Computation Schedules

EX-99.13 4 es-comp.htm COMPUTATION SCHEDULES Computation Schedules

Variflex ES

Item 24.b Exhibit (13)

Average Annual Total Return as of December 31, 2001
(With Contingent Deferred Sales Charge and Administrative Fee)

P(1 + T)ⁿ = ERV

P = a hypothetical initial payment of $1000
T = average annual total return
n = number of years
ERV = ending redeemable value of a hypothetical $1000 payment made at the beginning of the 1, 5, or 10 year periods at the end of those periods (or a fractional portion thereof)

	1 Year	5 Year	10 Year	From Inception

A-Equity w/CDSC				9/10/1998
	823.90	N/A	N/A	911.83
	(0.8239)^1			(0.91183)^1/3.31
	0.82390			0.97250
	-0.1761			-0.0275

B-Large Cap Value w/CDSC				9/10/1998
	878.50	N/A	N/A	902.86
	(0.8785)^1			(0.90286)^1/3.31
	0.87850			0.96960
	-0.1215			-0.0304

C-Money Market w/CDSC				9/10/1998
	967.60	N/A	N/A	1033.48
	(0.9676)^1			(1.03348)^1/3.31
	0.96760			1.01000
	-0.0324			0.0100

D-Global w/CDSC				9/10/1998
	816.00	N/A	N/A	1506.97
	(0.816)^1			(1.50697)^1/3.31
	0.81600			1.13190
	-0.1840			0.1319

E-Diversified Income w/CDSC				9/10/1998
	1000.40	N/A	N/A	1003.31
	(1.0004)^1			(1.00331)^1/3.31
	1.00040			1.00100
	0.0004			0.0010

G-Large Cap Growth w/CDSC				5/1/2000
	786.20	N/A	N/A	613.72
	(0.7862)^1			(0.61372)^1/1.66
	0.78620			0.74520
	-0.2138			-0.2548

H-Enhanced Index w/CDSC				5/3/1999
	808.60	N/A	N/A	782.46
	(0.8086)^1			(0.78246)^1/2.66
	0.80860			0.91190
	-0.1914			-0.0881

I-International w/CDSC				5/3/1999
	700.90	N/A	N/A	697.21
	(0.7009)^1			(0.69721)^1/2.66
	0.70090			0.87320
	-0.2991			-0.1268

J-Mid Cap Growth w/CDSC				9/10/1998
	791.10	N/A	N/A	1998.66
	(0.7911)^1			(1.99866)^1/3.31
	0.79110			1.23270
	-0.2089			0.2327

K-Global Strategic Income w/CDSC				9/10/1998
	991.20	N/A	N/A	1071.91
	(0.9912)^1			(1.07191)^1/3.31
	0.99120			1.02120
	-0.0088			0.0212

L-Capital Growth w/CDSC				5/1/2000
	792.30	N/A	N/A	624.15
	(0.7923)^1			(0.62415)^1/1.66
	0.79230			0.75280
	-0.2077			-0.2472
				.
M-Global Total Return w/CDSC				9/10/1998
	807.90	N/A	N/A	884.20
	(0.8079)^1			(0.8842)^1/3.31
	0.80790			0.96350
	-0.1921			-0.0365

N-Managed Asset Allocation w/CDSC				9/10/1998
	883.00	N/A	N/A	1043.68
	(0.883)^1			(1.04368)^1/3.31
	0.88300			1.01300
	-0.1170			0.0130

O-Equity Income w/CDSC				9/10/1998
	943.40	N/A	N/A	1225.27
	(0.9434)^1			(1.22527)^1/3.31
	0.94340			1.06330
	-0.0566			0.0633

P-High Yield Series w/CDSC				9/10/1998
	973.60	N/A	N/A	947.69
	(0.9736)^1			(0.94769)^1/3.31
	0.97360			0.98390
	-0.0264			-0.0161

Q-Small Cap Value w/CDSC				5/1/2000
	1149.00	N/A	N/A	1218.28
	(1.149)^1			(1.21828)^1/1.66
	1.14900			1.12630
	0.1490			0.1263

S-Social Awareness w/CDSC				9/10/1998
	808.30	N/A	N/A	1020.33
	(0.8083)^1			(1.02033)^1/3.31
	0.80830			1.00610
	-0.1917			0.0061

T-Technology w/CDSC				5/1/2000
	703.60	N/A	N/A	417.20
	(0.7036)^1			(0.4172)^1/1.66
	0.70360			0.59060
	-0.2964			-0.4094

V-Mid Cap Value w/CDSC				9/10/1998
	1040.10	N/A	N/A	2014.80
	(1.0401)^1			(2.0148)^1/3.31
	1.04010			1.23570
	0.0401			0.2357

W-Main Street Growth & Income w/CDSC				5/1/2000
	836.80	N/A	N/A	740.87
	(0.8368)^1			(0.74087)^1/1.66
	0.83680			0.83470
	-0.1632			-0.1653

X-Small Cap Growth w/CDSC				9/10/1998
	668.90	N/A	N/A	1413.02
	(0.6689)^1			(1.41302)^1/3.31
	0.66890			1.11010
	-0.3311			0.1101

Y-Select 25 w/CDSC				5/3/1999
	837.50	N/A	N/A	835.34
	(0.8375)^1			(0.83534)^1/2.66
	0.83750			0.93460
	-0.1625			-0.0654

Average Annual Total Return as of December 31, 2001
(Without Contingent Deferred Sales Charge and Administrative Fee)

P(1 + T)ⁿ = ERV

	1 Year	5 Years	10 Years	From Inception

A-Equity w/o CDSC
	877.00	1256.95	2540.02
	(0.877)^1	(1.25695)^1/5	(2.54002)^1/10
	0.87700	1.04680	1.09770
	-0.1230	0.0468	0.0977

B-Large Cap Value w/o CDSC
	934.50	1138.60	1910.90
	(0.9345)^1	(1.1386)^1/5	(1.9109)^1/10
	0.93450	1.02630	1.06690
	-0.0655	0.0263	0.0669

C-Money Market w/o CDSC
	1027.60	1214.90	1395.68
	(1.0276)^1	(1.2149)^1/5	(1.39568)^1/10
	1.02760	1.03970	1.03390
	0.0276	0.0397	0.0339

D-Global w/o CDSC				6/8/1984
	868.70	1701.82	2711.63	2431.48
	(0.8687)^1	(1.70182)^1/5	(2.71163)^1/10	(2.43148)^1/17.56
	0.86870	1.11220	1.10490	1.05190
	-0.1313	0.1122	0.1049	0.0519

E-Diversified Income w/o CDSC
	1060.40	1255.75	1592.04
	(1.0604)^1	(1.25575)^1/5	(1.59204)^1/10
	1.06040	1.04660	1.04760
	0.0604	0.0466	0.0476

G-Large Cap Growth w/o CDSC				5/1/2000
	837.30	N/A	N/A	665.41
	(0.8373)^1			(0.66541)^1/1.66
	0.83730			0.78240
	-0.1627			-0.2176

H-Enhanced Index w/o CDSC				5/3/1999
	860.90	N/A	N/A	854.26
	(0.8609)^1			(0.85426)^1/2.66
	0.86090			0.94250
	-0.1391			-0.0575

I-International w/o CDSC				5/3/1999
	747.50	N/A	N/A	761.18
	(0.7475)^1			(0.76118)^1/2.66
	0.74750			0.90250
	-0.2525			-0.0975

J-Mid Cap Growth w/o CDSC				10/1/1992
	842.50	2139.56	N/A	3576.12
	(0.8425)^1	(2.13956)^1/5		(3.57612)^1/9.25
	0.84250	1.16430		1.14770
	-0.1575	0.1643		0.1477

K-Global Strategic Income w/o CDSC				6/1/1995
	1051.20	1198.05	N/A	1444.66
	(1.0512)^1	(1.19805)^1/5		(1.44466)^1/6.58
	1.05120	1.03680		1.05750
	0.0512	0.0368		0.0575

L-Capital Growth w/o CDSC				5/1/2000
	843.70	N/A	N/A	676.32
	(0.8437)^1			(0.67632)^1/1.66
	0.84370			0.79010
	-0.1563			-0.2099
				.
M-Global Total Return w/o CDSC				6/1/1995
	860.20	1010.04	N/A	1203.11
	(0.8602)^1	(1.01004)^1/5		(1.20311)^1/6.58
	0.86020	1.00200		1.02850
	-0.1398	0.0020		0.0285

N-Managed Asset Allocation w/o CDSC				6/1/1995
	939.20	1369.44	N/A	1628.22
	(0.9392)^1	(1.36944)^1/5		(1.62822)^1/6.58
	0.93920	1.06490		1.07690
	-0.0608	0.0649		0.0769

O-Equity Income w/o CDSC				6/1/1995
	1002.80	1560.63	N/A	2156.69
	(1.0028)^1	(1.56063)^1/5		(2.15669)^1/6.58
	1.00280	1.09310		1.12390
	0.0028	0.0931		0.1239

P-High Yield Series w/o CDSC				8/5/1996
	1033.60	1204.42	N/A	1259.17
	(1.0336)^1	(1.20442)^1/5		(1.25917)^1/5.40
	1.03360	1.03790		1.04360
	0.0336	0.0379		0.0436

Q-Small Cap Value w/o CDSC				5/1/2000
	1209.00	N/A	N/A	1288.37
	(1.209)^1			(1.28837)^1/1.66
	1.20900			1.16490
	0.2090			0.1649

S-Social Awareness w/o CDSC				5/1/1991
	860.60	1321.89	1747.40	2562.62
	(0.8606)^1	(1.32189)^1/5	(1.7474)^1/10	(2.56262)^1/10.67
	0.86060	1.05740	1.05740	1.09220
	-0.1394	0.0574	0.0574	0.0922

T-Technology w/o CDSC				5/1/2000
	750.40	N/A	N/A	458.80
	(0.7504)^1			(0.4588)^1/1.66
	0.75040			0.62540
	-0.2496			-0.3746

V-Mid Cap Value w/o CDSC				5/1/1997
	1100.10	N/A	N/A	2582.81
	(1.1001)^1			(2.58281)^1/4.67
	1.10010			1.22530
	0.1001			0.2253

W-Main Street Growth & Income w/o CDSC				5/1/2000
	890.60	N/A	N/A	798.91
	(0.8906)^1			(0.79891)^1/1.66
	0.89060			0.87350
	-0.1094			-0.1265

X-Small Cap Growth w/o CDSC				10/15/1997
	713.80	N/A	N/A	1261.86
	(0.7138)^1			(1.26186)^1/4.21
	0.71380			1.05680
	-0.2862			0.0568

Y-Select 25 w/o CDSC				5/3/1999
	891.30	N/A	N/A	910.09
	(0.8913)^1			(0.91009)^1/2.66
	0.89130			0.96520
	-0.1087			-0.0348

MONEY MARKET YIELD

Yield Calculation as of December 31, 2001

Calculation of Change in Unit Value:

( ( (	Underlying Fund Price 12-31-01	-	Underlying Fund Price 12-24-01	) ) )
(				)	= Weekly Earnings
(	Underlying Fund Price 12-24-01			)

12.19621 - 12.1934262
	= 0.000228303
12.1934262

[(1 + Weekly Earnings)^1/7 - (Daily M&E Charge + Daily Admin. Fee)]⁷ - 1 = Base Period Return

[(1 + .000228303)^1/7 - (.000027535546 + .000001881)]⁷ - 1 = .000022364

Current 7-Day Yield:

(Base Period Return)365/7 = Current 7-Day Yield

(.000729885)365/7 = 0.12%

Effective Yield:

[(Base Period Return + 1)^365/7] - 1 = Effective Yield

[(.0000226364+ 1)^365/7] - 1 = 0.12%

DIVERSIFIED INCOME SERIES YIELD

Yield Calculation As Of December 31, 2001 = 5.4%

	[((	(10.75 - 0.00)	)	)⁶]
2	[((		) + 1	) ] - 1
	[((	(167.6132)(14.39)	)	) ]

	[((	10.75	)		)⁶	]
2	[((		)	+ 1	)	] - 1
	[((	2,411.95	)		)	]

2[((.004456967 + 1)⁶) - 1]

2[(1.004456967)⁶ - 1]

2[(1.0270 - 1)]

2(.0270)

= 0.0541