Variable Separate Account

N-VPFS 1 d471237dnvpfs.htm VARIABLE SEPARATE ACCOUNT Variable Separate Account

American General Life Insurance Company

2022

Annual Report

December 31, 2022

LOGO

Report of Independent Registered Public Accounting Firm

To the Board of Directors of American General Life Insurance Company and the Contract Owners of Variable Separate Account.

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the sub-accounts of Variable Separate Account indicated in the table below as of December 31, 2022, and the related statements of operations and changes in net assets for each of the two years in the period ended December 31, 2022 or each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the sub-accounts of Variable Separate Account as of December 31, 2022, and the results of each of their operations and the changes in each of their net assets for the two years in the period ended December 31 2022 or each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


American Funds IS American High-Income Trust Class 3	American Funds IS Asset Allocation Fund Class 2	American Funds IS Asset Allocation Fund Class 3
American Funds IS Capital Income Builder Class 4	American Funds IS Global Growth Fund Class 2	American Funds IS Growth Fund Class 2
American Funds IS Growth Fund Class 3	American Funds IS Growth-Income Fund Class 2	American Funds IS Growth-Income Fund Class 3
American Funds IS International Fund Class 3	American Funds IS U.S. Government Securities Fund Class 3	American Funds IS Ultra-Short Bond Fund Class 3
AST SA PGI Asset Allocation Portfolio Class 2 (2) (6)	AST SA PGI Asset Allocation Portfolio Class 3 (2) (6)	BlackRock 60/40 Target Allocation ETF V.I. Fund Class III
BlackRock Global Allocation V.I. Fund Class III	AST SA PGI Asset Allocation Portfolio Class 1 (2)	Columbia VP Dividend Opportunity Fund Class 1
Columbia VP Emerging Markets Bond Fund Class 2	Columbia VP Income Opportunities Fund Class 1	Columbia VP Large Cap Growth Fund Class 1
Columbia VP Limited Duration Credit Fund Class 2	CTIVP^® Principal Blue Chip Growth Fund Class 1	Columbia VP Select Mid Cap Growth Opportunity Fund Class 1
Columbia VP Overseas Core Fund Class 2	Columbia VP Small Company Growth Fund Class 1	Delaware Ivy VIP Asset Strategy Class II
FTVIP Franklin Allocation VIP Fund Class 1	FTVIP Franklin Allocation VIP Fund Class 2	FTVIP Franklin Income VIP Fund Class 1
FTVIP Franklin Income VIP Fund Class 2	FTVIP Franklin Strategic Income VIP Fund Class 2	Goldman Sachs VIT Government Money Market Fund Institutional Shares
Goldman Sachs VIT Government Money Market Fund Service Shares	Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares	Goldman Sachs VIT Trend Driven Allocation Fund Service Shares
Invesco V.I. American Franchise Fund Series I	Invesco V.I. American Franchise Fund Series II	Invesco V.I. Balanced-Risk Allocation Fund Series II
Invesco V.I. Comstock Fund Series I	Invesco V.I. Comstock Fund Series II	Invesco V.I. Growth and Income Fund Series I
Invesco V.I. Growth and Income Fund Series II	Lord Abbett Bond Debenture Portfolio Class VC	Lord Abbett Fundamental Equity Portfolio Class VC
Lord Abbett Growth and Income Portfolio Class VC	Lord Abbett Mid Cap Stock Portfolio Class VC	Lord Abbett Short Duration Income Portfolio Class VC

PricewaterhouseCoopers LLP, 1000 Louisiana Street, Suite 5800, Houston, TX 77002

T: (713) 356 4000, F: (713) 356 4717, www.pwc.com/us


SST SA Allocation Balanced Portfolio Class 1	SST SA Allocation Balanced Portfolio Class 3	SST SA Allocation Growth Portfolio Class 1
SST SA Allocation Growth Portfolio Class 3	SST SA Allocation Moderate Growth Portfolio Class 1	SST SA Allocation Moderate Growth Portfolio Class 3
SST SA Allocation Moderate Portfolio Class 1	SST SA Allocation Moderate Portfolio Class 3	SST SA Columbia Focused Value Portfolio Class 3
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3	SST SA Multi-Managed International Equity Portfolio Class 3	SST SA Multi-Managed Large Cap Growth Portfolio Class 3
SST SA Multi-Managed Large Cap Value Portfolio Class 3	SST SA Multi-Managed Mid Cap Growth Portfolio Class 3	SST SA Multi-Managed Mid Cap Value Portfolio Class 3
SST SA Multi-Managed Small Cap Portfolio Class 3	SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 1	SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3
SST SA T. Rowe Price Growth Stock Portfolio Class 3	SST SA American Century Inflation Protection Portfolio Class 1	SST SA American Century Inflation Protection Portfolio Class 3
VALIC Company I International Equities Index Fund	VALIC Company I International Socially Responsible Fund	VALIC Company I Mid Cap Index Fund
VALIC Company I Nasdaq-100 Index Fund	SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 1	SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 1


(1)		There is no respective statement of assets and liabilities and statement of operations and changes in net assets, since there was no activity for the periods presented.
(2)		The AST SA PGI Asset Allocation Portfolio, in operation for the period January 1, 2021 to November 5, 2021 (cessation of operations), merged into the SAST SA JPMorgan Diversified Balanced Portfolio
(3)		The SAST SA Invesco VCP Equity-Income Portfolio, in operation for the period January 1, 2021 to May 3, 2021 (cessation of operations) merged into the SAST SA VCP Dynamic Strategy Portfolio
(4)		The SAST SA Columbia Technology Portfolio, in operation for the period January 1, 2021 to November 5, 2021 (cessation of operations), merged into the SAST SA Wellington Capital Appreciation Portfolio
(5)		The SAST SA WellsCap Aggressive Growth Portfolio, in operation for the period January 1, 2021 to November 5, 2021 (cessation of operations), merged into the SAST SA JPMorgan Mid-Cap Growth Portfolio
(6)		Where there was a cessation of operations, only a statement of operations and changes in net assets is included for the respective periods presented.

Basis for Opinions

These financial statements are the responsibility of American General Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the sub-accounts of Variable Separate Account based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the sub-accounts of Variable 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 of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

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

/s/ PricewaterhouseCoopers LLP

Houston, Texas

April 25, 2023

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

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022



Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net		Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves		Net Assets Attributable to Contract Owner Reserves
American Funds IS American High-Income Trust Class 3	$	8,462,224	$	—	$	8,462,224	$	265,171	$	8,197,053	$	8,462,224
American Funds IS Asset Allocation Fund Class 2		46,035,976		—		46,035,976		349,483		45,686,493		46,035,976
American Funds IS Asset Allocation Fund Class 3		28,206,780		—		28,206,780		769,675		27,437,105		28,206,780
American Funds IS Capital Income Builder Class 4		2,500,979		—		2,500,979		—		2,500,979		2,500,979
American Funds IS Global Growth Fund Class 2		134,947,415		—		134,947,415		1,960,032		132,987,383		134,947,415
American Funds IS Growth Fund Class 2		242,695,292		43		242,695,335		3,153,096		239,542,239		242,695,335
American Funds IS Growth Fund Class 3		187,911,811		—		187,911,811		9,177,726		178,734,085		187,911,811
American Funds IS Growth-Income Fund Class 2		208,775,356		—		208,775,356		2,681,476		206,093,880		208,775,356
American Funds IS Growth-Income Fund Class 3		124,724,884		—		124,724,884		4,405,116		120,319,768		124,724,884
American Funds IS International Fund Class 3		15,475,218		—		15,475,218		455,391		15,019,827		15,475,218
American Funds IS U.S. Government Securities Fund Class 3		6,507,952		—		6,507,952		78,027		6,429,925		6,507,952
American Funds IS Ultra-Short Bond Fund Class 3		4,328,939		—		4,328,939		63,753		4,265,186		4,328,939
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		344,503		—		344,503		—		344,503		344,503
BlackRock Global Allocation V.I. Fund Class III		599,651		—		599,651		—		599,651		599,651
Columbia VP Dividend Opportunity Fund Class 1		1,520,603		—		1,520,603		—		1,520,603		1,520,603
Columbia VP Emerging Markets Bond Fund Class 2		69,999		—		69,999		—		69,999		69,999
Columbia VP Income Opportunities Fund Class 1		6,155,476		—		6,155,476		25,347		6,130,129		6,155,476
Columbia VP Large Cap Growth Fund Class 1		17,942,900		—		17,942,900		186,626		17,756,274		17,942,900
Columbia VP Limited Duration Credit Fund Class 2		213,146		—		213,146		—		213,146		213,146
Columbia VP Overseas Core Fund Class 2		1,119,169		—		1,119,169		—		1,119,169		1,119,169
Columbia VP Select Mid Cap Growth Opportunity Fund Class 1		284,840		—		284,840		—		284,840		284,840
Columbia VP Small Company Growth Fund Class 1		506,876		—		506,876		—		506,876		506,876
CTIVP^® Principal Blue Chip Growth Fund Class 1		1,670,678		—		1,670,678		—		1,670,678		1,670,678
Delaware Ivy VIP Asset Strategy Class II		262,049		—		262,049		—		262,049		262,049
FTVIP Franklin Allocation VIP Fund Class 1		13,763		—		13,763		—		13,763		13,763
FTVIP Franklin Allocation VIP Fund Class 2		30,941,304		—		30,941,304		33,669		30,907,635		30,941,304
FTVIP Franklin Income VIP Fund Class 1		2,203,613		—		2,203,613		—		2,203,613		2,203,613
FTVIP Franklin Income VIP Fund Class 2		123,668,043		—		123,668,043		266,377		123,401,666		123,668,043
FTVIP Franklin Strategic Income VIP Fund Class 2		929,141		—		929,141		—		929,141		929,141
Goldman Sachs VIT Government Money Market Fund Institutional Shares		10,841,980		—		10,841,980		361,241		10,480,739		10,841,980
Goldman Sachs VIT Government Money Market Fund Service Shares		328,951,511		—		328,951,511		484,660		328,466,851		328,951,511
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		399,235		—		399,235		—		399,235		399,235
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		12,678		—		12,678		—		12,678		12,678
Invesco V.I. American Franchise Fund Series I		59,808		—		59,808		—		59,808		59,808
Invesco V.I. American Franchise Fund Series II		87,831,916		—		87,831,916		124,113		87,707,803		87,831,916
Invesco V.I. Balanced-Risk Allocation Fund Series II		628,487		—		628,487		—		628,487		628,487
Invesco V.I. Comstock Fund Series I		318,660		—		318,660		—		318,660		318,660
Invesco V.I. Comstock Fund Series II		298,819,348		—		298,819,348		967,964		297,851,384		298,819,348
Invesco V.I. Growth and Income Fund Series I		1,189,080		—		1,189,080		—		1,189,080		1,189,080
Invesco V.I. Growth and Income Fund Series II		322,688,154		565		322,688,719		944,635		321,744,084		322,688,719
Lord Abbett Bond Debenture Portfolio Class VC		820,505		—		820,505		—		820,505		820,505
Lord Abbett Fundamental Equity Portfolio Class VC		95,951		—		95,951		—		95,951		95,951
Lord Abbett Growth and Income Portfolio Class VC		138,596,874		483		138,597,357		551,711		138,045,646		138,597,357
Lord Abbett Mid Cap Stock Portfolio Class VC		10,599,555		—		10,599,555		64,599		10,534,956		10,599,555
Lord Abbett Short Duration Income Portfolio Class VC		1,708,875		—		1,708,875		—		1,708,875		1,708,875
Morgan Stanley VIF Global Infrastructure Portfolio Class II		705,825		—		705,825		—		705,825		705,825
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		429,671		—		429,671		—		429,671		429,671
PIMCO All Asset Portfolio Advisor Class		16,151		—		16,151		—		16,151		16,151
PIMCO Dynamic Bond Portfolio Advisor Class		742,053		—		742,053		—		742,053		742,053
PIMCO Emerging Markets Bond Portfolio Advisor Class		2,711,377		—		2,711,377		—		2,711,377		2,711,377
PIMCO Total Return Portfolio Advisor Class		168,946,623		—		168,946,623		—		168,946,623		168,946,623
PIMCO Total Return Portfolio Institutional Class		1,165,100		—		1,165,100		—		1,165,100		1,165,100
PVC Core Plus Bond Account Class 1		3,094,671		—		3,094,671		38,082		3,056,589		3,094,671
PVC Diversified International Account Class 1		644,211		—		644,211		9,462		634,749		644,211
PVC Equity Income Account Class 1		9,578,221		—		9,578,221		64,365		9,513,856		9,578,221
PVC Equity Income Account Class 2		5,548,304		—		5,548,304		—		5,548,304		5,548,304
PVC Government & High Quality Bond Account Class 1		1,371,544		—		1,371,544		3,930		1,367,614		1,371,544
PVC Large Cap Growth Account I Class 1		998,034		—		998,034		—		998,034		998,034
PVC MidCap Account Class 1		1,477,768		—		1,477,768		4,345		1,473,423		1,477,768
PVC MidCap Account Class 2		489,202		—		489,202		—		489,202		489,202
PVC Principal Capital Appreciation Account Class 1		9,790,906		—		9,790,906		59,493		9,731,413		9,790,906
PVC Principal Capital Appreciation Account Class 2		1,788,868		—		1,788,868		—		1,788,868		1,788,868
PVC Real Estate Securities Account Class 1		381,385		—		381,385		—		381,385		381,385
PVC Real Estate Securities Account Class 2		195,906		—		195,906		—		195,906		195,906
PVC SAM Balanced Portfolio Class 1		20,807,097		—		20,807,097		4,957		20,802,140		20,807,097
PVC SAM Balanced Portfolio Class 2		17,418,067		—		17,418,067		16,301		17,401,766		17,418,067
PVC SAM Conservative Balanced Portfolio Class 1		2,063,703		—		2,063,703		52,696		2,011,007		2,063,703
PVC SAM Conservative Balanced Portfolio Class 2		1,672,998		—		1,672,998		91,486		1,581,512		1,672,998
PVC SAM Conservative Growth Portfolio Class 1		10,861,521		—		10,861,521		168,777		10,692,744		10,861,521
PVC SAM Conservative Growth Portfolio Class 2		10,415,098		—		10,415,098		593,691		9,821,407		10,415,098

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022



Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net			Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves		Net Assets Attributable to Contract Owner Reserves
PVC SAM Flexible Income Portfolio Class 1	$	2,435,365	$	—		$	2,435,365	$	16,610	$	2,418,755	$	2,435,365
PVC SAM Flexible Income Portfolio Class 2		2,947,040		—			2,947,040		23,421		2,923,619		2,947,040
PVC SAM Strategic Growth Portfolio Class 1		2,608,838		—			2,608,838		5,550		2,603,288		2,608,838
PVC SAM Strategic Growth Portfolio Class 2		4,103,538		—			4,103,538		—		4,103,538		4,103,538
PVC Short-Term Income Account Class 1		1,077,588		—			1,077,588		29,040		1,048,548		1,077,588
PVC SmallCap Account Class 1		403,440		—			403,440		1,195		402,245		403,440
PVC SmallCap Account Class 2		267,713		—			267,713		—		267,713		267,713
SST SA Allocation Balanced Portfolio Class 1		66,756		—			66,756		—		66,756		66,756
SST SA Allocation Balanced Portfolio Class 3		146,001,778		—			146,001,778		20,519		145,981,259		146,001,778
SST SA Allocation Growth Portfolio Class 1		4,087,123		—			4,087,123		—		4,087,123		4,087,123
SST SA Allocation Growth Portfolio Class 3		241,918,979		—			241,918,979		17,740		241,901,239		241,918,979
SST SA Allocation Moderate Growth Portfolio Class 1		300,596		—			300,596		—		300,596		300,596
SST SA Allocation Moderate Growth Portfolio Class 3		211,697,344		—			211,697,344		8,880		211,688,464		211,697,344
SST SA Allocation Moderate Portfolio Class 1		185,820		—			185,820		—		185,820		185,820
SST SA Allocation Moderate Portfolio Class 3		168,532,888		—			168,532,888		19,214		168,513,674		168,532,888
SST SA American Century Inflation Protection Portfolio Class 1		163,557		—			163,557		—		163,557		163,557
SST SA American Century Inflation Protection Portfolio Class 3		284,534,597		—			284,534,597		45,061		284,489,536		284,534,597
SST SA Columbia Focused Value Portfolio Class 3		78,784		—			78,784		—		78,784		78,784
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		149,299		—			149,299		—		149,299		149,299
SST SA Multi-Managed International Equity Portfolio Class 3		296,597		—			296,597		—		296,597		296,597
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		508,697		—			508,697		—		508,697		508,697
SST SA Multi-Managed Large Cap Value Portfolio Class 3		168,630		—			168,630		—		168,630		168,630
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		222,349		—			222,349		—		222,349		222,349
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		271,739		—			271,739		—		271,739		271,739
SST SA Multi-Managed Small Cap Portfolio Class 3		186,943		—			186,943		—		186,943		186,943
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		284,918		—			284,918		—		284,918		284,918
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		88,161,258		—			88,161,258		—		88,161,258		88,161,258
SST SA T. Rowe Price Growth Stock Portfolio Class 3		371,510		—			371,510		—		371,510		371,510
SAST SA AB Growth Portfolio Class 1		350,092,527		—			350,092,527		6,467,817		343,624,710		350,092,527
SAST SA AB Growth Portfolio Class 2		41,088,996		—			41,088,996		334,354		40,754,642		41,088,996
SAST SA AB Growth Portfolio Class 3		416,671,540		(118	)		416,671,422		1,690,241		414,981,181		416,671,422
SAST SA AB Small & Mid Cap Value Portfolio Class 1		634,606		—			634,606		—		634,606		634,606
SAST SA AB Small & Mid Cap Value Portfolio Class 2		8,458,184		2,264			8,460,448		83,337		8,377,111		8,460,448
SAST SA AB Small & Mid Cap Value Portfolio Class 3		300,963,512		322			300,963,834		570,592		300,393,242		300,963,834
SAST SA American Funds Asset Allocation Portfolio Class 1		7,468,299		—			7,468,299		—		7,468,299		7,468,299
SAST SA American Funds Asset Allocation Portfolio Class 3		1,469,885,240		—			1,469,885,240		336,940		1,469,548,300		1,469,885,240
SAST SA American Funds Global Growth Portfolio Class 1		1,022,038		—			1,022,038		—		1,022,038		1,022,038
SAST SA American Funds Global Growth Portfolio Class 3		324,538,833		—			324,538,833		285,923		324,252,910		324,538,833
SAST SA American Funds Growth Portfolio Class 1		1,668,026		—			1,668,026		—		1,668,026		1,668,026
SAST SA American Funds Growth Portfolio Class 3		634,852,756		—			634,852,756		314,859		634,537,897		634,852,756
SAST SA American Funds Growth-Income Portfolio Class 1		1,540,308		—			1,540,308		—		1,540,308		1,540,308
SAST SA American Funds Growth-Income Portfolio Class 3		327,509,080		—			327,509,080		567,388		326,941,692		327,509,080
SAST SA American Funds VCP Managed Allocation Portfolio Class 1		961,542		—			961,542		—		961,542		961,542
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		1,568,854,955		—			1,568,854,955		323,350		1,568,531,605		1,568,854,955
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 1		46,222		—			46,222		—		46,222		46,222
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		38,752,738		—			38,752,738		—		38,752,738		38,752,738
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 1		692,089		—			692,089		—		692,089		692,089
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		578,266,266		—			578,266,266		11,932		578,254,334		578,266,266
SAST SA DFA Ultra Short Bond Portfolio Class 1		21,855,545		—			21,855,545		1,008,444		20,847,101		21,855,545
SAST SA DFA Ultra Short Bond Portfolio Class 2		7,640,584		(50	)		7,640,534		1,544,399		6,096,135		7,640,534
SAST SA DFA Ultra Short Bond Portfolio Class 3		183,831,101		—			183,831,101		3,119,659		180,711,442		183,831,101
SAST SA Emerging Markets Equity Index Portfolio Class 1		100,163		—			100,163		—		100,163		100,163
SAST SA Emerging Markets Equity Index Portfolio Class 3		13,125,286		—			13,125,286		—		13,125,286		13,125,286
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		37,172,457		—			37,172,457		487,972		36,684,485		37,172,457
SAST SA Federated Hermes Corporate Bond Portfolio Class 2		11,100,315		329			11,100,644		232,573		10,868,071		11,100,644
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		656,709,936		145			656,710,081		561,589		656,148,492		656,710,081
SAST SA Fidelity Institutional AM^® International Growth Class 1		217,893		—			217,893		—		217,893		217,893
SAST SA Fidelity Institutional AM^® International Growth Class 3		8,196,967		—			8,196,967		—		8,196,967		8,196,967
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 1		13,973,782		—			13,973,782		205,939		13,767,843		13,973,782
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 2		3,094,012		—			3,094,012		1,335		3,092,677		3,094,012
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		124,534,660		64			124,534,724		263,206		124,271,518		124,534,724
SAST SA Fixed Income Index Portfolio Class 1		45,824		—			45,824		—		45,824		45,824
SAST SA Fixed Income Index Portfolio Class 3		60,802,458		—			60,802,458		115,228		60,687,230		60,802,458
SAST SA Fixed Income Intermediate Index Portfolio Class 1		12,734		—			12,734		—		12,734		12,734
SAST SA Fixed Income Intermediate Index Portfolio Class 3		30,166,808		—			30,166,808		57,888		30,108,920		30,166,808
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		275,770,611		—			275,770,611		3,732,779		272,037,832		275,770,611
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 2		39,214,130		8,059			39,222,189		456,671		38,765,518		39,222,189
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		316,980,351		—			316,980,351		920,603		316,059,748		316,980,351
SAST SA Franklin Small Company Value Portfolio Class 1		93,065		—			93,065		—		93,065		93,065
SAST SA Franklin Small Company Value Portfolio Class 3		129,227,736		202			129,227,938		60,381		129,167,557		129,227,938

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022



Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net			Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves		Net Assets Attributable to Contract Owner Reserves
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 1	$	51,235	$	—		$	51,235	$	—	$	51,235	$	51,235
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		6,789,885		—			6,789,885		—		6,789,885		6,789,885
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		21,476,642		—			21,476,642		277,325		21,199,317		21,476,642
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 2		4,998,979		—			4,998,979		98,500		4,900,479		4,998,979
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		152,675,006		—			152,675,006		11,217		152,663,789		152,675,006
SAST SA Franklin Tactical Opportunities Portfolio Class 1		68,275		—			68,275		—		68,275		68,275
SAST SA Franklin Tactical Opportunities Portfolio Class 3		64,638,935		—			64,638,935		—		64,638,935		64,638,935
SAST SA Global Index Allocation 60/40 Portfolio Class 1		85,725		—			85,725		—		85,725		85,725
SAST SA Global Index Allocation 60/40 Portfolio Class 3		55,877,444		—			55,877,444		—		55,877,444		55,877,444
SAST SA Global Index Allocation 75/25 Portfolio Class 1		100,383		—			100,383		—		100,383		100,383
SAST SA Global Index Allocation 75/25 Portfolio Class 3		57,975,040		—			57,975,040		180,535		57,794,505		57,975,040
SAST SA Global Index Allocation 90/10 Portfolio Class 1		3,579,998		—			3,579,998		—		3,579,998		3,579,998
SAST SA Global Index Allocation 90/10 Portfolio Class 3		215,384,933		—			215,384,933		—		215,384,933		215,384,933
SAST SA Goldman Sachs Global Bond Portfolio Class 1		12,298,874		—			12,298,874		158,188		12,140,686		12,298,874
SAST SA Goldman Sachs Global Bond Portfolio Class 2		2,952,649		—			2,952,649		64,859		2,887,790		2,952,649
SAST SA Goldman Sachs Global Bond Portfolio Class 3		173,623,698		—			173,623,698		111,279		173,512,419		173,623,698
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 1		6,050		—			6,050		—		6,050		6,050
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		25,552,863		—			25,552,863		—		25,552,863		25,552,863
SAST SA Index Allocation 60/40 Portfolio Class 1		309,702		—			309,702		—		309,702		309,702
SAST SA Index Allocation 60/40 Portfolio Class 3		163,643,018		—			163,643,018		42,086		163,600,932		163,643,018
SAST SA Index Allocation 80/20 Portfolio Class 1		1,925,282		—			1,925,282		—		1,925,282		1,925,282
SAST SA Index Allocation 80/20 Portfolio Class 3		305,021,683		—			305,021,683		573,957		304,447,726		305,021,683
SAST SA Index Allocation 90/10 Portfolio Class 1		7,930,353		—			7,930,353		—		7,930,353		7,930,353
SAST SA Index Allocation 90/10 Portfolio Class 3		848,552,672		—			848,552,672		9,795		848,542,877		848,552,672
SAST SA International Index Portfolio Class 1		1,069,777		—			1,069,777		—		1,069,777		1,069,777
SAST SA International Index Portfolio Class 3		19,940,353		—			19,940,353		71,795		19,868,558		19,940,353
SAST SA Invesco Growth Opportunities Portfolio Class 1		6,351,748		—			6,351,748		57,285		6,294,463		6,351,748
SAST SA Invesco Growth Opportunities Portfolio Class 2		2,324,188		—			2,324,188		48,122		2,276,066		2,324,188
SAST SA Invesco Growth Opportunities Portfolio Class 3		109,127,892		—			109,127,892		33,159		109,094,733		109,127,892
SAST SA Invesco Main Street Large Cap Portfolio Class 1		20,627,216		—			20,627,216		627,103		20,000,113		20,627,216
SAST SA Invesco Main Street Large Cap Portfolio Class 2		2,870,999		—			2,870,999		49,420		2,821,579		2,870,999
SAST SA Invesco Main Street Large Cap Portfolio Class 3		59,249,366		—			59,249,366		172,151		59,077,215		59,249,366
SAST SA Janus Focused Growth Portfolio Class 1		11,216,948		—			11,216,948		89,885		11,127,063		11,216,948
SAST SA Janus Focused Growth Portfolio Class 2		6,532,954		—			6,532,954		65,420		6,467,534		6,532,954
SAST SA Janus Focused Growth Portfolio Class 3		107,989,498		—			107,989,498		43,787		107,945,711		107,989,498
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		98,390,143		—			98,390,143		2,235,682		96,154,461		98,390,143
SAST SA JPMorgan Diversified Balanced Portfolio Class 2		17,627,301		(323	)		17,626,978		279,156		17,347,822		17,626,978
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		183,448,512		—			183,448,512		243,063		183,205,449		183,448,512
SAST SA JPMorgan Emerging Markets Portfolio Class 1		11,536,400		—			11,536,400		121,733		11,414,667		11,536,400
SAST SA JPMorgan Emerging Markets Portfolio Class 2		2,242,419		—			2,242,419		19,225		2,223,194		2,242,419
SAST SA JPMorgan Emerging Markets Portfolio Class 3		85,468,581		59			85,468,640		139,789		85,328,851		85,468,640
SAST SA JPMorgan Equity-Income Portfolio Class 1		113,914,930		—			113,914,930		1,704,190		112,210,740		113,914,930
SAST SA JPMorgan Equity-Income Portfolio Class 2		10,205,445		—			10,205,445		67,727		10,137,718		10,205,445
SAST SA JPMorgan Equity-Income Portfolio Class 3		196,395,500		—			196,395,500		416,250		195,979,250		196,395,500
SAST SA JPMorgan Global Equities Portfolio Class 1		29,311,318		—			29,311,318		355,303		28,956,015		29,311,318
SAST SA JPMorgan Global Equities Portfolio Class 2		2,473,477		—			2,473,477		38,917		2,434,560		2,473,477
SAST SA JPMorgan Global Equities Portfolio Class 3		35,368,607		—			35,368,607		57,311		35,311,296		35,368,607
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		30,034,248		—			30,034,248		462,919		29,571,329		30,034,248
SAST SA JPMorgan MFS Core Bond Portfolio Class 2		5,141,003		—			5,141,003		71,440		5,069,563		5,141,003
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		530,372,133		—			530,372,133		177,337		530,194,796		530,372,133
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		53,768,999		—			53,768,999		874,665		52,894,334		53,768,999
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 2		13,943,040		—			13,943,040		46,108		13,896,932		13,943,040
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		252,762,932		—			252,762,932		199,814		252,563,118		252,762,932
SAST SA Large Cap Growth Index Portfolio Class 1		596,214		—			596,214		—		596,214		596,214
SAST SA Large Cap Growth Index Portfolio Class 3		29,927,128		—			29,927,128		10,314		29,916,814		29,927,128
SAST SA Large Cap Index Portfolio Class 1		2,813,186		—			2,813,186		—		2,813,186		2,813,186
SAST SA Large Cap Index Portfolio Class 3		64,557,407		—			64,557,407		204,790		64,352,617		64,557,407
SAST SA Large Cap Value Index Portfolio Class 1		658,550		—			658,550		—		658,550		658,550
SAST SA Large Cap Value Index Portfolio Class 3		36,590,538		—			36,590,538		13,164		36,577,374		36,590,538
SAST SA MFS Blue Chip Growth Portfolio Class 1		7,237,256		—			7,237,256		52,043		7,185,213		7,237,256
SAST SA MFS Blue Chip Growth Portfolio Class 2		2,498,175		—			2,498,175		—		2,498,175		2,498,175
SAST SA MFS Blue Chip Growth Portfolio Class 3		103,433,688		—			103,433,688		165,983		103,267,705		103,433,688
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		38,726,054		—			38,726,054		1,134,121		37,591,933		38,726,054
SAST SA MFS Massachusetts Investors Trust Portfolio Class 2		6,310,093		—			6,310,093		44,046		6,266,047		6,310,093
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		180,380,959		—			180,380,959		127,324		180,253,635		180,380,959
SAST SA MFS Total Return Portfolio Class 1		83,170,971		—			83,170,971		1,077,098		82,093,873		83,170,971
SAST SA MFS Total Return Portfolio Class 2		17,902,085		—			17,902,085		123,653		17,778,432		17,902,085
SAST SA MFS Total Return Portfolio Class 3		191,224,452		—			191,224,452		703,270		190,521,182		191,224,452
SAST SA Mid Cap Index Portfolio Class 1		448,604		—			448,604		—		448,604		448,604
SAST SA Mid Cap Index Portfolio Class 3		47,060,604		—			47,060,604		566		47,060,038		47,060,604

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2022



Sub-accounts	Investments at Fair Value		Due from (to) General Account, Net			Net Assets		Contract Owners - Annuity Reserves		Contract Owners - Accumulation Reserves		Net Assets Attributable to Contract Owner Reserves
SAST SA Morgan Stanley International Equities Portfolio Class 1	$	19,070,867	$	—		$	19,070,867	$	377,853	$	18,693,014	$	19,070,867
SAST SA Morgan Stanley International Equities Portfolio Class 2		5,983,907		—			5,983,907		92,814		5,891,093		5,983,907
SAST SA Morgan Stanley International Equities Portfolio Class 3		85,495,944		184			85,496,128		119,797		85,376,331		85,496,128
SAST SA PIMCO RAE International Value Portfolio Class 1		101,437		—			101,437		—		101,437		101,437
SAST SA PIMCO RAE International Value Portfolio Class 2		7,632,433		—			7,632,433		102,832		7,529,601		7,632,433
SAST SA PIMCO RAE International Value Portfolio Class 3		240,717,919		—			240,717,919		278,056		240,439,863		240,717,919
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 1		50,314		—			50,314		—		50,314		50,314
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		849,522,148		—			849,522,148		115,409		849,406,739		849,522,148
SAST SA PineBridge High-Yield Bond Portfolio Class 1		24,237,406		—			24,237,406		353,648		23,883,758		24,237,406
SAST SA PineBridge High-Yield Bond Portfolio Class 2		5,431,504		772			5,432,276		99,246		5,333,030		5,432,276
SAST SA PineBridge High-Yield Bond Portfolio Class 3		74,369,353		—			74,369,353		261,126		74,108,227		74,369,353
SAST SA Putnam International Growth and Income Portfolio Class 1		17,761,505		—			17,761,505		201,564		17,559,941		17,761,505
SAST SA Putnam International Growth and Income Portfolio Class 2		4,475,062		—			4,475,062		9,674		4,465,388		4,475,062
SAST SA Putnam International Growth and Income Portfolio Class 3		72,860,404		490			72,860,894		130,464		72,730,430		72,860,894
SAST SA Schroders VCP Global Allocation Portfolio Class 1		231,134		—			231,134		—		231,134		231,134
SAST SA Schroders VCP Global Allocation Portfolio Class 3		393,035,155		—			393,035,155		8,910		393,026,245		393,035,155
SAST SA Small Cap Index Portfolio Class 1		407,239		—			407,239		—		407,239		407,239
SAST SA Small Cap Index Portfolio Class 3		39,818,011		—			39,818,011		63,943		39,754,068		39,818,011
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 1		373,044		—			373,044		—		373,044		373,044
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		376,668,687		—			376,668,687		—		376,668,687		376,668,687
SAST SA T. Rowe Price VCP Balanced Portfolio Class 1		233,339		—			233,339		—		233,339		233,339
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		1,119,730,799		—			1,119,730,799		96,007		1,119,634,792		1,119,730,799
SAST SA VCP Dynamic Allocation Portfolio Class 1		418,712		—			418,712		—		418,712		418,712
SAST SA VCP Dynamic Allocation Portfolio Class 3		6,104,053,442		—			6,104,053,442		1,427,422		6,102,626,020		6,104,053,442
SAST SA VCP Dynamic Strategy Portfolio Class 1		660,713		—			660,713		—		660,713		660,713
SAST SA VCP Dynamic Strategy Portfolio Class 3		4,776,685,400		—			4,776,685,400		689,831		4,775,995,569		4,776,685,400
SAST SA VCP Index Allocation Portfolio Class 1		348,849		—			348,849		—		348,849		348,849
SAST SA VCP Index Allocation Portfolio Class 3		378,580,493		—			378,580,493		8,136		378,572,357		378,580,493
SAST SA Wellington Capital Appreciation Portfolio Class 1		277,530,257		—			277,530,257		3,870,413		273,659,844		277,530,257
SAST SA Wellington Capital Appreciation Portfolio Class 2		37,300,193		2,965			37,303,158		689,332		36,613,826		37,303,158
SAST SA Wellington Capital Appreciation Portfolio Class 3		787,808,448		—			787,808,448		2,071,582		785,736,866		787,808,448
SAST SA Wellington Government and Quality Bond Portfolio Class 1		44,349,510		—			44,349,510		752,226		43,597,284		44,349,510
SAST SA Wellington Government and Quality Bond Portfolio Class 2		14,605,333		(10	)		14,605,323		225,707		14,379,616		14,605,323
SAST SA Wellington Government and Quality Bond Portfolio Class 3		355,164,797		2			355,164,799		426,277		354,738,522		355,164,799
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		11,268,459		—			11,268,459		408,461		10,859,998		11,268,459
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		102,395,193		—			102,395,193		64,859		102,330,334		102,395,193
VALIC Company I International Equities Index Fund		3,924,544		—			3,924,544		—		3,924,544		3,924,544
VALIC Company I International Socially Responsible Fund		912,078		—			912,078		—		912,078		912,078
VALIC Company I Mid Cap Index Fund		3,712,402		—			3,712,402		—		3,712,402		3,712,402
VALIC Company I Nasdaq-100 Index Fund		3,160,960		—			3,160,960		—		3,160,960		3,160,960
VALIC Company I Small Cap Index Fund		2,741,189		—			2,741,189		—		2,741,189		2,741,189
VALIC Company I Stock Index Fund		10,956,779		—			10,956,779		—		10,956,779		10,956,779

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2022



Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held		Level*
American Funds IS American High-Income Trust Class 3		987,424	$	8.57	$	8,462,224	$	9,933,339	1
American Funds IS Asset Allocation Fund Class 2		2,101,140		21.91		46,035,976		48,199,692	1
American Funds IS Asset Allocation Fund Class 3		1,268,861		22.23		28,206,780		29,062,093	1
American Funds IS Capital Income Builder Class 4		228,192		10.96		2,500,979		2,296,634	1
American Funds IS Global Growth Fund Class 2		4,529,957		29.79		134,947,415		132,063,743	1
American Funds IS Growth Fund Class 2		3,218,770		75.40		242,695,292		261,232,461	1
American Funds IS Growth Fund Class 3		2,437,564		77.09		187,911,811		195,266,787	1
American Funds IS Growth-Income Fund Class 2		4,221,095		49.46		208,775,356		201,317,005	1
American Funds IS Growth-Income Fund Class 3		2,478,142		50.33		124,724,884		117,760,639	1
American Funds IS International Fund Class 3		1,008,158		15.35		15,475,218		19,023,294	1
American Funds IS U.S. Government Securities Fund Class 3		649,496		10.02		6,507,952		8,005,221	1
American Funds IS Ultra-Short Bond Fund Class 3		388,594		11.14		4,328,939		4,315,148	1
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		29,673		11.61		344,503		348,259	1
BlackRock Global Allocation V.I. Fund Class III		50,518		11.87		599,651		739,396	1
Columbia VP Dividend Opportunity Fund Class 1		40,723		37.34		1,520,603		624,589	1
Columbia VP Emerging Markets Bond Fund Class 2		9,308		7.52		69,999		92,071	1
Columbia VP Income Opportunities Fund Class 1		1,025,913		6.00		6,155,476		7,504,834	1
Columbia VP Large Cap Growth Fund Class 1		689,051		26.04		17,942,900		10,148,746	1
Columbia VP Limited Duration Credit Fund Class 2		23,371		9.12		213,146		229,732	1
Columbia VP Overseas Core Fund Class 2		95,984		11.66		1,119,169		1,196,504	1
Columbia VP Select Mid Cap Growth Opportunity Fund Class 1		7,858		36.25		284,840		161,774	1
Columbia VP Small Company Growth Fund Class 1		55,095		9.20		506,876		772,487	1
CTIVP^® Principal Blue Chip Growth Fund Class 1		39,505		42.29		1,670,678		985,105	1
Delaware Ivy VIP Asset Strategy Class II		33,382		7.85		262,049		296,782	1
FTVIP Franklin Allocation VIP Fund Class 1		3,086		4.46		13,763		17,494	1
FTVIP Franklin Allocation VIP Fund Class 2		7,016,169		4.41		30,941,304		38,203,232	1
FTVIP Franklin Income VIP Fund Class 1		143,185		15.39		2,203,613		2,375,362	1
FTVIP Franklin Income VIP Fund Class 2		8,395,658		14.73		123,668,043		127,289,248	1
FTVIP Franklin Strategic Income VIP Fund Class 2		106,431		8.73		929,141		1,100,371	1
Goldman Sachs VIT Government Money Market Fund Institutional Shares		10,841,980		1.00		10,841,980		10,841,980	1
Goldman Sachs VIT Government Money Market Fund Service Shares		328,951,511		1.00		328,951,511		328,951,516	1
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		45,523		8.77		399,235		413,567	1
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		1,269		9.99		12,678		15,617	1
Invesco V.I. American Franchise Fund Series I		1,396		42.84		59,808		102,526	1
Invesco V.I. American Franchise Fund Series II		2,260,796		38.85		87,831,916		143,760,760	1
Invesco V.I. Balanced-Risk Allocation Fund Series II		78,857		7.97		628,487		781,255	1
Invesco V.I. Comstock Fund Series I		15,667		20.34		318,660		302,081	1
Invesco V.I. Comstock Fund Series II		14,756,511		20.25		298,819,348		249,711,373	1
Invesco V.I. Growth and Income Fund Series I		60,115		19.78		1,189,080		1,156,840	1
Invesco V.I. Growth and Income Fund Series II		16,322,112		19.77		322,688,154		303,479,130	1
Lord Abbett Bond Debenture Portfolio Class VC		80,442		10.20		820,505		990,028	1
Lord Abbett Fundamental Equity Portfolio Class VC		6,329		15.16		95,951		95,947	1
Lord Abbett Growth and Income Portfolio Class VC		4,225,514		32.80		138,596,874		143,007,629	1
Lord Abbett Mid Cap Stock Portfolio Class VC		459,253		23.08		10,599,555		10,615,886	1
Lord Abbett Short Duration Income Portfolio Class VC		131,553		12.99		1,708,875		1,859,796	1
Morgan Stanley VIF Global Infrastructure Portfolio Class II		101,851		6.93		705,825		776,340	1
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		52,399		8.20		429,671		489,548	1
PIMCO All Asset Portfolio Advisor Class		1,844		8.76		16,151		19,628	1
PIMCO Dynamic Bond Portfolio Advisor Class		88,235		8.41		742,053		890,246	1
PIMCO Emerging Markets Bond Portfolio Advisor Class		269,789		10.05		2,711,377		3,107,685	1
PIMCO Total Return Portfolio Advisor Class		18,813,655		8.98		168,946,623		201,543,678	1
PIMCO Total Return Portfolio Institutional Class		129,744		8.98		1,165,100		1,308,513	1
PVC Core Plus Bond Account Class 1		328,521		9.42		3,094,671		3,765,194	1
PVC Diversified International Account Class 1		48,219		13.36		644,211		503,354	1
PVC Equity Income Account Class 1		360,898		26.54		9,578,221		8,329,051	1
PVC Equity Income Account Class 2		211,848		26.19		5,548,304		4,573,597	1
PVC Government & High Quality Bond Account Class 1		166,449		8.24		1,371,544		1,655,686	1
PVC Large Cap Growth Account I Class 1		33,026		30.22		998,034		1,238,261	1
PVC MidCap Account Class 1		28,835		51.25		1,477,768		1,593,139	1
PVC MidCap Account Class 2		9,676		50.56		489,202		535,453	1
PVC Principal Capital Appreciation Account Class 1		322,494		30.36		9,790,906		8,413,529	1
PVC Principal Capital Appreciation Account Class 2		60,069		29.78		1,788,868		1,553,298	1
PVC Real Estate Securities Account Class 1		22,474		16.97		381,385		435,458	1
PVC Real Estate Securities Account Class 2		11,524		17.00		195,906		230,221	1
PVC SAM Balanced Portfolio Class 1		1,637,065		12.71		20,807,097		23,659,082	1
PVC SAM Balanced Portfolio Class 2		1,393,445		12.50		17,418,067		20,209,607	1

* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2022



Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held		Level*
PVC SAM Conservative Balanced Portfolio Class 1		201,730	$	10.23	$	2,063,703	$	2,382,842	1
PVC SAM Conservative Balanced Portfolio Class 2		166,468		10.05		1,672,998		1,964,104	1
PVC SAM Conservative Growth Portfolio Class 1		615,384		17.65		10,861,521		10,996,713	1
PVC SAM Conservative Growth Portfolio Class 2		601,681		17.31		10,415,098		10,884,513	1
PVC SAM Flexible Income Portfolio Class 1		239,466		10.17		2,435,365		2,866,524	1
PVC SAM Flexible Income Portfolio Class 2		294,116		10.02		2,947,040		3,524,818	1
PVC SAM Strategic Growth Portfolio Class 1		132,026		19.76		2,608,838		2,683,908	1
PVC SAM Strategic Growth Portfolio Class 2		211,632		19.39		4,103,538		4,082,111	1
PVC Short-Term Income Account Class 1		447,132		2.41		1,077,588		1,140,824	1
PVC SmallCap Account Class 1		30,939		13.04		403,440		452,489	1
PVC SmallCap Account Class 2		20,737		12.91		267,713		303,119	1
SST SA Allocation Balanced Portfolio Class 1		7,753		8.61		66,756		81,142	1
SST SA Allocation Balanced Portfolio Class 3		16,937,561		8.62		146,001,778		173,276,628	1
SST SA Allocation Growth Portfolio Class 1		309,631		13.20		4,087,123		5,234,047	1
SST SA Allocation Growth Portfolio Class 3		18,453,011		13.11		241,918,979		271,971,319	1
SST SA Allocation Moderate Growth Portfolio Class 1		32,888		9.14		300,596		341,248	1
SST SA Allocation Moderate Growth Portfolio Class 3		23,212,428		9.12		211,697,344		250,425,271	1
SST SA Allocation Moderate Portfolio Class 1		20,465		9.08		185,820		211,711	1
SST SA Allocation Moderate Portfolio Class 3		18,622,419		9.05		168,532,888		200,328,738	1
SST SA American Century Inflation Protection Portfolio Class 1		18,544		8.82		163,557		186,505	1
SST SA American Century Inflation Protection Portfolio Class 3		32,630,114		8.72		284,534,597		319,583,623	1
SST SA Columbia Focused Value Portfolio Class 3		4,005		19.67		78,784		78,788	1
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		15,423		9.68		149,299		182,059	1
SST SA Multi-Managed International Equity Portfolio Class 3		38,872		7.63		296,597		353,725	1
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		64,802		7.85		508,697		927,358	1
SST SA Multi-Managed Large Cap Value Portfolio Class 3		12,445		13.55		168,630		191,099	1
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		27,518		8.08		222,349		383,064	1
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		17,807		15.26		271,739		291,802	1
SST SA Multi-Managed Small Cap Portfolio Class 3		20,566		9.09		186,943		246,803	1
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		28,071		10.15		284,918		343,355	1
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		8,720,204		10.11		88,161,258		106,949,802	1
SST SA T. Rowe Price Growth Stock Portfolio Class 3		30,033		12.37		371,510		619,469	1
SAST SA AB Growth Portfolio Class 1		8,009,438		43.71		350,092,527		372,039,863	1
SAST SA AB Growth Portfolio Class 2		959,575		42.82		41,088,996		44,732,618	1
SAST SA AB Growth Portfolio Class 3		9,987,333		41.72		416,671,540		504,978,186	1
SAST SA AB Small & Mid Cap Value Portfolio Class 1		51,889		12.23		634,606		785,923	1
SAST SA AB Small & Mid Cap Value Portfolio Class 2		692,159		12.22		8,458,184		10,157,876	1
SAST SA AB Small & Mid Cap Value Portfolio Class 3		24,996,969		12.04		300,963,512		326,174,777	1
SAST SA American Funds Asset Allocation Portfolio Class 1		492,957		15.15		7,468,299		7,773,059	1
SAST SA American Funds Asset Allocation Portfolio Class 3		97,407,902		15.09		1,469,885,240		1,474,903,675	1
SAST SA American Funds Global Growth Portfolio Class 1		96,601		10.58		1,022,038		1,290,545	1
SAST SA American Funds Global Growth Portfolio Class 3		30,761,975		10.55		324,538,833		352,335,719	1
SAST SA American Funds Growth Portfolio Class 1		148,931		11.20		1,668,026		2,259,617	1
SAST SA American Funds Growth Portfolio Class 3		56,886,448		11.16		634,852,756		773,317,697	1
SAST SA American Funds Growth-Income Portfolio Class 1		138,268		11.14		1,540,308		1,682,514	1
SAST SA American Funds Growth-Income Portfolio Class 3		29,558,581		11.08		327,509,080		341,146,034	1
SAST SA American Funds VCP Managed Allocation Portfolio Class 1		70,186		13.70		961,542		1,122,041	1
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		114,934,429		13.65		1,568,854,955		1,587,988,971	1
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 1		3,295		14.03		46,222		48,979	1
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		2,766,077		14.01		38,752,738		44,509,472	1
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 1		79,006		8.76		692,089		905,639	1
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		66,238,977		8.73		578,266,266		720,423,655	1
SAST SA DFA Ultra Short Bond Portfolio Class 1		2,128,096		10.27		21,855,545		22,276,662	1
SAST SA DFA Ultra Short Bond Portfolio Class 2		754,998		10.12		7,640,584		7,849,012	1
SAST SA DFA Ultra Short Bond Portfolio Class 3		18,383,110		10.00		183,831,101		187,978,459	1
SAST SA Emerging Markets Equity Index Portfolio Class 1		7,735		12.95		100,163		116,637	1
SAST SA Emerging Markets Equity Index Portfolio Class 3		1,020,629		12.86		13,125,286		16,085,003	1
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		3,342,847		11.12		37,172,457		44,374,959	1
SAST SA Federated Hermes Corporate Bond Portfolio Class 2		997,333		11.13		11,100,315		13,423,757	1
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		59,538,525		11.03		656,709,936		787,642,236	1
SAST SA Fidelity Institutional AM^® International Growth Class 1		16,104		13.53		217,893		278,321	1
SAST SA Fidelity Institutional AM^® International Growth Class 3		609,893		13.44		8,196,967		10,815,183	1
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 1		1,208,805		11.56		13,973,782		16,108,222	1
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 2		268,345		11.53		3,094,012		3,275,852	1
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		10,904,961		11.42		124,534,660		138,209,500	1
SAST SA Fixed Income Index Portfolio Class 1		4,986		9.19		45,824		48,960	1

* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2022



Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held		Level*
SAST SA Fixed Income Index Portfolio Class 3		6,652,348	$	9.14	$	60,802,458	$	71,647,813	1
SAST SA Fixed Income Intermediate Index Portfolio Class 1		1,326		9.60		12,734		13,089	1
SAST SA Fixed Income Intermediate Index Portfolio Class 3		3,158,828		9.55		30,166,808		33,048,885	1
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		14,303,455		19.28		275,770,611		274,979,769	1
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 2		2,032,874		19.29		39,214,130		38,861,595	1
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		16,578,470		19.12		316,980,351		316,925,107	1
SAST SA Franklin Small Company Value Portfolio Class 1		6,123		15.20		93,065		116,386	1
SAST SA Franklin Small Company Value Portfolio Class 3		8,643,996		14.95		129,227,736		148,717,566	1
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 1		3,105		16.50		51,235		60,457	1
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		413,765		16.41		6,789,885		7,902,775	1
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		2,081,070		10.32		21,476,642		26,088,030	1
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 2		485,809		10.29		4,998,979		6,162,685	1
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		15,101,385		10.11		152,675,006		191,040,606	1
SAST SA Franklin Tactical Opportunities Portfolio Class 1		6,648		10.27		68,275		72,817	1
SAST SA Franklin Tactical Opportunities Portfolio Class 3		6,306,238		10.25		64,638,935		69,445,071	1
SAST SA Global Index Allocation 60/40 Portfolio Class 1		5,464		15.69		85,725		90,299	1
SAST SA Global Index Allocation 60/40 Portfolio Class 3		3,563,612		15.68		55,877,444		58,255,963	1
SAST SA Global Index Allocation 75/25 Portfolio Class 1		6,235		16.10		100,383		94,122	1
SAST SA Global Index Allocation 75/25 Portfolio Class 3		3,603,172		16.09		57,975,040		59,562,077	1
SAST SA Global Index Allocation 90/10 Portfolio Class 1		215,923		16.58		3,579,998		3,369,637	1
SAST SA Global Index Allocation 90/10 Portfolio Class 3		13,053,632		16.50		215,384,933		213,843,018	1
SAST SA Goldman Sachs Global Bond Portfolio Class 1		1,348,561		9.12		12,298,874		15,284,481	1
SAST SA Goldman Sachs Global Bond Portfolio Class 2		327,708		9.01		2,952,649		3,654,541	1
SAST SA Goldman Sachs Global Bond Portfolio Class 3		19,530,225		8.89		173,623,698		214,712,095	1
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 1		662		9.14		6,050		6,907	1
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		2,808,007		9.10		25,552,863		30,321,231	1
SAST SA Index Allocation 60/40 Portfolio Class 1		26,025		11.90		309,702		369,435	1
SAST SA Index Allocation 60/40 Portfolio Class 3		13,774,665		11.88		163,643,018		165,340,555	1
SAST SA Index Allocation 80/20 Portfolio Class 1		148,556		12.96		1,925,282		1,823,578	1
SAST SA Index Allocation 80/20 Portfolio Class 3		23,608,489		12.92		305,021,683		294,889,487	1
SAST SA Index Allocation 90/10 Portfolio Class 1		591,376		13.41		7,930,353		7,831,659	1
SAST SA Index Allocation 90/10 Portfolio Class 3		63,466,916		13.37		848,552,672		797,992,234	1
SAST SA International Index Portfolio Class 1		95,858		11.16		1,069,777		1,139,347	1
SAST SA International Index Portfolio Class 3		1,799,671		11.08		19,940,353		21,701,912	1
SAST SA Invesco Growth Opportunities Portfolio Class 1		1,150,679		5.52		6,351,748		10,204,380	1
SAST SA Invesco Growth Opportunities Portfolio Class 2		465,769		4.99		2,324,188		3,739,365	1
SAST SA Invesco Growth Opportunities Portfolio Class 3		23,367,857		4.67		109,127,892		173,278,718	1
SAST SA Invesco Main Street Large Cap Portfolio Class 1		1,214,795		16.98		20,627,216		21,749,301	1
SAST SA Invesco Main Street Large Cap Portfolio Class 2		168,882		17.00		2,870,999		3,213,057	1
SAST SA Invesco Main Street Large Cap Portfolio Class 3		3,516,283		16.85		59,249,366		72,804,715	1
SAST SA Janus Focused Growth Portfolio Class 1		934,746		12.00		11,216,948		13,743,828	1
SAST SA Janus Focused Growth Portfolio Class 2		571,562		11.43		6,532,954		7,399,811	1
SAST SA Janus Focused Growth Portfolio Class 3		9,790,526		11.03		107,989,498		150,570,912	1
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		6,282,895		15.66		98,390,143		132,845,843	1
SAST SA JPMorgan Diversified Balanced Portfolio Class 2		1,129,955		15.60		17,627,301		23,109,239	1
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		11,843,029		15.49		183,448,512		230,955,593	1
SAST SA JPMorgan Emerging Markets Portfolio Class 1		1,657,529		6.96		11,536,400		13,643,859	1
SAST SA JPMorgan Emerging Markets Portfolio Class 2		323,581		6.93		2,242,419		2,651,058	1
SAST SA JPMorgan Emerging Markets Portfolio Class 3		12,458,977		6.86		85,468,581		101,674,748	1
SAST SA JPMorgan Equity-Income Portfolio Class 1		3,280,015		34.73		113,914,930		105,781,081	1
SAST SA JPMorgan Equity-Income Portfolio Class 2		294,360		34.67		10,205,445		10,034,627	1
SAST SA JPMorgan Equity-Income Portfolio Class 3		5,710,832		34.39		196,395,500		201,914,034	1
SAST SA JPMorgan Global Equities Portfolio Class 1		1,827,389		16.04		29,311,318		31,453,649	1
SAST SA JPMorgan Global Equities Portfolio Class 2		154,496		16.01		2,473,477		2,604,709	1
SAST SA JPMorgan Global Equities Portfolio Class 3		2,234,277		15.83		35,368,607		41,758,724	1
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		3,816,296		7.87		30,034,248		35,075,808	1
SAST SA JPMorgan MFS Core Bond Portfolio Class 2		654,905		7.85		5,141,003		6,073,886	1
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		68,171,225		7.78		530,372,133		617,484,176	1
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		3,907,631		13.76		53,768,999		87,236,583	1
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 2		1,099,609		12.68		13,943,040		20,012,743	1
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		21,028,530		12.02		252,762,932		408,146,318	1
SAST SA Large Cap Growth Index Portfolio Class 1		33,876		17.60		596,214		668,758	1
SAST SA Large Cap Growth Index Portfolio Class 3		1,711,099		17.49		29,927,128		39,111,127	1
SAST SA Large Cap Index Portfolio Class 1		99,758		28.20		2,813,186		2,883,386	1
SAST SA Large Cap Index Portfolio Class 3		2,300,692		28.06		64,557,407		72,674,427	1
SAST SA Large Cap Value Index Portfolio Class 1		39,387		16.72		658,550		686,159	1

* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

SCHEDULE OF PORTFOLIO INVESTMENTS

December 31, 2022



Sub-accounts	Shares		Net Asset Value per Share		Shares at Fair Value		Cost of Shares Held		Level*
SAST SA Large Cap Value Index Portfolio Class 3		2,201,597	$	16.62	$	36,590,538	$	39,467,351	1
SAST SA MFS Blue Chip Growth Portfolio Class 1		720,125		10.05		7,237,256		9,247,035	1
SAST SA MFS Blue Chip Growth Portfolio Class 2		250,821		9.96		2,498,175		3,114,223	1
SAST SA MFS Blue Chip Growth Portfolio Class 3		10,543,699		9.81		103,433,688		139,995,756	1
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		1,998,248		19.38		38,726,054		42,867,348	1
SAST SA MFS Massachusetts Investors Trust Portfolio Class 2		324,928		19.42		6,310,093		7,240,120	1
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		9,370,439		19.25		180,380,959		204,866,918	1
SAST SA MFS Total Return Portfolio Class 1		4,852,449		17.14		83,170,971		88,644,587	1
SAST SA MFS Total Return Portfolio Class 2		1,042,031		17.18		17,902,085		19,121,888	1
SAST SA MFS Total Return Portfolio Class 3		11,195,811		17.08		191,224,452		211,459,174	1
SAST SA Mid Cap Index Portfolio Class 1		36,090		12.43		448,604		510,791	1
SAST SA Mid Cap Index Portfolio Class 3		3,816,756		12.33		47,060,604		52,097,865	1
SAST SA Morgan Stanley International Equities Portfolio Class 1		2,292,171		8.32		19,070,867		20,984,099	1
SAST SA Morgan Stanley International Equities Portfolio Class 2		722,694		8.28		5,983,907		6,970,051	1
SAST SA Morgan Stanley International Equities Portfolio Class 3		10,350,599		8.26		85,495,944		98,121,576	1
SAST SA PIMCO RAE International Value Portfolio Class 1		8,383		12.10		101,437		111,950	1
SAST SA PIMCO RAE International Value Portfolio Class 2		629,739		12.12		7,632,433		9,090,090	1
SAST SA PIMCO RAE International Value Portfolio Class 3		19,926,980		12.08		240,717,919		269,610,570	1
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 1		5,698		8.83		50,314		65,499	1
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		97,422,265		8.72		849,522,148		1,056,388,473	1
SAST SA PineBridge High-Yield Bond Portfolio Class 1		5,113,377		4.74		24,237,406		27,627,773	1
SAST SA PineBridge High-Yield Bond Portfolio Class 2		1,145,887		4.74		5,431,504		6,366,836	1
SAST SA PineBridge High-Yield Bond Portfolio Class 3		15,789,671		4.71		74,369,353		84,796,636	1
SAST SA Putnam International Growth and Income Portfolio Class 1		1,795,905		9.89		17,761,505		16,877,264	1
SAST SA Putnam International Growth and Income Portfolio Class 2		449,303		9.96		4,475,062		3,893,401	1
SAST SA Putnam International Growth and Income Portfolio Class 3		7,337,402		9.93		72,860,404		58,969,292	1
SAST SA Schroders VCP Global Allocation Portfolio Class 1		26,628		8.68		231,134		282,211	1
SAST SA Schroders VCP Global Allocation Portfolio Class 3		45,332,775		8.67		393,035,155		482,821,124	1
SAST SA Small Cap Index Portfolio Class 1		38,346		10.62		407,239		530,862	1
SAST SA Small Cap Index Portfolio Class 3		3,781,388		10.53		39,818,011		50,227,778	1
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 1		31,830		11.72		373,044		371,152	1
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		32,193,905		11.70		376,668,687		392,787,955	1
SAST SA T. Rowe Price VCP Balanced Portfolio Class 1		24,006		9.72		233,339		310,348	1
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		115,198,642		9.72		1,119,730,799		1,337,609,574	1
SAST SA VCP Dynamic Allocation Portfolio Class 1		40,930		10.23		418,712		553,616	1
SAST SA VCP Dynamic Allocation Portfolio Class 3		596,098,969		10.24		6,104,053,442		7,423,319,411	1
SAST SA VCP Dynamic Strategy Portfolio Class 1		58,522		11.29		660,713		824,742	1
SAST SA VCP Dynamic Strategy Portfolio Class 3		423,089,938		11.29		4,776,685,400		5,511,009,436	1
SAST SA VCP Index Allocation Portfolio Class 1		33,543		10.40		348,849		411,962	1
SAST SA VCP Index Allocation Portfolio Class 3		36,401,971		10.40		378,580,493		401,642,386	1
SAST SA Wellington Capital Appreciation Portfolio Class 1		12,119,225		22.90		277,530,257		467,839,689	1
SAST SA Wellington Capital Appreciation Portfolio Class 2		1,882,897		19.81		37,300,193		65,487,613	1
SAST SA Wellington Capital Appreciation Portfolio Class 3		44,159,666		17.84		787,808,448		1,469,742,669	1
SAST SA Wellington Government and Quality Bond Portfolio Class 1		3,451,324		12.85		44,349,510		52,589,854	1
SAST SA Wellington Government and Quality Bond Portfolio Class 2		1,132,196		12.90		14,605,333		17,269,759	1
SAST SA Wellington Government and Quality Bond Portfolio Class 3		27,703,962		12.82		355,164,797		425,021,302	1
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		1,518,660		7.42		11,268,459		11,811,403	1
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		13,912,390		7.36		102,395,193		121,301,947	1
VALIC Company I International Equities Index Fund		559,052		7.02		3,924,544		3,802,862	1
VALIC Company I International Socially Responsible Fund		43,370		21.03		912,078		1,030,141	1
VALIC Company I Mid Cap Index Fund		144,451		25.70		3,712,402		3,696,371	1
VALIC Company I Nasdaq-100 Index Fund		181,873		17.38		3,160,960		3,113,632	1
VALIC Company I Small Cap Index Fund		165,431		16.57		2,741,189		3,179,187	1
VALIC Company I Stock Index Fund		246,275		44.49		10,956,779		9,909,076	1

* Represents the level within the fair value hierarchy under which the portfolio is classified as defined in ASC 820 and described in Note 3 to the financial statements.

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	American Funds IS American High-Income Trust Class 3			American Funds IS Asset Allocation Fund Class 2			American Funds IS Asset Allocation Fund Class 3			American Funds IS Capital Income Builder Class 4			American Funds IS Global Growth Fund Class 2
For the Year Ended December 31, 2022
From operations:
Dividends	$	694,532		$	927,444		$	584,775		$	69,117		$	976,586
Mortality and expense risk and administrative charges		(119,012	)		(775,719	)		(400,161	)		(30,695	)		(2,336,817	)
Net investment income (loss)		575,520			151,725			184,614			38,422			(1,360,231	)
Net realized gain (loss)		(97,069	)		716,480			649,752			48,436			4,154,706
Capital gain distribution from mutual funds		—			5,282,677			3,173,999			—			16,984,006
Change in unrealized appreciation (depreciation) of investments		(1,538,077	)		(14,834,620	)		(9,207,387	)		(340,878	)		(71,493,995	)
Increase (decrease) in net assets from operations		(1,059,626	)		(8,683,738	)		(5,199,022	)		(254,020	)		(51,715,514	)

From contract transactions:
Payments received from contract owners		13,258			1,101,575			100,206			15,609			1,617,035
Payments for contract benefits or terminations		(879,643	)		(5,818,538	)		(2,466,125	)		(132,975	)		(16,837,134	)
Transfers between sub-accounts (including fixed account), net		18,685			(474,291	)		(506,879	)		(196,110	)		(1,188,426	)
Contract maintenance charges		(2,115	)		(29,652	)		(5,738	)		(80	)		(193,555	)
Adjustments to net assets allocated to contracts in payout period		16,349			12,897			27,725			—			79,097
Increase (decrease) in net assets from contract transactions		(833,466	)		(5,208,009	)		(2,850,811	)		(313,556	)		(16,522,983	)

Increase (decrease) in net assets		(1,893,092	)		(13,891,747	)		(8,049,833	)		(567,576	)		(68,238,497	)
Net assets at beginning of period		10,355,316			59,927,723			36,256,613			3,068,555			203,185,912
Net assets at end of period	$	8,462,224		$	46,035,976		$	28,206,780		$	2,500,979		$	134,947,415

Beginning units		79,121			1,512,729			296,081			224,159			2,694,890
Units issued		4,274			50,745			4,886			1,828			91,225
Units redeemed		(11,226	)		(200,299	)		(31,613	)		(26,702	)		(370,639	)
Ending units		72,169			1,363,175			269,354			199,285			2,415,476

For the Year Ended December 31, 2021
From operations:
Dividends	$	429,303		$	904,540		$	555,871		$	75,638		$	687,465
Mortality and expense risk and administrative charges		(134,251	)		(921,926	)		(454,968	)		(34,909	)		(3,228,192	)
Net investment income (loss)		295,052			(17,386	)		100,903			40,729			(2,540,727	)
Net realized gain (loss)		168,745			3,145,999			974,588			82,922			12,672,206
Capital gain distribution from mutual funds		—			1,993,289			1,136,954			—			10,048,332
Change in unrealized appreciation (depreciation) of investments		242,800			2,360,847			2,218,992			263,941			7,978,050
Increase (decrease) in net assets from operations		706,597			7,482,749			4,431,437			387,592			28,157,861

From contract transactions:
Payments received from contract owners		1,200			1,129,405			498,129			4,000			1,722,776
Payments for contract benefits or terminations		(872,102	)		(7,226,107	)		(2,220,931	)		(422,396	)		(25,715,929	)
Transfers between sub-accounts (including fixed account), net		590,676			367,561			917,980			72,354			(2,717,940	)
Contract maintenance charges		(2,175	)		(30,697	)		(6,067	)		(92	)		(219,602	)
Adjustments to net assets allocated to contracts in payout period		(3,455	)		10,883			(44,340	)		—			120,103
Increase (decrease) in net assets from contract transactions		(285,856	)		(5,748,955	)		(855,229	)		(346,134	)		(26,810,592	)

Increase (decrease) in net assets		420,741			1,733,794			3,576,208			41,458			1,347,269
Net assets at beginning of period		9,934,575			58,193,929			32,680,405			3,027,097			201,838,643
Net assets at end of period	$	10,355,316		$	59,927,723		$	36,256,613		$	3,068,555		$	203,185,912

Beginning units		81,361			1,664,820			303,529			250,888			3,068,491
Units issued		8,206			68,411			14,518			6,966			85,237
Units redeemed		(10,446	)		(220,502	)		(21,966	)		(33,695	)		(458,838	)
Ending units		79,121			1,512,729			296,081			224,159			2,694,890

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	American Funds IS Growth Fund Class 2			American Funds IS Growth Fund Class 3			American Funds IS Growth- Income Fund Class 2			American Funds IS Growth- Income Fund Class 3			American Funds IS International Fund Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	888,346		$	821,251		$	2,897,187		$	1,776,178		$	298,437
Mortality and expense risk and administrative charges		(4,426,887	)		(2,912,555	)		(3,629,914	)		(1,771,251	)		(219,760	)
Net investment income (loss)		(3,538,541	)		(2,091,304	)		(732,727	)		4,927			78,677
Net realized gain (loss)		10,702,337			7,331,856			5,325,247			1,621,479			(127,777	)
Capital gain distribution from mutual funds		40,915,162			31,549,264			23,153,445			13,249,082			2,328,264
Change in unrealized appreciation (depreciation) of investments		(162,697,569	)		(126,631,142	)		(77,824,517	)		(43,345,146	)		(6,815,615	)
Increase (decrease) in net assets from operations		(114,618,611	)		(89,841,326	)		(50,078,552	)		(28,469,658	)		(4,536,451	)

From contract transactions:
Payments received from contract owners		1,369,914			2,780,266			3,291,422			1,078,258			46,771
Payments for contract benefits or terminations		(28,217,287	)		(21,508,494	)		(27,531,270	)		(12,321,062	)		(974,269	)
Transfers between sub-accounts (including fixed account), net		3,011,657			(5,370,736	)		(5,177,331	)		(1,861,744	)		(133,406	)
Contract maintenance charges		(268,032	)		(32,990	)		(214,493	)		(27,538	)		(3,572	)
Adjustments to net assets allocated to contracts in payout period		29,859			264,886			27,968			158,570			5,319
Increase (decrease) in net assets from contract transactions		(24,073,889	)		(23,867,068	)		(29,603,704	)		(12,973,516	)		(1,059,157	)

Increase (decrease) in net assets		(138,692,500	)		(113,708,394	)		(79,682,256	)		(41,443,174	)		(5,595,608	)
Net assets at beginning of period		381,387,835			301,620,205			288,457,612			166,168,058			21,070,826
Net assets at end of period	$	242,695,335		$	187,911,811		$	208,775,356		$	124,724,884		$	15,475,218

Beginning units		3,967,897			330,617			5,091,815			382,859			252,846
Units issued		204,572			7,986			171,050			5,955			3,636
Units redeemed		(511,994	)		(41,003	)		(780,823	)		(40,443	)		(19,020	)
Ending units		3,660,475			297,600			4,482,042			348,371			237,462

For the Year Ended December 31, 2021
From operations:
Dividends	$	802,265		$	801,018		$	3,131,526		$	1,863,827		$	545,523
Mortality and expense risk and administrative charges		(5,836,553	)		(3,838,659	)		(4,470,440	)		(2,125,336	)		(307,013	)
Net investment income (loss)		(5,034,288	)		(3,037,641	)		(1,338,914	)		(261,509	)		238,510
Net realized gain (loss)		24,954,078			16,649,825			12,280,989			6,820,317			767,786
Capital gain distribution from mutual funds		47,651,946			36,740,290			2,806,811			1,578,023			—
Change in unrealized appreciation (depreciation) of investments		525,340			4,129,203			43,335,125			24,727,154			(1,546,596	)
Increase (decrease) in net assets from operations		68,097,076			54,481,677			57,084,011			32,863,985			(540,300	)

From contract transactions:
Payments received from contract owners		2,619,094			1,958,700			4,029,008			1,022,330			64,956
Payments for contract benefits or terminations		(40,256,439	)		(30,362,252	)		(37,272,189	)		(19,296,385	)		(2,655,063	)
Transfers between sub-accounts (including fixed account), net		(5,709,922	)		(3,700,598	)		(10,113,355	)		(2,360,066	)		(526,820	)
Contract maintenance charges		(297,497	)		(37,624	)		(227,440	)		(30,442	)		(4,354	)
Adjustments to net assets allocated to contracts in payout period		488,480			502,671			207,226			221,036			16,615
Increase (decrease) in net assets from contract transactions		(43,156,284	)		(31,639,103	)		(43,376,750	)		(20,443,527	)		(3,104,666	)

Increase (decrease) in net assets		24,940,792			22,842,574			13,707,261			12,420,458			(3,644,966	)
Net assets at beginning of period		356,447,043			278,777,631			274,750,351			153,747,600			24,715,792
Net assets at end of period	$	381,387,835		$	301,620,205		$	288,457,612		$	166,168,058		$	21,070,826

Beginning units		4,454,709			368,188			5,925,728			434,298			288,634
Units issued		160,600			7,054			187,449			11,136			4,201
Units redeemed		(647,412	)		(44,625	)		(1,021,362	)		(62,575	)		(39,989	)
Ending units		3,967,897			330,617			5,091,815			382,859			252,846

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	American Funds IS U.S. Government Securities Fund Class 3			American Funds IS Ultra-Short Bond Fund Class 3			AST SA PGI Asset Allocation Portfolio Class 1			AST SA PGI Asset Allocation Portfolio Class 2			AST SA PGI Asset Allocation Portfolio Class 3
For the Year Ended For the Year Ended December 31, 2022
From operations:
Dividends	$	292,058		$	25,866		$	—		$	—		$	—
Mortality and expense risk and administrative charges		(106,603	)		(61,446	)		—			—			—
Net investment income (loss)		185,455			(35,580	)		—			—			—
Net realized gain (loss)		(416,183	)		(11,305	)		—			—			—
Capital gain distribution from mutual funds		—			—			—			—			—
Change in unrealized appreciation (depreciation) of investments		(861,357	)		40,782			—			—			—
Increase (decrease) in net assets from operations		(1,092,085	)		(6,103	)		—			—			—

From contract transactions:
Payments received from contract owners		8,868			15,203			—			—			—
Payments for contract benefits or terminations		(1,366,223	)		(582,451	)		—			—			—
Transfers between sub-accounts (including fixed account), net		(738,187	)		282,861			—			—			—
Contract maintenance charges		(2,135	)		(1,920	)		—			—			—
Adjustments to net assets allocated to contracts in payout period		4,531			511			—			—			—
Increase (decrease) in net assets from contract transactions		(2,093,146	)		(285,796	)		—			—			—

Increase (decrease) in net assets		(3,185,231	)		(291,899	)		—			—			—
Net assets at beginning of period		9,693,183			4,620,838			—			—			—
Net assets at end of period	$	6,507,952		$	4,328,939		$	—		$	—		$	—

Beginning units		217,102			240,234			—			—			—
Units issued		8,134			39,629			—			—			—
Units redeemed		(59,492	)		(54,573	)		—			—			—
Ending units		165,744			225,290			—			—			—

For the Year Ended December 31, 2021
From operations:
Dividends	$	131,854		$	—		$	2,628,097		$	304,475		$	1,159,547
Mortality and expense risk and administrative charges		(128,066	)		(58,001	)		(1,120,763	)		(149,776	)		(525,940	)
Net investment income (loss)		3,788			(58,001	)		1,507,334			154,699			633,607
Net realized gain (loss)		(28,441	)		(3,741	)		3,303,230			863,762			1,948,249
Capital gain distribution from mutual funds		815,933			—			10,446,205			1,325,883			5,382,582
Change in unrealized appreciation (depreciation) of investments		(998,405	)		(16,174	)		(3,758,974	)		(913,822	)		(2,173,660	)
Increase (decrease) in net assets from operations		(207,125	)		(77,916	)		11,497,795			1,430,522			5,790,778

From contract transactions:
Payments received from contract owners		—			7,000			603,256			377,062			1,185,592
Payments for contract benefits or terminations		(1,062,413	)		(452,202	)		(7,339,096	)		(987,237	)		(3,487,588	)
Transfers between sub-accounts (including fixed account), net		657,581			842,044			(89,962,220	)		(12,306,024	)		(46,565,196	)
Contract maintenance charges		(2,345	)		(1,964	)		(13,687	)		(8,971	)		(322,788	)
Adjustments to net assets allocated to contracts in payout period		9,095			1,482			12,953			3,857			1,528
Increase (decrease) in net assets from contract transactions		(398,082	)		396,360			(96,698,794	)		(12,921,313	)		(49,188,452	)

Increase (decrease) in net assets		(605,207	)		318,444			(85,200,999	)		(11,490,791	)		(43,397,674	)
Net assets at beginning of period		10,298,390			4,302,394			85,200,999			11,490,791			43,397,674
Net assets at end of period	$	9,693,183		$	4,620,838		$	—		$	—		$	—

Beginning units		226,242			219,773			1,600,216			224,818			1,574,827
Units issued		24,029			66,247			50,636			11,517			94,821
Units redeemed		(33,169	)		(45,786	)		(1,650,852	)		(236,335	)		(1,669,648	)
Ending units		217,102			240,234			—			—			—

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	BlackRock 60/40 Target Allocation ETF V.I. Fund Class III			BlackRock Global Allocation V.I. Fund Class III			Columbia VP Dividend Opportunity Fund Class 1			Columbia VP Emerging Markets Bond Fund Class 2			Columbia VP Income Opportunities Fund Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	6,719		$	—		$	—		$	2,971		$	353,324
Mortality and expense risk and administrative charges		(4,503	)		(8,913	)		(25,561	)		(794	)		(109,938	)
Net investment income (loss)		2,216			(8,913	)		(25,561	)		2,177			243,386
Net realized gain (loss)		815			(23,545	)		190,679			(504	)		(213,911	)
Capital gain distribution from mutual funds		116			10,712			—			—			236,185
Change in unrealized appreciation (depreciation) of investments		(68,956	)		(127,819	)		(210,625	)		(16,230	)		(1,158,138	)
Increase (decrease) in net assets from operations		(65,809	)		(149,565	)		(45,507	)		(14,557	)		(892,478	)

From contract transactions:
Payments received from contract owners		—			—			5,000			—			5,812
Payments for contract benefits or terminations		(421	)		(151,645	)		(84,070	)		(1,130	)		(715,765	)
Transfers between sub-accounts (including fixed account), net		1,516			(8,414	)		(183,216	)		(71	)		(196,117	)
Contract maintenance charges		(23	)		(78	)		(1,935	)		(12	)		(32,687	)
Increase (decrease) in net assets from contract transactions		1,072			(160,137	)		(264,221	)		(1,213	)		(938,965	)

Increase (decrease) in net assets		(64,737	)		(309,702	)		(309,728	)		(15,770	)		(1,831,443	)
Net assets at beginning of period		409,240			909,353			1,830,331			85,769			7,986,919
Net assets at end of period	$	344,503		$	599,651		$	1,520,603		$	69,999		$	6,155,476

Beginning units		26,189			61,912			68,160			7,292			267,729
Units issued		222			580			813			—			13,235
Units redeemed		(138	)		(13,456	)		(10,796	)		(116	)		(47,873	)
Ending units		26,273			49,036			58,177			7,176			233,091

For the Year Ended December 31, 2021
From operations:
Dividends	$	6,924		$	7,892		$	—		$	3,161		$	726,334
Mortality and expense risk and administrative charges		(5,929	)		(13,115	)		(28,590	)		(948	)		(130,025	)
Net investment income (loss)		995			(5,223	)		(28,590	)		2,213			596,309
Net realized gain (loss)		87,523			133,148			182,902			(56	)		(8,669	)
Capital gain distribution from mutual funds		28,221			149,505			—			—			—
Change in unrealized appreciation (depreciation) of investments		(66,331	)		(211,194	)		241,633			(5,269	)		(365,276	)
Increase (decrease) in net assets from operations		50,408			66,236			395,945			(3,112	)		222,364

From contract transactions:
Payments received from contract owners		—			2,000			—			—			374
Payments for contract benefits or terminations		(261,558	)		(683,762	)		(153,267	)		—			(782,330	)
Transfers between sub-accounts (including fixed account), net		38,278			30,872			(109,704	)		838			403,975
Contract maintenance charges		(17	)		(60	)		(2,186	)		(12	)		(30,056	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			—			1,078
Increase (decrease) in net assets from contract transactions		(223,297	)		(650,950	)		(265,157	)		826			(406,959	)

Increase (decrease) in net assets		(172,889	)		(584,714	)		130,788			(2,286	)		(184,595	)
Net assets at beginning of period		582,129			1,494,067			1,699,543			88,055			8,171,514
Net assets at end of period	$	409,240		$	909,353		$	1,830,331		$	85,769		$	7,986,919

Beginning units		40,807			107,285			78,656			7,223			281,445
Units issued		3,212			2,407			494			71			19,865
Units redeemed		(17,830	)		(47,780	)		(10,990	)		(2	)		(33,581	)
Ending units		26,189			61,912			68,160			7,292			267,729

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	Columbia VP Large Cap Growth Fund Class 1			Columbia VP Limited Duration Credit Fund Class 2			Columbia VP Overseas Core Fund Class 2			Columbia VP Select Mid Cap Growth Opportunity Fund Class 1			Columbia VP Small Company Growth Fund Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	1,665		$	9,567		$	—		$	—
Mortality and expense risk and administrative charges		(334,967	)		(4,225	)		(19,222	)		(4,637	)		(10,288	)
Net investment income (loss)		(334,967	)		(2,560	)		(9,655	)		(4,637	)		(10,288	)
Net realized gain (loss)		1,395,484			(18,254	)		(10,861	)		21,901			(147,844	)
Capital gain distribution from mutual funds		—			—			93,732			—			287,448
Change in unrealized appreciation (depreciation) of investments		(9,848,344	)		(10,875	)		(319,125	)		(146,085	)		(492,839	)
Increase (decrease) in net assets from operations		(8,787,827	)		(31,689	)		(245,909	)		(128,821	)		(363,523	)

From contract transactions:
Payments received from contract owners		12,623			—			2,500			—			—
Payments for contract benefits or terminations		(1,650,083	)		(101,964	)		(72,164	)		(26,113	)		(42,789	)
Transfers between sub-accounts (including fixed account), net		799,776			(49,037	)		(88,510	)		31,843			(79,456	)
Contract maintenance charges		(51,648	)		(21	)		(1,394	)		(70	)		(166	)
Adjustments to net assets allocated to contracts in payout period		(8,133	)		—			—			—			—
Increase (decrease) in net assets from contract transactions		(897,465	)		(151,022	)		(159,568	)		5,660			(122,411	)

Increase (decrease) in net assets		(9,685,292	)		(182,711	)		(405,477	)		(123,161	)		(485,934	)
Net assets at beginning of period		27,628,192			395,857			1,524,646			408,001			992,810
Net assets at end of period	$	17,942,900		$	213,146		$	1,119,169		$	284,840		$	506,876

Beginning units		988,128			37,142			107,331			10,488			19,502
Units issued		70,266			3,444			1,561			1,342			2,346
Units redeemed		(107,729	)		(18,982	)		(14,919	)		(1,105	)		(6,088	)
Ending units		950,665			21,604			93,973			10,725			15,760

For the Year Ended December 31, 2021
From operations:
Mortality and expense risk and administrative charges	$	(439,936	)	$	(5,069	)	$	(24,482	)	$	(6,802	)	$	(16,685	)
Net investment income (loss)		(439,936	)		3,595			(7,183	)		(6,802	)		(16,685	)
Net realized gain (loss)		3,474,029			8,479			33,273			65,904			90,529
Capital gain distribution from mutual funds		—			—			32,921			—			173,738
Change in unrealized appreciation (depreciation) of investments		3,362,573			(21,716	)		63,958			1,594			(286,776	)
Increase (decrease) in net assets from operations		6,396,666			(9,642	)		122,969			60,696			(39,194	)

From contract transactions:
Payments for contract benefits or terminations		(2,501,274	)		(54,978	)		(167,806	)		(81,447	)		(78,476	)
Transfers between sub-accounts (including fixed account), net		(1,934,199	)		194,995			72,017			(3,686	)		7,626
Contract maintenance charges		(55,286	)		(25	)		(1,784	)		(78	)		(254	)
Increase (decrease) in net assets from contract transactions		(4,461,555	)		141,792			(97,573	)		(85,211	)		(71,104	)

Increase (decrease) in net assets		1,935,111			132,150			25,396			(24,515	)		(110,298	)
Net assets at beginning of period		25,693,081			263,707			1,499,250			432,516			1,103,108
Net assets at end of period	$	27,628,192		$	395,857		$	1,524,646		$	408,001		$	992,810

Beginning units		1,163,971			24,098			114,046			12,882			20,767
Units issued		25,543			36,943			6,670			74			1,607
Units redeemed		(201,386	)		(23,899	)		(13,385	)		(2,468	)		(2,872	)
Ending units		988,128			37,142			107,331			10,488			19,502

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	CTIVP^® Principal Blue Chip Growth Fund Class 1			Delaware Ivy VIP Asset Strategy Class II			FTVIP Franklin Allocation VIP Fund Class 1			FTVIP Franklin Allocation VIP Fund Class 2			FTVIP Franklin Income VIP Fund Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	4,393		$	285		$	556,946		$	106,462
Mortality and expense risk and administrative charges		(28,030	)		(3,509	)		(80	)		(503,915	)		(10,354	)
Net investment income (loss)		(28,030	)		884			205			53,031			96,108
Net realized gain (loss)		63,367			(5,349	)		(126	)		(2,800,483	)		873
Capital gain distribution from mutual funds		—			23,924			1,409			3,347,619			40,592
Change in unrealized appreciation (depreciation) of investments		(693,651	)		(78,317	)		(4,201	)		(7,508,760	)		(257,732	)
Increase (decrease) in net assets from operations		(658,314	)		(58,858	)		(2,713	)		(6,908,593	)		(120,159	)

From contract transactions:
Payments received from contract owners		—			—			—			1,728,277			193,476
Payments for contract benefits or terminations		(76,401	)		(57,342	)		—			(4,534,475	)		(2,391	)
Transfers between sub-accounts (including fixed account), net		112,789			(1,815	)		(55	)		97,338			849,367
Contract maintenance charges		(1,515	)		(5	)		(255	)		(380,648	)		(1,023	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			(284	)		—
Increase (decrease) in net assets from contract transactions		34,873			(59,162	)		(310	)		(3,089,792	)		1,039,429

Increase (decrease) in net assets		(623,441	)		(118,020	)		(3,023	)		(9,998,385	)		919,270
Net assets at beginning of period		2,294,119			380,069			16,786			40,939,689			1,284,343
Net assets at end of period	$	1,670,678		$	262,049		$	13,763		$	30,941,304		$	2,203,613

Beginning units		88,671			27,274			1,248			2,251,672			98,610
Units issued		6,314			531			14			235,538			81,806
Units redeemed		(3,905	)		(5,573	)		(42	)		(435,136	)		(839	)
Ending units		91,080			22,232			1,220			2,052,074			179,577

For the Year Ended December 31, 2021
From operations:
Dividends	$	—		$	5,881		$	106		$	687,447		$	52,925
Mortality and expense risk and administrative charges		(35,293	)		(5,139	)		(39	)		(600,552	)		(6,175	)
Net investment income (loss)		(35,293	)		742			67			86,895			46,750
Net realized gain (loss)		169,051			27,586			1			(1,736,598	)		430
Capital gain distribution from mutual funds		—			38,381			—			—			—
Change in unrealized appreciation (depreciation) of investments		219,948			(29,544	)		470			5,464,268			121,762
Increase (decrease) in net assets from operations		353,706			37,165			538			3,814,565			168,942

From contract transactions:
Payments received from contract owners		—			—			—			2,757,533			58,996
Payments for contract benefits or terminations		(158,112	)		(125,785	)		—			(4,796,462	)		—
Transfers between sub-accounts (including fixed account), net		(55,477	)		13,012			16,325			108,479			41,449
Contract maintenance charges		(1,836	)		—			(77	)		(341,259	)		(726	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			485			—
Increase (decrease) in net assets from contract transactions		(215,425	)		(112,773	)		16,248			(2,271,224	)		99,719

Increase (decrease) in net assets		138,281			(75,608	)		16,786			1,543,341			268,661
Net assets at beginning of period		2,155,838			455,677			—			39,396,348			1,015,682
Net assets at end of period	$	2,294,119		$	380,069		$	16,786		$	40,939,689		$	1,284,343

Beginning units		97,285			35,867			—			2,389,334			90,750
Units issued		832			947			1,251			280,120			8,017
Units redeemed		(9,446	)		(9,540	)		(3	)		(417,782	)		(157	)
Ending units		88,671			27,274			1,248			2,251,672			98,610

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	FTVIP Franklin Income VIP Fund Class 2			FTVIP Franklin Strategic Income VIP Fund Class 2			Goldman Sachs VIT Government Money Market Fund Institutional Shares			Goldman Sachs VIT Government Money Market Fund Service Shares			Goldman Sachs VIT Multi- Strategy Alternatives Portfolio Advisor Shares
For the Year Ended December 31, 2022
From operations:
Dividends	$	6,184,132		$	42,609		$	161,898		$	4,191,334		$	13,729
Mortality and expense risk and administrative charges		(1,811,773	)		(12,012	)		(134,768	)		(3,695,563	)		(5,062	)
Net investment income (loss)		4,372,359			30,597			27,130			495,771			8,667
Net realized gain (loss)		666,281			(20,364	)		—			—			1,266
Capital gain distribution from mutual funds		2,510,170			—			—			—			—
Change in unrealized appreciation (depreciation) of investments		(16,581,373	)		(139,928	)		—			—			(47,152	)
Increase (decrease) in net assets from operations		(9,032,563	)		(129,695	)		27,130			495,771			(37,219	)

From contract transactions:
Payments received from contract owners		17,095,272			—			1,306,095			47,077,348			—
Payments for contract benefits or terminations		(15,193,553	)		(11,735	)		(2,345,522	)		(105,810,468	)		(54,426	)
Transfers between sub-accounts (including fixed account), net		798,124			(17,231	)		2,727,696			173,890,209			(21,243	)
Contract maintenance charges		(1,259,034	)		(42	)		(9,820	)		(4,271,714	)		(24	)
Adjustments to net assets allocated to contracts in payout period		6,573			—			(1,116	)		3,136			—
Increase (decrease) in net assets from contract transactions		1,447,382			(29,008	)		1,677,333			110,888,511			(75,693	)

Increase (decrease) in net assets		(7,585,181	)		(158,703	)		1,704,463			111,384,282			(112,912	)
Net assets at beginning of period		131,253,224			1,087,844			9,137,517			217,567,229			512,147
Net assets at end of period	$	123,668,043		$	929,141		$	10,841,980		$	328,951,511		$	399,235

Beginning units		7,072,748			100,068			934,543			22,490,562			50,186
Units issued		1,768,837			3,602			432,502			35,489,917			969
Units redeemed		(1,727,680	)		(6,750	)		(270,864	)		(24,010,340	)		(8,858	)
Ending units		7,113,905			96,920			1,096,181			33,970,139			42,297

For the Year Ended December 31, 2021
From operations:
Dividends	$	5,902,852		$	31,452		$	614		$	13,614		$	6,529
Mortality and expense risk and administrative charges		(1,853,010	)		(12,296	)		(137,371	)		(2,987,828	)		(6,509	)
Net investment income (loss)		4,049,842			19,156			(136,757	)		(2,974,214	)		20
Net realized gain (loss)		398,235			(2,794	)		—			—			11,902
Change in unrealized appreciation (depreciation) of investments		13,225,652			(8,233	)		—			—			9,139
Increase (decrease) in net assets from operations		17,673,729			8,129			(136,757	)		(2,974,214	)		21,061

From contract transactions:
Payments received from contract owners		9,573,798			—			224,781			47,519,014			1,500
Payments for contract benefits or terminations		(15,810,826	)		(43,060	)		(1,032,484	)		(110,990,723	)		(136,399	)
Transfers between sub-accounts (including fixed account), net		(345,672	)		205,584			(1,847,732	)		27,814,702			4,204
Contract maintenance charges		(989,716	)		(34	)		(14,521	)		(3,025,693	)		(28	)
Adjustments to net assets allocated to contracts in payout period		(6,185	)		—			(2,663	)		2,135			—
Increase (decrease) in net assets from contract transactions		(7,578,601	)		162,490			(2,672,619	)		(38,680,565	)		(130,723	)

Increase (decrease) in net assets		10,095,128			170,619			(2,809,376	)		(41,654,779	)		(109,662	)
Net assets at beginning of period		121,158,096			917,225			11,946,893			259,222,008			621,809
Net assets at end of period	$	131,253,224		$	1,087,844		$	9,137,517		$	217,567,229		$	512,147

Beginning units		7,530,647			85,142			1,201,353			26,453,917			63,076
Units issued		983,352			19,165			38,565			21,668,248			2,776
Units redeemed		(1,441,251	)		(4,239	)		(305,375	)		(25,631,603	)		(15,666	)
Ending units		7,072,748			100,068			934,543			22,490,562			50,186

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	Goldman Sachs VIT Trend Driven Allocation Fund Service Shares			Invesco V.I. American Franchise Fund Series I			Invesco V.I. American Franchise Fund Series II			Invesco V.I. Balanced-Risk Allocation Fund Series II			Invesco V.I. Comstock Fund Series I
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	—		$	—		$	50,099		$	5,170
Mortality and expense risk and administrative charges		(154	)		(288	)		(1,190,634	)		(8,051	)		(1,259	)
Net investment income (loss)		(154	)		(288	)		(1,190,634	)		42,048			3,911
Net realized gain (loss)		(72	)		(225	)		(249,834	)		(3,883	)		9,783
Capital gain distribution from mutual funds		491			17,585			27,661,957			24,238			9,854
Change in unrealized appreciation (depreciation) of investments		(3,308	)		(39,782	)		(61,158,805	)		(179,002	)		(19,436	)
Increase (decrease) in net assets from operations		(3,043	)		(22,710	)		(34,937,316	)		(116,599	)		4,112

From contract transactions:
Payments received from contract owners		—			—			18,752,786			—			8,635
Payments for contract benefits or terminations		(334	)		—			(4,048,826	)		(3,804	)		(4,906	)
Transfers between sub-accounts (including fixed account), net		617			14,702			9,761,299			(5,988	)		78,433
Contract maintenance charges		(6	)		(238	)		(1,374,174	)		(55	)		(2,456	)
Adjustments to net assets allocated to contracts in payout period		—			—			3,929			—			—
Increase (decrease) in net assets from contract transactions		277			14,464			23,095,014			(9,847	)		79,706

Increase (decrease) in net assets		(2,766	)		(8,246	)		(11,842,302	)		(126,446	)		83,818
Net assets at beginning of period		15,444			68,054			99,674,218			754,933			234,842
Net assets at end of period	$	12,678		$	59,808		$	87,831,916		$	628,487		$	318,660

Beginning units		1,163			3,447			2,185,893			53,926			16,358
Units issued		77			998			882,452			186			9,715
Units redeemed		(49	)		(18	)		(242,331	)		(967	)		(3,989	)
Ending units		1,191			4,427			2,826,014			53,145			22,084

For the Year Ended December 31, 2021
From operations:
Dividends	$	—		$	—		$	—		$	24,160		$	3,626
Mortality and expense risk and administrative charges		(576	)		(148	)		(1,096,382	)		(10,251	)		(578	)
Net investment income (loss)		(576	)		(148	)		(1,096,382	)		13,909			3,048
Net realized gain (loss)		10,979			21			2,992,151			(10,883	)		1,759
Capital gain distribution from mutual funds		1,875			4,206			11,425,586			25,995			—
Change in unrealized appreciation (depreciation) of investments		(3,835	)		(4,069	)		(6,772,633	)		41,022			28,698
Increase (decrease) in net assets from operations		8,443			10			6,548,722			70,043			33,505

From contract transactions:
Payments received from contract owners		—			50,000			40,020,419			—			109,286
Payments for contract benefits or terminations		(67,026	)		—			(4,243,199	)		(78,129	)		(1,156	)
Transfers between sub-accounts (including fixed account), net		(283	)		9,001			2,692,826			(205,474	)		20,435
Contract maintenance charges		(6	)		(38	)		(748,963	)		(59	)		(311	)
Adjustments to net assets allocated to contracts in payout period		—			—			(13,383	)		—			—
Increase (decrease) in net assets from contract transactions		(67,315	)		58,963			37,707,700			(283,662	)		128,254

Increase (decrease) in net assets		(58,872	)		58,973			44,256,422			(213,619	)		161,759
Net assets at beginning of period		74,316			9,081			55,417,796			968,552			73,083
Net assets at end of period	$	15,444		$	68,054		$	99,674,218		$	754,933		$	234,842

Beginning units		6,317			517			1,365,782			74,581			6,751
Units issued		5			2,936			1,112,598			311			10,506
Units redeemed		(5,159	)		(6	)		(292,487	)		(20,966	)		(899	)
Ending units		1,163			3,447			2,185,893			53,926			16,358

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	Invesco V.I. Comstock Fund Series II			Invesco V.I. Growth and Income Fund Series I			Invesco V.I. Growth and Income Fund Series II			Lord Abbett Bond Debenture Portfolio Class VC			Lord Abbett Fundamental Equity Portfolio Class VC
For the Year Ended December 31, 2022
From operations:
Dividends	$	4,269,510		$	20,019		$	4,444,465		$	38,458		$	1,106
Mortality and expense risk and administrative charges		(4,620,010	)		(6,400	)		(5,363,266	)		(13,600	)		(1,589	)
Net investment income (loss)		(350,500	)		13,619			(918,801	)		24,858			(483	)
Net realized gain (loss)		9,843,091			843			8,176,719			(54,242	)		(499	)
Capital gain distribution from mutual funds		9,735,609			113,914			32,581,570			3,387			14,045
Change in unrealized appreciation (depreciation) of investments		(21,192,628	)		(198,372	)		(68,214,812	)		(167,867	)		(32,780	)
Increase (decrease) in net assets from operations		(1,964,428	)		(69,996	)		(28,375,324	)		(193,864	)		(19,717	)

From contract transactions:
Payments received from contract owners		27,311,024			—			14,784,874			—			—
Payments for contract benefits or terminations		(27,628,620	)		—			(34,121,173	)		(194,721	)		(35,029	)
Transfers between sub-accounts (including fixed account), net		(21,165,423	)		62,167			(24,721,650	)		(264,824	)		(5,690	)
Contract maintenance charges		(3,157,430	)		(344	)		(3,305,758	)		(28	)		(5	)
Adjustments to net assets allocated to contracts in payout period		15,890			—			11,824			—			—
Increase (decrease) in net assets from contract transactions		(24,624,559	)		61,823			(47,351,883	)		(459,573	)		(40,724	)

Increase (decrease) in net assets		(26,588,987	)		(8,173	)		(75,727,207	)		(653,437	)		(60,441	)
Net assets at beginning of period		325,408,335			1,197,253			398,415,926			1,473,942			156,392
Net assets at end of period	$	298,819,348		$	1,189,080		$	322,688,719		$	820,505		$	95,951

Beginning units		11,277,015			85,053			13,083,624			110,186			9,094
Units issued		2,162,340			5,332			1,085,010			5,086			11
Units redeemed		(2,950,579	)		(204	)		(2,654,986	)		(44,150	)		(2,781	)
Ending units		10,488,776			90,181			11,513,648			71,122			6,324

For the Year Ended December 31, 2021
From operations:
Dividends	$	5,055,476		$	18,445		$	5,278,995		$	43,710		$	1,297
Mortality and expense risk and administrative charges		(4,698,464	)		(6,386	)		(6,086,100	)		(17,089	)		(1,785	)
Net investment income (loss)		357,012			12,059			(807,105	)		26,621			(488	)
Net realized gain (loss)		9,042,742			14,392			10,392,868			21,635			822
Capital gain distribution from mutual funds		—			—			—			23,125			6,699
Change in unrealized appreciation (depreciation) of investments		72,867,739			244,139			82,164,715			(41,793	)		27,157
Increase (decrease) in net assets from operations		82,267,493			270,590			91,750,478			29,588			34,190

From contract transactions:
Payments received from contract owners		25,012,978			28,463			16,087,675			—			1,800
Payments for contract benefits or terminations		(34,530,017	)		—			(44,660,508	)		(122,461	)		—
Transfers between sub-accounts (including fixed account), net		(22,314,038	)		(66,421	)		(32,032,356	)		87,265			(11,721	)
Contract maintenance charges		(2,425,797	)		(123	)		(3,007,848	)		(22	)		(7	)
Adjustments to net assets allocated to contracts in payout period		(5,722	)		—			24,600			—			—
Increase (decrease) in net assets from contract transactions		(34,262,596	)		(38,081	)		(63,588,437	)		(35,218	)		(9,928	)

Increase (decrease) in net assets		48,004,897			232,509			28,162,041			(5,630	)		24,262
Net assets at beginning of period		277,403,438			964,744			370,253,885			1,479,572			132,130
Net assets at end of period	$	325,408,335		$	1,197,253		$	398,415,926		$	1,473,942		$	156,392

Beginning units		12,505,470			87,576			15,286,270			112,970			9,660
Units issued		1,818,773			2,460			945,526			32,225			119
Units redeemed		(3,047,228	)		(4,983	)		(3,148,172	)		(35,009	)		(685	)
Ending units		11,277,015			85,053			13,083,624			110,186			9,094

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	Lord Abbett Growth and Income Portfolio Class VC			Lord Abbett Mid Cap Stock Portfolio Class VC			Lord Abbett Short Duration Income Portfolio Class VC			Morgan Stanley VIF Global Infrastructure Portfolio Class II			Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S
For the Year Ended December 31, 2022
From operations:
Dividends	$	1,916,196		$	90,054		$	49,492		$	21,437		$	—
Mortality and expense risk and administrative charges		(2,330,806	)		(173,766	)		(20,233	)		(9,486	)		(5,406	)
Net investment income (loss)		(414,610	)		(83,712	)		29,259			11,951			(5,406	)
Net realized gain (loss)		2,968,737			631,460			(10,149	)		6,410			9,001
Capital gain distribution from mutual funds		11,689,893			686,092			—			45,344			76,996
Change in unrealized appreciation (depreciation) of investments		(33,080,377	)		(2,873,353	)		(135,505	)		(147,183	)		(148,154	)
Increase (decrease) in net assets from operations		(18,836,357	)		(1,639,513	)		(116,395	)		(83,478	)		(67,563	)

From contract transactions:
Payments received from contract owners		4,009,327			72,616			—			—			—
Payments for contract benefits or terminations		(15,969,034	)		(1,299,670	)		(56,103	)		(134,543	)		(85,735	)
Transfers between sub-accounts (including fixed account), net		(7,198,771	)		(226,372	)		(34,438	)		(59,605	)		(2,814	)
Contract maintenance charges		(1,337,437	)		(6,451	)		(70	)		(67	)		(28	)
Adjustments to net assets allocated to contracts in payout period		14,387			1,580			—			—			—
Increase (decrease) in net assets from contract transactions		(20,481,528	)		(1,458,297	)		(90,611	)		(194,215	)		(88,577	)

Increase (decrease) in net assets		(39,317,885	)		(3,097,810	)		(207,006	)		(277,693	)		(156,140	)
Net assets at beginning of period		177,915,242			13,697,365			1,915,881			983,518			585,811
Net assets at end of period	$	138,597,357		$	10,599,555		$	1,708,875		$	705,825		$	429,671

Beginning units		6,688,431			449,581			177,884			72,067			46,376
Units issued		397,907			11,158			5,014			759			613
Units redeemed		(1,222,550	)		(62,987	)		(13,892	)		(15,753	)		(8,281	)
Ending units		5,863,788			397,752			169,006			57,073			38,708

For the Year Ended December 31, 2021
From operations:
Dividends	$	1,792,544		$	75,551		$	41,599		$	17,661		$	1,711
Mortality and expense risk and administrative charges		(2,726,164	)		(206,692	)		(27,018	)		(10,060	)		(7,452	)
Net investment income (loss)		(933,620	)		(131,141	)		14,581			7,601			(5,741	)
Net realized gain (loss)		12,051,769			813,203			8,572			21,914			39,110
Capital gain distribution from mutual funds		18,382,561			1,222,186			—			27,305			35,361
Change in unrealized appreciation (depreciation) of investments		12,424,092			1,215,261			(31,467	)		49,273			31,614
Increase (decrease) in net assets from operations		41,924,802			3,119,509			(8,314	)		106,093			100,344

From contract transactions:
Payments received from contract owners		5,802,004			25,769			—			—			—
Payments for contract benefits or terminations		(21,391,082	)		(1,279,861	)		(723,638	)		(124,730	)		(183,752	)
Transfers between sub-accounts (including fixed account), net		(12,951,499	)		(313,003	)		(84,778	)		187,791			(34,054	)
Contract maintenance charges		(1,257,640	)		(6,120	)		(50	)		(65	)		(35	)
Adjustments to net assets allocated to contracts in payout period		19,979			666			—			—			—
Increase (decrease) in net assets from contract transactions		(29,778,238	)		(1,572,549	)		(808,466	)		62,996			(217,841	)

Increase (decrease) in net assets		12,146,564			1,546,960			(816,780	)		169,089			(117,497	)
Net assets at beginning of period		165,768,678			12,150,405			2,732,661			814,429			703,308
Net assets at end of period	$	177,915,242		$	13,697,365		$	1,915,881		$	983,518		$	585,811

Beginning units		7,895,869			505,487			253,267			67,373			64,828
Units issued		416,510			12,677			19,246			26,676			27
Units redeemed		(1,623,948	)		(68,583	)		(94,629	)		(21,982	)		(18,479	)
Ending units		6,688,431			449,581			177,884			72,067			46,376

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	PIMCO All Asset Portfolio Advisor Class			PIMCO Dynamic Bond Portfolio Advisor Class			PIMCO Emerging Markets Bond Portfolio Advisor Class			PIMCO Total Return Portfolio Advisor Class			PIMCO Total Return Portfolio Institutional Class
For the Year Ended December 31, 2022
From operations:
Dividends	$	3,572		$	25,884		$	115,705		$	4,131,251		$	22,184
Mortality and expense risk and administrative charges		(583	)		(11,463	)		(30,781	)		(2,080,579	)		(3,971	)
Net investment income (loss)		2,989			14,421			84,924			2,050,672			18,213
Net realized gain (loss)		(6,997	)		(60,861	)		(148,655	)		(4,593,868	)		(21,775	)
Capital gain distribution from mutual funds		5,550			108,544			—			—			—
Change in unrealized appreciation (depreciation) of investments		(9,853	)		(144,401	)		(329,493	)		(25,693,098	)		(119,661	)
Increase (decrease) in net assets from operations		(8,311	)		(82,297	)		(393,224	)		(28,236,294	)		(123,223	)

From contract transactions:
Payments received from contract owners		—			—			1,079,894			42,262,638			107,957
Payments for contract benefits or terminations		(47,766	)		(242,372	)		(246,913	)		(6,711,735	)		(18,671	)
Transfers between sub-accounts (including fixed account), net		(4,182	)		(92,624	)		9,968			(6,747,387	)		407,013
Contract maintenance charges		(7	)		(74	)		(32,795	)		(2,925,613	)		(13,537	)
Increase (decrease) in net assets from contract transactions		(51,955	)		(335,070	)		810,154			25,877,903			482,762

Increase (decrease) in net assets		(60,266	)		(417,367	)		416,930			(2,358,391	)		359,539
Net assets at beginning of period		76,417			1,159,420			2,294,447			171,305,014			805,561
Net assets at end of period	$	16,151		$	742,053		$	2,711,377		$	168,946,623		$	1,165,100

Beginning units		5,552			104,353			218,102			16,444,965			75,950
Units issued		—			496			173,270			6,878,631			65,081
Units redeemed		(4,197	)		(32,661	)		(79,129	)		(4,136,879	)		(12,132	)
Ending units		1,355			72,188			312,243			19,186,717			128,899

For the Year Ended December 31, 2021
From operations:
Dividends	$	8,092		$	24,462		$	74,727		$	2,135,400		$	8,968
Mortality and expense risk and administrative charges		(833	)		(14,629	)		(21,911	)		(1,564,788	)		(2,309	)
Net investment income (loss)		7,259			9,833			52,816			570,612			6,659
Net realized gain (loss)		247			11,644			9,696			(9,688	)		838
Capital gain distribution from mutual funds		—			22,702			—			4,982,238			17,942
Change in unrealized appreciation (depreciation) of investments		2,144			(42,201	)		(128,397	)		(7,997,831	)		(28,618	)
Increase (decrease) in net assets from operations		9,650			1,978			(65,885	)		(2,454,669	)		(3,179	)

From contract transactions:
Payments received from contract owners		—			2,000			1,088,014			81,007,463			498,978
Payments for contract benefits or terminations		(284	)		(135,763	)		(51,793	)		(3,944,329	)		(35,029	)
Transfers between sub-accounts (including fixed account), net		9,476			(97,464	)		147,300			24,677,176			59,239
Contract maintenance charges		(7	)		(59	)		(12,363	)		(1,427,242	)		(4,976	)
Increase (decrease) in net assets from contract transactions		9,185			(231,286	)		1,171,158			100,313,068			518,212

Increase (decrease) in net assets		18,835			(229,308	)		1,105,273			97,858,399			515,033
Net assets at beginning of period		57,582			1,388,728			1,189,174			73,446,615			290,528
Net assets at end of period	$	76,417		$	1,159,420		$	2,294,447		$	171,305,014		$	805,561

Beginning units		4,794			125,126			105,657			6,868,938			26,993
Units issued		833			3,423			183,813			11,215,368			53,069
Units redeemed		(75	)		(24,196	)		(71,368	)		(1,639,341	)		(4,112	)
Ending units		5,552			104,353			218,102			16,444,965			75,950

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	PVC Core Plus Bond Account Class 1			PVC Diversified International Account Class 1			PVC Equity Income Account Class 1			PVC Equity Income Account Class 2			PVC Government & High Quality Bond Account Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	103,986		$	18,010		$	189,592		$	100,926		$	22,853
Mortality and expense risk and administrative charges		(51,987	)		(11,368	)		(145,115	)		(93,952	)		(27,956	)
Net investment income (loss)		51,999			6,642			44,477			6,974			(5,103	)
Net realized gain (loss)		(92,247	)		33,518			332,262			386,290			(113,205	)
Capital gain distribution from mutual funds		39,325			63,982			1,098,060			649,928			—
Change in unrealized appreciation (depreciation) of investments		(622,832	)		(311,575	)		(2,803,905	)		(1,860,831	)		(166,691	)
Increase (decrease) in net assets from operations		(623,755	)		(207,433	)		(1,329,106	)		(817,639	)		(284,999	)

From contract transactions:
Payments received from contract owners		11,926			—			27,627			—			200
Payments for contract benefits or terminations		(471,016	)		(160,526	)		(590,855	)		(557,616	)		(488,647	)
Transfers between sub-accounts (including fixed account), net		(280,598	)		(16,321	)		2,013			(124,496	)		(155,602	)
Contract maintenance charges		(3,884	)		(861	)		(10,205	)		(13,735	)		(2,465	)
Adjustments to net assets allocated to contracts in payout period		7			(29	)		(9	)		—			(1	)
Increase (decrease) in net assets from contract transactions		(743,565	)		(177,737	)		(571,429	)		(695,847	)		(646,515	)

Increase (decrease) in net assets		(1,367,320	)		(385,170	)		(1,900,535	)		(1,513,486	)		(931,514	)
Net assets at beginning of period		4,461,991			1,029,381			11,478,756			7,061,790			2,303,058
Net assets at end of period	$	3,094,671		$	644,211		$	9,578,221		$	5,548,304		$	1,371,544

Beginning units		409,626			93,837			380,810			256,728			269,791
Units issued		7,899			1,201			5,239			1,078			1,207
Units redeemed		(82,064	)		(20,828	)		(25,825	)		(28,354	)		(87,924	)
Ending units		335,461			74,210			360,224			229,452			183,074

For the Year Ended December 31, 2021
From operations:
Dividends	$	121,163		$	13,762		$	216,418		$	125,291		$	56,098
Mortality and expense risk and administrative charges		(71,893	)		(16,944	)		(163,713	)		(110,105	)		(39,404	)
Net investment income (loss)		49,270			(3,182	)		52,705			15,186			16,694
Net realized gain (loss)		19,973			58,218			759,332			515,570			(17,113	)
Capital gain distribution from mutual funds		115,739			5,049			6,249			3,919			—
Change in unrealized appreciation (depreciation) of investments		(283,356	)		25,282			1,313,440			750,506			(70,988	)
Increase (decrease) in net assets from operations		(98,374	)		85,367			2,131,726			1,285,181			(71,407	)

From contract transactions:
Payments received from contract owners		—			—			360			—			550
Payments for contract benefits or terminations		(539,687	)		(148,522	)		(1,501,671	)		(634,175	)		(254,384	)
Transfers between sub-accounts (including fixed account), net		45,257			11,925			(28,471	)		(308,490	)		157,238
Contract maintenance charges		(4,039	)		(972	)		(10,456	)		(14,646	)		(3,511	)
Adjustments to net assets allocated to contracts in payout period		1,207			1,778			5,040			—			132
Increase (decrease) in net assets from contract transactions		(497,262	)		(135,791	)		(1,535,198	)		(957,311	)		(99,975	)

Increase (decrease) in net assets		(595,636	)		(50,424	)		596,528			327,870			(171,382	)
Net assets at beginning of period		5,057,627			1,079,805			10,882,228			6,733,920			2,474,440
Net assets at end of period	$	4,461,991		$	1,029,381		$	11,478,756		$	7,061,790		$	2,303,058

Beginning units		455,292			106,354			435,552			295,133			282,646
Units issued		7,788			1,835			554			803			22,154
Units redeemed		(53,454	)		(14,352	)		(55,296	)		(39,208	)		(35,009	)
Ending units		409,626			93,837			380,810			256,728			269,791

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	PVC Large Cap Growth Account I Class 1			PVC MidCap Account Class 1			PVC MidCap Account Class 2			PVC Principal Capital Appreciation Account Class 1			PVC Principal Capital Appreciation Account Class 2
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	2,987		$	—		$	82,730		$	12,023
Mortality and expense risk and administrative charges		(18,152	)		(24,364	)		(9,159	)		(150,520	)		(30,936	)
Net investment income (loss)		(18,152	)		(21,377	)		(9,159	)		(67,790	)		(18,913	)
Net realized gain (loss)		6,197			22,994			1,633			285,801			102,406
Capital gain distribution from mutual funds		137,189			165,610			59,494			1,235,144			234,862
Change in unrealized appreciation (depreciation) of investments		(695,101	)		(695,406	)		(230,790	)		(3,639,580	)		(736,363	)
Increase (decrease) in net assets from operations		(569,867	)		(528,179	)		(178,822	)		(2,186,425	)		(418,008	)

From contract transactions:
Payments received from contract owners		—			360			—			22,547			—
Payments for contract benefits or terminations		(101,102	)		(257,305	)		(66,689	)		(587,219	)		(139,926	)
Transfers between sub-accounts (including fixed account), net		18,874			10,071			1,542			(14,898	)		(79,580	)
Contract maintenance charges		(242	)		(2,134	)		(83	)		(6,837	)		(294	)
Adjustments to net assets allocated to contracts in payout period		—			29			—			372			—
Increase (decrease) in net assets from contract transactions		(82,470	)		(248,979	)		(65,230	)		(586,035	)		(219,800	)

Increase (decrease) in net assets		(652,337	)		(777,158	)		(244,052	)		(2,772,460	)		(637,808	)
Net assets at beginning of period		1,650,371			2,254,926			733,254			12,563,366			2,426,676
Net assets at end of period	$	998,034		$	1,477,768		$	489,202		$	9,790,906		$	1,788,868

Beginning units		89,763			46,189			16,211			256,701			53,981
Units issued		1,424			336			63			1,810			73
Units redeemed		(7,481	)		(6,994	)		(1,974	)		(15,825	)		(5,548	)
Ending units		83,706			39,531			14,300			242,686			48,506

For the Year Ended December 31, 2021
From operations:
Dividends	$	—		$	2,994		$	—		$	97,419		$	17,723
Mortality and expense risk and administrative charges		(24,473	)		(33,551	)		(11,197	)		(166,590	)		(38,089	)
Net investment income (loss)		(24,473	)		(30,557	)		(11,197	)		(69,171	)		(20,366	)
Net realized gain (loss)		37,592			97,042			28,940			491,090			184,366
Capital gain distribution from mutual funds		189,559			150,970			45,208			440,209			94,600
Change in unrealized appreciation (depreciation) of investments		86,025			251,415			83,132			1,828,490			287,728
Increase (decrease) in net assets from operations		288,703			468,870			146,083			2,690,618			546,328

From contract transactions:
Payments received from contract owners		—			360			—			480			—
Payments for contract benefits or terminations		(97,311	)		(309,547	)		(81,644	)		(941,107	)		(366,401	)
Transfers between sub-accounts (including fixed account), net		4,204			11,553			9,016			(23,664	)		(5,117	)
Contract maintenance charges		(227	)		(2,231	)		(120	)		(6,881	)		(621	)
Adjustments to net assets allocated to contracts in payout period		—			193			—			6,000			—
Increase (decrease) in net assets from contract transactions		(93,334	)		(299,672	)		(72,748	)		(965,172	)		(372,139	)

Increase (decrease) in net assets		195,369			169,198			73,335			1,725,446			174,189
Net assets at beginning of period		1,455,002			2,085,728			659,919			10,837,920			2,252,487
Net assets at end of period	$	1,650,371		$	2,254,926		$	733,254		$	12,563,366		$	2,426,676

Beginning units		95,013			52,921			18,000			278,917			62,874
Units issued		619			517			261			399			67
Units redeemed		(5,869	)		(7,249	)		(2,050	)		(22,615	)		(8,960	)
Ending units		89,763			46,189			16,211			256,701			53,981

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	PVC Real Estate Securities Account Class 1			PVC Real Estate Securities Account Class 2			PVC SAM Balanced Portfolio Class 1			PVC SAM Balanced Portfolio Class 2			PVC SAM Conservative Balanced Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	5,396		$	2,288		$	535,127		$	417,775		$	53,716
Mortality and expense risk and administrative charges		(6,110	)		(3,499	)		(347,391	)		(317,889	)		(33,485	)
Net investment income (loss)		(714	)		(1,211	)		187,736			99,886			20,231
Net realized gain (loss)		8,053			4,417			(191,244	)		(103,851	)		(4,817	)
Capital gain distribution from mutual funds		29,846			15,243			2,968,680			2,600,729			204,242
Change in unrealized appreciation (depreciation) of investments		(175,550	)		(90,223	)		(7,588,040	)		(6,773,155	)		(616,356	)
Increase (decrease) in net assets from operations		(138,365	)		(71,774	)		(4,622,868	)		(4,176,391	)		(396,700	)

From contract transactions:
Payments received from contract owners		—			—			5,128			(1,044	)		—
Payments for contract benefits or terminations		(11,763	)		(8,429	)		(1,379,603	)		(2,654,223	)		(84,796	)
Transfers between sub-accounts (including fixed account), net		124			2,979			(132,784	)		(623,205	)		1
Contract maintenance charges		(835	)		(113	)		(7,375	)		(29,465	)		(560	)
Adjustments to net assets allocated to contracts in payout period		—			—			20			4			(23	)
Increase (decrease) in net assets from contract transactions		(12,474	)		(5,563	)		(1,514,614	)		(3,307,933	)		(85,378	)

Increase (decrease) in net assets		(150,839	)		(77,337	)		(6,137,482	)		(7,484,324	)		(482,078	)
Net assets at beginning of period		532,224			273,243			26,944,579			24,902,391			2,545,781
Net assets at end of period	$	381,385		$	195,906		$	20,807,097		$	17,418,067		$	2,063,703

Beginning units		9,548			5,210			1,181,363			1,161,402			175,863
Units issued		111			102			4,912			24,640			—
Units redeemed		(354	)		(211	)		(82,339	)		(199,115	)		(6,578	)
Ending units		9,305			5,101			1,103,936			986,927			169,285

For the Year Ended December 31, 2021
From operations:
Dividends	$	6,769		$	3,155		$	425,325		$	340,871		$	48,178
Mortality and expense risk and administrative charges		(6,619	)		(4,108	)		(421,506	)		(401,833	)		(39,355	)
Net investment income (loss)		150			(953	)		3,819			(60,962	)		8,823
Net realized gain (loss)		11,665			21,879			369,249			284,652			23,262
Capital gain distribution from mutual funds		30,649			16,253			573,450			527,425			33,953
Change in unrealized appreciation (depreciation) of investments		110,476			47,573			2,130,783			1,998,815			135,735
Increase (decrease) in net assets from operations		152,940			84,752			3,077,301			2,749,930			201,773

From contract transactions:
Payments received from contract owners		—			—			825			300			—
Payments for contract benefits or terminations		(14,019	)		(47,665	)		(2,758,206	)		(2,380,392	)		(203,191	)
Transfers between sub-accounts (including fixed account), net		(11,348	)		(8,369	)		146,474			147,010			(319	)
Contract maintenance charges		(782	)		(94	)		(8,238	)		(30,997	)		(596	)
Adjustments to net assets allocated to contracts in payout period		—			—			1,280			760			1,494
Increase (decrease) in net assets from contract transactions		(26,149	)		(56,128	)		(2,617,865	)		(2,263,319	)		(202,612	)

Increase (decrease) in net assets		126,791			28,624			459,436			486,611			(839	)
Net assets at beginning of period		405,433			244,619			26,485,143			24,415,780			2,546,620
Net assets at end of period	$	532,224		$	273,243		$	26,944,579		$	24,902,391		$	2,545,781

Beginning units		10,078			6,441			1,302,596			1,270,029			189,867
Units issued		—			—			7,434			24,981			879
Units redeemed		(530	)		(1,231	)		(128,667	)		(133,608	)		(14,883	)
Ending units		9,548			5,210			1,181,363			1,161,402			175,863

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	PVC SAM Conservative Balanced Portfolio Class 2			PVC SAM Conservative Growth Portfolio Class 1			PVC SAM Conservative Growth Portfolio Class 2			PVC SAM Flexible Income Portfolio Class 1			PVC SAM Flexible Income Portfolio Class 2
For the Year Ended December 31, 2022
From operations:
Dividends	$	46,109		$	251,269		$	220,323		$	88,576		$	93,896
Mortality and expense risk and administrative charges		(33,350	)		(186,890	)		(186,228	)		(49,663	)		(58,762	)
Net investment income (loss)		12,759			64,379			34,095			38,913			35,134
Net realized gain (loss)		(42,382	)		88,471			127,635			(199,520	)		(201,205	)
Capital gain distribution from mutual funds		195,062			1,292,152			1,296,627			239,884			278,783
Change in unrealized appreciation (depreciation) of investments		(567,237	)		(4,127,302	)		(4,145,093	)		(647,657	)		(750,879	)
Increase (decrease) in net assets from operations		(401,798	)		(2,682,300	)		(2,686,736	)		(568,380	)		(638,167	)

From contract transactions:
Payments received from contract owners		—			1,560			53,173			960			—
Payments for contract benefits or terminations		(533,670	)		(645,225	)		(1,120,157	)		(996,998	)		(734,003	)
Transfers between sub-accounts (including fixed account), net		(749	)		(27,340	)		120,354			(40,407	)		(92,429	)
Contract maintenance charges		(749	)		(3,763	)		(23,871	)		(1,797	)		(1,835	)
Adjustments to net assets allocated to contracts in payout period		(46	)		51			104,735			10			6
Increase (decrease) in net assets from contract transactions		(535,214	)		(674,717	)		(865,766	)		(1,038,232	)		(828,261	)

Increase (decrease) in net assets		(937,012	)		(3,357,017	)		(3,552,502	)		(1,606,612	)		(1,466,428	)
Net assets at beginning of period		2,610,010			14,218,538			13,967,600			4,041,977			4,413,468
Net assets at end of period	$	1,672,998		$	10,861,521		$	10,415,098		$	2,435,365		$	2,947,040

Beginning units		190,341			538,693			561,163			266,989			308,145
Units issued		104			1,188			38,356			164			51,305
Units redeemed		(45,735	)		(31,345	)		(81,074	)		(80,209	)		(119,097	)
Ending units		144,710			508,536			518,445			186,944			240,353

For the Year Ended December 31, 2021
From operations:
Dividends	$	46,346		$	162,991		$	141,678		$	110,504		$	96,572
Mortality and expense risk and administrative charges		(44,112	)		(219,077	)		(222,482	)		(70,342	)		(72,762	)
Net investment income (loss)		2,234			(56,086	)		(80,804	)		40,162			23,810
Net realized gain (loss)		59,851			514,432			336,084			56,197			27,613
Capital gain distribution from mutual funds		36,643			268,915			277,043			71,970			68,167
Change in unrealized appreciation (depreciation) of investments		114,128			1,343,455			1,459,553			60,281			102,764
Increase (decrease) in net assets from operations		212,856			2,070,716			1,991,876			228,610			222,354

From contract transactions:
Payments received from contract owners		—			197,727			6,628			960			—
Payments for contract benefits or terminations		(730,431	)		(1,405,079	)		(1,152,118	)		(869,634	)		(755,819	)
Transfers between sub-accounts (including fixed account), net		333,653			(338,119	)		72,000			(11,468	)		13,883
Contract maintenance charges		(1,740	)		(4,233	)		(25,893	)		(1,989	)		(2,349	)
Adjustments to net assets allocated to contracts in payout period		2,580			4,345			39,158			523			1,072
Increase (decrease) in net assets from contract transactions		(395,938	)		(1,545,359	)		(1,060,225	)		(881,608	)		(743,213	)

Increase (decrease) in net assets		(183,082	)		525,357			931,651			(652,998	)		(520,859	)
Net assets at beginning of period		2,793,092			13,693,181			13,035,949			4,694,975			4,934,327
Net assets at end of period	$	2,610,010		$	14,218,538		$	13,967,600		$	4,041,977		$	4,413,468

Beginning units		219,560			600,125			605,780			328,642			362,217
Units issued		18,581			8,559			14,314			572			1,206
Units redeemed		(47,800	)		(69,991	)		(58,931	)		(62,225	)		(55,278	)
Ending units		190,341			538,693			561,163			266,989			308,145

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	PVC SAM Strategic Growth Portfolio Class 1			PVC SAM Strategic Growth Portfolio Class 2			PVC Short-Term Income Account Class 1			PVC SmallCap Account Class 1			PVC SmallCap Account Class 2
For the Year Ended December 31, 2022
From operations:
Dividends	$	61,102		$	87,919		$	13,113		$	259		$	—
Mortality and expense risk and administrative charges		(44,237	)		(75,050	)		(19,200	)		(7,226	)		(4,597	)
Net investment income (loss)		16,865			12,869			(6,087	)		(6,967	)		(4,597	)
Net realized gain (loss)		83,103			265,738			(15,353	)		11,383			(1,260	)
Capital gain distribution from mutual funds		298,062			488,509			1,628			76,616			52,326
Change in unrealized appreciation (depreciation) of investments		(1,138,414	)		(1,930,668	)		(46,521	)		(211,644	)		(124,428	)
Increase (decrease) in net assets from operations		(740,384	)		(1,163,552	)		(66,333	)		(130,612	)		(77,959	)

From contract transactions:
Payments received from contract owners		1,920			3,075			9,804			—			—
Payments for contract benefits or terminations		(262,028	)		(977,052	)		(127,863	)		(95,360	)		(9,313	)
Transfers between sub-accounts (including fixed account), net		47,259			(212,139	)		(501,765	)		746			2,698
Contract maintenance charges		(1,127	)		(6,956	)		(953	)		(260	)		(29	)
Adjustments to net assets allocated to contracts in payout period		(17	)		—			1,071			—			—
Increase (decrease) in net assets from contract transactions		(213,993	)		(1,193,072	)		(619,706	)		(94,874	)		(6,644	)

Increase (decrease) in net assets		(954,377	)		(2,356,624	)		(686,039	)		(225,486	)		(84,603	)
Net assets at beginning of period		3,563,215			6,460,162			1,763,627			628,926			352,316
Net assets at end of period	$	2,608,838		$	4,103,538		$	1,077,588		$	403,440		$	267,713

Beginning units		114,573			224,603			231,456			28,923			17,082
Units issued		41,995			772			2,900			133			335
Units redeemed		(51,718	)		(46,930	)		(87,069	)		(5,535	)		(757	)
Ending units		104,850			178,445			147,287			23,521			16,660

For the Year Ended December 31, 2021
From operations:
Dividends	$	32,468		$	49,823		$	27,875		$	1,992		$	524
Mortality and expense risk and administrative charges		(52,677	)		(102,405	)		(30,831	)		(10,270	)		(5,621	)
Net investment income (loss)		(20,209	)		(52,582	)		(2,956	)		(8,278	)		(5,097	)
Net realized gain (loss)		271,208			134,685			1,349			16,219			9,175
Capital gain distribution from mutual funds		73,411			138,519			8,314			19,603			10,736
Change in unrealized appreciation (depreciation) of investments		273,645			777,376			(50,459	)		77,113			42,749
Increase (decrease) in net assets from operations		598,055			997,998			(43,752	)		104,657			57,563

From contract transactions:
Payments received from contract owners		1,920			2,925			550			—			—
Payments for contract benefits or terminations		(169,654	)		(356,480	)		(152,886	)		(50,293	)		(22,483	)
Transfers between sub-accounts (including fixed account), net		(13,035	)		(7,630	)		1,546			(1,583	)		(3,498	)
Contract maintenance charges		(1,103	)		(7,514	)		(978	)		(280	)		(29	)
Adjustments to net assets allocated to contracts in payout period		992			—			1,979			40			—
Increase (decrease) in net assets from contract transactions		(180,880	)		(368,699	)		(149,789	)		(52,116	)		(26,010	)

Increase (decrease) in net assets		417,175			629,299			(193,541	)		52,541			31,553
Net assets at beginning of period		3,146,040			5,830,863			1,957,168			576,385			320,763
Net assets at end of period	$	3,563,215		$	6,460,162		$	1,763,627		$	628,926		$	352,316

Beginning units		119,403			238,354			250,572			31,376			18,348
Units issued		26,110			1,327			667			80			245
Units redeemed		(30,940	)		(15,078	)		(19,783	)		(2,533	)		(1,511	)
Ending units		114,573			224,603			231,456			28,923			17,082

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SST SA Allocation Balanced Portfolio Class 1			SST SA Allocation Balanced Portfolio Class 3			SST SA Allocation Growth Portfolio Class 1			SST SA Allocation Growth Portfolio Class 3			SST SA Allocation Moderate Growth Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	2,088		$	4,153,391		$	110,952		$	6,022,828		$	9,847
Mortality and expense risk and administrative charges		(829	)		(2,130,210	)		(23,451	)		(3,185,577	)		(1,798	)
Net investment income (loss)		1,259			2,023,181			87,501			2,837,251			8,049
Net realized gain (loss)		(20,875	)		(3,044,937	)		(83,263	)		462,515			(27,823	)
Capital gain distribution from mutual funds		3,446			7,554,387			238,964			14,301,013			20,964
Change in unrealized appreciation (depreciation) of investments		(21,807	)		(35,998,567	)		(1,177,982	)		(69,720,580	)		(79,531	)
Increase (decrease) in net assets from operations		(37,977	)		(29,465,936	)		(934,780	)		(52,119,801	)		(78,341	)

From contract transactions:
Payments received from contract owners		100,080			14,869,468			97,965			33,785,499			266,000
Payments for contract benefits or terminations		(584	)		(14,283,733	)		(1,290	)		(14,880,473	)		(2,519	)
Transfers between sub-accounts (including fixed account), net		(175,179	)		3,558,474			3,961,550			2,701,415			(155,817	)
Contract maintenance charges		(273	)		(2,332,453	)		(15,322	)		(4,227,364	)		(5,326	)
Adjustments to net assets allocated to contracts in payout period		—			2,522			—			4,584			—
Increase (decrease) in net assets from contract transactions		(75,956	)		1,814,278			4,042,903			17,383,661			102,338

Increase (decrease) in net assets		(113,933	)		(27,651,658	)		3,108,123			(34,736,140	)		23,997
Net assets at beginning of period		180,689			173,653,436			979,000			276,655,119			276,599
Net assets at end of period	$	66,756		$	146,001,778		$	4,087,123		$	241,918,979		$	300,596

Beginning units		12,565			8,817,411			56,095			10,867,721			16,906
Units issued		7,942			1,437,345			285,656			2,065,469			19,299
Units redeemed		(15,029	)		(1,386,398	)		(56,709	)		(1,265,225	)		(14,080	)
Ending units		5,478			8,868,358			285,042			11,667,965			22,125

For the Year Ended December 31, 2021
From operations:
Dividends	$	1,992		$	1,573,088		$	13,337		$	4,905,740		$	5,231
Mortality and expense risk and administrative charges		(770	)		(2,305,030	)		(3,124	)		(3,144,148	)		(1,118	)
Net investment income (loss)		1,222			(731,942	)		10,213			1,761,592			4,113
Net realized gain (loss)		158			(818,005	)		10,418			2,472,141			1,312
Capital gain distribution from mutual funds		5,514			5,384,889			41,637			18,815,920			24,366
Change in unrealized appreciation (depreciation) of investments		3,042			5,478,727			2,277			7,442,887			704
Increase (decrease) in net assets from operations		9,936			9,313,669			64,545			30,492,540			30,495

From contract transactions:
Payments received from contract owners		32,400			18,786,522			753,022			58,724,705			—
Payments for contract benefits or terminations		(589	)		(14,829,217	)		—			(13,085,365	)		(1,103	)
Transfers between sub-accounts (including fixed account), net		3,281			5,747,319			(51,634	)		5,700,841			1,380
Contract maintenance charges		(164	)		(1,911,542	)		(6,932	)		(3,111,389	)		(4,639	)
Adjustments to net assets allocated to contracts in payout period		—			1,334			—			310			—
Increase (decrease) in net assets from contract transactions		34,928			7,794,416			694,456			48,229,102			(4,362	)

Increase (decrease) in net assets		44,864			17,108,085			759,001			78,721,642			26,133
Net assets at beginning of period		135,825			156,545,351			219,999			197,933,477			250,466
Net assets at end of period	$	180,689		$	173,653,436		$	979,000		$	276,655,119		$	276,599

Beginning units		10,117			8,427,305			14,558			8,907,902			17,190
Units issued		2,514			1,644,326			45,102			2,984,198			89
Units redeemed		(66	)		(1,254,220	)		(3,565	)		(1,024,379	)		(373	)
Ending units		12,565			8,817,411			56,095			10,867,721			16,906

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SST SA Allocation Moderate Growth Portfolio Class 3			SST SA Allocation Moderate Portfolio Class 1			SST SA Allocation Moderate Portfolio Class 3			SST SA American Century Inflation Protection Portfolio Class 1			SST SA American Century Inflation Protection Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	6,319,012		$	6,115		$	5,075,067		$	4,285		$	6,836,290
Mortality and expense risk and administrative charges		(3,156,965	)		(644	)		(2,543,870	)		(904	)		(4,247,285	)
Net investment income (loss)		3,162,047			5,471			2,531,197			3,381			2,589,005
Net realized gain (loss)		(4,178,120	)		(129	)		(4,521,190	)		(82	)		404,340
Capital gain distribution from mutual funds		14,830,967			12,573			11,502,872			2,472			4,401,359
Change in unrealized appreciation (depreciation) of investments		(60,474,779	)		(45,676	)		(46,252,584	)		(26,388	)		(46,967,630	)
Increase (decrease) in net assets from operations		(46,659,885	)		(27,761	)		(36,739,705	)		(20,617	)		(39,572,926	)

From contract transactions:
Payments received from contract owners		17,344,115			66,000			12,469,163			—			21,120,876
Payments for contract benefits or terminations		(18,210,001	)		(1,175	)		(17,525,710	)		—			(26,362,748	)
Transfers between sub-accounts (including fixed account), net		1,411,282			28			970,382			(6,990	)		12,270,644
Contract maintenance charges		(3,437,071	)		(2,562	)		(2,772,806	)		(2,957	)		(4,787,624	)
Adjustments to net assets allocated to contracts in payout period		—			—			2,275			—			237
Increase (decrease) in net assets from contract transactions		(2,891,675	)		62,291			(6,856,696	)		(9,947	)		2,241,385

Increase (decrease) in net assets		(49,551,560	)		34,530			(43,596,401	)		(30,564	)		(37,331,541	)
Net assets at beginning of period		261,248,904			151,290			212,129,289			194,121			321,866,138
Net assets at end of period	$	211,697,344		$	185,820		$	168,532,888		$	163,557		$	284,534,597

Beginning units		11,679,436			9,690			9,863,746			16,505			25,499,567
Units issued		1,223,571			4,905			999,790			1,572			7,323,821
Units redeemed		(1,394,334	)		(365	)		(1,388,691	)		(2,379	)		(7,156,595	)
Ending units		11,508,673			14,230			9,474,845			15,698			25,666,793

For the Year Ended December 31, 2021
From operations:
Dividends	$	4,412,949		$	3,103		$	3,936,665		$	2,495		$	7,205,653
Mortality and expense risk and administrative charges		(3,588,233	)		(530	)		(2,943,321	)		(781	)		(4,323,588	)
Net investment income (loss)		824,716			2,573			993,344			1,714			2,882,065
Net realized gain (loss)		1,453,612			462			968,697			390			2,064,773
Capital gain distribution from mutual funds		23,059,175			11,791			18,127,796			5,136			9,572,995
Change in unrealized appreciation (depreciation) of investments		257,846			(2,936	)		(2,655,574	)		(1,425	)		(6,276,183	)
Increase (decrease) in net assets from operations		25,595,349			11,890			17,434,263			5,815			8,243,650

From contract transactions:
Payments received from contract owners		24,794,873			—			15,979,896			78,500			24,348,356
Payments for contract benefits or terminations		(24,722,790	)		—			(22,256,451	)		—			(30,954,691	)
Transfers between sub-accounts (including fixed account), net		3,715,352			26,511			3,640,583			21,875			42,778,350
Contract maintenance charges		(2,987,033	)		(1,935	)		(2,446,010	)		(1,983	)		(3,792,017	)
Adjustments to net assets allocated to contracts in payout period		2,237			—			430			—			(1,027	)
Increase (decrease) in net assets from contract transactions		802,639			24,576			(5,081,552	)		98,392			32,378,971

Increase (decrease) in net assets		26,397,988			36,466			12,352,711			104,207			40,622,621
Net assets at beginning of period		234,850,916			114,824			199,776,578			89,914			281,243,517
Net assets at end of period	$	261,248,904		$	151,290		$	212,129,289		$	194,121		$	321,866,138

Beginning units		11,675,682			8,101			10,159,848			7,982			22,973,892
Units issued		1,632,725			1,735			1,163,080			9,063			6,706,920
Units redeemed		(1,628,971	)		(146	)		(1,459,182	)		(540	)		(4,181,245	)
Ending units		11,679,436			9,690			9,863,746			16,505			25,499,567

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SST SA Columbia Focused Value Portfolio Class 3			SST SA Multi- Managed Diversified Fixed Income Portfolio Class 3			SST SA Multi- Managed International Equity Portfolio Class 3			SST SA Multi- Managed Large Cap Growth Portfolio Class 3			SST SA Multi- Managed Large Cap Value Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	1,311		$	3,098		$	5,321		$	—		$	3,114
Mortality and expense risk and administrative charges		(1,157	)		(1,933	)		(3,710	)		(7,449	)		(2,579	)
Net investment income (loss)		154			1,165			1,611			(7,449	)		535
Net realized gain (loss)		8,582			(1,304	)		20,112			(9,577	)		(4,229	)
Capital gain distribution from mutual funds		9,222			—			20,267			93,791			32,320
Change in unrealized appreciation (depreciation) of investments		(20,405	)		(28,050	)		(108,684	)		(385,090	)		(40,397	)
Increase (decrease) in net assets from operations		(2,447	)		(28,189	)		(66,694	)		(308,325	)		(11,771	)

From contract transactions:
Payments for contract benefits or terminations		(58,129	)		—			(18,195	)		(21,014	)		(25,219	)
Transfers between sub-accounts (including fixed account), net		(6,990	)		(4,729	)		(113,737	)		81,723			4,860
Contract maintenance charges		(10	)		(19	)		(15	)		(28	)		(10	)
Increase (decrease) in net assets from contract transactions		(65,129	)		(4,748	)		(131,947	)		60,681			(20,369	)

Increase (decrease) in net assets		(67,576	)		(32,937	)		(198,641	)		(247,644	)		(32,140	)
Net assets at beginning of period		146,360			182,236			495,238			756,341			200,770
Net assets at end of period	$	78,784		$	149,299		$	296,597		$	508,697		$	168,630

Beginning units		7,377			16,283			35,476			28,388			12,115
Units issued		183			185			145			3,626			1,787
Units redeemed		(3,468	)		(670	)		(9,842	)		(1,018	)		(3,274	)
Ending units		4,092			15,798			25,779			30,996			10,628

For the Year Ended December 31, 2021
From operations:
Dividends	$	5,450		$	6,498		$	12,064		$	—		$	5,924
Mortality and expense risk and administrative charges		(1,748	)		(2,060	)		(5,519	)		(9,463	)		(2,619	)
Net investment income (loss)		3,702			4,438			6,545			(9,463	)		3,305
Net realized gain (loss)		6,718			(6	)		3,849			4,170			606
Capital gain distribution from mutual funds		16,285			7,614			29,533			268,217			22,385
Change in unrealized appreciation (depreciation) of investments		5,868			(17,014	)		3,922			(165,681	)		13,507
Increase (decrease) in net assets from operations		32,573			(4,968	)		43,849			97,243			39,803

From contract transactions:
Payments received from contract owners		—			—			—			1,500			1,500
Payments for contract benefits or terminations		(24,086	)		(633	)		(16,857	)		(8,204	)		(19,308	)
Transfers between sub-accounts (including fixed account), net		(3,929	)		14,059			11,726			1,531			(29,062	)
Contract maintenance charges		(13	)		(19	)		(15	)		(32	)		(12	)
Increase (decrease) in net assets from contract transactions		(28,028	)		13,407			(5,146	)		(5,205	)		(46,882	)

Increase (decrease) in net assets		4,545			8,439			38,703			92,038			(7,079	)
Net assets at beginning of period		141,815			173,797			456,535			664,303			207,849
Net assets at end of period	$	146,360		$	182,236		$	495,238		$	756,341		$	200,770

Beginning units		8,920			15,098			35,865			28,601			15,246
Units issued		6			1,259			856			156			106
Units redeemed		(1,549	)		(74	)		(1,245	)		(369	)		(3,237	)
Ending units		7,377			16,283			35,476			28,388			12,115

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SST SA Multi- Managed Mid Cap Growth Portfolio Class 3			SST SA Multi- Managed Mid Cap Value Portfolio Class 3			SST SA Multi- Managed Small Cap Portfolio Class 3			SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 1			SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	1,540		$	268		$	4,139		$	1,024,353
Mortality and expense risk and administrative charges		(2,842	)		(3,544	)		(2,530	)		(1,501	)		(1,164,566	)
Net investment income (loss)		(2,842	)		(2,004	)		(2,262	)		2,638			(140,213	)
Net realized gain (loss)		(8,803	)		1,836			(2,776	)		(237	)		163,256
Capital gain distribution from mutual funds		71,330			41,817			36,435			49,221			15,219,223
Change in unrealized appreciation (depreciation) of investments		(153,564	)		(74,506	)		(73,247	)		(106,918	)		(34,678,730	)
Increase (decrease) in net assets from operations		(93,879	)		(32,857	)		(41,850	)		(55,296	)		(19,436,464	)

From contract transactions:
Payments received from contract owners		—			—			—			37,465			10,022,387
Payments for contract benefits or terminations		(5,876	)		(8,363	)		(567	)		(655	)		(4,984,582	)
Transfers between sub-accounts (including fixed account), net		(4,528	)		(14,816	)		(6,155	)		1,437			3,326,591
Contract maintenance charges		(19	)		(25	)		(10	)		(5,176	)		(1,606,165	)
Increase (decrease) in net assets from contract transactions		(10,423	)		(23,204	)		(6,732	)		33,071			6,758,231

Increase (decrease) in net assets		(104,302	)		(56,061	)		(48,582	)		(22,225	)		(12,678,233	)
Net assets at beginning of period		326,651			327,800			235,525			307,143			100,839,491
Net assets at end of period	$	222,349		$	271,739		$	186,943		$	284,918		$	88,161,258

Beginning units		12,865			19,084			13,358			18,179			5,929,487
Units issued		1,053			2			97			2,808			1,158,482
Units redeemed		(1,390	)		(1,532	)		(520	)		(501	)		(733,225	)
Ending units		12,528			17,554			12,935			20,486			6,354,744

For the Year Ended December 31, 2021
From operations:
Dividends	$	—		$	5,273		$	55		$	7,498		$	2,053,469
Mortality and expense risk and administrative charges		(3,995	)		(4,041	)		(2,280	)		(1,534	)		(1,168,786	)
Net investment income (loss)		(3,995	)		1,232			(2,225	)		5,964			884,683
Net realized gain (loss)		14,023			14,131			7,752			1,323			1,266,159
Capital gain distribution from mutual funds		136,939			25,981			46,682			19,015			6,238,159
Change in unrealized appreciation (depreciation) of investments		(120,547	)		36,340			519			19,922			5,374,846
Increase (decrease) in net assets from operations		26,420			77,684			52,728			46,224			13,763,847

From contract transactions:
Payments received from contract owners		—			—			—			—			12,633,372
Payments for contract benefits or terminations		(18,823	)		(48,731	)		(162,641	)		(555	)		(4,140,684	)
Transfers between sub-accounts (including fixed account), net		(12,839	)		(32,140	)		97,236			7,188			(121,527	)
Contract maintenance charges		(19	)		(24	)		(10	)		(4,450	)		(1,265,711	)
Increase (decrease) in net assets from contract transactions		(31,681	)		(80,895	)		(65,415	)		2,183			7,105,450

Increase (decrease) in net assets		(5,261	)		(3,211	)		(12,687	)		48,407			20,869,297
Net assets at beginning of period		331,912			331,011			248,212			258,736			79,970,194
Net assets at end of period	$	326,651		$	327,800		$	235,525		$	307,143		$	100,839,491

Beginning units		14,125			24,148			16,366			18,048			5,494,623
Units issued		431			221			6,298			568			1,151,056
Units redeemed		(1,691	)		(5,285	)		(9,306	)		(437	)		(716,192	)
Ending units		12,865			19,084			13,358			18,179			5,929,487

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SST SA T. Rowe Price Growth Stock Portfolio Class 3			SAST SA AB Growth Portfolio Class 1			SAST SA AB Growth Portfolio Class 2			SAST SA AB Growth Portfolio Class 3			SAST SA AB Small & Mid Cap Value Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	—		$	—		$	—		$	9,690
Mortality and expense risk and administrative charges		(4,685	)		(6,075,380	)		(735,328	)		(6,407,412	)		(4,585	)
Net investment income (loss)		(4,685	)		(6,075,380	)		(735,328	)		(6,407,412	)		5,105
Net realized gain (loss)		(17,172	)		15,983,711			1,548,675			10,397,741			(34,789	)
Capital gain distribution from mutual funds		65,054			61,758,059			7,279,960			74,193,380			219,310
Change in unrealized appreciation (depreciation) of investments		(288,850	)		(230,510,864	)		(26,638,817	)		(244,592,572	)		(351,016	)
Increase (decrease) in net assets from operations		(245,653	)		(158,844,474	)		(18,545,510	)		(166,408,863	)		(161,390	)

From contract transactions:
Payments received from contract owners		—			1,632,164			455,217			48,142,136			59,465
Payments for contract benefits or terminations		(12,685	)		(36,374,818	)		(4,132,484	)		(36,309,365	)		(57,730	)
Transfers between sub-accounts (including fixed account), net		43,936			(8,291,378	)		(345,777	)		28,008,802			(201,170	)
Contract maintenance charges		(69	)		(133,844	)		(77,881	)		(3,991,071	)		(2,220	)
Adjustments to net assets allocated to contracts in payout period		—			(19,859	)		6,028			17,349			—
Increase (decrease) in net assets from contract transactions		31,182			(43,187,735	)		(4,094,897	)		35,867,851			(201,655	)

Increase (decrease) in net assets		(214,471	)		(202,032,209	)		(22,640,407	)		(130,541,012	)		(363,045	)
Net assets at beginning of period		585,981			552,124,736			63,729,403			547,212,434			997,651
Net assets at end of period	$	371,510		$	350,092,527		$	41,088,996		$	416,671,422		$	634,606

Beginning units		19,936			7,330,606			367,252			6,497,542			69,775
Units issued		3,051			99,525			13,911			1,836,029			5,091
Units redeemed		(1,304	)		(710,647	)		(43,947	)		(923,173	)		(21,951	)
Ending units		21,683			6,719,484			337,216			7,410,398			52,915

For the Year Ended December 31, 2021
From operations:
Dividends	$	—		$	—		$	—		$	—		$	6,522
Mortality and expense risk and administrative charges		(6,967	)		(7,749,958	)		(944,484	)		(7,365,268	)		(3,940	)
Net investment income (loss)		(6,967	)		(7,749,958	)		(944,484	)		(7,365,268	)		2,582
Net realized gain (loss)		17,692			28,531,358			3,842,778			38,255,897			32,770
Capital gain distribution from mutual funds		179,392			40,376,350			4,767,045			41,843,023			6,390
Change in unrealized appreciation (depreciation) of investments		(87,764	)		61,943,738			6,546,949			45,354,102			163,745
Increase (decrease) in net assets from operations		102,353			123,101,488			14,212,288			118,087,754			205,487

From contract transactions:
Payments received from contract owners		3,789			2,218,059			718,896			73,512,510			533,117
Payments for contract benefits or terminations		(90,428	)		(49,889,380	)		(6,682,865	)		(46,931,579	)		(11,765	)
Transfers between sub-accounts (including fixed account), net		19,483			(8,521,245	)		(1,755,343	)		(29,054,712	)		11,846
Contract maintenance charges		(78	)		(151,549	)		(81,675	)		(2,848,337	)		(1,482	)
Adjustments to net assets allocated to contracts in payout period		—			393,477			8,253			109,922			—
Increase (decrease) in net assets from contract transactions		(67,234	)		(55,950,638	)		(7,792,734	)		(5,212,196	)		531,716

Increase (decrease) in net assets		35,119			67,150,850			6,419,554			112,875,558			737,203
Net assets at beginning of period		550,862			484,973,886			57,309,849			434,336,876			260,448
Net assets at end of period	$	585,981		$	552,124,736		$	63,729,403		$	547,212,434		$	997,651

Beginning units		22,399			8,043,668			418,214			5,983,240			24,670
Units issued		1,133			91,481			7,215			1,914,171			52,602
Units redeemed		(3,596	)		(804,543	)		(58,177	)		(1,399,869	)		(7,497	)
Ending units		19,936			7,330,606			367,252			6,497,542			69,775

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA AB Small & Mid Cap Value Portfolio Class 2			SAST SA AB Small & Mid Cap Value Portfolio Class 3			SAST SA American Funds Asset Allocation Portfolio Class 1			SAST SA American Funds Asset Allocation Portfolio Class 3			SAST SA American Funds Global Growth Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	83,535		$	2,664,275		$	157,190		$	27,716,801		$	—
Mortality and expense risk and administrative charges		(147,749	)		(4,919,069	)		(37,129	)		(19,686,085	)		(6,757	)
Net investment income (loss)		(64,214	)		(2,254,794	)		120,061			8,030,716			(6,757	)
Net realized gain (loss)		(14,119	)		(1,064,107	)		83,608			15,662,943			(85,681	)
Capital gain distribution from mutual funds		2,279,603			81,913,968			259,410			52,040,633			7,838
Change in unrealized appreciation (depreciation) of investments		(4,087,228	)		(143,876,381	)		(1,627,483	)		(329,725,697	)		(321,765	)
Increase (decrease) in net assets from operations		(1,885,958	)		(65,281,314	)		(1,164,404	)		(253,991,405	)		(406,365	)

From contract transactions:
Payments received from contract owners		10,128			19,244,968			661,718			147,806,778			116,073
Payments for contract benefits or terminations		(739,347	)		(31,223,412	)		(225,961	)		(99,439,360	)		(70,353	)
Transfers between sub-accounts (including fixed account), net		(168,303	)		(834,852	)		(80,971	)		(11,101,224	)		(1,075,239	)
Contract maintenance charges		(23,727	)		(3,414,040	)		(114,987	)		(25,254,548	)		(6,817	)
Adjustments to net assets allocated to contracts in payout period		(7,580	)		13,144			—			11,796			—
Increase (decrease) in net assets from contract transactions		(928,829	)		(16,214,192	)		239,799			12,023,442			(1,036,336	)

Increase (decrease) in net assets		(2,814,787	)		(81,495,506	)		(924,605	)		(241,967,963	)		(1,442,701	)
Net assets at beginning of period		11,275,235			382,459,340			8,392,904			1,711,853,203			2,464,739
Net assets at end of period	$	8,460,448		$	300,963,834		$	7,468,299		$	1,469,885,240		$	1,022,038

Beginning units		210,906			9,773,990			508,474			67,513,730			137,939
Units issued		2,950			1,362,224			53,483			8,529,499			18,832
Units redeemed		(22,773	)		(1,732,790	)		(36,340	)		(8,178,949	)		(80,377	)
Ending units		191,083			9,403,424			525,617			67,864,280			76,394

For the Year Ended December 31, 2021
From operations:
Dividends	$	58,364		$	1,671,935		$	82,242		$	16,553,910		$	7,131
Mortality and expense risk and administrative charges		(178,931	)		(5,807,495	)		(31,912	)		(19,990,383	)		(9,230	)
Net investment income (loss)		(120,567	)		(4,135,560	)		50,330			(3,436,473	)		(2,099	)
Net realized gain (loss)		195,204			6,119,586			355,364			15,165,124			6,787
Capital gain distribution from mutual funds		69,645			2,384,387			58,995			13,857,924			190,764
Change in unrealized appreciation (depreciation) of investments		3,103,532			105,005,418			389,663			161,327,373			22,480
Increase (decrease) in net assets from operations		3,247,814			109,373,831			854,352			186,913,948			217,932

From contract transactions:
Payments received from contract owners		15,629			21,340,375			2,735,930			297,885,115			1,858,538
Payments for contract benefits or terminations		(1,431,230	)		(43,161,246	)		(2,397,999	)		(98,590,600	)		(16,430	)
Transfers between sub-accounts (including fixed account), net		(478,748	)		(42,013,225	)		74,166			29,777,142			52,184
Contract maintenance charges		(23,975	)		(3,070,875	)		(79,093	)		(19,442,465	)		(2,988	)
Adjustments to net assets allocated to contracts in payout period		39,990			19,846			—			10,361			—
Increase (decrease) in net assets from contract transactions		(1,878,334	)		(66,885,125	)		333,004			209,639,553			1,891,304

Increase (decrease) in net assets		1,369,480			42,488,706			1,187,356			396,553,501			2,109,236
Net assets at beginning of period		9,905,755			339,970,634			7,205,548			1,315,299,702			355,503
Net assets at end of period	$	11,275,235		$	382,459,340		$	8,392,904		$	1,711,853,203		$	2,464,739

Beginning units		249,091			11,530,631			499,737			58,948,212			22,995
Units issued		4,470			1,480,701			177,256			15,211,096			116,563
Units redeemed		(42,655	)		(3,237,342	)		(168,519	)		(6,645,578	)		(1,619	)
Ending units		210,906			9,773,990			508,474			67,513,730			137,939

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA American Funds Global Growth Portfolio Class 3			SAST SA American Funds Growth Portfolio Class 1			SAST SA American Funds Growth Portfolio Class 3			SAST SA American Funds Growth-Income Portfolio Class 1			SAST SA American Funds Growth-Income Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	14,155		$	3,461,189		$	19,995		$	3,031,609
Mortality and expense risk and administrative charges		(5,106,428	)		(9,969	)		(8,932,064	)		(9,631	)		(4,713,660	)
Net investment income (loss)		(5,106,428	)		4,186			(5,470,875	)		10,364			(1,682,051	)
Net realized gain (loss)		(4,198,801	)		(14,481	)		6,405,361			(8,379	)		(1,008,959	)
Capital gain distribution from mutual funds		2,145,638			254,733			91,406,326			53,291			10,385,353
Change in unrealized appreciation (depreciation) of investments		(107,890,536	)		(955,502	)		(341,511,726	)		(390,466	)		(76,940,539	)
Increase (decrease) in net assets from operations		(115,050,127	)		(711,064	)		(249,170,914	)		(335,190	)		(69,246,196	)

From contract transactions:
Payments received from contract owners		16,102,724			212,314			113,931,239			148,818			41,796,500
Payments for contract benefits or terminations		(31,178,947	)		(85,936	)		(43,399,757	)		(97,464	)		(29,945,711	)
Transfers between sub-accounts (including fixed account), net		23,061,303			(35,830	)		54,388,623			(145,226	)		4,026,751
Contract maintenance charges		(4,339,290	)		(15,690	)		(8,387,707	)		(12,248	)		(3,569,864	)
Adjustments to net assets allocated to contracts in payout period		(4,546	)		—			11,761			—			5,113
Increase (decrease) in net assets from contract transactions		3,641,244			74,858			116,544,159			(106,120	)		12,312,789

Increase (decrease) in net assets		(111,408,883	)		(636,206	)		(132,626,755	)		(441,310	)		(56,933,407	)
Net assets at beginning of period		435,947,716			2,304,232			767,479,511			1,981,618			384,442,487
Net assets at end of period	$	324,538,833		$	1,668,026		$	634,852,756		$	1,540,308		$	327,509,080

Beginning units		12,033,355			102,121			15,528,778			119,461			11,885,245
Units issued		2,102,259			28,824			5,314,994			20,117			2,385,978
Units redeemed		(2,044,807	)		(24,949	)		(2,282,514	)		(27,794	)		(1,983,121	)
Ending units		12,090,807			105,996			18,561,258			111,784			12,288,102

For the Year Ended December 31, 2021
From operations:
Dividends	$	263,630		$	3,404		$	160,768		$	20,697		$	3,429,426
Mortality and expense risk and administrative charges		(6,290,438	)		(9,701	)		(9,127,378	)		(8,620	)		(4,901,662	)
Net investment income (loss)		(6,026,808	)		(6,297	)		(8,966,610	)		12,077			(1,472,236	)
Net realized gain (loss)		11,606,316			51,841			29,816,604			27,594			2,894,636
Capital gain distribution from mutual funds		34,203,454			79,718			27,070,026			60,466			11,869,796
Change in unrealized appreciation (depreciation) of investments		16,525,413			210,050			67,160,913			231,527			53,811,685
Increase (decrease) in net assets from operations		56,308,375			335,312			115,080,933			331,664			67,103,881

From contract transactions:
Payments received from contract owners		38,082,356			1,331,118			213,466,569			1,159,235			69,018,088
Payments for contract benefits or terminations		(44,779,880	)		(12,920	)		(55,665,950	)		(14,939	)		(34,278,120	)
Transfers between sub-accounts (including fixed account), net		(289,632	)		(46,213	)		(5,342,077	)		(54,922	)		(9,888,069	)
Contract maintenance charges		(3,897,414	)		(6,711	)		(5,079,827	)		(6,365	)		(2,414,467	)
Adjustments to net assets allocated to contracts in payout period		(36,738	)		—			(4,567	)		—			15,292
Increase (decrease) in net assets from contract transactions		(10,921,308	)		1,265,274			147,374,148			1,083,009			22,452,724

Increase (decrease) in net assets		45,387,067			1,600,586			262,455,081			1,414,673			89,556,605
Net assets at beginning of period		390,560,649			703,646			505,024,430			566,945			294,885,882
Net assets at end of period	$	435,947,716		$	2,304,232		$	767,479,511		$	1,981,618		$	384,442,487

Beginning units		12,379,344			37,847			12,378,564			42,180			11,193,282
Units issued		1,695,686			69,364			5,773,729			84,759			2,845,595
Units redeemed		(2,041,675	)		(5,090	)		(2,623,515	)		(7,478	)		(2,153,632	)
Ending units		12,033,355			102,121			15,528,778			119,461			11,885,245

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA American Funds VCP Managed Allocation Portfolio Class 1			SAST SA American Funds VCP Managed Allocation Portfolio Class 3			SAST SA BlackRock Multi- Factor 70/30 Portfolio Class 1			SAST SA BlackRock Multi- Factor 70/30 Portfolio Class 3			SAST SA BlackRock VCP Global Multi Asset Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	12,897		$	16,440,647		$	877		$	655,189		$	—
Mortality and expense risk and administrative charges		(5,022	)		(22,843,864	)		(65	)		(412,610	)		(3,976	)
Net investment income (loss)		7,875			(6,403,217	)		812			242,579			(3,976	)
Net realized gain (loss)		1,764			24,868,085			(104	)		(197,272	)		(6,885	)
Capital gain distribution from mutual funds		35,121			57,945,337			497			400,565			50
Change in unrealized appreciation (depreciation) of investments		(222,633	)		(440,646,051	)		(2,758	)		(5,828,192	)		(141,311	)
Increase (decrease) in net assets from operations		(177,873	)		(364,235,846	)		(1,553	)		(5,382,320	)		(152,122	)

From contract transactions:
Payments received from contract owners		214,013			58,514,956			49,500			15,832,487			28,500
Payments for contract benefits or terminations		(3,350	)		(125,809,478	)		(890	)		(973,697	)		(8,866	)
Transfers between sub-accounts (including fixed account), net		111			28,988,046			(633	)		1,730,890			9,638
Contract maintenance charges		(18,398	)		(30,504,542	)		(202	)		(532,713	)		(15,172	)
Adjustments to net assets allocated to contracts in payout period		—			58			—			—			—
Increase (decrease) in net assets from contract transactions		192,376			(68,810,960	)		47,775			16,056,967			14,100

Increase (decrease) in net assets		14,503			(433,046,806	)		46,222			10,674,647			(138,022	)
Net assets at beginning of period		947,039			2,001,901,761			—			28,078,091			830,111
Net assets at end of period	$	961,542		$	1,568,854,955		$	46,222		$	38,752,738		$	692,089

Beginning units		61,003			106,954,856			—			2,357,522			61,732
Units issued		16,208			8,919,502			4,746			1,886,809			3,449
Units redeemed		(2,214	)		(13,355,004	)		(181	)		(321,685	)		(2,469	)
Ending units		74,997			102,519,354			4,565			3,922,646			62,712

For the Year Ended December 31, 2021
From operations:
Dividends	$	12,980		$	23,591,078		$	—		$	329,753		$	7,916
Mortality and expense risk and administrative charges		(3,996	)		(26,403,329	)		—			(198,630	)		(3,062	)
Net investment income (loss)		8,984			(2,812,251	)		—			131,123			4,854
Net realized gain (loss)		6,247			53,192,148			—			209,196			250
Capital gain distribution from mutual funds		47,498			101,833,612			—			999,014			109,401
Change in unrealized appreciation (depreciation) of investments		33,387			86,927,048			—			19,046			(72,379	)
Increase (decrease) in net assets from operations		96,116			239,140,557			—			1,358,379			42,126

From contract transactions:
Payments received from contract owners		28,500			81,266,160			—			22,983,878			170,566
Payments for contract benefits or terminations		(1,798	)		(139,499,565	)		—			(556,570	)		(1,926	)
Transfers between sub-accounts (including fixed account), net		580,386			17,796,137			—			1,764,690			611,847
Contract maintenance charges		(11,403	)		(28,047,733	)		—			(160,065	)		(8,322	)
Adjustments to net assets allocated to contracts in payout period		—			(4,505	)		—			—			—
Increase (decrease) in net assets from contract transactions		595,685			(68,489,506	)		—			24,031,933			772,165

Increase (decrease) in net assets		691,801			170,651,051			—			25,390,312			814,291
Net assets at beginning of period		255,238			1,831,250,710			—			2,687,779			15,820
Net assets at end of period	$	947,039		$	2,001,901,761		$	—		$	28,078,091		$	830,111

Beginning units		18,777			110,809,630			—			252,549			1,262
Units issued		44,201			11,692,145			—			2,312,939			61,314
Units redeemed		(1,975	)		(15,546,919	)		—			(207,966	)		(844	)
Ending units		61,003			106,954,856			—			2,357,522			61,732

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3			SAST SA Columbia Technology Portfolio Class 1			SAST SA Columbia Technology Portfolio Class 2			SAST SA Columbia Technology Portfolio Class 3			SAST SA DFA Ultra Short Bond Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	—		$	—		$	—		$	—
Mortality and expense risk and administrative charges		(8,303,145	)		—			—			—			(353,220	)
Net investment income (loss)		(8,303,145	)		—			—			—			(353,220	)
Net realized gain (loss)		(8,523,082	)		—			—			—			(263,410	)
Capital gain distribution from mutual funds		41,720			—			—			—			—
Change in unrealized appreciation (depreciation) of investments		(121,134,711	)		—			—			—			(100,436	)
Increase (decrease) in net assets from operations		(137,919,218	)		—			—			—			(717,066	)

From contract transactions:
Payments received from contract owners		22,923,227			—			—			—			1,740,844
Payments for contract benefits or terminations		(42,692,938	)		—			—			—			(4,053,878	)
Transfers between sub-accounts (including fixed account), net		2,412,374			—			—			—			1,428,076
Contract maintenance charges		(11,184,774	)		—			—			—			(23,828	)
Adjustments to net assets allocated to contracts in payout period		2,705			—			—			—			(42,289	)
Increase (decrease) in net assets from contract transactions		(28,539,406	)		—			—			—			(951,075	)

Increase (decrease) in net assets		(166,458,624	)		—			—			—			(1,668,141	)
Net assets at beginning of period		744,724,890			—			—			—			23,523,686
Net assets at end of period	$	578,266,266		$	—		$	—		$	—		$	21,855,545

Beginning units		55,193,356			—			—			—			2,037,617
Units issued		3,750,454			—			—			—			963,719
Units redeemed		(6,190,347	)		—			—			—			(1,040,679	)
Ending units		52,753,463			—			—			—			1,960,657

For the Year Ended December 31, 2021
From operations:
Dividends	$	6,209,697		$	—		$	—		$	—		$	12,055
Mortality and expense risk and administrative charges		(9,774,841	)		(289,851	)		(101,199	)		(1,587,486	)		(393,561	)
Net investment income (loss)		(3,565,144	)		(289,851	)		(101,199	)		(1,587,486	)		(381,506	)
Net realized gain (loss)		6,816,004			4,834,584			1,713,181			(799,367	)		(254,898	)
Capital gain distribution from mutual funds		102,825,049			8,376,932			2,937,800			64,220,438			—
Change in unrealized appreciation (depreciation) of investments		(61,876,335	)		(6,875,633	)		(2,533,287	)		(25,941,785	)		113,414
Increase (decrease) in net assets from operations		44,199,574			6,046,032			2,016,495			35,891,800			(522,990	)

From contract transactions:
Payments received from contract owners		30,713,457			223,445			55,513			45,463,216			1,667,947
Payments for contract benefits or terminations		(46,641,690	)		(1,143,106	)		(641,837	)		(9,401,794	)		(5,547,718	)
Transfers between sub-accounts (including fixed account), net		8,319,842			(25,239,032	)		(8,161,413	)		(171,735,264	)		1,553,206
Contract maintenance charges		(10,466,924	)		(4,609	)		(8,929	)		(870,465	)		(22,326	)
Adjustments to net assets allocated to contracts in payout period		95			2,603			—			(2,007	)		27,844
Increase (decrease) in net assets from contract transactions		(18,075,220	)		(26,160,699	)		(8,756,666	)		(136,546,314	)		(2,321,047	)

Increase (decrease) in net assets		26,124,354			(20,114,667	)		(6,740,171	)		(100,654,514	)		(2,844,037	)
Net assets at beginning of period		718,600,536			20,114,667			6,740,171			100,654,514			26,367,723
Net assets at end of period	$	744,724,890		$	—		$	—		$	—		$	23,523,686

Beginning units		56,577,810			1,654,996			576,835			3,189,175			2,235,611
Units issued		5,313,820			85,308			31,896			1,374,417			1,237,768
Units redeemed		(6,698,274	)		(1,740,304	)		(608,731	)		(4,563,592	)		(1,435,762	)
Ending units		55,193,356			—			—			—			2,037,617

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA DFA Ultra Short Bond Portfolio Class 2			SAST SA DFA Ultra Short Bond Portfolio Class 3			SAST SA Emerging Markets Equity Index Portfolio Class 1			SAST SA Emerging Markets Equity Index Portfolio Class 3			SAST SA Federated Hermes Corporate Bond Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	—		$	1,990		$	234,355		$	1,509,520
Mortality and expense risk and administrative charges		(131,210	)		(2,491,887	)		(544	)		(148,650	)		(616,528	)
Net investment income (loss)		(131,210	)		(2,491,887	)		1,446			85,705			892,992
Net realized gain (loss)		(90,304	)		(1,942,416	)		(4,275	)		(135,164	)		(767,553	)
Capital gain distribution from mutual funds		—			—			—			—			139,554
Change in unrealized appreciation (depreciation) of investments		(61,832	)		(1,305,399	)		(23,332	)		(2,669,794	)		(7,602,339	)
Increase (decrease) in net assets from operations		(283,346	)		(5,739,702	)		(26,161	)		(2,719,253	)		(7,337,346	)

From contract transactions:
Payments received from contract owners		820,963			19,275,083			—			3,895,672			244,663
Payments for contract benefits or terminations		(2,258,692	)		(20,711,606	)		(34,444	)		(255,816	)		(4,789,771	)
Transfers between sub-accounts (including fixed account), net		373,773			20,929,139			59,320			1,207,172			(219,863	)
Contract maintenance charges		(14,094	)		(2,622,230	)		(1,606	)		(170,074	)		(18,025	)
Adjustments to net assets allocated to contracts in payout period		11,803			(83	)		—			—			11,004
Increase (decrease) in net assets from contract transactions		(1,066,247	)		16,870,303			23,270			4,676,954			(4,771,992	)

Increase (decrease) in net assets		(1,349,593	)		11,130,601			(2,891	)		1,957,701			(12,109,338	)
Net assets at beginning of period		8,990,127			172,700,500			103,054			11,167,585			49,281,795
Net assets at end of period	$	7,640,534		$	183,831,101		$	100,163		$	13,125,286		$	37,172,457

Beginning units		803,813			19,000,018			9,080			1,020,696			1,413,125
Units issued		197,748			9,608,349			6,661			719,343			93,255
Units redeemed		(296,544	)		(7,550,079	)		(4,606	)		(210,962	)		(238,111	)
Ending units		705,017			21,058,288			11,135			1,529,077			1,268,269

For the Year Ended December 31, 2021
From operations:
Dividends	$	—		$	—		$	831		$	98,787		$	1,539,790
Mortality and expense risk and administrative charges		(147,135	)		(2,514,224	)		(326	)		(108,906	)		(779,463	)
Net investment income (loss)		(147,135	)		(2,514,224	)		505			(10,119	)		760,327
Net realized gain (loss)		(49,183	)		(1,363,596	)		539			474,401			440,825
Capital gain distribution from mutual funds		—			—			—			—			141,198
Change in unrealized appreciation (depreciation) of investments		(14,787	)		(6,526	)		(4,430	)		(1,127,741	)		(1,841,602	)
Increase (decrease) in net assets from operations		(211,105	)		(3,884,346	)		(3,386	)		(663,459	)		(499,252	)

From contract transactions:
Payments received from contract owners		2,524,709			19,600,998			12,500			5,840,942			911,439
Payments for contract benefits or terminations		(3,582,000	)		(28,723,296	)		(1,981	)		(225,829	)		(6,668,156	)
Transfers between sub-accounts (including fixed account), net		976,326			1,547,921			41,926			1,327,466			1,124,770
Contract maintenance charges		(13,295	)		(2,104,867	)		(445	)		(77,158	)		(14,476	)
Adjustments to net assets allocated to contracts in payout period		45,146			35,219			—			—			3,724
Increase (decrease) in net assets from contract transactions		(49,114	)		(9,644,025	)		52,000			6,865,421			(4,642,699	)

Increase (decrease) in net assets		(260,219	)		(13,528,371	)		48,614			6,201,962			(5,141,951	)
Net assets at beginning of period		9,250,346			186,228,871			54,440			4,965,623			54,423,746
Net assets at end of period	$	8,990,127		$	172,700,500		$	103,054		$	11,167,585		$	49,281,795

Beginning units		810,084			20,099,544			4,612			432,633			1,528,690
Units issued		395,767			8,067,154			4,676			868,566			123,601
Units redeemed		(402,038	)		(9,166,680	)		(208	)		(280,503	)		(239,166	)
Ending units		803,813			19,000,018			9,080			1,020,696			1,413,125

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Federated Hermes Corporate Bond Portfolio Class 2			SAST SA Federated Hermes Corporate Bond Portfolio Class 3			SAST SA Fidelity Institutional AM^® International Growth Class 1			SAST SA Fidelity Institutional AM^® International Growth Class 3			SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	440,307		$	24,280,312		$	35		$	—		$	151,346
Mortality and expense risk and administrative charges		(194,898	)		(9,856,686	)		(2,774	)		(96,181	)		(252,284	)
Net investment income (loss)		245,409			14,423,626			(2,739	)		(96,181	)		(100,938	)
Net realized gain (loss)		(259,239	)		(14,069,290	)		(111,774	)		(117,811	)		(131,341	)
Capital gain distribution from mutual funds		42,903			2,419,701			46,317			853,132			1,287,886
Change in unrealized appreciation (depreciation) of investments		(2,312,141	)		(129,711,091	)		(110,527	)		(3,084,333	)		(6,774,665	)
Increase (decrease) in net assets from operations		(2,283,068	)		(126,937,054	)		(178,723	)		(2,445,193	)		(5,719,058	)

From contract transactions:
Payments received from contract owners		237,768			77,155,992			39,617			1,574,951			119,932
Payments for contract benefits or terminations		(1,544,884	)		(54,361,799	)		(73,729	)		(342,732	)		(1,329,146	)
Transfers between sub-accounts (including fixed account), net		(516,337	)		(38,991,541	)		(263,340	)		1,054,115			162,784
Contract maintenance charges		(16,308	)		(10,399,338	)		(798	)		(118,881	)		(5,830	)
Adjustments to net assets allocated to contracts in payout period		(8,771	)		8,109			—			—			(1,898	)
Increase (decrease) in net assets from contract transactions		(1,848,532	)		(26,588,577	)		(298,250	)		2,167,453			(1,054,158	)

Increase (decrease) in net assets		(4,131,600	)		(153,525,631	)		(476,973	)		(277,740	)		(6,773,216	)
Net assets at beginning of period		15,232,244			810,235,712			694,866			8,474,707			20,746,998
Net assets at end of period	$	11,100,644		$	656,710,081		$	217,893		$	8,196,967		$	13,973,782

Beginning units		438,755			35,807,847			45,820			572,953			363,900
Units issued		13,180			6,894,434			5,238			294,843			18,409
Units redeemed		(72,515	)		(7,937,953	)		(31,378	)		(101,750	)		(40,057	)
Ending units		379,420			34,764,328			19,680			766,046			342,252

For the Year Ended December 31, 2021
From operations:
Dividends	$	443,926		$	22,608,087		$	165		$	—		$	274,943
Mortality and expense risk and administrative charges		(250,153	)		(10,534,009	)		(3,487	)		(75,817	)		(286,968	)
Net investment income (loss)		193,773			12,074,078			(3,322	)		(75,817	)		(12,025	)
Net realized gain (loss)		107,583			1,924,710			4,073			113,083			44,023
Capital gain distribution from mutual funds		43,087			2,216,444			46,405			530,229			—
Change in unrealized appreciation (depreciation) of investments		(544,992	)		(22,584,233	)		23,253			519			5,896,691
Increase (decrease) in net assets from operations		(200,549	)		(6,369,001	)		70,409			568,014			5,928,689

From contract transactions:
Payments received from contract owners		316,926			142,353,425			395,179			3,925,596			125,289
Payments for contract benefits or terminations		(3,010,783	)		(63,757,387	)		(14,575	)		(138,919	)		(1,849,889	)
Transfers between sub-accounts (including fixed account), net		690,036			76,883,465			24,851			1,254,910			(340,315	)
Contract maintenance charges		(17,413	)		(7,901,919	)		(1,028	)		(57,933	)		(5,671	)
Adjustments to net assets allocated to contracts in payout period		36,247			19,553			—			—			7,852
Increase (decrease) in net assets from contract transactions		(1,984,987	)		147,597,137			404,427			4,983,654			(2,062,734	)

Increase (decrease) in net assets		(2,185,536	)		141,228,136			474,836			5,551,668			3,865,955
Net assets at beginning of period		17,417,780			669,007,576			220,030			2,923,039			16,881,043
Net assets at end of period	$	15,232,244		$	810,235,712		$	694,866		$	8,474,707		$	20,746,998

Beginning units		496,567			28,553,812			16,203			218,419			404,338
Units issued		38,006			12,302,451			30,805			409,761			15,629
Units redeemed		(95,818	)		(5,048,416	)		(1,188	)		(55,227	)		(56,067	)
Ending units		438,755			35,807,847			45,820			572,953			363,900

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 2			SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3			SAST SA Fixed Income Index Portfolio Class 1			SAST SA Fixed Income Index Portfolio Class 3			SAST SA Fixed Income Intermediate Index Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	26,268		$	928,133		$	923		$	1,066,148		$	184
Mortality and expense risk and administrative charges		(57,439	)		(2,038,330	)		(128	)		(767,855	)		(32	)
Net investment income (loss)		(31,171	)		(1,110,197	)		795			298,293			152
Net realized gain (loss)		(27,408	)		810,045			(229	)		(1,464,768	)		(4	)
Capital gain distribution from mutual funds		280,266			11,371,637			128			168,513			4
Change in unrealized appreciation (depreciation) of investments		(1,479,682	)		(56,950,014	)		(3,136	)		(8,409,876	)		(355	)
Increase (decrease) in net assets from operations		(1,257,995	)		(45,878,529	)		(2,442	)		(9,407,838	)		(203	)

From contract transactions:
Payments received from contract owners		1,758			7,261,321			19,955			13,666,127			13,125
Payments for contract benefits or terminations		(349,195	)		(13,384,569	)		(95	)		(4,428,902	)		(96	)
Transfers between sub-accounts (including fixed account), net		46,069			12,980,809			27,994			(3,191,508	)		(92	)
Contract maintenance charges		(6,308	)		(1,530,215	)		(338	)		(1,020,858	)		—
Adjustments to net assets allocated to contracts in payout period		(302	)		5,593			—			(16	)		—
Increase (decrease) in net assets from contract transactions		(307,978	)		5,332,939			47,516			5,024,843			12,937

Increase (decrease) in net assets		(1,565,973	)		(40,545,590	)		45,074			(4,382,995	)		12,734
Net assets at beginning of period		4,659,985			165,080,314			750			65,185,453			—
Net assets at end of period	$	3,094,012		$	124,534,724		$	45,824		$	60,802,458		$	12,734

Beginning units		84,750			5,911,434			67			5,991,408			—
Units issued		3,833			1,408,666			4,834			2,243,832			1,285
Units redeemed		(10,168	)		(964,506	)		(251	)		(1,723,741	)		(18	)
Ending units		78,415			6,355,594			4,650			6,511,499			1,267

For the Year Ended December 31, 2021
From operations:
Dividends	$	57,865		$	1,991,727		$	—		$	1,201,828		$	—
Mortality and expense risk and administrative charges		(69,957	)		(2,475,492	)		—			(728,468	)		—
Net investment income (loss)		(12,092	)		(483,765	)		—			473,360			—
Net realized gain (loss)		(6,757	)		1,855,413			—			509,073			—
Capital gain distribution from mutual funds		—			—			—			729,733			—
Change in unrealized appreciation (depreciation) of investments		1,400,688			49,555,277			1			(3,502,258	)		—
Increase (decrease) in net assets from operations		1,381,839			50,926,925			1			(1,790,092	)		—

From contract transactions:
Payments received from contract owners		7,264			7,332,311			—			17,376,390			—
Payments for contract benefits or terminations		(705,692	)		(17,501,949	)		—			(3,694,251	)		—
Transfers between sub-accounts (including fixed account), net		(214,942	)		(23,993,390	)		749			3,156,838			—
Contract maintenance charges		(6,113	)		(1,463,074	)		—			(718,695	)		—
Adjustments to net assets allocated to contracts in payout period		421			9,877			—			1,577			—
Increase (decrease) in net assets from contract transactions		(919,062	)		(35,616,225	)		749			16,121,859			—

Increase (decrease) in net assets		462,777			15,310,700			750			14,331,767			—
Net assets at beginning of period		4,197,208			149,769,614			—			50,853,686			—
Net assets at end of period	$	4,659,985		$	165,080,314		$	750		$	65,185,453		$	—

Beginning units		104,429			7,232,081			—			4,513,294			—
Units issued		841			857,057			67			2,770,190			—
Units redeemed		(20,520	)		(2,177,704	)		—			(1,292,076	)		—
Ending units		84,750			5,911,434			67			5,991,408			—

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Fixed Income Intermediate Index Portfolio Class 3			SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1			SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 2			SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3			SAST SA Franklin Small Company Value Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	345,073		$	4,915,481		$	639,329		$	4,977,618		$	652
Mortality and expense risk and administrative charges		(374,473	)		(4,395,693	)		(649,273	)		(5,228,736	)		(339	)
Net investment income (loss)		(29,400	)		519,788			(9,944	)		(251,118	)		313
Net realized gain (loss)		(407,987	)		(653,504	)		426,512			10,891,229			(1,795	)
Capital gain distribution from mutual funds		8,060			46,813,022			6,739,379			56,625,171			19,782
Change in unrealized appreciation (depreciation) of investments		(2,261,181	)		(56,200,375	)		(8,643,332	)		(79,537,263	)		(22,682	)
Increase (decrease) in net assets from operations		(2,690,508	)		(9,521,069	)		(1,487,385	)		(12,271,981	)		(4,382	)

From contract transactions:
Payments received from contract owners		4,484,757			1,023,358			483,615			11,709,018			19,226
Payments for contract benefits or terminations		(1,971,908	)		(29,182,249	)		(4,062,454	)		(33,897,735	)		(935	)
Transfers between sub-accounts (including fixed account), net		(459,929	)		(7,710,288	)		(1,627,255	)		(32,365,047	)		34,001
Contract maintenance charges		(506,631	)		(77,049	)		(68,310	)		(2,837,062	)		(863	)
Adjustments to net assets allocated to contracts in payout period		(16	)		58,446			12,393			1,914			—
Increase (decrease) in net assets from contract transactions		1,546,273			(35,887,782	)		(5,262,011	)		(57,388,912	)		51,429

Increase (decrease) in net assets		(1,144,235	)		(45,408,851	)		(6,749,396	)		(69,660,893	)		47,047
Net assets at beginning of period		31,311,043			321,179,462			45,971,585			386,641,244			46,018
Net assets at end of period	$	30,166,808		$	275,770,611		$	39,222,189		$	316,980,351		$	93,065

Beginning units		3,006,389			3,356,988			495,266			8,973,492			3,178
Units issued		943,187			37,673			11,840			901,252			4,614
Units redeemed		(780,141	)		(425,096	)		(71,546	)		(2,126,473	)		(585	)
Ending units		3,169,435			2,969,565			435,560			7,748,271			7,207

For the Year Ended December 31, 2021
From operations:
Dividends	$	325,057		$	5,737,184		$	756,750		$	6,169,119		$	387
Mortality and expense risk and administrative charges		(357,979	)		(4,890,826	)		(707,688	)		(5,891,174	)		(74	)
Net investment income (loss)		(32,922	)		846,358			49,062			277,945			313
Net realized gain (loss)		195,329			(3,545,509	)		(72,127	)		4,510,163			16
Capital gain distribution from mutual funds		37,512			2,138,147			303,119			2,598,775			1,911
Change in unrealized appreciation (depreciation) of investments		(1,055,920	)		77,744,700			10,533,185			85,224,281			(639	)
Increase (decrease) in net assets from operations		(856,001	)		77,183,696			10,813,239			92,611,164			1,601

From contract transactions:
Payments received from contract owners		4,280,325			1,493,063			523,657			15,454,467			24,247
Payments for contract benefits or terminations		(2,014,570	)		(36,487,153	)		(5,109,716	)		(43,794,574	)		(183	)
Transfers between sub-accounts (including fixed account), net		2,478,577			(8,814,311	)		(1,316,718	)		(28,431,208	)		20,489
Contract maintenance charges		(383,494	)		(77,892	)		(62,081	)		(2,496,774	)		(136	)
Adjustments to net assets allocated to contracts in payout period		907			75,684			69,403			23,472			—
Increase (decrease) in net assets from contract transactions		4,361,745			(43,810,609	)		(5,895,455	)		(59,244,617	)		44,417

Increase (decrease) in net assets		3,505,744			33,373,087			4,917,784			33,366,547			46,018
Net assets at beginning of period		27,805,299			287,806,375			41,053,801			353,274,697			—
Net assets at end of period	$	31,311,043		$	321,179,462		$	45,971,585		$	386,641,244		$	46,018

Beginning units		2,589,661			3,846,631			565,642			10,197,041			—
Units issued		1,002,479			43,013			10,281			1,032,902			3,280
Units redeemed		(585,751	)		(532,656	)		(80,657	)		(2,256,451	)		(102	)
Ending units		3,006,389			3,356,988			495,266			8,973,492			3,178

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Franklin Small Company Value Portfolio Class 3			SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 1			SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3			SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1			SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 2
For the Year Ended December 31, 2022
From operations:
Dividends	$	580,278		$	883		$	108,162		$	424,757		$	89,113
Mortality and expense risk and administrative charges		(2,116,673	)		(193	)		(75,946	)		(356,518	)		(81,184	)
Net investment income (loss)		(1,536,395	)		690			32,216			68,239			7,929
Net realized gain (loss)		(4,208,409	)		(197	)		266,287			48,689			(10,585	)
Capital gain distribution from mutual funds		29,701,105			5,688			756,958			5,142,035			1,184,035
Change in unrealized appreciation (depreciation) of investments		(43,460,164	)		(10,437	)		(1,979,158	)		(7,784,218	)		(1,725,411	)
Increase (decrease) in net assets from operations		(19,503,863	)		(4,256	)		(923,697	)		(2,525,255	)		(544,032	)

From contract transactions:
Payments received from contract owners		7,308,121			—			1,798,165			260,017			46,787
Payments for contract benefits or terminations		(13,135,513	)		(550	)		(146,763	)		(2,533,755	)		(392,957	)
Transfers between sub-accounts (including fixed account), net		(6,865,960	)		36,522			869,483			(1,221,115	)		(56,268	)
Contract maintenance charges		(1,727,962	)		(510	)		(93,756	)		(16,941	)		(7,985	)
Adjustments to net assets allocated to contracts in payout period		(309	)		—			—			1,567			(194	)
Increase (decrease) in net assets from contract transactions		(14,421,623	)		35,462			2,427,129			(3,510,227	)		(410,617	)

Increase (decrease) in net assets		(33,925,486	)		31,206			1,503,432			(6,035,482	)		(954,649	)
Net assets at beginning of period		163,153,424			20,029			5,286,453			27,512,124			5,953,628
Net assets at end of period	$	129,227,938		$	51,235		$	6,789,885		$	21,476,642		$	4,998,979

Beginning units		6,482,397			1,347			364,136			579,681			127,778
Units issued		672,349			2,824			303,401			27,057			3,158
Units redeemed		(1,347,415	)		(178	)		(120,512	)		(101,240	)		(12,744	)
Ending units		5,807,331			3,993			547,025			505,498			118,192

For the Year Ended December 31, 2021
From operations:
Dividends	$	1,444,660		$	11		$	—		$	607,114		$	123,819
Mortality and expense risk and administrative charges		(2,418,506	)		(32	)		(44,515	)		(414,463	)		(90,306	)
Net investment income (loss)		(973,846	)		(21	)		(44,515	)		192,651			33,513
Net realized gain (loss)		(1,481,145	)		60			145,412			629,813			140,418
Capital gain distribution from mutual funds		8,744,729			—			—			1,616,818			350,008
Change in unrealized appreciation (depreciation) of investments		26,673,403			1,216			640,032			2,936,449			604,776
Increase (decrease) in net assets from operations		32,963,141			1,255			740,929			5,375,731			1,128,715

From contract transactions:
Payments received from contract owners		12,066,984			11,245			2,669,075			118,312			30,498
Payments for contract benefits or terminations		(17,308,176	)		—			(167,907	)		(2,534,283	)		(724,304	)
Transfers between sub-accounts (including fixed account), net		(8,306,515	)		7,563			332,025			(907,570	)		66,218
Contract maintenance charges		(1,495,875	)		(34	)		(34,116	)		(14,224	)		(7,624	)
Adjustments to net assets allocated to contracts in payout period		7,454			—			—			2,569			4,460
Increase (decrease) in net assets from contract transactions		(15,036,128	)		18,774			2,799,077			(3,335,196	)		(630,752	)

Increase (decrease) in net assets		17,927,013			20,029			3,540,006			2,040,535			497,963
Net assets at beginning of period		145,226,411			—			1,746,447			25,471,589			5,455,665
Net assets at end of period	$	163,153,424		$	20,029		$	5,286,453		$	27,512,124		$	5,953,628

Beginning units		7,145,579			—			148,983			654,164			142,746
Units issued		1,077,929			1,381			259,804			27,338			8,592
Units redeemed		(1,741,111	)		(34	)		(44,651	)		(101,821	)		(23,560	)
Ending units		6,482,397			1,347			364,136			579,681			127,778

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3			SAST SA Franklin Tactical Opportunities Portfolio Class 1			SAST SA Franklin Tactical Opportunities Portfolio Class 3			SAST SA Global Index Allocation 60/40 Portfolio Class 1			SAST SA Global Index Allocation 60/40 Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	2,655,403		$	900		$	693,867		$	257		$	25,725
Mortality and expense risk and administrative charges		(2,221,605	)		(297	)		(826,961	)		(357	)		(735,541	)
Net investment income (loss)		433,798			603			(133,094	)		(100	)		(709,816	)
Net realized gain (loss)		(2,056,303	)		107			364,750			(112	)		531,904
Capital gain distribution from mutual funds		37,468,483			3,135			2,995,117			840			545,480
Change in unrealized appreciation (depreciation) of investments		(52,459,068	)		(11,280	)		(13,776,946	)		(15,067	)		(10,535,685	)
Increase (decrease) in net assets from operations		(16,613,090	)		(7,435	)		(10,550,173	)		(14,439	)		(10,168,117	)

From contract transactions:
Payments received from contract owners		12,324,980			—			9,655,308			—			5,911,786
Payments for contract benefits or terminations		(10,828,925	)		(556	)		(3,022,068	)		—			(4,019,855	)
Transfers between sub-accounts (including fixed account), net		(13,576,275	)		36,106			970,260			1,777			(100,624	)
Contract maintenance charges		(1,943,990	)		(1,085	)		(1,157,337	)		(1,643	)		(998,822	)
Adjustments to net assets allocated to contracts in payout period		(200	)		—			—			—			—
Increase (decrease) in net assets from contract transactions		(14,024,410	)		34,465			6,446,163			134			792,485

Increase (decrease) in net assets		(30,637,500	)		27,030			(4,104,010	)		(14,305	)		(9,375,632	)
Net assets at beginning of period		183,312,506			41,245			68,742,945			100,030			65,253,076
Net assets at end of period	$	152,675,006		$	68,275		$	64,638,935		$	85,725		$	55,877,444

Beginning units		4,506,856			2,926			5,092,788			7,415			5,039,140
Units issued		548,499			2,983			1,141,723			276			779,740
Units redeemed		(921,676	)		(265	)		(600,376	)		(262	)		(716,398	)
Ending units		4,133,679			5,644			5,634,135			7,429			5,102,482

For the Year Ended December 31, 2021
From operations:
Dividends	$	3,797,676		$	447		$	606,228		$	1,607		$	813,499
Mortality and expense risk and administrative charges		(2,373,933	)		(202	)		(786,533	)		(489	)		(736,967	)
Net investment income (loss)		1,423,743			245			(180,305	)		1,118			76,532
Net realized gain (loss)		2,899,001			282			571,828			5,556			830,529
Capital gain distribution from mutual funds		10,957,630			2,451			4,164,379			2,604			1,675,361
Change in unrealized appreciation (depreciation) of investments		16,548,196			2,229			2,826,055			2,030			1,875,159
Increase (decrease) in net assets from operations		31,828,570			5,207			7,381,957			11,308			4,457,581

From contract transactions:
Payments received from contract owners		35,277,949			—			12,142,679			—			12,350,458
Payments for contract benefits or terminations		(17,803,969	)		(552	)		(2,184,416	)		—			(4,205,235	)
Transfers between sub-accounts (including fixed account), net		(4,674,142	)		1,086			554,162			(33,398	)		2,958,009
Contract maintenance charges		(1,380,651	)		(610	)		(863,929	)		(1,442	)		(747,446	)
Adjustments to net assets allocated to contracts in payout period		455			—			—			—			—
Increase (decrease) in net assets from contract transactions		11,419,642			(76	)		9,648,496			(34,840	)		10,355,786

Increase (decrease) in net assets		43,248,212			5,131			17,030,453			(23,532	)		14,813,367
Net assets at beginning of period		140,064,294			36,114			51,712,492			123,562			50,439,709
Net assets at end of period	$	183,312,506		$	41,245		$	68,742,945		$	100,030		$	65,253,076

Beginning units		4,220,974			2,934			4,343,112			10,023			4,216,976
Units issued		1,245,621			86			1,144,891			315			1,270,995
Units redeemed		(959,739	)		(94	)		(395,215	)		(2,923	)		(448,831	)
Ending units		4,506,856			2,926			5,092,788			7,415			5,039,140

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Global Index Allocation 75/25 Portfolio Class 1			SAST SA Global Index Allocation 75/25 Portfolio Class 3			SAST SA Global Index Allocation 90/10 Portfolio Class 1			SAST SA Global Index Allocation 90/10 Portfolio Class 3			SAST SA Goldman Sachs Global Bond Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	367		$	67,088		$	55,203		$	2,842,870		$	—
Mortality and expense risk and administrative charges		(576	)		(742,490	)		(17,337	)		(2,771,102	)		(206,275	)
Net investment income (loss)		(209	)		(675,402	)		37,866			71,768			(206,275	)
Net realized gain (loss)		674			639,326			15,082			1,917,828			(344,867	)
Capital gain distribution from mutual funds		1,293			726,906			65,723			3,988,998			—
Change in unrealized appreciation (depreciation) of investments		(20,385	)		(11,659,967	)		(821,712	)		(49,100,161	)		(2,704,481	)
Increase (decrease) in net assets from operations		(18,627	)		(10,969,137	)		(703,041	)		(43,121,567	)		(3,255,623	)

From contract transactions:
Payments received from contract owners		—			7,486,499			101,706			27,888,474			196,199
Payments for contract benefits or terminations		—			(2,807,901	)		(1,110	)		(9,331,194	)		(1,066,821	)
Transfers between sub-accounts (including fixed account), net		1,731			(229,039	)		(2,961	)		1,197,953			(99,300	)
Contract maintenance charges		(1,816	)		(1,051,583	)		(69,838	)		(3,936,237	)		(7,214	)
Adjustments to net assets allocated to contracts in payout period		—			2,600			—			—			5,718
Increase (decrease) in net assets from contract transactions		(85	)		3,400,576			27,797			15,818,996			(971,418	)

Increase (decrease) in net assets		(18,712	)		(7,568,561	)		(675,244	)		(27,302,571	)		(4,227,041	)
Net assets at beginning of period		119,095			65,543,601			4,255,242			242,687,504			16,525,915
Net assets at end of period	$	100,383		$	57,975,040		$	3,579,998		$	215,384,933		$	12,298,874

Beginning units		8,592			4,899,011			298,288			17,681,240			725,359
Units issued		307			915,876			8,881			3,244,225			31,627
Units redeemed		(304	)		(621,213	)		(6,715	)		(1,938,356	)		(76,215	)
Ending units		8,595			5,193,674			300,454			18,987,109			680,771

For the Year Ended December 31, 2021
From operations:
Dividends	$	1,878		$	807,606		$	41,717		$	2,064,383		$	434,605
Mortality and expense risk and administrative charges		(634	)		(703,400	)		(16,370	)		(2,663,149	)		(275,774	)
Net investment income (loss)		1,244			104,206			25,347			(598,766	)		158,831
Net realized gain (loss)		1,052			552,243			17,861			2,811,468			(56,372	)
Capital gain distribution from mutual funds		2,230			1,202,155			39,909			2,286,400			—
Change in unrealized appreciation (depreciation) of investments		8,435			3,587,033			391,800			21,691,014			(1,794,893	)
Increase (decrease) in net assets from operations		12,961			5,445,637			474,917			26,190,116			(1,692,434	)

From contract transactions:
Payments received from contract owners		—			14,209,289			916,001			56,483,720			111,993
Payments for contract benefits or terminations		—			(1,612,023	)		(1,109	)		(7,695,593	)		(2,278,973	)
Transfers between sub-accounts (including fixed account), net		(719	)		3,394,036			34,389			(13,270	)		187,188
Contract maintenance charges		(1,651	)		(753,509	)		(48,382	)		(2,896,363	)		(5,580	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			—			(6,772	)
Increase (decrease) in net assets from contract transactions		(2,370	)		15,237,793			900,899			45,878,494			(1,992,144	)

Increase (decrease) in net assets		10,591			20,683,430			1,375,816			72,068,610			(3,684,578	)
Net assets at beginning of period		108,504			44,860,171			2,879,426			170,618,894			20,210,493
Net assets at end of period	$	119,095		$	65,543,601		$	4,255,242		$	242,687,504		$	16,525,915

Beginning units		8,770			3,722,086			232,434			14,172,789			803,649
Units issued		39			1,491,671			69,829			5,322,041			73,796
Units redeemed		(217	)		(314,746	)		(3,975	)		(1,813,590	)		(152,086	)
Ending units		8,592			4,899,011			298,288			17,681,240			725,359

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Goldman Sachs Global Bond Portfolio Class 2			SAST SA Goldman Sachs Global Bond Portfolio Class 3			SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 1			SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3			SAST SA Index Allocation 60/40 Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	—		$	—		$	—		$	4,998
Mortality and expense risk and administrative charges		(51,984	)		(2,718,237	)		(26	)		(333,797	)		(2,533	)
Net investment income (loss)		(51,984	)		(2,718,237	)		(26	)		(333,797	)		2,465
Net realized gain (loss)		(77,835	)		(4,823,887	)		(11	)		41,506			4,226
Capital gain distribution from mutual funds		—			—			331			1,368,693			11,264
Change in unrealized appreciation (depreciation) of investments		(676,475	)		(38,371,830	)		(1,577	)		(6,274,825	)		(130,234	)
Increase (decrease) in net assets from operations		(806,294	)		(45,913,954	)		(1,283	)		(5,198,423	)		(112,279	)

From contract transactions:
Payments received from contract owners		66,304			8,019,112			—			3,541,313			—
Payments for contract benefits or terminations		(336,632	)		(16,635,227	)		(553	)		(1,003,251	)		—
Transfers between sub-accounts (including fixed account), net		73,209			(208,965	)		115			(969,430	)		(347,474	)
Contract maintenance charges		(5,160	)		(2,935,179	)		(120	)		(468,536	)		(813	)
Adjustments to net assets allocated to contracts in payout period		—			4,732			—			—			—
Increase (decrease) in net assets from contract transactions		(202,279	)		(11,755,527	)		(558	)		1,100,096			(348,287	)

Increase (decrease) in net assets		(1,008,573	)		(57,669,481	)		(1,841	)		(4,098,327	)		(460,566	)
Net assets at beginning of period		3,961,222			231,293,179			7,891			29,651,190			770,268
Net assets at end of period	$	2,952,649		$	173,623,698		$	6,050		$	25,552,863		$	309,702

Beginning units		178,479			16,534,144			555			2,187,161			48,161
Units issued		14,551			1,928,179			9			450,337			71
Units redeemed		(26,075	)		(2,846,217	)		(55	)		(355,655	)		(25,391	)
Ending units		166,955			15,616,106			509			2,281,843			22,841

For the Year Ended December 31, 2021
From operations:
Dividends	$	96,168		$	5,372,380		$	32		$	65,236		$	1,866
Mortality and expense risk and administrative charges		(67,204	)		(3,268,873	)		(31	)		(326,746	)		(2,825	)
Net investment income (loss)		28,964			2,103,507			1			(261,510	)		(959	)
Net realized gain (loss)		43,437			1,719,081			140			383,698			1,035
Capital gain distribution from mutual funds		—			—			1,136			4,191,758			7,542
Change in unrealized appreciation (depreciation) of investments		(477,791	)		(24,090,832	)		(222	)		(1,235,132	)		52,248
Increase (decrease) in net assets from operations		(405,390	)		(20,268,244	)		1,055			3,078,814			59,866

From contract transactions:
Payments received from contract owners		9,037			23,206,937			—			4,686,571			311,654
Payments for contract benefits or terminations		(685,152	)		(22,986,076	)		(552	)		(1,322,795	)		—
Transfers between sub-accounts (including fixed account), net		145,112			30,101,831			35			1,862,574			(1,084	)
Contract maintenance charges		(5,327	)		(2,664,041	)		(113	)		(352,585	)		(744	)
Adjustments to net assets allocated to contracts in payout period		(2,116	)		4,339			—			—			—
Increase (decrease) in net assets from contract transactions		(538,446	)		27,662,990			(630	)		4,873,765			309,826

Increase (decrease) in net assets		(943,836	)		7,394,746			425			7,952,579			369,692
Net assets at beginning of period		4,905,058			223,898,433			7,466			21,698,611			400,576
Net assets at end of period	$	3,961,222		$	231,293,179		$	7,891		$	29,651,190		$	770,268

Beginning units		201,256			14,480,643			601			1,812,483			28,243
Units issued		16,221			4,862,994			6			594,663			20,040
Units redeemed		(38,998	)		(2,809,493	)		(52	)		(219,985	)		(122	)
Ending units		178,479			16,534,144			555			2,187,161			48,161

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Index Allocation 60/40 Portfolio Class 3			SAST SA Index Allocation 80/20 Portfolio Class 1			SAST SA Index Allocation 80/20 Portfolio Class 3			SAST SA Index Allocation 90/10 Portfolio Class 1			SAST SA Index Allocation 90/10 Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	2,215,113		$	32,855		$	4,424,777		$	134,201		$	12,557,453
Mortality and expense risk and administrative charges		(2,115,826	)		(10,872	)		(4,015,941	)		(37,831	)		(11,216,712	)
Net investment income (loss)		99,287			21,983			408,836			96,370			1,340,741
Net realized gain (loss)		2,220,414			93,416			5,449,431			76,945			13,434,987
Capital gain distribution from mutual funds		5,914,195			63,793			10,073,700			225,575			24,739,216
Change in unrealized appreciation (depreciation) of investments		(37,964,201	)		(566,277	)		(77,907,546	)		(1,503,374	)		(222,211,683	)
Increase (decrease) in net assets from operations		(29,730,305	)		(387,085	)		(61,975,579	)		(1,104,484	)		(182,696,739	)

From contract transactions:
Payments received from contract owners		19,320,343			47,369			32,559,045			1,752,942			78,882,767
Payments for contract benefits or terminations		(12,685,589	)		(4,713	)		(16,654,382	)		(75,483	)		(39,424,861	)
Transfers between sub-accounts (including fixed account), net		7,019,513			(48,372	)		(343,880	)		513,474			(5,927,467	)
Contract maintenance charges		(2,736,161	)		(38,585	)		(5,500,961	)		(108,205	)		(16,135,311	)
Adjustments to net assets allocated to contracts in payout period		8,680			—			138,337			—			1,589
Increase (decrease) in net assets from contract transactions		10,926,786			(44,301	)		10,198,159			2,082,728			17,396,717

Increase (decrease) in net assets		(18,803,519	)		(431,386	)		(51,777,420	)		978,244			(165,300,022	)
Net assets at beginning of period		182,446,537			2,356,668			356,799,103			6,952,109			1,013,852,694
Net assets at end of period	$	163,643,018		$	1,925,282		$	305,021,683		$	7,930,353		$	848,552,672

Beginning units		11,965,926			133,959			21,314,934			381,020			58,148,904
Units issued		2,532,504			28,766			3,171,448			165,242			7,056,142
Units redeemed		(1,720,033	)		(31,780	)		(2,470,291	)		(22,653	)		(5,942,784	)
Ending units		12,778,397			130,945			22,016,091			523,609			59,262,262

For the Year Ended December 31, 2021
From operations:
Dividends	$	136,865		$	27,147		$	3,407,109		$	68,359		$	9,629,238
Mortality and expense risk and administrative charges		(2,112,307	)		(12,763	)		(3,954,230	)		(31,567	)		(11,418,362	)
Net investment income (loss)		(1,975,442	)		14,384			(547,121	)		36,792			(1,789,124	)
Net realized gain (loss)		2,520,234			142,748			4,377,670			57,406			15,088,686
Capital gain distribution from mutual funds		1,765,057			38,310			5,586,404			94,675			15,438,029
Change in unrealized appreciation (depreciation) of investments		15,656,629			226,023			37,396,764			762,364			124,363,788
Increase (decrease) in net assets from operations		17,966,478			421,465			46,813,717			951,237			153,101,379

From contract transactions:
Payments received from contract owners		23,417,943			—			51,822,316			1,627,661			151,541,203
Payments for contract benefits or terminations		(8,327,233	)		(306,842	)		(13,401,972	)		(77,225	)		(40,160,443	)
Transfers between sub-accounts (including fixed account), net		4,256,142			(91,245	)		8,767,029			(2,974	)		(3,961,213	)
Contract maintenance charges		(2,118,007	)		(39,309	)		(4,196,733	)		(73,725	)		(12,637,513	)
Adjustments to net assets allocated to contracts in payout period		(1,548	)		—			(62,686	)		—			(181	)
Increase (decrease) in net assets from contract transactions		17,227,297			(437,396	)		42,927,954			1,473,737			94,781,853

Increase (decrease) in net assets		35,193,775			(15,931	)		89,741,671			2,424,974			247,883,232
Net assets at beginning of period		147,252,762			2,372,599			267,057,432			4,527,135			765,969,462
Net assets at end of period	$	182,446,537		$	2,356,668		$	356,799,103		$	6,952,109		$	1,013,852,694

Beginning units		10,780,791			159,038			18,624,911			298,279			52,322,336
Units issued		2,311,456			62			4,277,841			93,684			11,259,947
Units redeemed		(1,126,321	)		(25,141	)		(1,587,818	)		(10,943	)		(5,433,379	)
Ending units		11,965,926			133,959			21,314,934			381,020			58,148,904

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA International Index Portfolio Class 1			SAST SA International Index Portfolio Class 3			SAST SA Invesco Growth Opportunities Portfolio Class 1			SAST SA Invesco Growth Opportunities Portfolio Class 2			SAST SA Invesco Growth Opportunities Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	27,586		$	470,471		$	—		$	—		$	—
Mortality and expense risk and administrative charges		(5,954	)		(214,071	)		(109,716	)		(40,553	)		(1,686,208	)
Net investment income (loss)		21,632			256,400			(109,716	)		(40,553	)		(1,686,208	)
Net realized gain (loss)		(1,326	)		90,136			1,270			(8,538	)		(4,152,893	)
Capital gain distribution from mutual funds		2,892			52,708			1,681,138			650,973			31,449,704
Change in unrealized appreciation (depreciation) of investments		(212,120	)		(2,908,193	)		(5,392,621	)		(1,961,065	)		(81,466,545	)
Increase (decrease) in net assets from operations		(188,922	)		(2,508,949	)		(3,819,929	)		(1,359,183	)		(55,855,942	)

From contract transactions:
Payments received from contract owners		—			5,120,995			17,940			750			8,077,043
Payments for contract benefits or terminations		(11,989	)		(605,763	)		(759,818	)		(165,623	)		(9,370,228	)
Transfers between sub-accounts (including fixed account), net		14,662			2,325,828			182,811			92,748			22,421,601
Contract maintenance charges		(1,401	)		(207,124	)		(5,399	)		(3,191	)		(1,524,438	)
Adjustments to net assets allocated to contracts in payout period		—			—			(107	)		—			(244	)
Increase (decrease) in net assets from contract transactions		1,272			6,633,936			(564,573	)		(75,316	)		19,603,734

Increase (decrease) in net assets		(187,650	)		4,124,987			(4,384,502	)		(1,434,499	)		(36,252,208	)
Net assets at beginning of period		1,257,427			15,815,366			10,736,250			3,758,687			145,380,100
Net assets at end of period	$	1,069,777		$	19,940,353		$	6,351,748		$	2,324,188		$	109,127,892

Beginning units		103,939			1,309,733			478,702			173,669			4,708,484
Units issued		3,164			958,551			31,599			10,587			1,656,483
Units redeemed		(3,088	)		(305,862	)		(65,207	)		(15,216	)		(921,750	)
Ending units		104,015			1,962,422			445,094			169,040			5,443,217

For the Year Ended December 31, 2021
From operations:
Dividends	$	15,428		$	188,256		$	—		$	—		$	—
Mortality and expense risk and administrative charges		(6,179	)		(158,068	)		(168,802	)		(64,560	)		(2,106,119	)
Net investment income (loss)		9,249			30,188			(168,802	)		(64,560	)		(2,106,119	)
Net realized gain (loss)		3,879			689,009			755,564			262,212			6,703,524
Capital gain distribution from mutual funds		2,579			34,044			1,261,562			470,134			18,060,390
Change in unrealized appreciation (depreciation) of investments		89,622			70,489			(1,225,157	)		(434,661	)		(15,412,941	)
Increase (decrease) in net assets from operations		105,329			823,730			623,167			233,125			7,244,854

From contract transactions:
Payments received from contract owners		25,128			6,357,299			75,838			3,728			16,066,581
Payments for contract benefits or terminations		(2,995	)		(387,591	)		(1,527,587	)		(472,488	)		(13,887,576	)
Transfers between sub-accounts (including fixed account), net		102,221			(630,925	)		734,492			(128,127	)		8,324,145
Contract maintenance charges		(863	)		(91,743	)		(5,910	)		(4,183	)		(1,357,982	)
Adjustments to net assets allocated to contracts in payout period		—			—			19,927			(8,662	)		2,019
Increase (decrease) in net assets from contract transactions		123,491			5,247,040			(703,240	)		(609,732	)		9,147,187

Increase (decrease) in net assets		228,820			6,070,770			(80,073	)		(376,607	)		16,392,041
Net assets at beginning of period		1,028,607			9,744,596			10,816,323			4,135,294			128,988,059
Net assets at end of period	$	1,257,427		$	15,815,366		$	10,736,250		$	3,758,687		$	145,380,100

Beginning units		93,663			882,464			509,607			201,567			4,563,326
Units issued		11,558			1,055,770			72,545			15,593			855,727
Units redeemed		(1,282	)		(628,501	)		(103,450	)		(43,491	)		(710,569	)
Ending units		103,939			1,309,733			478,702			173,669			4,708,484

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Invesco Main Street Large Cap Portfolio Class 1			SAST SA Invesco Main Street Large Cap Portfolio Class 2			SAST SA Invesco Main Street Large Cap Portfolio Class 3			SAST SA Invesco VCP Equity-Income Portfolio Class 1			SAST SA Invesco VCP Equity-Income Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	221,380		$	25,211		$	457,954		$	—		$	—
Mortality and expense risk and administrative charges		(354,418	)		(49,544	)		(904,250	)		—			—
Net investment income (loss)		(133,038	)		(24,333	)		(446,296	)		—			—
Net realized gain (loss)		1,559,396			117,964			1,249,301			—			—
Capital gain distribution from mutual funds		5,095,370			717,086			14,652,695			—			—
Change in unrealized appreciation (depreciation) of investments		(12,574,903	)		(1,633,968	)		(31,462,147	)		—			—
Increase (decrease) in net assets from operations		(6,053,175	)		(823,251	)		(16,006,447	)		—			—

From contract transactions:
Payments received from contract owners		185,743			64,703			4,794,772			—			—
Payments for contract benefits or terminations		(2,321,897	)		(270,116	)		(4,836,925	)		—			—
Transfers between sub-accounts (including fixed account), net		(199,146	)		(58,117	)		2,016,543			—			—
Contract maintenance charges		(7,492	)		(4,539	)		(591,101	)		—			—
Adjustments to net assets allocated to contracts in payout period		2,395			—			(2,281	)		—			—
Increase (decrease) in net assets from contract transactions		(2,340,397	)		(268,069	)		1,381,008			—			—

Increase (decrease) in net assets		(8,393,572	)		(1,091,320	)		(14,625,439	)		—			—
Net assets at beginning of period		29,020,788			3,962,319			73,874,805			—			—
Net assets at end of period	$	20,627,216		$	2,870,999		$	59,249,366		$	—		$	—

Beginning units		458,833			64,983			1,940,743			—			—
Units issued		16,145			2,183			347,222			—			—
Units redeemed		(58,321	)		(7,227	)		(282,361	)		—			—
Ending units		416,657			59,939			2,005,604			—			—

For the Year Ended December 31, 2021
From operations:
Dividends	$	178,851		$	19,427		$	314,903		$	6,176		$	15,429,015
Mortality and expense risk and administrative charges		(427,201	)		(61,805	)		(1,007,870	)		(464	)		(5,689,755	)
Net investment income (loss)		(248,350	)		(42,378	)		(692,967	)		5,712			9,739,260
Net realized gain (loss)		2,184,209			422,459			4,569,952			(31,067	)		(31,551,660	)
Capital gain distribution from mutual funds		1,222,056			167,602			3,143,841			56,316			174,959,712
Change in unrealized appreciation (depreciation) of investments		3,192,283			351,123			8,588,680			(9,595	)		(79,188,272	)
Increase (decrease) in net assets from operations		6,350,198			898,806			15,609,506			21,366			73,959,040

From contract transactions:
Payments received from contract owners		53,691			55,229			6,589,431			—			9,101,404
Payments for contract benefits or terminations		(2,930,969	)		(630,464	)		(6,898,258	)		(120	)		(31,120,815	)
Transfers between sub-accounts (including fixed account), net		(105,632	)		(103,712	)		(3,519,989	)		(370,666	)		(1,293,309,746	)
Contract maintenance charges		(6,959	)		(4,595	)		(463,253	)		(2,100	)		(7,089,718	)
Adjustments to net assets allocated to contracts in payout period		9,552			897			22,211			—			(418	)
Increase (decrease) in net assets from contract transactions		(2,980,317	)		(682,645	)		(4,269,858	)		(372,886	)		(1,322,419,293	)

Increase (decrease) in net assets		3,369,881			216,161			11,339,648			(351,520	)		(1,248,460,253	)
Net assets at beginning of period		25,650,907			3,746,158			62,535,157			351,520			1,248,460,253
Net assets at end of period	$	29,020,788		$	3,962,319		$	73,874,805		$	—		$	—

Beginning units		510,443			77,147			2,031,409			31,371			93,993,411
Units issued		11,251			1,406			325,342			5,043			2,011,084
Units redeemed		(62,861	)		(13,570	)		(416,008	)		(36,414	)		(96,004,495	)
Ending units		458,833			64,983			1,940,743			—			—

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Janus Focused Growth Portfolio Class 1			SAST SA Janus Focused Growth Portfolio Class 2			SAST SA Janus Focused Growth Portfolio Class 3			SAST SA JPMorgan Diversified Balanced Portfolio Class 1			SAST SA JPMorgan Diversified Balanced Portfolio Class 2
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	—		$	—		$	1,230,107		$	199,134
Mortality and expense risk and administrative charges		(198,493	)		(126,585	)		(1,682,128	)		(1,682,457	)		(293,551	)
Net investment income (loss)		(198,493	)		(126,585	)		(1,682,128	)		(452,350	)		(94,417	)
Net realized gain (loss)		569,700			338,447			4,168,717			(172,401	)		(92,886	)
Capital gain distribution from mutual funds		2,623,977			1,650,170			26,907,955			13,992,407			2,510,793
Change in unrealized appreciation (depreciation) of investments		(9,186,797	)		(5,725,075	)		(82,176,632	)		(36,019,992	)		(6,095,397	)
Increase (decrease) in net assets from operations		(6,191,613	)		(3,863,043	)		(52,782,088	)		(22,652,336	)		(3,771,907	)

From contract transactions:
Payments received from contract owners		39,738			13,196			10,184,517			1,677,627			745,423
Payments for contract benefits or terminations		(1,140,563	)		(533,518	)		(10,605,416	)		(13,691,603	)		(2,292,370	)
Transfers between sub-accounts (including fixed account), net		(9,162	)		(514,797	)		12,197,428			(2,708,533	)		853,220
Contract maintenance charges		(4,830	)		(14,097	)		(1,431,459	)		(35,645	)		(18,163	)
Adjustments to net assets allocated to contracts in payout period		(2,441	)		322			5			(33,099	)		(1,879	)
Increase (decrease) in net assets from contract transactions		(1,117,258	)		(1,048,894	)		10,345,075			(14,791,253	)		(713,769	)

Increase (decrease) in net assets		(7,308,871	)		(4,911,937	)		(42,437,013	)		(37,443,589	)		(4,485,676	)
Net assets at beginning of period		18,525,819			11,444,891			150,426,511			135,833,732			22,112,654
Net assets at end of period	$	11,216,948		$	6,532,954		$	107,989,498		$	98,390,143		$	17,626,978

Beginning units		374,703			237,666			3,337,047			3,641,623			612,632
Units issued		17,495			11,847			913,863			114,415			57,586
Units redeemed		(44,043	)		(42,129	)		(593,439	)		(566,269	)		(78,600	)
Ending units		348,155			207,384			3,657,471			3,189,769			591,618

For the Year Ended December 31, 2021
From operations:
Dividends	$	—		$	—		$	—		$	882,690		$	138,058
Mortality and expense risk and administrative charges		(265,135	)		(179,647	)		(2,057,569	)		(950,900	)		(212,522	)
Net investment income (loss)		(265,135	)		(179,647	)		(2,057,569	)		(68,210	)		(74,464	)
Net realized gain (loss)		1,108,465			1,131,574			13,116,990			2,040,819			296,036
Capital gain distribution from mutual funds		1,733,288			1,102,541			14,637,655			6,089,606			1,059,993
Change in unrealized appreciation (depreciation) of investments		757,215			162,917			945,200			(3,833,159	)		(263,587	)
Increase (decrease) in net assets from operations		3,333,833			2,217,385			26,642,276			4,229,056			1,017,978

From contract transactions:
Payments received from contract owners		64,067			8,637			19,358,399			703,057			1,727,259
Payments for contract benefits or terminations		(1,615,402	)		(1,572,824	)		(12,979,210	)		(8,124,659	)		(3,124,034	)
Transfers between sub-accounts (including fixed account), net		382,126			(243,463	)		(6,298,581	)		90,231,345			10,765,592
Contract maintenance charges		(4,320	)		(16,282	)		(1,157,528	)		(21,313	)		(10,114	)
Adjustments to net assets allocated to contracts in payout period		24,111			(792	)		1,327			(2,409	)		33,553
Increase (decrease) in net assets from contract transactions		(1,149,418	)		(1,824,724	)		(1,075,593	)		82,786,021			9,392,256

Increase (decrease) in net assets		2,184,415			392,661			25,566,683			87,015,077			10,410,234
Net assets at beginning of period		16,341,404			11,052,230			124,859,828			48,818,655			11,702,420
Net assets at end of period	$	18,525,819		$	11,444,891		$	150,426,511		$	135,833,732		$	22,112,654

Beginning units		398,640			278,324			3,357,743			1,462,725			355,743
Units issued		26,339			2,447			735,230			2,455,694			374,659
Units redeemed		(50,276	)		(43,105	)		(755,926	)		(276,796	)		(117,770	)
Ending units		374,703			237,666			3,337,047			3,641,623			612,632

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA JPMorgan Diversified Balanced Portfolio Class 3			SAST SA JPMorgan Emerging Markets Portfolio Class 1			SAST SA JPMorgan Emerging Markets Portfolio Class 2			SAST SA JPMorgan Emerging Markets Portfolio Class 3			SAST SA JPMorgan Equity-Income Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	1,837,912		$	371,268		$	64,472		$	2,481,283		$	2,224,993
Mortality and expense risk and administrative charges		(2,678,355	)		(202,097	)		(39,177	)		(1,401,986	)		(1,786,619	)
Net investment income (loss)		(840,443	)		169,171			25,295			1,079,297			438,374
Net realized gain (loss)		(1,664,826	)		237,442			19,508			1,579,930			7,036,909
Capital gain distribution from mutual funds		26,025,606			105,104			19,671			783,567			12,923,371
Change in unrealized appreciation (depreciation) of investments		(62,834,484	)		(4,985,495	)		(894,993	)		(33,966,789	)		(24,916,865	)
Increase (decrease) in net assets from operations		(39,314,147	)		(4,473,778	)		(830,519	)		(30,523,995	)		(4,518,211	)

From contract transactions:
Payments received from contract owners		15,386,358			155,788			636			3,710,356			1,096,560
Payments for contract benefits or terminations		(17,534,083	)		(1,289,317	)		(179,568	)		(8,690,358	)		(12,112,841	)
Transfers between sub-accounts (including fixed account), net		165,297			(895,953	)		69,295			4,988,171			(413,819	)
Contract maintenance charges		(2,465,477	)		(8,847	)		(5,326	)		(1,018,597	)		(34,600	)
Adjustments to net assets allocated to contracts in payout period		(571	)		13,181			—			(1,736	)		15,371
Increase (decrease) in net assets from contract transactions		(4,448,476	)		(2,025,148	)		(114,963	)		(1,012,164	)		(11,449,329	)

Increase (decrease) in net assets		(43,762,623	)		(6,498,926	)		(945,482	)		(31,536,159	)		(15,967,540	)
Net assets at beginning of period		227,211,135			18,035,326			3,187,901			117,004,799			129,882,470
Net assets at end of period	$	183,448,512		$	11,536,400		$	2,242,419		$	85,468,640		$	113,914,930

Beginning units		8,913,640			774,865			136,018			6,808,401			1,527,085
Units issued		1,109,983			27,981			6,417			1,175,807			65,021
Units redeemed		(1,301,916	)		(141,515	)		(11,902	)		(1,157,111	)		(206,787	)
Ending units		8,721,707			661,331			130,533			6,827,097			1,385,319

For the Year Ended December 31, 2021
From operations:
Dividends	$	1,153,357		$	329,288		$	53,377		$	1,850,649		$	2,287,418
Mortality and expense risk and administrative charges		(2,473,281	)		(293,437	)		(52,663	)		(1,743,182	)		(1,902,645	)
Net investment income (loss)		(1,319,924	)		35,851			714			107,467			384,773
Net realized gain (loss)		2,275,688			1,030,837			123,441			5,594,952			8,049,762
Capital gain distribution from mutual funds		10,343,063			—			—			—			4,072,798
Change in unrealized appreciation (depreciation) of investments		4,718,433			(1,069,200	)		(130,900	)		(6,370,448	)		14,028,136
Increase (decrease) in net assets from operations		16,017,260			(2,512	)		(6,745	)		(668,029	)		26,535,469

From contract transactions:
Payments received from contract owners		18,056,261			614,936			501			9,323,604			1,446,951
Payments for contract benefits or terminations		(16,884,863	)		(1,951,175	)		(330,232	)		(11,906,519	)		(13,113,370	)
Transfers between sub-accounts (including fixed account), net		51,292,340			485,842			201,839			11,898,094			(631,676	)
Contract maintenance charges		(1,797,924	)		(9,206	)		(5,807	)		(923,430	)		(29,158	)
Adjustments to net assets allocated to contracts in payout period		8,014			(9,690	)		1,204			15,570			17,593
Increase (decrease) in net assets from contract transactions		50,673,828			(869,293	)		(132,495	)		8,407,319			(12,309,660	)

Increase (decrease) in net assets		66,691,088			(871,805	)		(139,240	)		7,739,290			14,225,809
Net assets at beginning of period		160,520,047			18,907,131			3,327,141			109,265,509			115,656,661
Net assets at end of period	$	227,211,135		$	18,035,326		$	3,187,901		$	117,004,799		$	129,882,470

Beginning units		6,985,288			781,896			141,152			6,235,251			1,653,085
Units issued		2,872,706			109,607			11,013			1,623,200			87,848
Units redeemed		(944,354	)		(116,638	)		(16,147	)		(1,050,050	)		(213,848	)
Ending units		8,913,640			774,865			136,018			6,808,401			1,527,085

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA JPMorgan Equity-Income Portfolio Class 2			SAST SA JPMorgan Equity-Income Portfolio Class 3			SAST SA JPMorgan Global Equities Portfolio Class 1			SAST SA JPMorgan Global Equities Portfolio Class 2			SAST SA JPMorgan Global Equities Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	185,266		$	3,410,642		$	546,267		$	41,405		$	571,746
Mortality and expense risk and administrative charges		(168,016	)		(2,674,699	)		(499,699	)		(42,764	)		(523,731	)
Net investment income (loss)		17,250			735,943			46,568			(1,359	)		48,015
Net realized gain (loss)		481,960			6,222,115			1,757,474			55,584			69,297
Capital gain distribution from mutual funds		1,171,997			22,577,135			5,343,008			455,424			6,554,614
Change in unrealized appreciation (depreciation) of investments		(2,105,196	)		(36,067,110	)		(13,884,072	)		(1,084,041	)		(14,046,924	)
Increase (decrease) in net assets from operations		(433,989	)		(6,531,917	)		(6,737,022	)		(574,392	)		(7,374,998	)

From contract transactions:
Payments received from contract owners		291,929			29,461,424			268,990			27,697			3,918,155
Payments for contract benefits or terminations		(1,182,691	)		(16,004,481	)		(2,752,601	)		(293,410	)		(3,042,326	)
Transfers between sub-accounts (including fixed account), net		(407,026	)		(4,211,770	)		(1,169,241	)		(107,856	)		(660,597	)
Contract maintenance charges		(10,051	)		(2,299,241	)		(11,688	)		(3,852	)		(449,183	)
Adjustments to net assets allocated to contracts in payout period		1,772			6,774			20,588			—			(784	)
Increase (decrease) in net assets from contract transactions		(1,306,067	)		6,952,706			(3,643,952	)		(377,421	)		(234,735	)

Increase (decrease) in net assets		(1,740,056	)		420,789			(10,380,974	)		(951,813	)		(7,609,733	)
Net assets at beginning of period		11,945,501			195,974,711			39,692,292			3,425,290			42,978,340
Net assets at end of period	$	10,205,445		$	196,395,500		$	29,311,318		$	2,473,477		$	35,368,607

Beginning units		139,401			5,976,841			866,802			76,386			1,781,867
Units issued		11,807			1,841,932			34,073			3,442			347,884
Units redeemed		(27,855	)		(1,501,157	)		(119,708	)		(13,224	)		(332,175	)
Ending units		123,353			6,317,616			781,167			66,604			1,797,576

For the Year Ended December 31, 2021
From operations:
Dividends	$	191,290		$	3,105,166		$	652,621		$	53,062		$	640,741
Mortality and expense risk and administrative charges		(170,253	)		(2,504,630	)		(589,277	)		(52,641	)		(551,608	)
Net investment income (loss)		21,037			600,536			63,344			421			89,133
Net realized gain (loss)		540,035			5,693,643			2,016,367			175,695			1,371,848
Capital gain distribution from mutual funds		364,085			6,138,974			—			—			—
Change in unrealized appreciation (depreciation) of investments		1,292,117			23,501,865			5,356,453			478,372			5,655,527
Increase (decrease) in net assets from operations		2,217,274			35,935,018			7,436,164			654,488			7,116,508

From contract transactions:
Payments received from contract owners		503,801			33,680,840			347,342			35,784			8,562,581
Payments for contract benefits or terminations		(1,648,821	)		(16,844,738	)		(3,714,201	)		(439,977	)		(3,935,409	)
Transfers between sub-accounts (including fixed account), net		1,359,253			(2,442,459	)		(241,303	)		(12,262	)		(385,275	)
Contract maintenance charges		(9,498	)		(1,537,400	)		(9,191	)		(3,840	)		(312,744	)
Adjustments to net assets allocated to contracts in payout period		(6,390	)		(12,467	)		(11,824	)		1,174			3,722
Increase (decrease) in net assets from contract transactions		198,345			12,843,776			(3,629,177	)		(419,121	)		3,932,875

Increase (decrease) in net assets		2,415,619			48,778,794			3,806,987			235,367			11,049,383
Net assets at beginning of period		9,529,882			147,195,917			35,885,305			3,189,923			31,928,957
Net assets at end of period	$	11,945,501		$	195,974,711		$	39,692,292		$	3,425,290		$	42,978,340

Beginning units		137,898			5,449,884			947,103			86,303			1,538,089
Units issued		25,794			1,721,633			27,218			3,246			636,096
Units redeemed		(24,291	)		(1,194,676	)		(107,519	)		(13,163	)		(392,318	)
Ending units		139,401			5,976,841			866,802			76,386			1,781,867

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA JPMorgan MFS Core Bond Portfolio Class 1			SAST SA JPMorgan MFS Core Bond Portfolio Class 2			SAST SA JPMorgan MFS Core Bond Portfolio Class 3			SAST SA JPMorgan Mid- Cap Growth Portfolio Class 1			SAST SA JPMorgan Mid- Cap Growth Portfolio Class 2
For the Year Ended December 31, 2022
From operations:
Dividends	$	791,757		$	123,503		$	11,906,717		$	—		$	—
Mortality and expense risk and administrative charges		(502,768	)		(93,360	)		(8,375,349	)		(927,798	)		(253,754	)
Net investment income (loss)		288,989			30,143			3,531,368			(927,798	)		(253,754	)
Net realized gain (loss)		(508,246	)		(135,409	)		(7,536,795	)		2,495,420			235,893
Capital gain distribution from mutual funds		—			—			—			14,174,085			3,917,573
Change in unrealized appreciation (depreciation) of investments		(5,231,876	)		(906,491	)		(93,679,801	)		(39,157,052	)		(10,003,460	)
Increase (decrease) in net assets from operations		(5,451,133	)		(1,011,757	)		(97,685,228	)		(23,415,345	)		(6,103,748	)

From contract transactions:
Payments received from contract owners		574,609			26,671			27,773,029			241,076			166,715
Payments for contract benefits or terminations		(4,728,691	)		(783,098	)		(54,560,771	)		(5,587,964	)		(1,916,216	)
Transfers between sub-accounts (including fixed account), net		283,759			(537,904	)		(29,390,285	)		(6,749,370	)		(321,749	)
Contract maintenance charges		(11,809	)		(9,577	)		(8,885,517	)		(28,515	)		(25,853	)
Adjustments to net assets allocated to contracts in payout period		9,979			5,482			2,186			(166,790	)		(242	)
Increase (decrease) in net assets from contract transactions		(3,872,153	)		(1,298,426	)		(65,061,358	)		(12,291,563	)		(2,097,345	)

Increase (decrease) in net assets		(9,323,286	)		(2,310,183	)		(162,746,586	)		(35,706,908	)		(8,201,093	)
Net assets at beginning of period		39,357,534			7,451,186			693,118,719			89,475,907			22,144,133
Net assets at end of period	$	30,034,248		$	5,141,003		$	530,372,133		$	53,768,999		$	13,943,040

Beginning units		1,231,070			238,801			39,754,960			1,789,827			445,001
Units issued		116,917			18,861			4,572,684			40,472			13,395
Units redeemed		(220,501	)		(65,324	)		(8,520,383	)		(348,044	)		(68,132	)
Ending units		1,127,486			192,338			35,807,261			1,482,255			390,264

For the Year Ended December 31, 2021
From operations:
Dividends	$	1,018,186		$	180,124		$	15,990,351		$	—		$	—
Mortality and expense risk and administrative charges		(622,881	)		(117,277	)		(9,984,283	)		(870,625	)		(313,246	)
Net investment income (loss)		395,305			62,847			6,006,068			(870,625	)		(313,246	)
Net realized gain (loss)		238,902			99,407			6,329,091			3,915,183			1,341,191
Capital gain distribution from mutual funds		342,831			64,571			5,898,092			9,889,003			2,620,811
Change in unrealized appreciation (depreciation) of investments		(2,014,640	)		(434,507	)		(35,412,578	)		(10,572,946	)		(2,182,943	)
Increase (decrease) in net assets from operations		(1,037,602	)		(207,682	)		(17,179,327	)		2,360,615			1,465,813

From contract transactions:
Payments received from contract owners		748,931			359,544			43,366,669			1,181,206			173,967
Payments for contract benefits or terminations		(5,800,687	)		(1,018,425	)		(71,708,527	)		(6,548,111	)		(2,175,175	)
Transfers between sub-accounts (including fixed account), net		1,895,261			145,689			66,835,321			41,115,088			3,398,247
Contract maintenance charges		(11,289	)		(9,040	)		(8,157,241	)		(14,134	)		(25,954	)
Adjustments to net assets allocated to contracts in payout period		1,600			1,578			(9,013	)		200,281			(13,102	)
Increase (decrease) in net assets from contract transactions		(3,166,184	)		(520,654	)		30,327,209			35,934,330			1,357,983

Increase (decrease) in net assets		(4,203,786	)		(728,336	)		13,147,882			38,294,945			2,823,796
Net assets at beginning of period		43,561,320			8,179,522			679,970,837			51,180,962			19,320,337
Net assets at end of period	$	39,357,534		$	7,451,186		$	693,118,719		$	89,475,907		$	22,144,133

Beginning units		1,324,035			255,345			37,871,230			1,094,902			422,969
Units issued		138,263			26,599			8,578,717			874,333			83,210
Units redeemed		(231,228	)		(43,143	)		(6,694,987	)		(179,408	)		(61,178	)
Ending units		1,231,070			238,801			39,754,960			1,789,827			445,001

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA JPMorgan Mid- Cap Growth Portfolio Class 3			SAST SA Large Cap Growth Index Portfolio Class 1			SAST SA Large Cap Growth Index Portfolio Class 3			SAST SA Large Cap Index Portfolio Class 1			SAST SA Large Cap Index Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	2,701		$	75,432		$	29,866		$	729,277
Mortality and expense risk and administrative charges		(3,616,365	)		(3,738	)		(352,873	)		(17,307	)		(794,728	)
Net investment income (loss)		(3,616,365	)		(1,037	)		(277,441	)		12,559			(65,451	)
Net realized gain (loss)		249,087			7,099			511,516			162,402			2,565,299
Capital gain distribution from mutual funds		71,865,345			91,779			4,382,434			135,312			3,838,710
Change in unrealized appreciation (depreciation) of investments		(161,269,441	)		(360,704	)		(14,645,415	)		(859,209	)		(19,585,152	)
Increase (decrease) in net assets from operations		(92,771,374	)		(262,863	)		(10,028,906	)		(548,936	)		(13,246,594	)

From contract transactions:
Payments received from contract owners		28,649,041			—			10,264,215			609,381			15,483,488
Payments for contract benefits or terminations		(16,671,305	)		(42,938	)		(1,057,736	)		—			(2,811,843	)
Transfers between sub-accounts (including fixed account), net		17,143,881			39,620			3,605,775			(1,781,871	)		4,185,248
Contract maintenance charges		(3,517,041	)		(1,464	)		(391,659	)		(398	)		(617,836	)
Adjustments to net assets allocated to contracts in payout period		(115	)		—			—			—			(356	)
Increase (decrease) in net assets from contract transactions		25,604,461			(4,782	)		12,420,595			(1,172,888	)		16,238,701

Increase (decrease) in net assets		(67,166,913	)		(267,645	)		2,391,689			(1,721,824	)		2,992,107
Net assets at beginning of period		319,929,845			863,859			27,535,439			4,535,010			61,565,300
Net assets at end of period	$	252,762,932		$	596,214		$	29,927,128		$	2,813,186		$	64,557,407

Beginning units		6,302,403			39,937			1,319,148			234,357			3,309,792
Units issued		1,606,837			2,735			997,297			38,581			1,901,010
Units redeemed		(989,862	)		(3,304	)		(248,221	)		(93,783	)		(898,519	)
Ending units		6,919,378			39,368			2,068,224			179,155			4,312,283

For the Year Ended December 31, 2021
From operations:
Dividends	$	—		$	5,102		$	125,796		$	42,987		$	656,688
Mortality and expense risk and administrative charges		(2,924,889	)		(4,458	)		(256,086	)		(18,205	)		(596,570	)
Net investment income (loss)		(2,924,889	)		644			(130,290	)		24,782			60,118
Net realized gain (loss)		8,718,812			31,477			1,195,991			3,955			2,673,165
Capital gain distribution from mutual funds		37,228,312			45,784			1,337,739			54,666			907,685
Change in unrealized appreciation (depreciation) of investments		(32,952,453	)		143,312			2,910,552			538,042			6,294,324
Increase (decrease) in net assets from operations		10,069,782			221,217			5,313,992			621,445			9,935,292

From contract transactions:
Payments received from contract owners		54,045,282			15,128			9,879,369			2,535,489			19,574,311
Payments for contract benefits or terminations		(17,983,197	)		(3,443	)		(648,875	)		—			(1,808,531	)
Transfers between sub-accounts (including fixed account), net		118,749,729			(74,421	)		(137,444	)		7,541			4,454,900
Contract maintenance charges		(1,589,602	)		(919	)		(196,391	)		(35	)		(262,436	)
Adjustments to net assets allocated to contracts in payout period		8,348			—			—			—			(7,249	)
Increase (decrease) in net assets from contract transactions		153,230,560			(63,655	)		8,896,659			2,542,995			21,950,995

Increase (decrease) in net assets		163,300,342			157,562			14,210,651			3,164,440			31,886,287
Net assets at beginning of period		156,629,503			706,297			13,324,788			1,370,570			29,679,013
Net assets at end of period	$	319,929,845		$	863,859		$	27,535,439		$	4,535,010		$	61,565,300

Beginning units		3,420,184			42,752			827,622			90,768			2,018,436
Units issued		3,547,618			1,122			692,791			143,612			2,118,844
Units redeemed		(665,399	)		(3,937	)		(201,265	)		(23	)		(827,488	)
Ending units		6,302,403			39,937			1,319,148			234,357			3,309,792

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Large Cap Value Index Portfolio Class 1			SAST SA Large Cap Value Index Portfolio Class 3			SAST SA MFS Blue Chip Growth Portfolio Class 1			SAST SA MFS Blue Chip Growth Portfolio Class 2			SAST SA MFS Blue Chip Growth Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	12,517		$	626,168		$	—		$	—		$	—
Mortality and expense risk and administrative charges		(3,402	)		(389,347	)		(132,569	)		(46,780	)		(1,554,900	)
Net investment income (loss)		9,115			236,821			(132,569	)		(46,780	)		(1,554,900	)
Net realized gain (loss)		(797	)		610,568			330,792			115,427			2,684,493
Capital gain distribution from mutual funds		53,531			2,886,110			1,676,885			575,359			22,767,373
Change in unrealized appreciation (depreciation) of investments		(94,537	)		(5,561,480	)		(5,354,120	)		(1,839,303	)		(65,633,557	)
Increase (decrease) in net assets from operations		(32,688	)		(1,827,981	)		(3,479,012	)		(1,195,297	)		(41,736,591	)

From contract transactions:
Payments received from contract owners		—			12,246,634			32,564			57,323			10,944,066
Payments for contract benefits or terminations		(41,529	)		(965,565	)		(1,232,693	)		(331,570	)		(8,916,228	)
Transfers between sub-accounts (including fixed account), net		107,711			1,344,665			465,288			(18,097	)		14,001,035
Contract maintenance charges		(1,571	)		(446,762	)		(3,409	)		(4,380	)		(1,239,950	)
Adjustments to net assets allocated to contracts in payout period		—			—			(1,247	)		—			(4,241	)
Increase (decrease) in net assets from contract transactions		64,611			12,178,972			(739,497	)		(296,724	)		14,784,682

Increase (decrease) in net assets		31,923			10,350,991			(4,218,509	)		(1,492,021	)		(26,951,909	)
Net assets at beginning of period		626,627			26,239,547			11,455,765			3,990,196			130,385,597
Net assets at end of period	$	658,550		$	36,590,538		$	7,237,256		$	2,498,175		$	103,433,688

Beginning units		41,057			1,781,257			448,218			162,698			3,664,872
Units issued		9,471			1,436,842			46,033			4,904			1,049,540
Units redeemed		(4,506	)		(547,828	)		(84,505	)		(20,133	)		(573,786	)
Ending units		46,022			2,670,271			409,746			147,469			4,140,626

For the Year Ended December 31, 2021
From operations:
Dividends	$	13,869		$	533,599		$	21,763		$	3,021		$	26,309
Mortality and expense risk and administrative charges		(3,173	)		(227,272	)		(159,500	)		(60,685	)		(1,771,633	)
Net investment income (loss)		10,696			306,327			(137,737	)		(57,664	)		(1,745,324	)
Net realized gain (loss)		4,344			259,622			705,666			379,348			11,994,409
Capital gain distribution from mutual funds		7,408			294,767			1,136,492			417,984			13,607,429
Change in unrealized appreciation (depreciation) of investments		95,227			2,362,064			816,095			180,556			5,044,784
Increase (decrease) in net assets from operations		117,675			3,222,780			2,520,516			920,224			28,901,298

From contract transactions:
Payments received from contract owners		15,000			12,273,163			251,857			176,709			17,586,245
Payments for contract benefits or terminations		(3,713	)		(480,199	)		(1,118,732	)		(669,234	)		(13,430,339	)
Transfers between sub-accounts (including fixed account), net		8,162			1,092,760			1,833			(105,812	)		(9,079,327	)
Contract maintenance charges		(849	)		(180,941	)		(3,052	)		(4,503	)		(1,001,048	)
Adjustments to net assets allocated to contracts in payout period		—			—			2,510			—			(17,951	)
Increase (decrease) in net assets from contract transactions		18,600			12,704,783			(865,584	)		(602,840	)		(5,942,420	)

Increase (decrease) in net assets		136,275			15,927,563			1,654,932			317,384			22,958,878
Net assets at beginning of period		490,352			10,311,984			9,800,833			3,672,812			107,426,719
Net assets at end of period	$	626,627		$	26,239,547		$	11,455,765		$	3,990,196		$	130,385,597

Beginning units		39,742			858,020			486,334			189,687			3,956,011
Units issued		2,921			1,133,279			25,705			9,967			721,683
Units redeemed		(1,606	)		(210,042	)		(63,821	)		(36,956	)		(1,012,822	)
Ending units		41,057			1,781,257			448,218			162,698			3,664,872

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA MFS Massachusetts Investors Trust Portfolio Class 1			SAST SA MFS Massachusetts Investors Trust Portfolio Class 2			SAST SA MFS Massachusetts Investors Trust Portfolio Class 3			SAST SA MFS Total Return Portfolio Class 1			SAST SA MFS Total Return Portfolio Class 2
For the Year Ended December 31, 2022
From operations:
Dividends	$	490,345		$	67,910		$	1,699,308		$	1,382,340		$	267,044
Mortality and expense risk and administrative charges		(654,312	)		(108,599	)		(2,943,452	)		(1,375,508	)		(309,492	)
Net investment income (loss)		(163,967	)		(40,689	)		(1,244,144	)		6,832			(42,448	)
Net realized gain (loss)		2,425,011			201,880			4,729,064			2,487,826			482,629
Capital gain distribution from mutual funds		8,509,918			1,401,175			39,740,071			7,979,945			1,738,519
Change in unrealized appreciation (depreciation) of investments		(19,749,166	)		(3,015,206	)		(84,648,445	)		(21,854,688	)		(4,684,978	)
Increase (decrease) in net assets from operations		(8,978,204	)		(1,452,840	)		(41,423,454	)		(11,380,085	)		(2,506,278	)

From contract transactions:
Payments received from contract owners		362,285			149,254			5,934,424			845,042			48,958
Payments for contract benefits or terminations		(5,013,703	)		(864,747	)		(19,687,439	)		(10,386,634	)		(1,590,433	)
Transfers between sub-accounts (including fixed account), net		(330,492	)		(53,245	)		280,088			(1,002,275	)		(627,789	)
Contract maintenance charges		(13,450	)		(13,604	)		(2,345,422	)		(31,240	)		(37,666	)
Adjustments to net assets allocated to contracts in payout period		68,861			—			152			(7,561	)		1,675
Increase (decrease) in net assets from contract transactions		(4,926,499	)		(782,342	)		(15,818,197	)		(10,582,668	)		(2,205,255	)

Increase (decrease) in net assets		(13,904,703	)		(2,235,182	)		(57,241,651	)		(21,962,753	)		(4,711,533	)
Net assets at beginning of period		52,630,757			8,545,275			237,622,610			105,133,724			22,613,618
Net assets at end of period	$	38,726,054		$	6,310,093		$	180,380,959		$	83,170,971		$	17,902,085

Beginning units		649,326			108,553			5,339,734			1,803,122			393,747
Units issued		12,481			2,849			408,909			51,277			11,418
Units redeemed		(81,233	)		(13,928	)		(795,211	)		(242,458	)		(54,182	)
Ending units		580,574			97,474			4,953,432			1,611,941			350,983

For the Year Ended December 31, 2021
From operations:
Dividends	$	336,691		$	44,342		$	1,049,830		$	1,534,175		$	297,872
Mortality and expense risk and administrative charges		(780,441	)		(133,335	)		(3,605,682	)		(1,613,325	)		(360,553	)
Net investment income (loss)		(443,750	)		(88,993	)		(2,555,852	)		(79,150	)		(62,681	)
Net realized gain (loss)		4,648,834			559,842			16,154,435			4,262,256			1,020,446
Capital gain distribution from mutual funds		1,957,432			321,179			9,131,001			5,334,202			1,146,622
Change in unrealized appreciation (depreciation) of investments		5,161,388			1,072,294			29,767,732			2,703,491			505,412
Increase (decrease) in net assets from operations		11,323,904			1,864,322			52,497,316			12,220,799			2,609,799

From contract transactions:
Payments received from contract owners		1,170,897			43,801			7,596,880			1,077,464			40,881
Payments for contract benefits or terminations		(7,374,124	)		(1,281,624	)		(28,594,300	)		(11,997,466	)		(2,264,988	)
Transfers between sub-accounts (including fixed account), net		(490,978	)		13,751			(18,775,857	)		288,203			(469,163	)
Contract maintenance charges		(13,715	)		(13,494	)		(2,271,114	)		(29,126	)		(37,895	)
Adjustments to net assets allocated to contracts in payout period		(26,042	)		1,140			7,023			11,765			(4,901	)
Increase (decrease) in net assets from contract transactions		(6,733,962	)		(1,236,426	)		(42,037,368	)		(10,649,160	)		(2,736,066	)

Increase (decrease) in net assets		4,589,942			627,896			10,459,948			1,571,639			(126,267	)
Net assets at beginning of period		48,040,815			7,917,379			227,162,662			103,562,085			22,739,885
Net assets at end of period	$	52,630,757		$	8,545,275		$	237,622,610		$	105,133,724		$	22,613,618

Beginning units		738,301			125,446			6,329,480			1,987,685			443,751
Units issued		30,216			3,583			361,592			69,748			7,056
Units redeemed		(119,191	)		(20,476	)		(1,351,338	)		(254,311	)		(57,060	)
Ending units		649,326			108,553			5,339,734			1,803,122			393,747

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA MFS Total Return Portfolio Class 3			SAST SA Mid Cap Index Portfolio Class 1			SAST SA Mid Cap Index Portfolio Class 3			SAST SA Morgan Stanley International Equities Portfolio Class 1			SAST SA Morgan Stanley International Equities Portfolio Class 2
For the Year Ended December 31, 2022
From operations:
Dividends	$	2,630,382		$	4,242		$	338,441		$	562,341		$	165,799
Mortality and expense risk and administrative charges		(2,848,470	)		(2,547	)		(561,277	)		(313,315	)		(106,453	)
Net investment income (loss)		(218,088	)		1,695			(222,836	)		249,026			59,346
Net realized gain (loss)		370,493			2,657			936,786			74,335			112,968
Capital gain distribution from mutual funds		18,302,584			32,919			3,265,158			2,126,765			679,360
Change in unrealized appreciation (depreciation) of investments		(43,413,199	)		(96,507	)		(10,742,089	)		(6,254,770	)		(2,156,475	)
Increase (decrease) in net assets from operations		(24,958,210	)		(59,236	)		(6,762,981	)		(3,804,644	)		(1,304,801	)

From contract transactions:
Payments received from contract owners		17,571,991			105,776			11,963,749			117,836			46,495
Payments for contract benefits or terminations		(18,295,041	)		(12,233	)		(1,719,867	)		(2,041,376	)		(862,724	)
Transfers between sub-accounts (including fixed account), net		(2,124,383	)		6,371			1,738,445			(742,366	)		(909,627	)
Contract maintenance charges		(1,963,815	)		(3,271	)		(646,824	)		(7,640	)		(16,622	)
Adjustments to net assets allocated to contracts in payout period		24,595			—			—			(224	)		3,770
Increase (decrease) in net assets from contract transactions		(4,786,653	)		96,643			11,335,503			(2,673,770	)		(1,738,708	)

Increase (decrease) in net assets		(29,744,863	)		37,407			4,572,522			(6,478,414	)		(3,043,509	)
Net assets at beginning of period		220,969,315			411,197			42,488,082			25,549,281			9,027,416
Net assets at end of period	$	191,224,452		$	448,604		$	47,060,604		$	19,070,867		$	5,983,907

Beginning units		7,399,339			26,638			2,774,022			1,374,936			503,680
Units issued		1,306,562			10,858			1,424,770			42,829			11,119
Units redeemed		(1,281,485	)		(3,736	)		(595,074	)		(206,083	)		(119,105	)
Ending units		7,424,416			33,760			3,603,718			1,211,682			395,694

For the Year Ended December 31, 2021
From operations:
Dividends	$	2,752,571		$	2,827		$	249,527		$	313,569		$	98,646
Mortality and expense risk and administrative charges		(3,070,852	)		(1,799	)		(392,010	)		(398,534	)		(144,468	)
Net investment income (loss)		(318,281	)		1,028			(142,483	)		(84,965	)		(45,822	)
Net realized gain (loss)		5,254,585			1,529			1,100,295			408,886			381,276
Capital gain distribution from mutual funds		11,117,364			17,187			1,712,379			—			—
Change in unrealized appreciation (depreciation) of investments		7,610,306			27,236			2,404,264			376,686			(102,237	)
Increase (decrease) in net assets from operations		23,663,974			46,980			5,074,455			700,607			233,217

From contract transactions:
Payments received from contract owners		23,632,001			300,142			20,076,961			199,863			114,822
Payments for contract benefits or terminations		(23,798,499	)		(1,019	)		(768,699	)		(2,453,369	)		(1,218,225	)
Transfers between sub-accounts (including fixed account), net		2,445,907			6,538			790,499			1,435,098			897,856
Contract maintenance charges		(1,504,588	)		(960	)		(305,534	)		(6,623	)		(17,610	)
Adjustments to net assets allocated to contracts in payout period		(8,563	)		—			288			11,647			3,339
Increase (decrease) in net assets from contract transactions		766,258			304,701			19,793,515			(813,384	)		(219,818	)

Increase (decrease) in net assets		24,430,232			351,681			24,867,970			(112,777	)		13,399
Net assets at beginning of period		196,539,083			59,516			17,620,112			25,662,058			9,014,017
Net assets at end of period	$	220,969,315		$	411,197		$	42,488,082		$	25,549,281		$	9,027,416

Beginning units		7,074,620			4,755			1,406,376			1,416,342			515,644
Units issued		1,497,772			22,485			1,756,724			119,123			71,075
Units redeemed		(1,173,053	)		(602	)		(389,078	)		(160,529	)		(83,039	)
Ending units		7,399,339			26,638			2,774,022			1,374,936			503,680

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Morgan Stanley International Equities Portfolio Class 3			SAST SA PIMCO RAE International Value Portfolio Class 1			SAST SA PIMCO RAE International Value Portfolio Class 2			SAST SA PIMCO RAE International Value Portfolio Class 3			SAST SA PIMCO VCP Tactical Balanced Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	2,354,043		$	4,521		$	326,218		$	10,325,120		$	—
Mortality and expense risk and administrative charges		(1,422,709	)		(375	)		(128,234	)		(4,085,819	)		(307	)
Net investment income (loss)		931,334			4,146			197,984			6,239,301			(307	)
Net realized gain (loss)		12,483			2,333			(128,766	)		(11,313,515	)		(1,477	)
Capital gain distribution from mutual funds		9,963,055			5,413			408,091			13,322,841			129
Change in unrealized appreciation (depreciation) of investments		(28,031,494	)		(18,413	)		(1,382,347	)		(37,200,166	)		(10,058	)
Increase (decrease) in net assets from operations		(17,124,622	)		(6,521	)		(905,038	)		(28,951,539	)		(11,713	)

From contract transactions:
Payments received from contract owners		3,309,104			11,576			30,581			2,122,689			—
Payments for contract benefits or terminations		(10,023,600	)		—			(631,067	)		(24,417,684	)		(4,939	)
Transfers between sub-accounts (including fixed account), net		(5,888,950	)		(1,020	)		(511,872	)		(21,937,392	)		694
Contract maintenance charges		(783,198	)		—			(22,066	)		(3,110,883	)		(955	)
Adjustments to net assets allocated to contracts in payout period		1,757			—			—			1,182			—
Increase (decrease) in net assets from contract transactions		(13,384,887	)		10,556			(1,134,424	)		(47,342,088	)		(5,200	)

Increase (decrease) in net assets		(30,509,509	)		4,035			(2,039,462	)		(76,293,627	)		(16,913	)
Net assets at beginning of period		116,005,637			97,402			9,671,895			317,011,546			67,227
Net assets at end of period	$	85,496,128		$	101,437		$	7,632,433		$	240,717,919		$	50,314

Beginning units		7,385,513			9,949			486,034			22,521,709			4,621
Units issued		660,052			2,796			10,457			1,429,974			72
Units redeemed		(1,597,673	)		(1,419	)		(72,301	)		(5,009,196	)		(479	)
Ending units		6,447,892			11,326			424,190			18,942,487			4,214

For the Year Ended December 31, 2021
From operations:
Dividends	$	1,153,866		$	2,013		$	202,343		$	6,378,565		$	—
Mortality and expense risk and administrative charges		(1,716,332	)		(286	)		(151,695	)		(4,955,140	)		(43	)
Net investment income (loss)		(562,466	)		1,727			50,648			1,423,425			(43	)
Net realized gain (loss)		3,114,670			84			91,061			(2,279,090	)		(13	)
Capital gain distribution from mutual funds		—			577			61,732			2,037,077			4,644
Change in unrealized appreciation (depreciation) of investments		286,349			1,273			446,510			20,806,402			(5,126	)
Increase (decrease) in net assets from operations		2,838,553			3,661			649,951			21,987,814			(538	)

From contract transactions:
Payments received from contract owners		8,478,857			35,075			10,313			1,832,556			67,789
Payments for contract benefits or terminations		(12,889,934	)		—			(885,480	)		(33,737,949	)		(419	)
Transfers between sub-accounts (including fixed account), net		10,249,804			10,149			354,135			8,417,298			395
Contract maintenance charges		(697,273	)		—			(22,318	)		(3,024,561	)		—
Adjustments to net assets allocated to contracts in payout period		12,294			—			2,989			12,247			—
Increase (decrease) in net assets from contract transactions		5,153,748			45,224			(540,361	)		(26,500,409	)		67,765

Increase (decrease) in net assets		7,992,301			48,885			109,590			(4,512,595	)		67,227
Net assets at beginning of period		108,013,336			48,517			9,562,305			321,524,141			—
Net assets at end of period	$	116,005,637		$	97,402		$	9,671,895		$	317,011,546		$	67,227

Beginning units		6,970,282			5,360			513,021			24,386,336			—
Units issued		1,508,815			4,592			23,610			2,021,139			4,649
Units redeemed		(1,093,584	)		(3	)		(50,597	)		(3,885,766	)		(28	)
Ending units		7,385,513			9,949			486,034			22,521,709			4,621

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3			SAST SA PineBridge High-Yield Bond Portfolio Class 1			SAST SA PineBridge High-Yield Bond Portfolio Class 2			SAST SA PineBridge High-Yield Bond Portfolio Class 3			SAST SA Putnam International Growth and Income Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	1,478,639		$	327,107		$	4,319,175		$	316,562
Mortality and expense risk and administrative charges		(12,828,093	)		(392,330	)		(92,005	)		(1,190,214	)		(279,833	)
Net investment income (loss)		(12,828,093	)		1,086,309			235,102			3,128,961			36,729
Net realized gain (loss)		(15,595,634	)		(763,125	)		(119,963	)		(1,933,231	)		(177,563	)
Capital gain distribution from mutual funds		2,209,266			—			—			—			880,348
Change in unrealized appreciation (depreciation) of investments		(182,546,036	)		(3,663,793	)		(869,300	)		(11,371,685	)		(2,519,022	)
Increase (decrease) in net assets from operations		(208,760,497	)		(3,340,609	)		(754,161	)		(10,175,955	)		(1,779,508	)

From contract transactions:
Payments received from contract owners		12,439,267			182,222			54,861			3,551,808			64,535
Payments for contract benefits or terminations		(80,457,750	)		(2,632,048	)		(521,161	)		(8,840,623	)		(1,764,018	)
Transfers between sub-accounts (including fixed account), net		390,567			(824,008	)		(23,717	)		(1,293,390	)		(12,703	)
Contract maintenance charges		(16,882,836	)		(7,572	)		(10,110	)		(724,996	)		(6,817	)
Adjustments to net assets allocated to contracts in payout period		(390	)		4,175			(3,696	)		2,468			685
Increase (decrease) in net assets from contract transactions		(84,511,142	)		(3,277,231	)		(503,823	)		(7,304,733	)		(1,718,318	)

Increase (decrease) in net assets		(293,271,639	)		(6,617,840	)		(1,257,984	)		(17,480,688	)		(3,497,826	)
Net assets at beginning of period		1,142,793,787			30,855,246			6,690,260			91,850,041			21,259,331
Net assets at end of period	$	849,522,148		$	24,237,406		$	5,432,276		$	74,369,353		$	17,761,505

Beginning units		71,728,113			789,289			177,171			3,963,299			1,061,459
Units issued		3,462,477			132,708			7,198			708,428			44,628
Units redeemed		(9,557,116	)		(222,191	)		(21,837	)		(1,040,342	)		(140,958	)
Ending units		65,633,474			699,806			162,532			3,631,385			965,129

For the Year Ended December 31, 2021
From operations:
Dividends	$	—		$	1,609,637		$	330,789		$	4,384,203		$	430,017
Mortality and expense risk and administrative charges		(15,723,383	)		(498,551	)		(108,837	)		(1,357,953	)		(335,811	)
Net investment income (loss)		(15,723,383	)		1,111,086			221,952			3,026,250			94,206
Net realized gain (loss)		13,473,553			200,903			(33,436	)		275,468			97,811
Capital gain distribution from mutual funds		161,760,372			—			—			—			—
Change in unrealized appreciation (depreciation) of investments		(85,219,896	)		80,146			97,734			266,360			2,540,915
Increase (decrease) in net assets from operations		74,290,646			1,392,135			286,250			3,568,078			2,732,932

From contract transactions:
Payments received from contract owners		18,226,917			25,199			207,419			4,174,007			156,485
Payments for contract benefits or terminations		(97,386,570	)		(5,327,866	)		(1,015,717	)		(10,669,784	)		(2,146,235	)
Transfers between sub-accounts (including fixed account), net		12,308,665			(755,508	)		(12,597	)		3,528,324			(486,330	)
Contract maintenance charges		(16,665,637	)		(7,694	)		(9,612	)		(631,621	)		(6,929	)
Adjustments to net assets allocated to contracts in payout period		(7,478	)		868			26,694			5,853			6,363
Increase (decrease) in net assets from contract transactions		(83,524,103	)		(6,065,001	)		(803,813	)		(3,593,221	)		(2,476,646	)

Increase (decrease) in net assets		(9,233,457	)		(4,672,866	)		(517,563	)		(25,143	)		256,286
Net assets at beginning of period		1,152,027,244			35,528,112			7,207,823			91,875,184			21,003,045
Net assets at end of period	$	1,142,793,787		$	30,855,246		$	6,690,260		$	91,850,041		$	21,259,331

Beginning units		77,128,993			948,715			199,881			4,114,892			1,184,728
Units issued		4,756,689			238,013			11,223			866,641			41,182
Units redeemed		(10,157,569	)		(397,439	)		(33,933	)		(1,018,234	)		(164,451	)
Ending units		71,728,113			789,289			177,171			3,963,299			1,061,459

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Putnam International Growth and Income Portfolio Class 2			SAST SA Putnam International Growth and Income Portfolio Class 3			SAST SA Schroders VCP Global Allocation Portfolio Class 1			SAST SA Schroders VCP Global Allocation Portfolio Class 3			SAST SA Small Cap Index Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	74,446		$	1,162,404		$	2,448		$	2,985,878		$	2,966
Mortality and expense risk and administrative charges		(68,750	)		(1,241,146	)		(1,205	)		(5,816,169	)		(2,256	)
Net investment income (loss)		5,696			(78,742	)		1,243			(2,830,291	)		710
Net realized gain (loss)		53,763			1,240,217			499			(2,844,313	)		(10,279	)
Capital gain distribution from mutual funds		226,567			3,869,279			32,901			57,846,069			41,385
Change in unrealized appreciation (depreciation) of investments		(669,289	)		(12,494,260	)		(89,027	)		(154,478,363	)		(124,726	)
Increase (decrease) in net assets from operations		(383,263	)		(7,463,506	)		(54,384	)		(102,306,898	)		(92,910	)

From contract transactions:
Payments received from contract owners		169,964			2,261,444			—			6,105,981			93,447
Payments for contract benefits or terminations		(353,689	)		(7,861,121	)		(4,785	)		(33,308,799	)		(10,836	)
Transfers between sub-accounts (including fixed account), net		561,932			(5,023,854	)		3,564			3,166,334			(184,627	)
Contract maintenance charges		(6,209	)		(604,697	)		(3,554	)		(7,912,148	)		(2,963	)
Adjustments to net assets allocated to contracts in payout period		(61	)		(463	)		—			484			—
Increase (decrease) in net assets from contract transactions		371,937			(11,228,691	)		(4,775	)		(31,948,148	)		(104,979	)

Increase (decrease) in net assets		(11,326	)		(18,692,197	)		(59,159	)		(134,255,046	)		(197,889	)
Net assets at beginning of period		4,486,388			91,553,091			290,293			527,290,201			605,128
Net assets at end of period	$	4,475,062		$	72,860,894		$	231,134		$	393,035,155		$	407,239

Beginning units		230,112			5,446,012			21,540			37,680,947			41,399
Units issued		58,556			743,924			769			2,074,445			11,135
Units redeemed		(39,382	)		(1,359,177	)		(1,200	)		(4,798,799	)		(17,176	)
Ending units		249,286			4,830,759			21,109			34,956,593			35,358

For the Year Ended December 31, 2021
From operations:
Dividends	$	84,432		$	1,603,154		$	1,719		$	1,906,223		$	2,537
Mortality and expense risk and administrative charges		(73,630	)		(1,445,975	)		(1,095	)		(7,110,808	)		(2,311	)
Net investment income (loss)		10,802			157,179			624			(5,204,585	)		226
Net realized gain (loss)		113,272			2,037,580			1,219			7,184,675			998
Capital gain distribution from mutual funds		—			—			41			75,671			16,789
Change in unrealized appreciation (depreciation) of investments		446,958			8,740,788			24,897			52,942,052			(12,667	)
Increase (decrease) in net assets from operations		571,032			10,935,547			26,781			54,997,813			5,346

From contract transactions:
Payments received from contract owners		81,218			2,912,410			64,993			8,492,619			500,431
Payments for contract benefits or terminations		(495,060	)		(10,161,802	)		(797	)		(38,879,409	)		(668	)
Transfers between sub-accounts (including fixed account), net		(73,159	)		1,651,530			3,946			(20,138,506	)		38,685
Contract maintenance charges		(6,538	)		(579,878	)		(3,152	)		(7,792,121	)		(828	)
Adjustments to net assets allocated to contracts in payout period		719			12,547			—			(1,737	)		—
Increase (decrease) in net assets from contract transactions		(492,820	)		(6,165,193	)		64,990			(58,319,154	)		537,620

Increase (decrease) in net assets		78,212			4,770,354			91,771			(3,321,341	)		542,966
Net assets at beginning of period		4,408,176			86,782,737			198,522			530,611,542			62,162
Net assets at end of period	$	4,486,388		$	91,553,091		$	290,293		$	527,290,201		$	605,128

Beginning units		255,641			5,754,373			16,499			42,063,994			4,813
Units issued		9,006			734,142			5,592			1,558,416			36,756
Units redeemed		(34,535	)		(1,042,503	)		(551	)		(5,941,463	)		(170	)
Ending units		230,112			5,446,012			21,540			37,680,947			41,399

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Small Cap Index Portfolio Class 3			SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 1			SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3			SAST SA T. Rowe Price VCP Balanced Portfolio Class 1			SAST SA T. Rowe Price VCP Balanced Portfolio Class 3
For the Year Ended December 31, 2022
From operations:
Dividends	$	209,793		$	2,251		$	1,376,629		$	2,761		$	9,775,851
Mortality and expense risk and administrative charges		(480,572	)		(1,748	)		(4,863,464	)		(1,367	)		(16,106,251	)
Net investment income (loss)		(270,779	)		503			(3,486,835	)		1,394			(6,330,400	)
Net realized gain (loss)		507,076			1,475			3,060,164			(2,136	)		5,505,587
Capital gain distribution from mutual funds		3,987,162			27,312			27,278,503			31,768			152,913,666
Change in unrealized appreciation (depreciation) of investments		(13,701,663	)		(99,914	)		(111,209,051	)		(88,441	)		(437,276,582	)
Increase (decrease) in net assets from operations		(9,478,204	)		(70,624	)		(84,357,219	)		(57,415	)		(285,187,729	)

From contract transactions:
Payments received from contract owners		10,343,376			70,107			55,171,794			—			45,826,505
Payments for contract benefits or terminations		(1,192,151	)		(653	)		(17,080,450	)		(12,366	)		(83,854,076	)
Transfers between sub-accounts (including fixed account), net		1,556,679			11,478			6,882,203			3,507			28,541,007
Contract maintenance charges		(569,119	)		(5,895	)		(6,939,931	)		(4,325	)		(21,778,579	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			—			475
Increase (decrease) in net assets from contract transactions		10,138,785			75,037			38,033,616			(13,184	)		(31,264,668	)

Increase (decrease) in net assets		660,581			4,413			(46,323,603	)		(70,599	)		(316,452,397	)
Net assets at beginning of period		39,157,430			368,631			422,992,290			303,938			1,436,183,196
Net assets at end of period	$	39,818,011		$	373,044		$	376,668,687		$	233,339		$	1,119,730,799

Beginning units		2,729,065			22,699			27,209,293			19,170			87,843,830
Units issued		1,369,387			6,168			5,746,963			707			8,664,584
Units redeemed		(542,117	)		(672	)		(2,919,150	)		(1,647	)		(10,881,698	)
Ending units		3,556,335			28,195			30,037,106			18,230			85,626,716

For the Year Ended December 31, 2021
From operations:
Dividends	$	131,731		$	—		$	—		$	1,150		$	12,264,750
Mortality and expense risk and administrative charges		(366,793	)		(1,851	)		(4,607,036	)		(687	)		(18,692,775	)
Net investment income (loss)		(235,062	)		(1,851	)		(4,607,036	)		463			(6,428,025	)
Net realized gain (loss)		1,059,650			16,102			4,017,574			276			29,151,481
Capital gain distribution from mutual funds		1,054,810			4,865			5,388,967			4,983			66,955,517
Change in unrealized appreciation (depreciation) of investments		(12,011	)		37,021			41,857,416			5,292			53,606,363
Increase (decrease) in net assets from operations		1,867,387			56,137			46,656,921			11,014			143,285,336

From contract transactions:
Payments received from contract owners		19,066,363			—			103,170,188			196,972			56,121,786
Payments for contract benefits or terminations		(917,213	)		(554	)		(15,910,462	)		(1,039	)		(101,555,167	)
Transfers between sub-accounts (including fixed account), net		3,316,992			(48,649	)		6,801,376			1,823			13,084,712
Contract maintenance charges		(276,579	)		(5,488	)		(4,918,628	)		(1,377	)		(20,004,006	)
Adjustments to net assets allocated to contracts in payout period		—			—			—			—			570
Increase (decrease) in net assets from contract transactions		21,189,563			(54,691	)		89,142,474			196,379			(52,352,105	)

Increase (decrease) in net assets		23,056,950			1,446			135,799,395			207,393			90,933,231
Net assets at beginning of period		16,100,480			367,185			287,192,895			96,545			1,345,249,965
Net assets at end of period	$	39,157,430		$	368,631		$	422,992,290		$	303,938		$	1,436,183,196

Beginning units		1,262,051			26,164			21,160,920			6,824			91,192,522
Units issued		1,891,108			78			8,688,137			12,565			7,943,170
Units redeemed		(424,094	)		(3,543	)		(2,639,764	)		(219	)		(11,291,862	)
Ending units		2,729,065			22,699			27,209,293			19,170			87,843,830

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA VCP Dynamic Allocation Portfolio Class 1			SAST SA VCP Dynamic Allocation Portfolio Class 3			SAST SA VCP Dynamic Strategy Portfolio Class 1			SAST SA VCP Dynamic Strategy Portfolio Class 3			SAST SA VCP Index Allocation Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	12,428		$	163,491,546		$	17,904		$	116,416,523		$	—
Mortality and expense risk and administrative charges		(2,426	)		(96,523,118	)		(3,267	)		(74,793,970	)		(1,783	)
Net investment income (loss)		10,002			66,968,428			14,637			41,622,553			(1,783	)
Net realized gain (loss)		(2,799	)		(47,523,154	)		(5,375	)		3,661,364			(1,549	)
Capital gain distribution from mutual funds		37,123			551,579,947			40,313			297,224,895			1,380
Change in unrealized appreciation (depreciation) of investments		(133,843	)		(2,056,828,438	)		(167,507	)		(1,324,143,318	)		(63,311	)
Increase (decrease) in net assets from operations		(89,517	)		(1,485,803,217	)		(117,932	)		(981,634,506	)		(65,263	)

From contract transactions:
Payments received from contract owners		—			69,993,735			—			29,656,723			78,000
Payments for contract benefits or terminations		(1,327	)		(697,037,704	)		(13,220	)		(522,446,772	)		(3,164	)
Transfers between sub-accounts (including fixed account), net		3,427			(26,709,452	)		(4,197	)		(111,263,887	)		350
Contract maintenance charges		(8,312	)		(125,334,810	)		(12,668	)		(98,008,514	)		(6,122	)
Adjustments to net assets allocated to contracts in payout period		—			36,677			—			13,470			—
Increase (decrease) in net assets from contract transactions		(6,212	)		(779,051,554	)		(30,085	)		(702,048,980	)		69,064

Increase (decrease) in net assets		(95,729	)		(2,264,854,771	)		(148,017	)		(1,683,683,486	)		3,801
Net assets at beginning of period		514,441			8,368,908,213			808,730			6,460,368,886			345,048
Net assets at end of period	$	418,712		$	6,104,053,442		$	660,713		$	4,776,685,400		$	348,849

Beginning units		32,126			447,897,380			52,465			362,391,923			23,971
Units issued		395			14,802,601			538			7,218,449			6,351
Units redeemed		(848	)		(63,107,161	)		(2,760	)		(51,860,179	)		(1,079	)
Ending units		31,673			399,592,820			50,243			317,750,193			29,243

For the Year Ended December 31, 2021
From operations:
Dividends	$	8,860		$	130,871,080		$	11,214		$	86,857,103		$	3,918
Mortality and expense risk and administrative charges		(2,205	)		(121,539,615	)		(2,684	)		(87,203,805	)		(1,147	)
Net investment income (loss)		6,655			9,331,465			8,530			(346,702	)		2,771
Net realized gain (loss)		48			197,521,066			1,754			128,607,110			746
Capital gain distribution from mutual funds		28,397			485,385,617			26,514			235,615,352			23,428
Change in unrealized appreciation (depreciation) of investments		(2,035	)		(45,279,492	)		3,392			119,225,733			(1,776	)
Increase (decrease) in net assets from operations		33,065			646,958,656			40,190			483,101,493			25,169

From contract transactions:
Payments received from contract owners		18,275			95,562,700			174,972			41,211,657			12,183
Payments for contract benefits or terminations		(228	)		(891,153,506	)		(5,566	)		(627,339,577	)		(152	)
Transfers between sub-accounts (including fixed account), net		205,251			(2,519,409	)		405,540			1,245,449,253			247,873
Contract maintenance charges		(5,605	)		(127,276,144	)		(7,210	)		(92,057,375	)		(2,907	)
Adjustments to net assets allocated to contracts in payout period		—			(101,601	)		—			(8,978	)		—
Increase (decrease) in net assets from contract transactions		217,693			(925,487,960	)		567,736			567,254,980			256,997

Increase (decrease) in net assets		250,758			(278,529,304	)		607,926			1,050,356,473			282,166
Net assets at beginning of period		263,683			8,647,437,517			200,804			5,410,012,413			62,882
Net assets at end of period	$	514,441		$	8,368,908,213		$	808,730		$	6,460,368,886		$	345,048

Beginning units		17,949			499,263,211			14,360			329,793,617			4,968
Units issued		14,610			21,939,292			41,040			84,733,174			19,544
Units redeemed		(433	)		(73,305,123	)		(2,935	)		(52,134,868	)		(541	)
Ending units		32,126			447,897,380			52,465			362,391,923			23,971

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA VCP Index Allocation Portfolio Class 3			SAST SA Wellington Capital Appreciation Portfolio Class 1			SAST SA Wellington Capital Appreciation Portfolio Class 2			SAST SA Wellington Capital Appreciation Portfolio Class 3			SAST SA Wellington Government and Quality Bond Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	—		$	—		$	—		$	605,448
Mortality and expense risk and administrative charges		(5,076,506	)		(5,056,759	)		(708,888	)		(11,494,553	)		(726,843	)
Net investment income (loss)		(5,076,506	)		(5,056,759	)		(708,888	)		(11,494,553	)		(121,395	)
Net realized gain (loss)		372,197			(7,120,684	)		(2,199,720	)		(28,564,096	)		(741,673	)
Capital gain distribution from mutual funds		1,486,857			88,285,310			12,955,484			281,434,291			729,571
Change in unrealized appreciation (depreciation) of investments		(78,822,313	)		(254,412,005	)		(34,075,682	)		(646,341,396	)		(7,937,505	)
Increase (decrease) in net assets from operations		(82,039,765	)		(178,304,138	)		(24,028,806	)		(404,965,754	)		(8,071,002	)

From contract transactions:
Payments received from contract owners		31,779,937			1,500,625			361,872			120,589,822			541,763
Payments for contract benefits or terminations		(23,486,876	)		(32,259,691	)		(4,446,087	)		(54,943,476	)		(4,901,176	)
Transfers between sub-accounts (including fixed account), net		8,740,914			(11,815,522	)		(555,191	)		87,160,986			177,814
Contract maintenance charges		(7,251,004	)		(90,494	)		(60,282	)		(11,019,588	)		(19,879	)
Adjustments to net assets allocated to contracts in payout period		—			(40,633	)		(63,564	)		(15,591	)		24,120
Increase (decrease) in net assets from contract transactions		9,782,971			(42,705,715	)		(4,763,252	)		141,772,153			(4,177,358	)

Increase (decrease) in net assets		(72,256,794	)		(221,009,853	)		(28,792,058	)		(263,193,601	)		(12,248,360	)
Net assets at beginning of period		450,837,287			498,540,110			66,095,216			1,051,002,049			56,597,870
Net assets at end of period	$	378,580,493		$	277,530,257		$	37,303,158		$	787,808,448		$	44,349,510

Beginning units		32,666,989			1,825,027			257,219			13,086,656			2,247,157
Units issued		4,589,160			72,944			11,108			5,346,852			167,654
Units redeemed		(3,816,658	)		(264,748	)		(36,437	)		(2,179,274	)		(318,751	)
Ending units		33,439,491			1,633,223			231,890			16,254,234			2,096,060

For the Year Ended December 31, 2021
From operations:
Dividends	$	3,969,082		$	—		$	—		$	—		$	956,896
Mortality and expense risk and administrative charges		(5,277,123	)		(7,607,033	)		(997,001	)		(11,546,973	)		(907,410	)
Net investment income (loss)		(1,308,041	)		(7,607,033	)		(997,001	)		(11,546,973	)		49,486
Net realized gain (loss)		4,849,619			20,506,562			3,269,371			25,836,935			566,776
Capital gain distribution from mutual funds		31,043,905			109,527,077			14,567,860			212,250,467			944,145
Change in unrealized appreciation (depreciation) of investments		13,595,612			(103,434,247	)		(15,016,069	)		(213,901,896	)		(3,705,589	)
Increase (decrease) in net assets from operations		48,181,095			18,992,359			1,824,161			12,638,533			(2,145,182	)

From contract transactions:
Payments received from contract owners		35,650,918			3,202,236			814,807			242,560,884			538,419
Payments for contract benefits or terminations		(27,118,268	)		(47,581,462	)		(7,898,681	)		(72,093,687	)		(8,953,950	)
Transfers between sub-accounts (including fixed account), net		33,393,850			12,810,000			7,305,820			220,614,534			1,010,420
Contract maintenance charges		(5,880,368	)		(88,995	)		(63,358	)		(6,098,261	)		(26,122	)
Adjustments to net assets allocated to contracts in payout period		577			297,306			160,489			94,555			16,433
Increase (decrease) in net assets from contract transactions		36,046,709			(31,360,915	)		319,077			385,078,025			(7,414,800	)

Increase (decrease) in net assets		84,227,804			(12,368,556	)		2,143,238			397,716,558			(9,559,982	)
Net assets at beginning of period		366,609,483			510,908,666			63,951,978			653,285,491			66,157,852
Net assets at end of period	$	450,837,287		$	498,540,110		$	66,095,216		$	1,051,002,049		$	56,597,870

Beginning units		29,899,655			1,871,273			259,140			7,342,843			2,550,102
Units issued		6,846,020			188,480			36,652			7,183,359			194,797
Units redeemed		(4,078,686	)		(234,726	)		(38,573	)		(1,439,546	)		(497,742	)
Ending units		32,666,989			1,825,027			257,219			13,086,656			2,247,157

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA Wellington Government and Quality Bond Portfolio Class 2			SAST SA Wellington Government and Quality Bond Portfolio Class 3			SAST SA Wellington Strategic Multi- Asset Portfolio Class 1			SAST SA Wellington Strategic Multi- Asset Portfolio Class 3			SAST SA WellsCap Aggressive Growth Portfolio Class 1
For the Year Ended December 31, 2022
From operations:
Dividends	$	178,356		$	3,645,721		$	105,747		$	689,586		$	—
Mortality and expense risk and administrative charges		(259,815	)		(5,770,243	)		(171,478	)		(1,309,037	)		—
Net investment income (loss)		(81,459	)		(2,124,522	)		(65,731	)		(619,451	)		—
Net realized gain (loss)		(232,866	)		(7,801,647	)		60,588			(32,898	)		—
Capital gain distribution from mutual funds		251,617			5,789,891			1,156,052			10,098,498			—
Change in unrealized appreciation (depreciation) of investments		(2,766,429	)		(62,159,489	)		(3,837,464	)		(30,644,641	)		—
Increase (decrease) in net assets from operations		(2,829,137	)		(66,295,767	)		(2,686,555	)		(21,198,492	)		—

From contract transactions:
Payments received from contract owners		165,645			13,386,205			37,021			14,739,628			—
Payments for contract benefits or terminations		(1,756,545	)		(39,238,683	)		(1,205,376	)		(4,307,969	)		—
Transfers between sub-accounts (including fixed account), net		(699,388	)		(14,442,099	)		(38,535	)		1,629,443			—
Contract maintenance charges		(34,285	)		(4,702,924	)		(5,486	)		(1,829,954	)		—
Adjustments to net assets allocated to contracts in payout period		(318	)		(806	)		5,955			698			—
Increase (decrease) in net assets from contract transactions		(2,324,891	)		(44,998,307	)		(1,206,421	)		10,231,846			—

Increase (decrease) in net assets		(5,154,028	)		(111,294,074	)		(3,892,976	)		(10,966,646	)		—
Net assets at beginning of period		19,759,351			466,458,873			15,161,435			113,361,839			—
Net assets at end of period	$	14,605,323		$	355,164,799		$	11,268,459		$	102,395,193		$	—

Beginning units		895,596			29,835,161			171,355			7,575,115			—
Units issued		23,241			3,517,204			2,153			1,748,427			—
Units redeemed		(141,329	)		(6,537,328	)		(16,952	)		(952,226	)		—
Ending units		777,508			26,815,037			156,556			8,371,316			—

For the Year Ended December 31, 2021
From operations:
Dividends	$	285,583		$	6,490,835		$	43,996		$	177,851		$	—
Mortality and expense risk and administrative charges		(315,932	)		(6,995,635	)		(218,737	)		(1,256,419	)		(538,351	)
Net investment income (loss)		(30,349	)		(504,800	)		(174,741	)		(1,078,568	)		(538,351	)
Net realized gain (loss)		137,612			3,594,099			349,409			937,737			17,189,924
Capital gain distribution from mutual funds		314,978			7,489,714			553,304			3,831,535			7,685,396
Change in unrealized appreciation (depreciation) of investments		(1,183,303	)		(27,420,780	)		199,215			1,790,594			(22,194,892	)
Increase (decrease) in net assets from operations		(761,062	)		(16,841,767	)		927,187			5,481,298			2,142,077

From contract transactions:
Payments received from contract owners		332,754			20,999,818			50,555			26,860,647			514,322
Payments for contract benefits or terminations		(3,029,920	)		(52,686,072	)		(1,401,000	)		(4,768,935	)		(2,654,442	)
Transfers between sub-accounts (including fixed account), net		447,506			27,918,286			(8,828	)		12,528,910			(43,338,072	)
Contract maintenance charges		(34,119	)		(4,470,473	)		(7,433	)		(1,312,658	)		(11,404	)
Adjustments to net assets allocated to contracts in payout period		21,004			17,179			2,629			(1,568	)		104,235
Increase (decrease) in net assets from contract transactions		(2,262,775	)		(8,221,262	)		(1,364,077	)		33,306,396			(45,385,361	)

Increase (decrease) in net assets		(3,023,837	)		(25,063,029	)		(436,890	)		38,787,694			(43,243,284	)
Net assets at beginning of period		22,783,188			491,521,902			15,598,325			74,574,145			43,243,284
Net assets at end of period	$	19,759,351		$	466,458,873		$	15,161,435		$	113,361,839		$	—

Beginning units		996,407			30,405,044			186,983			5,287,566			798,545
Units issued		74,871			6,371,550			5,419			2,945,936			35,199
Units redeemed		(175,682	)		(6,941,433	)		(21,047	)		(658,387	)		(833,744	)
Ending units		895,596			29,835,161			171,355			7,575,115			—

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	SAST SA WellsCap Aggressive Growth Portfolio Class 2			SAST SA WellsCap Aggressive Growth Portfolio Class 3			VALIC Company I International Equities Index Fund			VALIC Company International Socially Responsible Fund			VALIC Company I Mid Cap Index Fund
For the Year Ended December 31, 2022
From operations:
Dividends	$	—		$	—		$	127,975		$	39,317		$	56,667
Mortality and expense risk and administrative charges		—			—			(47,038	)		(11,813	)		(49,822	)
Net investment income (loss)		—			—			80,937			27,504			6,845
Net realized gain (loss)		—			—			33,996			(42,499	)		(12,700	)
Capital gain distribution from mutual funds		—			—			—			43,565			360,210
Change in unrealized appreciation (depreciation) of investments		—			—			(878,014	)		(264,946	)		(1,072,918	)
Increase (decrease) in net assets from operations		—			—			(763,081	)		(236,376	)		(718,563	)

From contract transactions:
Payments received from contract owners		—			—			13,971			—			7,630
Payments for contract benefits or terminations		—			—			(142,787	)		(67,005	)		(451,600	)
Transfers between sub-accounts (including fixed account), net		—			—			(109,271	)		(63,638	)		(128,544	)
Contract maintenance charges		—			—			(108	)		(8	)		(147	)
Increase (decrease) in net assets from contract transactions		—			—			(238,195	)		(130,651	)		(572,661	)

Increase (decrease) in net assets		—			—			(1,001,276	)		(367,027	)		(1,291,224	)
Net assets at beginning of period		—			—			4,925,820			1,279,105			5,003,626
Net assets at end of period	$	—		$	—		$	3,924,544		$	912,078		$	3,712,402

Beginning units		—			—			359,492			74,163			243,905
Units issued		—			—			3,117			366			1,244
Units redeemed		—			—			(23,955	)		(10,740	)		(35,359	)
Ending units		—			—			338,654			63,789			209,790

For the Year Ended December 31, 2021
From operations:
Dividends	$	—		$	—		$	63,484		$	23,141		$	52,816
Mortality and expense risk and administrative charges		(53,867	)		(902,340	)		(57,883	)		(14,766	)		(59,140	)
Net investment income (loss)		(53,867	)		(902,340	)		5,601			8,375			(6,324	)
Net realized gain (loss)		1,891,362			4,290,943			170,838			74,970			194,422
Capital gain distribution from mutual funds		717,444			19,398,186			20,366			244,245			144,734
Change in unrealized appreciation (depreciation) of investments		(2,401,763	)		(17,235,516	)		273,143			(184,368	)		688,302
Increase (decrease) in net assets from operations		153,176			5,551,273			469,948			143,222			1,021,134

From contract transactions:
Payments received from contract owners		17,377			37,700,948			6,000			—			3,300
Payments for contract benefits or terminations		(946,692	)		(5,410,719	)		(467,126	)		(320,345	)		(472,431	)
Transfers between sub-accounts (including fixed account), net		(3,831,939	)		(94,282,036	)		(85,573	)		139,089			(273,259	)
Contract maintenance charges		(4,078	)		(636,133	)		(99	)		(10	)		(156	)
Adjustments to net assets allocated to contracts in payout period		—			988			—			—			—
Increase (decrease) in net assets from contract transactions		(4,765,332	)		(62,626,952	)		(546,798	)		(181,266	)		(742,546	)

Increase (decrease) in net assets		(4,612,156	)		(57,075,679	)		(76,850	)		(38,044	)		278,588
Net assets at beginning of period		4,612,156			57,075,679			5,002,670			1,317,149			4,725,038
Net assets at end of period	$	—		$	—		$	4,925,820		$	1,279,105		$	5,003,626

Beginning units		88,206			1,568,215			400,708			85,339			284,130
Units issued		987			1,512,374			10,109			16,974			15,065
Units redeemed		(89,193	)		(3,080,589	)		(51,325	)		(28,150	)		(55,290	)
Ending units		—			—			359,492			74,163			243,905

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATEMENTS OF OPERATIONS AND CHANGES IN NET ASSETS



	VALIC Company I Nasdaq-100 Index Fund			VALIC Company I Small Cap Index Fund			VALIC Company I Stock Index Fund
For the Year Ended December 31, 2022
From operations:
Dividends	$	9,065		$	23,259		$	150,685
Mortality and expense risk and administrative charges		(43,805	)		(37,404	)		(137,771	)
Net investment income (loss)		(34,740	)		(14,145	)		12,914
Net realized gain (loss)		108,960			(93,577	)		368,026
Capital gain distribution from mutual funds		373,200			318,960			1,035,536
Change in unrealized appreciation (depreciation) of investments		(2,026,821	)		(1,028,620	)		(4,192,892	)
Increase (decrease) in net assets from operations		(1,579,401	)		(817,382	)		(2,776,416	)

From contract transactions:
Payments received from contract owners		8,289			10,908			93,608
Payments for contract benefits or terminations		(259,287	)		(347,582	)		(1,285,858	)
Transfers between sub-accounts (including fixed account), net		290,198			221,615			59,753
Contract maintenance charges		(156	)		(119	)		(317	)
Increase (decrease) in net assets from contract transactions		39,044			(115,178	)		(1,132,814	)

Increase (decrease) in net assets		(1,540,357	)		(932,560	)		(3,909,230	)
Net assets at beginning of period		4,701,317			3,673,749			14,866,009
Net assets at end of period	$	3,160,960		$	2,741,189		$	10,956,779

Beginning units		126,248			187,712			598,532
Units issued		12,205			15,459			12,590
Units redeemed		(11,058	)		(26,902	)		(66,186	)
Ending units		127,395			176,269			544,936

For the Year Ended December 31, 2021
From operations:
Dividends	$	13,802		$	28,904		$	207,735
Mortality and expense risk and administrative charges		(55,657	)		(43,721	)		(161,221	)
Net investment income (loss)		(41,855	)		(14,817	)		46,514
Net realized gain (loss)		755,794			68,037			789,741
Capital gain distribution from mutual funds		340,821			163,737			646,532
Change in unrealized appreciation (depreciation) of investments		12,804			223,048			1,876,025
Increase (decrease) in net assets from operations		1,067,564			440,005			3,358,812

From contract transactions:
Payments received from contract owners		9,700			10,700			65,900
Payments for contract benefits or terminations		(1,002,382	)		(188,893	)		(1,520,845	)
Transfers between sub-accounts (including fixed account), net		(43,382	)		44,097			(401,235	)
Contract maintenance charges		(169	)		(107	)		(303	)
Increase (decrease) in net assets from contract transactions		(1,036,233	)		(134,203	)		(1,856,483	)

Increase (decrease) in net assets		31,331			305,802			1,502,329
Net assets at beginning of period		4,669,986			3,367,947			13,363,680
Net assets at end of period	$	4,701,317		$	3,673,749		$	14,866,009

Beginning units		156,659			195,115			683,590
Units issued		5,901			7,701			13,177
Units redeemed		(36,312	)		(15,104	)		(98,235	)
Ending units		126,248			187,712			598,532

The accompanying Notes to Financial Statements are an integral part of this statement.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS

1.	Organization

Variable Separate Account (“the Separate Account”) is a segregated investment account established by American General Life Insurance Company (“AGL”) to receive and invest premium payments from variable annuity contracts issued by AGL. AGL is a wholly owned subsidiary of AGC Life Insurance Company, a wholly owned subsidiary of Corebridge Financial, Inc. (“Corebridge”). On September 19, 2022, Corebridge completed an initial public offering (the “IPO”) in which American International Group, Inc. (“AIG Parent”) sold 80,000,000 shares of Corebridge Parent common stock to the public. As of December 31, 2022, AIG owns 77.7% of the outstanding common stock of Corebridge Parent. AIG Parent is a publicly traded entity, listed on the New York Stock Exchange (NYSE:AIG). The term “AIG” means AIG Parent and its consolidated subsidiaries, unless the context refers to AIG Parent only.

The Separate Account includes the following variable annuity products:


American Pathway II		Polaris Choice IV

Anchor Advisor		Polaris II

ICAP II		Polaris II Platinum Series

Polaris		Polaris Platinum

Polaris Advantage		Polaris Platinum II

Polaris Advantage II		Polaris Platinum III

Polaris Advisor		Polaris Preferred Solution

Polaris Advisor III		Polaris Protector

Polaris Advisory		Polaris Retirement Protector

Polaris Advisory Income		Polaris Select Investor

PolarisAmerica		Vista Capital Advantage

Polaris Choice		WM Diversified Strategies

Polaris Choice II		WM Diversified Strategies III

Polaris Choice III

The Separate Account contracts are sold through AGL’s affiliated broker-dealers, independent broker-dealers, full- service securities firms, and financial institutions. The distributor of the Separate Account is AIG Capital Services, Inc., an affiliate of AGL. No underwriting fees are paid in connection with the distribution of these contracts.

Principal Funds Distributor, Inc. distributes WM Diversified Strategies and WM Diversified Strategies III contracts. No underwriting fees are paid in connection with the distribution of these contracts.

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

For each sub-account, the financial statements are comprised of a Statement of Assets and Liabilities, including a Schedule of Portfolio Investments, as of December 31, 2022 and related Statements of Operations and Changes in Net Assets for each of the years in the period then ended, all periods to reflect a full twelve months, except as noted below.


American Funds Insurance Series (American Funds IS)
American Funds IS American High-Income Trust Class 3		American Funds IS Growth Fund Class 3
American Funds IS Asset Allocation Fund Class 2		American Funds IS Growth-Income Fund Class 2
American Funds IS Asset Allocation Fund Class 3		American Funds IS Growth-Income Fund Class 3
American Funds IS Capital Income Builder Class 4		American Funds IS International Fund Class 3
American Funds IS Global Growth Fund Class 2		American Funds IS U.S. Government Securities Fund Class 3
American Funds IS Growth Fund Class 2		American Funds IS Ultra-Short Bond Fund Class 3

Anchor Series Trust (AST)
AST SA PGI Asset Allocation Portfolio Class 1^(f)		AST SA PGI Asset Allocation Portfolio Class 3^(f)
AST SA PGI Asset Allocation Portfolio Class 2^(f)

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



BlackRock Variable Series Funds, Inc. (BlackRock)
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		BlackRock Global Allocation V.I. Fund Class III

Columbia Funds VIT Variable Series Trust (Columbia VP)
Columbia VP Dividend Opportunity Fund Class 1		Columbia VP Overseas Core Fund Class 2
Columbia VP Emerging Markets Bond Fund Class 2		Columbia VP Select Mid Cap Growth Opportunity Fund Class 1^(e)
Columbia VP Income Opportunities Fund Class 1		Columbia VP Small Company Growth Fund Class 1
Columbia VP Large Cap Growth Fund Class 1		CTIVP^® Principal Blue Chip Growth Fund Class 1^(d)
Columbia VP Limited Duration Credit Fund Class 2

Delaware Ivy Variable Insurance Portfolios (Delaware Ivy VIP)
Delaware Ivy VIP Asset Strategy Class II

Franklin Templeton Variable Insurance Products Trust (FTVIP)
FTVIP Franklin Allocation VIP Fund Class 1		FTVIP Franklin Income VIP Fund Class 2
FTVIP Franklin Allocation VIP Fund Class 2		FTVIP Franklin Strategic Income VIP Fund Class 2
FTVIP Franklin Income VIP Fund Class 1

Goldman Sachs Variable Insurance Trust (Goldman Sachs VIT)
Goldman Sachs VIT Government Money Market Fund Institutional Shares		Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares
Goldman Sachs VIT Government Money Market Fund Service Shares		Goldman Sachs VIT Trend Driven Allocation Fund Service Shares

Invesco Variable Insurance Funds (Invesco V.I.)
Invesco V.I. American Franchise Fund Series I		Invesco V.I. Comstock Fund Series II
Invesco V.I. American Franchise Fund Series II		Invesco V.I. Growth and Income Fund Series I
Invesco V.I. Balanced-Risk Allocation Fund Series II		Invesco V.I. Growth and Income Fund Series II
Invesco V.I. Comstock Fund Series I

Lord Abbett Series Fund, Inc. (Lord Abbett)
Lord Abbett Bond Debenture Portfolio Class VC		Lord Abbett Mid Cap Stock Portfolio Class VC
Lord Abbett Fundamental Equity Portfolio Class VC		Lord Abbett Short Duration Income Portfolio Class VC
Lord Abbett Growth and Income Portfolio Class VC

Morgan Stanley Variable Insurance Fund, Inc. (Morgan Stanley VIF)
Morgan Stanley VIF Global Infrastructure Portfolio Class II

Neuberger Berman Advisers Management Trust (Neuberger Berman AMT)
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S

PIMCO Variable Insurance Trust (PIMCO)
PIMCO All Asset Portfolio Advisor Class		PIMCO Emerging Markets Bond Portfolio Institutional Class^(b)
PIMCO Dynamic Bond Portfolio Advisor Class		PIMCO Total Return Portfolio Advisor Class
PIMCO Emerging Markets Bond Portfolio Advisor Class		PIMCO Total Return Portfolio Institutional Class

Principal Variable Contracts Funds, Inc. (PVC)
PVC Core Plus Bond Account Class 1		PVC SAM Balanced Portfolio Class 2
PVC Diversified International Account Class 1		PVC SAM Conservative Balanced Portfolio Class 1
PVC Equity Income Account Class 1		PVC SAM Conservative Balanced Portfolio Class 2
PVC Equity Income Account Class 2		PVC SAM Conservative Growth Portfolio Class 1
PVC Government & High Quality Bond Account Class 1		PVC SAM Conservative Growth Portfolio Class 2
PVC Large Cap Growth Account I Class 1		PVC SAM Flexible Income Portfolio Class 1
PVC MidCap Account Class 1		PVC SAM Flexible Income Portfolio Class 2
PVC MidCap Account Class 2		PVC SAM Strategic Growth Portfolio Class 1
PVC Principal Capital Appreciation Account Class 1		PVC SAM Strategic Growth Portfolio Class 2
PVC Principal Capital Appreciation Account Class 2		PVC Short-Term Income Account Class 1
PVC Real Estate Securities Account Class 1		PVC SmallCap Account Class 1

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



Principal Variable Contracts Funds, Inc. (PVC)
PVC Real Estate Securities Account Class 2		PVC SmallCap Account Class 2
PVC SAM Balanced Portfolio Class 1

Seasons Series Trust (SST)^(a)
SST SA Allocation Balanced Portfolio Class 1		SST SA Multi-Managed Large Cap Growth Portfolio Class 3
SST SA Allocation Balanced Portfolio Class 3		SST SA Multi-Managed Large Cap Value Portfolio Class 3
SST SA Allocation Growth Portfolio Class 1		SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3
SST SA Allocation Growth Portfolio Class 3		SST SA Multi-Managed International Equity Portfolio Class 3
SST SA Allocation Moderate Growth Portfolio Class 1		SST SA Multi-Managed Mid Cap Growth Portfolio Class 3
SST SA Allocation Moderate Growth Portfolio Class 3		SST SA Multi-Managed Mid Cap Value Portfolio Class 3
SST SA Allocation Moderate Portfolio Class 1		SST SA Multi-Managed Small Cap Portfolio Class 3
SST SA Allocation Moderate Portfolio Class 3		SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 1
SST SA Columbia Focused Value Portfolio Class 3		SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3
SST SA American Century Inflation Protection Portfolio Class 1^(g)		SST SA T. Rowe Price Growth Stock Portfolio Class 3
SST SA American Century Inflation Protection Portfolio Class 3^(g)

SunAmerica Series Trust (SAST)^(a)
SAST SA AB Growth Portfolio Class 1		SAST SA Invesco VCP Equity-Income Portfolio Class 3^(j)
SAST SA AB Growth Portfolio Class 2		SAST SA Janus Focused Growth Portfolio Class 1
SAST SA AB Growth Portfolio Class 3		SAST SA Janus Focused Growth Portfolio Class 2
SAST SA AB Small & Mid Cap Value Portfolio Class 1		SAST SA Janus Focused Growth Portfolio Class 3
SAST SA AB Small & Mid Cap Value Portfolio Class 2		SAST SA JPMorgan Diversified Balanced Portfolio Class 1
SAST SA AB Small & Mid Cap Value Portfolio Class 3		SAST SA JPMorgan Diversified Balanced Portfolio Class 2
SAST SA American Funds Asset Allocation Portfolio Class 1		SAST SA JPMorgan Diversified Balanced Portfolio Class 3
SAST SA American Funds Asset Allocation Portfolio Class 3		SAST SA JPMorgan Emerging Markets Portfolio Class 1
SAST SA American Funds Global Growth Portfolio Class 1		SAST SA JPMorgan Emerging Markets Portfolio Class 2
SAST SA American Funds Global Growth Portfolio Class 3		SAST SA JPMorgan Emerging Markets Portfolio Class 3
SAST SA American Funds Growth Portfolio Class 1		SAST SA JPMorgan Equity-Income Portfolio Class 1
SAST SA American Funds Growth Portfolio Class 3		SAST SA JPMorgan Equity-Income Portfolio Class 2
SAST SA American Funds Growth-Income Portfolio Class 1		SAST SA JPMorgan Equity-Income Portfolio Class 3
SAST SA American Funds Growth-Income Portfolio Class 3		SAST SA JPMorgan Global Equities Portfolio Class 1
SAST SA American Funds VCP Managed Allocation Portfolio Class 1		SAST SA JPMorgan Global Equities Portfolio Class 2
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		SAST SA JPMorgan Global Equities Portfolio Class 3
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 1		SAST SA JPMorgan MFS Core Bond Portfolio Class 1
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		SAST SA JPMorgan MFS Core Bond Portfolio Class 2
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 1		SAST SA JPMorgan MFS Core Bond Portfolio Class 3
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1
SAST SA Columbia Technology Portfolio Class 1⁽ⁱ⁾		SAST SA JPMorgan Mid-Cap Growth Portfolio Class 2
SAST SA Columbia Technology Portfolio Class 2⁽ⁱ⁾		SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3
SAST SA Columbia Technology Portfolio Class 3⁽ⁱ⁾		SAST SA Large Cap Growth Index Portfolio Class 1
SAST SA DFA Ultra Short Bond Portfolio Class 1		SAST SA Large Cap Growth Index Portfolio Class 3
SAST SA DFA Ultra Short Bond Portfolio Class 2		SAST SA Large Cap Index Portfolio Class 1
SAST SA DFA Ultra Short Bond Portfolio Class 3		SAST SA Large Cap Index Portfolio Class 3
SAST SA Emerging Markets Equity Index Portfolio Class 1		SAST SA Large Cap Value Index Portfolio Class 1
SAST SA Emerging Markets Equity Index Portfolio Class 3		SAST SA Large Cap Value Index Portfolio Class 3
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		SAST SA MFS Blue Chip Growth Portfolio Class 1
SAST SA Federated Hermes Corporate Bond Portfolio Class 2		SAST SA MFS Blue Chip Growth Portfolio Class 2
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		SAST SA MFS Blue Chip Growth Portfolio Class 3
SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 1		SAST SA MFS Massachusetts Investors Trust Portfolio Class 1
SAST SA Fidelity Institutional AM^® International Growth Portfolio Class 3		SAST SA MFS Massachusetts Investors Trust Portfolio Class 2
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 1		SAST SA MFS Massachusetts Investors Trust Portfolio Class 3
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 2		SAST SA MFS Total Return Portfolio Class 1
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		SAST SA MFS Total Return Portfolio Class 2
SAST SA Fixed Income Index Portfolio Class 1		SAST SA MFS Total Return Portfolio Class 3
SAST SA Fixed Income Index Portfolio Class 3		SAST SA Mid Cap Index Portfolio Class 1

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



SunAmerica Series Trust (SAST)^(a)
SAST SA Fixed Income Intermediate Index Portfolio Class 1		SAST SA Mid Cap Index Portfolio Class 3
SAST SA Fixed Income Intermediate Index Portfolio Class 3		SAST SA Morgan Stanley International Equities Portfolio Class 1
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		SAST SA Morgan Stanley International Equities Portfolio Class 2
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 2		SAST SA Morgan Stanley International Equities Portfolio Class 3
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		SAST SA PIMCO RAE International Value Portfolio Class 1
SAST SA Franklin Small Company Value Portfolio Class 1		SAST SA PIMCO RAE International Value Portfolio Class 2
SAST SA Franklin Small Company Value Portfolio Class 3		SAST SA PIMCO RAE International Value Portfolio Class 3
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1^(h)		SAST SA PIMCO VCP Tactical Balanced Portfolio Class 1
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 2^(h)		SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		SAST SA PineBridge High-Yield Bond Portfolio Class 1
SAST SA Franklin Tactical Opportunities Portfolio Class 1		SAST SA PineBridge High-Yield Bond Portfolio Class 2
SAST SA Franklin Tactical Opportunities Portfolio Class 3		SAST SA PineBridge High-Yield Bond Portfolio Class 3
SAST SA Franklin U.S. Equity Smart Beta Portfolio Class 1		SAST SA Putnam International Growth and Income Portfolio Class 1
SAST SA Franklin U.S. Equity Smart Beta Portfolio Class 3		SAST SA Putnam International Growth and Income Portfolio Class 2
SAST SA Global Index Allocation 60/40 Portfolio Class 1		SAST SA Putnam International Growth and Income Portfolio Class 3
SAST SA Global Index Allocation 60/40 Portfolio Class 3		SAST SA Schroders VCP Global Allocation Portfolio Class 1
SAST SA Global Index Allocation 75/25 Portfolio Class 1		SAST SA Schroders VCP Global Allocation Portfolio Class 3
SAST SA Global Index Allocation 75/25 Portfolio Class 3		SAST SA Small Cap Index Portfolio Class 1
SAST SA Global Index Allocation 90/10 Portfolio Class 1		SAST SA Small Cap Index Portfolio Class 3
SAST SA Global Index Allocation 90/10 Portfolio Class 3		SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 1
SAST SA Goldman Sachs Global Bond Portfolio Class 1		SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3
SAST SA Goldman Sachs Global Bond Portfolio Class 2		SAST SA T. Rowe Price VCP Balanced Portfolio Class 1
SAST SA Goldman Sachs Global Bond Portfolio Class 3		SAST SA T. Rowe Price VCP Balanced Portfolio Class 3
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 1		SAST SA VCP Dynamic Allocation Portfolio Class 1
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		SAST SA VCP Dynamic Allocation Portfolio Class 3
SAST SA Index Allocation 60/40 Portfolio Class 1		SAST SA VCP Dynamic Strategy Portfolio Class 1
SAST SA Index Allocation 60/40 Portfolio Class 3		SAST SA VCP Dynamic Strategy Portfolio Class 3
SAST SA Index Allocation 80/20 Portfolio Class 1		SAST SA VCP Index Allocation Portfolio Class 1
SAST SA Index Allocation 80/20 Portfolio Class 3		SAST SA VCP Index Allocation Portfolio Class 3
SAST SA Index Allocation 90/10 Portfolio Class 1		SAST SA Wellington Capital Appreciation Portfolio Class 1
SAST SA Index Allocation 90/10 Portfolio Class 3		SAST SA Wellington Capital Appreciation Portfolio Class 2
SAST SA International Index Portfolio Class 1		SAST SA Wellington Capital Appreciation Portfolio Class 3
SAST SA International Index Portfolio Class 3		SAST SA Wellington Government and Quality Bond Portfolio Class 1
SAST SA Invesco Growth Opportunities Portfolio Class 1		SAST SA Wellington Government and Quality Bond Portfolio Class 2
SAST SA Invesco Growth Opportunities Portfolio Class 2		SAST SA Wellington Government and Quality Bond Portfolio Class 3
SAST SA Invesco Growth Opportunities Portfolio Class 3		SAST SA Wellington Strategic Multi-Asset Portfolio Class 1
SAST SA Invesco Main Street Large Cap Portfolio Class 1		SAST SA Wellington Strategic Multi-Asset Portfolio Class 3
SAST SA Invesco Main Street Large Cap Portfolio Class 2		SAST SA WellsCap Aggressive Growth Portfolio Class 1^(k)
SAST SA Invesco Main Street Large Cap Portfolio Class 3		SAST SA WellsCap Aggressive Growth Portfolio Class 2^(k)
SAST SA Invesco VCP Equity-Income Portfolio Class 1^(j)		SAST SA WellsCap Aggressive Growth Portfolio Class 3^(k)

VALIC Company I^(c)
VALIC Company I International Equities Index Fund		VALIC Company I Nasdaq-100 Index Fund
VALIC Company I International Socially Responsible Fund		VALIC Company I Small Cap Index Fund
VALIC Company I Mid Cap Index Fund		VALIC Company I Stock Index Fund

(a)	These are affiliated investment companies. SunAmerica Asset Management, LLC. “SunAmerica”, an affiliate of AGL, serves as the investment advisor to Seasons Series Trust and SunAmerica Series Trust.

(b)	Fund had no activity during the current year.

(c)

VALIC Company I is an affiliated investment company. The Variable Annuity Life Insurance Company (VALIC), an affiliate of AGL, serves as the investment advisor to VALIC Company I. VALIC Retirement Services Company, a direct, wholly owned subsidiary of VALIC, serves as the transfer agent and accounting services agent to VALIC Company I. SunAmerica, an affiliate of AGL, serves as the administrator to each series of VALIC Company I and as the investment sub-advisor to certain series of VALIC Company I.

(d)	Formerly Columbia VP Loomis Sayles Growth Fund.

(e)	Formerly Columbia VP Mid Cap Growth Opportunity Fund.

(f)	The AST SA PGI Asset Allocation Portfolio, in operation for the period January 1, 2021 to November 5, 2021 (cessation of operations), merged into the SAST SA JPMorgan Diversified Balanced Portfolio.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

(g)	Formerly SST SA Wellington Real Return Portfolio.

(h)	Formerly SAST SA Franklin U.S. Equity Smart Beta Portfolio.

(i)	The SAST SA Columbia Technology Portfolio, in operation for the period January 1, 2021 to November 5, 2021 (cessation of operations), merged into the SAST SA Wellington Capital Appreciation Portfolio.

(j)	The SAST SA Invesco VCP Equity-Income Portfolio, in operation for the period January 1, 2021 to May 3, 2021 (cessation of operations) merged into the SAST SA VCP Dynamic Strategy Portfolio.

(k)	The SAST SA WellsCap Aggressive Growth Portfolio, in operation for the period January 1, 2021 to November 5, 2021 (cessation of operations), merged into the SAST SA JPMorgan Mid-Cap Growth Portfolio.

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

The assets of each of the sub-accounts of the Separate Account are registered in the name of AGL. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from AGL’s other assets and liabilities. The Separate Account assets are not chargeable with liabilities arising out of any other business of AGL. Net premiums from the contracts are allocated to the sub-accounts and invested in the Funds in accordance with contract owner instructions and are recorded as contract transactions in the Statements of Operations and Changes in Net Assets.

We are continually assessing the impact on our business, operations and investments and separate account assets of COVID-19 and the resulting ongoing economic and societal disruption. These impacts initially included a global economic contraction, disruptions in financial markets, increased market volatility and declines in certain equity and other asset prices that had negative effects on our investments, our access to liquidity, our ability to generate new sales and the costs associated with claims. Further, significant legislative and regulatory activity has occurred at both the U.S. federal and state levels, as well as globally. We cannot predict what form future legal and regulatory responses to concerns about COVID-19 and related public health issues will take, or how such responses will impact our business.

2.	Summary of Significant Accounting Policy

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

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

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

Reserves for Annuity Contracts in Payout: Net assets allocated to contracts in the payout period are based on industry standard mortality tables depending on the calendar year of annuitization as well as other assumptions, including provisions for the risk of adverse deviation from assumptions.

An assumed interest rate of 3.50 percent is used in determining annuity payments for all products with the exception of the American Pathway II product and ICAP product, which use a 4.00 percent assumed interest rate and a 5.00 percent assumed interest rate, respectively.

At each reporting period, the assumptions must be evaluated based on current experience, and the reserves must be adjusted accordingly. To the extent additional reserves are established due to mortality risk experience, AGL makes payments to the Separate Account. If there are excess reserves remaining at the time annuity payments cease, the assets supporting those reserves are transferred from the Separate Account to the General Account. Transfers between the General Account and the Separate Account, if any, are disclosed as adjustments to net assets allocated to contracts in payout period in the Statements of Operations and Changes in Net Assets. Annuity benefit payments are recorded as payments for contract benefits or terminations in the Statements of Operations and Changes in Net Assets.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

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

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

3.	Fair Value Measurements

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

•

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

•

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

•

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

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

The Separate Account assets measured at fair value as of December 31, 2022 consist of investments in registered mutual funds that generally trade daily and are measured at fair value using quoted prices in active markets for identical assets, which are classified as Level 1 throughout the year. As such, no transfers between fair value hierarchy levels occurred during the year. See the Schedule of Portfolio Investments for the table presenting information about assets measured at fair value on a recurring basis at December 31, 2022, and respective hierarchy levels.

4.	Expenses

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

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

The exact rate depends on the particular product issued and the death benefits elected for each product. Expense charges for each product are as follows:


Products		Separate Account Annual Charges*
American Pathway II		1.30% or 1.40%
Anchor Advisor		1.52% or 1.77%

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


Products		Separate Account Annual Charges*
ICAP II		1.40%
Polaris		1.52%
Polaris Advantage		1.65%, 1.90% or 2.30%
Polaris Advantage II		1.30%, 1.55%, 1.90% or 2.15%
Polaris Advisor		1.52%, 1.72% or 1.97%
Polaris Advisor III		1.65%, 1.90% or 2.30%
Polaris Advisory		0.40%, 0.55% or 0.80%
Polaris Advisory Income		0.40%, 0.55% or 0.80%
PolarisAmerica		1.52% or 1.77%
Polaris Choice		1.52%, 1.72% or 1.97%
Polaris Choice II		1.52%, 1.72% or 1.97%
Polaris Choice III		1.52%, 1.77%, 2.02% or 2.17%
Polaris Choice IV		1.65%, 1.90% or 2.30%
Polaris II		1.52% or 1.77%
Polaris II Platinum Series		1.52% or 1.77%
Polaris Platinum		1.52% or 1.77%
Polaris Platinum II		1.52%, 1.77% or 2.02%
Polaris Platinum III		1.15%, 1.30%, 1.55%, 1.70% or 1.95%
Polaris Preferred Solution		1.00%, 1.15%, 1.40%, 1.55% or 1.80%
Polaris Protector		1.52% or 1.77%
Polaris Retirement Protector		1.30%, 1.55% or 1.80%
Polaris Select Investor		1.10%, 1.35%, 1.40% or 1.70%
Vista Capital Advantage		1.40%
WM Diversified Strategies		1.40%, 1.55% or 1.80%
WM Diversified Strategies III		1.55%, 1.70% or 1.95%

*	The distribution charge is deducted at an annual rate of 0.15 percent of the net asset value of each portfolio and is included in the respective separate account annual charge rate.

Contract Maintenance Charge: During the accumulation phase, an annual contract maintenance charge is assessed by AGL on the contract anniversary. In the event of a full surrender, a contract maintenance charge is assessed at the date of surrender and deducted from the withdrawal proceeds. The contract maintenance charge represents a reimbursement of administrative expenses incurred by AGL related to the establishment and maintenance of the record keeping function for the sub-accounts. These charges are included as part of the contract maintenance charges line in the Statements of Operations and Changes in Net Assets.

The contract maintenance charge ranges from $30 to $50 for certain contracts. For ICAP II, the contract maintenance charge of $30 is assessed on the contract anniversary, if the contract was issued on or after September 1, 1987. The contract maintenance charge of $30 is assessed on December 31 each year, if the contract was issued prior to September 1, 1987.

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

Withdrawal charges may be assessed for withdrawals in excess of the free withdrawal amount as defined in the contracts. Withdrawal amounts in excess of the free withdrawal amount are assessed withdrawal charges based on tables of charges applicable to specific contracts.

The maximum withdrawal charge of 9 percent is assessed on amount withdrawn in excess of free withdrawals. The Vista product has a maximum withdrawal charge of 6 percent and the ICAP II has a maximum withdrawal charge of 5 percent. There are no withdrawal charges under the Polaris Advisor, Polaris Advisor III, Polaris Advisory and Polaris Advisory Income contracts.

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

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

A transfer fee of $25 ($10 in Pennsylvania and Texas) is assessed on each transfer in excess of the maximum transactions allowed for the product.

Premium Tax Charge: Certain states charge taxes on purchase payments up to a maximum of 3.50 percent. Some states assess premium taxes at the time of purchase payments, while some other states assess premium taxes when annuity payments begin or upon surrender. There are certain states that do not assess premium taxes. If the law of the state requires premium taxes to be paid when purchase payments are made, AGL will deduct the tax from such payments prior to depositing the payments into the Separate Account. Otherwise, such tax will be deducted from the account value when annuity payments begin. Premium taxes are included as part of the payments received from contract owners line in the Statements of Operations and Changes in Net Assets.

AGL currently deducts premium taxes upon annuitization; however, it reserves the right to deduct premium taxes upon receipt of a purchase payment or upon surrender of the contract.

Annuity Charge: For ICAP II, there may be an annuity charge in the event that the contract is switched to the payout phase. Option 1 for payouts provides a life income with installments guaranteed, Option 2 provides a joint and survivor life payout, and Option 3 provides income for a specified period. No annuity charge is assessed if Option 1 or Option 2 is elected. If Option 3 is elected, an annuity charge equal to the withdrawal charge if the contract were surrendered may apply. No annuity charge will be assessed if Option 3 is elected by a beneficiary under the death benefit. The annuity charge is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

Capital Protector Fee: This optional feature provides a guaranteed minimum contract value at the end of an applicable waiting period. The annual fee is calculated as a percentage of the contract value minus purchase payments received after the 90th day from the date of contract issuance and deducted quarterly from the contract value during the waiting period. This optional feature is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

The annual fee for the Capital Protector Program ranges from 0.10 percent to 0.65 percent. This optional feature is offered under Polaris Advantage, Polaris Choice II, Polaris Choice III, Polaris Platinum II, Polaris Preferred Solution, Polaris Protector, WM Diversified Strategies and WM Diversified Strategies III contracts.

Income Protector Fee: The optional Income Protector Program provides a guaranteed fixed minimum retirement income upon annuitization. The fee is calculated as a percentage of the income benefit base, as defined in the prospectus, and is deducted annually from the contract value. The income benefit base is calculated using the contract value on the effective date of the enrollment in the program and then each subsequent contract anniversary, adjusted for the applicable growth rates, purchase payments, proportional withdrawals, fees, and charges. The income protector fee is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

The annual fee for the Capital Protector Program ranges from 0.10 percent to 0.45 percent. This optional feature is offered under Polaris America, Polaris Choice, Polaris Choice II, Polaris II, Polaris Platinum, Polaris Platinum II, Polaris Protector, WM Diversified Strategies, and WM Diversified Strategies III contracts.

MarketLock, Marketlock for Two, MarketLock for Life Plus, MarketLock Income Plus and MarketLock for Life: These optional features provide a guaranteed withdrawal stream by locking in market gains during an applicable evaluation period.

•

MarketLock, MarketLock for Two and Income Rewards

The annual fee is calculated as a percentage of the maximum anniversary value benefit base and deducted quarterly from the contract value. The maximum anniversary value benefit base is calculated as the greater of eligible purchase payments received during the first two years, adjusted for withdrawals, or the maximum anniversary date contract value occurring in the first ten contract years, adjusted for withdrawals. The annual fee is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

•

MarketLock for Life, MarketLock for Life Plus and MarketLock Income Plus

The annual fee is calculated as a percentage of the income base and deducted quarterly from the contract value. The income base is calculated as the greater of purchase payments made in the first contract year and purchase payments made in contract years 2-5, capped at 100 percent of purchase payments made in the first year plus a bonus, if eligible, or the highest anniversary date contract value less purchase payments made in years 2-5 greater than the purchase payments received in the first year.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The annual fee is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

Income Rewards: This optional feature provides a guaranteed withdrawal stream during an applicable period of time.

The annual fee is calculated as a percentage of the benefit base and deducted quarterly from the contract value. The benefit base is equal to purchase payments received during the first 90 days, adjusted for withdrawals, before the benefit availability date (the availability date is up to the first 10 contract years, based on election). After the benefit availability date, the benefit base is increased by up to 50 percent of premiums received during the first 90 days, adjusted for withdrawals. The annual fee is included as part of the payments for contract benefits or terminations line in the Statements of Operations and Changes in Net Assets.

The annual fees for the optional features discussed above are as follows (Note: if Extension of the evaluation period is elected, an additional 0.10 percent – 0.25 percent is added to the Annual Fee):


Optional Features	Products Offered	Annual Fees
MarketLock	Polaris Advantage	0.50% to 0.65%
	Polaris Choice II
	Polaris Choice III
	Polaris Platinum II
	Polaris Preferred Solution
	WM Diversified Strategies
	WM Diversified Strategies III
MarketLock for Two	Polaris Choice II	0.40% prior to the first withdrawal
	Polaris Choice III	0.80% after the first withdrawal
	Polaris Platinum II
	Polaris Preferred Solution
	WM Diversified Strategies
	WM Diversified Strategies III
Income Rewards	Polaris Choice II	0.65% in years zero to seven
	Polaris Choice III	0.45% in years eight to ten
	Polaris Platinum II
	Polaris Preferred Solution
	Polaris Protector
	WM Diversified Strategies
	WM Diversified Strategies III
MarketLock for Life	Polaris Advantage	0.70% for one covered person
	Polaris Choice III	0.95% for two covered persons
	Polaris Choice IV
	Polaris Platinum II
	Polaris Platinum III
	Polaris Preferred Solution
MarketLock for Life Plus	Polaris Advantage	0.65% to 0.95% for one covered person
	Polaris Choice III	0.90% to 1.25% for two covered persons
	Polaris Platinum II
	Polaris Preferred Solution
MarketLock Income Plus	Polaris Advantage	0.85% to 1.10% for one covered person
	Polaris Advisor III	1.10% to 1.35% for two covered persons
	Polaris Choice III
	Polaris Platinum II
	Polaris Platinum III
	Polaris Preferred Solution

Polaris Income Plus, Polaris Income Builder, Polaris Income Plus Daily, Polaris Income Plus Flex, Polaris Income Plus Daily Flex, and Polaris Income Max Fee: These optional features provide a guaranteed withdrawal stream by locking in market gains during an applicable evaluation period. The annual fee is calculated as a percentage of the maximum anniversary value benefit base and deducted quarterly from the contract value. The maximum anniversary value benefit base is calculated as the greater of eligible purchase payments received during the applicable time period, adjusted for withdrawals plus a credit, if eligible, or the maximum anniversary date contract value. The fee may change after the first year based on an index of market volatility. The annual fee included as part of the payments for contract benefits or terminations line of the Statements of Operations and Changes in Net Assets.

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

The annual fees for the optional features discussed above are as follows:


Optional Features	Products Offered	Annual Fees
Polaris Income Plus	Polaris Advantage	0.60% to 2.20% for one covered person
	Polaris Advantage II	0.60% to 2.70% for two covered persons
	Polaris Advisory
	Polaris Choice III
	Polaris Choice IV
	Polaris Platinum III
	Polaris Preferred Solution
	Polaris Retirement Protector
Polaris Income Builder	Polaris Advantage	0.60% to 2.20% for one covered person
	Polaris Advantage II	0.60% to 2.70% for two covered persons
	Polaris Choice III
	Polaris Choice IV
	Polaris Platinum III
	Polaris Preferred Solution
Polaris Income Plus Daily	Polaris Advisory	0.60% to 2.50% for one covered person
	Polaris Platinum III	0.60% to 2.50% for two covered persons
	Polaris Preferred Solution
Polaris Income Plus Flex	Polaris Advisory	0.60% to 2.50% for one covered person
	Polaris Platinum III	0.60% to 2.50% for two covered persons
	Polaris Preferred Solution
Polaris Income Plus Daily Flex	Polaris Advisory	0.60% to 2.50% for one covered person
	Polaris Platinum III	0.60% to 2.50% for two covered persons
	Polaris Preferred Solution
Polaris Income Max	Polaris Advisory	0.60% to 2.50% for one covered person
	Polaris Platinum III	0.60% to 2.50% for two covered persons
	Polaris Preferred Solution

5.	Purchases and Sales of Investments

For the year ended December 31, 2022, the aggregate cost of purchases and proceeds from the sales of investments were:



Sub-accounts	Cost of Purchases		Proceeds from Sales
American Funds IS American High-Income Trust Class 3	$	1,127,094	$	1,385,040
American Funds IS Asset Allocation Fund Class 2		7,591,737		7,365,343
American Funds IS Asset Allocation Fund Class 3		3,897,897		3,390,095
American Funds IS Capital Income Builder Class 4		91,045		366,178
American Funds IS Global Growth Fund Class 2		21,662,347		22,561,555
American Funds IS Growth Fund Class 2		53,185,110		39,882,403
American Funds IS Growth Fund Class 3		33,607,777		28,016,885
American Funds IS Growth-Income Fund Class 2		31,382,118		38,565,103
American Funds IS Growth-Income Fund Class 3		15,805,454		15,524,961
American Funds IS International Fund Class 3		2,714,546		1,366,762
American Funds IS U.S. Government Securities Fund Class 3		605,410		2,513,100
American Funds IS Ultra-Short Bond Fund Class 3		760,987		1,082,362
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		8,732		5,329
BlackRock Global Allocation V.I. Fund Class III		14,007		172,345
Columbia VP Dividend Opportunity Fund Class 1		18,558		308,340
Columbia VP Emerging Markets Bond Fund Class 2		2,971		2,006
Columbia VP Income Opportunities Fund Class 1		897,431		1,356,825
Columbia VP Large Cap Growth Fund Class 1		1,186,156		2,418,588
Columbia VP Limited Duration Credit Fund Class 2		35,510		189,093

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



Sub-accounts	Cost of Purchases		Proceeds from Sales
Columbia VP Overseas Core Fund Class 2	$	115,233	$	190,724
Columbia VP Select Mid Cap Growth Opportunity Fund Class 1		36,494		35,470
Columbia VP Small Company Growth Fund Class 1		364,690		209,941
CTIVP^® Principal Blue Chip Growth Fund Class 1		117,590		110,748
Delaware Ivy VIP Asset Strategy Class II		34,341		68,694
FTVIP Franklin Allocation VIP Fund Class 1		1,856		551
FTVIP Franklin Allocation VIP Fund Class 2		7,087,927		6,777,068
FTVIP Franklin Income VIP Fund Class 1		1,197,009		20,880
FTVIP Franklin Income VIP Fund Class 2		34,731,963		26,402,050
FTVIP Franklin Strategic Income VIP Fund Class 2		77,360		75,770
Goldman Sachs VIT Government Money Market Fund Institutional Shares		4,412,706		2,708,243
Goldman Sachs VIT Government Money Market Fund Service Shares		267,753,884		156,369,603
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		21,716		88,743
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		1,329		716
Invesco V.I. American Franchise Fund Series I		32,216		454
Invesco V.I. American Franchise Fund Series II		54,616,983		5,050,580
Invesco V.I. Balanced-Risk Allocation Fund Series II		76,367		19,928
Invesco V.I. Comstock Fund Series I		149,826		56,355
Invesco V.I. Comstock Fund Series II		58,534,655		73,774,107
Invesco V.I. Growth and Income Fund Series I		198,401		9,045
Invesco V.I. Growth and Income Fund Series II		57,256,451		72,945,834
Lord Abbett Bond Debenture Portfolio Class VC		97,191		528,518
Lord Abbett Fundamental Equity Portfolio Class VC		15,250		42,414
Lord Abbett Growth and Income Portfolio Class VC		20,093,272		29,299,711
Lord Abbett Mid Cap Stock Portfolio Class VC		982,961		1,838,879
Lord Abbett Short Duration Income Portfolio Class VC		89,076		150,429
Morgan Stanley VIF Global Infrastructure Portfolio Class II		73,381		210,301
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		81,745		98,731
PIMCO All Asset Portfolio Advisor Class		9,122		52,540
PIMCO Dynamic Bond Portfolio Advisor Class		134,428		346,533
PIMCO Emerging Markets Bond Portfolio Advisor Class		1,571,571		676,494
PIMCO Total Return Portfolio Advisor Class		51,588,617		23,660,042
PIMCO Total Return Portfolio Institutional Class		612,246		111,270
PVC Core Plus Bond Account Class 1		195,885		848,126
PVC Diversified International Account Class 1		88,915		196,027
PVC Equity Income Account Class 1		1,380,275		809,166
PVC Equity Income Account Class 2		762,959		801,905
PVC Government & High Quality Bond Account Class 1		29,063		680,681
PVC Large Cap Growth Account I Class 1		154,384		117,815
PVC MidCap Account Class 1		178,956		283,701
PVC MidCap Account Class 2		61,762		76,658
PVC Principal Capital Appreciation Account Class 1		1,343,494		762,174
PVC Principal Capital Appreciation Account Class 2		247,674		251,526
PVC Real Estate Securities Account Class 1		39,716		23,057
PVC Real Estate Securities Account Class 2		21,367		12,898
PVC SAM Balanced Portfolio Class 1		3,578,527		1,936,725
PVC SAM Balanced Portfolio Class 2		3,422,013		4,029,330
PVC SAM Conservative Balanced Portfolio Class 1		257,957		118,863
PVC SAM Conservative Balanced Portfolio Class 2		242,134		569,527
PVC SAM Conservative Growth Portfolio Class 1		1,550,433		868,618
PVC SAM Conservative Growth Portfolio Class 2		2,321,704		1,856,748
PVC SAM Flexible Income Portfolio Class 1		329,695		1,089,130
PVC SAM Flexible Income Portfolio Class 2		629,028		1,143,372
PVC SAM Strategic Growth Portfolio Class 1		1,508,097		1,407,163
PVC SAM Strategic Growth Portfolio Class 2		582,645		1,274,339
PVC Short-Term Income Account Class 1		25,619		649,785
PVC SmallCap Account Class 1		78,474		103,700
PVC SmallCap Account Class 2		57,750		16,664
SST SA Allocation Balanced Portfolio Class 1		109,156		180,407
SST SA Allocation Balanced Portfolio Class 3		32,270,181		20,878,335
SST SA Allocation Growth Portfolio Class 1		5,265,723		896,355
SST SA Allocation Growth Portfolio Class 3		52,239,372		17,717,447
SST SA Allocation Moderate Growth Portfolio Class 1		312,335		180,985
SST SA Allocation Moderate Growth Portfolio Class 3		38,897,186		23,795,848
SST SA Allocation Moderate Portfolio Class 1		85,757		5,422

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



Sub-accounts	Cost of Purchases		Proceeds from Sales
SST SA Allocation Moderate Portfolio Class 3	$	31,547,603	$	24,370,229
SST SA American Century Inflation Protection Portfolio Class 1		22,962		27,056
SST SA American Century Inflation Protection Portfolio Class 3		74,286,078		65,054,329
SST SA Columbia Focused Value Portfolio Class 3		14,083		69,838
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		3,478		7,060
SST SA Multi-Managed International Equity Portfolio Class 3		26,429		136,498
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		175,765		28,743
SST SA Multi-Managed Large Cap Value Portfolio Class 3		66,530		54,044
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		88,518		30,454
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		43,384		26,776
SST SA Multi-Managed Small Cap Portfolio Class 3		38,071		10,630
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		92,105		7,176
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		29,739,803		7,902,562
SST SA T. Rowe Price Growth Stock Portfolio Class 3		120,929		29,378
SAST SA AB Growth Portfolio Class 1		63,667,796		51,172,854
SAST SA AB Growth Portfolio Class 2		8,769,744		6,320,010
SAST SA AB Growth Portfolio Class 3		149,876,508		46,222,665
SAST SA AB Small & Mid Cap Value Portfolio Class 1		287,678		264,918
SAST SA AB Small & Mid Cap Value Portfolio Class 2		2,463,338		1,177,265
SAST SA AB Small & Mid Cap Value Portfolio Class 3		112,634,426		49,189,511
SAST SA American Funds Asset Allocation Portfolio Class 1		1,162,700		543,431
SAST SA American Funds Asset Allocation Portfolio Class 3		173,969,422		101,874,631
SAST SA American Funds Global Growth Portfolio Class 1		240,415		1,275,669
SAST SA American Funds Global Growth Portfolio Class 3		49,399,302		48,718,847
SAST SA American Funds Growth Portfolio Class 1		740,918		407,141
SAST SA American Funds Growth Portfolio Class 3		251,190,307		48,710,698
SAST SA American Funds Growth-Income Portfolio Class 1		345,092		387,558
SAST SA American Funds Growth-Income Portfolio Class 3		60,214,273		39,198,183
SAST SA American Funds VCP Managed Allocation Portfolio Class 1		267,468		32,095
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		142,729,047		159,997,886
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 1		50,964		1,885
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		19,023,666		2,323,555
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 1		38,917		28,742
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		20,348,278		57,149,109
SAST SA DFA Ultra Short Bond Portfolio Class 1		9,270,233		10,574,529
SAST SA DFA Ultra Short Bond Portfolio Class 2		1,566,322		2,763,837
SAST SA DFA Ultra Short Bond Portfolio Class 3		65,401,627		51,023,218
SAST SA Emerging Markets Equity Index Portfolio Class 1		67,509		42,794
SAST SA Emerging Markets Equity Index Portfolio Class 3		6,371,175		1,608,516
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		3,100,702		6,840,148
SAST SA Federated Hermes Corporate Bond Portfolio Class 2		769,868		2,330,521
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		105,848,691		115,594,119
SAST SA Fidelity Institutional AM^® International Growth Class 1		102,657		357,328
SAST SA Fidelity Institutional AM^® International Growth Class 3		3,837,890		913,485
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 1		2,095,819		1,963,029
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 2		446,814		505,698
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		34,686,270		19,091,767
SAST SA Fixed Income Index Portfolio Class 1		50,958		2,518
SAST SA Fixed Income Index Portfolio Class 3		17,311,595		11,819,946
SAST SA Fixed Income Intermediate Index Portfolio Class 1		13,313		220
SAST SA Fixed Income Intermediate Index Portfolio Class 3		7,751,420		6,226,485
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		52,499,329		41,054,302
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 2		8,210,728		6,748,049
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		78,692,886		79,707,744
SAST SA Franklin Small Company Value Portfolio Class 1		77,739		6,216
SAST SA Franklin Small Company Value Portfolio Class 3		41,402,873		27,659,863
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 1		43,947		2,107
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		4,413,471		1,197,168
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		6,279,738		4,579,690
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 2		1,393,907		612,560
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		53,346,284		29,468,341
SAST SA Franklin Tactical Opportunities Portfolio Class 1		41,303		3,100
SAST SA Franklin Tactical Opportunities Portfolio Class 3		14,023,715		4,715,528

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



Sub-accounts	Cost of Purchases		Proceeds from Sales
SAST SA Global Index Allocation 60/40 Portfolio Class 1	$	4,251	$	3,377
SAST SA Global Index Allocation 60/40 Portfolio Class 3		7,590,263		6,962,114
SAST SA Global Index Allocation 75/25 Portfolio Class 1		5,184		4,185
SAST SA Global Index Allocation 75/25 Portfolio Class 3		9,035,596		5,583,515
SAST SA Global Index Allocation 90/10 Portfolio Class 1		228,488		97,102
SAST SA Global Index Allocation 90/10 Portfolio Class 3		35,880,477		16,000,713
SAST SA Goldman Sachs Global Bond Portfolio Class 1		345,451		1,523,143
SAST SA Goldman Sachs Global Bond Portfolio Class 2		253,206		507,470
SAST SA Goldman Sachs Global Bond Portfolio Class 3		14,730,013		29,203,778
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 1		379		633
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		5,827,247		3,692,251
SAST SA Index Allocation 60/40 Portfolio Class 1		17,195		351,752
SAST SA Index Allocation 60/40 Portfolio Class 3		33,087,036		16,146,769
SAST SA Index Allocation 80/20 Portfolio Class 1		544,383		502,908
SAST SA Index Allocation 80/20 Portfolio Class 3		47,163,627		26,482,932
SAST SA Index Allocation 90/10 Portfolio Class 1		2,785,539		380,865
SAST SA Index Allocation 90/10 Portfolio Class 3		102,201,178		58,724,503
SAST SA International Index Portfolio Class 1		62,241		36,445
SAST SA International Index Portfolio Class 3		9,652,473		2,709,429
SAST SA Invesco Growth Opportunities Portfolio Class 1		2,112,497		1,105,647
SAST SA Invesco Growth Opportunities Portfolio Class 2		794,422		259,318
SAST SA Invesco Growth Opportunities Portfolio Class 3		66,993,747		17,626,517
SAST SA Invesco Main Street Large Cap Portfolio Class 1		5,786,543		3,164,608
SAST SA Invesco Main Street Large Cap Portfolio Class 2		834,939		410,253
SAST SA Invesco Main Street Large Cap Portfolio Class 3		23,217,302		7,629,924
SAST SA Janus Focused Growth Portfolio Class 1		3,099,276		1,791,050
SAST SA Janus Focused Growth Portfolio Class 2		1,972,361		1,497,670
SAST SA Janus Focused Growth Portfolio Class 3		52,807,692		17,236,788
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		16,804,048		18,055,244
SAST SA JPMorgan Diversified Balanced Portfolio Class 2		4,343,943		2,641,278
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		44,912,417		24,175,725
SAST SA JPMorgan Emerging Markets Portfolio Class 1		731,427		2,482,300
SAST SA JPMorgan Emerging Markets Portfolio Class 2		188,195		258,192
SAST SA JPMorgan Emerging Markets Portfolio Class 3		15,142,802		14,279,807
SAST SA JPMorgan Equity-Income Portfolio Class 1		18,016,574		16,104,156
SAST SA JPMorgan Equity-Income Portfolio Class 2		2,218,088		2,334,909
SAST SA JPMorgan Equity-Income Portfolio Class 3		68,372,087		38,106,300
SAST SA JPMorgan Global Equities Portfolio Class 1		6,718,530		4,972,905
SAST SA JPMorgan Global Equities Portfolio Class 2		630,338		553,694
SAST SA JPMorgan Global Equities Portfolio Class 3		12,493,457		6,125,530
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		2,635,607		6,218,770
SAST SA JPMorgan MFS Core Bond Portfolio Class 2		613,473		1,881,756
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		53,131,611		114,661,601
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		14,898,479		13,943,755
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 2		4,367,309		2,800,836
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		118,444,719		24,591,278
SAST SA Large Cap Growth Index Portfolio Class 1		141,138		55,177
SAST SA Large Cap Growth Index Portfolio Class 3		19,419,200		2,893,613
SAST SA Large Cap Index Portfolio Class 1		798,673		1,823,691
SAST SA Large Cap Index Portfolio Class 3		31,318,696		11,306,737
SAST SA Large Cap Value Index Portfolio Class 1		192,555		65,298
SAST SA Large Cap Value Index Portfolio Class 3		21,168,398		5,866,495
SAST SA MFS Blue Chip Growth Portfolio Class 1		2,487,026		1,682,208
SAST SA MFS Blue Chip Growth Portfolio Class 2		673,699		441,844
SAST SA MFS Blue Chip Growth Portfolio Class 3		48,896,857		12,899,693
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		9,442,211		6,022,757
SAST SA MFS Massachusetts Investors Trust Portfolio Class 2		1,629,687		1,051,544
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		50,894,694		28,216,962
SAST SA MFS Total Return Portfolio Class 1		10,741,665		13,337,556
SAST SA MFS Total Return Portfolio Class 2		2,501,096		3,010,281
SAST SA MFS Total Return Portfolio Class 3		42,486,808		29,188,965
SAST SA Mid Cap Index Portfolio Class 1		181,285		50,028
SAST SA Mid Cap Index Portfolio Class 3		19,571,786		5,193,961
SAST SA Morgan Stanley International Equities Portfolio Class 1		3,073,723		3,371,702

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)



Sub-accounts	Cost of Purchases		Proceeds from Sales
SAST SA Morgan Stanley International Equities Portfolio Class 2	$	958,388	$	1,958,390
SAST SA Morgan Stanley International Equities Portfolio Class 3		18,813,814		21,304,434
SAST SA PIMCO RAE International Value Portfolio Class 1		33,116		13,001
SAST SA PIMCO RAE International Value Portfolio Class 2		863,425		1,391,774
SAST SA PIMCO RAE International Value Portfolio Class 3		36,109,349		63,889,295
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 1		1,040		6,418
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		31,390,357		126,520,326
SAST SA PineBridge High-Yield Bond Portfolio Class 1		5,787,712		7,978,635
SAST SA PineBridge High-Yield Bond Portfolio Class 2		556,010		825,193
SAST SA PineBridge High-Yield Bond Portfolio Class 3		16,262,648		20,437,758
SAST SA Putnam International Growth and Income Portfolio Class 1		1,907,504		2,708,746
SAST SA Putnam International Growth and Income Portfolio Class 2		1,329,893		725,692
SAST SA Putnam International Growth and Income Portfolio Class 3		13,234,461		20,672,961
SAST SA Schroders VCP Global Allocation Portfolio Class 1		43,760		14,392
SAST SA Schroders VCP Global Allocation Portfolio Class 3		78,040,836		54,973,206
SAST SA Small Cap Index Portfolio Class 1		174,803		237,688
SAST SA Small Cap Index Portfolio Class 3		17,734,547		3,879,380
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 1		112,474		9,623
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		77,541,650		15,716,365
SAST SA T. Rowe Price VCP Balanced Portfolio Class 1		41,914		21,936
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		226,461,657		111,143,060
SAST SA VCP Dynamic Allocation Portfolio Class 1		53,499		12,585
SAST SA VCP Dynamic Allocation Portfolio Class 3		850,390,952		1,010,894,131
SAST SA VCP Dynamic Strategy Portfolio Class 1		63,072		38,207
SAST SA VCP Dynamic Strategy Portfolio Class 3		463,148,823		826,350,353
SAST SA VCP Index Allocation Portfolio Class 1		81,379		12,719
SAST SA VCP Index Allocation Portfolio Class 3		36,732,957		30,539,638
SAST SA Wellington Capital Appreciation Portfolio Class 1		91,076,353		50,553,516
SAST SA Wellington Capital Appreciation Portfolio Class 2		14,629,224		7,150,648
SAST SA Wellington Capital Appreciation Portfolio Class 3		487,757,405		76,045,515
SAST SA Wellington Government and Quality Bond Portfolio Class 1		3,588,248		7,157,430
SAST SA Wellington Government and Quality Bond Portfolio Class 2		737,598		2,892,511
SAST SA Wellington Government and Quality Bond Portfolio Class 3		39,451,030		80,784,066
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		1,324,306		1,440,406
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		26,505,012		6,794,119
VALIC Company I International Equities Index Fund		155,677		312,935
VALIC Company I International Socially Responsible Fund		87,493		147,075
VALIC Company I Mid Cap Index Fund		428,981		634,587
VALIC Company I Nasdaq-100 Index Fund		714,671		337,168
VALIC Company I Small Cap Index Fund		609,766		420,129
VALIC Company I Stock Index Fund		1,385,814		1,470,178

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

6.	Financial Highlights

The summary of unit values and units outstanding for sub-accounts, investment income ratios, total return and expense ratios, excluding expenses of the underlying mutual funds, for each of the five years in the period ended December 31, 2022, follows:


	December 31, 2022								For the Year Ended December 31, 2022
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
American Funds IS American High-Income Trust Class 3		72,169		114.42		117.33		8,462,224		7.38		1.30		1.40		-10.51		-10.42
American Funds IS Asset Allocation Fund Class 2		1,363,175		32.24		33.91		46,035,976		1.75		1.52		1.77		-14.92		-14.71
American Funds IS Asset Allocation Fund Class 3		269,354		102.21		104.81		28,206,780		1.81		1.30		1.40		-14.58		-14.49
American Funds IS Capital Income Builder Class 4		199,285		11.60		12.59		2,500,979		2.48		1.10		1.70		-8.93		-8.39
American Funds IS Global Growth Fund Class 2		2,415,476		51.40		56.32		134,947,415		0.58		1.52		1.97		-26.21		-25.87
American Funds IS Growth Fund Class 2		3,660,475		61.04		66.86		242,695,335		0.28		1.52		1.97		-31.30		-30.99
American Funds IS Growth Fund Class 3		297,600		616.28		631.98		187,911,811		0.34		1.30		1.40		-30.86		-30.79
American Funds IS Growth-Income Fund Class 2		4,482,042		42.87		46.99		208,775,356		1.17		1.52		1.97		-18.12		-17.75
American Funds IS Growth-Income Fund Class 3		348,371		349.54		358.44		124,724,884		1.22		1.30		1.40		-17.59		-17.51
American Funds IS International Fund Class 3		237,462		63.65		65.27		15,475,218		1.63		1.30		1.40		-21.87		-21.79
American Funds IS U.S. Government Securities Fund Class 3		165,744		38.32		39.30		6,507,952		3.61		1.30		1.40		-12.14		-12.05
American Funds IS Ultra-Short Bond Fund Class 3		225,290		18.74		19.22		4,328,939		0.58		1.30		1.40		-0.21		-0.11
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		26,273		12.26		13.46		344,503		1.78		1.10		1.70		-16.47		-15.96
BlackRock Global Allocation V.I. Fund Class III		49,036		11.40		12.45		599,651		0.00		1.10		1.70		-17.49		-16.99
Columbia VP Dividend Opportunity Fund Class 1		58,177		24.89		26.30		1,520,603		0.00		1.52		1.77		-2.84		-2.60
Columbia VP Emerging Markets Bond Fund Class 2		7,176				9.75		69,999		3.81				1.10				-17.07
Columbia VP Income Opportunities Fund Class 1		233,091		23.98		27.07		6,155,476		5.00		1.52		2.17		-11.94		-11.37
Columbia VP Large Cap Growth Fund Class 1		950,665		18.38		19.01		17,942,900		0.00		1.52		2.02		-32.75		-32.42
Columbia VP Limited Duration Credit Fund Class 2		21,604		9.51		9.94		213,146		0.55		1.10		1.70		-7.94		-7.38
Columbia VP Overseas Core Fund Class 2		93,973		11.73		11.92		1,119,169		0.72		1.52		1.77		-16.39		-16.18
Columbia VP Select Mid Cap Growth Opportunity Fund Class 1		10,725		23.74		26.88		284,840		0.00		1.52		1.77		-32.05		-31.88
Columbia VP Small Company Growth Fund Class 1		15,760		30.66		32.40		506,876		0.00		1.52		1.77		-36.89		-36.74
CTIVP^® Principal Blue Chip Growth Fund Class 1		91,080		18.07		18.37		1,670,678		0.00		1.52		1.77		-29.27		-29.09
Delaware Ivy VIP Asset Strategy Class II		22,232		10.98		11.88		262,049		1.37		1.10		1.70		-16.18		-15.67
FTVIP Franklin Allocation VIP Fund Class 1		1,220				11.28		13,763		1.87				0.55				-16.14
FTVIP Franklin Allocation VIP Fund Class 2		2,052,074		13.33		13.94		30,941,304		1.55		1.00		2.30		-17.91		-16.83
FTVIP Franklin Income VIP Fund Class 1		179,577		12.13		12.36		2,203,613		6.10		0.40		0.80		-5.99		-5.61
FTVIP Franklin Income VIP Fund Class 2		7,113,905		14.34		15.23		123,668,043		4.85		1.00		2.30		-7.62		-6.41
FTVIP Franklin Strategic Income VIP Fund Class 2		96,920		9.30		9.75		929,141		4.23		1.10		1.70		-12.25		-11.73
Goldman Sachs VIT Government Money Market Fund Institutional Shares		1,096,181		9.76		10.43		10,841,980		1.62		0.40		1.52		0.05		1.17
Goldman Sachs VIT Government Money Market Fund Service Shares		33,970,139		9.71		9.88		328,951,511		1.53		1.00		1.97		-0.60		0.37
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		42,297		9.07		9.47		399,235		3.01		1.10		1.40		-7.91		-7.63
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		1,191		10.11		10.85		12,678		0.00		1.10		1.35		-20.24		-20.05
Invesco V.I. American Franchise Fund Series I		4,427		13.33		13.58		59,808		0.00		0.40		0.80		-31.66		-31.39
Invesco V.I. American Franchise Fund Series II		2,826,014		23.52		27.15		87,831,916		0.00		1.00		2.30		-32.86		-31.98
Invesco V.I. Balanced-Risk Allocation Fund Series II		53,145		10.79		12.01		628,487		7.24		1.10		1.70		-15.96		-15.45
Invesco V.I. Comstock Fund Series I		22,084		14.22		14.49		318,660		1.87		0.40		0.80		0.32		0.72
Invesco V.I. Comstock Fund Series II		10,488,776		21.27		22.83		298,819,348		1.37		1.00		2.30		-1.44		-0.16
Invesco V.I. Growth and Income Fund Series I		90,181		13.04		13.29		1,189,080		1.68		0.40		0.80		-6.50		-6.13
Invesco V.I. Growth and Income Fund Series II		11,513,648		19.64		21.07		322,688,719		1.23		1.00		2.30		-8.13		-6.94
Lord Abbett Bond Debenture Portfolio Class VC		71,122		11.38		11.64		820,505		3.35		1.10		1.40		-14.01		-13.75
Lord Abbett Fundamental Equity Portfolio Class VC		6,324				15.17		95,951		0.88				1.10				-12.94
Lord Abbett Growth and Income Portfolio Class VC		5,863,788		13.64		18.16		138,597,357		1.21		0.40		2.30		-11.50		-9.80
Lord Abbett Mid Cap Stock Portfolio Class VC		397,752		25.37		26.72		10,599,555		0.74		1.52		1.77		-12.77		-12.55
Lord Abbett Short Duration Income Portfolio Class VC		169,006		9.64		10.14		1,708,875		2.73		1.10		1.70		-6.66		-6.10
Morgan Stanley VIF Global Infrastructure Portfolio Class II		57,073		11.29		12.52		705,825		2.54		1.10		1.70		-9.86		-9.32
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		38,708		10.94		11.16		429,671		0.00		1.10		1.40		-12.51		-12.25
PIMCO All Asset Portfolio Advisor Class		1,355		11.86		12.02		16,151		7.72		1.10		1.35		-13.05		-12.83
PIMCO Dynamic Bond Portfolio Advisor Class		72,188		9.87		10.33		742,053		2.72		1.10		1.70		-8.03		-7.47
PIMCO Emerging Markets Bond Portfolio Advisor Class		312,243		8.54		8.70		2,711,377		4.62		1.00		1.55		-17.09		-16.64
PIMCO Total Return Portfolio Advisor Class		19,186,717		8.54		8.90		168,946,623		2.43		1.00		1.95		-16.04		-15.24
PIMCO Total Return Portfolio Institutional Class		128,899		8.93		9.15		1,165,100		2.25		0.40		0.80		-14.85		-14.51
PVC Core Plus Bond Account Class 1		335,461		9.07		9.25		3,094,671		2.75		1.40		1.95		-15.78		-15.32
PVC Diversified International Account Class 1		74,210		7.74		9.03		644,211		2.15		1.40		1.95		-21.54		-21.11
PVC Equity Income Account Class 1		360,224		24.67		26.88		9,578,221		1.80		1.40		1.80		-12.09		-11.74
PVC Equity Income Account Class 2		229,452		22.64		23.84		5,548,304		1.60		1.52		1.95		-12.44		-12.06
PVC Government & High Quality Bond Account Class 1		183,074		6.62		7.80		1,371,544		1.24		1.40		1.95		-13.51		-13.03
PVC Large Cap Growth Account I Class 1		83,706		11.74		11.98		998,034		0.00		1.40		1.95		-35.43		-35.07
PVC MidCap Account Class 1		39,531		34.72		37.80		1,477,768		0.16		1.40		1.80		-24.35		-24.05
PVC MidCap Account Class 2		14,300		31.82		34.63		489,202		0.00		1.55		1.95		-24.64		-24.34
PVC Principal Capital Appreciation Account Class 1		242,686		37.30		40.64		9,790,906		0.74		1.40		1.80		-17.91		-17.58
PVC Principal Capital Appreciation Account Class 2		48,506		34.15		37.16		1,788,868		0.57		1.55		1.95		-18.23		-17.90
PVC Real Estate Securities Account Class 1		9,305		39.31		41.11		381,385		1.18		1.40		1.55		-26.56		-26.45
PVC Real Estate Securities Account Class 2		5,101		37.13		38.64		195,906		0.98		1.55		1.70		-26.83		-26.72
PVC SAM Balanced Portfolio Class 1		1,103,936		17.79		19.39		20,807,097		2.24		1.40		1.80		-17.64		-17.31
PVC SAM Balanced Portfolio Class 2		986,927		16.40		17.96		17,418,067		1.97		1.52		1.95		-17.91		-17.55

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2022								For the Year Ended December 31, 2022
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
PVC SAM Conservative Balanced Portfolio Class 1		169,285		11.49		12.50		2,063,703		2.33		1.40		1.80		-15.98		-15.64
PVC SAM Conservative Balanced Portfolio Class 2		144,710		10.59		16.15		1,672,998		2.15		1.52		1.95		-16.33		-15.97
PVC SAM Conservative Growth Portfolio Class 1		508,536		20.34		22.15		10,861,521		2.00		1.40		1.80		-19.25		-18.93
PVC SAM Conservative Growth Portfolio Class 2		518,445		18.68		20.42		10,415,098		1.81		1.52		1.95		-19.56		-19.21
PVC SAM Flexible Income Portfolio Class 1		186,944		12.20		13.30		2,435,365		0.00		1.40		1.80		-14.66		-14.31
PVC SAM Flexible Income Portfolio Class 2		240,353		11.26		15.15		2,947,040		2.55		1.52		1.95		-15.04		-14.67
PVC SAM Strategic Growth Portfolio Class 1		104,850		23.37		25.42		2,608,838		1.98		1.40		1.80		-20.23		-19.91
PVC SAM Strategic Growth Portfolio Class 2		178,445		21.48		23.54		4,103,538		1.66		1.52		1.95		-20.54		-20.20
PVC Short-Term Income Account Class 1		147,287		6.62		7.71		1,077,588		0.92		1.40		1.95		-5.31		-4.79
PVC SmallCap Account Class 1		23,521		16.20		17.62		403,440		0.05		1.40		1.80		-22.05		-21.73
PVC SmallCap Account Class 2		16,660		14.89		16.15		267,713		0.00		1.55		1.95		-22.41		-22.10
SST SA Allocation Balanced Portfolio Class 1		5,478				12.19		66,756		1.69				0.40				-15.61
SST SA Allocation Balanced Portfolio Class 3		8,868,358		11.33		14.45		146,001,778		2.60		1.00		2.30		-17.42		-16.34
SST SA Allocation Growth Portfolio Class 1		285,042		14.12		14.46		4,087,123		4.38		0.40		0.80		-17.91		-17.58
SST SA Allocation Growth Portfolio Class 3		11,667,965		13.25		18.81		241,918,979		2.32		1.00		2.02		-19.15		-18.33
SST SA Allocation Moderate Growth Portfolio Class 1		22,125		13.48		13.60		300,596		3.41		0.40		0.55		-17.06		-16.93
SST SA Allocation Moderate Growth Portfolio Class 3		11,508,673		12.53		16.21		211,697,344		2.67		1.00		2.30		-18.63		-17.57
SST SA Allocation Moderate Portfolio Class 1		14,230		12.96		13.07		185,820		3.63		0.40		0.55		-16.50		-16.38
SST SA Allocation Moderate Portfolio Class 3		9,474,845		12.07		15.63		168,532,888		2.67		1.00		2.30		-18.18		-17.11
SST SA American Century Inflation Protection Portfolio Class 1		15,698		10.26		10.51		163,557		2.40		0.40		0.80		-11.58		-11.23
SST SA American Century Inflation Protection Portfolio Class 3		25,666,793		9.78		9.93		284,534,597		2.25		1.00		2.30		-13.16		-12.03
SST SA Columbia Focused Value Portfolio Class 3		4,092		17.81		19.32		78,784		1.16		1.10		1.35		-3.33		-3.09
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		15,798		8.96		9.62		149,299		1.87		1.10		1.70		-15.93		-15.42
SST SA Multi-Managed International Equity Portfolio Class 3		25,779		11.46		11.57		296,597		1.34		1.10		1.40		-17.73		-17.49
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		30,996		15.44		17.96		508,697		0.00		1.10		1.70		-39.06		-38.70
SST SA Multi-Managed Large Cap Value Portfolio Class 3		10,628		15.45		16.34		168,630		1.69		1.10		1.40		-5.00		-4.72
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		12,528		16.98		18.42		222,349		0.00		1.10		1.40		-29.97		-29.76
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		17,554		14.69		15.85		271,739		0.51		1.10		1.40		-10.27		-10.00
SST SA Multi-Managed Small Cap Portfolio Class 3		12,935		13.85		15.39		186,943		0.13		1.10		1.40		-18.01		-17.76
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		20,486		13.90		14.02		284,918		1.40		0.40		0.55		-17.69		-17.56
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		6,354,744		13.63		14.10		88,161,258		1.08		1.00		1.55		-18.66		-18.21
SST SA T. Rowe Price Growth Stock Portfolio Class 3		21,683		16.21		17.30		371,510		0.00		1.10		1.40		-41.88		-41.71
SAST SA AB Growth Portfolio Class 1		6,719,484		16.37		33.06		350,092,527		0.00		0.40		1.77		-29.85		-28.89
SAST SA AB Growth Portfolio Class 2		337,216		112.19		126.94		41,088,996		0.00		1.40		1.97		-30.11		-29.71
SAST SA AB Growth Portfolio Class 3		7,410,398		31.85		34.90		416,671,422		0.00		1.00		2.30		-30.40		-29.49
SAST SA AB Small & Mid Cap Value Portfolio Class 1		52,915		11.84		12.06		634,606		1.19		0.40		0.80		-16.38		-16.04
SAST SA AB Small & Mid Cap Value Portfolio Class 2		191,083		40.69		44.61		8,460,448		0.85		1.52		1.97		-17.50		-17.13
SAST SA AB Small & Mid Cap Value Portfolio Class 3		9,403,424		18.18		23.42		300,963,834		0.78		1.00		2.30		-17.87		-16.80
SAST SA American Funds Asset Allocation Portfolio Class 1		525,617		13.96		14.29		7,468,299		1.98		0.40		0.80		-14.13		-13.78
SAST SA American Funds Asset Allocation Portfolio Class 3		67,864,280		17.09		18.69		1,469,885,240		1.74		1.00		2.30		-15.54		-14.44
SAST SA American Funds Global Growth Portfolio Class 1		76,394		13.21		13.46		1,022,038		0.00		0.40		0.80		-25.35		-25.05
SAST SA American Funds Global Growth Portfolio Class 3		12,090,807		20.67		23.88		324,538,833		0.00		1.00		2.30		-26.67		-25.71
SAST SA American Funds Growth Portfolio Class 1		105,996		15.54		15.83		1,668,026		0.71		0.40		0.80		-30.45		-30.18
SAST SA American Funds Growth Portfolio Class 3		18,561,258		27.84		29.89		634,852,756		0.49		1.00		2.30		-31.68		-30.78
SAST SA American Funds Growth-Income Portfolio Class 1		111,784		13.62		13.87		1,540,308		1.14		0.40		0.80		-17.15		-16.82
SAST SA American Funds Growth-Income Portfolio Class 3		12,288,102		22.71		23.43		327,509,080		0.85		1.00		2.30		-18.63		-17.57
SAST SA American Funds VCP Managed Allocation Portfolio Class 1		74,997		12.81		12.92		961,542		1.35		0.40		0.55		-17.42		-17.30
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		102,519,354		11.93		13.87		1,568,854,955		0.92		1.00		2.30		-19.06		-18.01
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 1		4,565		10.04		10.13		46,222		1.90		0.40		0.80		-16.48		-16.15
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		3,922,646		9.82		9.94		38,752,738		1.96		1.00		1.55		-17.28		-16.83
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 1		62,712		10.87		11.13		692,089		0.00		0.40		0.80		-18.16		-17.84
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		52,753,463		10.27		10.50		578,266,266		0.00		1.00		1.95		-19.30		-18.53
SAST SA DFA Ultra Short Bond Portfolio Class 1		1,960,657		10.01		10.63		21,855,545		0.00		0.40		1.77		-3.26		-1.93
SAST SA DFA Ultra Short Bond Portfolio Class 2		705,017		9.93		10.88		7,640,534		0.00		1.52		1.97		-3.57		-3.13
SAST SA DFA Ultra Short Bond Portfolio Class 3		21,058,288		7.14		9.03		183,831,101		0.00		1.00		2.30		-4.09		-2.84
SAST SA Emerging Markets Equity Index Portfolio Class 1		11,135		8.88		9.05		100,163		1.96		0.40		0.80		-20.97		-20.65
SAST SA Emerging Markets Equity Index Portfolio Class 3		1,529,077		8.47		8.69		13,125,286		1.93		1.00		1.55		-21.77		-21.34
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		1,268,269		10.85		28.79		37,172,457		3.49		0.40		1.77		-15.78		-14.62
SAST SA Federated Hermes Corporate Bond Portfolio Class 2		379,420		26.87		29.49		11,100,644		3.34		1.52		1.97		-16.05		-15.67
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		34,764,328		11.17		14.86		656,710,081		3.31		1.00		2.30		-16.44		-15.35
SAST SA Fidelity Institutional AM^® International Growth Class 1		19,680		10.98		11.14		217,893		0.01		0.40		0.80		-27.15		-26.85
SAST SA Fidelity Institutional AM^® International Growth Class 3		766,046		10.59		10.81		8,196,967		0.00		1.00		1.55		-27.85		-27.45
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 1		342,252		12.45		39.08		13,973,782		0.87		0.40		1.77		-28.23		-27.24
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 2		78,415		36.49		40.00		3,094,012		0.68		1.52		1.97		-28.50		-28.17
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		6,355,594		12.45		14.04		124,534,724		0.64		1.00		2.30		-28.82		-27.89
SAST SA Fixed Income Index Portfolio Class 1		4,650		9.70		9.91		45,824		3.96		0.40		0.80		-13.49		-13.15
SAST SA Fixed Income Index Portfolio Class 3		6,511,499		9.09		9.48		60,802,458		1.69		1.00		1.80		-14.63		-13.95
SAST SA Fixed Income Intermediate Index Portfolio Class 1		1,267		10.03		10.11		12,734		1.44		0.40		0.55		-7.62		-7.48
SAST SA Fixed Income Intermediate Index Portfolio Class 3		3,169,435		9.26		9.66		30,166,808		1.12		1.00		1.80		-9.10		-8.37
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		2,969,565		14.53		30.63		275,770,611		1.65		0.40		1.77		-3.07		-1.73
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 2		435,560		82.63		93.34		39,222,189		1.50		1.40		1.97		-3.44		-2.89
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		7,748,271		21.90		22.37		316,980,351		1.41		1.00		2.30		-3.83		-2.58
SAST SA Franklin Small Company Value Portfolio Class 1		7,207		12.75		12.99		93,065		0.94		0.40		0.80		-11.17		-10.81

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2022								For the Year Ended December 31, 2022
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SAST SA Franklin Small Company Value Portfolio Class 3		5,807,331		18.37		20.49		129,227,938		0.40		1.00		2.30		-12.71		-11.57
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 1		3,993		12.72		12.88		51,235		2.48		0.40		0.80		-13.83		-13.49
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		547,025		12.30		12.46		6,789,885		1.79		1.15		1.55		-14.73		-14.39
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		505,498		15.63		41.64		21,476,642		1.73		0.40		1.77		-9.32		-8.07
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 2		118,192		38.97		42.68		4,998,979		1.63		1.52		1.97		-9.61		-9.21
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		4,133,679		24.11		31.68		152,675,006		1.58		1.00		2.30		-9.99		-8.82
SAST SA Franklin Tactical Opportunities Portfolio Class 1		5,644		11.93		12.18		68,275		1.64		0.40		0.80		-14.37		-14.02
SAST SA Franklin Tactical Opportunities Portfolio Class 3		5,634,135		11.32		11.65		64,638,935		1.04		1.00		1.55		-15.23		-14.76
SAST SA Global Index Allocation 60/40 Portfolio Class 1		7,429				11.54		85,725		0.28				0.40				-14.46
SAST SA Global Index Allocation 60/40 Portfolio Class 3		5,102,482		10.81		11.09		55,877,444		0.04		1.00		1.55		-15.66		-15.20
SAST SA Global Index Allocation 75/25 Portfolio Class 1		8,595				11.68		100,383		0.33				0.55				-15.74
SAST SA Global Index Allocation 75/25 Portfolio Class 3		5,193,674		11.02		11.30		57,975,040		0.11		1.00		1.55		-16.80		-16.34
SAST SA Global Index Allocation 90/10 Portfolio Class 1		300,454		11.73		11.95		3,579,998		1.41		0.40		0.80		-16.75		-16.42
SAST SA Global Index Allocation 90/10 Portfolio Class 3		18,987,109		11.12		11.48		215,384,933		1.24		1.00		1.70		-17.72		-17.14
SAST SA Goldman Sachs Global Bond Portfolio Class 1		680,771		9.06		11.47		12,298,874		0.00		0.40		1.77		-20.35		-19.26
SAST SA Goldman Sachs Global Bond Portfolio Class 2		166,955		16.31		17.86		2,952,649		0.00		1.52		1.97		-20.70		-20.34
SAST SA Goldman Sachs Global Bond Portfolio Class 3		15,616,106		8.18		8.86		173,623,698		0.00		1.00		2.30		-21.02		-19.99
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 1		509				11.88		6,050		0.00				0.40				-16.55
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		2,281,843		11.04		11.36		25,552,863		0.00		1.00		1.55		-17.63		-17.17
SAST SA Index Allocation 60/40 Portfolio Class 1		22,841				13.56		309,702		0.93				0.55				-15.22
SAST SA Index Allocation 60/40 Portfolio Class 3		12,778,397		12.60		13.01		163,643,018		1.28		1.00		1.55		-16.24		-15.78
SAST SA Index Allocation 80/20 Portfolio Class 1		130,945		14.45		14.80		1,925,282		1.53		0.40		0.80		-16.70		-16.36
SAST SA Index Allocation 80/20 Portfolio Class 3		22,016,091		13.63		14.08		305,021,683		1.34		1.00		1.55		-17.47		-17.01
SAST SA Index Allocation 90/10 Portfolio Class 1		523,609		14.93		15.29		7,930,353		1.80		0.40		0.80		-17.29		-16.96
SAST SA Index Allocation 90/10 Portfolio Class 3		59,262,262		14.08		14.55		848,552,672		1.35		1.00		1.55		-18.11		-17.66
SAST SA International Index Portfolio Class 1		104,015		10.17		10.36		1,069,777		2.37		0.40		0.80		-15.19		-14.85
SAST SA International Index Portfolio Class 3		1,962,422		10.02		10.31		19,940,353		2.63		1.00		1.55		-16.06		-15.60
SAST SA Invesco Growth Opportunities Portfolio Class 1		445,094		12.50		13.55		6,351,748		0.00		0.40		1.77		-36.50		-35.62
SAST SA Invesco Growth Opportunities Portfolio Class 2		169,040		12.64		13.89		2,324,188		0.00		1.52		1.97		-36.75		-36.46
SAST SA Invesco Growth Opportunities Portfolio Class 3		5,443,217		18.92		23.46		109,127,892		0.00		1.00		2.30		-37.07		-36.25
SAST SA Invesco Main Street Large Cap Portfolio Class 1		416,657		14.28		47.12		20,627,216		0.89		0.40		1.77		-21.59		-20.51
SAST SA Invesco Main Street Large Cap Portfolio Class 2		59,939		43.95		48.27		2,870,999		0.74		1.52		1.97		-21.83		-21.47
SAST SA Invesco Main Street Large Cap Portfolio Class 3		2,005,604		21.35		22.35		59,249,366		0.69		1.00		2.30		-22.20		-21.18
SAST SA Janus Focused Growth Portfolio Class 1		348,155		14.72		31.05		11,216,948		0.00		0.40		1.77		-34.71		-33.81
SAST SA Janus Focused Growth Portfolio Class 2		207,384		30.15		31.75		6,532,954		0.00		1.52		1.77		-34.86		-34.69
SAST SA Janus Focused Growth Portfolio Class 3		3,657,471		22.54		25.60		107,989,498		0.00		1.00		2.30		-35.21		-34.36
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		3,189,769		12.94		16.60		98,390,143		1.05		0.40		1.77		-17.43		-16.30
SAST SA JPMorgan Diversified Balanced Portfolio Class 2		591,618		27.47		30.11		17,626,978		1.00		1.52		1.97		-17.70		-17.33
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		8,721,707		15.48		17.14		183,448,512		0.90		1.00		2.30		-18.04		-16.97
SAST SA JPMorgan Emerging Markets Portfolio Class 1		661,331		8.53		16.94		11,536,400		2.51		0.40		1.77		-26.76		-25.75
SAST SA JPMorgan Emerging Markets Portfolio Class 2		130,533		15.80		17.33		2,242,419		2.37		1.52		1.97		-27.01		-26.68
SAST SA JPMorgan Emerging Markets Portfolio Class 3		6,827,097		9.27		9.41		85,468,640		2.45		1.00		2.30		-27.35		-26.40
SAST SA JPMorgan Equity-Income Portfolio Class 1		1,385,319		15.55		25.93		113,914,930		1.83		0.40		1.77		-3.56		-2.23
SAST SA JPMorgan Equity-Income Portfolio Class 2		123,353		76.01		83.53		10,205,445		1.67		1.52		1.97		-3.91		-3.48
SAST SA JPMorgan Equity-Income Portfolio Class 3		6,317,616		23.60		24.74		196,395,500		1.74		1.00		2.30		-4.30		-3.05
SAST SA JPMorgan Global Equities Portfolio Class 1		781,167		11.87		36.31		29,311,318		1.58		0.40		1.77		-17.29		-16.16
SAST SA JPMorgan Global Equities Portfolio Class 2		66,604		34.01		38.23		2,473,477		1.40		1.40		1.97		-17.55		-17.08
SAST SA JPMorgan Global Equities Portfolio Class 3		1,797,576		15.08		16.38		35,368,607		1.46		1.00		2.30		-17.93		-16.86
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		1,127,486		10.29		26.32		30,034,248		2.28		0.40		1.77		-14.66		-13.48
SAST SA JPMorgan MFS Core Bond Portfolio Class 2		192,338		25.49		26.89		5,141,003		1.96		1.52		1.77		-14.78		-14.57
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		35,807,261		9.72		11.59		530,372,133		1.95		1.00		2.30		-15.43		-14.32
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		1,482,255		15.28		21.03		53,768,999		0.00		0.40		1.77		-28.35		-27.36
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 2		390,264		32.89		37.12		13,943,040		0.00		1.40		1.97		-28.58		-28.17
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		6,919,378		25.17		32.17		252,762,932		0.00		1.00		2.30		-28.90		-27.98
SAST SA Large Cap Growth Index Portfolio Class 1		39,368		14.96		15.25		596,214		0.37		0.40		0.80		-30.18		-29.90
SAST SA Large Cap Growth Index Portfolio Class 3		2,068,224		14.18		14.65		29,927,128		0.26		1.00		1.70		-30.98		-30.50
SAST SA Large Cap Index Portfolio Class 1		179,155		15.58		15.90		2,813,186		0.81		0.40		0.80		-18.99		-18.66
SAST SA Large Cap Index Portfolio Class 3		4,312,283		14.78		15.21		64,557,407		1.16		1.00		1.55		-19.79		-19.35
SAST SA Large Cap Value Index Portfolio Class 1		46,022		14.17		14.43		658,550		1.95		0.40		0.80		-6.34		-5.97
SAST SA Large Cap Value Index Portfolio Class 3		2,670,271		13.52		13.87		36,590,538		1.99		1.00		1.55		-7.24		-6.73
SAST SA MFS Blue Chip Growth Portfolio Class 1		409,746		14.45		16.68		7,237,256		0.00		0.40		1.77		-31.04		-30.09
SAST SA MFS Blue Chip Growth Portfolio Class 2		147,469		16.22		17.11		2,498,175		0.00		1.52		1.77		-31.16		-30.99
SAST SA MFS Blue Chip Growth Portfolio Class 3		4,140,626		24.36		25.21		103,433,688		0.00		1.00		2.30		-31.63		-30.74
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		580,574		14.87		29.26		38,726,054		1.07		0.40		1.77		-17.79		-16.66
SAST SA MFS Massachusetts Investors Trust Portfolio Class 2		97,474		59.76		65.35		6,310,093		0.91		1.52		1.97		-18.08		-17.71
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		4,953,432		22.88		26.41		180,380,959		0.81		1.00		2.30		-18.41		-17.35
SAST SA MFS Total Return Portfolio Class 1		1,611,941		13.81		23.55		83,170,971		1.47		0.40		1.77		-11.28		-10.05
SAST SA MFS Total Return Portfolio Class 2		350,983		47.12		51.68		17,902,085		1.32		1.52		1.97		-11.56		-11.16
SAST SA MFS Total Return Portfolio Class 3		7,424,416		16.11		17.31		191,224,452		1.28		1.00		2.30		-11.95		-10.80
SAST SA Mid Cap Index Portfolio Class 1		33,760		13.15		13.40		448,604		0.99		0.40		0.80		-14.14		-13.80
SAST SA Mid Cap Index Portfolio Class 3		3,603,718		12.61		13.25		47,060,604		0.76		1.00		1.95		-15.31		-14.50
SAST SA Morgan Stanley International Equities Portfolio Class 1		1,211,682		10.19		14.94		19,070,867		2.52		0.40		1.77		-15.49		-14.32
SAST SA Morgan Stanley International Equities Portfolio Class 2		395,694		13.95		15.29		5,983,907		2.21		1.52		1.97		-15.84		-15.47

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2022								For the Year Ended December 31, 2022
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SAST SA Morgan Stanley International Equities Portfolio Class 3		6,447,892		10.14		11.18		85,496,128		2.34		1.00		2.30		-16.13		-15.03
SAST SA PIMCO RAE International Value Portfolio Class 1		11,326		8.89		8.96		101,437		4.55		0.40		0.55		-8.66		-8.52
SAST SA PIMCO RAE International Value Portfolio Class 2		424,190		16.29		18.10		7,632,433		3.77		1.52		1.97		-10.04		-9.64
SAST SA PIMCO RAE International Value Portfolio Class 3		18,942,487		8.94		10.05		240,717,919		3.70		1.00		2.30		-10.49		-9.32
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 1		4,214		11.76		11.94		50,314		0.00		0.55		0.80		-18.15		-17.94
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		65,633,474		11.07		12.23		849,522,148		0.00		1.00		1.95		-19.26		-18.49
SAST SA PineBridge High-Yield Bond Portfolio Class 1		699,806		11.28		32.97		24,237,406		5.37		0.40		1.77		-11.40		-10.18
SAST SA PineBridge High-Yield Bond Portfolio Class 2		162,532		30.66		33.68		5,432,276		5.40		1.52		1.97		-11.74		-11.35
SAST SA PineBridge High-Yield Bond Portfolio Class 3		3,631,385		12.90		14.62		74,369,353		5.20		1.00		2.30		-11.88		-10.73
SAST SA Putnam International Growth and Income Portfolio Class 1		965,129		10.80		12.66		17,761,505		1.62		0.40		1.77		-8.34		-7.07
SAST SA Putnam International Growth and Income Portfolio Class 2		249,286		16.54		18.09		4,475,062		1.66		1.52		1.97		-8.63		-8.22
SAST SA Putnam International Growth and Income Portfolio Class 3		4,830,759		12.26		15.73		72,860,894		1.41		1.00		2.17		-8.97		-7.90
SAST SA Schroders VCP Global Allocation Portfolio Class 1		21,109		10.91		11.01		231,134		0.94		0.40		0.55		-18.81		-18.69
SAST SA Schroders VCP Global Allocation Portfolio Class 3		34,956,593		10.20		10.78		393,035,155		0.65		1.00		1.95		-20.16		-19.39
SAST SA Small Cap Index Portfolio Class 1		35,358		11.39		11.61		407,239		0.59		0.40		0.80		-21.39		-21.07
SAST SA Small Cap Index Portfolio Class 3		3,556,335		10.80		11.35		39,818,011		0.53		1.00		1.95		-22.52		-21.78
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 1		28,195		13.20		13.30		373,044		0.61		0.40		0.55		-18.53		-18.41
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		30,037,106		12.11		12.72		376,668,687		0.34		1.00		1.95		-19.88		-19.12
SAST SA T. Rowe Price VCP Balanced Portfolio Class 1		18,230		12.79		12.90		233,339		1.03		0.40		0.55		-19.28		-19.16
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		85,626,716		11.81		12.52		1,119,730,799		0.76		1.00		1.95		-20.54		-19.78
SAST SA VCP Dynamic Allocation Portfolio Class 1		31,673		13.02		13.33		418,712		2.66		0.40		0.80		-17.65		-17.32
SAST SA VCP Dynamic Allocation Portfolio Class 3		399,592,820		12.20		14.08		6,104,053,442		2.26		1.00		2.15		-18.91		-17.97
SAST SA VCP Dynamic Strategy Portfolio Class 1		50,243		13.08		13.20		660,713		2.44		0.40		0.55		-14.77		-14.64
SAST SA VCP Dynamic Strategy Portfolio Class 3		317,750,193		12.13		14.06		4,776,685,400		2.07		1.00		2.02		-16.24		-15.38
SAST SA VCP Index Allocation Portfolio Class 1		29,243		11.91		12.00		348,849		0.00		0.40		0.55		-17.25		-17.13
SAST SA VCP Index Allocation Portfolio Class 3		33,439,491		11.16		11.49		378,580,493		0.00		1.00		1.55		-18.20		-17.75
SAST SA Wellington Capital Appreciation Portfolio Class 1		1,633,223		13.37		42.76		277,530,257		0.00		0.40		1.77		-37.46		-36.59
SAST SA Wellington Capital Appreciation Portfolio Class 2		231,890		149.30		165.83		37,303,158		0.00		1.40		1.97		-37.66		-37.30
SAST SA Wellington Capital Appreciation Portfolio Class 3		16,254,234		25.40		35.58		787,808,448		0.00		1.00		2.30		-37.92		-37.11
SAST SA Wellington Government and Quality Bond Portfolio Class 1		2,096,060		9.83		12.62		44,349,510		1.20		0.40		1.77		-14.93		-13.75
SAST SA Wellington Government and Quality Bond Portfolio Class 2		777,508		17.25		18.94		14,605,323		1.04		1.52		1.97		-15.23		-14.85
SAST SA Wellington Government and Quality Bond Portfolio Class 3		26,815,037		9.37		9.72		355,164,799		0.89		1.00		2.30		-15.63		-14.53
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		156,556		12.79		73.21		11,268,459		0.80		0.40		1.40		-18.15		-17.33
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		8,371,316		11.74		12.46		102,395,193		0.64		1.00		1.95		-18.81		-18.04
VALIC Company I International Equities Index Fund		338,654		11.52		11.61		3,924,544		2.89		1.10		1.40		-15.71		-15.45
VALIC Company I International Socially Responsible Fund		63,789		13.63		14.36		912,078		3.59		1.10		1.40		-17.71		-17.46
VALIC Company I Mid Cap Index Fund		209,790		16.51		17.97		3,712,402		1.30		1.10		1.40		-14.56		-14.30
VALIC Company I Nasdaq-100 Index Fund		127,395		21.94		25.65		3,160,960		0.23		1.10		1.70		-33.94		-33.54
VALIC Company I Small Cap Index Fund		176,269		13.26		15.99		2,741,189		0.73		1.10		1.70		-22.00		-21.53
VALIC Company I Stock Index Fund		544,936		17.96		20.25		10,956,779		1.17		1.10		1.70		-19.70		-19.22


	December 31, 2021								For the Year Ended December 31, 2021
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
American Funds IS American High-Income Trust Class 3		79,121		127.86		130.98		10,355,316		4.23		1.30		1.40		7.09		7.20
American Funds IS Asset Allocation Fund Class 2		1,512,729		37.89		39.76		59,927,723		1.53		1.52		1.77		13.08		13.37
American Funds IS Asset Allocation Fund Class 3		296,081		119.65		122.57		36,256,613		1.61		1.30		1.40		13.62		13.74
American Funds IS Capital Income Builder Class 4		224,159		12.74		13.74		3,068,555		2.48		1.10		1.70		12.75		13.43
American Funds IS Global Growth Fund Class 2		2,694,890		69.65		75.98		203,185,912		0.34		1.52		1.97		14.15		14.66
American Funds IS Growth Fund Class 2		3,967,897		88.86		96.89		381,387,835		0.22		1.52		1.97		19.61		20.15
American Funds IS Growth Fund Class 3		330,617		891.32		913.12		301,620,205		0.28		1.30		1.40		20.37		20.49
American Funds IS Growth-Income Fund Class 2		5,091,815		52.36		57.13		288,457,612		1.11		1.52		1.97		21.68		22.22
American Funds IS Growth-Income Fund Class 3		382,859		424.16		434.54		166,168,058		1.17		1.30		1.40		22.46		22.59
American Funds IS International Fund Class 3		252,846		81.46		83.46		21,070,826		2.38		1.30		1.40		-2.76		-2.66
American Funds IS U.S. Government Securities Fund Class 3		217,102		43.62		44.68		9,693,183		1.32		1.30		1.40		-2.00		-1.91
American Funds IS Ultra-Short Bond Fund Class 3		240,234		18.78		19.24		4,620,838		0.00		1.30		1.40		-1.83		-1.74
AST SA PGI Asset Allocation Portfolio Class 1		—		57.63		60.67		—		3.01		1.52		1.77		13.66		13.90
AST SA PGI Asset Allocation Portfolio Class 2		—		53.85		58.86		—		2.67		1.52		1.97		13.30		13.73
AST SA PGI Asset Allocation Portfolio Class 3		—		18.77		21.84		—		2.60		1.00		2.30		12.87		14.12
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		26,189		14.68		16.02		409,240		2.60		1.10		1.70		9.82		10.48
BlackRock Global Allocation V.I. Fund Class III		61,912		13.82		15.00		909,353		0.66		1.10		1.70		4.62		5.25
Columbia VP Dividend Opportunity Fund Class 1		68,160		25.62		27.00		1,830,331		0.00		1.52		1.77		23.95		24.26
Columbia VP Emerging Markets Bond Fund Class 2		7,292				11.76		85,769		3.64				1.10				-3.52
Columbia VP Income Opportunities Fund Class 1		267,729		27.23		30.54		7,986,919		8.99		1.52		2.17		2.25		2.92
Columbia VP Large Cap Growth Fund Class 1		988,128		27.34		28.12		27,628,192		0.00		1.52		2.02		26.16		26.79
Columbia VP Limited Duration Credit Fund Class 2		37,142		10.33		10.74		395,857		2.63		1.10		1.70		-2.52		-1.93
Columbia VP Overseas Core Fund Class 2		107,331		14.03		14.23		1,524,646		1.14		1.52		1.77		7.82		8.09
Columbia VP Select Mid Cap Growth Opportunity Fund Class 1		10,488		34.94		39.45		408,001		0.00		1.52		1.77		14.52		14.81
Columbia VP Small Company Growth Fund Class 1		19,502		48.58		51.21		992,810		0.00		1.52		1.77		-4.61		-4.37
CTIVP^® Principal Blue Chip Growth Fund Class 1		88,671		25.54		25.91		2,294,119		0.00		1.52		1.77		16.49		16.78

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2021								For the Year Ended December 31, 2021
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
Delaware Ivy VIP Asset Strategy Class II		27,274		13.10		14.09		380,069		1.41		1.10		1.70		8.58		9.23
FTVIP Franklin Allocation VIP Fund Class 1		1,248				13.45		16,786		0.63				0.55				11.20
FTVIP Franklin Allocation VIP Fund Class 2		2,251,672		16.24		16.77		40,939,689		1.71		1.00		2.30		9.14		10.57
FTVIP Franklin Income VIP Fund Class 1		98,610		12.90		13.09		1,284,343		4.60		0.40		0.80		16.07		16.54
FTVIP Franklin Income VIP Fund Class 2		7,072,748		15.32		16.49		131,253,224		4.68		1.00		2.30		14.10		15.59
FTVIP Franklin Strategic Income VIP Fund Class 2		100,068		10.59		11.04		1,087,844		3.14		1.10		1.70		0.39		0.99
Goldman Sachs VIT Government Money Market Fund Institutional Shares		934,543		9.76		10.31		9,137,517		0.01		0.40		1.52		-1.50		-0.39
Goldman Sachs VIT Government Money Market Fund Service Shares		22,490,562		9.23		9.85		217,567,229		0.01		1.00		2.15		-2.12		-0.99
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		50,186		9.85		10.26		512,147		1.15		1.10		1.40		3.20		3.51
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		1,163		12.67		13.57		15,444		0.00		1.10		1.35		14.61		14.90
Invesco V.I. American Franchise Fund Series I		3,447		19.51		19.80		68,054		0.00		0.40		0.80		11.03		11.48
Invesco V.I. American Franchise Fund Series II		2,185,893		34.58		40.44		99,674,218		0.00		1.00		2.30		9.11		10.54
Invesco V.I. Balanced-Risk Allocation Fund Series II		53,926		12.84		14.20		754,933		2.80		1.10		1.70		7.42		8.07
Invesco V.I. Comstock Fund Series I		16,358		14.17		14.38		234,842		2.36		0.40		0.80		32.30		32.83
Invesco V.I. Comstock Fund Series II		11,277,015		21.31		23.16		325,408,335		1.68		1.00		2.30		30.02		31.72
Invesco V.I. Growth and Income Fund Series I		85,053		13.95		14.16		1,197,253		1.71		0.40		0.80		27.48		27.99
Invesco V.I. Growth and Income Fund Series II		13,083,624		21.11		22.93		398,415,926		1.37		1.00		2.30		25.28		26.91
Lord Abbett Bond Debenture Portfolio Class VC		110,186		12.40		13.50		1,473,942		2.96		1.10		1.70		1.54		2.15
Lord Abbett Fundamental Equity Portfolio Class VC		9,094		16.55		17.43		156,392		0.90		1.10		1.40		25.54		25.92
Lord Abbett Growth and Income Portfolio Class VC		6,688,431		15.12		20.52		177,915,242		1.04		0.40		2.30		26.09		28.50
Lord Abbett Mid Cap Stock Portfolio Class VC		449,581		29.09		30.56		13,697,365		0.58		1.52		1.77		26.44		26.76
Lord Abbett Short Duration Income Portfolio Class VC		177,884		10.33		10.80		1,915,881		1.79		1.10		1.70		-1.07		-0.47
Morgan Stanley VIF Global Infrastructure Portfolio Class II		72,067		12.53		13.81		983,518		1.96		1.10		1.70		12.08		12.76
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		46,376		12.51		12.72		585,811		0.27		1.10		1.40		16.30		16.65
PIMCO All Asset Portfolio Advisor Class		5,552		13.64		13.79		76,417		12.08		1.10		1.35		14.49		14.77
PIMCO Dynamic Bond Portfolio Advisor Class		104,353		10.73		11.16		1,159,420		1.92		1.10		1.70		-0.52		0.08
PIMCO Emerging Markets Bond Portfolio Advisor Class		218,102		10.30		10.43		2,294,447		4.29		1.00		1.55		-4.16		-3.63
PIMCO Total Return Portfolio Advisor Class		16,444,965		10.20		10.50		171,305,014		1.74		1.00		1.80		-3.12		-2.35
PIMCO Total Return Portfolio Institutional Class		75,950		10.49		10.71		805,561		1.64		0.40		0.80		-1.91		-1.51
PVC Core Plus Bond Account Class 1		409,626		10.77		10.93		4,461,991		2.55		1.40		1.95		-2.37		-1.83
PVC Diversified International Account Class 1		93,837		9.87		11.44		1,029,381		1.30		1.40		1.95		7.63		8.23
PVC Equity Income Account Class 1		380,810		28.07		30.46		11,478,756		1.94		1.40		1.80		20.28		20.76
PVC Equity Income Account Class 2		256,728		25.85		27.11		7,061,790		1.82		1.52		1.95		19.79		20.30
PVC Government & High Quality Bond Account Class 1		269,791		7.66		8.96		2,303,058		2.35		1.40		1.95		-3.23		-2.69
PVC Large Cap Growth Account I Class 1		89,763		18.19		18.45		1,650,371		0.00		1.40		1.95		19.54		20.20
PVC MidCap Account Class 1		46,189		45.90		49.77		2,254,926		0.14		1.40		1.80		23.29		23.78
PVC MidCap Account Class 2		16,211		42.23		45.77		733,254		0.00		1.55		1.95		22.78		23.27
PVC Principal Capital Appreciation Account Class 1		256,701		45.44		49.30		12,563,366		0.83		1.40		1.80		25.54		26.05
PVC Principal Capital Appreciation Account Class 2		53,981		41.76		45.26		2,426,676		0.76		1.55		1.95		25.04		25.54
PVC Real Estate Securities Account Class 1		9,548		53.53		55.89		532,224		1.44		1.40		1.55		38.28		38.49
PVC Real Estate Securities Account Class 2		5,210		50.74		52.73		273,243		1.22		1.55		1.70		37.68		37.89
PVC SAM Balanced Portfolio Class 1		1,181,363		21.60		23.45		26,944,579		1.59		1.40		1.80		11.71		12.16
PVC SAM Balanced Portfolio Class 2		1,161,402		19.98		21.78		24,902,391		1.38		1.52		1.95		11.20		11.68
PVC SAM Conservative Balanced Portfolio Class 1		175,863		13.67		14.82		2,545,781		1.89		1.40		1.80		7.75		8.18
PVC SAM Conservative Balanced Portfolio Class 2		190,341		12.66		19.22		2,610,010		1.72		1.52		1.95		7.36		7.83
PVC SAM Conservative Growth Portfolio Class 1		538,693		25.19		27.32		14,218,538		1.17		1.40		1.80		15.65		16.11
PVC SAM Conservative Growth Portfolio Class 2		561,163		23.23		25.28		13,967,600		1.05		1.52		1.95		15.18		15.67
PVC SAM Flexible Income Portfolio Class 1		266,989		14.29		15.53		4,041,977		2.53		1.40		1.80		4.98		5.40
PVC SAM Flexible Income Portfolio Class 2		308,145		13.25		17.75		4,413,468		2.07		1.52		1.95		4.56		5.01
PVC SAM Strategic Growth Portfolio Class 1		114,573		29.30		31.74		3,563,215		0.97		1.40		1.80		17.72		18.20
PVC SAM Strategic Growth Portfolio Class 2		224,603		27.03		29.50		6,460,162		0.81		1.52		1.95		17.23		17.73
PVC Short-Term Income Account Class 1		231,456		6.99		8.10		1,763,627		1.50		1.40		1.95		-2.63		-2.10
PVC SmallCap Account Class 1		28,923		20.78		22.51		628,926		0.33		1.40		1.80		17.98		18.45
PVC SmallCap Account Class 2		17,082		19.19		20.73		352,316		0.16		1.55		1.95		17.55		18.02
SST SA Allocation Balanced Portfolio Class 1		12,565		14.34		14.44		180,689		1.26		0.40		0.55		6.96		7.12
SST SA Allocation Balanced Portfolio Class 3		8,817,411		13.54		17.50		173,653,436		0.95		1.00		2.30		4.87		6.24
SST SA Allocation Growth Portfolio Class 1		56,095		17.20		17.54		979,000		2.22		0.40		0.80		15.05		15.51
SST SA Allocation Growth Portfolio Class 3		10,867,721		16.22		23.26		276,655,119		2.07		1.00		2.02		13.38		14.54
SST SA Allocation Moderate Growth Portfolio Class 1		16,906		16.26		16.38		276,599		1.98		0.40		0.55		12.15		12.31
SST SA Allocation Moderate Growth Portfolio Class 3		11,679,436		15.20		19.92		261,248,904		1.78		1.00		2.30		9.91		11.35
SST SA Allocation Moderate Portfolio Class 1		9,690		15.52		15.63		151,290		2.33		0.40		0.55		10.12		10.28
SST SA Allocation Moderate Portfolio Class 3		9,863,746		14.56		19.10		212,129,289		1.91		1.00		2.30		7.91		9.33
SST SA American Century Inflation Protection Portfolio Class 1		16,505		11.61		11.84		194,121		1.76		0.40		0.80		3.72		4.13
SST SA American Century Inflation Protection Portfolio Class 3		25,499,567		11.27		11.29		321,866,138		2.39		1.00		2.30		1.87		3.20
SST SA Columbia Focused Value Portfolio Class 3		7,377		18.00		19.93		146,360		3.78		1.10		1.70		23.19		23.93
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		16,283		10.66		11.37		182,236		3.65		1.10		1.70		-3.35		-2.76
SST SA Multi-Managed International Equity Portfolio Class 3		35,476		13.93		14.02		495,238		2.54		1.10		1.40		9.38		9.71
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		28,388		25.33		29.30		756,341		0.00		1.10		1.70		14.25		14.94
SST SA Multi-Managed Large Cap Value Portfolio Class 3		12,115		16.27		17.15		200,770		2.90		1.10		1.40		21.85		22.22
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		12,865		24.25		26.22		326,651		0.00		1.10		1.40		7.65		7.97
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		19,084		16.37		17.61		327,800		1.60		1.10		1.40		25.33		25.70
SST SA Multi-Managed Small Cap Portfolio Class 3		13,358		16.89		18.71		235,525		0.02		1.10		1.40		21.58		21.95
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		18,179		16.88		17.01		307,143		2.65		0.40		0.55		17.84		18.02

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2021								For the Year Ended December 31, 2021
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		5,929,487		15.80		17.25		100,839,491		2.27		1.00		1.70		16.21		17.02
SST SA T. Rowe Price Growth Stock Portfolio Class 3		19,936		27.89		29.67		585,981		0.00		1.10		1.40		17.85		18.20
SAST SA AB Growth Portfolio Class 1		7,330,606		23.02		47.12		552,124,736		0.00		0.40		1.77		26.54		28.29
SAST SA AB Growth Portfolio Class 2		367,252		160.52		180.59		63,729,403		0.00		1.40		1.97		26.09		26.81
SAST SA AB Growth Portfolio Class 3		6,497,542		45.17		50.15		547,212,434		0.00		1.00		2.30		25.55		27.19
SAST SA AB Small & Mid Cap Value Portfolio Class 1		69,775		14.16		14.37		997,651		1.04		0.40		0.80		35.32		35.86
SAST SA AB Small & Mid Cap Value Portfolio Class 2		210,906		49.32		53.83		11,275,235		0.55		1.52		1.97		33.56		34.16
SAST SA AB Small & Mid Cap Value Portfolio Class 3		9,773,990		21.85		28.52		382,459,340		0.46		1.00		2.30		32.98		34.72
SAST SA American Funds Asset Allocation Portfolio Class 1		508,474		16.45		16.57		8,392,904		1.05		0.40		0.55		14.49		14.66
SAST SA American Funds Asset Allocation Portfolio Class 3		67,513,730		19.98		22.13		1,711,853,203		1.09		1.00		2.30		12.19		13.66
SAST SA American Funds Global Growth Portfolio Class 1		137,939		17.70		17.96		2,464,739		0.51		0.40		0.80		15.46		15.92
SAST SA American Funds Global Growth Portfolio Class 3		12,033,355		27.82		32.56		435,947,716		0.06		1.00		2.30		13.47		14.96
SAST SA American Funds Growth Portfolio Class 1		102,121		22.35		22.68		2,304,232		0.23		0.40		0.80		20.95		21.44
SAST SA American Funds Growth Portfolio Class 3		15,528,778		40.22		43.74		767,479,511		0.03		1.00		2.30		18.92		20.48
SAST SA American Funds Growth-Income Portfolio Class 1		119,461		16.43		16.68		1,981,618		1.62		0.40		0.80		23.09		23.58
SAST SA American Funds Growth-Income Portfolio Class 3		11,885,245		27.56		28.80		384,442,487		1.01		1.00		2.30		20.87		22.45
SAST SA American Funds VCP Managed Allocation Portfolio Class 1		61,003		15.51		15.62		947,039		2.16		0.40		0.55		14.36		14.53
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		106,954,856		14.55		17.14		2,001,901,761		1.23		1.00		2.30		12.12		13.59
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		2,357,522		11.87		11.95		28,078,091		2.14		1.00		1.55		11.58		12.20
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 1		61,732		13.28		13.54		830,111		1.87		0.40		0.80		6.99		7.42
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		55,193,356		12.61		12.85		744,724,890		0.85		1.00		2.15		5.32		6.54
SAST SA Columbia Technology Portfolio Class 1		—		14.92		26.68		—		0.00		0.40		1.77		29.01		30.66
SAST SA Columbia Technology Portfolio Class 2		—		14.46		15.61		—		0.00		1.40		1.80		28.71		29.14
SAST SA Columbia Technology Portfolio Class 3		—		60.43		72.23		—		0.00		1.00		2.30		28.25		30.82
SAST SA DFA Ultra Short Bond Portfolio Class 1		2,037,617		10.21		10.99		23,523,686		0.05		0.40		1.77		-2.27		-0.92
SAST SA DFA Ultra Short Bond Portfolio Class 2		803,813		10.30		11.23		8,990,127		0.00		1.52		1.97		-2.61		-2.17
SAST SA DFA Ultra Short Bond Portfolio Class 3		19,000,018		7.44		9.29		172,700,500		0.00		1.00		2.30		-3.04		-1.77
SAST SA Emerging Markets Equity Index Portfolio Class 1		9,080		11.23		11.40		103,054		1.06		0.40		0.80		-4.08		-3.69
SAST SA Emerging Markets Equity Index Portfolio Class 3		1,020,696		10.83		11.05		11,167,585		1.22		1.00		1.55		-5.06		-4.54
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		1,413,125		12.70		34.18		49,281,795		2.97		0.40		1.77		-1.16		0.20
SAST SA Federated Hermes Corporate Bond Portfolio Class 2		438,755		32.00		34.97		15,232,244		2.72		1.52		1.97		-1.53		-1.08
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		35,807,847		13.20		17.78		810,235,712		3.06		1.00		2.30		-1.95		-0.66
SAST SA Fidelity Institutional AM^® International Growth Class 1		45,820		15.07		15.23		694,866		0.04		0.40		0.80		11.37		11.82
SAST SA Fidelity Institutional AM^® International Growth Class 3		572,953		14.68		14.90		8,474,707		0.00		1.00		1.55		10.22		10.83
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 1		363,900		17.11		54.45		20,746,998		1.46		0.40		1.77		36.78		38.67
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 2		84,750		51.03		55.69		4,659,985		0.00		1.52		1.97		36.27		36.89
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		5,911,434		17.49		19.47		165,080,314		0.00		1.00		2.30		35.75		37.52
SAST SA Fixed Income Index Portfolio Class 1		67				11.21		750		0.00				0.80				-2.84
SAST SA Fixed Income Index Portfolio Class 3		5,991,408		10.64		11.01		65,185,453		0.00		1.00		1.80		-3.96		-3.19
SAST SA Fixed Income Intermediate Index Portfolio Class 3		3,006,389		10.19		10.54		31,311,043		1.10		1.00		1.80		-3.54		-2.76
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		3,356,988		14.78		31.60		321,179,462		1.88		0.40		1.77		27.59		29.35
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 2		495,266		85.57		96.12		45,971,585		1.74		1.40		1.97		27.17		27.89
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		8,973,492		22.48		23.26		386,641,244		1.67		1.00		2.30		26.59		28.24
SAST SA Franklin Small Company Value Portfolio Class 1		3,178		14.35		14.56		46,018		0.84		0.40		0.80		24.32		24.82
SAST SA Franklin Small Company Value Portfolio Class 3		6,482,397		20.78		23.47		163,153,424		0.94		1.00		2.30		22.16		23.76
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 1		1,347		14.76		14.89		20,029		0.05		0.40		0.80		24.67		25.17
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		364,136		14.43		14.56		5,286,453		0.00		1.15		1.55		23.49		23.98
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		579,681		17.00		45.92		27,512,124		2.29		0.40		1.77		21.92		23.60
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 2		127,778		43.12		47.01		5,953,628		2.17		1.52		1.97		21.41		21.96
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		4,506,856		26.44		35.20		183,312,506		2.35		1.00		2.30		20.94		22.52
SAST SA Franklin Tactical Opportunities Portfolio Class 1		2,926		13.93		14.17		41,245		1.16		0.40		0.80		14.25		14.70
SAST SA Franklin Tactical Opportunities Portfolio Class 3		5,092,788		13.27		13.67		68,742,945		1.01		1.00		1.70		12.90		13.69
SAST SA Global Index Allocation 60/40 Portfolio Class 1		7,415				13.49		100,030		1.44				0.40				9.43
SAST SA Global Index Allocation 60/40 Portfolio Class 3		5,039,140		12.74		13.08		65,253,076		1.41		1.00		1.70		7.77		8.53
SAST SA Global Index Allocation 75/25 Portfolio Class 1		8,592				13.86		119,095		1.65				0.55				12.03
SAST SA Global Index Allocation 75/25 Portfolio Class 3		4,899,011		13.05		13.51		65,543,601		1.46		1.00		1.95		10.25		11.30
SAST SA Global Index Allocation 90/10 Portfolio Class 1		298,288		14.09		14.30		4,255,242		1.17		0.40		0.80		14.82		15.28
SAST SA Global Index Allocation 90/10 Portfolio Class 3		17,681,240		13.51		13.86		242,687,504		1.00		1.00		1.70		13.53		14.32
SAST SA Goldman Sachs Global Bond Portfolio Class 1		725,359		11.22		14.40		16,525,915		2.37		0.40		1.77		-8.94		-7.68
SAST SA Goldman Sachs Global Bond Portfolio Class 2		178,479		20.57		22.42		3,961,222		2.17		1.52		1.97		-9.20		-8.79
SAST SA Goldman Sachs Global Bond Portfolio Class 3		16,534,144		10.23		11.21		231,293,179		2.36		1.00		2.30		-9.63		-8.45
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 1		555				14.23		7,891		0.42				0.40				14.57
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		2,187,161		13.18		13.72		29,651,190		0.25		1.00		1.95		12.45		13.52
SAST SA Index Allocation 60/40 Portfolio Class 1		48,161				15.99		770,268		0.32				0.55				12.76
SAST SA Index Allocation 60/40 Portfolio Class 3		11,965,926		14.93		15.45		182,446,537		0.08		1.00		1.70		11.15		11.93
SAST SA Index Allocation 80/20 Portfolio Class 1		133,959		17.35		17.69		2,356,668		1.15		0.40		0.80		17.65		18.12
SAST SA Index Allocation 80/20 Portfolio Class 3		21,314,934		16.20		16.97		356,799,103		1.09		1.00		1.95		15.95		17.05
SAST SA Index Allocation 90/10 Portfolio Class 1		381,020		18.05		18.41		6,952,109		1.19		0.40		0.80		19.93		20.41
SAST SA Index Allocation 90/10 Portfolio Class 3		58,148,904		16.86		17.67		1,013,852,694		1.08		1.00		1.95		18.29		19.41
SAST SA International Index Portfolio Class 1		103,939		11.99		12.10		1,257,427		1.35		0.55		0.80		9.89		10.17
SAST SA International Index Portfolio Class 3		1,309,733		11.86		12.22		15,815,366		1.47		1.00		1.70		8.60		9.37
SAST SA Invesco Growth Opportunities Portfolio Class 1		478,702		19.42		21.34		10,736,250		0.00		0.40		1.77		5.44		6.90
SAST SA Invesco Growth Opportunities Portfolio Class 2		173,669		19.98		21.86		3,758,687		0.00		1.52		1.97		5.10		5.57

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2021								For the Year Ended December 31, 2021
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SAST SA Invesco Growth Opportunities Portfolio Class 3		4,708,484		29.68		37.28		145,380,100		0.00		1.00		2.30		4.67		6.04
SAST SA Invesco Main Street Large Cap Portfolio Class 1		458,833		17.70		60.09		29,020,788		0.65		0.80		1.77		25.54		26.76
SAST SA Invesco Main Street Large Cap Portfolio Class 2		64,983		56.22		61.47		3,962,319		0.50		1.52		1.97		25.13		25.69
SAST SA Invesco Main Street Large Cap Portfolio Class 3		1,940,743		27.09		28.73		73,874,805		0.46		1.00		2.30		24.58		26.21
SAST SA Invesco VCP Equity-Income Portfolio Class 1		—		11.85		11.92		—		1.63		0.40		0.55		6.33		6.38
SAST SA Invesco VCP Equity-Income Portfolio Class 3		—		11.40		13.24		—		1.23		1.00		2.15		5.77		6.17
SAST SA Janus Focused Growth Portfolio Class 1		374,703		22.24		47.56		18,525,819		0.00		0.40		1.77		21.15		22.82
SAST SA Janus Focused Growth Portfolio Class 2		237,666		46.27		48.62		11,444,891		0.00		1.52		1.77		20.99		21.30
SAST SA Janus Focused Growth Portfolio Class 3		3,337,047		34.34		39.51		150,426,511		0.00		1.00		2.30		20.19		21.76
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		3,641,623		15.45		20.11		135,833,732		0.96		0.40		1.77		9.85		11.37
SAST SA JPMorgan Diversified Balanced Portfolio Class 2		612,632		33.38		36.43		22,112,654		0.82		1.52		1.97		9.44		9.93
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		8,913,640		18.65		20.91		227,211,135		0.59		1.00		2.30		9.01		10.43
SAST SA JPMorgan Emerging Markets Portfolio Class 1		774,865		11.48		23.13		18,035,326		1.78		0.40		1.77		-0.58		0.79
SAST SA JPMorgan Emerging Markets Portfolio Class 2		136,018		21.65		23.64		3,187,901		1.64		1.52		1.97		-1.01		-0.56
SAST SA JPMorgan Emerging Markets Portfolio Class 3		6,808,401		12.59		12.96		117,004,799		1.64		1.00		2.30		-1.40		-0.11
SAST SA JPMorgan Equity-Income Portfolio Class 1		1,527,085		15.91		26.89		129,882,470		1.86		0.40		1.77		23.61		25.31
SAST SA JPMorgan Equity-Income Portfolio Class 2		139,401		79.11		86.54		11,945,501		1.78		1.52		1.97		23.16		23.71
SAST SA JPMorgan Equity-Income Portfolio Class 3		5,976,841		24.34		25.85		195,974,711		1.81		1.00		2.30		22.63		24.24
SAST SA JPMorgan Global Equities Portfolio Class 1		866,802		14.15		43.91		39,692,292		1.73		0.40		1.77		21.16		22.83
SAST SA JPMorgan Global Equities Portfolio Class 2		76,386		41.25		46.10		3,425,290		1.60		1.40		1.97		20.71		21.39
SAST SA JPMorgan Global Equities Portfolio Class 3		1,781,867		18.37		19.70		42,978,340		1.71		1.00		2.30		20.19		21.76
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		1,231,070		11.89		30.85		39,357,534		2.46		0.40		1.77		-2.66		-1.31
SAST SA JPMorgan MFS Core Bond Portfolio Class 2		238,801		29.91		31.48		7,451,186		2.30		1.52		1.77		-2.81		-2.57
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		39,754,960		11.34		13.70		693,118,719		2.33		1.00		2.30		-3.40		-2.14
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		1,789,827		21.04		29.36		89,475,907		0.00		0.40		1.77		8.89		10.39
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 2		445,001		46.05		51.67		22,144,133		0.00		1.40		1.97		8.50		9.12
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		6,302,403		34.94		45.25		319,929,845		0.00		1.00		2.30		8.03		9.44
SAST SA Large Cap Growth Index Portfolio Class 1		39,937		21.43		21.75		863,859		0.65		0.40		0.80		30.60		31.13
SAST SA Large Cap Growth Index Portfolio Class 3		1,319,148		20.55		21.08		27,535,439		0.62		1.00		1.70		29.07		29.97
SAST SA Large Cap Index Portfolio Class 1		234,357		19.23		19.43		4,535,010		1.46		0.55		0.80		27.32		27.64
SAST SA Large Cap Index Portfolio Class 3		3,309,792		18.31		18.87		61,565,300		1.44		1.00		1.70		25.90		26.79
SAST SA Large Cap Value Index Portfolio Class 1		41,057		15.13		15.35		626,627		2.48		0.40		0.80		23.41		23.91
SAST SA Large Cap Value Index Portfolio Class 3		1,781,257		14.50		14.87		26,239,547		2.92		1.00		1.70		21.98		22.83
SAST SA MFS Blue Chip Growth Portfolio Class 1		448,218		20.66		24.19		11,455,765		0.20		0.40		1.77		26.72		28.47
SAST SA MFS Blue Chip Growth Portfolio Class 2		162,698		23.56		24.79		3,990,196		0.00		1.52		1.77		26.50		26.82
SAST SA MFS Blue Chip Growth Portfolio Class 3		3,664,872		35.17		36.87		130,385,597		0.00		1.00		2.30		25.78		27.42
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		649,326		17.74		35.60		52,630,757		0.00		0.55		1.77		24.68		26.21
SAST SA MFS Massachusetts Investors Trust Portfolio Class 2		108,553		72.94		79.41		8,545,275		0.00		1.52		1.97		24.25		24.81
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		5,339,734		27.68		32.37		237,622,610		0.00		1.00		2.30		23.71		25.33
SAST SA MFS Total Return Portfolio Class 1		1,803,122		15.36		26.54		105,133,724		0.00		0.40		1.77		12.03		13.58
SAST SA MFS Total Return Portfolio Class 2		393,747		53.28		58.18		22,613,618		1.31		1.52		1.97		11.69		12.19
SAST SA MFS Total Return Portfolio Class 3		7,399,339		18.06		19.66		220,969,315		1.32		1.00		2.30		11.16		12.61
SAST SA Mid Cap Index Portfolio Class 1		26,638		15.32		15.54		411,197		1.20		0.40		0.80		23.18		23.67
SAST SA Mid Cap Index Portfolio Class 3		2,774,022		14.88		15.49		42,488,082		0.83		1.00		1.95		21.41		22.57
SAST SA Morgan Stanley International Equities Portfolio Class 1		1,374,936		11.89		17.68		25,549,281		1.22		0.40		1.77		2.51		3.92
SAST SA Morgan Stanley International Equities Portfolio Class 2		503,680		16.58		18.08		9,027,416		1.09		1.52		1.97		2.09		2.55
SAST SA Morgan Stanley International Equities Portfolio Class 3		7,385,513		12.09		13.16		116,005,637		1.03		1.00		2.30		1.69		3.02
SAST SA PIMCO RAE International Value Portfolio Class 1		9,949		9.74		9.79		97,402		2.76		0.40		0.55		8.00		8.16
SAST SA PIMCO RAE International Value Portfolio Class 2		486,034		18.11		20.03		9,671,895		2.10		1.52		1.97		6.33		6.81
SAST SA PIMCO RAE International Value Portfolio Class 3		22,521,709		9.99		11.09		317,011,546		2.00		1.00		2.30		5.90		7.29
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 1		4,621		14.37		14.55		67,227		0.00		0.55		0.80		7.50		7.77
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		71,728,113		13.58		14.88		1,142,793,787		0.00		1.00		2.15		5.77		6.99
SAST SA PineBridge High-Yield Bond Portfolio Class 1		789,289		12.56		37.22		30,855,246		4.85		0.40		1.77		4.16		5.60
SAST SA PineBridge High-Yield Bond Portfolio Class 2		177,171		34.74		38.00		6,690,260		4.76		1.52		1.97		3.79		4.26
SAST SA PineBridge High-Yield Bond Portfolio Class 3		3,963,299		14.45		16.59		91,850,041		0.00		1.00		2.30		3.22		4.57
SAST SA Putnam International Growth and Income Portfolio Class 1		1,061,459		11.62		13.81		21,259,331		2.03		0.40		1.77		12.97		14.53
SAST SA Putnam International Growth and Income Portfolio Class 2		230,112		18.11		19.71		4,486,388		1.90		1.52		1.97		12.61		13.12
SAST SA Putnam International Growth and Income Portfolio Class 3		5,446,012		10.27		13.32		91,553,091		1.80		1.00		2.30		12.08		13.54
SAST SA Schroders VCP Global Allocation Portfolio Class 1		21,540		13.44		13.54		290,293		0.70		0.40		0.55		12.02		12.19
SAST SA Schroders VCP Global Allocation Portfolio Class 3		37,680,947		12.65		13.34		527,290,201		0.36		1.00		2.15		10.01		11.28
SAST SA Small Cap Index Portfolio Class 1		41,399		14.49		14.70		605,128		0.76		0.40		0.80		13.24		13.70
SAST SA Small Cap Index Portfolio Class 3		2,729,065		13.94		14.52		39,157,430		0.48		1.00		1.95		11.64		12.70
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 1		22,699		16.20		16.30		368,631		0.00		0.40		0.55		15.68		15.85
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		27,209,293		15.11		15.73		422,992,290		0.00		1.00		1.95		13.76		14.85
SAST SA T. Rowe Price VCP Balanced Portfolio Class 1		19,170		15.84		15.96		303,938		0.57		0.40		0.55		11.99		12.16
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		87,843,830		14.72		15.58		1,436,183,196		0.88		1.00		2.15		9.91		11.18
SAST SA VCP Dynamic Allocation Portfolio Class 1		32,126		15.81		16.13		514,441		2.28		0.40		0.80		8.70		9.13
SAST SA VCP Dynamic Allocation Portfolio Class 3		447,897,380		14.88		17.36		8,368,908,213		1.54		1.00		2.15		6.99		8.22
SAST SA VCP Dynamic Strategy Portfolio Class 1		52,465		15.35		15.46		808,730		2.22		0.40		0.55		9.77		9.93
SAST SA VCP Dynamic Strategy Portfolio Class 3		362,391,923		14.34		16.60		6,460,368,886		1.46		1.00		2.15		7.74		8.99
SAST SA VCP Index Allocation Portfolio Class 1		23,971		14.39		14.48		345,048		1.92		0.40		0.55		13.70		13.87
SAST SA VCP Index Allocation Portfolio Class 3		32,666,989		13.41		13.96		450,837,287		0.97		1.00		1.95		11.80		12.86
SAST SA Wellington Capital Appreciation Portfolio Class 1		1,825,027		21.09		68.37		498,540,110		0.00		0.40		1.77		3.77		5.21

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2021								For the Year Ended December 31, 2021
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest

SAST SA Wellington Capital Appreciation Portfolio Class 2		257,219		239.50		264.50		66,095,216		0.00		1.40		1.97		3.43		4.02
SAST SA Wellington Capital Appreciation Portfolio Class 3		13,086,656		40.38		57.31		1,051,002,049		0.00		1.00		2.30		2.97		4.32
SAST SA Wellington Government and Quality Bond Portfolio Class 1		2,247,157		11.40		14.83		56,597,870		1.56		0.40		1.77		-3.58		-2.25
SAST SA Wellington Government and Quality Bond Portfolio Class 2		895,596		20.35		22.24		19,759,351		1.34		1.52		1.97		-3.94		-3.51
SAST SA Wellington Government and Quality Bond Portfolio Class 3		29,835,161		10.97		11.52		466,458,873		1.36		1.00		2.30		-4.33		-3.08
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		171,355		15.46		89.44		15,161,435		0.29		0.40		1.40		6.16		7.22
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		7,575,115		14.65		15.20		113,361,839		0.19		1.00		1.70		5.66		6.40
SAST SA WellsCap Aggressive Growth Portfolio Class 1		—		21.97		28.87		—		0.00		0.40		1.77		5.48		6.70
SAST SA WellsCap Aggressive Growth Portfolio Class 2		—		52.97		55.69		—		0.00		1.52		1.77		5.33		5.55
SAST SA WellsCap Aggressive Growth Portfolio Class 3		—		31.84		33.92		—		0.00		1.00		2.30		4.80		5.96
VALIC Company I International Equities Index Fund		359,492		13.67		13.73		4,925,820		1.28		1.10		1.40		9.49		9.81
VALIC Company I International Socially Responsible Fund		74,163		16.56		17.40		1,279,105		1.78		1.10		1.40		10.88		11.22
VALIC Company I Mid Cap Index Fund		243,905		19.33		20.97		5,003,626		1.09		1.10		1.40		22.60		22.96
VALIC Company I Nasdaq-100 Index Fund		126,248		33.22		38.60		4,701,317		0.29		1.10		1.70		24.79		25.54
VALIC Company I Small Cap Index Fund		187,712		17.00		20.38		3,673,749		0.82		1.10		1.70		12.51		13.19
VALIC Company I Stock Index Fund		598,532		22.37		25.07		14,866,009		1.47		1.10		1.70		26.19		26.95


	December 31, 2020								For the Year Ended December 31, 2020
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
American Funds IS American High-Income Trust Class 3		81,361		119.39		122.18		9,934,575		8.03		1.30		1.40		6.43		6.54
American Funds IS Asset Allocation Fund Class 2		1,664,820		33.51		35.07		58,193,929		1.56		1.52		1.77		10.48		10.76
American Funds IS Asset Allocation Fund Class 3		303,529		105.30		107.77		32,680,405		1.59		1.30		1.40		10.94		11.05
American Funds IS Capital Income Builder Class 4		250,888		11.30		12.11		3,027,097		2.39		1.10		1.70		2.36		2.98
American Funds IS Global Growth Fund Class 2		3,068,491		61.02		66.26		201,838,643		0.32		1.52		1.97		27.92		28.50
American Funds IS Growth Fund Class 2		4,454,709		74.29		80.64		356,447,043		0.30		1.52		1.97		49.12		49.79
American Funds IS Growth Fund Class 3		368,188		740.45		757.81		278,777,631		0.35		1.30		1.40		50.08		50.23
American Funds IS Growth-Income Fund Class 2		5,925,728		43.03		46.74		274,750,351		1.23		1.52		1.97		11.33		11.83
American Funds IS Growth-Income Fund Class 3		434,298		346.36		354.48		153,747,600		1.28		1.30		1.40		12.03		12.14
American Funds IS International Fund Class 3		288,634		83.77		85.74		24,715,792		0.63		1.30		1.40		12.41		12.52
American Funds IS U.S. Government Securities Fund Class 3		226,242		44.51		45.55		10,298,390		2.00		1.30		1.40		8.39		8.49
American Funds IS Ultra-Short Bond Fund Class 3		219,773		19.13		19.58		4,302,394		0.22		1.30		1.40		-1.26		-1.16
AST SA PGI Asset Allocation Portfolio Class 1		1,600,216		50.71		53.26		85,200,999		2.37		1.52		1.77		7.97		8.24
AST SA PGI Asset Allocation Portfolio Class 2		224,818		47.53		51.75		11,490,791		2.23		1.52		1.97		7.59		8.08
AST SA PGI Asset Allocation Portfolio Class 3		1,574,827		16.45		19.35		43,397,674		2.21		1.00		2.30		7.15		8.55
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		40,807		13.37		14.50		582,129		1.35		1.10		1.70		12.42		13.10
BlackRock Global Allocation V.I. Fund Class III		107,285		13.21		14.25		1,494,067		0.91		1.10		1.70		18.67		19.39
Columbia VP Dividend Opportunity Fund Class 1		78,656		20.67		21.73		1,699,543		0.00		1.52		1.77		-0.63		-0.38
Columbia VP Emerging Markets Bond Fund Class 2		7,223		11.78		12.19		88,055		3.11		1.10		1.70		5.36		5.99
Columbia VP Income Opportunities Fund Class 1		281,445		26.63		29.67		8,171,514		4.35		1.52		2.17		3.62		4.30
Columbia VP Large Cap Growth Fund Class 1		1,163,971		21.67		22.18		25,693,081		0.00		1.52		2.02		32.04		32.70
Columbia VP Limited Duration Credit Fund Class 2		24,098		10.59		10.95		263,707		2.47		1.10		1.70		3.79		4.42
Columbia VP Overseas Core Fund Class 2		114,046		13.01		13.16		1,499,250		1.25		1.52		1.77		6.92		7.18
Columbia VP Select Mid Cap Growth Opportunity Fund Class 1		12,882		30.51		34.36		432,516		0.00		1.52		1.77		33.05		33.38
Columbia VP Small Company Growth Fund Class 1		20,767		50.92		53.55		1,103,108		0.00		1.52		1.77		68.13		68.55
CTIVP^® Principal Blue Chip Growth Fund Class 1		97,285		21.93		22.19		2,155,838		0.00		1.52		1.77		29.62		29.94
Delaware Ivy VIP Asset Strategy Class II		35,867		12.06		12.90		455,677		1.90		1.10		1.70		11.96		12.63
FTVIP Franklin Allocation VIP Fund Class 2		2,389,334		14.88		15.16		39,396,348		1.40		1.00		2.30		9.20		10.63
FTVIP Franklin Income VIP Fund Class 1		90,750		11.19		11.23		1,015,682		5.13		0.40		0.55		0.42		0.57
FTVIP Franklin Income VIP Fund Class 2		7,530,647		13.26		14.45		121,158,096		5.35		1.00		2.30		-1.60		-0.31
FTVIP Franklin Strategic Income VIP Fund Class 2		85,142		10.55		10.94		917,225		4.28		1.10		1.70		1.69		2.30
Goldman Sachs VIT Government Money Market Fund Institutional Shares		1,201,353		9.91		10.35		11,946,893		0.65		0.40		1.52		-1.09		0.03
Goldman Sachs VIT Government Money Market Fund Service Shares		26,453,917		9.43		9.95		259,222,008		0.20		1.00		2.15		-1.87		-0.73
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		63,076		9.55		9.91		621,809		1.38		1.10		1.40		5.10		5.41
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		6,317		11.06		11.81		74,316		0.25		1.10		1.35		2.72		2.97
Invesco V.I. American Franchise Fund Series I		517				17.57		9,081		0.06				0.80				22.50
Invesco V.I. American Franchise Fund Series II		1,365,782		31.28		37.06		55,417,796		0.00		1.00		2.30		38.77		40.58
Invesco V.I. Balanced-Risk Allocation Fund Series II		74,581		11.95		13.14		968,552		6.98		1.10		1.70		8.14		8.79
Invesco V.I. Comstock Fund Series I		6,751		10.78		10.83		73,083		2.94		0.40		0.55		-1.40		-1.25
Invesco V.I. Comstock Fund Series II		12,505,470		16.18		17.81		277,403,438		2.01		1.00		2.30		-3.34		-2.07
Invesco V.I. Growth and Income Fund Series I		87,576				11.02		964,744		1.94				0.55				1.53
Invesco V.I. Growth and Income Fund Series II		15,286,270		16.50		18.31		370,253,885		1.82		1.10		2.30		-0.47		0.74
Lord Abbett Bond Debenture Portfolio Class VC		112,970		12.22		13.21		1,479,572		3.52		1.10		1.70		5.50		6.13
Lord Abbett Fundamental Equity Portfolio Class VC		9,660		13.18		13.84		132,130		0.61		1.10		1.40		0.36		0.66
Lord Abbett Growth and Income Portfolio Class VC		7,895,869		11.72		16.28		165,768,678		1.55		0.55		2.30		0.36		2.13
Lord Abbett Mid Cap Stock Portfolio Class VC		505,487		23.01		24.11		12,150,405		0.93		1.52		1.77		0.70		0.95
Lord Abbett Short Duration Income Portfolio Class VC		253,267		10.44		10.85		2,732,661		3.05		1.10		1.70		1.39		2.00
Morgan Stanley VIF Global Infrastructure Portfolio Class II		67,373		11.18		12.25		814,429		1.51		1.10		1.70		-3.10		-2.51
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		64,828		10.75		10.91		703,308		0.66		1.10		1.40		6.75		7.07
PIMCO All Asset Portfolio Advisor Class		4,794				12.01		57,582		4.39				1.10				6.73

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2020								For the Year Ended December 31, 2020
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
PIMCO Dynamic Bond Portfolio Advisor Class		125,126		10.78		11.16		1,388,728		2.45		1.10		1.70		2.94		3.56
PIMCO Emerging Markets Bond Portfolio Advisor Class		105,657		10.83		12.19		1,189,174		4.59		1.00		1.70		4.80		5.54
PIMCO Total Return Portfolio Advisor Class		6,868,938		10.51		10.75		73,446,615		1.55		1.00		1.95		6.44		7.46
PIMCO Total Return Portfolio Institutional Class		26,993		10.73		10.87		290,528		2.34		0.40		0.55		8.21		8.38
PVC Core Plus Bond Account Class 1		455,292		11.03		11.13		5,057,627		3.54		1.40		1.95		7.44		8.03
PVC Diversified International Account Class 1		106,354		9.17		10.58		1,079,805		2.37		1.40		1.95		13.92		14.55
PVC Equity Income Account Class 1		435,552		23.33		25.22		10,882,228		1.71		1.40		1.80		4.53		4.95
PVC Equity Income Account Class 2		295,133		21.58		22.53		6,733,920		1.54		1.52		1.95		4.10		4.55
PVC Government & High Quality Bond Account Class 1		282,646		7.91		9.21		2,474,440		2.78		1.40		1.95		0.88		1.44
PVC Large Cap Growth Account I Class 1		95,013		15.21		15.35		1,455,002		0.02		1.40		1.95		33.57		34.31
PVC MidCap Account Class 1		52,921		37.23		40.21		2,085,728		0.65		1.40		1.80		16.22		16.69
PVC MidCap Account Class 2		18,000		34.39		37.13		659,919		0.36		1.55		1.95		15.79		16.25
PVC Principal Capital Appreciation Account Class 1		278,917		36.19		39.12		10,837,920		1.18		1.40		1.80		16.60		17.07
PVC Principal Capital Appreciation Account Class 2		62,874		33.40		36.05		2,252,487		1.03		1.55		1.95		16.15		16.62
PVC Real Estate Securities Account Class 1		10,078		37.49		40.36		405,433		1.78		1.40		1.80		-5.15		-4.76
PVC Real Estate Securities Account Class 2		6,441		36.85		38.24		244,619		1.66		1.55		1.70		-5.27		-5.13
PVC SAM Balanced Portfolio Class 1		1,302,596		19.34		20.90		26,485,143		1.98		1.40		1.80		9.29		9.73
PVC SAM Balanced Portfolio Class 2		1,270,029		17.96		19.51		24,415,780		1.84		1.52		1.95		8.81		9.28
PVC SAM Conservative Balanced Portfolio Class 1		189,867		12.69		13.70		2,546,620		2.19		1.40		1.80		7.65		8.08
PVC SAM Conservative Balanced Portfolio Class 2		219,560		11.79		17.83		2,793,092		2.10		1.52		1.95		7.14		7.60
PVC SAM Conservative Growth Portfolio Class 1		600,125		21.78		23.53		13,693,181		1.77		1.40		1.80		10.94		11.38
PVC SAM Conservative Growth Portfolio Class 2		605,780		20.17		21.85		13,035,949		1.49		1.52		1.95		10.51		10.98
PVC SAM Flexible Income Portfolio Class 1		328,642		13.62		14.73		4,694,975		2.61		1.40		1.80		5.36		5.78
PVC SAM Flexible Income Portfolio Class 2		362,217		12.67		16.91		4,934,327		2.46		1.52		1.95		4.96		5.41
PVC SAM Strategic Growth Portfolio Class 1		119,403		24.89		26.85		3,146,040		1.86		1.40		1.80		13.34		13.80
PVC SAM Strategic Growth Portfolio Class 2		238,354		23.05		25.06		5,830,863		1.46		1.52		1.95		12.91		13.40
PVC Short-Term Income Account Class 1		250,572		7.18		8.27		1,957,168		2.09		1.40		1.95		1.37		1.93
PVC SmallCap Account Class 1		31,376		17.61		19.01		576,385		0.42		1.40		1.80		20.02		20.50
PVC SmallCap Account Class 2		18,348		16.32		17.57		320,763		0.23		1.55		1.95		19.52		20.00
SST SA Allocation Balanced Portfolio Class 1		10,117		13.40		13.48		135,825		2.27		0.40		0.55		11.47		11.64
SST SA Allocation Balanced Portfolio Class 3		8,427,305		12.74		16.69		156,545,351		1.17		1.00		2.30		9.27		10.70
SST SA Allocation Growth Portfolio Class 1		14,558		15.10		15.19		219,999		0.00		0.40		0.55		15.85		16.03
SST SA Allocation Growth Portfolio Class 3		8,907,902		14.17		20.52		197,933,477		0.00		1.00		2.02		13.80		14.96
SST SA Allocation Moderate Growth Portfolio Class 1		17,190		14.50		14.58		250,466		0.00		0.40		0.55		14.48		14.65
SST SA Allocation Moderate Growth Portfolio Class 3		11,675,682		13.65		18.12		234,850,916		0.00		1.00		2.30		12.11		13.58
SST SA Allocation Moderate Portfolio Class 1		8,101				14.17		114,824		0.00				0.40				13.36
SST SA Allocation Moderate Portfolio Class 3		10,159,848		13.32		17.70		199,776,578		0.00		1.00		2.30		11.06		12.51
SST SA American Century Inflation Protection Portfolio Class 1		7,982		11.19		11.37		89,914		0.00		0.40		0.80		6.19		6.61
SST SA American Century Inflation Protection Portfolio Class 3		22,973,892		10.94		11.06		281,243,517		0.00		1.00		2.30		4.36		5.72
SST SA Columbia Focused Value Portfolio Class 3		8,920		14.61		16.09		141,815		0.00		1.10		1.70		5.54		6.17
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		15,098		11.03		11.69		173,797		0.00		1.10		1.70		5.76		6.40
SST SA Multi-Managed International Equity Portfolio Class 3		35,865		12.73		12.78		456,535		0.00		1.10		1.40		9.75		10.08
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		28,601		22.17		25.49		664,303		0.00		1.10		1.70		45.95		46.83
SST SA Multi-Managed Large Cap Value Portfolio Class 3		15,246		13.35		14.03		207,849		0.00		1.10		1.40		-0.15		0.15
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		14,125		22.52		24.28		331,912		0.00		1.10		1.40		41.11		41.54
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		24,148		13.06		14.01		331,011		0.00		1.10		1.40		3.98		4.29
SST SA Multi-Managed Small Cap Portfolio Class 3		16,366		13.19		15.34		248,212		0.00		1.10		1.70		10.00		10.66
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		18,048		14.33		14.41		258,736		0.00		0.40		0.55		13.44		13.61
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		5,494,623		14.15		14.74		79,970,194		0.00		1.00		1.95		11.57		12.64
SST SA T. Rowe Price Growth Stock Portfolio Class 3		22,399		23.67		25.11		550,862		0.00		1.10		1.40		34.27		34.67
SAST SA AB Growth Portfolio Class 1		8,043,668		17.95		37.24		484,973,886		0.00		0.40		1.77		33.24		35.08
SAST SA AB Growth Portfolio Class 2		418,214		127.31		142.41		57,309,849		0.00		1.40		1.97		32.80		33.56
SAST SA AB Growth Portfolio Class 3		5,983,240		35.51		39.94		434,336,876		0.00		1.00		2.30		32.21		33.94
SAST SA AB Small & Mid Cap Value Portfolio Class 1		24,670		10.53		10.57		260,448		0.95		0.40		0.55		3.69		3.85
SAST SA AB Small & Mid Cap Value Portfolio Class 2		249,091		36.92		40.12		9,905,755		0.51		1.52		1.97		2.05		2.52
SAST SA AB Small & Mid Cap Value Portfolio Class 3		11,530,631		16.22		21.45		339,970,634		0.51		1.00		2.30		1.61		2.94
SAST SA American Funds Asset Allocation Portfolio Class 1		499,737		14.37		14.46		7,205,548		0.00		0.40		0.55		11.78		11.95
SAST SA American Funds Asset Allocation Portfolio Class 3		58,948,212		17.58		19.72		1,315,299,702		0.00		1.00		2.30		9.59		11.02
SAST SA American Funds Global Growth Portfolio Class 1		22,995		15.43		15.49		355,503		0.33		0.40		0.55		29.77		29.96
SAST SA American Funds Global Growth Portfolio Class 3		12,379,344		24.20		28.70		390,560,649		0.05		1.00		2.30		27.13		28.79
SAST SA American Funds Growth Portfolio Class 1		37,847		18.48		18.67		703,646		1.24		0.40		0.80		50.88		51.48
SAST SA American Funds Growth Portfolio Class 3		12,378,564		33.38		36.78		505,024,430		0.74		1.00		2.30		48.27		50.21
SAST SA American Funds Growth-Income Portfolio Class 1		42,180		13.35		13.50		566,945		2.37		0.40		0.80		12.56		13.02
SAST SA American Funds Growth-Income Portfolio Class 3		11,193,282		22.50		23.82		294,885,882		1.56		1.00		2.30		10.67		12.12
SAST SA American Funds VCP Managed Allocation Portfolio Class 1		18,777		13.56		13.64		255,238		0.00		0.40		0.55		8.97		9.14
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		110,809,630		12.81		15.29		1,831,250,710		0.00		1.00		2.30		6.83		8.23
SAST SA BlackRock Multi-Factor 70/30 Portfolio Class 3		252,549		10.64		10.65		2,687,779		0.38		1.15		1.55		6.37		6.47
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 1		1,262		12.41		12.53		15,820		0.07		0.55		0.80		4.97		5.24
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		56,577,810		11.83		12.20		718,600,536		0.04		1.00		2.15		3.26		4.45
SAST SA Columbia Technology Portfolio Class 1		1,654,996		11.56		20.44		20,114,667		0.44		0.40		1.77		43.18		45.16
SAST SA Columbia Technology Portfolio Class 2		576,835		11.24		12.09		6,740,171		0.35		1.40		1.80		43.01		43.58
SAST SA Columbia Technology Portfolio Class 3		3,189,175		47.12		47.72		100,654,514		0.38		1.00		2.30		42.22		44.08
SAST SA DFA Ultra Short Bond Portfolio Class 1		2,235,611		10.14		11.24		26,367,723		1.60		0.80		1.77		-1.55		-0.59

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2020								For the Year Ended December 31, 2020
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SAST SA DFA Ultra Short Bond Portfolio Class 2		810,084		10.57		11.48		9,250,346		1.51		1.52		1.97		-1.89		-1.44
SAST SA DFA Ultra Short Bond Portfolio Class 3		20,099,544		7.68		9.46		186,228,871		1.61		1.00		2.30		-2.16		-0.88
SAST SA Emerging Markets Equity Index Portfolio Class 1		4,612		11.79		11.84		54,440		2.90		0.40		0.55		16.49		16.66
SAST SA Emerging Markets Equity Index Portfolio Class 3		432,633		11.36		11.57		4,965,623		2.21		1.00		1.70		14.91		15.71
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		1,528,690		12.68		34.58		54,423,746		3.82		0.40		1.77		7.11		8.59
SAST SA Federated Hermes Corporate Bond Portfolio Class 2		496,567		32.50		35.35		17,417,780		3.65		1.52		1.97		6.73		7.21
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		28,553,812		13.29		18.14		669,007,576		3.66		1.00		2.30		6.28		7.67
SAST SA Fidelity Institutional AM^® International Growth Class 1		16,203		13.53		13.62		220,030		0.28		0.40		0.80		21.65		22.14
SAST SA Fidelity Institutional AM^® International Growth Class 3		218,419		13.32		13.44		2,923,039		0.22		1.00		1.55		20.47		21.13
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 1		404,338		12.34		39.81		16,881,043		1.72		0.40		1.77		-2.84		-1.50
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 2		104,429		37.44		40.69		4,197,208		1.62		1.52		1.97		-3.14		-2.70
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		7,232,081		12.88		14.16		149,769,614		1.58		1.00		2.30		-3.62		-2.36
SAST SA Fixed Income Index Portfolio Class 3		4,513,294		11.08		11.37		50,853,686		2.61		1.00		1.80		6.50		7.35
SAST SA Fixed Income Intermediate Index Portfolio Class 3		2,589,661		10.56		10.84		27,805,299		2.34		1.00		1.80		4.00		4.83
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		3,846,631		11.43		24.76		287,806,375		1.83		0.40		1.77		-3.00		-1.66
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 2		565,642		67.29		75.15		41,053,801		1.70		1.40		1.97		-3.36		-2.81
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		10,197,041		17.53		18.38		353,274,697		1.69		1.00		2.30		-3.78		-2.52
SAST SA Franklin Small Company Value Portfolio Class 3		7,145,579		16.79		19.21		145,226,411		0.94		1.00		2.30		2.58		3.93
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		148,983		11.69		11.74		1,746,447		2.30		1.15		1.55		8.04		8.47
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		654,164		13.75		37.66		25,471,589		2.01		0.40		1.77		5.62		7.08
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 2		142,746		35.51		38.54		5,455,665		1.89		1.52		1.97		5.24		5.72
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		4,220,974		21.58		29.11		140,064,294		2.05		1.00		2.30		4.78		6.15
SAST SA Franklin Tactical Opportunities Portfolio Class 1		2,934		12.29		12.35		36,114		1.32		0.40		0.55		7.86		8.02
SAST SA Franklin Tactical Opportunities Portfolio Class 3		4,343,112		11.75		12.02		51,712,492		1.21		1.00		1.70		6.42		7.17
SAST SA Global Index Allocation 60/40 Portfolio Class 1		10,023				12.33		123,562		1.51				0.40				11.33
SAST SA Global Index Allocation 60/40 Portfolio Class 3		4,216,976		11.83		12.05		50,439,709		1.65		1.00		1.70		9.58		10.35
SAST SA Global Index Allocation 75/25 Portfolio Class 1		8,770				12.37		108,504		1.82				0.55				11.91
SAST SA Global Index Allocation 75/25 Portfolio Class 3		3,722,086		11.84		12.14		44,860,171		1.40		1.00		1.95		10.05		11.10
SAST SA Global Index Allocation 90/10 Portfolio Class 1		232,434		12.27		12.41		2,879,426		0.00		0.40		0.80		11.57		12.01
SAST SA Global Index Allocation 90/10 Portfolio Class 3		14,172,789		11.90		12.12		170,618,894		0.00		1.00		1.70		10.27		11.04
SAST SA Goldman Sachs Global Bond Portfolio Class 1		803,649		12.16		15.82		20,210,493		0.61		0.40		1.77		9.88		11.39
SAST SA Goldman Sachs Global Bond Portfolio Class 2		201,256		22.65		24.58		4,905,058		0.44		1.52		1.97		9.42		9.91
SAST SA Goldman Sachs Global Bond Portfolio Class 3		14,480,643		11.17		12.41		223,898,433		0.37		1.00		2.30		9.02		10.44
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 1		601				12.42		7,466		0.32				0.40				11.09
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		1,812,483		11.72		12.09		21,698,611		0.16		1.00		1.95		9.09		10.13
SAST SA Index Allocation 60/40 Portfolio Class 1		28,243				14.18		400,576		2.54				0.55				13.06
SAST SA Index Allocation 60/40 Portfolio Class 3		10,780,791		13.43		13.80		147,252,762		1.39		1.00		1.70		11.57		12.36
SAST SA Index Allocation 80/20 Portfolio Class 1		159,038		14.75		14.98		2,372,599		0.00		0.40		0.80		13.75		14.21
SAST SA Index Allocation 80/20 Portfolio Class 3		18,624,911		13.97		14.50		267,057,432		0.00		1.00		1.95		12.22		13.29
SAST SA Index Allocation 90/10 Portfolio Class 1		298,279		15.05		15.29		4,527,135		0.00		0.40		0.80		13.80		14.25
SAST SA Index Allocation 90/10 Portfolio Class 3		52,322,336		14.26		14.79		765,969,462		0.00		1.00		1.95		12.26		13.33
SAST SA International Index Portfolio Class 1		93,663				10.98		1,028,607		2.02				0.55				6.99
SAST SA International Index Portfolio Class 3		882,464		10.92		11.17		9,744,596		2.52		1.00		1.70		5.55		6.29
SAST SA Invesco Growth Opportunities Portfolio Class 1		509,607		18.17		20.24		10,816,323		0.00		0.40		1.77		53.09		55.20
SAST SA Invesco Growth Opportunities Portfolio Class 2		201,567		19.01		20.70		4,135,294		0.00		1.52		1.97		52.63		53.32
SAST SA Invesco Growth Opportunities Portfolio Class 3		4,563,326		27.99		35.61		128,988,059		0.00		1.00		2.30		51.88		53.87
SAST SA Invesco Main Street Large Cap Portfolio Class 1		510,443		47.86		50.33		25,650,907		0.99		1.52		1.77		11.39		11.67
SAST SA Invesco Main Street Large Cap Portfolio Class 2		77,147		44.93		48.91		3,746,158		0.86		1.52		1.97		11.00		11.50
SAST SA Invesco Main Street Large Cap Portfolio Class 3		2,031,409		21.46		23.06		62,535,157		0.79		1.00		2.30		10.57		12.02
SAST SA Invesco VCP Equity-Income Portfolio Class 1		31,371		11.14		11.21		351,520		0.12		0.40		0.55		-1.35		-1.20
SAST SA Invesco VCP Equity-Income Portfolio Class 3		93,993,411		10.73		12.52		1,248,460,253		0.07		1.00		2.15		-3.25		-2.13
SAST SA Janus Focused Growth Portfolio Class 1		398,640		18.11		39.25		16,341,404		0.07		0.40		1.77		36.56		38.44
SAST SA Janus Focused Growth Portfolio Class 2		278,324		38.25		40.08		11,052,230		0.00		1.52		1.77		36.35		36.69
SAST SA Janus Focused Growth Portfolio Class 3		3,357,743		28.20		32.88		124,859,828		0.00		1.00		2.30		35.45		37.22
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		1,462,725		13.88		18.30		48,818,655		2.02		0.40		1.77		12.33		13.88
SAST SA JPMorgan Diversified Balanced Portfolio Class 2		355,743		30.50		33.14		11,702,420		1.99		1.52		1.97		11.98		12.48
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		6,985,288		16.88		19.18		160,520,047		1.89		1.00		2.30		11.44		12.90
SAST SA JPMorgan Emerging Markets Portfolio Class 1		781,896		11.39		23.27		18,907,131		1.63		0.40		1.77		14.36		15.94
SAST SA JPMorgan Emerging Markets Portfolio Class 2		141,152		21.87		23.78		3,327,141		1.59		1.52		1.97		14.04		14.55
SAST SA JPMorgan Emerging Markets Portfolio Class 3		6,235,251		12.61		13.14		109,265,509		1.55		1.00		2.30		13.47		14.95
SAST SA JPMorgan Equity-Income Portfolio Class 1		1,653,085		12.69		21.75		115,656,661		1.86		0.40		1.77		1.41		2.80
SAST SA JPMorgan Equity-Income Portfolio Class 2		137,898		64.23		69.95		9,529,882		1.70		1.52		1.97		1.04		1.50
SAST SA JPMorgan Equity-Income Portfolio Class 3		5,449,884		19.59		21.08		147,195,917		1.79		1.00		2.30		0.60		1.92
SAST SA JPMorgan Global Equities Portfolio Class 1		947,103		11.52		36.24		35,885,305		1.34		0.40		1.77		7.84		9.33
SAST SA JPMorgan Global Equities Portfolio Class 2		86,303		34.17		37.98		3,189,923		1.14		1.40		1.97		7.52		8.13
SAST SA JPMorgan Global Equities Portfolio Class 3		1,538,089		15.29		16.18		31,928,957		1.20		1.00		2.30		7.07		8.47
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		1,324,035		12.05		31.69		43,561,320		2.62		0.40		1.77		6.47		7.94
SAST SA JPMorgan MFS Core Bond Portfolio Class 2		255,345		30.77		32.30		8,179,522		2.57		1.52		1.77		6.35		6.62
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		37,871,230		11.59		14.18		679,970,837		2.31		1.00		2.30		5.75		7.13
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		1,094,902		19.06		26.96		51,180,962		0.16		0.40		1.77		45.94		47.95
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 2		422,969		42.44		47.35		19,320,337		0.04		1.40		1.97		45.42		46.25
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		3,420,184		31.93		41.89		156,629,503		0.00		1.00		2.30		44.82		46.71
SAST SA Large Cap Growth Index Portfolio Class 1		42,752				16.52		706,297		1.29				0.55				31.80

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2020								For the Year Ended December 31, 2020
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SAST SA Large Cap Growth Index Portfolio Class 3		827,622		15.92		16.22		13,324,788		1.17		1.00		1.70		29.97		30.88
SAST SA Large Cap Index Portfolio Class 1		90,768				15.10		1,370,570		1.40				0.80				25.98
SAST SA Large Cap Index Portfolio Class 3		2,018,436		14.55		14.88		29,679,013		1.48		1.00		1.70		15.75		16.56
SAST SA Large Cap Value Index Portfolio Class 1		39,742				12.34		490,352		1.93				0.55				0.80
SAST SA Large Cap Value Index Portfolio Class 3		858,020		11.89		12.11		10,311,984		2.31		1.00		1.70		-0.59		0.11
SAST SA MFS Blue Chip Growth Portfolio Class 1		486,334		16.02		19.09		9,800,833		0.58		0.55		1.77		28.39		29.97
SAST SA MFS Blue Chip Growth Portfolio Class 2		189,687		18.62		19.55		3,672,812		0.43		1.52		1.77		28.18		28.50
SAST SA MFS Blue Chip Growth Portfolio Class 3		3,956,011		27.60		29.31		107,426,719		0.35		1.00		2.30		27.35		29.01
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		738,301		28.55		65.42		48,040,815		0.63		1.52		1.77		12.33		12.61
SAST SA MFS Massachusetts Investors Trust Portfolio Class 2		125,446		58.71		63.63		7,917,379		0.46		1.52		1.97		11.91		12.41
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		6,329,480		22.09		26.17		227,162,662		0.39		1.00		2.30		11.44		12.90
SAST SA MFS Total Return Portfolio Class 1		1,987,685		13.52		23.69		103,562,085		1.87		0.40		1.77		7.68		9.16
SAST SA MFS Total Return Portfolio Class 2		443,751		47.70		51.86		22,739,885		1.72		1.52		1.97		7.28		7.76
SAST SA MFS Total Return Portfolio Class 3		7,074,620		16.04		17.69		196,539,083		1.70		1.00		2.30		6.83		8.23
SAST SA Mid Cap Index Portfolio Class 1		4,755				12.52		59,516		0.73				0.55				12.58
SAST SA Mid Cap Index Portfolio Class 3		1,406,376		12.26		12.64		17,620,112		1.15		1.00		1.95		10.71		11.77
SAST SA Morgan Stanley International Equities Portfolio Class 1		1,416,342		17.25		18.13		25,662,058		1.67		1.52		1.77		9.54		9.82
SAST SA Morgan Stanley International Equities Portfolio Class 2		515,644		16.24		17.63		9,014,017		1.54		1.52		1.97		9.20		9.69
SAST SA Morgan Stanley International Equities Portfolio Class 3		6,970,282		11.89		12.78		108,013,336		1.50		1.00		2.30		8.78		10.20
SAST SA PIMCO RAE International Value Portfolio Class 1		5,360		9.02		9.05		48,517		2.02		0.40		0.55		44.04		44.21
SAST SA PIMCO RAE International Value Portfolio Class 2		513,021		17.03		18.75		9,562,305		2.16		1.52		1.97		-5.19		-4.76
SAST SA PIMCO RAE International Value Portfolio Class 3		24,386,336		9.43		10.33		321,524,141		2.21		1.00		2.30		-5.59		-4.36
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		77,128,993		12.69		14.07		1,152,027,244		0.44		1.00		2.15		6.35		7.58
SAST SA PineBridge High-Yield Bond Portfolio Class 1		948,715		35.73		37.51		35,528,112		5.63		1.52		1.77		6.17		6.44
SAST SA PineBridge High-Yield Bond Portfolio Class 2		199,881		33.47		36.44		7,207,823		5.41		1.52		1.97		5.78		6.26
SAST SA PineBridge High-Yield Bond Portfolio Class 3		4,114,892		13.82		16.07		91,875,184		5.24		1.00		2.30		5.38		6.76
SAST SA Putnam International Growth and Income Portfolio Class 1		1,184,728		10.15		12.23		21,003,045		2.05		0.40		1.77		1.93		3.33
SAST SA Putnam International Growth and Income Portfolio Class 2		255,641		16.08		17.42		4,408,176		1.92		1.52		1.97		1.53		1.99
SAST SA Putnam International Growth and Income Portfolio Class 3		5,754,373		11.64		15.40		86,782,737		1.95		1.10		2.17		1.24		2.33
SAST SA Schroders VCP Global Allocation Portfolio Class 1		16,499		12.00		12.07		198,522		0.15		0.40		0.55		0.03		0.18
SAST SA Schroders VCP Global Allocation Portfolio Class 3		42,063,994		11.37		12.12		530,611,542		0.11		1.00		2.15		-1.76		-0.63
SAST SA Small Cap Index Portfolio Class 1		4,813		12.88		12.93		62,162		0.78		0.40		0.55		18.72		18.90
SAST SA Small Cap Index Portfolio Class 3		1,262,051		12.49		12.88		16,100,480		0.76		1.00		1.95		16.78		17.89
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 1		26,164		14.00		14.07		367,185		0.94		0.40		0.55		16.64		16.82
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		21,160,920		13.28		13.70		287,192,895		0.63		1.00		1.95		14.79		15.88
SAST SA T. Rowe Price VCP Balanced Portfolio Class 1		6,824				14.15		96,545		0.12				0.55				8.55
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		91,192,522		13.24		14.17		1,345,249,965		0.09		1.00		2.15		6.55		7.78
SAST SA VCP Dynamic Allocation Portfolio Class 1		17,949		14.55		14.69		263,683		1.27		0.55		0.80		12.47		12.76
SAST SA VCP Dynamic Allocation Portfolio Class 3		499,263,211		13.75		16.23		8,647,437,517		1.10		1.00		2.15		10.69		11.97
SAST SA VCP Dynamic Strategy Portfolio Class 1		14,360				13.98		200,804		1.30				0.55				9.87
SAST SA VCP Dynamic Strategy Portfolio Class 3		329,793,617		13.16		15.41		5,410,012,413		1.12		1.00		2.15		7.85		9.10
SAST SA VCP Index Allocation Portfolio Class 1		4,968				12.66		62,882		1.26				0.55				9.79
SAST SA VCP Index Allocation Portfolio Class 3		29,899,655		12.00		12.37		366,609,483		1.12		1.00		1.95		5.62		6.63
SAST SA Wellington Capital Appreciation Portfolio Class 1		1,871,273		20.04		65.89		510,908,666		0.00		0.40		1.77		61.65		63.88
SAST SA Wellington Capital Appreciation Portfolio Class 2		259,140		231.56		254.28		63,951,978		0.00		1.40		1.97		61.08		62.00
SAST SA Wellington Capital Appreciation Portfolio Class 3		7,342,843		38.71		55.66		653,285,491		0.00		1.00		2.30		60.39		62.49
SAST SA Wellington Government and Quality Bond Portfolio Class 1		2,550,102		11.66		15.38		66,157,852		2.04		0.40		1.77		5.23		6.68
SAST SA Wellington Government and Quality Bond Portfolio Class 2		996,407		21.18		23.05		22,783,188		1.90		1.52		1.97		4.84		5.31
SAST SA Wellington Government and Quality Bond Portfolio Class 3		30,405,044		11.32		12.04		491,521,902		1.77		1.00		2.30		4.45		5.81
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		186,983		14.42		84.25		15,598,325		1.03		0.40		1.40		16.48		17.65
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		5,287,566		13.86		14.28		74,574,145		0.87		1.00		1.70		15.81		16.63
SAST SA WellsCap Aggressive Growth Portfolio Class 1		798,545		20.51		27.37		43,243,284		0.00		0.55		1.77		60.10		62.06
SAST SA WellsCap Aggressive Growth Portfolio Class 2		88,206		50.29		52.76		4,612,156		0.00		1.52		1.77		59.91		60.31
SAST SA WellsCap Aggressive Growth Portfolio Class 3		1,568,215		30.38		32.01		57,075,679		0.00		1.00		2.30		58.83		60.91
VALIC Company I International Equities Index Fund		400,708		12.48		12.50		5,002,670		2.46		1.10		1.40		5.89		6.20
VALIC Company I International Socially Responsible Fund		85,339		14.93		15.64		1,317,149		1.58		1.10		1.40		6.86		7.18
VALIC Company I Mid Cap Index Fund		284,130		15.77		17.06		4,725,038		1.30		1.10		1.40		11.72		12.06
VALIC Company I Nasdaq-100 Index Fund		156,659		26.62		30.75		4,669,986		0.71		1.10		1.70		45.45		46.33
VALIC Company I Small Cap Index Fund		195,115		15.11		18.01		3,367,947		1.47		1.10		1.70		17.47		18.18
VALIC Company I Stock Index Fund		683,590		17.73		19.75		13,363,680		1.82		1.10		1.70		16.00		16.70


	December 31, 2019								For the Year Ended December 31, 2019
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
American Funds IS American High-Income Trust Class 3		86,755		112.18		114.68		9,943,126		6.29		1.30		1.40		11.13		11.24
American Funds IS Asset Allocation Fund Class 2		1,809,711		30.33		31.66		57,171,522		1.89		1.52		1.77		19.11		19.40
American Funds IS Asset Allocation Fund Class 3		335,951		94.92		97.05		32,568,686		1.95		1.30		1.40		19.62		19.74
American Funds IS Capital Income Builder Class 4		255,292		11.04		11.76		2,991,457		2.65		1.10		1.70		15.64		16.33
American Funds IS Global Growth Fund Class 2		3,570,927		47.70		51.57		182,820,869		1.15		1.52		1.97		32.64		33.24
American Funds IS Growth Fund Class 2		5,200,117		49.82		53.84		277,857,246		0.76		1.52		1.97		28.22		28.80

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2019								For the Year Ended December 31, 2019
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
American Funds IS Growth Fund Class 3		423,601		493.36		504.42		213,513,707		0.80		1.30		1.40		29.05		29.18
American Funds IS Growth-Income Fund Class 2		6,751,478		38.65		41.80		280,061,420		1.74		1.52		1.97		23.68		24.23
American Funds IS Growth-Income Fund Class 3		495,490		309.16		316.09		156,436,658		1.71		1.30		1.40		24.48		24.61
American Funds IS International Fund Class 3		324,691		74.52		76.20		24,711,467		1.46		1.30		1.40		21.34		21.46
American Funds IS U.S. Government Securities Fund Class 3		210,176		41.06		41.99		8,817,779		2.03		1.30		1.40		4.02		4.13
American Funds IS Ultra-Short Bond Fund Class 3		160,843		19.38		19.81		3,185,378		1.53		1.30		1.40		0.34		0.44
AST SA PGI Asset Allocation Portfolio Class 1		1,811,572		46.97		49.21		89,111,935		2.67		1.52		1.77		18.39		18.68
AST SA PGI Asset Allocation Portfolio Class 2		250,948		44.17		47.88		11,887,626		1.47		1.52		1.97		17.96		18.49
AST SA PGI Asset Allocation Portfolio Class 3		1,681,940		15.15		18.06		43,534,824		2.63		1.00		2.30		17.48		19.01
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		41,833		11.89		12.82		526,932		1.94		1.10		1.70		19.18		19.90
BlackRock Global Allocation V.I. Fund Class III		194,319		11.13		11.94		2,259,020		1.22		1.10		1.70		15.77		16.47
Columbia VP Dividend Opportunity Fund Class 1		79,850		20.80		21.81		1,733,097		0.00		1.52		1.77		21.89		22.20
Columbia VP Emerging Markets Bond Fund Class 2		7,194		11.18		11.50		82,748		4.90		1.10		1.70		10.20		10.86
Columbia VP Income Opportunities Fund Class 1		324,107		25.70		28.45		9,044,133		5.16		1.52		2.17		13.97		14.71
Columbia VP Large Cap Growth Fund Class 1		1,371,329		16.32		16.71		22,834,005		0.00		1.52		2.17		32.98		33.85
Columbia VP Limited Duration Credit Fund Class 2		24,093		10.38		10.48		252,571		2.14		1.10		1.35		6.03		6.29
Columbia VP Overseas Core Fund Class 2		105,260		12.17		12.28		1,291,650		1.86		1.52		1.77		22.95		23.26
Columbia VP Select Mid Cap Growth Opportunity Fund Class 1		16,242		22.93		25.76		410,783		0.00		1.52		1.77		32.81		33.14
Columbia VP Small Company Growth Fund Class 1		25,887		30.29		31.77		816,586		0.00		1.52		1.77		38.23		38.57
CTIVP^® Principal Blue Chip Growth Fund Class 1		109,440		16.92		17.07		1,866,835		0.00		1.52		1.77		29.44		29.77
Delaware Ivy VIP Asset Strategy Class II		36,513		10.77		11.45		411,737		2.08		1.10		1.70		19.73		20.45
FTVIP Franklin Allocation VIP Fund Class 2		2,572,405		13.62		13.71		38,493,610		3.56		1.00		2.30		17.13		18.67
FTVIP Franklin Income VIP Fund Class 1		80,733				11.14		899,638		0.00				0.55				15.78
FTVIP Franklin Income VIP Fund Class 2		7,738,838		13.30		14.68		125,198,641		5.43		1.00		2.30		13.42		14.90
FTVIP Franklin Strategic Income VIP Fund Class 2		83,482		10.38		10.69		880,330		5.11		1.10		1.70		6.23		6.87
Goldman Sachs VIT Government Money Market Fund Institutional Shares		136,994				10.30		1,410,896		0.67				0.55				1.57
Goldman Sachs VIT Government Money Market Fund Service Shares		8,749,130		9.68		9.98		86,588,911		1.80		1.10		1.95		-0.09		0.76
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		90,328		9.08		9.40		845,973		2.54		1.10		1.40		7.09		7.42
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		5,480		10.76		11.47		62,596		1.40		1.10		1.35		10.44		10.71
Invesco V.I. American Franchise Fund Series II		1,011,279		22.25		26.71		28,605,004		0.00		1.00		2.30		33.33		35.07
Invesco V.I. Balanced-Risk Allocation Fund Series II		87,982		11.57		12.08		1,051,526		0.00		1.10		1.40		13.29		13.63
Invesco V.I. Comstock Fund Series I		1,300		10.94		10.96		14,253		1.76		0.40		0.55		24.61		24.80
Invesco V.I. Comstock Fund Series II		12,306,463		16.52		18.43		281,503,714		1.67		1.00		2.30		22.10		23.70
Invesco V.I. Growth and Income Fund Series I		83,027				10.85		900,815		0.00				0.55				24.50
Invesco V.I. Growth and Income Fund Series II		15,748,687		16.38		18.39		381,758,846		1.54		1.10		2.30		22.01		23.48
Lord Abbett Bond Debenture Portfolio Class VC		122,864		11.58		12.45		1,518,906		4.30		1.10		1.70		11.44		12.11
Lord Abbett Fundamental Equity Portfolio Class VC		23,977		13.13		13.75		328,226		1.31		1.10		1.40		19.83		20.19
Lord Abbett Growth and Income Portfolio Class VC		8,136,695		11.47		16.22		169,605,470		1.65		0.55		2.30		19.71		21.82
Lord Abbett Mid Cap Stock Portfolio Class VC		553,830		22.85		23.88		13,188,768		0.91		1.52		1.77		20.49		20.79
Lord Abbett Short Duration Income Portfolio Class VC		187,303		10.30		10.64		1,982,979		3.43		1.10		1.70		3.28		3.91
Morgan Stanley VIF Global Infrastructure Portfolio Class II		100,799		11.53		12.56		1,248,455		2.61		1.10		1.70		25.71		26.47
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		91,808		10.07		10.18		929,308		0.16		1.10		1.40		13.66		14.00
PIMCO All Asset Portfolio Advisor Class		4,606		11.19		11.25		51,833		2.75		1.10		1.35		10.25		10.52
PIMCO Dynamic Bond Portfolio Advisor Class		91,734		10.48		10.77		982,607		4.32		1.10		1.70		3.06		3.68
PIMCO Emerging Markets Bond Portfolio Advisor Class		45,361		11.63		11.99		508,840		3.13		1.10		1.70		12.72		13.39
PIMCO Total Return Portfolio Advisor Class		515,832		9.88		10.01		5,146,833		0.26		1.00		1.80		-1.23		-1.04
PIMCO Total Return Portfolio Institutional Class		1,603				9.91		15,890		0.02				0.55				-0.88
PVC Core Plus Bond Account Class 1		464,938		10.27		10.30		4,787,195		3.16		1.40		1.95		2.70		3.03
PVC Diversified International Account Class 1		112,678		8.05		9.23		1,005,217		1.86		1.40		1.95		20.16		20.98
PVC Equity Income Account Class 1		504,077		22.32		24.03		11,997,413		1.94		1.40		1.80		26.78		27.29
PVC Equity Income Account Class 2		336,472		20.73		21.55		7,355,773		1.68		1.52		1.95		26.29		26.84
PVC Government & High Quality Bond Account Class 1		259,792		7.84		9.08		2,254,221		3.37		1.40		1.95		4.30		4.97
PVC Large Cap Growth Account I Class 1		98,902		11.39		11.43		1,129,251		0.05		1.40		1.95		13.90		14.26
PVC MidCap Account Class 1		56,680		32.03		34.46		1,918,421		0.30		1.40		1.80		40.55		41.11
PVC MidCap Account Class 2		30,850		29.70		31.94		977,998		0.05		1.55		1.95		39.97		40.53
PVC Principal Capital Appreciation Account Class 1		313,945		31.04		33.41		10,425,512		1.65		1.40		1.80		30.12		30.64
PVC Principal Capital Appreciation Account Class 2		72,996		28.75		30.92		2,237,508		1.45		1.55		1.95		29.55		30.07
PVC Real Estate Securities Account Class 1		10,391		39.53		42.38		439,148		1.90		1.40		1.80		28.92		29.44
PVC Real Estate Securities Account Class 2		6,344		38.91		40.31		254,168		1.72		1.55		1.70		28.73		28.92
PVC SAM Balanced Portfolio Class 1		1,561,087		17.69		19.05		28,914,650		2.54		1.40		1.80		17.87		18.34
PVC SAM Balanced Portfolio Class 2		1,422,112		16.51		17.85		25,048,816		2.36		1.52		1.95		17.43		17.93
PVC SAM Conservative Balanced Portfolio Class 1		222,379		11.79		12.68		2,744,189		2.91		1.40		1.80		13.82		14.27
PVC SAM Conservative Balanced Portfolio Class 2		273,260		11.00		16.57		3,229,240		2.70		1.52		1.95		13.43		13.92
PVC SAM Conservative Growth Portfolio Class 1		639,897		19.63		21.12		13,152,696		1.77		1.40		1.80		21.85		22.33
PVC SAM Conservative Growth Portfolio Class 2		709,567		18.25		19.69		13,765,197		1.65		1.52		1.95		21.30		21.82
PVC SAM Flexible Income Portfolio Class 1		373,924		12.92		13.93		5,070,782		3.52		1.40		1.80		11.23		11.67
PVC SAM Flexible Income Portfolio Class 2		410,351		12.08		16.04		5,308,046		3.46		1.52		1.95		10.79		11.27
PVC SAM Strategic Growth Portfolio Class 1		132,458		21.96		23.60		3,065,908		1.63		1.40		1.80		25.17		25.67
PVC SAM Strategic Growth Portfolio Class 2		244,621		20.42		22.10		5,288,289		1.27		1.52		1.95		24.68		25.22
PVC Short-Term Income Account Class 1		244,375		7.08		8.11		1,881,407		2.95		1.40		1.95		2.69		3.24
PVC SmallCap Account Class 1		33,447		14.67		15.77		512,880		0.34		1.40		1.80		25.13		25.63
PVC SmallCap Account Class 2		23,256		13.66		14.64		338,868		0.10		1.55		1.95		24.67		25.17
SST SA Allocation Balanced Portfolio Class 1		2,048				12.08		24,734		1.76				0.40				15.85

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2019								For the Year Ended December 31, 2019
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SST SA Allocation Balanced Portfolio Class 3		8,162,392		11.51		15.27		137,159,809		1.64		1.00		2.30		13.39		14.87
SST SA Allocation Growth Portfolio Class 1		12,483				13.03		162,673		0.06				0.55				23.01
SST SA Allocation Growth Portfolio Class 3		7,687,856		12.32		17.77		149,067,081		0.01		1.00		2.15		20.88		22.28
SST SA Allocation Moderate Growth Portfolio Class 1		37,052		12.66		12.72		470,020		2.99		0.40		0.55		20.26		20.44
SST SA Allocation Moderate Growth Portfolio Class 3		11,933,954		12.02		16.16		211,845,107		1.43		1.00		2.30		17.87		19.41
SST SA Allocation Moderate Portfolio Class 1		8,207				12.50		102,616		1.65				0.40				18.80
SST SA Allocation Moderate Portfolio Class 3		10,496,530		11.84		15.94		183,837,816		1.48		1.00		2.30		16.05		17.56
SST SA American Century Inflation Protection Portfolio Class 1		7,266		10.54		10.66		76,944		0.33		0.40		0.80		4.84		5.26
SST SA American Century Inflation Protection Portfolio Class 3		23,408,737		10.35		10.60		271,949,055		0.32		1.00		2.30		3.14		4.49
SST SA Columbia Focused Value Portfolio Class 3		10,899		13.84		15.15		162,202		0.47		1.10		1.70		24.31		25.06
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		14,207		10.60		10.99		153,932		2.52		1.10		1.35		7.86		8.13
SST SA Multi-Managed International Equity Portfolio Class 3		41,997		11.60		11.61		486,111		3.09		1.10		1.40		20.74		21.10
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		10,189		16.30		17.36		171,501		0.22		1.10		1.40		28.36		28.75
SST SA Multi-Managed Large Cap Value Portfolio Class 3		13,710		13.37		14.01		186,918		2.04		1.10		1.40		26.63		27.01
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		27,502		15.96		17.16		462,023		0.00		1.10		1.40		33.87		34.27
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		26,584		12.56		13.43		350,260		1.10		1.10		1.40		23.33		23.70
SST SA Multi-Managed Small Cap Portfolio Class 3		18,037		11.99		13.86		247,120		0.00		1.10		1.70		22.15		22.88
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		19,996		12.63		12.69		252,656		1.41		0.40		0.55		19.45		19.63
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		5,164,089		12.68		13.08		66,911,477		1.29		1.00		1.95		17.49		18.62
SST SA T. Rowe Price Growth Stock Portfolio Class 3		24,882		16.02		18.64		455,424		0.00		1.10		1.70		27.85		28.62
SAST SA AB Growth Portfolio Class 1		9,156,462		13.25		27.95		418,161,337		0.00		0.55		1.77		32.51		34.13
SAST SA AB Growth Portfolio Class 2		475,058		95.87		106.63		48,812,760		0.00		1.40		1.97		32.05		32.80
SAST SA AB Growth Portfolio Class 3		5,989,180		26.51		30.21		353,127,185		0.00		1.00		2.30		31.49		33.21
SAST SA AB Small & Mid Cap Value Portfolio Class 1		4,069		10.16		10.18		41,424		0.00		0.40		0.55		19.30		19.48
SAST SA AB Small & Mid Cap Value Portfolio Class 2		270,468		36.18		39.14		10,502,610		0.00		1.52		1.97		17.45		17.98
SAST SA AB Small & Mid Cap Value Portfolio Class 3		11,897,460		15.75		21.11		343,498,739		0.00		1.00		2.30		17.00		18.53
SAST SA American Funds Asset Allocation Portfolio Class 1		335,415		12.86		12.91		4,319,030		2.91		0.40		0.55		20.55		20.73
SAST SA American Funds Asset Allocation Portfolio Class 3		52,222,684		15.83		18.00		1,050,321,294		1.80		1.00		2.30		18.16		19.70
SAST SA American Funds Global Growth Portfolio Class 1		7,673		11.89		11.92		91,415		0.74		0.40		0.55		34.53		34.73
SAST SA American Funds Global Growth Portfolio Class 3		14,755,988		18.79		22.57		362,404,927		0.80		1.00		2.30		31.86		33.59
SAST SA American Funds Growth Portfolio Class 1		13,028		12.24		12.33		160,128		0.00		0.40		0.80		29.71		30.23
SAST SA American Funds Growth Portfolio Class 3		12,907,285		22.22		24.81		350,406,252		0.00		1.00		2.30		27.43		29.09
SAST SA American Funds Growth-Income Portfolio Class 1		13,323		11.91		11.94		158,760		0.00		0.40		0.55		25.48		25.67
SAST SA American Funds Growth-Income Portfolio Class 3		10,983,835		20.07		21.53		258,117,453		0.00		1.00		2.30		22.89		24.50
SAST SA American Funds VCP Managed Allocation Portfolio Class 1		10,419		12.44		12.50		130,006		0.75		0.40		0.55		18.16		18.34
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		112,600,523		11.84		14.47		1,724,612,450		0.27		1.00		2.15		15.97		17.31
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 1		1,231		11.82		11.91		14,658		1.12		0.55		0.80		15.07		15.36
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		58,117,412		11.33		11.82		708,855,120		0.82		1.00		2.15		13.23		14.54
SAST SA Columbia Technology Portfolio Class 1		1,792,516		8.08		14.08		15,173,722		0.00		0.40		1.77		52.92		55.03
SAST SA Columbia Technology Portfolio Class 2		665,373		7.60		8.42		5,428,998		0.00		1.40		1.97		52.45		53.32
SAST SA Columbia Technology Portfolio Class 3		3,187,470		33.12		33.13		59,637,277		0.00		1.00		2.30		51.58		53.56
SAST SA DFA Ultra Short Bond Portfolio Class 1		2,263,791		10.20		11.42		27,055,774		1.66		0.80		1.77		0.48		1.46
SAST SA DFA Ultra Short Bond Portfolio Class 2		866,109		10.78		11.65		10,017,094		1.50		1.52		1.97		0.16		0.61
SAST SA DFA Ultra Short Bond Portfolio Class 3		15,775,900		7.84		9.55		150,074,756		1.83		1.00		2.30		-0.33		0.98
SAST SA Emerging Markets Equity Index Portfolio Class 1		1,447		10.12		10.15		14,683		0.00		0.40		0.55		18.04		18.22
SAST SA Emerging Markets Equity Index Portfolio Class 3		219,368		9.89		9.99		2,181,903		0.00		1.10		1.70		16.39		17.09
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		1,670,568		11.67		32.29		55,496,983		4.77		0.40		1.77		12.86		14.42
SAST SA Federated Hermes Corporate Bond Portfolio Class 2		549,723		30.45		32.97		17,981,049		4.12		1.52		1.97		12.45		12.96
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		26,537,731		12.34		17.06		590,433,063		5.03		1.00		2.30		11.99		13.45
SAST SA Fidelity Institutional AM^® International Growth Class 1		4,961		11.12		11.14		55,236		0.39		0.55		0.80		11.22		11.40
SAST SA Fidelity Institutional AM^® International Growth Class 3		84,747		11.06		11.10		938,721		0.30		1.00		1.55		10.57		10.98
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 1		469,192		12.50		40.97		20,147,628		2.39		0.55		1.77		24.00		25.52
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 2		112,600		38.66		41.82		4,652,649		2.24		1.52		1.97		23.54		24.10
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		6,981,944		13.37		14.50		151,160,749		1.99		1.00		2.30		23.10		24.71
SAST SA Fixed Income Index Portfolio Class 3		1,998,053		10.41		10.59		21,021,148		0.22		1.00		1.80		6.86		7.72
SAST SA Fixed Income Intermediate Index Portfolio Class 3		1,711,873		10.16		10.34		17,592,037		0.17		1.00		1.80		4.09		4.92
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		4,305,832		25.53		79.12		331,917,040		2.02		1.40		1.77		23.48		23.94
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 2		600,657		69.63		77.33		44,937,837		1.76		1.40		1.97		23.09		23.80
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		9,987,562		17.86		19.10		362,183,792		1.84		1.10		2.30		22.54		24.01
SAST SA Franklin Small Company Value Portfolio Class 3		7,386,700		16.15		18.73		144,933,900		0.71		1.00		2.30		23.31		24.92
SAST SA Franklin Systematic U.S. Large Cap Core Portfolio Class 3		10,549		10.82		10.83		114,199		0.32		1.15		1.30		8.22		8.26
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		754,109		12.85		35.66		27,939,538		2.50		0.40		1.77		22.60		24.29
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 2		165,317		33.74		36.46		5,976,602		2.26		1.52		1.97		22.20		22.75
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		3,799,420		20.33		27.78		118,452,677		2.45		1.00		2.30		21.67		23.27
SAST SA Franklin Tactical Opportunities Portfolio Class 1		2,915		11.40		11.44		33,249		1.66		0.40		0.55		17.98		18.15
SAST SA Franklin Tactical Opportunities Portfolio Class 3		3,590,758		11.04		11.22		40,007,611		1.77		1.00		1.70		16.29		17.11
SAST SA Global Index Allocation 60/40 Portfolio Class 3		2,909,112		10.79		10.92		31,616,986		0.00		1.00		1.70		15.88		16.70
SAST SA Global Index Allocation 75/25 Portfolio Class 1		5,217				11.06		57,683		0.00				0.55				20.06
SAST SA Global Index Allocation 75/25 Portfolio Class 3		2,902,786		10.76		10.93		31,581,446		0.00		1.00		1.95		18.05		19.18
SAST SA Global Index Allocation 90/10 Portfolio Class 1		71,789		11.00		11.08		793,997		0.00		0.40		0.80		22.28		22.77
SAST SA Global Index Allocation 90/10 Portfolio Class 3		11,822,681		10.79		10.92		128,518,535		0.00		1.00		1.70		20.92		21.77
SAST SA Goldman Sachs Global Bond Portfolio Class 1		848,448		10.87		14.39		19,392,656		0.00		0.55		1.77		4.99		6.28
SAST SA Goldman Sachs Global Bond Portfolio Class 2		223,280		20.70		22.37		4,953,642		0.00		1.52		1.97		4.65		5.12

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2019								For the Year Ended December 31, 2019
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SAST SA Goldman Sachs Global Bond Portfolio Class 3		14,671,530		10.11		11.38		207,424,846		0.00		1.00		2.30		4.18		5.55
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 1		655				11.18		7,326		2.12				0.40				18.59
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		1,627,092		10.74		10.97		17,736,976		2.46		1.00		1.95		16.52		17.63
SAST SA Index Allocation 60/40 Portfolio Class 1		3,171				12.54		39,778		0.00				0.55				19.25
SAST SA Index Allocation 60/40 Portfolio Class 3		9,054,020		12.04		12.29		110,358,370		0.00		1.00		1.70		17.55		18.38
SAST SA Index Allocation 80/20 Portfolio Class 1		131,476		13.06		13.12		1,718,802		0.00		0.40		0.55		23.21		23.40
SAST SA Index Allocation 80/20 Portfolio Class 3		16,349,098		12.45		12.80		207,511,352		0.00		1.00		1.95		21.26		22.42
SAST SA Index Allocation 90/10 Portfolio Class 1		200,686		13.32		13.38		2,676,320		0.00		0.40		0.55		25.22		25.41
SAST SA Index Allocation 90/10 Portfolio Class 3		45,263,528		12.70		13.05		586,183,530		0.00		1.00		1.95		23.11		24.28
SAST SA International Index Portfolio Class 1		91,502				10.26		939,193		0.00				0.55				20.53
SAST SA International Index Portfolio Class 3		376,044		10.35		10.48		3,924,596		0.10		1.15		1.70		18.81		19.47
SAST SA Invesco Growth Opportunities Portfolio Class 1		584,174		11.68		13.22		8,080,815		0.00		0.55		1.77		26.71		28.26
SAST SA Invesco Growth Opportunities Portfolio Class 2		226,469		12.46		13.50		3,030,330		0.00		1.52		1.97		26.18		26.74
SAST SA Invesco Growth Opportunities Portfolio Class 3		6,464,009		18.19		23.45		118,572,053		0.00		1.00		2.30		25.77		27.41
SAST SA Invesco Main Street Large Cap Portfolio Class 1		580,880		42.97		45.07		26,140,659		1.19		1.52		1.77		29.60		29.93
SAST SA Invesco Main Street Large Cap Portfolio Class 2		81,452		40.48		43.86		3,549,185		0.91		1.52		1.97		29.13		29.71
SAST SA Invesco Main Street Large Cap Portfolio Class 3		2,047,056		19.16		20.86		57,141,250		1.02		1.00		2.30		28.59		30.27
SAST SA Invesco VCP Equity-Income Portfolio Class 1		20,120		11.30		11.35		228,190		3.02		0.40		0.55		16.54		16.71
SAST SA Invesco VCP Equity-Income Portfolio Class 3		93,754,669		10.97		12.93		1,276,601,271		1.48		1.00		2.15		14.47		15.79
SAST SA Janus Focused Growth Portfolio Class 1		461,291		13.08		28.75		13,853,744		0.02		0.40		1.77		33.83		35.67
SAST SA Janus Focused Growth Portfolio Class 2		307,301		28.05		29.32		8,931,106		0.00		1.52		1.77		33.65		33.98
SAST SA Janus Focused Growth Portfolio Class 3		3,558,899		20.56		24.27		96,873,773		0.00		1.00		2.30		32.86		34.60
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		1,606,841		12.19		16.29		48,023,385		1.97		0.40		1.77		16.88		18.49
SAST SA JPMorgan Diversified Balanced Portfolio Class 2		359,583		27.24		29.46		10,532,417		1.30		1.52		1.97		16.49		17.01
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		7,156,898		14.95		17.21		146,452,520		2.08		1.00		2.30		16.02		17.54
SAST SA JPMorgan Emerging Markets Portfolio Class 1		878,658		9.83		20.35		18,695,795		2.95		0.40		1.77		19.01		20.65
SAST SA JPMorgan Emerging Markets Portfolio Class 2		147,875		19.18		20.76		3,042,380		2.86		1.52		1.97		18.51		19.05
SAST SA JPMorgan Emerging Markets Portfolio Class 3		6,722,921		10.97		11.58		103,838,724		2.77		1.00		2.30		18.05		19.60
SAST SA JPMorgan Equity-Income Portfolio Class 1		1,802,201		12.32		21.45		125,680,120		2.43		0.55		1.77		24.93		26.46
SAST SA JPMorgan Equity-Income Portfolio Class 2		153,827		63.57		68.92		10,490,215		2.04		1.52		1.97		24.51		25.07
SAST SA JPMorgan Equity-Income Portfolio Class 3		5,045,127		19.22		20.96		135,241,194		2.36		1.00		2.30		23.95		25.58
SAST SA JPMorgan Global Equities Portfolio Class 1		1,071,376		10.51		33.60		37,591,764		2.25		0.55		1.77		17.79		19.23
SAST SA JPMorgan Global Equities Portfolio Class 2		108,175		31.78		35.12		3,706,157		1.78		1.40		1.97		17.32		17.99
SAST SA JPMorgan Global Equities Portfolio Class 3		1,410,216		14.28		14.91		28,038,965		2.10		1.00		2.30		16.86		18.39
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		1,361,753		11.16		29.76		42,035,477		2.71		0.40		1.77		7.55		9.03
SAST SA JPMorgan MFS Core Bond Portfolio Class 2		250,513		28.94		30.30		7,548,295		2.10		1.52		1.77		7.40		7.67
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		37,382,432		10.82		13.41		633,887,209		2.74		1.00		2.30		6.56		7.95
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		1,220,138		12.88		18.47		39,239,784		0.00		0.40		1.77		37.13		39.02
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 2		480,215		29.18		32.38		15,034,433		0.00		1.40		1.97		36.68		37.46
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		3,604,392		21.76		28.92		112,120,517		0.00		1.00		2.30		36.08		37.86
SAST SA Large Cap Growth Index Portfolio Class 1		46,466				12.53		582,420		0.00				0.55				29.92
SAST SA Large Cap Growth Index Portfolio Class 3		417,934		12.25		12.40		5,155,480		0.02		1.00		1.70		28.20		29.10
SAST SA Large Cap Index Portfolio Class 3		1,471,907		12.57		12.77		18,613,266		0.02		1.00		1.70		28.41		29.31
SAST SA Large Cap Value Index Portfolio Class 1		33,231				12.24		406,753		0.01				0.55				30.81
SAST SA Large Cap Value Index Portfolio Class 3		384,986		11.96		12.10		4,632,952		0.04		1.00		1.70		29.03		29.94
SAST SA MFS Blue Chip Growth Portfolio Class 1		510,878		14.87		18.97		8,023,280		0.59		1.52		1.77		29.90		30.23
SAST SA MFS Blue Chip Growth Portfolio Class 2		210,752		14.07		15.21		3,175,985		0.36		1.52		1.97		29.55		30.14
SAST SA MFS Blue Chip Growth Portfolio Class 3		4,556,972		21.39		23.02		94,474,080		0.37		1.00		2.30		28.87		30.56
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		844,619		12.36		25.42		48,088,946		0.92		0.55		1.77		29.48		31.07
SAST SA MFS Massachusetts Investors Trust Portfolio Class 2		148,668		52.46		56.60		8,338,235		0.67		1.52		1.97		29.09		29.68
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		7,057,065		19.56		23.48		225,270,232		0.64		1.00		2.30		28.51		30.19
SAST SA MFS Total Return Portfolio Class 1		2,190,385		12.39		22.00		106,304,110		2.23		0.40		1.77		18.25		19.88
SAST SA MFS Total Return Portfolio Class 2		483,185		44.47		48.12		22,991,542		2.13		1.52		1.97		17.78		18.32
SAST SA MFS Total Return Portfolio Class 3		6,910,281		14.82		16.56		184,317,565		2.15		1.00		2.30		17.33		18.86
SAST SA Mid Cap Index Portfolio Class 1		1,255				11.12		13,957		0.00				0.55				24.82
SAST SA Mid Cap Index Portfolio Class 3		695,761		11.07		11.31		7,819,510		0.00		1.00		1.95		22.78		23.95
SAST SA Morgan Stanley International Equities Portfolio Class 1		1,609,167		15.74		16.51		26,550,405		2.35		1.52		1.77		18.52		18.81
SAST SA Morgan Stanley International Equities Portfolio Class 2		578,876		14.87		16.08		9,231,971		2.17		1.52		1.97		18.03		18.56
SAST SA Morgan Stanley International Equities Portfolio Class 3		7,251,764		10.93		11.59		103,291,412		2.31		1.00		2.30		17.46		19.00
SAST SA PIMCO RAE International Value Portfolio Class 2		521,383		17.97		19.69		10,209,894		0.09		1.52		1.97		9.86		10.35
SAST SA PIMCO RAE International Value Portfolio Class 3		23,808,636		9.99		10.80		330,274,799		0.08		1.00		2.30		9.35		10.78
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		83,674,404		11.80		13.23		1,165,508,351		0.00		1.00		2.15		16.24		17.58
SAST SA PineBridge High-Yield Bond Portfolio Class 1		1,062,003		33.65		35.24		37,372,402		7.18		1.52		1.77		12.86		13.15
SAST SA PineBridge High-Yield Bond Portfolio Class 2		228,772		31.64		34.30		7,770,036		6.27		1.52		1.97		12.44		12.95
SAST SA PineBridge High-Yield Bond Portfolio Class 3		4,641,329		12.94		15.25		97,140,054		7.46		1.00		2.30		11.86		13.32
SAST SA Putnam International Growth and Income Portfolio Class 1		1,324,612		12.00		17.87		23,063,747		2.40		1.40		1.77		18.21		18.65
SAST SA Putnam International Growth and Income Portfolio Class 2		272,386		15.84		17.08		4,607,180		2.19		1.52		1.97		17.77		18.31
SAST SA Putnam International Growth and Income Portfolio Class 3		6,012,443		11.37		15.21		89,195,939		2.22		1.10		2.17		17.45		18.72
SAST SA Schroders VCP Global Allocation Portfolio Class 1		14,554		11.99		12.05		174,914		2.09		0.40		0.55		18.67		18.84
SAST SA Schroders VCP Global Allocation Portfolio Class 3		43,336,439		11.44		12.34		551,865,273		1.39		1.00		2.15		16.39		17.73
SAST SA Small Cap Index Portfolio Class 1		3,948		10.85		10.88		42,919		0.00		0.40		0.55		24.00		24.19
SAST SA Small Cap Index Portfolio Class 3		633,638		10.70		10.92		6,875,897		0.00		1.00		1.95		22.10		23.26
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 1		15,922		12.00		12.04		191,336		1.44		0.40		0.55		23.99		24.17

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2019								For the Year Ended December 31, 2019
									Investment		Expense				Total
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		15,476,317		11.57		11.82		181,776,562		1.10		1.00		1.95		21.86		23.02
SAST SA T. Rowe Price VCP Balanced Portfolio Class 1		6,836				13.03		89,101		1.55				0.55				21.78
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		95,116,540		12.28		13.30		1,305,919,982		1.45		1.00		2.15		19.67		21.06
SAST SA VCP Dynamic Allocation Portfolio Class 1		16,851		12.93		13.03		219,556		0.00		0.55		0.80		19.85		20.15
SAST SA VCP Dynamic Allocation Portfolio Class 3		555,505,119		12.28		14.66		8,625,244,704		0.00		1.00		2.15		17.83		19.20
SAST SA VCP Dynamic Strategy Portfolio Class 1		17,251				12.73		219,559		0.00				0.55				19.07
SAST SA VCP Dynamic Strategy Portfolio Class 3		362,907,326		12.06		14.29		5,476,551,697		0.00		1.00		2.15		16.87		18.22
SAST SA VCP Index Allocation Portfolio Class 3		28,329,526		11.36		11.60		326,664,409		0.08		1.00		1.95		20.62		21.77
SAST SA Wellington Capital Appreciation Portfolio Class 1		2,181,248		12.23		40.76		366,463,071		0.00		0.40		1.77		28.87		30.64
SAST SA Wellington Capital Appreciation Portfolio Class 2		304,837		143.75		156.96		46,493,145		0.00		1.40		1.97		28.40		29.13
SAST SA Wellington Capital Appreciation Portfolio Class 3		7,462,122		23.82		34.70		442,546,761		0.00		1.00		2.30		27.87		29.54
SAST SA Wellington Government and Quality Bond Portfolio Class 1		2,676,704		10.93		14.62		65,858,921		2.23		0.40		1.77		5.44		6.89
SAST SA Wellington Government and Quality Bond Portfolio Class 2		990,332		20.20		21.89		21,491,414		2.14		1.52		1.97		5.10		5.58
SAST SA Wellington Government and Quality Bond Portfolio Class 3		28,013,342		10.69		11.52		439,617,906		2.37		1.00		2.30		4.62		5.99
SAST SA Wellington Strategic Multi-Asset Portfolio Class 1		198,764		12.26		72.33		14,244,502		0.00		0.40		1.40		17.42		18.60
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		3,631,790		11.97		12.25		44,056,601		0.00		1.00		1.70		16.87		17.69
SAST SA WellsCap Aggressive Growth Portfolio Class 1		862,406		17.09		33.87		29,155,236		0.00		1.52		1.77		36.81		37.15
SAST SA WellsCap Aggressive Growth Portfolio Class 2		95,439		30.40		32.91		3,113,641		0.00		1.52		1.97		36.34		36.95
SAST SA WellsCap Aggressive Growth Portfolio Class 3		1,279,763		19.13		19.89		29,874,882		0.00		1.00		2.30		35.77		37.55
VALIC Company I International Equities Index Fund		453,139		11.77		11.79		5,326,758		3.32		1.10		1.40		19.61		19.97
VALIC Company I International Socially Responsible Fund		77,005		13.98		14.59		1,112,681		1.79		1.10		1.40		24.23		24.60
VALIC Company I Mid Cap Index Fund		298,461		14.11		15.22		4,437,633		1.36		1.10		1.40		23.96		24.34
VALIC Company I Nasdaq-100 Index Fund		169,983		18.30		21.01		3,496,878		0.39		1.10		1.70		36.33		37.15
VALIC Company I Small Cap Index Fund		243,970		12.87		15.24		3,556,921		1.11		1.10		1.70		23.04		23.78
VALIC Company I Stock Index Fund		787,087		15.28		16.92		13,142,385		1.49		1.10		1.70		28.88		29.66


	December 31, 2018								For the Year Ended December 31, 2018
									Investment
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
American Funds IS American High-Income Trust Class 3		92,070		100.94		103.09		9,485,774		6.15		1.30		1.40		-3.70		-3.60
American Funds IS Asset Allocation Fund Class 2		2,027,113		25.46		26.52		53,635,417		1.66		1.52		1.77		-6.29		-6.05
American Funds IS Asset Allocation Fund Class 3		366,615		79.35		81.05		29,685,528		1.65		1.30		1.40		-5.83		-5.74
American Funds IS Capital Income Builder Class 4		250,680		9.55		10.11		2,525,208		2.45		1.10		1.70		-8.82		-8.27
American Funds IS Global Growth Fund Class 2		3,735,343		35.96		38.70		143,495,683		0.67		1.52		1.97		-10.83		-10.42
American Funds IS Growth Fund Class 2		5,540,310		38.85		41.80		229,575,955		0.45		1.52		1.97		-2.20		-1.76
American Funds IS Growth Fund Class 3		479,248		382.29		390.47		187,004,336		0.52		1.30		1.40		-1.58		-1.48
American Funds IS Growth-Income Fund Class 2		6,574,494		31.25		33.64		219,436,501		1.44		1.52		1.97		-3.71		-3.28
American Funds IS Growth-Income Fund Class 3		554,349		248.36		253.67		140,467,092		1.48		1.30		1.40		-3.09		-3.00
American Funds IS International Fund Class 3		378,965		61.42		62.73		23,747,070		1.73		1.30		1.40		-14.32		-14.23
American Funds IS U.S. Government Securities Fund Class 3		220,852		39.48		40.32		8,898,646		1.73		1.30		1.40		-0.70		-0.60
American Funds IS Ultra-Short Bond Fund Class 3		228,920		19.31		19.72		4,514,142		0.95		1.30		1.40		-0.04		0.06
AST SA PGI Asset Allocation Portfolio Class 1		1,793,441		39.67		41.46		74,336,943		2.56		1.52		1.77		-6.23		-5.99
AST SA PGI Asset Allocation Portfolio Class 2		109,306		37.45		40.41		4,326,410		2.40		1.52		1.97		-6.53		-6.11
AST SA PGI Asset Allocation Portfolio Class 3		1,723,951		12.73		15.37		38,510,997		2.41		1.00		2.30		-6.94		-5.72
BlackRock 60/40 Target Allocation ETF V.I. Fund Class III		41,385		9.98		10.69		435,002		0.62		1.10		1.70		-6.79		-6.22
BlackRock Global Allocation V.I. Fund Class III		227,133		9.61		10.25		2,261,002		0.89		1.10		1.70		-9.15		-8.60
Columbia VP Dividend Opportunity Fund Class 1		86,513		17.06		17.85		1,537,452		0.00		1.52		1.77		-7.39		-7.16
Columbia VP Emerging Markets Bond Fund Class 2		7,341		10.14		10.38		76,171		8.83		1.10		1.70		-8.95		-8.40
Columbia VP Income Opportunities Fund Class 1		382,858		22.55		24.80		9,306,131		5.04		1.52		2.17		-5.83		-5.21
Columbia VP Large Cap Growth Fund Class 1		1,625,494		12.27		12.49		20,238,170		0.00		1.52		2.17		-6.01		-5.40
Columbia VP Limited Duration Credit Fund Class 2		26,182		9.79		9.86		258,065		3.06		1.10		1.35		-1.36		-1.12
Columbia VP Overseas Core Fund Class 2		116,243		9.90		9.96		1,157,471		2.54		1.52		1.77		-18.28		-18.08
Columbia VP Select Mid Cap Growth Opportunity Fund Class 1		17,904		16.93		19.35		340,403		0.00		1.52		2.02		-6.69		-6.21
Columbia VP Small Company Growth Fund Class 1		29,151		21.91		22.93		663,985		0.00		1.52		1.77		-3.49		-3.24
CTIVP^® Principal Blue Chip Growth Fund Class 1		126,507		13.07		13.16		1,661,792		0.00		1.52		1.77		-4.12		-3.88
Delaware Ivy VIP Asset Strategy Class II		40,786		9.00		9.51		381,131		2.09		1.10		1.70		-7.04		-6.48
FTVIP Franklin Allocation VIP Fund Class 2		2,974,892		11.63		13.27		37,671,148		3.24		1.10		2.30		-11.71		-10.64
FTVIP Franklin Income VIP Fund Class 2		8,438,188		11.57		12.95		119,326,659		4.91		1.00		2.30		-6.49		-5.26
FTVIP Franklin Strategic Income VIP Fund Class 2		78,987		9.77		10.00		780,788		2.24		1.10		1.70		-3.79		-3.21
Goldman Sachs VIT Government Money Market Fund Institutional Shares		70,384				10.14		713,660		0.31				0.55				1.17
Goldman Sachs VIT Government Money Market Fund Service Shares		8,510,198		9.69		9.91		83,717,300		1.31		1.10		1.95		-0.49		0.37
Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Advisor Shares		88,650		8.66		8.75		773,374		2.25		1.10		1.70		-8.67		-8.12
Goldman Sachs VIT Trend Driven Allocation Fund Service Shares		4,879		9.75		10.36		50,390		0.69		1.10		1.35		-5.63		-5.39
Invesco V.I. American Franchise Fund Series II		863,349		16.38		20.03		17,796,063		0.00		1.10		2.30		-6.09		-4.95
Invesco V.I. Balanced-Risk Allocation Fund Series II		74,606		10.21		10.63		784,492		1.50		1.10		1.40		-8.02		-7.74
Invesco V.I. Comstock Fund Series II		13,750,195		13.28		15.09		255,260,543		1.47		1.10		2.30		-14.37		-13.33
Invesco V.I. Growth and Income Fund Series II		17,989,340		13.27		15.07		353,879,831		1.82		1.10		2.30		-15.57		-14.54
Lord Abbett Bond Debenture Portfolio Class VC		100,706		10.39		11.10		1,111,216		5.28		1.10		1.70		-5.65		-5.08
Lord Abbett Fundamental Equity Portfolio Class VC		23,422		10.96		11.44		266,826		1.57		1.10		1.40		-9.44		-9.17
Lord Abbett Growth and Income Portfolio Class VC		8,937,979		13.55		13.81		154,146,994		1.34		1.00		2.30		-10.25		-9.06

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2018								For the Year Ended December 31, 2018
									Investment
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
Lord Abbett Mid Cap Stock Portfolio Class VC		625,120		18.96		19.77		12,326,676		0.65		1.52		1.77		-16.54		-16.33
Lord Abbett Short Duration Income Portfolio Class VC		171,712		9.97		10.24		1,748,919		4.07		1.10		1.70		-0.56		0.04
Morgan Stanley VIF Global Infrastructure Portfolio Class II		108,208		9.17		9.93		1,060,626		2.93		1.10		1.70		-9.45		-8.90
Neuberger Berman AMT US Equity Index PutWrite Strategy Portfolio Class S		93,968		8.56		8.93		834,488		0.00		1.10		1.70		-8.36		-7.81
PIMCO All Asset Portfolio Advisor Class		4,334		10.15		10.18		44,132		3.47		1.10		1.35		-6.72		-6.49
PIMCO Dynamic Bond Portfolio Advisor Class		83,765		10.17		10.39		865,952		2.80		1.10		1.70		-0.79		-0.19
PIMCO Emerging Markets Bond Portfolio Advisor Class		22,441		10.57		10.86		237,457		4.36		1.10		1.40		-6.16		-5.88
PVC Diversified International Account Class 1		83,344		7.16		7.63		629,548		2.20		1.40		1.80		-19.02		-18.69
PVC Equity Income Account Class 1		585,103		17.61		18.88		10,949,628		1.88		1.40		1.80		-6.72		-6.34
PVC Equity Income Account Class 2		384,146		16.42		16.99		6,616,984		1.75		1.52		1.95		-7.08		-6.68
PVC Government & High Quality Bond Account Class 1		178,972		8.08		8.65		1,508,552		3.52		1.40		1.80		-0.90		-0.50
PVC MidCap Account Class 1		65,169		22.79		24.42		1,565,530		0.27		1.40		1.80		-8.22		-7.85
PVC MidCap Account Class 2		31,145		21.22		22.73		702,572		0.05		1.55		1.95		-8.60		-8.23
PVC Principal Capital Appreciation Account Class 1		343,884		23.85		25.58		8,741,294		1.17		1.40		1.80		-5.14		-4.76
PVC Principal Capital Appreciation Account Class 2		78,200		22.19		23.77		1,843,740		0.96		1.55		1.95		-5.51		-5.13
PVC Real Estate Securities Account Class 1		11,015		30.66		32.74		359,551		1.86		1.40		1.80		-5.93		-5.55
PVC Real Estate Securities Account Class 2		6,759		30.22		31.26		210,152		1.47		1.55		1.70		-6.09		-5.95
PVC SAM Balanced Portfolio Class 1		1,715,857		15.01		16.10		26,908,063		3.13		1.40		1.80		-6.75		-6.37
PVC SAM Balanced Portfolio Class 2		1,628,873		14.06		15.13		24,368,794		2.97		1.52		1.95		-7.09		-6.69
PVC SAM Conservative Balanced Portfolio Class 1		251,091		10.35		11.09		2,740,149		3.39		1.40		1.80		-5.22		-4.84
PVC SAM Conservative Balanced Portfolio Class 2		289,548		9.70		14.54		3,004,255		3.23		1.52		1.95		-5.62		-5.21
PVC SAM Conservative Growth Portfolio Class 1		750,535		16.11		17.27		12,656,289		2.84		1.40		1.80		-8.30		-7.93
PVC SAM Conservative Growth Portfolio Class 2		851,118		15.04		16.16		13,549,050		2.55		1.52		1.95		-8.63		-8.23
PVC SAM Flexible Income Portfolio Class 1		384,409		11.62		12.47		4,675,908		3.85		1.40		1.80		-3.73		-3.34
PVC SAM Flexible Income Portfolio Class 2		407,965		10.90		14.41		4,747,560		3.73		1.52		1.95		-4.10		-3.68
PVC SAM Strategic Growth Portfolio Class 1		160,039		17.54		18.78		2,954,716		2.20		1.40		1.80		-10.24		-9.88
PVC SAM Strategic Growth Portfolio Class 2		311,190		16.38		17.65		5,389,174		2.17		1.52		1.95		-10.64		-10.25
PVC Short-Term Income Account Class 1		218,942		7.33		7.86		1,647,806		1.94		1.40		1.80		-0.79		-0.39
PVC SmallCap Account Class 1		38,198		11.73		12.56		468,247		0.30		1.40		1.80		-12.49		-12.14
PVC SmallCap Account Class 2		24,566		10.96		11.69		286,110		0.09		1.55		1.95		-12.89		-12.54
SST SA Allocation Balanced Portfolio Class 3		8,015,704		10.02		13.47		117,529,485		4.50		1.00		2.30		-6.14		-4.90
SST SA Allocation Growth Portfolio Class 1		12,900				10.59		136,656		3.97				0.55				-7.42
SST SA Allocation Growth Portfolio Class 3		5,568,909		10.08		14.70		88,235,297		4.32		1.00		2.15		-9.18		-8.13
SST SA Allocation Moderate Growth Portfolio Class 1		2,624				10.53		27,629		4.46				0.55				-6.25
SST SA Allocation Moderate Growth Portfolio Class 3		12,410,306		10.07		13.71		184,982,706		4.25		1.00		2.30		-8.08		-6.87
SST SA Allocation Moderate Portfolio Class 1		—				11.35		—		0.00				0.55				2.42
SST SA Allocation Moderate Portfolio Class 3		11,146,630		10.07		13.73		166,597,503		4.30		1.00		2.30		-7.13		-5.91
SST SA American Century Inflation Protection Portfolio Class 3		23,246,639		9.90		10.28		259,394,966		3.35		1.00		2.30		-2.49		-1.20
SST SA Columbia Focused Value Portfolio Class 3		10,059		11.14		12.11		120,245		4.28		1.10		1.70		-13.63		-13.11
SST SA Multi-Managed Diversified Fixed Income Portfolio Class 3		17,128		9.96		10.17		171,227		2.03		0.00		0.00		0.00		0.00
SST SA Multi-Managed International Equity Portfolio Class 3		39,785		9.59		9.61		379,801		2.70		0.00		0.00		0.00		0.00
SST SA Multi-Managed Large Cap Growth Portfolio Class 3		10,417		12.70		13.48		136,207		0.40		0.00		0.00		0.00		0.00
SST SA Multi-Managed Large Cap Value Portfolio Class 3		19,081		10.56		11.03		204,053		2.10		0.00		0.00		0.00		0.00
SST SA Multi-Managed Mid Cap Growth Portfolio Class 3		29,475		11.92		12.78		366,656		0.00		0.00		0.00		0.00		0.00
SST SA Multi-Managed Mid Cap Value Portfolio Class 3		27,240		10.18		10.86		290,090		0.69		0.00		0.00		0.00		0.00
SST SA Multi-Managed Small Cap Portfolio Class 3		20,102		9.82		11.28		222,228		0.00		0.00		0.00		0.00		0.00
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 1		20,206		10.57		10.60		213,707		2.17		0.00		0.00		0.00		0.00
SST SA Putnam Asset Allocation Diversified Growth Portfolio Class 3		4,285,300		10.80		11.03		46,933,229		2.38		0.00		0.00		0.00		0.00
SST SA T. Rowe Price Growth Stock Portfolio Class 3		25,208		12.53		14.49		359,324		0.00		1.10		1.70		-3.10		-2.52
SAST SA AB Growth Portfolio Class 1		3,443,973		21.09		80.56		275,198,633		0.00		1.52		1.77		0.51		0.77
SAST SA AB Growth Portfolio Class 2		508,844		72.60		80.29		39,379,869		0.00		1.40		1.97		0.15		0.73
SAST SA AB Growth Portfolio Class 3		6,618,140		19.90		22.98		307,040,245		0.00		1.00		2.30		-0.28		1.04
SAST SA AB Small & Mid Cap Value Portfolio Class 2		309,550		30.80		33.18		10,195,432		0.51		1.52		1.97		-16.90		-16.52
SAST SA AB Small & Mid Cap Value Portfolio Class 3		13,241,903		13.29		18.04		323,869,520		0.32		1.00		2.30		-17.26		-16.17
SAST SA American Funds Asset Allocation Portfolio Class 1		66,637		10.66		10.69		710,711		5.38		0.40		0.55		-5.14		-5.00
SAST SA American Funds Asset Allocation Portfolio Class 3		42,900,760		13.22		15.23		721,085,470		3.09		1.00		2.30		-7.05		-5.83
SAST SA American Funds Global Growth Portfolio Class 3		17,769,533		14.06		17.12		328,237,498		1.15		1.00		2.30		-11.35		-10.18
SAST SA American Funds Growth Portfolio Class 1		6,005				9.46		56,785		5.55				0.55				-5.44
SAST SA American Funds Growth Portfolio Class 3		13,489,990		17.21		19.47		284,102,252		0.94		1.00		2.30		-2.80		-1.52
SAST SA American Funds Growth-Income Portfolio Class 1		4,976				9.49		47,237		14.80				0.55				-5.07
SAST SA American Funds Growth-Income Portfolio Class 3		11,818,330		16.12		17.52		223,453,052		2.71		1.00		2.30		-4.29		-3.03
SAST SA American Funds VCP Managed Allocation Portfolio Class 1		3,209				10.53		33,789		3.37				0.55				-5.42
SAST SA American Funds VCP Managed Allocation Portfolio Class 3		111,175,437		10.09		12.48		1,455,963,780		1.60		1.00		2.15		-7.16		-6.08
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 1		1,096		10.27		10.32		11,316		1.79		0.55		0.80		-6.30		-6.06
SAST SA BlackRock VCP Global Multi Asset Portfolio Class 3		57,785,191		9.89		10.44		617,386,703		1.13		1.00		2.15		-7.77		-6.70
SAST SA Columbia Technology Portfolio Class 1		1,824,181		5.28		5.52		10,066,837		0.00		1.52		1.77		-9.77		-9.54
SAST SA Columbia Technology Portfolio Class 2		672,291		4.98		5.49		3,579,530		0.00		1.40		1.97		-10.09		-9.58
SAST SA Columbia Technology Portfolio Class 3		3,462,048		21.45		21.86		38,978,966		0.00		1.10		2.30		-10.44		-9.35
SAST SA DFA Ultra Short Bond Portfolio Class 1		2,172,845		10.06		11.36		25,796,887		1.01		0.80		1.77		-0.25		0.73
SAST SA DFA Ultra Short Bond Portfolio Class 2		611,587		10.76		11.58		7,017,812		1.07		1.52		1.97		-0.62		-0.17
SAST SA DFA Ultra Short Bond Portfolio Class 3		15,119,441		7.87		9.45		143,712,140		0.81		1.00		2.30		-1.08		0.22
SAST SA Emerging Markets Equity Index Portfolio Class 3		54,845		8.50		8.53		466,837		1.24		1.10		1.55		-14.97		-14.71
SAST SA Federated Hermes Corporate Bond Portfolio Class 1		1,491,059		28.61		29.93		44,558,381		4.10		1.52		1.77		-4.56		-4.32

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2018								For the Year Ended December 31, 2018
									Investment
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SAST SA Federated Hermes Corporate Bond Portfolio Class 2		416,786		27.08		29.19		12,046,973		3.88		1.52		1.97		-4.87		-4.44
SAST SA Federated Hermes Corporate Bond Portfolio Class 3		26,035,265		10.88		15.24		521,623,142		4.01		1.00		2.30		-5.28		-4.03
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 1		530,039		33.04		34.57		18,311,806		2.35		1.52		1.77		-8.11		-7.88
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 2		131,542		31.29		33.70		4,383,222		2.20		1.52		1.97		-8.44		-8.02
SAST SA Fidelity Institutional AM^® Real Estate Portfolio Class 3		8,050,829		10.86		11.56		141,767,083		2.12		1.10		2.30		-8.88		-7.77
SAST SA Fixed Income Index Portfolio Class 3		726,349		9.74		9.84		7,114,280		4.22		1.00		1.80		-2.66		-1.87
SAST SA Fixed Income Intermediate Index Portfolio Class 3		904,133		9.76		9.86		8,881,226		3.42		1.00		1.80		-1.47		-0.68
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 1		4,500,717		20.68		62.70		279,867,530		1.73		1.52		1.77		-10.25		-10.02
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 2		574,400		56.57		62.46		34,755,204		1.58		1.40		1.97		-10.59		-10.08
SAST SA Franklin BW U.S. Large Cap Value Portfolio Class 3		11,611,118		14.40		15.59		343,641,816		1.44		1.10		2.30		-10.94		-9.86
SAST SA Franklin Small Company Value Portfolio Class 3		8,627,581		12.93		15.19		136,229,785		0.72		1.00		2.30		-15.00		-13.88
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 1		784,425		29.08		30.42		23,839,608		2.45		1.52		1.77		-2.06		-1.82
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 2		163,784		27.62		29.70		4,813,297		2.19		1.52		1.97		-2.38		-1.94
SAST SA Franklin Systematic U.S. Large Cap Value Portfolio Class 3		3,860,528		16.49		22.83		98,522,734		2.19		1.00		2.30		-2.83		-1.55
SAST SA Franklin Tactical Opportunities Portfolio Class 1		2,943		9.66		9.68		28,446		1.80		0.40		0.55		-6.24		-6.10
SAST SA Franklin Tactical Opportunities Portfolio Class 3		2,154,110		9.50		9.58		20,557,995		2.35		1.00		1.70		-7.55		-6.90
SAST SA Global Index Allocation 60/40 Portfolio Class 1		5,561				9.40		52,293		0.20				0.55				-5.97
SAST SA Global Index Allocation 60/40 Portfolio Class 3		1,263,733		9.31		9.36		11,800,590		2.67		1.00		1.70		-6.88		-6.44
SAST SA Global Index Allocation 75/25 Portfolio Class 1		819				9.21		7,546		0.00				0.55				-7.91
SAST SA Global Index Allocation 75/25 Portfolio Class 3		1,603,092		9.11		9.17		14,673,510		2.66		1.00		1.95		-8.89		-8.31
SAST SA Global Index Allocation 90/10 Portfolio Class 1		1,766		9.01		9.02		15,929		3.06		0.40		0.55		-9.88		-9.79
SAST SA Global Index Allocation 90/10 Portfolio Class 3		6,171,131		8.92		8.97		55,235,714		2.69		1.00		1.70		-10.75		-10.33
SAST SA Goldman Sachs Global Bond Portfolio Class 1		791,876		10.23		13.71		17,196,182		3.78		0.55		1.77		-4.20		-3.02
SAST SA Goldman Sachs Global Bond Portfolio Class 2		164,951		19.78		21.28		3,468,947		3.68		1.52		1.97		-4.50		-4.07
SAST SA Goldman Sachs Global Bond Portfolio Class 3		14,384,149		9.58		10.93		194,760,814		3.84		1.00		2.30		-4.94		-3.69
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 1		701				9.43		6,613		1.33				0.40				-8.66
SAST SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		853,362		9.22		9.33		7,931,309		1.93		1.00		1.95		-10.31		-9.44
SAST SA Index Allocation 60/40 Portfolio Class 1		3,248				10.52		34,164		3.32				0.55				-5.15
SAST SA Index Allocation 60/40 Portfolio Class 3		5,946,132		10.24		10.38		61,387,538		4.27		1.00		1.70		-6.49		-5.83
SAST SA Index Allocation 80/20 Portfolio Class 1		97,002		10.60		10.63		1,029,125		3.61		0.40		0.55		-7.00		-6.86
SAST SA Index Allocation 80/20 Portfolio Class 3		11,725,309		10.26		10.45		121,890,431		4.11		1.00		1.95		-8.58		-7.70
SAST SA Index Allocation 90/10 Portfolio Class 1		152,518		10.64		10.67		1,622,924		6.29		0.40		0.55		-8.00		-7.86
SAST SA Index Allocation 90/10 Portfolio Class 3		34,522,396		10.31		10.50		360,711,595		4.27		1.00		1.95		-9.48		-8.61
SAST SA International Index Portfolio Class 3		125,090		8.73		8.77		1,094,458		3.94		1.15		1.55		-15.59		-15.25
SAST SA Invesco Growth Opportunities Portfolio Class 1		617,701		10.43		10.91		6,730,249		0.00		1.52		1.77		-6.44		-6.20
SAST SA Invesco Growth Opportunities Portfolio Class 2		216,380		9.87		10.65		2,281,204		0.00		1.52		1.97		-6.71		-6.28
SAST SA Invesco Growth Opportunities Portfolio Class 3		7,673,370		14.20		18.64		110,610,502		0.00		1.10		2.30		-7.19		-6.06
SAST SA Invesco Main Street Large Cap Portfolio Class 1		593,991		33.15		34.69		20,578,242		1.13		1.52		1.77		-9.49		-9.26
SAST SA Invesco Main Street Large Cap Portfolio Class 2		86,357		31.35		33.82		2,896,117		0.93		1.52		1.97		-9.81		-9.40
SAST SA Invesco Main Street Large Cap Portfolio Class 3		2,210,779		14.71		16.22		48,483,895		0.87		1.00		2.30		-10.22		-9.04
SAST SA Invesco VCP Equity-Income Portfolio Class 1		1,750				9.69		16,959		3.40				0.55				-10.41
SAST SA Invesco VCP Equity-Income Portfolio Class 3		96,209,892		9.47		11.30		1,135,065,130		2.62		1.00		2.15		-12.09		-11.07
SAST SA Janus Focused Growth Portfolio Class 1		440,267		21.48		22.47		9,881,710		0.00		1.52		1.77		-0.47		-0.22
SAST SA Janus Focused Growth Portfolio Class 2		371,093		20.99		21.89		8,055,511		0.00		1.52		1.77		-0.65		-0.40
SAST SA Janus Focused Growth Portfolio Class 3		4,079,713		15.27		18.27		82,938,277		0.00		1.00		2.30		-1.27		0.03
SAST SA JPMorgan Diversified Balanced Portfolio Class 1		1,418,413		10.25		13.94		36,219,428		1.56		0.55		1.77		-9.33		-8.21
SAST SA JPMorgan Diversified Balanced Portfolio Class 2		252,488		23.38		25.18		6,271,020		1.37		1.52		1.97		-9.67		-9.26
SAST SA JPMorgan Diversified Balanced Portfolio Class 3		7,060,639		12.72		14.83		123,595,292		1.48		1.00		2.30		-10.07		-8.89
SAST SA JPMorgan Emerging Markets Portfolio Class 1		971,631		17.10		26.77		17,399,983		2.11		1.52		1.77		-20.82		-20.62
SAST SA JPMorgan Emerging Markets Portfolio Class 2		174,821		16.18		17.43		3,018,765		1.96		1.52		1.97		-21.06		-20.70
SAST SA JPMorgan Emerging Markets Portfolio Class 3		7,481,053		9.17		9.81		97,478,253		1.99		1.00		2.30		-21.41		-20.38
SAST SA JPMorgan Equity-Income Portfolio Class 1		1,841,880		17.17		56.62		102,760,897		2.11		1.52		1.77		-6.15		-5.91
SAST SA JPMorgan Equity-Income Portfolio Class 2		136,711		51.06		55.10		7,447,510		1.98		1.52		1.97		-6.47		-6.04
SAST SA JPMorgan Equity-Income Portfolio Class 3		5,403,489		15.31		16.91		116,686,445		1.86		1.00		2.30		-6.87		-5.64
SAST SA JPMorgan Global Equities Portfolio Class 1		1,127,984		28.53		29.85		33,573,442		1.86		1.52		1.77		-12.64		-12.42
SAST SA JPMorgan Global Equities Portfolio Class 2		102,374		27.09		29.77		2,977,589		1.67		1.40		1.97		-12.93		-12.43
SAST SA JPMorgan Global Equities Portfolio Class 3		1,436,925		12.22		12.60		24,786,516		1.60		1.00		2.30		-13.33		-12.19
SAST SA JPMorgan MFS Core Bond Portfolio Class 1		1,166,514		27.67		28.89		33,662,563		2.38		1.52		1.77		-2.30		-2.06
SAST SA JPMorgan MFS Core Bond Portfolio Class 2		177,657		26.94		28.14		4,960,688		2.30		1.52		1.77		-2.45		-2.21
SAST SA JPMorgan MFS Core Bond Portfolio Class 3		36,443,133		10.02		12.59		579,599,929		2.23		1.00		2.30		-2.97		-1.69
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 1		1,238,303		13.47		23.64		29,053,754		0.00		1.52		1.77		-6.56		-6.32
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 2		467,787		21.35		23.55		10,662,385		0.00		1.40		1.97		-6.91		-6.37
SAST SA JPMorgan Mid-Cap Growth Portfolio Class 3		4,129,355		15.79		21.25		93,285,308		0.00		1.00		2.30		-7.29		-6.07
SAST SA Large Cap Growth Index Portfolio Class 3		28,048		9.57		9.60		268,780		0.59		1.00		1.55		-4.34		-3.99
SAST SA Large Cap Index Portfolio Class 3		989,431		9.79		9.85		9,708,834		4.23		1.15		1.70		-6.60		-6.08
SAST SA Large Cap Value Index Portfolio Class 3		53,221		9.27		9.30		494,134		1.42		1.10		1.70		-7.34		-6.97
SAST SA MFS Blue Chip Growth Portfolio Class 1		542,748		11.45		14.57		6,575,065		0.42		1.52		1.77		-6.92		-6.69
SAST SA MFS Blue Chip Growth Portfolio Class 2		190,402		10.86		11.69		2,205,767		0.24		1.52		1.97		-7.31		-6.89
SAST SA MFS Blue Chip Growth Portfolio Class 3		5,236,314		16.39		17.86		82,905,041		0.15		1.00		2.30		-7.65		-6.43
SAST SA MFS Massachusetts Investors Trust Portfolio Class 1		909,834		19.63		44.76		40,520,445		0.83		1.52		1.77		-7.05		-6.81
SAST SA MFS Massachusetts Investors Trust Portfolio Class 2		148,627		40.64		43.65		6,427,721		0.64		1.52		1.97		-7.40		-6.98
SAST SA MFS Massachusetts Investors Trust Portfolio Class 3		8,507,113		15.03		18.27		210,166,265		0.54		1.00		2.30		-7.80		-6.58
SAST SA MFS Total Return Portfolio Class 1		2,137,865		10.33		18.61		87,756,849		2.10		0.40		1.77		-7.42		-6.13

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)


	December 31, 2018								For the Year Ended December 31, 2018
									Investment
			Unit Value ($)(a)(f)				Net		Income		Ratio (%)(d)(f)				Return (%)(e)(f)

Sub-accounts	Units		Lowest		Highest		Assets ($)(b)		Ratio (%)(c)		Lowest		Highest		Lowest		Highest
SAST SA MFS Total Return Portfolio Class 2		572,961		37.75		40.67		23,067,850		1.92		1.52		1.97		-7.72		-7.31
SAST SA MFS Total Return Portfolio Class 3		6,598,640		12.47		14.11		152,963,635		1.91		1.00		2.30		-8.14		-6.93
SAST SA Mid Cap Index Portfolio Class 3		197,838		9.02		9.11		1,797,752		1.46		1.15		1.95		-13.57		-12.87
SAST SA Morgan Stanley International Equities Portfolio Class 1		1,612,319		13.28		13.89		22,389,028		1.24		1.52		1.77		-15.48		-15.27
SAST SA Morgan Stanley International Equities Portfolio Class 2		566,991		12.60		13.56		7,621,150		1.09		1.52		1.97		-15.72		-15.34
SAST SA Morgan Stanley International Equities Portfolio Class 3		7,888,603		9.30		9.74		95,609,192		0.97		1.00		2.30		-16.10		-15.00
SAST SA PIMCO RAE International Value Portfolio Class 2		578,168		16.35		17.84		10,260,925		4.46		1.52		1.97		-17.95		-17.58
SAST SA PIMCO RAE International Value Portfolio Class 3		25,411,192		9.14		9.75		317,735,460		4.31		1.00		2.30		-18.27		-17.19
SAST SA PIMCO VCP Tactical Balanced Portfolio Class 3		88,710,369		10.03		11.38		1,054,290,448		2.93		1.00		2.15		-9.16		-8.10
SAST SA PineBridge High-Yield Bond Portfolio Class 1		987,009		29.82		31.15		30,708,725		6.90		1.52		1.77		-5.58		-5.34
SAST SA PineBridge High-Yield Bond Portfolio Class 2		197,249		28.14		30.36		5,917,414		6.26		1.52		1.97		-5.88		-5.45
SAST SA PineBridge High-Yield Bond Portfolio Class 3		4,867,974		11.36		13.63		90,796,360		6.52		1.10		2.30		-6.25		-5.11
SAST SA Putnam International Growth and Income Portfolio Class 1		1,424,717		10.15		14.79		20,886,374		3.09		1.52		1.77		-19.09		-18.89
SAST SA Putnam International Growth and Income Portfolio Class 2		258,723		13.45		14.44		3,697,007		2.84		1.52		1.97		-19.37		-19.00
SAST SA Putnam International Growth and Income Portfolio Class 3		6,858,882		7.73		9.58		86,408,531		2.76		1.10		2.30		-19.70		-18.72
SAST SA Schroders VCP Global Allocation Portfolio Class 1		6,862				10.11		69,348		0.15				0.55				-9.30
SAST SA Schroders VCP Global Allocation Portfolio Class 3		44,346,231		9.72		10.60		481,249,786		2.12		1.00		2.15		-10.96		-9.93
SAST SA Small Cap Index Portfolio Class 3		193,101		8.76		8.86		1,704,304		1.04		1.00		1.95		-13.60		-12.77
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 1		7,267		9.68		9.70		70,374		1.11		0.40		0.55		-6.11		-5.96
SAST SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		8,728,063		9.50		9.61		83,563,828		1.40		1.00		1.95		-7.56		-6.67
SAST SA T. Rowe Price VCP Balanced Portfolio Class 1		5,537				10.70		59,261		3.32				0.55				-7.29
SAST SA T. Rowe Price VCP Balanced Portfolio Class 3		91,427,715		10.15		11.11		1,040,229,342		2.76		1.00		2.15		-9.09		-8.03
SAST SA VCP Dynamic Allocation Portfolio Class 1		17,131		10.79		10.84		185,778		8.05		0.55		0.80		-7.37		-7.14
SAST SA VCP Dynamic Allocation Portfolio Class 3		613,923,310		10.30		12.44		8,026,805,557		3.70		1.00		2.15		-8.82		-7.75
SAST SA VCP Dynamic Strategy Portfolio Class 1		17,381				10.69		185,780		8.36				0.55				-7.48
SAST SA VCP Dynamic Strategy Portfolio Class 3		398,620,387		10.20		12.23		5,106,622,977		3.84		1.00		2.15		-9.17		-8.11
SAST SA VCP Index Allocation Portfolio Class 3		18,479,638		9.42		9.53		175,476,252		4.95		1.00		1.95		-9.22		-8.35
SAST SA Wellington Capital Appreciation Portfolio Class 1		2,068,924		31.63		122.29		248,755,581		0.00		1.52		1.77		-2.50		-2.26
SAST SA Wellington Capital Appreciation Portfolio Class 2		311,492		111.96		121.55		36,836,898		0.00		1.40		1.97		-2.83		-2.27
SAST SA Wellington Capital Appreciation Portfolio Class 3		7,461,856		18.39		27.14		365,803,763		0.00		1.00		2.30		-3.25		-1.98
SAST SA Wellington Government and Quality Bond Portfolio Class 1		2,354,788		13.87		21.23		49,625,212		2.01		1.52		1.77		-1.70		-1.46
SAST SA Wellington Government and Quality Bond Portfolio Class 2		893,686		19.22		20.73		18,364,951		1.83		1.52		1.97		-2.05		-1.61
SAST SA Wellington Government and Quality Bond Portfolio Class 3		27,592,588		10.09		11.02		414,808,827		1.82		1.00		2.30		-2.49		-1.21
SAST SA Wellington Strategic Multi-Asset Portfolio Class 3		2,651,239		10.24		10.40		27,408,241		1.58		1.00		1.70		-9.37		-8.73
SAST SA WellsCap Aggressive Growth Portfolio Class 1		836,002		12.50		24.70		20,601,768		0.00		1.52		1.77		-8.43		-8.20
SAST SA WellsCap Aggressive Growth Portfolio Class 2		104,285		22.30		24.03		2,485,307		0.00		1.52		1.97		-8.78		-8.36
SAST SA WellsCap Aggressive Growth Portfolio Class 3		1,184,264		14.09		14.38		20,503,098		0.00		1.10		2.30		-9.15		-8.05
VALIC Company I International Equities Index Fund		443,827		9.81		9.86		4,353,291		2.01		1.10		1.40		-14.95		-14.69
VALIC Company I International Socially Responsible Fund		76,339		11.25		11.71		885,948		1.73		1.10		1.40		-9.73		-9.46
VALIC Company I Mid Cap Index Fund		296,952		11.38		12.24		3,557,636		1.10		1.10		1.40		-12.67		-12.41
VALIC Company I Nasdaq-100 Index Fund		167,014		13.42		15.32		2,507,370		0.54		1.10		1.70		-2.31		-1.72
VALIC Company I Small Cap Index Fund		251,376		10.46		12.31		2,968,420		1.00		1.10		1.70		-12.73		-12.20
VALIC Company I Stock Index Fund		776,807		11.86		13.05		10,022,502		1.78		1.10		1.70		-6.33		-5.77

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

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

(c)

These amounts represent the dividends, excluding distributions of capital gains, received by the sub-account from the Funds, net of management fees assessed by the portfolio manager, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that are assessed against contract owner accounts either through reductions in the unit values or the redemption of units. The recognition of investment income by the sub-account is affected by the timing of the declaration of dividends by the Funds in which the sub-account invests. The average net assets are calculated using the net asset balances at the beginning and end of the year.

(d)

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

(e)

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

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

7.	Subsequent Events

Management considered Separate Accounts related events and transactions that occurred after the date of the Statement of Assets and Liabilities, but before the financial statements are issued to provide additional evidence relative

VARIABLE SEPARATE ACCOUNT

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

to certain estimates or to identify matters that required additional disclosures. Management has evaluated events through the date the financial statements were issued.

American General Life Insurance Company

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

Statutory Financial Statements and

Supplemental Information and

Report of Independent Auditors

At December 31, 2022 and 2021 and

for each of the three years ended December 31, 2022

AMERICAN GENERAL LIFE INSURANCE COMPANY

TABLE OF CONTENTS TO STATUTORY FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION


	Page
STATUTORY FINANCIAL STATEMENTS
Report of Independent Auditors		2

Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus at December 31, 2022 and 2021		4

Statutory Statements of Operations for the Years Ended December 31, 2022, 2021 and 2020		6

Statutory Statements of Changes in Capital and Surplus for the Years Ended December 31, 2022, 2021 and 2020		7

Statutory Statements of Cash Flows for the Years Ended December 31, 2022, 2021 and 2020		8


NOTES TO STATUTORY FINANCIAL STATEMENTS
1.	Nature of Operations	10

2.	Summary of Significant Accounting Policies	11

3.	Investments	23

4.	Loan-Backed and Structured Security Impairments and Structured Notes Holdings	32

5.	Securities Lending and Repurchase Agreements	37

6.	Restricted Assets	41

7.	Subprime Mortgage Risk Exposure	41

8.	Derivatives	43

9.	Information about Financial Instruments with Off-Balance Sheet Risk and Financial Instruments with Concentrations of Credit Risk	46

10.	Fair Value Measurements	46

11.	Aggregate Policy Reserves and Deposit Fund Liabilities	53

12.	Separate Accounts	55

13.	Reserves for Guaranteed Policy Benefits and Enhancements	58

14.	Participating Policy Contracts	59

15.	Premium and Annuity Considerations Deferred and Uncollected	59

16.	Reinsurance	60

17.	Federal Income Taxes	61

18.	Capital and Surplus	69

19.	Retirement Plans and Share-Based and Deferred Compensation Plans	69

20.	Debt	71

21.	Commitments and Contingencies	72

22.	Related Party Transactions	75

23.	Subsequent Events	81

SUPPLEMENTAL INFORMATION

Supplemental Schedule of Assets and Liabilities		83

Supplemental Investment Risks Interrogatories		83

Supplemental Summary Investment Schedule		89

Supplemental Schedule of Reinsurance Disclosures		90

LOGO

Report of Independent Auditors

To the Board of Directors and Shareholder of American General Life Insurance Company

Opinion

We have audited the accompanying statutory financial statements of American General 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, of changes in capital and surplus, and of cash flows for each of the three years in the period ended December 31, 2022, including the related notes (collectively referred to as the “financial statements”).

Unmodified Opinion on Statutory Basis of Accounting

In our opinion, the accompanying financial statements present fairly, in all material respects, the admitted assets, liabilities and capital and surplus of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in accordance with accounting practices prescribed or permitted by the Texas Department of Insurance described in Note 2.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

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

Basis for Opinions

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

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

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

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

PricewaterhouseCoopers LLP, 300 Madison Avenue, New York, New York 10017

T: 646 471 3000; F: 813 286 6000, www.pwc.com/us

Responsibilities of Management for the Financial Statements

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

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

Auditors’ Responsibilities for the Audit of the Financial Statements

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

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

●

Exercise professional judgment and maintain professional skepticism throughout the audit.

●

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

●

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

●

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

●

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

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

Supplemental Information

Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental schedule of assets and liabilities, investment risk interrogatories, summary

investment schedule, and schedule of reinsurance disclosures (collectively referred to as the “supplemental schedules”) of the Company as of December 31, 2022 and for the year then ended are presented to comply with the National Association of Insurance Commissioners’ Annual Statement Instructions and Accounting Practices and Procedures Manual and for purposes of additional analysis and are not a required part of the financial statements. The supplemental schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. The supplemental schedules have been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves and other additional procedures, in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental schedules are fairly stated, in all material respects, in relation to the financial statements taken as a whole.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 25, 2023

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF ADMITTED ASSETS, LIABILITIES AND CAPITAL AND SURPLUS


	December 31,
(in millions)	2022		2021
Admitted assets
Cash and investments
Bonds	$	108,455	$	107,774
Preferred stock		93		91
Common stock		927		1,144
Cash, cash equivalents and short-term investments		951		802
Mortgage loans		25,131		22,276
Real estate		9		9
Contract loans		1,138		1,164
Derivatives		466		1,082
Securities lending reinvested collateral assets		—		1,727
Derivative cash collateral		1,574		36
Other invested assets		8,026		6,681
Total cash and investments		146,770		142,786
Amounts recoverable from reinsurers		270		338
Amounts receivable under reinsurance contracts		492		272
Current federal income tax recoverable		232		—
Deferred tax asset		1,087		854
Due and accrued investment income		1,136		1,029
Premiums due, deferred and uncollected		153		152
Receivables from affiliates		263		136
Other assets		1,515		1,239
Separate account assets		59,701		70,298
Total admitted assets	$	211,619	$	217,104

See accompanying Notes to Statutory Financial Statements.

AMERICAN GENERAL LIFE INSURANCE COMPANY

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


	December 31,
(in millions, except per share data)	2022		2021
Liabilities
Policy reserves and contractual liabilities
Life and annuity reserves	$	108,850	$	104,080
Liabilities for deposit-type contracts		12,316		12,327
Accident and health reserves		711		736
Premiums received in advance		10		9
Policy and contract claims		715		752
Policyholder dividends		17		14
Total policy reserves and contractual liabilities		122,619		117,918
Payable to affiliates		483		333
Interest maintenance reserve		1,804		2,232
Federal income taxes payable		—		201
Derivatives		807		223
Payable for securities lending		—		2,426
Repurchase agreements		1,725		120
Collateral for derivatives program		205		494
Funds held under coinsurance		11,826		11,690
Accrued expenses and other liabilities		2,424		2,230
Net transfers from separate accounts due or accrued		(1,323)		(1,895)
Asset valuation reserve		1,681		2,302
Separate account liabilities		59,618		70,298
Total liabilities		201,869		208,572
Commitments and contingencies (see Note 21)

Capital and surplus
Common stock, $10 par value; 600,000 shares authorized, issued and outstanding		6		6
Preferred stock, $100 par value; 8,500 shares authorized, issued and outstanding		1		1
Gross paid-in and contributed surplus		5,410		3,510
Special surplus funds		916		126
Unassigned surplus		3,417		4,889
Total capital and surplus		9,750		8,532
Total liabilities and capital and surplus	$	211,619	$	217,104

See accompanying Notes to Statutory Financial Statements.

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF OPERATIONS


	December 31,
(in millions)	2022		2021		2020
Revenues
Premiums and annuity considerations	$	39,948	$	15,409	$	10,941
Net investment income		7,172		7,503		6,035
Amortization of interest maintenance reserve		123		162		151
Reserve adjustments on reinsurance ceded		(2,112)		(2,273)		(2,069)
Commissions and expense allowances		779		703		646
Separate account fees		1,648		1,845		1,422
Other income		741		578		503
Total revenues		48,299		23,927		17,629
Benefits and expenses
Death benefits		811		736		811
Annuity benefits		2,652		2,806		2,563
Surrender benefits		9,350		8,453		6,857
Other benefits		692		668		668
Change in reserves		4,769		2,729		3,672
Commissions		2,672		1,099		962
General insurance expenses		928		978		928
Net transfers to (from) separate accounts		1,109		1,682		273
Modco reinsurance assumed		22,366
Other expenses		445		704		602
Total benefits and expenses		45,794		19,855		17,336
Net gain from operations before dividends to policyholders and federal income taxes		2,505		4,072		293

Dividends to policyholders		6		1		3
Net gain from operations after dividends to policyholders and before federal income taxes		2,499		4,071		290

Federal income tax expense		518		1,422		961
Net gain (loss) from operations		1,981		2,649		(671)

Net realized capital (losses) gains, net of tax after transfers to interest maintenance reserves		(1,190)		(405)		640
Net income (loss)	$	791	$	2,244	$	(31)

See accompanying Notes to Statutory Financial Statements.

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CHANGES IN CAPITAL AND SURPLUS


(in millions)	Common & Preferred Stock		Gross Paid- In and Contributed Surplus		Special Surplus Funds			Unassigned Surplus			Total Capital and Surplus
Balance, January 1, 2020	$	7	$	3,510	$	—		$	2,772			6,289
Net loss		—		—		—			(31	)		(31	)
Change in net unrealized capital gains (losses)		—		—		—			155			155
Change in net unrealized foreign exchange capital gains (losses)		—		—		—			351			351
Change in deferred tax		—		—		—			850			850
Change in non-admitted assets		—		—		—			(643	)		(643	)
Change in reserve on account of change in valuation basis		—		—		—			47			47
Change in asset valuation reserve		—		—		—			(139	)		(139	)
Change in surplus from separate accounts		—		—		—			204			204
Other changes in surplus in separate accounts		—		—		—			(204	)		(204	)
Change is surplus as a result of reinsurance		—		—		—			(5	)		(5	)
Prior period corrections (see Note 2)		—		—		—			31			31
Reinsurance permitted practice		—		—		—			353			353
Other changes		—		—		(128	)		381			253
Balance, December 31, 2020	$	7	$	3,510	$	(128	)	$	4,122		$	7,511
Net income		—		—		—			2,244			2,244
Change in net unrealized capital gains (losses)		—		—		—			206			206
Change in net unrealized foreign exchange capital gains (losses)		—		—		—			(267	)		(267	)
Change in deferred tax		—		—		—			853			853
Change in non-admitted assets		—		—		—			(587	)		(587	)
Change in asset valuation reserve		—		—		—			(205	)		(205	)
Change in surplus from separate accounts		—		—		—			450			450
Other changes in surplus in separate accounts		—		—		—			(450	)		(450	)
Change in surplus as a result of reinsurance		—		—		—			(2	)		(2	)
Dividends		—		—		—			(1,045	)		(1,045	)
Prior period corrections (see Note 2)		—		—		—			(161	)		(161	)
Reinsurance permitted practice		—		—		—			(30	)		(30	)
Other changes		—		—		254			(239	)		15
Balance, December 31, 2021	$	7	$	3,510	$	126		$	4,889		$	8,532
Net income		—		—		—			791			791
Change in net unrealized capital gains (losses)		—		—		—			(694	)		(694	)
Change in net unrealized foreign exchange capital gains (losses)		—		—		—			(705	)		(705	)
Change in deferred tax		—		—		—			(40	)		(40	)
Change in non-admitted assets		—		—		—			(84	)		(84	)
Change in liability for reinsurance in unauthorized and certified companies		—		—		—			(22	)		(22	)
Change in asset valuation reserve		—		—		—			621			621
Change in surplus from separate accounts		—		—		—			296			296
Other changes in surplus in separate accounts		—		—		—			(296	)		(296	)
Additional paid in surplus		—		1,900		—			—			1,900
Change in surplus as a result of reinsurance		—		—		—			(256	)		(256	)
Dividends		—		—		—			(800	)		(800	)
Prior period corrections (see Note 2)		—		—		—			73			73
Reinsurance permitted practice		—		—		—			433			433
Other changes		—		—		790			(789	)		1
Balance, December 31, 2022	$	7	$	5,410	$	916		$	3,417		$	9,750

See accompanying Notes to Statutory Financial Statements.

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CASH FLOWS


	December 31,
(in millions)	2022		2021		2020
Cash from operations
Premium and annuity considerations, collected, net of reinsurance	$	18,180	$	13,618	$	10,930
Net investment income collected		6,547		6,966		5,508
Other income		557		851		298
Total revenue received		25,284		21,435		16,736
Benefits paid		13,473		12,474		10,280
Net transfers to separate accounts		536		2,192		56
Commissions and expenses paid		3,584		2,129		1,984
Dividends paid to policyholders		2		4		3
Federal income taxes paid		1,089		1,227		1,207
Total benefits and expenses paid		18,684		18,026		13,530
Net cash provided by operations		6,600		3,409		3,206
Cash from investments
Proceeds from investments sold, matured or repaid:
Bonds		15,962		23,554		20,811
Stocks		498		233		306
Mortgage loans		3,005		3,082		2,882
Real estate		—		—		168
Other invested assets		1,136		2,057		1,429
Derivatives		—		—		1,576
Securities lending reinvested collateral assets		1,727		—		—
Other, net		124		421		256
Total proceeds from investments sold, matured or repaid		22,452		29,347		27,428
Cost of investments acquired:
Bonds		17,824		24,029		26,051
Stocks		300		643		451
Mortgage loans		6,465		4,066		2,752
Real estate		1		1		12
Derivatives, net		823		407		—
Other invested assets		2,791		2,496		1,537
Securities lending reinvested collateral assets		—		35		409
Other, net		1,878		127		200
Total cost of investments acquired		30,082		31,804		31,412
Net adjustment in contract loans		(26)		(69)		(26)
Net cash provided by (used in) investing activities		(7,604)		(2,388)		(3,958)
Cash from financing and miscellaneous sources
Cash provided (applied):
Capital and paid-in surplus		1,900		—		—
Net deposits on (withdrawals from) deposit-type contracts		(11)		(707)		995
Dividends to parent		(800)		(750)		—
Change in securities lending		(2,426)		747		227
Other, net		2,490		(568)		143
Net cash provided by (used in) provided by financing and miscellaneous activities		1,153		(1,278)		1,365

AMERICAN GENERAL LIFE INSURANCE COMPANY

STATUTORY STATEMENTS OF CASH FLOWS


	December 31,
Net increase (decrease) in cash, cash equivalents and short-term investments		149		(257)		613
Cash, cash equivalents and short-term investments at beginning of year		802		1,059		446
Cash, cash equivalents and short-term investments at end of year	$	951	$	802	$	1,059

Non-cash activities, excluded from above:
Non-cash Modco adjustment on assumed reinsurance	$	22,924	$	—	$	—
Non-cash pension risk transfer premiums		1,159		1,809		—
Non-cash Fortitude Re settlement		204		448		—
Non-cash transfer from other invested assets to mortgage loans		12		154		31
Settlement of non-cash dividends payable		—		295		—
Non-cash transfer from mortgage loans to other invested assets		—		—		179
Non-cash transfer from common stocks to other invested assets		—		—		111
Non-cash transfer from other invested assets to bonds		—		—		59
Non-cash transfer from other invested assets to common stocks		—		34		47

See accompanying Notes to Statutory Financial Statements.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS

1. NATURE OF OPERATIONS

American General Life Insurance Company (AGL or the Company), including its wholly owned subsidiaries, is a wholly owned subsidiary of AGC Life Insurance Company (AGC Life or the Parent), which is a wholly owned subsidiary of AIG Life Holding, Inc. ( AIG Life Holding ). AIG Life Holding is wholly owned by Corebridge Financial Inc. (Corebridge), which is a direct subsidiary of American International Group, Inc. (AIG). AIG is a holding company, which through its subsidiaries provides a wide range of property casualty insurance, life insurance, retirement products and other financial services to commercial and individual customers in approximately 70 countries and jurisdictions. The term “AIG” means American International Group, Inc. and not any of AIG’s consolidated subsidiaries.

The Company is a stock life insurance company domiciled and licensed under the laws of the State of Texas and is subject to regulation by the Texas Department of Insurance (TDI). The Company is also subject to regulation by the states in which it is authorized to transact business. The Company is licensed in 49 states and the District of Columbia.

The Company is a leading provider in the United States of individual term and universal life insurance solutions to middle-income and high-net-worth customers, as well as a leading provider in the United States of fixed and variable annuities. The Company’s primary products include term life insurance, universal, variable universal and whole life insurance, accident and health insurance, single- and flexible-premium deferred fixed and variable annuities, fixed index deferred annuities, single-premium immediate and delayed-income annuities, private placement variable annuities, private placement variable universal life, structured settlements, corporate- and bank-owned life insurance, terminal funding annuities, guaranteed investment contracts, funding agreements, stable value wrap products and group benefits. The Company distributes its products through a broad multi-channel distribution network, which includes independent marketing organizations, independent insurance agents and financial advisors, banks, broker dealers, structured settlement brokers and benefit consultants and direct-to-consumer through AIG Direct Insurance, Inc. (AIG Direct).

SunAmerica Fund Services, Inc. (SAAMCo), together with its wholly owned distributor, AIG Capital Services, Inc., and its wholly owned servicing agent, SunAmerica Fund Services, Inc., represent the Company’s asset management operations. These companies earn fee income by managing, distributing and administering a diversified family of mutual funds, and variable subaccounts offered within the variable annuity and variable universal life products, and by distributing retail mutual funds and providing professional management of individual, corporate and pension plan portfolios.

The operations of the Company are influenced by many factors, including general economic conditions, financial condition of AIG Parent, monetary and fiscal policies of the United States federal government and policies of state and other regulatory authorities. The level of sales of the Company’s insurance and financial products is influenced by many factors, including general market rates of interest, the strength, weakness and volatility of equity markets and terms and conditions of competing products. The Company is exposed to the risks normally associated with a portfolio of fixed income securities, which include interest rate, option, liquidity and credit risks. The Company controls its exposure to these risks by, among other things, closely monitoring and managing the duration and cash flows of its assets and liabilities, monitoring and limiting prepayments and extension risk in its portfolio, maintaining a large percentage of the Company’s portfolio in highly liquid securities, engaging in a disciplined process of underwriting, and reviewing and monitoring credit risk.

The Company is also exposed to market risk, policyholder behavior risk and mortality/longevity risk. Market volatility and other equity market conditions may affect the Company’s exposure to risks related to guaranteed death benefits and guaranteed living benefits on variable annuity products, and may reduce fee income on variable product assets held in separate accounts. Such guaranteed benefits are sensitive to equity and interest rate market conditions.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

The TDI recognizes only statutory accounting practices (SAP) prescribed or permitted by the State of Texas for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Texas Insurance Law. The National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures Manual (NAIC SAP) has been adopted as a component of prescribed or permitted practices by the State of Texas.

The Insurance Commissioner of the State of Texas has the right to permit other specific practices that deviate from prescribed practices. Such permitted practices employed by the Company include the following:

At December 31, 2022, 2021 and 2020, the Company used the following permitted practice that resulted in reported statutory surplus or risk-based capital that is significantly different from the statutory surplus or risk based capital that would have been reported had NAIC statutory accounting practices or the prescribed regulatory accounting practices of their respective state regulator been followed in all respects:

The Company received a permitted practice with respect to an excess of loss reinsurance agreement (the “XoL Agreement”) for the reporting period ending December 31, 2020 as follows:

Effective December 31, 2019 and subsequent reporting periods through September 30, 2020, the Company received approval from the TDI to apply a permitted practice in its financial statements allowing the Company to recognize an admitted asset related to the notional value of coverage defined in the XoL Agreement. This asset is reported in Other assets in the balance sheet. The XoL Agreement has a 20 year term and provides coverage to the Company for aggregate claims incurred during the agreement term associated with guaranteed minimum withdrawal benefits on certain fixed index annuities generally issued prior to April 2019 (“Block 1”) exceeding an attachment point defined in the XoL agreement. The permitted practice allows the Company to manage its reserves in a manner more in line with anticipated principle-based reserving requirements under development for fixed index annuities. As a condition for approving the permitted practice, the TDI imposed certain conditions relating to the permitted practice.

Effective October 1, 2020 and subsequent reporting periods through September 30, 2023, the permitted practice above was expanded to similarly recognize an additional admitted asset related to the notional value of coverage defined in a separate excess of loss agreement. This additional reinsurance agreement has a 25 year term and provides coverage to the Company for aggregate excess of loss claims associated with guaranteed minimum withdrawal benefits on a block of fixed index annuities generally issued in April 2019 or later, including certain new business issued after the effective date (“Block 2”). In addition, effective December 31, 2020, this expanded permitted practice also extended the term of the permitted practice for Block 1 from September 30, 2020 to September 30, 2023. The reinsurance agreement covering contracts in Block 1 was also amended to conform certain provisions to be consistent with the Block 2 reinsurance agreement. Effective December 31, 2022, the reinsurance agreement for Block 2 was amended to update certain definitions contained in the agreement related to new business.

Effective October 1, 2022 and periods through September 30, 2023, the Company received approval from the TDI to apply a permitted practice in its financial statements allowing the Company to recognize an admitted asset related to the notional value of coverage defined in an additional excess of loss agreement. This excess of loss agreement has a 20-year term and provides coverage to the Company for aggregate claims associated with the base contract along with the guaranteed living benefits rider on a block of fixed annuities inforce on the treaty effective date and certain new business (“Block 3”).

The value of these assets subject to the above permitted practice was approximately $1,017 million, $584 million and $614 million in total at December 31, 2022, 2021 and 2020 respectively and are reported in Other assets on the balance sheet. The permitted practice allows the Company to manage its reserves in a manner more in line with anticipated

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

principle-based reserving requirements under development for fixed index annuities. As a condition for approving the permitted practice, the TDI imposed certain conditions relating to the permitted practice.

The following table presents a reconciliation of the Company’s net income and capital and surplus between NAIC SAP basis and the basis including practices prescribed or permitted by the State of Texas:


		December 31,
(in millions)	SSAP#	2022		2021		2020
NET INCOME
State basis		$	791	$	2,244	$	(31)

Net (loss) income, NAIC SAP		$	791	$	2,244	$	(31)

SURPLUS
State basis		$	9,750	$	8,532	$	7,511
State permitted practices that increase (decrease) NAIC SAP:
XoL reinsurance agreement	4		(1,017)		(584)		(614)
Statutory capital and surplus, NAIC SAP		$	8,733	$	7,948	$	6,897

In the event the Company had not employed any or all of these permitted and prescribed practices, the Company’s risk-based capital (RBC) would not have triggered a regulatory event.

Certain prior year amounts have been reclassified to conform to the current year presentation.

Use of Estimates

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

•

application of other-than-temporary impairments (OTTI);

•

estimates with respect to income taxes, including recoverability of deferred tax assets (DTA);

•

fair value measurements of certain financial assets; and

•

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

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, the Company’s Statutory

Statements of Admitted Assets, Liabilities and Capital and Surplus, Statutory Statements of Operations and Statutory Statements of Cash Flows could be materially affected.

Significant Accounting Policies

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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

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

RBC charges for LBaSS are based on the final NAIC designations, which are determined with a multi-step approach. The initial designation is used to determine the carrying value of the security. The final NAIC designation is used for reporting and affects RBC. The final NAIC designation is determined in one of three ways. NAIC designations are determined through a financial modeling process conducted by BlackRock, direct analysis via the NAIC’s IAO or other protocols prescribed by the NAIC including internal assignment of Z, 5GI or 6*. Residual tranches, as defined in SSAP 43R, are reported as NAIC 6*.

Short sale is the sale of a security which is not owned by the Company at the time of sale. Short sales are normally settled by the delivery of a security borrowed by or on behalf of seller. A short sale as defined in Statement of Statutory Accounting Principle (SSAP) No. 103 “Transfers and Servicing of Financial Assets and Extinguishments of Liabilities” is reported as a contra-asset (negative asset) initially reported at fair value, with changes in fair value recognized as unrealized gains and losses.

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

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

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

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

Mortgage and mezzanine real estate loans are considered impaired when collection of all amounts due under contractual terms is not probable. Impairment is measured using either i) the present value of expected future cash

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

flows discounted at the loan’s effective interest rate, ii) the loan’s observable market price, if available, or iii) the fair value of the collateral if the loan is collateral dependent. An allowance is typically established for the difference between the impaired value of the loan and its current carrying amount. Additional allowance is established for incurred but not specifically identified impairments, based on statistical models primarily driven by past due status, debt service coverage, loan-to-value ratio, property occupancy, profile of the borrower and of the major property tenants, and economic trends in the market where the property is located. When all or a portion of a loan is deemed uncollectible, the uncollectible portion of the carrying amount of the loan is charged off against the allowance.

Real estate consists of properties occupied by the Company, properties held for the production of income and properties held for sale. Properties occupied by the Company and held for the production of income are carried at depreciated cost, less encumbrances, unless events or circumstances indicate the carrying amount of the asset (amount prior to reduction for encumbrances) may not be recoverable. Properties held for sale are carried at the lower of its depreciated cost or fair value less estimated costs to sell the property and net of encumbrances. Real estate obtained through foreclosure, in satisfaction of a loan, is recorded at the time of foreclosure at the lower of fair value as determined by acceptable appraisal methodologies, or the carrying amount of the related loan. Land is reported at cost.

Cash, cash equivalents and short-term investments include cash on hand and amounts due from banks and highly liquid debt instruments that have original maturities of three month or less and are carried at amortized cost. Short-term investments include interest-bearing money market funds, investment pools and other investments with original maturities within one year from the date of purchase.

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

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

Starting in 2022 the Company designated, under SSAP 86, certain foreign exchange derivatives as effective hedges of certain invested assets. Hedge accounting was not used for any derivative instruments for the years ending in 2021.

Statement of Statutory Accounting Principles (SSAP) 108, Derivatives Hedging Variable Annuity Guarantees, was used as allowed in 2020 and subsequent years. SSAP 108 allows special accounting treatment for limited derivatives hedging variable annuity guarantee benefits subject to fluctuation as a result of interest rate sensitivity.

Other invested assets principally consist of investments in limited partnerships and limited liability companies. Investments in these assets, except for joint ventures, partnerships and limited liability companies with a minor

ownership interest, are reported using the equity method. Under SAP, such investments are generally reported based on audited U.S. GAAP equity of the investee, with subsequent adjustment to a statutory basis of accounting, if applicable.

Joint ventures, partnerships and limited liability companies in which the Company has a minor ownership interest (i.e., less than 10 percent) or lacks control, are generally recorded based on the underlying audited U.S. GAAP equity of the investee, with some prescribed exceptions. SAP allows the use of (a) the U.S. GAAP equity as set forth in the footnote reconciliation of foreign GAAP equity and income to U.S. GAAP within audited foreign GAAP financial statements or (b) the International Financial Reporting Standards (IFRS) basis equity in audited IFRS financial statements as an acceptable basis for the valuation of minor/non-controlled investments. The audited U.S. tax basis equity may also be used in certain circumstances.

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

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NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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

In addition, the Company is a party to secured financing transactions involving securities sold under agreements to repurchase (repurchase agreements), in which the Company transfers securities in exchange for cash, with an agreement by the Company to repurchase the same or substantially similar securities on agreed upon dates specified in the agreements.

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

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

The Company regularly evaluates its investments for other-than-temporary impairment (OTTI) in value. The determination that a security has incurred an OTTI in value and the amount of any loss recognition requires the judgment of the Company’s management and a continual review of its investments.

For bonds, other than LBaSS, an OTTI shall be considered to have occurred if it is probable that the Company will not be able to collect all amounts due under the contractual terms in effect at the acquisition date of the debt security. If it is determined an OTTI has occurred, the cost basis of bonds are written down to fair value and the amount of the write-down is recognized as a realized capital loss.

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

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

Non-admitted assets are excluded from admitted assets and the change in the aggregate amount of such assets is reflected as a separate component of unassigned surplus. Non-admitted assets include all assets specifically designated as non-admitted and assets not designated as admitted, such as a net asset IMR, a certain portion of DTAs, prepaid expenses, electronic data processing (EDP) equipment assets, agents’ balances or other receivables over 90 days. Non-admitted assets were $4.6 billion at December 31, 2022 and 2021, respectively.

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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

Separate account assets and liabilities generally represent funds for which the contract holder, rather than the Company, bears the investment risk. Separate account contract holders have no claim against the assets of the general account of the Company, except for certain guaranteed products. Separate account assets are generally reported at fair value. In addition, certain products with fixed guarantees and market-value-adjusted (MVA) fixed annuity contracts in which the assets are generally carried at amortized cost are required by certain states to be carried in a separate account. The operations of the separate accounts are excluded from the Statutory Statements of Operations and Statutory Statements of Cash Flows of the Company. The Company receives fees for assuming mortality and certain expense risks. Such fees are included in separate account fees in the Statutory Statements of Operations. Reserves for variable annuity contracts are provided in accordance with the Variable Annuity Commissioners’ Annuity Reserve Valuation Method (VACARVM) under subsection 21 of the Valuation Manual (“VM-21”) for 2020 and subsequent years, and under Actuarial Guideline 43 (AG 43) for prior years. Reserves for variable universal life accounts are provided in accordance with subsection 20 of the Valuation Manual (“VM-20”) for new business issued in 2020 and subsequent ears, and in accordance with the Commissioners’ Reserve Valuation Method (CRVM) for policies issued prior to 2020.

Policy reserves are established according to different methods.

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

Principle-based reserving (“PBR”) is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the previous prescribed approach. Reserve requirements for AIG’s life insurance policies issued after January 1, 2020 are contained in subsection 20 of the Valuation Manual (“VM-20”), “Requirements for Principle-Based Reserves for Life Products”, policies issued prior to that date are reserved for using the Commissioners Reserve Valuation Method (“CRVM”). Under VM-20, these reserves are generally more sensitive to changes in actuarial assumptions.

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

The Company performs annual cash flow testing in accordance with the Actuarial Opinion and Memorandum Regulation to ensure adequacy of the reserves. Additional reserves are established where the results of cash flow testing under various interest rate scenarios indicate the need for such reserves or where the net premiums exceed the gross premiums on any insurance in force. Total cash flow testing reserves were $175 million at December 31, 2022.

A majority of the Company’s variable annuity products are issued with a guaranteed minimum death benefit (GMDB) which provides that, upon the death of a contractholder, the contractholder’s beneficiary will receive the greater of (1) the contractholder’s account value, or (2) a GMDB that varies by product. Depending on the product, the GMDB may equal the principal invested, adjusted for withdrawals; or the greatest contract value, adjusted for withdrawals, at the specified contract anniversaries; or the principal invested, adjusted for withdrawals, accumulated at the specified rate per annum. These benefits have issue age and other restrictions to reduce mortality risk exposure. The Company bears the risk that death claims following a decline in the financial markets may exceed contract holder account balances, and that the fees collected under the contract are insufficient to cover the costs of the benefit to be provided. Death benefits on GMDB policies generally reduce on a proportional basis or on a dollar-for-dollar basis when a partial withdrawal occurs.

Reserves for GMDB benefits are included in the VACARVM reserve. PBR is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the factor-based approach typically employed historically. Variable Annuity (“VA”) reserving requirements for 2020 and subsequent years are contained in subsection 21 of the Valuation Manual (“VM-21”), “Reserves for Variable Requirements for Principle-Based Annuities”, and replace the previous Actuarial Guideline XLVIII (“AG 43”) requirements, which also employed a principle-based approach. The

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Company fully applied VM-21 requirements to reserving for both new and existing VA contracts effective January 1, 2020.

Life policies underwritten as substandard are charged extra premiums. Reserves are computed for a substandard policy by adding the reserve for an otherwise identical non-substandard policy plus a factor times the extra premium charge for the year. The factor varies by duration, type of plan, and underwriting. In addition, an extra mortality reserve is reported for ordinary life insurance policies classified as group conversions. Substandard structured settlement annuity reserves are determined by making a constant addition to the mortality rate of the applicable valuation mortality table so that the life expectancy on the adjusted table is equal to the life expectancy determined by the Company’s underwriters at issue.

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

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

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

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

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

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

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

General insurance expenses include allocated expenses pursuant to a cost allocation agreement. The Company purchases administrative, accounting, marketing and data processing services from AIG Parent or its subsidiaries and is charged based on estimated levels of usage, transactions or time incurred in providing the respective services. The allocation of costs for investment management services purchased from AIG Parent or its subsidiaries and third-party managers is based on the level of assets under management.

Federal income tax expense (benefit) is recognized and computed on a separate company basis pursuant to a tax sharing agreement, because the Company is included in the consolidated federal income tax return of its ultimate parent company filing group. To the extent that benefits for net operating losses, foreign tax credits or net capital losses are utilized on a consolidated basis, the Company would recognize tax benefits based upon the amount of those deductions and credits utilized in the consolidated federal income tax return. The federal income tax expense or benefit reflected in the Statutory Statements of Operations represents income taxes provided on income that is currently taxable, but excludes tax on the net realized capital gains or losses.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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

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

Accounting Changes

Substantive changes were made to SSAP 32R, Preferred Stocks effective January 1, 2021, that required all perpetual preferred stocks to be reported at fair value. Prior to this change, perpetual preferred stocks with NAIC designations of “1” through “3” were carried at amortized cost. All other perpetual preferred stocks were stated at the lower of cost, amortized cost or fair value, with unrealized capital losses charged directly to unassigned surplus.

Actuarial Change / Reserve PBR (VM-20 and VM-21)

Principle-based reserving (“PBR”) is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the previous prescribed approach. Reserve requirements for Corebridges’s life insurance policies issued after January 1, 2020 are contained in subsection 20 of the Valuation Manual (“VM-20”), “Requirements for Principle-Based Reserves for Life Products”, policies issued prior to that date are reserved for using the Commissioners Reserve Valuation Method (“CRVM”). Under VM-20, these reserves are generally more sensitive to changes in actuarial assumptions.

PBR is designed to tailor the reserving process to more closely reflect the risks of specific products, rather than the factor-based approach typically employed historically. Variable Annuity (“VA”) reserving requirements are contained in subsection 21 of the Valuation Manual (“VM-21”), “Reserves for Variable Requirements for Principle-Based Annuities”, and replace the previous Actuarial Guideline XLVIII (“AG 43”) requirements, which also employed a principle-based approach. The Company fully applied VM-21 requirements to reserving for both new and existing VA contracts effective January 1, 2020. Under VM-21, these reserves are generally more sensitive to changes in interest rates. The impact of the implementation was $47 million.

SSAP 108

The Company adopted Statement of Statutory Accounting Principles (“SSAP”) 108, Derivatives Hedging Variable Annuity Guarantees, on January 1, 2020. The adoption of SSAP 108 coincided with the implementation of the related reserve guidance in VM-21 described above. The TDI approved, in December 2019, the Company’s plan to transition from a permitted practice to SSAP 86 in 2019 and from SSAP 86 to SSAP 108 in January 2020.

SSAP 108 allows special accounting treatment for limited derivatives hedging variable annuity guarantee benefits subject to fluctuation as a result of interest rate sensitivity. Accordingly, the statutory accounting guidance in this standard is considered a special accounting provision, only permitted if all the components in the standard are met. Prior to implementing a hedging program for application within the scope of this standard, a reporting entity must obtain explicit approval from its domiciliary state commissioner. As such, unlike most SSAPs, the guidance in SSAP 108 is not required to be adopted by all reporting entities that account for derivatives. The special accounting provision permits reporting entities to utilize a form of macro-hedging in which a portfolio of variable annuity policies are jointly designated as the host contracts containing the hedge item, in a fair value hedge, pursuant to a Clearly Defined Hedging Strategy defined within VM-21. The Company will dynamically hedge the interest rate risk of guaranteed minimum withdrawal benefits (“GMWB”) cash flows for variable annuities, defined as the fair value of rider claims, net of rider fees.

At inception and on an ongoing basis, the hedging relationship must be highly effective in achieving offsetting changes in fair value attributed to the hedged risk during the period that the hedge is designated. The term “highly effective” describes a fair value hedge relationship where the change in fair value of the derivative instrument is within 80 to 125 percent of the opposite change in fair value of the hedged item attributed to the hedged risk.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The guidance in this SSAP is required to be applied on a prospective basis for qualifying hedge programs in place on or after the effective date.

In implementing SSAP 108, the Company uses the same fair value definition that is used for its economic hedge target, which enables the Company to leverage the existing modeling and attribution platform currently in place for hedging analysis. In addition, the Company uses the VM-21 interest rate sensitivities measured at the beginning of the quarter to estimate the reserve movement attributed to interest rate movement, which leverages the existing modeling and attribution platform in place for Statutory analysis. These approaches and the overall use of the special accounting provision of SSAP 108 in 2021 and 2022 have received the approval of the TDI.

The Company uses a portfolio of interest rates swaps and swaptions to hedge the interest rate risk associated with a portfolio of GMWB riders on its variable annuities. This hedging relationship was highly effective and complied with the “Clearly Defined Hedging Strategy” of VM-21. Please see Note 7 for further details regarding the financial impact of SSAP 108.

Correction of Errors

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

In 2022, three out-of-period errors were identified and corrected, which increased unassigned surplus by $72 million. This decreased claims reserved as a result of overstated claim reserves from 2019-2021. The Company’s management does not believe these corrections to be material to the Company’s results of operations, financial position, or cash flow for the Company’s previously filed annual statement.

In 2021, five out-of-period errors were identified and corrected, which decreased unassigned surplus by $161 million. The most significant of these was a tax correction related to 2013 - 2018. The Company’s management does not believe these corrections to be material to the Company’s results of operations, financial position, or cash flow for the Company’s previously filed annual statement.

In 2020, five out-of-period errors were identified and corrected, which increased unassigned surplus by $31 million. The most significant of these was an increase in variable annuity reserves due to an incorrect application of incident rates. The Company’s management does not believe these corrections to be material to the Company’s results of operations, financial position, or cash flow for the Company’s previously filed annual statement.

Differences in Statutory Accounting and U.S. GAAP Accounting

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

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

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

Under SAP, all single- and multi-class MBS or other ABS (e.g., Collateralized Mortgage Obligations (CMO) are adjusted for the effects of changes in prepayment assumptions on the related accretion of discount or amortization of premium with respect to such securities using either the retrospective or prospective method. For LBaSS subsequent to July 1,

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

2009, if it is determined that a decline in fair value is other than temporary the cost basis of the security is written down to the discounted estimated future cash flows. Bonds, other than LBaSS, that are other-than-temporarily impaired are written down to fair value. For U.S. GAAP purposes, all securities, purchased or retained, that represent beneficial interests in securitized assets (e.g., CMO, MBS and ABS securities), other than high credit quality securities, would be adjusted using the prospective method when there is a change in estimated future cash flows. If high-credit quality securities must be adjusted, the retrospective method would be used. For all bonds, if it is determined that a decline in fair value is other-than-temporary, the cost basis of the security would be written down to the discounted estimated future cash flows, while the non-credit portion of the impairment would be recorded as an unrealized loss in other comprehensive income.

Under SAP, when it is probable that the insurer will be unable to collect all amounts due according to the contractual terms of the mortgage agreement, valuation allowances are established for temporarily-impaired mortgage loans based on the difference between the unpaid loan balance and the estimated fair value of the underlying real estate, less estimated costs to obtain and sell. The initial valuation allowance and subsequent changes in the allowance for mortgage loans are charged or credited directly to unassigned surplus rather than as a component of earnings as would be required under U.S. GAAP. If the impairment is other-than-temporary, a direct write down is recognized as a realized loss, and a new cost basis is established. Under U.S. GAAP, effective January 1, 2020, the Company adopted the new accounting standard for current expected credit losses (CECL). This standard requires an allowance for credit losses based on the expectation of lifetime credit losses. Prior to the adoption of CECL, valuation allowances would be established when the insurer determines it is probable that it will be unable to collect principal and interest due according to the contractual terms of the loan agreement. Such U.S. GAAP allowances would be based on the difference between the unpaid loan balance and the present value of expected future cash flows discounted at the loan’s original effective interest rate or, if foreclosure is probable, on the estimated fair value of the underlying real estate.

Under SAP, joint ventures, partnerships and limited liability companies in which the insurer has a minor ownership interest (i.e., less than 10 percent) or lacks control are generally recorded based on the underlying audited U.S. GAAP basis equity of the investee. Under U.S. GAAP, joint ventures, partnerships and limited liability companies in which the insurer has a significant ownership interest or is deemed to have control are accounted for under the equity method, where that is not the case, such investments are carried at fair value with changes in fair value recognized in earnings for equity securities previously designated as available-for-sale and for equity securities measured at fair value at the Company’s election.

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

Derivatives. Under SAP, derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value with the changes in fair value recorded as unrealized capital gains or losses. Under U.S. GAAP, such derivative instruments are accounted for at fair value with the changes in fair value recorded as realized capital gains or losses. Under U.S. GAAP, fair value measurement for free standing derivatives incorporate either counterparty’s credit risk for derivative assets or the insurer’s credit risk for derivative liabilities by determining the explicit cost to protect against credit exposure. This credit exposure evaluation takes into consideration observable credit default swap rates. Under SAP, non-performance risk (own credit-risk) is not reflected in the fair value calculations for derivative liabilities. Under U.S. GAAP, index life insurance features in certain variable universal life contracts and certain guaranteed features of variable annuities are bifurcated and accounted for separately as embedded policy derivatives. Under SAP, embedded derivatives are not bifurcated or accounted for separately from the host contract.

Interest Maintenance Reserve. Under SAP, the insurer is required to maintain an IMR. IMR is calculated based on methods prescribed by the NAIC and was established to prevent large fluctuations in interest-related capital gains and losses realized through sales or OTTI. IMR applies to all types of fixed maturity investments, including bonds, preferred stocks, MBS, ABS and mortgage loans. After-tax capital gains or losses realized upon the sale or impairment of such investments resulting from changes in the overall level of interest rates are excluded from current period net income and transferred to the IMR. The transferred after-tax net realized capital gains or losses are then amortized into income over

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

the remaining period to maturity of the divested asset. Realized capital gains and losses are reported net of tax and transfers to the IMR, after net gain from operations. Any net asset IMR balance is treated as non-admitted asset. This reserve is not required under U.S. GAAP and pre-tax realized capital gains and losses are reported as component of total revenues, with related taxes included in taxes from operations.

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

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

Policy Acquisition Costs and Sales Inducements. Under SAP, policy acquisition costs are expensed when incurred. Under U.S. GAAP, acquisition costs that are incremental and directly related to the successful acquisition of new and renewal of existing insurance and investment-type contracts, are deferred and amortized, generally in proportion to the present value of expected future gross profit margins. For all other insurance contracts, to the extent recoverable from future policy revenues, deferred policy acquisition costs (DAC) are amortized, with interest, over the premium-paying period of the related contracts, using assumptions that are consistent with those used in computing policy benefit reserves. Under SAP, sales inducements are expensed when incurred. Under U.S. GAAP, certain sales inducements on interest-sensitive life insurance contracts and deferred annuities are deferred and amortized over the life of the contract using the same methodology and assumptions used to amortize DAC.

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

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

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

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

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Under SAP, the Commissioners’ Reserve Valuation Method is used for the majority of individual insurance reserves. Under U.S. GAAP, individual insurance policyholder liabilities for traditional forms of insurance are generally established using the net level premium method. For interest-sensitive policies, a liability for policyholder account balances is established under U.S. GAAP based on the contract value that has accrued to the benefit of the policyholder. Policy assumptions used in the estimation of policyholder liabilities are generally prescribed under SAP. Under U.S. GAAP, policy assumptions are based upon best estimates as of the date the policy was issued, with provisions for the risk of adverse deviation.

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

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

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

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

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

Deferred Income Taxes. Under SAP, statutory DTAs that are more likely than not to be realized are limited to: 1) the amount of federal income taxes paid in prior years that can be recovered through loss carrybacks for existing temporary differences that reverse by the end of the subsequent calendar year, plus 2) the lesser of the remaining gross DTA expected to be realized within a maximum three years of the reporting date or a maximum 15 percent of the capital and surplus excluding any net DTA, EDP equipment and operating software and any net positive goodwill, plus 3) the amount of the remaining gross DTA that can be offset against existing gross DTLs. The remaining DTAs are non-admitted. Deferred taxes do not include amounts for state taxes. Under U.S. GAAP, state taxes are included in the computation of deferred taxes, all DTAs are recorded and a valuation allowance is established if it is more likely than not that some portion of the DTA will not be realized. Under SAP, income tax expense is based upon taxes currently payable. Changes in deferred taxes are reported in surplus and subject to admissibility limits. Under U.S. GAAP, changes in deferred taxes are recorded in income tax expense.

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

3. INVESTMENTS

Bonds and Equity Securities

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


(in millions)	Statement Value		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2022
Bonds:
U.S. government obligations	$	1,314	$	4	$	(198	)	$	1,120
All other governments		2,629		20		(385	)		2,264
States, territories and possessions		268		2		(30	)		240
Political subdivisions of states, territories and possessions		332		8		(21	)		319
Special revenue		6,159		35		(710	)		5,484
Industrial and miscellaneous		93,378		1,001		(13,217	)		81,162
Hybrid securities		435		10		(28	)		417
Bank loans		3,580		3		(115	)		3,468
Parent, subsidiaries and affiliates		360		—		—			360
Total bonds		108,455		1,083		(14,704	)		94,834
Preferred stock		93		—		(4	)		89
Common stock*		927		—		—			927
Total equity securities		1,020		—		(4	)		1,016
Total	$	109,475	$	1,083	$	(14,708	)	$	95,850
December 31, 2021
Bonds:
U.S. government obligations	$	1,351	$	203	$	—		$	1,554
All other government		2,960		286		(61	)		3,185
States, territories and possessions		349		60		—			409
Political subdivisions of states, territories and possessions		336		81		—			417
Special revenue		6,820		1,004		(11	)		7,813
Industrial and miscellaneous		92,128		9,011		(587	)		100,552
Hybrid securities		525		125		(2	)		648
Bank loans		2,955		12		(41	)		2,926
Parent, subsidiaries and affiliates		350		—		—			350
Total bonds		107,774		10,782		(702	)		117,854
Preferred stock		91		5		—			96
Common stock*		1,144		—		—			1,144
Total equity securities		1,235		5		—			1,240
Total	$	109,009	$	10,787	$	(702	)	$	119,094

* Common stock includes $753 million and $979 million of investments in affiliates at December 31, 2022 and 2021, respectively.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Bonds and Equity Securities in Loss Positions

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


	Less than 12 Months					12 Months or More					Total
(in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
December 31, 2022
Bonds:
U.S. government obligations	$	990	$	(197	)	$	1	$	—		$	991	$	(197	)
All other government		1,953		(389	)		—		—			1,953		(389	)
U.S. States, territories and possessions		180		(30	)		—		—			180		(30	)
Political subdivisions of states, territories and possessions		177		(21	)		—		—			177		(21	)
Special revenue		4,565		(694	)		78		(16	)		4,643		(710	)
Industrial and miscellaneous		57,098		(10,308	)		12,196		(2,927	)		69,294		(13,235	)
Hybrid securities		268		(30	)		—		—			268		(30	)
Bank loans		2,184		(71	)		897		(47	)		3,081		(118	)
Total bonds		67,415		(11,740	)		13,172		(2,990	)		80,587		(14,730	)
Preferred stock		84		(6	)		—		—			84		(6	)
Common stock		2		—			—		—			2		—
Total equity securities		86		(6	)		—		—			86		(6	)
Total	$	67,501	$	(11,746	)	$	13,172	$	(2,990	)	$	80,673	$	(14,736	)
December 31, 2021
Bonds:
U.S. government obligations	$	—	$	—		$	—	$	—		$	—	$	—
All other government		482		(27	)		213		(34	)		695		(61	)
U.S States, territories and possessions		6		—			—		—			6		—
Political subdivisions of states, territories and possessions		32		—			—		—			32		—
Special revenue		421		(10	)		18		(1	)		439		(11	)
Industrial and miscellaneous		17,010		(345	)		3,330		(247	)		20,340		(592	)
Hybrid securities		11		—			23		(2	)		34		(2	)
Bank loans		1,067		(13	)		753		(28	)		1,820		(41	)
Total	$	19,029	$	(395	)	$	4,337	$	(312	)	$	23,366	$	(707	)
Preferred stock		4		—			—		—			4		—
Common stock		6		(1	)		—		—			6		(1	)
Total equity securities		10		(1	)		—		—			10		(1	)
Total	$	19,039	$	(396	)	$	4,337	$	(312	)	$	23,376	$	(708	)

As of December 31, 2022 and 2021, the number of bonds and equity securities in an unrealized loss position was 8,092 and 2,507, respectively. Bonds comprised 8,010 of the total, of which 1,189 were in a continuous loss position greater than 12 months at December 31, 2022.Bonds comprised 2,501 of the total, of which 519 were in a continuous loss position greater than 12 months at December 31, 2021.

The Company did not recognize the unrealized losses in earnings on these fixed maturity securities at December 31, 2022 and 2021, respectively, because the Company neither intends to sell the securities nor does the Company believe that it is more likely than not that the Company will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, the Company performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, expected defaults on underlying collateral, review of relevant industry analyst reports and forecasts and other available market data.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Contractual Maturities of Bonds

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


(in millions)	Statement Value		Fair Value
December 31, 2022
Due in one year or less	$	1,449	$	1,446
Due after one year through five years		11,917		11,496
Due after five years through ten years		16,085		14,354
Due after ten years		48,692		39,072
LBaSS		30,699		28,853
Total	$	108,842	$	95,221

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

Bonds in or near default as to payment of principal or interest had a statement value of $124 million and $102 million at December 31, 2022 and 2021, respectively, which is the fair value. At December 31, 2022 and 2021, the Company had no income excluded from due and accrued for bonds.

December 31, 2022 , the Company’s bond portfolio included bonds totaling $7.0 billion not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 3 percent of the Company’s total assets and 5 percent of invested assets. These below investment grade securities, excluding structured securities, span across 14 industries. At December 31, 2021, the Company’s bond portfolio included bonds totaling $7.6 billion not rated investment grade by the NAIC designations (categories 3-6). These bonds accounted for 4 percent of the Company’s total assets and 5 percent of invested assets. These below investment grade securities, excluding structured securities, span across 14 industries.

December 31, 2022 and 2021 The following table presents the industries that constitute more than 10% of the below investment grade securities:


	December 31,
	2022			2021
Consumer cyclical		21.3	%		18.7%
Consumer non-cyclical		16.1			15.7
Capital Goods		8.3			8.9

LBaSS

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

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

December 31, 2022

December 31, 2021

(in millions)

Statement

Value

Fair Value

Statement

Value

Fair Value

Loan-backed and structured securities

30,699

28,853

26,365

28,172

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

At December 31, 2022 and 2021, the Company had exposure to a variety of LBaSS. These securities could have significant concentrations of credit risk by country, geographical region, property type, servicer or other characteristics. As part of the quarterly surveillance process, the Company takes into account many of these characteristics in making the OTTI assessment.

At December 31, 2022 and 2021, the Company did not have any LBaSS with a recognized OTTI due to the intent to sell or an inability or lack of intent to retain the security for a period of time sufficient to recover the amortized cost basis.

During 2022, 2021 and 2020, the Company recognized total OTTI of $114 million, $13 million and $57 million, respectively, on LBaSS that were still held by the Company. In addition, at December 31, 2022 and 2021, the Company held loan-backed impaired securities (fair value is less than cost or amortized cost) for which an OTTI had not been recognized in earnings as a realized loss. Such impairments include securities with a recognized OTTI for non-interest (credit) related declines that were recognized in earnings, but for which an associated interest-related decline has not been recognized in earnings as a realized capital loss.

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


	Less than 12 Months					12 Months or More					Total
(in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
December 31, 2022
LBaSS	$	16,448	$	(1,565	)	$	6,349	$	(999	)	$	22,797	$	(2,564	)
December 31, 2021
LBaSS	$	7,974	$	(108	)	$	111	$	(10	)	$	8,085	$	(118	)

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

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

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


	December 31,
(in millions)	2022		2021
Balance, beginning of year	$	1,263	$	1,320
Increases due to:
Credit impairment on new securities subject to impairment losses		42		—
Additional credit impairment on previously impaired investments		71		13
Reduction due to:
Credit impaired securities fully disposed for which there was no prior intent or requirement to sell		120		70
Balance, end of year	$	1,256	$	1,263

See Note 23 for a list with each LBaSS at a CUSIP level where the present value of cash flows expected to be collected is less than the amortized cost basis during the current year and a list of the Company’s structured notes holding at December 31, 2022.

Mortgage Loans

Mortgage loans had outstanding principal balances of $25.8 billion and $22.5 billion at December 31, 2022 and 2021, respectively. Contractual interest rates range from 0.00 percent to 13.00 percent. The mortgage loans at December 31, 2022 had maturity dates ranging from 2022 to 2069.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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

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


	December 31,
	2022			2021
Geographic distribution:
Mid-Atlantic		28.0	%		30.5	%
Foreign		22.5			24.1
Pacific		14.7			12.4
South Atlantic		12.1			11.8
West South Central		6.5			7.0
East North Central		5.8			5.2
New England		4.5			4.9
Mountain		3.9			2.9
East South Central		1.5			0.6
West North Central		0.5			0.6
Total		100.0	%		100.0	%
Property type distribution:
Multi-family		35.9	%		37.1	%
Office		23.8			27.0
Retail		8.3			11.2
Industrial		16.2			10.5
Hotel/Motel		4.8			5.7
Other		11.1			8.5
Total		100.0	%		100.0	%

At December 31, 2022, there were 285 mortgage loans with outstanding balances of $20 million or more, which loans collectively, aggregated approximately 82 percent of this portfolio.

The following table presents the minimum and maximum lending rates for new mortgage loans during 2022 and 2021:


	Years Ended December 31,
	2022						2021
(in millions)	Maximum			Minimum			Maximum			Minimum
Office		12.60	%		3.00	%		8.95	%		2.10	%
Multi-family		15.03			2.98			7.44			1.80
Retail		—			—			7.10			2.25
Industrial		9.34			2.68			6.50			2.35
Hotel/Motel		8.68			4.04			6.00			—
Other		37.35			—			5.91			1.99

The Company reduced the interest rate on three loans during 2022. The Company did not reduce any interest rates during 2021.

The maximum percentage of any one loan to the value of security at the time of the loan, exclusive of insured or guaranteed or purchase money mortgage was 90 percent and 95.0 percent, in 2022 and 2021, respectively.

At December 31, 2022, the Company held $800 million in impaired mortgages with $492 million of related allowances for credit losses and $308 million in impaired loans without a related allowance. At December 31, 2021, the Company held $549 million in impaired mortgages with $231 million of related allowances for credit losses and $318 million in impaired loans without a related allowance. The Company’s average recorded investment in impaired loans was $669 million and $371 million, at December 31, 2022 and 2021, respectively. The Company recognized interest income of $22 million, $14 million and $3 million, in 2022, 2021 and 2020, respectively.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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


	December 31,
(in millions)	2022		2021		2020
Balance, beginning of year	$	245	$	274	$	197
Additions (reductions) charged to unrealized capital loss		58		(28)		77
Direct write-downs charged against allowance		(9)		(1)		—
Balance, end of year	$	294	$	245	$	274

During 2022, the Company did not derecognized any mortgage loans and did not recognized any real estate collateral as a result of foreclosure.

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

The following table presents the age analysis of mortgage loans:


	December 31,
(in millions)	2022		2021
Current	$	24,981	$	22,144
30 - 59 days past due		21		98
60 - 89 days past due		3		3
90 - 179 days past due		125		29
Greater than 180 days past due		1		2
Total	$	25,131	$	22,276

At December 31, 2022 and 2021, the Company had mortgage loans outstanding under participant or co-lender agreements of $21.2 billion and $19.0 billion, respectively.

The Company had $466 million and $404 million in restructured loans at December 31, 2022 and 2021, respectively.

Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of December 31, 2022:



(in millions)	Residential				Commercial			Agricultural

Loan-to-Value	Amount		Percentage of Total Admitted Assets		Amount		Percentage of Total Admitted Assets	Amount		Percentage of Total Admitted Assets
a. above 95%	$	—		— %	$	385	0.30 %	$	—	— %
b. 91% to 95%		—		—		244	0.20		—	—
c. 81% to 90%		1		—		728	0.50		—	—
d. 71% to 80%		—		—		2,307	1.50		—	—
e. below 70%		2,483		1.60		18,983	12.50		—	—

Troubled Debt Restructuring

The Company held no restructured debt for which impairment was recognized for both December 31, 2022 and 2021. At December 31, 2022, the Company had $4 million of outstanding commitments to debtors that held loans with restructured terms and none in 2021.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Real Estate

The following table presents the components of the Company’s investment in real estate:



	December 31,

(in millions)	2022		2021
Properties occupied by the Company	$	6	$	6
Properties held for production of income		3		3
Total	$	9	$	9

The Company recognized no gains or losses in 2022, 2021 and 2020. The Company did not recognize any impairment write-downs for its investment in real estate during 2022, 2021 and 2020.

Other Invested Assets

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


	December 31,
(in millions)	2022		2021
Investments in limited liability companies	$	972	$	964
Investments in limited partnerships		4,188		3,752
Other unaffiliated investments		2,717		1,836
Receivable for securities		73		197
Initial margin for futures		86		55
Non-admitted assets		(10)		(123)
Total	$	8,026	$	6,681

The Company utilizes the look-through approach in valuing its investments in affiliated joint ventures or partnerships that have the characteristics of real estate investments. These affiliated real estate investments had an aggregate value of $840 million at December 31, 2022. All liabilities, commitments, contingencies, guarantees, or obligations of these holding company entities, which are required to be recorded as liabilities, commitments, contingencies, guarantees or obligations under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in each of the respective holding company entities, if applicable.

The Company recorded impairment write-downs in joint ventures was $13 million, $15 million and $29 million during 2022, 2021 and 2020, respectively.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Net Investment Income

The following table presents the components of net investment income:


	Years ended December 31,
(in millions)	2022		2021		2020
Bonds	$	4,608	$	4,802	$	4,841
Preferred stocks		10		4		9
Common stocks		2		7		4
Cash and short-term investments		44		15		34
Mortgage loans		1,038		946		898
Real estate*		4		4		5
Contract loans		68		65		78
Derivatives		994		167		90
Investment income from affiliates		399		1,419		119
Other invested assets		320		271		193
Gross investment income		7,487		7,700		6,271
Investment expenses		(315)		(197)		(236)
Net investment income	$	7,172	$	7,503	$	6,035

* Includes amounts for the occupancy of Company-owned property of $2 million in 2022, 2021 and 2020.

Net Realized and Unrealized Capital Gains (Losses)

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


	Years ended December 31,
(in millions)	2022			2021		2020
Bonds	$	(551	)	$	446	$	566
Preferred stocks		—			14		5
Common stocks		(2)			16		74
Cash and short-term investments		(79)			(1)		5
Mortgage loans		(107)			18		—
Real estate		—			—		7
Derivatives		(1,233)			(659)		649
Other invested assets		80			199		199
Other		—			(49)		—
Realized capital (losses) gains		(1,892)			(16)		1,505
Federal income tax benefit (expense)		397			3		(316)
Net gains transferred to IMR		305			(392)		(549)
Net realized capital (losses) gains	$	(1,190)		$	(405)	$	640

During 2022, 2021 and 2020, the Company recognized $167 million, $42 million and $117 million, respectively, of impairment write-downs in accordance with the impairment policy described in Note 2.

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


	Years ended December 31,
(in millions)	2022		2021		2020
Proceeds	$	9,787	$	11,495	$	11,460

Gross realized capital gains	$	112	$	823	$	1,076
Gross realized capital losses		(472)		(405)		(334)
Net realized capital (losses) gains	$	(360)	$	418	$	742

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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


	Years ended December 31,
(in millions)	2022			2021		2020
Bonds	$	(369	)	$	(171)	$	213
Preferred and common stocks		(59	)		(311)		(23	)
Mortgage loans		(523	)		(129)		175
Real estate		—			—		(24	)
Derivatives		(497	)		139		271
Other invested assets		(280	)		502		47
Other		19			25		(29	)
Federal income tax benefit (expense)		310			(116)		(124	)
Net change in unrealized (losses) gains of investments	$	(1,399	)	$	(61)	$	506

5GI Securities Measured at Aggregate Book Adjusted Carrying Value and Fair Value

The following table presents 5GI Securities measured at aggregate book adjusted carrying value (BACV) and aggregate fair value at December 31:



Investment	Number of 5GI Securities				Aggregate BACV (in millions)				Aggregate Fair Value (in millions)
	2022		2021		2022		2021		2022		2021
Bonds - AC		11		6	$	15	$	28	$	13	$	28
LB&SS - AC		14		2		11		7		11		7
Preferred Stock - AC		—		—		—		—		—		—
Preferred Stock - FV		4		3		7		—		7		—
Total		29		11	$	33	$	35	$	31	$	35

AC - Amortized Cost

FV - Fair Value

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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

LBaSS

The following table presents the LBaSS held by the Company at December 31, 2022 for which it had recognized non-interest related OTTI subsequent to the adoption of SSAP 43R:


(in thousands)
CUSIP	Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI		Date of Financial Statement Where Reported
5899296D5	$	15	$	8	$	7	$	8	$	2		3/31/2022
12628LAE0		2,765		2,304		462		2,304		2,045		3/31/2022
94986QAA1		8,915		8,772		142		8,772		8,394		3/31/2022
Quarterly Total	$	11,695	$	11,084	$	611	$	11,084	$	10,441
25151UAD9	$	1,982	$	1,695	$	287	$	1,695	$	1,691		6/30/2022
12669GC82		591		579		12		579		591		6/30/2022
17029PAA3		21,997		19,497		2,500		19,497		19,497		6/30/2022
Quarterly Total	$	24,570	$	21,771	$	2,799	$	21,771	$	21,779
03215PCV9	$	471	$	469	$	2	$	469	$	471		9/30/2022
07386HK26		14,122		12,112		2,010		12,112		11,432		9/30/2022
54910ECU7		1,845		1,530		315		1,530		3,029		9/30/2022
54910EFN0		2,026		1,423		602		1,423		2,818		9/30/2022
07386HSW2		679		651		27		651		651		9/30/2022
004421MR1		1,029		328		701		328		234		9/30/2022
040104SN2		56,451		55,353		1,097		55,353		61,848		9/30/2022
05950GAR4		2,429		2,374		55		2,374		2,618		9/30/2022
007037AB0		9,125		8,936		190		8,936		9,691		9/30/2022
126694JS8		888		884		4		884		811		9/30/2022
02660TJE4		6,352		5,232		1,121		5,232		6,470		9/30/2022
05952FAM5		602		556		46		556		556		9/30/2022
00077BKC6		17		16		1		16		16		9/30/2022
05948XTP6		208		124		84		124		94		9/30/2022
43709XAF8		14,497		14,039		458		14,039		14,789		9/30/2022
073873AA9		9,550		9,127		423		9,127		12,102		9/30/2022
007036UQ7		1,677		1,547		129		1,547		2,106		9/30/2022
02660LAB6		9,541		9,420		121		9,420		10,051		9/30/2022
02146QAD5		37,254		34,470		2,785		34,470		40,405		9/30/2022
073871AE5		16,960		16,302		658		16,302		20,098		9/30/2022
02660BAA0		37,329		35,802		1,526		35,802		44,801		9/30/2022
059469AE6		1,207		1,138		69		1,138		1,121		9/30/2022
05530MAA7		76,993		75,032		1,962		75,032		84,289		9/30/2022
07386HWR8		1,432		1,428		4		1,428		1,428		9/30/2022
02660KAA0		55,261		52,804		2,457		52,804		59,231		9/30/2022
07387RAA6		27,346		24,515		2,832		24,515		34,315		9/30/2022
073875AA4		14,149		12,259		1,890		12,259		15,834		9/30/2022
02660UAA8		14,249		13,789		461		13,789		15,761		9/30/2022
02660LAF7		94,917		90,467		4,450		90,467		93,286		9/30/2022
02150AAF8		10,086		9,772		314		9,772		13,907		9/30/2022
040104RG8		26,269		25,979		290		25,979		29,170		9/30/2022
07383UGB5		3,120		2,480		641		2,480		2,480		9/30/2022
073879CD8		633		605		28		605		605		9/30/2022
02150TAD2		16,292		14,826		1,465		14,826		14,826		9/30/2022
126694PP7	$	2,422	$	2,414	$	7	$	2,414	$	2,029		9/30/2022
17029RAA9		633		4		629		4		4		9/30/2022
02149JBE5		3,986		3,366		620		3,366		4,176		9/30/2022
Quarterly Total	$	572,047	$	541,573	$	30,474	$	541,573	$	617,553

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)


(in thousands)
CUSIP	Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI		Date of Financial Statement Where Reported
25702@AB2	$	20	$	1	$	18	$	1	$	1		12/31/2022
225458BM9		6,874		6,256		618		6,256		5,812		12/31/2022
12667GMY6		705		684		21		684		690		12/31/2022
86359LQB8		4,962		4,321		641		4,321		4,328		12/31/2022
86361WAA9		549		547		1		547		535		12/31/2022
525221FQ5		5,443		4,636		807		4,636		6,195		12/31/2022
61915YAD3		18,301		17,742		559		17,742		17,596		12/31/2022
12652CBF5		661		559		102		559		559		12/31/2022
69371VBL0		95		94		—		94		110		12/31/2022
69374JBV2		124		118		6		118		168		12/31/2022
69374XBU3		60		59		1		59		62		12/31/2022
693684BV3		87		56		31		56		62		12/31/2022
693650BU6		103		59		44		59		59		12/31/2022
69376DBU5		144		143		1		143		79		12/31/2022
54910EAG0		103,232		93,919		9,312		93,919		143,375		12/31/2022
54910EBW4		47,599		42,563		5,036		42,563		67,309		12/31/2022
54910ECA1		15,003		13,481		1,522		13,481		21,558		12/31/2022
54910EDW2		12,973		10,863		2,110		10,863		16,572		12/31/2022
54910EEL5		3,295		2,566		729		2,566		3,913		12/31/2022
36242DQY2		55		50		5		50		47		12/31/2022
65535VMF2		4,774		4,236		538		4,236		4,266		12/31/2022
12667FM77		8,986		7,845		1,142		7,845		7,112		12/31/2022
55265K2V0		1,091		1,049		42		1,049		1,054		12/31/2022
12667FUZ6		2,554		2,467		87		2,467		2,467		12/31/2022
12667F4S1		1,829		1,740		90		1,740		1,728		12/31/2022
362341S75		325		303		22		303		305		12/31/2022
36242DYH0		268		265		3		265		265		12/31/2022
12667GPW7		2,365		2,279		86		2,279		2,299		12/31/2022
59023PAB9		1,050		1,026		24		1,026		1,031		12/31/2022
004421MW0		21,187		20,993		194		20,993		20,895		12/31/2022
61745MWR0		1		—		—		—		—		12/31/2022
92922F8M3		2,024		2,024		—		2,024		2,345		12/31/2022
45254NRG4		2,416		2,285		132		2,285		2,261		12/31/2022
542512AD0		11,838		11,793		46		11,793		16,722		12/31/2022
31659EAC2		35,713		30,896		4,816		30,896		39,853		12/31/2022
07386HJT9		5,032		4,978		54		4,978		4,978		12/31/2022
362437AD7		1,574		1,424		150		1,424		1,423		12/31/2022
251510NC3		40,983		35,998		4,985		35,998		46,483		12/31/2022
36298NBA1		2,521		2,072		448		2,072		2,083		12/31/2022
125439AA7		18,209		16,641		1,568		16,641		16,034		12/31/2022
761118XU7		20,954		16,870		4,084		16,870		23,609		12/31/2022
92922F6Y9		6,429		6,273		157		6,273		6,647		12/31/2022
456610AA2		9,290		9,193		97		9,193		9,266		12/31/2022
25151RAA2		11,699		11,452		246		11,452		12,003		12/31/2022
362348AS3		9,171		8,218		953		8,218		10,301		12/31/2022
74923WAB4		9,590		9,056		534		9,056		8,650		12/31/2022
54251WAA0		29,346		28,800		546		28,800		38,539		12/31/2022
07384YPN0		169		163		6		163		163		12/31/2022
576433EK8		45		2		44		2		2		12/31/2022
396782CZ5		5		5		—		5		5		12/31/2022
59020UDT9		325		167		158		167		149		12/31/2022
362341EN5		2,177		2,079		98		2,079		2,082		12/31/2022
396782CY8		5		5		—		5		5		12/31/2022
126694CT3		1,681		1,621		60		1,621		1,614		12/31/2022
02660THY2		3,918		3,894		24		3,894		3,758		12/31/2022

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)


(in thousands)
CUSIP	Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI		Date of Financial Statement Where Reported
361856CV7		395		364		31		364		364		12/31/2022
12559QAG7		29,927		29,531		396		29,531		28,503		12/31/2022
617487AD5		1,976		1,873		102		1,873		1,873		12/31/2022
61750PAC2		804		757		46		757		757		12/31/2022
251510FV0		8,501		8,462		39		8,462		9,169		12/31/2022
69372XBR2		518		518		—		518		415		12/31/2022
69374XBR0		673		673		—		673		495		12/31/2022
693675BR0		698		698		—		698		510		12/31/2022
61748HJY8		6,087		5,904		183		5,904		4,996		12/31/2022
933631AC7		10,494		10,131		363		10,131		12,024		12/31/2022
05952DAB4		674		654		19		654		654		12/31/2022
41162NAC1		3,341		2,872		469		2,872		2,872		12/31/2022
5899295L8		117		115		2		115		115		12/31/2022
75114NAA2		8,698		7,570		1,128		7,570		10,253		12/31/2022
362341CU1		3,435		3,317		118		3,317		3,317		12/31/2022
45254NNP8		1,712		1,499		214		1,499		1,498		12/31/2022
41162DAF6		5,733		5,028		705		5,028		5,028		12/31/2022
74922RAH3		9,542		9,158		384		9,158		12,429		12/31/2022
94984NAA0		1,805		1,720		85		1,720		1,699		12/31/2022
12667GKC6		543		514		29		514		518		12/31/2022
362341WZ8		313		296		17		296		296		12/31/2022
16162TT63		43		41		2		41		41		12/31/2022
05952GAE1		6,288		6,093		195		6,093		6,254		12/31/2022
16163HAE1		1,097		1,053		44		1,053		1,060		12/31/2022
35729PPX2		5,274		5,069		206		5,069		5,069		12/31/2022
61744CXM3		12,493		12,253		240		12,253		13,501		12/31/2022
12566TAD9		11,177		10,964		213		10,964		12,210		12/31/2022
126694H27		319		295		24		295		295		12/31/2022
94984GAD9		467		442		24		442		428		12/31/2022
36242D4W0		1,320		1,254		65		1,254		1,261		12/31/2022
525221GM3		3,850		3,785		65		3,785		3,785		12/31/2022
45661LAF5		360		356		4		356		356		12/31/2022
68389FHT4		432		430		2		430		430		12/31/2022
45669JAC9		2,771		2,728		43		2,728		2,987		12/31/2022
92922F3L0		14,046		13,891		154		13,891		15,724		12/31/2022
68389FHV9		4,338		3,505		833		3,505		3,505		12/31/2022
152314DP2		1,770		1,676		93		1,676		1,688		12/31/2022
41162DAD1		26,620		26,562		58		26,562		27,705		12/31/2022
161546HM1		1,897		1,744		153		1,744		1,744		12/31/2022
86359BUG4		41		40		1		40		40		12/31/2022
126685DB9		2,224		1,949		275		1,949		1,909		12/31/2022
76110VQK7		87		77		10		77		77		12/31/2022
94986DAA0		2,153		1,976		177		1,976		1,950		12/31/2022
126673WJ7		46		—		46		—		—		12/31/2022
576434WN0		391		233		158		233		291		12/31/2022
45662FAD2		2,070		1,945		125		1,945		1,945		12/31/2022
86360BAJ7		5,564		5,492		72		5,492		5,349		12/31/2022
93934FGB2		10,564		10,390		174		10,390		9,890		12/31/2022
059522BG6		3,037		3,030		8		3,030		2,860		12/31/2022
65538NAC7		9,206		8,680		527		8,680		8,942		12/31/2022
86360WAD4		2,830		2,802		28		2,802		3,357		12/31/2022
65535VPY8		16,714		14,676		2,037		14,676		14,542		12/31/2022
45257EAC8		9,016		8,384		632		8,384		10,230		12/31/2022
76112FAA9		24,667		22,586		2,081		22,586		22,942		12/31/2022
65538PAC2		5,534		5,422		112		5,422		9,703		12/31/2022

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)


(in thousands)
CUSIP	Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI		Date of Financial Statement Where Reported
466286AA9		6,895		6,570		325		6,570		6,881		12/31/2022
55028BAA5		1,276		1,219		57		1,219		1,219		12/31/2022
52523MAD2		12,575		10,777		1,798		10,777		13,951		12/31/2022
362480AD7		6,610		6,550		60		6,550		6,336		12/31/2022
05952EAA4		470		464		6		464		462		12/31/2022
17025TBE0		3,865		3,838		28		3,838		3,524		12/31/2022
12667GQG1		7,643		7,483		161		7,483		7,422		12/31/2022
45667QAC5		6,189		6,125		64		6,125		5,783		12/31/2022
933637AE0		4,783		4,661		122		4,661		4,791		12/31/2022
94985JBP4		1,323		1,276		47		1,276		1,281		12/31/2022
45660L6N4		2,679		2,589		90		2,589		3,041		12/31/2022
232434AE0		31,147		30,754		392		30,754		30,984		12/31/2022
93935DAA4		101,328		101,149		179		101,149		110,243		12/31/2022
61745M4M2		19,835		19,342		493		19,342		19,325		12/31/2022
05952GAA9		2,359		2,348		11		2,348		2,333		12/31/2022
65537KAX8		8,292		8,231		61		8,231		8,651		12/31/2022
61749CAA9		2,184		2,115		69		2,115		2,155		12/31/2022
45661XAD4		12,465		12,381		84		12,381		10,853		12/31/2022
456680AE7		10,213		9,348		865		9,348		9,359		12/31/2022
655378AH0		20,080		19,795		285		19,795		17,788		12/31/2022
83611MGV4		18,049		17,431		617		17,431		17,429		12/31/2022
885220DQ3		406		376		30		376		376		12/31/2022
12667F4G7		23,496		22,194		1,302		22,194		22,333		12/31/2022
45669BAA0		50,727		49,417		1,310		49,417		49,405		12/31/2022
45660NS22		8,638		8,205		433		8,205		8,407		12/31/2022
45660LEF2		21,911		21,709		202		21,709		20,319		12/31/2022
576434EC4		561		538		23		538		538		12/31/2022
126694LE6		380		349		30		349		351		12/31/2022
881561VZ4		150		148		1		148		149		12/31/2022
30253MAR3		55		55		—		55		55		12/31/2022
86359BXM8		6		5		—		5		6		12/31/2022
92990GAA1		678		589		89		589		589		12/31/2022
949802AC6		90		88		2		88		88		12/31/2022
79548KPK8		4		3		—		3		3		12/31/2022
92922FEC8		205		155		49		155		155		12/31/2022
07384YNJ1		396		380		16		380		380		12/31/2022
05946XP64		2,011		1,933		78		1,933		1,933		12/31/2022
04541GTN2		1,020		1,016		5		1,016		1,016		12/31/2022
805564PQ8		240		108		132		108		19		12/31/2022
55265WAS2		1,503		1,451		52		1,451		1,451		12/31/2022
22541QQJ4		595		223		372		223		33		12/31/2022
12669GXJ5		9,617		9,349		269		9,349		9,376		12/31/2022
617445CL3		6		1		4		1		1		12/31/2022
939336C92		959		796		163		796		781		12/31/2022
22540AQ35		59		58		—		58		58		12/31/2022
576434EX8		8		1		7		1		—		12/31/2022
12667FHZ1		450		342		108		342		342		12/31/2022
86359B4X6		52		50		3		50		48		12/31/2022
86359DLM7		3,779		3,608		171		3,608		3,607		12/31/2022
94974SAH6		33		18		15		18		18		12/31/2022
86359BWR8		430		414		16		414		414		12/31/2022
64352VMP3		26,389		24,380		2,008		24,380		24,380		12/31/2022
32051GQP3		630		617		14		617		617		12/31/2022
466247BE2		361		360		2		360		360		12/31/2022
12669G4P3		820		811		9		811		823		12/31/2022

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)


(in thousands)
CUSIP	Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI		Date of Financial Statement Where Reported
22541QR79		2,064		1,895		169		1,895		1,905		12/31/2022
64352VGV7		14,818		13,926		892		13,926		13,978		12/31/2022
12669EWF9		529		504		25		504		504		12/31/2022
12667FZF5		3,193		3,160		32		3,160		3,168		12/31/2022
05946XY56		1,966		1,842		124		1,842		1,843		12/31/2022
576433DS2		364		4		361		4		3		12/31/2022
5899296T0		187		143		44		143		141		12/31/2022
12669FTC7		2,834		2,604		230		2,604		2,568		12/31/2022
05951KAM5		320		315		6		315		315		12/31/2022
362341ZV4		2,188		2,099		89		2,099		2,099		12/31/2022
68389FKQ6		154		153		1		153		153		12/31/2022
576433QT6		1,421		1,364		58		1,364		1,364		12/31/2022
02151RAB9		1,896		1,794		102		1,794		1,794		12/31/2022
02660VAG3		5,414		5,240		174		5,240		5,240		12/31/2022
81744FHV2		1,224		1,085		139		1,085		1,085		12/31/2022
61744CZD1		2,113		2,072		41		2,072		2,072		12/31/2022
12666BAE5		2,364		2,325		39		2,325		2,325		12/31/2022
12669GC58		6,689		6,330		360		6,330		6,219		12/31/2022
05946XSQ7		1,939		1,886		53		1,886		1,886		12/31/2022
12667GBC6		11,894		11,320		574		11,320		11,386		12/31/2022
22541QAP7		218		202		16		202		202		12/31/2022
92922FQF8		22		20		2		20		20		12/31/2022
36185MEG3		1,311		1,289		22		1,289		1,292		12/31/2022
57643MCZ5		80		74		5		74		74		12/31/2022
12669GXV8		2,976		2,766		210		2,766		2,780		12/31/2022
05530VAA7		3,250		3,246		4		3,246		3,064		12/31/2022
126673TG7		15		15		—		15		15		12/31/2022
007036DP8		1,029		921		108		921		921		12/31/2022
52523MAC4		10,074		9,940		134		9,940		11,077		12/31/2022
761118WQ7		6,206		5,341		865		5,341		6,663		12/31/2022
5899297K8		3,287		3,208		80		3,208		3,208		12/31/2022
126670NZ7		12,244		11,905		339		11,905		11,905		12/31/2022
17025TAR2		1,072		998		74		998		976		12/31/2022
466247KL6		166		54		113		54		54		12/31/2022
542514SW5		10,496		9,749		747		9,749		9,748		12/31/2022
23247LAD0		12,529		12,213		316		12,213		12,213		12/31/2022
02147HAF9		12,881		12,641		240		12,641		11,735		12/31/2022
466247PE7		4,629		4,344		285		4,344		4,344		12/31/2022
92922FC22		2,814		2,681		133		2,681		2,681		12/31/2022
23243WAD0		8,284		7,491		793		7,491		7,491		12/31/2022
45669FAC7		2,649		2,627		22		2,627		2,853		12/31/2022
63860FAG8		4,383		4,014		368		4,014		4,014		12/31/2022
12667F3X1		4,042		3,982		60		3,982		4,559		12/31/2022
05948K3G2		567		562		5		562		537		12/31/2022
3623413Y3		5,764		5,277		486		5,277		6,475		12/31/2022
32051GPW9		9,230		9,160		70		9,160		9,209		12/31/2022
75409TDB8		4,169		3,266		903		3,266		3,266		12/31/2022
32027EAF8		5,643		5,127		516		5,127		5,127		12/31/2022
86363XAA5		8,134		7,340		794		7,340		7,340		12/31/2022
576434TH7		1		1		—		1		1		12/31/2022
12667FFL4		1		1		—		1		1		12/31/2022
12667FYS8		253		206		47		206		208		12/31/2022
466247VH3		255		233		21		233		234		12/31/2022
576434XG4		5		5		—		5		5		12/31/2022
881561XM1		268		267		1		267		268		12/31/2022

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)


(in thousands)
CUSIP	Amortized Cost Before Current Period OTTI		Present Value of Projected Cash Flows		Recognized OTTI		Amortized Cost After OTTI		Fair Value at Time of OTTI		Date of Financial Statement Where Reported
12668AL37		203		196		7		196		197		12/31/2022
225458FG8		230		219		11		219		220		12/31/2022
466275AA2		497		486		11		486		486		12/31/2022
74160MEH1		1,561		1,423		138		1,423		1,433		12/31/2022
Quarterly Total	$	1,416,455	$	1,336,050	$	80,404	$	1,336,050	$	1,498,468

				Year-end Total	$	114,287

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

5. SECURITIES LENDING AND REPURCHASE AGREEMENTS

Securities Lending

At December 31, 2022, the Company had no bonds loaned pursuant to the securities lending program. At December 31, 2021, the Company had bonds loaned with a fair value of approximately $2.3 billion pursuant to the securities lending program.

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


	December 31,
(in millions)	2022		2021

30 days or less	$	—	$	313

31 to 60 days		—		765

61 to 90 days		—		1,348

Subtotal		—		2,426

Securities collateral received		—		—

Total collateral received	$	—	$	2,426

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


	December 31, 2022				December 31, 2021
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Open positions	$	—	$	—	$	1,727	$	1,727

Subtotal		—		—		1,727		1,727

Securities collateral received		—		—		—		—

Total collateral reinvested	$	—	$	—	$	1,727	$	1,727

Repurchase Agreements

At December 31, 2022 and 2021, bonds with a fair value of approximately $1,668 million and $122 million, respectively, were subject to repurchase agreements to secure amounts borrowed by the Company.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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


	December 31,
(in millions)	2022		2021
Open positions	$	—	$	—
30 days or less		1,316		—
31 to 60 days		145		—
61 to 90 days		—		—
Greater than 90 days		264		120
Subtotal		1,725		120
Securities collateral received		—		—
Total collateral received	$	1,725	$	120

The following table presents the original (flow) and residual maturity for bi-lateral repurchase agreement transactions for the year ended December 31, 2022:




(in millions)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER

a. Maximum Amount 1. Open - No Maturity	$	200	$	205	$	273	$	19
2. Overnight		151		158		219		546
3. 2 Days to 1 Week		—		—		—		1,164
4. > 1 Week to 1 Month		—		—		—		1,795
5. > 1 Month to 3 Months		—		—		—		307
6. > 3 Months to 1 Year		—		—		—		—
7. > 1 Year		—		—		—		—

b. Ending Balance 1. Open - No Maturity	$	200	$	180	$	186	$	—
2. Overnight		—		—		—		—
3. 2 Days to 1 Week		—		—		—		591
4. > 1 Week to 1 Month		—		—		—		1,130
5. > 1 Month to 3 Months		—		—		—		—
6. > 3 Months to 1 Year		—		—		—		—
7. > 1 Year		—		—		—		—

The following table presents the Company’s liability to return collateral for the year ended December 31, 2022:


(in millions)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER

a. Maximum Amount 1. Cash (Collateral - All)	$	351	$	364	$	492	$	3,832
2. Securities Collateral (FV)		—		—		—		—
b. Ending Balance 1. Cash (Collateral - All)	$	200	$	180	$	186	$	1,722
2. Securities Collateral (FV)		—		—		—		—

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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


	December 31, 2022				December 31, 2021

(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Open positions	$	1,933	$	1,668	$	117	$	122
Greater than three years		—		—		—		—
Subtotal		1,933		1,668		117		122
Securities collateral received		—		—		—		—
Total collateral reinvested	$	1,933	$	1,668	$	117	$	122

The following table presents the fair value of securities under bi-lateral repurchase agreement transactions for the year ended December 31, 2022:




(in millions)	FIRST QUARTER		SECOND QUARTER		THIRD QUARTER		FOURTH QUARTER

a. Maximum Amount 1. BACV	$	—	$	—	$	—	$	—
2. Nonadmitted - Subset of BACV		—		—		—		—
3. Fair Value		—		—		—		—

b. Ending Balance 1. BACV	$	217	$	225	$	236	$	1,933
2. Nonadmitted - Subset of BACV		—		—		—		—
3. Fair Value		206		183		176		1,668

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents the fair value of securities under bi-lateral repurchase agreement transactions for the year ended December 31, 2022:


(in millions)	1 None		2 NAIC 1		3 NAIC 2		4 NAIC 3

Ending Balance a. Bonds - BACV	$	—	$	801	$	1,132	$	—
b. Bonds - FV		—		657		1,012		—
c. LB & SS - BACV		—		—		—		—
d. LB & SS - FV		—		—		—		—
e. Preferred Stock - BACV		—		—		—		—
f. Preferred Stock - FV		—		—		—		—
g. Common Stock		—		—		—		—
h. Mortgage Loans - BACV		—		—		—		—
i. Mortgage Loans - FV		—		—		—		—
j. Real Estate - BACV		—		—		—		—
k. Real Estate - FV		—		—		—		—
l. Derivatives - BACV		—		—		—		—
m. Derivatives - FV		—		—		—		—
n. Other Invested Assets - BACV		—		—		—		—
o. Other Invested Assets - FV		—		—		—		—
p. Total Assets - BACV		—		801		1,132		—
q. Total Assets - FV		—		657		1,012		—

(in millions)	5 NAIC 4		6 NAIC 5		7 NAIC 6		8 Non-Admitted

Ending Balance a. Bonds - BACV	$	—	$	—	$	—	$	—
b. Bonds - FV		—		—		—		—
c. LB & SS - BACV		—		—		—		—
d. LB & SS - FV		—		—		—		—
e. Preferred Stock - BACV		—		—		—		—
f. Preferred Stock - FV		—		—		—		—
g. Common Stock		—		—		—		—
h. Mortgage Loans - BACV		—		—		—		—
i. Mortgage Loans - FV		—		—		—		—
j. Real Estate - BACV		—		—		—		—
k. Real Estate - FV		—		—		—		—
l. Derivatives - BACV		—		—		—		—
m. Derivatives - FV		—		—		—		—
n. Other Invested Assets - BACV		—		—		—		—
o. Other Invested Assets - FV		—		—		—		—
p. Total Assets - BACV		—		—		—		—
q. Total Assets - FV		—		—		—		—

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

6. RESTRICTED ASSETS

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

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


	December 31,
(in millions)	2022		2021

On deposit with states	$	47	$	48

Securities lending		—		2,107

Collateral held on securities lending		—		2,426

FHLB stock and collateral pledged		5,043		4,265

Subject to repurchase agreements		1,933		117

Collateral for derivatives		1,541		1,010

Guaranteed interest contracts		68		37

Other restricted assets		464		127

Total	$	9,096	$	10,137

7. SUBPRIME MORTGAGE RISK EXPOSURE

The following features are commonly recognized characteristics of subprime mortgage loans:

•

An interest rate above prime to borrowers who do not qualify for prime rate loans;

•

Borrowers with low credit ratings (FICO scores);

•

Interest-only or negative amortizing loans;

•

Unconventionally high initial loan-to-value ratios;

•

Low initial payments based on a fixed introductory rate that expires after a short initial period, then adjusts to a variable index rate plus a margin for the remaining term of the loan;

•

Borrowers with less than conventional documentation of their income and/or net assets;

•

Very high or no limits on how much the payment amount or the interest rate may increase at reset periods, potentially causing a substantial increase in the monthly payment amount; and/or,

•

Substantial prepayment penalties and/or prepayment penalties that extend beyond the initial interest rate adjustment period.

Non-agency RMBS can belong to one of several different categories depending on the characteristics of the borrower, the property and the loan used to finance the property. Categorization is a function of FICO score, the type of loan, loan-to-value ratio, and property type and loan documentation.

Generally, subprime loans are made to borrowers with low FICO scores, low levels of equity and reduced income/asset documentation. Due to these characteristics, subprime borrowers pay a substantially higher interest rate than prime borrowers. In addition, they often utilize mortgage products that reduce their monthly payments in the near-term. These include adjustable-rate mortgages with low initial rates or interest-only loans. Borrowers in products like this often experience significant “payment shock” when the teaser payment resets upwards after the initial fixed period.

The primary classification mechanism the Company uses for subprime loans is FICO score. Specifically, a pool with an average FICO at origination less than 650 is considered to be subprime. However, the Company may subjectively adjust this classification based on an assessment of the other parameters mentioned above.

To monitor subprime securities, the Company uses a model with vintage-specific assumptions for delinquency roll rates, loss severities and the timing of losses. As and when needed, these vintage-based assumptions are supplemented with deal-specific information including, but not limited to, geographic distribution, realized loss severities, trigger status and scenario analysis.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The Company has no direct exposure through investments in subprime mortgage loans. The Company’s exposure is through other investments, primarily in RMBS, as described above.

The following table presents information regarding the Company’s investments with subprime exposures:


(in millions)	Actual Cost		Book Adjusted Statement Value		Fair Value		OTTI Recognized to Date
December 31, 2022
In general account:

RMBS	$	868	$	842	$	963	$	(14	)

CDOs		74		88		83		—

Total subprime exposure	$	942	$	930	$	1,046	$	(14	)

The Company has no underwriting exposure to subprime mortgage risk through mortgage guaranty or financial guaranty insurance coverage.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

8. DERIVATIVES

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

All derivative instruments are recognized in the financial statements. Effective January 1, 2020 the Company adopted Statement of Statutory Accounting Principles 108, Derivatives Hedging Variable Annuity Guarantees (“SSAP 108”). SSAP 108 allows special accounting treatment for limited derivatives hedging variable annuity guarantee benefits subject to fluctuation as a result of interest rate sensitivity. The special accounting provision permits reporting entities to utilize a form of macro-hedging in which a portfolio of variable annuity policies are jointly designated as the host contracts containing the hedge item, in a fair value hedge, pursuant to a Clearly Defined Hedging Strategy (CDHS) defined within Valuation Manual 21 (VM-21). Under SSAP 108 all derivatives are reported at fair value (“FV”). FV change in hedge instruments attributable to the hedged risk that offset the change in reserve attributable to the hedged risk is recognized as realized gain/loss in the current period there were no excludable components.

At December 31, 2022 and 2021, fair value of the derivatives was a liability of $1.2 billion and $354 million, full contract fair value was a liability of $1.7 billion and $2.4 billion and hedge target fair value was a liability of $841 million and $2.4 billion. For the period ending December 31, 2022 and 2021, FV change in hedge instruments attributable to the hedged risk that offset the change in reserve attributable to the hedged risk was a realized gain of $1 billion and $356 million, respectively. FV change in hedge instruments attributable to the hedged risk that do not offset the change in reserve attributable to the hedged risk are recognized as deferred assets/liabilities in the current period and amortized over projected VA guarantees’ Macaulay Duration within the Standard Projection, but not more than 10 years. At December 31, 2022 and 2021, the FV change in hedge instruments attributable to the hedged risk that do not offset the change in reserve attributable to the hedged risk was a deferred assets of $739 million and deferred liability $76 million, respectively. For the periods ending December 31, 2022 and 2021, amortization was a realized loss of $32 million and a realized gain of $19 million, respectively. FV change in hedge instruments not attributable to the hedged risk are recognized as unrealized gain/loss, if any. All FV changes in hedge instruments were attributable to the hedged risk for the period. Based on the currently liability profile, deferred asset/liabilities are being amortized over 10 years.

The Company has determined that its other derivative financial instruments do not qualify for hedge accounting. As a result, excluding the special accounting treatment for limited derivatives hedging variable annuity guarantees noted above, derivatives are accounted for at fair value and the changes in the fair value recorded in surplus as unrealized gains or losses, net of deferred taxes. The value of the Company’s exchange traded futures contracts relates to the one-day lag in the net cash settlement of these contracts.

The Company recognized a net unrealized capital gain of $478 million in 2022, an unrealized capital gain of $139 million in 2021 and an unrealized capital gain of $271 million in 2020, related to derivatives that did not qualify for hedge accounting.

Net cash collateral received for derivative transactions increased in the year 2022, as a result increases in fair values of derivatives covered by ISDA Master Agreements and Credit Support Annex provisions. At December 31, 2022, the Company held collateral for SSAP 86 and SSAP 108 derivatives of $205 million, which is invested in cash, cash equivalents and/or short-term investments.

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

Swaps, Options, and Futures

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

counterparty at each contractual payment due date, and this net payment is included in the Statutory Statement of Operations.

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

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

Interest Rate Risk

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

Currency Risk

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

Equity Risk

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

Credit Risk

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

For OTC contracts, the Company generally uses an International Swaps and Derivative Association Master Agreement (ISDA Master Agreement) and Credit Support Annexes with bilateral collateral provisions to reduce counterparty credit exposures. An ISDA Master Agreement is an agreement between two counterparties, which may cover multiple derivative transactions and such ISDA Master Agreement generally provides for the net settlement of all or a specified group of these derivative transactions, as well as transferred collateral, through a single payment, in a single currency, in the event of a default affecting any one derivative transaction or a termination event affecting all or a specified group of the transactions. The Company minimizes the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and may require additional collateral to be posted upon the occurrence of certain events or circumstances. In the unlikely event of a failure to perform by any of the counterparties to these derivative transactions, there would not be a material effect on the Company’s admitted assets, liabilities or capital and surplus.

The Company has also entered into exchange-traded options and futures contracts. Under exchange-traded futures contracts, the Company agrees to purchase a specified number of contracts with other parties and to post or receive

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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

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


	December 31, 2022						December 31, 2021
(in millions)	Contract or Notional Amount		Statement Value		Fair Value		Contract or Notional Amount		Statement Value		Fair Value
Assets:
Interest rate contracts	$	18,022	$	1,700	$	1,700	$	24,013	$	1,829	$	1,829
Foreign exchange contracts		5,190		822		826		5,217		494		494
Equity contracts		58,131		1,505		1,504		54,151		4,358		4,358
Credit contracts		—		—		—		1,840		—		—
Other contracts		49		1		1		—		—		—
Derivative liabilities, gross		81,392		4,028		4,031		85,221		6,681		6,681
Counter party netting*		—		(3,562)		(3,562)		—		(5,599)		(5,599)
Derivative assets, net	$	81,392	$	466	$	469	$	85,221	$	1,082	$	1,082
Liabilities:
Interest rate contracts	$	22,448	$	2,653	$	2,653	$	23,713	$	1,571	$	1,571
Foreign exchange contracts		7,484		523		521		5,874		327		327
Equity contracts		39,808		1,193		1,193		37,065		3,924		3,924
Other contracts		—		—		—		52		—		—
Derivative liabilities, gross		69,740		4,369		4,367		66,704		5,822		5,822
Counter party netting*		—		(3,562)		(3,562)		—		(5,599)		(5,599)
Derivative liabilities, net	$	69,740	$	807	$	805	$	66,704	$	223	$	223

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

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


	December 31, 2022				December 31, 2021
(in millions)	Assets		Liabilities		Assets		Liabilities
Gross amount recognized	$	4,028	$	4,369	$	6,681	$	(5,822)
Amount offset		(3,562)		(3,562)		(5,599)		5,599
Net amount presented in the Statement of Admitted Assets, Liabilities, and Capital and Surplus	$	466	$	807	$	1,082	$	(223)

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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

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


	December 31, 2022				December 31, 2021
(in millions)	Contract or Notional Amount		Final Maturity Date		Contract or Notional Amount		Final Maturity Date
Derivative assets:
Interest rate contracts	$	18,022		2069	$	24,013		2071
Foreign exchange contracts		5,190		2061		5,217		2051
Equity contracts		58,131		2028		54,151		2028
Credit contracts		—		—		1,840		2026
Other contracts		49		2042		—
Derivative liabilities:
Interest rate contracts		22,448		2071		23,713		2070
Foreign exchange contracts		7,484		2060		5,874		2060
Equity contracts		39,808		2024		37,065		2023
Other contracts		—		—		52		2042

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

The credit exposure to the Company’s derivative contracts aggregated $848.9 million and $978.2 million at December 31, 2022 and 2021, respectively.

10. FAIR VALUE INSTRUMENTS

Fair Value Measurements

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

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

Fair Value Hierarchy

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

•

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

•

Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

•

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

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

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

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

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

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

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

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

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

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

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

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Fair Value Information about Financial Instruments Not Measured at Fair Value

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



(in millions)	Aggregate Fair Value		Admitted Assets or Liabilities		Level 1		Level 2		Level 3

December 31, 2022
Assets:
Bonds	$	94,784	$	108,404	$	—	$	80,029	$	14,755
Preferred stocks		78		82		—		78		—
Common stocks		163		163		—		163		—
Cash, cash equivalents and short-term investments		951		951		564		387		—
Mortgage loans		23,082		25,131		—		—		23,082
Contract loans		1,138		1,138		—		—		1,138
Derivatives		5		2		—		5		—
Receivables for securities		73		73		—		73		—
Securities lending reinvested collateral assets		—		—		—		—		—
Separate account assets		12,087		14,525		—		12,087		—
Liabilities:
Policy reserves and contractual liabilities		11,734		11,635		—		106		11,628
Derivatives		20		22		—		20		—
Payable for securities		369		369		—		369		—
Payable for securities lending		—		—		—		—		—

December 31, 2021
Assets:
Bonds	$	117,841	$	107,761	$	—	$	102,757	$	15,084
Preferred stocks		83		79		—		83		—
Common stocks		158		158		—		158		—
Cash, cash equivalents and short-term investments		802		802		170		632		—
Mortgage loans		23,331		22,276		—		—		23,331
Contract loans		1,164		1,164		—		—		1,164
Receivables for securities		197		197		—		197		—
Securities lending reinvested collateral assets		1,727		1,727		—		1,727		—
Separate account assets		13,248		12,492		—		13,248		—
Liabilities:
Policy reserves and contractual liabilities		12,293		11,518		—		153		12,140
Payable for securities		678		678		—		678		—
Payable for securities lending		2,426		2,426		—		2,426		—

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Valuation Methodologies of Financial Instruments Measured at Fair Value

Bonds

Bonds with NAIC 6 or 6* designations and redeemable preferred stocks with NAIC 4, 5 or 6 designations are carried at the lower of amortized cost or fair value. Perpetual preferred stocks are carried at fair value, not to exceed any currently effective call rate. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. Whenever available, the Company obtains quoted prices in active markets for identical assets at the balance sheet date to measure bonds at fair value. Market price data generally is obtained from exchange or dealer markets.

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

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

Common Stocks (Unaffiliated)

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

Freestanding Derivatives

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

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

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Separate Account Assets

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Assets and Liabilities Measured at Fair Value

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


(in millions)	Level 1		Level 2		Level 3		Counterparty Netting*			Total
December 31, 2022
Assets at fair value:
Bonds
All Other Government				2							2
Industrial and miscellaneous		—		46		3		—			49
Total bonds		—		48		3		—			51
Preferred stock
Industrial and miscellaneous		4		—		7		—			11
Total preferred stock		4		—		7		—			11
Common stock
Industrial and miscellaneous		7		2		2		—			11
Mutual funds		—		—		—		—			—
Total common stock		7		2		2		—			11
Derivative assets:
Interest rate contracts		1		1,411		288		—			1,700
Foreign exchange contracts		—		821		—		—			821
Equity contracts		9		1,255		240		—			1,504
Other Contracts		—		—		1					1
Counterparty netting		—		—				(3,562	)		(3,562	)
Total derivative assets		10		3,487		529		(3,562	)		464
Separate account assets		43,653		1,523		—		—			45,176
Total assets at fair value	$	43,674	$	5,060	$	541	$	(3,562	)	$	45,713
Liabilities at fair value:
Derivative liabilities:
Interest rate contracts	$	—	$	2,653	$	—	$	—		$	2,653
Foreign exchange contracts		—		502		—		—			502
Equity contracts		2		1,174		16		—			1,192
Counterparty netting		—		—		—		(3,562	)		(3,562	)
Total derivative liabilities		2		4,329		16		(3,562	)		785
Total liabilities at fair value	$	2	$	4,329	$	16	$	(3,562	)	$	785
December 31, 2021
Assets at fair value:
Bonds
Industrial and miscellaneous	$	—	$	2	$	11	$	—		$	13
Total bonds		—		2		11		—			13
Preferred stock
Industrial and miscellaneous		5		1		6		—			12
Total preferred stock		5		1		6		—			12
Common stock
Industrial and miscellaneous		7		—		—		—			7
Mutual funds		—		1		—		—			1
Total common stock		7		1		—		—			8
Derivative assets:
Interest rate contracts		—		1,829		—		—			1,829
Foreign exchange contracts		—		494		—		—			494
Equity contracts		5		3,942		410		—			4,357
Counterparty netting		—		—		—		(5,599	)		(5,599	)
Total derivative assets		5		6,265		410		(5,599	)		1,081
Separate account assets		55,769		2,037		—		—			57,806
Total assets at fair value	$	55,786	$	8,306	$	427	$	(5,599	)	$	58,920
Liabilities at fair value:
Derivative liabilities:
Interest rate contracts	$	1	$	1,570	$	—	$	—		$	1,571
Foreign exchange contracts		—		327		—		—			327
Equity contracts		1		3,901		22		—			3,924
Counterparty netting		—		—		—		(5,599	)		(5,599	)
Total derivative liabilities		2		5,798		22		(5,599	)		223
Total liabilities at fair value	$	2	$	5,798	$	22	$	(5,599	)	$	223

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Changes in Level 3 Fair Value Measurements

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



(in millions)	Bonds			Preferred Stocks			Common Stocks			Derivative Assets			Total Assets			Derivative Liabilities
Balance, January 1, 2020	$	1		$	—		$	20		$	157		$	178		$	30
Total realized/unrealized capital gains or losses:
Included in net (loss) income		(2	)		—			—			88			86			44
Included in surplus		2			1			—			30			33			24
Purchases, issuances and settlements		(14	)		—			(30	)		(94	)		(138	)		(43	)
Transfers into Level 3		39			1			10			—			50			—
Transfers out of Level 3		(14	)		(2	)		—			—			(16	)		—
Balance, December 31, 2020	$	12		$	—		$	—		$	181		$	193		$	55
Total realized/unrealized capital gains or losses:
Included in net (loss) income		(9	)		14			10			(56	)		(41	)		7
Included in surplus		15			—			—			28			43			(49	)
Purchases, issuances and settlements		(43	)		(12	)		(10	)		258			193			9
Transfers into Level 3		38			4			—			52			94			—
Transfers out of Level 3		(2	)		—			—			(53	)		(55	)		—
Balance, December 31, 2021	$	11		$	6		$	—		$	410		$	427		$	22
Total realized/unrealized capital gains or losses:
Included in net (loss) income		13			—			—			(232	)		(219	)		(29	)
Included in surplus		(11	)		(1	)		—			(214	)		(226	)		(22	)
Purchases, issuances and settlements		(44	)		2			1			565			524			45
Transfers into Level 3		73			—			1			—			74			—
Transfers out of Level 3		(39	)		—			—			—			(39	)		—
Balance, December 31, 2022	$	3		$	7		$	2		$	529		$	541		$	16

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

In both 2022 and 2021, there were no transfers between Level 1 and Level 2 securities and transfers between Level 2 and Level 3 securities were less than one million.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized capital gains (losses) on instruments held at December 31, 2022 and 2021 may include changes in fair value that were attributable to both observable and unobservable inputs.

Quantitative Information About Level 3 Fair Value Measurements

The Company had no quantitative information about level 3 fair value measurements to report at December 31, 2022.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Gross Basis Fair Value Measurements

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


(in millions)	Level 1		Level 2		Level 3		Total
December 31, 2022
Derivative assets at fair value	$	10	$	3,487	$	529	$	4,026
Derivative liabilities at fair value		(2)		(4,329)		(16)		(4,347)

December 31, 2021
Derivative assets at fair value	$	5	$	6,266	$	410	$	6,681
Derivative liabilities at fair value		2		5,798		22		5,822

11. AGGREGATE POLICY RESERVES AND DEPOSIT FUND LIABILITIES

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


	Years ended December 31,
(in millions)	2022			2021
Life insurance	$	41,157		$	40,862
Annuities (excluding supplementary contracts with life contingencies)		88,847			84,078
Supplementary contracts with life contingencies		480			582
Accidental death benefits		15			16
Disability - active lives		31			33
Disability - disabled lives		210			221
Excess of VM-21 reserves over basic reserves		18			181
Deficiency reserves		1,272			1,351
Other miscellaneous reserve		1,154			1,324
Gross life and annuity reserves		133,184			128,648
Reinsurance ceded		(24,335	)		(24,568	)
Net life and annuity reserves		108,849			104,080
Accident and health reserves
Unearned premium reserves		7			8
Present value of amounts not yet due on claims		193			202
Additional contract reserves		520			537
Gross accident and health reserves		720			747
Reinsurance ceded		(9	)		(11	)
Net accident and health reserves		711			736
Aggregate policy reserves	$	109,560		$	104,816

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

A. Individual Annuities:


	December 31, 2022
(in millions)	General account		Separate account with guarantees		Separate account non- guaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :
a. With market value adjusted	$	35,097	$	2,469	$	—	$	37,566		32.71	%
b. At book value less current surrender charge of 5% or more		10,105		—		—		10,105		8.80	%
c. At fair value		—		32		27,518		27,550		23.99	%
d. Total with market adjustment or at fair value		45,202		2,501		27,518		75,221		65.50	%
e. At book value without adjustment (minimal or no charge or adjustment)		25,372		—		11		25,383		22.10	%
(2) Not subject to discretionary withdrawal		14,182		—		54		14,236		12.40	%
(3) Total (gross: direct + assumed)	$	84,756	$	2,501	$	27,583	$	114,840		100.00	%
(4) Reinsurance ceded		253		—		—		253
(5) Total (net)* (3) - (4)	$	84,503	$	2,501	$	27,583	$	114,587
(6) Amount included in A(1)b above that will move to A(1)e in the year after statement date:	$	2,936	$	—	$	—	$	2,936

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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

B. Group Annuities:


	December 31, 2022
(in millions)	General account		Separate account with guarantees		Separate account non- guaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :
a. With market value adjusted	$	180	$	59	$	—	$	239		0.82	%
b. At book value less current surrender charge of 5% or more		33		—		—		33		0.11	%
c. At fair value		—		—		13,545		13,545		46.30	%
d. Total with market adjustment or at fair value		213		59		13,545		13,817		47.23	%
e. At book value without adjustment (minimal or no charge or adjustment)		2,369		—		—		2,369		8.10	%
(2) Not subject to discretionary withdrawal		1,989		11,057		24		13,070		44.67	%
(3) Total (gross: direct + assumed)	$	4,571	$	11,116	$	13,569	$	29,256		100.00	%
(4) Reinsurance ceded		64		—		—		64
(5) Total (net)* (3) - (4)	$	4,507	$	11,116	$	13,569	$	29,192
(6) Amount included in B(1)b above that will move to B(1)e in the year after statement date:	$	2	$	—	$	—	$	2

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

C. Deposit-Type Contracts (no life contingencies):
	December 31, 2022
(in millions)	General account		Separate account with guarantees		Separate account non- guaranteed		Total		% of Total
(1) Subject to discretionary withdrawal :
a. With market value adjusted	$	—	$	—	$	—	$	—		—	%
b. At book value less current surrender charge of 5% or more		—		—		—		—		—	%
c. At fair value		—		—		—		—		—	%
d. Total with market adjustment or at fair value		—		—		—		—		—	%
e. At book value without adjustment (minimal or no charge or adjustment)		578		—		6		584		4.71	%
(2) Not subject to discretionary withdrawal		11,757		—		52		11,809		95.29	%
(3) Total (gross: direct + assumed)	$	12,335	$	—	$	58	$	12,393		100.00	%
(4) Reinsurance ceded		19		—		—		19
(5) Total (net)* (3) - (4)	$	12,316	$	—	$	58	$	12,374
(6) Amount included in C(1)b above that will move to C(1)e in the year after statement date:	$	—	$	—	$	—	$	—

* Represents annuity reserves reported in separate accounts liabilities.

Withdrawal characteristics of Life Actuarial Reserves as of December 31, 2022:

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)


	December 31, 2022
	General Account						Separate Account - non-guaranteed
(in millions)	Account value		Cash value		Reserve		Account value		Cash value		Reserve
A. Subject to discretionary withdrawal,
surrender values, or policy loans:
(1) Term policies with cash value	$	—	$	573	$	3,172	$	—	$	—	$	—
(2) Universal life		5,672		5,653		6,432		—		—		—
(3) Universal life with secondary guarantees		1,684		1,458		7,568		—		—		—
(4) Indexed universal life		721		636		733		—		—		—
(5) Indexed universal life with secondary guarantees		1,590		1,015		1,656		—		—		—
(6) Indexed life		—		—		—		—		—		—
(7) Other permanent cash value life insurance		2,164		8,628		9,888		1,718		1,718		1,718
(8) Variable life		—		—		—		—		—		—
(9) Variable universal life		115		103		142		1,797		1,789		1,768
(10) Miscellaneous reserves		—		—		—		—		—		—
B. Not subject to discretionary withdrawal or no cash values
(1) Term policies without cash value	$	—	$	—	$	11,566	$	—	$	—	$	—
(2) Accidental death benefits		—		—		15		—		—		—
(3) Disability - active lives		—		—		31		—		—		—
(4) Disability - disabled lives		—		—		210		—		—		—
(5) Miscellaneous reserves		—		—		2,303		—		—		—
C. Total (gross: direct + assumed)	$	11,946	$	18,066	$	43,716	$	3,515	$	3,507	$	3,486
D. Reinsurance ceded		6,328		9,266		24,000		—		—		—
E. Total (net) (C) - (D)	$	5,618	$	8,800	$	19,716	$	3,515	$	3,507	$	3,486

12. SEPARATE ACCOUNTS

Separate Accounts

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

Certain other separate accounts relate to MVA fixed annuity contracts in which the assets are carried at amortized cost. These policies are required to be held in the Company’s separate account by certain states, including Texas.

Certain other separate accounts relate to flexible premium adjustable life insurance and terminal funding annuities in which the assets are carried at amortized cost. These contracts provide the greater of guaranteed interest returns defined in the policy or interest in excess of the guaranteed rate as defined by the Company.

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

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.

General account reserves of $82 million and $14 million were established for the separate account reserve in excess of assets in subaccounts TFA1-B and TFA1-D, respectively.

During 2019, the Company established an insulated subaccount CRT-1 of separate account CRT for a reinsurance transaction. Excluding the initial premium and after foreign exchange conversions, the aggregate amount transferred from the general account to the subaccount CRT-1 was $30 million during the fourth quarter of 2022 and $79 million on a cumulative basis. A reserve of $0 is maintained at December 31, 2022 in the general account related to subaccount

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

CRT-1. The insulated separate account maintained a reserve of $178 million at December 31, 2022 for this subaccount CRT-1.

During 2020, the Company established an insulated subaccount CRT-2 of separate account CRT for a reinsurance transaction. Excluding the initial premium and after foreign exchange conversions, the aggregate amount transferred from the subaccount CRT-2 to the general account, was $67 million during the fourth quarter of 2022 and $247 million on a cumulative basis. A reserve of $0 is maintained at December 31, 2022 in the general account related to subaccount CRT-2. The insulated separate account maintained a reserve of $469 million at December 31, 2022 for this subaccount CRT-2.

During 2020, the Company established an insulated subaccount CRT-3 of separate account CRT for a reinsurance transaction. Excluding the initial premium and after foreign exchange conversions, the aggregate amount transferred from the general account to the subaccount CRT-3 was $48 million during the fourth quarter of 2022 and $171 million on a cumulative basis. A reserve of $0 is maintained at December 31, 2022 in the general account related to subaccount CRT-3. The insulated separate account maintained a reserve of $388 million at December 31, 2022 for this subaccount CRT-3.

During 2021, the Company established an insulated subaccount CRT-5 of separate account CRT for a reinsurance transaction. Excluding the initial premium and after foreign exchange conversions, the aggregate amount transferred from the general account CRT-5 to the subaccount was $33 million during the fourth quarter of 2022 and $43 million on a cumulative basis. A reserve of $0 is maintained at December 31, 2022 in the general account related to subaccount CRT-5. The insulated separate account maintained a reserve of $201 million at December 31, 2022 for this subaccount CRT-5.

During 2021, the Company established an insulated subaccount CRT-6 of separate account CRT for a reinsurance transaction. Excluding the initial premium and after foreign exchange conversions, the aggregate amount transferred from the subaccount CRT-6 to the general account was $31 million during the fourth quarter of 2022 and $115 million on a cumulative basis. A reserve of $0 is maintained at December 31, 2022 in the general account related to subaccount CRT-6. The insulated separate account maintained a reserve $171 million at December 31, 2022 for this subaccount CRT-6.

During 2021, the Company established an insulated subaccount CRT-7 of separate account CRT for a reinsurance transaction. Excluding the initial premium and after foreign exchange conversions, the aggregate amount transferred from the subaccount CRT-7 to the general account was $106 million during the fourth quarter of 2022 and $273 million on a cumulative basis. A reserve of $0 is maintained at December 31, 2022 in the general account related to subaccount CRT-7. The insulated separate account maintained a reserve $634 million at December 31, 2022 for this subaccount CRT-7.

During 2021, the Company established an insulated subaccount CRT-8 of separate account CRT for a reinsurance transaction. Excluding the initial premium and after foreign exchange conversions, the aggregate amount transferred from the subaccount CRT-8 to the general account was $149 million during the fourth quarter of 2022 and $394 million on a cumulative basis. A reserve of $0 is maintained at December 31, 2022 in the general account related to subaccount CRT-8. The insulated separate account maintained a reserve 743 million at December 31, 2022 for this subaccount CRT-8.

During 2022, the Company established an insulated subaccount CRT-9 of separate account CRT for a reinsurance transaction. Excluding the initial premium and after foreign exchange conversions, the aggregate amount transferred from the subaccount CRT-9 to the general account was $25 million during the fourth quarter of 2022 and $38 million on a cumulative basis. A reserve of $0 is maintained at December 31, 2022 in the general account related to subaccount CRT-9. The insulated separate account maintained a reserve $109 million at December 31, 2022 for this subaccount CRT-9.

During 2022, the Company established an insulated subaccount CRT-10 of separate account CRT for a reinsurance transaction. Excluding the initial premium and after foreign exchange conversions, there were no transfers from the

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

subaccount CRT-10 to the general account during the fourth quarter of 2022 and on a cumulative basis. A reserve of $0 is maintained at December 31, 2022 in the general account related to subaccount CRT-10. The insulated separate account maintained a reserve $228 million at December 31, 2022 for this subaccount CRT-10.

During 2022, the Company established an insulated subaccount CRT-11 of separate account CRT for a reinsurance transaction. Excluding the initial premium and after foreign exchange conversions, there were no transfers from the subaccount CRT-11 to the general account during the fourth quarter of 2022 and on a cumulative basis. A reserve of $0 is maintained at December 31, 2022 in the general account related to subaccount CRT-11. The insulated separate account maintained a reserve $953 million at December 31, 2022 for this subaccount CRT-11.

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


	December 31, 2022				December 31, 2021
(in millions)	Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)		Legally Insulated Assets		Separate Accounts Assets (Not Legally Insulated)
Variable annuities	$	42,104	$	—	$	54,057	$	—
Variable life		3,073		—		3,750		—
Bank-owned life insurance – hybrid		482		—		463		—
Deferred annuities with MVA features		417		—		428		—
Terminal funding		11,453		—		9,759		—
Annuities with MVA features		—		2,148		—		1,818
Fixed annuities excess interest adjustment features		—		24		—		23
Total	$	57,529	$	2,172	$	68,457	$	1,841

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

If claims were filed on all contracts, the current total maximum guarantee the general account would provide to the separate account as of December 31, 2022 and 2021 is $3.9 billion and $5.3 billion, respectively.

There was no separate account business seed money at December 31, for both 2022 and 2021.

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


(in millions)	Risk Charge paid by the Separate Account		Guarantees Paid by the General Account
2022	$	596	$	64
2021		539		36
2020		450		43
2019		383		35
2018		324		41

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents information regarding the separate accounts:


(in millions)	Indexed		Non- indexed guarantee less than or equal to 4%		Non- indexed guarantee more than 4%		Non- guaranteed separate accounts		Total
December 31, 2022
Premiums, considerations or deposits	$	434	$	—	$	41	$	4,964	$	5,439
Reserves for accounts with assets at:
Market value	$	—	$	—	$	—	$	44,187	$	44,187
Amortized costs		2,071		11,613		385		—		14,069
Total reserves	$	2,071	$	11,613	$	385	$	44,187	$	58,256
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	2,071	$	11,154	$	385	$	—	$	13,610
At market value		—		—		—		44,094		44,094
Subtotal		2,071		11,154		385		44,094		57,704
Not subject to discretionary withdrawal		—		458		—		93		551
Total reserves	$	2,071	$	11,612	$	385	$	44,187	$	58,255
December 31, 2021
Premiums, considerations or deposits	$	414	$	—	$	9	$	6,659	$	7,082
Reserves for accounts with assets at:
Market value	$	—	$	—	$	—	$	56,703	$	56,703
Amortized costs		1,805		9,370		361		—		11,536
Total reserves	$	1,805	$	9,370	$	361	$	56,703	$	68,239
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	1,805	$	8,840	$	361	$	—	$	11,006
At market value		—		—		—		56,565		56,565
Subtotal		1,805		8,840		361		56,565		67,571
Not subject to discretionary withdrawal		—		530		—		138		668
Total reserves	$	1,805	$	9,370	$	361	$	56,703	$	68,239
December 31, 2020
Premiums, considerations or deposits	$	287	$	—	$	15	$	4,263	$	4,565
Reserves for accounts with assets at:
Market value	$	—	$	—	$	—	$	52,439	$	52,439
Amortized costs		1,542		6,988		404		—		8,934
Total reserves	$	1,542	$	6,988	$	404	$	52,439	$	61,373
By withdrawal characteristics:
Subject to discretionary withdrawal with MVA	$	1,542	$	5,360	$	404	$	—	$	7,306
At market value		—		—		—		52,324		52,324
Subtotal		1,542		5,360		404		52,324		59,630
Not subject to discretionary withdrawal		—		1,628		—		114		1,742
Total reserves	$	1,542	$	6,988	$	404	$	52,438	$	61,372

Reconciliation of Net Transfers to or from Separate Accounts

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


	Years Ended December 31,
(in millions)	2022		2021		2020
Transfers to separate accounts	$	5,439	$	7,082	$	4,553
Transfers from separate accounts		(4,330)		(5,400)		(4,280)
Net transfers to (from) separate accounts		1,109		1,682		273
Reconciling adjustments:
Deposit-type contracts		—		—		—
Total reconciling adjustments		—		—		—
Transfers as reported in the Statutory Statements of Operations	$	1,109	$	1,682	$	273

13. RESERVES FOR GUARANTEED POLICY BENEFITS AND ENHANCEMENTS

Variable annuity contracts may include certain contractually guaranteed benefits to the contract holder. These guaranteed features include GMDB that are payable in the event of death, and living benefits that are payable in the event of annuitization, or, in other instances, at specified dates during the accumulation period. Living benefits include guaranteed minimum withdrawal benefits (GMWB) and, to a lesser extent, guaranteed minimum accumulation benefits

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

(GMAB), which are no longer offered. A variable annuity contract may include more than one type of guaranteed benefit feature; for example, it may have both a GMDB and a GMWB. However, a policyholder generally can only receive payout from one guaranteed feature on a contract containing a death benefit and a living benefit, i.e. the features are mutually exclusive. A policyholder cannot purchase more than one living benefit on one contract. The net amount at risk for each feature is calculated irrespective of the existence of other features; as a result, the net amount at risk for each feature is not additive to that of other features.

Reserves for GMDB, GMIB and GMWB were included in the VACARVM reserves. Total reserves in excess of cash surrender value were none and $0.2 billion at December 31, 2022 and 2021, respectively.

GMDB and GMIB

Depending on the product, the GMDB feature may provide a death benefit of either (a) total deposits made to the contract less any partial withdrawals plus a minimum return or (b) the highest contract value attained, typically on any anniversary date minus any subsequent withdrawals following the contract anniversary. GMIB guarantees a minimum level of periodic income payments upon annuitization. GMDB is the Company’s most widely offered benefit; variable annuity contracts may also include GMIB to a lesser extent, which is no longer offered.

The net amount at risk, which represents the guaranteed benefit exposure in excess of the current account value if death claims were filed on all contracts related to GMDB, was $3.3 billion and $0.7 billion at December 31, 2022 and 2021, respectively.

GMWB

Certain of the Company’s variable annuity contracts offer optional GMWB. With a GMWB, the contract holder can monetize the excess of the guaranteed amount over the account value of the contract only through a series of withdrawals that do not exceed a specific percentage per year of the guaranteed amount. If, after the series of withdrawals, the account value is exhausted, the contract holder will receive a series of annuity payments equal to the remaining guaranteed amount, and, for lifetime GMWB products, the annuity payments continue as long as the covered person(s) are living.

The net amount at risk for GMWB represents the present value of minimum guaranteed withdrawal payments, in accordance with contract terms, in excess of account value. The net amount at risk related to these guarantees was $188 million and $439 million at December 31, 2022 and 2021, respectively. The Company uses derivative instruments and other financial instruments to mitigate a portion of the exposure that arises from GMWB.

14. PARTICIPATING POLICY CONTRACTS

Participating policy contracts entitle a policyholder to share in earnings through dividend payments. These contracts represented less than 1.0 percent of gross insurance in-force at December 31, 2022, 2021 and 2020, respectively. Policyholder dividends for the years ended December 31, 2022, 2021 and 2020 were $10 million, $13 million, and $5 million, respectively.

15. PREMIUM AND ANNUITY CONSIDERATIONS DEFERRED AND UNCOLLECTED

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


	December 31, 2022						December 31, 2021
(in millions)	Gross			Net of Loading			Gross			Net of Loading
Ordinary new business		22			22			1			1
Ordinary renewal		(416	)		132			(395	)		164
Group life		(2	)		(2	)		(16	)		(16	)
Total	$	(396	)	$	152		$	(410	)	$	149

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

16. REINSURANCE

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

Reinsurance premiums assumed in 2022, 2021 and 2020 were $24.5 billion, $2.3 billion and $1.1 billion, respectively. Reinsurance premiums ceded in 2022, 2021 and 2020 were $2.7 billion, $3.3 billion and $3.3 billion, respectively. Additionally, reserves on reinsurance assumed were $5.5 billion, $4.5 billion and $2.6 billion at December 31, 2022, 2021 and 2020, respectively. The reserve credit taken on reinsurance ceded was $24.4 billion, $24.6 billion and $24.4 billion at December 31, 2022, 2021 and 2020, respectively. Amounts payable or recoverable for reinsurance on policy and contract liabilities are not subject to periodic or maximum limits. At December 31, 2022 and 2021, the Company’s reinsurance recoverables were $270 million and $338 million, respectively.

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 has no 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 revenue collected under the reinsured policies.

The NAIC Model Regulation “Valuation of Life Insurance Policies” (Regulation XXX) requires U.S. life insurers to establish additional statutory reserves for term life insurance policies with long-term premium guarantees and universal life policies with secondary guarantees (ULSGs). In addition, NAIC Actuarial Guideline 38 (Guideline AXXX) clarifies the application of Regulation XXX as to these guarantees, including certain ULSGs. Prior to 2017, the Company managed the capital impact of statutory reserve requirements under Regulation XXX and Guideline AXXX through intercompany reinsurance transactions. Regulation XXX and Guideline AXXX reserves related to new and in-force business (term and universal life) were ceded to the Parent under a coinsurance/modified coinsurance agreement effective January 1, 2011 (the AGC Life Co/ModCo Agreement), prior to the recapture of in-force business effective December 31, 2017. New business is still ceded under this treaty. Concurrent with the recapture of this in-force business, the reserves were ceded to an unaffiliated reinsurer via amendment to a treaty effective July 1, 2017.

In 2022, the AGC Life Co/ModCo Agreement increased the Company’s pre-tax earnings by $91 million, while in 2021, the AGC Life Co/ModCo Agreement increased pre-tax earnings by $333 million. In 2020, the AGC Life Co/ModCo Agreement increased pre-tax earnings by $337 million.

As of December 31, 2022, $29.3 billion of the Company, USL and VALIC reserves representing a mix of run-off life and annuity risks had been ceded to Fortitude Re under these reinsurance transactions. Effective as of January 1, 2022, certain AIG subsidiaries sold to an affiliate of Fortitude Re all of the outstanding capital stock of two servicing companies. The ceding insurers entered into administrative services agreements pursuant to which AIG transferred administration of certain of our ceded business to those companies.

In 2022 and 2021, the Company commuted reinsurance treaties with non-affiliated reinsurers, which resulted in a decrease in the Company’s pre-tax earnings of $31.8 million and an increase in the Company’s pre-tax earnings of less than a million dollars, respectively. The Company did not commute any treaties with non-affiliated reinsurers in 2020.

The Company has an annuity Co/ModCo agreement with an affiliate, AIG Life of Bermuda, Ltd. (AIGB), in which AIGB reinsures certain deferred annuity contracts issued between 2003 and 2007. The agreement is such that the Company retains and controls assets held in relation to the related reserve. At December 31, 2022 and 2021, the assets and liabilities resulting from the agreement and recorded in the accompanying financial statements were $5.0 billion and $5.6 billion, respectively. In 2022, 2021 and 2020, the Agreement decreased the Company’s pre-tax earnings by $1 million.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

17. FEDERAL INCOME TAXES

Recent U.S. Tax Law Changes

On November 15, 2021, the U.S. enacted the Infrastructure Investment and Jobs Act to improve infrastructure in the U.S. The tax provisions for the Infrastructure Investment and Jobs Act have not had and are currently not expected to have a material impact on our U.S. federal tax liabilities.

On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which finances climate and energy provisions and an extension of enhanced subsidies under the Affordable Care Act with a 15% corporate alternative minimum tax (“CAMT”) on adjusted financial statement income for corporations with profits over $1 billion, a 1% stock buyback tax, increased IRS enforcement funding, and Medicare’s new ability to negotiate prescription drug prices. The Company believes that as of the reporting date it will be subject to the CAMT in 2023. The 2022 financial statements included an estimated impact of the CAMT of $433,000,000.

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


	December 31, 2022						December 31, 2021						Change

(in millions)	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
Gross DTA	$	3,280	$	2,472	$	5,752	$	2,970	$	2,434	$	5,404	$	310		$	38		$	348
Statutory valuation allowance adjustment		—		303		303		—		—		—		—			303			303
Adjusted gross DTA		3,280		2,169		5,449		2,970		2,434		5,404		310			(265	)		45
DTA non-admitted		1,983		2,169		4,152		1,681		2,434		4,115		302			(265	)		37
Net admitted DTA		1,297		—		1,297		1,289		—		1,289		8			—			8
DTL		210		—		210		435		—		435		(225	)		—			(225	)
Total	$	1,087	$	—	$	1,087	$	854	$	—	$	854	$	233		$	—		$	233

The following table presents the ordinary and capital DTA admitted assets as the result of the application of SSAP 101:
	December 31, 2022						December 31, 2021						Change

(in millions)	Ordinary		Capital		Total		Ordinary		Capital		Total		Ordinary			Capital			Total
Admission calculation components
SSAP 101
Federal income taxes paid in prior years recoverable through loss carry backs	$	—	$	—	$	—	$	—	$	—	$	—	$	—		$	—		$	—
Adjusted gross DTA expected to be realized (excluding amount of DTA from above) after application of the threshold limitation		1,087		—		1,087		854		—		854		233			—			233
1. Adjusted gross DTA expected to be realized following the reporting date		1,087		—		1,087		854		—		854		233			—			233
2. Adjusted gross DTA allowed per limitation threshold		—		—		1,299		—		—		1,498		—			—			(199	)
Adjusted gross DTA (excluding the amount of DTA from above) offset by gross DTL		210		—		210		435		—		435		(225	)		—			(225	)
DTA admitted as the result of application of SSAP 101	$	1,297	$	—	$	1,297	$	1,289	$	—	$	1,289	$	8		$	—		$	8

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)


	Years Ended December 31,
($ in millions)	2022			2021
Ratio percentage used to determine recovery period and threshold limitation amount		736	%		785	%

Amount of adjusted capital and surplus used to determine recovery period and threshold limitation amount	$	8,662		$	9,987

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

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

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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


	Years Ended December 31,
(in millions)	2022		2021		2020
Current income tax expense
Federal	$	518	$	1,421	$	961
Foreign		—		1
Subtotal		518		1,422		961
Federal income tax on net capital gains (losses)		(397)		(3)		316
Federal income tax incurred		121		1,419		1,277

		Years Ended December 31,
(in millions)		2022		2021		Change
Deferred tax assets:
Ordinary:
Policyholder reserves	$	1,343	$	1,432	$	(89)
Investments		243		15		228
Deferred acquisition costs		1,080		947		133
Fixed assets		102		404		(302)
Policyholder Dividend Accruals		4		—		4
Compensation and benefits accrual		45		37		8
Tax credit carryforward		—		97		(97)
Net operating loss carry-forward		435				435
Other (including items less than 5% of total ordinary tax assets)		28		38		(10)
Subtotal		3,280		2,970		310
Non-admitted		1,983		1,681		302
Admitted ordinary deferred tax assets		1,297		1,289		8
Capital:
Investments		2,472		2,434		38
Subtotal		2,472		2,434		38
Statutory Valuation Adjustment		303				303
Non-admitted		2,169		2,434		(265)
Admitted capital deferred tax assets		—		—		—
Admitted deferred tax assets		1,297		1,289		8
Deferred tax liabilities:
Ordinary:
Deferred and uncollected premium		105		107		(2)
Policyholder reserves		104		245		(141)
General expense		—		82		(82)
Other (including items less than 5% of total ordinary tax liabilities)		1		1		—
Subtotal		210		435		(225)
Capital:
Other (including items less than 5% of total capital tax liabilities)		—		—		—
Subtotal		—		—		—
Deferred tax liabilities		210		435		(225)
Net deferred tax assets		1,087	$	854		233

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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


	Years Ended December 31,
(in millions)	2022		2021		Change
Total adjusted deferred tax assets	$	5,449	$	5,404	$	45
Total deferred tax liabilities		210		435		(225)
Net adjusted deferred tax assets	$	5,239	$	4,969		270
Tax effect of unrealized gains (losses)						(310)
Change in net deferred income tax						(40)

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


	December 31, 2022					December 31, 2021					December 31, 2020
(in millions)	Amount		Effective Tax Rate			Amount		Effective Tax Rate			Amount		Effective Tax Rate
Income tax expense at applicable rate	$	191		21.0	%		$ 769		21.0	%	$	262		21.0	%
Change in valuation adjustment		303		33.2			—		—			—		—
Disregarded entities		(56)		(6.2)			(152)		(4.3)			7		0.6
Amortization of interest maintenance reserve		(97)		(10.4)			21		0.6			111		8.9
Surplus adjustments		(38)		(4.2)			(17)		(0.5)			62		5.1
Dividend received deduction		(14)		(1.6)			(15)		(0.4)			(20)		(1.6)
Prior year return true-ups and adjustments		(25)		(2.8)			(11)		(0.3)			7		0.5
Other permanent adjustments		(8)		(0.9)			11		0.3			3		0.2
Change in non-admitted assets		8		0.9			6		0.2			(13)		(1.0)
LTIP shortfall deduction		(4)		(0.4)			2		0.1			7		0.6
Separation adjustment on pensions	$	(99)		(10.9)		$	—		—		$	—		—
Statutory income tax expense (benefit)	$	161		17.7	%	$	614		16.7	%	$	426		34.3	%

Federal income taxes incurred	$	121		13.3	%	$	1,419		38.7	%	$	1,277		102.5	%
Change in net deferred income taxes		40		4.4			(805)		(22.0)			(851)		(68.2)
Total statutory income taxes	$	161		17.7	%	$	614		16.7	%	$	426		34.3	%

At December 31, 2022, the Company had no foreign tax credit carryforwards.

At December 31, 2022, the Company had U.S operating loss carryforwards of $435 million generated in 2022 with unlimited carryforward periods.

At December 31, 2022, the Company had no capital loss carryforward.

At December 31, 2022, the Company had no alternative minimum tax credit.

At December 31, 2022, the Company had no general business credit carryforwards.

At December 31, 2022, the Company had no charitable contribution carryforwards.

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


(in millions)
December 31,		Capital
2020	$	—
2021		627
2022		—
Total	$	627

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

In general, realization of DTAs depends on a company’s ability to generate sufficient taxable income of the appropriate character within the carryforward periods in the jurisdictions in which the net operating losses and deductible temporary differences were incurred. In accordance with the requirements established in SSAP 101, the Company assessed its ability to realize DTAs of $5.8 billion and concluded that $303 million valuation allowance was required at December 31, 2022. The Company had concluded that no valuation allowance was required on the DTAs of $5.4 billion at December 31, 2021.

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

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


	Years Ended December 31,
(in millions)	2022		2021
Gross unrecognized tax benefits at beginning of year	$	7	$	17
Increases in tax position for prior years		—		—
Decreases in tax position for prior years		—		(10)
Gross unrecognized tax benefits at end of year	$	7	$	7

At December 31, 2022 and 2021, the amounts of unrecognized tax benefits that, if recognized, would favorably affect the effective tax rate were $7 million, respectively.

Interest and penalties related to unrecognized tax benefits are recognized in income tax expense. At December 31, 2022 and 2021, the Company had accrued liabilities of $(0.1) million, respectively, for the payment of interest (net of the federal benefit) and penalties. In 2022, the Company did not recognize any expense of interest (net of the federal benefit) and penalties. In 2021 and 2020 the Company recognized benefit of interest (net of the federal expense) and penalties of $7million and less than $1 million respectively.

The Company regularly evaluates proposed adjustments by taxing authorities. At December 31, 2022, such proposed adjustments would not have resulted in a material change to the Company’s financial condition, although it is possible that the effect could be material to the Company’s results of operations for an individual reporting period. Although it is reasonably possible that a change in the balance of unrecognized tax benefits may occur within the next twelve months, based on the information currently available, the Company does not expect any change to be material to its financial condition.

The Company is currently under Internal Revenue Service (IRS) examinations for the taxable years 2011-2019. Although the final outcome of possible issues raised in any future examination are uncertain, the Company believes that the ultimate liability, including interest, will not materially exceed amounts recorded in the financial statements. The Company’s taxable years 2007-2021 remain subject to examination by major tax jurisdictions.

The Company is not subject to the repatriation transition tax for the year ended December 31, 2022.

For the period prior to the tax deconsolidation of Corebridge from AIG, the Company will join in the filing of a consolidated federal tax return with AIG.

The following table lists those companies that form part of the 2022 AIG consolidated federal tax return:


Company		Company

A.I. Credit Corp.		AIG Credit Corp.

AGC Life Insurance Company		AIG Direct Insurance Services, Inc.

AGL Assignment Company, LLC		AIG Employee Services, Inc.

AGL Loan Investments Corporation		AIG FCOE, Inc.

AGLIC Investments Bermuda Limited		AIG Federal Savings Bank

AH SubGP 1158 Flat Iron, LLC		AIG Financial Products Corp.

AH SubGP 1384 Woodglen, LLC		AIG Fund Services, Inc.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)


Company		Company

AH SubGP 1450 Timber, LLC		AIG Global Asset Management Holdings Corp.

AH SubGP 1535 Hunter’s Run, LLC		AIG Global Capital Markets Securities, LLC

AH SubGP 1551 Spanish Creek, LLC		AIG Global Operations (Ireland) Limited

AH SubGP 479 Sunrise, LLC		AIG Global Real Estate Investment Corp.

AH SubGP 516 Merrilltown, LLC		AIG GLOBAL REAL ESTATE INVESTMENT CORP. [RUSS

AH SubGP 693 Parkland Pointe, LLC		AIG Home Protection Company, Inc.

AH SubGP 716 Villas of Mission Bend, LLC		AIG Insurance Management Services, Inc.

AH SubGP 759 Parker Commons, LLC		AIG International Inc.

AH SubGP 911 Mainland, LLC		AIG Kirkwood, Inc.

AIG Aerospace Adjustment Services, Inc.		AIG Life Holdings, Inc.

AIG Aerospace Insurance Services, Inc.		AIG Life of Bermuda, Ltd.

AIG Asset Management (U.S.), LLC		AIG Markets, Inc.

AIG Asset Management EU CLO, LLC		AIG Matched Funding Corp.

AIG Assurance Company		AIG MEA Investments and Services, LLC

AIG BG Holdings LLC		AIG Mortgage Capital, LLC

AIG Capital Corporation		AIG North America, Inc.

AIG Capital Services, Inc.		AIGGRE U.S. Real Estate Fund IV Lexington

AIG Century Verwaltungsgesellschaft mbH		AIGGRE VISTA, LLC

AIG Claims, Inc.		AIGT Inc. Hong Kong Branch

AIG Commercial Equipment Finance, Inc.		AIU Insurance Company

AIG Commercial Real Estate Lending		Akita, Inc.

AIG Credit (Europe) Corporation		Alabaster Capital LLC

AIG Property Casualty, Inc.		AlphaCat Capital Inc.

AIG Realty, Inc.		AM Holdings LLC

AIG Securities Lending Corp.		AIG Partnership Holdings Corp.

AIG Shared Services		AIG PC Global Services Inc.

AIG Shared Services Corporation		AIG Procurement Services, Inc.

AIG Shared Services Corporation - Management		AIG Property Casualty Company

AIG Shared Services Corporation (Philippines)		AIG Property Casualty International, LLC

AIG Specialty Insurance Company		AIG Property Casualty U.S., Inc.

AIG Spring Ridge I, Inc.		American Athletic Club, Inc.

AIG Technologies, Inc.		American General Annuity Service Corporation

AIG Technologies, Inc. (U.K. branch)		American General Assignment

AIG Travel Assist, Inc.		American General Assignment Corporation

AIG TRAVEL EMEA LIMITED		American General Insurance Agency, Inc.

AIG TRAVEL EUROPE LIMITED		American General Life Ins. Co. Non-Insulated

AIG Travel, Inc.		American General Life Insurance Co. - Insulat

AIG UNITED GUARANTY AGENZIA DI ASSICURAZIONE		American General Life Insurance Company

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)


Company		Company

AIG Warranty Services of Florida, Inc.		American General Life Services Company, LLC

AIG WarrantyGuard, Inc.		American General Realty

AIG.COM, Inc.		American Home Assurance Company

AIG-FP Capital Preservation Corp.		American International Facilities Management

AIG-FP Matched Funding Corp.		American International Group, Inc.

AIG-FP Pinestead Holdings Corp.		American International Realty Corporation

AIGGRE DC Ballpark Investor, LLC		American International Reinsurance

AIGGRE Europe Real Estate Fund I		Arthur J. Glatfelter Agency, Inc.

AIGGRE Europe Real Estate Fund I GP S.a r.l.		Blackboard Customer Care Insurance Services

AIGGRE Europe Real Estate Fund II GP S.a.r.l		Blackboard Insurance Company

AIGGRE U.S. LT Apartments Investor Lexington		Blackboard Services, LLC

AIGGRE U.S. Real Estate Fund I		Blackboard Specialty Insurance Company

AIGGRE U.S. Real Estate Fund II		Blackboard U.S. Holdings, Inc.

AIGGRE U.S. Real Estate Fund II GP, LLC		CAP Investor 1, LLC

AIGGRE U.S. Real Estate Fund III		CAP Investor 10, LLC

CAP Investor 14, LLC		LSTREET I, LLC

CAP Investor 2, LLC		LSTREET II, LLC

CAP Investor 4, LLC		MG Reinsurance Limited

CAP Investor 5, LLC		MIP PE Holdings, LLC

CAP Investor 8, LLC		Morefar Marketing, Inc.

Charleston Bay SAHP Corp.		Mt. Mansfield Company, Inc.

Commerce and Industry Insurance Company		National Union Fire Insurance

Crop Risk Services, Inc.		National Union Fire Insurance Company

Crossings SAHP Corp.		New Hampshire Insurance Company

Curzon Funding Limited		NF Seven (Cayman) Limited

Curzon Street Funding Designated Activity		PCG 2019 Corporate Member Limited

Design Professionals Association		Pearce & Pearce, Inc.

DIL/SAHP Corp.		Pine Street Real Estate Holdings Corp.

DSA P&C Solutions, Inc.		Prairie SAHP Corp.

Eaglestone Reinsurance Company		Rialto Melbourne Investor LLC

Eastgreen, Inc.		Risk Specialists Companies

First Principles Capital Management, LLC		SA Affordable Housing, LLC

Fortitude Life & Annuity Solutions, Inc.		SA SubGP 1000 Woodwind Lakes, LLC

GIG of Missouri, Inc.		SAAHP GP Corp.

Glatfelter Claims Management, Inc.		SAFG Capital LLC

Glatfelter Properties, LLC		SAFG Markets, LLC

Glatfelter Underwriting Services, Inc.		SAFG Retirement Services, Inc.

Global Loss Prevention, Inc.		SAFG Technologies, LLC

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)


Company		Company

Global Loss Prevention, Inc. [Canada]		Susquehanna Agents Alliance, LLC

Grand Savannah SAHP Corp.		The Glatfelter Agency, Inc.

Granite State Insurance Company		The Insurance Company of the State of Pennsylvania

Health Direct, Inc.		The United States Life Insurance Company

HOSPITAL PLAN INSURANCE SERVICES		The United States Life Insurance Company - Insulated

HPIS LIMITED		The Variable Annuity Life - Insulated

Illinois National Insurance Co.		The Variable Annuity Life - Non-Insulated

Integrated Manufacturing Companies, Inc.		The Variable Annuity Life Insurance Company

Knickerbocker Corporation		Travel Guard Americas LLC Sucursal Mexico

LBMA Equipment Services, Inc.		Travel Guard Americas, LLC

Lexington Insurance Company		Travel Guard Americas, LLC [Argentina]

Lexington Specialty Insurance Agency, Inc.		Travel Guard Group, Inc.

Lilac Heights LLC		Tudor Insurance Company

Livetravel, Inc.		U G Corporation

SAHP GA III - SC LLC		VALIC Financial Advisors, Inc.

SCSP Corp.		VALIC Retirement Services Company

Service Net Solutions of Florida, LLC		Validus America, Inc.

Service Net Warranty, LLC		Validus Re Americas (New Jersey), Inc.

SNW Insurance Agency, LLC		Validus Reaseguros, Inc.

Spruce Peak Realty, LLC		Validus Services, Inc.

Stowe Mountain Holdings, Inc.		Validus Specialty Underwriting Services, Inc.

Stratford Insurance Company		Validus Specialty, LLC

SubGen NT, Inc.		Volunteer Firemen’s Insurance Services, Inc.

SunAmerica Affordable Housing Partners, Inc.		Western World Insurance Company

SunAmerica Asset Management, LLC

SunAmerica Fund Assets 83, LLC

SunAmerica Life Reinsurance Company

SunAmerica Retirement Markets, Inc.

For the period following the tax consolidation of Corebridge from AIG, the Company will join with AGC Life, AIGB, USL, and VALIC, in filing a consolidated life company federal income tax return.

The Company has a written agreement with both parent entities, AIG and AGC Life under which each subsidiary agrees to pay parent company an amount equal to the consolidated federal income tax expense multiplied by the ratio that the subsidiary’s separate return tax liability bears to the consolidated tax liability, plus one hundred percent of the excess of the subsidiary’s separate return tax liability over the allocated consolidated tax liability. Both AIG and AGC Life agree to pay each subsidiary for the tax benefits, if any, of net operating losses, net capital losses and tax credits which are not usable by the subsidiary but which are used by other members of the consolidated group.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

18. CAPITAL AND SURPLUS

RBC standards are designed to measure the adequacy of an insurer’s statutory capital and surplus in relation to the risks inherent in its business. The RBC standards consist of formulas that establish capital requirements relating to asset, insurance, business and interest rate risks. The standards are intended to help identify companies that are under-capitalized, and require specific regulatory actions in the event an insurer’s RBC is deficient. The RBC formula develops a risk-adjusted target level of adjusted statutory capital and surplus by applying certain factors to various asset, premium and reserve items. Higher factors are applied to more risky items and lower factors are applied to less risky items. Thus, the target level of statutory surplus varies not only because of the insurer’s size, but also on the risk profile of the insurer’s operations. At December 31, 2022, the Company exceeded RBC requirements that would require any regulatory action.

Dividends that the Company may pay to the Parent in any year without prior approval of the TDI are limited by statute. The maximum amount of dividends in a 12-month period, measured retrospectively from the date of payment, which the Company can pay without the Company obtaining the prior approval of the TDI is limited to the greater of: (1) 10 percent of the Company’s statutory surplus as regards to policyholders at the preceding December 31 ; or (2) the preceding year’s statutory net gain from operations. Additionally, unless prior approval of the TDI is obtained, dividends can only be paid out of the Company’s unassigned surplus. Subject to the TDI requirements, the maximum dividend payout that may be made in 2023 without prior approval of the TDI is $1.9 billion. Dividend payments in excess of positive retained earnings are classified and reported as a return of capital.

Dividends are paid as determined by the Board of Directors and are noncumulative. The following table presents the dividends paid by the Company during 2022, 2021 and 2020:


Date	Type	Cash or Non-cash	Amount (in millions)
2022
March 28, 2022	Ordinary	Cash	$	400
June 24, 2022	Ordinary	Cash		400

2021
March 15, 2021	Ordinary	Cash	$	199
June 15, 2021	Ordinary	Cash		266
September 24, 2021	Ordinary	Cash		214
December 22, 2021	Extraordinary	Non-Cash		295
December 27, 2021	Ordinary	Cash		71

The Company’s cumulative preferred stock has an $80 dividend rate and is redeemable at $1,000 per share. The holder of this stock, the Parent, is entitled to one vote per share. The Company paid no dividends to its parent in 2020.

19. RETIREMENT AND SHARE-BASED AND DEFERRED COMPENSATION

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

Employee Retirement Plan

Certain Corebridge employees participate in various AIG sponsored defined benefit pension and postretirement plans. AIG, as sponsor, is ultimately responsible for the maintenance of these plans in compliance with applicable laws. The Company is not directly liable for obligations under these plans; its obligation results from AIG Parent’s allocation of the Company’s share of expenses from the plans based on participants’ earnings for the pension plans and on estimated claims less contributions from participants for the postretirement plans.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

The following table presents information about employee-related costs (expense credits) allocated to the Company:


	Years Ended December 31,
(in millions)	2022		2021		2020
Defined benefit plans	$	(9)	$	(11)	$	(10)
Postretirement medical and life insurance plans		1		1		1
Total	$	(8)	$	(10)	$	(9)

Defined Contribution Plan

Prior to August 22, 2022, Corebridge employees participated in AIG’s qualified defined contribution plan that provided for contributions by employees, as well as an employer contribution. On August 22, 2022, participants’ accounts in the AIG plan were transferred to the Corebridge Financial Inc. Retirement Savings 401(k) Plan.

The 401(k) plan provides pre-tax salary reduction contributions by its U.S. employees. Employer matching contributions of 100 percent were made on the first six percent of participant contributions, subject to IRS-imposed limitations, and an additional fully vested, non-elective, non-discretionary employer contribution equal to three percent of the participant’s annual base compensation for the plan year, paid each pay period regardless of whether the participant currently contributes to the plan, and subject to the IRS-imposed limitations.

The Company’s pre-tax expense associated with this plan was $28 million, $27 million and $27 million in 2022, 2021 and 2020, respectively.

Share-based and Deferred Compensation Plans

Prior to the IPO, certain Corebridge employees received grants of equity awards under the AIG Long Term Incentive Plan (as amended) and its predecessor plan, the AIG 2013 Long Term Incentive Plan (each as applicable, the “LTIP”), which are governed by the AIG 2013 Omnibus Incentive Plan (“Omnibus Plan”). The value of AIG equity awards are linked to the performance of AIG’s common stock. AIG granted equity awards to our employees primarily in the form of AIG restricted stock units (“RSUs”) but also granted AIG performance share units (“PSUs”) and AIG stock options to certain executives.

AIG RSUs and AIG stock options granted to Corebridge employees by AIG will be earned based solely on continued service by the participant while AIG PSUs will be earned based on both continued service and AIG achieving specified performance goals at the end of a three year performance period. These performance goals were pre-established by AIG’s Compensation and Management Resources Committee (“CMRC”) for each annual grant. The actual number of PSUs earned can vary from zero to 200% of the amount granted. Vesting occurs on January 1 of the year immediately following the end of the three-year performance period.

Prior to 2021, LTI awards accrued dividend equivalent units (“DEUs”) in the form of additional PSUs and/or RSUs whenever a cash dividend is declared on shares of AIG Common Stock; the DEUs were subject to the same vesting terms and conditions as the underlying unit. Beginning in 2021, PSUs and RSUs granted via the annual 2021 LTI award (as of the date of grant), and those existing from the 2020 LTI awards (as of the third quarter) accrue dividend equivalent rights (DERs) as AIG’s dividends are declared. These DERs will be settled in cash only if the underlying units’ vesting conditions are met; previously accrued DEUs were not impacted by this change.

The fair value of AIG RSUs and AIG PSUs that are earned solely based on certain AIG-specific metrics was based on the closing price of AIG Common Stock on the grant date; while the fair value of AIG PSUs that are earned based on AIG’s relative total shareholder return (“TSR”) was determined on the grant date using a Monte Carlo simulation. The fair value of AIG stock options was estimated on the grant date using the Black-Scholes model.

On September 6, 2022, Corebridge adopted the Corebridge Financial, Inc. 2022 Omnibus Incentive Plan (the “2022 Plan”) and the Corebridge Financial, Inc. Long-term Incentive Plan (the “LTIP,” together with the 2022 Plan, the “Corebridge Plans”). Following the IPO, equity awards may be granted under the Corebridge Plans to current employees or directors of the Company or, solely with respect to their final year of service, former employees.

Equity awards under the Corebridge Plans are linked to Corebridge common stock (“CRBG Stock”). A total of 40,000,000 shares of CRBG Stock are authorized for delivery pursuant to awards granted or assumed under the Plans. Delivered shares may be newly-issued shares or shares held in treasury.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

All AIG RSUs that were held by active Corebridge employees on September 14, 2022 (the pricing date for the IPO) were converted into RSUs linked to the performance of CRBG Stock (“Corebridge RSUs”), on terms and conditions that are substantially the same as the corresponding AIG RSUs, with the number of AIG RSUs adjusted in a manner intended to preserve their intrinsic value as of immediately before and immediately following the conversion (subject to rounding). Specifically, the AIG RSUs were converted to Corebridge RSUs based on a conversion factor of 2.580952. The conversion factor was determined by the AIG closing stock price on September 14 ($54.20) divided by the public offering price for CRBG Stock in the IPO ($21.00).

The Company receives an allocation for these expenses. The Company recognized compensation expenses of $31 million, $28 million and $22 million for the years ending December 31, 2022, 2021 and 2020, respectively, on the date of grant of which all was recharged to related parties.

20. DEBT

The Company is a member of the Federal Home Loan Bank (FHLB) of Dallas. The Company’s interest in the stock of FHLB of San Francisco was redeemed on March 24, 2016.

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

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

The Company is required to pledge certain mortgage-backed securities, government and agency securities and other qualifying assets to secure advances obtained from the FHLB. To provide adequate collateral for potential advances, the Company has pledged securities to the FHLB in excess of outstanding borrowings. Upon any event of default by the Company, the recovery by the FHLB would generally be limited to the amount of the Company’s liability under advances borrowed. The Company’s net borrowing capacity as of December 31, 2022 is $2 billion

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


	December 31,
(in millions)	2022		2021
Membership stock - Class B	$	7	$	7
Activity stock		141		129
Excess stock		15		22
Total	$	163	$	158

Actual or estimated borrowing capacity as determined by the insurer	$	5,525	$	5,942

The Company did not hold any Class A at December 31, 2022 or 2021.

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

December 31, 2022

December 31, 2021

(in millions)

Amortized

Cost

Fair Value

Amortized

Cost

Fair Value

Amount pledged

5,043

4,432

4,265

4,469

Maximum amount pledged during reporting period

5,131

4,486

4,589

4,817

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

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

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



	December 31,
(in millions)	2022		2021
Amount outstanding	$	3,448	$	3,148

Maximum amount borrowed during reporting period	$	3,448	$	3,648

While the funding agreements are presented herein to show all amounts received from FHLB, the funding agreements are treated as deposit-type contracts, consistent with the other funding agreements for which the Company’s intent is to earn a spread and not to fund operations. The Company had no debt outstanding with the FHLB at December 31, 2022 or 2021.

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


(in millions)
Funding Agreements	Date Issued	Amounts

10-year floating rate	February 15, 2018	$	1,148

10-year floating rate	February 15, 2018		1,277

10-year floating rate	February 15, 2018		175

10-year floating rate	February 6, 2018		87

10-year floating rate	January 25, 2018		31

10-year floating rate	May 23, 2017		52

10-year floating rate	January 31, 2017		67

10-year floating rate	January 12, 2017		57

10-year floating rate	June 14, 2016		254

5-year fixed rate	August 25, 2022		300

21. COMMITMENTS AND CONTINGENCIES

Commitments

The Company had commitments to provide funding to various limited partnerships totaling $3.2 billion and at December 31, 2022 and 2021, respectively. The commitments to invest in limited partnerships and other funds may be called at the discretion of each fund, as needed and subject to the provisions of such fund’s governing documents, for funding new investments, follow-on investments and/or fees and other expenses of the fund. Of the total commitments at December 31, 2022, $1.1 billion are currently expected to expire in 2023, and the remainder by 2041 based on the expected life cycle of the related funds and the Company’s historical funding trends for such commitments.

At December 31, 2022 and 2021, the Company had $3.8 billion and $2.4 billion, respectively, of outstanding commitments related to various funding obligations associated with its investments in commercial mortgage loans. Of the total current commitments, $1.3 billion are expected to expire in 2023 and the remainder by 2036, based on the expected life cycle of the related loans and the Company’s historical funding trends for such commitments.

The Company has various long-term, noncancelable operating leases, primarily for office space and equipment, which expire at various dates over the next several years. At December 31, 2021, the future minimum lease payments under the operating leases are as follows:


(in millions)
2023	$	12
2024		5
2025		4
2026		4
2027		1
Thereafter	$	—
Total		26

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Rent expense was $16 million, $18 million and $19 million in 2022, 2021 and 2020, respectively.

Contingencies

Legal Matters

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

Effective January 1, 2013, the California legislature enacted AB 1747 (the Act), which amended the Insurance Code to mandate that life insurance policies issued and delivered in California contain a 60-day grace period during which time the policies must remain in force after a premium payment is missed, and that life insurers provide both a 30-day minimum notification of lapse and the right of policy owners to designate a secondary recipient for lapse and termination notices. Following guidance from the California Department of Insurance and certain industry trade groups, the Company interpreted the Act to be prospective in nature, applying only to policies issued and delivered on or after the Act’s January 1, 2013, effective date. On July 18, 2017, the Company was sued in a putative class action captioned Moriarty v. American General Life Insurance Company, No. 17-cv-1709 (S.D. Cal.), challenging the Company’s prospective application of the Act. Plaintiff’s complaint, which is similar to complaints filed against other insurers, argues that policies issued and delivered prior to January 1, 2013, like the $1 million policy issued to Plaintiff’s husband do not lapse—despite nonpayment of premiums—if the insurer has not complied with the Act’s terms. On August 30, 2021, the California Supreme Court issued an opinion in McHugh v. Protective Life Insurance, 12 Cal. 5th 213 (2021), ruling that the Act applies to all policies in force on January 1, 2013, regardless of when the policies were issued. On February 7, 2022, Plaintiff filed motions for summary judgment and class certification; the Company opposed both motions and filed its own motion for partial summary judgment. On July 26, 2022, the District Court granted in part and denied in part the Company’s motion for partial summary judgment, and on September 7, 2022, the District Court denied Plaintiff’s motion for summary judgment. In the summary judgment decisions, the District Court declined to adopt Plaintiff’s theory that a failure to comply with the Act necessitates payment of policy benefits or to make a pre-trial determination as to the Company’s liability. On September 27, 2022, the District Court denied Plaintiff’s motion for class certification without prejudice. The District Court declined to certify Plaintiff’s proposed class consisting of claims for monetary damages and equitable relief but indicated that Plaintiff could seek the certification of a narrower class consisting only of claims for monetary damages. The District Court indicated, however, that it has “substantial concerns” as to whether individual issues such as actual damages and causation would predominate, precluding class certification. While the District Court had initially set a trial date for February 7, 2023, it has since vacated that date and indicated that it will set a new trial date in due course, following consultation with the parties. Proceedings are ongoing in other California cases that raise similar industry- wide issues, including in the McHugh case on remand from the California Supreme Court, in which the California Court of Appeal rendered an unpublished opinion on October 10, 2022 that also declined to hold that failure to comply with the Act automatically necessitates payment of policy benefits. We have accrued our current estimate of probable loss with respect to this litigation.

Certain reinsurers have sought rate increases on certain yearly renewable term agreements. The Company is disputing

the requested rate increases under these agreements. Certain reinsurers with whom the Company has disputes have

initiated arbitration proceedings against the Company, and others may initiate them in the future. To the extent

reinsurers have sought retroactive premium increases, the Company has accrued our current estimate of probable loss

with respect to these matters.

Regulatory Matters

All fifty states and the District of Columbia have laws requiring solvent life insurance companies, through participation in guaranty associations, to pay assessments to protect the interests of policyholders of insolvent life insurance companies. These state insurance guaranty associations generally levy assessments, up to prescribed limits, on member insurers in a particular state based on the proportionate share of the premiums written by member insurers in the lines of business in which the impaired, insolvent or failed insurer is engaged. Such assessments are used to pay certain contractual insurance benefits owed pursuant to insurance policies issued by impaired, insolvent or failed insurers. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. The Company accrues liabilities for guaranty fund assessments when an assessment is probable and can be

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

reasonably estimated. The Company estimates the liability using the latest information available from the National Organization of Life and Health Insurance Guaranty Associations. While the Company cannot predict the amount and timing of any future guaranty fund assessments, the Company has established reserves it believes are adequate for assessments relating to insurance companies that are currently subject to insolvency proceedings.

The Company accrued $39 million and $38 million for these guarantee fund assessments at December 31, 2022 and 2021, respectively. The Company has recorded receivables of $31 million and $30 million at December 31, 2022 and 2021, respectively, for expected recoveries against the payment of future premium taxes.

During 1997 and 1998, the Company participated in a workers’ compensation underwriting pool with a third party insurance company. Both companies share equally in the pool. Collectively, the workers’ compensation business is assumed from over 50 ceding companies and retro-ceded to 15 programs. The business covers risks primarily from the 1997 and 1998 underwriting years but also includes risk from the 1996 underwriting year. There were no reinsurance recoverables on claim liabilities and reserves included in these financial statements related to the workers’ compensation business at both December 31, 2022 and 2021. While not included in these statutory financial statements, the Company is contingently liable for losses incurred by its 50 percent pool participant should that third party become insolvent or otherwise unable to meet its obligations under the pool agreement.

At December 31, 2022 and 2021, the Company had admitted assets of $153 million and $152 million, respectively, in premiums receivable due from policyholders (or agents). The Company routinely evaluates the collectability of these receivables. Based upon Company experience, the potential for any loss is not believed to be material to the Company’s financial condition.

During 2022 and 2021, the Company wrote accident and health insurance premiums that were subject to the risk-sharing provisions of the Affordable Care Act (ACA). However, the Company had no balances for the risk corridors program due to exclusion from the program. There was no financial impact of risk-sharing provisions on assets, liabilities or operations, related to the Permanent ACA Risk Adjustment Program. In addition, there was no financial impact of risk-sharing provisions on assets and liabilities related to the Transitional ACA Reinsurance Program. Under this program, the Company has recorded an insignificant amount in reinsurance recoveries due to ACA Reinsurance payments.

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

Standard of Care Development

The Company provides products and services to certain employee benefit plans that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Code. Plans subject to ERISA include certain pension and profit-sharing plans and welfare plans, including health, life and disability plans. As a result, our activities are subject to the restrictions imposed by ERISA and the Code, including the requirement under ERISA that fiduciaries must perform their duties solely in the interests of ERISA plan participants and beneficiaries, and that fiduciaries may not cause a covered plan to engage in certain prohibited transactions. The applicable provisions of ERISA and the Code are subject to enforcement by the DOL, the IRS and the Pension Benefit Guaranty Corporation.

The Company and our distributors are subject to laws and regulations regarding the standard of care applicable to sales of our products and the provision of advice to our customers. In recent years, many of these laws and regulations have been revised or reexamined while others have been newly adopted. We closely monitor these legislative and regulatory activities and evaluate the impact of these requirements on us and our customers, distribution partners and financial advisers. Where needed, we have made significant investments to implement and enhance our tools, processes and procedures, to comply with the final rules and interpretations. These efforts and enhancements have resulted in increased compliance costs and may impact sales results and increase regulatory and litigation risk. Additional changes in standard of care requirements or new standards issued by governmental authorities, such as the DOL, the SEC, the NAIC or state regulators and/or legislators, have impacted, and may impact our businesses, results of operations and financial condition.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

22. RELATED PARTY TRANSACTIONS

Sale of Certain AIG Life and Retirement Retail Mutual Funds Business

On February 8, 2021, Corebridge announced the execution of a definitive agreement with Touchstone Investments, Inc. (“Touchstone”), an indirect wholly owned subsidiary of Western & Southern Financial Group, to sell certain assets of our retail mutual funds business. This sale consisted of the reorganization of twelve of the retail mutual funds managed by our subsidiary SunAmerica Asset Management, LLC (“SAAMCo”) into certain Touchstone funds. Concurrently, the twelve retail mutual funds managed by SAAMCo, with $6.8 billion in assets, were reorganized into Touchstone funds. Additional consideration has been and may be earned over a three-year period based on asset levels in certain reorganized funds. Six retail mutual funds managed by SAAMCo and not included in the transaction were liquidated. Corebridge continues to retain our fund management platform and capabilities dedicated to our variable annuity insurance products.

Events Related to AIG and Corebridge

Separation of Life and Retirement Business and Relationship with Blackstone

On September 19, 2022, Corebridge completed an initial public offering (the “IPO”) in which AIG sold 80 million shares of Corebridge common stock to the public. As of December 31, 2022, AIG owns 77.7% of the outstanding common stock of Corebridge. AIG is a publicly-traded entity, listed on the New York Stock Exchange (NYSE:AIG). The term “AIG” means AIG and its consolidated subsidiaries, unless the context refers to AIG only.

On November 2, 2021, Argon Holdco LLC (“Argon”), a wholly-owned subsidiary of Blackstone, Inc. (“Blackstone”), acquired a 9.9% equity stake in Corebridge and Corebridge entered into a long-term asset management relationship with Blackstone. Pursuant to the partnership, Corebridge initially transferred $50 billion of assets in their investment portfolio to Blackstone. As of December 31, 2022, the book value of the assets transferred to Blackstone was $48.9 billion. Further beginning in the fourth quarter of 2022, Corebridge transferred $2.1 billion to Blackstone and will transfer $2.1 billion each quarter for an aggregate of $92.5 billion by the third quarter of 2027.

Pursuant to the Stockholders’ Agreement that Corebridge entered into with AIG and Argon at the time of acquisition of Argon’s Corebridge equity stake, Argon may not sell its ownership interest in Corebridge subject to exceptions permitting Argon to sell 25%, 67% and 75% of its shares after the first, second and third anniversaries, respectively, of the IPO, with the transfer restrictions terminating in full on the fifth anniversary of the IPO. Also, until Argon no longer owns at least 50% of its initial investment in Corebridge, it will have the right to designate for nomination for election one member of the Corebridge board of directors.

Prior to the IPO, Corebridge and certain U.S. subsidiaries were included in the consolidated federal income tax return of AIG as well as certain state tax returns where AIG files on a combined or unitary basis. The provision for income taxes is calculated on a separate return basis. Following the IPO, AIG owns a less than 80% interest in Corebridge, resulting in tax deconsolidation of Corebridge from the AIG Consolidated Tax Group and in a small minority of state jurisdictions which follow federal consolidation rules, the most significant being Florida. In addition, under the applicable law, AGC and its directly owned life insurance subsidiaries (the “AGC Group”) will not be permitted to join in the filing of a U.S. consolidated federal income tax return with our other subsidiaries (collectively, the “Non-Life Group”) for the five-year waiting period. Instead, the AGC Group is expected to file separately as members of the AGC consolidated U.S. federal income tax return during the five-year waiting period. Following the five-year waiting period, the AGC Group is expected to join the U.S. consolidated federal income tax return with the Non-Life Group.

On November 1, 2021, Corebridge declared a dividend payable to AIG in the amount of $8.3 billion. In connection with such dividend, Corebridge issued a promissory note to AIG in the amount of $8.3 billion. As of September 30, 2022, the promissory note to AIG has been paid in full.

On December 15, 2021, Corebridge and Blackstone Real Estate Income Trust (“BREIT”), a long-term, perpetual capital vehicle affiliated with Blackstone, completed the acquisition by BREIT of the Company’s interests in a U.S. affordable housing portfolio for $4.9 billion.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Investment Management Agreements with BlackRock

Under the BlackRock Agreements, Corebridge completed the transfer of the management of approximately $82.4 billion in book value of liquid fixed income and certain private placement assets in the aggregate to BlackRock as of December 31, 2022. In addition, liquid fixed income assets associated with Fortitude Re portfolio were separately transferred to BlackRock. The BlackRock Agreements provide Corebridge with access to market-leading capabilities, including portfolio management, research and tactical strategies in addition to a larger pool of investment professionals. Corebridge believes BlackRock’s scale and fee structure make BlackRock an excellent outsourcing partner for certain asset classes and will allow us to further optimize our investment management operating model while improving overall performance. The fees, terms and conditions of the BlackRock Agreements were extensively negotiated, and Corebridge believes them to be highly competitive with those available from other leading investment managers for a fixed income portfolio of comparable size. Further, BlackRock is responsible for its own overhead and operating expenses under the BlackRock Agreements, with the insurance company subsidiaries reimbursing reasonable and documented out-of-pocket third-party expenses.

With respect to other potential liabilities under the BlackRock Agreements, the insurance company subsidiaries have agreed to indemnify BlackRock for certain losses incurred in connection with the services provided by BlackRock pursuant to the BlackRock Agreements or resulting from the insurance company subsidiaries’ breach of the investment management agreements.

The investment management agreements contain detailed investment guidelines and reporting requirements. These agreements also contain reasonable and customary representations and warranties, standard of care, confidentiality and other provisions. The investment management agreements will continue unless terminated by either party on 45 days’ notice or by us immediately for cause. Corebridge will continue to be responsible for the overall investment portfolio, including decisions surrounding asset allocation, risk composition and investment strategy.

Fortitude Re

Fortitude Re was established during the first quarter of 2018 in a series of reinsurance transactions related to AIG’s run-off operations. Those reinsurance transactions were designed to consolidate most of AIG’s Insurance run-off lines into a single legal entity. As of December 31, 2022, approximately $29.0 billion of reserves from Corebridge Run-Off Lines and approximately $3.2 billion of reserves from AIG’s General Insurance Run-Off Lines related to business written by multiple wholly-owned AIG subsidiaries, had been ceded to Fortitude Re under these reinsurance transactions. Of the Fortitude Re reinsurance agreements, the largest is the Amended and Restated Combination Coinsurance and Modified Coinsurance Agreement by and between Corebridge’s subsidiary, the Company and Fortitude Re. Under this treaty, approximately $22.1 billion of the Company reserves as of December 31, 2022 were ceded to Fortitude Re representing a mix of life and annuity risks. Fortitude Re provides 100 percent reinsurance of the ceded risks. The Company retains the risk of collection of any third party reinsurance covering the ceded business. At effectiveness of the treaty, an amount equal to the aggregate ceded reserves was deposited by the Company into a modified coinsurance account of the Company to secure the obligations of Fortitude Re. Fortitude Re receives or makes quarterly payments that represent the net gain or loss under the treaty for the relevant quarter, including any net investment gain or loss on the assets in the modified coinsurance account. In December 2022, the management of most of the public fixed income securities in the modified coinsurance account was transitioned to BlackRock. In accordance with the terms of the treaty, following the third anniversary of the June 2, 2020 closing of the sale of our majority interest in Fortitude Group Holdings, L.L.C., Fortitude Re has increased rights to direct the appointment of investment managers to manage the assets in the modified coinsurance account.

Following receipt of all regulatory approvals and the satisfaction of other conditions, effective as of January 1, 2022, AIG sold to an affiliate of Fortitude Re all of the outstanding capital stock of two servicing companies that administer the Life and Retirement and General Insurance ceded business, and the ceding insurers entered into administrative services agreements pursuant to which AIG transferred administration of certain Life and Retirement and General Insurance ceded business to such companies.

Transfer of AIG Technologies, Inc and Eastgreen Inc.

In connection with the Reorganization, Corebridge and AIG entered into agreements under which Corebridge purchased AIG Technologies, Inc. (“AIGT”) and Eastgreen, Inc. (“Eastgreen”) from AIG affiliates on February 28, 2022 for total consideration of $107 million. AIGT provides data processing, technology and infrastructure services to Corebridge and AIG entities in the United States, including management of AIG hardware and networks. AIGT utilizes two data centers to provide its services. The real estate related to the two data centers is owned by Eastgreen. To the extent needed, AIGT will continue to provide services to AIG for a transition period.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

COVID-19

We are continually assessing the impact on our business, operations and investments of COVID-19 and the resulting ongoing economic and societal disruption. These impacts initially included a global economic contraction, disruptions in financial markets, increased market volatility and declines in certain equity and other asset prices that had negative effects on our investments, our access to liquidity, our ability to generate new sales and the costs associated with claims. Further, significant legislative and regulatory activity has occurred at both the U.S. federal and state levels, as well as globally. We cannot predict what form future legal and regulatory responses to concerns about COVID-19 and related public health issues will take, or how such responses will impact our business.

The most significant impacts relating to COVID-19 have been the impact of interest rate, credit spreads and equity market levels on spread and fee income, and increased mortality. We are actively monitoring the mortality rates and the potential direct and indirect impacts that COVID-19 may have across our businesses. The last two quarters saw the fewest national fatalities since the start of the pandemic. Actual data related to cause of death is not always available for all claims paid, and such cause of death data does not always capture the existence of comorbid conditions. The regulatory approach to the pandemic and impact on the insurance industry is continuing to evolve and its ultimate impact remains uncertain.

We have a diverse investment portfolio with material exposures to various forms of credit risk. To date, there has been minimal impact on the value of the portfolio. At this point in time, uncertainty surrounding the duration and severity of the COVID-19 pandemic makes the long-term financial impact difficult to quantify.

COVID-19 continued to have an impact in 2022. Circumstances resulting from the COVID-19 pandemic, in addition to an increase in claims, may also impact utilization of benefits, lapses or surrenders of policies and payments of insurance premiums, all of which have impacted and could further impact the revenues and expenses associated with our products.

Selkirk Transactions

During 2013 and 2014, the Company entered into securitization transactions in which portfolios of the Company’s commercial mortgage loans were transferred to special purpose entities (Selkirk No.1 Investments, Selkirk No.3A Investments ), with the Company retaining a significant beneficial interest in the securitized loans. As consideration for the transferred loans, the Company received beneficial interests in certain special purpose entities and cash proceeds from the securitized notes issued to third party investors by other special purpose entities. Selkirk No.1 Investments and Selkirk No.3V Investments was redeemed in full in 2021.

Lighthouse VI

During 2013, the Company, along with its affiliate, The Variable Annuity Life Insurance Company (“VALIC”) executed three transactions (Lighthouse I, Lighthouse II, and Lighthouse III) in which a portfolio of securities was, in each transaction, transferred into a newly established Common Trust Fund (CTF) in exchange for proportionate interests in all assets within each CTF as evidenced by specific securities controlled by and included within the Company’s Representative Security Account (RSA). In each transaction, a portion of the Company’s securities were transferred to the RSA of VALIC in exchange for other VALIC securities. As of October 2021, the CTFs for the Lighthouse I and Lighthouse II transactions were liquidated.

Ambrose

During 2013 and 2014, the Company entered into securitization transactions in which the Company transferred portfolios of high grade corporate securities, and structured securities acquired from AIG, to newly formed special purpose entities (Ambrose 2013-2, Ambrose 2013-3, Ambrose 2013-5, Ambrose 2014-6). As consideration for the transferred securities, the Company received beneficial interests in tranches of structured securities issued by each Ambrose entity. As of May 2021, all of the structured securities issued by the Ambrose entities, held by the Company were redeemed in full.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

American Home and National Union Guarantees

The Company has a General Guarantee Agreement with American Home Assurance Company (American Home), an indirect wholly owned subsidiary of AIG. Pursuant to the terms of this agreement, American Home has unconditionally and irrevocably guaranteed insurance policies the Company issued between March 3, 2003 and December 29, 2006.

The Company, as successor-in-interest to American General Life and Accident Insurance Company (AGLA) has a General Guarantee Agreement with American Home. Pursuant to the terms of this agreement, American Home has unconditionally and irrevocably guaranteed policies of insurance issued by AGLA between March 3, 2003 and September 30, 2010.

The Company, as successor-in-interest to SunAmerica Annuity and Life Assurance Company (SAAL) and SunAmerica Life Insurance Company (SALIC) has a General Guarantee Agreement with American Home. Pursuant to the terms of this agreement, American Home has unconditionally and irrevocably guaranteed policies of insurance issued by SAAL and SALIC between January 4, 1999 and December 29, 2006.

The Company, as successor-in-interest to American General Life Insurance Company of Delaware, formerly known as AIG Life Insurance Company (AIG Life), has a General Guarantee Agreement with National Union Fire Insurance Company of Pittsburg, Pa. (National Union), an indirect wholly owned subsidiary of AIG. Pursuant to the terms of this agreement, National Union has unconditionally and irrevocably guaranteed insurance policies issued by AIG Life Holding, Inc. between July 13, 1998 and April 30, 2010.

American Home’s and National Union’s audited statutory financial statements are filed with the SEC in the Company’s registration statements for variable products that are subject to the Guarantees.

Cut-Through Agreement

The Company and AIG Life of Bermuda, Ltd. (“AIGB”) entered into a Cut-through Agreement in which insureds, their beneficiaries and owners were granted a direct right of action against the Company in the event AIGB becomes insolvent or otherwise cannot or refuses to perform its obligations under certain life insurance policies issued by AIGB. The Cut-through Agreement was approved by the TDI. The amount of the retained liability on AIGB’s books related to this agreement was approximately $330,000 at December 31, 2022 and 2021. The Company believes the probability of loss under this agreement is remote. No liability has been recognized in relation to this guarantee due to immateriality.

Affiliate Transactions

Effective October 1, 2022, the Company entered into a modified coinsurance reinsurance agreement with VALIC, pursuant to which certain blocks of VALIC’s variable annuity (VA) business were ceded to the Company. The ceded reserves and assets supporting the reserves remain on VALIC’s balance sheet, pursuant to the modified coinsurance structure. The business covered by the agreement includes substantially all of VALIC’s VA contracts, excluding those issued by VALIC in the State of New York and those that have been previously assumed (through reinsurance) by VALIC. At inception, VALIC ceded approximately $22.9 billion of reserves and received a ceding commission of approximately $1.5 billion from the Company representing the embedded profits in the business ceded. The Company recorded assumed premiums of approximately $23 billion as well as modco reinsurance assumed of approximately $22 billion in the statutory statement of operations. After contract inception, the Company will pay a ceding commission and expense allowance to reimburse VALIC for its commissions, related issue and policy administration expenses. The agreement was non-disapproved by the TDI. The agreement allows the Company and VALIC to more efficiently manage the reserve and capital requirements for their VA business.

In December 2022, the Company received capital contributions of $1.9 billion from AGC Life in connection with the Company and VALIC reinsurance transaction.

During the year ended December 31, 2022, the Company purchased $4 billion and sold $5 billion of securities, at fair market value, from or to one or more of its affiliates in the ordinary course of business. For additional information regarding purchase and sale transactions involving the Company with an affiliate, please refer to the Company’s Annual Registration Statement and monthly amendments filed with the TDI, as applicable.

Effective January 1, 2011, the Company entered into a Reinsurance Agreement (AGL-1101) with AGC Life pursuant to which certain blocks of life business issued by the Company were ceded to AGCL. The Reinsurance Agreement was non-disapproved by the TDI and Missouri Department of Insurance. Amendment 29 to the reinsurance agreement was

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

approved by the TDI and MDOI effective December 31, 2021 to add certain term and universal life policies issued by the Company on or after January 1, 2020 to the reinsurance agreement. Amendment 29 will be closed to new business as of December 31, 2021.

On January 2, 2020, the Company sold its Houston Campus properties to an affiliate, 2929 REH, a newly formed limited liability company incorporated in the state of Texas. 2929 REH is owned by AIG Life Holdings, Inc. and Knickerbocker Corporation, a Texas corporation wholly owned by AIG Life Holdings, Inc. The sale of the properties is treated as a sale and leaseback transaction pursuant to SSAP 22R. The gain on sale of $253 million was recognized directly to special surplus funds and will be subsequently amortized to unassigned surplus over a 10 year period. Amortization for the period ending December 31, 2022 and 2021 were $25 million each year.

AIG Life Holdings, Inc. issued two senior promissory notes to the Company in the amount of $150 million and $200 million (“2019 Promissory Notes”), respectively in exchange for cash. Each of the promissory notes was supported by a guarantee issued by AIG for the benefit of the Company, with maturity dates of five and four years respectively and interest rates of 2.52% and 2.40% per year respectively. On December 31, 2020, the TDI issued a letter allowing the Company to record the total amounts due under each promissory note as an admitted asset for the period ending March 31, 2020 and in each subsequent quarter thereafter subject to certain conditions and in accordance with applicable provisions of SSAP 25.

In 2018, AGLIC Investments Bermuda Limited, a Bermuda corporation (“AGLIC Bermuda”) was formed by the Company as an investment subsidiary under Texas Insurance Code Section 823.255. The Company made capital contributions of $76 million, $263 million, and $320 million in 2022, 2021 and 2020, respectively. AGLIC Bermuda made distributions to the Company of $214 million in 2022, $113 million in 2021 and $8 in 2020.

At December 31, 2022, the Company’s unfunded capital commitment to US Fund I, US Fund II, US Fund III, US Fund IV, Europe Fund I and Europe Fund II were approximately $86.9 million, $79 million, $191 million, $75.8 million, $47 million and $179 million, respectively.

At December 31, 2021, the Company’s unfunded capital commitment to US Fund I, US Fund II, US Fund III, Europe Fund I and Europe Fund II were approximately $87.5 million, $82.2 million, $128 million, $52.8 million and $192.2 million, respectively.

At December 31, 2020, the Company’s unfunded capital commitment to U.S. Fund I, U.S. Fund II, U.S Fund III, Europe Fund I and Europe Fund II were approximately $90.7 million, $93.2 million, $128 million, $57.9 million and $229.9 million, respectively.

Financing Agreements

On January 1, 2015, the Company and certain of its affiliates entered into a revolving loan facility with AIG, pursuant to which the Company and each such affiliate can, on a several basis, borrow monies from AIG (as lender) subject to the terms and conditions stated therein. Principal amounts borrowed under this facility may be repaid and reborrowed, in whole or in part, from time to time, without penalty. However, the total aggregate amount of loans borrowed by all borrowers under the facility cannot exceed $500 million. The loan facility also sets forth individual borrowing limits for each borrower, with the Company’s maximum borrowing limit being $500 million. This agreement terminated concurrent with the IPO of Corebridge Financial on September 19, 2022.

On May 17, 2022, the Company and certain of its affiliates entered into a revolving loan facility with Corebridge, pursuant to which the Company and each such affiliate can, on a several basis, borrow monies from Corebridge (as lender) subject to the terms and conditions stated therein. Principal amounts borrowed under this facility may be repaid and re-borrowed, in whole or in part, from time to time, without penalty. However, the total aggregate amount of loans borrowed by all borrowers under the facility cannot exceed $500 million.The loan facility also sets forth individual borrowing limits for each borrower, with the Company’s maximum borrowing limit being $500 million. As of December 31, 2022, the Company had no outstanding balance owing under this revolving loan facility.

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

Investments in Subsidiary, Controlled and Affiliated

The following table presents information regarding the Company’s investments in non-insurance SCA entities as of December 31, 2022:


(in millions)	Gross Amount			Non-admitted Amount		Admitted Asset Amount			Date of NAIC Filing
AGLIC INVESTMENTS BERMUDA LTD.	$	678		$	—	$	678			10/13/2020
AGL LOAN INVESTMENTS CORPORATION		76			—		76			5/7/2020
AIG Direct - SER B		2			2		—			NA
AIG Direct - SER A		2			2		—			NA
AIG Direct - NON VOTING		1			1		—			NA
American General Assignment Corp COM		—			—		—			NA
Kirkwood		—			—		—			NA
American Gen Annuity Svc Corp		—			—		—			NA
UG Corp COM		—			—		—			NA
AGL Assignment Co LLC		—			—		—			NA
SunAmerica Affordable Housing LLC		183			—		183
SunAmerica Asset Management LLC		41			—		41			NA
Helios Finance III LLC		2			—		2			NA
Whitehouse Hotel LP		65			—		65			NA
GRE LB Industrial Joint Venture II, LP		38			—		38			NA
Bayshore PII Company LLC		9			9		—			NA
AIGGRE Europe Real Estate Fund II LR Feeder, LLC		73			—		73			NA
AIGGRE US Real Estate Fund IV Development Sidecar LP		34			—		34			NA
SPAIG North Williams, LLC		(3	)		—		(3	)		NA
AIGGRE U.S. Real Estate Fund IV, LP		158			—		158			NA
Southeast Industrial JV LLC		78			—		78			NA
AIGGRE U.S. Real Estate Fund III, LP		199			—		199			NA
Clinton Grand Holdings LLC		9			—		9			NA
AIGGRE Europe Real Estate Fund I S.C.SP		24			—		24			NA
Bayshore Shopping Center JV LLC		23			—		23			NA
AIGGRE U.S. Real Estate Fund II, LP		117			—		117			NA
AIGGRE U.S. Real Estate Fund I, LP		(17	)		—		(17	)		NA
Total	$	1,792		$	14	$	1,778

Operating Agreements

The Company has investments in a Liquidity Pool in which funds are managed by an affiliate, AIG Capital Management Corporation, in the amount of $585 million and $242 million at December 31, 2022 and 2021, respectively. These funds were reclassified in 2021 to cash equivalents from short-term investments per NAIC guidelines.

Pursuant to service and expense agreements, AIG, Corebridge and affiliates provide, or cause to be provided, such as administrative, marketing, investment management, accounting, occupancy, and data processing services to the Company. The allocation of costs for services is based generally on estimated levels of usage, transactions or time incurred in providing the respective services. Generally, these agreements provide for the allocation of costs upon either the specific identification basis or a proportional cost allocation basis which management believes to be reasonable. In all cases, billed amounts pursuant to these agreements do not exceed the cost to AIG or the affiliate providing the service. The Company was charged $68 million and $84 million, as part of the cost sharing expenses attributed to the Company but incurred by AIG and affiliates in 2022 and 2021, respectively. The Company is also party to several other service and/or cost sharing agreements with its affiliates. The Company was charged $1 million, $50 million and $43

AMERICAN GENERAL LIFE INSURANCE COMPANY

NOTES TO STATUTORY FINANCIAL STATEMENTS (Continued)

million under such agreements for expenses attributed to the Company but incurred by affiliates in 2022, 2021 and 2020, respectively.

Pursuant to an amended and restated investment advisory agreement, the majority of the Company’s invested assets are managed by an affiliate. The investment management fees incurred were $112 million in 2022, $102 million in 2021 and $119 million in 2020, respectively.

The majority of the Company’s Swap agreements are entered into with an affiliated counterparty, AIG Markets, Inc. (See Note 7).

Other

The Company engages in structured settlement transactions, certain of which involve affiliated property and casualty insurance companies that are subsidiaries of AIG Parent. In a structured settlement arrangement, a property and casualty insurance policy claimant has agreed to settle a casualty insurance claim in exchange for fixed payments over either a fixed determinable period of time or a life contingent period. In such claim settlement arrangements, a casualty insurance claim payment provides the funding for the purchase of a single premium immediate annuity issued by the Company for the ultimate benefit of the claimant. In certain structured settlement arrangements, the affiliated property and casualty insurance company remains contingently liable for the payments to the claimant.

23. SUBSEQUENT EVENTS

Management considers events or transactions that occur after the reporting date, but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures. The Company has evaluated subsequent events through April 25, 2023, the date the financial statements were issued.

The Company paid an ordinary dividend of $500 million to AGC Life Insurance Company on March 27, 2023.

Supplemental Information

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF ASSETS AND LIABILITIES


(in millions)	December 31, 2022
Investment income earned:
Government bonds	$	44
Other bonds (unaffiliated)		4,564
Bonds of affiliates		10
Preferred stocks (unaffiliated)		10
Common stocks (unaffiliated)		2
Common stocks of affiliates		6
Cash and short-term investments		43
Mortgage loans		1,042
Real estate		4
Contract loans		68
Other invested assets		696
Derivative instruments		994
Miscellaneous income		4
Gross investment income	$	7,487

Real estate owned - book value less encumbrances	$	9

Mortgage loans - book value:
Commercial mortgages	$	22,340
Residential mortgages		2,484
Mezzanine loans		601
Total mortgage loans	$	25,425

Mortgage loans by standing - book value:
Good standing	$	24,779
Good standing with restructured terms		476
Interest overdue more than 90 days, not in foreclosure		11
Foreclosure in process		159
Total mortgage loans	$	25,425

Partnerships - statement value	$	8,026

Bonds and stocks of parents, subsidiaries and affiliates - statement value:
Bonds	$	360
Common stocks		753

Bonds, short-term and cash equivalent bond investments by class and maturity:
Bonds, short-term and cash equivalent bond investments by maturity - statement value:
Due within one year or less	$	5,004
Over 1 year through 5 years		24,935
Over 5 years through 10 years		28,471
Over 10 years through 20 years		18,570
Over 20 years		31,887
Total maturity	$	108,867

Bonds, short-term and cash equivalent bond investments by class - statement value:
Class 1	$	61,599
Class 2		40,244
Class 3		3,873
Class 4		2,918
Class 5		109
Class 6		124
Total by class	$	108,867

Total bonds, short-term and cash equivalent bond investments publicly traded	$	59,709
Total bonds, short-term and cash equivalent bond investments privately traded		49,158

Preferred stocks - statement value	$	93
Common stocks - market value		927
Short-term investments - book value		387
Cash equivalents - book value		758
Options, caps and floors owned - statement value		818
Collar, swap and forward agreements open - statement value		(1,168)
Futures contracts open - current value		9
Cash on deposit		(194)

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF ASSETS AND LIABILITIES - (continued)


(in millions)	December 31, 2022
Life insurance in-force:
Industrial	$	715
Ordinary		127,538
Credit		—
Group		3,701

Amount of accidental death insurance in-force under ordinary policies		4,649

Life insurance policies with disability provisions in-force:
Industrial		198
Ordinary		38,398
Group life		31

Supplementary contracts in-force:
Ordinary - not involving life contingencies:
Amount on deposit		712
Income payable		331

Ordinary - involving life contingencies:
Amount on deposit		275
Income payable		92

Group - not involving life contingencies:
Amount on deposit		1

Annuities:
Ordinary:
Immediate - amount of income payable	$	1,379
Deferred, fully paid - account balance		65,407
Deferred, not fully paid - account balance		34,280

Group:
Amount of income payable		563
Fully paid - account balance		506
Not fully paid - account balance		15,702

Accident and health insurance - premiums in-force:
Other	$	70
Group		—
Credit		—

Deposit funds and dividend accumulations:
Deposit funds - account balance	$	7,194
Dividend accumulations - account balance		511

Claim payments in 2022
Group accident & health:
2022	$	—
2021		—
2020		—
2019		—
2018		—
Prior		160

Other accident & health:
2022		1
2021		(79	)
2020		(57)
2019		(13)
2018		57
Prior		370

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES

DECEMBER 31, 2022

(in millions)

1. The Company’s total admitted assets as of December 31, 2022 are $212 billion

The Company’s total admitted assets, excluding separate accounts, as of December 31, 2022 are $152 billion.

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



	Issuer	Description of Exposure	Amount		Percentage of Total Admitted Assets
a.	Carlyle Group	OIA	$	1,443	0.90 %
b.	AIG Global Real Estate Investment Corp	OIA RE		774	0.50
c.	Senior Direct Lending Program LLC	BONDS		774	0.50
d.	Amazon.com, Inc.	BONDS		679	0.40
e.	Duke Energy Corporation	BONDS		627	0.40
f.	American Electric Power Company, Inc.	BONDS		545	0.40
g.	Exelon Corporation	BONDS		530	0.30
h.	Microsoft Corporation	BONDS		500	0.30
i.	Anheuser-Busch InBev NV/SA	BONDS		497	0.30
j.	Comcast Corporation	BONDS		493	0.30

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


Bonds and Short-Term Investments				Preferred Stocks

NAIC Rating	Amount		Percentage of Total Admitted Assets	NAIC Rating	Amount		Percentage of Total Admitted Assets
NAIC - 1	$	61,599	40.50 %	P/RP - 1	$	82	0.10 %
NAIC - 2		40,244	26.50	P/RP - 2		4	—
NAIC - 3		3,873	2.50	P/RP - 3		—	—
NAIC - 4		2,918	1.90	P/RP - 4		—	—
NAIC - 5		109	0.10	P/RP - 5		7	—
NAIC - 6		124	0.10	P/RP - 6		—	—

4. Assets held in foreign investments:



		Amount		Percentage of Total Admitted Assets
a.	Total admitted assets held in foreign investments	$	25,974	17.10 %
b.	Foreign currency denominated investments		9,988	6.60
c.	Insurance liabilities denominated in that same foreign currency		—	—

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



		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1	$	23,394	15.40 %
b.	Countries rated NAIC - 2		1,943	1.30
c.	Countries rated NAIC - 3 or below		637	0.40

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES - (continued)

DECEMBER 31, 2022

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



		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1
	Country 1: United Kingdom	$	5,929	3.90 %
	Country 2: Cayman Islands		4,238	2.80
b.	Countries rated NAIC - 2
	Country 1: Mexico		569	0.40
	Country 2: Indonesia		312	0.20
c.	Countries rated NAIC - 3 or below
	Country 1: British Virgin Isles		144	0.10
	Country 2: Dominican Republic		77	0.10

7. Aggregate unhedged foreign currency exposure:


	Amount		Percentage of Total Admitted Assets
Aggregate unhedged foreign currency exposure	$	9,988	6.60 %

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


		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1	$	9,982	6.60 %
b.	Countries rated NAIC - 2		5	—
c.	Countries rated NAIC - 3 or below		2	—

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


		Amount		Percentage of Total Admitted Assets
a.	Countries rated NAIC - 1
	Country 1: Ireland	$	4,278	2.80 %
	Country 2: United Kingdom		1,930	1.30
b.	Countries rated NAIC - 2
	Country 1:		3	—
	Country 2:		2	—
c.	Countries rated NAIC - 3 or below
	Country 1: Brazil		2	—
	Country 2:		—	—

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES - (continued)

DECEMBER 31, 2022

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


		NAIC Rating	Amount		Percentage of Total Admitted Assets
a.	5555180	MORTGAGE LOAN	$	309	0.20 %
b.	5555233	MORTGAGE LOAN		302	0.20
c.	5555207	MORTGAGE LOAN		290	0.20
d.	Royal Dutch Shell plc	NAIC 1 - Bonds		270	0.20
e.	5555143	MORTGAGE LOAN		253	0.20
f.	5555239	MORTGAGE LOAN		248	0.20
g.	Silver (BREDS)	Other invested Assest		244	0.20
h.	5555184	MORTGAGE LOAN		241	0.20
i.	Carlyle Group	Other invested Assest		210	0.10
j.	5555187	MORTGAGE LOAN		210	0.10

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

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

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


		Amount		Percentage of Total Admitted Assets
a.	Carlyle Group	$	1443	0.90 %
b.	AIG Global Real Estate Investment Corp		774	0.50
c.	AIG Home Loan		425	0.30
d.	Silver (BREDS)		244	0.20
e.	SUNAMERICA INVESTMENT INC.		224	0.10
f.	Think Investments LLC		210	0.10
g.	AIG DECO Fund II LP		191	0.10
h.	AIG Commercial Real Estate Lending Holdings LLC		169	0.10
i.	Project Jermyn USD		166	0.10
j.	GENERAL ATLANTIC		166	0.10

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES - (continued)

DECEMBER 31, 2022

14. Assets held in nonaffiliated, privately placed equities:


		Amount		Percentage of Total Admitted Assets

Aggregate statement value of investment held in nonaffiliated, privately placed equities:		$	2,340	1.50 %

Largest three investments held in nonaffiliated, privately placed equities:
a.	AIG Home Loan 2 LLC	$	425	0.30
b.	Carlyle Alternative Opportunities Fund L.P.		348	0.20
c.	Carlyle Credit Opportunities Fund II L.P.		271	0.20

Ten largest fund managers:



	Fund Manager	Total Invested		Diversified		Non- diversified
a.	Carlyle Group	$	1,443	$	1,443	$	—
b.	AIG Global Real Estate Investment Corp		774		—		774
c.	AIG Home Loan		425		425		—
d.	Silver (BREDS)		244		—		244
e.	SUNAMERICA INVESTMENT INC.		224		224		—
f.	Think Investments LLC		210		210		—
g.	AIG DECO Fund II LP		191		191		—
h.	AIG Commercial Real Estate Lending Holdings LLC		169		—		169
i.	Project Jermyn USD		166		—		166
j.	GENERAL ATLANTIC		166		166		—

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

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


		Amount		Percentage of Total Admitted Assets
a.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002341, NY	$	366	0.20 %
b.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555180, DNK		309	0.20
c.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555233, DEU		302	0.20
d.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555207, GBR		290	0.20
e.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002930, CA		273	0.20
f.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002711, NJ		265	0.20
g.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555143, GBR		253	0.20
h.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555239, DEU		248	0.20
i.	COMMERCIAL MORTGAGE LOAN, Loan No. 5555184, GBR		241	0.20
j.	COMMERCIAL MORTGAGE LOAN, Loan No. 8002917, NY		232	0.20

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES - (continued)

DECEMBER 31, 2022

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


		Amount		Percentage of Total Admitted Assets
a.	Construction loans	$	1,949	1.30 %
b.	Mortgage loans over 90 days past due		11	—
c.	Mortgage loans in the process of foreclosure		159	0.10
d.	Mortgage loans foreclosed		—	—
e.	Restructured mortgage loans		476	0.30

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


		Residential			Commercial			Agricultural
Loan-to-Value		Amount		Percentage of Total Admitted Assets	Amount		Percentage of Total Admitted Assets	Amount		Percentage of Total Admitted Assets
a.	above 95%	$	—	— %	$	385	0.30 %	$	—	— %
b.	91% to 95%		—	—		244	0.20		—	—
c.	81% to 90%		1	—		728	0.50		—	—
d.	71% to 80%		—	—		2,307	1.50		—	—
e.	below 70%		2,483	1.60		18,983	12.50		—	—

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

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

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


					Unaudited At End of Each Quarter
			At Year-End			1st Quarter		2nd Quarter		3rd Quarter

		Amount		Percentage of Total Admitted Assets	Amount		Amount		Amount

a.	Securities lending (do not include assets held as collateral for such transactions)	$	—	— %	$	1,886	$	1,947	$	—
b.	Repurchase agreements		1,933	1.30		217		225		236
c.	Reverse repurchase agreements		—	—		—		—		—
d.	Dollar repurchase agreements		—	—		—		—		—
e.	Dollar reverse repurchase agreements		—	—		—		—		—

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL INVESTMENT RISKS INTERROGATORIES - (continued)

DECEMBER 31, 2022

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

Owned

Written

Amount

Percentage
of Total
Admitted
Assets

Amount

Percentage
of Total
Admitted
Assets

Hedging

—

— %

$ —

— %

Income generation

—

Other

—

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


					Unaudited At End of Each Quarter
		At Year-End			1st Quarter		2nd Quarter		3rd Quarter
		Amount		Percentage of Total Admitted Assets	Amount		Amount		Amount
a.	Hedging	$	706	0.50 %		$ 786		$ 739		$ 721
b.	Income generation		—	—		—		—		—
c.	Replications		—	—		—		—		—
d.	Other		—	—		—		—		—

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


					Unaudited At End of Each Quarter
		At Year-End			1st Quarter		2nd Quarter		3rd Quarter
		Amount		Percentage of Total Admitted Assets	Amount		Amount		Amount
a.	Hedging	$	142	0.10 %	$	113	$	93	$	88
b.	Income generation		—	—		—		—		—
c.	Replications		—	—		—		—		—
d.	Other		—	—		—		—		—

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SUMMARY INVESTMENT SCHEDULE

DECEMBER 31, 2022


(in millions)	Gross Investment Holdings					Admitted Assets as Reported in the Annual Statement
Investment Categories	Amount			Percentage		Amount			Securities Lending Reinvested Collateral Amount		Total Amount			Percentage
Bonds:
U.S. governments	$	1,314			0.9 %		$1,314		$	—	$	1,314			0.9 %
All other governments		2,629			1.8		2,629			—		2,629			1.8
U.S. states, territories and possessions, etc. guaranteed		268			0.2		268			—		268			0.2
U.S. political subdivisions of states, territories, and possessions, guaranteed		332			0.2		332			—		332			0.2
U.S. special revenue and special assessment obligations, etc. non-guaranteed		6,159			4.2		6,159			—		6,159			4.2
Industrial and miscellaneous		93,378			63.6		93,378			—		93,378			63.6
Hybrid securities		435			0.3		435			—		435			0.3
Parent, subsidiaries and affiliates		360			0.3		360			—		360			0.3
SVO identified funds		—			—		—			—		—			—
Unaffiliated Bank loans		3,580			2.4		3,580			—		3,580			2.4
Total long-term bonds	$	108,455			73.9	$	108,455		$	—	$	108,455			73.9
Preferred stocks:
Industrial and miscellaneous (Unaffiliated)	$	93			0.1	$	93		$	—	$	93			0.1
Parent, subsidiaries and affiliates		—			—		—			—		—			—
Total preferred stocks	$	93			0.1	$	93		$	—	$	93			0.1
Common stocks:
Industrial and miscellaneous Publicly traded (Unaffiliated)	$	9			—	$	9		$	—	$	9			—
Industrial and miscellaneous Other (Unaffiliated)		165			0.1		165			—		165			0.1
Parent, subsidiaries and affiliates Publicly traded		678			0.5		678			—		678			0.5
Parent, subsidiaries and affiliates Other		80			0.1		76			—		76			0.1
Mutual funds		—			—		—			—		—			—
Total common stocks	$	932			0.6	$	928		$	—	$	928			0.6
Mortgage loans:
Farm mortgages	$	—			—	$	—		$	—	$	—			—
Residential mortgages		2,484			1.7		2,484			—		2,484			1.7
Commercial mortgages		22,340			15.2		22,340			—		22,340			15.2
Mezzanine real estate loans		601			0.4		601			—		601			0.4
Total valuation allowance		(294	)		(0.2)		(294	)		—		(294	)		(0.2)
Total mortgage loans	$	25,131			17.1	$	25,131		$	—	$	25,131			17.1
Real estate:
Properties occupied by company	$	6			—	$	6		$	—	$	6			—
Properties held for production of income		3			—		3			—		3			—
Properties held for sale		—			—		—			—		—			—
Total real estate	$	9			—	$	9		$	—	$	9			—
Cash, cash equivalents and short-term investments:
Cash	$	(194	)		(0.1)	$	(194	)	$	—	$	(194	)		(0.1)
Cash equivalents		758			0.5		758			—		758			0.5
Short-term investments		387			0.3		387			—		387			0.3
Total cash, cash equivalents and short-term investments	$	951			0.7	$	951		$	—	$	951			0.7
Contract loans	$	1,159			0.8	$	1,138		$	—	$	1,138			0.8
Derivatives		466			0.3		466			—		466			0.3
Other invested assets		7,877			5.4		7,866			—		7,866			5.4
Receivables for securities		73			0.1		73			—		73			0.1
Securities Lending		—			—		—			—		—			—
Other invested assets		1,661			1.1		1,661			—		1,661			1.1
Total invested assets	$	146,807			100.0 %		$146,771		$	—	$	146,771			100 %

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES

December 31, 2022

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

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

Yes [ ] No [ X ]

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

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

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

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

Yes [ ] No [ X ]

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

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

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

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

(a)

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

(b)

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

(c)

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

(d)

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

Yes [ ] No [ X ]

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


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

AMERICAN GENERAL LIFE INSURANCE COMPANY

SUPPLEMENTAL SCHEDULE OF REINSURANCE DISCLOSURES - (continued)

DECEMBER 31, 2022

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

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

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

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

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

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