Index

MONY VARIABLE ACCOUNT A

	Page(s)
Report of Independent Registered Public Accounting Firm	1
Statement of Assets and Liabilities as of December 31, 2022	6
Statement of Operations for the year ended December 31, 2022	14
Statements of Changes in Net Assets for each of the years or periods in the two-year period ended December 31, 2022	22
Notes to Financial Statements	38

MONY LIFE INSURANCE COMPANY

Independent Auditors’ Report	1
Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2022 and 2021	4
Statutory Statements of Operations for each of the years in the three-year period ended December 31, 2022	6
Statutory Statements of Changes in Capital and Surplus for each of the years in the three-year period ended December 31, 2022	7
Statutory Statements of Cash Flow for each of the years in the three-year period ended December 31, 2022	8
Notes to Consolidated Financial Statements	9
Supplemental Schedules:
Schedule I Summary of Investments — Other Than Investments in Related Parties as of December 31, 2022	S-1
Schedule IV Reinsurance as of and for the years ended December 31, 2022, 2021 and 2020	S-2

All other schedules to the statutory financial statements required by Article 7 of Regulation S-X are not required under the related instructions or are inapplicable and therefore have been omitted.

MONY Variable Account A of
MONY Life Insurance Company

Financial Statements as of and for the Year Ended December 31, 2022 and Report of Independent Registered Public Accounting Firm

Report of Independent Registered Public Accounting Firm

To the Contract Owners of MONY Variable Account A and the Board of Directors of
MONY Life Insurance Company:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in Appendix A that comprise MONY Variable Account A (the Separate Account) as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the four-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Separate Account as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the four-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the year ended December 31, 2018 were audited by other independent registered public accountants whose report, dated April 26, 2019, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with the underlying mutual funds or their transfer agents; when replies were not received, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more MONY Life Insurance Company separate accounts since 2019.

Birmingham, Alabama
April 20, 2023

1

Appendix A

The subaccounts that comprise MONY Variable Account A were audited according to varying periods as defined in the table below:

Subaccount	Statements of Assets and Liabilities	Statements of Operations	Statements of Changes in Net Assets
1290 VT Equity Income	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
1290 VT GAMCO Mergers and Acquisitions	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
1290 VT GAMCO Small Company Value	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
1290 VT Socially Responsible	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
BNY Mellon Stock Index Fund, Inc.	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Quality Bond PLUS	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/AB Small Cap Growth	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Aggressive Allocation	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/All Asset Growth Allocation	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Capital Group Research	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Conservative Allocation	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022

2

EQ/Conservative-Plus Allocation	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Core Bond Index	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Core Plus Bond	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Global Equity Managed Volatility	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Intermediate Government Bond	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Janus Enterprise	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Large Cap Growth Managed Volatility	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Large Cap Value Index	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Large Cap Value Managed Volatility	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Loomis Sayles Growth	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/MFS International Growth	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Mid Cap Index	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Mid Cap Value Managed Volatility	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022

3

EQ/Moderate Allocation	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Moderate-Plus Allocation	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Money Market	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Morgan Stanley Small Cap Growth	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/PIMCO Ultra Short Bond	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Small Company Index	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/T.Rowe Price Growth Stock	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
EQ/Value Equity	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Fidelity® VIP Contrafund® Portfolio	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Franklin Income VIP Fund	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Franklin Rising Dividends VIP Fund	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Invesco V.I. Diversified Dividend Fund	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Invesco V.I. Global Core Equity Fund	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022

4

Invesco V.I. Global Fund	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Invesco V.I. Health Care Fund	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Invesco V.I. Technology Fund	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Janus Henderson Balanced Portfolio	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Janus Henderson Enterprise Portfolio	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Janus Henderson Forty Portfolio	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Janus Henderson Global Research Portfolio	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
Janus Henderson Overseas Portfolio	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
MFS® Utilities Series	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
PIMCO Global Bond Opportunities Portfolio (Unhedged)	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
ProFund VP Bear	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
ProFund VP Rising Rates Opportunity	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022
ProFund VP Ultrabull	As of December 31, 2022	For the year then ended December 31, 2022	For each of the years in the two-year period then ended December 31, 2022

5

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2022

	SUBACCOUNTS
	1290 VT Equity Income		1290 VT GAMCO Mergers and Acquisitions		1290 VT GAMCO Small Company Value		1290 VT Socially Responsible		BNY Mellon Stock Index Fund, Inc.		EQ/Quality Bond PLUS		EQ/AB Small Cap Growth
ASSETS:
Investments at fair value (1)	$	654,036	$	107,544	$	12,269,524	$	390,643	$	2,009,140	$	322,236	$	207,642
Receivable from the contracts		-		-		-		-		-		-		-
Receivable from the fund manager		790		119		36,022		841		2,239		341		243
Total receivables		790		119		36,022		841		2,239		341		243
Total assets		654,826		107,663		12,305,546		391,484		2,011,379		322,577		207,885
LIABILITIES:
Payable to the contracts		790		119		36,022		841		2,239		341		243
Payable to the fund manager		-		-		-		-		-		-		-
Payable to the Company		-		-		-		-		-		-		-
Total liabilities		790		119		36,022		841		2,239		341		243
NET ASSETS	$	654,036	$	107,544	$	12,269,524	$	390,643	$	2,009,140	$	322,236	$	207,642
Fair value per share (NAV)	$	5.00	$	11.60	$	62.33	$	16.18	$	57.81	$	7.53	$	14.22
Shares outstanding in the Separate Account		130,750		9,274		196,842		24,148		34,754		42,769		14,600
(1) Investments in mutual fund shares, at cost	$	663,313	$	114,894	$	8,669,853	$	269,704	$	1,473,187	$	378,627	$	270,338

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to the financial statements.

6

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/Aggressive Allocation		EQ/All Asset Growth Allocation		EQ/Capital Group Research		EQ/Conservative Allocation		EQ/Conservative- Plus Allocation		EQ/Core Bond Index		EQ/Core Plus Bond
ASSETS:
Investments at fair value (1)	$	138,388	$	7,603,403	$	2,462,501	$	95,057	$	381,991	$	1,673,212	$	158,531
Receivable from the contracts		-		-		-		-		-		-		-
Receivable from the fund manager		145		10,898		2,716		99		396		1,841		165
Total receivables		145		10,898		2,716		99		396		1,841		165
Total assets		138,533		7,614,301		2,465,217		95,156		382,387		1,675,053		158,696
LIABILITIES:
Payable to the contracts		145		10,898		2,716		99		396		1,841		165
Payable to the fund manager		-		-		-		-		-		-		-
Payable to the Company		-		-		-		-		-		-		-
Total liabilities		145		10,898		2,716		99		396		1,841		165
NET ASSETS	$	138,388	$	7,603,403	$	2,462,501	$	95,057	$	381,991	$	1,673,212	$	158,531
Fair value per share (NAV)	$	8.70	$	16.10	$	25.42	$	7.82	$	7.73	$	8.99	$	3.43
Shares outstanding in the Separate Account		15,912		472,385		96,865		12,152		49,437		186,102		46,224
(1) Investments in mutual fund shares, at cost	$	173,612	$	9,377,089	$	2,364,186	$	115,017	$	464,202	$	1,840,176	$	176,679

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to the financial statements.

7

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/Global Equity Managed Volatility		EQ/Intermediate Government Bond		EQ/Janus Enterprise		EQ/Large Cap Growth Managed Volatility		EQ/Large Cap Value Index		EQ/Large Cap Value Managed Volatility		EQ/Loomis Sayles Growth
ASSETS:
Investments at fair value (1)	$	319,434	$	581,272	$	883,631	$	812,227	$	1,339,068	$	321,695	$	4,184,493
Receivable from the contracts		-		-		-		-		-		-		-
Receivable from the fund manager		362		618		1,116		1,106		2,159		340		4,700
Total receivables		362		618		1,116		1,106		2,159		340		4,700
Total assets		319,796		581,890		884,747		813,333		1,341,227		322,035		4,189,193
LIABILITIES:
Payable to the contracts		362		618		1,116		1,106		2,159		340		4,700
Payable to the fund manager		-		-		-		-		-		-		-
Payable to the Company		-		-		-		-		-		-		-
Total liabilities		362		618		1,116		1,106		2,159		340		4,700
NET ASSETS	$	319,434	$	581,272	$	883,631	$	812,227	$	1,339,068	$	321,695	$	4,184,493
Fair value per share (NAV)	$	13.96	$	9.40	$	18.74	$	23.02	$	9.43	$	16.74	$	7.48
Shares outstanding in the Separate Account		22,877		61,827		47,163		35,290		142,067		19,214		559,107
(1) Investments in mutual fund shares, at cost	$	308,937	$	616,273	$	866,387	$	1,005,587	$	1,065,298	$	275,491	$	4,213,609

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to the financial statements.

8

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/MFS International Growth		EQ/Mid Cap Index		EQ/Mid Cap Value Managed Volatility		EQ/Moderate Allocation		EQ/Moderate- Plus Allocation		EQ/Money Market		EQ/Morgan Stanley Small Cap Growth
ASSETS:
Investments at fair value (1)	$	1,536,219	$	669,587	$	1,624,715	$	674,168	$	558,471	$	1,423,386	$	833,962
Receivable from the contracts		-		-		-		-		-		-		-
Receivable from the fund manager		2,253		767		1,889		757		625		1,860		1,145
Total receivables		2,253		767		1,889		757		625		1,860		1,145
Total assets		1,538,472		670,354		1,626,604		674,925		559,096		1,425,246		835,107
LIABILITIES:
Payable to the contracts		2,253		767		1,889		757		625		1,860		1,145
Payable to the fund manager		-		-		-		-		-		-		-
Payable to the Company		-		-		-		-		-		84		-
Total liabilities		2,253		767		1,889		757		625		1,944		1,145
NET ASSETS	$	1,536,219	$	669,587	$	1,624,715	$	674,168	$	558,471	$	1,423,302	$	833,962
Fair value per share (NAV)	$	6.71	$	14.12	$	15.28	$	10.97	$	8.47	$	1.00	$	5.38
Shares outstanding in the Separate Account		228,793		47,405		106,345		61,458		65,932		1,423,486		155,155
(1) Investments in mutual fund shares, at cost	$	1,640,784	$	543,922	$	1,334,573	$	827,525	$	699,832	$	1,423,386	$	1,798,939

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to the financial statements.

9

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/PIMCO Ultra Short Bond		EQ/Small Company Index		EQ/T.Rowe Price Growth Stock		EQ/Value Equity		Fidelity® VIP Contrafund® Portfolio		Franklin Income VIP Fund		Franklin Rising Dividends VIP Fund
ASSETS:
Investments at fair value (1)	$	186,451	$	360,100	$	4,816,488	$	611,742	$	2,019,523	$	1,000,620	$	801,691
Receivable from the contracts		-		-		6,072		-		-		-		-
Receivable from the fund manager		201		396		-		1,257		2,612		1,093		947
Total receivables		201		396		6,072		1,257		2,612		1,093		947
Total assets		186,652		360,496		4,822,560		612,999		2,022,135		1,001,713		802,638
LIABILITIES:
Payable to the contracts		201		396		-		1,257		2,612		1,093		947
Payable to the fund manager		-		-		6,072		-		-		-		-
Payable to the Company		-		-		-		-		-		-		-
Total liabilities		201		396		6,072		1,257		2,612		1,093		947
NET ASSETS	$	186,451	$	360,100	$	4,816,488	$	611,742	$	2,019,523	$	1,000,620	$	801,691
Fair value per share (NAV)	$	9.61	$	9.89	$	44.47	$	18.65	$	37.63	$	14.73	$	27.03
Shares outstanding in the Separate Account		19,407		36,425		108,297		32,798		53,668		67,931		29,659
(1) Investments in mutual fund shares, at cost	$	193,641	$	403,577	$	3,577,206	$	635,590	$	1,657,338	$	982,290	$	685,648

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to the financial statements.

10

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2022

	SUBACCOUNTS
	Invesco V.I. Diversified Dividend Fund		Invesco V.I. Global Core Equity Fund		Invesco V.I. Global Fund		Invesco V.I. Health Care Fund		Invesco V.I. Technology Fund		Janus Henderson Balanced Portfolio		Janus Henderson Enterprise Portfolio
ASSETS:
Investments at fair value (1)	$	251,236	$	81,420	$	936,922	$	525,210	$	327,949	$	631,925	$	1,643,495
Receivable from the contracts		-		-		-		-		-		-		-
Receivable from the fund manager		289		87		1,278		638		378		702		1,854
Total receivables		289		87		1,278		638		378		702		1,854
Total assets		251,525		81,507		938,200		525,848		328,327		632,627		1,645,349
LIABILITIES:
Payable to the contracts		289		87		1,278		638		378		702		1,854
Payable to the fund manager		-		-		-		-		-		-		-
Payable to the Company		-		-		-		-		-		-		-
Total liabilities		289		87		1,278		638		378		702		1,854
NET ASSETS	$	251,236	$	81,420	$	936,922	$	525,210	$	327,949	$	631,925	$	1,643,495
Fair value per share (NAV)	$	24.99	$	8.00	$	30.30	$	25.15	$	12.59	$	40.05	$	69.58
Shares outstanding in the Separate Account		10,053		10,178		30,922		20,883		26,048		15,778		23,620
(1) Investments in mutual fund shares, at cost	$	207,536	$	86,768	$	1,042,315	$	483,908	$	474,315	$	483,577	$	1,330,995

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to the financial statements.

11

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2022

	SUBACCOUNTS
	Janus Henderson Forty Portfolio		Janus Henderson Global Research Portfolio		Janus Henderson Overseas Portfolio		MFS® Utilities Series		PIMCO Global Bond Opportunities Portfolio (Unhedged)		ProFund VP Bear		ProFund VP Rising Rates Opportunity
ASSETS:
Investments at fair value (1)	$	1,495,053	$	641,703	$	420,172	$	284,647	$	114,507	$	12,737	$	5,880
Receivable from the contracts		-		-		-		-		-		-		-
Receivable from the fund manager		1,557		722		464		367		127		13		6
Total receivables		1,557		722		464		367		127		13		6
Total assets		1,496,610		642,425		420,636		285,014		114,634		12,750		5,886
LIABILITIES:
Payable to the contracts		1,557		722		464		367		127		13		6
Payable to the fund manager		-		-		-		-		-		-		-
Payable to the Company		-		-		-		-		-		-		-
Total liabilities		1,557		722		464		367		127		13		6
NET ASSETS	$	1,495,053	$	641,703	$	420,172	$	284,647	$	114,507	$	12,737	$	5,880
Fair value per share (NAV)	$	32.77	$	50.02	$	36.76	$	36.32	$	9.45	$	17.04	$	43.99
Shares outstanding in the Separate Account		45,625		12,829		11,430		7,837		12,117		747		134
(1) Investments in mutual fund shares, at cost	$	1,676,854	$	485,409	$	440,495	$	226,128	$	156,531	$	48,087	$	9,652

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Continued)

See accompanying notes to the financial statements.

12

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2022

	SUBACCOUNTS
	ProFund VP Ultrabull
ASSETS:
Investments at fair value (1)	$	546,975
Receivable from the contracts		-
Receivable from the fund manager		620
Total receivables		620
Total assets		547,595
LIABILITIES:
Payable to the contracts		620
Payable to the fund manager		-
Payable to the Company		-
Total liabilities		620
NET ASSETS	$	546,975
Fair value per share (NAV)	$	20.67
Shares outstanding in the Separate Account		26,462
(1) Investments in mutual fund shares, at cost	$	887,707

Note: Totals and NAV may not appear to foot/crossfoot/calculate due to rounding.

(Concluded)

See accompanying notes to the financial statements.

13

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	1290 VT Equity Income			1290 VT GAMCO Mergers and Acquisitions			1290 VT GAMCO Small Company Value			1290 VT Socially Responsible			BNY Mellon Stock Index Fund, Inc.			EQ/Quality Bond PLUS			EQ/AB Small Cap Growth
INVESTMENT INCOME:
Dividend income	$	11,629		$	365		$	67,025		$	2,669		$	30,725		$	2,237		$	298
EXPENSES:
Mortality and expense risk		9,292			1,475			171,520			5,927			31,274			4,547			3,284
NET INVESTMENT INCOME (LOSS)		2,337			(1,110	)		(104,495	)		(3,258	)		(549	)		(2,310	)		(2,986	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		935			(140	)		577,229			13,645			106,916			(4,216	)		(2,657	)
Capital gain distributions		35,032			3,399			610,291			2,397			202,861			2,512			8,558
Net realized gain (loss) on investments		35,967			3,259			1,187,520			16,042			309,777			(1,704	)		5,901
Change in net unrealized appreciation (depreciation) on investments		(28,197	)		(10,690	)		(2,923,520	)		(136,303	)		(846,901	)		(39,896	)		(93,512	)
Net realized and unrealized gain (loss) on investments		7,770			(7,431	)		(1,736,000	)		(120,261	)		(537,124	)		(41,600	)		(87,611	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,107		$	(8,541	)	$	(1,840,495	)	$	(123,519	)	$	(537,673	)	$	(43,910	)	$	(90,597	)

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

14

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/Aggressive Allocation			EQ/All Asset Growth Allocation			EQ/Capital Group Research			EQ/Conservative Allocation			EQ/Conservative- Plus Allocation			EQ/Core Bond Index			EQ/Core Plus Bond
INVESTMENT INCOME:
Dividend income	$	1,297		$	104,030		$	4,416		$	1,447		$	5,176		$	28,231		$	4,203
EXPENSES:
Mortality and expense risk		2,030			110,333			36,320			1,263			4,678			23,185			2,603
NET INVESTMENT INCOME (LOSS)		(733	)		(6,303	)		(31,904	)		184			498			5,046			1,600
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		1,617			(214,649	)		46,299			(214	)		(877	)		(4,353	)		(6,216	)
Capital gain distributions		19,200			605,102			314,651			3,632			27,403			4,571			183
Net realized gain (loss) on investments		20,817			390,453			360,950			3,418			26,526			218			(6,033	)
Change in net unrealized appreciation (depreciation) on investments		(58,560	)		(1,988,622	)		(988,904	)		(18,675	)		(87,724	)		(193,456	)		(30,928	)
Net realized and unrealized gain (loss) on investments		(37,743	)		(1,598,169	)		(627,954	)		(15,257	)		(61,198	)		(193,238	)		(36,961	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(38,476	)	$	(1,604,472	)	$	(659,858	)	$	(15,073	)	$	(60,700	)	$	(188,192	)	$	(35,361	)

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

15

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/Global Equity Managed Volatility			EQ/Intermediate Government Bond			EQ/Janus Enterprise			EQ/Large Cap Growth Managed Volatility			EQ/Large Cap Value Index			EQ/Large Cap Value Managed Volatility			EQ/Loomis Sayles Growth
INVESTMENT INCOME:
Dividend income	$	1,180		$	5,673		$	-		$	635		$	20,055		$	4,305		$	-
EXPENSES:
Mortality and expense risk		4,651			8,393			12,857			13,645			19,621			4,245			65,951
NET INVESTMENT INCOME (LOSS)		(3,471	)		(2,720	)		(12,857	)		(13,010	)		434			60			(65,951	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		855			(4,503	)		8,411			(800	)		19,005			1,257			78,794
Capital gain distributions		8,881			597			60,752			117,574			28,484			12,457			526,005
Net realized gain (loss) on investments		9,736			(3,906	)		69,163			116,774			47,489			13,714			604,799
Change in net unrealized appreciation (depreciation) on investments		(96,686	)		(56,628	)		(255,418	)		(525,698	)		(194,887	)		(60,829	)		(2,390,576	)
Net realized and unrealized gain (loss) on investments		(86,950	)		(60,534	)		(186,255	)		(408,924	)		(147,398	)		(47,115	)		(1,785,777	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(90,421	)	$	(63,254	)	$	(199,112	)	$	(421,934	)	$	(146,964	)	$	(47,055	)	$	(1,851,728	)

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

16

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/MFS International Growth			EQ/Mid Cap Index			EQ/Mid Cap Value Managed Volatility			EQ/Moderate Allocation			EQ/Moderate- Plus Allocation			EQ/Money Market			EQ/Morgan Stanley Small Cap Growth
INVESTMENT INCOME:
Dividend income	$	13,629		$	6,857		$	16,074		$	9,024		$	6,306		$	13,520		$	113
EXPENSES:
Mortality and expense risk		20,784			9,883			24,650			9,894			8,077			16,254			14,983
NET INVESTMENT INCOME (LOSS)		(7,155	)		(3,026	)		(8,576	)		(870	)		(1,771	)		(2,734	)		(14,870	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		(3,647	)		20,527			20,559			(4,904	)		(2,504	)		-			(88,402	)
Capital gain distributions		61,771			44,793			42,575			55,996			62,011			6			7,649
Net realized gain (loss) on investments		58,124			65,320			63,134			51,092			59,507			6			(80,753	)
Change in net unrealized appreciation (depreciation) on investments		(366,852	)		(187,121	)		(368,056	)		(189,242	)		(184,980	)		-			(628,357	)
Net realized and unrealized gain (loss) on investments		(308,728	)		(121,801	)		(304,922	)		(138,150	)		(125,473	)		6			(709,110	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(315,883	)	$	(124,827	)	$	(313,498	)	$	(139,020	)	$	(127,244	)	$	(2,728	)	$	(723,980	)

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

17

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/PIMCO Ultra Short Bond			EQ/Small Company Index			EQ/T.Rowe Price Growth Stock			EQ/Value Equity			Fidelity® VIP Contrafund® Portfolio			Franklin Income VIP Fund			Franklin Rising Dividends VIP Fund
INVESTMENT INCOME:
Dividend income	$	2,576		$	3,513		$	-		$	6,810		$	9,044		$	51,955		$	6,831
EXPENSES:
Mortality and expense risk		2,636			5,137			80,322			8,681			32,472			14,143			11,702
NET INVESTMENT INCOME (LOSS)		(60	)		(1,624	)		(80,322	)		(1,871	)		(23,428	)		37,812			(4,871	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		(1,079	)		(249	)		294,106			(288	)		127,767			6,241			7,960
Capital gain distributions		171			13,098			161,341			13,582			110,579			21,089			108,986
Net realized gain (loss) on investments		(908	)		12,849			455,447			13,294			238,346			27,330			116,946
Change in net unrealized appreciation (depreciation) on investments		(3,215	)		(108,344	)		(3,820,915	)		(132,104	)		(1,073,985	)		(141,793	)		(226,736	)
Net realized and unrealized gain (loss) on investments		(4,123	)		(95,495	)		(3,365,468	)		(118,810	)		(835,639	)		(114,463	)		(109,790	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,183	)	$	(97,119	)	$	(3,445,790	)	$	(120,681	)	$	(859,067	)	$	(76,651	)	$	(114,661	)

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

18

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Invesco V.I. Diversified Dividend Fund			Invesco V.I. Global Core Equity Fund			Invesco V.I. Global Fund			Invesco V.I. Health Care Fund			Invesco V.I. Technology Fund			Janus Henderson Balanced Portfolio			Janus Henderson Enterprise Portfolio
INVESTMENT INCOME:
Dividend income	$	4,779		$	305		$	-		$	-		$	-		$	9,793		$	6,597
EXPENSES:
Mortality and expense risk		3,554			1,129			15,081			7,461			5,906			9,419			23,695
NET INVESTMENT INCOME (LOSS)		1,225			(824	)		(15,081	)		(7,461	)		(5,906	)		374			(17,098	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		10,582			86			7,484			6,757			11,307			19,683			27,578
Capital gain distributions		31,355			5,860			188,646			72,750			153,550			21,645			283,645
Net realized gain (loss) on investments		41,937			5,946			196,130			79,507			164,857			41,328			311,223
Change in net unrealized appreciation (depreciation) on investments		(51,885	)		(29,188	)		(666,994	)		(165,915	)		(396,122	)		(184,415	)		(649,328	)
Net realized and unrealized gain (loss) on investments		(9,948	)		(23,242	)		(470,864	)		(86,408	)		(231,265	)		(143,087	)		(338,105	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,723	)	$	(24,066	)	$	(485,945	)	$	(93,869	)	$	(237,171	)	$	(142,713	)	$	(355,203	)

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

19

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Janus Henderson Forty Portfolio			Janus Henderson Global Research Portfolio			Janus Henderson Overseas Portfolio			MFS® Utilities Series			PIMCO Global Bond Opportunities Portfolio (Unhedged)			ProFund VP Bear			ProFund VP Rising Rates Opportunity
INVESTMENT INCOME:
Dividend income	$	2,559		$	11,683		$	7,191		$	7,101		$	1,967		$	-		$	-
EXPENSES:
Mortality and expense risk		24,128			9,757			5,833			4,664			1,791			160			69
NET INVESTMENT INCOME (LOSS)		(21,569	)		1,926			1,358			2,437			176			(160	)		(69	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		24,489			23,763			(1,887	)		5,238			(11,651	)		(1,113	)		(1,107	)
Capital gain distributions		281,498			76,857			-			11,255			1,990			-			-
Net realized gain (loss) on investments		305,987			100,620			(1,887	)		16,493			(9,661	)		(1,113	)		(1,107	)
Change in net unrealized appreciation (depreciation) on investments		(1,129,103	)		(282,642	)		(51,157	)		(21,632	)		(9,731	)		3,031			3,497
Net realized and unrealized gain (loss) on investments		(823,116	)		(182,022	)		(53,044	)		(5,139	)		(19,392	)		1,918			2,390
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(844,685	)	$	(180,096	)	$	(51,686	)	$	(2,702	)	$	(19,216	)	$	1,758		$	2,321

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

20

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	ProFund VP Ultrabull
INVESTMENT INCOME:
Dividend income	$	-
EXPENSES:
Mortality and expense risk		9,226
NET INVESTMENT INCOME (LOSS)		(9,226	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on redemption of investments		(4,334	)
Capital gain distributions		169,760
Net realized gain (loss) on investments		165,426
Change in net unrealized appreciation (depreciation) on investments		(522,210	)
Net realized and unrealized gain (loss) on investments		(356,784	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(366,010	)

Note: Totals may not appear to foot/crossfoot due to rounding.

(Concluded)

See accompanying notes to the financial statements.

21

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	1290 VT Equity Income			1290 VT GAMCO Mergers and Acquisitions			1290 VT GAMCO Small Company Value			1290 VT Socially Responsible			BNY Mellon Stock Index Fund, Inc.			EQ/Quality Bond PLUS			EQ/AB Small Cap Growth
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	2,337		$	(1,110	)	$	(104,495	)	$	(3,258	)	$	(549	)	$	(2,310	)	$	(2,986	)
Net realized gain (loss) on investments		35,967			3,259			1,187,520			16,042			309,777			(1,704	)		5,901
Change in net unrealized appreciation (depreciation) on investments		(28,197	)		(10,690	)		(2,923,520	)		(136,303	)		(846,901	)		(39,896	)		(93,512	)
Net increase (decrease) in net assets resulting from operations		10,107			(8,541	)		(1,840,495	)		(123,519	)		(537,673	)		(43,910	)		(90,597	)
CONTRACT TRANSACTIONS:
Contract owners’ net payments		150			700			12,470			3,482			7,010			840			1,054
Contract maintenance charges		(63	)		(6	)		(3,636	)		-			-			(133	)		(34	)
Contract owners’ benefits		(30,844	)		(1,796	)		(1,214,733	)		(12,960	)		(289,898	)		(10,468	)		(19,916	)
Net transfers (to) from the Company and/or Subaccounts		(1,005	)		(6	)		(204,629	)		(18,132	)		(5,218	)		(11,178	)		1,136
Increase (decrease) in net assets resulting from Contract transactions		(31,762	)		(1,108	)		(1,410,528	)		(27,610	)		(288,106	)		(20,939	)		(17,760	)
Total increase (decrease) in net assets		(21,655	)		(9,649	)		(3,251,023	)		(151,129	)		(825,779	)		(64,849	)		(108,357	)
NET ASSETS:
Beginning of period		675,691			117,193			15,520,547			541,772			2,834,919			387,085			315,999
End of period	$	654,036		$	107,544		$	12,269,524		$	390,643		$	2,009,140		$	322,236		$	207,642

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

22

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/Aggressive Allocation			EQ/All Asset Growth Allocation			EQ/Capital Group Research			EQ/Conservative Allocation			EQ/Conservative- Plus Allocation			EQ/Core Bond Index			EQ/Core Plus Bond
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(733	)	$	(6,303	)	$	(31,904	)	$	184		$	498		$	5,046		$	1,600
Net realized gain (loss) on investments		20,817			390,453			360,950			3,418			26,526			218			(6,033	)
Change in net unrealized appreciation (depreciation) on investments		(58,560	)		(1,988,622	)		(988,904	)		(18,675	)		(87,724	)		(193,456	)		(30,928	)
Net increase (decrease) in net assets resulting from operations		(38,476	)		(1,604,472	)		(659,858	)		(15,073	)		(60,700	)		(188,192	)		(35,361	)
CONTRACT TRANSACTIONS:
Contract owners’ net payments		-			11,520			3,340			850			75,000			2,616			132
Contract maintenance charges		(95	)		(5,522	)		(176	)		(10	)		(45	)		(362	)		(58	)
Contract owners’ benefits		(47,916	)		(1,099,885	)		(196,424	)		(266	)		(1,994	)		(40,805	)		(18,269	)
Net transfers (to) from the Company and/or Subaccounts		10			(240,524	)		(6,773	)		3			(721	)		(3,618	)		(33,651	)
Increase (decrease) in net assets resulting from Contract transactions		(48,001	)		(1,334,411	)		(200,033	)		577			72,240			(42,169	)		(51,846	)
Total increase (decrease) in net assets		(86,477	)		(2,938,883	)		(859,891	)		(14,496	)		11,540			(230,361	)		(87,207	)
NET ASSETS:
Beginning of period		224,865			10,542,286			3,322,392			109,553			370,451			1,903,573			245,738
End of period	$	138,388		$	7,603,403		$	2,462,501		$	95,057		$	381,991		$	1,673,212		$	158,531

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

23

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/Global Equity Managed Volatility			EQ/Intermediate Government Bond			EQ/Janus Enterprise			EQ/Large Cap Growth Managed Volatility			EQ/Large Cap Value Index			EQ/Large Cap Value Managed Volatility			EQ/Loomis Sayles Growth
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(3,471	)	$	(2,720	)	$	(12,857	)	$	(13,010	)	$	434		$	60		$	(65,951	)
Net realized gain (loss) on investments		9,736			(3,906	)		69,163			116,774			47,489			13,714			604,799
Change in net unrealized appreciation (depreciation) on investments		(96,686	)		(56,628	)		(255,418	)		(525,698	)		(194,887	)		(60,829	)		(2,390,576	)
Net increase (decrease) in net assets resulting from operations		(90,421	)		(63,254	)		(199,112	)		(421,934	)		(146,964	)		(47,055	)		(1,851,728	)
CONTRACT TRANSACTIONS:
Contract owners’ net payments		814			872			31			1,370			2,920			60			14,884
Contract maintenance charges		(44	)		(245	)		(74	)		-			(118	)		(77	)		(349	)
Contract owners’ benefits		(923	)		(39,914	)		(48,707	)		(177,807	)		(52,188	)		(1,427	)		(458,599	)
Net transfers (to) from the Company and/or Subaccounts		(1,966	)		(36,266	)		(8,181	)		1,632			(11,316	)		(1,274	)		2,963
Increase (decrease) in net assets resulting from Contract transactions		(2,119	)		(75,553	)		(56,931	)		(174,805	)		(60,702	)		(2,718	)		(441,101	)
Total increase (decrease) in net assets		(92,540	)		(138,807	)		(256,043	)		(596,739	)		(207,666	)		(49,773	)		(2,292,829	)
NET ASSETS:
Beginning of period		411,974			720,079			1,139,674			1,408,966			1,546,734			371,468			6,477,322
End of period	$	319,434		$	581,272		$	883,631		$	812,227		$	1,339,068		$	321,695		$	4,184,493

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

24

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/MFS International Growth			EQ/Mid Cap Index			EQ/Mid Cap Value Managed Volatility			EQ/Moderate Allocation			EQ/Moderate- Plus Allocation			EQ/Money Market			EQ/Morgan Stanley Small Cap Growth
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(7,155	)	$	(3,026	)	$	(8,576	)	$	(870	)	$	(1,771	)	$	(2,734	)	$	(14,870	)
Net realized gain (loss) on investments		58,124			65,320			63,134			51,092			59,507			6			(80,753	)
Change in net unrealized appreciation (depreciation) on investments		(366,852	)		(187,121	)		(368,056	)		(189,242	)		(184,980	)		-			(628,357	)
Net increase (decrease) in net assets resulting from operations		(315,883	)		(124,827	)		(313,498	)		(139,020	)		(127,244	)		(2,728	)		(723,980	)
CONTRACT TRANSACTIONS:
Contract owners’ net payments		2,040			3,735			6,032			-			-			85,660			450
Contract maintenance charges		(488	)		(138	)		(185	)		(93	)		(89	)		(493	)		(65	)
Contract owners’ benefits		(68,515	)		(63,964	)		(54,039	)		(22,295	)		(24,436	)		(473,788	)		(113,469	)
Net transfers (to) from the Company and/or Subaccounts		(16,545	)		(3,981	)		(10,421	)		40			39			703,406			16,117
Increase (decrease) in net assets resulting from Contract transactions		(83,508	)		(64,348	)		(58,613	)		(22,348	)		(24,486	)		314,785			(96,967	)
Total increase (decrease) in net assets		(399,391	)		(189,175	)		(372,111	)		(161,368	)		(151,730	)		312,057			(820,947	)
NET ASSETS:
Beginning of period		1,935,610			858,762			1,996,826			835,536			710,201			1,111,245			1,654,909
End of period	$	1,536,219		$	669,587		$	1,624,715		$	674,168		$	558,471		$	1,423,302		$	833,962

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

25

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	EQ/PIMCO Ultra Short Bond			EQ/Small Company Index			EQ/T.Rowe Price Growth Stock			EQ/Value Equity			Fidelity® VIP Contrafund® Portfolio			Franklin Income VIP Fund			Franklin Rising Dividends VIP Fund
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(60	)	$	(1,624	)	$	(80,322	)	$	(1,871	)	$	(23,428	)	$	37,812		$	(4,871	)
Net realized gain (loss) on investments		(908	)		12,849			455,447			13,294			238,346			27,330			116,946
Change in net unrealized appreciation (depreciation) on investments		(3,215	)		(108,344	)		(3,820,915	)		(132,104	)		(1,073,985	)		(141,793	)		(226,736	)
Net increase (decrease) in net assets resulting from operations		(4,183	)		(97,119	)		(3,445,790	)		(120,681	)		(859,067	)		(76,651	)		(114,661	)
CONTRACT TRANSACTIONS:
Contract owners’ net payments		-			37			13,374			600			14,565			3,552			4,395
Contract maintenance charges		(32	)		(66	)		(2,581	)		(61	)		-			(150	)		(86	)
Contract owners’ benefits		(13,699	)		(4,501	)		(522,740	)		(13,921	)		(388,390	)		(56,974	)		(53,227	)
Net transfers (to) from the Company and/or Subaccounts		(14,296	)		(5,026	)		(153,856	)		(955	)		(9,904	)		(29,428	)		(126	)
Increase (decrease) in net assets resulting from Contract transactions		(28,027	)		(9,556	)		(665,803	)		(14,337	)		(383,729	)		(83,000	)		(49,044	)
Total increase (decrease) in net assets		(32,210	)		(106,675	)		(4,111,593	)		(135,018	)		(1,242,796	)		(159,651	)		(163,705	)
NET ASSETS:
Beginning of period		218,661			466,775			8,928,081			746,760			3,262,319			1,160,271			965,396
End of period	$	186,451		$	360,100		$	4,816,488		$	611,742		$	2,019,523		$	1,000,620		$	801,691

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

26

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Invesco V.I. Diversified Dividend Fund			Invesco V.I. Global Core Equity Fund			Invesco V.I. Global Fund			Invesco V.I. Health Care Fund			Invesco V.I. Technology Fund			Janus Henderson Balanced Portfolio			Janus Henderson Enterprise Portfolio
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	1,225		$	(824	)	$	(15,081	)	$	(7,461	)	$	(5,906	)	$	374		$	(17,098	)
Net realized gain (loss) on investments		41,937			5,946			196,130			79,507			164,857			41,328			311,223
Change in net unrealized appreciation (depreciation) on investments		(51,885	)		(29,188	)		(666,994	)		(165,915	)		(396,122	)		(184,415	)		(649,328	)
Net increase (decrease) in net assets resulting from operations		(8,723	)		(24,066	)		(485,945	)		(93,869	)		(237,171	)		(142,713	)		(355,203	)
CONTRACT TRANSACTIONS:
Contract owners’ net payments		200			1,054			3,291			1,800			100			13			10,130
Contract maintenance charges		(15	)		(18	)		(84	)		(38	)		(35	)		-			-
Contract owners’ benefits		(23,445	)		(656	)		(71,438	)		(17,511	)		(46,650	)		(27,577	)		(79,801	)
Net transfers (to) from the Company and/or Subaccounts		(5,989	)		14			4,640			(10,005	)		74			15,078			(8,919	)
Increase (decrease) in net assets resulting from Contract transactions		(29,249	)		394			(63,591	)		(25,754	)		(46,511	)		(12,486	)		(78,590	)
Total increase (decrease) in net assets		(37,972	)		(23,672	)		(549,536	)		(119,623	)		(283,682	)		(155,199	)		(433,793	)
NET ASSETS:
Beginning of period		289,208			105,092			1,486,458			644,833			611,631			787,124			2,077,288
End of period	$	251,236		$	81,420		$	936,922		$	525,210		$	327,949		$	631,925		$	1,643,495

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

27

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	Janus Henderson Forty Portfolio			Janus Henderson Global Research Portfolio			Janus Henderson Overseas Portfolio			MFS® Utilities Series			PIMCO Global Bond Opportunities Portfolio (Unhedged)			ProFund VP Bear			ProFund VP Rising Rates Opportunity
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(21,569	)	$	1,926		$	1,358		$	2,437		$	176		$	(160	)	$	(69	)
Net realized gain (loss) on investments		305,987			100,620			(1,887	)		16,493			(9,661	)		(1,113	)		(1,107	)
Change in net unrealized appreciation (depreciation) on investments		(1,129,103	)		(282,642	)		(51,157	)		(21,632	)		(9,731	)		3,031			3,497
Net increase (decrease) in net assets resulting from operations		(844,685	)		(180,096	)		(51,686	)		(2,702	)		(19,216	)		1,758			2,321
CONTRACT TRANSACTIONS:
Contract owners’ net payments		5,334			6,454			1,459			-			60			-			-
Contract maintenance charges		(67	)		-			(104	)		(40	)		(22	)		-			-
Contract owners’ benefits		(178,953	)		(55,543	)		(33,388	)		(12,582	)		(34,808	)		(400	)		(15	)
Net transfers (to) from the Company and/or Subaccounts		(14,259	)		(14,280	)		(2,256	)		(5,985	)		(65	)		(2	)		(775	)
Increase (decrease) in net assets resulting from Contract transactions		(187,945	)		(63,369	)		(34,289	)		(18,607	)		(34,835	)		(402	)		(790	)
Total increase (decrease) in net assets		(1,032,630	)		(243,465	)		(85,975	)		(21,309	)		(54,051	)		1,356			1,531
NET ASSETS:
Beginning of period		2,527,683			885,168			506,147			305,956			168,558			11,381			4,349
End of period	$	1,495,053		$	641,703		$	420,172		$	284,647		$	114,507		$	12,737		$	5,880

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

28

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2022

	SUBACCOUNTS
	ProFund VP Ultrabull
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(9,226	)
Net realized gain (loss) on investments		165,426
Change in net unrealized appreciation (depreciation) on investments		(522,210	)
Net increase (decrease) in net assets resulting from operations		(366,010	)
CONTRACT TRANSACTIONS:
Contract owners’ net payments		-
Contract maintenance charges		(37	)
Contract owners’ benefits		(6,960	)
Net transfers (to) from the Company and/or Subaccounts		287
Increase (decrease) in net assets resulting from Contract transactions		(6,710	)
Total increase (decrease) in net assets		(372,720	)
NET ASSETS:
Beginning of period		919,695
End of period	$	546,975

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

29

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2021

	SUBACCOUNTS
	1290 VT Equity Income			1290 VT GAMCO Mergers and Acquisitions			1290 VT GAMCO Small Company Value			1290 VT Socially Responsible			BNY Mellon Stock Index Fund, Inc.			EQ/Quality Bond PLUS
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	215		$	(806	)	$	(103,315	)	$	(4,374	)	$	(5,883	)	$	(2,368	)
Net realized gain (loss) on investments		(2,475	)		3,322			1,873,322			27,217			373,274			1,408
Change in net unrealized appreciation (depreciation) on investments		142,964			8,516			1,376,410			101,585			271,838			(13,848	)
Net increase (decrease) in net assets resulting from operations		140,704			11,032			3,146,417			124,428			639,229			(14,808	)
CONTRACT TRANSACTIONS:
Contract owners’ net payments		665			3,537			44,566			3,188			28,612			840
Contract maintenance charges		(55	)		(5	)		(3,675	)		-			-			(137	)
Contract owners’ benefits		(55,988	)		(4,939	)		(1,378,164	)		(40,757	)		(419,296	)		(87,313	)
Net transfers (to) from the Company and/or Subaccounts		(278	)		(11,256	)		(136,588	)		79,826			17,577			494
Increase (decrease) in net assets resulting from Contract transactions		(55,656	)		(12,663	)		(1,473,861	)		42,257			(373,107	)		(86,116	)
Total increase (decrease) in net assets		85,048			(1,631	)		1,672,556			166,685			266,122			(100,924	)
NET ASSETS:
Beginning of period		590,643			118,824			13,847,991			375,087			2,568,797			488,009
End of period	$	675,691		$	117,193		$	15,520,547		$	541,772		$	2,834,919		$	387,085

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

30

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2021

	SUBACCOUNTS
	EQ/AB Small Cap Growth			EQ/Aggressive Allocation			EQ/All Asset Growth Allocation			EQ/Capital Group Research			EQ/Conservative Allocation			EQ/Conservative- Plus Allocation			EQ/Core Bond Index
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(4,418	)	$	6,161		$	270,568		$	(43,039	)	$	159		$	3,116		$	(215	)
Net realized gain (loss) on investments		57,667			24,284			1,589,725			313,223			4,118			20,822			30,357
Change in net unrealized appreciation (depreciation) on investments		(20,582	)		1,103			(870,891	)		351,819			(2,704	)		(4,912	)		(103,037	)
Net increase (decrease) in net assets resulting from operations		32,667			31,548			989,402			622,003			1,573			19,026			(72,895	)
CONTRACT TRANSACTIONS:
Contract owners’ net payments		9,903			-			7,885			3,737			1,209			7,000			3,639
Contract maintenance charges		(40	)		(96	)		(5,967	)		(191	)		(10	)		(46	)		(377	)
Contract owners’ benefits		(22,544	)		(38,432	)		(1,025,218	)		(421,503	)		(289	)		(7,266	)		(434,821	)
Net transfers (to) from the Company and/or Subaccounts		(908	)		-			(78,501	)		(63,313	)		(11,182	)		(42	)		2,210
Increase (decrease) in net assets resulting from Contract transactions		(13,589	)		(38,528	)		(1,101,801	)		(481,270	)		(10,272	)		(354	)		(429,349	)
Total increase (decrease) in net assets		19,078			(6,980	)		(112,399	)		140,733			(8,699	)		18,672			(502,244	)
NET ASSETS:
Beginning of period		296,921			231,845			10,654,685			3,181,659			118,252			351,779			2,405,817
End of period	$	315,999		$	224,865		$	10,542,286		$	3,322,392		$	109,553		$	370,451		$	1,903,573

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

31

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2021

	SUBACCOUNTS
	EQ/Core Plus Bond			EQ/Global Equity Managed Volatility			EQ/Intermediate Government Bond			EQ/Janus Enterprise			EQ/Large Cap Growth Managed Volatility			EQ/Large Cap Value Index			EQ/Large Cap Value Managed Volatility
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(51	)	$	(2,470	)	$	(4,690	)	$	(14,267	)	$	(17,686	)	$	(1,922	)	$	(1,088	)
Net realized gain (loss) on investments		5,838			101,767			10,786			184,745			408,363			104,272			44,541
Change in net unrealized appreciation (depreciation) on investments		(13,797	)		(41,531	)		(32,638	)		(7,279	)		(123,039	)		185,629			27,207
Net increase (decrease) in net assets resulting from operations		(8,010	)		57,766			(26,542	)		163,199			267,638			287,979			70,660
CONTRACT TRANSACTIONS:
Contract owners’ net payments		252			6,258			992			9,098			10,620			26,007			9,127
Contract maintenance charges		(60	)		(49	)		(240	)		(99	)		-			(125	)		(74	)
Contract owners’ benefits		(43,786	)		(2,611	)		(91,639	)		(249,074	)		(95,205	)		(69,468	)		(20,963	)
Net transfers (to) from the Company and/or Subaccounts		-			(69,372	)		3,238			1,664			(51,740	)		60,798			612
Increase (decrease) in net assets resulting from Contract transactions		(43,594	)		(65,774	)		(87,649	)		(238,411	)		(136,325	)		17,212			(11,298	)
Total increase (decrease) in net assets		(51,604	)		(8,008	)		(114,191	)		(75,212	)		131,313			305,191			59,362
NET ASSETS:
Beginning of period		297,342			419,982			834,270			1,214,886			1,277,653			1,241,543			312,106
End of period	$	245,738		$	411,974		$	720,079		$	1,139,674		$	1,408,966		$	1,546,734		$	371,468

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

32

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2021

	SUBACCOUNTS
	EQ/Loomis Sayles Growth			EQ/MFS International Growth			EQ/Mid Cap Index			EQ/Mid Cap Value Managed Volatility			EQ/Moderate Allocation			EQ/Moderate- Plus Allocation			EQ/Money Market
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(86,652	)	$	(22,981	)	$	(6,668	)	$	(15,810	)	$	10,006		$	14,707		$	(17,159	)
Net realized gain (loss) on investments		899,767			346,517			117,896			286,527			54,407			61,106			1,999
Change in net unrealized appreciation (depreciation) on investments		48,489			(151,139	)		61,262			144,743			(8,160	)		(1,490	)		124
Net increase (decrease) in net assets resulting from operations		861,604			172,397			172,490			415,460			56,253			74,323			(15,036	)
CONTRACT TRANSACTIONS:
Contract owners’ net payments		54,193			2,113			3,852			15,163			-			600			(861	)
Contract maintenance charges		(399	)		(498	)		(139	)		(183	)		(93	)		(94	)		(406	)
Contract owners’ benefits		(475,456	)		(395,499	)		(63,685	)		(88,910	)		(31,754	)		(28,758	)		(820,925	)
Net transfers (to) from the Company and/or Subaccounts		(88,718	)		53,542			(54,573	)		(37,627	)		(13,593	)		(25,053	)		584,208
Increase (decrease) in net assets resulting from Contract transactions		(510,380	)		(340,342	)		(114,545	)		(111,557	)		(45,440	)		(53,305	)		(237,984	)
Total increase (decrease) in net assets		351,224			(167,945	)		57,945			303,903			10,813			21,018			(253,020	)
NET ASSETS:
Beginning of period		6,126,098			2,103,555			800,817			1,692,923			824,723			689,183			1,364,265
End of period	$	6,477,322		$	1,935,610		$	858,762		$	1,996,826		$	835,536		$	710,201		$	1,111,245

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

33

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2021

	SUBACCOUNTS
	EQ/Morgan Stanley Small Cap Growth			EQ/PIMCO Ultra Short Bond			EQ/Small Company Index			EQ/T.Rowe Price Growth Stock			EQ/Value Equity			Fidelity® VIP Contrafund® Portfolio			Franklin Income VIP Fund
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(28,248	)	$	(2,414	)	$	(3,228	)	$	(134,678	)	$	(4,752	)	$	(40,554	)	$	37,510
Net realized gain (loss) on investments		1,069,528			(5,143	)		51,805			2,796,815			147,430			662,429			20,408
Change in net unrealized appreciation (depreciation) on investments		(918,847	)		3,403			8,590			(1,396,721	)		4,774			107,988			105,238
Net increase (decrease) in net assets resulting from operations		122,433			(4,154	)		57,167			1,265,416			147,452			729,863			163,156
CONTRACT TRANSACTIONS:
Contract owners’ net payments		10,570			1,327			37			34,597			16,249			32,963			5,702
Contract maintenance charges		(106	)		(35	)		(74	)		(3,066	)		(59	)		-			(155	)
Contract owners’ benefits		(451,828	)		(163,982	)		(12,789	)		(2,839,128	)		(60,832	)		(551,276	)		(193,982	)
Net transfers (to) from the Company and/or Subaccounts		(53,553	)		(4,070	)		-			(52,173	)		107,617			(5,593	)		(12,294	)
Increase (decrease) in net assets resulting from Contract transactions		(494,917	)		(166,760	)		(12,826	)		(2,859,770	)		62,975			(523,906	)		(200,729	)
Total increase (decrease) in net assets		(372,484	)		(170,914	)		44,341			(1,594,354	)		210,427			205,957			(37,573	)
NET ASSETS:
Beginning of period		2,027,393			389,575			422,434			10,522,435			536,333			3,056,363			1,197,844
End of period	$	1,654,909		$	218,661		$	466,775		$	8,928,081		$	746,760		$	3,262,320		$	1,160,271

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

34

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2021

	SUBACCOUNTS
	Franklin Rising Dividends VIP Fund			Invesco V.I. Diversified Dividend Fund			Invesco V.I. Global Core Equity Fund			Invesco V.I. Global Fund			Invesco V.I. Health Care Fund			Invesco V.I. Technology Fund			Janus Henderson Balanced Portfolio
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(4,851	)	$	2,389		$	(345	)	$	(22,409	)	$	(7,345	)	$	(8,460	)	$	(3,370	)
Net realized gain (loss) on investments		89,196			15,885			24,328			403,705			82,458			65,896			28,116
Change in net unrealized appreciation (depreciation) on investments		119,662			29,272			(10,380	)		(144,920	)		(11,280	)		12,802			85,768
Net increase (decrease) in net assets resulting from operations		204,007			47,546			13,603			236,376			63,833			70,238			110,514
CONTRACT TRANSACTIONS:
Contract owners’ net payments		-			630			836			23,092			1,800			1,715			170
Contract maintenance charges		(82	)		(17	)		(20	)		(98	)		(56	)		(59	)		-
Contract owners’ benefits		(179,713	)		(31,203	)		(23,137	)		(756,443	)		(29,542	)		(12,869	)		(46,243	)
Net transfers (to) from the Company and/or Subaccounts		(39,846	)		(15,000	)		-			5,141			(5,044	)		-			(28	)
Increase (decrease) in net assets resulting from Contract transactions		(219,641	)		(45,590	)		(22,321	)		(728,308	)		(32,842	)		(11,213	)		(46,101	)
Total increase (decrease) in net assets		(15,634	)		1,956			(8,718	)		(491,932	)		30,991			59,025			64,413
NET ASSETS:
Beginning of period		981,030			287,252			113,810			1,978,389			613,842			552,606			722,711
End of period	$	965,396		$	289,208		$	105,092		$	1,486,457		$	644,833		$	611,631		$	787,124

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

35

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2021

	SUBACCOUNTS
	Janus Henderson Enterprise Portfolio			Janus Henderson Forty Portfolio			Janus Henderson Global Research Portfolio			Janus Henderson Overseas Portfolio			MFS® Utilities Series			PIMCO Global Bond Opportunities Portfolio (Unhedged)			ProFund VP Bear
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(20,891	)	$	(32,151	)	$	(7,117	)	$	(1,633	)	$	477		$	6,944		$	(172	)
Net realized gain (loss) on investments		261,932			337,817			92,124			574			17,247			(5,251	)		(625	)
Change in net unrealized appreciation (depreciation) on investments		46,276			142,723			44,146			56,119			15,820			(12,284	)		(3,164	)
Net increase (decrease) in net assets resulting from operations		287,317			448,389			129,153			55,060			33,544			(10,591	)		(3,961	)
CONTRACT TRANSACTIONS:
Contract owners’ net payments		7,394			4,938			30,421			1,330			1,400			180			-
Contract maintenance charges		-			(80	)		-			(103	)		(37	)		(22	)		-
Contract owners’ benefits		(99,694	)		(96,498	)		(49,728	)		(20,368	)		(9,362	)		(72,960	)		(216	)
Net transfers (to) from the Company and/or Subaccounts		(37,531	)		(15,052	)		(45,150	)		(7,258	)		(20,848	)		(1,703	)		1
Increase (decrease) in net assets resulting from Contract transactions		(129,831	)		(106,692	)		(64,457	)		(26,399	)		(28,847	)		(74,505	)		(215	)
Total increase (decrease) in net assets		157,486			341,697			64,696			28,661			4,697			(85,096	)		(4,176	)
NET ASSETS:
Beginning of period		1,919,802			2,185,986			820,472			477,486			301,259			253,654			15,557
End of period	$	2,077,288		$	2,527,683		$	885,168		$	506,147		$	305,956		$	168,558		$	11,381

Note: Totals may not appear to foot/crossfoot due to rounding.

(Continued)

See accompanying notes to the financial statements.

36

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE YEAR ENDED DECEMBER 31, 2021

	SUBACCOUNTS
	ProFund VP Rising Rates Opportunity			ProFund VP Ultrabull
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss)	$	(68	)	$	(10,587	)
Net realized gain (loss) on investments		(1,732	)		(11,413	)
Change in net unrealized appreciation (depreciation) on investments		1,833			352,293
Net increase (decrease) in net assets resulting from operations		33			330,293
CONTRACT TRANSACTIONS:
Contract owners’ net payments		-			10,363
Contract maintenance charges		-			(34	)
Contract owners’ benefits		(767	)		(47,321	)
Net transfers (to) from the Company and/or Subaccounts		(242	)		4,891
Increase (decrease) in net assets resulting from Contract transactions		(1,009	)		(32,101	)
Total increase (decrease) in net assets		(976	)		298,192
NET ASSETS:
Beginning of period		5,325			621,503
End of period	$	4,349		$	919,695

Note: Totals may not appear to foot/crossfoot due to rounding.

(Concluded)

See accompanying notes to the financial statements.

37

MONY VARIABLE ACCOUNT A OF

MONY LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2022

1. ORGANIZATION

The MONY Variable Account A (the “Separate Account”), a segregated unit investment trust registered under the Investment Company Act of 1940, as amended, was established by MONY Life Insurance Company, and exists in accordance with the regulations of the State of New York. MONY Life Insurance Company was acquired by AXA Financial, Inc., which made MONY Life Insurance Company a wholly owned subsidiary of AXA Financial, Inc. MONY Life Insurance Company was later acquired by Protective Life Insurance Company, which made MONY Life Insurance Company a wholly owned subsidiary of Protective Life Insurance Company. Protective Life Insurance Company (the “Company”) is a wholly owned subsidiary of Protective Life Corporation (“PLC”). PLC is a wholly owned subsidiary of Dai-ichi Life Holdings, Inc., a kabushiki kaisha organized under the laws of Japan.

Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company’s other assets and liabilities. The portion of the Separate Account’s assets applicable to the variable annuity contracts (the “Contracts”) is not chargeable with liabilities arising out of any other business the Company may conduct.

The Separate Account is a funding vehicle for individual variable annuity Contracts; it consists of a number of subaccounts (the “Subaccounts”), also commonly referred to as investment divisions or funds, each of which is treated as an individual accounting entity for financial reporting purposes. The Separate Account’s value at any time is allocated among Contract holders based on the number and value of their accumulation units representing their interest in the separate account; all of the investible assets of the Separate Account are invested in the corresponding mutual fund.

Contract owners may allocate some or all of the applicable net contributions or transfer some or all of the Contract value to the Company’s guaranteed account, which is not included in these financial statements. The assets of the Company support its insurance and annuity obligations and are subject to the Company’s general liabilities from business operations.

Contract owners’ net contributions are allocated to the Subaccounts in accordance with Contract owner instructions and are recorded as Contract owners’ net payments in the Statements of Changes in Net Assets. Such amounts are used to provide account funds to pay Contract values under the Contracts.

The following is a list of the variable annuity products funded by the Separate Account:

MONY C VA	MONY MONYMaster II
MONY Custom Master	MONY VA
MONY L VA	MONY ValueMaster
MONY MONYMaster I

For the years or periods ended December 31, 2022 and 2021, the Separate Account was invested in up to fifty Subaccounts, as follows:

1290 VT Equity Income	EQ/Moderate-Plus Allocation
1290 VT GAMCO Mergers and Acquisitions	EQ/Money Market
1290 VT GAMCO Small Company Value	EQ/Morgan Stanley Small Cap Growth
1290 VT Socially Responsible	EQ/PIMCO Ultra Short Bond
BNY Mellon Stock Index Fund, Inc.	EQ/Small Company Index
EQ/Quality Bond PLUS	EQ/T.Rowe Price Growth Stock
EQ/AB Small Cap Growth	EQ/Value Equity

38

EQ/Aggressive Allocation	Fidelity® VIP Contrafund® Portfolio
EQ/All Asset Growth Allocation	Franklin Income VIP Fund
EQ/Capital Group Research	Franklin Rising Dividends VIP Fund
EQ/Conservative Allocation	Invesco V.I. Diversified Dividend Fund
EQ/Conservative-Plus Allocation	Invesco V.I. Global Core Equity Fund
EQ/Core Bond Index	Invesco V.I. Global Fund
EQ/Core Plus Bond	Invesco V.I. Health Care Fund
EQ/Global Equity Managed Volatility	Invesco V.I. Technology Fund
EQ/Intermediate Government Bond	Janus Henderson Balanced Portfolio
EQ/Janus Enterprise	Janus Henderson Enterprise Portfolio
EQ/Large Cap Growth Managed Volatility	Janus Henderson Forty Portfolio
EQ/Large Cap Value Index	Janus Henderson Global Research Portfolio
EQ/Large Cap Value Managed Volatility	Janus Henderson Overseas Portfolio
EQ/Loomis Sayles Growth	MFS® Utilities Series
EQ/MFS International Growth	PIMCO Global Bond Opportunities Portfolio (Unhedged)
EQ/Mid Cap Index	ProFund VP Bear
EQ/Mid Cap Value Managed Volatility	ProFund VP Rising Rates Opportunity
EQ/Moderate Allocation	ProFund VP Ultrabull

Certain subaccounts that had no investments balances as of December 31, 2022 or that did not have activity during the year ended December 31, 2022 are not presented on the Statements of Assets and Liabilities as of December 31, 2022 or Statements of Operations for the year ended December 31, 2022, respectively.

The Separate Account is an investment company and, therefore, applies specialized accounting guidance in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 “Financial Services — Investment Companies”.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies of the Separate Account.

Investment valuation

Investments are made and measured in shares and are presented net of management fees and other operating expenses incurred by the Subaccounts. The investments are valued at the net asset values of the mutual funds, which value their investment securities at fair value. Transactions with the mutual funds are recognized on the trade date.

The Separate Account classifies its valuations into three levels based upon the observability of inputs to the valuation of the Separate Account’s investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.

Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the reporting entity’s own assumptions and would be based on the best information available under the circumstances.

The Separate Account 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 net asset value (“NAV”) of the mutual funds. The NAV represents the daily per share value based on the fair value of the underlying portfolio of investments of the respective Subaccounts.

39

Receivables and payables from (to) the contracts and the fund manager

Receivables and payables from (to) the contracts and the fund manager include trading activity initiated at the contract level from the last business day of the year that has not yet been settled with the fund manager.

Receivables and payables from (to) the Company

Receivables and payables from (to) the Company include accruals for the variance between investments and reserves applicable to the Subaccount.

Contracts in the annuity payout phase

Net assets allocated to Contracts in the annuity payout phase are computed according to the Annuity 2000 Mortality Table with an assumed investment return of 5%. The mortality risk is fully borne by the Company and may result in additional amounts being transferred into the Separate Account by the Company to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the Company for the calculated or excess differential.

Dividend income and capital gain distributions

Dividend income and capital gain distributions are recorded on the ex-dividend date and are reinvested in additional shares of the mutual funds. Ordinary dividend and capital gain distributions are recognized within net investment income and net realized gains, respectively, as recorded in the financial statements of the Subaccounts.

Net realized gains and losses

Net realized gains and losses on investments include gains and losses on redemptions of the Subaccounts’ shares (determined for each product using the weighted average method) and capital gain distributions from the mutual funds.

Net transfers (to) from the Company and Subaccounts

Net transfers (to) from the Company and Subaccounts include transfers between the Subaccounts of the Separate Account as well as transfers between the Separate Account and the Company.

Federal income taxes

The results of the operations of the Separate Account are included in the federal income tax return of the Company. Under the provisions of the Contracts, the Company has the right to charge the Separate Account for federal income tax attributable to the Separate Account. No charge has been made against the Separate Account for such tax during the year ended December 31, 2022. Management will periodically review the application of this policy in the event of changes in tax law. Accordingly, a change may be made in future years to consider charges for any federal income taxes that would be attributable to the Contracts.

Use of estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that could affect the reported amounts of assets and liabilities, as well as the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from the estimates reported in the accompanying financial statements.

Risks and uncertainties

The Separate Account provides for various investment options in any combination of Subaccounts, each of which bears exposure to the market, credit, and liquidity risks of the underlying portfolio in which it invests. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in risks in the near term could materially affect investment balances, the amounts reported in the statements of assets and liabilities, of operations and of changes in net assets. Accordingly, these financial statements should be read in conjunction with the financial statements and footnotes of the underlying Subaccounts identified in Note 1.

40

3. PURCHASES AND SALES OF INVESTMENTS

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2022 were as follows:

Subaccount	Purchases		Sales
1290 VT Equity Income	$	46,783	$	41,176
1290 VT GAMCO Mergers and Acquisitions		4,803		3,622
1290 VT GAMCO Small Company Value		758,910		1,663,643
1290 VT Socially Responsible		8,625		37,097
BNY Mellon Stock Index Fund, Inc.		245,346		331,139
EQ/Quality Bond PLUS		6,000		26,737
EQ/AB Small Cap Growth		12,153		24,341
EQ/Aggressive Allocation		20,502		50,036
EQ/All Asset Growth Allocation		805,107		1,540,719
EQ/Capital Group Research		363,621		280,906
EQ/Conservative Allocation		5,925		1,532
EQ/Conservative-Plus Allocation		107,589		7,447
EQ/Core Bond Index		41,544		74,096
EQ/Core Plus Bond		4,507		54,570
EQ/Global Equity Managed Volatility		11,023		7,733
EQ/Intermediate Government Bond		16,746		94,422
EQ/Janus Enterprise		62,690		71,725
EQ/Large Cap Growth Managed Volatility		120,174		190,416
EQ/Large Cap Value Index		53,160		84,945
EQ/Large Cap Value Managed Volatility		16,818		7,019
EQ/Loomis Sayles Growth		546,728		527,774
EQ/MFS International Growth		86,514		115,407
EQ/Mid Cap Index		55,423		78,003
EQ/Mid Cap Value Managed Volatility		64,876		89,489
EQ/Moderate Allocation		65,043		32,265
EQ/Moderate-Plus Allocation		68,340		32,586
EQ/Money Market		759,999		447,751
EQ/Morgan Stanley Small Cap Growth		15,216		119,404
EQ/PIMCO Ultra Short Bond		2,749		30,665
EQ/Small Company Index		17,724		15,807
EQ/T.Rowe Price Growth Stock		223,458		808,242
EQ/Value Equity		21,870		24,496
Fidelity® VIP Contrafund® Portfolio		139,830		436,408
Franklin Income VIP Fund		77,869		101,968
Franklin Rising Dividends VIP Fund		121,149		66,079
Invesco V.I. Diversified Dividend Fund		36,240		32,910
Invesco V.I. Global Core Equity Fund		7,339		1,909
Invesco V.I. Global Fund		213,018		103,043
Invesco V.I. Health Care Fund		74,465		34,930
Invesco V.I. Technology Fund		154,066		52,934
Janus Henderson Balanced Portfolio		88,824		79,291
Janus Henderson Enterprise Portfolio		300,062		112,103

41

Subaccount	Purchases		Sales
Janus Henderson Forty Portfolio	$	289,645	$	217,662
Janus Henderson Global Research Portfolio		94,328		78,914
Janus Henderson Overseas Portfolio		9,553		42,485
MFS® Utilities Series		18,364		23,280
PIMCO Global Bond Opportunities Portfolio (Unhedged)		4,090		36,760
ProFund VP Bear		1		563
ProFund VP Rising Rates Opportunity		1		859
ProFund VP Ultrabull		172,150		18,327

4. CHANGES IN UNITS OUTSTANDING

The change in units outstanding for years or periods ended December 31, 2022 and 2021 were as follows:

	2022							2021
Subaccount	Units Issued		Units Redeemed		Net Increase (Decrease)			Units Issued		Units Redeemed		Net Increase (Decrease)
1290 VT Equity Income		25		1,079		(1,054	)		23		2,051		(2,028	)
1290 VT GAMCO Mergers and Acquisitions		64		129		(65	)		329		1,016		(687	)
1290 VT GAMCO Small Company Value		515		10,318		(9,803	)		2,544		12,693		(10,149	)
1290 VT Socially Responsible		179		1,567		(1,388	)		4,490		1,896		(2,594	)
BNY Mellon Stock Index Fund, Inc.		568		10,679		(10,111	)		5,847		18,264		(12,417	)
EQ/Quality Bond PLUS		100		1,247		(1,147	)		145		5,161		(5,016	)
EQ/AB Small Cap Growth		95		549		(454	)		262		558		(296	)
EQ/Aggressive Allocation		7		2,691		(2,684	)		-		2,140		(2,140	)
EQ/All Asset Growth Allocation		1,240		20,504		(19,264	)		2,007		25,089		(23,082	)
EQ/Capital Group Research		1,285		8,475		(7,190	)		651		15,309		(14,658	)
EQ/Conservative Allocation		76		31		45			93		886		(793	)
EQ/Conservative-Plus Allocation		5,641		228		5,413			479		508		(29	)
EQ/Core Bond Index		896		4,388		(3,492	)		1,100		33,559		(32,459	)
EQ/Core Plus Bond		21		4,019		(3,998	)		15		2,970		(2,955	)
EQ/Global Equity Managed Volatility		30		73		(43	)		133		1,407		(1,274	)
EQ/Intermediate Government Bond		718		7,311		(6,593	)		357		6,839		(6,482	)
EQ/Janus Enterprise		74		1,611		(1,537	)		420		5,777		(5,357	)
EQ/Large Cap Growth Managed Volatility		89		5,134		(5,045	)		1,629		5,223		(3,594	)
EQ/Large Cap Value Index		207		2,321		(2,114	)		3,762		3,023		739
EQ/Large Cap Value Managed Volatility		11		124		(113	)		471		832		(361	)
EQ/Loomis Sayles Growth		939		16,121		(15,182	)		2,707		16,207		(13,500	)
EQ/MFS International Growth		471		4,342		(3,871	)		6,545		22,666		(16,121	)
EQ/Mid Cap Index		131		1,924		(1,793	)		97		2,973		(2,876	)
EQ/Mid Cap Value Managed Volatility		261		2,222		(1,961	)		946		4,654		(3,708	)
EQ/Moderate Allocation		46		1,796		(1,750	)		-		2,950		(2,950	)
EQ/Moderate-Plus Allocation		34		1,550		(1,516	)		36		3,098		(3,062	)
EQ/Money Market		78,411		45,504		32,907			70,124		94,876		(24,752	)
EQ/Morgan Stanley Small Cap Growth		645		8,090		(7,445	)		2,855		23,885		(21,030	)
EQ/PIMCO Ultra Short Bond		14		2,516		(2,502	)		109		14,187		(14,078	)
EQ/Small Company Index		37		295		(258	)		1		289		(288	)
EQ/T.Rowe Price Growth Stock		1,121		11,109		(9,988	)		2,058		20,112		(18,054	)
EQ/Value Equity		91		691		(600	)		5,715		2,710		3,005
Fidelity® VIP Contrafund® Portfolio		657		10,481		(9,824	)		810		12,817		(12,007	)
Franklin Income VIP Fund		221		3,351		(3,130	)		239		8,007		(7,768	)
Franklin Rising Dividends VIP Fund		140		1,230		(1,090	)		444		5,541		(5,097	)
Invesco V.I. Diversified Dividend Fund		29		2,024		(1,995	)		41		3,199		(3,158	)
Invesco V.I. Global Core Equity Fund		71		48		23			39		1,189		(1,150	)
Invesco V.I. Global Fund		648		2,219		(1,571	)		1,430		14,304		(12,874	)

42

	2022							2021
Subaccount	Units Issued		Units Redeemed		Net Increase (Decrease)			Units Issued		Units Redeemed		Net Increase (Decrease)
Invesco V.I. Health Care Fund		68		833		(765	)		75		959		(884	)
Invesco V.I. Technology Fund		24		1,034		(1,010	)		38		224		(186	)
Janus Henderson Balanced Portfolio		1,662		2,197		(535	)		5		1,243		(1,238	)
Janus Henderson Enterprise Portfolio		432		3,589		(3,157	)		1,525		6,005		(4,480	)
Janus Henderson Forty Portfolio		174		4,422		(4,248	)		140		2,340		(2,200	)
Janus Henderson Global Research Portfolio		452		5,375		(4,923	)		2,047		6,510		(4,463	)
Janus Henderson Overseas Portfolio		100		1,346		(1,246	)		45		911		(866	)
MFS® Utilities Series		6		330		(324	)		23		563		(540	)
PIMCO Global Bond Opportunities Portfolio (Unhedged)		15		2,024		(2,009	)		43		3,696		(3,653	)
ProFund VP Bear		2		542		(540	)		3		291		(288	)
ProFund VP Rising Rates Opportunity		1		525		(524	)		1		793		(792	)
ProFund VP Ultrabull		51		147		(96	)		302		893		(591	)

5. EXPENSES AND RELATED PARTY TRANSACTIONS

The fees and charges below are the current expenses deducted by the Subaccount from either the net unit value or from the Contract as a redemption of units. Fees and charges may vary based on factors such as the product purchased, optional benefits chosen, benefit base, asset base, net amount at risk, death benefit option elected, a Contract’s total asset value, age of Contract, surrender amount, if a surrender is requested during the period specified, Subaccounts selected, transaction amount, and/or transaction frequency. The fees and charges are recorded, as applicable, to the respective Subaccount in the Separate Account. Redemption of units deductions are made to the individual Contracts in accordance with the terms which govern each annuity, as set forth in the Contract.

Expense Type	Range
Annual Contract Charge
This charge is assessed to reimburse the Company for expenses incurred in the administration of the Contract and the Separate Account. The charge is deducted annually, assessed through a redemption of units, and recorded as Contract maintenance charges in the Statements of Changes in Net Assets.	0 - $30 annually
Mortality and Expense Risk Fee
This fee is assessed to reimburse the Company for assuming mortality and expense risks. The fee is deducted daily, assessed through a reduction of net unit values, and recorded as mortality and expense risk in the Statements of Operations.	a daily fee amounting to a per annum aggregate of 1.20% - 2.42% of the average daily net assets of the Subaccounts

43

Loan Interest Rate Spread
The loan interest rate spread is the difference between the amount of interest charged on loan balances and the amount of interest credited to amounts held in the loan account that secures the loans. The deduction is withdrawn annually, assessed through a redemption of units, and recorded as Contract owners’ benefits within the Statements of Changes in Net Assets.	2.5% of the loan balance
Surrender Charge
This charge is assessed to reimburse the Company for the costs incurred when processing full or partial surrenders that are requested during the period specified in the variable annuity. The charge is deducted at surrender, assessed through a redemption of units, and recorded as Contract owners’ benefits within the Statements of Changes in Net Assets.	Up to 8.00% of amount surrendered
Transfer Charge
Currently there is no charge assessed for transfers; however, the Company has reserved the right to charge for transfers as reimbursement for costs incurred when transferring funds. The charge would be deducted upon transfer, assessed through a redemption of units, and recorded as Contract owners’ benefits within the Statements of Changes in Net Assets.	Up to $25 per transfer, after the first 12 transfers in any contract year

The Company offers a loan privilege to certain contract owners. Such contract owners may obtain loans using the Contract’s value as the only security for the loan. Loans are subject to provisions of The Internal Revenue Code of 1986, as amended, and to applicable retirement program rules.

44

6. FINANCIAL HIGHLIGHTS

The Company sells a number of variable annuity products that are funded by the Separate Account. These products have unique combinations of features and fees that are charged against the Contract owner’s account. Differences in the fee structures result in a variety of unit values, expense ratios and total returns. The following tables were developed by determining which products offered by the Company and funded by the Separate Account have the highest and lowest expense ratios. The summaries may not reflect or directly equate to the minimum and maximum Contract charges offered by the Company, as Contract owners may not have selected all available and applicable Contract options for or during the periods presented.

A summary of the units outstanding, unit fair values, net assets for variable annuity Contracts, net investment income ratios, the expense ratios, excluding expenses of the underlying funds, and total returns for each of the five years or periods ended December 31, 2022 were as follows:

	As of December 31								For the period ended December 31
Subaccount	Units (000’s)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000’s)		Investment Income Ratio (a)			Expense Ratio (b)						Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
			Low (d)		High (d)							Low (d)			High (d)			Low (d)			High (d)
1290 VT Equity Income
2022		21,362	$	31.59	$	28.95	$	654		1.75	%		1.20	%		2.37	%		1.86	%		0.68	%
2021		22,416		24.98		28.76		676		1.51	%		1.20	%		2.37	%		23.43	%		24.88	%
2020		24,444		20.01		26.09		591		1.69	%		1.20	%		2.42	%		(6.77	)%		(5.68	)%
2019		25,998		21.23		27.80		668		2.26	%		1.20	%		2.42	%		21.31	%		22.73	%
2018		29,588		17.30		22.77		620		1.94	%		1.20	%		2.37	%		(13.77	)%		(12.75	)%
1290 VT GAMCO Mergers and Acquisitions
2022		6,092		17.37		16.45		108		0.32	%		1.20	%		1.45	%		(7.14	)%		(7.37	)%
2021		6,157		18.70		17.76		117		0.65	%		1.20	%		1.45	%		9.78	%		10.06	%
2020		6,844		16.18		17.45		119		0.17	%		1.20	%		2.42	%		(2.72	)%		(2.47	)%
2019		6,854		16.63		17.91		122		3.68	%		1.20	%		2.42	%		7.06	%		7.33	%
2018		9,874		15.53		16.72		163		1.45	%		1.20	%		1.45	%		(6.29	)%		(6.05	)%
1290 VT GAMCO Small Company Value
2022		123,986		59.84		46.48		12,270		0.48	%		1.20	%		2.37	%		(11.73	)%		(12.76	)%
2021		133,791		67.79		53.28		15,521		0.64	%		1.20	%		2.37	%		22.21	%		23.64	%
2020		143,941		43.60		276.56		13,848		0.60	%		1.20	%		2.42	%		6.95	%		8.20	%
2019		164,359		40.77		255.71		15,042		0.60	%		1.20	%		2.42	%		20.46	%		21.88	%
2018		187,286		33.84		209.91		13,691		0.57	%		1.20	%		2.37	%		(17.57	)%		(16.59	)%

45

	As of December 31								For the period ended December 31
Subaccount	Units (000’s)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000’s)		Investment Income Ratio (a)			Expense Ratio (b)						Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
			Low (d)		High (d)							Low (d)			High (d)			Low (d)			High (d)
1290 VT Socially Responsible
2022		20,763	$	18.57	$	27.89	$	391		0.57	%		1.35	%		1.45	%		(23.13	)%		(23.23	)%
2021		22,153		24.16		36.33		542		0.39	%		1.35	%		1.45	%		28.44	%		28.57	%
2020		19,558		18.79		28.29		375		0.69	%		1.20	%		2.42	%		18.23	%		18.35	%
2019		21,809		15.88		23.93		357		0.91	%		1.20	%		2.42	%		28.39	%		28.52	%
2018		23,289		12.36		18.64		296		0.94	%		1.20	%		1.45	%		(5.76	)%		(5.66	)%
BNY Mellon Stock Index Fund, Inc.
2022		73,792		27.23		27.23		2,009		1.27	%		1.35	%		1.35	%		(19.41	)%		(19.41	)%
2021		83,910		33.79		33.79		2,835		1.13	%		1.35	%		1.35	%		26.69	%		26.69	%
2020		96,327		26.67		26.67		2,569		1.46	%		1.35	%		1.35	%		16.43	%		16.43	%
2019		110,993		22.91		22.91		2,542		1.70	%		1.35	%		1.35	%		29.42	%		29.42	%
2018		121,821		17.70		17.70		2,156		1.71	%		1.35	%		1.35	%		(5.92	)%		(5.92	)%
EQ/Quality Bond PLUS
2022		18,906		21.48		14.12		322		0.63	%		1.25	%		1.35	%		(11.32	)%		(11.41	)%
2021		20,052		24.22		15.94		387		0.69	%		1.25	%		1.35	%		(3.43	)%		(3.33	)%
2020		25,069		16.51		25.06		488		1.20	%		1.25	%		1.35	%		4.55	%		4.66	%
2019		30,924		15.79		23.94		566		1.53	%		1.25	%		1.35	%		4.22	%		4.32	%
2018		35,973		15.15		22.95		640		1.62	%		1.25	%		1.35	%		(1.23	)%		(1.13	)%
EQ/AB Small Cap Growth
2022		6,321		32.03		30.28		208		0.11	%		1.20	%		2.37	%		(29.31	)%		(30.13	)%
2021		6,775		45.31		43.34		316		0.00	%		1.20	%		2.37	%		10.27	%		11.57	%
2020		7,071		39.30		42.84		297		0.07	%		1.20	%		2.42	%		32.88	%		34.44	%
2019		7,657		29.58		31.95		240		0.16	%		1.20	%		2.42	%		24.81	%		26.28	%
2018		8,081		23.92		25.36		201		0.13	%		1.20	%		1.45	%		(9.21	)%		(8.98	)%
EQ/Aggressive Allocation
2022		8,551		16.35		15.73		138		0.71	%		1.20	%		1.45	%		(19.33	)%		(19.53	)%
2021		11,235		20.27		19.54		225		3.92	%		1.20	%		1.45	%		15.49	%		15.78	%
2020		13,375		16.92		17.51		232		2.56	%		1.20	%		2.42	%		13.74	%		14.02	%
2019		13,876		14.88		15.35		211		1.76	%		1.20	%		2.42	%		22.70	%		23.00	%
2018		11,499		12.13		12.48		142		1.74	%		1.20	%		1.45	%		(10.04	)%		(9.81	)%

46

	As of December 31								For the period ended December 31
Subaccount	Units (000’s)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000’s)		Investment Income Ratio (a)			Expense Ratio (b)						Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
			Low (d)		High (d)							Low (d)			High (d)			Low (d)			High (d)
EQ/All Asset Growth Allocation
2022		143,748	$	18.56	$	19.07	$	7,603		1.15	%		1.20	%		1.45	%		(15.49	)%		(15.70	)%
2021		163,018		21.96		22.63		10,542		3.84	%		1.20	%		1.45	%		9.33	%		9.60	%
2020		186,100		17.00		101.20		10,655		1.37	%		1.20	%		2.42	%		10.67	%		10.95	%
2019		213,904		15.35		91.26		11,017		1.66	%		1.20	%		2.42	%		17.38	%		17.67	%
2018		247,049		13.06		77.59		10,628		1.78	%		1.20	%		1.45	%		(8.90	)%		(8.67	)%
EQ/Capital Group Research
2022		77,868		45.47		41.00		2,463		0.15	%		1.20	%		1.45	%		(19.93	)%		(20.13	)%
2021		85,065		56.79		51.33		3,322		0.00	%		1.20	%		1.45	%		21.29	%		21.60	%
2020		99,722		28.98		46.71		3,182		0.14	%		1.20	%		2.42	%		21.50	%		21.80	%
2019		45,454		23.83		38.35		1,196		0.59	%		1.20	%		2.42	%		30.97	%		31.30	%
2018		51,148		18.17		29.21		1,045		0.61	%		1.20	%		1.45	%		(6.22	)%		(5.98	)%
EQ/Conservative Allocation
2022		8,329		11.54		11.10		95		1.41	%		1.20	%		1.45	%		(13.64	)%		(13.85	)%
2021		8,284		13.37		12.89		110		1.37	%		1.20	%		1.45	%		1.23	%		1.48	%
2020		9,078		12.73		13.17		118		1.85	%		1.20	%		2.42	%		5.77	%		6.04	%
2019		8,452		12.04		12.42		104		1.11	%		1.20	%		2.42	%		7.66	%		7.93	%
2018		17,867		11.18		11.51		203		1.44	%		1.25	%		1.45	%		(2.99	)%		(2.74	)%
EQ/Conservative-Plus Allocation
2022		29,855		12.82		11.92		382		1.38	%		1.25	%		1.72	%		(15.61	)%		(16.01	)%
2021		24,443		15.19		14.19		370		2.15	%		1.25	%		1.72	%		4.91	%		5.41	%
2020		24,472		13.52		14.51		352		2.12	%		1.20	%		2.42	%		8.11	%		8.62	%
2019		21,719		12.51		13.27		285		1.64	%		1.20	%		2.42	%		11.55	%		12.07	%
2018		21,919		11.21		11.84		259		1.55	%		1.25	%		1.72	%		(5.30	)%		(4.85	)%
EQ/Core Bond Index
2022		142,148		13.22		8.86		1,673		1.58	%		1.20	%		2.37	%		(9.83	)%		(10.88	)%
2021		145,641		14.66		9.94		1,904		1.28	%		1.20	%		2.37	%		(4.39	)%		(3.26	)%
2020		178,099		10.39		15.15		2,406		1.37	%		1.20	%		2.42	%		3.58	%		4.80	%
2019		197,382		10.03		14.46		2,544		1.85	%		1.20	%		2.42	%		3.78	%		5.00	%
2018		225,784		9.67		13.77		2,778		1.78	%		1.20	%		2.37	%		(2.11	)%		(0.96	)%

47

	As of December 31								For the period ended December 31
Subaccount	Units (000’s)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000’s)		Investment Income Ratio (a)			Expense Ratio (b)						Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
			Low (d)		High (d)							Low (d)			High (d)			Low (d)			High (d)
EQ/Core Plus Bond
2022		11,937	$	13.55	$	10.62	$	159		2.08	%		1.20	%		1.77	%		(13.97	)%		(14.46	)%
2021		15,935		15.75		12.42		246		1.25	%		1.20	%		1.77	%		(3.41	)%		(2.86	)%
2020		18,890		12.86		16.22		297		2.04	%		1.20	%		2.42	%		12.85	%		13.49	%
2019		20,485		11.39		14.29		282		2.04	%		1.20	%		2.42	%		5.04	%		5.64	%
2018		22,350		10.85		13.53		292		2.18	%		1.20	%		2.37	%		(2.26	)%		(1.70	)%
EQ/Global Equity Managed Volatility
2022		7,852		41.74		39.18		319		0.32	%		1.20	%		1.77	%		(21.89	)%		(22.33	)%
2021		7,896		53.43		50.45		412		0.86	%		1.20	%		1.77	%		13.86	%		14.51	%
2020		9,170		44.31		46.66		420		0.59	%		1.20	%		2.42	%		12.27	%		12.92	%
2019		9,598		39.46		41.32		390		1.28	%		1.20	%		2.42	%		23.07	%		23.78	%
2018		11,615		32.07		33.39		382		1.02	%		1.20	%		1.77	%		(13.71	)%		(13.21	)%
EQ/Intermediate Government Bond
2022		42,762		11.22		9.58		581		0.87	%		1.20	%		1.77	%		(8.74	)%		(9.26	)%
2021		49,355		12.30		10.56		720		0.68	%		1.20	%		1.77	%		(3.85	)%		(3.30	)%
2020		55,837		10.98		17.93		834		0.94	%		1.20	%		2.42	%		2.47	%		3.06	%
2019		61,607		10.72		17.41		887		1.53	%		1.20	%		2.42	%		2.34	%		2.93	%
2018		67,432		10.47		16.92		941		1.16	%		1.20	%		1.77	%		(0.95	)%		(0.38	)%
EQ/Janus Enterprise
2022		23,907		26.45		28.18		884		0.00	%		1.20	%		2.37	%		(17.56	)%		(18.52	)%
2021		25,445		32.08		34.59		1,140		0.09	%		1.20	%		2.37	%		14.10	%		15.45	%
2020		30,801		27.79		43.10		1,215		0.00	%		1.20	%		2.42	%		16.03	%		17.40	%
2019		32,525		23.67		36.80		1,094		0.02	%		1.20	%		2.42	%		33.26	%		34.83	%
2018		44,254		17.56		27.36		1,130		0.00	%		1.20	%		2.37	%		(4.10	)%		(2.97	)%
EQ/Large Cap Growth Managed Volatility
2022		26,841		30.26		30.26		812		0.06	%		1.35	%		1.35	%		(31.51	)%		(31.51	)%
2021		31,889		44.18		44.18		1,409		0.00	%		1.35	%		1.35	%		22.71	%		22.71	%
2020		35,483		36.01		36.01		1,278		0.07	%		1.35	%		1.35	%		30.24	%		30.24	%
2019		45,572		27.65		27.65		1,260		0.43	%		1.35	%		1.35	%		31.92	%		31.92	%
2018		50,807		20.96		20.96		1,065		0.51	%		1.35	%		1.35	%		(4.28	)%		(4.28	)%

48

	As of December 31								For the period ended December 31
Subaccount	Units (000’s)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000’s)		Investment Income Ratio (a)			Expense Ratio (b)						Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
			Low (d)		High (d)							Low (d)			High (d)			Low (d)			High (d)
EQ/Large Cap Value Index
2022		46,075	$	29.70	$	25.69	$	1,339		1.39	%		1.20	%		2.37	%		(9.32	)%		(10.37	)%
2021		48,191		32.76		28.67		1,547		1.32	%		1.20	%		2.37	%		21.37	%		22.80	%
2020		47,452		23.62		26.67		1,242		1.69	%		1.20	%		2.42	%		(0.19	)%		0.99	%
2019		48,322		23.66		26.43		1,254		2.50	%		1.20	%		2.42	%		22.69	%		24.13	%
2018		46,358		19.29		21.33		975		2.00	%		1.20	%		2.37	%		(11.04	)%		(9.98	)%
EQ/Large Cap Value Managed Volatility
2022		10,477		21.47		22.20		322		1.24	%		1.20	%		1.45	%		(12.64	)%		(12.86	)%
2021		10,591		24.58		25.48		371		0.98	%		1.20	%		1.45	%		23.03	%		23.34	%
2020		10,952		19.93		114.37		312		1.17	%		1.20	%		2.42	%		4.16	%		4.42	%
2019		12,611		19.09		109.58		444		1.99	%		1.20	%		2.42	%		23.63	%		23.94	%
2018		12,815		15.40		88.46		368		2.69	%		1.20	%		1.45	%		(11.23	)%		(11.01	)%
EQ/Loomis Sayles Growth
2022		146,937		35.15		32.58		4,184		0.00	%		1.20	%		2.37	%		(28.83	)%		(29.66	)%
2021		162,136		49.40		46.32		6,477		0.00	%		1.20	%		2.37	%		13.46	%		14.79	%
2020		175,636		31.95		45.31		6,126		0.00	%		1.20	%		2.42	%		27.86	%		29.36	%
2019		203,020		24.74		35.23		5,478		0.03	%		1.20	%		2.42	%		28.26	%		29.77	%
2018		228,494		19.09		27.30		4,792		0.09	%		1.20	%		2.37	%		(5.27	)%		(4.15	)%
EQ/MFS International Growth
2022		72,272		30.69		16.56		1,536		0.79	%		1.25	%		1.35	%		(16.24	)%		(16.32	)%
2021		76,145		36.64		19.78		1,936		0.22	%		1.25	%		1.35	%		7.96	%		8.06	%
2020		92,265		18.33		33.90		2,104		0.41	%		1.25	%		1.35	%		13.80	%		13.91	%
2019		98,881		16.10		29.76		1,979		1.26	%		1.25	%		1.35	%		25.54	%		25.66	%
2018		111,100		12.83		23.68		1,777		0.91	%		1.25	%		1.35	%		(10.59	)%		(10.50	)%
EQ/Mid Cap Index
2022		19,226		36.93		30.35		670		0.90	%		1.20	%		2.37	%		(14.63	)%		(15.62	)%
2021		21,019		43.26		35.97		859		0.61	%		1.20	%		2.37	%		20.98	%		22.41	%
2020		23,895		29.73		35.34		801		0.85	%		1.20	%		2.42	%		10.21	%		11.51	%
2019		25,277		26.98		31.70		759		1.08	%		1.20	%		2.42	%		22.44	%		23.88	%
2018		29,605		23.38		25.59		719		1.08	%		1.20	%		1.77	%		(13.25	)%		(12.75	)%

49

	As of December 31								For the period ended December 31
Subaccount	Units (000’s)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000’s)		Investment Income Ratio (a)			Expense Ratio (b)						Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
			Low (d)		High (d)							Low (d)			High (d)			Low (d)			High (d)
EQ/Mid Cap Value Managed Volatility
2022		55,805	$	29.96	$	25.63	$	1,625		0.89	%		1.20	%		2.37	%		(15.58	)%		(16.56	)%
2021		57,769		35.49		30.71		1,997		0.58	%		1.20	%		2.37	%		24.42	%		25.88	%
2020		61,477		24.69		28.20		1,693		0.99	%		1.20	%		2.42	%		2.51	%		3.71	%
2019		64,971		24.08		27.19		1,729		1.48	%		1.20	%		2.42	%		23.62	%		25.08	%
2018		75,154		19.48		21.74		1,602		1.27	%		1.20	%		2.37	%		(15.34	)%		(14.34	)%
EQ/Moderate Allocation
2022		51,862		13.34		12.31		674		1.20	%		1.20	%		1.72	%		(16.47	)%		(16.91	)%
2021		53,614		15.97		14.81		836		2.60	%		1.20	%		1.72	%		6.57	%		7.12	%
2020		56,564		13.90		14.91		825		2.16	%		1.20	%		2.42	%		9.36	%		9.93	%
2019		57,088		12.71		13.56		758		1.64	%		1.20	%		2.42	%		13.57	%		14.16	%
2018		60,399		11.19		11.88		703		1.63	%		1.20	%		1.72	%		(6.40	)%		(5.91	)%
EQ/Moderate-Plus Allocation
2022		38,017		15.02		14.45		558		0.99	%		1.20	%		1.45	%		(18.04	)%		(18.25	)%
2021		39,536		18.33		17.67		710		3.45	%		1.20	%		1.45	%		11.05	%		11.33	%
2020		42,598		15.91		16.46		689		2.37	%		1.20	%		2.42	%		12.46	%		12.74	%
2019		43,309		14.15		14.60		622		1.61	%		1.20	%		2.42	%		18.27	%		18.56	%
2018		44,285		11.96		12.32		538		1.35	%		1.20	%		1.45	%		(8.18	)%		(7.95	)%
EQ/Money Market
2022		151,971		9.72		7.94		1,423		1.07	%		1.20	%		2.37	%		(0.11	)%		(1.26	)%
2021		119,063		9.76		8.04		1,111		0.00	%		1.20	%		2.37	%		(2.16	)%		(1.01	)%
2020		143,816		8.22		9.83		1,364		0.20	%		1.20	%		2.42	%		(2.14	)%		(0.99	)%
2019		160,415		8.40		9.93		1,547		1.51	%		1.20	%		2.42	%		(0.86	)%		0.30	%
2018		178,840		8.47		9.90		1,729		1.05	%		1.20	%		2.37	%		(1.11	)%		0.06	%
EQ/Morgan Stanley Small Cap Growth
2022		80,152		10.47		10.15		834		0.01	%		1.20	%		2.37	%		(44.79	)%		(45.43	)%
2021		87,611		18.96		18.59		1,655		0.00	%		1.20	%		2.37	%		0.27	%		1.45	%
2020		108,641		18.55		18.69		2,027		0.00	%		1.20	%		2.42	%		-			-
2019		-		-		-		-		-			-			-			-			-
2018		-		-		-		-		-			-			-			-			-

50

	As of December 31								For the period ended December 31
Subaccount	Units (000’s)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000’s)		Investment Income Ratio (a)			Expense Ratio (b)						Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
			Low (d)		High (d)							Low (d)			High (d)			Low (d)			High (d)
EQ/PIMCO Ultra Short Bond
2022		16,110	$	11.79	$	11.15	$	186		1.27	%		1.20	%		1.45	%		(1.79	)%		(2.03	)%
2021		18,612		12.01		11.38		219		0.30	%		1.20	%		1.45	%		(1.89	)%		(1.64	)%
2020		32,690		11.60		12.21		390		0.75	%		1.20	%		2.42	%		(0.34	)%		(0.09	)%
2019		33,440		11.64		12.22		399		2.16	%		1.20	%		2.42	%		1.08	%		1.33	%
2018		37,229		11.52		12.06		439		1.71	%		1.20	%		1.45	%		(0.50	)%		(0.25	)%
EQ/Small Company Index
2022		6,728		36.29		35.36		360		0.85	%		1.20	%		1.45	%		(20.77	)%		(20.97	)%
2021		6,987		45.80		44.74		467		0.67	%		1.20	%		1.45	%		13.40	%		13.69	%
2020		7,275		39.45		174.58		422		0.87	%		1.20	%		2.42	%		18.01	%		18.30	%
2019		7,797		33.43		147.65		375		1.11	%		1.20	%		2.42	%		23.41	%		23.72	%
2018		8,721		27.09		119.40		328		1.08	%		1.20	%		1.45	%		(12.60	)%		(12.37	)%
EQ/T.Rowe Price Growth Stock
2022		101,602		118.77		22.56		4,816		0.00	%		1.25	%		1.35	%		(39.40	)%		(39.46	)%
2021		111,606		195.99		37.26		8,928		0.00	%		1.25	%		1.35	%		12.30	%		12.41	%
2020		129,660		33.18		174.35		10,522		0.00	%		1.25	%		1.35	%		34.72	%		34.86	%
2019		146,728		24.63		129.28		8,707		0.00	%		1.25	%		1.35	%		29.34	%		29.47	%
2018		173,040		19.04		99.85		7,561		0.00	%		1.25	%		1.35	%		(2.94	)%		(2.85	)%
EQ/Value Equity
2022		26,817		23.40		22.40		612		1.00	%		1.20	%		1.45	%		(16.12	)%		(16.33	)%
2021		27,418		27.89		26.78		747		0.75	%		1.20	%		1.45	%		23.57	%		23.88	%
2020		24,412		18.99		22.52		536		1.62	%		1.20	%		2.42	%		0.41	%		1.59	%
2019		23,158		18.91		22.16		501		1.96	%		1.20	%		2.42	%		20.54	%		21.96	%
2018		23,780		15.69		18.17		422		1.59	%		1.20	%		2.37	%		(10.18	)%		(9.12	)%
Fidelity® VIP Contrafund® Portfolio
2022		56,721		35.60		35.60		2,020		0.34	%		1.35	%		1.35	%		(27.37	)%		(27.37	)%
2021		66,549		49.02		49.02		3,262		0.05	%		1.35	%		1.35	%		26.00	%		26.00	%
2020		78,557		38.91		38.91		3,056		0.15	%		1.35	%		1.35	%		28.68	%		28.68	%
2019		94,092		30.23		30.23		2,845		0.37	%		1.35	%		1.35	%		29.69	%		29.69	%
2018		101,980		23.31		23.31		2,378		0.61	%		1.35	%		1.35	%		(7.75	)%		(7.75	)%

51

	As of December 31								For the period ended December 31
Subaccount	Units (000’s)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000’s)		Investment Income Ratio (a)			Expense Ratio (b)						Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
			Low (d)		High (d)							Low (d)			High (d)			Low (d)			High (d)
Franklin Income VIP Fund
2022		37,942	$	26.89	$	25.01	$	1,001		4.81	%		1.20	%		1.72	%		(6.60	)%		(7.08	)%
2021		41,073		28.79		26.92		1,160		4.49	%		1.20	%		1.72	%		14.76	%		15.36	%
2020		48,840		23.46		24.96		1,198		5.34	%		1.20	%		2.42	%		(1.02	)%		(0.51	)%
2019		51,728		23.70		25.09		1,276		5.45	%		1.20	%		2.42	%		14.08	%		14.67	%
2018		60,361		20.77		21.88		1,301		4.75	%		1.20	%		1.72	%		(5.95	)%		(5.45	)%
Franklin Rising Dividends VIP Fund
2022		18,109		46.57		35.11		802		0.77	%		1.20	%		2.37	%		(11.64	)%		(12.66	)%
2021		19,200		52.70		40.20		965		0.82	%		1.20	%		2.37	%		23.82	%		25.28	%
2020		24,297		32.46		42.06		981		1.17	%		1.20	%		2.42	%		13.25	%		14.59	%
2019		25,502		28.66		36.71		901		1.22	%		1.20	%		2.42	%		26.21	%		27.69	%
2018		30,069		22.71		28.75		835		1.32	%		1.20	%		2.37	%		(7.31	)%		(6.21	)%
Invesco V.I. Diversified Dividend Fund
2022		17,151		14.50		14.72		251		1.77	%		1.20	%		1.45	%		(2.85	)%		(3.09	)%
2021		19,146		14.93		15.19		289		2.29	%		1.20	%		1.45	%		17.18	%		17.48	%
2020		22,304		12.71		12.96		287		2.83	%		1.20	%		2.42	%		(1.30	)%		(1.05	)%
2019		22,272		12.84		13.13		290		2.95	%		1.20	%		2.42	%		23.29	%		23.60	%
2018		23,158		10.39		10.65		245		2.52	%		1.20	%		1.45	%		(8.91	)%		(8.68	)%
Invesco V.I. Global Core Equity Fund
2022		4,752		16.89		17.53		81		0.33	%		1.20	%		1.45	%		(22.81	)%		(23.00	)%
2021		4,729		21.88		22.77		105		0.90	%		1.20	%		1.45	%		14.30	%		14.59	%
2020		5,880		19.09		19.92		114		1.20	%		1.20	%		2.42	%		11.60	%		11.88	%
2019		6,275		17.07		17.85		109		1.47	%		1.20	%		2.42	%		23.39	%		23.70	%
2018		6,266		13.80		14.46		88		1.14	%		1.20	%		1.45	%		(16.54	)%		(16.33	)%
Invesco V.I. Global Fund
2022		25,273		37.73		29.53		937		0.00	%		1.20	%		2.37	%		(32.75	)%		(33.53	)%
2021		26,847		56.10		44.43		1,486		0.00	%		1.20	%		2.37	%		12.47	%		13.80	%
2020		39,721		39.50		52.17		1,978		0.40	%		1.20	%		2.42	%		24.36	%		25.82	%
2019		41,131		31.76		41.53		1,631		0.68	%		1.20	%		2.42	%		28.38	%		29.89	%
2018		47,568		24.74		32.02		1,444		0.78	%		1.20	%		2.37	%		(15.43	)%		(14.43	)%

52

	As of December 31								For the period ended December 31
Subaccount	Units (000’s)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000’s)		Investment Income Ratio (a)			Expense Ratio (b)						Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
			Low (d)		High (d)							Low (d)			High (d)			Low (d)			High (d)
Invesco V.I. Health Care Fund
2022		15,295	$	33.78	$	34.45	$	525		0.00	%		1.20	%		1.45	%		(14.35	)%		(14.56	)%
2021		16,060		39.44		40.32		645		0.20	%		1.20	%		1.45	%		10.68	%		10.96	%
2020		16,943		35.54		36.43		614		0.29	%		1.20	%		2.42	%		12.81	%		13.09	%
2019		17,638		31.43		32.29		566		0.04	%		1.20	%		2.42	%		30.60	%		30.92	%
2018		17,623		24.01		24.73		433		0.00	%		1.20	%		1.45	%		(0.56	)%		(0.31	)%
Invesco V.I. Technology Fund
2022		9,571		28.18		29.33		328		0.00	%		1.20	%		2.37	%		(40.67	)%		(41.36	)%
2021		10,582		47.49		50.02		612		0.00	%		1.20	%		2.37	%		11.73	%		13.05	%
2020		10,768		42.01		53.38		553		0.00	%		1.20	%		2.42	%		42.70	%		44.37	%
2019		11,096		29.10		37.07		396		0.00	%		1.20	%		2.42	%		32.70	%		34.26	%
2018		11,258		21.67		27.68		301		0.00	%		1.20	%		2.37	%		(2.80	)%		(1.65	)%
Janus Henderson Balanced Portfolio
2022		19,562		32.30		32.30		632		1.38	%		1.35	%		1.35	%		(17.52	)%		(17.52	)%
2021		20,097		39.17		39.17		787		0.91	%		1.35	%		1.35	%		15.62	%		15.62	%
2020		21,336		33.87		33.87		723		1.65	%		1.35	%		1.35	%		12.78	%		12.78	%
2019		28,894		30.03		30.03		868		1.91	%		1.35	%		1.35	%		20.95	%		20.95	%
2018		33,222		24.83		24.83		825		2.25	%		1.35	%		1.35	%		(0.68	)%		(0.68	)%
Janus Henderson Enterprise Portfolio
2022		65,501		25.09		25.09		1,643		0.35	%		1.35	%		1.35	%		(17.07	)%		(17.07	)%
2021		68,661		30.25		30.25		2,077		0.32	%		1.35	%		1.35	%		15.26	%		15.26	%
2020		73,141		26.25		26.25		1,920		0.07	%		1.35	%		1.35	%		17.87	%		17.87	%
2019		88,213		22.27		22.27		1,964		0.21	%		1.35	%		1.35	%		33.67	%		33.67	%
2018		96,487		16.66		16.66		1,607		0.26	%		1.35	%		1.35	%		(1.76	)%		(1.76	)%
Janus Henderson Forty Portfolio
2022		39,400		54.57		51.84		1,495		0.13	%		1.20	%		1.72	%		(34.52	)%		(34.86	)%
2021		43,656		51.41		79.58		2,528		0.00	%		1.20	%		1.72	%		20.51	%		21.25	%
2020		45,855		42.40		68.80		2,186		0.23	%		1.20	%		2.42	%		36.67	%		37.53	%
2019		51,506		30.83		50.08		1,790		0.11	%		1.20	%		2.42	%		34.52	%		35.32	%
2018		63,637		22.78		37.03		1,627		0.00	%		1.20	%		1.72	%		(0.03	)%		0.61	%

53

	As of December 31								For the period ended December 31
Subaccount	Units (000’s)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000’s)		Investment Income Ratio (a)			Expense Ratio (b)						Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
			Low (d)		High (d)							Low (d)			High (d)			Low (d)			High (d)
Janus Henderson Global Research Portfolio
2022		50,918	$	12.60	$	12.60	$	642		1.53	%		1.35	%		1.35	%		(20.49	)%		(20.49	)%
2021		55,845		15.85		15.85		885		0.52	%		1.35	%		1.35	%		16.51	%		16.51	%
2020		60,308		13.60		13.60		820		0.67	%		1.35	%		1.35	%		18.45	%		18.45	%
2019		80,614		11.49		11.49		926		1.00	%		1.35	%		1.35	%		27.31	%		27.31	%
2018		79,762		9.02		9.02		720		1.19	%		1.35	%		1.35	%		(8.12	)%		(8.12	)%
Janus Henderson Overseas Portfolio
2022		14,756		29.10		30.51		420		1.55	%		1.20	%		1.77	%		(9.92	)%		(10.43	)%
2021		16,002		32.30		34.07		506		1.05	%		1.20	%		1.77	%		11.30	%		11.94	%
2020		16,868		27.95		30.61		477		1.06	%		1.20	%		2.42	%		13.99	%		14.64	%
2019		17,932		24.44		26.85		443		1.83	%		1.20	%		2.42	%		24.48	%		25.20	%
2018		19,500		19.57		21.57		386		1.72	%		1.20	%		1.77	%		(16.63	)%		(16.15	)%
MFS® Utilities Series
2022		5,082		58.12		48.86		285		2.40	%		1.20	%		2.37	%		(0.44	)%		(1.60	)%
2021		5,406		58.38		49.66		306		1.68	%		1.20	%		2.37	%		11.42	%		12.73	%
2020		5,947		44.57		56.65		301		2.21	%		1.20	%		2.42	%		3.42	%		4.64	%
2019		6,638		43.09		54.27		326		4.13	%		1.20	%		2.42	%		22.14	%		23.58	%
2018		7,326		35.28		44.03		292		1.14	%		1.20	%		2.37	%		(1.32	)%		(0.15	)%
PIMCO Global Bond Opportunities Portfolio (Unhedged)
2022		6,645		18.31		13.22		115		1.39	%		1.20	%		1.77	%		(12.06	)%		(12.56	)%
2021		8,654		20.82		15.12		169		4.55	%		1.20	%		1.77	%		(5.84	)%		(5.30	)%
2020		12,308		16.06		21.98		254		2.41	%		1.20	%		2.42	%		8.18	%		8.80	%
2019		13,148		14.84		20.20		249		2.44	%		1.20	%		2.42	%		4.26	%		4.86	%
2018		13,725		14.24		19.27		248		5.46	%		1.20	%		1.77	%		(5.88	)%		(5.34	)%
ProFund VP Bear
2022		15,099		0.94		0.72		13		0.00	%		1.20	%		1.45	%		15.72	%		15.43	%
2021		15,638		0.82		0.62		11		0.00	%		1.20	%		1.45	%		(25.71	)%		(25.53	)%
2020		15,926		0.84		1.10		16		0.50	%		1.20	%		2.42	%		(26.69	)%		(26.50	)%
2019		15,927		1.15		1.49		21		0.10	%		1.20	%		2.42	%		(24.06	)%		(23.87	)%
2018		15,927		1.51		1.96		28		0.00	%		1.20	%		1.45	%		2.55	%		2.81	%

54

	As of December 31								For the period ended December 31
Subaccount	Units (000’s)		Unit Fair Value Corresponding to the Lowest and Highest Expense Ratios				Net Assets (000’s)		Investment Income Ratio (a)			Expense Ratio (b)						Total Return (c) Corresponding to the Lowest and Highest Expense Ratios
			Low (d)		High (d)							Low (d)			High (d)			Low (d)			High (d)
ProFund VP Rising Rates Opportunity
2022		3,432	$	1.65	$	1.76	$	6		0.00	%		1.20	%		1.45	%		56.59	%		56.20	%
2021		3,956		1.05		1.13		4		0.00	%		1.20	%		1.45	%		(1.51	)%		(1.26	)%
2020		4,747		1.07		1.22		5		0.64	%		1.20	%		2.42	%		(27.76	)%		(27.57	)%
2019		4,853		1.47		1.69		8		0.17	%		1.20	%		2.42	%		(18.60	)%		(18.40	)%
2018		5,892		1.80		2.07		11		0.00	%		1.20	%		1.45	%		2.65	%		2.91	%
ProFund VP Ultrabull
2022		10,114		53.83		44.94		547		0.00	%		1.20	%		2.37	%		(39.85	)%		(40.55	)%
2021		10,211		89.49		75.59		920		0.00	%		1.20	%		2.37	%		54.44	%		56.26	%
2020		10,803		48.95		60.43		622		0.76	%		1.20	%		2.42	%		17.02	%		18.40	%
2019		13,141		41.83		51.17		634		0.27	%		1.20	%		2.42	%		56.42	%		58.26	%
2018		16,119		26.74		32.41		484		0.00	%		1.20	%		2.37	%		(17.50	)%		(16.52	)%

^(a) These ratios represent the dividends received by the Subaccount, excluding distributions of both long-term and short-term capital gains, divided by the average net assets. These ratios exclude expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Subaccount is affected by the timing of the declaration of dividends by the underlying mutual fund in which the Subaccounts invest.

^(b) These ratios represent the annualized Contract expenses of the respective Subaccounts of the Separate Account, consisting primarily of mortality and expense risk fees, for each period indicated. These ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to Contract owner accounts through the redemption of units and expenses of the underlying mutual fund are excluded.

^(c) These amounts represent the total return for the periods indicated, are not annualized, include changes in the value of the underlying mutual fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses addressed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented.

^(d) Only one figure is shown when the lowest expense ratio is equal to the highest expense ratio.

55

7. SUBSEQUENT EVENTS

The Separate Account has evaluated the effects of events subsequent to December 31, 2022, and through the date at which the financial statements were available to be issued. All accounting and disclosure requirements related to subsequent events are included in our financial statements.

56

 

MONY Life Insurance Company

Statutory Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2022 and 2021

Statutory Statements of Operations, Changes in Capital and Surplus, and Cash Flow for Each of the Years in the Three-Year Period Ended December 31, 2022

Supplemental Schedules as of and for the years ended December 31, 2022, 2021, 2020

Independent Auditors’ Report

The Board of Directors
MONY Life Insurance Company:

Opinions

We have audited the statutory financial statements of MONY Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, and capital and surplus as of December 31, 2022 and 2021, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2022, and the related notes to the statutory financial statements.

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying statutory financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2022 in accordance with accounting practices prescribed or permitted by the New York State Department of Financial Services described in Notes 1 and 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

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

Basis for Opinions

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

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

As described in Notes 1 and 2 to the statutory financial statements, the statutory financial statements are prepared by the Company using accounting practices prescribed or permitted by the New York State Department of Financial Services, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the statutory financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles. The effects on the statutory financial statements of the variances between the statutory accounting practices described in Note 2 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material and pervasive.

1

Responsibilities of Management for the Statutory Financial Statements

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

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

Auditors’ Responsibilities for the Audit of the Statutory Financial Statements

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

In performing an audit in accordance with GAAS, we:

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

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

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

● Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory 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.

2

Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the statutory financial statements as a whole. The supplementary information included in the supplemental Schedule I Summary of Investments - Other Than Investments in Related Parties and Schedule IV Reinsurance is presented for purposes of additional analysis and is not a required part of the statutory financial statements but is supplementary information required by the Securities and Exchange Commission’s Regulation S-X. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the statutory financial statements. The information has been subjected to the auditing procedures applied in the audits of the statutory financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the statutory financial statements or to the statutory financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the information is fairly stated in all material respects in relation to the statutory financial statements as a whole.

/s/ KPMG LLP

Birmingham, Alabama
March 29, 2023

3

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS

(Statutory Basis)

	December 31
	2022		2021
	($ in thousands, except share amounts)
Bonds (fair value: 2022 - $4,184,404; 2021 - $5,657,743)	$	4,965,705	$	5,041,489
Preferred stocks (fair value: 2022 - $10,469; 2021 - $14,600)		10,469		14,600
Common stocks-unaffiliated (cost: 2022 - $4,110; 2021 - $4,459)		6,818		4,012
Mortgage loans on real estate		291,899		371,219
Contract loans		557,480		580,865
Cash		57,446		15,523
Cash equivalents		35,047		86,635
Other invested assets		160,613		160,624
Receivable for securities		287		277
Total cash and investments		6,085,764		6,275,244
Amounts recoverable from reinsurers		2,570		2,155
Deferred and uncollected premiums		28,891		29,155
Investment income due and accrued		62,584		64,106
Current federal and foreign income tax recoverable		2,293		—
Deferred tax asset		37,751		42,349
Other assets		8,093		8,361
Assets held in Separate Accounts		131,696		176,202
Total admitted assets	$	6,359,642	$	6,597,572

(Continued)

4

MONY LIFE INSURANCE COMPANY

STATEMENTS OF ADMITTED ASSETS, LIABILITIES, AND CAPITAL AND SURPLUS

(Statutory Basis)

	December 31
	2022			2021
	($ in thousands, except share amounts)
Aggregate reserves:
Life policies and contracts	$	5,419,888		$	5,540,669
Accident and health		5,164			5,527
Liability for deposit-type contracts		230,829			238,056
Policy and contract claims:
Life		53,448			77,688
Accident and health		277			295
Other policyholders' funds and policy and contract liabilities		70,292			83,355
Interest maintenance reserve (IMR)		25,414			33,399
General expenses due or accrued		31			23
Transfers to (from) Separate Accounts due or accrued, net		(208	)		1,256
Taxes, licenses and fees due or accrued		3,402			3,208
Current federal and foreign income taxes		—			1,776
Remittances and items not allocated		6,900			2,685
Borrowed money and interest thereon		—			43,126
Asset valuation reserve (AVR)		40,358			36,763
Payable to parent, subsidiaries, and affiliates		3,326			1,951
Other liabilities		17,984			17,049
Liabilities held in Separate Accounts		131,694			176,197
Total liabilities		6,008,799			6,263,023
Capital and surplus:
Common stock, $1.00 par value; 2,500,000 shares authorized, issued and outstanding		2,500			2,500
Gross paid-in and contributed surplus		325,988			325,988
Group contingency life reserve		225			275
Unassigned funds - surplus		22,130			5,786
Total capital and surplus		350,843			334,549
Total liabilities and capital and surplus	$	6,359,642		$	6,597,572

See Notes to the Financial Statements (Statutory Basis).

5

MONY LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS

(Statutory Basis)

	Years Ended December 31
	2022			2021			2020
	($ in thousands)
Revenue:
Premiums and annuity considerations	$	179,250		$	190,096		$	197,843
Net investment income		236,461			245,213			263,379
Considerations for supplementary contracts with life contingencies		300			550			2,640
Commissions and expense allowances on reinsurance ceded		1,153			1,344			1,471
Amortization of interest maintenance reserve		8,071			5,665			3,081
Net loss from operations from Separate Accounts		(4	)		(6	)		(9	)
Reserve adjustments on reinsurance ceded		(100	)		(5	)		(298	)
Other income		3,130			5,275			4,736
Total revenue		428,261			448,132			472,843
Benefits and expenses:
Death and annuity benefits		254,353			275,008			289,788
Accident and health benefits		4,286			4,688			4,638
Surrender benefits and other fund withdrawals		160,304			175,167			226,830
Other policy and contract benefits		12,646			11,432			12,820
Decrease in aggregate reserves		(121,144	)		(123,975	)		(177,534	)
Commissions and commission expense allowances		3,196			3,644			4,007
General expenses		14,512			12,624			15,050
Insurance taxes, licenses, and fees		3,692			3,694			4,189
Transfers from Separate Accounts, net		(7,595	)		(13,088	)		(15,073	)
Other expenses		(1,183	)		1,081			4,035
Total benefits and expenses		323,067			350,275			368,750
Net income (loss) from operations before dividends to policyholders and federal income taxes		105,194			97,857			104,093
Dividends to policyholders		60,842			82,460			80,757
Federal income tax expense (benefit)		1,245			(2,871	)		(645	)
Net income (loss) from operations		43,107			18,268			23,981
Net realized capital gains (losses) (less $649, $5,931, and $84 of capital gains tax (benefit) in 2022, 2021, and 2020, respectively, and excluding $86, $23,551, and $(113) transferred to the IMR in 2022, 2021 and 2020, respectively)		346			2,697			(16,497	)
Net income (loss)	$	43,453		$	20,965		$	7,484

See Notes to the Financial Statements (Statutory Basis).

6

MONY LIFE INSURANCE COMPANY

STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS

(Statutory Basis)

	($ in thousands)
Capital and surplus, December 31, 2019	$	389,522
Net income		7,484
Change in nonadmitted assets		3,605
Change in liability for reinsurance in unauthorized and certified companies		(2	)
Change in reserve on account of change in valuation basis		901
Change in asset valuation reserve		8,296
Change in net deferred income tax		(359	)
Dividend to parent		(38,000	)
Capital and surplus, December 31, 2020	$	371,447
Net income		20,965
Change in net unrealized capital gains and losses, less capital gains tax of $(130)		(487	)
Change in nonadmitted assets		(948	)
Change in liability for reinsurance in unauthorized and certified companies		2
Change in asset valuation reserve		(7,579	)
Change in net deferred income tax		(6,012	)
Change in surplus notes		(1,091	)
Dividend to parent		(37,000	)
Prior period adjustment		(4,748	)
Capital and surplus, December 31, 2021	$	334,549
Net income		43,453
Change in net unrealized capital gains and losses, less capital gains tax of $(205)		(771	)
Change in nonadmitted assets		8,794
Change in asset valuation reserve		(3,595	)
Change in net deferred income tax		(10,303	)
Dividend to parent		(18,000	)
Prior period adjustment		(3,284	)
Capital and surplus, December 31, 2022	$	350,843

See Notes to the Financial Statements (Statutory Basis).

7

MONY LIFE INSURANCE COMPANY 

STATEMENTS OF CASH FLOW

(Statutory Basis)

	Years Ended December 31
	2022			2021			2020
	($ in thousands)
Cash from operations
Premiums and annuity considerations	$	179,856		$	190,907		$	203,449
Net investment income		238,012			254,326			264,016
Miscellaneous income		4,100			6,601			6,176
Benefit and loss payments		(455,861	)		(474,557	)		(513,536	)
Net transfers from Separate Accounts		6,131			14,518			15,195
Commissions, expenses paid and miscellaneous		(19,202	)		(21,602	)		(23,941	)
Dividends paid to policyholders		(78,285	)		(83,812	)		(87,242	)
Federal income taxes		(5,963	)		1,256			976
Net cash from operations		(131,212	)		(112,363	)		(134,907	)
Cash from investments
Proceeds from investments sold, matured or repaid:
Bonds		223,236			1,094,623			651,108
Stocks		1,252			893			33,862
Mortgage loans		86,079			18,444			7,253
Net losses on cash, cash equivalents, and short-term investments		—			2			—
Derivatives and other miscellaneous proceeds		—			—			159
Total investment proceeds		310,567			1,113,962			692,381
Cost of investments acquired:
Bonds		(144,585	)		(977,908	)		(437,316	)
Stocks		—			(167	)		(423	)
Mortgage loans		(7,250	)		(44,350	)		(46,340	)
Other invested assets		—			(17,319	)		(26,900	)
Derivatives and other miscellaneous applications		(10	)		(12	)		—
Total investments acquired		(151,845	)		(1,039,756	)		(510,979	)
Net change in contract loans		23,369			38,554			45,657
Net cash from investments		182,091			112,760			227,059
Cash from financing and miscellaneous sources
Cash provided (applied):
Surplus notes		—			(1,091	)		—
Borrowed funds		(43,126	)		32,274			10,851
Net deposits on deposit-type contract funds		(7,742	)		(9,492	)		(7,852	)
Dividends to parent		(18,000	)		(37,000	)		(38,000	)
Other cash provided (applied), net		8,324			(1,880	)		2,329
Net cash from financing and miscellaneous sources		(60,544	)		(17,189	)		(32,672	)
Net change in cash, cash equivalents, and short-term investments		(9,665	)		(16,792	)		59,480
Cash, cash equivalents, and short-term investments, beginning of year		102,158			118,950			59,470
Cash, cash equivalents, and short-term investments, end of year	$	92,493		$	102,158		$	118,950
Non-cash transactions
Non-cash exchange of securities (Investments)	$	6,061		$	26,402		$	100,311
Non-cash change in retained asset account (Operations)		515			2,652			1,609
Non-cash change in reinsurance loss contingency reserve (Operations)		1,337			389			3,649

See Notes to the Financial Statements (Statutory Basis).

8

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

1.         General

Basis of Presentation – The statutory basis financial statements of MONY Life Insurance Company (the “Company”) have been prepared in conformity with accounting practices prescribed or permitted by the New York State Department of Financial Services (the “Department”). The Company is a stock, legal reserve, life, and accident and health insurer.

All outstanding shares of the Company's common stock are owned by Protective Life Insurance Company (“PLICO”), a life insurance company domiciled in the State of Tennessee. PLICO is a wholly owned subsidiary of Protective Life Corporation (“PLC”), an insurance holding company domiciled in the State of Delaware. PLC was a wholly-owned subsidiary of Dai-ichi Life Holdings, Inc. (“Dai-ichi Life”), a kabushiki kaisha organized under the laws of Japan. Effective January 1, 2023, PLC became a wholly owned subsidiary of Dai-ichi Life International Holding, LLC, a godo kaisha organized under the laws of Japan and subsidiary of Dai-ichi Life (“Dai-ichi Life International”), upon the transfer of all of the outstanding shares of the Company’s common stock from Dai-ichi Life to Dai-ichi Life International. Dai-ichi Life remains the ultimate controlling parent corporation of PLC. Other affiliated insurers include Golden Gate Captive Insurance Company, Protective Property & Casualty Insurance Company, Protective Life and Annuity Insurance Company, and West Coast Life Insurance Company.

The Department recognizes only statutory practices prescribed or permitted by the State of New York for determining and reporting the financial condition and results of operations of an insurance company, and for determining its solvency under New York Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual, effective January 1, 2001 (“NAIC SAP”), has been adopted as a component of prescribed or permitted practices by the State of New York. The State of New York has adopted certain prescribed accounting practices that differ from those found in the NAIC SAP, none of which had a material impact on the Company’s Statements of Admitted Assets, Liabilities, and Capital and Surplus as of December 31, 2022 and 2021, or Statements of Operations for each of the years in the three-year period ended December 31, 2022. 

The Company had no permitted practices as of December 31, 2022 and 2021 or for each of the years in the three-year period ended December 31, 2022. 

The preparation of financial statements in conformity with NAIC SAP requires management to make various estimates that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, as well as the reported amounts of revenues and expenses. Actual results could differ from those estimates.

The Company elected to use rounding in reporting amounts throughout the statutory financial statements and in the accompanying notes to the statutory financial statements (collectively, the “statements”) and therefore summation of amounts and consistency between related amounts within the statements may be impacted by immaterial amounts.

Acquisition of the Company by PLICO on October 1, 2013 – PLICO purchased the Company on October 1, 2013. The Company was previously owned by AXA Equitable Financial Services, LLC (“AEFS”), a wholly-owned subsidiary of AXA Financial, Inc. (“AXA”). Pursuant to the master agreement (the “Master Agreement”) dated April 11, 2013 with AXA and AEFS, PLICO acquired the stock of the Company from AEFS.

9

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Nature of Operations – The Company previously offered a broad portfolio of life insurance products consisting primarily of variable life and interest-sensitive life insurance products (including group universal life insurance), in addition to a whole life and a variety of term life insurance products. The Company also offered a variety of annuity products, such as variable annuities, fixed deferred annuities and payout annuities. As part of the acquisition by PLICO, the Company no longer writes new business, but continues to service existing business.

The operating results of companies in the insurance industry have historically been subject to significant fluctuations due to competition, economic conditions, interest rates, investment performance, maintenance of insurance ratings, inflation, and other factors.

Summary of Significant Accounting Policies – The Company uses the following significant accounting policies:

Cash and Investments

Investments are stated at values determined by methodologies prescribed by the NAIC. Bonds not backed by other loans are stated at amortized cost using the interest method, except for bonds with a NAIC designation of 6 which are carried at the lower of amortized cost or fair value. For bonds carried at fair value, the difference between cost and fair value is reflected in “Change in net unrealized capital gains and losses” in unassigned funds.

Loan-backed bonds and structured securities stated at amortized cost utilize anticipated prepayments to determine the effective yield at purchase. The majority of prepayment assumptions for loan-backed bonds and structured securities are obtained from Bloomberg; other sources are broker-dealer surveys, trustee information, and internal estimates. These assumptions are consistent with current interest rates and the economic environment. Changes in the timing of estimated future cash flows from the original purchase assumptions are accounted for using the retrospective method.

Bond and preferred stock fair values are obtained from a nationally recognized pricing service. The Company uses quotes obtained from brokers and internally developed pricing models to price those bonds that are not priced by this service.

Redeemable preferred stocks are stated at amortized cost or fair value, depending on the assigned credit ratings. Perpetual preferred stocks are stated at fair value, not to exceed any currently effective call price. For preferred stocks at fair value, the difference between cost and fair value is reflected in “Change in net unrealized capital gains and losses” in unassigned funds.

Common stocks are generally stated at a fair value obtained from a nationally recognized pricing service.

Mortgage loans on real estate are stated at the aggregate unpaid principal balance. Book value adjustments are made for other-than-temporary declines. Temporary declines in value are reflected in net unrealized capital gains and losses in unassigned funds.

Contract loans are carried at the unpaid principal balances. The excess of the unpaid contract loan balance over the cash surrender value, if any, is nonadmitted and reflected as an adjustment to unassigned funds. Interest is capitalized on the anniversary date.

10

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Cash includes all demand deposits reduced by the amount of outstanding checks and drafts. The Company has deposits with certain financial institutions which exceed federally insured limits; however, total deposits are maintained within the bank-specific deposit level guidelines established by the Investments Policy Committee (IPC). The Company reviews the creditworthiness of these financial institutions and believes there is minimal risk of material loss.

Short-term investments are stated at amortized cost, which the Company believes approximates fair value. The short-term investment category includes those investments whose maturities at the time of acquisition were one year or less. Money market mutual funds are classified as cash equivalents with measurement at fair value.

The Company’s investments in surplus notes with an NAIC Credit Rating Providers (“NAIC CRP”) designation of NAIC 1 or NAIC 2 are reported at amortized cost. Surplus notes held with no NAIC CRP designation, or with a designation of NAIC 3, 4, 5, or 6, are carried at the lesser of amortized cost or fair value. Investments in surplus notes are reported as “Other invested assets”.

Receivables and payables for securities represent balances outstanding with brokers related to purchase and sale transactions. These balances are cleared as amounts are received or paid.

Investment income is recorded when earned.

Realized gains and losses on the sale or maturity of investments are determined on the basis of specific identification and are included in the Statements of Operations on the trade date, net of the amount transferred to the IMR and net of applicable federal income taxes. The Company analyzes various factors to determine if any specific other-than-temporary asset impairments exist. Once a determination has been made that a specific other-than-temporary impairment (“OTTI”) exists, a realized loss is incurred and the cost basis of the impaired asset, other than loan-backed and structured securities, is adjusted to its fair value. Impaired loan-backed and structured securities are adjusted to the sum of their discounted future expected cash flows.

Premium Revenue and Related Commissions

Annuity considerations are recognized as revenue when received. Premiums for flexible premiums/universal life policies and single premium credit life are recognized as revenues when collected. Premiums for traditional life insurance products are recognized as revenue when due. Accident and health premiums are earned ratably over the terms of the related insurance contracts.

Considerations for deposit type contracts, which do not have any life contingencies, are recorded directly to the related liability.

Acquisition costs, such as commissions and other costs related to new business, are expensed as incurred.

11

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Policyholders’ Dividends

A portion of the Company’s business has been issued on a participating basis. The amount of policyholders' dividends to be paid is determined annually by the Company’s Board of Directors, and is included in “Dividends to policyholders” shown in the Company’s Statements of Operations. The aggregate amount of policyholders' dividends is related to actual interest, mortality, morbidity and expense experience for the year and to management's judgment as to the appropriate level of statutory capital and surplus to be retained by the Company.

The Company is subject to limitations on the amounts of statutory profits which can be retained with respect to certain classes of individual participating policies that were in force on November 16, 1998 which are not included in the Closed Block (see Note 11) and with respect to participating policies issued subsequent to November 16, 1998. Excess statutory profits, if any, will be distributed over time to such policyholders and are not available to the stockholder of the Company.

Aggregate Reserves for Policies and Contracts

Aggregate reserves for insurance and annuity policies are generally computed under the Commissioners' Reserve Valuation Method and Commissioners' Annuity Reserve Valuation Method, respectively, or otherwise under the net level premium method or comparable method and are subject to reserve adequacy testing.

Benefit reserves are computed using statutory mortality and interest requirements and are generally determined without consideration of future withdrawals. Interest rates used in establishing such reserves for life insurance products ranged from 2.25% to 6.0% in 2022, 2021, and 2020. Interest rates ranged from 0.75% to 11.25%, 0.75% to 11.25%, and 2.0% to 11.5% for annuity and supplementary contract reserves in 2022, 2021, and 2020, respectively.

Pension reserves are generally established at an amount equal to the total experience funds or contract holders’ balances, except for certain funds with unconditional surrender charges, where the reserves are equal to the contract holders’ balances less the applicable surrender charge. Additional reserves for the group and individual annuity contract business are maintained at an amount required to meet New York State formula.

The Company waives deduction of deferred fractional premiums upon death of the insureds and returns any portion of the final premium beyond the month of death. The Company has certain surrender values in excess of the legally computed reserves which are included in “Aggregate reserves: Life policies and contracts” in the Statements of Admitted Assets, Liabilities, and Capital and Surplus.

Substandard policies are valued from basic actuarial principles using the policy’s substandard rating.

As of December 31, 2022 and 2021, the Company had $215.7 million and $234.9 million, respectively, of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the State of New York. Reserves to cover this insurance totaled $4.4 million and $5.1 million net of reinsurance as of December 31, 2022 and 2021, respectively, and are reported in “Aggregate reserves: Life policies and contracts” in the Statements of Admitted Assets, Liabilities, and Capital and Surplus.

The Tabular Interest, the Tabular less actual reserve released, and the Tabular Cost, have been determined by formulas. For the determination of investment earnings on funds not involving life contingencies, for each valuation rate of interest the tabular interest is calculated as one-hundredth of the product of such valuation rate of interest times the mean of the amounts of funds subject to such valuation rate of interest held at the beginning and the end of the year of valuation. The tabular interest on funds not involving life contingencies is generally the interest actually credited or paid on such funds.

12

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Company anticipates investment income as a factor in the premium deficiency calculation, in accordance with Statement of Statutory Accounting Principles (“SSAP”) No. 54, “Individual and Group Accident and Health Contracts.”

Liabilities for losses and loss adjustment expenses for accident and health contracts are estimated by the Company’s valuation actuary using statistical claim development models to develop best estimates or liabilities for medical expense business and using tabular reserves employing mortality/morbidity tables and discount rates specified by regulatory authorities for disability income business.

Policy and Contract Claims

Policy and contract claims include provisions for reported life, accident and health claims in process of settlement, valued in accordance with the terms of the related policies and contracts, as well as provisions for claims incurred but not reported based primarily on prior experience of the Company. As such amounts are necessarily estimates, the ultimate liability may differ from the amount recorded and will be reflected in the results of operations when additional information becomes known.

Asset Valuation Reserve (“AVR”) and Interest Maintenance Reserve (“IMR”)

The Company established certain reserves as required by NAIC SAP. The AVR is based upon a statutory formula as prescribed by the NAIC to provide a standardized reserve for realized and unrealized losses from default and/or equity risks associated with all invested assets, excluding cash, contract loans, premium notes, collateral loans, and investment receivables. Realized gains and losses related to fixed maturity investments resulting from changes in credit quality and capital gains and losses related to all other investments, net of applicable federal income taxes, are reflected in the calculation of AVR. Unrealized gains and losses, net of applicable deferred federal income taxes, are also reflected in the calculation. Changes in AVR are charged or credited directly to unassigned funds.

The IMR captures realized gains and losses, net of applicable federal income taxes, from the sale of certain investments. The portion of these realized gains and losses resulting from changes in the general level of interest rates is not recognized currently but is amortized into income over the approximate remaining life of the investment sold.

Federal Income Taxes

The provision for federal income taxes is computed in accordance with those sections of the Internal Revenue Code applicable to life insurance companies. Deferred income taxes are provided based upon the expected future impact of differences between the financial statement and tax basis of assets and liabilities. The admission of gross deferred income tax assets is subject to various limitations as specified by NAIC SAP. Changes in deferred tax assets and liabilities are recognized as a separate component of unassigned funds.

13

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Reinsurance

In the normal course of business, the Company seeks to limit aggregate and single exposure to losses on large risks by purchasing reinsurance from other reinsurers. Amounts recoverable from reinsurers related to paid policy claims are included in “Amounts recoverable from reinsurers” and insurance liabilities are reported net of reinsurance recoverables in the Statements of Admitted Assets, Liabilities, and Capital and Surplus. Receivables and payables from the same reinsurer, including funds withheld, are generally offset. For reserve credits taken related to reinsurers considered to be unauthorized by the Department, the Company must obtain letters of credit, funds withheld, or other forms of collateral in amounts at least equal to reserve credits. To the extent such collateral is not obtained, the Company must record a liability for reinsurance in unauthorized companies.

Reinsurance premiums ceded and reinsurance recoveries on policy claims are netted against the respective “Premiums and annuity considerations” and “Death and annuity benefits” in the Statements of Operations. Revenues from commissions and expense allowances on reinsurance ceded are recognized in the period in which the transaction occurs and recorded in “Commissions and expense allowances on reinsurance ceded” in the Statements of Operations.

The Company remains liable with respect to ceded insurance should any reinsurer fail to meet the obligations it assumed. The Company evaluates the financial condition of its reinsurers and monitors the associated concentration of credit risk.

Separate Accounts

The majority of securities in the Company’s Separate Accounts consist of mutual funds valued at fair value. All other publicly traded bonds and stocks are also valued at fair value. Direct placement bonds are stated at fair value, as determined by the Company or third-party appraisers. Short-term investments held in money market Separate Accounts are stated at fair value regardless of the length of maturity. Short-term investments held in all other Separate Accounts with remaining maturity at acquisition of (i) sixty days or less are stated at amortized cost, which the Company believes when combined with accrued income, approximates fair value; or (ii) more than sixty days are stated at fair value. Investments in shares of variable insurance trusts are stated at fair value, which reflects the net asset value of the various portfolios. Net asset values are based upon market or fair values of the securities held in each of the corresponding portfolios of the funds. Please refer to Note 15 for further information regarding the Company’s Separate Accounts.

2.          Statutory and Generally Accepted Accounting Principles Differences

Accounting practices prescribed or permitted by the Department vary in some respects from accounting principles generally accepted in the United States of America (“GAAP”). A summary of significant statutory accounting practices (“SAP”) and their difference to GAAP, is as follows:

1. The costs related to acquiring business, principally commissions and certain policy issue expenses, are charged to operations in the year incurred and thus are not amortized over the period benefited, whereas premiums are taken into revenue over the premium paying period of the related policies. Under GAAP, acquisition costs on successful efforts are capitalized and charged to operations as the revenues or expected gross profits are recognized;

14

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

2. Deposits to universal life contracts, investment contracts and limited payment contracts are credited to revenue. Under GAAP, these items are accounted for as deposits on the balance sheet and do not flow through the income statement;

3. Under SAP rules that precede Principles Based Reserves (“PBR”), policy reserves for future policy benefits are actuarially computed in accordance with certain state statutes and administrative regulations including reserve bases appropriate for life, accident and health, and annuity products. These liabilities are computed using statutory actuarial tables which do not allow for modification based on the Company’s experience. Under PBR, company experience is utilized in setting certain assumptions for the scenario-based reserves for life and annuity products as defined under NAIC Valuation Manual 20, “Requirements for Principle-Based Reserves for Life Products” (“VM-20”) and NAIC Valuation Manual 21, “Requirements for Principal-Based Reserves for Variable Annuities” (“VM-21”). Aggregate statutory reserves are shown net of the credit taken for reinsurance. Under GAAP, reserves for life-contingent annuity and traditional life insurance products are based on the present value of future benefits less the present value of future net premiums based on mortality, lapse, and other assumptions, which were appropriate at the time the policies were issued or acquired. Reserves for non-life-contingent annuity and universal life insurance products are recognized by establishing a liability equal to the current account value of the policyholders’ contracts, with an additional reserve for certain guaranteed benefits. Aggregate reserves are shown gross with an offsetting reinsurance recoverable;

4. Certain assets must be included in the statutory financial statements at “admitted asset value” and “nonadmitted assets” must be excluded through a charge against surplus. No such reduction of asset values is required under GAAP;

5. Bonds and redeemable preferred stocks are generally stated at amortized cost and perpetual preferred stocks are stated at fair value. For bonds and preferred stocks stated at fair value, the difference between cost and fair value is reflected in “Change in net unrealized capital gains and losses” in unassigned funds. Under GAAP, bonds and preferred stocks, other than those classified as held to maturity, are stated at fair value with changes recorded in accumulated other comprehensive income (loss) in the balance sheet if classified as available-for-sale securities or in the income statement if classified as trading securities;

6. Certain assets and liabilities are reported net of ceded reinsurance balances, which is not permitted by GAAP;

7. Realized capital gains and losses are reflected net of transfers to IMR and federal income tax in the Statements of Operations. Under GAAP realized capital gains and losses are reflected on a gross basis in the Income Statement as the IMR concept does not exist in GAAP;

8. Deferred federal income tax is provided based upon the expected future impact of differences between the financial statement and tax basis of assets and liabilities. The admission of gross deferred income taxes is subject to various limitations as specified by NAIC SAP. Under GAAP, gross deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the assets will not be realized. In addition, changes in deferred tax assets and liabilities are recognized as a separate component of unassigned funds, while under GAAP, these changes are included in income tax expense or benefit in the Income Statement;

15

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

9. The AVR is reported as a liability rather than as a reduction in investments and is charged directly to surplus. No such reserve is required under GAAP;

10. The IMR is reported as a liability and the amortization of the IMR is reported in the revenue section of the Statements of Operations. No such reserve is required under GAAP;

11. The Statements of Cash Flow are presented in the required statutory format which differs in certain respects from the presentation required by GAAP, including the presentation of the changes in cash, cash equivalents and short-term investments instead of cash and cash equivalents. Short-term investments include securities with maturities of one year or less at the time of acquisition. SAP requires no reconciliation between net income and net cash provided by operating activities as required by GAAP;

12. The change in the unrealized gains or losses on certain investments is recorded as an increase or decrease in statutory surplus under SAP. Under GAAP, such unrealized gains and losses are recorded as a component of comprehensive income (loss);

13. Any premiums due that are not yet paid, and premiums paid on other than an annual basis, are included in premiums deferred and uncollected on the Statements of Admitted Assets, Liabilities, and Capital and Surplus. On a GAAP basis, deferred premiums are netted against policy reserves and are generally calculated as a component of gross premiums;

14. For reserve credits taken related to reinsurers considered “unauthorized” by the Department, the Company must obtain letters of credit, funds withheld or other forms of collateral in amounts at least equal to the reserve credits. To the extent such collateral is not obtained, the Company must record a liability for reinsurance in unauthorized companies with a charge to unassigned funds. No such liability is recorded for GAAP;

15. Market value adjusted annuities are included in the Company’s general account for GAAP purposes, but are included in Separate Accounts on a statutory basis;

16. Goodwill of entities acquired is recorded at the parent level for NAIC SAP and amortized. Under GAAP, goodwill is recorded at the subsidiary level at cost and tested for impairment using a fair value methodology at least annually;

17. Under SAP, surplus notes are reported as equity rather than as a liability for GAAP; and

18. Acquisitions and reinsurance transactions can be subject to different accounting treatments due to differences in risk transfer and business combination assessments. Certain acquisitions of inforce business are accounted for as reinsurance pursuant to Statutory guidelines but are subject to Purchase GAAP accounting (“PGAAP”) guidelines for GAAP reporting purposes due to their qualification as a business combination.

The differences between NAIC SAP and GAAP have not been quantified as of December 31, 2022 and 2021 or for each of the years in the three-year period ended December 31, 2022; however, the differences are presumed to be material.

16

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

3.         Accounting Changes and Prior Period Adjustments

Accounting Changes

The NAIC Statutory Accounting Principles Working Group adopted revisions to SSAP No. 86 “Derivatives”. These revisions provide for more consistency between SAP and U.S. GAAP with respect to the assessment of effective hedge relationships and introduce additional guidance for the application of certain hedging methods. The revisions are effective January 1, 2023. The revised guidance will not impact the Company’s financial position or results of operations.

Effective January 1, 2021, the Company adopted revisions to SSAP No. 32, “Preferred Stock” (“SSAP No. 32R”), which refined definitions of preferred stock categories and updated accounting guidance for certain categories of preferred stock. Under the revised guidance in SSAP No. 32R, all perpetual preferred stocks shall be reported at fair value, not to exceed any currently effective call price. The adoption of these revisions did not have a material effect on the Company’s financial statements.

Effective January 1, 2021, the Company adopted revisions to SSAP No.106, “Affordable Care Act Section 9010 Assessment” (“SSAP No. 106R”) which relate to the repeal by Congress of the Affordable Care Act Section 9010 Assessment, also known as the health insurer’s tax (HIT). The adoption of these revisions had no effect on the Company’s financial statements.

As of January 1, 2020, VM-21 replaced Actuarial Guideline 43 (AG43) for the valuation of statutory reserves for variable annuities. The cumulative net impact of this regulation change was a $0.9 million decrease in reserves. The change was recorded directly in “Unassigned funds – surplus” as a “Change in reserve on account of change in valuation basis”. The financial statement impact of this change was to decrease “Aggregate reserves: Life policies and contracts” and increase both “Change in reserve on account of change in valuation basis”, and “Unassigned funds - surplus” by $0.9 million. In accordance with the provisions of SSAP No. 3, “Accounting Changes and Corrections of Errors” (“SSAP No. 3”), the $0.9 million cumulative effect represents the January 1, 2020 impact of the change.

Effective January 1, 2020, the Company adopted SSAP No. 108, “Derivative Hedging Variable Annuity Guarantees” (“SSAP No. 108”), which prescribes guidance for derivatives that hedge interest rate risk of variable annuity guarantees reserved under VM-21. The guidance in SSAP No. 108 is not currently applicable to the Company’s derivatives, and the adoption had no effect on the Company’s financial statements.

Effective January 1, 2020, the Company adopted revisions to SSAP No. 22. “Leases”, (“SSAP No. 22R”). SSAP No. 22R rejected U.S. GAAP guidance on operating leases, but incorporated, with modification, guidance on sale-leaseback transactions, lessor accounting and leveraged leases for all new leases, and for existing leases reassessed due to a change in terms and conditions. The adoption of these revisions had no effect on the Company’s financial statements.

Effective June 30, 2020, the Company adopted revisions to SSAP No. 105, “Working Capital Finance Investments” (“SSAP No. 105R”), which provided substantive updates to the Working Capital Finance Investments Program requirements. The Company holds no working capital finance investments, and therefore this adoption had no effect on the Company’s financial statements.

17

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Prior Period Adjustments

During the December 31, 2022 statutory filing, the Company identified an error in the process to record an accrual for accumulated interest related to a profit share reinsurance agreement. The Company’s “Other policyholders' funds and policy contract liabilities” was understated by $4.2 million and “Deferred tax asset” understated by $0.9 million as of December 31, 2021. The net effect of these changes was a decrease in “Unassigned funds - surplus” of $3.3 million which was reported as a “Prior period adjustments”. In accordance with the provisions of SSAP No. 3, this amount represents the January 1, 2022 impact of the correction.

For the March 31, 2021 statutory filing, the Company corrected its calculation of disabled life reserves as reported on its December 31, 2020 statutory annual statement. The correction was due to the inadvertent exclusion of certain policies from the reserve calculation as of December 31, 2020. The adjustments related to this correction resulted in an increase to “Aggregate reserves: Life policies and contracts” of $4.6 million and an increase to “Current federal income tax recoverable” of $0.9 million, in addition to an increase in “Deferred tax asset” of $0.1 million, with an offsetting increase in “Deferred tax asset” non-admitted of $0.1 million. The net effect of these changes was a decrease in “Unassigned funds - surplus” of $3.7 million, which was reported as a “Prior period adjustment”. In accordance with the provisions of SSAP No. 3, this change represents the January 1, 2021 impact of the correction.

For the June 30, 2021 statutory filing, the Company corrected its Universal Life (“UL”) policyholder reserve calculation as reported on its December 31, 2020 statutory annual statement. The correction was due to the use of an incorrect UL guaranteed rate in the policyholder reserve calculation. The adjustments related to this correction resulted in an increase to “Aggregate reserves: Life policies and contracts” of $1.1 million and an increase to “Current federal income tax recoverable” of $0.1 million, in addition to an increase in “Deferred tax asset” of $0.1 million, with an offsetting increase in “Deferred tax asset” non-admitted of $0.1 million. The net effect of these changes was a decrease to “Unassigned funds - surplus” of $1.0 million which was reported as a “Prior period adjustment”. In accordance with the provisions of SSAP No. 3, this change represents the January 1, 2021 impact of the correction.

18

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

4.         Investments

Net Investment Income

Net investment income consists of the following:

	For The Years Ended December 31
	2022		2021			2020
	($ in thousands)
Bonds	$	199,062	$	208,741		$	223,366
Stocks		827		821			1,957
Mortgage loans		16,531		15,747			14,039
Cash, cash equivalents, and short-term investments		1,239		53			451
Contract loans		31,840		34,009			37,623
Other invested assets		6,969		6,902			6,084
Miscellaneous investment income		134		(1	)		1
Total investment income		256,602		266,272			283,521
Less: Investment expenses		20,141		21,059			20,142
Net investment income	$	236,461	$	245,213		$	263,379

Due and accrued income is excluded from investment income on the following basis:

Mortgage loans -	Income is excluded on loans delinquent more than 90 days. For loans less than 90 days delinquent, interest is accrued unless it is determined that the accrued interest is not collectible.
Bonds -	When the Company determines collection of interest to be uncertain or interest is 90 days past due, the accrual of interest is discontinued.

No amounts were excluded from investment income due and accrued as of December 31, 2022 and 2021.

Realized Gains and Losses

Realized investment gains (losses) are summarized as follows:

	For The Years Ended December 31
	2022		2021			2020
	($ in thousands)
Bonds	$	178	$	31,906		$	6,682
Preferred stocks		—		—			(2,105	)
Common stocks (unaffiliated)		903		272			—
Cash, cash equivalents, and short-term investments		—		2			—
Other investments		—		(1	)		(1	)
Other-than-temporary impairments		—		—			(21,102	)
Less:
Amount transferred to interest maintenance reserve		86		23,551			(113	)
Federal income tax expense		649		5,931			84
Net realized investment gains (losses)	$	346	$	2,697		$	(16,497	)

19

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Proceeds from the sales of investments in bonds and stocks during 2022, 2021, and 2020 were $63.7 million, $681.7 million and $229.0 million, respectively. The Company realized gross gains of $1.1 million, $32.2 million, and $6.7 million on those sales for the years ended 2022, 2021, and 2020, respectively. Gross losses of $0, less than $0.1 million, and $2.1 million were realized on those sales for the years ended December 31, 2022, 2021, and 2020, respectively.

Unrealized Gains and Losses

The change in net unrealized capital gains and losses included in unassigned funds is as follows:

	For The Years Ended December 31
	2022			2021			2020
	($ in thousands)
Preferred stocks	$	(4,130	)	$	(170	)	$	—
Common stocks (unaffiliated)		3,154			(447	)		—
Less:
Federal income tax expense (benefit)		(205	)		(130	)		—
Total change in net unrealized capital gains and losses	$	(771	)	$	(487	)	$	—

Bonds and Preferred Stocks

Statement values in the following tables for 2021 are presented on a gross basis and do not reflect the nonadmission of $2.2 million of bonds at December 31, 2021, related to repurchase agreement collateral requirements.

The statement value and estimated fair value of the Company's bond and preferred stock investments as of December 31 are as follows:

	Statement Value		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
2022	($ in thousands)
Bonds:
US Government	$	11,014	$	—	$	(502	)	$	10,512
US states, territories, and possessions		3,861		85		—			3,946
US political subdivision		19,377		663		—			20,040
US special revenue & special assessment		151,857		962		(17,143	)		135,676
Industrial and miscellaneous		4,076,845		7,730		(641,207	)		3,443,368
Total bonds, excluding loan-backed and structured securities		4,262,954		9,440		(658,852	)		3,613,542
Loan-backed and structured securities:
Residential mortgage-backed securities		484,878		159		(104,436	)		380,601
Commercial mortgage-backed securities		217,873		—		(27,612	)		190,261
Total loan-backed and structured securities		702,751		159		(132,048	)		570,862
Total bonds		4,965,705		9,599		(790,900	)		4,184,404
Preferred stocks		10,469		—		—			10,469
Total bonds and preferred stocks	$	4,976,174	$	9,599	$	(790,900	)	$	4,194,873

20

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

	Statement Value		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
2021	($ in thousands)
Bonds:
US Government	$	8,049	$	84	$	(53	)	$	8,080
Other governments		26,160		7,500		—			33,660
US states, territories, and possessions		5,028		638		—			5,666
US political subdivision		20,641		4,795		—			25,436
US special revenue & special assessment		150,079		22,723		(683	)		172,119
Industrial and miscellaneous		4,124,393		588,809		(18,417	)		4,694,785
Total bonds, excluding loan-backed and structured securities		4,334,350		624,549		(19,153	)		4,939,746
Loan-backed and structured securities:
Residential mortgage-backed securities		490,957		5,435		(4,483	)		491,909
Commercial mortgage-backed securities		218,397		8,064		(373	)		226,088
Total loan-backed and structured securities		709,354		13,499		(4,856	)		717,997
Total bonds		5,043,704		638,048		(24,009	)		5,657,743
Preferred stocks		14,600		—		—			14,600
Total bonds and preferred stocks	$	5,058,304	$	638,048	$	(24,009	)	$	5,672,343

The statement value and estimated fair value of bonds as of December 31, 2022, by expected maturity, is shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay certain of these obligations.

	Statement Value		Estimated Fair Value
	($ in thousands)
Bonds, excluding loan-backed and structured securities:
Due in 1 year or less	$	191,824	$	190,691
Due after 1 year through 5 years		270,414		255,869
Due after 5 years through 10 years		677,073		576,827
Due after 10 years		3,123,643		2,590,155
Total bonds, excluding loan-backed and structured securities		4,262,954		3,613,542
Total loan-backed and structured securities		702,751		570,862
Total bonds	$	4,965,705	$	4,184,404

The statement value and estimated fair value of bonds as of December 31, 2021, by expected maturity, is shown below.

	Statement Value		Estimated Fair Value
	($ in thousands)
Bonds, excluding loan-backed and structured securities:
Due in 1 year or less	$	72,072	$	73,066
Due after 1 year through 5 years		449,116		468,207
Due after 5 years through 10 years		619,436		644,180
Due after 10 years		3,193,726		3,754,293
Total bonds, excluding loan-backed and structured securities		4,334,350		4,939,746
Total loan-backed and structured securities		709,354		717,997
Total bonds	$	5,043,704	$	5,657,743

21

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Company’s investment gross unrealized losses and estimated fair values, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31 are as follows:

	Less Than 12 Months					12 Months or More					Total
	Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss
2022	($ in thousands)
Bonds:
US Government	$	7,093	$	(117	)	$	3,419	$	(385	)	$	10,512	$	(502	)
US special revenue & special assessment		90,361		(11,027	)		11,285		(6,116	)		101,646		(17,143	)
Industrial and miscellaneous		2,877,424		(498,351	)		405,532		(142,856	)		3,282,956		(641,207	)
Total bonds, excluding loan-backed and structured securities		2,974,878		(509,495	)		420,236		(149,357	)		3,395,114		(658,852	)
Loan-backed and structured securities:
Residential mortgage-backed securities		273,440		(69,654	)		91,028		(34,782	)		364,468		(104,436	)
Commercial mortgage-backed securities		173,301		(24,661	)		16,961		(2,951	)		190,262		(27,612	)
Total loan-backed and structured securities		446,741		(94,315	)		107,989		(37,733	)		554,730		(132,048	)
Total bonds	$	3,421,619	$	(603,810	)	$	528,225	$	(187,090	)	$	3,949,844	$	(790,900	)

	Less Than 12 Months					12 Months or More					Total
	Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss			Estimated Fair Value		Gross Unrealized Loss
2021	($ in thousands)
Bonds:
US Government	$	3,766	$	(53	)	$	—	$	—		$	3,766	$	(53	)
US special revenue & special assessment		21,753		(683	)		—		—			21,753		(683	)
Industrial and miscellaneous		652,946		(17,903	)		9,826		(514	)		662,772		(18,417	)
Total bonds, excluding loan-backed and structured securities		678,465		(18,639	)		9,826		(514	)		688,291		(19,153	)
Loan-backed and structured securities:
Residential mortgage-backed securities		237,518		(4,483	)		—		—			237,518		(4,483	)
Commercial mortgage-backed securities		19,488		(373	)		—		—			19,488		(373	)
Total loan-backed and structured securities		257,006		(4,856	)		—		—			257,006		(4,856	)
Total bonds	$	935,471	$	(23,495	)	$	9,826	$	(514	)	$	945,297	$	(24,009	)

For securities other than loan-backed securities, the Company generally considers a number of factors in determining whether an impairment is other than temporary (please see the “Loan-backed and Structured Securities” section for information on loan-backed security OTTIs). These include, but are not limited to: 1) actions taken by rating agencies, 2) default by the issuer, 3) the significance of the decline, 4) an assessment of the Company’s intent to sell the security (including a more likely than not assessment of whether the Company will be required to sell the security) before recovering the security's amortized cost, 5) the duration of the decline, 6) an economic analysis of the issuer's industry, and 7) the financial strength, liquidity, and recoverability of the issuer. Management performs a security-by-security review each quarter in evaluating the need for any OTTIs. Although no set formula is used in this process, the investment performance, collateral position, and continued viability of the issuer are significant measures considered. For securities in an unrealized loss position for which an OTTI was not recognized, the Company believes that it will collect all amounts due according to the contractual terms of the securities in effect at the date of acquisition and has the intent and the ability to hold these securities until recovery. The Company recognized $0, $0, and $21.1 million of OTTIs on non-loan-backed securities during 2022, 2021, and 2020, respectively.

22

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Company had securities with a fair value of $528.2 million in an unrealized loss position for greater than twelve months as of December 31, 2022, and the related unrealized loss of $187.1 million pertains primarily to banking, residential mortgage-backed, and healthcare securities. The Company had securities with a fair value of $9.8 million in an unrealized loss position for greater than twelve months as of December 31, 2021, and the related unrealized loss of $0.5 million pertains primarily to healthcare and energy securities. The aggregate decline in fair value of these securities was deemed temporary due to positive factors supporting the recoverability of the respective investments. Positive factors considered included credit ratings, the financial health of the investee, the continued access of the investee to capital markets, and other pertinent information.

There were no individual bonds that exceeded 10% of capital and surplus as of December 31, 2022 and 2021.

As of December 31, 2022 and 2021, bonds and cash having a fair value of $8.3 million and $8.3 million, respectively, were on deposit with various governmental authorities as required by law.

The Company held no securities with a 5GI NAIC rating as of December 31, 2022 and 2021.

Loan-Backed and Structured Securities

For the impairment review of loan-backed and structured securities, the Company employed the retrospective method during the period, basing its assumptions regarding expected maturity dates on market interest rates and overall economic conditions. The information that was used for these assumptions was provided by a nationally recognized, real-time database.

For each of the years in the three-year period ended December 31, 2022, no OTTIs were recorded due to an intent to sell these securities. Also, no such impairments were recorded due to an inability or lack of intent to retain the securities for a period of time sufficient to recover their amortized cost.

For the three-year period ended December 31, 2022, the Company recognized no OTTIs for loan-backed securities.

All impaired securities (fair value is less than cost or amortized cost) for which an OTTI has not been recognized in the Statements of Operations as a realized loss (including securities with a recognized OTTI for non-interest related declines when a non-recognized interest related impairment remains) are as follows as of December 31:

	2022		2021
	($ in thousands)
The aggregate amount of unrealized losses:
Less than 12 months	$	94,315	$	4,856
Twelve months or longer	$	37,733	$	—
The aggregate related fair value of securities with unrealized losses:
Less than 12 months	$	446,741	$	257,006
Twelve months or longer	$	107,989	$	—

23

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

In determining whether a loan-backed security had experienced an OTTI, the Company considered the delinquency (and foreclosure status, if applicable) of the underlying loans or mortgages, the expected recovery value of the underlying collateral (if any) in relation to the current amount of the investment, and the degree to which such losses, based upon the foregoing factors, will first be absorbed by tranches that are subordinate to the Company’s securities.

The Company has no subprime mortgage-related risk exposure.

Repurchase Agreements

For repurchase agreements, the Company initiates short-term (typically less than 30 days) collateralized borrowings whereby cash is received, and securities are posted as collateral. The Company reports the cash proceeds as a liability, and the difference between the cash proceeds and the amount at which the securities are reacquired as interest expense. As of December 31, 2022, the Company had no repurchase agreements outstanding. As of December 31, 2021, the Company had a “Borrowed money” obligation of $43.1 million. The Company has posted $38.8 million (statutory carrying value, prior to nonadmission of $2.2 million of bonds) of its assets as repurchase agreement collateral, which was classified as “Bonds” as of December 31, 2021.

Repurchase Agreements Transactions Accounted for as Secured Borrowing

While the Company anticipates that the cash flows of its operations will be sufficient to meet its investment commitments and operating cash needs in a normal credit market environment, the Company recognizes that investment commitments scheduled to be funded may, from time to time, exceed the funds then available. Therefore, the Company has established repurchase agreement programs to provide liquidity when needed. The Company expects that the rate received on collateral posted will equal or exceed its borrowing rate. Under this program, the Company may, from time to time, sell an investment security at a specific price and agree to repurchase that security at another specified price at a later date. These borrowings are typically for a term less than 90 days. The fair value of securities to be repurchased is monitored and collateral levels are adjusted where appropriate to protect the counterparty against credit exposure. Cash received is invested in fixed maturity securities, and the agreements provided for net settlement in the event of default or on termination of the agreements. Due to the short tenor of the repurchase agreements, the Company would not expect any stress on liquidity to be an issue.

If market deterioration is detected and/or additional sources of liquidity are needed to manage asset/liability mismatches, the Company would draw down short-term investment positions and conserve cash by ceasing new investment activity. The Company also has an intercompany loan agreement set up with the Company’s parent, PLICO, if needed.

The types of repurchase agreement trades used during 2022 are as follows:

	1	2	3	4
	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
Bilateral (Yes/No)	Yes	No	No	No
Tri-Party (Yes/No)	No	No	No	No

24

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The types of repurchase agreement trades used during 2021 are as follows:

	1	2	3	4
	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
Bilateral (Yes/No)	Yes	Yes	No	Yes
Tri-Party (Yes/No)	No	No	No	No

The types of repurchase agreement trades used during 2020 are as follows:

	1	2	3	4
	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
Bilateral (Yes/No)	No	No	No	Yes
Tri-Party (Yes/No)	No	No	No	No

A summary of the maturity time frame and ending balance of repurchase agreement transactions during 2022 is as follows:

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	($ in thousands)
Maximum Amount
Open - No Maturity	$	43,118	$	—	$	—	$	—
Ending Balance
Open - No Maturity	$	—	$	—	$	—	$	—

A summary of the maturity time frame and ending balance of repurchase agreement transactions during 2021 is as follows:

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	($ in thousands)
Maximum Amount
Open - No Maturity	$	—	$	—	$	—	$	43,118
2 Days to 1 Week		—		8,999		—		—
> 1 Week to 1 Month		20,651		—		—		—
Ending Balance
Open - No Maturity	$	—	$	—	$	—	$	43,118

The Company had no securities sold and/or acquired that resulted in default during 2022 and 2021.

25

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

A summary of securities "sold" under repurchase agreement - secured borrowing during 2022 is as follows:

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	($ in thousands)
Maximum Amount
BACV		XXX		XXX		XXX	$	—
Fair Value	$	46,766	$	—	$	—		—
Ending Balance
BACV		XXX		XXX		XXX	$	—
Fair Value	$	—	$	—	$	—		—

A summary of securities "sold" under repurchase agreement - secured borrowing during 2021 is as follows:

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	($ in thousands)
Maximum Amount
BACV		XXX		XXX		XXX	$	38,790
Fair Value	$	21,373	$	9,435	$	—		47,718
Ending Balance
BACV		XXX		XXX		XXX	$	38,790
Fair Value	$	—	$	—	$	—		47,718

As of December 31, 2022, the Company held no securities “sold” under repurchase agreement – secured borrowing.

As of December 31, 2021, the Company held securities “sold” under repurchase agreement – secured borrowing consisting of NAIC 1 bonds with a carrying value of $20.0 million and fair value of $23.0 million, and NAIC 2 bonds with a carrying value of $18.8 million and fair value of $24.7 million. The fair value of nonadmitted bonds was $2.2 million as of December 31, 2021.

The Company had no collateral received - secured borrowing in any of the quarters of 2022.

Details of the collateral received - secured borrowing for the year ended December 31, 2021, is as follows:

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	($ in thousands)
Maximum Amount
Cash	$	20,651	$	8,999	$	—	$	43,118
Ending Balance
Cash	$	—	$	—	$	—	$	43,118

The Company had cash collateral received - secured borrowing of $0 and $43.1 million as of December 31, 2022 and 2021, respectively.

26

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

 The allocation of aggregate collateral by remaining contractual maturity as of December 31 is as follows:

	Fair Value
	2022		2021
	($ in thousands)
Overnight and Continuous	$	—	$	43,118

The Company did not receive any cash collateral that was reinvested in 2022 and 2021.

The Company recognized no liability to return cash collateral in any of the quarters of 2022.

The Company recognized the following liability to return cash collateral for 2021:

	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
	($ in thousands)
Maximum Amount
Cash (Collateral-All)	$	20,651	$	8,999	$	—	$	43,118
Ending Balance
Cash (Collateral-All)	$	—	$	—	$	—	$	43,118

For 2022 and 2021, the Company had no reverse repurchase agreements transactions accounted for as secured borrowing and no repurchase agreements or reverse repurchase agreement transactions accounted for as a sale.

Mortgage Loans

The Company's mortgage loan portfolio was characterized by the following as of December 31:

	Percent of Portfolio
	2022			2021
Retail		32.7	%		34.4	%
Other		26.4			21.4
Apartments		8.7			17.3
Industrial		15.0			14.8
Office		17.2			12.1
Total		100.0	%		100.0	%

27

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Company specializes in making mortgage loans on either credit-oriented or credit-anchored commercial properties, most of which are strip shopping centers in smaller towns and cities. The Company’s mortgage loan portfolio had the following concentrations by location greater than or equal to 5% as of December 31, 2022 and 2021:

	Percent of Portfolio				Percent of Portfolio
State	2022			State	2021
North Carolina		18.1	%	North Carolina		14.6	%
Georgia		14.7		Texas		12.2
Utah		9.0		Georgia		12.0
Alabama		8.2		Illinois		11.0
Michigan		7.2		Alabama		6.7
California		6.1		Michigan		5.9
Texas		5.6		Utah		5.3
Florida		5.2		California		5.0

The minimum and maximum lending rate for commercial mortgage loans originated by the Company during 2022 was 3.375%. The minimum and maximum lending rates for commercial mortgage loans originated by the Company during 2021 were 3.125% and 3.5%, respectively.

The target percentage of any one loan to the value of collateral at the time of the loan, exclusive of insured or guaranteed or purchase money mortgages, is generally 75%. The Company uses this loan-to-value ratio as a credit quality indicator, which is a component of the Company’s ongoing monitoring of the credit risk of its mortgage loan portfolio. The Company also monitors borrower conditions such as payment practices, borrower credit, operating performance, and property conditions, as well as ensuring the timely payment of property taxes and insurance. Through this monitoring process, the Company assesses the risk of each loan. As of December 31, 2022 and 2021, the Company had no mortgage loans that exceeded a 75% loan to value ratio based on the most recent appraisal. For loans the Company held as of December 31, 2022 and 2021, the maximum percentage of any one loan to the value of security at the time of the loan did not exceed 75%.

As of December 31, 2022 and 2021, the Company did not have any mortgages with interest more than 90 days past due.

As of December 31, 2022 and 2021, no taxes and/or assessments had been advanced but not repaid or included in the mortgage loan total.

The Company’s mortgage loans of $291.9 million and $371.2 million as of December 31, 2022 and 2021, respectively, were current.

As of December 31, 2022 and 2021, the Company had no foreclosed properties or impaired loans. The Company reported no valuation allowances on any loans at either December 31, 2022 and 2021. No activity occurred in the allowance for credit losses during 2022, 2021, and 2020.

28

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

On March 27, 2020, H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), was signed into law. Section 4013 of the CARES Act provides additional relief for certain loan modifications made as a result of the COVID-19 pandemic. On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law, which slightly modified and extended the original CARES Act through January 1, 2022. In conjunction with the Consolidated Appropriations Act, the NAIC Statutory Accounting Principles Working Group extended certain limited time exceptions in INT 20-03 and INT 20-07, which align with the provisions of the CARES Act, as amended, and provide relief from the requirement to assess certain loan modifications as troubled debt restructurings or more than minor modifications for certain loans modified in response to COVID-19. In consideration of this guidance, the Company has provided certain relief to certain of its commercial loan borrowers via its COVID-19 Commercial Mortgage Loan Program (the “Loan Modification Program”). The provisions of INT 20-03 and 20-07 expired on January 2, 2022. As of December 31, 2021, the Company had a total of 7 loans with $134.6 million in unpaid principal balance under the Loan Modification Program. The modifications under this program may include agreements to defer principal payments only or to defer principal and interest payments for a specified period of time. None of these modifications were considered troubled debt restructurings.

The Company did not restructure any debt during 2022 and 2021.

Common Stock-Federal Home Loan Bank (“FHLB”) Agreements

The Company is a member of the FHLB of New York. Through its membership, the Company may receive cash advances as a result of issuing funding agreements to and entering repurchase agreements with the FHLB of New York. The Company had no advances outstanding as of December 31, 2022 and 2021.

The Company uses funds obtained from the funding agreements in an investment spread strategy, consistent with its other investment spread operations. The Company applies SSAP No. 52, “Deposit-Type Contracts” accounting treatment to the funding agreements, consistent with its other deposit-type contracts. It is not part of the Company’s strategy to utilize these funds for operations, and any funds obtained from the FHLB of New York for use in general operations would be accounted for consistently with SSAP No. 15, “Debt and Holding Company Obligations”.

Amounts received under repurchase agreements are accounted for pursuant to SSAP No. 103R, “Transfers and Servicing of Financial Assets and Extinguishments of Liabilities”.

The Company’s FHLB stock was classified as “Membership stock – Class B” and was not eligible for redemption. All of the FHLB stock was held in the General Account and totaled $1.4 million and $1.6 million as of December 31, 2022 and 2021, respectively.

Restricted Assets

The Company had the following restricted assets, all within the General Account, as of December 31:

Restricted Asset Category	2022		2021		Increase/ (Decrease)			% of Admitted Assets
	($ in thousands)
Subject to Repurchase agreements	$	—	$	36,575	$	(36,575	)		—	%
Federal home loan bank capital stock		1,351		1,557		(206	)		0.02	%
On deposit with states		8,365		7,631		734			0.13	%
Total restricted assets	$	9,716	$	45,763	$	(36,047	)		0.15	%

29

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Wash Sales

In the normal course of the Company’s investment management, securities can be sold and reacquired within 30 days. This practice is known as wash sales. The Company did not record any wash sales for the years ended December 31, 2022, 2021, and 2020.

5.          Income Taxes

The Company is included in the consolidated federal income tax return of PLC and its subsidiaries. The method of allocation of current income taxes between the affiliates is subject to a written agreement under which the Company incurs a liability to PLC to the extent that a separate return calculation indicates that the Company has a federal income tax liability. If the Company has an income tax benefit, the benefit is recorded currently to the extent that it can be carried back against prior years’ separate company income tax expense. Any amount not carried back is carried forward on a separate company basis. Income taxes recoverable (payable) are recorded in the federal income taxes receivable (payable) account and are settled periodically, per the tax sharing agreement.

30

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The components of the net deferred tax asset/(deferred tax liability) (“DTA”/(“DTL”)) as of December 31 are as follows:

	12/31/2022						12/31/2021						Change
	(1)		(2)		(3)		(4)		(5)		(6)		(7)			(8)		(9)
1.	Ordinary		Capital		(Col 1+2) Total		Ordinary		Capital		(Col 4+5) Total		Ordinary			Capital		(Col 7+8) Total
	($ in thousands)
(a) Gross Deferred Tax Assets	$	94,833	$	4,051	$	98,884	$	104,738	$	3,892	$	108,630	$	(9,905	)	$	159	$	(9,746	)
(b) Statutory Valuation Allowance Adjustments		—		—		—		—		—		—		—			—		—
(c) Adjusted Gross Deferred Tax Assets (1a - 1b)		94,833		4,051		98,884		104,738		3,892		108,630		(9,905	)		159		(9,746	)
(d) Deferred Tax Assets Nonadmitted		51,677		—		51,677		56,304		—		56,304		(4,627	)		—		(4,627	)
(e) Subtotal Net Admitted Deferred Tax Asset) (1c-1d)		43,156		4,051		47,207		48,434		3,892		52,326		(5,278	)		159		(5,119	)
(f) Deferred Tax Liabilities		9,456		—		9,456		9,977		—		9,977		(521	)		—		(521	)
(g) Net Admitted Deferred Tax Asset/(Net Deferred Tax Liability) (1e-1f)	$	33,700	$	4,051	$	37,751	$	38,457	$	3,892	$	42,349	$	(4,757	)	$	159	$	(4,598	)

	12/31/2022						12/31/2021						Change
	(1)		(2)		(3)		(4)		(5)		(6)		(7)			(8)			(9)
2.	Ordinary		Capital		(Col 1+2) Total		Ordinary		Capital		(Col 4+5) Total		Ordinary			Capital			(Col 7+8) Total
	($ in thousands)
Admission Calculation Components - SSAP No. 101
(a) Federal Income Taxes Paid in Prior Years Recoverable Through Loss Carryback	$	—	$	3,535	$	3,535	$	—	$	3,892	$	3,892	$	—		$	(357	)	$	(357	)
(b) Adjusted Gross Deferred Tax Assets Expected to be Realized (Excluding The Amount of Deferred Tax Assets from 2(a) above) After Application of the Threshold Limitation (The Lesser of 2(b)(1) and 2(b)2 Below)		33,700		516		34,216		38,457		—		38,457		(4,757	)		516			(4,241	)
1) Adjusted Gross Deferred Tax Assets Expected to be Realized Following the Balance Sheet Date		33,700		—		33,700		38,457		—		38,457		(4,757	)		—			(4,757	)
2) Adjusted Gross Deferred Tax Assets Allowed per Limitation Threshold		XXX		XXX		46,964		XXX		XXX		43,830		XXX			XXX			3,134
(c) Adjusted Gross Deferred Tax Assets (Excluding The Amount of Deferred Tax Assets From 2(a) and 2(b) above) Offset by Gross Deferred Tax Liabilities		9,456		—		9,456		9,977		—		9,977		(521	)		—			(521	)
(d) Deferred Tax Assets Admitted as the result of Application of SSAP No. 101. Total 2(a) +2(b) +2(c)	$	43,156	$	4,051	$	47,207	$	48,434	$	3,892	$	52,326	$	(5,278	)	$	159		$	(5,119	)

31

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

	2022			2021
	($ in thousands)
(a) Ratio Percentage Used To Determine Recovery Period And Threshold Limitation Amount		673	%		782	%
(b) Amount Of Adjusted Capital And Surplus Used To Determine Recovery Period And Threshold Limitation In 2(b)2 Above.	$	386,854		$	369,228

	12/31/2022						12/31/2021						Change
	(1) Ordinary			(2) Capital			(3) Ordinary			(4) Capital			(5) (Col 1-3) Ordinary			(6) (Col 2-4) Capital
	($ in thousands)
Impact of Tax Planning Strategies
(a) Determination of Adjusted Gross Deferred Tax Assets and Net Admitted Deferred Tax assets, By Tax Character as a Percentage
1. Adjusted Gross DTA Amount From Note 9A1(c)	$	94,833		$	4,051		$	104,738		$	3,892		$	(9,905	)	$	159
2. Percentage of Adjusted Gross DTAs By Tax Character Attributable to the Impact of Tax Planning Strategies		—	%		100	%		—	%		100	%		—	%		—	%
3. Net Admitted Adjusted Gross DTA Amount From Note 9A1(e)	$	43,156		$	4,051		$	48,434		$	3,892		$	(5,278	)	$	159
4. Percentage of Net Admitted Adjusted Gross DTAs by Tax Character Admitted Because of the Impact of Tax Planning Strategies		—	%		100	%		—	%		100	%		—	%		—	%
Does the Company’s tax-planning strategies include the use of reinsurance								Yes						No		X

The Company has no DTLs that are not recognized.

32

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Current income taxes incurred consist of the following major components:

1.	(1) 2022		(2) 2021			(3) (Col 1-2) Change
	($ in thousands)
(a) Federal	$	1,245	$	(2,871	)	$	4,116
(b) Foreign		—		—			—
(c) Subtotal  (1a+1b)		1,245		(2,871	)		4,116
(d) Federal income tax on capital gains		649		5,931			(5,282	)
(e) Utilization of capital loss carryforwards		—		—			—
(f) Other		—		—			—
(g) Federal and foreign income taxes incurred (+1c+1d+1e+1f)	$	1,894	$	3,060		$	(1,166	)

1.	(1) 2021			(2) 2020			(3) (Col 1-2) Change
	($ in thousands)
(a) Federal	$	(2,871	)	$	(645	)	$	(2,226	)
(b) Foreign		—			—			—
(c) Subtotal  (1a+1b)		(2,871	)		(645	)		(2,226	)
(d) Federal income tax on capital gains		5,931			84			5,847
(e) Utilization of capital loss carryforwards		—			—			—
(f) Other		—			—			—
(g) Federal and foreign income taxes incurred (+1c+1d+1e+1f)	$	3,060		$	(561	)	$	3,621

33

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

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

2. Deferred Tax Assets	(1) 12/31/2022		(2) 12/31/2021		(3) (Col 1-2) Change
	($ in thousands)
(a) Ordinary:
(1)     Discounting of unpaid losses	$	—	$	—	$	—
(2)     Unearned premium reserve		—		—		—
(3)     Policyholder reserves		14,685		15,646		(961	)
(4)     Investments		—		—		—
(5)     Deferred acquisition costs		26,230		26,066		164
(6)     Policyholder dividends accrual		14,030		16,911		(2,881	)
(7)     Fixed assets		—		—		—
(8)     Compensation and benefits accrual		36,717		42,537		(5,820	)
(9)     Pension accrual		—		—		—
(10)   Receivables - nonadmitted		3,171		3,578		(407	)
(11)   Net operating loss carryforward		—		—		—
(12)   Tax credit carryforward		—		—		—
(13)   Other		—		—		—
(99)   Subtotal (sum of 2a1 through 2a13)		94,833		104,738		(9,905	)
(b) Statutory valuation allowance adjustment		—		—		—
(c) Nonadmitted		51,677		56,304		(4,627	)
(d) Admitted ordinary deferred tax assets (2a99-2b-2c)		43,156		48,434		(5,278	)
(e) Capital:
(1)    Investments		4,051		3,892		159
(2)    Net capital loss carryforward		—		—		—
(3)    Real estate		—		—		—
(4)    Other		—		—		—
(99)  Subtotal (2e1+2e2+2e3+2e4)		4,051		3,892		159
(f) Statutory valuation allowance adjustment		—		—		—
(g) Nonadmitted		—		—		—
(h) Admitted capital deferred tax assets (2e99-2f-2g)		4,051		3,892		159
(i) Admitted deferred tax assets (2d+2h)	$	47,207	$	52,326	$	(5,119	)

34

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

3. Deferred Tax Liabilities	(1) 12/31/2022		(2) 12/31/2021		(3) (Col 1-2) Change
	($ in thousands)
(a) Ordinary
(1)    Investments	$	1,187	$	879	$	308
(2)    Fixed assets		—		—		—
(3)    Deferred and uncollected premium		6,067		6,123		(56	)
(4)    Policyholder reserves		2,149		2,910		(761	)
(5)    Other		53		65		(12	)
(99)   Subtotal (3a1+3a2+3a3+3a4+3a5)		9,456		9,977		(521	)
(b) Capital:
(1)    Investments		—		—		—
(2)    Real estate		—		—		—
(3)    Other		—		—		—
(99)  Subtotal (3b1+3b2+3b3)		—		—		—
(c) Deferred tax liabilities (3a99+3b99)	$	9,456	$	9,977	$	(521	)
4. Net deferred tax assets/liabilities (2i-3c)	$	37,751	$	42,349	$	(4,599	)

The change in net deferred income taxes as of December 31 is comprised of the following (this analysis is exclusive of nonadmitted assets as the change in nonadmitted assets is reported separately from the change in net deferred income tax in the Statements of Changes in Capital and Surplus):

	(1) 12/31/2022		(2) 12/31/2021		(3) (Col 1-2) Change
	($ in thousands)
Adjusted gross deferred tax assets	$	98,884	$	108,630	$	(9,746	)
Total deferred tax liabilities		9,456		9,977		(521	)
Net deferred tax assets (liabilities)	$	89,428	$	98,653		(9,225	)
Tax effect of unrealized gains/(losses)						205
Tax effect of prior period corrections through surplus						873
Change in net deferred income tax					$	(10,303	)

35

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

	(1) 12/31/2021		(2) 12/31/2020		(3) (Col 1-2) Change
	($ in thousands)
Adjusted gross deferred tax assets	$	108,630	$	116,410	$	(7,780	)
Total deferred tax liabilities		9,977		12,083		(2,106	)
Net deferred tax assets (liabilities)	$	98,653	$	104,327		(5,674	)
Tax effect of unrealized gains/(losses)						130
Tax effect of prior period corrections through surplus						208
Change in net deferred income tax					$	(6,012	)

On August 16, 2022, H.R. 5376, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. In general, beginning in 2023, it imposes a 15% Corporate Alternative Minimum Tax (“CAMT”) on U.S. corporations if their average annual financial statement pre-tax income exceeds $1 billion. When applicable, this criterion includes such income of a U.S. corporation’s foreign parent. The Company expects to meet this criterion and may be liable for this new tax in the future. The income tax related impacts of the IRA are not material to the Company’s financial statements for the period ended December 31, 2022.

36

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The provision for federal and foreign income taxes incurred is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference at December 31 are as follows:

	2022			Effective Tax Rate (%)			2021			Effective Tax Rate (%)			2020			Effective Tax Rate (%)
	($ in thousands)
Provision computed at statutory rate	$	9,314			21.0	%	$	3,233			21.0	%	$	4,901			21.0	%
Tax on STAT capital gains (losses)		227			0.5			6,758			43.9			(3,470	)		(14.9	)
Amortization of IMR		(1,695	)		(3.8	)		(1,190	)		(7.7	)		(647	)		(2.8	)
Change in nonadmitted assets		875			1.9			(601	)		(4.0	)		384			1.6
Nondeductible expense		(20	)		—			29			0.2			7			—
Tax-exempt income deduction		(67	)		(0.2	)		(73	)		(0.5	)		(169	)		(0.7	)
Dividends received deduction		(66	)		(0.1	)		(143	)		(0.9	)		(195	)		(0.8	)
Prior year deferred tax true-up		3,467			7.8			1,707			11.1			(827	)		(3.5	)
Prior year current tax true-up		180			0.4			(628	)		(4.1	)		(231	)		(1.0	)
Foreign tax credit		(18	)		—			(20	)		(0.1	)		(19	)		(0.1	)
Rate differential on carryback of net operating loss		—			—			—			—			(125	)		(0.5	)
STAT reserve change through surplus		—			—			—			—			189			0.8
Total	$	12,197			27.5	%	$	9,072			58.9	%	$	(202	)		(0.9	)%
Federal and foreign income taxes incurred	$	1,245			2.8	%	$	(2,871	)		(18.6	)%	$	(645	)		(2.8	)%
Tax on capital gains/(losses)		649			1.5			5,931			38.5			84			0.4
Change in net deferred income taxes charge/(benefit)		10,303			23.2			6,012			39.0			359			1.5
Total statutory income taxes	$	12,197			27.5	%	$	9,072			58.9	%	$	(202	)		(0.9	)%

As of December 31, 2022, the Company had no operating loss and no capital loss carryforwards available to offset future net income subject to federal income taxes.

The Company incurred the following income taxes in the current year and preceding years that would be available for recoupment in the event of future net losses:

	Ordinary		Capital		Total
	($ in thousands)
2020	$	—	$	—	$	—
2021		—		2,886		2,886
2022		—		649		649
Total	$	—	$	3,535	$	3,535

The Company had no deposits admitted under Section 6603 of the Internal Revenue Code as of December 31, 2022 or 2021.

The Company had no state transferable tax credits at December 31, 2022 or 2021.

37

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Company's federal income tax return for 2022 will be consolidated with the following entities:

A.U.L. Corp.	PIPCO Reinsurance Company, Ltd.
Asset Protection Financial, Inc.	Protective Administrative Services, Inc.
Atlas Peak Insurance Company, Ltd.	Protective Asset Protection, Inc.
AUL Insurance Agency, Inc.	Protective Finance Corporation
Chesterfield International Reinsurance Limited	Protective Finance Corporation II
Concourse Financial Group Agency, Inc.	Protective Finance Corporation IV
Concourse Financial Group Securities, Inc.	Protective Life and Annuity Insurance Company
D.R.G., Inc.	Protective Life Corporation
Dealer Services Reinsurance, Ltd.	Protective Life Insurance Company
Empower Financial Resources, Inc.	Protective Property & Casualty Insurance Company
First Protection Company	Protective Real Estate Holdings, Inc.
First Protection Corporation	The Advantage Warranty Corporation
First Protection Corporation of Florida	United States Warranty Corp.
Golden Gate Captive Insurance Company	USWC Holding Company
Interstate Administrative Services, Inc.	USWC Installment Program, Inc.
Interstate National Corporation	Warranty Business Services Corporation
Interstate National Dealer Services of Florida, Inc.	Warranty Direct, Inc.
Interstate National Dealer Services, Inc.	Warranty Topco, Inc.
Investment Distributors, Inc.	West Coast Life Insurance Company
LASAS Technologies, Inc.	Western Diversified Services, Inc.
National Warranty Corp.	Western General Dealer Services, Inc.
New World Re	Western General Warranty Corporation
New World Warranty Corp.	Wisconsin A.U.L., Inc.

The Company does not have any federal income tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

6.          Information Concerning Parent, Subsidiaries and Affiliates

The Company received no capital contributions in 2022, 2021, and 2020.

During the fourth quarter of 2022, the Company paid an ordinary dividend in the amount of $18.0 million to its parent, PLICO, During the fourth quarter of 2021, the Company paid an ordinary dividend in the amount of $37.0 million to PLICO, During the fourth quarter of 2020, the Company paid an ordinary dividend in the amount of $38.0 million to PLICO.

The Company has no employees. The Company routinely receives from or pays to affiliates under the control of PLC reimbursements for expenses incurred on one another’s behalf. Receivables and payables among affiliates are generally settled monthly. As of December 31, 2022 and 2021, the Company had intercompany payables of $3.3 million and $2.0 million, respectively.

There are no guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the Company’s or any affiliated insurer’s assets to liability, other than insurance contracts entered into in the ordinary course of business.

PLC and certain subsidiaries have contracts with affiliates under which investment, legal and data processing services are supplied on a fee basis and other managerial and administrative services are supplied on a shared cost basis. In addition, the affiliates have a joint contract relating to allocation of costs for services performed by employees of one affiliate for another. The Company paid $33.4 million, $32.6 million, and $34.4 million for expenses associated with these agreements for the years ended December 31, 2022, 2021, and 2020, respectively.

38

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Company entered into an agreement with PLICO in 2014 in which a loan can be given to or received from PLICO subject to certain limitations as described in the agreement. The Company had no loaned or borrowed amounts under this agreement as of December 31, 2022 and 2021.

7.          Capital and Surplus, Shareholder’s Dividend Restrictions

The Company has 2,500,000 common stock shares authorized, issued, and outstanding. All shares are owned by PLICO as of December 31, 2022 and 2021.

Under the insurance regulations of New York, the maximum amount of dividends which can be paid by New York insurance companies without the prior approval of the Superintendent is subject to certain restrictions. The Company, as a domestic stock life insurance company of the State of New York, may distribute without prior approval from, or notification provided to the Superintendent, a dividend to its stockholder where the aggregate amount of such dividends in any calendar year does not exceed the lesser of: ten percent of its surplus to policyholders as of the immediately preceding calendar year; or its net gain from operations for the immediately preceding calendar year, not including realized capital gains. Additionally, the Company may distribute without prior approval from the Superintendent, dividends to its stockholder out of earned surplus where the aggregate amount of such dividends in any calendar year does not exceed the greater of: ten percent of its surplus to policyholders as of the immediately preceding calendar year; or its net gain from operations for the immediately preceding calendar year, not including realized capital gains, provided that the dividend is reported to the Superintendent within five days following the dividend declaration, and at least ten days prior to the dividend payment, and that such payment is reasonable in relation to the Company’s outstanding liabilities and ability to meet its financial needs. Payment of dividends exceeding the greater of ten percent of its surplus to policyholders as of the immediately preceding calendar year, or its net gain from operations for the immediately preceding calendar year, not including realized capital gains, requires the insurer to file notice of its intent to declare such dividends with the Superintendent who then has 30 days to disapprove the distribution. The Company is eligible to pay dividends of $35.0 million during 2023 without receiving permission from, or providing notification to, the Superintendent prior to dividend declaration or payment.

The Company had cumulative unrealized gains (losses) of $(1.6) million and $(617) thousand as of December 31, 2022 and 2021, respectively.

The portion of unassigned funds reduced for nonadmitted assets was $66.8 million and $75.6 million as of December 31, 2022 and 2021, respectively.

On August 15, 1994, the Company completed the sale of $125 million of 30-year Surplus Notes. Effective September 19, 2021, the Company, with prior approval from the Department, redeemed the remaining outstanding Surplus Notes principal of $1.9 million in accordance with the terms of the Surplus Notes. The carrying value of the Surplus Notes was $1.1 million at September 19, 2021, resulting in a loss on retirement of $0.8 million recognized in miscellaneous expense.

39

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

During 2014, the Company received permission from the Department to restate its “Gross paid-in and contributed surplus” and “Unassigned funds - surplus” under a quasi-reorganization pursuant to SSAP No. 72, “Surplus and Quasi-Reorganizations”. The effective date of this quasi-reorganization was January 1, 2014. For the years ended December 31, 2022 and 2021, there was no effect on the Company’s financial statements from this quasi-reorganization.

The NAIC's risk-based capital requirements require insurance companies to calculate and report information under a risk-based capital formula. These requirements are intended to allow insurance regulators to identify inadequately capitalized insurance companies based upon the types and mixtures of risk inherent in the insurer's operations. The formula includes components for asset risk, liability risk, interest rate exposure, and other factors. The Company was adequately capitalized under the formula at December 31, 2022 and 2021.

8.          Liabilities, Contingencies and Assessments

The Company has not entered into any contingent commitments or guarantees. The Company did not recognize any gain contingencies during the three-year period ended December 31, 2022.

The Company paid no claims in the reporting period to settle claims-related extra contractual obligations or bad faith claims stemming from lawsuits during 2022, 2021, and 2020.

Scottish Re (U.S.), Inc. ("SRUS") was placed in rehabilitation on March 6, 2019 by the State of Delaware. Under the related order, the Insurance Commissioner of the State of Delaware has been appointed the receiver of SRUS (the “Receiver”) and provided with authority to conduct and continue the business of SRUS in the interest of its cedents, creditors, and stockholder. The order was accompanied by an injunction requiring the continued payment of reinsurance premiums to SRUS and temporarily prohibiting cedents, including the Company, from offsetting premiums payable against receivables from SRUS. On June 20, 2019, the Delaware Court of Chancery (the “Court”) entered an order approving a Revised Offset Plan, which allows cedents, including the Company, to offset premiums under certain circumstances.

A proposed Rehabilitation Plan (“Original Rehabilitation Plan”) was filed by the Receiver on June 30, 2020. The Original Rehabilitation Plan presents the following two options to each cedent: 1) remain in business with SRUS and be governed by the Rehabilitation Plan, or 2) recapture business ceded to SRUS. Due to SRUS’s financial status, neither option would pay 100% of the Company’s outstanding claims. The Original Rehabilitation Plan would impose certain financial terms and conditions on the cedents based on the election made, the type of business ceded, the manner in which the business is collateralized, and the amount of losses sustained by the cedent. On October 9, 2020, the Receiver filed a proposed order setting forth a schedule to present the Original Rehabilitation Plan for Court approval, which order contemplated possible modifications to the Rehabilitation Plan to be filed with the Court by March 16, 2021. The Court approved the order. On March 16, 2021, the Receiver filed a draft Amended Rehabilitation Plan (“Amended Plan”). The majority of the substance and form of the original Rehabilitation Plan, including its two-option structure described above, remained in place.

For much of 2020 and into early 2021, a group of interested parties collectively requested certain information and financial data from the Receiver that would allow them to more fully evaluate first the Original Rehabilitation Plan and then the Amended Plan. This group also had a number of conversations with counsel for the Receiver regarding concerns over the Plan. On June 30, 2022, the Receiver filed a motion seeking approval of a Modified Plan, along with a number of financial disclosure documents, including a liquidation analysis. While there are significant changes proposed in the Modified Plan (as compared to the Original Rehabilitation Plan and the Amended Plan), much of the economic substance (including not paying claims in full) of the Original/Amended Rehabilitation Plan are included in the Modified Plan.

40

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Court provided a framework to be followed by the Receiver to seek formal approval of the Rehabilitation Plan. This framework included filing the motion specifically seeking that relief and supporting that motion with the disclosure document containing the information that the Receiver believes is sufficient to enable parties to evaluate whether to object. In response to that document, interested parties (those with standing) may file objections and seek discovery. On October 24, 2022, a number of interested parties filed objections to the Modified Plan. After discovery, the parties will brief the issues and an evidentiary hearing on the Rehabilitation Plan will follow. A tentative timeline, beginning in August 2022, has been set, although given the inherent delays associated with the case, the tentative timeline is likely to be extended.

As of December 31, 2022, the Company had outstanding claim reserves from SRUS of $0.5 million, including a recoverable of $0.5 million. In addition, the Company had a statutory reserve credit of $3.3 million at December 31, 2022. As of December 31, 2022, the Company accrued a loss contingency reserve of $1.9 million under SSAP No. 5R, “Liabilities, Contingencies, and Impairment of Assets” with respect to amounts receivable from SRUS for ceded claims and reserves. As of December 31, 2021, the Company had outstanding claims recoverable of $0.2 million and a statutory reserve credit of $3.8 million. As of December 31, 2021, the Company accrued a loss contingency reserve of $3.3 million under SSAP No. 5R, “Liabilities, Contingencies, and Impairment of Assets” (“SSAP No. 5R”) with respect to amounts receivable from SRUS for ceded claims and reserves. The Company continues to monitor SRUS and the actions of the receiver through discussions with legal counsel and review of publicly available information. As of December 31, 2022, management does not believe that the ultimate outcome of the rehabilitation process will have a material impact on the Company’s financial position or results of operations.

A number of judgments have been returned against insurers, broker dealers and other providers of financial services involving, among other things, sales, underwriting practices, product design, product disclosure, administration, denial or delay of benefits, benefit payment methods, charging excessive or impermissible fees, recommending unsuitable products to customers, breaching fiduciary or other duties to customers, refund or claims practices, alleged agent misconduct, failure to properly supervise representatives, relationships with agents or persons with whom the insurer does business, payment of sales and other contingent commissions, and other matters. Often these legal proceedings have resulted in the award of substantial judgments that are disproportionate to actual damages, including material amounts of punitive and non-economic compensatory damages. In some states, juries, judges, and arbitrators have substantial discretion in awarding punitive non-economic compensatory damages which creates the potential for unpredictable material adverse judgments or awards in any given legal proceeding. Arbitration awards are subject to very limited appellate review. In addition, in some legal proceedings, companies have made material settlement payments. In some instances, substantial judgments may be the result of a party’s perceived ability to satisfy such judgments as opposed to the facts and circumstances regarding the claims made.

The Company, like other insurance companies, in the ordinary course of business, is involved in legal proceedings. The Company cannot predict the outcome of any legal proceeding, nor can it provide an estimate of the possible loss, or range of loss, that may result from such legal proceeding. However, with respect to such legal proceedings, the Company does not expect that its ultimate liability, if any, will be material to its financial condition.

41

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

As of December 31, 2022 and 2021, the Company had no material lease obligations.

9.          Reinsurance

The Company remains liable with respect to ceded reinsurance should any reinsurer fail to meet the obligations that it assumed. The Company evaluates the financial condition of its reinsurers and monitors the associated concentration of credit risk.

The Company has ceded the following to non-affiliated insurers as of and for the years ended December 31 as follows:

	2022		2021
	($ in thousands)
Life:
Insurance in-force		1,375,001		1,609,866
Policy and claim reserves ceded		63,191		68,408
Policy and claim liabilities ceded		2,059		3,956
Premiums ceded		13,829		13,811
Accident and health:
Policy and claim reserves ceded		153,826		169,881
Policy and claim liabilities ceded		2,712		3,308
Premiums ceded		13,998		15,828

For the year ended December 31, 2020, the Company ceded life premiums of $15.3 million and accident and health premiums of $18.4 million to non-affiliated insurers.

The Company assumed accident and health policy claim liabilities from non-affiliated insurers of $0.2 million and $0.2 million as of December 31, 2022 and 2021, respectively. For the three-year period ended December 31, 2022, the Company assumed no accident and health premiums from non-affiliated insurers.

None of the Company’s reinsurers are owned in excess of 10% or controlled, either directly or indirectly, by the Company or any representative, officer, trustee, or director of the Company. No policies issued by the Company have been reinsured with a company chartered in a country other than the United States (excluding U.S. Branches of such companies) which is owned in excess of 10% or controlled directly or indirectly by an insured, a beneficiary, a creditor of an insured or any other person not primarily engaged in the insurance business.

The Company does not have any reinsurance agreements in effect under which the reinsurer may unilaterally cancel any reinsurance for reasons other than for nonpayment of premium or other similar credits. The Company does not have any reinsurance agreements in effect such that the amount of losses paid or accrued through the statement date may result in a payment to the reinsurer of amounts which, in aggregate and allowing for offset of mutual credits from other reinsurance agreements with the same reinsurer, exceed the total direct premium collected under the reinsured policies.

42

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The Company had no aggregate reductions to surplus for terminations of reinsurance agreements during 2022, 2021, and 2020. No new agreements were executed, or existing agreements amended, during 2022, 2021, and 2020 to include policies or contracts which were in force or which had existing reserves established by the Company as of the effective date of the agreement.

The Company has not written any receivables off as uncollectible. The Company had $2.3 million and $1.8 million, respectively, of non-admitted reinsurance receivables as of December 31, 2022 and 2021.

The Company had no material commutation of ceded reinsurance during the years ended December 31, 2022, 2021, and 2020.

10. Information about Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk

The table below presents a summary of the contractual amounts of off-balance sheet financial instruments as of December 31:

	2022		2021
	($ in thousands)
Commitments to extend mortgage loans	$	15,312	$	7,250

Commitments to extend mortgage loans are agreements to lend to a borrower, provided there is no violation of any condition established in the contract. The Company enters into these agreements to commit to future loan fundings at a predetermined interest rate. Commitments generally have fixed expiration dates or other termination clauses.

For commitments to extend mortgage loans, the amounts presented above do not represent amounts at risk if the counterparty defaults.

The collateral held for commitments to extend mortgage loans is a cash commitment fee, which is forfeited if the counterparty fails to perform.

11.        Closed Block and Participating Policies

During 1998, for policyholder dividend purposes only, the Company established the closed block (the “Closed Block”) of participating business for the exclusive benefit of the policies included therein. Assets were allocated to the Closed Block in an amount that produces cash flows which, together with anticipated revenue from the in-force policies in the Closed Block, are reasonably expected to be sufficient to support the Closed Block including, but not limited to, provisions for payment of claims and surrender benefits, certain expenses and taxes, and to provide for continuation of dividend scales payable in 1998, if the experience underlying such dividend scales continues, and for appropriate adjustments in such scales if the experience changes.

None of the assets held as of December 31, 2022 and 2021, including the revenue therefrom, allocated to the Closed Block or acquired by the Closed Block will revert to the benefit of PLICO as sole stockholder of the Company, or to the Company’s former parent and stockholder. No assets may be reallocated or transferred between the Closed Block and any other portion of PLICO’s General Account or any of its Separate Accounts or any person affiliated with PLICO without the prior approval of the Department. The Closed Block assets and liabilities are carried on the same basis as similar assets and liabilities held in the General Account.

43

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

The 2023 Closed Block dividend scale will reflect a decrease relative to the 2022 and 2021 scales due to a reduction in the dividend interest rate which was approved on October 19, 2022.

Summarized balance sheet information for the Closed Block is as follows:

	For The Years Ended December 31
	2022		2021
	($ in thousands)
Bonds and common stocks	$	3,967,665	$	4,019,504
Mortgage loans on real estate		1,912		65,832
Contract loans		533,998		557,526
Cash and other invested assets		195,918		192,112
Other assets		68,981		70,436
Total Closed Block assets	$	4,768,474	$	4,905,410
Policy reserves & deposit type funds		5,042,047		5,156,557
Other liabilities		119,211		154,738
Total Closed Block liabilities	$	5,161,258	$	5,311,295

For the years ended December 31, 2022, 2021, and 2020, respectively, total closed and open block direct premiums under individual and group insurance participating policies were $154.1 million or 76.3%, $183.3 million or 86.4%, and $209.3 million or 92.6% of direct individual and group premiums earned. The aggregate amount of divisible surplus to be distributed during the year is determined by Company management with due recognition to factors including solvency of the Company, its ability to meet all contractual obligations, and the existence of the Closed Block which was established as part of MONY's Plan of Reorganization effective November 16, 1998. The aggregate divisible surplus is then divided among policyholders in the proportion that their policies are considered to have contributed to divisible surplus. In addition, as specified in MONY's Plan of Reorganization, dividend scales for Closed Block policies are based on changes in the specific experience for this business relative to the experience underlying the 1998 dividend scale. The liability for dividends payable in the following year is included in “Other policyholders' funds and policy and contract liabilities”. The change in this liability is charged or credited to current year operations in “Dividends to policyholders”. Dividends to policyholders were $60.8 million, $82.5 million, and $80.8 million for the years ended December 31, 2022, 2021, and 2020, respectively. The Company has not allocated any additional income to participating policyholders.

44

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

12. Analysis of Annuity Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics

Withdrawal characteristics of annuity actuarial reserves and deposit-type contract liabilities as of December 31, 2022 are as follows:

Individual Annuities:

	General Account			Separate Account with Guarantees		Separate Account Non-guaranteed		Total			% of Total
	($ in thousands)
(1) Subject to discretionary withdrawals
a. With market value adjustments	$	27,817		$	—	$	—	$	27,817			11.7	%
b. At book value less current surrender charge of 5% or more		16			—		—		16			—
c. At fair value		—			—		63,825		63,825			26.8
d. Total with market value adjustment or at fair value (total of a through c)		27,833			—		63,825		91,658			38.5
e. At book value without adjustment (minimal or no charge or adj.)		109,267			—		—		109,267			45.9
(2) Not subject to discretionary withdrawal provision		37,021			—		—		37,021			15.6
(3) Total (gross: direct + assumed)		174,121			—		63,825		237,946			100.0	%
(4) Reinsurance ceded		(327	)		—		—		(327	)
(5) Total (net) (3) - (4)	$	174,448		$	—	$	63,825	$	238,273
(6) Amount included in A(1)b above that will move to A(1)e in the year after the statement date	$	—		$	—	$	—	$	—

Group Annuities:

	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
	($ in thousands)
(1) Subject to discretionary withdrawals
a. With market value adjustments	$	25,067	$	—	$	—	$	25,067		28.1	%
b. At book value less current surrender charge of 5% or more		—		—		—		—		—
c. At fair value		—		—		6,761		6,761		7.6
d. Total with market value adjustment or at fair value (total of a through c)		25,067		—		6,761		31,828		35.7
e. At book value without adjustment (minimal or no charge or adj.)		22,756		141		—		22,896		25.7
(2) Not subject to discretionary withdrawal provision		34,402		—		—		34,402		38.6
(3) Total (gross: direct + assumed)		82,225		141		6,761		89,127		100.0	%
(4) Reinsurance ceded		22,756		—		—		22,756
(5) Total (net) (3) - (4)	$	59,469	$	141	$	6,761	$	66,371
(6) Amount included in B(1)b above that will move to B(1)e in the year after the statement date	$	—	$	—	$	—	$	—

45

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Deposit-type Contracts (no life contingencies):

	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
	($ in thousands)
(1) Subject to discretionary withdrawals
a. With market value adjustments	$	—	$	—	$	—	$	—		—	%
b. At book value less current surrender charge of 5% or more		—		—		—		—		—
c. At fair value		—		—		—		—		—
d. Total with market value adjustment or at fair value (total of a through c)		—		—		—		—		—
e. At book value without adjustment (minimal or no charge or adj.)		230,829		—		—		230,829		100.0
(2) Not subject to discretionary withdrawal provision		—		—		—		—		—
(3) Total (gross: direct + assumed)		230,829		—		—		230,829		100.0	%
(4) Reinsurance ceded		—		—		—		—
(5) Total (net) (3) - (4)	$	230,829	$	—	$	—	$	230,829
(6) Amount included in C(1)b above that will move to C(1)e in the year after the statement date	$	—	$	—	$	—	$	—

Reconciliation of Total Annuity Actuarial Reserves and Deposit Fund Liabilities:

Life & Accident & Health Annual Statement:	($ in thousands)
Exhibit 5, Annuities Section, Total (net)	$	209,226
Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net)		24,691
Exhibit 7, Deposit-Type Contracts, Line 14, column 1		230,829
Subtotal		464,746
Separate Accounts Annual Statement:
Exhibit 3, Line 0299999, Column 2		70,727
Subtotal		70,727
Combined total	$	535,473

46

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Withdrawal characteristics of annuity actuarial reserves and deposit-type contract liabilities as of December 31, 2021 are as follows:

Individual Annuities:

	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
	($ in thousands)
(1) Subject to discretionary withdrawals
a. With market value adjustments	$	29,545	$	—	$	—	$	29,545		11.2	%
b. At book value less current surrender charge of 5% or more		39		—		—		39		—
c. At fair value		—		—		87,906		87,906		33.5
d. Total with market value adjustment or at fair value (total of a through c)		29,584		—		87,906		117,490		44.7
e. At book value without adjustment (minimal or no charge or adj.)		106,131		—		—		106,131		40.3
(2) Not subject to discretionary withdrawal provision		39,436		—		—		39,436		15.0
(3) Total (gross: direct + assumed)		175,151		—		87,906		263,057		100.0	%
(4) Reinsurance ceded		—		—		—		—
(5) Total (net) (3) - (4)	$	175,151	$	—	$	87,906	$	263,057

Group Annuities:

	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
	($ in thousands)
(1) Subject to discretionary withdrawals
a. With market value adjustments	$	24,713	$	—	$	—	$	24,713		26.8	%
b. At book value less current surrender charge of 5% or more		—		—		—		—		—
c. At fair value		—		—		8,968		8,968		9.7
d. Total with market value adjustment or at fair value (total of a through c)		24,713		—		8,968		33,681		36.5
e. At book value without adjustment (minimal or no charge or adj.)		21,284		149		—		21,433		23.2
(2) Not subject to discretionary withdrawal provision		37,141		—		—		37,141		40.3
(3) Total (gross: direct + assumed)		83,138		149		8,968		92,255		100.0	%
(4) Reinsurance ceded		21,284		—		—		21,284
(5) Total (net) (3) - (4)	$	61,854	$	149	$	8,968	$	70,971

47

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Deposit-type Contracts (no life contingencies):

	General Account		Separate Account with Guarantees		Separate Account Non-guaranteed		Total		% of Total
	($ in thousands)
(1) Subject to discretionary withdrawals
a. With market value adjustments	$	—	$	—	$	—	$	—		—	%
b. At book value less current surrender charge of 5% or more		—		—		—		—		—
c. At fair value		—		—		—		—		—
d. Total with market value adjustment or at fair value (total of a through c)		—		—		—		—		—
e. At book value without adjustment (minimal or no charge or adj.)		238,056		—		—		238,056		100.0
(2) Not subject to discretionary withdrawal provision		—		—		—		—		—
(3) Total (gross: direct + assumed)		238,056		—		—		238,056		100.0	%
(4) Reinsurance ceded		—		—		—		—
(5) Total (net) (3) - (4)	$	238,056	$	—	$	—	$	238,056

Reconciliation of Total Annuity Actuarial Reserves and Deposit Fund Liabilities:

Life & Accident & Health Annual Statement:	($ in thousands)
Exhibit 5, Annuities Section, Total (net)	$	212,372
Exhibit 5, Supplementary Contracts with Life Contingencies Section, Total (net)		24,633
Exhibit 7, Deposit-Type Contracts, Line 14, column 1		238,056
Subtotal		475,061
Separate Accounts Annual Statement:
Exhibit 3, Line 0299999, Column 2		97,023
Subtotal		97,023
Combined total	$	572,084

48

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

13. Analysis of Life Actuarial Reserves by Withdrawal Characteristics

Withdrawal characteristics of the Company’s life actuarial reserves as of December 31, 2022, are as follows:

General Account

	Account Value		Cash Value		Reserve
	($ in thousands)
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal Life	$	47,340	$	47,340	$	50,138
Other Permanent Cash Value Life Insurance		—		5,048,127		5,090,398
Variable Universal Life		18,995		18,995		20,480
Not subject to discretionary withdrawal or no cash values
Term Policies without cash value		XXX		XXX		65,718
Total (Gross: direct + assumed)		66,335		5,114,462		5,226,734
Reinsurance Ceded		—		15,274		40,762
Total (net)	$	66,335	$	5,099,188	$	5,185,972

The Company has no life actuarial reserves in Separate Accounts with guarantees.

Separate Account Nonguaranteed

	Account Value		Cash Value		Reserve
	($ in thousands)
Subject to discretionary withdrawal, surrender values, or policy loans:
Variable Universal Life	$	59,763	$	59,763	$	60,736
Total (Gross: direct + assumed)		59,763		59,763		60,736
Reinsurance Ceded		—		—		—
Total (net)	$	59,763	$	59,763	$	60,736

Reconciliation of Total Life Reserves

Life & Accident & Health Annual Statement:	($ in thousands)
Exhibit 5, Life Insurance Section, Total (net)	$	5,158,589
Exhibit 5, Accidental Death Benefits Section, Total (net)		815
Exhibit 5, Disability - Active Lives Section, Total (net)		3,865
Exhibit 5, Disability - Disabled Lives Section, Total (net)		18,400
Exhibit 5, Miscellaneous Reserves Section Total (net)		4,303
Subtotal		5,185,972
Separate Accounts Annual Statement:
Exhibit 3, Line 0199999, Column 2		60,736
Subtotal (lines (7) through (9))		60,736
Combined Total ((6) and (10))	$	5,246,708

49

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Withdrawal characteristics of the Company’s life actuarial reserves as of December 31, 2021, are as follows:

General Account

	Account Value		Cash Value		Reserve
	($ in thousands)
Subject to discretionary withdrawal, surrender values, or policy loans:
Universal Life	$	49,057	$	49,057	$	51,979
Other Permanent Cash Value Life Insurance		—		5,153,571		5,198,608
Variable Universal Life		18,524		18,524		20,296
Not subject to discretionary withdrawal or no cash values
Term Policies without cash value		XXX		XXX		79,904
Total (Gross: direct + assumed)		67,581		5,221,152		5,350,787
Reinsurance Ceded		—		16,616		47,123
Total (net)	$	67,581	$	5,204,536	$	5,303,664

The Company has no life actuarial reserves in Separate Accounts with guarantees.

Separate Account Nonguaranteed

	Account Value		Cash Value		Reserve
	($ in thousands)
Subject to discretionary withdrawal, surrender values, or policy loans:
Variable Universal Life	$	78,878	$	78,877	$	80,384
Total (Gross: direct + assumed)		78,878		78,877		80,384
Reinsurance Ceded		—		—		—
Total (net)	$	78,878	$	78,877	$	80,384

Reconciliation of Total Life Reserves

Life & Accident & Health Annual Statement:	($ in thousands)
Exhibit 5, Life Insurance Section, Total (net)	$	5,272,388
Exhibit 5, Accidental Death Benefits Section, Total (net)		930
Exhibit 5, Disability - Active Lives Section, Total (net)		4,416
Exhibit 5, Disability - Disabled Lives Section, Total (net)		20,972
Exhibit 5, Miscellaneous Reserves Section Total (net)		4,958
Subtotal		5,303,664
Separate Accounts Annual Statement:
Exhibit 3, Line 0199999, Column 2		80,384
Subtotal (lines (7) through (9))		80,384
Combined Total ((6) and (10))	$	5,384,048

50

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

14. Premiums Deferred and Uncollected

Life insurance premiums deferred and uncollected represent annual or fractional premiums, either due and uncollected or not yet due, where policy reserves have been provided on the assumption that the full premium for the current policy year has been collected.

Deferred and uncollected life insurance premiums, net of reinsurance, as of December 31 were as follows:

2022
Type	Gross		Net of Loading
	($ in thousands)
Ordinary new business		1		1
Ordinary renewal		32,347		28,913
Totals	$	32,348	$	28,914
2021
Type	Gross		Net of Loading
		($ in thousands)
Ordinary new business	$	2	$	1
Ordinary renewal		32,878		29,195
Totals	$	32,880	$	29,196

15. Separate Accounts

The Company utilizes Separate Accounts to record and account for assets and liabilities for particular lines of business and/or transactions. For the current reporting year, The Company reported assets and liabilities from the following product lines/transactions into a Separate Account:

• Variable life

• Variable annuity

In accordance with the domiciliary state procedures approving items within the Separate Account, the Separate Account classification of variable life and variable annuity are supported by New York State Statute Section 4240.

In accordance with the products/transactions recorded within the Separate Account, some assets are considered legally insulated whereas others are not legally insulated from the General Account. (The legal insulation of the Separate Account assets prevents such assets from being generally available to satisfy claims resulting from the General Account.)

51

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

As of December 31, 2022 and 2021, the Company’s Separate Account included legally insulated assets of $131.7 million and $176.2 million, respectively. The assets legally insulated from the General Account as of December 31 are attributed to the following products/transactions:

2022
Product	Legally Insulated Assets
		($ in thousands)
Variable annuities	$	71,797
Variable life		59,899
Total	$	131,696
2021
Product	Legally Insulated Assets
		($ in thousands)
Variable annuities	$	97,134
Variable life		79,068
Total		176,202

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

Any of the Separate Account products the Company offers with guarantees from the General Account do not have explicit charges broken out from other mortality and expense charges.

None of the Company’s Separate Accounts engage in securities lending transactions.

Most separate and variable accounts held by the Company relate to individual variable annuities and group annuities of a nonguaranteed return nature. These variable annuities generally provide an incidental death benefit of the greater of account value or premium paid less any surrenders and surrender charges. Certain other Separate Accounts are used as funding vehicles for flexible premium variable life insurance policies, variable life insurance with additional premium option policies and variable universal life policies. The net investment experience of the Separate Accounts is credited directly to the policyholder and can be positive or negative. The assets and liabilities of these accounts are carried at fair value. This business has been included in the “Nonguaranteed Separate Account” column of the table below.

Certain other Separate Accounts relate to experience-rated group annuity contracts, which fund defined contributions pension plans. These contracts provide guaranteed interest returns for one year only, where the guaranteed interest rate is re-established each year based on the investment experience of the Separate Account. The liabilities of these Separate Accounts are carried at book value. This business has been included in the “Nonindexed Guarantee Less Than 4%” column of the table below.

52

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

Information regarding the Company's Separate Accounts is as follows:

2022
	Indexed		Nonindexed Guarantee Less Than 4%		Nonindexed Guarantee More Than 4%		Nonguaranteed Separate Account		Total
	($ in thousands)
(1) Premiums, consideration or deposits for the year ended 12/31/2022	$	—	$	7	$	—	$	3,062	$	3,069
Reserves at 12/31/2022
(2) For accounts with assets at:
(a) Fair value	$	—	$	—	$	—	$	131,323	$	131,323
(b) Amortized cost		—		141		—		—		141
(c) Total reserves	$	—	$	141	$	—	$	131,323	$	131,464
(3) By withdrawal characteristics:
(a) Subject to discretionary withdrawal:
1. With market value adjustment	$	—	$	—	$	—	$	—	$	—
2. At book value without market value adjustment and with current surrender charge of 5% or more		—		—		—		—		—
3. At fair value		—		—		—		131,323		131,323
4. At book value without market value adjustment and with current surrender charge less than 5%		—		141		—		—		141
5. Subtotal		—		141		—		131,323		131,464
(b) Not subject to discretionary withdrawal		—		—		—		—		—
(c) Total	$	—	$	141	$	—	$	131,323	$	131,464
(4) Reserves for Asset Default Risk in Lieu of AVR	$	—	$	—	$	—	$	—	$	—

53

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

2021
	Indexed		Nonindexed Guarantee Less Than 4%		Nonindexed Guarantee More Than 4%		Nonguaranteed Separate Account		Total
	($ in thousands)
(1) Premiums, consideration or deposits for the year ended 12/31/2021	$	—	$	10	$	—	$	3,084	$	3,094
Reserves at 12/31/2021
(2) For accounts with assets at:
(a) Fair value	$	—	$	—	$	—	$	177,259	$	177,259
(b) Amortized cost		—		149		—		—		149
(c) Total reserves	$	—	$	149	$	—	$	177,259	$	177,408
(3) By withdrawal characteristics:
(a) Subject to discretionary withdrawal:
1. With market value adjustment	$	—	$	—	$	—	$	—	$	—
2. At book value without market value adjustment and with current surrender charge of 5% or more		—		—		—		—		—
3. At fair value		—		—		—		177,259		177,259
4. At book value without market value adjustment and with current surrender charge less than 5%		—		149		—		—		149
5. Subtotal		—		149		—		177,259		177,408
(b) Not subject to discretionary withdrawal		—		—		—		—		—
(c) Total	$	—	$	149	$	—	$	177,259	$	177,408
(4) Reserves for Asset Default Risk in Lieu of AVR	$	—	$	—	$	—	$	—	$	—

2020
	Indexed		Nonindexed Guarantee Less Than 4%		Nonindexed Guarantee More Than 4%		Nonguaranteed Separate Account		Total
	($ in thousands)
Premiums, consideration or deposits for the year ended 12/31/2020	$	—	$	10	$	—	$	3,274	$	3,284

A reconciliation of net transfers to (from) Separate Accounts is as follows:

	2022			2021			2020
	($ in thousands)
Transfers as reported in the Summary of Operations of the Separate Accounts Statement:
Transfers to Separate Accounts	$	3,069		$	3,093		$	3,284
Less: Transfers from Separate Accounts		10,664			16,181			18,357
Net transfers to/(from) Separate Accounts		(7,595	)		(13,088	)		(15,073	)
Transfers as reported in the Statements of Operations	$	(7,595	)	$	(13,088	)	$	(15,073	)

54

MONY LIFE INSURANCE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

(Statutory Basis)

16. Fair Value Measurements

The Company determines the fair value of its financial instruments in accordance with SSAP No. 100R, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about assets and liabilities measured at fair value. The definition of fair value in SSAP No. 100R focuses on an “exit price”, the price that would be received to sell the asset or paid to transfer the liability. Included in various line items in the statutory financial statements are certain financial instruments carried at fair value. Other financial instruments are periodically measured at fair value, such as when impaired, or, for certain bonds and preferred stocks, when carried at the lower of cost or fair value.

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 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. The hierarchy is defined 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, and

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

Level 3: Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

The following tables provides information as of December 31 about the Company’s financial assets measured at fair value:

2022
Description	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
	($ in thousands)
Assets at fair value
Preferred stocks
Industrial and miscellaneous	$	10,469	$	—	$	—	$	—	$	10,469
Total preferred stocks		10,469		—		—		—		10,469
Common stocks
Industrial and miscellaneous		5,467		—		1,351		—		6,818
Total common stocks		5,467		—		1,351		—		6,818
Separate Accounts		129,614		2,082		—		—		131,696
Total assets at fair value	$	145,550	$	2,082	$	1,351	$	—	$	148,983

55

MONY LIFE INSURANCE COMPANY 

NOTES TO THE FINANCIAL STATEMENTS 

(Statutory Basis)

2021
Description	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
	($ in thousands)
Assets at fair value
Common stocks
Industrial and miscellaneous	$	2,455	$	—	$	1,557	$	—	$	4,012
Total common stocks		2,455		—		1,557		—		4,012
Separate Accounts		173,195		3,007		—		—		176,202
Total assets at fair value	$	175,650	$	3,007	$	1,557	$	—	$	180,214

The following is the Level 3 reconciliation of the beginning balance to the ending balance for these assets:

2022
Description	Beginning Balance at 1/1/2022		Transfers into Level 3		Transfers out of Level 3		Total gains and (losses) included in Net Income		Total gains and (losses) included in Surplus		Purchases		Issuances		Sales			Settlements		Ending Balance at 12/31/2022
	($ in thousands)
Assets:
Common stocks - industrial and miscellaneous	$	1,557	$	—	$	—	$	—	$	—	$	—	$	—	$	(206	)	$	—	$	1,351
Total Assets	$	1,557	$	—	$	—	$	—	$	—	$	—	$	—	$	(206	)	$	—	$	1,351

2021
Description	Beginning Balance at 1/1/2021		Transfers into Level 3		Transfers out of Level 3		Total gains and (losses) included in Net Income		Total gains and (losses) included in Surplus		Purchases		Issuances		Sales		Settlements		Ending Balance at 12/31/2021
	($ in thousands)
Assets:
Common stocks - industrial and miscellaneous	$	1,390	$	—	$	—	$	—	$	—	$	167	$	—	$	—	$	—	$	1,557
Total Assets	$	1,390	$	—	$	—	$	—	$	—	$	167	$	—	$	—	$	—	$	1,557

There were no transfers between levels for the Company’s financial assets and liabilities measured at fair value during the years ended December 31, 2022, 2021, and 2020.

Fair Value Methodology

Description of Pricing Inputs

The Company predominantly uses third-party pricing services and broker quotes to determine fair values. The third-party pricing services and brokers use certain inputs to determine the value of asset-backed securities, including residential mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities. For these securities, the valuation consists of inputs such as, but not limited to: 1) monthly principal and interest payments on the underlying assets, 2) average lives of the securities, 3) prepayment speeds, 4) credit spreads, 5) treasury and swap yield curves, 6) discount margins, and 7) credit ratings of the securities.

56

MONY LIFE INSURANCE COMPANY 

NOTES TO THE FINANCIAL STATEMENTS 

(Statutory Basis)

To price corporate bonds, U.S. government-related securities, and other government-related securities, the brokers and third-party pricing services utilize a valuation model that consists of a hybrid income and market approach to valuation, while the Company uses a discounted cash flow model with both observable and unobservable inputs to determine a price when the securities are illiquid bonds. The external and internal pricing models include inputs such as, but not limited to: 1) principal and interest payments, 2) coupon, 3) maturity, 4) treasury yield curve, 5) credit spreads from new issue and secondary trading markets, 6) dealer quotes with adjustments for issues with early redemption features, 7) illiquidity premiums, 8) discount margins from dealers in the new issue market, 9) underlying collateral, and 10) comparative bond analysis.

The third-party pricing services price equity securities using market observable prices for the same or similar securities traded in an active market.

Mortgage loan valuations are categorized as Level 3. The Company utilizes an internally developed model to estimate fair value. This model includes inputs derived by the Company based on assumed discount rates relative to the Company’s current mortgage lending rate and an expected cash flow analysis based on a review of the mortgage loan terms. The model also contains the Company’s determined representative risk adjustment assumptions related to nonperformance and liquidity risks.

The Company’s Separate Account assets consist of financial instruments similar to those held in the General Account. The Company utilizes the same valuation methodology as described above in determining the fair value of Separate Account assets as the Company does for General Account assets. All assets in the Separate Account are held at fair value. Excluding the impact of an $2 thousand and $6 thousand negative IMR held at December 31, 2022 and 2021, respectively, the Separate Account liability matches the Separate Account asset value and its fair value is determined from valuation methods that are consistent with the Separate Account assets.

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 and financial liabilities based on quoted market prices, where available. The Company also determines certain fair values based on future cash flows discounted at the appropriate current market rate. Fair values reflect adjustments for counterparty credit quality, the Company’s credit standing, liquidity, and where appropriate, risk margins on unobservable parameters. The following is a discussion of the methodologies used to determine fair values for financial instruments owned by the Company.

The fair values of corporate bonds, government securities, equity securities, and mortgage-backed securities are determined by management after considering one of three primary sources of information: third-party pricing services, non-binding independent broker quotations, or pricing matrices. Security pricing is applied using a ‘‘waterfall’’ approach whereby publicly available prices are first sought from third-party pricing services, and the remaining unpriced securities are submitted to independent brokers for non-binding prices. Typical inputs used by these pricing methods include, but are not limited to: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data including market research publications. Based on the typical trading volumes and the lack of quoted market prices for fixed maturities, third-party pricing services derive the majority of security prices from observable market inputs such as recent reported trades for identical or similar securities making adjustments through the reporting date based upon available market observable information outlined above. If there are no recent reported trades, the third-party pricing services and brokers may use matrix or model processes to develop a security price where future cash flow expectations are developed based upon collateral performance and discounted at an estimated market rate. Certain securities are priced via independent non-binding broker quotations, which are considered to have no significant unobservable inputs. When using non-binding independent broker quotations, the Company obtains two quotes per security when available. Where multiple broker quotes are obtained, the Company reviews the quotes and selects the quote that provides the best estimate of the price a market participant would pay for these specific assets in an arm’s-length transaction. A pricing matrix is used to price securities for which the Company is unable to obtain or effectively rely on either a price from a third-party pricing service or an independent broker quotation.

57

MONY LIFE INSURANCE COMPANY 

NOTES TO THE FINANCIAL STATEMENTS 

(Statutory Basis)

The Company has analyzed the third-party pricing services’ valuation methodologies and related inputs and has also evaluated the various types of securities in its investment portfolio to determine an appropriate fair value hierarchy level based upon trading activity and the observability of market inputs. Based on this evaluation and investment class analysis, each price was classified into Level 1, 2, or 3. Most prices provided by third-party pricing services are classified into Level 2 because the significant inputs used in pricing the securities are market observable and the observable inputs are corroborated by the Company. Since the matrix pricing of certain debt securities includes significant non-observable inputs, they are classified as Level 3.

The pricing matrix used by the Company begins with current spread levels to determine the market price for the security. The credit spreads, assigned by brokers, incorporate the issuer’s credit rating, liquidity discounts, weighted average of contracted cash flows, risk premium, if warranted, due to the issuer’s industry, and the security’s time to maturity. The Company uses credit ratings provided by nationally recognized rating agencies.

For securities that are priced via non-binding independent broker quotations, the Company assesses whether prices received from independent brokers represent a reasonable estimate of fair value through an analysis using internal and external cash flow models developed based on spreads and, when available, market indices. The Company uses a market-based cash flow analysis to validate the reasonableness of prices received from independent brokers. These analytics, which are updated daily, incorporate various metrics (yield curves, credit spreads, prepayment rates, etc.) to determine the valuation of such holdings. As a result of this analysis, if the Company determines there is a more appropriate fair value based upon the analytics, the price received from the independent broker is adjusted accordingly. The Company did not adjust any quotes or prices received from brokers during the years ended December 31, 2022, 2021 and 2020.

58

MONY LIFE INSURANCE COMPANY 

NOTES TO THE FINANCIAL STATEMENTS 

(Statutory Basis)

The following table presents the Company’s fair value hierarchy for its financial instruments as of December 31:

2022
Type of Financial Instrument	Aggregate Fair Value		Carrying Value		Level 1		Level 2		Level 3
	($ in thousands)
Assets
Bonds	$	4,184,404	$	4,965,705	$	10,512	$	4,073,774	$	100,118
Common stocks		6,818		6,818		5,467		—		1,351
Preferred stocks		10,469		10,469		10,469		—		—
Mortgage loans		270,027		291,899		—		—		270,027
Cash		57,446		57,446		57,446		—		—
Cash equivalents		35,047		35,047		35,047		—		—
Contract loans		557,480		557,480		—		—		557,480
Other invested assets		127,092		160,613		—		127,092		—
Separate Account assets		131,696		131,696		129,614		2,082		—
Liabilities
Deposit-type contracts		230,820		230,829		—		—		230,820

2021
Type of Financial Instrument	Aggregate Fair Value		Carrying Value		Level 1		Level 2		Level 3
	($ in thousands)
Assets
Bonds	$	5,657,743	$	5,041,489	$	8,080	$	5,515,942	$	133,721
Common stocks		4,012		4,012		2,455		—		1,557
Preferred stocks		14,600		14,600		14,600		—		—
Mortgage loans		391,187		371,219		—		—		391,187
Cash		15,523		15,523		15,523		—		—
Cash equivalents		86,635		86,635		86,635		—		—
Contract loans		580,865		580,865		—		—		580,865
Other invested assets		188,992		160,624		—		188,992		—
Separate Account assets		176,202		176,202		173,195		3,007		—
Liabilities
Deposit-type contracts		238,485		238,056		—		—		238,485

The fair value of bonds, preferred stocks, common stocks, and certain surplus notes reported as “Other invested assets” are determined using methodologies prescribed by the NAIC. The fair values of bonds, preferred stock, and certain surplus notes are determined by management after considering one of three primary sources of information: third-party pricing services, non-binding independent broker quotations, or pricing matrices.

As of December 31, 2022 and 2021, the Company held $1.4 million and $1.6 million, respectively, of FHLB stock, which is classified as Level 3. The Company believes that the cost of the FHLB stock approximates fair value.

The carrying value of the Company’s cash approximates fair value.

Cash equivalent fair values are determined using methodologies prescribed by the NAIC and are provided by a third-party pricing service.

59

MONY LIFE INSURANCE COMPANY 

NOTES TO THE FINANCIAL STATEMENTS 

(Statutory Basis)

The Company estimates the fair value of mortgage loans using an internally developed model. This model includes inputs derived by the Company based on assumed discount rates relative to the Company’s current mortgage loan lending rate and an expected cash flow analysis based on a review of the mortgage loan terms. The model also contains the Company’s determined representative risk adjustment assumptions related to nonperformance and liquidity risks.

Contract and policy loans are funds provided to policy holders in return for a claim on the account value of the policy. The funds provided are limited to a certain percent of the account balance. The nature of contract loans is to have low default risk as the loans are fully collateralized by the value of the policy. The majority of contract loans do not have a stated maturity and the balances and accrued interest are repaid with proceeds from the policy account balance. Due to the collateralized nature of contract loans and unpredictable timing of repayments, the Company’s fair value of contract loans approximates carrying value.

The majority of securities in the Company’s Separate Accounts consist of mutual funds valued at fair value. All other publicly traded bonds and stocks are also valued at fair value. Direct placement bonds and warrants are stated at fair value, as determined by the Company or third-party appraisers. Short-term investments held in money market Separate Accounts are stated at fair value regardless of the length of maturity. Short-term investments held in all other Separate Accounts with remaining maturity at acquisition of (i) sixty days or less are stated at amortized cost which, the Company believes when combined with accrued income, approximates fair value; or (ii) more than sixty days are stated at fair value. Investments in shares of respective trusts are stated at fair value, which reflects the net asset value of the various portfolios. Net asset values are based upon market or fair values of the securities held in each of the corresponding portfolios of the funds.

Deposit-type contracts include annuities certain, supplemental contracts, and dividend accumulations. The Company estimates the fair values of annuities certain and supplemental contracts using models based on discounted estimated cash flows. The discount rates used in the models were based on a current market rate for similar financial instruments. The Company estimates that the fair value of dividend accumulations approximates carrying value.

The Company held no financial instruments as of December 31, 2022 and 2021, for which it was not practicable to estimate fair value. The Company held no investments measured at NAV as of December 31, 2022 and 2021.

17. Retained Assets

The Company accounts for retained assets in a manner similar to supplementary contracts. Claims expense is reported in “Death and annuity benefits” in the Statements of Operations. In lieu of a cash payment to the beneficiary, a liability is established in “Liability for deposit-type contracts” in the Statements of Admitted Assets, Liabilities, and Capital and Surplus. The credited rate during 2022, 2021, and 2020 for accounts administered by Northern Trust was 0.25%. For accounts administered by Bank of New York Mellon (“BNYM”), which were introduced during 2014, the credited rate for 2020 and through March 2021 was 0.40% for accounts opened prior to May 1, 2019 and 1.0% for accounts opened on or after May 1, 2019. After April 1, 2021 and for 2022, the credited rate for all BNYM accounts was 0.4%.

No fees were charged to retained asset account owners during the three-year period ended December 31, 2022.

60

MONY LIFE INSURANCE COMPANY 

NOTES TO THE FINANCIAL STATEMENTS 

(Statutory Basis)

In the event of a claim, the beneficiary is given the option of a direct payment, a settlement option provided by the policy or a retained assets account. The retained assets account is generally the default method.

The table below summarizes the number and balance of retained asset accounts in force, by aging category, as of December 31:

	In Force ($ in thousands)
	2022				2021
	Number		Balance		Number		Balance
Up to and including 12 Months		137	$	15,306		162	$	15,111
13 to 24 Months		108		8,799		115		7,986
25 to 36 Months		92		5,546		85		4,904
37 to 48 Months		64		2,646		91		3,541
49 to 60 Months		69		2,823		81		3,076
Over 60 Months		733		20,857		761		20,844
Total		1,203	$	55,977		1,295	$	55,462

All of the Company’s retained asset accounts are individual contracts. The table below shows retained asset components as of December 31:

	($ in thousands)
	2022				2021
	Number		Balance		Number		Balance
Number/Balance of Retained Asset Accounts at the Beginning of the Year		1,295	$	55,462		1,330	$	52,810
Number/Balance of Retained Asset Account Issue/Added During the Year		257		33,567		272		32,561
Investment Earnings Credited to Retained Asset Accounts During the Year		XXX		212		XXX		241
Fees and Other Charges Assessed to Retained Asset Accounts During the Year		XXX		—		XXX		—
Number/Amount of Retained Asset Accounts Transferred to State Unclaimed Property funds During the Year		13		8		5		—
Number/Amount of Retained Asset Accounts Closed/Withdrawn During the Year		336		33,256		302		30,150
Number/Balance of Retained Asset Accounts at the End of the Year		1,203	$	55,977		1,295	$	55,462

18. Company-owned Life Insurance

The Company is the owner and beneficiary of life insurance policies that are included in the “Other assets” line at their cash surrender values pursuant to SSAP No. 21R, “Other admitted assets”, prior to non-admission. At December 31, 2022 and 2021, respectively, the $12.3 million and $13.2 million cash surrender values of these policies were fully non-admitted.

61

MONY LIFE INSURANCE COMPANY 

NOTES TO THE FINANCIAL STATEMENTS 

(Statutory Basis)

19. Subsequent Events

As a result of events that occurred at certain financial institutions and the subsequent regulatory actions taken during March of 2023, the Company has evaluated the impact of these events to certain holdings within its investment portfolio. As a result of this evaluation, the Company sold certain bonds and recognized a pre-tax realized investment loss of $8.1 million.

The Company has evaluated the effects of events subsequent to December 31, 2022, and through March 29, 2023 (the date of the issuance of the Statutory statements included herein), and there are no other material subsequent events to report. 

62

SUPPLEMENTAL SCHEDULES

MONY LIFE INSURANCE COMPANY 

SCHEDULE I 

Summary of Investments-Other than Investments in Related Parties 

as of December 31, 2022

Type of investment	Cost		Fair Value		Amount at which shown in the balance sheet
	($ in thousands)
Fixed maturities:
Bonds:
United States Government and government agencies and authorities	$	215,597	$	191,497	$	215,597
States, municipalities and political subdivisions		23,238		23,987		23,238
Public utilities		700,871		587,235		700,871
All other corporate bonds		4,025,999		3,381,685		4,025,999
Total fixed maturities		4,965,705		4,184,404		4,965,705
Equity securities:
Common stocks:
Banks, trust and insurance companies		1,351		1,351		1,351
Industrial, miscellaneous and all other		2,760		5,467		5,467
Nonredeemable preferred stocks		14,770		10,469		10,469
Total equity securities		18,881		17,287		17,287
Mortgage loans on real estate		291,899		270,027		291,899
Policy loans		557,480		557,480		557,480
Other long-term investments		160,613		127,092		160,613
Total investments	$	5,994,578	$	5,156,290	$	5,992,984

See accompanying independent auditors’ report.

S-1

MONY LIFE INSURANCE COMPANY 

SCHEDULE IV 

Reinsurance 

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

	Gross amount		Ceded to other companies		Assumed from other companies		Net amount		Percentage of amount assumed to net
	($ in thousands)
2022
Life insurance in force	$	14,160,113	$	1,375,001	$	—	$	12,785,112		—	%
Premiums:
Life insurance	$	192,737	$	13,829	$	—	$	178,908		—	%
Accident and health insurance		14,339		13,998		—		341		—	%
Total	$	207,076	$	27,827	$	—	$	179,249		—	%
2021
Life insurance in force	$	15,277,500	$	1,609,866	$	—	$	13,667,634		—	%
Premiums:
Life insurance	$	203,458	$	13,811	$	—	$	189,647		—	%
Accident and health insurance		16,277		15,828		—		449		—	%
Total	$	219,735	$	29,639	$	—	$	190,096		—	%
2020
Life insurance in force	$	16,176,820	$	1,742,662	$	—	$	14,434,158		—	%
Premiums:
Life insurance	$	212,595	$	15,287	$	—	$	197,308		—	%
Accident and health insurance		18,934		18,399		—		535		—	%
Total	$	231,529	$	33,686	$	—	$	197,843		—	%

See accompanying independent auditors’ report.

S-2