
 15,660
15,660
13,161
2,499
-
-
Accrued investment income
5,345
5,345
5,345
-
-
-
Separate accounts
1,422,472
1,422,472
1,422,472
-
-
-
Total assets at fair value
$   1,984,518
$   1,990,138
$   1,440,978
$   540,038
$   3,501
$   -
             
Liabilities at Fair Value
            
Separate accounts
1,422,472
1,422,472
-
1,422,472
    
Total liabilities at fair value
$   1,422,472
$   1,422,472
$   -
$   1,422,472
$   -
$   -
             
             

23
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

(in thousands of dollars) December 31, 2023


Type of Financial Instrument
Aggregate Fair Value
Statement Value
Level 1
Level 2
Level 3
Not Practicable (Carrying Value)
Assets at Fair Value
            
             
Bonds
$   262,082
$   270,492
$   -
$  259,492
$   2,590
 
$   -
Cash, cash equivalents and short-term investments
 258,348
258,306
9,172
249,176
-
-
Accrued investment income
6,331
6,331
6,331
-
-
-
Separate accounts
1,244,925
1,244,925
1,244,925
-
-
-
Total assets at fair value
$   1,771,686
$   1,780,054
$   1,260,428
$   508,668
$   2,590
$   -
             
Liabilities at Fair Value
            
Separate accounts
1,244,925
1,244,925
-
1,244,925
    
Total liabilities at fair value
$   1,244,925
$   1,244,925
$   -
$   1,244,925
$   -
$   -
             
             

The following methods and assumptions were used to estimate the fair value of financial instruments as of December 31, 2024 and 2023:

Bonds
The fair values of bonds are valued using quoted market prices from third party sources. If quotes from these sources were not available, a broker dealer estimate was used. Unless representative trades of securities actually occurred at year end, these quotes are generally estimates of market value based on an evaluation of appropriate factors such as trading in similar securities, yields, credit quality, coupon rate, maturity, type of issues and other market data. Major inputs include yield curves, yields, and expected future cash flows. Level 3 bonds consist of non-agency mortgage-backed securities with significant unobservable inputs.

Contract Loans
The carrying value of contract loans is the unpaid loan balance not in excess of policy cash surrender values. The estimated fair value of contract loans is based upon the present value of the future cash flows discounted at a mid-market swap rate. The excess of fair value over carrying value is due to interest rates on contract loans (some as high as 8%) being much higher than interest rates available in the current persistent low interest rate environment. Due to the contract loans asset balance currently being 100% ceded, the Company has a zero net balance as of December 31, 2024 and 2023.

Receivables/Payables for Securities
The fair value for receivables/payables for securities are based on quoted market prices from third party sources.

Cash, Cash Equivalents and Short-Term Investments
The costs of these items are a reasonable estimate of their fair value. The fair value of money market mutual funds are valued using NAV.

Accrued Investment Income
The cost of accrued investment income approximates fair value unless otherwise noted.

24
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Separate Accounts
The separate accounts assets are carried at fair value based on the reported net asset value (NAV) per share of the respective portfolios at December 31, 2024 and 2023. Accumulation values are computed daily based on the change in fair market value of the NAV of the subaccount less mortality and expense risk charges for the subaccount. The Company uses the value of the assets as a reasonable estimate of the value of the liabilities.

5. Related Parties

The Company is a subsidiary of Farmers Group Inc (FGI), an insurance holding company domiciled in the state of Nevada. As the Parent Company, FGI performs legal, investment, and marketing services on behalf of the Company. Fees for these services are determined by using various cost allocation methods.

FGI has an agreement with the Company to provide sales and marketing, human resource, information technology, real estate, tax, payroll, investments, purchasing, warehousing, corporate legal and other services. Fees charged to the Company by FGI were approximately $22,830,000, $31,853,000, and
$37,202,000, for the years ended December 31, 2024, 2023 and 2022 respectively, and are expensed as incurred.

The Exchanges have an agreement with the Company to provide distribution and other services. Fees charged to the Company by the Exchanges were approximately $19,836,000, $24,566,000, and
$25,421,000 for the years ended December 31, 2024, 2023 and 2022, respectively, and are expensed as incurred.

MI Administrators, LLC is a wholly owned subsidiary of Farmers Insurance Group Leasing and was formed on September 24, 2008 under the laws of the State of Delaware. MI Administrators serves as a paymaster entity for the Company and affiliate entities and facilitates cash settlement of related party transactions in accordance with the State of Washington’s business and occupation regulations.

The Company has a service agreement with its affiliate, Zurich American Life Insurance Company (“ZALICO”), for the Company to perform administrative services reasonably necessary in the ordinary course of business, including but not limited to data processing, financial services, investment services, and certain other services as deemed necessary. Fees charged by the Company to ZALICO were approximately $56,000, $56,000, and $56,000 for the years ended December 31, 2024, 2023 and 2022 respectively and are expensed as incurred.

As part of a tax sharing agreement with FGI, FNWL received a net refund of $8,375,000 for the year ended December 31, 2024 and remitted a net payment of $295,755,000 for the year ended December 31, 2023. The current year prepayment was $500,000 and $295,200,000 for December 31, 2024 and 2023, respectively.

For information on investment fees paid to affiliates or affiliated investments, please refer to Note 3. For information related to dividends paid to FGI, please refer to note 7.
For the period ended December 31, 2024 and 2023, the Company reported the following amounts due from or to related parties, excluding reinsurance related balances: (Please refer to Note 6 for reinsurance related balances.)
25
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

(in thousands of dollars) 


Receivables from related parties Farmers Insurance Group Leasing
Total receivables from related parties
Payables to related parties
2024

$ -
-
  
2023

$ -
-
FGI
(2,486)
  
(5,079)
Farmers Insurance Exchange
(3,649)
  
(2,933)
Zurich Investment Services Limited
(337)
  
(826)
Farmers Insurance Group Leasing
(74)
  
(14)
Total payables to related parties
(6,546)
  
(8,852)
Net payables to related parties
$ (6,546)
  
$ (8,852)

6. Reinsurance

The Company assumes business from and cedes business to reinsurers to share risks under certain term, whole life, universal life and annuity policies for the purpose of reducing exposure to large losses.

Reinsurance ceded contracts do not relieve the Company from its obligations to policyholders. The Company remains liable to its policyholders for the portion reinsured to the extent that any reinsurer does not meet its obligations for reinsurance ceded to it under the reinsurance agreements. Failure of the reinsurers to honor their obligations could result in losses to the Company. Provisions are established for amounts deemed or estimated to be uncollectible. As of December 31, 2024 and 2023, no amounts have been recorded in relation to uncollectible reinsurance balances.

Beginning January 1, 2010, the Company ceded to its affiliate, Zurich Insurance Company (“ZIC”), 50% of contractual risk for new issues of its critical illness rider and a portion of business that is ceded through reinsurance pools. Effective January 1, 2012, new business previously ceded to Leschi, a wholly owned subsidiary, was ceded to ZIC. Effective October 1, 2013, the Company recaptured the Level Term business reinsured with Leschi and simultaneously reinsured the recaptured in force block with ZIC. Effective January 1, 2015, the Company cedes to ZIC 75% of its contractual risk for new issues of certain term insurance policies subject to simplified underwriting. Effective December 1, 2015, the Company cedes to ZIC 100% of its contractual risk for new and in-force issues of its indexed universal life product. Effective August 1, 2023 all previously reinsured business with ZIC was recaptured. Premiums ceded to ZIC approximated $0, $101,817,000, and $438,084,000 for the years ended December 31, 2024, 2023, and 2022, respectively. Claims ceded to ZIC were approximately $0, $58,948,000, and $168,625,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Changes in reserves ceded to ZIC were approximately $0, ($1,587,178,000) and $66,603,000 for the years ended December 31, 2024, 2023 and 2022, respectively.

On May 17, 2023 the Company entered into an agreement with Security Life of Denver (“SLD”) effective August 1, 2023 to reinsure the remaining inforce life, A&H and annuity blocks of business of the Company. In connection with, and at the same time, the Company recaptured all reinsurance from ZIC and placed it with Resolution Life Group. Specific to the transaction with Resolution, the Company ceded approximately $4.0 billion in assets and $5.2 billion in statutory reserves through the reinsurance transaction.

Premiums assumed from unaffiliated companies approximated $180,000, $165,000 and $162,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Premiums ceded to unaffiliated companies approximated $1,199,403,000, $5,374,166,000 and $191,524,000 for the years ended December 31, 2024, 2023 and 2022, respectively. There were no claims paid to unaffiliated companies on assumed reinsurance for the years ended December 31, 2024, 2023 and 2022. Claims ceded to unaffiliated companies were approximately $576,295,000, $387,550,000 and $153,653,000 for the years ended December 31, 2024, 2023 and 2022, respectively. Changes in reserves assumed from unaffiliated companies were approximately ($122,000), ($64,000), and ($513,000) for the years ended December 31, 2024, 2023 and 2022, respectively. Changes in reserves ceded to unaffiliated companies were approximately ($117,051,000), $5,205,741,000 and ($112,519,000) for the years ended December 31, 2024, 2023 and 2022, respectively.
26
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

The estimated amounts of aggregate reduction in surplus due to termination of all reinsurance agreements by either party as of December 31, 2024 and 2023 would be approximately $1,884,218,000 and $1,812,317,000, respectively.

As of December 31, 2024, there are no Covered Policies subject to the requirements of Actuarial Guideline XLVIII as defined in Section 4.B and per exemptions in Section 3.

7. Surplus and Restrictions

Statutory surplus of approximately $506,598,000 and $527,358,000 as of December 31, 2024 and 2023, respectively, is the amount held for the benefit of the stockholder. The entire amount in 2024 and 2023 is designated as stockholder’s surplus for tax purposes and would not subject the Company to taxation if paid as a cash dividend.

The amount of dividends that can be paid by the Company to its stockholder without prior approval (or non-disapproval) of the OIC is limited to the lesser of: (i) 10% of its statutory earned surplus or (ii) the statutory net income before realized gains and losses from the preceding calendar year. All dividends paid during the preceding 12 month rolling period are considered for this calculation. Earned surplus consists of funds derived from any realized net profits and does not include unrealized capital gains or re- evaluation of assets. A dividend paid that does not meet the above specifications is defined in total as an “extraordinary dividend” and requires advance approval from the OIC. The maximum dividend payouts that could be made without prior approval of the OIC for the years 2025 and 2024 are $0 and
$52,736,000, respectively. Dividends are approved by the board of directors.

On November 8, 2023, the Company declared extraordinary dividends in the amount of $1,200,000,000 that was paid to FGI on December 27, 2023, with the non-disapproval of the Washington Office of Insurance Commissioner.

8. Employees’ Retirement Plans

Prior to January 1, 2009, FGI sponsored a qualified, noncontributory defined benefit pension plan where benefits were based on years of service and the employee’s compensation during the last five years of employment. Effective January 1, 2009 the Company transitioned to a Cash Balance Program. Under the Cash Balance Program, FGI makes regular contributions to the employee’s account. The amount of these contributions is based on a percentage of an employee base pay and will vary depending on an employee’s age and length of service. However, vested employees who were age 40 and over or who had 10 or more years of service as of December 31, 2008 were “grandfathered” in the previous Pension Program. This approach helped employees closer to retirement to maintain the full value of their anticipated pension benefit.
27
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

The FGI funding policy is to make sufficient contributions to the pension plan to fully provide for employees benefits at the time of retirement.

FGI announced on October 20, 2016 that it would freeze all pension plan benefits (final average earnings and cash balance formulas) effective December 31, 2018. The impacted employees kept all benefits accrued through December 31, 2018, but no longer accrue benefits after that date. As part of this change, starting January 1, 2019, FGI contributes an additional 4% of eligible pay to employees’ 401K Savings Plan as explained in note 9.

In addition, the Company provides post-retirement benefits to retired employees through a plan also sponsored by FGI. The Company has no legal obligation for benefits under these plans. FGI charges the Company an allocated share of such contributions based on characteristics of the population of plan participants.

The expenses allocated for pension and post-retirement benefit costs were approximately $329,000,
$561,000, and $555,000 for the years 2024, 2023 and 2022, respectively. Pension plan and post- retirement plan assets and liabilities are carried by FGI.

9. Employees’ Incentive Plans

Prior to January 1, 2009, FGI and its subsidiaries had two profit sharing plans providing for cash payments to all eligible employees, the Cash Profit Sharing Plan and Deferred Profit-Sharing Plan. Effective January 1, 2009 the Company transitioned from the two profit sharing plans to a 401K Savings Plan and the Short-Term Incentive Plan (“STIP”) award program.

The 401K Savings Plan includes a dollar-for-dollar Company match up to 6% of employees earned base pay. Vesting is immediate for employee contributions and employer match. Effective January 1, 2019, FGI contributes an additional 4% Company Base Contribution to employees 401(k) Savings Plan, regardless of employee contribution. Three years of eligible service is required to vest in the 4% Company Base Contribution. The cost to the Company for the 401(k) Savings Plan is included in the overhead and administrative charges paid by the Company to FGI.

The STIP program has two drivers. The award pool funding is determined by the Company meeting predetermined business performance metrics each year. Secondly, the pool is distributed based on annual individual performance ratings. The majority of Farmers employees participate in the STIP award program. Up to 85% of the award can be deferred into the Company’s 401K Savings Plan.

The Company’s share of expenses for the STIP award program for the years ended December 31, 2024, 2023 and 2022 was approximately $3,682,000, $4,946,000, and $5,198,000, respectively. Additionally, the Company’s contributions to the 401K Savings Plan totaled $2,721,000, $3,486,000 and $4,048,000 for the years ended December 31, 2024, 2023, and 2022 respectively.

10. Federal Income Taxes

The components of the Company’s net deferred tax asset (“DTA”) / deferred tax liability (“DTL”) as of December 31, 2024 and 2023 are as follows:
 
2024
  
(in thousands of dollars)
Ordinary
Capital
Total
 
Gross deferred tax assets
Statutory valuation allowance adjustment
 
$ 85,450
-
  
 
$ 2,009
-
  
 
$ 87,459
-
Adjusted gross deferred tax assets
85,450
  
2,009
  
87,459
Deferred tax assets nonadmitted
(56,393)
  
-
  
(56,393)
Subtotal net admitted deferred tax assets
29,057
  
2,009
  
31,066
Deferred tax liabilities
(4,858)
  
-
  
(4,858)
Net admitted deferred tax asset
$ 24,199
  
$ 2,009
  
$ 26,208

28
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

 
2023
  
(in thousands of dollars)
Ordinary
Capital
Total
 
Gross deferred tax assets
Statutory valuation allowance adjustment
 
$ 75,706
-
  
 
$ 723
-
  
 
$ 76,429
-
Adjusted gross deferred tax assets
75,706
  
723
  
76,429
Deferred tax assets nonadmitted
(65,429)
  
(723)
  
(66,152)
Subtotal net admitted deferred tax assets
10,277
  
-
  
10,277
Deferred tax liabilities
(2,479)
  
-
  
(2,479)
Net admitted deferred tax asset
$ 7,798
  
-
  
$ 7,798

 
Change
  
(in thousands of dollars)
Ordinary
Capital
Total
 
Gross deferred tax assets
Statutory valuation allowance adjustment
 
$ 9,744
-
  
 
$ 1,286
-
  
 
$ 11,030
-
Adjusted gross deferred tax assets
9,744
  
1,286
  
11,030
Deferred tax assets nonadmitted
9,036
  
723
  
9,759
Subtotal net admitted deferred tax assets
18,780
  
2,009
  
20,789
Deferred tax liabilities
(2,379)
  
-
  
(2,379)
Net admitted deferred tax asset
$ 16,401
  
$ 2,009
  
$ 18,410
29
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

The SSAP No. 101 admission calculation components are as follows:
   
2024
  
(in thousands of dollars)
Ordinary
Capital
Total
       
Federal income taxes paid in prior years recoverable through loss carrybacks
$   -
$   2,009
$   2,009
Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from above) after application of the threshold limitation below
24,199
-
24,199
Adjusted gross deferred tax assets expected to be realized following the balance sheet date
24,199
-
24,199
Adjusted gross deferred tax assets allowed per limitation threshold
NA
NA
72,058
Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from above offset by gross deferred tax liabilities)
4,858
-
4,858
Deferred tax assets admitted as the result of application of SSAP No. 101
$   29,057
$   2,009
$   31,066
Ratio percentage used to determine recovery period and threshold limitation amount
    
1884.%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation above
    
$   480,390

   
2023
  
(in thousands of dollars)
Ordinary
Capital
Total
       
Federal income taxes paid in prior years recoverable through loss carrybacks
$   -
$   723
$   723
Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from above) after application of the threshold limitation below
7,798
(723)
7,075
Adjusted gross deferred tax assets expected to be realized following the balance sheet date
7,798
(723)
7,075
Adjusted gross deferred tax assets allowed per limitation threshold
NA
NA
77,034
Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from above offset by gross deferred tax liabilities)
2,479
-
2,479
Deferred tax assets admitted as the result of application of SSAP No. 101
$   10,277
$   -
$   10,277
Ratio percentage used to determine recovery period and threshold limitation amount
    
1642.%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation above
    
$   519,561

30
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022
   
Change
  
(in thousands of dollars)
Ordinary
Capital
Total
       
Federal income taxes paid in prior years recoverable through loss carrybacks
$   -
$   1,286
$   1,286
Adjusted gross deferred tax assets expected to be realized (excluding the amount of deferred tax assets from above) after application of the threshold limitation below
16,401
723
17,124
Adjusted gross deferred tax assets expected to be realized following the balance sheet date
16,401
723
17,124
Adjusted gross deferred tax assets allowed per limitation threshold
NA
NA
(5,876)
Adjusted gross deferred tax assets (excluding the amount of deferred tax assets from above offset by gross deferred tax liabilities)
2,379
-
2,379
Deferred tax assets admitted as the result of application of SSAP No. 101
$   18,780
$   2,009
$   20,789
Ratio percentage used to determine recovery period and threshold limitation amount
    
242%
Amount of adjusted capital and surplus used to determine recovery period and threshold limitation above
    
$   (39,171)

The impacts of tax planning strategies on the Company’s DTAs are as follows:
 
2024
 
Ordinary
Percent
Capital
Percent
Determination of adjusted gross deferred tax assets
and net admitted deferred tax assets by tax character as a percentage
  
Adjusted gross DTAs
$ 85,450
$ 2,009
Percentage of total adjusted gross DTAs by tax character
    
admitted due to the tax impact of tax planning strategies
0%
0%
Net admitted adjusted gross DTAs
$ 29,057
$ 2,009
Percentage of net admitted adjusted gross DTAs by tax character
    
admitted due to the impact of tax planning strategies
0%
0%


 
2023
 
Ordinary
Percent
Capital
Percent
Determination of adjusted gross deferred tax assets
and net admitted deferred tax assets by tax character as a percentage
  
Adjusted gross DTAs
$ 75,706
$ 723
Percentage of total adjusted gross DTAs by tax character
    
admitted due to the tax impact of tax planning strategies
0%
0%
Net admitted adjusted gross DTAs
$ 10,277
$ -
Percentage of net admitted adjusted gross DTAs by tax character
    
admitted due to the impact of tax planning strategies
0%
0%
31
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022
 
Change
 
Ordinary
Percent
Capital
Percent
Determination of adjusted gross deferred tax assets
and net admitted deferred tax assets by tax character as a percentage
  
Adjusted gross DTAs
$999,744
$ 1,286
Percentage of total adjusted gross DTAs by tax character
    
admitted due to the tax impact of tax planning strategies
0%
0%
Net admitted adjusted gross DTAs
$ 18,780
$ 2,009
Percentage of net admitted adjusted gross DTAs by tax character
    
admitted due to the impact of tax planning strategies
0%
0%

The Company’s tax planning strategies do not include the use of reinsurance. The Company is currently recognizing all deferred tax liabilities.
Current income taxes incurred for the years ended December 31, 2024, 2023 and 2022 consisted of the following major components:

(in thousands of dollars)
2024
  
2023
  
2022
 
Current income tax Federal income tax
$(1,156)
  
$364,454
  
$37,414
Federal income tax on net capital gains / (losses)
1,256
  
(78,104)
  
7,968
Federal income taxes incurred
$100
  
$286,350
  
$45,382

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows:

(in thousands of dollars)

 
2024
  
2023
  
Change
Deferred tax assets
          
Ordinary
          
Deferred acquisition costs
$     69,359
  
$     61,444
  
$     7,915
Life insurance reserves
9,742
  
10,498
  
(756)
Compensation and benefits accrual
933
  
1,286
  
(353)
Nonadmitted assets
2,626
  
671
  
1,955
Other
2,790
  
1,807
  
983
 
85,450
  
75,706
  
9,744
Statutory valuation allowance adjustment
-
  
-
  
-
Nonadmitted deferred tax assets
(56,393)
  
(65,429)
  
9,036
Admitted ordinary deferred tax assets
29,057
  
10,277
  
18,780
Capital Investments
2,009
  
723
  
1,286
Unrealized loss on investments
-
  
-
  
-
Subtotal
2,009
  
723
  
1,286
Statutory valuation allowance adjustment
-
  
-
  
-
Nonadmitted deferred tax assets
-
  
(723)
  
723
Admitted capital deferred tax assets
2,009
  
-
  
2,009
Admitted deferred tax assets
31,066
  
10,277
  
20,789
Deferred tax liabilities Ordinary
          
Fixed assets
2,795
  
2,005
  
790
Market discount on bonds
481
  
265
  
216
Policyholder reserves
93
  
184
  
(91)
Deferred and uncollected premium
-
  
-
  
-
Other
1,489
  
25
  
1,464
Total ordinary deferred tax liabilities
4,858
  
2,479
  
2,379
Capital
          
Investments
-
  
-
  
-
Unrealized gain on investments
-
  
-
  
-
Total capital deferred tax liabilities
-
  
-
  
-
Total deferred tax liabilities
4,858
  
2,479
  
2,379
 
Net admitted deferred tax assets
$     26,208
  
$     7,798
  
$     18,410

32
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

The change in net deferred income taxes as of December 31, 2024 and 2023 was composed of the following:

(in thousands of dollars)

 
2024
  
2023
  
Change
Total deferred tax assets
$     87,459
  
$     76,429
  
$     11,030
Total deferred tax liabilities
(4,858)
  
(2,479)
  
(2,379)
Net deferred tax asset (liability)
$      82,601
  
$73,950
  
8,651
Tax effect of unrealized gains (losses)
        
-
Change in net deferred income tax
        
$     8,651
(charge) benefit
          

The provision for federal income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate at 21% to income before income taxes. The significant items causing this difference are as follows:

(in thousands of dollars)
2024
2023
2022
 
Provision computed at statutory rate
 
$     (9,382)
  
 
$     295,841
  
 
$    39,509
Interest maintenance reserve
1,878
  
54,842
  
(416)
Reinsurance gain adjustment
-
  
(3,200)
  
-
Transaction costs
-
  
(1,269)
  
-
Separate account dividend received deduction
(480)
  
(407)
  
(620)
Prior year under/(over) accrual of income taxes
(160)
  
(306)
  
(235)
Nonadmitted assets
(1,955)
  
570
  
27
Aggregate write in adjustments included in surplus
1,489
  
-
  
-
Other
59
  
53
  
50
 
$     (8,551)
  
$     346,124
  
$    38,315
Federal income tax incurred-operations
$     (1,156)
  
$     364,454
  
$    37,414
Tax on capital gains (losses)
1,256
  
(78,104)
  
7,968
Change in net deferred income tax
(8,651)
  
59,774
  
(7,067)
Total statutory income taxes
$     (8,551)
  
$     346,124
  
$ 38,315

As of December 31, 2024, the Company did not have any operating loss carry-forwards or capital loss carry forwards.

The following are income taxes incurred in the current and prior years that will be available for recoupment in the event of future net losses:

(in thousands of dollars)

 
Amount
2024
$ 1,256
2023
174,149
2022
7,968

There were no deposits admitted under IRC §6603.

33
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

The Company’s federal income tax return is consolidated with the following entities, with Farmers Group, Inc. (d.b.a Farmers Underwriters Association) as the parent:

Farmers Group, Inc. (d.b.a. Farmers Underwriters Association)
Truck Underwriters Association
Fire Underwriters Association
FIG Holding Company
FIG Leasing Company, Inc.
Farmers Services Corporation
Farmers Underwriters Association
Farmers Reinsurance Company
Kraft Lake Insurance Agency, Inc.
Western Star Insurance Services, Inc.
Farmers General Insurance Agency, Inc

The method of allocation between the companies is subject to a written agreement, which has been approved by the Board of Directors. Allocation is based upon separate return calculations with an immediate benefit for a taxable loss which is utilized in the current year consolidated return. Intercompany tax balances are settled annually within 30 days after the filing of the consolidated federal income tax return, the payment of an estimated payment, an additional assessment of the consolidated tax liability, a refund of the consolidated tax liability or any other reduction to the member’s apportioned tax liability in accordance with the tax sharing agreement.

The Company adheres to the provisions of the Life Insurance Company Income Tax Act of 1959 as amended by the 1984 and 1986 Tax Reform Acts.

The significant tax jurisdiction for the Company is U.S. federal tax. The tax years prior to 2015 and 2019 for U.S. federal tax are closed to tax authority examinations. The Farmers Group Inc. consolidated tax group is currently under examination by the Internal Revenue Service for years 2015, 2016, 2017, and 2018.

The Company records any potential net interest and penalties in the income tax expense component of the statement of operations.

The Company does not have any tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.
34
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

During 2024 and 2023, the Company did not accrue any interest and penalties related to income tax contingencies.

The Company does not have any liability for Repatriation Tax.

The Company does not have any Alternative Minimum Tax Credits.

On August 16, 2022, the Inflation Reduction Act of 2022 was signed into law by President Biden. The Act includes a new federal corporate alternative minimum tax (CAMT), effective in 2023, that is based on the adjusted financial statement income set forth on the applicable financial statement of an applicable corporation.

The CAMT applies to companies with average annual book income exceeding $1 billion and assesses a 15% tax on financial statement income (adjusted for certain items) based on the applicable financial statement to the extent that amount exceeds the regular corporate tax.

The Company is an applicable reporting entity. The controlled group of corporations of which the Company is a member has determined that it is an applicable corporation. However, the Company has determined that it does not have a CAMT liability based on the current information.

The Accounting policy election is to disregard CAMT when evaluating the need for a valuation allowance for its non-CAMT deferred tax assets.

11. Contingencies

The Company is subject to guaranty fund and other assessments by the states in which it writes business. Guaranty fund assessments are accrued at the time of insolvencies as they become known to the Company if they are material. Other assessments are accrued at the time of assessment, or, in the case of loss-based assessments, at the time the losses are incurred. Based upon information provided by the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA), the Company has accrued liabilities for guaranty fund assessments of $1,277,000 and $1,266,000 for December 31, 2024 and December 31, 2023, respectively; and related premium tax benefit assets of $944,000 and
$911,000 for December 31, 2024 and December 31, 2023, respectively. The amounts represent management's best estimates based on information received from the states 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.

The Company is periodically subject to lawsuits arising from the normal course of its business activities. These actions are in various stages of discovery and development, and some seek punitive as well as compensatory damages. The Company intends to vigorously defend its position in each case, and management believes that, while it is not possible to predict the outcome of such matters with absolute certainty, ultimate disposition of these proceedings should not have a material adverse effect on the Company’s statements of assets, liabilities, capital and surplus, results of operations or cash flows.

35
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

12. Commitments

Statutory guidance provides that an operating expense lease should be recognized on a straight‑line basis over the lease term, even if payments are not made on a straight-line basis.

As of December 31, 2024, the total minimum aggregate rental commitment for the length of the lease period was $7,904,000, the future minimum rental payments required by leases are as follows:

(in thousands of dollars)

Years Ending December 31,
 
  
2025
$     1,824
2026
1,824
2027
1,824
2028
1,824
2029 & later
608
Total future minimum payments required
$     7,904

The following schedule shows the composition of total rental expense for all operating leases except those with terms of a month or less that were not renewed:

(in thousands of dollars)
 
Years Ending December 31,
  
 
2024
2023
2022
Minimum rentals
 
$     1,824
$     2,037
$     2,336
Less: Sublease rentals
-
-
-
 
$     1,824
$     2,037
$     2,336

13. Separate Accounts

The Company is licensed to issue VUL and deferred variable annuity contracts although it suspended issuance of “new” VUL and variable annuities, effective February 28, 2024, and September 30, 2012, respectively. The assets and liabilities held for VUL, Farmers EssentialLife VUL, Accumulator VUL and deferred variable annuity contracts are held in the Accounts, which are legally segregated from the general assets of the Company. As of December 31, 2024, there were 33 subaccounts available for the VUL products, 43 subaccounts available for variable annuity, 38 subaccounts available for Farmers EssentialLife VUL and 21 subaccounts available for the Accumulator VUL product. The sub-accounts invest in underlying mutual fund portfolios. Shares of each portfolio are purchased and redeemed at net asset value, without a sales charge. Any dividends and distributions from a portfolio are reinvested at net asset value in shares of that same portfolio. The deposits collected for variable contracts are invested at the direction of the contract holders in the subaccounts that comprise the Accounts. Absent any contract provisions wherein the Company contractually guarantees either a minimum return or account value, the contract holders bear the investment risk that the subaccounts may not meet their stated objectives. The assets of the Accounts are carried at fair value. The Accounts’ liabilities represent the contract holders’ claims to the related assets. Investment income and realized capital gains and losses of the Accounts accrue directly to the contract holders and, therefore, are not included in the Company’s statutory basis statements of operations. Mortality, policy administration, and surrender charges to all accounts are included in the revenues of the Company.
36
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

As of December 31, 2024, the separate account assets that are legally insulated from the general account claims are as follows:

(in thousands of dollars)

 
Legally Insulated Assets
 
Farmers Variable Annuity
$     186,406
Farmers Variable Universal Life
522,699
Farmers LifeAccumulator VUL
35,460
Farmers EssentialLife VUL
677,907
 
$     1,422,472

Only the Company’s Variable Annuity has separate account products with guarantees backed by the general account. The maximum guarantee for separate account products as of December 31, 2024 is
$275,032,000. The fund value is $270,037,000. The maximum guaranteed excess is $4,995,000.

The risk charges paid by the separate account to the general account for the past five years as compensation for the risk taken by the general account are as follows:

(in thousands of dollars)
  
   
Year
Risk Charges
2024
$     262
2023
241
2022
281
2021
309
2020
289

The amounts paid by the general account due to separate account guarantees during the past five years consisted of the following:

(in thousands of dollars)
Separate Account
Guarantees
Year
  
   
2024
$ 66
2023
75
2022
41
2021
26
2020
7

Premiums, considerations, or deposits received for the years ended December 31, 2024, 2023 and 2022, were approximately $119,410,000, $122,694,000 and $125,540,000, respectively.

37
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Reserves for accounts with assets as of December 31, 2024 and 2023, at market value are approximately
$1,416,104,000 and $1,235,168,000, respectively. The entire reserve amount is subject to discretionary withdrawal. Since all investment returns are credited directly to the policyholders, no reserves are held for asset default risk in lieu of AVR.

A reconciliation of net transfers to separate accounts for the years ended December 31, 2024, 2023 and 2022 is as follows:

(in thousands of dollars)
2024
  
2023
  
2022
Transfers (from)/to as reported in the statements of operations of the separate accounts
 
$ (32,342)
  
 
$  (9,674)
  
 
$ 15,032
Less: Sundry general income/(expense)
98
  
536
  
(112)
Transfers ceded to Reinsurer
32,244
  
17,016
  
14,484
Net transfers (from)/to separate accounts
$   -
  
$  7,878
  
$ 29,404

14. Premium and Annuity Considerations Deferred and Uncollected

There are no deferred and uncollected life and accident and health insurance premiums and annuity considerations as of December 31, 2024 and 2023.

15. Analysis of Annuity Actuarial Reserves and Deposit-Type Liabilities By Withdrawal Characteristics

The following is the analysis of annuity actuarial reserves and deposit-type liabilities by withdrawal characteristics as of December 31, 2024 and 2023.

Individual Annuities
 
2024
(in thousands of dollars)
 
 
 
 
 
 
 
 
 
 
General
Account
 
Separate Account
with Guarantees
 
Total
 
% of Total
Subject to discretionary withdrawal:
At book value less current surrender charge of 5% or more
 
$     83,425
 
$    -
 
$     83,425
 
5.2 %
At fair value
  
-
  
186,047
  
186,047
  
11.7
Total with market value adjustment or at fair value
  
83,425
  
186,047
  
269,472
  
16.9
At book value without adjustment
(minimal or no charge or adjustment)
 
1,051,602
 
-
 
1,051,602
 
66.0
Not subject to discretionary withdrawal
 
271,792
 
-
 
271,792
 
17.1
Total
 
1,406,819
 
186,047
 
1,592,866
 
100.00%
Reinsurance ceded
 
1,405,526
 
-
 
1,405,526
 
 
Total (net)
 
$     1,293
 
186,047
 
$    187,340
 
 
With current surrender charge of 5% or more that will have less than 5% surrender charge in the subsequent year
 
0
 
-
 
0
 
 
 
 
Deposit-Type Contracts
 
 
 
 
 
 
 
 
(in thousands of dollars)
 
2024
 
 
 
 
 
 
 
 
 
 
 
General
Account
 
Separate Account
with Guarantees
 
Total
 
% of Total
Subject to discretionary withdrawal:
At book value less current surrender charge of 5% or more
 
$     -
 
$     -
 
$     -
 
0.0 %
At fair value
 
-
 
$     -
 
-
 
0.0
Total with market value adjustment or at fair value
 
-
 
$     -
 
-
 
0.0
At book value without adjustment
 
 
 
$     -
 
 
 
 
(minimal or no charge or adjustment)
 
265,982
 
$     -
 
265,982
 
 68.4
Not subject to discretionary withdrawal
 
122,661
 
$     -
 
122,661
 
 31.6
Total
 
388,643
 
$     -
 
388,643
 
 100.0%
 
Reinsurance ceded
 
388,643
 
$     -
 
388,643
 
 
Total (net)
 
 
 
$     -
 
 
 
 
With current surrender charge of 5% or more that will have less than 5% surrender charge in the subsequent year
 
-
 
 
-
 
-
 
 
 
 
 
 
 
 
 
 
 

38
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Individual Annuities
  
2023
(in thousands of dollars)
                
   
General
Account
  
Separate Account
with Guarantees
  
Total
  
% of Total
Subject to discretionary withdrawal:
At book value less current surrender charge of 5% or more
  
$     95, 864
  
$    -
  
$     95, 864
  
5.6 %
At fair value
  
-
  
178,420
  
178,420
  
10.5
Total with market value adjustment or at fair value
  
95, 864
  
178,420
  
274,284
  
16.1
At book value without adjustment
(minimal or no charge or adjustment)
  
1,152,294
  
-
  
1,152,294
  
67.6
Not subject to discretionary withdrawal
  
278,738
  
-
  
278,738
  
16.3
Total
  
1,526,896
  
178,420
  
1,705,316
  
100.00%
Reinsurance ceded
  
1,525,301
  
-
  
1,525,301
    
Total (net)
  
$     1,595
  
178,420
  
$    180,015
    
With current surrender charge of 5% or more that will have less than 5% surrender charge in the subsequent year
  
0
  
-
  
0
    
 
 
Deposit-Type Contracts
                
(in thousands of dollars)
  
2023
                 
   
General
Account
  
Separate Account
with Guarantees
  
Total
  
% of Total
Subject to discretionary withdrawal:
At book value less current surrender charge of 5% or more
  
$     -
  
$     -
  
$     -
  
0.0 %
At fair value
  
-
  
$     -
  
-
  
0.0
Total with market value adjustment or at fair value
  
-
  
$     -
  
-
  
0.0
At book value without adjustment
      
$     -
        
(minimal or no charge or adjustment)
  
285,667
  
$     -
  
285,667
  
68.0
Not subject to discretionary withdrawal
  
134,283
  
$     -
  
134,283
  
32.0
Total
  
419,950
  
$     -
  
419,950
  
100.0%
 
Reinsurance ceded
  
419,950
  
$     -
  
419,950
    
Total (net)
      
$     -
        
With current surrender charge of 5% or more that will have less than 5% surrender charge in the subsequent year
  
-
  
 
-
  
-
    
                 
39
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Reconciliation
  
2024
  
2023
  
(in thousands of dollars)
          
Life and Accident & Health Annual Statement:
          
Exhibit 5, Annuities Section, Total (net)
$     -
 
  $     -
-
Exhibit 5, Supplementary Contracts w/Life
Contigencies Section, Total (net)
   -
 

  -
 
Exhibit 5, Miscellaneous Section, Additional Actuarial Reserves - AG43
Exhibit 7, Deposit - Type Contracts, Line 14, Col. 1
1,293
-
  
1,595
-
Subtotal
1,293
  
1,595
Separate Accounts Annual Statement:
Exhibit 3, Line 0299999, Col. 2
Exhibit 3, Line 0399999, Col. 2
Policyholder dividend & coupon accumulations
Policyholder premiums
Guaranteed interest contracts
 
 
186,047
-
-
-
-
  
 
 
178,420
-
-
-
-
Other contract deposit funds
-
  
-
 
186,047
  
178,420
Combined Total
$ 187,340
  
$ 180,015

The following is the analysis of life actuarial reserves by withdrawal characteristics as of December 31, 2024 and 2023:

Life
(in thousands of dollars)
    
 
2024
  
     
General Account
      
 
General Account
Account Value
  
Cash Value
  
 
Reserve
  
 
Subject to Discretionary Withdrawal, Surrender Values or Policy Loans:
Term policies with cash value
 
 
$ 13,634
  
 
 
$ 13,634
  
 
 
$ 15,187
  
Universal Life
1,914,737
  
1,911,938
  
1,942,909
  
Universal Life with Secondary Guarantees
Indexed Universal Life
Indexed Universal Life with Secondary Guarantees
Indexed Life
Other Permanent Cash Value Life Insurance
Variable Lfie
Variable Universal Life
Miscellaneous Reserves
301,769
-
323,454
-
754,089
-
141,739
-
  
290,287
-
207,880
-
754,089
-
140,159
-
  
317,061
-
370,912
-
926,466
-
147,173
-
  
Not Subject to Discretionary Withdrawal or Cash Values:
Term Policies without Cash Value
 
-
  
 
-
  
 
2,015,254
  
Accidental Death Benefits
-
  
-
  
3,154
  
Disability - Active Lives
-
  
-
  
25,941
  
Disability - Disabled Lives
-
  
-
  
28,641
  
Miscellaneous Reserves
-
  
-
  
36,849
  
Total
3,449,422
  
3,317,987
  
5,829,547
  
Reinsurance ceded
3,449,422
  
3,317,987
  
5,698,008
  
Total (net)
$ -
  
$ -
  
$ 131,539
  

40
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Life
          
(in thousands of dollars)
    
2024
    
     
Separate Account
    
           
 
Account
  
Cash
    
Separate Account with Nonguarantees
Value
  
Value
  
Reserve
 
Subject to Discretionary Withdrawal:
          
 
Term policies with cash value
$ -
  
$ -
  
$ -
Universal With market value adjustment
-
  
-
  
-
Universal Life with Secondary Guarantees
-
  
-
  
-
Indexed Universal Life
-
  
-
  
-
Indexed Universal Life with Secondary Guarantees
-
  
-
  
-
Indexed Life
-
  
-
  
-
Other Permanent Cash Value Life Insurance
-
  
-
  
-
Variable Lfie
-
  
-
  
-
Variable Universal Life
1,235,999
  
1,205,291
  
1,230,057
Miscellaneous Reserves
-
  
-
  
-
Not Subject to Discretionary Withdrawal:
          
 
Term Policies without Cash Value
-
  
-
  
-
Accident With market value adjustment
-
  
-
  
-
Disability - Active Lives
-
  
-
  
-
Disability - Disabled Lives
-
  
-
  
-
Miscellaneous Reserves
-
  
-
  
-
           
Total
1,235,999
  
1,205,291
  
1,230,057
           
Reinsurance ceded
-
        
           
Total (net)
1,235,999
  
1,205,291
  
1,230,057

41
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Life
          
(in thousands of dollars)
    
2023
    
     
General Account
    
           
 
Account
  
Cash
    
General Account
Value
  
Value
  
Reserve
 
Subject to Discretionary Withdrawal, Surrender Values or Policy Loans:
          
 
Term policies with cash value
$    13,147
  
$  13,147
  
$    14,675
Universal Life
1,953,918
  
1,950,879
  
1,983,052
Universal Life with Secondary Guarantees
282,592
  
269,180
  
297,969
Indexed Universal Life
-
  
-
  
-
Indexed Universal Life with Secondary Guarantees
251,538
  
155,419
  
313,166
Indexed Life
-
  
-
  
-
Other Permanent Cash Value Life Insurance
740,770
  
740,770
  
909,341
Variable Lfie
-
  
-
  
-
Variable Universal Life
127,537
  
125,801
  
131,871
Miscellaneous Reserves
-
  
-
  
-
Not Subject to Discretionary Withdrawal or Cash Values:
          
 
Term Policies without Cash Value
-
  
-
  
2,063,918
Accident Death Benefits
-
  
-
  
3,239
Disability - Active Lives
-
  
-
  
26,561
Disability - Disabled Lives
-
  
-
  
28,694
Miscellaneous Reserves
-
  
-
  
35,666
           
Total
3,369,502
  
3,255,196
  
5,808,152
           
Reinsurance ceded
3,369,502
  
3,255,196
  
5,670,897
           
Total (net)
$     -
  
$     -
  
$     137,255

42
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

Life
          
(in thousands of dollars)
    
2023
    
     
Separate Account
    
           
 
Account
  
Cash
    
Separate Account with Nonguarantees
Value
  
Value
  
Reserve
 
Subject to Discretionary Withdrawal, Surrender Values or Policy Loans:
          
 
Term policies with cash value
$ -
  
$ -
  
$ -
Universal Life
-
  
-
  
-
Universal Life with Secondary Guarantees
-
  
-
  
-
Indexed Universal Life
-
  
-
  
-
Indexed Universal Life with Secondary Guarantees
-
  
-
  
-
Indexed Life
-
  
-
  
-
Other Permanent Cash Value Life Insurance
-
  
-
  
-
Variable Lfie
-
  
-
  
-
Variable Universal Life
1,066,065
  
1,028,430
  
1,056,748
Miscellaneous Reserves
-
  
-
  
-
Not Subject to Discretionary Withdrawal or Cash Values:
          
 
Term Policies without Cash Value
-
  
-
  
-
Accidental Death Benefits
-
  
-
  
-
Disability - Active Lives
-
  
-
  
-
Disability - Disabled Lives
-
  
-
  
-
Miscellaneous Reserves
-
  
-
  
-
           
Total
1,066,065
  
1,028,430
  
1,056,748
           
Reinsurance ceded
-
        
           
Total (net)
1,066,065
  
1,028,430
  
1,056,748

Reconciliation
2024
  
2023
(in thousands of dollars)
      
Life and Accident & Health Annual Statement:
Exhibit 5, Life Insurance Section, Total (net)
 
$ 131,539
  
 
$ 137,255
Exhibit 5, Accidental Death Benefits Section, Total (net)
Exhibit 5, Disability - Acitve Lives Section, Total (net)
Exhibit 5, Disability - Disabled Lives Section, Total (net)
Exhibit 5, Miscellaneous Reserves Section, Total (net)
-
-
-
-
  
-
-
-
-
Subtotal
131,539
  
137,255
 
Separate Accounts Annual Statement:
      
Exhibit 3, Line 0199999, Col. 2
Exhibit 3, Line 0499999, Col. 2
Exhibit 3, Line 0599999, Col. 2
1,230,057
-
-
  
1,056,748
-
-
Subtotal (Lines (7) through (9)
1,230,057
  
1,056,748
Combined Total
$     1,361,596
  
$     1,194,003

43
Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Statutory Financial Statements
For the Years Ended December 31, 2024, 2023 and 2022

16. Subsequent Events

No material subsequent events have occurred since December 31, 2024 through April 28 2025, the date at which the financial statements were issued, that would require adjustment to the financial statements.

17. Reconciliation to Annual Statement

For December 31, 2023, and 2022 there is an annual statement to audited statement adjustment for the statutory statements of operations related to a reclass of the variable annuity ceded separate account activity. As of 2024 reporting, the Company began netting the variable portions of the ceded separate account activities for the variable annuity products within the line items they occurred as opposed to having these net through the transfer to separate account line. The differences in the 3 line items that ultimately had a net zero effect on line 29 net for gain from operations as seen in the table below:


Statutory Statements of Operations
(in thousands of dollars)
2023 as reported in annual statements
2023 as reported in audited financial  statements
2022 as reported in annual statements
2022 as reported in
audited financial  statements
1.
Premiums collected net of reinsurance
$  (4,290,661)
$  (4,291,652)
$  535,881
$  534,530
15.
Surrender benefits and withdrawals for life contracts
$ 109,128
$  88,983
$  153,954
$  139,933
26.
Net transfers to or (from) Separate Accounts net of reinsurance
$  (11,190)
$  7,964
$  16,798
$   29,468
29.
Net gain from operations before dividends to policyholders, refunds to members and federal income taxes
$  1,790,460
$  1,790,460
$  176,691
$ 176,691

44
Farmers Variable Life
Separate Account A of Farmers New World Life Insurance Company
(A Wholly Owned Subsidiary of Farmers Group, Inc.)
Financial Statements
December 31, 2024
Farmers Variable Life Separate Account A of
Farmers New World Life Insurance Company
(A Wholly Owned Subsidiary of Farmers Group, Inc.)

Index

   Page(s)
 Report of Independent Registered Public Accounting Firm  1-2
   
Financial Statements  
 
Statements of Assets and Liabilities
December 31, 2024
  3-9
 
Statements of Operations
Year Ended December 31, 2024
  10-16
 
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
  17-31

Notes to Financial Statements
December 31, 2024
32-50

Report of Independent Registered Public Accounting Firm


To the Board of Directors of Farmers New World Life Insurance Company and the Contract Owners of Farmers Variable Life Separate Account A:

Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Farmers Variable Life Separate Account A (the Separate Account), as of December 31, 2024, and the related statements of operations for the year then ended, and the statements of changes in net assets for the two years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2024, the results of its operations for the year then ended and changes in its net assets for each of the two years then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on each of the subaccounts’ financial statements 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 are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the fund companies or their transfer agents, as applicable. 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. We believe that our audits provide a reasonable basis for our opinion.
/s/ Ernst & Young LLP
We have served as the auditor of the Separate Account since 2021.
Atlanta, Georgia
April 29, 2025
1
Appendix – Subaccounts comprising Farmers Variable Life Separate Account A

American Funds Insurance Series – Asset Allocation Fund American Funds Insurance Series – Capital Income Builder Fund
American Funds Insurance Series – Capital World Growth and Income Fund American Funds Insurance Series – Global Growth Fund
American Funds Insurance Series – Growth Fund American Funds Insurance Series – Growth-Income Fund American Funds Insurance Series – International Fund
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Class Shares – Sustainable U.S. Equity Portfolio
BNY Mellon Variable Investment Fund – Service Class Shares – Opportunistic Small Cap Portfolio
Calvert Variable Series, Inc. – VP SRI Mid Cap Portfolio
DWS Investments VIT Funds – Class B Shares – DWS Equity 500 Index VIP
DWS Variable Series I – Class A Shares – DWS Core Equity VIP
DWS Variable Series I – Class A Shares – DWS CROCI International VIP
DWS Variable Series I – Class A Shares – DWS Global Small Cap VIP
DWS Variable Series II – Class A Shares – DWS CROCI U.S. VIP
DWS Variable Series II – Class A Shares – DWS Government Money Market VIP
DWS Variable Series II – Class A Shares – DWS High Income VIP
DWS Variable Series II – Class A Shares – DWS Small Mid Cap Growth VIP
Fidelity Variable Insurance Products ("VIP") Funds – Service Class – VIP Growth Portfolio
Fidelity Variable Insurance Products ("VIP") Funds – Service Class – VIP Index 500 Portfolio
Fidelity Variable Insurance Products ("VIP") Funds – Service Class – VIP Mid Cap Portfolio
Fidelity VIP Freedom Funds – Service Class 2 Shares – VIP Freedom 2005 Portfolio
Fidelity VIP Freedom Funds – Service Class 2 Shares – VIP Freedom 2010 Portfolio
Fidelity VIP Freedom Funds – Service Class 2 Shares – VIP Freedom 2015 Portfolio
Fidelity VIP Freedom Funds – Service Class 2 Shares – VIP Freedom 2020 Portfolio
Fidelity VIP Freedom Funds – Service Class 2 Shares – VIP Freedom 2025 Portfolio
Fidelity VIP Freedom Funds – Service Class 2 Shares – VIP Freedom 2030 Portfolio
Fidelity VIP Freedom Funds – Service Class 2 Shares – VIP Freedom Income Portfolio
Fidelity VIP FundsManager Portfolios – Service Class 2 – Shares VIP FundsManager 20% Portfolio
Fidelity VIP FundsManager Portfolios – Service Class 2 – Shares VIP FundsManager 50% Portfolio
Fidelity VIP FundsManager Portfolios – Service Class 2 – Shares VIP FundsManager 70% Portfolio
Fidelity VIP FundsManager Portfolios – Service Class 2 – Shares VIP FundsManager 85% Portfolio
Franklin Templeton Variable Insurance Products Trust – Class 2 – Developing Markets VIP Fund
Franklin Templeton Variable Insurance Products Trust – Class 2 – Small-Mid Cap Growth VIP Fund
Franklin Templeton Variable Insurance Products Trust – Class 2 – Small Cap Value VIP Fund
Goldman Sachs Variable Insurance Trust – Institutional Class – Mid Cap Value Fund
Goldman Sachs Variable Insurance Trust – Institutional Class – Small Cap Equity Insights Fund
Goldman Sachs Variable Insurance Trust – Institutional Class – Strategic Growth Fund
Janus Henderson – VIT Balanced Portfolio (Service Shares)
Janus Henderson – VIT Enterprise Portfolio (Service Shares)
Janus Henderson – VIT Forty Portfolio (Institutional Shares)
PIMCO Variable Insurance Trust – Administrative Class Shares – VIT International Bond Portfolio (U.S. Dollar- Hedged)
PIMCO Variable Insurance Trust – Administrative Class Shares – VIT Low Duration Portfolio
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Equity Funds – Diversified International Account I
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Equity Funds – LargeCap Growth Account I
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Fixed Income Funds – Core Plus Bond Account I
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Fixed Income Funds – Government & High Quality Bond Account I
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Fixed Income Funds – Short-Term Income Account I
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Equity Funds – Capital Appreciation Account II
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Equity Funds – Equity Income Account II
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Equity Funds – MidCap Account II
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Equity Funds – SmallCap Account II
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios – SAM Balanced Portfolio
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios – SAM Conservative Balanced Portfolio
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios – SAM Conservative Growth Portfolio
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios – SAM Flexible Income Portfolio
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios – SAM Strategic Growth Portfolio

2
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Assets and Liabilities
December 31, 2024
   
Asset Allocation Fund
Capital Income Builder Fund
Capital World Growth and Income Fund
Global Growth Fund
Growth Fund
Growth-Income Fund
International Fund
Sustainable U.S. Equity Portfolio
                                 
                                 
                                 
Assets
                                
Investments, at fair value
  
$       8,804,483
  
$      7,768,263
  
$      8,305,695
  
$    12,017,941
  
$    65,774,535
  
$    22,260,866
  
$      3,261,969
  
$      4,530,646
Dividends receivable
  
                      -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
   
        8,804,483
  
        7,768,263
  
        8,305,695
  
      12,017,941
  
      65,774,535
  
      22,260,866
  
        3,261,969
  
        4,530,646
                                 
Liabilities
  
                      -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
         Total liabilities
  
                      -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
Net assets
  
$       8,804,483
  
$      7,768,263
  
$      8,305,695
  
$    12,017,941
  
$    65,774,535
  
$    22,260,866
  
$      3,261,969
  
$      4,530,646
Accumulation units outstanding
  
           422,075
  
          479,280
  
          377,807
  
          458,189
  
        1,543,984
  
          747,541
  
          215,827
  
            90,366
Shares owned in each portfolio
  
343,255
  
627,485
  
536,197
  
330,436
  
522,892
  
325,546
  
183,773
  
83,391
Market value per share
  
$             25.65
  
$            12.38
  
$            15.49
  
$            36.37
  
$          125.79
  
$            68.38
  
$            17.75
  
$            54.33
Cost of investments
  
$       8,243,824
  
$      6,959,512
  
$      7,591,252
  
$    11,145,987
  
$    48,499,927
  
$    17,499,433
  
$      3,408,526
  
$      3,357,983
Variable Universal Life contracts with expenses of 0.90%
                        
      Net assets
  
$                    -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$         294,613
      Accumulation units outstanding
                      -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
              7,569
      Unit value of accumulation units
$                    -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$            38.93
Life Accumulator contracts with expenses of 0.25%
                        
      Net assets
  
$                    -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
      Accumulation units outstanding
                      -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
      Unit value of accumulation units
$                    -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
Life Accumulator contracts with expenses of 0.30%
                        
      Net assets
  
$                    -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
      Accumulation units outstanding
                      -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
      Unit value of accumulation units
$                    -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
EssentialLife Variable Universal Life contracts
                            
   with expenses of 0.30%
                                
      Net assets
  
$       8,804,483
  
$      7,768,263
  
$      8,305,695
  
$    12,017,941
  
$    65,774,535
  
$    22,260,866
  
$      3,261,969
  
$      4,236,032
      Accumulation units outstanding
           422,075
  
          479,280
  
          377,807
  
          458,189
  
        1,543,984
  
          747,541
  
          215,827
  
            82,797
      Unit value of accumulation units
$             20.86
  
$            16.21
  
$            21.98
  
$            26.23
  
$            42.60
  
$            29.78
  
$            15.11
  
$            51.16

The accompanying notes are an integral part of these financial statements.
3
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Assets and Liabilities
December 31, 2024
   
BNY Mellon Variable Investment Fund – Service Class Shares
Calvert Variable Series, Inc.
DWS Investments VIT Funds – Class B Shares
DWS Variable Series I – Class A Shares
DWS Variable Series II – Class A Shares
                                 
                                 
                                 
   
Opportunistic Small Cap Portfolio
VP SRI Mid Cap Portfolio
DWS Equity 500 Index VIP
DWS Core Equity VIP
DWS CROCI International VIP
DWS Global Small Cap VIP
DWS CROCI U.S. VIP
DWS Government Money Market VIP
                                 
                                 
                                 
Assets
                                
Investments, at fair value
  
$    10,098,570
  
$         257,492
  
$      3,993,747
  
$      6,002,410
  
$    20,142,574
  
$    18,340,473
  
$    48,381,249
  
$    19,413,474
Dividends receivable
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
            35,288
   
      10,098,570
  
          257,492
  
        3,993,747
  
        6,002,410
  
      20,142,574
  
      18,340,473
  
      48,381,249
  
      19,448,762
                                 
Liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
         Total liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
Net assets
  
$    10,098,570
  
$         257,492
  
$      3,993,747
  
$      6,002,410
  
$    20,142,574
  
$    18,340,473
  
$    48,381,249
  
$    19,448,762
Accumulation units outstanding
  
          368,844
  
              7,474
  
          211,689
  
          125,962
  
        1,993,785
  
          635,096
  
          975,610
  
        1,637,217
Shares owned in each portfolio
  
248,733
  
9,269
  
128,334
  
436,539
  
2,721,969
  
1,760,122
  
2,675,954
  
19,413,474
Market value per share
  
$            40.60
  
$            27.78
  
$            31.12
  
$            13.75
  
$              7.40
  
$            10.42
  
$            18.08
  
$              1.00
Cost of investments
  
$    10,127,328
  
$         260,804
  
$      3,642,021
  
$      4,795,937
  
$    19,086,957
  
$    18,678,085
  
$    36,220,627
  
$    19,413,474
Variable Universal Life contracts with expenses of 0.90%
                        
      Net assets
  
$      5,603,207
  
$         257,492
  
$                   -
  
$      6,002,410
  
$    16,373,621
  
$    12,306,987
  
$    42,868,861
  
$    14,876,395
      Accumulation units outstanding
          214,545
  
              7,474
  
                     -
  
          125,962
  
        1,696,572
  
          376,752
  
          815,392
  
        1,226,395
      Unit value of accumulation units
$            26.12

$            34.45
  
$                   -
  
$            47.65
  
$              9.65
  
$            32.67
  
$            52.57
  
$            12.12
Life Accumulator contracts with expenses of 0.25%
                        
      Net assets
  
$                   -
  
$                   -
  
$      2,239,032
  
$                   -
  
$                   -
  
$                   -
  
$          39,108
  
$                   -
      Accumulation units outstanding
                     -
  
                     -
  
          168,815
  
                     -
  
                     -
  
                     -
  
              3,138
  
                     -
      Unit value of accumulation units
$                   -
  
$                   -
  
$            13.26
  
$                   -
  
$                   -
  
$                   -
  
$            12.46
  
$                   -
Life Accumulator contracts with expenses of 0.30%
                        
      Net assets
  
$                   -
  
$                   -
  
$      1,754,715
  
$                   -
  
$                   -
  
$                   -
  
$         317,113
  
$                   -
      Accumulation units outstanding
                     -
  
                     -
  
            42,874
  
                     -
  
                     -
  
                     -
  
            14,813
  
                     -
      Unit value of accumulation units
$                   -
  
$                   -
  
$            40.93
  
$                   -
  
$                   -
  
$                   -
  
$            21.41
  
$                   -
EssentialLife Variable Universal Life contracts
                            
   with expenses of 0.30%
                                
      Net assets
  
$      4,495,363
  
$                   -
  
$                   -
  
$                   -
  
$      3,768,953
  
$      6,033,487
  
$      5,156,167
  
$      4,572,367
      Accumulation units outstanding
          154,299
  
                     -
  
                     -
  
                     -
  
          297,213
  
          258,344
  
          142,266
  
          410,822
      Unit value of accumulation units
$            29.13
  
$                   -
  
$                   -
  
$                   -
  
$            12.68
  
$            23.35
  
$            36.24
  
$            11.15

The accompanying notes are an integral part of these financial statements.
4
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Assets and Liabilities
December 31, 2024
   
DWS Variable Series II – Class A Shares
Fidelity Variable Insurance Products ("VIP") Funds – Service Class
Fidelity VIP Freedom Funds – Service Class 2 Shares
                                 
                                 
                                 
   
DWS High Income VIP
DWS Small Mid Cap Growth VIP
VIP Growth Portfolio
VIP Index 500 Portfolio
VIP Mid Cap Portfolio
VIP Freedom 2005 Portfolio (1)
VIP Freedom 2010 Portfolio
VIP Freedom 2015 Portfolio
                                 
                                 
                                 
Assets
                                
Investments, at fair value
  
$      9,973,761
  
$         476,325
  
$  100,305,898
  
$    94,782,331
  
$    47,634,143
  
$                   -
  
$         252,859
  
$         284,807
Dividends receivable
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
   
        9,973,761
  
          476,325
  
    100,305,898
  
      94,782,331
  
      47,634,143
  
                     -
  
          252,859
  
          284,807
                                 
Liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
         Total liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
Net assets
  
$      9,973,761
  
$         476,325
  
$  100,305,898
  
$    94,782,331
  
$    47,634,143
  
$                   -
  
$         252,859
  
$         284,807
Accumulation units outstanding
  
          359,532
  
            38,330
  
        1,422,310
  
        1,637,985
  
        1,012,074
  
                     -
  
            11,743
  
            12,275
Shares owned in each portfolio
  
1,759,041
  
33,379
  
1,045,398
  
167,188
  
1,290,199
  
-
  
22,200
  
25,005
Market value per share
  
$              5.67
  
$            14.27
  
$            95.95
  
$          566.92
  
$            36.92
  
$                   -
  
$            11.39
  
$            11.39
Cost of investments
  
$    10,352,083
  
$         467,491
  
$    86,639,813
  
$    46,679,448
  
$    45,278,211
  
$                   -
  
$         280,847
  
$         307,725
Variable Universal Life contracts with expenses of 0.90%
                        
      Net assets
  
$      6,139,334
  
$         476,325
  
$    48,829,027
  
$    42,401,470
  
$    14,609,603
  
$                   -
  
$                   -
  
$                   -
      Accumulation units outstanding
          201,662
  
            38,330
  
          736,810
  
          742,100
  
          187,722
  
                     -
  
                     -
  
                     -
      Unit value of accumulation units
$            30.44
  
$            12.43
  
$            66.27
  
$            57.14
  
$            77.83
  
$                   -
  
$                   -
  
$                   -
Life Accumulator contracts with expenses of 0.25%
                        
      Net assets
  
$                   -
  
$                   -
  
$         168,029
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
      Accumulation units outstanding
                     -
  
                     -
  
            11,781
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
      Unit value of accumulation units
$                   -
  
$                   -
  
$            14.26
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
Life Accumulator contracts with expenses of 0.30%
                        
      Net assets
  
$                   -
  
$                   -
  
$      2,009,398
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
      Accumulation units outstanding
                     -
  
                     -
  
            33,029
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
      Unit value of accumulation units
$                   -
  
$                   -
  
$            60.84
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
EssentialLife Variable Universal Life contracts
                            
   with expenses of 0.30%
                                
      Net assets
  
$      3,834,427
  
$                   -
  
$    49,299,445
  
$    52,380,861
  
$    33,024,540
  
$                   -
  
$         252,859
  
$         284,807
      Accumulation units outstanding
          157,870
  
                     -
  
          640,689
  
          895,885
  
          824,352
  
                     -
  
            11,743
  
            12,275
      Unit value of accumulation units
$            24.29
  
$                   -
  
$            76.95
  
$            58.47
  
$            40.06
  
                     -
  
$            21.53
  
$            23.20
                                 
 
(1)
For the period (cessation of operations): January 1, 2024 to June 7, 2024. The Fidelity VIP Freedom 2005 Portfolio subaccount liquidated on June 7, 2024.

The accompanying notes are an integral part of these financial statements.
5
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Assets and Liabilities
December 31, 2024
   
Fidelity VIP Freedom Funds – Service Class 2 Shares
Fidelity VIP FundsManager Portfolios – Service Class 2 Shares
                                 
                                 
                                 
   
VIP Freedom 2020 Portfolio
VIP Freedom 2025 Portfolio
VIP Freedom 2030 Portfolio
VIP Freedom Income Portfolio
VIP FundsManager 20% Portfolio
VIP FundsManager 50% Portfolio
VIP FundsManager 70% Portfolio
VIP FundsManager 85% Portfolio
                                 
                                 
                                 
Assets
                                
Investments, at fair value
  
$      1,675,760
  
$      2,366,358
  
$    12,188,181
  
$      1,175,115
  
$      1,411,928
  
$      6,038,008
  
$    10,764,421
  
$    13,410,888
Dividends receivable
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
   
        1,675,760
  
        2,366,358
  
      12,188,181
  
        1,175,115
  
        1,411,928
  
        6,038,008
  
      10,764,421
  
      13,410,888
                                 
Liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
         Total liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
Net assets
  
$      1,675,760
  
$      2,366,358
  
$    12,188,181
  
$      1,175,115
  
$      1,411,928
  
$      6,038,008
  
$    10,764,421
  
$    13,410,888
Accumulation units outstanding
  
            67,836
  
            87,454
  
          426,221
  
            68,648
  
            83,129
  
          249,869
  
          368,323
  
          405,274
Shares owned in each portfolio
  
133,102
  
149,297
  
749,120
  
107,023
  
133,075
  
504,007
  
816,105
  
1,002,308
Market value per share
  
$            12.59
  
$            15.85
  
$            16.27
  
$            10.98
  
$            10.61
  
$            11.98
  
$            13.19
  
$            13.38
Cost of investments
  
$      1,751,831
  
$      2,249,101
  
$    11,015,109
  
$      1,226,659
  
$      1,456,000
  
$      6,048,097
  
$    10,077,237
  
$    12,178,572
Variable Universal Life contracts with expenses of 0.90%
                        
      Net assets
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
      Accumulation units outstanding
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
      Unit value of accumulation units
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
Life Accumulator contracts with expenses of 0.25%
                        
      Net assets
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
      Accumulation units outstanding
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
      Unit value of accumulation units
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
Life Accumulator contracts with expenses of 0.30%
                        
      Net assets
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
      Accumulation units outstanding
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
      Unit value of accumulation units
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
EssentialLife Variable Universal Life contracts
                            
   with expenses of 0.30%
                                
      Net assets
  
$      1,675,760
  
$      2,366,358
  
$    12,188,181
  
$      1,175,115
  
$      1,411,928
  
$      6,038,008
  
$    10,764,421
  
$    13,410,888
      Accumulation units outstanding
            67,836
  
            87,454
  
          426,221
  
            68,648
  
            83,129
  
          249,869
  
          368,323
  
          405,274
      Unit value of accumulation units
$            24.70
  
$            27.06
  
$            28.60
  
$            17.12
  
$            16.98
  
$            24.16
  
$            29.23
  
$            33.09

The accompanying notes are an integral part of these financial statements.
6
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Assets and Liabilities
December 31, 2024
   
Franklin Templeton Variable Insurance Products Trust – Class 2
Goldman Sachs Variable Insurance Trust – Institutional Class
Janus Henderson
                                 
                                 
                                 
   
Developing Markets VIP Fund
Small – Mid Cap Growth VIP Fund
Small Cap Value VIP Fund
Mid Cap Value Fund
Small Cap Equity Insights Fund
Strategic Growth Fund
VIT Balanced Portfolio (Service Shares)
VIT Enterprise Portfolio (Service Shares)
                                 
                                 
                                 
Assets
                                
Investments, at fair value
  
$      6,462,133
  
$    19,345,411
  
$    14,991,692
  
$    12,012,265
  
$      5,155,342
  
$    34,212,411
  
$    27,856,049
  
$      4,992,115
Dividends receivable
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
   
        6,462,133
  
      19,345,411
  
      14,991,692
  
      12,012,265
  
        5,155,342
  
      34,212,411
  
      27,856,049
  
        4,992,115
                                 
Liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
         Total liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
Net assets
  
$      6,462,133
  
$    19,345,411
  
$    14,991,692
  
$    12,012,265
  
$      5,155,342
  
$    34,212,411
  
$    27,856,049
  
$      4,992,115
Accumulation units outstanding
  
          255,303
  
          454,506
  
          419,422
  
          181,203
  
          120,746
  
          554,436
  
          718,319
  
            89,342
Shares owned in each portfolio
  
764,750
  
1,308,006
  
1,046,906
  
712,049
  
383,582
  
2,223,029
  
512,154
  
66,811
Market value per share
  
$              8.45
  
$            14.79
  
$            14.32
  
$            16.87
  
$            13.44
  
$            15.39
  
$            54.39
  
$            74.72
Cost of investments
  
$      6,552,982
  
$    19,605,264
  
$    14,308,991
  
$    11,348,268
  
$      4,900,972
  
$    26,316,189
  
$    20,446,353
  
$      4,242,025
Variable Universal Life contracts with expenses of 0.90%
                        
      Net assets
  
$      6,462,133
  
$      5,231,689
  
$      4,978,670
  
$    11,880,695
  
$      4,383,194
  
$    34,212,411
  
$      5,209,664
  
$      4,364,460
      Accumulation units outstanding
          255,303
  
          122,754
  
          119,522
  
          173,509
  
            85,636
  
          554,436
  
          115,306
  
            70,604
      Unit value of accumulation units
$            25.31
  
$            42.62
  
$            41.66
  
$            68.47
  
$            51.18
  
$            61.71
  
$            45.18
  
$            61.82
Life Accumulator contracts with expenses of 0.25%
                        
      Net assets
  
$                   -
  
$                   -
  
$         265,950
  
$          59,938
  
$         192,144
  
$                   -
  
$                   -
  
$          54,867
      Accumulation units outstanding
                     -
  
                     -
  
            22,847
  
              5,083
  
            15,289
  
                     -
  
                     -
  
              4,579
      Unit value of accumulation units
$                   -
  
$                   -
  
$            11.64
  
$            11.79
  
$            12.57
  
$                   -
  
$                   -
  
$            11.98
Life Accumulator contracts with expenses of 0.30%
                        
      Net assets
  
$                   -
  
$                   -
  
$         786,738
  
$          71,632
  
$         580,004
  
$                   -
  
$                   -
  
$         572,788
      Accumulation units outstanding
                     -
  
                     -
  
            29,966
  
              2,611
  
            19,820
  
                     -
  
                     -
  
            14,158
      Unit value of accumulation units
$                   -
  
$                   -
  
$            26.25
  
$            27.45
  
$            29.26
  
$                   -
  
$                   -
  
$            40.46
EssentialLife Variable Universal Life contracts
                            
   with expenses of 0.30%
                                
      Net assets
  
$                   -
  
$    14,113,722
  
$      8,960,334
  
$                   -
  
$                   -
  
$                   -
  
$    22,646,385
  
$                   -
      Accumulation units outstanding
                     -
  
          331,752
  
          247,087
  
                     -
  
                     -
  
                     -
  
          603,013
  
                     -
      Unit value of accumulation units
$                   -
  
$            42.54
  
$            36.26
  
$                   -
  
$                   -
  
$                   -
  
$            37.56
  
$                   -

The accompanying notes are an integral part of these financial statements.
7
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Assets and Liabilities
December 31, 2024
   
Janus Henderson
PIMCO Variable Insurance Trust – Administrative Class Shares
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Equity Funds
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Fixed Income Funds
                                 
                                 
                                 
   
VIT Forty Portfolio (Institutional Shares)
VIT International Bond Portfolio (U.S. Dollar-Hedged)
VIT Low Duration Portfolio
Diversified International Account I
LargeCap Growth Account I
Core Plus Bond Account I
Government & High Quality Bond Account I
Short-Term Income Account I
                                 
                                 
                                 
Assets
                                
Investments, at fair value
  
$    96,333,326
  
$      7,679,656
  
$      7,169,474
  
$         840,655
  
$         552,711
  
$          88,435
  
$         120,883
  
$          12,833
Dividends receivable
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
   
      96,333,326
  
        7,679,656
  
        7,169,474
  
          840,655
  
          552,711
  
            88,435
  
          120,883
  
            12,833
                                 
Liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
         Total liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
Net assets
  
$    96,333,326
  
$      7,679,656
  
$      7,169,474
  
$         840,655
  
$         552,711
  
$          88,435
  
$         120,883
  
$          12,833
Accumulation units outstanding
  
        1,643,246
  
          340,954
  
          455,130
  
            63,098
  
            28,211
  
              8,706
  
            12,427
  
              1,165
Shares owned in each portfolio
  
1,678,866
  
767,966
  
743,721
  
53,443
  
11,477
  
9,388
  
14,706
  
5,052
Market value per share
  
$            57.38
  
$            10.00
  
$              9.64
  
$            15.73
  
$            48.16
  
$              9.42
  
$              8.22
  
$              2.54
Cost of investments
  
$    69,380,583
  
$      8,022,038
  
$      7,472,405
  
$         814,289
  
$         490,387
  
$         102,308
  
$         126,932
  
$          12,736
Variable Universal Life contracts with expenses of 0.90%
                        
      Net assets
  
$    49,776,576
  
$      4,845,643
  
$      5,129,251
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
      Accumulation units outstanding
          915,795
  
          195,822
  
          305,626
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
      Unit value of accumulation units
$            54.35
  
$            24.75
  
$            16.78
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
Life Accumulator contracts with expenses of 0.25%
                        
      Net assets
  
$                   -
  
$                   -
  
$                   -
  
$          38,203
  
$         104,835
  
$            2,902
  
$          74,661
  
$                   -
      Accumulation units outstanding
                     -
  
                     -
  
                     -
  
              3,543
  
              7,615
  
                 293
  
              7,556
  
                     -
      Unit value of accumulation units
$                   -
  
$                   -
  
$                   -
  
$            10.78
  
$            13.77
  
$              9.89
  
$              9.88
  
$            10.25
Life Accumulator contracts with expenses of 0.30%
                        
      Net assets
  
$                   -
  
$                   -
  
$                   -
  
$         802,451
  
$         447,876
  
$          85,534
  
$          46,222
  
$          12,833
      Accumulation units outstanding
                     -
  
                     -
  
                     -
  
            59,555
  
            20,596
  
              8,413
  
              4,871
  
              1,165
      Unit value of accumulation units
$                   -
  
$                   -
  
$                   -
  
$            13.47
  
$            21.74
  
$            10.17
  
$              9.49
  
$            11.02
EssentialLife Variable Universal Life contracts
                            
   with expenses of 0.30%
                                
      Net assets
  
$    46,556,750
  
$      2,834,012
  
$      2,040,223
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -
      Accumulation units outstanding
          727,451
  
          145,132
  
          149,504
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
      Unit value of accumulation units
$            64.00
  
$            19.53
  
$            13.65
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$                   -

The accompanying notes are an integral part of these financial statements.
8
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Assets and Liabilities
December 31, 2024
   
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Equity Funds
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios
                                     
                                     
                                     
   
Capital Appreciation Account II
Equity Income Account II
MidCap Account II
SmallCap Account II
SAM Balanced Portfolio
SAM Conservative Balanced Portfolio
SAM Conservative Growth Portfolio
SAM Flexible Income Portfolio
SAM Strategic Growth Portfolio
                                     
                                     
                                     
Assets
                                    
Investments, at fair value
  
$      7,006,947
  
$    12,601,369
  
$    18,701,566
  
$      2,733,112
  
$    68,173,412
  
$    11,688,691
  
$  134,704,245
  
$      2,488,886
  
$  178,012,736
Dividends receivable
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
   
        7,006,947
  
      12,601,369
  
      18,701,566
  
        2,733,112
  
      68,173,412
  
      11,688,691
  
    134,704,245
  
        2,488,886
  
    178,012,736
                                     
Liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
         Total liabilities
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
  
                     -
Net assets
  
$      7,006,947
  
$    12,601,369
  
$    18,701,566
  
$      2,733,112
  
$    68,173,412
  
$    11,688,691
  
$  134,704,245
  
$      2,488,886
  
$  178,012,736
Accumulation units outstanding
  
          167,831
  
          302,636
  
          100,945
  
          158,229
  
        2,380,649
  
          487,251
  
        3,810,308
  
          118,159
  
        4,557,534
Shares owned in each portfolio
  
167,871
  
415,065
  
275,266
  
175,876
  
4,569,264
  
1,013,763
  
6,179,094
  
226,881
  
6,862,480
Market value per share
  
$            41.74
  
$            30.36
  
$            67.94
  
$            15.54
  
$            14.92
  
$            11.53
  
$            21.80
  
$            10.97
  
$            25.94
Cost of investments
  
$      5,137,099
  
$      9,980,587
  
$    15,458,918
  
$      2,614,499
  
$    66,227,089
  
$    11,624,237
  
$  114,401,903
  
$      2,649,664
  
$  140,983,671
Variable Universal Life contracts with expenses of 0.90%
                            
      Net assets
  
$      4,145,752
  
$      9,944,977
  
$    17,731,506
  
$      2,517,194
  
$    17,464,260
  
$      2,674,761
  
$    52,262,586
  
$         770,210
  
$    67,674,462
      Accumulation units outstanding
            62,244
  
          173,814
  
            56,681
  
          140,741
  
          451,958
  
            89,572
  
        1,114,783
  
            30,926
  
        1,272,046
      Unit value of accumulation units
$            66.60
  
$            57.22
  
$          312.83
  
$            17.89
  
$            38.64
  
$            29.86
  
$            46.88
  
$            24.90
  
$            53.20
Life Accumulator contracts with expenses of 0.25%
                            
      Net assets
  
$         748,452
  
$         790,894
  
$         393,708
  
$         151,630
  
$      2,188,152
  
$          96,419
  
$      2,592,674
  
$          19,231
  
$      3,010,245
      Accumulation units outstanding
            55,968
  
            66,205
  
            30,216
  
            14,100
  
          191,752
  
              8,945
  
          218,438
  
              1,834
  
          247,242
      Unit value of accumulation units
$            13.37
  
$            11.95
  
$            13.03
  
$            10.75
  
$            11.41
  
$            10.78
  
$            11.87
  
$            10.49
  
$            12.18
Life Accumulator contracts with expenses of 0.30%
                            
      Net assets
  
$      2,112,743
  
$      1,865,498
  
$         576,353
  
$          64,289
  
$      1,532,828
  
$         414,079
  
$      2,732,248
  
$         217,458
  
$      5,226,200
      Accumulation units outstanding
            49,619
  
            62,620
  
            14,049
  
              3,391
  
            71,137
  
            23,219
  
          107,341
  
            13,921
  
          184,313
      Unit value of accumulation units
$            42.58
  
$            29.79
  
$            41.03
  
$            18.95
  
$            21.55
  
$            17.83
  
$            25.45
  
$            15.62
  
$            28.36
EssentialLife Variable Universal Life contracts
                                
   with expenses of 0.30%
                                    
      Net assets
  
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$    46,988,172
  
$      8,503,432
  
$    77,116,736
  
$      1,481,986
  
$  102,101,829
      Accumulation units outstanding
                     -
  
                     -
  
                     -
  
                     -
  
        1,665,802
  
          365,515
  
        2,369,745
  
            71,478
  
        2,853,934
      Unit value of accumulation units
$                   -
  
$                   -
  
$                   -
  
$                   -
  
$            28.21
  
$            23.26
  
$            32.54
  
$            20.73
  
$            35.78

The accompanying notes are an integral part of these financial statements.
9
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Operations
Year Ended December 31, 2024
   
American Funds Insurance Series
                  
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Class Shares
                                 
                                 
                                 
   
Asset Allocation Fund
Capital Income Builder Fund
Capital World Growth and Income Fund
Global Growth Fund
Growth Fund
Growth-Income Fund
International Fund
Sustainable U.S. Equity Portfolio
                                 
                                 
                                 
                                 
Investment income
                                
   Dividend income
  
            181,446
  
            248,682
  
            134,226
  
            181,098
  
            194,593
  
            230,094
  
              39,377
  
              16,676
      Total investment income
  
            181,446
  
            248,682
  
            134,226
  
            181,098
  
            194,593
  
            230,094
  
              39,377
  
              16,676
                                 
Expenses
  
              24,208
  
              21,645
  
              23,227
  
              34,044
  
            171,826
  
              60,768
  
                9,360
  
              14,982
      Total expenses
  
              24,208
  
              21,645
  
              23,227
  
              34,044
  
            171,826
  
              60,768
  
                9,360
  
              14,982
      Net investment income (loss)
$         157,238
  
$         227,037
  
$         110,999
  
$         147,054
  
$            22,767
  
$         169,326
  
$            30,017
  
$              1,694
Realized gains (losses) on investments
                            
   Net realized gain (loss) on sale of
                            
      investments
  
$            41,055
  
$            98,279
  
$            (2,635)
  
$            80,325
  
$         605,018
  
$         228,072
  
$            (3,488)
  
$         152,839
   Capital gain distributions
  
$         339,258
  
$                       -
  
$                       -
  
$         321,172
  
$      1,285,920
  
$         891,551
  
$                       -
  
$            28,676
      Net realized gain (loss) on
                                
      investment transactions
  
$         380,313
  
$            98,279
  
$            (2,635)
  
$         401,497
  
$      1,890,938
  
$      1,119,623
  
$            (3,488)
  
$         181,515
Net unrealized appreciation (depreciation) of investments
                        
   Beginning of period
  
            (72,393)
  
            476,806
  
          (124,239)
  
            104,277
  
        3,860,634
  
        1,849,402
  
          (185,274)
  
            424,103
    End of period
  
$         560,659
  
$         808,751
  
$         714,443
  
$         871,954
  
$    17,274,608
  
$      4,761,433
  
$        (146,557)
  
$      1,172,663
                                 
   Change in net unrealized appreciation
   (depreciation) of investments
$         633,052
  
$         331,945
  
$         838,682
  
$         767,677
  
$    13,413,974
  
$      2,912,031
  
$            38,717
  
$         748,560
Net increase (decrease) in net assets from operations
                        
   
$      1,170,603
  
$         657,261
  
$         947,046
  
$      1,316,228
  
$    15,327,679
  
$      4,200,980
  
$            65,246
  
$         931,769

The accompanying notes are an integral part of these financial statements.
10
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Operations
Year Ended December 31, 2024
   
BNY Mellon Variable Investment Fund – Service Class Shares
Calvert Variable Series, Inc.
DWS Investments VIT Funds – Class B Shares
DWS Variable Series I – Class A Shares
DWS Variable Series II – Class A Shares
                                 
                                 
                                 
   
Opportunistic Small Cap Portfolio
VP SRI Mid Cap Portfolio
DWS Equity 500 Index VIP
DWS Core Equity VIP
DWS CROCI International VIP
DWS Global Small Cap VIP
DWS CROCI U.S. VIP
DWS Government Money Market VIP
                                 
                                 
                                 
                                 
Investment income
                                
   Dividend income
  
              49,293
  
                    306
  
              30,947
  
              48,732
  
            655,395
  
            243,920
  
            688,098
  
            922,878
      Total investment income
  
              49,293
  
                    306
  
              30,947
  
              48,732
  
            655,395
  
            243,920
  
            688,098
  
            922,878
                                 
Expenses
  
              63,845
  
                2,243
  
              10,925
  
              52,605
  
            158,009
  
            128,547
  
            390,926
  
            145,018
      Total expenses
  
              63,845
  
                2,243
  
              10,925
  
              52,605
  
            158,009
  
            128,547
  
            390,926
  
            145,018
      Net investment income (loss)
$          (14,552)
  
$            (1,937)
  
$            20,022
  
$            (3,873)
  
$         497,386
  
$         115,373
  
$         297,172
  
$         777,860
Realized gains (losses) on investments
                            
   Net realized gain (loss) on sale of
                            
      investments
  
$            41,170
  
$            (4,572)
  
$         934,088
  
$            34,770
  
$              2,426
  
$        (103,898)
  
$         792,638
  
$                       -
   Capital gain distributions
  
$                       -
  
$              2,408
  
$         209,629
  
$         307,782
  
$                       -
  
$         737,144
  
$                       -
  
$                       -
      Net realized gain (loss) on
                                
      investment transactions
  
$            41,170
  
$            (2,164)
  
$      1,143,717
  
$         342,552
  
$              2,426
  
$         633,246
  
$         792,638
  
$                       -
Net unrealized appreciation (depreciation) of investments
                        
   Beginning of period
  
          (370,576)
  
            (28,921)
  
            750,266
  
            552,132
  
        1,235,604
  
          (471,601)
  
        6,112,971
  
                         -
    End of period
  
$          (28,758)
  
$            (3,312)
  
$         351,726
  
$      1,206,473
  
$      1,055,617
  
$        (337,612)
  
$    12,160,622
  
$                       -
                                 
   Change in net unrealized appreciation
   (depreciation) of investments
$         341,818
  
$            25,609
  
$        (398,540)
  
$         654,341
  
$        (179,987)
  
$         133,989
  
$      6,047,651
  
$                       -
Net increase (decrease) in net assets from operations
                        
   
$         368,436
  
$            21,508
  
$         765,199
  
$         993,020
  
$         319,825
  
$         882,608
  
$      7,137,461
  
$         777,860

The accompanying notes are an integral part of these financial statements.
11
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Operations
Year Ended December 31, 2024
   
DWS Variable Series II – Class A Shares
Fidelity Variable Insurance Products ("VIP") Funds – Service Class
Fidelity VIP Freedom Funds – Service Class 2 Shares
                                 
                                 
                                 
   
DWS High Income VIP
DWS Small Mid Cap Growth VIP
VIP Growth Portfolio
VIP Index 500 Portfolio
VIP Mid Cap Portfolio
VIP Freedom 2005 Portfolio (1)
VIP Freedom 2010 Portfolio
VIP Freedom 2015 Portfolio
                                 
                                 
                                 
                                 
Investment income
                                
   Dividend income
  
            558,743
  
                         -
  
                         -
  
        1,058,127
  
            218,658
  
                1,395
  
                8,488
  
                8,685
      Total investment income
  
            558,743
  
                         -
  
                         -
  
        1,058,127
  
            218,658
  
                1,395
  
                8,488
  
                8,685
                                 
Expenses
  
              64,878
  
                4,500
  
            562,506
  
            507,634
  
            224,186
  
                    172
  
                    744
  
                    875
      Total expenses
  
              64,878
  
                4,500
  
            562,506
  
            507,634
  
            224,186
  
                    172
  
                    744
  
                    875
      Net investment income (loss)
$         493,865
  
$            (4,500)
  
$        (562,506)
  
$         550,493
  
$            (5,528)
  
$              1,223
  
$              7,744
  
$              7,810
Realized gains (losses) on investments
                            
   Net realized gain (loss) on sale of
                            
      investments
  
$          (41,629)
  
$          (21,814)
  
$      4,267,575
  
$      4,122,332
  
$         750,061
  
$          (10,942)
  
$            (6,962)
  
$            (6,326)
   Capital gain distributions
  
$                       -
  
$              4,641
  
$    21,117,592
  
$            54,986
  
$      5,995,614
  
$                       -
  
$                 217
  
$              8,780
      Net realized gain (loss) on
                                
      investment transactions
  
$          (41,629)
  
$          (17,173)
  
$    25,385,167
  
$      4,177,318
  
$      6,745,675
  
$          (10,942)
  
$            (6,745)
  
$              2,454
Net unrealized appreciation (depreciation) of investments
                        
   Beginning of period
  
          (523,239)
  
            (33,179)
  
      15,140,646
  
      34,154,237
  
        2,138,878
  
            (12,153)
  
            (38,354)
  
            (29,105)
    End of period
  
$        (378,322)
  
$              8,834
  
$    13,666,085
  
$    48,102,883
  
$      2,355,932
  
$                       -
  
$          (27,988)
  
$          (22,918)
                                 
   Change in net unrealized appreciation
   (depreciation) of investments
$         144,917
  
$            42,013
  
$    (1,474,561)
  
$    13,948,646
  
$         217,054
  
$            12,153
  
$            10,366
  
$              6,187
Net increase (decrease) in net assets from operations
                        
   
$         597,153
  
$            20,340
  
$    23,348,100
  
$    18,676,457
  
$      6,957,201
  
$              2,434
  
$            11,365
  
$            16,451

The accompanying notes are an integral part of these financial statements.
12
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Operations
Year Ended December 31, 2024
   
Fidelity VIP Freedom Funds – Service Class 2 Shares
Fidelity VIP FundsManager Portfolios – Service Class 2 Shares
                                 
                                 
                                 
   
VIP Freedom 2020 Portfolio
VIP Freedom 2025 Portfolio
VIP Freedom 2030 Portfolio
VIP Freedom Income Portfolio
VIP FundsManager 20% Portfolio
VIP FundsManager 50% Portfolio
VIP FundsManager 70% Portfolio
VIP FundsManager 85% Portfolio
                                 
                                 
                                 
                                 
Investment income
                                
   Dividend income
  
              44,814
  
              54,092
  
            245,499
  
              39,602
  
              49,061
  
            136,801
  
            171,764
  
            160,592
      Total investment income
  
              44,814
  
              54,092
  
            245,499
  
              39,602
  
              49,061
  
            136,801
  
            171,764
  
            160,592
                                 
Expenses
  
                5,087
  
                7,076
  
              36,118
  
                3,371
  
                4,219
  
              17,339
  
              31,242
  
              39,680
      Total expenses
  
                5,087
  
                7,076
  
              36,118
  
                3,371
  
                4,219
  
              17,339
  
              31,242
  
              39,680
      Net investment income (loss)
$            39,727
  
$            47,016
  
$         209,381
  
$            36,231
  
$            44,842
  
$         119,462
  
$         140,522
  
$         120,912
Realized gains (losses) on investments
                            
   Net realized gain (loss) on sale of
                            
      investments
  
$              4,742
  
$            29,234
  
$         179,789
  
$            (3,967)
  
$            (4,453)
  
$            (4,520)
  
$            61,143
  
$         157,352
   Capital gain distributions
  
$            48,011
  
$              4,529
  
$            26,496
  
$                 727
  
$                       -
  
$                       -
  
$                       -
  
$                       -
      Net realized gain (loss) on
                                
      investment transactions
  
$            52,753
  
$            33,763
  
$         206,285
  
$            (3,240)
  
$            (4,453)
  
$            (4,520)
  
$            61,143
  
$         157,352
Net unrealized appreciation (depreciation) of investments
                        
   Beginning of period
  
            (97,400)
  
              20,199
  
            606,852
  
            (61,061)
  
            (72,908)
  
          (329,904)
  
          (105,723)
  
              40,089
    End of period
  
$          (76,071)
  
$         117,257
  
$      1,173,072
  
$          (51,544)
  
$          (44,072)
  
$          (10,089)
  
$         687,184
  
$      1,232,316
                                 
   Change in net unrealized appreciation
   (depreciation) of investments
$            21,329
  
$            97,058
  
$         566,220
  
$              9,517
  
$            28,836
  
$         319,815
  
$         792,907
  
$      1,192,227
Net increase (decrease) in net assets from operations
                        
   
$         113,809
  
$         177,837
  
$         981,886
  
$            42,508
  
$            69,225
  
$         434,757
  
$         994,572
  
$      1,470,491

The accompanying notes are an integral part of these financial statements.
13
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Operations
Year Ended December 31, 2024
   
Franklin Templeton Variable Insurance Products Trust – Class 2
Goldman Sachs Variable Insurance Trust – Institutional Class
Janus Henderson
                                 
                                 
                                 
   
Developing Markets VIP Fund
Small – Mid Cap Growth VIP Fund
Small Cap Value VIP Fund
Mid Cap Value Fund
Small Cap Equity Insights Fund
Strategic Growth Fund
VIT Balanced Portfolio (Service Shares)
VIT Enterprise Portfolio (Service Shares)
                                 
                                 
                                 
                                 
Investment income
                                
   Dividend income
  
            248,567
  
                         -
  
            134,944
  
            119,757
  
              48,795
  
                         -
  
            471,982
  
              30,863
      Total investment income
  
            248,567
  
                         -
  
            134,944
  
            119,757
  
              48,795
  
                         -
  
            471,982
  
              30,863
                                 
Expenses
  
              57,766
  
              86,483
  
              72,639
  
            106,347
  
              40,417
  
            279,960
  
            110,480
  
              40,367
      Total expenses
  
              57,766
  
              86,483
  
              72,639
  
            106,347
  
              40,417
  
            279,960
  
            110,480
  
              40,367
      Net investment income (loss)
$         190,801
  
$          (86,483)
  
$            62,305
  
$            13,410
  
$              8,378
  
$        (279,960)
  
$         361,502
  
$            (9,504)
Realized gains (losses) on investments
                            
   Net realized gain (loss) on sale of
                            
      investments
  
$          (15,043)
  
$        (279,592)
  
$        (236,217)
  
$         225,540
  
$            90,328
  
$        (371,007)
  
$         633,731
  
$         265,767
   Capital gain distributions
  
$            47,770
  
$                       -
  
$         333,536
  
$         684,683
  
$         403,426
  
$      2,526,376
  
$                       -
  
$         216,171
      Net realized gain (loss) on
                                
      investment transactions
  
$            32,727
  
$        (279,592)
  
$            97,319
  
$         910,223
  
$         493,754
  
$      2,155,369
  
$         633,731
  
$         481,938
Net unrealized appreciation (depreciation) of investments
                        
   Beginning of period
  
          (276,602)
  
       (2,500,626)
  
          (689,420)
  
            312,188
  
            (66,637)
  
        1,322,517
  
        4,838,928
  
            574,261
    End of period
  
$          (90,849)
  
$        (259,853)
  
$         682,701
  
$         663,997
  
$         254,370
  
$      7,896,222
  
$      7,409,696
  
$         750,090
                                 
   Change in net unrealized appreciation
   (depreciation) of investments
$         185,753
  
$      2,240,773
  
$      1,372,121
  
$         351,809
  
$         321,007
  
$      6,573,705
  
$      2,570,768
  
$         175,829
Net increase (decrease) in net assets from operations
                        
   
$         409,281
  
$      1,874,698
  
$      1,531,745
  
$      1,275,442
  
$         823,139
  
$      8,449,114
  
$      3,566,001
  
$         648,263

The accompanying notes are an integral part of these financial statements.
14
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Operations
Year Ended December 31, 2024
   
Janus Henderson
PIMCO Variable Insurance Trust – Administrative Class Shares
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Equity Funds
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Fixed Income Funds
                                 
                                 
                                 
   
VIT Forty Portfolio (Institutional Shares)
VIT International Bond Portfolio (U.S. Dollar-Hedged)
VIT Low Duration Portfolio
Diversified International Account I
LargeCap Growth Account I
Core Plus Bond Account I
Government & High Quality Bond Account I
Short-Term Income Account I
                                 
                                 
                                 
                                 
Investment income
                                
   Dividend income
  
              98,046
  
            264,539
  
            274,696
  
              26,820
  
                         -
  
                3,190
  
                3,777
  
                    402
      Total investment income
  
              98,046
  
            264,539
  
            274,696
  
              26,820
  
                         -
  
                3,190
  
                3,777
  
                    402
                                 
Expenses
  
            557,307
  
              50,208
  
              50,799
  
                2,610
  
                1,574
  
                    295
  
                    360
  
                      34
      Total expenses
  
            557,307
  
              50,208
  
              50,799
  
                2,610
  
                1,574
  
                    295
  
                    360
  
                      34
      Net investment income (loss)
$        (459,261)
  
$         214,331
  
$         223,897
  
$            24,210
  
$            (1,574)
  
$              2,895
  
$              3,417
  
$                 368
Realized gains (losses) on investments
                            
   Net realized gain (loss) on sale of
                            
      investments
  
$      2,635,209
  
$          (16,231)
  
$          (15,615)
  
$              5,438
  
$            36,732
  
$            (8,351)
  
$          (19,034)
  
$                       -
   Capital gain distributions
  
$      5,117,602
  
$                       -
  
$                       -
  
$                       -
  
$            24,862
  
$                       -
  
$                       -
  
$                       -
      Net realized gain (loss) on
                                
      investment transactions
  
$      7,752,811
  
$          (16,231)
  
$          (15,615)
  
$              5,438
  
$            61,594
  
$            (8,351)
  
$          (19,034)
  
$                       -
Net unrealized appreciation (depreciation) of investments
                        
   Beginning of period
  
      12,733,649
  
          (487,910)
  
          (348,392)
  
              21,003
  
              14,936
  
            (19,891)
  
            (21,775)
  
                    (65)
    End of period
  
$    26,952,743
  
$        (342,382)
  
$        (302,931)
  
$            26,366
  
$            62,324
  
$          (13,873)
  
$            (6,049)
  
$                    97
                                 
   Change in net unrealized appreciation
   (depreciation) of investments
$    14,219,094
  
$         145,528
  
$            45,461
  
$              5,363
  
$            47,388
  
$              6,018
  
$            15,726
  
$                 162
Net increase (decrease) in net assets from operations
                        
   
$    21,512,644
  
$         343,628
  
$         253,743
  
$            35,011
  
$         107,408
  
$                 562
  
$                 109
  
$                 530
                                 

The accompanying notes are an integral part of these financial statements.
15
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Operations
Year Ended December 31, 2024
   
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Equity Funds
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios
                                     
                                     
                                     
   
Capital Appreciation Account II
Equity Income Account II
MidCap Account II
SmallCap Account II
SAM Balanced Portfolio
SAM Conservative Balanced Portfolio
SAM Conservative Growth Portfolio
SAM Flexible Income Portfolio
SAM Strategic Growth Portfolio
                                     
                                     
                                     
                                     
Investment income
                                    
   Dividend income
  
              39,007
  
            233,203
  
                9,110
  
                3,687
  
        1,215,273
  
            272,511
  
        1,695,221
  
              72,521
  
        1,543,562
      Total investment income
  
              39,007
  
            233,203
  
                9,110
  
                3,687
  
        1,215,273
  
            272,511
  
        1,695,221
  
              72,521
  
        1,543,562
                                     
Expenses
  
              43,234
  
              94,105
  
            158,382
  
              23,514
  
            299,372
  
              50,177
  
            702,112
  
              12,280
  
            908,129
      Total expenses
  
              43,234
  
              94,105
  
            158,382
  
              23,514
  
            299,372
  
              50,177
  
            702,112
  
              12,280
  
            908,129
      Net investment income (loss)
$            (4,227)
  
$         139,098
  
$        (149,272)
  
$          (19,827)
  
$         915,901
  
$         222,334
  
$         993,109
  
$            60,241
  
$         635,433
Realized gains (losses) on investments
                                
   Net realized gain (loss) on sale of
                                
      investments
  
$         437,987
  
$         376,434
  
$         825,495
  
$            (2,412)
  
$        (232,860)
  
$            (4,179)
  
$      2,012,924
  
$          (48,133)
  
$      2,550,247
   Capital gain distributions
  
$         213,461
  
$         119,735
  
$      1,585,567
  
$            53,889
  
$                       -
  
$                       -
  
$                       -
  
$                       -
  
$                       -
      Net realized gain (loss) on
                                    
      investment transactions
  
$         651,448
  
$         496,169
  
$      2,411,062
  
$            51,477
  
$        (232,860)
  
$            (4,179)
  
$      2,012,924
  
$          (48,133)
  
$      2,550,247
Net unrealized appreciation (depreciation) of investments
                            
   Beginning of period
  
        1,088,908
  
        1,660,092
  
        2,391,572
  
               (3,218)
  
       (4,567,460)
  
          (603,651)
  
        6,105,210
  
          (294,346)
  
      15,351,140
    End of period
  
$      1,869,848
  
$      2,620,782
  
$      3,242,648
  
$         118,613
  
$      1,946,323
  
$            64,454
  
$    20,302,342
  
$        (160,778)
  
$    37,029,065
                                     
   Change in net unrealized appreciation
   (depreciation) of investments
$         780,940
  
$         960,690
  
$         851,076
  
$         121,831
  
$      6,513,783
  
$         668,105
  
$    14,197,132
  
$         133,568
  
$    21,677,925
Net increase (decrease) in net assets from operations
                            
   
$      1,428,161
  
$      1,595,957
  
$      3,112,866
  
$         153,481
  
$      7,196,824
  
$         886,260
  
$    17,203,165
  
$         145,676
  
$    24,863,605

The accompanying notes are an integral part of these financial statements.
16
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
American Funds Insurance Series
                  
                                 
                                 
   
Asset Allocation Fund
Capital Income Builder Fund
Capital World Growth and Income Fund
Global Growth Fund
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                        
   Net investment income (loss)
  
$         157,238
  
$         128,582
  
$         227,037
  
$         155,147
  
$         110,999
  
$            98,069
  
$         147,054
  
$            54,665
   Net realized gain (loss) from investment transactions
380,313
  
225,708
  
98,279
  
24,255
  
(2,635)
  
(42,248)
  
401,497
  
640,151
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
633,052
  
476,674
  
331,945
  
319,424
  
838,682
  
1,024,417
  
767,677
  
956,713
          Net increase (decrease) in net assets
                            
              from operations
  
1,170,603
  
830,964
  
657,261
  
498,826
  
947,046
  
1,080,238
  
1,316,228
  
1,651,529
Increase (decrease) in net assets from
                              
 contract transactions
                                
   Payments received from contract owners
1,984,418
  
2,062,538
  
1,859,053
  
1,909,951
  
1,789,106
  
1,815,263
  
2,494,015
  
2,620,679
   Transfers for contract benefits and terminations
(615,194)
  
(194,234)
  
(570,421)
  
(224,535)
  
(391,554)
  
(213,174)
  
(453,987)
  
(431,051)
   Contract maintenance charges
  
(770,633)
  
(866,422)
  
(721,086)
  
(818,262)
  
(673,413)
  
(752,446)
  
(923,659)
  
(1,055,674)
   Transfers between subaccounts (including fixed
                            
     account), net
  
(100,422)
  
6,445
  
85,534
  
26,609
  
(113,515)
  
(18,472)
  
(76,329)
  
(59,478)
         Net increase (decrease) in net assets from
                            
            contract transactions
  
498,169
  
1,008,327
  
653,080
  
893,763
  
610,624
  
831,171
  
1,040,040
  
1,074,476
Total increase (decrease) in net assets
1,668,772
  
1,839,291
  
1,310,341
  
1,392,589
  
1,557,670
  
1,911,409
  
2,356,268
  
2,726,005
Net assets
                                
   Beginning of period
  
7,135,711
  
        5,296,420
  
6,457,922
  
        5,065,333
  
6,748,025
  
        4,836,616
  
9,661,673
  
        6,935,668
   End of period
  
$      8,804,483
  
$      7,135,711
  
$      7,768,263
  
$      6,457,922
  
$      8,305,695
  
$      6,748,025
  
$    12,017,941
  
$      9,661,673
Analysis of increase (decrease) in units outstanding
                          
   Units issued
  
54,885
  
71,621
  
72,739
  
80,767
  
46,839
  
56,090
  
56,142
  
71,019
   Units redeemed
  
(29,914)
  
(10,317)
  
(31,170)
  
(16,210)
  
(17,916)
  
(8,577)
  
(15,445)
  
(19,871)
             Increase (decrease) in units outstanding
24,971
  
61,304
  
41,569
  
64,557
  
28,923
  
47,513
  
40,697
  
51,148
   Beginning units
  
397,104
  
335,800
  
437,711
  
373,154
  
348,884
  
301,371
  
417,492
  
366,344
   Ending units
  
422,075
  
397,104
  
479,280
  
437,711
  
377,807
  
348,884
  
458,189
  
417,492

The accompanying notes are an integral part of these financial statements
17
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
American Funds Insurance Series , continued
          
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Class Shares
                                 
                                 
   
Growth Fund
    
Growth-Income Fund
  
International Fund
  
Sustainable U.S. Equity Portfolio
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                          
   Net investment income (loss)
  
$                22,767
  
$                30,775
  
$              169,326
  
$              170,232
  
$                30,017
  
$                26,059
  
$                   1,694
  
$                   6,268
   Net realized gain (loss) from investment transactions
1,890,938
  
2,325,333
  
1,119,623
  
796,079
  
(3,488)
  
(32,078)
  
181,515
  
434,995
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
13,413,974
  
10,138,768
  
2,912,031
  
2,426,442
  
38,717
  
339,035
  
748,560
  
294,819
          Net increase (decrease) in net assets
                            
              from operations
  
15,327,679
  
12,494,876
  
4,200,980
  
3,392,753
  
65,246
  
333,016
  
931,769
  
736,082
Increase (decrease) in net assets from
                            
 contract transactions
                                
   Payments received from contract owners
11,436,543
  
11,685,554
  
4,404,598
  
4,482,761
  
813,370
  
871,829
  
429,190
  
465,807
   Transfers for contract benefits and terminations
(3,410,017)
  
(1,729,155)
  
(1,545,378)
  
(678,388)
  
(146,272)
  
(123,227)
  
(150,894)
  
(136,602)
   Contract maintenance charges
  
(4,420,627)
  
(4,775,825)
  
(1,686,483)
  
(1,892,751)
  
(272,555)
  
(310,770)
  
(175,140)
  
(186,220)
   Transfers between subaccounts (including fixed
                            
     account), net
  
(1,013,795)
  
(565,628)
  
(361,988)
  
(160,802)
  
29,577
  
18,201
  
(433,312)
  
(99,063)
         Net increase (decrease) in net assets from
                            
            contract transactions
  
2,592,104
  
4,614,946
  
810,749
  
1,750,820
  
424,120
  
456,033
  
(330,156)
  
43,922
Total increase (decrease) in net assets
17,919,783
  
17,109,822
  
5,011,729
  
5,143,573
  
489,366
  
789,049
  
601,613
  
780,004
Net assets
                                
   Beginning of period
  
47,854,752
  
           30,744,930
  
17,249,137
  
           12,105,564
  
2,772,603
  
             1,983,554
  
             3,929,033
  
             3,149,029
   End of period
  
$        65,774,535
  
$        47,854,752
  
$        22,260,866
  
$        17,249,137
  
$           3,261,969
  
$           2,772,603
  
$           4,530,646
  
$           3,929,033
Analysis of increase (decrease) in units outstanding
                          
   Units issued
  
126,558
  
224,769
  
68,344
  
108,445
  
36,548
  
42,534
  
4,774
  
8,194
   Units redeemed
  
(56,712)
  
(58,253)
  
(38,210)
  
(24,223)
  
(9,394)
  
(9,760)
  
(11,809)
  
(7,029)
             Increase (decrease) in units outstanding
69,846
  
166,516
  
30,134
  
84,222
  
27,154
  
32,774
  
(7,035)
  
1,165
   Beginning units
  
1,474,138
  
1,307,622
  
717,407
  
633,185
  
188,673
  
155,899
  
97,401
  
96,236
   Ending units
  
1,543,984
  
1,474,138
  
747,541
  
717,407
  
215,827
  
188,673
  
90,366
  
97,401
The accompanying notes are an integral part of these financial statements
18
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
BNY Mellon Variable Investment Fund – Service Class Shares
Calvert Variable Series, Inc.
DWS Investments VIT Funds – Class B Shares
DWS Variable Series I – Class A Shares
                                 
                                 
   
Opportunistic Small Cap Portfolio
VP SRI Mid Cap Portfolio
  
DWS Equity 500 Index VIP
DWS Core Equity VIP
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                          
   Net investment income (loss)
  
$               (14,552)
  
$               (51,289)
  
$                 (1,937)
  
$                 (1,652)
  
$                20,022
  
$                20,237
  
$                 (3,873)
  
$                   1,917
   Net realized gain (loss) from investment transactions
41,170
  
274,593
  
(2,164)
  
(12,106)
  
1,143,717
  
166,045
  
342,552
  
393,165
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
341,818
  
542,840
  
25,609
  
36,558
  
(398,540)
  
467,521
  
654,341
  
685,267
          Net increase (decrease) in net assets
                            
              from operations
  
368,436
  
766,144
  
21,508
  
22,800
  
765,199
  
653,803
  
993,020
  
1,080,349
Increase (decrease) in net assets from
                            
 contract transactions
                                
   Payments received from contract owners
893,963
  
934,681
  
10,976
  
11,707
  
66,090
  
66,426
  
194,065
  
210,055
   Transfers for contract benefits and terminations
(438,907)
  
(438,542)
  
(3,933)
  
(14,007)
  
(180,187)
  
(17,610)
  
(236,074)
  
(330,434)
   Contract maintenance charges
  
(452,056)
  
(487,068)
  
(11,987)
  
(10,521)
  
(32,471)
  
(30,275)
  
(243,922)
  
(252,900)
   Transfers between subaccounts (including fixed
                            
     account), net
  
(62,989)
  
175,940
  
1,082
  
(3,197)
  
135,895
  
(33,844)
  
(13,150)
  
6,953
         Net increase (decrease) in net assets from
                            
            contract transactions
  
(59,989)
  
185,011
  
(3,862)
  
(16,018)
  
(10,673)
  
(15,303)
  
(299,081)
  
(366,326)
Total increase (decrease) in net assets
308,447
  
951,155
  
17,646
  
6,782
  
754,526
  
638,500
  
693,939
  
714,023
Net assets
                                
   Beginning of period
  
             9,790,123
  
             8,838,968
  
                239,846
  
                233,064
  
             3,239,221
  
             2,600,721
  
             5,308,471
  
             4,594,448
   End of period
  
$        10,098,570
  
$           9,790,123
  
$              257,492
  
$              239,846
  
$           3,993,747
  
$           3,239,221
  
$           6,002,410
  
$           5,308,471
Analysis of increase (decrease) in units outstanding
                          
   Units issued
  
19,121
  
25,255
  
304
  
340
  
173,916
  
1,852
  
839
  
2,031
   Units redeemed
  
(21,705)
  
(17,716)
  
(435)
  
(912)
  
(60,200)
  
(2,297)
  
(7,445)
  
(12,258)
             Increase (decrease) in units outstanding
(2,584)
  
7,539
  
(131)
  
(572)
  
113,716
  
(445)
  
(6,606)
  
(10,227)
   Beginning units
  
371,428
  
363,889
  
7,605
  
8,177
  
97,973
  
98,418
  
132,568
  
142,795
   Ending units
  
368,844
  
371,428
  
7,474
  
7,605
  
211,689
  
97,973
  
125,962
  
132,568
The accompanying notes are an integral part of these financial statements
19
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
DWS Variable Series I – Class A Shares
  
DWS Variable Series II – Class A Shares
                                 
                                 
   
DWS CROCI International VIP
DWS Global Small Cap VIP
DWS CROCI U.S. VIP
  
DWS Government Money Market VIP
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                          
   Net investment income (loss)
  
$              497,386
  
$              440,079
  
$              115,373
  
$                25,857
  
$              297,172
  
$              339,095
  
$              777,860
  
$              700,020
   Net realized gain (loss) from investment transactions
2,426
  
(59,484)
  
633,246
  
(153,093)
  
792,638
  
150,032
  
-
  
-
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
(179,987)
  
2,598,499
  
133,989
  
3,525,123
  
6,047,651
  
6,726,067
  
-
  
-
          Net increase (decrease) in net assets
                            
              from operations
  
319,825
  
2,979,094
  
882,608
  
3,397,887
  
7,137,461
  
7,215,194
  
777,860
  
700,020
Increase (decrease) in net assets from
                            
 contract transactions
                                
   Payments received from contract owners
1,562,005
  
1,619,949
  
1,459,755
  
1,523,216
  
2,862,832
  
2,981,288
  
1,725,407
  
1,796,634
   Transfers for contract benefits and terminations
(901,966)
  
(753,606)
  
(831,583)
  
(632,765)
  
(2,278,083)
  
(1,644,648)
  
(1,110,871)
  
(810,981)
   Contract maintenance charges
  
(774,258)
  
(806,590)
  
(707,218)
  
(730,536)
  
(1,794,962)
  
(1,751,507)
  
(884,735)
  
(949,147)
   Transfers between subaccounts (including fixed
                            
     account), net
  
540,538
  
(371,929)
  
(96,814)
  
(222,221)
  
(935,908)
  
(209,665)
  
443,015
  
380,009
         Net increase (decrease) in net assets from
                            
            contract transactions
  
426,319
  
(312,176)
  
(175,860)
  
(62,306)
  
(2,146,121)
  
(624,532)
  
172,816
  
416,515
Total increase (decrease) in net assets
746,144
  
2,666,918
  
706,748
  
3,335,581
  
4,991,340
  
6,590,662
  
950,676
  
1,116,535
Net assets
                                
   Beginning of period
  
           19,396,430
  
           16,729,512
  
           17,633,725
  
           14,298,144
  
           43,389,909
  
           36,799,247
  
           18,498,086
  
           17,381,551
   End of period
  
$        20,142,574
  
$        19,396,430
  
$        18,340,473
  
$        17,633,725
  
$        48,381,249
  
$        43,389,909
  
$        19,448,762
  
$        18,498,086
Analysis of increase (decrease) in units outstanding
                          
   Units issued
  
102,728
  
76,032
  
26,683
  
34,832
  
17,570
  
27,396
  
128,203
  
123,734
   Units redeemed
  
(64,225)
  
(112,648)
  
(29,823)
  
(34,167)
  
(61,419)
  
(42,905)
  
(113,515)
  
(83,313)
             Increase (decrease) in units outstanding
38,503
  
(36,616)
  
(3,140)
  
665
  
(43,849)
  
(15,509)
  
14,688
  
40,421
   Beginning units
  
1,955,282
  
1,991,898
  
638,236
  
637,571
  
1,019,459
  
1,034,968
  
1,622,529
  
1,582,108
   Ending units
  
1,993,785
  
1,955,282
  
635,096
  
638,236
  
975,610
  
1,019,459
  
1,637,217
  
1,622,529
The accompanying notes are an integral part of these financial statements
20
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
DWS Variable Series II – Class A Shares , Continued
Fidelity Variable Insurance Products ("VIP") Funds – Service Class
                                 
                                 
   
DWS High Income VIP
  
DWS Small Mid Cap Growth VIP
VIP Growth Portfolio
  
VIP Index 500 Portfolio
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                          
   Net investment income (loss)
  
$              493,865
  
$              394,970
  
$                 (4,500)
  
$                 (3,992)
  
$            (562,506)
  
$            (396,062)
  
$              550,493
  
$              579,509
   Net realized gain (loss) from investment transactions
(41,629)
  
(70,752)
  
(17,173)
  
3,415
  
25,385,167
  
5,586,212
  
4,177,318
  
2,673,999
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
144,917
  
549,949
  
42,013
  
77,278
  
(1,474,561)
  
15,852,865
  
13,948,646
  
12,499,966
          Net increase (decrease) in net assets
                            
              from operations
  
597,153
  
874,167
  
20,340
  
76,701
  
23,348,100
  
21,043,015
  
18,676,457
  
15,753,474
Increase (decrease) in net assets from
                            
 contract transactions
                                
   Payments received from contract owners
827,838
  
864,067
  
25,762
  
30,436
  
7,627,827
  
7,659,489
  
8,508,675
  
8,464,519
   Transfers for contract benefits and terminations
(372,541)
  
(426,179)
  
(48,270)
  
(10,356)
  
(4,794,406)
  
(3,008,801)
  
(4,871,966)
  
(3,030,266)
   Contract maintenance charges
  
(416,609)
  
(423,206)
  
(26,910)
  
(31,357)
  
(3,805,832)
  
(3,695,908)
  
(3,726,162)
  
(3,787,230)
   Transfers between subaccounts (including fixed
                            
     account), net
  
181,346
  
84,738
  
1,043
  
(172)
  
(2,113,295)
  
(1,520,821)
  
(2,127,952)
  
(678,477)
         Net increase (decrease) in net assets from
                            
            contract transactions
  
220,034
  
99,420
  
(48,375)
  
(11,449)
  
(3,085,706)
  
(566,041)
  
(2,217,405)
  
968,546
Total increase (decrease) in net assets
817,187
  
973,587
  
(28,035)
  
65,252
  
20,262,394
  
20,476,974
  
16,459,052
  
16,722,020
Net assets
                                
   Beginning of period
  
             9,156,574
  
             8,182,987
  
                504,360
  
                439,108
  
           80,043,504
  
           59,566,530
  
           78,323,279
  
           61,601,259
   End of period
  
$           9,973,761
  
$           9,156,574
  
$              476,325
  
$              504,360
  
$      100,305,898
  
$        80,043,504
  
$        94,782,331
  
$        78,323,279
Analysis of increase (decrease) in units outstanding
                          
   Units issued
  
21,307
  
21,500
  
668
  
1,324
  
59,849
  
64,234
  
64,148
  
95,877
   Units redeemed
  
(11,588)
  
(16,610)
  
(4,630)
  
(2,397)
  
(101,420)
  
(79,067)
  
(105,800)
  
(72,567)
             Increase (decrease) in units outstanding
9,719
  
4,890
  
(3,962)
  
(1,073)
  
(41,571)
  
(14,833)
  
(41,652)
  
23,310
   Beginning units
  
349,813
  
344,923
  
42,292
  
43,365
  
1,463,881
  
1,478,714
  
1,679,637
  
1,656,327
   Ending units
  
359,532
  
349,813
  
38,330
  
42,292
  
1,422,310
  
1,463,881
  
1,637,985
  
1,679,637
The accompanying notes are an integral part of these financial statements
21
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
Fidelity Variable Insurance Products ("VIP") Funds – Service Class , Continued
Fidelity VIP Freedom Funds – Service Class 2 Shares
    
                                 
                                 
   
VIP Mid Cap Portfolio
  
VIP Freedom 2005 Portfolio (1)
VIP Freedom 2010 Portfolio
VIP Freedom 2015 Portfolio
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                          
   Net investment income (loss)
  
$                 (5,528)
  
$                17,490
  
$                   1,223
  
$                   4,823
  
$                   7,744
  
$                   8,510
  
$                   7,810
  
$                   8,720
   Net realized gain (loss) from investment transactions
6,745,675
  
1,301,028
  
(10,942)
  
(459)
  
(6,745)
  
14,603
  
2,454
  
(1,533)
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
217,054
  
3,925,724
  
12,153
  
4,304
  
10,366
  
(2,553)
  
6,187
  
20,458
          Net increase (decrease) in net assets
                            
              from operations
  
6,957,201
  
5,244,242
  
2,434
  
8,668
  
11,365
  
20,560
  
16,451
  
27,645
Increase (decrease) in net assets from
                            
 contract transactions
                                
   Payments received from contract owners
4,230,593
  
4,550,375
  
5,704
  
12,640
  
41,833
  
40,458
  
39,421
  
42,690
   Transfers for contract benefits and terminations
(2,457,271)
  
(1,689,207)
  
(745)
  
(1,872)
  
(43,978)
  
(3,166)
  
(20,569)
  
(51,694)
   Contract maintenance charges
  
(1,657,628)
  
(1,731,034)
  
(3,488)
  
(7,740)
  
(18,483)
  
(17,624)
  
(16,985)
  
(18,250)
   Transfers between subaccounts (including fixed
                            
     account), net
  
(1,162,076)
  
(92,592)
  
(132,109)
  
875
  
(1,296)
  
(532)
  
(16,204)
  
1,198
         Net increase (decrease) in net assets from
                            
            contract transactions
  
(1,046,382)
  
1,037,542
  
(130,638)
  
3,903
  
(21,924)
  
19,136
  
(14,337)
  
(26,056)
Total increase (decrease) in net assets
5,910,819
  
6,281,784
  
(128,204)
  
12,571
  
(10,559)
  
39,696
  
2,114
  
1,589
Net assets
                                
   Beginning of period
  
           41,723,324
  
           35,441,540
  
                128,204
  
                115,633
  
                263,418
  
                223,722
  
                282,693
  
                281,104
   End of period
  
$        47,634,143
  
$        41,723,324
  
$                            -
  
$              128,204
  
$              252,859
  
$              263,418
  
$              284,807
  
$              282,693
Analysis of increase (decrease) in units outstanding
                          
   Units issued
  
40,189
  
76,657
  
251
  
521
  
1,431
  
1,379
  
1,143
  
1,240
   Units redeemed
  
(60,030)
  
(38,300)
  
(7,317)
  
(300)
  
(2,512)
  
(400)
  
(1,770)
  
(2,490)
             Increase (decrease) in units outstanding
(19,841)
  
38,357
  
(7,066)
  
221
  
(1,081)
  
979
  
(627)
  
(1,250)
   Beginning units
  
1,031,915
  
993,558
  
7,066
  
6,845
  
12,824
  
11,845
  
12,902
  
14,152
   Ending units
  
1,012,074
  
1,031,915
  
-
  
7,066
  
11,743
  
12,824
  
12,275
  
12,902
The accompanying notes are an integral part of these financial statements
22
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
Fidelity VIP Freedom Funds – Service Class 2 Shares , continued
            
                                 
                                 
   
VIP Freedom 2020 Portfolio
VIP Freedom 2025 Portfolio
VIP Freedom 2030 Portfolio
VIP Freedom Income Portfolio
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                          
   Net investment income (loss)
  
$                39,727
  
$                40,866
  
$                47,016
  
$                50,365
  
$              209,381
  
$              207,104
  
$                36,231
  
$                36,206
   Net realized gain (loss) from investment transactions
52,753
  
7,298
  
33,763
  
24,730
  
206,285
  
71,047
  
(3,240)
  
(3,444)
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
21,329
  
121,488
  
97,058
  
188,403
  
566,220
  
1,111,519
  
9,517
  
35,602
          Net increase (decrease) in net assets
                            
              from operations
  
113,809
  
169,652
  
177,837
  
263,498
  
981,886
  
1,389,670
  
42,508
  
68,364
Increase (decrease) in net assets from
                            
 contract transactions
                                
   Payments received from contract owners
202,601
  
212,768
  
305,799
  
339,992
  
1,343,026
  
1,440,178
  
218,024
  
223,179
   Transfers for contract benefits and terminations
(111,034)
  
(77,369)
  
(161,351)
  
(138,735)
  
(659,298)
  
(786,773)
  
(100,654)
  
(84,182)
   Contract maintenance charges
  
(87,387)
  
(85,635)
  
(139,355)
  
(142,152)
  
(505,735)
  
(547,769)
  
(87,401)
  
(91,440)
   Transfers between subaccounts (including fixed
                            
     account), net
  
(67,435)
  
(3,005)
  
(73,203)
  
(122,165)
  
(175,982)
  
(195,826)
  
99,271
  
(35,649)
         Net increase (decrease) in net assets from
                            
            contract transactions
  
(63,255)
  
46,759
  
(68,110)
  
(63,060)
  
2,011
  
(90,190)
  
129,240
  
11,908
Total increase (decrease) in net assets
50,554
  
216,411
  
109,727
  
200,438
  
983,897
  
1,299,480
  
171,748
  
80,272
Net assets
                                
   Beginning of period
  
             1,625,206
  
             1,408,795
  
             2,256,631
  
             2,056,193
  
           11,204,284
  
             9,904,804
  
             1,003,367
  
                923,095
   End of period
  
$           1,675,760
  
$           1,625,206
  
$           2,366,358
  
$           2,256,631
  
$        12,188,181
  
$        11,204,284
  
$           1,175,115
  
$           1,003,367
Analysis of increase (decrease) in units outstanding
                          
   Units issued
  
5,018
  
5,767
  
6,468
  
8,199
  
23,265
  
31,554
  
17,115
  
8,550
   Units redeemed
  
(7,630)
  
(3,646)
  
(9,050)
  
(10,855)
  
(23,368)
  
(35,309)
  
(9,361)
  
(7,784)
             Increase (decrease) in units outstanding
(2,612)
  
2,121
  
(2,582)
  
(2,656)
  
(103)
  
(3,755)
  
7,754
  
766
   Beginning units
  
70,448
  
68,327
  
90,036
  
92,692
  
426,324
  
430,079
  
60,894
  
60,128
   Ending units
  
67,836
  
70,448
  
87,454
  
90,036
  
426,221
  
426,324
  
68,648
  
60,894
The accompanying notes are an integral part of these financial statements
23
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
Fidelity VIP FundsManager Portfolios – Service Class 2 Shares
            
                                 
                                 
   
VIP FundsManager 20% Portfolio
VIP FundsManager 50% Portfolio
VIP FundsManager 70% Portfolio
VIP FundsManager 85% Portfolio
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                            
   Net investment income (loss)
  
$                44,842
  
$                43,200
  
$              119,462
  
$              108,445
  
$              140,522
  
$              144,454
  
$              120,912
  
$              132,637
   Net realized gain (loss) from investment transactions
(4,453)
  
(5,307)
  
(4,520)
  
(16,467)
  
61,143
  
(17,015)
  
157,352
  
(52,660)
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
28,836
  
53,542
  
319,815
  
480,410
  
792,907
  
1,136,119
  
1,192,227
  
1,693,466
          Net increase (decrease) in net assets
                            
              from operations
  
69,225
  
91,435
  
434,757
  
572,388
  
994,572
  
1,263,558
  
1,470,491
  
1,773,443
Increase (decrease) in net assets from
                              
 contract transactions
                                
   Payments received from contract owners
304,963
  
316,743
  
1,035,855
  
981,478
  
1,270,700
  
1,336,685
  
1,447,518
  
1,501,105
   Transfers for contract benefits and terminations
(118,549)
  
(34,850)
  
(225,857)
  
(294,337)
  
(498,261)
  
(579,416)
  
(821,796)
  
(520,163)
   Contract maintenance charges
  
(128,320)
  
(133,924)
  
(419,696)
  
(397,459)
  
(509,312)
  
(521,862)
  
(576,959)
  
(596,281)
   Transfers between subaccounts (including fixed
                            
     account), net
  
(47,487)
  
(19,772)
  
(93,143)
  
(29,416)
  
(111,077)
  
(74,559)
  
(314,367)
  
(140,130)
         Net increase (decrease) in net assets from
                            
            contract transactions
  
10,607
  
128,197
  
297,159
  
260,266
  
152,050
  
160,848
  
(265,604)
  
244,531
Total increase (decrease) in net assets
79,832
  
219,632
  
731,916
  
832,654
  
1,146,622
  
1,424,406
  
1,204,887
  
2,017,974
Net assets
                                
   Beginning of period
  
             1,332,096
  
             1,112,464
  
             5,306,092
  
             4,473,438
  
             9,617,799
  
             8,193,393
  
           12,206,001
  
           10,188,027
   End of period
  
$           1,411,928
  
$           1,332,096
  
$           6,038,008
  
$           5,306,092
  
$        10,764,421
  
$           9,617,799
  
$        13,410,888
  
$        12,206,001
Analysis of increase (decrease) in units outstanding
                            
   Units issued
  
9,348
  
10,944
  
25,390
  
25,570
  
26,406
  
29,490
  
23,995
  
30,389
   Units redeemed
  
(8,626)
  
(2,654)
  
(12,786)
  
(12,972)
  
(21,236)
  
(22,801)
  
(32,006)
  
(21,149)
             Increase (decrease) in units outstanding
722
  
8,290
  
12,604
  
12,598
  
5,170
  
6,689
  
(8,011)
  
9,240
   Beginning units
  
82,407
  
74,117
  
237,265
  
224,667
  
363,153
  
356,464
  
413,285
  
404,045
   Ending units
  
83,129
  
82,407
  
249,869
  
237,265
  
368,323
  
363,153
  
405,274
  
413,285
The accompanying notes are an integral part of these financial statements
24
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
Franklin Templeton Variable Insurance Products Trust – Class 2
      
Goldman Sachs Variable Insurance Trust – Institutional Class
                                 
                                 
   
Developing Markets VIP Fund
Small – Mid Cap Growth VIP Fund
Small Cap Value VIP Fund
Mid Cap Value Fund
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                          
   Net investment income (loss)
  
$              190,801
  
$                67,026
  
$               (86,483)
  
$               (72,577)
  
$                62,305
  
$                   3,042
  
$                13,410
  
$                16,184
   Net realized gain (loss) from investment transactions
32,727
  
(25,741)
  
(279,592)
  
(398,954)
  
97,319
  
280,591
  
910,223
  
368,385
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
185,753
  
590,920
  
2,240,773
  
4,120,717
  
1,372,121
  
1,235,078
  
351,809
  
710,859
          Net increase (decrease) in net assets
                            
              from operations
  
409,281
  
632,205
  
1,874,698
  
3,649,186
  
1,531,745
  
1,518,711
  
1,275,442
  
1,095,428
Increase (decrease) in net assets from
                            
 contract transactions
                                
   Payments received from contract owners
492,108
  
513,426
  
2,109,075
  
2,206,274
  
1,340,678
  
1,517,789
  
503,597
  
522,545
   Transfers for contract benefits and terminations
(253,618)
  
(204,756)
  
(915,755)
  
(838,052)
  
(852,847)
  
(708,936)
  
(590,471)
  
(449,983)
   Contract maintenance charges
  
(232,344)
  
(238,986)
  
(885,265)
  
(929,819)
  
(530,804)
  
(583,954)
  
(443,705)
  
(439,737)
   Transfers between subaccounts (including fixed
                            
     account), net
  
(21,380)
  
(47,819)
  
(443,970)
  
(309,545)
  
(312,233)
  
(124,118)
  
(174,208)
  
111,137
         Net increase (decrease) in net assets from
                            
            contract transactions
  
(15,234)
  
21,865
  
(135,915)
  
128,858
  
(355,206)
  
100,781
  
(704,787)
  
(256,038)
Total increase (decrease) in net assets
394,047
  
654,070
  
1,738,783
  
3,778,044
  
1,176,539
  
1,619,492
  
570,655
  
839,390
Net assets
                                
   Beginning of period
  
             6,068,086
  
             5,414,016
  
           17,606,628
  
           13,828,584
  
           13,815,153
  
           12,195,661
  
           11,441,610
  
           10,602,220
   End of period
  
$           6,462,133
  
$           6,068,086
  
$        19,345,411
  
$        17,606,628
  
$        14,991,692
  
$        13,815,153
  
$        12,012,265
  
$        11,441,610
Analysis of increase (decrease) in units outstanding
                          
   Units issued
  
11,732
  
11,007
  
23,784
  
30,214
  
41,243
  
33,663
  
6,769
  
4,048
   Units redeemed
  
(12,225)
  
(9,956)
  
(26,412)
  
(25,913)
  
(38,370)
  
(29,551)
  
(14,752)
  
(8,466)
             Increase (decrease) in units outstanding
(493)
  
1,051
  
(2,628)
  
4,301
  
2,873
  
4,112
  
(7,983)
  
(4,418)
   Beginning units
  
255,796
  
254,745
  
457,134
  
452,833
  
416,549
  
412,437
  
189,186
  
193,604
   Ending units
  
255,303
  
255,796
  
454,506
  
457,134
  
419,422
  
416,549
  
181,203
  
189,186
The accompanying notes are an integral part of these financial statements
25
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
Goldman Sachs Variable Insurance Trust – Institutional Class , continued
Janus Henderson
        
                                 
                                 
   
Small Cap Equity Insights Fund
Strategic Growth Fund
  
VIT Balanced Portfolio (Service Shares)
VIT Enterprise Portfolio (Service Shares)
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                            
   Net investment income (loss)
  
$                   8,378
  
$                10,036
  
$            (279,960)
  
$            (224,266)
  
$              361,502
  
$              311,899
  
$                 (9,504)
  
$               (32,070)
   Net realized gain (loss) from investment transactions
493,754
  
20,778
  
2,155,369
  
556,273
  
633,731
  
324,576
  
481,938
  
506,128
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
321,007
  
690,828
  
6,573,705
  
8,109,088
  
2,570,768
  
2,401,260
  
175,829
  
215,053
          Net increase (decrease) in net assets
                            
              from operations
  
823,139
  
721,642
  
8,449,114
  
8,441,095
  
3,566,001
  
3,037,735
  
648,263
  
689,111
Increase (decrease) in net assets from
                              
 contract transactions
                                
   Payments received from contract owners
260,269
  
273,520
  
1,118,650
  
1,161,917
  
2,734,135
  
2,958,258
  
154,854
  
160,229
   Transfers for contract benefits and terminations
(271,387)
  
(152,629)
  
(1,482,642)
  
(979,763)
  
(1,290,801)
  
(834,115)
  
(208,794)
  
(125,792)
   Contract maintenance charges
  
(138,906)
  
(142,231)
  
(1,067,750)
  
(968,469)
  
(1,114,601)
  
(1,163,466)
  
(155,473)
  
(156,441)
   Transfers between subaccounts (including fixed
                            
     account), net
  
(152,497)
  
15,776
  
(933,276)
  
(858,863)
  
(189,329)
  
(26,834)
  
(108,202)
  
(113,087)
         Net increase (decrease) in net assets from
                            
            contract transactions
  
(302,521)
  
(5,564)
  
(2,365,018)
  
(1,645,178)
  
139,404
  
933,843
  
(317,615)
  
(235,091)
Total increase (decrease) in net assets
520,618
  
716,078
  
6,084,096
  
6,795,917
  
3,705,405
  
3,971,578
  
330,648
  
454,020
Net assets
                                
   Beginning of period
  
             4,634,724
  
             3,918,646
  
           28,128,315
  
           21,332,398
  
           24,150,644
  
           20,179,066
  
             4,661,467
  
             4,207,447
   End of period
  
$           5,155,342
  
$           4,634,724
  
$        34,212,411
  
$        28,128,315
  
$        27,856,049
  
$        24,150,644
  
$           4,992,115
  
$           4,661,467
Analysis of increase (decrease) in units outstanding
                            
   Units issued
  
17,046
  
3,907
  
2,219
  
4,547
  
45,652
  
57,979
  
6,181
  
1,335
   Units redeemed
  
(15,090)
  
(3,720)
  
(45,738)
  
(44,556)
  
(40,529)
  
(27,341)
  
(8,820)
  
(6,470)
             Increase (decrease) in units outstanding
1,956
  
187
  
(43,519)
  
(40,009)
  
5,123
  
30,638
  
(2,639)
  
(5,135)
   Beginning units
  
118,790
  
118,603
  
597,955
  
637,964
  
713,196
  
682,558
  
91,981
  
97,116
   Ending units
  
120,746
  
118,790
  
554,436
  
597,955
  
718,319
  
713,196
  
89,342
  
91,981
The accompanying notes are an integral part of these financial statements
26
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
Janus Henderson , continued
PIMCO Variable Insurance Trust – Administrative Class Shares
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Equity Funds
                                 
                                 
   
VIT Forty Portfolio (Institutional Shares)
VIT International Bond Portfolio (U.S. Dollar-Hedged)
VIT Low Duration Portfolio
Diversified International Account I
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                            
   Net investment income (loss)
  
$            (459,261)
  
$            (294,146)
  
$              214,331
  
$              125,140
  
$              223,897
  
$              180,723
  
$                24,210
  
$                   7,269
   Net realized gain (loss) from investment transactions
7,752,811
  
1,259,919
  
(16,231)
  
146,247
  
(15,615)
  
(21,299)
  
5,438
  
(6,531)
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
14,219,094
  
21,492,862
  
145,528
  
256,630
  
45,461
  
103,247
  
5,363
  
118,415
          Net increase (decrease) in net assets
                            
              from operations
  
21,512,644
  
22,458,635
  
343,628
  
528,017
  
253,743
  
262,671
  
35,011
  
119,153
Increase (decrease) in net assets from
                              
 contract transactions
                                
   Payments received from contract owners
6,061,627
  
6,429,700
  
720,782
  
750,895
  
677,962
  
710,354
  
51,660
  
51,783
   Transfers for contract benefits and terminations
(4,708,982)
  
(2,581,886)
  
(332,135)
  
(294,119)
  
(355,766)
  
(280,705)
  
(18,488)
  
(52,984)
   Contract maintenance charges
  
(3,298,930)
  
(3,272,788)
  
(361,698)
  
(368,870)
  
(340,866)
  
(347,969)
  
(21,747)
  
(21,721)
   Transfers between subaccounts (including fixed
                            
     account), net
  
(2,239,014)
  
(1,874,468)
  
335,038
  
123,112
  
366,155
  
126,707
  
(4,598)
  
(25,858)
         Net increase (decrease) in net assets from
                            
            contract transactions
  
(4,185,299)
  
(1,299,442)
  
361,987
  
211,018
  
347,485
  
208,387
  
6,827
  
(48,780)
Total increase (decrease) in net assets
17,327,345
  
21,159,193
  
705,615
  
739,035
  
601,228
  
471,058
  
41,838
  
70,373
Net assets
                                
   Beginning of period
  
           79,005,981
  
           57,846,788
  
             6,974,041
  
             6,235,006
  
             6,568,246
  
             6,097,188
  
                798,817
  
                728,444
   End of period
  
$        96,333,326
  
$        79,005,981
  
$           7,679,656
  
$           6,974,041
  
$           7,169,474
  
$           6,568,246
  
$              840,655
  
$              798,817
Analysis of increase (decrease) in units outstanding
                            
   Units issued
  
27,368
  
54,956
  
30,163
  
26,636
  
40,984
  
34,004
  
6,948
  
3,353
   Units redeemed
  
(109,095)
  
(93,435)
  
(12,105)
  
(14,630)
  
(16,785)
  
(18,047)
  
(5,737)
  
(7,549)
             Increase (decrease) in units outstanding
(81,727)
  
(38,479)
  
18,058
  
12,006
  
24,199
  
15,957
  
1,211
  
(4,196)
   Beginning units
  
1,724,973
  
1,763,452
  
322,896
  
310,890
  
430,931
  
414,974
  
61,887
  
66,083
   Ending units
  
1,643,246
  
1,724,973
  
340,954
  
322,896
  
455,130
  
430,931
  
63,098
  
61,887
The accompanying notes are an integral part of these financial statements
27
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Fixed Income Funds
    
                                 
                                 
   
LargeCap Growth Account I
Core Plus Bond Account I
Government & High Quality Bond Account I
Short-Term Income Account I
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                        
   Net investment income (loss)
  
$            (1,574)
  
$            (1,211)
  
$              2,895
  
$              3,100
  
$              3,417
  
$              2,766
  
$                 368
  
$                 135
   Net realized gain (loss) from investment transactions
61,594
  
17,409
  
(8,351)
  
(247)
  
(19,034)
  
(441)
  
-
  
(1)
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
47,388
  
104,601
  
6,018
  
3,022
  
15,726
  
3,555
  
162
  
325
          Net increase (decrease) in net assets
                            
              from operations
  
107,408
  
120,799
  
562
  
5,875
  
109
  
5,880
  
530
  
459
Increase (decrease) in net assets from
                              
 contract transactions
                                
   Payments received from contract owners
18,528
  
16,845
  
3,845
  
4,479
  
5,377
  
5,677
  
2,500
  
2,500
   Transfers for contract benefits and terminations
(3,760)
  
(2,402)
  
(36,811)
  
-
  
(21,645)
  
-
  
1
  
-
   Contract maintenance charges
  
(7,986)
  
(7,112)
  
(1,954)
  
(2,268)
  
(2,752)
  
(2,904)
  
(281)
  
(285)
   Transfers between subaccounts (including fixed
                            
     account), net
  
12,347
  
(7,881)
  
(782)
  
157
  
(2,320)
  
(767)
  
-
  
-
         Net increase (decrease) in net assets from
                            
            contract transactions
  
19,129
  
(550)
  
(35,702)
  
2,368
  
(21,340)
  
2,006
  
2,220
  
2,215
Total increase (decrease) in net assets
126,537
  
120,249
  
(35,140)
  
8,243
  
(21,231)
  
7,886
  
2,750
  
2,674
Net assets
                                
   Beginning of period
  
            426,174
  
            305,925
  
            123,575
  
            115,332
  
            142,114
  
            134,228
  
              10,083
  
                7,409
   End of period
  
$         552,711
  
$         426,174
  
$            88,435
  
$         123,575
  
$         120,883
  
$         142,114
  
$            12,833
  
$            10,083
Analysis of increase (decrease) in units outstanding
                          
   Units issued
  
11,132
  
891
  
578
  
338
  
7,970
  
446
  
206
  
217
   Units redeemed
  
(5,174)
  
(988)
  
(4,099)
  
(97)
  
(10,569)
  
(226)
  
-
  
-
             Increase (decrease) in units outstanding
5,958
  
(97)
  
(3,521)
  
241
  
(2,599)
  
220
  
206
  
217
   Beginning units
  
22,253
  
22,350
  
12,227
  
11,986
  
15,026
  
14,806
  
959
  
742
   Ending units
  
28,211
  
22,253
  
8,706
  
12,227
  
12,427
  
15,026
  
1,165
  
959
The accompanying notes are an integral part of these financial statements
28
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Equity Funds
  
                                 
                                 
   
Capital Appreciation Account II
Equity Income Account II
MidCap Account II
  
SmallCap Account II
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                        
   Net investment income (loss)
  
$            (4,227)
  
$                 730
  
$         139,098
  
$         121,458
  
$        (149,272)
  
$        (130,815)
  
$          (19,827)
  
$          (20,487)
   Net realized gain (loss) from investment transactions
651,448
  
528,691
  
496,169
  
747,157
  
2,411,062
  
676,496
  
51,477
  
(14,437)
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
780,940
  
674,367
  
960,690
  
164,466
  
851,076
  
2,835,429
  
121,831
  
383,664
          Net increase (decrease) in net assets
                            
              from operations
  
1,428,161
  
1,203,788
  
1,595,957
  
1,033,081
  
3,112,866
  
3,381,110
  
153,481
  
348,740
Increase (decrease) in net assets from
                            
 contract transactions
                                
   Payments received from contract owners
249,562
  
251,558
  
549,827
  
539,022
  
763,409
  
800,691
  
136,613
  
136,702
   Transfers for contract benefits and terminations
(292,635)
  
(357,279)
  
(328,263)
  
(357,473)
  
(881,510)
  
(512,255)
  
(127,808)
  
(74,022)
   Contract maintenance charges
  
(148,818)
  
(147,993)
  
(304,764)
  
(305,235)
  
(522,603)
  
(519,553)
  
(115,833)
  
(114,258)
   Transfers between subaccounts (including fixed
                          
     account), net
  
(151,697)
  
(131,073)
  
(72,069)
  
(250,492)
  
(590,998)
  
(262,596)
  
(31,409)
  
(18,127)
         Net increase (decrease) in net assets from
                            
            contract transactions
  
(343,588)
  
(384,787)
  
(155,269)
  
(374,178)
  
(1,231,702)
  
(493,713)
  
(138,437)
  
(69,705)
Total increase (decrease) in net assets
1,084,573
  
819,001
  
1,440,688
  
658,903
  
1,881,164
  
2,887,397
  
15,044
  
279,035
Net assets
                                
   Beginning of period
  
        5,922,374
  
        5,103,373
  
      11,160,681
  
      10,501,778
  
      16,820,402
  
      13,933,005
  
        2,718,068
  
2,439,033
   End of period
  
$      7,006,947
  
$      5,922,374
  
$    12,601,369
  
$    11,160,681
  
$    18,701,566
  
$    16,820,402
  
$      2,733,112
  
$      2,718,068
Analysis of increase (decrease) in units outstanding
                        
   Units issued
  
58,683
  
4,175
  
71,878
  
7,179
  
31,036
  
1,218
  
17,414
  
4,887
   Units redeemed
  
(27,538)
  
(15,117)
  
(35,591)
  
(16,983)
  
(15,463)
  
(4,941)
  
(19,183)
  
(9,159)
             Increase (decrease) in units outstanding
31,145
  
(10,942)
  
36,287
  
(9,804)
  
15,573
  
(3,723)
  
(1,769)
  
(4,272)
   Beginning units
  
136,686
  
147,628
  
266,349
  
276,153
  
85,372
  
89,095
  
159,998
  
164,270
   Ending units
  
167,831
  
136,686
  
302,636
  
266,349
  
100,945
  
85,372
  
158,229
  
159,998
The accompanying notes are an integral part of these financial statements
29
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios
                                 
                                 
   
SAM Balanced Portfolio
SAM Conservative Balanced Portfolio
SAM Conservative Growth Portfolio
SAM Flexible Income Portfolio
                                 
   
2024
  
2023
  
2024
  
2023
  
2024
  
2023
  
2024
  
2023
                                 
Increase (decrease) in net assets from operations
                        
   Net investment income (loss)
  
$         915,901
  
$         968,728
  
$         222,334
  
$         223,261
  
$         993,109
  
$      1,156,038
  
$            60,241
  
$            62,481
   Net realized gain (loss) from investment transactions
(232,860)
  
2,006,264
  
(4,179)
  
(51,137)
  
2,012,924
  
6,396,410
  
(48,133)
  
(69,760)
   Change in net unrealized appreciation (depreciation)
                        
      of investments
  
6,513,783
  
4,914,474
  
668,105
  
896,463
  
14,197,132
  
11,268,318
  
133,568
  
210,025
          Net increase (decrease) in net assets
                            
              from operations
  
7,196,824
  
7,889,466
  
886,260
  
1,068,587
  
17,203,165
  
18,820,766
  
145,676
  
202,746
Increase (decrease) in net assets from
                            
 contract transactions
                                
   Payments received from contract owners
7,245,392
  
7,632,354
  
1,401,978
  
1,466,777
  
11,841,278
  
12,302,315
  
314,084
  
321,232
   Transfers for contract benefits and terminations
(2,767,035)
  
(2,429,299)
  
(414,476)
  
(474,716)
  
(6,972,696)
  
(5,450,983)
  
(189,055)
  
(240,889)
   Contract maintenance charges
  
(3,388,100)
  
(3,364,394)
  
(682,569)
  
(678,762)
  
(5,605,887)
  
(5,456,622)
  
(173,118)
  
(171,516)
   Transfers between subaccounts (including fixed
                          
     account), net
  
(670,497)
  
(591,735)
  
(193,910)
  
59,022
  
(2,881,217)
  
(2,098,802)
  
(97,574)
  
(59,517)
         Net increase (decrease) in net assets from
                            
            contract transactions
  
419,760
  
1,246,926
  
111,023
  
372,321
  
(3,618,522)
  
(704,092)
  
(145,663)
  
(150,690)
Total increase (decrease) in net assets
7,616,584
  
9,136,392
  
997,283
  
1,440,908
  
13,584,643
  
18,116,674
  
13
  
52,056
Net assets
                                
   Beginning of period
  
      60,556,828
  
      51,420,436
  
      10,691,408
  
        9,250,500
  
    121,119,602
  
    103,002,928
  
        2,488,873
  
        2,436,817
   End of period
  
$    68,173,412
  
$    60,556,828
  
$    11,688,691
  
$    10,691,408
  
$ 134,704,245
  
$ 121,119,602
  
$      2,488,886
  
$      2,488,873
Analysis of increase (decrease) in units outstanding
                        
   Units issued
  
295,836
  
142,686
  
38,001
  
52,705
  
346,085
  
175,058
  
9,922
  
9,980
   Units redeemed
  
(184,414)
  
(82,867)
  
(28,562)
  
(33,795)
  
(321,059)
  
(203,806)
  
(16,147)
  
(20,701)
             Increase (decrease) in units outstanding
111,422
  
59,819
  
9,439
  
18,910
  
25,026
  
(28,748)
  
(6,225)
  
(10,721)
   Beginning units
  
2,269,227
  
2,209,408
  
477,812
  
458,902
  
3,785,282
  
3,814,030
  
124,384
  
135,105
   Ending units
  
2,380,649
  
2,269,227
  
487,251
  
477,812
  
3,810,308
  
3,785,282
  
118,159
  
124,384
The accompanying notes are an integral part of these financial statements
30
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Statements of Changes in Net Assets
Years Ended December 31, 2024 and 2023
   
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios , Continued
         
         
   
SAM Strategic Growth Portfolio
         
   
2024
  
2023
         
Increase (decrease) in net assets from operations
   Net investment income (loss)
  
$         635,433
  
$         971,130
   Net realized gain (loss) from investment transactions
2,550,247
  
6,295,106
   Change in net unrealized appreciation (depreciation)
      of investments
  
21,677,925
  
19,842,380
          Net increase (decrease) in net assets
    
              from operations
  
24,863,605
  
27,108,616
Increase (decrease) in net assets from
    
 contract transactions
        
   Payments received from contract owners
15,364,898
  
16,060,033
   Transfers for contract benefits and terminations
(8,062,397)
  
(7,117,836)
   Contract maintenance charges
  
(6,943,204)
  
(6,913,471)
   Transfers between subaccounts (including fixed
  
     account), net
  
(3,014,431)
  
(2,868,262)
         Net increase (decrease) in net assets from
    
            contract transactions
  
(2,655,134)
  
(839,536)
Total increase (decrease) in net assets
22,208,471
  
26,269,080
Net assets
        
   Beginning of period
  
    155,804,265
  
    129,535,185
   End of period
  
$ 178,012,736
  
$ 155,804,265
Analysis of increase (decrease) in units outstanding
   Units issued
  
398,412
  
209,718
   Units redeemed
  
(317,142)
  
(218,961)
             Increase (decrease) in units outstanding
81,270
  
(9,243)
   Beginning units
  
4,476,264
  
4,485,507
   Ending units
  
4,557,534
  
4,476,264
The accompanying notes are an integral part of these financial statements
31
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024


1. The Company

The Farmers Variable Life Separate Account A (the “Account”), a unit investment trust registered under the Investment Company Act of 1940, as amended, was established by Farmers New World Life Insurance Company (the “Company”) during 2000 and exists in accordance with the regulations of the Washington State Office of the Insurance Commissioner. The Company is a wholly owned subsidiary of Farmers Group, Inc. (“FGI”), whose ultimate parent is Zurich Insurance Group Ltd. FGI, an insurance holding company that provides management services, is attorney-in-fact for three inter-insurance exchanges and their subsidiaries.

Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the Company’s other assets and liabilities. The portion of the Account’s assets applicable to the Variable Universal Life, Life Accumulator and EssentialLife Variable Universal Life policies is not chargeable with liabilities arising out of any other business the Company may conduct, but the obligations of the Account, including benefits related to variable life insurance, are obligations of the Company.

The Account is a funding vehicle for individual variable universal life policies, which may consist of optional riders for additional insurance benefits. Investments are made in the underlying mutual fund portfolios and are valued at the reported net asset values of such portfolios, which value their investment securities at fair value. Investment transactions are recorded on a trade date basis. The deposits collected for these policies are invested, at the direction of the policyholders, in the subaccounts that comprise the Account. The Account is currently composed of fifty-seven subaccounts. The value of each subaccount will increase or decrease, depending on the investment performance of the corresponding portfolio less mortality and expenses charged by the company. The risk of unfavorable investment performance is borne by the policyholder. The subaccounts invest in the following underlying mutual fund portfolios (collectively, the “Funds”).

The Variable Universal Life portfolio includes:

American Funds Insurance Series
Asset Allocation Fund Capital Income Builder Fund
Capital World Growth and Income Fund Global Growth Fund
Growth Fund
Growth-Income Fund International Fund

BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Class Shares
Sustainable U.S. Equity Portfolio

BNY Mellon Variable Investment Fund – Service Class Shares
Opportunistic Small Cap Portfolio

Calvert Variable Series, Inc.
VP SRI Mid Cap Portfolio

DWS Investments VIT Funds – Class B
DWS Equity 500 Index VIP
32
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024


1. The Company, continued

DWS Variable Series I – Class A Shares
DWS Core Equity VIP
DWS CROCI International VIP
DWS Global Small Cap VIP

DWS Variable Series II – Class A Shares
DWS CROCI U.S. VIP
DWS Government Money Market VIP
DWS High Income VIP
DWS Small Mid Cap Growth VIP

Fidelity Variable Insurance Products ("VIP") Funds – Service Class
VIP Growth Portfolio
VIP Index 500 Portfolio
VIP Mid Cap Portfolio

Fidelity VIP Freedom Funds – Service Class 2 Shares
VIP Freedom 2005 Portfolio (1)
VIP Freedom 2010 Portfolio
VIP Freedom 2015 Portfolio
VIP Freedom 2020 Portfolio
VIP Freedom 2025 Portfolio
VIP Freedom 2030 Portfolio
VIP Freedom Income Portfolio

Fidelity VIP FundsManager Portfolios – Service Class 2 Shares
VIP FundsManager 20% Portfolio
VIP FundsManager 50% Portfolio
VIP FundsManager 70% Portfolio
VIP FundsManager 85% Portfolio

Franklin Templeton Variable Insurance Products Trust – Class 2
Developing Markets VIP Fund
Small – Mid Cap Growth VIP Fund
Small Cap Value VIP Fund

Goldman Sachs Variable Insurance Trust – Institutional Class
Mid Cap Value Fund
Small Cap Equity Insights Fund
Strategic Growth Fund

Janus Henderson
VIT Balanced Portfolio (Service Shares)
VIT Enterprise Portfolio (Service Shares)
VIT Forty Portfolio (Institutional Shares)
33
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024


1. The Company, continued

PIMCO Variable Insurance Trust – Administrative Class Shares
VIT International Bond Portfolio (U.S. Dollar-Hedged)
VIT Low Duration Portfolio


Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Equity Funds
Diversified International Account I
LargeCap Growth Account I


Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Fixed Income Funds
Core Plus Bond Account I
Government & High Quality Bond Account I
Short-Term Income Account I


Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Equity Funds
Capital Appreciation Account II
Equity Income Account II
MidCap Account II
SmallCap Account II

Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios
SAM Balanced Portfolio
SAM Conservative Balanced Portfolio
SAM Conservative Growth Portfolio
SAM Flexible Income Portfolio
SAM Strategic Growth Portfolio

(1)
For the period (cessation of operations): January 1, 2024 to June 7, 2024. The Fidelity VIP Freedom 2005 Portfolio subaccount liquidated on June 7, 2024.

The Company owns the assets in the Account, and is obligated to pay all benefits under the policies the Company issues. The Company provides insurance and administrative services to the policyholders for a fee. The Company also maintains a fixed account (the “Fixed Account”), to which policyholders may direct their deposits and receive a fixed rate of return.

The Company has sole discretion to invest the assets of the Fixed Account, subject to applicable law. Certain officers of the Account are also officers and directors of the Company.

The company suspended issuance of new variable universal life effective February 28, 2024.



The remainder of this page is intentionally left blank.
34
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

2. Significant Accounting Policies

The accompanying financial statements are prepared in conformity with U.S. generally accepted accounting principles (“US GAAP”). The Account is considered an investment company under US GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies. The significant accounting policies adopted by the Company are as follows:

Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Valuation of Investments and Accumulation Unit Values
Investments consist of shares of the Funds and are stated at fair value based on the reported net asset value ("NAV") per share of the respective portfolios at December 31, 2024. Accumulation unit values are computed daily based on the change in fair market value of the NAV of the Fund less mortality and expense risk charges for the subaccount. For dividends and capital distributions received by the funds, the accumulation values are calculated with the dividend and capital distribution amount added back to the change in the fair market value of the NAV.

Realized Gains and Losses
Realized gains and losses represent the difference between the proceeds from sales of shares and the cost of such shares, which are determined using the specific identified cost method.

Federal Income Tax
The operations of the Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (“IRC”). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited under the policies. Therefore, no charge is being made currently to the Account for federal income taxes. The Company will review periodically the status of this policy in the event of changes in tax law. A change may be made in future years for any federal income taxes that would be attributable to the policies.

Dividends
Dividend income received by the Funds are reinvested in the Fund and are recognized on the ex-distribution date.

Capital Gain Distributions
Capital gain distributions received by the Funds are reinvested in the Fund and are recognized on the ex-distribution date.
35
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

2. Significant Accounting Policies


Fair Value Measurements
The Company determines the fair value of its financial instruments based on the fair value hierarchy established in FASB guidance referenced in the Accounting Standards Codification Topic 820 ("ASC 820"), Fair Value Measurements and Disclosure, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The Company has categorized its financial instruments based on the priority of the inputs to the valuation technique, into the three level hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

Financial assets and liabilities recorded at fair value on the Statement of Assets and Liabilities are categorized as follows:

•
Level 1: Unadjusted quoted prices for identical assets or liabilities in an active market.

•
Level 2: Quoted prices in markets that are not active or significant inputs that are observable either directly or indirectly. Level 2 inputs include the following:

a)
Quoted prices for similar assets or liabilities in active markets

b)
Quoted prices for identical or similar assets or liabilities in non-active markets

c)
Inputs other than quoted market prices that are observable

d)
Inputs that are derived principally from or corroborated by observable market data through correlation or other means.

•
Level 3: Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. They reflect management’s own judgements about the assumptions a market participant would use in pricing the asset or liability.

Determination of Fair Values
The valuation methodologies used to determine the fair values of assets and liabilities reflect market participant assumptions and are based on the application of the fair value hierarchy that prioritizes observable market inputs over unobservable inputs. The Company determines the fair values of certain financial assets based on quoted market prices. All of the investments in the subaccounts of the Separate Account are classified as Level 1 in the fair value hierarchy and consist of open-ended mutual funds. Participants may, without restriction, transact at the daily NAV of the funds. The NAV represents the daily per share value of the portfolio of investments of the mutual funds, at which sufficient volumes of transactions occur. As there were no Level 2 or Level 3 assets in any period presented, disclosure of transfer between levels or a reconciliation of Level 3 assets is not required.
36
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

3. Expenses and Related Party Transactions
          
                     
EssentialLife
             
Variable
  
Life
  
Variable
Fees and Charges
Universal Life
  
Accumulator
  
Universal Life
                       
                       
Expenses
          
 
Mortality and Expense Risk Charge
          
   
Basic charges are assessed through reduction of
0.90%
  
0.25% – 0.70%
  
0.30% – 0.60%
     
unit values.
          
Contract Maintenance Charges
          
 
Premium Charge
          
   
Charge is deducted upon payment of each premium.
3.50%
  
4.25%
  
3% – 7%
 
Partial Withdrawal Charge
          
   
Charge is deducted upon cash withdrawal.
2.0% not to
  
2.0% not to
  
2.0% not to
             
exceed $25
  
exceed $25
  
exceed $25
 
Surrender Charge
          
   
Charges are deducted upon full surrender
N/A
  
$11.52 – $51.68
  
N/A
                 
 per $1,000 of
    
                 
face amount
    
                       
   
Deferred Sales Charge Component
$50 – $75 per $1,000
N/A
  
$3 – $44.40 per $1,000
             
of face amount
      
of face amount
                       
   
Administrative Component
$5.32 – $17.50
  
N/A
  
$3 – $44.40
             
 per $1,000 of
      
 per $1,000 of
             
face amount
      
 face amount
 
Increase in Principal Sum Charge
          
   
Charge is deducted upon increase in principal sum.
$1.50 per
  
N/A
  
N/A
             
 $1,000, not to
        
             
 exceed $300
        
 
Transfer Charge
          
   
This charge is assessed through the redemption of units.
$0 – $25
  
$0 – $25
  
$0 – $25
 
Additional Annual Report Fee
          
   
This charge is assessed through the redemption of units.
$5
  
$5
  
$0 – $25
 
Monthly Administrative Charge
          
   
This charge is assessed monthly through the redemption of
$5 – $8
  
$7 – $10
  
$12
     
units, on the issue date and on each monthly due date.
        
 
Cost of Insurance Charge
          
   
This charge is assessed monthly through the redemption of
$0.06 – $83.07 per $1,000
$0.03 – $83.33 per $1,000
$0.01 – $37.12 per $1,000
     
units, on the issue date and on each monthly due date.
 of benefit amount
  
 of benefit amount
  
of benefit amount
                       
 
Table Rating Factor Charge
          
   
This factor is multiplied by cost of insurance charge
N/A
  
N/A
  
Up to five times the cost of
     
monthly on the issue date and on each monthly due date.
      
insurance charge. The Table
                     
Rating Factor charge for
                     
most policies is $0.
 
Monthly Special Premium Class Charge
          
   
This charge is assessed monthly through the redemption
Up to five times the cost of
Up to five times the cost of
N/A
     
of units, on the issue date and on each monthly due date.
insurance charge. The Special
insurance charge. The Special
             
Premium Class charge for
Premium Class charge for
             
most policies is $0.
  
most policies is $0.
    
37
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

Contract Charges
          
 
Flat Extra Monthly Charge
          
   
This charge is assessed monthly through the redemption of
$0 – $1,000 per $1,000 of
$0 – $1,000 per $1,000 of
$0 – $1.25 per $1,000 of
     
units, on the issue date and on each monthly due date.
benefit amount
  
benefit amount
  
benefit amount
 
Monthly Underwriting and Sales Charge
          
   
This charge is assessed monthly through the redemption of
N/A
  
$0.24 – $0.88 per $1,000
$0.06 – $2.21 per $1,000
     
units, on the issue date and on each monthly due date
  
of benefit amount
  
of benefit amount
     
during the first five years and within five years after any
        
     
increase in principal sum.
          
 
Loan Interest Spread
          
   
Assessed at the end of each policy year, at which point
1.5% – 5.0% of the policy
0.25% of the policy
  
2% – 4% of the policy
     
interest is added to the outstanding loan balance and a
 loan balance
  
 loan balance
  
 loan balance
     
smaller amount of interest is credited to the policy’s
        
     
fixed account.
          
 
Accidental Death Benefit Rider
          
   
This charge is assessed monthly through the redemption
$0.04 – $0.38 per $1,000
N/A
  
$0.04 – $0.56 per $1,000
     
of units, on the issue date and on each monthly due date.
of rider
      
of rider
 
Accelerated Benefit Rider for Terminal Illness
          
   
This charge is assessed when benefit is paid under
$0 – $250 plus the
  
$0 – $250 plus the
  
$0 – $250 plus the
     
this rider.
actuarial discount
  
actuarial discount
  
actuarial discount
 
Monthly Disability Benefit Rider
          
   
This charge is assessed monthly through the redemption of
$4 – $40 per  $100 of
  
$4 – $40 per  $100 of
  
$4 – $62 per $100 of
     
units, on the issue date and on each monthly due date.
monthly benefit
  
monthly benefit
  
monthly benefit
 
Disability Waiver Rider
          
   
This charge is assessed monthly on the issue date and on
4% – 40% of all other
  
N/A
  
N/A
     
each monthly due date.
monthly charges
        
 
Waiver of Deduction Rider
          
   
This charge is assessed monthly on the issue date and on
N/A
  
N/A
  
4% – 60% of all other
     
each monthly due date.
        
monthly charges
 
Children’s Term Rider
          
   
This charge is assessed monthly through the redemption of
$0.78 – $0.87 per $1,000
N/A
  
$0.78 – $0.87 per $1,000
     
units, on the issue date and on each monthly due date.
of rider amount
      
of rider amount
 
Additional Insured Term Rider
          
   
This charge is assessed monthly through the redemption of
$0.09 – $4.35 per $1,000
N/A
  
N/A
     
units, on the issue date and on each monthly due date.
of rider amount
        
 
Accelerated Death Benefit Rider
          
   
This charge is deducted upon benefit payment.
Charge per $1,000 of the
N/A
  
N/A
             
amount of death benefit
    
             
accelerated plus the
        
             
actuarial discount
        
                       
                       
Portfolio Operating Expenses
          
The value of the net assets of each subaccount is reduced by the investment management, 12b-1 fees and service fees in some cases, and other expenses incurred by the corresponding portfolio in which the subaccount invests.  These fees and expenses are paid indirectly, through a reduction in unit values, by the policyholders, which currently range up to 2%.
                       
Related Party Transactions
          
Farmers Financial Solutions, LLC (“FFS”), a wholly-owned subsidiary of Farmers Exchanges, is the principal underwriter and distributor for the separate account.  FFS may receive compensation from some of the portfolios’ service providers for administrative and other services performed relating to Variable Account operations.
38
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

4. Purchases and Sales of Investments

The aggregate cost of the shares acquired and the aggregate proceeds from shares sold during the period ended December 31, 2024 consist of the following:
             
Purchases
  
Sales
                   
American Funds Insurance Series
      
 
Asset Allocation Fund
$     1,574,661
  
$         579,997
 
Capital Income Builder Fund
1,369,748
  
489,631
 
Capital World Growth and Income Fund
1,102,850
  
381,226
 
Global Growth Fund
1,915,944
  
407,677
 
Growth Fund
6,066,136
  
2,165,345
 
Growth-Income Fund
2,935,907
  
1,064,280
 
International Fund
601,970
  
147,833
                   
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Service Class Shares
      
 
Sustainable U.S. Equity Portfolio
$        250,346
  
$         550,132
                   
BNY Mellon Variable Investment Fund – Service Class Shares
      
 
Opportunistic Small Cap Portfolio
$        544,149
  
$         618,690
                   
Calvert Variable Series, Inc.
      
 
VP SRI Mid Cap Portfolio
$          11,869
  
$          15,260
                   
DWS Investments VIT Funds – Class B Shares
      
 
DWS Equity 500 Index VIP
$     2,688,082
  
$      2,469,104
                   
DWS Variable Series I – Class A Shares
      
 
DWS Core Equity VIP
382,286
  
377,458
 
DWS CROCI International VIP
1,644,281
  
720,576
 
DWS Global Small Cap VIP
1,609,716
  
933,060
                   
DWS Variable Series II – Class A Shares
      
 
DWS CROCI U.S. VIP
$     1,255,901
  
$      3,104,851
 
DWS Government Money Market VIP
2,293,648
  
1,339,894
 
DWS High Income VIP
1,060,997
  
347,097
 
DWS Small Mid Cap Growth VIP
11,032
  
59,266
                   
Fidelity Variable Insurance Products ("VIP") Funds – Service Class
      
 
VIP Growth Portfolio
$    24,453,115
  
$      6,983,735
 
VIP Index 500 Portfolio
4,334,972
  
5,946,899
 
VIP Mid Cap Portfolio
7,727,517
  
2,783,812
                   
Fidelity VIP Freedom Funds – Service Class 2 Shares
      
 
VIP Freedom 2005 Portfolio
$            5,843
  
$         135,258
 
VIP Freedom 2010 Portfolio
38,804
  
52,766
 
VIP Freedom 2015 Portfolio
42,926
  
40,672
 
VIP Freedom 2020 Portfolio
210,827
  
186,344
 
VIP Freedom 2025 Portfolio
225,355
  
241,919
 
VIP Freedom 2030 Portfolio
902,512
  
664,624
 
VIP Freedom Income Portfolio
326,377
  
160,179

39
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

4. Purchases and Sales of Investments

Fidelity VIP FundsManager Portfolios – Service Class 2 Shares
      
 
VIP FundsManager 20% Portfolio
$        201,433
  
$         145,985
 
VIP FundsManager 50% Portfolio
722,594
  
305,973
 
VIP FundsManager 70% Portfolio
896,686
  
604,114
 
VIP FundsManager 85% Portfolio
899,328
  
1,044,019
                   
Franklin Templeton Variable Insurance Products Trust – Class 2
      
 
Developing Markets VIP Fund
$        556,961
  
$         333,624
 
Small – Mid Cap Growth VIP Fund
904,976
  
1,127,374
 
Small Cap Value VIP Fund
1,333,069
  
1,292,435
                   
Goldman Sachs Variable Insurance Trust – Institutional Class
      
 
Mid Cap Value Fund
$        948,235
  
$         954,929
 
Small Cap Equity Insights Fund
704,001
  
594,718
 
Strategic Growth Fund
2,614,705
  
2,733,307
                   
Janus Henderson
      
 
VIT Balanced Portfolio (Service Shares)
$     2,067,075
  
$      1,566,170
 
VIT Enterprise Portfolio (Service Shares)
377,185
  
488,134
 
VIT Forty Portfolio (Institutional Shares)
6,656,219
  
6,183,178
                   
PIMCO Variable Insurance Trust – Administrative Class Shares
      
 
VIT International Bond Portfolio (U.S. Dollar-Hedged)
$        859,706
  
$         283,389
 
VIT Low Duration Portfolio
847,417
  
276,035
                   
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Equity Funds
      
 
Diversified International Account I
$        112,042
  
$          81,004
 
LargeCap Growth Account I
201,587
  
159,168
                   
Principal Variable Contracts Funds, Inc. ("PVC") – Class 1 Fixed Income Funds
    
 
Core Plus Bond Account I
$            8,896
  
$          41,703
 
Government & High Quality Bond Account I
82,952
  
100,875
 
Short-Term Income Account I
2,619
  
32
                   
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Equity Funds
    
 
Capital Appreciation Account II
$     1,118,553
  
$      1,252,906
 
Equity Income Account II
1,375,667
  
1,272,104
 
MidCap Account II
2,124,211
  
1,919,617
 
SmallCap Account II
268,432
  
372,807
                   
Principal Variable Contracts Funds, Inc. ("PVC") – Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios
 
SAM Balanced Portfolio
$     6,191,678
  
$      4,856,014
 
SAM Conservative Balanced Portfolio
999,425
  
666,067
 
SAM Conservative Growth Portfolio
8,175,602
  
10,801,015
 
SAM Flexible Income Portfolio
248,092
  
333,512
 
SAM Strategic Growth Portfolio
9,651,492
  
11,671,194
             
$  116,738,609
  
$    84,428,987
40
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

5. Units Issued and Redeemed

             
EssentialLife Variable Universal Life
            
                 
Units
              
Accumulation
                 
Outstanding
              
Unit Value
  
                 
December 31,
Units
  
Units
  
Units
  
December 31,
             
Year
  
Prior Year
  
Issued
  
Redeemed
Outstanding
Year End
  
                                       
American Funds Insurance Series subaccounts
                          
 
Asset Allocation Fund
2024
  
397,104
  
54,885
  
(29,914)
  
422,075
    
$  20.86
  
             
2023
  
335,800
  
71,621
  
(10,317)
  
397,104
    
     17.97
  
 
Capital Income Builder Fund
2024
  
437,711
  
72,739
  
(31,170)
  
479,280
    
$  16.21
  
             
2023
  
373,154
  
80,767
  
(16,210)
  
437,711
    
     14.75
  
 
Capital World Growth and Incom
2024
  
348,884
  
46,839
  
(17,916)
  
377,807
    
$  21.98
  
             
2023
  
301,371
  
56,090
  
(8,577)
  
348,884
    
     19.34
  
 
Global Growth Fund
2024
  
417,492
  
56,142
  
(15,445)
  
458,189
    
$  26.23
  
             
2023
  
366,344
  
71,019
  
(19,871)
  
417,492
    
     23.14
  
 
Growth Fund
2024
  
1,474,138
  
126,558
  
(56,712)
  
1,543,984
    
$  42.60
  
             
2023
  
1,307,622
  
224,769
  
(58,253)
  
1,474,138
    
     32.46
  
 
Growth-Income Fund
2024
  
717,407
  
68,344
  
(38,210)
  
747,541
    
$  29.78
  
             
2023
  
633,185
  
108,445
  
(24,223)
  
717,407
    
     24.04
  
 
International Fund
2024
  
188,673
  
36,548
  
(9,394)
  
215,827
    
$  15.11
  
             
2023
  
155,899
  
42,534
  
(9,760)
  
188,673
    
     14.70
  
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.
                        
 – Service Class Shares  subaccount
                          
 
Sustainable U.S. Equity Portfolio
2024
  
88,790
  
3,745
  
(9,738)
  
82,797
    
$  51.16
  
             
2023
  
87,092
  
7,249
  
(5,551)
  
88,790
    
     41.19
  
BNY Mellon Variable Investment Fund – Service Class
                      
Shares subaccount
                          
 
Opportunistic Small Cap Portfolio
2024
  
149,429
  
13,932
  
(9,062)
  
154,299
    
$  29.13
  
             
2023
  
139,690
  
17,077
  
(7,338)
  
149,429
    
     28.00
  
DWS Variable Series I – Class A Shares subaccounts
                      
 
DWS CROCI International VIP
2024
  
278,661
  
27,899
  
(9,347)
  
297,213
    
$  12.68
  
             
2023
  
278,003
  
22,577
  
(21,919)
  
278,661
    
     12.41
  
 
DWS Global Small Cap VIP
2024
  
250,349
  
18,577
  
(10,582)
  
258,344
    
$  23.35
  
             
2023
  
242,525
  
22,720
  
(14,896)
  
250,349
    
     22.15
  
DWS Variable Series II – Class A Shares subaccounts
                      
 
DWS CROCI U.S.
2024
  
144,954
  
6,094
  
(8,782)
  
142,266
    
$  36.24
  
             
2023
  
142,622
  
9,447
  
(7,115)
  
144,954
    
30.87
  
 
DWS Government Money Market VIP
2024
  
420,253
  
56,647
  
(66,078)
  
410,822
    
11.15
  
             
2023
  
378,424
  
75,017
  
(33,188)
  
420,253
    
10.66
  
 
DWS High Income VIP
2024
  
147,214
  
14,202
  
(3,546)
  
157,870
    
24.29
  
             
2023
  
141,741
  
13,752
  
(8,279)
  
147,214
    
22.74
  
Fidelity Variable Insurance Products
                          
 ("VIP") Funds – Service Class subaccounts
                          
 
VIP Growth Portfolio
2024
  
639,222
  
38,801
  
(37,333)
  
640,690
    
$  76.95
  
             
2023
  
610,041
  
54,808
  
(25,627)
  
639,222
    
59.25
  
 
VIP Index 500 Portfolio
2024
  
894,994
  
53,609
  
(52,718)
  
895,885
    
58.47
  
             
2023
  
843,445
  
84,917
  
(33,368)
  
894,994
    
47.00
  
 
VIP Mid Cap Portfolio
2024
  
836,372
  
37,712
  
(49,732)
  
824,352
    
40.06
  
             
2023
  
793,497
  
70,852
  
(27,977)
  
836,372
    
34.24
  
41
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

5. Units Issued and Redeemed

Fidelity VIP Freedom Funds – Service
                        
 Class 2 Shares  subaccounts
                        
 
VIP Freedom 2005 Portfolio
2024
  
7,066
  
251
  
(7,317)
  
-
    
N/A
             
2023
  
6,845
  
521
  
(300)
  
7,066
    
18.15
 
VIP Freedom 2010 Portfolio
2024
  
12,824
  
1,431
  
(2,512)
  
11,743
    
21.53
             
2023
  
11,845
  
1,379
  
(400)
  
12,824
    
20.54
 
VIP Freedom 2015 Portfolio
2024
  
12,902
  
1,143
  
(1,770)
  
12,275
    
23.20
             
2023
  
14,152
  
1,240
  
(2,490)
  
12,902
    
21.91
 
VIP Freedom 2020 Portfolio
2024
  
70,448
  
5,018
  
(7,630)
  
67,836
    
24.70
             
2023
  
68,327
  
5,767
  
(3,646)
  
70,448
    
23.07
 
VIP Freedom 2025 Portfolio
2024
  
90,036
  
6,468
  
(9,050)
  
87,454
    
27.06
             
2023
  
92,692
  
8,199
  
(10,855)
  
90,036
    
25.06
 
VIP Freedom 2030 Portfolio
2024
  
426,324
  
23,265
  
(23,368)
  
426,221
    
28.60
             
2023
  
430,079
  
31,554
  
(35,309)
  
426,324
    
26.28
 
VIP Freedom Income Portfolio
2024
  
60,894
  
17,115
  
(9,361)
  
68,648
    
17.12
             
2023
  
60,128
  
8,550
  
(7,784)
  
60,894
    
16.48
Fidelity VIP FundsManager Portfolios
                        
 – Service Class 2 Shares  subaccounts
                        
 
VIP FundsManager 20% Portfolio
2024
  
82,407
  
9,348
  
(8,626)
  
83,129
    
$  16.98
             
2023
  
74,117
  
10,944
  
(2,654)
  
82,407
    
16.16
 
VIP FundsManager 50% Portfolio
2024
  
237,265
  
25,390
  
(12,786)
  
249,869
    
24.16
             
2023
  
224,667
  
25,570
  
(12,972)
  
237,265
    
22.36
 
VIP FundsManager 70% Portfolio
2024
  
363,153
  
26,406
  
(21,236)
  
368,323
    
29.23
             
2023
  
356,464
  
29,490
  
(22,801)
  
363,153
    
26.48
 
VIP FundsManager 85% Portfolio
2024
  
413,285
  
23,995
  
(32,006)
  
405,274
    
33.09
             
2023
  
404,045
  
30,389
  
(21,149)
  
413,285
    
29.53
Franklin Templeton Variable Insurance Products
                      
Trust – Class 2 subaccounts
                        
 
Small – Mid Cap Growth VIP Fund
2024
  
328,361
  
21,525
  
(18,134)
  
331,752
    
$  42.54
             
2023
  
319,246
  
27,979
  
(18,864)
  
328,361
    
38.43
 
Small Cap Value VIP Fund
2024
  
250,882
  
14,805
  
(18,600)
  
247,087
    
36.26
             
2023
  
244,081
  
26,075
  
(19,274)
  
250,882
    
32.56
Janus Henderson subaccounts
                        
 
VIT Balanced Portfolio (Service Shares)
2024
  
594,124
  
39,354
  
(30,465)
  
603,013
    
$  37.56
             
2023
  
565,279
  
52,369
  
(23,524)
  
594,124
    
32.71
 
VIT Forty Portfolio (Institutional Shares)
2024
  
737,040
  
24,295
  
(33,884)
  
727,451
    
64.00
             
2023
  
710,343
  
47,538
  
(20,841)
  
737,040
    
49.97
PIMCO Variable Insurance Trust –
                        
 Administrative Class Shares  subaccounts
                        
 
VIT International Bond Portfolio (U.S. Dollar-Hedged)
2024
  
131,439
  
19,867
  
(6,174)
  
145,132
    
$  19.53
             
2023
  
119,682
  
17,888
  
(6,131)
  
131,439
    
18.57
 
VIT Low Duration Portfolio
2024
  
133,717
  
23,162
  
(7,375)
  
149,504
    
13.65
             
2023
  
119,860
  
18,597
  
(4,740)
  
133,717
    
13.10
Principal Variable Contracts Funds, Inc.
                        
 ("PVC") Strategic Asset Management (“SAM”)
                        
 subaccounts
                        
 
SAM Balanced Portfolio
2024
  
1,634,495
  
85,065
  
(53,758)
  
1,665,802
    
$  28.21
             
2023
  
1,562,880
  
117,581
  
(45,966)
  
1,634,495
    
     25.18
 
SAM Conservative Balanced Portfolio
2024
  
356,790
  
25,522
  
(16,797)
  
365,515
    
$  23.26
             
2023
  
335,168
  
43,211
  
(21,589)
  
356,790
    
     21.47
 
SAM Conservative Growth Portfolio
2024
  
2,402,211
  
105,532
  
(137,998)
  
2,369,745
    
$  32.54
             
2023
  
2,370,254
  
139,121
  
(107,164)
  
2,402,211
    
     28.40
 
SAM Flexible Income Portfolio
2024
  
76,485
  
6,336
  
(11,343)
  
71,478
    
$  20.73
             
2023
  
75,297
  
8,011
  
(6,823)
  
76,485
    
     19.54
 
SAM Strategic Growth Portfolio
2024
  
2,859,006
  
114,854
  
(119,926)
  
2,853,934
    
$  35.78
             
2023
  
2,816,649
  
170,082
  
(127,725)
  
2,859,006
    
     30.75
42
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

6. Financial Highlights

The Company sells variable universal life products, which have unique combinations of features and fees that are charged against the policyholder’s account balance.  Differences in the fee structures result in a variety of unit values, expense ratios and total returns.

The following table was developed by determining which products offered by the Company have the lowest and highest total return.  Only product designs within each subaccount that had units outstanding during the respective periods were considered when determining the lowest and highest total return.  The summary may not reflect the minimum and maximum contract charges offered by the Company as policyholders may not have selected all available and applicable contract options as discussed in Note 3.

           
At December 31
        
For the Period Ended December 31
                           
Investment
            
               
Unit
      
Net
  
Income
  
Expense Ratio **
Total Return ***
           
Units
  
Fair Value
  
Assets
  
Ratio *
  
Lowest to Highest
Highest to Lowest
                                             
American Funds Insurance Series
                                
 
Asset Allocation Fund
                                  
         
2024
422,075
  
 $   20.86
 to
 $   20.86
  
$      8,804,483
  
2.26%
  
0.30%
 to
0.30%
  
16.09%
 to
16.09%
         
2023
397,104
  
17.97
 to
17.97
  
7,135,711
  
2.40%
  
0.30%
 to
0.30%
  
13.93%
 to
13.93%
         
2022
335,800
  
15.77
 to
15.77
  
5,296,420
  
2.34%
  
0.30%
 to
0.30%
  
(13.66%)
 to
(13.66%)
         
2021
271,738
  
18.27
 to
18.27
  
4,964,264
  
1.66%
  
0.30%
 to
0.30%
  
14.76%
 to
14.76%
         
2020
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
 
Capital Income Builder Fund
                                
         
2024
479,280
  
 $   16.21
 to
 $   16.21
  
$      7,768,263
  
3.47%
  
0.30%
 to
0.30%
  
9.86%
 to
9.86%
         
2023
437,711
  
14.75
 to
14.75
  
6,457,922
  
3.03%
  
0.30%
 to
0.30%
  
8.69%
 to
8.69%
         
2022
373,154
  
13.57
 to
13.57
  
5,065,333
  
3.17%
  
0.30%
 to
0.30%
  
(7.41%)
 to
(7.41%)
         
2021
338,275
  
14.66
 to
14.66
  
4,959,170
  
2.84%
  
0.30%
 to
0.30%
  
14.60%
 to
14.60%
         
2020
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
 
Capital World Growth and Income Fund
                            
         
2024
377,807
  
 $   21.98
 to
 $   21.98
  
$      8,305,695
  
1.74%
  
0.30%
 to
0.30%
  
13.66%
 to
13.66%
         
2023
348,884
  
19.34
 to
19.34
  
6,748,025
  
2.01%
  
0.30%
 to
0.30%
  
20.52%
 to
20.52%
         
2022
301,371
  
16.05
 to
16.05
  
4,836,616
  
2.72%
  
0.30%
 to
0.30%
  
(17.58%)
 to
(17.58%)
         
2021 (1)
250,535
  
19.47
 to
19.47
  
4,878,447
  
1.75%
  
0.30%
 to
0.30%
  
14.43%
 to
14.43%
         
2020
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
 
Global Growth Fund
                                  
         
2024
458,189
  
 $   26.23
 to
 $   26.23
  
$     12,017,941
  
1.60%
  
0.30%
 to
0.30%
  
13.34%
 to
13.34%
         
2023
417,492
  
23.14
 to
23.14
  
9,661,673
  
0.95%
  
0.30%
 to
0.30%
  
22.24%
 to
22.24%
         
2022
366,344
  
18.93
 to
18.93
  
6,935,668
  
0.72%
  
0.30%
 to
0.30%
  
(24.96%)
 to
(24.96%)
         
2021
300,283
  
25.23
 to
25.23
  
7,576,289
  
0.34%
  
0.30%
 to
0.30%
  
16.07%
 to
16.07%
         
2020
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
 
Growth Fund
                                  
         
2024
1,543,984
  
 $   42.60
 to
 $   42.60
  
$     65,774,535
  
0.34%
  
0.30%
 to
0.30%
  
31.23%
 to
31.23%
         
2023
1,474,138
  
32.46
 to
32.46
  
47,854,752
  
0.38%
  
0.30%
 to
0.30%
  
38.07%
 to
38.07%
         
2022
1,307,622
  
23.51
 to
23.51
  
30,744,930
  
0.34%
  
0.30%
 to
0.30%
  
(30.15%)
 to
(30.15%)
         
2021
1,098,649
  
33.66
 to
33.66
  
36,979,412
  
0.23%
  
0.30%
 to
0.30%
  
21.62%
 to
21.62%
         
2020
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
 
Growth-Income Fund
                                  
         
2024
747,541
  
 $   29.78
 to
 $   29.78
  
$     22,260,866
  
1.14%
  
0.30%
 to
0.30%
  
23.85%
 to
23.85%
         
2023
717,407
  
24.04
 to
24.04
  
17,249,137
  
1.46%
  
0.30%
 to
0.30%
  
25.76%
 to
25.76%
         
2022
633,185
  
19.12
 to
19.12
  
12,105,564
  
1.53%
  
0.30%
 to
0.30%
  
(16.74%)
 to
(16.74%)
         
2021
542,055
  
22.96
 to
22.96
  
12,447,235
  
1.20%
  
0.30%
 to
0.30%
  
23.72%
 to
23.72%
         
2020
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
 
International Fund
                                  
         
2024
215,827
  
 $   15.11
 to
 $   15.11
  
$      3,261,969
  
1.27%
  
0.30%
 to
0.30%
  
2.85%
 to
2.85%
         
2023
188,673
  
14.70
 to
14.70
  
2,772,603
  
1.40%
  
0.30%
 to
0.30%
  
15.50%
 to
15.50%
         
2022
155,899
  
12.72
 to
12.72
  
1,983,554
  
2.15%
  
0.30%
 to
0.30%
  
(21.02%)
 to
(21.02%)
         
2021
117,623
  
16.11
 to
16.11
  
1,894,913
  
2.78%
  
0.30%
 to
0.30%
  
(1.79%)
 to
(1.79%)
         
2020
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
BNY Mellon Variable Investment Fund –
                            
 Service Class Shares
                                  
 
Opportunistic Small Cap Portfolio
                              
         
2024
368,844
  
 $   26.12
 to
 $   29.13
  
$     10,098,570
  
0.49%
  
0.30%
 to
0.90%
  
3.42%
 to
3.42%
         
2023
371,428
  
25.25
 to
28.00
  
9,790,123
  
0.08%
  
0.30%
 to
0.90%
  
8.04%
 to
8.69%
         
2022
363,889
  
23.37
 to
25.76
  
8,838,968
  
0.00%
  
0.30%
 to
0.90%
  
(17.57%)
 to
(17.08%)
         
2021
362,386
  
28.35
 to
31.07
  
10,630,812
  
0.00%
  
0.30%
 to
0.90%
  
15.81%
 to
15.13%
         
2020
372,892
  
24.63
 to
26.83
  
9,468,825
  
0.41%
  
0.30%
 to
0.90%
  
19.22%
 to
18.51%
43
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

6. Financial Highlights

BNY Mellon Sustainable U.S. Equity Portfolio,
                        
 Inc. – Service Class Shares
                                
 
Sustainable U.S. Equity Portfolio
                              
         
2024
90,366
  
 $   38.93
 to
 $   51.16
  
$      4,530,646
  
0.38%
  
0.30%
 to
0.90%
  
24.20%
 to
23.46%
         
2023
97,401
  
31.53
 to
41.19
  
3,929,033
  
0.52%
  
0.30%
 to
0.90%
  
22.41%
 to
23.14%
         
2022
96,236
  
25.76
 to
33.45
  
3,149,029
  
0.28%
  
0.30%
 to
0.90%
  
(23.75%)
 to
(23.29%)
         
2021
90,902
  
33.78
 to
43.61
  
3,877,343
  
0.59%
  
0.30%
 to
0.90%
  
26.30%
 to
25.55%
         
2020
86,718
  
26.91
 to
34.53
  
2,936,616
  
0.86%
  
0.30%
 to
0.90%
  
23.48%
 to
22.75%
Calvert Variable Series, Inc.
                                
 
VP SRI Mid Cap Portfolio
                                
         
2024
7,474
  
 $   34.45
 to
 $   34.45
  
$         257,492
  
0.12%
  
0.90%
 to
0.90%
  
9.23%
 to
9.23%
         
2023
7,605
  
31.54
 to
31.54
  
239,846
  
0.19%
  
0.90%
 to
0.90%
  
10.65%
 to
10.65%
         
2022
8,177
  
28.50
 to
28.50
  
233,064
  
0.00%
  
0.90%
 to
0.90%
  
(20.20%)
 to
(20.20%)
         
2021
8,255
  
35.72
 to
35.72
  
294,856
  
0.20%
  
0.90%
 to
0.90%
  
14.00%
 to
14.00%
         
2020
7,754
  
31.33
 to
31.33
  
242,951
  
0.45%
  
0.90%
 to
0.90%
  
11.24%
 to
11.24%
DWS Investments VIT Funds – Class B
                            
Shares
                                  
 
DWS Equity 500 Index VIP
                                
         
2024
211,689
  
 $   13.26
 to
 $   40.93
  
$      3,993,747
  
0.84%
  
0.25%
 to
0.70%
  
32.63%
 to
23.79%
         
2023
97,973
  
33.06
 to
33.06
  
3,239,221
  
0.99%
  
0.30%
 to
0.30%
  
25.12%
 to
25.12%
         
2022
98,418
  
26.43
 to
26.43
  
2,600,721
  
0.86%
  
0.30%
 to
0.30%
  
(18.86%)
 to
(18.86%)
         
2021
102,810
  
32.57
 to
32.57
  
3,348,322
  
1.05%
  
0.30%
 to
0.30%
  
27.53%
 to
27.53%
         
2020
115,560
  
25.54
 to
25.54
  
2,951,171
  
1.33%
  
0.30%
 to
0.30%
  
17.28%
 to
17.28%
DWS Variable Series I – Class A
                                
Shares
                                  
 
DWS Bond VIP
                                  
         
2024
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
         
2023
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
         
2022
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
         
2021 (2)
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
         
2020
528,943
  
15.17
 to
19.29
  
9,904,233
  
2.71%
  
0.30%
 to
0.90%
  
8.75%
 to
8.10%
 
DWS Core Equity VIP
                                  
         
2024
125,962
  
 $   47.65
 to
 $   47.65
  
$      6,002,410
  
0.84%
  
0.90%
 to
0.90%
  
19.00%
 to
19.00%
         
2023
132,568
  
40.04
 to
40.04
  
5,308,471
  
0.93%
  
0.90%
 to
0.90%
  
24.45%
 to
24.45%
         
2022
142,795
  
32.18
 to
32.18
  
4,594,448
  
0.73%
  
0.90%
 to
0.90%
  
(16.28%)
 to
(16.28%)
         
2021
152,536
  
38.43
 to
38.43
  
5,862,348
  
0.76%
  
0.90%
 to
0.90%
  
24.18%
 to
24.18%
         
2020
165,521
  
30.95
 to
30.95
  
5,122,619
  
1.35%
  
0.90%
 to
0.90%
  
15.10%
 to
15.10%
 
DWS CROCI International VIP
                                
         
2024
1,993,785
  
 $    9.65
 to
 $   12.68
  
$     20,142,574
  
3.29%
  
0.30%
 to
0.90%
  
2.14%
 to
1.53%
         
2023
1,955,282
  
9.51
 to
12.41
  
19,396,430
  
3.25%
  
0.30%
 to
0.90%
  
17.89%
 to
18.59%
         
2022
1,991,898
  
8.06
 to
10.47
  
16,729,512
  
2.89%
  
0.30%
 to
0.90%
  
(13.96%)
 to
(13.45%)
         
2021
1,998,200
  
9.37
 to
12.09
  
19,427,918
  
2.39%
  
0.30%
 to
0.90%
  
8.91%
 to
8.26%
         
2020
1,938,647
  
8.66
 to
11.11
  
17,362,692
  
3.39%
  
0.30%
 to
0.90%
  
2.30%
 to
1.69%
 
DWS Global Small Cap VIP
                                
         
2024
635,096
  
 $   23.35
 to
 $   32.67
  
$     18,340,473
  
1.35%
  
0.30%
 to
0.90%
  
5.45%
 to
4.81%
         
2023
638,236
  
22.15
 to
31.17
  
17,633,725
  
0.87%
  
0.30%
 to
0.90%
  
23.45%
 to
24.19%
         
2022
637,571
  
17.83
 to
25.24
  
14,298,144
  
0.47%
  
0.30%
 to
0.90%
  
(24.73%)
 to
(24.28%)
         
2021
624,235
  
23.55
 to
33.54
  
18,628,755
  
0.35%
  
0.30%
 to
0.90%
  
14.60%
 to
13.92%
         
2020
620,577
  
20.55
 to
29.44
  
16,299,795
  
0.79%
  
0.30%
 to
0.90%
  
17.01%
 to
16.31%
DWS Variable Series II – Class A
                                
Shares
                                  
 
DWS CROCI U.S. VIP
                                  
         
2024
975,610
  
 $   12.46
 to
 $   52.57
  
$     48,381,249
  
1.47%
  
0.25%
 to
0.90%
  
24.63%
 to
16.70%
         
2023
1,019,459
  
18.23
 to
45.05
  
43,389,909
  
1.68%
  
0.30%
 to
0.90%
  
19.69%
 to
20.40%
         
2022
1,034,968
  
15.14
 to
37.64
  
36,799,247
  
1.70%
  
0.30%
 to
0.90%
  
(16.15%)
 to
(15.65%)
         
2021
1,070,799
  
17.95
 to
44.89
  
45,453,527
  
1.92%
  
0.30%
 to
0.90%
  
26.31%
 to
25.56%
         
2020
1,078,690
  
14.21
 to
35.75
  
36,569,410
  
2.31%
  
0.30%
 to
0.90%
  
(12.42%)
 to
(12.94%)
 
DWS Government Money Market VIP
                            
         
2024
1,637,217
  
 $   11.15
 to
 $   12.12
  
$     19,448,762
  
4.84%
  
0.30%
 to
0.90%
  
4.60%
 to
3.98%
         
2023
1,622,529
  
10.66
 to
11.66
  
18,498,086
  
4.65%
  
0.30%
 to
0.90%
  
3.82%
 to
4.43%
         
2022
1,582,108
  
10.21
 to
11.23
  
17,381,551
  
2.39%
  
0.30%
 to
0.90%
  
0.41%
 to
1.01%
         
2021
1,614,143
  
10.11
 to
11.19
  
17,669,279
  
0.01%
  
0.30%
 to
0.90%
  
(0.29%)
 to
(0.88%)
         
2020
633,385
  
10.13
 to
11.29
  
6,903,856
  
0.11%
  
0.30%
 to
0.90%
  
(0.07%)
 to
(0.66%)
 
DWS High Income VIP
                                  
         
2024
359,532
  
 $   24.29
 to
 $   30.44
  
$      9,973,761
  
5.83%
  
0.30%
 to
0.90%
  
6.82%
 to
6.18%
         
2023
349,813
  
22.74
 to
28.67
  
9,156,574
  
5.27%
  
0.30%
 to
0.90%
  
10.35%
 to
11.01%
         
2022
344,923
  
20.48
 to
25.98
  
8,182,987
  
5.04%
  
0.30%
 to
0.90%
  
(9.69%)
 to
(9.15%)
         
2021
350,815
  
22.55
 to
28.77
  
9,210,924
  
4.54%
  
0.30%
 to
0.90%
  
3.69%
 to
3.08%
         
2020
332,899
  
21.75
 to
27.91
  
8,479,341
  
5.37%
  
0.30%
 to
0.90%
  
5.92%
 to
5.29%
44
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

6. Financial Highlights

 
DWS Small Mid Cap Growth VIP
                              
         
2024
38,330
  
 $   12.43
 to
 $   12.43
  
$         476,325
  
0.00%
  
0.90%
 to
0.90%
  
4.20%
 to
4.20%
         
2023
42,292
  
11.93
 to
11.93
  
504,360
  
0.03%
  
0.90%
 to
0.90%
  
17.77%
 to
17.77%
         
2022
43,365
  
10.13
 to
10.13
  
439,108
  
0.00%
  
0.90%
 to
0.90%
  
(28.66%)
 to
(28.66%)
         
2021
45,852
  
14.19
 to
14.19
  
650,817
  
0.04%
  
0.90%
 to
0.90%
  
12.83%
 to
12.83%
         
2020
50,224
  
12.58
 to
12.58
  
631,836
  
0.05%
  
0.90%
 to
0.90%
  
29.01%
 to
29.01%
Fidelity Variable Insurance Products
                            
 ("VIP") Funds – Service Class
                                
 
VIP Growth Portfolio
                                  
         
2024
1,422,310
  
 $   14.26
 to
 $   76.95
  
$   100,305,898
  
0.00%
  
0.25%
 to
0.90%
  
42.63%
 to
29.09%
         
2023
1,463,881
  
46.84
 to
59.25
  
80,043,504
  
0.04%
  
0.30%
 to
0.90%
  
34.89%
 to
35.69%
         
2022
1,478,714
  
34.52
 to
43.66
  
59,566,530
  
0.46%
  
0.30%
 to
0.90%
  
(25.20%)
 to
(24.75%)
         
2021
1,449,175
  
45.88
 to
58.03
  
77,578,091
  
0.00%
  
0.30%
 to
0.90%
  
22.71%
 to
21.98%
         
2020
1,445,150
  
37.38
 to
47.29
  
63,031,377
  
0.06%
  
0.30%
 to
0.90%
  
43.32%
 to
42.46%
 
VIP Index 500 Portfolio
                                  
         
2024
1,637,985
  
 $   57.14
 to
 $   58.47
  
$     94,782,331
  
1.20%
  
0.30%
 to
0.90%
  
24.40%
 to
23.65%
         
2023
1,679,637
  
46.21
 to
47.00
  
78,323,279
  
1.41%
  
0.30%
 to
0.90%
  
24.95%
 to
25.69%
         
2022
1,656,327
  
36.98
 to
37.39
  
61,601,259
  
1.37%
  
0.30%
 to
0.90%
  
(19.02%)
 to
(18.54%)
         
2021
1,613,039
  
45.67
 to
45.90
  
73,851,137
  
1.19%
  
0.30%
 to
0.90%
  
28.06%
 to
27.30%
         
2020
1,586,806
  
35.85
 to
35.88
  
56,905,220
  
1.71%
  
0.30%
 to
0.90%
  
17.77%
 to
17.07%
 
VIP Mid Cap Portfolio (3)
                                
         
2024
1,012,074
  
 $   40.06
 to
 $   77.83
  
$     47,634,143
  
0.48%
  
0.30%
 to
0.90%
  
17.00%
 to
16.30%
         
2023
1,031,915
  
34.24
 to
66.92
  
41,723,324
  
0.54%
  
0.30%
 to
0.90%
  
13.98%
 to
14.66%
         
2022
993,558
  
29.86
 to
58.71
  
35,441,540
  
0.40%
  
0.30%
 to
0.90%
  
(15.61%)
 to
(15.11%)
         
2021
954,933
  
35.18
 to
69.57
  
40,713,396
  
0.52%
  
0.30%
 to
0.90%
  
25.13%
 to
24.39%
         
2020
942,920
  
28.11
 to
55.93
  
32,523,679
  
0.57%
  
0.30%
 to
0.90%
  
17.68%
 to
16.98%
Fidelity VIP Freedom Funds – Service
                            
 Class 2 Shares
                                  
 
VIP Freedom 2005 Portfolio
                                
         
2024
NA
  
NA
 to
NA
  
NA
  
NA
  
NA
 to
NA
  
NA
 to
NA
         
2023
7,066
  
18.15
 to
18.15
  
128,204
  
4.28%
  
0.30%
 to
0.30%
  
7.40%
 to
7.40%
         
2022
6,845
  
16.90
 to
16.90
  
115,633
  
1.65%
  
0.30%
 to
0.30%
  
(12.90%)
 to
(12.90%)
         
2021
7,224
  
19.40
 to
19.40
  
140,120
  
0.69%
  
0.30%
 to
0.30%
  
3.51%
 to
3.51%
         
2020
9,025
  
18.74
 to
18.74
  
169,125
  
1.09%
  
0.30%
 to
0.30%
  
10.60%
 to
10.60%
         
2020
9,025
  
18.74
 to
18.74
  
169,125
  
1.09%
  
0.30%
 to
0.30%
  
10.60%
 to
10.60%
 
VIP Freedom 2010 Portfolio
                                
         
2024
11,743
  
 $   21.53
 to
 $   21.53
  
$         252,859
  
3.45%
  
0.30%
 to
0.30%
  
4.83%
 to
4.83%
         
2023
12,824
  
20.54
 to
20.54
  
263,418
  
3.83%
  
0.30%
 to
0.30%
  
8.76%
 to
8.76%
         
2022
11,845
  
18.89
 to
18.89
  
223,722
  
2.25%
  
0.30%
 to
0.30%
  
(13.92%)
 to
(13.92%)
         
2021
11,312
  
21.94
 to
21.94
  
248,203
  
1.01%
  
0.30%
 to
0.30%
  
5.28%
 to
5.28%
         
2020
9,034
  
20.84
 to
20.84
  
188,280
  
1.16%
  
0.30%
 to
0.30%
  
11.90%
 to
11.90%
         
2020
9,034
  
20.84
 to
20.84
  
188,280
  
1.16%
  
0.30%
 to
0.30%
  
11.90%
 to
11.90%
 
VIP Freedom 2015 Portfolio
                                
         
2024
12,275
  
 $   23.20
 to
 $   23.20
  
$         284,807
  
3.00%
  
0.30%
 to
0.30%
  
5.89%
 to
5.89%
         
2023
12,902
  
21.91
 to
21.91
  
282,693
  
3.49%
  
0.30%
 to
0.30%
  
10.31%
 to
10.31%
         
2022
14,152
  
19.86
 to
19.86
  
281,104
  
1.81%
  
0.30%
 to
0.30%
  
(15.04%)
 to
(15.04%)
         
2021
13,159
  
23.38
 to
23.38
  
307,668
  
0.86%
  
0.30%
 to
0.30%
  
7.07%
 to
7.07%
         
2020
13,174
  
21.84
 to
21.84
  
287,675
  
1.13%
  
0.30%
 to
0.30%
  
13.22%
 to
13.22%
         
2020
13,174
  
21.84
 to
21.84
  
287,675
  
1.13%
  
0.30%
 to
0.30%
  
13.22%
 to
13.22%
 
VIP Freedom 2020 Portfolio
                                
         
2024
67,836
  
 $   24.70
 to
 $   24.70
  
$      1,675,760
  
2.66%
  
0.30%
 to
0.30%
  
7.08%
 to
7.08%
         
2023
70,448
  
23.07
 to
23.07
  
1,625,206
  
3.05%
  
0.30%
 to
0.30%
  
11.89%
 to
11.89%
         
2022
68,327
  
20.62
 to
20.62
  
1,408,795
  
1.76%
  
0.30%
 to
0.30%
  
(16.22%)
 to
(16.22%)
         
2021
65,060
  
24.61
 to
24.61
  
1,601,110
  
0.87%
  
0.30%
 to
0.30%
  
8.94%
 to
8.94%
         
2020
63,471
  
22.59
 to
22.59
  
1,433,869
  
1.07%
  
0.30%
 to
0.30%
  
14.38%
 to
14.38%
         
2020
63,471
  
22.59
 to
22.59
  
1,433,869
  
1.07%
  
0.30%
 to
0.30%
  
14.38%
 to
14.38%
 
VIP Freedom 2025 Portfolio
                                
         
2024
87,454
  
 $   27.06
 to
 $   27.06
  
$      2,366,358
  
2.31%
  
0.30%
 to
0.30%
  
7.96%
 to
7.96%
         
2023
90,036
  
25.06
 to
25.06
  
2,256,631
  
2.66%
  
0.30%
 to
0.30%
  
12.99%
 to
12.99%
         
2022
92,692
  
22.18
 to
22.18
  
2,056,193
  
1.65%
  
0.30%
 to
0.30%
  
(16.89%)
 to
(16.89%)
         
2021
89,108
  
26.69
 to
26.69
  
2,378,310
  
0.86%
  
0.30%
 to
0.30%
  
10.22%
 to
10.22%
         
2020
89,817
  
24.22
 to
24.22
  
2,174,978
  
1.01%
  
0.30%
 to
0.30%
  
15.33%
 to
15.33%
         
2020
89,817
  
24.22
 to
24.22
  
2,174,978
  
1.01%
  
0.30%
 to
0.30%
  
15.33%
 to
15.33%
 
VIP Freedom 2030 Portfolio
                                
         
2024
426,221
  
 $   28.60
 to
 $   28.60
  
$     12,188,181
  
2.05%
  
0.30%
 to
0.30%
  
8.81%
 to
8.81%
         
2023
426,324
  
26.28
 to
26.28
  
11,204,284
  
2.26%
  
0.30%
 to
0.30%
  
14.12%
 to
14.12%
         
2022
430,079
  
23.03
 to
23.03
  
9,904,804
  
1.65%
  
0.30%
 to
0.30%
  
(17.33%)
 to
(17.33%)
         
2021
401,981
  
27.86
 to
27.86
  
11,198,853
  
0.88%
  
0.30%
 to
0.30%
  
11.74%
 to
11.74%
         
2020
396,295
  
24.93
 to
24.93
  
9,880,911
  
1.04%
  
0.30%
 to
0.30%
  
16.29%
 to
16.29%
         
2020
396,295
  
24.93
 to
24.93
  
9,880,911
  
1.04%
  
0.30%
 to
0.30%
  
16.29%
 to
16.29%
 
VIP Freedom Income Portfolio
                                
         
2024
68,648
  
 $   17.12
 to
 $   17.12
  
$      1,175,115
  
3.54%
  
0.30%
 to
0.30%
  
3.89%
 to
3.89%
         
2023
60,894
  
16.48
 to
16.48
  
1,003,367
  
4.06%
  
0.30%
 to
0.30%
  
7.33%
 to
7.33%
         
2022
60,128
  
15.35
 to
15.35
  
923,095
  
1.95%
  
0.30%
 to
0.30%
  
(12.52%)
 to
(12.52%)
         
2021
57,839
  
17.55
 to
17.55
  
1,015,064
  
0.83%
  
0.30%
 to
0.30%
  
2.72%
 to
2.72%
         
2020
53,495
  
17.09
 to
17.09
  
913,982
  
1.16%
  
0.30%
 to
0.30%
  
9.95%
 to
9.95%
         
2020
53,495
  
17.09
 to
17.09
  
913,982
  
1.16%
  
0.30%
 to
0.30%
  
9.95%
 to
9.95%
45
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

6. Financial Highlights

Fidelity VIP FundsManager Portfolios –
                            
Service Class 2 Shares
                                  
 
VIP FundsManager 20% Portfolio
                              
         
2024
83,129
  
 $   16.98
 to
 $   16.98
  
$      1,411,928
  
3.51%
  
0.30%
 to
0.30%
  
5.07%
 to
5.07%
         
2023
82,407
  
16.16
 to
16.16
  
1,332,096
  
3.87%
  
0.30%
 to
0.30%
  
7.70%
 to
7.70%
         
2022
74,117
  
15.01
 to
15.01
  
1,112,464
  
2.36%
  
0.30%
 to
0.30%
  
(10.03%)
 to
(10.03%)
         
2021
67,144
  
16.68
 to
16.68
  
1,120,117
  
0.92%
  
0.30%
 to
0.30%
  
3.21%
 to
3.21%
         
2020
67,449
  
16.16
 to
16.16
  
1,090,224
  
1.03%
  
0.30%
 to
0.30%
  
7.74%
 to
7.74%
         
2020
67,449
  
16.16
 to
16.16
  
1,090,224
  
1.03%
  
0.30%
 to
0.30%
  
7.74%
 to
7.74%
 
VIP FundsManager 50% Portfolio
                              
         
2024
249,869
  
 $   24.16
 to
 $   24.16
  
$      6,038,008
  
2.38%
  
0.30%
 to
0.30%
  
8.05%
 to
8.05%
         
2023
237,265
  
22.36
 to
22.36
  
5,306,092
  
2.53%
  
0.30%
 to
0.30%
  
12.32%
 to
12.32%
         
2022
224,667
  
19.91
 to
19.91
  
4,473,438
  
1.88%
  
0.30%
 to
0.30%
  
(14.29%)
 to
(14.29%)
         
2021
206,726
  
23.23
 to
23.23
  
4,802,652
  
0.99%
  
0.30%
 to
0.30%
  
9.55%
 to
9.55%
         
2020
200,090
  
21.21
 to
21.21
  
4,243,374
  
1.05%
  
0.30%
 to
0.30%
  
13.55%
 to
13.55%
         
2020
200,090
  
21.21
 to
21.21
  
4,243,374
  
1.05%
  
0.30%
 to
0.30%
  
13.55%
 to
13.55%
 
VIP FundsManager 70% Portfolio
                              
         
2024
368,323
  
 $   29.23
 to
 $   29.23
  
$     10,764,421
  
1.66%
  
0.30%
 to
0.30%
  
10.35%
 to
10.35%
         
2023
363,153
  
26.48
 to
26.48
  
9,617,799
  
1.93%
  
0.30%
 to
0.30%
  
15.22%
 to
15.22%
         
2022
356,464
  
22.99
 to
22.99
  
8,193,393
  
1.39%
  
0.30%
 to
0.30%
  
(16.05%)
 to
(16.05%)
         
2021
358,717
  
27.38
 to
27.38
  
9,821,050
  
0.90%
  
0.30%
 to
0.30%
  
14.09%
 to
14.09%
         
2020
345,620
  
24.00
 to
24.00
  
8,293,523
  
0.81%
  
0.30%
 to
0.30%
  
15.59%
 to
15.59%
         
2020
345,620
  
24.00
 to
24.00
  
8,293,523
  
0.81%
  
0.30%
 to
0.30%
  
15.59%
 to
15.59%
 
VIP FundsManager 85% Portfolio
                              
         
2024
405,274
  
 $   33.09
 to
 $   33.09
  
$     13,410,888
  
1.22%
  
0.30%
 to
0.30%
  
12.04%
 to
12.04%
         
2023
413,285
  
29.53
 to
29.53
  
12,206,001
  
1.49%
  
0.30%
 to
0.30%
  
17.13%
 to
17.13%
         
2022
404,045
  
25.22
 to
25.22
  
10,188,027
  
0.94%
  
0.30%
 to
0.30%
  
(17.44%)
 to
(17.44%)
         
2021
390,493
  
30.54
 to
30.54
  
11,926,124
  
0.84%
  
0.30%
 to
0.30%
  
17.29%
 to
17.29%
         
2020
378,324
  
26.04
 to
26.04
  
9,851,190
  
0.71%
  
0.30%
 to
0.30%
  
16.92%
 to
16.92%
         
2020
378,324
  
26.04
 to
26.04
  
9,851,190
  
0.71%
  
0.30%
 to
0.30%
  
16.92%
 to
16.92%
Franklin Templeton Variable Insurance
                            
 Products Trust – Class 2
                                
 
Developing Markets VIP Fund
                                
         
2024
255,303
  
 $   25.31
 to
 $   25.31
  
$      6,462,133
  
3.89%
  
0.90%
 to
0.90%
  
6.70%
 to
6.70%
         
2023
255,796
  
23.72
 to
23.72
  
6,068,086
  
2.06%
  
0.90%
 to
0.90%
  
11.62%
 to
11.62%
         
2022
254,745
  
21.25
 to
21.25
  
5,414,016
  
2.03%
  
0.90%
 to
0.90%
  
(22.68%)
 to
(22.68%)
         
2021
245,063
  
27.49
 to
27.49
  
6,735,870
  
0.88%
  
0.90%
 to
0.90%
  
(6.58%)
 to
(6.58%)
         
2020
237,442
  
29.42
 to
29.42
  
6,986,153
  
4.14%
  
0.90%
 to
0.90%
  
16.14%
 to
16.14%
 
Small – Mid Cap Growth VIP Fund
                            
         
2024
454,506
  
 $   42.54
 to
 $   42.62
  
$     19,345,411
  
0.00%
  
0.30%
 to
0.90%
  
10.70%
 to
10.04%
         
2023
457,134
  
38.43
 to
38.73
  
17,606,628
  
0.00%
  
0.30%
 to
0.90%
  
25.61%
 to
26.36%
         
2022
452,833
  
30.41
 to
30.83
  
13,828,584
  
0.00%
  
0.30%
 to
0.90%
  
(34.28%)
 to
(33.89%)
         
2021
426,331
  
46.00
 to
46.92
  
19,734,814
  
0.00%
  
0.30%
 to
0.90%
  
9.68%
 to
9.03%
         
2020
411,003
  
41.94
 to
43.03
  
17,386,886
  
0.00%
  
0.30%
 to
0.90%
  
54.63%
 to
53.71%
 
Small Cap Value VIP Fund
                                
         
2024
419,422
  
 $   11.64
 to
 $   41.66
  
$     14,991,692
  
0.93%
  
0.25%
 to
0.90%
  
16.41%
 to
10.70%
         
2023
416,549
  
23.57
 to
37.63
  
13,815,153
  
0.52%
  
0.30%
 to
0.90%
  
11.74%
 to
12.41%
         
2022
412,437
  
20.97
 to
33.67
  
12,195,661
  
0.95%
  
0.30%
 to
0.90%
  
(10.87%)
 to
(10.33%)
         
2021
418,886
  
23.39
 to
37.78
  
13,819,218
  
0.99%
  
0.30%
 to
0.90%
  
24.99%
 to
24.25%
         
2020
416,542
  
18.71
 to
30.41
  
11,063,584
  
1.50%
  
0.30%
 to
0.90%
  
4.87%
 to
4.25%
Goldman Sachs Variable Insurance Trust –
                          
 Institutional Class
                                  
 
Mid Cap Value Fund
                                  
         
2024
181,203
  
 $   11.79
 to
 $   68.47
  
$     12,012,265
  
1.01%
  
0.25%
 to
0.90%
  
17.91%
 to
11.39%
         
2023
189,186
  
24.50
 to
61.47
  
11,441,610
  
1.04%
  
0.30%
 to
0.90%
  
10.43%
 to
11.09%
         
2022
193,604
  
22.05
 to
55.67
  
10,602,220
  
0.66%
  
0.30%
 to
0.90%
  
(10.79%)
 to
(10.26%)
         
2021
209,786
  
24.57
 to
62.40
  
12,709,910
  
0.48%
  
0.30%
 to
0.90%
  
30.56%
 to
29.78%
         
2020
219,884
  
18.82
 to
48.08
  
10,278,767
  
0.67%
  
0.30%
 to
0.90%
  
8.08%
 to
7.43%
 
Small Cap Equity Insights Fund
                                
         
2024
120,746
  
 $   12.57
 to
 $   51.18
  
$      5,155,342
  
0.98%
  
0.25%
 to
0.90%
  
25.68%
 to
17.98%
         
2023
118,790
  
24.65
 to
43.38
  
4,634,724
  
1.05%
  
0.30%
 to
0.90%
  
18.21%
 to
18.92%
         
2022
118,603
  
20.73
 to
36.70
  
3,918,646
  
0.27%
  
0.30%
 to
0.90%
  
(20.10%)
 to
(19.62%)
         
2021
123,115
  
25.79
 to
45.93
  
5,029,561
  
0.46%
  
0.30%
 to
0.90%
  
23.42%
 to
22.69%
         
2020
131,114
  
20.90
 to
37.44
  
4,375,940
  
0.23%
  
0.30%
 to
0.90%
  
8.26%
 to
7.61%
 
Strategic Growth Fund
                                  
         
2024
554,436
  
 $   61.71
 to
 $   61.71
  
$     34,212,411
  
0.00%
  
0.90%
 to
0.90%
  
31.18%
 to
31.18%
         
2023
597,955
  
47.04
 to
47.04
  
28,128,315
  
0.00%
  
0.90%
 to
0.90%
  
40.68%
 to
40.68%
         
2022
637,964
  
33.44
 to
33.44
  
21,332,398
  
0.00%
  
0.90%
 to
0.90%
  
(33.12%)
 to
(33.12%)
         
2021
639,148
  
50.00
 to
50.00
  
31,954,543
  
0.00%
  
0.90%
 to
0.90%
  
20.84%
 to
20.84%
         
2020
666,207
  
41.37
 to
41.37
  
27,563,526
  
0.09%
  
0.90%
 to
0.90%
  
39.25%
 to
39.25%
Janus Henderson
                                  
 
VIT Balanced Portfolio (Service Shares)
                            
         
2024
718,319
  
 $   37.56
 to
 $   45.18
  
$     27,856,049
  
1.78%
  
0.30%
 to
0.90%
  
14.80%
 to
14.11%
         
2023
713,196
  
32.71
 to
39.59
  
24,150,644
  
1.82%
  
0.30%
 to
0.90%
  
14.11%
 to
14.79%
         
2022
682,558
  
28.50
 to
34.70
  
20,179,066
  
1.11%
  
0.30%
 to
0.90%
  
(17.36%)
 to
(16.87%)
         
2021
649,326
  
34.28
 to
41.99
  
23,175,105
  
0.88%
  
0.30%
 to
0.90%
  
16.56%
 to
15.87%
         
2020
631,827
  
29.41
 to
36.24
  
19,446,763
  
2.10%
  
0.30%
 to
0.90%
  
13.69%
 to
13.01%
 
VIT Enterprise Portfolio (Service Shares)
                            
         
2024
89,342
  
 $   11.98
 to
 $   61.82
  
$      4,992,115
  
0.63%
  
0.25%
 to
0.90%
  
19.83%
 to
14.29%
         
2023
91,981
  
35.19
 to
54.09
  
4,661,467
  
0.09%
  
0.30%
 to
0.90%
  
16.73%
 to
17.42%
         
2022
97,116
  
29.97
 to
46.34
  
4,207,447
  
0.24%
  
0.30%
 to
0.90%
  
(16.90%)
 to
(16.40%)
         
2021
99,525
  
35.85
 to
55.76
  
5,216,752
  
0.24%
  
0.30%
 to
0.90%
  
16.19%
 to
15.50%
         
2020
105,014
  
30.85
 to
48.28
  
4,762,327
  
0.04%
  
0.30%
 to
0.90%
  
18.83%
 to
18.12%
46
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

6. Financial Highlights

 
VIT Forty Portfolio (Institutional Shares)
                            
         
2024
1,643,246
  
 $   54.35
 to
 $   64.00
  
$     96,333,326
  
0.11%
  
0.30%
 to
0.90%
  
28.08%
 to
27.31%
         
2023
1,724,973
  
42.69
 to
49.97
  
79,005,981
  
0.20%
  
0.30%
 to
0.90%
  
38.72%
 to
39.55%
         
2022
1,763,452
  
30.78
 to
35.81
  
57,846,788
  
0.16%
  
0.30%
 to
0.90%
  
(34.14%)
 to
(33.75%)
         
2021
1,701,656
  
46.73
 to
54.05
  
84,215,448
  
0.50%
  
0.30%
 to
0.90%
  
22.53%
 to
21.80%
         
2020
1,725,525
  
38.37
 to
44.11
  
69,706,070
  
0.70%
  
0.30%
 to
0.90%
  
38.98%
 to
38.15%
PIMCO Variable Insurance Trust –
                              
 Administrative Class Shares
                                
 
VIT International Bond Portfolio (U.S. Dollar-Hedged)
                    
         
2024
340,954
  
 $   19.53
 to
 $   24.75
  
$      7,679,656
  
3.68%
  
0.30%
 to
0.90%
  
5.14%
 to
4.51%
         
2023
322,896
  
18.57
 to
23.68
  
6,974,041
  
2.59%
  
0.30%
 to
0.90%
  
8.05%
 to
8.69%
         
2022
310,890
  
17.09
 to
21.91
  
6,235,006
  
1.35%
  
0.30%
 to
0.90%
  
(10.95%)
 to
(10.42%)
         
2021
308,691
  
19.08
 to
24.61
  
7,027,568
  
1.59%
  
0.30%
 to
0.90%
  
(2.25%)
 to
(2.83%)
         
2020
293,098
  
19.51
 to
25.33
  
6,847,463
  
5.75%
  
0.30%
 to
0.90%
  
5.24%
 to
4.61%
 
VIT Low Duration Portfolio
                                
         
2024
455,130
  
 $   13.65
 to
 $   16.78
  
$      7,169,474
  
4.06%
  
0.30%
 to
0.90%
  
4.18%
 to
3.56%
         
2023
430,931
  
13.10
 to
16.21
  
6,568,246
  
3.60%
  
0.30%
 to
0.90%
  
4.04%
 to
4.66%
         
2022
414,974
  
12.52
 to
15.58
  
6,097,188
  
1.57%
  
0.30%
 to
0.90%
  
(6.58%)
 to
(6.02%)
         
2021
413,172
  
13.32
 to
16.67
  
6,524,685
  
0.52%
  
0.30%
 to
0.90%
  
(1.22%)
 to
(1.81%)
         
2020
389,006
  
13.48
 to
16.98
  
6,228,817
  
1.19%
  
0.30%
 to
0.90%
  
2.68%
 to
2.07%
Principal Variable Contracts Funds, Inc.
                            
 ("PVC") – Class 1 Equity Funds
                                
 
Diversified International Account I
                              
         
2024
63,098
  
 $   10.78
 to
 $   13.47
  
$         840,655
  
3.10%
  
0.25%
 to
0.70%
  
7.82%
 to
4.39%
         
2023
61,887
  
12.91
 to
12.91
  
798,817
  
1.26%
  
0.30%
 to
0.30%
  
17.10%
 to
17.10%
         
2022
66,083
  
11.02
 to
11.02
  
728,444
  
2.64%
  
0.30%
 to
0.30%
  
(20.24%)
 to
(20.24%)
         
2021
65,826
  
13.82
 to
13.82
  
909,724
  
1.28%
  
0.30%
 to
0.30%
  
9.42%
 to
9.42%
         
2020
73,204
  
12.63
 to
12.63
  
924,565
  
2.67%
  
0.30%
 to
0.30%
  
15.82%
 to
  
 
LargeCap Growth Account I
                                
         
2024
28,211
  
 $   13.77
 to
 $   21.74
  
$         552,711
  
0.00%
  
0.25%
 to
0.70%
  
37.68%
 to
24.76%
         
2023
24,492
  
17.11
 to
17.43
  
426,174
  
0.00%
  
0.30%
 to
0.70%
  
39.37%
 to
39.92%
         
2022
24,589
  
12.28
 to
12.46
  
305,925
  
0.00%
  
0.30%
 to
0.70%
  
(34.61%)
 to
(34.35%)
         
2021
24,228
  
18.78
 to
18.97
  
459,343
  
0.00%
  
0.30%
 to
0.70%
  
21.53%
 to
21.05%
         
2020
24,220
  
15.52
 to
15.61
  
377,959
  
0.03%
  
0.30%
 to
0.70%
  
35.79%
 to
  
Principal Variable Contracts Funds, Inc.
                            
 ("PVC") – Class 1 Fixed Income Funds
                            
 
Core Plus Bond Account I
                                
         
2024
8,706
  
 $    9.89
 to
 $   10.17
  
$           88,435
  
3.28%
  
0.25%
 to
0.70%
  
0.60%
 to
(1.08%)
         
2023
12,227
  
10.11
 to
10.11
  
123,575
  
2.93%
  
0.30%
 to
0.30%
  
5.03%
 to
5.03%
         
2022
11,986
  
9.62
 to
9.62
  
115,332
  
3.11%
  
0.30%
 to
0.30%
  
(14.38%)
 to
(14.38%)
         
2021
12,250
  
11.24
 to
11.24
  
137,676
  
2.64%
  
0.30%
 to
0.30%
  
(0.75%)
 to
(0.75%)
         
2020
11,919
  
11.32
 to
11.32
  
134,969
  
3.56%
  
0.30%
 to
0.30%
  
9.22%
 to
9.22%
 
Government & High Quality Bond Account I
                        
         
2024
12,427
  
 $    9.49
 to
 $    9.88
  
$         120,883
  
3.13%
  
0.25%
 to
0.70%
  
0.31%
 to
0.31%
         
2023
15,026
  
9.46
 to
9.46
  
142,114
  
2.33%
  
0.30%
 to
0.30%
  
4.33%
 to
4.33%
         
2022
14,806
  
9.07
 to
9.07
  
134,228
  
1.41%
  
0.30%
 to
0.30%
  
(12.07%)
 to
(12.07%)
         
2021
14,454
  
10.31
 to
10.31
  
149,025
  
2.29%
  
0.30%
 to
0.30%
  
(1.62%)
 to
(1.62%)
         
2020
14,135
  
10.48
 to
10.48
  
148,128
  
2.99%
  
0.30%
 to
0.30%
  
2.56%
 to
2.56%
 
Short-Term Income Account I
                                
         
2024
1,165
  
 $   11.02
 to
 $   11.02
  
$           12,833
  
3.51%
  
0.30%
 to
0.30%
  
4.78%
 to
4.78%
         
2023
959
  
10.52
 to
10.52
  
10,083
  
1.85%
  
0.30%
 to
0.30%
  
5.29%
 to
5.29%
         
2022
742
  
9.99
 to
9.99
  
7,409
  
1.26%
  
0.30%
 to
0.30%
  
(3.74%)
 to
(3.74%)
         
2021
520
  
10.37
 to
10.37
  
5,397
  
1.68%
  
0.30%
 to
0.30%
  
(1.01%)
 to
(1.01%)
         
2020
305
  
10.48
 to
10.48
  
3,201
  
2.56%
  
0.30%
 to
0.30%
  
3.05%
 to
3.05%
Principal Variable Contracts Funds, Inc.
                            
 ("PVC") – Class 2 Shares – Equity Funds
                            
 
Capital Appreciation Account II
                                
         
2024
167,831
  
 $   13.37
 to
 $   66.60
  
$      7,006,947
  
0.59%
  
0.25%
 to
0.90%
  
33.73%
 to
24.41%
         
2023
136,687
  
34.02
 to
79.01
  
5,922,374
  
0.66%
  
0.30%
 to
0.90%
  
23.74%
 to
24.47%
         
2022
147,629
  
27.33
 to
63.73
  
5,103,373
  
0.62%
  
0.30%
 to
0.90%
  
(17.36%)
 to
(16.87%)
         
2021
162,433
  
32.88
 to
76.97
  
6,671,218
  
0.74%
  
0.30%
 to
0.90%
  
27.12%
 to
26.36%
         
2020
164,817
  
25.87
 to
60.79
  
5,341,989
  
1.09%
  
0.30%
 to
0.90%
  
18.08%
 to
17.38%
 
Equity Income Account II
                                
         
2024
302,636
  
 $   11.95
 to
 $   57.22
  
$     12,601,369
  
1.92%
  
0.25%
 to
0.90%
  
19.46%
 to
14.19%
         
2023
266,349
  
25.93
 to
50.11
  
11,160,681
  
1.92%
  
0.30%
 to
0.90%
  
9.94%
 to
10.59%
         
2022
276,153
  
23.45
 to
45.58
  
10,501,778
  
1.67%
  
0.30%
 to
0.90%
  
(11.51%)
 to
(10.98%)
         
2021
279,432
  
26.34
 to
51.51
  
12,042,733
  
1.86%
  
0.30%
 to
0.90%
  
21.78%
 to
21.06%
         
2020
301,453
  
21.63
 to
42.55
  
10,510,523
  
1.76%
  
0.30%
 to
0.90%
  
5.83%
 to
5.20%
 
MidCap Account II
                                  
         
2024
100,945
  
 $   13.03
 to
 $ 312.83
  
$     18,701,566
  
0.05%
  
0.25%
 to
0.90%
  
30.30%
 to
18.90%
         
2023
85,372
  
34.30
 to
263.09
  
16,820,402
  
0.00%
  
0.30%
 to
0.90%
  
24.62%
 to
25.37%
         
2022
89,095
  
27.36
 to
211.11
  
13,933,005
  
0.00%
  
0.30%
 to
0.90%
  
(23.85%)
 to
(23.39%)
         
2021
94,631
  
35.71
 to
277.22
  
18,845,959
  
0.00%
  
0.30%
 to
0.90%
  
24.82%
 to
24.08%
         
2020
104,936
  
28.61
 to
223.42
  
16,003,993
  
0.50%
  
0.30%
 to
0.90%
  
17.71%
 to
17.01%
 
SmallCap Account II
                                  
         
2024
158,229
  
 $   10.75
 to
 $   18.95
  
$      2,733,112
  
0.13%
  
0.25%
 to
0.90%
  
7.54%
 to
5.70%
         
2023
159,998
  
16.92
 to
17.82
  
2,718,068
  
0.05%
  
0.30%
 to
0.90%
  
14.37%
 to
15.05%
         
2022
164,270
  
14.79
 to
15.49
  
2,439,033
  
0.00%
  
0.30%
 to
0.90%
  
(21.59%)
 to
(21.12%)
         
2021
170,616
  
18.87
 to
19.64
  
3,228,559
  
0.15%
  
0.30%
 to
0.90%
  
19.50%
 to
18.79%
         
2020
182,227
  
15.88
 to
16.43
  
2,901,449
  
0.27%
  
0.30%
 to
0.90%
  
21.51%
 to
20.78%
47
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

6. Financial Highlights

Principal Variable Contracts Funds, Inc. ("PVC") –
                
 Class 2 Shares – Strategic Asset Management (“SAM”) Portfolios
                
 
SAM Balanced Portfolio
                                
         
2024
2,380,649
  
 $   11.41
 to
 $   38.64
  
$     68,173,412
  
1.86%
  
0.25%
 to
0.90%
  
14.11%
 to
11.37%
         
2023
2,271,015
  
19.23
 to
34.72
  
60,556,828
  
2.21%
  
0.30%
 to
0.90%
  
14.62%
 to
15.31%
         
2022
2,211,196
  
16.68
 to
30.27
  
51,420,436
  
2.09%
  
0.30%
 to
0.90%
  
(17.04%)
 to
(16.54%)
         
2021
2,134,145
  
19.98
 to
36.48
  
59,632,043
  
1.39%
  
0.30%
 to
0.90%
  
13.05%
 to
12.38%
         
2020
2,052,998
  
17.68
 to
32.47
  
50,977,191
  
2.05%
  
0.30%
 to
0.90%
  
10.62%
 to
9.96%
 
SAM Conservative Balanced Portfolio
                            
         
2024
487,251
  
 $   10.78
 to
 $   29.86
  
$     11,688,691
  
2.40%
  
0.25%
 to
0.90%
  
8.36%
 to
7.71%
         
2023
477,812
  
16.46
 to
27.72
  
10,691,408
  
2.69%
  
0.30%
 to
0.90%
  
10.81%
 to
11.47%
         
2022
458,902
  
14.76
 to
25.02
  
9,250,500
  
2.18%
  
0.30%
 to
0.90%
  
(15.45%)
 to
(14.94%)
         
2021
443,181
  
17.36
 to
29.59
  
10,503,144
  
1.70%
  
0.30%
 to
0.90%
  
9.15%
 to
8.50%
         
2020
413,212
  
15.90
 to
27.27
  
9,029,204
  
2.26%
  
0.30%
 to
0.90%
  
8.92%
 to
8.27%
 
SAM Conservative Growth Portfolio
                            
         
2024
3,810,308
  
 $   11.87
 to
 $   46.88
  
$   134,704,245
  
1.30%
  
0.25%
 to
0.90%
  
18.69%
 to
13.91%
         
2023
3,785,300
  
22.21
 to
41.63
  
121,119,602
  
1.59%
  
0.30%
 to
0.90%
  
17.99%
 to
18.69%
         
2022
3,814,048
  
18.71
 to
35.21
  
103,002,928
  
1.76%
  
0.30%
 to
0.90%
  
(18.71%)
 to
(18.22%)
         
2021
3,723,807
  
22.88
 to
43.23
  
123,673,118
  
1.04%
  
0.30%
 to
0.90%
  
17.09%
 to
16.40%
         
2020
3,632,866
  
19.54
 to
37.07
  
103,731,751
  
1.69%
  
0.30%
 to
0.90%
  
12.35%
 to
11.68%
 
SAM Flexible Income Portfolio
                                
         
2024
118,159
  
 $   10.49
 to
 $   24.90
  
$      2,488,886
  
2.88%
  
0.25%
 to
0.90%
  
6.11%
 to
4.91%
         
2023
124,384
  
14.72
 to
23.61
  
2,488,873
  
3.08%
  
0.30%
 to
0.90%
  
8.24%
 to
8.88%
         
2022
135,105
  
13.52
 to
21.82
  
2,436,817
  
2.64%
  
0.30%
 to
0.90%
  
(14.14%)
 to
(13.63%)
         
2021
142,722
  
15.65
 to
25.41
  
2,915,717
  
2.24%
  
0.30%
 to
0.90%
  
6.30%
 to
5.66%
         
2020
132,144
  
14.73
 to
24.05
  
2,570,782
  
2.69%
  
0.30%
 to
0.90%
  
6.71%
 to
6.07%
 
SAM Strategic Growth Portfolio
                                
         
2024
4,557,534
  
 $   12.18
 to
 $   53.20
  
$   178,012,736
  
0.91%
  
0.25%
 to
0.90%
  
21.75%
 to
15.63%
         
2023
4,476,456
  
24.38
 to
47.07
  
155,804,265
  
1.22%
  
0.30%
 to
0.90%
  
20.50%
 to
21.22%
         
2022
4,485,699
  
20.11
 to
38.99
  
129,535,185
  
1.81%
  
0.30%
 to
0.90%
  
(19.70%)
 to
(19.22%)
         
2021
4,376,369
  
24.89
 to
48.46
  
157,653,615
  
0.80%
  
0.30%
 to
0.90%
  
19.18%
 to
18.47%
         
2020
4,288,047
  
20.89
 to
40.82
  
130,710,627
  
1.61%
  
0.30%
 to
0.90%
  
14.79%
 to
14.10%
                                             
                                             
(1)
  
Name Changed from Global Growth and Income Fund to Capital World Growth and Income Fund on May 1, 2021.
    
                                             
(2)
  
For the period (cessation of operations): January 1, 2021 to October 28, 2021. The DWS Bond VIP subaccount liqudated on October 28, 2021.
                                             
(3)
For the period (cessation of operations): January 1, 2024 to June 7, 2024 Fidelity VIP Freedom 2005 Portfolio subaccount. Effective June 7, 2024, the Fidelity VIP Freedom 2005 Portfolio merged with the Fidelity VIP Freedom Income Portfolio. Fidelity VIP Freedom Income Portfolio subaccount was the surviving subaccount.
                                             
*
    
These amounts represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets.  These ratios exclude those expenses, such as mortality and expense charges and contract maintenance charges, that are assessed against policyholder accounts either through reductions in the unit values or the redemption of units.  The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests.
                                             
**
  
These amounts represent the annual contract expenses of the Account, consisting of mortality and expense charges, for each period indicated.  The ratios include only those expenses that result in a direct reduction to unit values.  Contract maintenance charges made directly to policyholder accounts through the redemption of units and expenses of the underlying fund have been excluded.
                                             
***
These amounts represent the total return for the period indicated, including changes in value of the underlying fund, and expenses assessed through the reduction of unit values.  These ratios do not include any expenses assessed through the redemption of units.  Investment options with a date notation indicate the effective date of that investment option in the variable account.  The total return is calculated for each period indicated or from the effective date through the end of the reporting period.  As the total return is presented as a range of minimum to maximum values, based on the product grouping representing the minimum and maximum expense ratio amounts, some individual policy total returns are not within the ranges presented.
48
Farmers Variable Life Separate Account A
of Farmers New World Life Insurance Company
(A wholly owned subsidiary of Farmers Group, Inc.)
Notes to Financial Statements
December 31, 2024

7. Segment Accounting
                                
                                             
The Company determines it conforms to the segment accounting and disclosure requirements established in FASB guidance referenced in the Accounting Standards Codification Topic 280 (“ASC 280”), Segment Reporting. The Account represents the separate account related to Variable Universal Life. Life Accumulator and EssentialLife Variable Universal Life which are no longer actively sold by the Company.  The Account oversight is conducted by Farmers Life Product Committee (FLPC) as the Company’s Chief Operating Decision Maker (CODM).  In this reporting period, we adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect our financial position or the results of its operations.
                                             
The change in net assets resulting from operations, which is used by the CODM to assess the segment’s performance is consistent with that presented within the subaccount’s financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statement of Operations.
                                             
The Account segment is based on the Company’s line of business, aggregating products with like economic characteristics.  This Account is aggregated.
                                             
                                             
8. Subsequent Events
                                  
                                             
The Company has evaluated the effects of events subsequent to December 31, 2024, and through the financial statements report date. There have been no events occurring subsequent to the close of the Company's books or Accounts that would have a material effect on the accompanying financial statements or note disclosures.
 


49
Exhibit 99.(N)(1) – Consent of Independent Registered Public Accounting Firm
We consent to the references to our firm under the caption “Experts” in the Statement of Additional Information, dated April 29, 2025, which is included in this Post-Effective Amendment No. 19 to the Registration Statement (Form N-6, File No. 333-149540) of Farmers Variable Life Separate Account A (the “Registration Statement”).
We also consent to the use of our reports (1) dated April 25, 2025, with respect to the statutory-basis financial statements and supplemental schedules of Farmers New World Life Insurance Company and (2) dated April 29, 2025, with respect to the financial statements of each of the subaccounts within Farmers Variable Life Separate Account A, for the year ended December 31, 2024, included in this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP
Atlanta, Georgia
April 29, 2025