VARIABLE ANNUITY ACCOUNT

Financial Statements

December 31, 2024

(With Report of Independent Registered Public Accounting Firm Thereon)

VARIABLE ANNUITY ACCOUNT

Financial Statements

December 31, 2024

TABLE OF CONTENTS

	Page
Report of Independent Registered Public Accounting Firm		1
Statements of Assets, Liabilities, and Contract Owners' Equity		4
Statements of Operations		23
Statements of Changes in Net Assets		33
Notes to Financial Statements		52

KPMG LLP

Suite 500

191 West Nationwide Blvd.

Columbus, OH 43215-2568

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Minnesota Life Insurance Company and Contract Owners of Variable Annuity Account:

Opinion on the Financial Statements

We have audited the accompanying statements of assets, liabilities, and contract owners' equity of the sub-accounts listed in the Appendix that comprise Variable Annuity Account (the Separate Account) as of December 31, 2024, the related statements of operations for the year, the statements of changes in net assets for each of the years, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods presented in Note 7. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each sub-account as of December 31, 2024, the results of its operations for the year, the changes in its net assets for each of the years, and the financial highlights for each of the years or periods presented in Note 7, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2024, by correspondence with the transfer agent of the underlying mutual funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

  

We or our predecessor firms have served as the Separate Account's auditor since 1985.

Columbus, Ohio
March 21, 2025

_{KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.}

1

Appendix – Variable Annuity Account

Statement of assets, liabilities, and contract owners' equity as of December 31, 2024, the related statement of operations for the year then ended, and the statements of changes in net assets for each of the years in the two-year period then ended.

AB VPS Dynamic Asset Allocation Portfolio – Class B Shares (AB VPS Dyn Asset Alloc Cl B)

AB VPS International Value Portfolio – Class B Shares (AB VPS Intl Value Cl B)

American Funds IS^®​ Capital World Bond Fund – Class 2 Shares (Amer Funds IS Capital World Bond Cl 2)

American Funds IS^®​ Global Growth Fund – Class 2 Shares (Amer Funds IS Global Growth Cl 2)

American Funds IS^®​ Global Small Capitalization Fund – Class 2 Shares (Amer Funds IS Global Small Cap Cl 2)

American Funds IS^®​ Growth Fund – Class 2 Shares (Amer Funds IS Growth Cl 2)

American Funds IS^®​ Growth-Income Fund – Class 2 Shares (Amer Funds IS Growth-Inc Cl 2)

American Funds IS^®​ International Fund – Class 2 Shares (Amer Funds IS Intl Cl 2)

American Funds IS^®​ New World Fund^®​ – Class 2 Shares (Amer Funds IS New World Cl 2)

American Funds IS^®​ U.S. Government Securities Fund – Class 2 Shares (Amer Funds IS US Govt Sec Cl 2)

BlackRock International Index V.I. Fund – Class III Shares (BlackRock Intl Index VI Cl III)

BlackRock Small Cap Index V.I. Fund – Class III Shares (BlackRock Small Cap Index VI Cl III)

Fidelity^®​ VIP Bond Index Portfolio – Service Class 2 (Fidelity VIP Bond Index SC 2)

Fidelity^®​ VIP Equity-Income Portfolio – Service Class 2 (Fidelity VIP Equity-Income SC 2)

Fidelity^®​ VIP Mid Cap Portfolio – Service Class 2 (Fidelity VIP Mid Cap SC2)

Franklin Templeton VIP Trust Franklin Mutual Shares VIP Fund – Class 2 (Franklin Mutual Shs VIP Cl 2)

Franklin Templeton VIP Trust Franklin Small Cap Value VIP Fund – Class 2 (Franklin Small Cap Val VIP Cl 2)

Franklin Templeton VIP Trust Franklin Small-Mid Cap Growth VIP Fund – Class 2 (Franklin Sm-Md Cap Gr VIP Cl 2)

Franklin Templeton VIP Trust Templeton Developing Markets VIP Fund – Class 2 (Franklin Temp Dev Mkts VIP Cl 2)

Goldman Sachs VIT Government Money Market Portfolio – Service Shares (Goldman Sachs VIT Govt Money Market SS)

Goldman Sachs VIT Trends Driven Allocation Fund – Service Shares (Goldman Sachs VIT Trends Driven SS)

Invesco Oppenheimer V.I. International Growth Fund – Series II Shares (Invesco Opphmr VI Intl Growth Sr II)

Invesco V.I. American Value Fund – Series II Shares (Invesco VI American Value Sr II)

Invesco V.I. Comstock Fund – Series II Shares (Invesco VI Comstock Sr II)

Invesco V.I. Equity and Income Fund – Series II Shares (Invesco VI Equity & Inc Sr II)

Invesco V.I. Growth and Income Fund – Series II Shares (Invesco VI Growth & Inc Sr II)

Invesco V.I. Main Street Small Cap Fund – Series II Shares (Invesco VI MS Sm Cap Sr II)

Invesco V.I. Small Cap Equity Fund – Series II Shares (Invesco VI Sm Cap Equity Sr II)

Janus Aspen Series – Janus Henderson Balanced Portfolio – Service Shares (Janus Henderson Balanced SS)

Janus Aspen Series – Janus Henderson Flexible Bond – Service Shares (Janus Henderson Flexible Bond SS)

Janus Aspen Series – Janus Henderson Forty Portfolio – Service Shares (Janus Henderson Forty SS)

Janus Aspen Series – Janus Henderson Mid Cap Value Portfolio – Service Shares (Janus Henderson Mid Cap Val SS)

Janus Aspen Series – Janus Henderson Overseas Portfolio – Service Shares (Janus Henderson Overseas SS)

Legg Mason Partners Variable Equity Trust – ClearBridge Variable Small Cap Growth Portfolio – Class II Shares (ClearBridge Sm Cap Growth Cl II)

LVIP American Century Disciplined Core Value Fund – Service Class (LVIP Amer Century VP Dscplnd Core Val Ser Cl)

LVIP American Century Inflation Protection Fund – Service Class (LVIP Amer Century VP Infl Pro Cl Ser Cl)

Macquarie VIP Asset Strategy Series – Service Class Shares (Macquarie VIP Asset Strategy Ser Cl)

Macquarie VIP Balanced Series – Service Class Shares (Macquarie VIP Balanced Ser Cl)

Macquarie VIP Core Equity Series – Service Class Shares (Macquarie VIP Core Equity Ser Cl)

Macquarie VIP Corporate Bond Series – Service Class Shares (Macquarie VIP Corporate Bond Ser Cl)

Macquarie VIP Energy Series – Service Class Shares (Macquarie VIP Energy Ser Cl)

Macquarie VIP Global Growth Series – Service Class Shares (Macquarie VIP Global Growth Ser Cl)

Macquarie VIP Growth Series – Service Class Shares (Macquarie VIP Growth Ser Cl)

Macquarie VIP High Income Series – Service Class Shares (Macquarie VIP High Income Ser Cl)

Macquarie VIP International Core Equity Series – Service Class Shares (Macquarie VIP Intl Core Equity Ser Cl)

Macquarie VIP Limited Term Bond Series – Service Class Shares (Macquarie VIP Limited Term Bond Ser Cl)

Macquarie VIP Mid Cap Growth Series – Service Class Shares (Macquarie VIP Mid Cap Growth Ser Cl)

Macquarie VIP Natural Resources Series – Service Class Shares (Macquarie VIP Natural Res Ser Cl)

Macquarie VIP Pathfinder Aggressive Series – Service Class Shares (Macquarie VIP Path Aggr Ser Cl)

Macquarie VIP Pathfinder Conservative Series – Service Class Shares (Macquarie VIP Path Conserv Ser Cl)

Macquarie VIP Pathfinder Moderate – Managed Volatility Series – Service Class Shares (Macquarie VIP Path Mod MV Ser Cl)

Macquarie VIP Pathfinder Moderate Series – Service Class Shares (Macquarie VIP Path Mod Ser Cl)

Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series – Service Class Shares (Macquarie VIP Path Mod Aggr MV Ser Cl)

2

Appendix – Variable Annuity Account – continued

Macquarie VIP Pathfinder Moderately Aggressive Series – Service Class Shares (Macquarie VIP Path Mod Aggr Ser Cl)

Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series – Service Class Shares (Macquarie VIP Path Mod Cons MV Ser Cl)

Macquarie VIP Pathfinder Moderately Conservative Series – Service Class Shares (Macquarie VIP Path Mod Conserv Ser Cl)

Macquarie VIP Science and Technology Series – Service Class Shares (Macquarie VIP Science & Tech Ser Cl)

Macquarie VIP Small Cap Growth Series – Service Class Shares (Macquarie VIP Small Cap Growth Ser Cl)

Macquarie VIP Smid Cap Core Series – Service Class Shares (Macquarie VIP Smid Cap Core Ser Cl)

Macquarie VIP Value Series – Service Class Shares (Macquarie VIP Value Ser Cl)

MFS^®​ VIT – Mid Cap Growth Series – Service Class (MFS VIT – Mid Cap Growth Ser SC)

MFS^®​ VIT II – International Intrinsic Value Portfolio – Service Class (MFS VIT II – Intl Intrinsic Val SC)

Morgan Stanley Variable Insurance Fund, Inc. – Morgan Stanley VIF Emerging Markets Equity Portfolio – Class II Shares (MorgStanley VIF Emg Mk Eq Cl 2)

Morningstar Aggressive Growth ETF Asset Allocation Portfolio – Class II Shares (Morningstar Aggr Growth ETF Cl II)

Morningstar Balanced ETF Asset Allocation Portfolio – Class II Shares (Morningstar Balanced ETF Cl II)

Morningstar Conservative ETF Asset Allocation Portfolio – Class II Shares (Morningstar Conservative ETF Cl II)

Morningstar Growth ETF Asset Allocation Portfolio – Class II Shares (Morningstar Growth ETF Cl II)

Morningstar Income and Growth Asset Allocation Portfolio – Class II Shares (Morningstar Inc & Gro Asset All Cl II)

Neuberger Berman Advisers Management Trust Sustainable Equity – S Class Shares (Neuberger Berman Sustain Eq S Cl)

Northern Lights VT TOPS^®​ Managed Risk Balanced ETF Portfolio – Class 2 Shares (TOPS Mgd Risk Bal ETF Cl 2)

Northern Lights VT TOPS^®​ Managed Risk Flex ETF Portfolio (TOPS Mgd Risk Flex ETF)

Northern Lights VT TOPS^®​ Managed Risk Growth ETF Portfolio – Class 2 Shares (TOPS Mgd Risk Growth ETF Cl 2)

Northern Lights VT TOPS^®​ Managed Risk Moderate Growth ETF Portfolio – Class 2 Shares (TOPS Mgd Risk Mod Growth ETF Cl 2)

PIMCO VIT – International Bond Portfolio (U.S. Dollar Hedged) Advisor Class Shares (PIMCO VIT Intl Bond USD-H Adv Cl)

PIMCO VIT – PIMCO Global Diversified Allocation Portfolio Advisor Class Shares (PIMCO VIT Global Div Alloc Adv Cl)

PIMCO VIT – PIMCO Low Duration Portfolio Advisor Class Shares (PIMCO VIT Low Duration Adv CL)

PIMCO VIT – PIMCO Total Return Portfolio Advisor Class Shares (PIMCO VIT Total Return Adv Cl)

Putnam VT International Equity Fund – Class IB Shares (Putnam VT Intl Eq Cl IB)

Putnam VT International Value Fund – Class IB Shares (Putnam VT Intl Val Cl IB)

Putnam VT Large Cap Growth Fund – Class IB Shares (Putnam VT Lg Cap Growth Cl IB)

Putnam VT Large Cap Value Fund – Class IB Shares (Putnam VT Lg Cap Val Cl IB)

Putnam VT Sustainable Leaders Fund – Class IB Shares (Putnam VT Sustain Leaders Cl IB)

Securian Funds Trust – SFT Balanced Stabilization Fund (SFT Bal Stabilization)

Securian Funds Trust – SFT Core Bond Fund – Class 2 Shares (SFT Core Bond Cl 2)

Securian Funds Trust – SFT Equity Stabilization Fund (SFT Eq Stabilization)

Securian Funds Trust – SFT Government Money Market Fund (SFT Govt Money Market)

Securian Funds Trust – SFT Index 400 Mid-Cap Fund – Class 2 Shares (SFT Index 400 MC Cl 2)

Securian Funds Trust – SFT Index 500 Fund – Class 2 Shares (SFT Index 500 Cl 2)

Securian Funds Trust – SFT Macquarie Growth Fund (SFT Macquarie Growth)

Securian Funds Trust – SFT Macquarie Small Cap Growth Fund (SFT Macquarie Small Cap Growth)

Securian Funds Trust – SFT Real Estate Securities Fund – Class 2 Shares (SFT Real Estate Cl 2)

Securian Funds Trust – SFT T. Rowe Price Value Fund (SFT T. Rowe Price Value)

Securian Funds Trust – SFT Wellington Core Equity Fund – Class 2 Shares (SFT Wellington Core Equity Cl 2)

T. Rowe Price Health Sciences Portfolio – II Class (T. Rowe Price Health Science II Cl)

3

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	AB VPS Dyn Asset Alloc Cl B		AB VPS Intl Value Cl B		Amer Funds IS Capital World Bond Cl 2		Amer Funds IS Global Growth Cl 2		Amer Funds IS Global Small Cap Cl 2
Assets
Investments at net asset value	$	170,510,915	$	447,596	$	42,486,430	$	25,977,984	$	16,378,672
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		–
Receivable for investments sold		63,253		19		8,151		70		545
Total assets		170,574,168		447,615		42,494,581		25,978,054		16,379,217
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		64,020		23		8,275		99		575
Payable for investments purchased		–		–		–		–		–
Total liabilities		64,020		23		8,275		99		575
Net assets applicable to contract owners	$	170,510,148	$	447,592	$	42,486,306	$	25,977,955	$	16,378,642
Contract Owners' Equity
Contracts in accumulation period	$	170,510,148	$	447,592	$	42,429,671	$	25,962,178	$	16,376,916
Contracts in annuity payment period		–		–		56,635		15,777		1,726
Total contract owners' equity	$	170,510,148	$	447,592	$	42,486,306	$	25,977,955	$	16,378,642
Investment shares		17,542,275		29,721		4,462,860		714,270		960,626
Investments at cost	$	178,947,785	$	440,883	$	43,319,713	$	25,615,102	$	16,862,923

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
4

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	Amer Funds IS Growth Cl 2		Amer Funds IS Growth- Inc Cl 2		Amer Funds IS Intl Cl 2		Amer Funds IS New World Cl 2		Amer Funds IS US Govt Sec Cl 2
Assets
Investments at net asset value	$	165,341,759	$	55,446,257	$	15,690,641	$	18,453,812	$	18,455,737
Receivable from Minnesota Life for contract purchase payments		80,943		–		–		–		–
Receivable for investments sold		–		447		568		615		679
Total assets		165,422,702		55,446,704		15,691,209		18,454,427		18,456,416
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		–		453		597		666		750
Payable for investments purchased		81,072		–		–		–		–
Total liabilities		81,072		453		597		666		750
Net assets applicable to contract owners	$	165,341,630	$	55,446,251	$	15,690,612	$	18,453,761	$	18,455,666
Contract Owners' Equity
Contracts in accumulation period	$	165,314,296	$	55,412,895	$	15,690,612	$	18,444,055	$	18,362,918
Contracts in annuity payment period		27,334		33,356		–		9,706		92,748
Total contract owners' equity	$	165,341,630	$	55,446,251	$	15,690,612	$	18,453,761	$	18,455,666
Investment shares		1,314,427		810,855		883,980		700,866		1,950,924
Investments at cost	$	128,454,009	$	44,553,236	$	15,876,566	$	18,366,204	$	19,969,839

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
5

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	BlackRock Intl Index VI Cl III		BlackRock Small Cap Index VI Cl III		ClearBridge Sm Cap Growth Cl II		Fidelity VIP Bond Index SC 2		Fidelity VIP Equity- Income SC 2
Assets
Investments at net asset value	$	1,921,171	$	4,983,224	$	15,719,774	$	7,421,099	$	53,927,525
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		–
Receivable for investments sold		51		154		540		265		10,408
Total assets		1,921,222		4,983,378		15,720,314		7,421,364		53,937,933
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		39		123		550		268		10,594
Payable for investments purchased		–		–		–		–		–
Total liabilities		39		123		550		268		10,594
Net assets applicable to contract owners	$	1,921,183	$	4,983,255	$	15,719,764	$	7,421,096	$	53,927,339
Contract Owners' Equity
Contracts in accumulation period	$	1,921,183	$	4,983,255	$	15,713,667	$	7,421,096	$	53,635,239
Contracts in annuity payment period		–		–		6,097		–		292,100
Total contract owners' equity	$	1,921,183	$	4,983,255	$	15,719,764	$	7,421,096	$	53,927,339
Investment shares		187,982		424,827		617,188		783,643		2,114,805
Investments at cost	$	1,810,411	$	4,832,019	$	17,627,291	$	7,445,023	$	48,428,082

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
6

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	Fidelity VIP Mid Cap SC2		Franklin Mutual Shs VIP Cl 2		Franklin Small Cap Val VIP Cl 2		Franklin Sm-Md Cap Gr VIP Cl 2		Franklin Temp Dev Mkts VIP Cl 2
Assets
Investments at net asset value	$	40,715,124	$	3,502,386	$	36,323,563	$	8,220,800	$	12,887,416
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		–
Receivable for investments sold		17,987		135		27,466		223		20,981
Total assets		40,733,111		3,502,521		36,351,029		8,221,023		12,908,397
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		18,055		155		27,544		268		21,021
Payable for investments purchased		–		–		–		–		–
Total liabilities		18,055		155		27,544		268		21,021
Net assets applicable to contract owners	$	40,715,056	$	3,502,366	$	36,323,485	$	8,220,755	$	12,887,376
Contract Owners' Equity
Contracts in accumulation period	$	40,609,933	$	3,502,366	$	36,284,952	$	8,160,843	$	12,823,364
Contracts in annuity payment period		105,123		–		38,533		59,912		64,012
Total contract owners' equity	$	40,715,056	$	3,502,366	$	36,323,485	$	8,220,755	$	12,887,376
Investment shares		1,147,551		213,690		2,536,562		555,835		1,525,138
Investments at cost	$	41,685,540	$	3,244,239	$	35,266,337	$	7,548,205	$	13,803,795

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
7

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	Goldman Sachs VIT Govt Money Market SS		Goldman Sachs VIT Trends Driven SS		Invesco Opphmr VI Intl Growth Sr II		Invesco VI American Value Sr II		Invesco VI Comstock Sr II
Assets
Investments at net asset value	$	12,022,985	$	151,335,512	$	26,975,099	$	8,019,908	$	41,025,370
Receivable from Minnesota Life for contract purchase payments		–		223,479		–		–		–
Receivable for investments sold		413		–		1,288		272		9,568
Total assets		12,023,398		151,558,991		26,976,387		8,020,180		41,034,938
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		455		–		1,379		310		9,743
Payable for investments purchased		–		224,219		–		–		–
Total liabilities		455		224,219		1,379		310		9,743
Net assets applicable to contract owners	$	12,022,943	$	151,334,772	$	26,975,008	$	8,019,870	$	41,025,195
Contract Owners' Equity
Contracts in accumulation period	$	11,991,414	$	151,334,772	$	26,933,364	$	7,981,181	$	40,926,150
Contracts in annuity payment period		31,529		–		41,644		38,689		99,045
Total contract owners' equity	$	12,022,943	$	151,334,772	$	26,975,008	$	8,019,870	$	41,025,195
Investment shares		12,022,985		12,303,700		13,762,806		462,776		1,990,557
Investments at cost	$	12,022,985	$	147,184,416	$	30,756,138	$	7,132,154	$	36,557,227

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
8

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	Invesco VI Equity & Inc Sr II		Invesco VI Growth & Inc Sr II		Invesco VI MS Sm Cap Sr II		Invesco VI Sm Cap Equity Sr II		Janus Henderson Balanced SS
Assets
Investments at net asset value	$	6,956,553	$	2,213,655	$	1,351,738	$	11,365,411	$	53,313,609
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		–
Receivable for investments sold		260		93		59		5,404		4,987
Total assets		6,956,813		2,213,748		1,351,797		11,370,815		53,318,596
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		278		114		74		5,431		5,110
Payable for investments purchased		–		–		–		–		–
Total liabilities		278		114		74		5,431		5,110
Net assets applicable to contract owners	$	6,956,535	$	2,213,634	$	1,351,723	$	11,365,384	$	53,313,486
Contract Owners' Equity
Contracts in accumulation period	$	6,956,535	$	2,213,634	$	1,351,723	$	11,352,373	$	52,734,669
Contracts in annuity payment period		–		–		–		13,011		578,817
Total contract owners' equity	$	6,956,535	$	2,213,634	$	1,351,723	$	11,365,384	$	53,313,486
Investment shares		401,417		109,262		47,446		655,445		980,210
Investments at cost	$	6,925,130	$	2,307,109	$	1,265,767	$	11,424,373	$	46,098,473

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
9

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	Janus Henderson Flexible Bond SS		Janus Henderson Forty SS		Janus Henderson Mid Cap Val SS		Janus Henderson Overseas SS		LVIP Amer Century VP Dscplnd Core Val Ser Cl
Assets
Investments at net asset value	$	26,315,933	$	68,375,418	$	19,074,529	$	22,229,897	$	2,129,998
Receivable from Minnesota Life for contract purchase payments		–		89,485		–		–		–
Receivable for investments sold		1,197		–		7,801		5,160		82
Total assets		26,317,130		68,464,903		19,082,330		22,235,057		2,130,080
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		1,254		–		7,871		5,224		102
Payable for investments purchased		–		89,753		–		–		–
Total liabilities		1,254		89,753		7,871		5,224		102
Net assets applicable to contract owners	$	26,315,876	$	68,375,150	$	19,074,459	$	22,229,833	$	2,129,978
Contract Owners' Equity
Contracts in accumulation period	$	26,315,282	$	68,242,474	$	19,062,615	$	22,175,565	$	2,126,297
Contracts in annuity payment period		594		132,676		11,844		54,268		3,681
Total contract owners' equity	$	26,315,876	$	68,375,150	$	19,074,459	$	22,229,833	$	2,129,978
Investment shares		2,420,969		1,339,119		1,078,876		532,198		248,686
Investments at cost	$	29,353,617	$	56,220,546	$	17,510,315	$	17,394,868	$	2,229,566

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
10

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	LVIP Amer Century VP Infl Pro Cl Ser Cl		Macquarie VIP Asset Strategy Ser Cl		Macquarie VIP Balanced Ser Cl		Macquarie VIP Core Equity Ser Cl		Macquarie VIP Corporate Bond Ser Cl
Assets
Investments at net asset value	$	34,860,303	$	64,976,391	$	70,411,080	$	58,709,703	$	62,395,024
Receivable from Minnesota Life for contract purchase payments		–		–		17,287		–		–
Receivable for investments sold		15,176		8,169		–		7,763		2,437
Total assets		34,875,479		64,984,560		70,428,367		58,717,466		62,397,461
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		15,308		8,427		–		7,952		2,530
Payable for investments purchased		–		–		17,359		–		–
Total liabilities		15,308		8,427		17,359		7,952		2,530
Net assets applicable to contract owners	$	34,860,171	$	64,976,133	$	70,411,008	$	58,709,514	$	62,394,931
Contract Owners' Equity
Contracts in accumulation period	$	34,813,776	$	64,782,218	$	68,647,580	$	58,418,149	$	62,336,879
Contracts in annuity payment period		46,395		193,915		1,763,428		291,365		58,052
Total contract owners' equity	$	34,860,171	$	64,976,133	$	70,411,008	$	58,709,514	$	62,394,931
Investment shares		3,804,049		6,994,229		11,430,370		4,091,268		13,418,285
Investments at cost	$	39,061,555	$	63,478,172	$	64,635,129	$	48,975,249	$	70,778,572

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
11

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	Macquarie VIP Energy Ser Cl		Macquarie VIP Global Growth Ser Cl		Macquarie VIP Growth Ser Cl		Macquarie VIP High Income Ser Cl		Macquarie VIP Intl Core Equity Ser Cl
Assets
Investments at net asset value	$	1,912,300	$	37,036,021	$	36,449,560	$	51,611,841	$	75,039,161
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		–
Receivable for investments sold		69		11,020		1,007		11,104		19,835
Total assets		1,912,369		37,047,041		36,450,567		51,622,945		75,058,996
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		79		11,171		1,147		11,317		20,064
Payable for investments purchased		–		–		–		–		–
Total liabilities		79		11,171		1,147		11,317		20,064
Net assets applicable to contract owners	$	1,912,290	$	37,035,870	$	36,449,420	$	51,611,628	$	75,038,932
Contract Owners' Equity
Contracts in accumulation period	$	1,911,023	$	36,788,171	$	36,318,757	$	51,529,259	$	74,523,397
Contracts in annuity payment period		1,267		247,699		130,663		82,369		515,535
Total contract owners' equity	$	1,912,290	$	37,035,870	$	36,449,420	$	51,611,628	$	75,038,932
Investment shares		408,611		10,146,855		3,409,688		17,614,963		4,542,322
Investments at cost	$	1,642,756	$	33,281,829	$	31,687,736	$	55,741,685	$	68,313,645

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
12

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	Macquarie VIP Limited Term Bond Ser Cl		Macquarie VIP Mid Cap Growth Ser Cl		Macquarie VIP Natural Res Ser Cl		Macquarie VIP Path Aggr Ser Cl		Macquarie VIP Path Conserv Ser Cl
Assets
Investments at net asset value	$	23,334,119	$	41,240,499	$	23,932,491	$	9,528,815	$	16,019,899
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		–
Receivable for investments sold		945		8,005		2,417		363		568
Total assets		23,335,064		41,248,504		23,934,908		9,529,178		16,020,467
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		982		8,141		2,502		401		588
Payable for investments purchased		–		–		–		–		–
Total liabilities		982		8,141		2,502		401		588
Net assets applicable to contract owners	$	23,334,082	$	41,240,363	$	23,932,406	$	9,528,777	$	16,019,879
Contract Owners' Equity
Contracts in accumulation period	$	23,334,082	$	41,160,104	$	23,923,761	$	9,528,777	$	16,019,879
Contracts in annuity payment period		–		80,259		8,645		–		–
Total contract owners' equity	$	23,334,082	$	41,240,363	$	23,932,406	$	9,528,777	$	16,019,879
Investment shares		4,964,706		4,153,122		5,378,088		2,346,999		3,742,967
Investments at cost	$	24,062,179	$	47,875,555	$	24,261,058	$	9,247,932	$	16,971,181

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
13

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	Macquarie VIP Path Mod Aggr MV Ser Cl		Macquarie VIP Path Mod Aggr Ser Cl		Macquarie VIP Path Mod Cons MV Ser Cl		Macquarie VIP Path Mod Conserv Ser Cl		Macquarie VIP Path Mod MV Ser Cl
Assets
Investments at net asset value	$	48,162,920	$	108,225,245	$	23,930,477	$	29,944,886	$	364,902,056
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		–
Receivable for investments sold		13,302		3,894		1,059		1,064		623,950
Total assets		48,176,222		108,229,139		23,931,536		29,945,950		365,526,006
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		13,413		4,035		1,107		1,103		625,128
Payable for investments purchased		–		–		–		–		–
Total liabilities		13,413		4,035		1,107		1,103		625,128
Net assets applicable to contract owners	$	48,162,809	$	108,225,104	$	23,930,429	$	29,944,847	$	364,900,878
Contract Owners' Equity
Contracts in accumulation period	$	48,162,809	$	108,072,616	$	23,930,429	$	29,944,847	$	364,900,878
Contracts in annuity payment period		–		152,488		–		–		–
Total contract owners' equity	$	48,162,809	$	108,225,104	$	23,930,429	$	29,944,847	$	364,900,878
Investment shares		10,562,044		25,953,296		7,186,329		7,062,473		85,257,490
Investments at cost	$	47,830,339	$	107,663,205	$	23,188,755	$	31,341,349	$	392,138,248

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
14

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	Macquarie VIP Path Mod Ser Cl		Macquarie VIP Science & Tech Ser Cl		Macquarie VIP Small Cap Growth Ser Cl		Macquarie VIP Smid Cap Core Ser Cl		Macquarie VIP Value Ser Cl
Assets
Investments at net asset value	$	86,169,548	$	75,976,701	$	27,344,483	$	33,050,696	$	45,915,954
Receivable from Minnesota Life for contract purchase payments		–		125,123		–		–		–
Receivable for investments sold		5,381		–		940		6,976		2,341
Total assets		86,174,929		76,101,824		27,345,423		33,057,672		45,918,295
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		5,555		–		1,044		7,085		2,449
Payable for investments purchased		–		125,410		–		–		–
Total liabilities		5,555		125,410		1,044		7,085		2,449
Net assets applicable to contract owners	$	86,169,374	$	75,976,414	$	27,344,379	$	33,050,587	$	45,915,846
Contract Owners' Equity
Contracts in accumulation period	$	86,125,339	$	75,681,873	$	27,281,260	$	32,872,769	$	45,614,899
Contracts in annuity payment period		44,035		294,541		63,119		177,818		300,947
Total contract owners' equity	$	86,169,374	$	75,976,414	$	27,344,379	$	33,050,587	$	45,915,846
Investment shares		20,864,297		2,611,781		4,162,022		2,522,954		9,811,101
Investments at cost	$	87,834,417	$	66,536,686	$	29,894,069	$	30,724,182	$	52,081,312

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
15

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	MFS VIT - Mid Cap Growth Ser SC		MFS VIT II - Intl Intrinsic Val SC		MorgStanley VIF Emg Mk Eq Cl 2		Morningstar Aggr Growth ETF Cl II		Morningstar Balanced ETF Cl II
Assets
Investments at net asset value	$	2,630,725	$	23,024,670	$	13,367,144	$	13,833,871	$	35,582,230
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		–
Receivable for investments sold		125		8,275		2,566		682		59,414
Total assets		2,630,850		23,032,945		13,369,710		13,834,553		35,641,644
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		163		8,335		2,624		695		59,524
Payable for investments purchased		–		–		–		–		–
Total liabilities		163		8,335		2,624		695		59,524
Net assets applicable to contract owners	$	2,630,687	$	23,024,610	$	13,367,086	$	13,833,858	$	35,582,120
Contract Owners' Equity
Contracts in accumulation period	$	2,630,687	$	23,023,500	$	13,349,429	$	13,833,858	$	35,369,466
Contracts in annuity payment period		–		1,110		17,657		–		212,654
Total contract owners' equity	$	2,630,687	$	23,024,610	$	13,367,086	$	13,833,858	$	35,582,120
Investment shares		334,698		789,327		977,845		899,471		3,191,231
Investments at cost	$	3,102,606	$	23,466,486	$	13,753,645	$	11,460,265	$	34,194,110

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
16

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	Morningstar Conservative ETF Cl II		Morningstar Growth ETF Cl II		Morningstar Inc & Gro Asset All Cl II		Neuberger Berman Sustain Eq S Cl		PIMCO VIT Global Div Alloc Adv Cl
Assets
Investments at net asset value	$	9,079,058	$	21,008,205	$	13,982,186	$	3,452,039	$	154,207,560
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		87,808
Receivable for investments sold		334		134,311		48,090		125		–
Total assets		9,079,392		21,142,516		14,030,276		3,452,164		154,295,368
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		370		134,318		48,152		135		–
Payable for investments purchased		–		–		–		–		88,539
Total liabilities		370		134,318		48,152		135		88,539
Net assets applicable to contract owners	$	9,079,022	$	21,008,198	$	13,982,124	$	3,452,029	$	154,206,829
Contract Owners' Equity
Contracts in accumulation period	$	9,079,022	$	20,905,280	$	13,982,124	$	3,451,360	$	154,206,829
Contracts in annuity payment period		–		102,918		–		669		–
Total contract owners' equity	$	9,079,022	$	21,008,198	$	13,982,124	$	3,452,029	$	154,206,829
Investment shares		890,104		1,701,069		1,352,242		86,107		24,094,931
Investments at cost	$	9,514,687	$	18,905,894	$	14,057,092	$	2,729,288	$	189,534,262

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
17

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	PIMCO VIT Intl Bond USD-H Adv Cl		PIMCO VIT Low Duration Adv CL		PIMCO VIT Total Return Adv Cl		Putnam VT Intl Eq Cl IB		Putnam VT Intl Val Cl IB
Assets
Investments at net asset value	$	1,751,533	$	41,910,187	$	98,446,783	$	1,871,585	$	944,950
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		–
Receivable for investments sold		49		11,566		31,475		67		34
Total assets		1,751,582		41,921,753		98,478,258		1,871,652		944,984
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		41		11,730		31,836		77		37
Payable for investments purchased		–		–		–		–		–
Total liabilities		41		11,730		31,836		77		37
Net assets applicable to contract owners	$	1,751,541	$	41,910,023	$	98,446,422	$	1,871,575	$	944,947
Contract Owners' Equity
Contracts in accumulation period	$	1,751,541	$	41,888,640	$	98,407,190	$	1,869,688	$	944,947
Contracts in annuity payment period		–		21,383		39,232		1,887		–
Total contract owners' equity	$	1,751,541	$	41,910,023	$	98,446,422	$	1,871,575	$	944,947
Investment shares		175,153		4,347,530		10,890,131		121,610		78,484
Investments at cost	$	1,703,739	$	43,650,146	$	116,142,364	$	1,672,611	$	930,517

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
18

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	Putnam VT Lg Cap Growth Cl IB		Putnam VT Lg Cap Val Cl IB		Putnam VT Sustain Leaders Cl IB		SFT Bal Stabilization		SFT Core Bond Cl 2
Assets
Investments at net asset value	$	21,191,145	$	20,014,436	$	1,038,121	$	580,489,323	$	201,445,978
Receivable from Minnesota Life for contract purchase payments		132,315		–		–		–		–
Receivable for investments sold		–		741		44		42,602		34,494
Total assets		21,323,460		20,015,177		1,038,165		580,531,925		201,480,472
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		–		820		53		45,485		35,259
Payable for investments purchased		132,414		–		–		–		–
Total liabilities		132,414		820		53		45,485		35,259
Net assets applicable to contract owners	$	21,191,046	$	20,014,357	$	1,038,112	$	580,486,440	$	201,445,213
Contract Owners' Equity
Contracts in accumulation period	$	21,184,946	$	19,959,753	$	1,038,112	$	580,473,671	$	200,915,671
Contracts in annuity payment period		6,100		54,604		–		12,769		529,542
Total contract owners' equity	$	21,191,046	$	20,014,357	$	1,038,112	$	580,486,440	$	201,445,213
Investment shares		1,232,043		617,348		21,493		23,892,373		82,878,433
Investments at cost	$	17,332,913	$	18,750,295	$	841,204	$	364,159,444	$	200,418,821

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
19

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	SFT Eq Stabilization		SFT Govt Money Market		SFT Index 400 MC Cl 2		SFT Index 500 Cl 2		SFT Macquarie Growth
Assets
Investments at net asset value	$	260,135,377	$	60,935,557	$	59,285,209	$	301,188,362	$	166,580,269
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		–
Receivable for investments sold		22,221		26,830		14,568		44,287		38,937
Total assets		260,157,598		60,962,387		59,299,777		301,232,649		166,619,206
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		23,447		26,960		14,649		44,487		39,340
Payable for investments purchased		–		–		–		–		–
Total liabilities		23,447		26,960		14,649		44,487		39,340
Net assets applicable to contract owners	$	260,134,151	$	60,935,427	$	59,285,128	$	301,188,162	$	166,579,866
Contract Owners' Equity
Contracts in accumulation period	$	260,124,508	$	60,859,063	$	58,962,300	$	250,890,369	$	164,873,274
Contracts in annuity payment period		9,643		76,364		322,828		50,297,793		1,706,592
Total contract owners' equity	$	260,134,151	$	60,935,427	$	59,285,128	$	301,188,162	$	166,579,866
Investment shares		16,929,046		60,935,557		6,944,331		12,081,308		3,594,617
Investments at cost	$	205,673,065	$	60,935,557	$	34,430,185	$	131,049,549	$	49,266,228

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
20

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	SFT Macquarie Small Cap Growth		SFT Real Estate Cl 2		SFT T. Rowe Price Value		SFT Wellington Core Equity Cl 2		T. Rowe Price Health Science II Cl
Assets
Investments at net asset value	$	33,835,012	$	43,183,995	$	78,820,673	$	34,468,898	$	2,721,886
Receivable from Minnesota Life for contract purchase payments		–		–		–		–		–
Receivable for investments sold		1,563		21,967		32,250		1,477		100
Total assets		33,836,575		43,205,962		78,852,923		34,470,375		2,721,986
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		1,628		22,111		32,494		1,576		95
Payable for investments purchased		–		–		–		–		–
Total liabilities		1,628		22,111		32,494		1,576		95
Net assets applicable to contract owners	$	33,834,947	$	43,183,851	$	78,820,429	$	34,468,799	$	2,721,891
Contract Owners' Equity
Contracts in accumulation period	$	33,636,182	$	43,045,553	$	78,662,174	$	34,245,844	$	2,721,891
Contracts in annuity payment period		198,765		138,298		158,255		222,955		–
Total contract owners' equity	$	33,834,947	$	43,183,851	$	78,820,429	$	34,468,799	$	2,721,891
Investment shares		1,343,892		6,395,082		3,091,381		1,043,484		57,158
Investments at cost	$	21,138,047	$	32,823,458	$	39,838,687	$	14,147,361	$	3,085,153

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
21

Variable Annuity Account
Statements of Assets, Liabilities, and Contract Owners' Equity

December 31, 2024

	Segregated Sub-Accounts*
	TOPS Mgd Risk Bal ETF Cl 2		TOPS Mgd Risk Flex ETF		TOPS Mgd Risk Growth ETF Cl 2		TOPS Mgd Risk Mod Growth ETF Cl 2
Assets
Investments at net asset value	$	10,812,963	$	119,356,001	$	45,515,394	$	12,237,245
Receivable from Minnesota Life for contract purchase payments		–		–		–		–
Receivable for investments sold		493		30,801		60,992		45,661
Total assets		10,813,456		119,386,802		45,576,386		12,282,906
Liabilities
Payable to Minnesota Life for contract terminations, withdrawal payments and mortality and expense charges		548		31,323		61,185		45,708
Payable for investments purchased		–		–		–		–
Total liabilities		548		31,323		61,185		45,708
Net assets applicable to contract owners	$	10,812,908	$	119,355,479	$	45,515,201	$	12,237,198
Contract Owners' Equity
Contracts in accumulation period	$	10,812,908	$	119,355,479	$	45,515,201	$	12,237,198
Contracts in annuity payment period		–		–		–		–
Total contract owners' equity	$	10,812,908	$	119,355,479	$	45,515,201	$	12,237,198
Investment shares		749,339		9,480,222		3,525,592		901,123
Investments at cost	$	9,856,841	$	109,355,673	$	44,211,680	$	10,799,728

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
22

Variable Annuity Account
Statements of Operations

Year ended December 31, 2024

	Segregated Sub-Accounts*
	AB VPS Dyn Asset Alloc Cl B			AB VPS Intl Value Cl B			Amer Funds IS Capital World Bond Cl 2			Amer Funds IS Global Growth Cl 2			Amer Funds IS Global Small Cap Cl 2
Net investment income (loss)
Dividend income	$	1,906,535		$	10,543		$	964,173		$	399,712		$	175,731
Mortality, expense, and administrative charges (Note 3)		(2,489,640	)		(6,925	)		(604,569	)		(319,025	)		(214,157	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		(583,105	)		3,618			359,604			80,687			(38,426	)
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			–			–			730,550			609,791
Net realized gain (loss) on shares redeemed		(5,306,197	)		51,793			(1,860,677	)		1,393,817			(3,601,864	)
Net change in unrealized appreciation (depreciation) on investments		20,850,321			(30,334	)		(376,585	)		891,726			3,354,134
Net gains (losses) on investments		15,544,124			21,459			(2,237,262	)		3,016,093			362,061
Net increase (decrease) in net assets resulting from operations	$	14,961,019		$	25,077		$	(1,877,658	)	$	3,096,780		$	323,635
	Segregated Sub-Accounts*
	Amer Funds IS Growth Cl 2			Amer Funds IS Growth- Inc Cl 2			Amer Funds IS Intl Cl 2			Amer Funds IS New World Cl 2			Amer Funds IS US Govt Sec Cl 2
Net investment income (loss)
Dividend income	$	505,771		$	578,790		$	201,045		$	262,786		$	769,641
Mortality, expense, and administrative charges (Note 3)		(1,938,892	)		(641,751	)		(220,915	)		(249,900	)		(262,473	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		(1,433,121	)		(62,961	)		(19,870	)		12,886			507,168
Net realized and unrealized gains (losses) on investments
Capital gain distributions		3,477,957			2,303,413			–			88,443			–
Net realized gain (loss) on shares redeemed		7,917,769			1,896,067			(258,991	)		684,926			(2,207,623	)
Net change in unrealized appreciation (depreciation) on investments		29,147,452			6,245,386			1,390,443			247,954			1,616,016
Net gains (losses) on investments		40,543,178			10,444,866			1,131,452			1,021,323			(591,607	)
Net increase (decrease) in net assets resulting from operations	$	39,110,057		$	10,381,905		$	1,111,582		$	1,034,209		$	(84,439	)

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
23

Variable Annuity Account
Statements of Operations

Year ended December 31, 2024

	Segregated Sub-Accounts*
	BlackRock Intl Index VI Cl III			BlackRock Small Cap Index VI Cl III			ClearBridge Sm Cap Growth Cl II			Fidelity VIP Bond Index SC 2			Fidelity VIP Equity- Income SC 2
Net investment income (loss)
Dividend income	$	57,082		$	79,024		$	–		$	169,230		$	863,594
Mortality, expense, and administrative charges (Note 3)		(18,074	)		(38,593	)		(197,791	)		(76,184	)		(767,388	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		39,008			40,431			(197,791	)		93,046			96,206
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			258,966			582,758			–			3,269,095
Net realized gain (loss) on shares redeemed		2,671			(45,165	)		(404,958	)		(45,006	)		2,008,637
Net change in unrealized appreciation (depreciation) on investments		(12,374	)		110,302			535,646			(34,392	)		1,766,177
Net gains (losses) on investments		(9,703	)		324,103			713,446			(79,398	)		7,043,909
Net increase (decrease) in net assets resulting from operations	$	29,305		$	364,534		$	515,655		$	13,648		$	7,140,115
	Segregated Sub-Accounts*
	Fidelity VIP Mid Cap SC2			Franklin Mutual Shs VIP Cl 2			Franklin Small Cap Val VIP Cl 2			Franklin Sm-Md Cap Gr VIP Cl 2			Franklin Temp Dev Mkts VIP Cl 2
Net investment income (loss)
Dividend income	$	138,742		$	71,805		$	348,260		$	–		$	540,920
Mortality, expense, and administrative charges (Note 3)		(528,018	)		(55,969	)		(479,874	)		(119,489	)		(181,633	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		(389,276	)		15,836			(131,614	)		(119,489	)		359,287
Net realized and unrealized gains (losses) on investments
Capital gain distributions		5,399,228			74,671			860,783			–			103,956
Net realized gain (loss) on shares redeemed		2,839,162			(257,203	)		129,832			(1,193,275	)		(377,818	)
Net change in unrealized appreciation (depreciation) on investments		(1,893,726	)		544,855			2,822,012			2,107,587			822,154
Net gains (losses) on investments		6,344,664			362,323			3,812,627			914,312			548,292
Net increase (decrease) in net assets resulting from operations	$	5,955,388		$	378,159		$	3,681,013		$	794,823		$	907,579

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
24

Variable Annuity Account
Statements of Operations

Year ended December 31, 2024

	Segregated Sub-Accounts*
	Goldman Sachs VIT Govt Money Market SS			Goldman Sachs VIT Trends Driven SS			Invesco Opphmr VI Intl Growth Sr II			Invesco VI American Value Sr II			Invesco VI Comstock Sr II
Net investment income (loss)
Dividend income	$	582,555		$	4,734,367		$	102,005		$	60,225		$	640,859
Mortality, expense, and administrative charges (Note 3)		(164,861	)		(2,176,050	)		(407,455	)		(110,348	)		(641,058	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		417,694			2,558,317			(305,450	)		(50,123	)		(199	)
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			–			1,814,148			180,581			3,006,057
Net realized gain (loss) on shares redeemed		–			2,166,397			(285,265	)		273,238			5,712,700
Net change in unrealized appreciation (depreciation) on investments		–			10,680,489			(2,025,204	)		1,566,260			(3,005,483	)
Net gains (losses) on investments		–			12,846,886			(496,321	)		2,020,079			5,713,274
Net increase (decrease) in net assets resulting from operations	$	417,694		$	15,405,203		$	(801,771	)	$	1,969,956		$	5,713,075
	Segregated Sub-Accounts*
	Invesco VI Equity & Inc Sr II			Invesco VI Growth & Inc Sr II			Invesco VI MS Sm Cap Sr II			Invesco VI Sm Cap Equity Sr II			Janus Henderson Balanced SS
Net investment income (loss)
Dividend income	$	110,196		$	25,016		$	–		$	–		$	913,574
Mortality, expense, and administrative charges (Note 3)		(118,142	)		(33,419	)		(23,537	)		(155,133	)		(695,315	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		(7,946	)		(8,403	)		(23,537	)		(155,133	)		218,259
Net realized and unrealized gains (losses) on investments
Capital gain distributions		269,171			128,630			49,510			580,710			–
Net realized gain (loss) on shares redeemed		118,437			49,723			(33,237	)		390,270			2,647,387
Net change in unrealized appreciation (depreciation) on investments		326,218			97,594			152,929			995,500			3,895,347
Net gains (losses) on investments		713,826			275,947			169,202			1,966,480			6,542,734
Net increase (decrease) in net assets resulting from operations	$	705,880		$	267,544		$	145,665		$	1,811,347		$	6,760,993

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
25

Variable Annuity Account
Statements of Operations

Year ended December 31, 2024

	Segregated Sub-Accounts*
	Janus Henderson Flexible Bond SS			Janus Henderson Forty SS			Janus Henderson Mid Cap Val SS			Janus Henderson Overseas SS			LVIP Amer Century VP Dscplnd Core Val Ser Cl
Net investment income (loss)
Dividend income	$	1,160,678		$	7,323		$	166,398		$	303,315		$	27,928
Mortality, expense, and administrative charges (Note 3)		(362,012	)		(934,213	)		(280,905	)		(322,158	)		(41,290	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		798,666			(926,890	)		(114,507	)		(18,843	)		(13,362	)
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			4,450,395			1,098,031			–			–
Net realized gain (loss) on shares redeemed		(1,593,602	)		3,396,743			1,918,739			3,110,065			(123,055	)
Net change in unrealized appreciation (depreciation) on investments		944,045			9,044,455			(610,304	)		(1,955,664	)		417,018
Net gains (losses) on investments		(649,557	)		16,891,593			2,406,466			1,154,401			293,963
Net increase (decrease) in net assets resulting from operations	$	149,109		$	15,964,703		$	2,291,959		$	1,135,558		$	280,601
	Segregated Sub-Accounts*
	LVIP Amer Century VP Infl Pro Cl Ser Cl			Macquarie VIP Asset Strategy Ser Cl			Macquarie VIP Balanced Ser Cl			Macquarie VIP Core Equity Ser Cl			Macquarie VIP Corporate Bond Ser Cl
Net investment income (loss)
Dividend income	$	1,341,470		$	1,249,941		$	979,537		$	232,685		$	2,231,305
Mortality, expense, and administrative charges (Note 3)		(520,501	)		(996,080	)		(924,945	)		(888,979	)		(933,449	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		820,969			253,861			54,592			(656,294	)		1,297,856
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			2,484,653			–			6,829,746			–
Net realized gain (loss) on shares redeemed		(769,766	)		618,051			(4,361,036	)		4,136,958			(2,843,759	)
Net change in unrealized appreciation (depreciation) on investments		39,210			4,364,718			14,169,899			3,853,384			2,378,895
Net gains (losses) on investments		(730,556	)		7,467,422			9,808,863			14,820,088			(464,864	)
Net increase (decrease) in net assets resulting from operations	$	90,413		$	7,721,283		$	9,863,455		$	14,163,794		$	832,992

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
26

Variable Annuity Account
Statements of Operations

Year ended December 31, 2024

	Segregated Sub-Accounts*
	Macquarie VIP Energy Ser Cl			Macquarie VIP Global Growth Ser Cl			Macquarie VIP Growth Ser Cl			Macquarie VIP High Income Ser Cl			Macquarie VIP Intl Core Equity Ser Cl
Net investment income (loss)
Dividend income	$	65,111		$	402,367		$	–		$	3,555,726		$	1,072,838
Mortality, expense, and administrative charges (Note 3)		(32,212	)		(538,762	)		(547,104	)		(758,607	)		(1,061,664	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		32,899			(136,395	)		(547,104	)		2,797,119			11,174
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			324,165			5,156,913			–			194,194
Net realized gain (loss) on shares redeemed		753,072			1,306,317			443,287			(2,142,031	)		474,387
Net change in unrealized appreciation (depreciation) on investments		(887,248	)		4,246,030			2,864,282			1,879,774			1,917,739
Net gains (losses) on investments		(134,176	)		5,876,512			8,464,482			(262,257	)		2,586,320
Net increase (decrease) in net assets resulting from operations	$	(101,277	)	$	5,740,117		$	7,917,378		$	2,534,862		$	2,597,494
	Segregated Sub-Accounts*
	Macquarie VIP Limited Term Bond Ser Cl			Macquarie VIP Mid Cap Growth Ser Cl			Macquarie VIP Natural Res Ser Cl			Macquarie VIP Path Aggr Ser Cl			Macquarie VIP Path Conserv Ser Cl
Net investment income (loss)
Dividend income	$	1,260,350		$	–		$	1,467,980		$	136,359		$	308,693
Mortality, expense, and administrative charges (Note 3)		(352,522	)		(627,717	)		(373,793	)		(151,160	)		(219,135	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		907,828			(627,717	)		1,094,187			(14,801	)		89,558
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			1,349,548			–			53,806			189,297
Net realized gain (loss) on shares redeemed		(315,025	)		(1,798,972	)		2,216,704			(651,354	)		(745,094	)
Net change in unrealized appreciation (depreciation) on investments		197,357			1,718,481			(4,162,425	)		1,643,209			1,580,492
Net gains (losses) on investments		(117,668	)		1,269,057			(1,945,721	)		1,045,661			1,024,695
Net increase (decrease) in net assets resulting from operations	$	790,160		$	641,340		$	(851,534	)	$	1,030,860		$	1,114,253

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
27

Variable Annuity Account
Statements of Operations

Year ended December 31, 2024

	Segregated Sub-Accounts*
	Macquarie VIP Path Mod Aggr MV Ser Cl			Macquarie VIP Path Mod Aggr Ser Cl			Macquarie VIP Path Mod Cons MV Ser Cl			Macquarie VIP Path Mod Conserv Ser Cl			Macquarie VIP Path Mod MV Ser Cl
Net investment income (loss)
Dividend income	$	791,018		$	1,803,534		$	373,843		$	536,618		$	5,636,133
Mortality, expense, and administrative charges (Note 3)		(784,524	)		(1,573,332	)		(365,537	)		(419,907	)		(5,476,998	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		6,494			230,202			8,306			116,711			159,135
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			–			–			–			–
Net realized gain (loss) on shares redeemed		(4,173,284	)		(8,867,145	)		(6,191,352	)		(1,340,501	)		(26,926,989	)
Net change in unrealized appreciation (depreciation) on investments		8,422,980			19,031,724			7,821,126			3,497,205			53,396,363
Net gains (losses) on investments		4,249,696			10,164,579			1,629,774			2,156,704			26,469,374
Net increase (decrease) in net assets resulting from operations	$	4,256,190		$	10,394,781		$	1,638,080		$	2,273,415		$	26,628,509
	Segregated Sub-Accounts*
	Macquarie VIP Path Mod Ser Cl			Macquarie VIP Science & Tech Ser Cl			Macquarie VIP Small Cap Growth Ser Cl			Macquarie VIP Smid Cap Core Ser Cl			Macquarie VIP Value Ser Cl
Net investment income (loss)
Dividend income	$	1,525,681		$	–		$	–		$	107,326		$	822,689
Mortality, expense, and administrative charges (Note 3)		(1,272,926	)		(1,078,686	)		(416,837	)		(482,917	)		(659,066	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		252,755			(1,078,686	)		(416,837	)		(375,591	)		163,623
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			2,339,587			–			59,985			5,740,571
Net realized gain (loss) on shares redeemed		(6,335,931	)		(2,471,064	)		(2,811,160	)		(459,270	)		(2,016,446	)
Net change in unrealized appreciation (depreciation) on investments		13,605,703			20,544,103			7,034,881			5,039,633			(1,108,084	)
Net gains (losses) on investments		7,269,772			20,412,626			4,223,721			4,640,348			2,616,041
Net increase (decrease) in net assets resulting from operations	$	7,522,527		$	19,333,940		$	3,806,884		$	4,264,757		$	2,779,664

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
28

Variable Annuity Account
Statements of Operations

Year ended December 31, 2024

	Segregated Sub-Accounts*
	MFS VIT - Mid Cap Growth Ser SC			MFS VIT II - Intl Intrinsic Val SC			MorgStanley VIF Emg Mk Eq Cl 2			Morningstar Aggr Growth ETF Cl II			Morningstar Balanced ETF Cl II
Net investment income (loss)
Dividend income	$	–		$	274,453		$	191,510		$	182,583		$	639,932
Mortality, expense, and administrative charges (Note 3)		(45,583	)		(327,452	)		(220,197	)		(186,230	)		(523,001	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		(45,583	)		(52,999	)		(28,687	)		(3,647	)		116,931
Net realized and unrealized gains (losses) on investments
Capital gain distributions		192,008			1,068,138			–			211,472			343,035
Net realized gain (loss) on shares redeemed		(154,826	)		718,687			(555,301	)		587,963			65,853
Net change in unrealized appreciation (depreciation) on investments		329,990			(359,673	)		1,557,017			1,041,762			2,813,293
Net gains (losses) on investments		367,172			1,427,152			1,001,716			1,841,197			3,222,181
Net increase (decrease) in net assets resulting from operations	$	321,589		$	1,374,153		$	973,029		$	1,837,550		$	3,339,112
	Segregated Sub-Accounts*
	Morningstar Conservative ETF Cl II			Morningstar Growth ETF Cl II			Morningstar Inc & Gro Asset All Cl II			Neuberger Berman Sustain Eq S Cl			PIMCO VIT Global Div Alloc Adv Cl
Net investment income (loss)
Dividend income	$	209,018		$	313,451		$	309,078		$	–		$	7,632,289
Mortality, expense, and administrative charges (Note 3)		(127,781	)		(271,234	)		(198,043	)		(45,014	)		(2,290,070	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		81,237			42,217			111,035			(45,014	)		5,342,219
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			431,340			89,622			160,665			–
Net realized gain (loss) on shares redeemed		(184,428	)		74,301			(84,278	)		284,026			(18,671,704	)
Net change in unrealized appreciation (depreciation) on investments		461,003			1,789,913			799,505			313,020			25,776,102
Net gains (losses) on investments		276,575			2,295,554			804,849			757,711			7,104,398
Net increase (decrease) in net assets resulting from operations	$	357,812		$	2,337,771		$	915,884		$	712,697		$	12,446,617

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
29

Variable Annuity Account
Statements of Operations

Year ended December 31, 2024

	Segregated Sub-Accounts*
	PIMCO VIT Intl Bond USD-H Adv Cl			PIMCO VIT Low Duration Adv CL			PIMCO VIT Total Return Adv Cl			Putnam VT Intl Eq Cl IB			Putnam VT Intl Val Cl IB
Net investment income (loss)
Dividend income	$	49,308		$	1,740,812		$	4,099,677		$	43,435		$	21,705
Mortality, expense, and administrative charges (Note 3)		(14,572	)		(613,177	)		(1,409,403	)		(28,984	)		(12,359	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		34,736			1,127,635			2,690,274			14,451			9,346
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			–			–			–			2,558
Net realized gain (loss) on shares redeemed		7,591			(692,839	)		(3,344,884	)		64,182			90,122
Net change in unrealized appreciation (depreciation) on investments		22,594			875,976			1,813,866			(45,729	)		(71,524	)
Net gains (losses) on investments		30,185			183,137			(1,531,018	)		18,453			21,156
Net increase (decrease) in net assets resulting from operations	$	64,921		$	1,310,772		$	1,159,256		$	32,904		$	30,502
	Segregated Sub-Accounts*
	Putnam VT Lg Cap Growth Cl IB			Putnam VT Lg Cap Val Cl IB			Putnam VT Sustain Leaders Cl IB			SFT Bal Stabilization			SFT Core Bond Cl 2
Net investment income (loss)
Dividend income	$	–		$	215,881		$	2,677		$	–		$	–
Mortality, expense, and administrative charges (Note 3)		(273,960	)		(286,361	)		(19,158	)		(8,525,049	)		(2,864,944	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		(273,960	)		(70,480	)		(16,481	)		(8,525,049	)		(2,864,944	)
Net realized and unrealized gains (losses) on investments
Capital gain distributions		811,174			878,682			8,679			–			–
Net realized gain (loss) on shares redeemed		1,676,393			3,318,864			89,633			63,664,314			4,167,412
Net change in unrealized appreciation (depreciation) on investments		2,882,498			(1,084,390	)		159,679			14,277,314			(2,534,811	)
Net gains (losses) on investments		5,370,065			3,113,156			257,991			77,941,628			1,632,601
Net increase (decrease) in net assets resulting from operations	$	5,096,105		$	3,042,676		$	241,510		$	69,416,579		$	(1,232,343	)

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
30

Variable Annuity Account
Statements of Operations

Year ended December 31, 2024

	Segregated Sub-Accounts*
	SFT Eq Stabilization			SFT Govt Money Market			SFT Index 400 MC Cl 2			SFT Index 500 Cl 2			SFT Macquarie Growth
Net investment income (loss)
Dividend income	$	–		$	2,955,359		$	–		$	–		$	–
Mortality, expense, and administrative charges (Note 3)		(3,964,647	)		(819,423	)		(678,388	)		(3,084,796	)		(2,123,872	)
Fees waived (Note 3)		–			–			–			–			–
Net investment income (loss)		(3,964,647	)		2,135,936			(678,388	)		(3,084,796	)		(2,123,872	)
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			–			–			–			–
Net realized gain (loss) on shares redeemed		20,388,037			–			7,028,110			29,453,453			32,011,154
Net change in unrealized appreciation (depreciation) on investments		7,593,112			–			667,438			32,474,153			4,965,526
Net gains (losses) on investments		27,981,149			–			7,695,548			61,927,606			36,976,680
Net increase (decrease) in net assets resulting from operations	$	24,016,502		$	2,135,936		$	7,017,160		$	58,842,810		$	34,852,808
	Segregated Sub-Accounts*
	SFT Macquarie Small Cap Growth			SFT Real Estate Cl 2			SFT T. Rowe Price Value			SFT Wellington Core Equity Cl 2			T. Rowe Price Health Science II Cl
Net investment income (loss)
Dividend income	$	–		$	–		$	–		$	–		$	–
Mortality, expense, and administrative charges (Note 3)		(431,962	)		(643,350	)		(1,157,300	)		(496,471	)		(25,945	)
Fees waived (Note 3)		–			–			–			80,989			–
Net investment income (loss)		(431,962	)		(643,350	)		(1,157,300	)		(415,482	)		(25,945	)
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			–			–			–			255,235
Net realized gain (loss) on shares redeemed		2,963,720			5,065,050			12,986,295			7,335,285			78,096
Net change in unrealized appreciation (depreciation) on investments		1,641,129			(2,014,172	)		(875,378	)		1,099,094			(366,787	)
Net gains (losses) on investments		4,604,849			3,050,878			12,110,917			8,434,379			(33,456	)
Net increase (decrease) in net assets resulting from operations	$	4,172,887		$	2,407,528		$	10,953,617		$	8,018,897		$	(59,401	)

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
31

Variable Annuity Account
Statements of Operations

Year ended December 31, 2024

	Segregated Sub-Accounts*
	TOPS Mgd Risk Bal ETF Cl 2			TOPS Mgd Risk Flex ETF			TOPS Mgd Risk Growth ETF Cl 2			TOPS Mgd Risk Mod Growth ETF Cl 2
Net investment income (loss)
Dividend income	$	301,210		$	3,062,593		$	1,095,631		$	304,483
Mortality, expense, and administrative charges (Note 3)		(172,002	)		(1,780,370	)		(742,381	)		(186,101	)
Fees waived (Note 3)		–			–			–			–
Net investment income (loss)		129,208			1,282,223			353,250			118,382
Net realized and unrealized gains (losses) on investments
Capital gain distributions		–			1,488,076			–			–
Net realized gain (loss) on shares redeemed		(3,167,972	)		4,704,497			(14,449,367	)		451,790
Net change in unrealized appreciation (depreciation) on investments		3,632,488			(1,429,928	)		17,546,521			286,071
Net gains (losses) on investments		464,516			4,762,645			3,097,154			737,861
Net increase (decrease) in net assets resulting from operations	$	593,724		$	6,044,868		$	3,450,404		$	856,243

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
32

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	AB VPS Dyn Asset Alloc Cl B			AB VPS Intl Value Cl B			Amer Funds IS Capital World Bond Cl 2			Amer Funds IS Global Growth Cl 2			Amer Funds IS Global Small Cap Cl 2
Year ended December 31, 2023
Operations
Net investment income (loss)	$	(1,251,459	)	$	(3,991	)	$	(205,514	)	$	(82,597	)	$	(168,932	)
Net realized gains (losses) on investments		(7,301,239	)		(5,375	)		(446,745	)		1,979,402			(499,495	)
Net change in unrealized appreciation (depreciation) on investments		26,885,683			70,084			2,600,398			2,313,810			2,891,608
Net increase (decrease) in net assets resulting from operations		18,332,985			60,718			1,948,139			4,210,615			2,223,181
Contract transactions (Notes 3 and 6)
Contract purchase payments		13,501,177			24,914			35,352,019			1,311,398			1,003,552
Contract terminations, withdrawal payments and charges		(14,659,571	)		(156,495	)		(2,202,913	)		(3,124,933	)		(2,165,671	)
Actuarial adjustments for mortality experience on annuities in payment period		–			–			109			111			23
Annuity benefit payments		–			–			(1,488	)		(1,115	)		(197	)
Increase (decrease) in net assets from contract transactions		(1,158,394	)		(131,581	)		33,147,727			(1,814,539	)		(1,162,293	)
Increase (decrease) in net assets		17,174,591			(70,863	)		35,095,866			2,396,076			1,060,888
Net assets at the beginning of year		154,654,289			495,519			13,655,400			20,915,790			15,623,977
Net assets at the end of year	$	171,828,880		$	424,656		$	48,751,266		$	23,311,866		$	16,684,865
Year ended December 31, 2024
Operations
Net investment income (loss)	$	(583,105	)	$	3,618		$	359,604		$	80,687		$	(38,426	)
Net realized gains (losses) on investments		(5,306,197	)		51,793			(1,860,677	)		2,124,367			(2,992,073	)
Net change in unrealized appreciation (depreciation) on investments		20,850,321			(30,334	)		(376,585	)		891,726			3,354,134
Net increase (decrease) in net assets resulting from operations		14,961,019			25,077			(1,877,658	)		3,096,780			323,635
Contract transactions (Notes 3 and 6)
Contract purchase payments		7,707,993			1,110,767			21,572,073			24,664,448			19,683,827
Contract terminations, withdrawal payments and charges		(23,987,744	)		(1,112,908	)		(25,954,626	)		(25,094,024	)		(20,313,518	)
Actuarial adjustments for mortality experience on annuities in payment period		–			–			692			140			37
Annuity benefit payments		–			–			(5,441	)		(1,255	)		(204	)
Increase (decrease) in net assets from contract transactions		(16,279,751	)		(2,141	)		(4,387,302	)		(430,691	)		(629,858	)
Increase (decrease) in net assets		(1,318,732	)		22,936			(6,264,960	)		2,666,089			(306,223	)
Net assets at the beginning of year		171,828,880			424,656			48,751,266			23,311,866			16,684,865
Net assets at the end of year	$	170,510,148		$	447,592		$	42,486,306		$	25,977,955		$	16,378,642

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
33

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	Amer Funds IS Growth Cl 2			Amer Funds IS Growth- Inc Cl 2			Amer Funds IS Intl Cl 2			Amer Funds IS New World Cl 2			Amer Funds IS US Govt Sec Cl 2
Year ended December 31, 2023
Operations
Net investment income (loss)	$	(1,084,027	)	$	51,045		$	(3,556	)	$	19,550		$	463,431
Net realized gains (losses) on investments		7,817,057			2,999,086			(216,071	)		435,892			(1,011,507	)
Net change in unrealized appreciation (depreciation) on investments		29,440,426			6,442,359			2,421,456			1,923,741			764,362
Net increase (decrease) in net assets resulting from operations		36,173,456			9,492,490			2,201,829			2,379,183			216,286
Contract transactions (Notes 3 and 6)
Contract purchase payments		6,239,983			4,305,799			940,864			1,134,416			4,747,498
Contract terminations, withdrawal payments and charges		(12,635,183	)		(5,242,783	)		(2,784,994	)		(2,062,877	)		(2,881,975	)
Actuarial adjustments for mortality experience on annuities in payment period		513			218			–			31			148
Annuity benefit payments		(2,303	)		(2,813	)		–			(1,087	)		(6,107	)
Increase (decrease) in net assets from contract transactions		(6,396,990	)		(939,579	)		(1,844,130	)		(929,517	)		1,859,564
Increase (decrease) in net assets		29,776,466			8,552,911			357,699			1,449,666			2,075,850
Net assets at the beginning of year		101,388,471			38,526,167			16,206,755			16,887,060			17,650,322
Net assets at the end of year	$	131,164,937		$	47,079,078		$	16,564,454		$	18,336,726		$	19,726,172
Year ended December 31, 2024
Operations
Net investment income (loss)	$	(1,433,121	)	$	(62,961	)	$	(19,870	)	$	12,886		$	507,168
Net realized gains (losses) on investments		11,395,726			4,199,480			(258,991	)		773,369			(2,207,623	)
Net change in unrealized appreciation (depreciation) on investments		29,147,452			6,245,386			1,390,443			247,954			1,616,016
Net increase (decrease) in net assets resulting from operations		39,110,057			10,381,905			1,111,582			1,034,209			(84,439	)
Contract transactions (Notes 3 and 6)
Contract purchase payments		16,782,650			6,131,951			77,116,218			9,804,175			6,413,566
Contract terminations, withdrawal payments and charges		(21,713,798	)		(8,143,870	)		(79,101,642	)		(10,720,225	)		(7,594,091	)
Actuarial adjustments for mortality experience on annuities in payment period		703			297			–			54			506
Annuity benefit payments		(2,919	)		(3,110	)		–			(1,178	)		(6,048	)
Increase (decrease) in net assets from contract transactions		(4,933,364	)		(2,014,732	)		(1,985,424	)		(917,174	)		(1,186,067	)
Increase (decrease) in net assets		34,176,693			8,367,173			(873,842	)		117,035			(1,270,506	)
Net assets at the beginning of year		131,164,937			47,079,078			16,564,454			18,336,726			19,726,172
Net assets at the end of year	$	165,341,630		$	55,446,251		$	15,690,612		$	18,453,761		$	18,455,666

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
34

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	BlackRock Intl Index VI Cl III			BlackRock Small Cap Index VI Cl III			ClearBridge Sm Cap Growth Cl II			Fidelity VIP Bond Index SC 2			Fidelity VIP Equity- Income SC 2
Year ended December 31, 2023
Operations
Net investment income (loss)	$	31,926		$	7,518		$	(190,208	)	$	57,832		$	194,400
Net realized gains (losses) on investments		(26,578	)		5,245			(30,164	)		(50,053	)		2,484,764
Net change in unrealized appreciation (depreciation) on investments		199,780			359,257			1,222,399			166,530			2,002,480
Net increase (decrease) in net assets resulting from operations		205,128			372,020			1,002,027			174,309			4,681,644
Contract transactions (Notes 3 and 6)
Contract purchase payments		595,658			932,476			2,272,702			3,158,021			3,581,720
Contract terminations, withdrawal payments and charges		(215,549	)		(180,070	)		(1,770,583	)		(287,157	)		(6,995,499	)
Actuarial adjustments for mortality experience on annuities in payment period		–			–			14			–			6,866
Annuity benefit payments		–			–			(352	)		–			(27,932	)
Increase (decrease) in net assets from contract transactions		380,109			752,406			501,781			2,870,864			(3,434,845	)
Increase (decrease) in net assets		585,237			1,124,426			1,503,808			3,045,173			1,246,799
Net assets at the beginning of year		1,080,935			1,912,628			14,176,873			1,603,350			54,588,888
Net assets at the end of year	$	1,666,172		$	3,037,054		$	15,680,681		$	4,648,523		$	55,835,687
Year ended December 31, 2024
Operations
Net investment income (loss)	$	39,008		$	40,431		$	(197,791	)	$	93,046		$	96,206
Net realized gains (losses) on investments		2,671			213,801			177,800			(45,006	)		5,277,732
Net change in unrealized appreciation (depreciation) on investments		(12,374	)		110,302			535,646			(34,392	)		1,766,177
Net increase (decrease) in net assets resulting from operations		29,305			364,534			515,655			13,648			7,140,115
Contract transactions (Notes 3 and 6)
Contract purchase payments		290,080			1,900,135			3,650,467			3,491,594			2,457,360
Contract terminations, withdrawal payments and charges		(64,374	)		(318,468	)		(4,126,658	)		(732,669	)		(11,476,728	)
Actuarial adjustments for mortality experience on annuities in payment period		–			–			16			–			10,884
Annuity benefit payments		–			–			(397	)		–			(39,979	)
Increase (decrease) in net assets from contract transactions		225,706			1,581,667			(476,572	)		2,758,925			(9,048,463	)
Increase (decrease) in net assets		255,011			1,946,201			39,083			2,772,573			(1,908,348	)
Net assets at the beginning of year		1,666,172			3,037,054			15,680,681			4,648,523			55,835,687
Net assets at the end of year	$	1,921,183		$	4,983,255		$	15,719,764		$	7,421,096		$	53,927,339

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
35

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	Fidelity VIP Mid Cap SC2			Franklin Mutual Shs VIP Cl 2			Franklin Small Cap Val VIP Cl 2			Franklin Sm-Md Cap Gr VIP Cl 2			Franklin Temp Dev Mkts VIP Cl 2
Year ended December 31, 2023
Operations
Net investment income (loss)	$	(340,508	)	$	16,940		$	(276,978	)	$	(119,628	)	$	115,428
Net realized gains (losses) on investments		1,190,785			159,755			1,842,030			(1,064,147	)		(45,316	)
Net change in unrealized appreciation (depreciation) on investments		3,796,681			272,336			2,285,443			3,213,128			1,487,034
Net increase (decrease) in net assets resulting from operations		4,646,958			449,031			3,850,495			2,029,353			1,557,146
Contract transactions (Notes 3 and 6)
Contract purchase payments		2,944,720			131,009			3,063,953			796,981			791,137
Contract terminations, withdrawal payments and charges		(4,518,592	)		(572,746	)		(4,035,102	)		(1,821,247	)		(2,879,429	)
Actuarial adjustments for mortality experience on annuities in payment period		(7,335	)		–			273			(1,902	)		(7,433	)
Annuity benefit payments		(13,731	)		–			(2,920	)		(6,945	)		(6,624	)
Increase (decrease) in net assets from contract transactions		(1,594,938	)		(441,737	)		(973,796	)		(1,033,113	)		(2,102,349	)
Increase (decrease) in net assets		3,052,020			7,294			2,876,699			996,240			(545,203	)
Net assets at the beginning of year		35,720,070			4,096,844			34,103,356			8,638,446			14,610,546
Net assets at the end of year	$	38,772,090		$	4,104,138		$	36,980,055		$	9,634,686		$	14,065,343
Year ended December 31, 2024
Operations
Net investment income (loss)	$	(389,276	)	$	15,836		$	(131,614	)	$	(119,489	)	$	359,287
Net realized gains (losses) on investments		8,238,390			(182,532	)		990,615			(1,193,275	)		(273,862	)
Net change in unrealized appreciation (depreciation) on investments		(1,893,726	)		544,855			2,822,012			2,107,587			822,154
Net increase (decrease) in net assets resulting from operations		5,955,388			378,159			3,681,013			794,823			907,579
Contract transactions (Notes 3 and 6)
Contract purchase payments		11,100,103			1,957,277			9,718,474			224,303			2,760,209
Contract terminations, withdrawal payments and charges		(15,096,202	)		(2,937,208	)		(14,053,211	)		(2,428,363	)		(4,839,133	)
Actuarial adjustments for mortality experience on annuities in payment period		2,265			–			344			5,651			1,776
Annuity benefit payments		(18,588	)		–			(3,190	)		(10,345	)		(8,398	)
Increase (decrease) in net assets from contract transactions		(4,012,422	)		(979,931	)		(4,337,583	)		(2,208,754	)		(2,085,546	)
Increase (decrease) in net assets		1,942,966			(601,772	)		(656,570	)		(1,413,931	)		(1,177,967	)
Net assets at the beginning of year		38,772,090			4,104,138			36,980,055			9,634,686			14,065,343
Net assets at the end of year	$	40,715,056		$	3,502,366		$	36,323,485		$	8,220,755		$	12,887,376

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
36

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	Goldman Sachs VIT Govt Money Market SS			Goldman Sachs VIT Trends Driven SS			Invesco Opphmr VI Intl Growth Sr II			Invesco VI American Value Sr II			Invesco VI Comstock Sr II
Year ended December 31, 2023
Operations
Net investment income (loss)	$	338,262		$	483,553		$	(349,619	)	$	(79,901	)	$	33,965
Net realized gains (losses) on investments		–			(1,889,472	)		(1,651,196	)		1,513,143			6,686,966
Net change in unrealized appreciation (depreciation) on investments		–			21,360,161			7,724,432			(487,494	)		(1,431,519	)
Net increase (decrease) in net assets resulting from operations		338,262			19,954,242			5,723,617			945,748			5,289,412
Contract transactions (Notes 3 and 6)
Contract purchase payments		1,969,917			5,355,805			1,375,963			299,338			1,163,260
Contract terminations, withdrawal payments and charges		(2,544,898	)		(15,875,185	)		(6,792,538	)		(1,457,740	)		(11,451,290	)
Actuarial adjustments for mortality experience on annuities in payment period		78			–			330			242			(4,936	)
Annuity benefit payments		(1,599	)		–			(4,392	)		(2,730	)		(10,376	)
Increase (decrease) in net assets from contract transactions		(576,502	)		(10,519,380	)		(5,420,637	)		(1,160,890	)		(10,303,342	)
Increase (decrease) in net assets		(238,240	)		9,434,862			302,980			(215,142	)		(5,013,930	)
Net assets at the beginning of year		10,017,569			147,392,532			32,354,633			7,896,792			58,145,239
Net assets at the end of year	$	9,779,329		$	156,827,394		$	32,657,613		$	7,681,650		$	53,131,309
Year ended December 31, 2024
Operations
Net investment income (loss)	$	417,694		$	2,558,317		$	(305,450	)	$	(50,123	)	$	(199	)
Net realized gains (losses) on investments		–			2,166,397			1,528,883			453,819			8,718,757
Net change in unrealized appreciation (depreciation) on investments		–			10,680,489			(2,025,204	)		1,566,260			(3,005,483	)
Net increase (decrease) in net assets resulting from operations		417,694			15,405,203			(801,771	)		1,969,956			5,713,075
Contract transactions (Notes 3 and 6)
Contract purchase payments		6,677,438			5,509,475			1,066,373			830,408			350,942
Contract terminations, withdrawal payments and charges		(4,845,223	)		(26,407,300	)		(5,942,913	)		(2,459,244	)		(18,159,285	)
Actuarial adjustments for mortality experience on annuities in payment period		996			–			415			341			841
Annuity benefit payments		(7,291	)		–			(4,709	)		(3,241	)		(11,687	)
Increase (decrease) in net assets from contract transactions		1,825,920			(20,897,825	)		(4,880,834	)		(1,631,736	)		(17,819,189	)
Increase (decrease) in net assets		2,243,614			(5,492,622	)		(5,682,605	)		338,220			(12,106,114	)
Net assets at the beginning of year		9,779,329			156,827,394			32,657,613			7,681,650			53,131,309
Net assets at the end of year	$	12,022,943		$	151,334,772		$	26,975,008		$	8,019,870		$	41,025,195

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
37

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	Invesco VI Equity & Inc Sr II			Invesco VI Growth & Inc Sr II			Invesco VI MS Sm Cap Sr II			Invesco VI Sm Cap Equity Sr II			Janus Henderson Balanced SS
Year ended December 31, 2023
Operations
Net investment income (loss)	$	21,564		$	(6,149	)	$	(10,574	)	$	(164,622	)	$	210,200
Net realized gains (losses) on investments		65,926			329,351			(41,606	)		138,592			2,074,967
Net change in unrealized appreciation (depreciation) on investments		554,366			(108,313	)		297,187			1,743,069			4,203,703
Net increase (decrease) in net assets resulting from operations		641,856			214,889			245,007			1,717,039			6,488,870
Contract transactions (Notes 3 and 6)
Contract purchase payments		549,072			27,182			310,191			456,747			5,899,024
Contract terminations, withdrawal payments and charges		(2,582,190	)		(265,990	)		(362,029	)		(2,277,790	)		(12,047,269	)
Actuarial adjustments for mortality experience on annuities in payment period		–			–			–			129			1,122
Annuity benefit payments		–			–			–			(904	)		(33,718	)
Increase (decrease) in net assets from contract transactions		(2,033,118	)		(238,808	)		(51,838	)		(1,821,818	)		(6,180,841	)
Increase (decrease) in net assets		(1,391,262	)		(23,919	)		193,169			(104,779	)		308,029
Net assets at the beginning of year		8,805,544			2,196,913			1,487,114			12,557,262			52,557,304
Net assets at the end of year	$	7,414,282		$	2,172,994		$	1,680,283		$	12,452,483		$	52,865,333
Year ended December 31, 2024
Operations
Net investment income (loss)	$	(7,946	)	$	(8,403	)	$	(23,537	)	$	(155,133	)	$	218,259
Net realized gains (losses) on investments		387,608			178,353			16,273			970,980			2,647,387
Net change in unrealized appreciation (depreciation) on investments		326,218			97,594			152,929			995,500			3,895,347
Net increase (decrease) in net assets resulting from operations		705,880			267,544			145,665			1,811,347			6,760,993
Contract transactions (Notes 3 and 6)
Contract purchase payments		332,253			253,381			25,216			846,778			5,387,862
Contract terminations, withdrawal payments and charges		(1,495,880	)		(480,285	)		(499,441	)		(3,744,390	)		(11,667,089	)
Actuarial adjustments for mortality experience on annuities in payment period		–			–			–			175			3,898
Annuity benefit payments		–			–			–			(1,009	)		(37,511	)
Increase (decrease) in net assets from contract transactions		(1,163,627	)		(226,904	)		(474,225	)		(2,898,446	)		(6,312,840	)
Increase (decrease) in net assets		(457,747	)		40,640			(328,560	)		(1,087,099	)		448,153
Net assets at the beginning of year		7,414,282			2,172,994			1,680,283			12,452,483			52,865,333
Net assets at the end of year	$	6,956,535		$	2,213,634		$	1,351,723		$	11,365,384		$	53,313,486

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
38

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	Janus Henderson Flexible Bond SS			Janus Henderson Forty SS			Janus Henderson Mid Cap Val SS			Janus Henderson Overseas SS			LVIP Amer Century VP Dscplnd Core Val Ser Cl
Year ended December 31, 2023
Operations
Net investment income (loss)	$	629,187		$	(729,303	)	$	(85,841	)	$	19,235		$	(8,508	)
Net realized gains (losses) on investments		(719,149	)		62,215			883,966			1,421,467			(336,122	)
Net change in unrealized appreciation (depreciation) on investments		1,124,582			19,188,859			1,189,342			742,525			529,389
Net increase (decrease) in net assets resulting from operations		1,034,620			18,521,771			1,987,467			2,183,227			184,759
Contract transactions (Notes 3 and 6)
Contract purchase payments		2,880,111			2,836,366			1,298,310			1,106,633			28,427
Contract terminations, withdrawal payments and charges		(4,321,715	)		(13,728,680	)		(3,439,750	)		(3,984,488	)		(951,286	)
Actuarial adjustments for mortality experience on annuities in payment period		5			(55,881	)		103			2,883			100
Annuity benefit payments		(70	)		(20,370	)		(832	)		(8,251	)		(411	)
Increase (decrease) in net assets from contract transactions		(1,441,669	)		(10,968,565	)		(2,142,169	)		(2,883,223	)		(923,170	)
Increase (decrease) in net assets		(407,049	)		7,553,206			(154,702	)		(699,996	)		(738,411	)
Net assets at the beginning of year		28,246,597			52,601,373			21,792,230			24,904,560			3,322,370
Net assets at the end of year	$	27,839,548		$	60,154,579		$	21,637,528		$	24,204,564		$	2,583,959
Year ended December 31, 2024
Operations
Net investment income (loss)	$	798,666		$	(926,890	)	$	(114,507	)	$	(18,843	)	$	(13,362	)
Net realized gains (losses) on investments		(1,593,602	)		7,847,138			3,016,770			3,110,065			(123,055	)
Net change in unrealized appreciation (depreciation) on investments		944,045			9,044,455			(610,304	)		(1,955,664	)		417,018
Net increase (decrease) in net assets resulting from operations		149,109			15,964,703			2,291,959			1,135,558			280,601
Contract transactions (Notes 3 and 6)
Contract purchase payments		7,560,071			13,750,164			7,567,414			4,143,672			12,889
Contract terminations, withdrawal payments and charges		(9,232,790	)		(21,493,819	)		(12,421,656	)		(7,257,403	)		(747,138	)
Actuarial adjustments for mortality experience on annuities in payment period		7			23,214			142			12,250			120
Annuity benefit payments		(69	)		(23,691	)		(928	)		(8,808	)		(453	)
Increase (decrease) in net assets from contract transactions		(1,672,781	)		(7,744,132	)		(4,855,028	)		(3,110,289	)		(734,582	)
Increase (decrease) in net assets		(1,523,672	)		8,220,571			(2,563,069	)		(1,974,731	)		(453,981	)
Net assets at the beginning of year		27,839,548			60,154,579			21,637,528			24,204,564			2,583,959
Net assets at the end of year	$	26,315,876		$	68,375,150		$	19,074,459		$	22,229,833		$	2,129,978

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
39

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	LVIP Amer Century VP Infl Pro Cl Ser Cl			Macquarie VIP Asset Strategy Ser Cl			Macquarie VIP Balanced Ser Cl			Macquarie VIP Core Equity Ser Cl			Macquarie VIP Corporate Bond Ser Cl
Year ended December 31, 2023
Operations
Net investment income (loss)	$	824,513		$	467,467		$	(320,884	)	$	(660,055	)	$	1,263,376
Net realized gains (losses) on investments		(889,189	)		(2,832,703	)		(8,740,644	)		9,164,003			(3,409,105	)
Net change in unrealized appreciation (depreciation) on investments		903,372			11,512,336			19,238,705			5,137,797			6,521,515
Net increase (decrease) in net assets resulting from operations		838,696			9,147,100			10,177,177			13,641,745			4,375,786
Contract transactions (Notes 3 and 6)
Contract purchase payments		1,553,849			496,777			2,435,793			668,523			2,532,703
Contract terminations, withdrawal payments and charges		(6,920,586	)		(16,867,124	)		(13,794,616	)		(18,347,938	)		(16,184,164	)
Actuarial adjustments for mortality experience on annuities in payment period		568			(12,925	)		16,572			10,066			2,060
Annuity benefit payments		(5,007	)		(28,361	)		(173,456	)		(32,339	)		(15,608	)
Increase (decrease) in net assets from contract transactions		(5,371,176	)		(16,411,633	)		(11,515,707	)		(17,701,688	)		(13,665,009	)
Increase (decrease) in net assets		(4,532,480	)		(7,264,533	)		(1,338,530	)		(4,059,943	)		(9,289,223	)
Net assets at the beginning of year		45,333,037			83,305,941			76,421,868			70,696,589			88,238,347
Net assets at the end of year	$	40,800,557		$	76,041,408		$	75,083,338		$	66,636,646		$	78,949,124
Year ended December 31, 2024
Operations
Net investment income (loss)	$	820,969		$	253,861		$	54,592		$	(656,294	)	$	1,297,856
Net realized gains (losses) on investments		(769,766	)		3,102,704			(4,361,036	)		10,966,704			(2,843,759	)
Net change in unrealized appreciation (depreciation) on investments		39,210			4,364,718			14,169,899			3,853,384			2,378,895
Net increase (decrease) in net assets resulting from operations		90,413			7,721,283			9,863,455			14,163,794			832,992
Contract transactions (Notes 3 and 6)
Contract purchase payments		2,020,199			486,136			1,394,902			609,718			1,990,857
Contract terminations, withdrawal payments and charges		(8,046,419	)		(19,280,810	)		(15,544,212	)		(22,673,205	)		(19,370,470	)
Actuarial adjustments for mortality experience on annuities in payment period		619			38,574			(141,990	)		13,727			9,958
Annuity benefit payments		(5,198	)		(30,458	)		(244,485	)		(41,166	)		(17,530	)
Increase (decrease) in net assets from contract transactions		(6,030,799	)		(18,786,558	)		(14,535,785	)		(22,090,926	)		(17,387,185	)
Increase (decrease) in net assets		(5,940,386	)		(11,065,275	)		(4,672,330	)		(7,927,132	)		(16,554,193	)
Net assets at the beginning of year		40,800,557			76,041,408			75,083,338			66,636,646			78,949,124
Net assets at the end of year	$	34,860,171		$	64,976,133		$	70,411,008		$	58,709,514		$	62,394,931

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
40

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	Macquarie VIP Energy Ser Cl			Macquarie VIP Global Growth Ser Cl			Macquarie VIP Growth Ser Cl			Macquarie VIP High Income Ser Cl			Macquarie VIP Intl Core Equity Ser Cl
Year ended December 31, 2023
Operations
Net investment income (loss)	$	39,880		$	(464,406	)	$	(575,460	)	$	2,869,927		$	321,731
Net realized gains (losses) on investments		424,176			7,248,320			1,794,172			(1,950,692	)		(2,441,578	)
Net change in unrealized appreciation (depreciation) on investments		(386,452	)		(792,468	)		11,723,915			4,622,917			14,394,785
Net increase (decrease) in net assets resulting from operations		77,604			5,991,446			12,942,627			5,542,152			12,274,938
Contract transactions (Notes 3 and 6)
Contract purchase payments		134,100			343,630			586,871			1,401,257			1,830,458
Contract terminations, withdrawal payments and charges		(605,233	)		(8,781,163	)		(13,313,873	)		(8,847,661	)		(18,593,020	)
Actuarial adjustments for mortality experience on annuities in payment period		371			5,136			4,117			2,865			(36,084	)
Annuity benefit payments		(847	)		(15,071	)		(17,146	)		(20,939	)		(56,188	)
Increase (decrease) in net assets from contract transactions		(471,609	)		(8,447,468	)		(12,740,031	)		(7,464,478	)		(16,854,834	)
Increase (decrease) in net assets		(394,005	)		(2,456,022	)		202,596			(1,922,326	)		(4,579,896	)
Net assets at the beginning of year		2,755,670			36,951,095			40,023,276			58,340,031			93,786,837
Net assets at the end of year	$	2,361,665		$	34,495,073		$	40,225,872		$	56,417,705		$	89,206,941
Year ended December 31, 2024
Operations
Net investment income (loss)	$	32,899		$	(136,395	)	$	(547,104	)	$	2,797,119		$	11,174
Net realized gains (losses) on investments		753,072			1,630,482			5,600,200			(2,142,031	)		668,581
Net change in unrealized appreciation (depreciation) on investments		(887,248	)		4,246,030			2,864,282			1,879,774			1,917,739
Net increase (decrease) in net assets resulting from operations		(101,277	)		5,740,117			7,917,378			2,534,862			2,597,494
Contract transactions (Notes 3 and 6)
Contract purchase payments		872,021			9,896,838			428,513			2,909,487			1,092,973
Contract terminations, withdrawal payments and charges		(1,222,822	)		(13,085,623	)		(12,092,238	)		(10,247,817	)		(17,793,555	)
Actuarial adjustments for mortality experience on annuities in payment period		3,434			23,325			5,642			19,365			9,000
Annuity benefit payments		(731	)		(33,860	)		(35,747	)		(21,974	)		(73,921	)
Increase (decrease) in net assets from contract transactions		(348,098	)		(3,199,320	)		(11,693,830	)		(7,340,939	)		(16,765,503	)
Increase (decrease) in net assets		(449,375	)		2,540,797			(3,776,452	)		(4,806,077	)		(14,168,009	)
Net assets at the beginning of year		2,361,665			34,495,073			40,225,872			56,417,705			89,206,941
Net assets at the end of year	$	1,912,290		$	37,035,870		$	36,449,420		$	51,611,628		$	75,038,932

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
41

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	Macquarie VIP Limited Term Bond Ser Cl			Macquarie VIP Mid Cap Growth Ser Cl			Macquarie VIP Natural Res Ser Cl			Macquarie VIP Path Aggr Ser Cl			Macquarie VIP Path Conserv Ser Cl
Year ended December 31, 2023
Operations
Net investment income (loss)	$	142,284		$	(677,545	)	$	461,695		$	573,643		$	543,373
Net realized gains (losses) on investments		(486,540	)		4,977,490			3,289,730			1,269,890			812,112
Net change in unrealized appreciation (depreciation) on investments		1,396,774			4,247,261			(3,747,467	)		(86,963	)		571,532
Net increase (decrease) in net assets resulting from operations		1,052,518			8,547,206			3,958			1,756,570			1,927,017
Contract transactions (Notes 3 and 6)
Contract purchase payments		2,074,673			2,153,384			1,843,140			113,723			1,340,171
Contract terminations, withdrawal payments and charges		(7,008,669	)		(9,579,865	)		(9,997,415	)		(2,737,035	)		(4,549,271	)
Actuarial adjustments for mortality experience on annuities in payment period		–			1,598			437			–			–
Annuity benefit payments		–			(8,589	)		(1,406	)		–			(6,694	)
Increase (decrease) in net assets from contract transactions		(4,933,996	)		(7,433,472	)		(8,155,244	)		(2,623,312	)		(3,215,794	)
Increase (decrease) in net assets		(3,881,478	)		1,113,734			(8,151,286	)		(866,742	)		(1,288,777	)
Net assets at the beginning of year		33,264,967			49,627,409			43,323,267			12,371,343			19,081,133
Net assets at the end of year	$	29,383,489		$	50,741,143		$	35,171,981		$	11,504,601		$	17,792,356
Year ended December 31, 2024
Operations
Net investment income (loss)	$	907,828		$	(627,717	)	$	1,094,187		$	(14,801	)	$	89,558
Net realized gains (losses) on investments		(315,025	)		(449,424	)		2,216,704			(597,548	)		(555,797	)
Net change in unrealized appreciation (depreciation) on investments		197,357			1,718,481			(4,162,425	)		1,643,209			1,580,492
Net increase (decrease) in net assets resulting from operations		790,160			641,340			(851,534	)		1,030,860			1,114,253
Contract transactions (Notes 3 and 6)
Contract purchase payments		1,516,356			1,819,248			1,616,559			223,256			1,026,915
Contract terminations, withdrawal payments and charges		(8,355,923	)		(11,954,169	)		(12,003,960	)		(3,229,940	)		(3,908,469	)
Actuarial adjustments for mortality experience on annuities in payment period		–			1,914			731			–			–
Annuity benefit payments		–			(9,113	)		(1,371	)		–			(5,176	)
Increase (decrease) in net assets from contract transactions		(6,839,567	)		(10,142,120	)		(10,388,041	)		(3,006,684	)		(2,886,730	)
Increase (decrease) in net assets		(6,049,407	)		(9,500,780	)		(11,239,575	)		(1,975,824	)		(1,772,477	)
Net assets at the beginning of year		29,383,489			50,741,143			35,171,981			11,504,601			17,792,356
Net assets at the end of year	$	23,334,082		$	41,240,363		$	23,932,406		$	9,528,777		$	16,019,879

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
42

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	Macquarie VIP Path Mod Aggr MV Ser Cl			Macquarie VIP Path Mod Aggr Ser Cl			Macquarie VIP Path Mod Cons MV Ser Cl			Macquarie VIP Path Mod Conserv Ser Cl			Macquarie VIP Path Mod MV Ser Cl
Year ended December 31, 2023
Operations
Net investment income (loss)	$	2,825,718		$	6,620,508		$	897,587		$	1,322,171		$	14,539,841
Net realized gains (losses) on investments		8,655,119			9,459,178			(478,777	)		1,721,313			36,645,384
Net change in unrealized appreciation (depreciation) on investments		(2,883,777	)		2,693,847			2,733,706			1,061,109			(1,183,823	)
Net increase (decrease) in net assets resulting from operations		8,597,060			18,773,533			3,152,516			4,104,593			50,001,402
Contract transactions (Notes 3 and 6)
Contract purchase payments		2,297,638			320,639			3,105,374			468,833			12,612,377
Contract terminations, withdrawal payments and charges		(14,955,180	)		(31,046,762	)		(6,392,015	)		(6,269,657	)		(60,146,246	)
Actuarial adjustments for mortality experience on annuities in payment period		–			(1,246	)		–			–			–
Annuity benefit payments		–			(5,033	)		–			–			–
Increase (decrease) in net assets from contract transactions		(12,657,542	)		(30,732,402	)		(3,286,641	)		(5,800,824	)		(47,533,869	)
Increase (decrease) in net assets		(4,060,482	)		(11,958,869	)		(134,125	)		(1,696,231	)		2,467,533
Net assets at the beginning of year		68,156,803			140,002,388			30,222,637			36,242,463			425,182,637
Net assets at the end of year	$	64,096,321		$	128,043,519		$	30,088,512		$	34,546,232		$	427,650,170
Year ended December 31, 2024
Operations
Net investment income (loss)	$	6,494		$	230,202		$	8,306		$	116,711		$	159,135
Net realized gains (losses) on investments		(4,173,284	)		(8,867,145	)		(6,191,352	)		(1,340,501	)		(26,926,989	)
Net change in unrealized appreciation (depreciation) on investments		8,422,980			19,031,724			7,821,126			3,497,205			53,396,363
Net increase (decrease) in net assets resulting from operations		4,256,190			10,394,781			1,638,080			2,273,415			26,628,509
Contract transactions (Notes 3 and 6)
Contract purchase payments		533,216			866,684			3,978,481			433,271			14,398,089
Contract terminations, withdrawal payments and charges		(20,722,918	)		(31,069,476	)		(11,774,644	)		(7,308,071	)		(103,775,890	)
Actuarial adjustments for mortality experience on annuities in payment period		–			510			–			–			–
Annuity benefit payments		–			(10,914	)		–			–			–
Increase (decrease) in net assets from contract transactions		(20,189,702	)		(30,213,196	)		(7,796,163	)		(6,874,800	)		(89,377,801	)
Increase (decrease) in net assets		(15,933,512	)		(19,818,415	)		(6,158,083	)		(4,601,385	)		(62,749,292	)
Net assets at the beginning of year		64,096,321			128,043,519			30,088,512			34,546,232			427,650,170
Net assets at the end of year	$	48,162,809		$	108,225,104		$	23,930,429		$	29,944,847		$	364,900,878

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
43

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	Macquarie VIP Path Mod Ser Cl			Macquarie VIP Science & Tech Ser Cl			Macquarie VIP Small Cap Growth Ser Cl			Macquarie VIP Smid Cap Core Ser Cl			Macquarie VIP Value Ser Cl
Year ended December 31, 2023
Operations
Net investment income (loss)	$	4,709,620		$	(924,228	)	$	(448,899	)	$	(411,555	)	$	139,443
Net realized gains (losses) on investments		5,667,507			(462,079	)		3,042,265			1,697,070			7,082,173
Net change in unrealized appreciation (depreciation) on investments		3,804,454			22,182,258			1,009,372			3,635,275			(3,535,900	)
Net increase (decrease) in net assets resulting from operations		14,181,581			20,795,951			3,602,738			4,920,790			3,685,716
Contract transactions (Notes 3 and 6)
Contract purchase payments		187,545			1,871,481			2,140,529			1,630,442			1,674,130
Contract terminations, withdrawal payments and charges		(24,839,988	)		(13,220,038	)		(5,876,002	)		(6,949,835	)		(10,188,509	)
Actuarial adjustments for mortality experience on annuities in payment period		507			5,723			45			6,262			(54,006	)
Annuity benefit payments		(3,887	)		(26,476	)		(6,540	)		(22,117	)		(41,445	)
Increase (decrease) in net assets from contract transactions		(24,655,823	)		(11,369,310	)		(3,741,968	)		(5,335,248	)		(8,609,830	)
Increase (decrease) in net assets		(10,474,242	)		9,426,641			(139,230	)		(414,458	)		(4,924,114	)
Net assets at the beginning of year		114,117,716			60,692,305			32,288,248			37,834,841			58,935,634
Net assets at the end of year	$	103,643,474		$	70,118,946		$	32,149,018		$	37,420,383		$	54,011,520
Year ended December 31, 2024
Operations
Net investment income (loss)	$	252,755		$	(1,078,686	)	$	(416,837	)	$	(375,591	)	$	163,623
Net realized gains (losses) on investments		(6,335,931	)		(131,477	)		(2,811,160	)		(399,285	)		3,724,125
Net change in unrealized appreciation (depreciation) on investments		13,605,703			20,544,103			7,034,881			5,039,633			(1,108,084	)
Net increase (decrease) in net assets resulting from operations		7,522,527			19,333,940			3,806,884			4,264,757			2,779,664
Contract transactions (Notes 3 and 6)
Contract purchase payments		125,999			9,739,032			806,400			255,988			923,714
Contract terminations, withdrawal payments and charges		(25,119,067	)		(23,212,866	)		(9,405,999	)		(8,861,993	)		(11,750,444	)
Actuarial adjustments for mortality experience on annuities in payment period		637			32,124			(3,713	)		9,100			9,328
Annuity benefit payments		(4,196	)		(34,762	)		(8,211	)		(37,648	)		(57,936	)
Increase (decrease) in net assets from contract transactions		(24,996,627	)		(13,476,472	)		(8,611,523	)		(8,634,553	)		(10,875,338	)
Increase (decrease) in net assets		(17,474,100	)		5,857,468			(4,804,639	)		(4,369,796	)		(8,095,674	)
Net assets at the beginning of year		103,643,474			70,118,946			32,149,018			37,420,383			54,011,520
Net assets at the end of year	$	86,169,374		$	75,976,414		$	27,344,379		$	33,050,587		$	45,915,846

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
44

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	MFS VIT - Mid Cap Growth Ser SC			MFS VIT II - Intl Intrinsic Val SC			MorgStanley VIF Emg Mk Eq Cl 2			Morningstar Aggr Growth ETF Cl II			Morningstar Balanced ETF Cl II
Year ended December 31, 2023
Operations
Net investment income (loss)	$	(44,009	)	$	(209,164	)	$	28,844		$	56,731		$	247,749
Net realized gains (losses) on investments		(59,076	)		2,612,659			45,595			376,539			312,847
Net change in unrealized appreciation (depreciation) on investments		548,825			1,082,947			1,554,626			1,371,288			3,629,830
Net increase (decrease) in net assets resulting from operations		445,740			3,486,442			1,629,065			1,804,558			4,190,426
Contract transactions (Notes 3 and 6)
Contract purchase payments		42,479			1,415,651			310,776			2,424,386			346,874
Contract terminations, withdrawal payments and charges		(294,823	)		(3,890,966	)		(3,102,713	)		(1,812,943	)		(3,713,199	)
Actuarial adjustments for mortality experience on annuities in payment period		–			8			107			–			3,141
Annuity benefit payments		–			(120	)		(1,584	)		–			(21,273	)
Increase (decrease) in net assets from contract transactions		(252,344	)		(2,475,427	)		(2,793,414	)		611,443			(3,384,457	)
Increase (decrease) in net assets		193,396			1,011,015			(1,164,349	)		2,416,001			805,969
Net assets at the beginning of year		2,502,774			23,111,150			17,026,229			11,449,117			38,796,438
Net assets at the end of year	$	2,696,170		$	24,122,165		$	15,861,880		$	13,865,118		$	39,602,407
Year ended December 31, 2024
Operations
Net investment income (loss)	$	(45,583	)	$	(52,999	)	$	(28,687	)	$	(3,647	)	$	116,931
Net realized gains (losses) on investments		37,182			1,786,825			(555,301	)		799,435			408,888
Net change in unrealized appreciation (depreciation) on investments		329,990			(359,673	)		1,557,017			1,041,762			2,813,293
Net increase (decrease) in net assets resulting from operations		321,589			1,374,153			973,029			1,837,550			3,339,112
Contract transactions (Notes 3 and 6)
Contract purchase payments		26,556			946,319			391,981			943,474			452,601
Contract terminations, withdrawal payments and charges		(413,628	)		(3,417,910	)		(3,858,241	)		(2,812,284	)		(7,787,532	)
Actuarial adjustments for mortality experience on annuities in payment period		–			13			141			–			(1,604	)
Annuity benefit payments		–			(130	)		(1,704	)		–			(22,864	)
Increase (decrease) in net assets from contract transactions		(387,072	)		(2,471,708	)		(3,467,823	)		(1,868,810	)		(7,359,399	)
Increase (decrease) in net assets		(65,483	)		(1,097,555	)		(2,494,794	)		(31,260	)		(4,020,287	)
Net assets at the beginning of year		2,696,170			24,122,165			15,861,880			13,865,118			39,602,407
Net assets at the end of year	$	2,630,687		$	23,024,610		$	13,367,086		$	13,833,858		$	35,582,120

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
45

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	Morningstar Conservative ETF Cl II			Morningstar Growth ETF Cl II			Morningstar Inc & Gro Asset All Cl II			Neuberger Berman Sustain Eq S Cl			PIMCO VIT Global Div Alloc Adv Cl
Year ended December 31, 2023
Operations
Net investment income (loss)	$	81,179		$	108,395		$	103,295		$	(39,648	)	$	3,132,464
Net realized gains (losses) on investments		(333,700	)		341,874			(273,828	)		166,049			(13,118,090	)
Net change in unrealized appreciation (depreciation) on investments		880,415			2,171,756			1,488,757			555,959			29,104,239
Net increase (decrease) in net assets resulting from operations		627,894			2,622,025			1,318,224			682,360			19,118,613
Contract transactions (Notes 3 and 6)
Contract purchase payments		1,147,522			623,204			275,323			106,542			2,201,046
Contract terminations, withdrawal payments and charges		(2,972,966	)		(1,977,735	)		(2,283,046	)		(601,893	)		(18,922,074	)
Actuarial adjustments for mortality experience on annuities in payment period		–			888			–			4			–
Annuity benefit payments		–			(9,028	)		–			(58	)		–
Increase (decrease) in net assets from contract transactions		(1,825,444	)		(1,362,671	)		(2,007,723	)		(495,405	)		(16,721,028	)
Increase (decrease) in net assets		(1,197,550	)		1,259,354			(689,499	)		186,955			2,397,585
Net assets at the beginning of year		10,894,856			19,715,962			15,445,939			2,953,773			167,281,560
Net assets at the end of year	$	9,697,306		$	20,975,316		$	14,756,440		$	3,140,728		$	169,679,145
Year ended December 31, 2024
Operations
Net investment income (loss)	$	81,237		$	42,217		$	111,035		$	(45,014	)	$	5,342,219
Net realized gains (losses) on investments		(184,428	)		505,641			5,344			444,691			(18,671,704	)
Net change in unrealized appreciation (depreciation) on investments		461,003			1,789,913			799,505			313,020			25,776,102
Net increase (decrease) in net assets resulting from operations		357,812			2,337,771			915,884			712,697			12,446,617
Contract transactions (Notes 3 and 6)
Contract purchase payments		261,494			2,321,988			64,583			408,381			1,934,713
Contract terminations, withdrawal payments and charges		(1,237,590	)		(4,615,868	)		(1,754,783	)		(809,712	)		(29,853,646	)
Actuarial adjustments for mortality experience on annuities in payment period		–			(1,055	)		–			6			–
Annuity benefit payments		–			(9,954	)		–			(71	)		–
Increase (decrease) in net assets from contract transactions		(976,096	)		(2,304,889	)		(1,690,200	)		(401,396	)		(27,918,933	)
Increase (decrease) in net assets		(618,284	)		32,882			(774,316	)		311,301			(15,472,316	)
Net assets at the beginning of year		9,697,306			20,975,316			14,756,440			3,140,728			169,679,145
Net assets at the end of year	$	9,079,022		$	21,008,198		$	13,982,124		$	3,452,029		$	154,206,829

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
46

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	PIMCO VIT Intl Bond USD-H Adv Cl			PIMCO VIT Low Duration Adv CL			PIMCO VIT Total Return Adv Cl			Putnam VT Intl Eq Cl IB			Putnam VT Intl Val Cl IB
Year ended December 31, 2023
Operations
Net investment income (loss)	$	4,825		$	1,063,767		$	2,373,739		$	(28,432	)	$	587
Net realized gains (losses) on investments		4,291			(1,047,950	)		(4,624,259	)		72,742			(6,916	)
Net change in unrealized appreciation (depreciation) on investments		25,391			1,628,319			6,943,434			271,486			128,343
Net increase (decrease) in net assets resulting from operations		34,507			1,644,136			4,692,914			315,796			122,014
Contract transactions (Notes 3 and 6)
Contract purchase payments		893,038			3,924,154			3,626,519			13,891			206,084
Contract terminations, withdrawal payments and charges		(147,344	)		(8,892,531	)		(16,755,828	)		(382,833	)		(177,179	)
Actuarial adjustments for mortality experience on annuities in payment period		–			190			393			78			–
Annuity benefit payments		–			(2,309	)		(4,039	)		(269	)		–
Increase (decrease) in net assets from contract transactions		745,694			(4,970,496	)		(13,132,955	)		(369,133	)		28,905
Increase (decrease) in net assets		780,201			(3,326,360	)		(8,440,041	)		(53,337	)		150,919
Net assets at the beginning of year		16,468			50,924,125			117,708,966			2,045,736			693,134
Net assets at the end of year	$	796,669		$	47,597,765		$	109,268,925		$	1,992,399		$	844,053
Year ended December 31, 2024
Operations
Net investment income (loss)	$	34,736		$	1,127,635		$	2,690,274		$	14,451		$	9,346
Net realized gains (losses) on investments		7,591			(692,839	)		(3,344,884	)		64,182			92,680
Net change in unrealized appreciation (depreciation) on investments		22,594			875,976			1,813,866			(45,729	)		(71,524	)
Net increase (decrease) in net assets resulting from operations		64,921			1,310,772			1,159,256			32,904			30,502
Contract transactions (Notes 3 and 6)
Contract purchase payments		1,161,322			2,888,208			5,464,393			41,694			2,218,803
Contract terminations, withdrawal payments and charges		(271,371	)		(9,884,498	)		(17,442,380	)		(195,207	)		(2,148,411	)
Actuarial adjustments for mortality experience on annuities in payment period		–			178			388			101			–
Annuity benefit payments		–			(2,402	)		(4,160	)		(316	)		–
Increase (decrease) in net assets from contract transactions		889,951			(6,998,514	)		(11,981,759	)		(153,728	)		70,392
Increase (decrease) in net assets		954,872			(5,687,742	)		(10,822,503	)		(120,824	)		100,894
Net assets at the beginning of year		796,669			47,597,765			109,268,925			1,992,399			844,053
Net assets at the end of year	$	1,751,541		$	41,910,023		$	98,446,422		$	1,871,575		$	944,947

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
47

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	Putnam VT Lg Cap Growth Cl IB			Putnam VT Lg Cap Val Cl IB			Putnam VT Sustain Leaders Cl IB			SFT Bal Stabilization			SFT Core Bond Cl 2
Year ended December 31, 2023
Operations
Net investment income (loss)	$	(174,503	)	$	109,413		$	(12,420	)	$	(8,505,248	)	$	(2,978,027	)
Net realized gains (losses) on investments		127,844			1,188,125			71,120			32,075,935			2,984,181
Net change in unrealized appreciation (depreciation) on investments		3,835,641			922,490			195,921			55,371,590			9,250,314
Net increase (decrease) in net assets resulting from operations		3,788,982			2,220,028			254,621			78,942,277			9,256,468
Contract transactions (Notes 3 and 6)
Contract purchase payments		6,512,967			971,613			163,900			14,411,819			14,634,103
Contract terminations, withdrawal payments and charges		(2,338,856	)		(2,375,086	)		(402,228	)		(71,671,012	)		(24,249,355	)
Actuarial adjustments for mortality experience on annuities in payment period		(1	)		(5,596	)		–			296			2,833
Annuity benefit payments		(795	)		(6,691	)		–			(1,347	)		(61,558	)
Increase (decrease) in net assets from contract transactions		4,173,315			(1,415,760	)		(238,328	)		(57,260,244	)		(9,673,977	)
Increase (decrease) in net assets		7,962,297			804,268			16,293			21,682,033			(417,509	)
Net assets at the beginning of year		8,135,776			16,747,554			1,132,981			599,018,222			223,896,543
Net assets at the end of year	$	16,098,073		$	17,551,822		$	1,149,274		$	620,700,255		$	223,479,034
Year ended December 31, 2024
Operations
Net investment income (loss)	$	(273,960	)	$	(70,480	)	$	(16,481	)	$	(8,525,049	)	$	(2,864,944	)
Net realized gains (losses) on investments		2,487,567			4,197,546			98,312			63,664,314			4,167,412
Net change in unrealized appreciation (depreciation) on investments		2,882,498			(1,084,390	)		159,679			14,277,314			(2,534,811	)
Net increase (decrease) in net assets resulting from operations		5,096,105			3,042,676			241,510			69,416,579			(1,232,343	)
Contract transactions (Notes 3 and 6)
Contract purchase payments		11,846,706			123,566,304			270,784			7,860,523			7,654,909
Contract terminations, withdrawal payments and charges		(11,848,807	)		(124,139,353	)		(623,456	)		(117,489,781	)		(28,383,423	)
Actuarial adjustments for mortality experience on annuities in payment period		–			779			–			354			6,867
Annuity benefit payments		(1,031	)		(7,871	)		–			(1,490	)		(79,831	)
Increase (decrease) in net assets from contract transactions		(3,132	)		(580,141	)		(352,672	)		(109,630,394	)		(20,801,478	)
Increase (decrease) in net assets		5,092,973			2,462,535			(111,162	)		(40,213,815	)		(22,033,821	)
Net assets at the beginning of year		16,098,073			17,551,822			1,149,274			620,700,255			223,479,034
Net assets at the end of year	$	21,191,046		$	20,014,357		$	1,038,112		$	580,486,440		$	201,445,213

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
48

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	SFT Eq Stabilization			SFT Govt Money Market			SFT Index 400 MC Cl 2			SFT Index 500 Cl 2			SFT Macquarie Growth
Year ended December 31, 2023
Operations
Net investment income (loss)	$	(4,192,280	)	$	1,831,358		$	(669,583	)	$	(2,690,579	)	$	(2,021,074	)
Net realized gains (losses) on investments		8,620,883			–			5,419,509			20,858,140			22,277,610
Net change in unrealized appreciation (depreciation) on investments		13,923,235			–			3,333,734			35,713,747			29,884,145
Net increase (decrease) in net assets resulting from operations		18,351,838			1,831,358			8,083,660			53,881,308			50,140,681
Contract transactions (Notes 3 and 6)
Contract purchase payments		4,484,128			26,114,218			4,806,604			16,038,353			3,468,723
Contract terminations, withdrawal payments and charges		(40,149,114	)		(22,155,117	)		(9,187,525	)		(25,803,202	)		(30,163,711	)
Actuarial adjustments for mortality experience on annuities in payment period		237			1,924			4,558			113,092			(26,515	)
Annuity benefit payments		(1,088	)		(7,551	)		(26,757	)		(3,767,302	)		(142,932	)
Increase (decrease) in net assets from contract transactions		(35,665,837	)		3,953,474			(4,403,120	)		(13,419,059	)		(26,864,435	)
Increase (decrease) in net assets		(17,313,999	)		5,784,832			3,680,540			40,462,249			23,276,246
Net assets at the beginning of year		313,482,227			64,006,678			58,637,220			225,947,650			147,287,738
Net assets at the end of year	$	296,168,228		$	69,791,510		$	62,317,760		$	266,409,899		$	170,563,984
Year ended December 31, 2024
Operations
Net investment income (loss)	$	(3,964,647	)	$	2,135,936		$	(678,388	)	$	(3,084,796	)	$	(2,123,872	)
Net realized gains (losses) on investments		20,388,037			–			7,028,110			29,453,453			32,011,154
Net change in unrealized appreciation (depreciation) on investments		7,593,112			–			667,438			32,474,153			4,965,526
Net increase (decrease) in net assets resulting from operations		24,016,502			2,135,936			7,017,160			58,842,810			34,852,808
Contract transactions (Notes 3 and 6)
Contract purchase payments		3,645,361			27,259,638			1,980,300			13,142,295			1,205,553
Contract terminations, withdrawal payments and charges		(63,695,056	)		(38,127,901	)		(12,006,017	)		(30,645,124	)		(39,863,583	)
Actuarial adjustments for mortality experience on annuities in payment period		275			(102,389	)		15,092			(236,736	)		42,566
Annuity benefit payments		(1,159	)		(21,367	)		(39,167	)		(6,324,982	)		(221,462	)
Increase (decrease) in net assets from contract transactions		(60,050,579	)		(10,992,019	)		(10,049,792	)		(24,064,547	)		(38,836,926	)
Increase (decrease) in net assets		(36,034,077	)		(8,856,083	)		(3,032,632	)		34,778,263			(3,984,118	)
Net assets at the beginning of year		296,168,228			69,791,510			62,317,760			266,409,899			170,563,984
Net assets at the end of year	$	260,134,151		$	60,935,427		$	59,285,128		$	301,188,162		$	166,579,866

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
49

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	SFT Macquarie Small Cap Growth			SFT Real Estate Cl 2			SFT T. Rowe Price Value			SFT Wellington Core Equity Cl 2			T. Rowe Price Health Science II Cl
Year ended December 31, 2023
Operations
Net investment income (loss)	$	(435,923	)	$	(690,868	)	$	(1,168,529	)	$	(416,381	)	$	(13,468	)
Net realized gains (losses) on investments		1,847,884			2,470,908			6,505,953			4,529,815			57,633
Net change in unrealized appreciation (depreciation) on investments		2,380,422			3,421,842			3,102,003			2,450,457			(8,720	)
Net increase (decrease) in net assets resulting from operations		3,792,383			5,201,882			8,439,427			6,563,891			35,445
Contract transactions (Notes 3 and 6)
Contract purchase payments		1,505,222			1,988,728			2,042,233			1,568,138			996,741
Contract terminations, withdrawal payments and charges		(4,953,647	)		(6,781,864	)		(11,729,384	)		(7,727,371	)		(92,989	)
Actuarial adjustments for mortality experience on annuities in payment period		(49,716	)		(9,317	)		3,095			1,130			–
Annuity benefit payments		(27,285	)		(18,921	)		(14,238	)		(24,986	)		–
Increase (decrease) in net assets from contract transactions		(3,525,426	)		(4,821,374	)		(9,698,294	)		(6,183,089	)		903,752
Increase (decrease) in net assets		266,957			380,508			(1,258,867	)		380,802			939,197
Net assets at the beginning of year		34,535,791			52,312,609			89,397,062			36,864,474			587,841
Net assets at the end of year	$	34,802,748		$	52,693,117		$	88,138,195		$	37,245,276		$	1,527,038
Year ended December 31, 2024
Operations
Net investment income (loss)	$	(431,962	)	$	(643,350	)	$	(1,157,300	)	$	(415,482	)	$	(25,945	)
Net realized gains (losses) on investments		2,963,720			5,065,050			12,986,295			7,335,285			333,331
Net change in unrealized appreciation (depreciation) on investments		1,641,129			(2,014,172	)		(875,378	)		1,099,094			(366,787	)
Net increase (decrease) in net assets resulting from operations		4,172,887			2,407,528			10,953,617			8,018,897			(59,401	)
Contract transactions (Notes 3 and 6)
Contract purchase payments		1,418,054			1,066,258			547,911			548,895			2,425,955
Contract terminations, withdrawal payments and charges		(6,527,379	)		(12,961,641	)		(20,805,814	)		(11,336,104	)		(1,171,701	)
Actuarial adjustments for mortality experience on annuities in payment period		(152	)		1,194			4,244			25,084			–
Annuity benefit payments		(31,211	)		(22,605	)		(17,724	)		(33,249	)		–
Increase (decrease) in net assets from contract transactions		(5,140,688	)		(11,916,794	)		(20,271,383	)		(10,795,374	)		1,254,254
Increase (decrease) in net assets		(967,801	)		(9,509,266	)		(9,317,766	)		(2,776,477	)		1,194,853
Net assets at the beginning of year		34,802,748			52,693,117			88,138,195			37,245,276			1,527,038
Net assets at the end of year	$	33,834,947		$	43,183,851		$	78,820,429		$	34,468,799		$	2,721,891

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
50

Variable Annuity Account
Statements of Changes in Net Assets

Years ended December 31, 2024 and 2023

	Segregated Sub-Accounts*
	TOPS Mgd Risk Bal ETF Cl 2			TOPS Mgd Risk Flex ETF			TOPS Mgd Risk Growth ETF Cl 2			TOPS Mgd Risk Mod Growth ETF Cl 2
Year ended December 31, 2023
Operations
Net investment income (loss)	$	(133,045	)	$	382,737		$	(574,857	)	$	(147,396	)
Net realized gains (losses) on investments		(3,967,059	)		1,794,957			(10,463,576	)		(11,863,288	)
Net change in unrealized appreciation (depreciation) on investments		5,031,285			7,749,909			16,695,405			13,282,672
Net increase (decrease) in net assets resulting from operations		931,181			9,927,603			5,656,972			1,271,988
Contract transactions (Notes 3 and 6)
Contract purchase payments		1,751,105			5,694,193			474,872			594,259
Contract terminations, withdrawal payments and charges		(2,347,842	)		(11,362,230	)		(9,666,378	)		(3,303,389	)
Actuarial adjustments for mortality experience on annuities in payment period		–			–			–			–
Annuity benefit payments		–			–			–			–
Increase (decrease) in net assets from contract transactions		(596,737	)		(5,668,037	)		(9,191,506	)		(2,709,130	)
Increase (decrease) in net assets		334,444			4,259,566			(3,534,534	)		(1,437,142	)
Net assets at the beginning of year		12,590,546			130,951,277			64,071,828			16,047,621
Net assets at the end of year	$	12,924,990		$	135,210,843		$	60,537,294		$	14,610,479
Year ended December 31, 2024
Operations
Net investment income (loss)	$	129,208		$	1,282,223		$	353,250		$	118,382
Net realized gains (losses) on investments		(3,167,972	)		6,192,573			(14,449,367	)		451,790
Net change in unrealized appreciation (depreciation) on investments		3,632,488			(1,429,928	)		17,546,521			286,071
Net increase (decrease) in net assets resulting from operations		593,724			6,044,868			3,450,404			856,243
Contract transactions (Notes 3 and 6)
Contract purchase payments		935,404			1,488,681			76,722			202,874
Contract terminations, withdrawal payments and charges		(3,641,210	)		(23,388,913	)		(18,549,219	)		(3,432,398	)
Actuarial adjustments for mortality experience on annuities in payment period		–			–			–			–
Annuity benefit payments		–			–			–			–
Increase (decrease) in net assets from contract transactions		(2,705,806	)		(21,900,232	)		(18,472,497	)		(3,229,524	)
Increase (decrease) in net assets		(2,112,082	)		(15,855,364	)		(15,022,093	)		(2,373,281	)
Net assets at the beginning of year		12,924,990			135,210,843			60,537,294			14,610,479
Net assets at the end of year	$	10,812,908		$	119,355,479		$	45,515,201		$	12,237,198

*  See Note 1 for the full name of each segregated Sub-Account.

(Continued)

See accompanying notes to financial statements.
51

Variable Annuity Account
Notes to Financial Statements

December 31, 2024

(1)  Organization and Basis of Presentation

The Variable Annuity Account (the Account) was established on September 10, 1984 as a segregated asset account of Minnesota Life Insurance Company (Minnesota Life) under Minnesota law and is registered as a unit investment trust under the Investment Company Act of 1940 (as amended). The Account currently offers the following nineteen types of variable annuity contracts consisting of ninety-seven segregated sub-accounts (collectively, the Sub-Accounts) to which contract owners may allocate their purchase payments: MultiOption Flex, MultiOption Single, and MultiOption Select (each of which has the same mortality and expense charges and unit value); MultiOption Classic and MultiOption Achiever (each of which has the same mortality and expense charges, administrative charges, and unit value); MegAnnuity; UMOA; MultiOption Advisor B, C, and L Class; Adjustable Income Annuity; MultiOption Legend; MultiOption Extra; MultiOption Guide B and L Series; Waddell & Reed Retirement Builder; Waddell & Reed Retirement Builder II B and L Series; and MultiOption Momentum. Such payments are then invested in shares of the portfolios. The Account's mortality and expense risk charge and administrative charge vary based on the contract and optional benefits that are issued. The differentiating features of the contracts are described in Note 3 below.

The assets of each segregated Sub-Account are held for the exclusive benefit of the variable annuity contract owners and are not chargeable with liabilities arising out of the business conducted by any other account or by Minnesota Life. The Account currently offers the following Sub-Accounts:

Full Name	Abbreviated Name
AB VPS Dynamic Asset Allocation Portfolio – Class B Shares	AB VPS Dyn Asset Alloc Cl B
AB VPS International Value Portfolio – Class B Shares	AB VPS Intl Value Cl B
American Funds IS®​ Capital World Bond Fund – Class 2 Shares	Amer Funds IS Capital World Bond Cl 2
American Funds IS®​ Global Growth Fund – Class 2 Shares	Amer Funds IS Global Growth Cl 2
American Funds IS®​ Global Small Capitalization Fund – Class 2 Shares	Amer Funds IS Global Small Cap Cl 2
American Funds IS®​ Growth Fund – Class 2 Shares	Amer Funds IS Growth Cl 2
American Funds IS®​ Growth-Income Fund – Class 2 Shares	Amer Funds IS Growth-Inc Cl 2
American Funds IS®​ International Fund – Class 2 Shares	Amer Funds IS Intl Cl 2
American Funds IS®​ New World Fund®​ – Class 2 Shares	Amer Funds IS New World Cl 2
American Funds IS®​ U.S. Government Securities Fund – Class 2 Shares	Amer Funds IS US Govt Sec Cl 2
BlackRock International Index V.I. Fund – Class III Shares	BlackRock Intl Index VI Cl III
BlackRock Small Cap Index V.I. Fund – Class III Shares	BlackRock Small Cap Index VI Cl III
Fidelity®​ VIP Bond Index Portfolio – Service Class 2	Fidelity VIP Bond Index SC 2
Fidelity®​ VIP Equity-Income Portfolio – Service Class 2	Fidelity VIP Equity-Income SC 2
Fidelity®​ VIP Mid Cap Portfolio – Service Class 2	Fidelity VIP Mid Cap SC 2
Franklin Templeton VIP Trust Franklin Mutual Shares VIP Fund – Class 2	Franklin Mutual Shs VIP Cl 2
Franklin Templeton VIP Trust Franklin Small Cap Value VIP Fund – Class 2	Franklin Small Cap Val VIP Cl 2
Franklin Templeton VIP Trust Franklin Small-Mid Cap Growth VIP Fund – Class 2	Franklin Sm-Md Cap Gr VIP Cl 2

(Continued)

52

Variable Annuity Account
Notes to Financial Statements

(1)  Organization and Basis of Presentation – (continued)

Full Name	Abbreviated Name
Franklin Templeton VIP Trust Templeton Developing Markets VIP Fund – Class 2	Franklin Temp Dev Mkts VIP Cl 2
Goldman Sachs VIT Government Money Market Portfolio – Service Shares	Goldman Sachs VIT Govt Money Market SS
Goldman Sachs VIT Trends Driven Allocation Fund – Service Shares	Goldman Sachs VIT Trends Driven SS
Invesco Oppenheimer V.I. International Growth Fund – Series II Shares	Invesco Opphmr VI Intl Growth Sr II
Invesco V.I. American Value Fund – Series II Shares	Invesco VI American Value Sr II
Invesco V.I. Comstock Fund – Series II Shares	Invesco VI Comstock Sr II
Invesco V.I. Equity and Income Fund – Series II Shares	Invesco VI Equity & Inc Sr II
Invesco V.I. Growth and Income Fund – Series II Shares	Invesco VI Growth & Inc Sr II
Invesco V.I. Main Street Small Cap Fund – Series II Shares	Invesco VI MS Sm Cap Sr II
Invesco V.I. Small Cap Equity Fund – Series II Shares	Invesco VI Sm Cap Equity Sr II
Janus Aspen Series – Janus Henderson Balanced Portfolio – Service Shares	Janus Henderson Balanced SS
Janus Aspen Series – Janus Henderson Flexible Bond – Service Shares	Janus Henderson Flexible Bond SS
Janus Aspen Series – Janus Henderson Forty Portfolio – Service Shares	Janus Henderson Forty SS
Janus Aspen Series – Janus Henderson Mid Cap Value Portfolio – Service Shares	Janus Henderson Mid Cap Val SS
Janus Aspen Series – Janus Henderson Overseas Portfolio – Service Shares	Janus Henderson Overseas SS
Legg Mason Partners Variable Equity Trust – ClearBridge Variable Small Cap Growth Portfolio – Class II Shares	ClearBridge Sm Cap Growth Cl II
LVIP American Century Disciplined Core Value Fund – Service Class	LVIP Amer Century VP Dscplnd Core Val Ser Cl
LVIP American Century Inflation Protection Fund – Service Class	LVIP Amer Century VP Infl Pro Cl Ser Cl
Macquarie VIP Asset Strategy Series – Service Class Shares	Macquarie VIP Asset Strategy Ser Cl
Macquarie VIP Balanced Series – Service Class Shares	Macquarie VIP Balanced Ser Cl
Macquarie VIP Core Equity Series – Service Class Shares	Macquarie VIP Core Equity Ser Cl
Macquarie VIP Corporate Bond Series – Service Class Shares	Macquarie VIP Corporate Bond Ser Cl
Macquarie VIP Energy Series – Service Class Shares	Macquarie VIP Energy Ser Cl
Macquarie VIP Global Growth Series – Service Class Shares	Macquarie VIP Global Growth Ser Cl
Macquarie VIP Growth Series – Service Class Shares	Macquarie VIP Growth Ser Cl
Macquarie VIP High Income Series – Service Class Shares	Macquarie VIP High Income Ser Cl
Macquarie VIP International Core Equity Series – Service Class Shares	Macquarie VIP Intl Core Equity Ser Cl
Macquarie VIP Limited Term Bond Series – Service Class Shares	Macquarie VIP Limited Term Bond Ser Cl
Macquarie VIP Mid Cap Growth Series – Service Class Shares	Macquarie VIP Mid Cap Growth Ser Cl

(Continued)

53

Variable Annuity Account
Notes to Financial Statements

(1)  Organization and Basis of Presentation – (continued)

Full Name	Abbreviated Name
Macquarie VIP Natural Resources Series – Service Class Shares	Macquarie VIP Natural Res Ser Cl
Macquarie VIP Pathfinder Aggressive Series – Service Class Shares	Macquarie VIP Path Aggr Ser Cl
Macquarie VIP Pathfinder Conservative Series – Service Class Shares	Macquarie VIP Path Conserv Ser Cl
Macquarie VIP Pathfinder Moderate – Managed Volatility Series – Service Class Shares	Macquarie VIP Path Mod MV Ser Cl
Macquarie VIP Pathfinder Moderate Series – Service Class Shares	Macquarie VIP Path Mod Ser Cl
Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series – Service Class Shares	Macquarie VIP Path Mod Aggr MV Ser Cl
Macquarie VIP Pathfinder Moderately Aggressive Series – Service Class Shares	Macquarie VIP Path Mod Aggr Ser Cl
Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series – Service Class Shares	Macquarie VIP Path Mod Cons MV Ser Cl
Macquarie VIP Pathfinder Moderately Conservative Series – Service Class Shares	Macquarie VIP Path Mod Conserv Ser Cl
Macquarie VIP Science and Technology Series – Service Class Shares	Macquarie VIP Science & Tech Ser Cl
Macquarie VIP Small Cap Growth Series – Service Class Shares	Macquarie VIP Small Cap Growth Ser Cl
Macquarie VIP Smid Cap Core Series – Service Class Shares	Macquarie VIP Smid Cap Core Ser Cl
Macquarie VIP Value Series – Service Class Shares	Macquarie VIP Value Ser Cl
MFS®​ VIT – Mid Cap Growth Series – Service Class	MFS VIT – Mid Cap Growth Ser SC
MFS®​ VIT II – International Intrinsic Value Portfolio – Service Class	MFS VIT II – Intl Intrinsic Val SC
Morgan Stanley Variable Insurance Fund, Inc. – Morgan Stanley VIF Emerging Markets Equity Portfolio – Class II Shares	MorgStanley VIF Emg Mk Eq Cl 2
Morningstar Aggressive Growth ETF Asset Allocation Portfolio – Class II Shares	Morningstar Aggr Growth ETF Cl II
Morningstar Balanced ETF Asset Allocation Portfolio – Class II Shares	Morningstar Balanced ETF Cl II
Morningstar Conservative ETF Asset Allocation Portfolio – Class II Shares	Morningstar Conservative ETF Cl II
Morningstar Growth ETF Asset Allocation Portfolio – Class II Shares	Morningstar Growth ETF Cl II
Morningstar Income and Growth Asset Allocation Portfolio – Class II Shares	Morningstar Inc & Gro Asset All Cl II
Neuberger Berman Advisers Management Trust Sustainable Equity – S Class Shares	Neuberger Berman Sustain Eq S Cl
Northern Lights VT TOPS®​ Managed Risk Balanced ETF Portfolio – Class 2 Shares	TOPS Mgd Risk Bal ETF Cl 2
Northern Lights VT TOPS®​ Managed Risk Flex ETF Portfolio	TOPS Mgd Risk Flex ETF
Northern Lights VT TOPS®​ Managed Risk Growth ETF Portfolio – Class 2 Shares	TOPS Mgd Risk Growth ETF Cl 2

(Continued)

54

Variable Annuity Account
Notes to Financial Statements

(1)  Organization and Basis of Presentation – (continued)

Full Name	Abbreviated Name
Northern Lights VT TOPS®​ Managed Risk Moderate Growth ETF Portfolio – Class 2 Shares	TOPS Mgd Risk Mod Growth ETF Cl 2
PIMCO VIT – International Bond Portfolio (U.S. Dollar Hedged) Advisor Class Shares	PIMCO VIT Intl Bond USD-H Adv Cl
PIMCO VIT – PIMCO Global Diversified Allocation Portfolio Advisor Class Shares	PIMCO VIT Global Div Alloc Adv Cl
PIMCO VIT – PIMCO Low Duration Portfolio Advisor Class Shares	PIMCO VIT Low Duration Adv CL
PIMCO VIT – PIMCO Total Return Portfolio Advisor Class Shares	PIMCO VIT Total Return Adv Cl
Putnam VT International Equity Fund – Class IB Shares	Putnam VT Intl Eq Cl IB
Putnam VT International Value Fund – Class IB Shares	Putnam VT Intl Val Cl IB
Putnam VT Large Cap Growth Fund – Class IB Shares	Putnam VT Lg Cap Growth Cl IB
Putnam VT Large Cap Value Fund – Class IB Shares	Putnam VT Lg Cap Val Cl IB
Putnam VT Sustainable Leaders Fund – Class IB Shares	Putnam VT Sustain Leaders Cl IB
Securian Funds Trust – SFT Balanced Stabilization Fund	SFT Bal Stabilization
Securian Funds Trust – SFT Core Bond Fund – Class 2 Shares	SFT Core Bond Cl 2
Securian Funds Trust – SFT Equity Stabilization Fund	SFT Eq Stabilization
Securian Funds Trust – SFT Government Money Market Fund	SFT Govt Money Market
Securian Funds Trust – SFT Index 400 Mid-Cap Fund – Class 2 Shares	SFT Index 400 MC Cl 2
Securian Funds Trust – SFT Index 500 Fund – Class 2 Shares	SFT Index 500 Cl 2
Securian Funds Trust – SFT Macquarie Growth Fund	SFT Macquarie Growth
Securian Funds Trust – SFT Macquarie Small Cap Growth Fund	SFT Macquarie Small Cap Growth
Securian Funds Trust – SFT Real Estate Securities Fund – Class 2 Shares	SFT Real Estate Cl 2
Securian Funds Trust – SFT T. Rowe Price Value Fund	SFT T. Rowe Price Value
Securian Funds Trust – SFT Wellington Core Equity Fund – Class 2 Shares	SFT Wellington Core Equity Cl 2
T. Rowe Price Health Sciences Portfolio – II Class	T. Rowe Price Health Science II Cl

The Securian Funds Trust was organized by Minnesota Life as an investment vehicle for its variable annuity contracts and variable life policies. Securian Funds Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended, each of whose Funds operate as a no-load, diversified open-end management investment company, except that the SFT Macquarie Growth Fund operates as non-diversified, open-end management investment company.

Securian Financial Services, Inc. (Securian) acts as the underwriter for the Account. Securian Asset Management, Inc. (Securian AM) acts as the investment adviser for the Securian Funds Trust. Both Securian and Securian AM are affiliate companies of Minnesota Life.

(Continued)

55

Variable Annuity Account
Notes to Financial Statements

(1)  Organization and Basis of Presentation – (continued)

The following Sub-Accounts had name changes during 2023 and 2024:

Former Name	Current Name	Effective Date
Putnam VT Growth Opportunities Fund – Class IB Shares	Putnam VT Large Cap Growth Fund – Class IB Shares	May 1, 2023
Delaware VIP Global Value Equity – Class II Shares	Delaware VIP Global Equity – Class II Shares	October 31, 2023
American Century VP Disciplined Core Value Fund Class II	LVIP American Century Disciplined Core Value Fund – Service Class	April 26, 2024
American Century Investments II VP Inflation Protection Fund – Class II Shares	LVIP American Century Inflation Protection Fund – Service Class	April 26, 2024
Delaware Ivy VIP Asset Strategy – Class II Shares	Macquarie VIP Asset Strategy Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Balanced – Class II Shares	Macquarie VIP Balanced Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Core Equity – Class II Shares	Macquarie VIP Core Equity Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Corporate Bond – Class II Shares	Macquarie VIP Corporate Bond Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Energy – Class II Shares	Macquarie VIP Energy Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Global Growth – Class II Shares	Macquarie VIP Global Growth Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Growth – Class II Shares	Macquarie VIP Growth Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP High Income – Class II Shares	Macquarie VIP High Income Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP International Core Equity – Class II Shares	Macquarie VIP International Core Equity Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Limited-Term Bond – Class II Shares	Macquarie VIP Limited Term Bond Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Mid Cap Growth – Class II Shares	Macquarie VIP Mid Cap Growth Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Natural Resources – Class II Shares	Macquarie VIP Natural Resources Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Pathfinder Aggressive – Class II Shares	Macquarie VIP Pathfinder Aggressive Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Pathfinder Conservative – Class II Shares	Macquarie VIP Pathfinder Conservative Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Pathfinder Moderate – Managed Volatility – Class II Shares	Macquarie VIP Pathfinder Moderate – Managed Volatility Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Pathfinder Moderate – Class II Shares	Macquarie VIP Pathfinder Moderate Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Pathfinder Moderately Aggressive – Managed Volatility – Class II Shares	Macquarie VIP Pathfinder Moderately Aggressive – Managed Volatility Series – Service Class Shares	May 1, 2024

(Continued)

56

Variable Annuity Account
Notes to Financial Statements

(1)  Organization and Basis of Presentation – (continued)

Former Name	Current Name	Effective Date
Delaware Ivy VIP Pathfinder Moderately Aggressive – Class II Shares	Macquarie VIP Pathfinder Moderately Aggressive Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Pathfinder Moderately Conservative – Managed Volatility – Class II Shares	Macquarie VIP Pathfinder Moderately Conservative – Managed Volatility Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Pathfinder Moderately Conservative – Class II Shares	Macquarie VIP Pathfinder Moderately Conservative Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Science and Technology – Class II Shares	Macquarie VIP Science and Technology Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Small Cap Growth – Class II Shares	Macquarie VIP Small Cap Growth Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Smid Cap Core – Class II Shares	Macquarie VIP Smid Cap Core Series – Service Class Shares	May 1, 2024
Delaware Ivy VIP Value – Class II Shares	Macquarie VIP Value Series – Service Class Shares	May 1, 2024
Securian Funds Trust – SFT Delaware IvySM​ Growth Fund	Securian Funds Trust – SFT Macquarie Growth Fund	December 31, 2024
Securian Funds Trust – SFT Delaware IvySM​ Small Cap Growth Fund	Securian Funds Trust – SFT Macquarie Small Cap Growth Fund	December 31, 2024

On December 8, 2023, the Securian Funds Trust International Bond Fund was liquidated. Pursuant to no-action relief granted by the Securities and Exchange Commission, annuity contracts reinsured by S.USA Life Insurance Company used the proceeds from the liquidation of the Securian Funds Trust International Bond Fund to purchase Sub-Account units in the Securian Funds Trust Government Money Market Fund at relative net asset value. Pursuant to a Substitution Order Minnesota Life Insurance Company previously obtained from the Securities and Exchange Commission, non-reinsured annuity contracts used the proceeds from the liquidation of the Securian Funds Trust International Bond Fund to purchase Sub-Account units in the American Funds IS^®​ Capital World Bond Fund at relative net asset value.

Liquidated Fund	Replacement Fund
Securian Funds Trust – SFT International Bond Fund – Class 2 Shares	American Funds IS®​ Capital World Bond Fund – Class 2 Shares
Securian Funds Trust – SFT International Bond Fund – Class 2 Shares	Securian Funds Trust – SFT Government Money Market Fund

On April 26, 2024, the Delaware VIP Global Equity – Class II Shares Fund was acquired by the Delaware Ivy VIP Global Growth – Class II Shares Fund pursuant to a plan of reorganization. The Delaware Ivy VIP Global Growth – Class II Shares Fund was then subsequently renamed to the Macquarie Global Growth Series – Service Class Shares fund.

Liquidated Fund	Acquiring Fund
Delaware VIP Global Equity – Class II Shares	Delaware Ivy VIP Global Growth – Class II Shares

On April 30, 2024, the Delaware VIP Real Estate Securities – Class II Shares Fund was liquidated. Pursuant to no-action relief granted by the Securities and Exchange Commission, proceeds received from the liquidation of the fund were used to

(Continued)

57

Variable Annuity Account
Notes to Financial Statements

(1)  Organization and Basis of Presentation – (continued)

purchase Sub-Account units in the Goldman Sachs VIT Government Money Market Portfolio – Service Shares Fund at relative net asset value.

Liquidated Fund	Replacement Fund
Delaware VIP Real Estate Securities – Class II Shares	Goldman Sachs VIT Government Money Market Portfolio – Service Shares

On May 1, 2024, the Northern Lights VT TOPS Target Range Portfolio – Class S Shares Fund was liquidated. Pursuant to no-action relief granted by the Securities and Exchange Commission, proceeds received from the liquidation of the fund were used to purchase Sub-Account units in the Securian Funds Trust – SFT Government Money Market Fund at relative net asset value.

Liquidated Fund	Replacement Fund
Northern Lights VT TOPS Target Range Portfolio – Class S Shares	Securian Funds Trust – SFT Government Money Market Fund

(2)  Summary of Significant Accounting Policies

The Account and Sub-Accounts are investment companies and follow accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies.

The significant accounting policies followed consistently by the Account are as follows:

(a)  Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the financial statements and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

(b)  Investments in Underlying Funds

Investments in shares of the underlying funds are stated at fair value which is the net asset value per share as determined daily by each underlying fund. Investment transactions are recorded on a trade date basis. The cost of investments sold is determined on the first in first out (FIFO) basis.

Realized gains (losses) on investments include capital gain distributions received from the respective underlying funds. Capital gain distributions are reinvested in the respective underlying funds.

All dividend distributions received from the underlying funds are reinvested in additional shares of the underlying funds and are recorded by the Sub-Accounts on the ex-dividend date. The underlying funds may utilize consent dividends to effectively distribute income for income tax purposes. The Sub-Account "consents" to treat these amounts as dividend income for tax purposes although they are not paid by the underlying funds. Therefore, no dividend income is recorded in the Statements of Operations related to such consent dividends.

(c)  Federal Income Taxes

The Account is treated as part of Minnesota Life for federal income tax purposes. Under existing federal income tax law, no income taxes are payable on investment income or capital gain distributions received by the Sub-Account from the underlying funds. Any applicable taxes will be the responsibility of contract holders or beneficiaries upon termination or withdrawal.

(Continued)

58

Variable Annuity Account
Notes to Financial Statements

(2)  Summary of Significant Accounting Policies – (continued)

(d)  Contracts in Annuity Payment Period

Annuity reserves are computed for currently payable contracts according to the mortality and assumed interest rate assumptions used to purchase the annuity income. If additional annuity reserves are required to support the liability, Minnesota Life reimburses the Account. If the reserves held are more than required, transfers may be made to Minnesota Life.

(e)  Segment Disclosures

The Sub-Accounts adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07) as of January 1, 2024. Adoption of ASU 2023-07 impacted the financial statement disclosures in this note only, and did not affect the financial position of the Sub-Accounts or the results of their operations. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker (CODM) when assessing segment performance and making decisions about segment resources. The CODM for the Sub-Accounts is the Senior Vice President, Individual Solutions, of Minnesota Life. Each Sub-Account has operated as a single segment since inception. The CODM assesses Sub-Account performance including investment results reflected in the net increase (decrease) in net assets resulting from operations as reported in the Statements of Operations as well as investment income ratios and total return, within the Financial Highlights of the Notes to Financial Statements.

(3)  Expenses and Related Party Transactions

(a)  MultiOption Flex/Single/Select

The mortality and expense charge paid to Minnesota Life is computed daily and is equal, on an annual basis, to 1.25% of the average daily net assets of the Account. Under certain conditions, the charge may be increased to 1.40% of the average daily net assets of the Account. This is charged through the daily unit value calculation. A contingent deferred sales charge may be imposed on a Multi-Option Flex or Single Annuity contract owner during the first ten years if a contract's accumulation value is withdrawn or surrendered. A seven year, per deposit, contingent deferred sales charge may be imposed on MultiOption Select contract owners if a contract's accumulation value is withdrawn or surrendered. For the years ended December 31, 2024 and 2023, contingent deferred sales charges totaled $961 and $6,798, respectively.

(b)  MultiOption Classic/Achiever

The mortality and expense charge paid to Minnesota Life is computed daily and is equal, on an annual basis, to 1.25% of the average daily net assets of the Account. Under certain conditions, the charge may be increased to 1.40% of the average daily net assets of the Account. This is charged through the daily unit value calculation.

The administrative charge paid to Minnesota Life is equal, on an annual basis, to 0.15% of the average daily net assets of the Account. Under certain conditions, the charge may be increased to not more than 0.40% of the average daily net assets of the Account.

A contingent deferred sales charge may be imposed on a MultiOption Classic contract owner during the first ten years if a contract's accumulation value is reduced by a withdrawal or surrender. A seven year, per deposit, contingent deferred sales charge may be imposed on a MultiOption Achiever contract owner if a contract's accumulation value is reduced by a withdrawal or surrender. For the years ended December 31, 2024 and 2023, contingent deferred sales charges totaled $4,059 and $16,254, respectively.

(Continued)

59

Variable Annuity Account
Notes to Financial Statements

(3)  Expenses and Related Party Transactions – (continued)

Within each contract, premium taxes may be deducted from purchase payments or at the commencement of annuity payments. Currently such taxes range from 0.00% to 3.50% depending on the applicable state law. No premium taxes were deducted from the purchase payments for the years ended December 31, 2024 and 2023.

Where allowed by law, Minnesota Life reserves the right to credit certain additional amounts, the "Wealthbuilder Credit", to certain MultiOption Achiever contracts in circumstances where large purchase payments are made to those contracts. Those amounts are obtained from the Minnesota Life General Account. Minnesota Life reserves the right to modify, suspend or terminate the Wealthbuilder Credit program at any time without notice.

(c)  MultiOption Advisor Series

There are three classes of contracts offered under this series – B Class, C Class, and L Class. The mortality and expense risk fee paid to Minnesota Life is computed daily and is equal, on an annual basis, to 1.05%, 1.40%, and 1.35%, respectively, of the average daily net assets of the Account. This is charged through the daily unit value calculation.

The administrative fee paid to Minnesota Life is equal, on an annual basis, to 0.15% of the average daily net assets of the Account. Within each contract, premium taxes may be deducted from purchase payments or at the commencement of annuity payments. Currently such taxes range from 0.00% to 3.50% depending on the applicable state law. No premium taxes were deducted from the purchase payments for the years ended December 31, 2024 and 2023.

A contingent deferred sales charge may be imposed on a MultiOption Advisor B Class contract owner on a seven year, per deposit basis, if a contract's accumulation value is reduced by a withdrawal or surrender. A contingent deferred sales charge may be imposed on a MultiOption Advisor L Class contract owner on a four year, per deposit basis, if a contract's accumulation value is reduced by a withdrawal or surrender.

There is no contingent deferred sales charge applied to withdrawals or surrenders from a MultiOption C Class contract. For the years ended December 31, 2024 and 2023, contingent deferred sales charges for all MultiOption Advisor classes totaled $150,664 and $78,423, respectively.

In addition to the base contracts, optional death and living benefit riders are available as set forth in the product's prospectus. Some of these benefits have separate account charges that are computed daily and each of which can be equal, on an annual basis, to 0.15% to 0.50% of the average daily net assets of the Account. These are charged through the daily unit value calculation. Other benefits have a charge that may be based on accumulation value or benefit base and are deducted periodically from the accumulation value of the contract.

(d)  MegAnnuity/UMOA

The administrative charge paid to Minnesota Life is equal, on an annual basis, to 0.15% of the average daily net assets of the Account. Under certain conditions, the charge may be increased to not more than 0.35% of the average daily net assets of the Account. This is charged through the daily unit value calculation.

Within each contract, premium taxes may be deducted from purchase payments or at the commencement of annuity payments. Currently such taxes range from 0.00% to 3.50% depending on the applicable state law. No premium taxes were deducted from the purchase payments for the years ended December 31, 2024 and 2023.

(e)  Adjustable Income Annuity

The mortality and expense risk charge paid to Minnesota Life is computed daily and is equal, on an annual basis, to 0.80% of the average daily net assets of the Account. Under certain conditions, the charge may be increased to not more than 1.40% of the average daily net assets of the Account. This is charged through the daily unit value calculation.

(Continued)

60

Variable Annuity Account
Notes to Financial Statements

(3)  Expenses and Related Party Transactions – (continued)

The administrative charge paid to Minnesota Life is computed daily and is equal, on an annual basis, to 0.15% of the average net assets of the Account. Under certain conditions, the charge may be increased to not more than 0.40% of the average daily net assets of the Account.

Contract purchase payments for Adjustable Income Annuity are reflected net of the following charges paid Minnesota Life:

A sales charge up to 4.50%, depending upon the total amount of purchase payments, is deducted from each contract purchase payment. No sales charges were deducted from contract purchase payments for the years ended December 31, 2024 and 2023.

A risk charge up to 2.00% is deducted from each contract purchase payment. No risk charges were deducted from contract purchase payments for the years ended December 31, 2024 and 2023.

A premium tax charge of up to 3.50% is deducted from each contract purchase payment. No premium tax charges were deducted from contract purchase payments for the years ended December 31, 2024 and 2023.

(f)  Waddell & Reed Advisors Retirement Builder

The mortality and expense risk charge paid to Minnesota Life is computed daily and is equal, on an annual basis, to 1.10% of the average daily net assets of the Account. This is charged through the daily unit value calculation.

The administrative fee paid to Minnesota Life is equal, on an annual basis, to 0.15% of the average daily net assets of the Account. Within each contract, premium taxes may be deducted from purchase payments or at the commencement of annuity payments. Currently such taxes range from 0.00% to 3.50% depending on the applicable state law. No premium taxes were deducted from the purchase payments for the years ended December 31, 2024 and 2023.

A contingent deferred sales charge may be imposed on a Waddell & Reed Advisors Retirement Builder contract owner on an eight year, per deposit basis, if a contract's accumulation value is reduced by a withdrawal or surrender. For the years ended December 31, 2024 and 2023, contingent deferred sales charges totaled $44,477 and $36,077, respectively.

In addition to the base contract, optional death and living benefit riders are available as set forth in the product's prospectus. Some of these benefits have separate account charges that are computed daily and each of which can be equal, on an annual basis, to 0.15% to 0.50% of the average daily net assets of the Account. These are charged through the daily unit value calculation. Other benefits have a charge that may be based on accumulation value or benefit base and are deducted periodically from the accumulation value of the contract.

(g)  MultiOption Legend

The mortality and expense risk charge paid to Minnesota Life is computed daily and is equal, on an annual basis, to 1.50% of the average daily net assets of the Account. This is charged through the daily unit value calculation.

The administrative fee paid to Minnesota Life is equal, on an annual basis, to 0.15% of the average daily net assets of the Account. Within each contract, premium taxes may be deducted from purchase payments or at the commencement of annuity payments. Currently such taxes range from 0.00% to 3.50% depending on the applicable state law. No premium taxes were deducted from the purchase payments for the years ended December 31, 2024 and 2023.

A contingent deferred sales charge may be imposed on a MultiOption Legend contract owner on a four year, per deposit basis, if a contract's accumulation value is reduced by a withdrawal or surrender. For the years ended December 31, 2024 and 2023, contingent deferred sales charges totaled $428 and $0, respectively.

(Continued)

61

Variable Annuity Account
Notes to Financial Statements

(3)  Expenses and Related Party Transactions – (continued)

In addition to the base contract, optional death and living benefit riders are available. Some of these benefits have separate account charges that are computed daily and are equal, on an annual basis, to 0.15% to 0.50% of the average daily net assets of the Account. These are charged through the daily unit value calculation. Other benefits have a charge that may be based on accumulation value or benefit base and are deducted periodically from the accumulation value of the contract.

(h)  MultiOption Extra

The mortality and expense risk charge paid to Minnesota Life is computed daily and is equal, on an annual basis, to 1.70% of the average daily net assets of the Account during the first nine contract years and 1.10% of the average daily net assets of the Account in contract years ten and later. This is charged through the daily unit value calculation.

The administrative fee paid to Minnesota Life is equal, on an annual basis, to 0.15% of the average daily net assets of the Account. Within each contract, premium taxes may be deducted from purchase payments or at the commencement of annuity payments. Currently such taxes range from 0.00% to 3.50% depending on the applicable state law. No premium taxes were deducted from the purchase payments for the years ended December 31, 2024 and 2023.

A contingent deferred sales charge may be imposed on a MultiOption Extra contract owner on an eight year, per deposit basis, if a contract's accumulation value is reduced by a withdrawal or surrender. For the years ended December 31, 2024 and 2023, contingent deferred sales charges totaled $911,507 and $1,092,648, respectively.

In addition to the base contract, optional death and living benefit riders are available as set forth in the product's prospectus. Some of these benefits have separate account charges that are computed daily and each of which can be equal, on an annual basis, to 0.15% to 0.50% of the average daily net assets of the Account. These are charged through the daily unit value calculation. Other benefits have a charge that may be based on accumulation value or benefit base and are deducted periodically from the accumulation value of the contract.

(i)  MultiOption Guide Series

There are two classes of contracts offered under this series – B Series and L Series. The mortality and expense risk fee paid to Minnesota Life is computed daily and is equal, on an annual basis, to 1.20% and 1.55%, respectively, of the average daily net assets of the Account. This is charged through the daily unit value calculation.

The administrative fee paid to Minnesota Life is equal, on an annual basis, to 0.15% of the average daily net assets of the Account. Within each contract, premium taxes may be deducted from purchase payments or at the commencement of annuity payments. Currently such taxes range from 0.00% to 3.50% depending on the applicable state law. No premium taxes were deducted from the purchase payments for the years ended December 31, 2024 and 2023.

A contingent deferred sales charge may be imposed on a MultiOption Guide B Series contract owner on a seven year, per deposit basis, if a contract's accumulation value is reduced by a withdrawal or surrender. A contingent deferred sales charge may be imposed on a MultiOption Guide L Series contract owner on a four year, per deposit basis, if a contract's accumulation value is reduced by a withdrawal or surrender. For the years ended December 31, 2024 and 2023, contingent deferred sales charges totaled $2,129,279 and $1,443,551, respectively.

In addition to the base contracts, optional death and living benefit riders are available as set forth in the product's prospectus. One of the benefits has a separate account charge that is computed daily which is equal, on an annual basis, to 0.25% of the average daily net assets of the Account. This is charged through the daily unit value calculation. Other benefits have a charge that may be based on accumulation value or benefit base and are deducted periodically from the accumulation value of the contract.

(Continued)

62

Variable Annuity Account
Notes to Financial Statements

(3)  Expenses and Related Party Transactions – (continued)

(j)  Waddell & Reed Advisors Retirement Builder II

There are two classes of contracts offered under this series – B Series and L Series. The mortality and expense risk fee paid to Minnesota Life is computed daily and is equal, on an annual basis, to 1.15% and 1.55%, respectively, of the average daily net assets of the Account. This is charged through the daily unit value calculation.

The administrative fee paid to Minnesota Life is equal, on an annual basis, to 0.15% of the average daily net assets of the Account. Within each contract, premium taxes may be deducted from purchase payments or at the commencement of annuity payments. Currently such taxes range from 0.00% to 3.50% depending on the applicable state law. No premium taxes were deducted from the purchase payments for the years ended December 31, 2024 and 2023.

A contingent deferred sales charge may be imposed on a Waddell & Reed Advisors Retirement Builder II – B Series contract owner on an eight year, per deposit basis, if a contract's accumulation value is reduced by a withdrawal or surrender. A contingent deferred sales charge may be imposed on a Waddell & Reed Advisors Retirement Builder II – L Series contract owner on a four year, per deposit basis, if a contract's accumulation value is reduced by a withdrawal or surrender. For the years ended December 31, 2024 and 2023, contingent deferred sales charges totaled $89,266 and $88,638, respectively.

In addition to the base contracts, optional death and living benefit riders are available as set forth in the product's prospectus. One of the benefits has a separate account charge that is computed daily which is equal, on an annual basis, to 0.25% of the average daily net assets of the Account. This is charged through the daily unit value calculation. Other benefits have a charge that may be based on accumulation value or benefit base and are deducted periodically from the accumulation value of the contract.

(k)  MultiOption Momentum

The mortality and expense risk fee paid to Minnesota Life is computed daily and is equal, on an annual basis, to 0.65% for contracts with Net Purchase Payments equal to or exceeding one million dollars and 0.75% for contracts with less than one million dollars in Net Purchase Payments, of the average daily net assets of the Account. During the annuitization phase of the contract, the mortality and expense risk fee is 1.20% of the average daily net assets of the Account for all contracts. This is charged through the daily unit value calculation.

The administrative fee paid to Minnesota Life is equal, on an annual basis, to 0.15% of the average daily net assets of the Account. Within each contract, premium taxes may be deducted from purchase payments or at the commencement of annuity payments. Currently such taxes range from 0.00% to 3.50% depending on the applicable state law. No premium taxes were deducted from the purchase payments for the years ended December 31, 2024 and 2023.

A contingent deferred sales charge may be imposed on a MultiOption Momentum contract owner on a five year, per deposit basis, if a contract's accumulation value is reduced by a withdrawal or surrender. For the years ended December 31, 2024 and 2023, contingent deferred sales charges totaled $184,236 and $204,302, respectively.

In addition to the base contract, optional riders are available as set forth in the product's prospectus. These benefits have a charge that may be based on accumulation value or benefit base and are deducted periodically from the accumulation value of the contract.

(Continued)

63

Variable Annuity Account
Notes to Financial Statements

(3)  Expenses and Related Party Transactions – (continued)

(l)  Other

On May 1, 2014, Minnesota Life and its affiliates undertook a substitution of certain underlying investments in a transaction approved by the SEC. As part of that transaction, Minnesota Life agreed to make a reduction in Sub-Account expenses to those contracts with assets allocated to specified funds on May 1, 2014, as follows:

Securian Funds Trust – SFT Wellington Core Equity Fund – Class 2 Shares – to the extent the fund's annual net operating expenses exceeds 0.89% (Class 2 Shares) or 0.64% (Class 1 Shares), Minnesota Life will make a corresponding reduction in Sub-Account expenses, for the life of each contract outstanding on May 1, 2014, to those contract owners whose Sub-Account invests in the fund.

These fee waivers are reported on the Statements of Operations as "Fees Waived" of the respective Sub-Account.

(4)  Fair Value Measurement

In accordance with FASB ASC Topic 820, Fair Value Measurement (FASB ASC 820), fair value is defined as the price that the Account would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment.

The fair value of the Account's financial assets has been determined using available market information as of December 31, 2024. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. In determining fair value, the Account primarily uses the market approach which utilizes relevant information generated by market transactions involving identical or comparable assets or liabilities. When applying the market approach, the Account maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs reflect the assumptions market participants would use in valuing a financial instrument based on market data obtained from sources independent of the Account. Unobservable inputs reflect the Account's estimates about the assumptions market participants would use in valuing financial assets and financial liabilities based on the best information available in the circumstances.

The Account is required to categorize its financial assets recorded on the Statements of Assets, Liabilities, and Contract Owners' Equity according to a three-level hierarchy. A level is assigned to each financial asset and financial liability based on the lowest level input that is significant to the fair value measurement in its entirety.

The levels of fair value hierarchy are as follows:

Level 1 – Fair value is based on unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2 – Fair value is based on other significant observable market-based inputs (including quoted prices for similar securities, interest rates, credit risk and prepayment speed).

Level 3 – Fair value is based on at least one or more significant unobservable inputs, which may include the Account's own assumptions in determining the fair value of investments.

The Account uses prices and inputs that are current as of the measurement date. In periods of market disruption, the ability to observe prices and inputs may be reduced, which could cause an asset or liability to be reclassified to a lower level. Inputs used to measure fair value of an asset or liability may fall into different levels of the fair value hierarchy. In these situations, the Account will determine the level in which the fair value falls based upon the lowest level input that is significant to the determination of the fair value.

(Continued)

64

Variable Annuity Account
Notes to Financial Statements

(4)  Fair Value Measurement – (continued)

As of December 31, 2024, all of the Account's investments are classified as Level 2 as the values are based upon reported net asset values provided by the fund managers. It has been determined that no transfers between levels occurred during the year. The characterization of the underlying securities held by the funds in accordance with FASB ASC 820 may differ from the characterization of an investment in the fund.

(5)  Investment Transactions

The aggregate cost of purchases and proceeds from sales of investments during the year ended December 31, 2024 were as follows:

Sub-Accounts	Purchases		Sales
AB VPS Dyn Asset Alloc Cl B	$	9,051,711	$	25,914,670
AB VPS Intl Value Cl B		1,105,056		1,103,578
Amer Funds IS Capital World Bond Cl 2		22,301,424		26,329,158
Amer Funds IS Global Growth Cl 2		25,693,293		25,312,774
Amer Funds IS Global Small Cap Cl 2		20,385,223		20,443,738
Amer Funds IS Growth Cl 2		20,312,831		23,201,522
Amer Funds IS Growth-Inc Cl 2		8,834,752		8,609,095
Amer Funds IS Intl Cl 2		77,240,430		79,245,745
Amer Funds IS New World Cl 2		10,077,780		10,893,647
Amer Funds IS US Govt Sec Cl 2		7,055,562		7,734,505
BlackRock Intl Index VI Cl III		336,606		71,893
BlackRock Small Cap Index VI Cl III		2,216,130		335,078
ClearBridge Sm Cap Growth Cl II		4,130,161		4,221,789
Fidelity VIP Bond Index SC 2		3,626,684		774,722
Fidelity VIP Equity-Income SC 2		6,499,019		12,182,224
Fidelity VIP Mid Cap SC2		16,518,759		15,521,261
Franklin Mutual Shs VIP Cl 2		2,083,917		2,973,348
Franklin Small Cap Val VIP Cl 2		10,803,523		14,411,974
Franklin Sm-Md Cap Gr VIP Cl 2		205,313		2,533,564
Franklin Temp Dev Mkts VIP Cl 2		3,356,700		4,979,009
Goldman Sachs VIT Govt Money Market SS		7,189,277		4,944,305
Goldman Sachs VIT Trends Driven SS		9,984,932		28,324,527
Invesco Opphmr VI Intl Growth Sr II		2,890,131		6,262,320
Invesco VI American Value Sr II		1,051,168		2,552,453
Invesco VI Comstock Sr II		3,951,230		18,764,698
Invesco VI Equity & Inc Sr II		693,500		1,595,909
Invesco VI Growth & Inc Sr II		405,676		512,352
Invesco VI MS Sm Cap Sr II		72,908		521,164
Invesco VI Sm Cap Equity Sr II		1,410,218		3,883,098
Janus Henderson Balanced SS		6,181,042		12,275,669
Janus Henderson Flexible Bond SS		8,536,130		9,410,281
Janus Henderson Forty SS		18,043,731		22,264,387
Janus Henderson Mid Cap Val SS		8,794,976		12,666,499
Janus Henderson Overseas SS		4,332,145		7,461,293
LVIP Amer Century VP Dscplnd Core Val Ser Cl		38,495		786,444
LVIP Amer Century VP Infl Pro Cl Ser Cl		3,215,099		8,424,974
Macquarie VIP Asset Strategy Ser Cl		4,173,747		20,221,826
Macquarie VIP Balanced Ser Cl		2,341,170		16,822,378
Macquarie VIP Core Equity Ser Cl		7,639,788		23,557,303
Macquarie VIP Corporate Bond Ser Cl		4,022,524		20,111,885
Macquarie VIP Energy Ser Cl		907,941		1,223,143
Macquarie VIP Global Growth Ser Cl		10,595,250		13,606,806
Macquarie VIP Growth Ser Cl		5,554,575		12,638,608
Macquarie VIP High Income Ser Cl		6,285,499		10,829,373
Macquarie VIP Intl Core Equity Ser Cl		2,214,521		18,774,691

(Continued)

65

Variable Annuity Account
Notes to Financial Statements

(5)  Investment Transactions – (continued)

Sub-Accounts	Purchases		Sales
Macquarie VIP Limited Term Bond Ser Cl	$	2,656,304	$	8,588,048
Macquarie VIP Mid Cap Growth Ser Cl		3,037,950		12,458,288
Macquarie VIP Natural Res Ser Cl		2,941,292		12,235,260
Macquarie VIP Path Aggr Ser Cl		406,756		3,374,435
Macquarie VIP Path Conserv Ser Cl		1,520,074		4,127,944
Macquarie VIP Path Mod Aggr MV Ser Cl		1,278,497		21,461,745
Macquarie VIP Path Mod Aggr Ser Cl		2,647,510		32,630,517
Macquarie VIP Path Mod Cons MV Ser Cl		4,320,478		12,108,348
Macquarie VIP Path Mod Conserv Ser Cl		962,724		7,720,817
Macquarie VIP Path Mod MV Ser Cl		19,538,352		108,757,122
Macquarie VIP Path Mod Ser Cl		1,638,088		26,381,967
Macquarie VIP Science & Tech Ser Cl		11,927,384		24,143,014
Macquarie VIP Small Cap Growth Ser Cl		748,300		9,776,686
Macquarie VIP Smid Cap Core Ser Cl		387,113		9,337,297
Macquarie VIP Value Ser Cl		7,431,427		12,402,603
MFS VIT – Mid Cap Growth Ser SC		212,828		453,473
MFS VIT II – Intl Intrinsic Val SC		2,197,902		3,654,508
MorgStanley VIF Emg Mk Eq Cl 2		544,553		4,041,086
Morningstar Aggr Growth ETF Cl II		1,324,337		2,985,337
Morningstar Balanced ETF Cl II		1,407,385		8,306,835
Morningstar Conservative ETF Cl II		461,634		1,356,499
Morningstar Growth ETF Cl II		3,020,842		4,852,203
Morningstar Inc & Gro Asset All Cl II		458,706		1,948,256
Neuberger Berman Sustain Eq S Cl		563,873		849,622
PIMCO VIT Global Div Alloc Adv Cl		9,389,473		31,966,237
PIMCO VIT Intl Bond USD-H Adv Cl		1,200,935		276,255
PIMCO VIT Low Duration Adv CL		4,450,945		10,321,886
PIMCO VIT Total Return Adv Cl		9,154,115		18,445,708
Putnam VT Intl Eq Cl IB		80,893		220,171
Putnam VT Intl Val Cl IB		2,241,670		2,159,375
Putnam VT Lg Cap Growth Cl IB		12,590,480		12,056,487
Putnam VT Lg Cap Val Cl IB		124,594,310		124,366,255
Putnam VT Sustain Leaders Cl IB		281,634		642,108
SFT Bal Stabilization		7,092,575		125,248,587
SFT Core Bond Cl 2		7,008,976		30,675,570
SFT Eq Stabilization		3,310,945		67,326,508
SFT Govt Money Market		29,877,010		38,733,218
SFT Index 400 MC Cl 2		1,854,670		12,582,887
SFT Index 500 Cl 2		12,488,985		39,638,479
SFT Macquarie Growth		1,140,650		42,101,483
SFT Macquarie Small Cap Growth		1,363,337		6,935,997
SFT Real Estate Cl 2		962,795		13,523,001
SFT T. Rowe Price Value		471,351		21,900,100
SFT Wellington Core Equity Cl 2		531,861		11,742,737
T. Rowe Price Health Science II Cl		2,652,993		1,169,456
TOPS Mgd Risk Bal ETF Cl 2		1,217,168		3,793,772
TOPS Mgd Risk Flex ETF		5,844,750		24,974,832
TOPS Mgd Risk Growth ETF Cl 2		1,145,027		19,264,341
TOPS Mgd Risk Mod Growth ETF Cl 2		498,962		3,610,118

(Continued)

66

Variable Annuity Account
Notes to Financial Statements

(6)  Unit Activity from Contract Transactions

Transactions in units for each Segregated Sub-Account for the years ended December 31, 2024 and 2023 were as follows:

	Segregated Sub-Accounts
	AB VPS Dyn Asset Alloc Cl B			AB VPS Intl Value Cl B			Amer Funds IS Capital World Bond Cl 2			Amer Funds IS Global Growth Cl 2			Amer Funds IS Global Small Cap Cl 2			Amer Funds IS Growth Cl 2
Units outstanding at December 31, 2022		135,881,517			833,944			15,519,244			8,887,456			10,176,950			31,461,398
Contract purchase payments		11,248,426			38,912			39,203,190			501,345			623,992			1,617,778
Contract terminations, withdrawal payments and charges		(12,487,606	)		(243,008	)		(2,485,745	)		(1,212,635	)		(1,332,327	)		(3,334,778	)
Units outstanding at December 31, 2023		134,642,337			629,848			52,236,689			8,176,166			9,468,615			29,744,398
Contract purchase payments		5,756,405			1,633,103			23,514,890			8,100,485			11,119,111			3,393,592
Contract terminations, withdrawal payments and charges		(17,884,968	)		(1,637,814	)		(28,307,176	)		(8,252,813	)		(11,476,756	)		(4,300,432	)
Units outstanding at December 31, 2024		122,513,774			625,137			47,444,403			8,023,838			9,110,970			28,837,558
	Segregated Sub-Accounts
	Amer Funds IS Growth-Inc Cl 2			Amer Funds IS Intl Cl 2			Amer Funds IS New World Cl 2			Amer Funds IS US Govt Sec Cl 2			BlackRock Intl Index VI Cl III			BlackRock Small Cap Index VI Cl III
Units outstanding at December 31, 2022		13,835,311			13,659,169			13,166,600			17,024,891			1,250,139			2,481,876
Contract purchase payments		1,447,947			730,691			826,368			4,557,061			631,426			1,157,190
Contract terminations, withdrawal payments and charges		(1,718,578	)		(2,196,594	)		(1,501,726	)		(2,862,390	)		(226,426	)		(213,402	)
Units outstanding at December 31, 2023		13,564,680			12,193,266			12,491,242			18,719,562			1,655,139			3,425,664
Contract purchase payments		1,565,918			55,360,185			6,504,687			6,186,186			273,895			2,025,218
Contract terminations, withdrawal payments and charges		(2,119,207	)		(56,772,073	)		(7,113,171	)		(7,324,101	)		(57,395	)		(328,673	)
Units outstanding at December 31, 2024		13,011,391			10,781,378			11,882,758			17,581,647			1,871,639			5,122,209
	Segregated Sub-Accounts
	ClearBridge Sm Cap Growth Cl II			Fidelity VIP Bond Index SC 2			Fidelity VIP Equity-Income SC 2			Fidelity VIP Mid Cap SC2			Franklin Mutual Shs VIP Cl 2			Franklin Small Cap Val VIP Cl 2
Units outstanding at December 31, 2022		8,308,704			1,875,940			15,521,293			6,131,297			1,472,579			14,864,996
Contract purchase payments		1,305,324			3,689,085			977,240			470,604			46,629			1,313,584
Contract terminations, withdrawal payments and charges		(1,012,146	)		(329,154	)		(1,962,789	)		(731,878	)		(203,848	)		(1,709,764	)
Units outstanding at December 31, 2023		8,601,882			5,235,871			14,535,744			5,870,023			1,315,360			14,468,816
Contract purchase payments		1,988,356			3,955,855			584,473			1,585,628			599,124			3,788,305
Contract terminations, withdrawal payments and charges		(2,226,679	)		(815,217	)		(2,792,335	)		(2,142,182	)		(897,321	)		(5,394,052	)
Units outstanding at December 31, 2024		8,363,559			8,376,509			12,327,882			5,313,469			1,017,163			12,863,069

(Continued)

67

Variable Annuity Account
Notes to Financial Statements

(6)  Unit Activity from Contract Transactions – (continued)

	Segregated Sub-Accounts
	Franklin Sm-Md Cap Gr VIP Cl 2			Franklin Temp Dev Mkts VIP Cl 2			Goldman Sachs VIT Govt Money Market SS			Goldman Sachs VIT Trends Driven SS			Invesco Opphmr VI Intl Growth Sr II			Invesco VI American Value Sr II
Units outstanding at December 31, 2022		3,153,503			5,469,125			9,993,047			130,373,050			9,836,158			3,716,692
Contract purchase payments		266,089			323,065			1,940,941			4,386,844			388,979			141,231
Contract terminations, withdrawal payments and charges		(571,749	)		(1,021,105	)		(2,506,661	)		(13,288,977	)		(1,896,549	)		(684,284	)
Units outstanding at December 31, 2023		2,847,843			4,771,085			9,427,327			121,470,917			8,328,588			3,173,639
Contract purchase payments		49,037			825,595			6,339,927			3,927,290			264,253			294,629
Contract terminations, withdrawal payments and charges		(681,460	)		(1,542,168	)		(4,584,673	)		(19,243,438	)		(1,517,498	)		(890,559	)
Units outstanding at December 31, 2024		2,215,420			4,054,512			11,182,581			106,154,769			7,075,343			2,577,709
	Segregated Sub-Accounts
	Invesco VI Comstock Sr II			Invesco VI Equity & Inc Sr II			Invesco VI Growth & Inc Sr II			Invesco VI MS Sm Cap Sr II			Invesco VI Sm Cap Equity Sr II			Janus Henderson Balanced SS
Units outstanding at December 31, 2022		13,948,213			3,657,658			564,650			597,468			6,279,309			14,660,009
Contract purchase payments		273,138			225,606			6,978			119,897			218,700			1,563,548
Contract terminations, withdrawal payments and charges		(2,714,418	)		(1,054,493	)		(68,779	)		(137,500	)		(1,077,711	)		(3,261,247	)
Units outstanding at December 31, 2023		11,506,933			2,828,771			502,849			579,865			5,420,298			12,962,310
Contract purchase payments		70,213			119,232			49,256			8,127			326,580			1,201,218
Contract terminations, withdrawal payments and charges		(3,743,978	)		(540,309	)		(104,069	)		(168,012	)		(1,498,757	)		(2,683,748	)
Units outstanding at December 31, 2024		7,833,168			2,407,694			448,036			419,980			4,248,121			11,479,780
	Segregated Sub-Accounts
	Janus Henderson Flexible Bond SS			Janus Henderson Forty SS			Janus Henderson Mid Cap Val SS			Janus Henderson Overseas SS			LVIP Amer Century VP Dscplnd Core Val Ser Cl			LVIP Amer Century VP Infl Pro Cl Ser Cl
Units outstanding at December 31, 2022		29,324,003			10,646,721			10,494,219			8,520,675			925,847			35,427,217
Contract purchase payments		2,948,401			517,436			630,327			370,039			8,026			1,203,635
Contract terminations, withdrawal payments and charges		(4,493,400	)		(2,277,500	)		(1,633,869	)		(1,324,125	)		(258,218	)		(5,423,289	)
Units outstanding at December 31, 2023		27,779,004			8,886,657			9,490,677			7,566,589			675,655			31,207,563
Contract purchase payments		7,654,732			1,544,783			3,199,061			1,032,366			3,143			1,539,945
Contract terminations, withdrawal payments and charges		(9,303,321	)		(2,614,495	)		(5,183,319	)		(2,037,233	)		(182,441	)		(6,170,462	)
Units outstanding at December 31, 2024		26,130,415			7,816,945			7,506,419			6,561,722			496,357			26,577,046

(Continued)

68

Variable Annuity Account
Notes to Financial Statements

(6)  Unit Activity from Contract Transactions – (continued)

	Segregated Sub-Accounts
	Macquarie VIP Asset Strategy Ser Cl			Macquarie VIP Balanced Ser Cl			Macquarie VIP Core Equity Ser Cl			Macquarie VIP Corporate Bond Ser Cl			Macquarie VIP Energy Ser Cl			Macquarie VIP Global Growth Ser Cl
Units outstanding at December 31, 2022		24,153,779			16,435,156			15,588,494			65,671,259			2,942,347			11,659,823
Contract purchase payments		136,877			407,724			134,395			1,855,100			147,518			99,379
Contract terminations, withdrawal payments and charges		(4,722,318	)		(2,787,463	)		(3,674,506	)		(12,014,323	)		(635,323	)		(2,570,340	)
Units outstanding at December 31, 2023		19,568,338			14,055,417			12,048,383			55,512,036			2,454,542			9,188,862
Contract purchase payments		111,253			250,563			92,731			1,409,287			910,355			2,666,962
Contract terminations, withdrawal payments and charges		(4,638,666	)		(2,976,686	)		(3,582,341	)		(13,557,035	)		(1,239,377	)		(3,174,923	)
Units outstanding at December 31, 2024		15,040,925			11,329,294			8,558,773			43,364,288			2,125,520			8,680,901
	Segregated Sub-Accounts
	Macquarie VIP Growth Ser Cl			Macquarie VIP High Income Ser Cl			Macquarie VIP Intl Core Equity Ser Cl			Macquarie VIP Limited Term Bond Ser Cl			Macquarie VIP Mid Cap Growth Ser Cl			Macquarie VIP Natural Res Ser Cl
Units outstanding at December 31, 2022		8,376,158			41,164,913			30,677,689			33,417,873			10,164,230			36,837,945
Contract purchase payments		107,273			1,038,744			378,268			2,064,609			422,010			1,583,149
Contract terminations, withdrawal payments and charges		(2,303,236	)		(6,027,084	)		(5,917,561	)		(6,973,022	)		(1,793,379	)		(8,617,285	)
Units outstanding at December 31, 2023		6,180,195			36,176,573			25,138,396			28,509,460			8,792,861			29,803,809
Contract purchase payments		60,887			1,919,698			320,155			1,457,765			312,580			1,382,902
Contract terminations, withdrawal payments and charges		(1,663,836	)		(6,157,104	)		(4,897,522	)		(7,992,834	)		(2,028,641	)		(10,524,198	)
Units outstanding at December 31, 2024		4,577,246			31,939,167			20,561,029			21,974,391			7,076,800			20,662,513
	Segregated Sub-Accounts
	Macquarie VIP Path Aggr Ser Cl			Macquarie VIP Path Conserv Ser Cl			Macquarie VIP Path Mod Aggr MV Ser Cl			Macquarie VIP Path Mod Aggr Ser Cl			Macquarie VIP Path Mod Cons MV Ser Cl			Macquarie VIP Path Mod Conserv Ser Cl
Units outstanding at December 31, 2022		5,814,199			12,202,419			47,910,314			71,278,736			23,739,873			21,307,562
Contract purchase payments		50,507			826,001			1,533,943			141,913			2,319,996			256,271
Contract terminations, withdrawal payments and charges		(1,204,272	)		(2,780,850	)		(9,900,581	)		(14,734,427	)		(4,813,521	)		(3,513,178	)
Units outstanding at December 31, 2023		4,660,434			10,247,570			39,543,676			56,686,222			21,246,348			18,050,655
Contract purchase payments		86,703			562,791			314,108			365,245			2,713,714			211,531
Contract terminations, withdrawal payments and charges		(1,225,846	)		(2,163,825	)		(12,172,090	)		(13,033,439	)		(7,980,227	)		(3,674,114	)
Units outstanding at December 31, 2024		3,521,291			8,646,536			27,685,694			44,018,028			15,979,835			14,588,072

(Continued)

69

Variable Annuity Account
Notes to Financial Statements

(6)  Unit Activity from Contract Transactions – (continued)

	Segregated Sub-Accounts
	Macquarie VIP Path Mod MV Ser Cl			Macquarie VIP Path Mod Ser Cl			Macquarie VIP Science & Tech Ser Cl			Macquarie VIP Small Cap Growth Ser Cl			Macquarie VIP Smid Cap Core Ser Cl			Macquarie VIP Value Ser Cl
Units outstanding at December 31, 2022		314,376,682			62,516,527			9,697,826			10,425,004			9,237,532			14,798,243
Contract purchase payments		8,779,993			96,611			248,302			573,976			353,846			386,415
Contract terminations, withdrawal payments and charges		(42,444,717	)		(12,750,596	)		(1,813,230	)		(1,787,865	)		(1,595,299	)		(2,553,238	)
Units outstanding at December 31, 2023		280,711,958			49,862,542			8,132,898			9,211,115			7,996,079			12,631,420
Contract purchase payments		9,223,551			58,650			956,233			168,227			50,660			215,309
Contract terminations, withdrawal payments and charges		(65,309,945	)		(11,509,685	)		(2,313,882	)		(2,573,344	)		(1,844,833	)		(2,716,046	)
Units outstanding at December 31, 2024		224,625,564			38,411,507			6,775,249			6,805,998			6,201,906			10,130,683
	Segregated Sub-Accounts
	MFS VIT – Mid Cap Growth Ser SC			MFS VIT II – Intl Intrinsic Val SC			MorgStanley VIF Emg Mk Eq Cl 2			Morningstar Aggr Growth ETF Cl II			Morningstar Balanced ETF Cl II			Morningstar Conservative ETF Cl II
Units outstanding at December 31, 2022		613,953			17,220,273			23,270,821			7,245,257			26,601,149			9,246,917
Contract purchase payments		9,636			976,358			415,903			1,446,653			224,230			950,980
Contract terminations, withdrawal payments and charges		(69,662	)		(2,698,447	)		(4,091,274	)		(1,094,406	)		(2,467,390	)		(2,474,125	)
Units outstanding at December 31, 2023		553,927			15,498,184			19,595,450			7,597,504			24,357,989			7,723,772
Contract purchase payments		4,879			567,622			447,932			500,068			262,035			206,145
Contract terminations, withdrawal payments and charges		(81,030	)		(2,066,706	)		(4,509,755	)		(1,400,082	)		(4,508,182	)		(978,742	)
Units outstanding at December 31, 2024		477,776			13,999,100			15,533,627			6,697,490			20,111,842			6,951,175
	Segregated Sub-Accounts
	Morningstar Growth ETF Cl II			Morningstar Inc & Gro Asset All Cl II			Neuberger Berman Sustain Eq S Cl			PIMCO VIT Global Div Alloc Adv Cl			PIMCO VIT Intl Bond USD-H Adv Cl			PIMCO VIT Low Duration Adv CL
Units outstanding at December 31, 2022		12,745,640			11,764,894			1,273,231			136,518,261			17,417			52,420,354
Contract purchase payments		385,962			201,763			41,709			1,706,038			916,670			4,000,486
Contract terminations, withdrawal payments and charges		(1,226,491	)		(1,681,656	)		(232,461	)		(14,909,357	)		(151,056	)		(9,136,270	)
Units outstanding at December 31, 2023		11,905,111			10,285,001			1,082,479			123,314,942			783,031			47,284,570
Contract purchase payments		1,270,299			41,956			127,288			1,326,233			1,133,974			2,838,121
Contract terminations, withdrawal payments and charges		(2,466,845	)		(1,191,339	)		(250,766	)		(20,599,708	)		(263,209	)		(9,756,169	)
Units outstanding at December 31, 2024		10,708,565			9,135,618			959,001			104,041,467			1,653,796			40,366,522

(Continued)

70

Variable Annuity Account
Notes to Financial Statements

(6)  Unit Activity from Contract Transactions – (continued)

	Segregated Sub-Accounts
	PIMCO VIT Total Return Adv Cl			Putnam VT Intl Eq Cl IB			Putnam VT Intl Val Cl IB			Putnam VT Lg Cap Growth Cl IB			Putnam VT Lg Cap Val Cl IB			Putnam VT Sustain Leaders Cl IB
Units outstanding at December 31, 2022		106,947,058			1,023,907			745,010			1,852,518			4,278,475			224,806
Contract purchase payments		3,254,921			6,431			203,184			1,134,991			235,958			28,571
Contract terminations, withdrawal payments and charges		(15,256,286	)		(170,831	)		(174,569	)		(431,486	)		(591,142	)		(69,316	)
Units outstanding at December 31, 2023		94,945,693			859,507			773,625			2,556,023			3,923,291			184,061
Contract purchase payments		4,732,455			17,508			2,031,488			1,678,934			25,913,659			37,726
Contract terminations, withdrawal payments and charges		(15,149,209	)		(87,137	)		(1,971,690	)		(1,684,958	)		(26,036,769	)		(84,632	)
Units outstanding at December 31, 2024		84,528,939			789,878			833,423			2,549,999			3,800,181			137,155
	Segregated Sub-Accounts
	SFT Bal Stabilization			SFT Core Bond Cl 2			SFT Eq Stabilization			SFT Govt Money Market			SFT Index 400 MC Cl 2			SFT Index 500 Cl 2
Units outstanding at December 31, 2022		362,938,770			150,674,150			264,756,365			63,422,496			10,413,855			36,925,214
Contract purchase payments		8,301,181			9,346,053			3,708,254			23,937,178			851,090			2,807,222
Contract terminations, withdrawal payments and charges		(41,624,778	)		(14,601,332	)		(33,685,883	)		(21,253,179	)		(1,585,007	)		(4,054,737	)
Units outstanding at December 31, 2023		329,615,173			145,418,871			234,778,736			66,106,495			9,679,938			35,677,699
Contract purchase payments		3,776,477			5,189,630			2,749,119			25,485,421			310,307			1,941,375
Contract terminations, withdrawal payments and charges		(58,567,203	)		(18,390,578	)		(47,590,101	)		(36,234,220	)		(1,787,751	)		(4,151,329	)
Units outstanding at December 31, 2024		274,824,447			132,217,923			189,937,754			55,357,696			8,202,494			33,467,745
	Segregated Sub-Accounts
	SFT Macquarie Growth			SFT Macquarie Small Cap Growth			SFT Real Estate Cl 2			SFT T. Rowe Price Value			SFT Wellington Core Equity Cl 2			T. Rowe Price Health Science II Cl
Units outstanding at December 31, 2022		22,250,817			7,834,181			11,536,483			20,650,740			7,784,134			566,783
Contract purchase payments		304,317			284,856			420,659			470,329			294,398			976,964
Contract terminations, withdrawal payments and charges		(4,205,869	)		(1,028,210	)		(1,430,710	)		(2,689,259	)		(1,475,863	)		(92,647	)
Units outstanding at December 31, 2023		18,349,265			7,090,827			10,526,432			18,431,810			6,602,669			1,451,100
Contract purchase payments		106,030			323,716			219,176			104,346			75,980			2,169,286
Contract terminations, withdrawal payments and charges		(4,289,169	)		(1,272,478	)		(2,527,921	)		(3,994,359	)		(1,677,367	)		(1,052,625	)
Units outstanding at December 31, 2024		14,166,126			6,142,065			8,217,687			14,541,797			5,001,282			2,567,761

(Continued)

71

Variable Annuity Account
Notes to Financial Statements

(6)  Unit Activity from Contract Transactions – (continued)

	Segregated Sub-Accounts
	TOPS Mgd Risk Bal ETF Cl 2			TOPS Mgd Risk Flex ETF			TOPS Mgd Risk Growth ETF Cl 2			TOPS Mgd Risk Mod Growth ETF Cl 2
Units outstanding at December 31, 2022		10,217,415			115,595,834			49,088,642			12,318,047
Contract purchase payments		1,395,045			4,894,036			359,490			446,850
Contract terminations, withdrawal payments and charges		(1,876,888	)		(9,951,529	)		(7,214,426	)		(2,478,119	)
Units outstanding at December 31, 2023		9,735,572			110,538,341			42,233,706			10,286,778
Contract purchase payments		684,957			1,173,554			51,047			138,478
Contract terminations, withdrawal payments and charges		(2,650,549	)		(18,701,368	)		(12,432,316	)		(2,319,487	)
Units outstanding at December 31, 2024		7,769,980			93,010,527			29,852,437			8,105,769

(Continued)

72

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights

A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios, and total returns for the years or periods ended December 31, 2024, 2023, 2022, 2021, and 2020 is as follows:

		At December 31							For the years or periods ended December 31
		Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
AB VPS Dyn Asset Alloc Cl B
	2024		122,513,774	$	1.06	to 1.39	$	170,510,148		1.06	%		0.90	% to 2.25%		7.20	% to 10.09%
	2023		134,642,337		0.96	to 1.28		171,828,880		0.61	%		0.90	% to 1.95%		10.19	% to 13.14%
	2022		135,881,517		0.86	to 1.14		154,654,289		2.54	%		0.30	% to 1.95%		(21.04	)% to (18.92)%
	2021		137,347,234		1.06	to 1.42		194,540,754		1.55	%		0.90	% to 1.95%		6.10	% to 8.95%
	2020		141,861,779		1.23	to 1.31		186,097,971		1.51	%		1.20	% to 2.00%		1.81	% to 4.55%
AB VPS Intl Value Cl B
	2024		625,137		0.60	to 0.70		447,592		2.31	%		1.20	% to 2.10%		1.75	% to 3.55%
	2023		629,848		0.58	to 0.67		424,656		0.66	%		1.20	% to 2.10%		11.50	% to 13.47%
	2022		833,944		0.52	to 0.59		495,519		3.95	%		1.20	% to 2.10%		(16.30	)% to (14.82)%
	2021		880,037		0.61	to 0.70		613,898		1.68	%		1.20	% to 2.10%		7.63	% to 9.53%
	2020		903,654		0.57	to 0.64		575,510		1.57	%		1.20	% to 2.10%		(0.76	)% to 0.99%
Amer Funds IS Capital World Bond Cl 2
	2024		47,444,403		0.77	to 1.07		42,486,306		2.01	%		0.15	% to 2.25%		(5.79	)% to (3.10)%
	2023		52,236,689		0.79	to 1.11		48,751,266		0.00	%		0.15	% to 2.40%		3.06	% to 5.98%
	2022		15,519,244		0.77	to 1.06		13,655,400		0.26	%		0.15	% to 2.15%		(20.09	)% to (17.82)%
	2021		13,159,388		0.95	to 1.18		14,238,556		1.80	%		0.15	% to 2.15%		(7.68	)% to (5.06)%
	2020		10,716,380		1.05	to 1.24		12,342,685		1.21	%		0.15	% to 2.15%		6.71	% to 9.73%
Amer Funds IS Global Growth Cl 2
	2024		8,023,838		1.12	to 3.92		25,977,955		1.55	%		0.15	% to 2.35%		10.36	% to 13.51%
	2023		8,176,166		0.99	to 3.45		23,311,866		0.90	%		0.15	% to 2.10%		19.05	% to 22.42%
	2022		8,887,456		0.82	to 2.82		20,915,790		0.68	%		0.15	% to 2.10%		(27.16	)% to (24.85)%
	2021		8,398,827		1.10	to 3.75		26,607,981		0.34	%		0.15	% to 2.10%		13.04	% to 16.25%
	2020		7,622,687		2.51	to 3.23		21,023,072		0.36	%		0.15	% to 2.10%		26.68	% to 30.27%
Amer Funds IS Global Small Cap Cl 2
	2024		9,110,970		0.82	to 2.37		16,378,642		1.06	%		0.15	% to 2.70%		(0.66	)% to 2.18%
	2023		9,468,615		0.80	to 2.31		16,684,865		0.26	%		0.15	% to 2.40%		12.80	% to 16.00%
	2022		10,176,950		0.70	to 2.00		15,623,977		0.00	%		0.15	% to 2.40%		(31.97	)% to (29.66)%
	2021		8,465,757		1.00	to 2.84		18,674,571		0.00	%		0.15	% to 2.40%		3.64	% to 6.58%
	2020		7,940,138		1.85	to 2.66		16,619,031		0.17	%		0.15	% to 2.45%		25.95	% to 29.53%
Amer Funds IS Growth Cl 2
	2024		28,837,558		1.43	to 5.73		165,341,630		0.33	%		0.80	% to 2.10%		27.78	% to 31.23%
	2023		29,744,398		1.10	to 4.41		131,164,937		0.36	%		0.80	% to 2.40%		34.47	% to 38.07%
	2022		31,461,398		0.80	to 3.22		101,388,471		0.34	%		0.80	% to 2.40%		(31.97	)% to (30.15)%
	2021		27,460,585		1.15	to 4.66		127,832,361		0.22	%		0.90	% to 2.40%		18.44	% to 21.62%
	2020		27,625,548		3.44	to 3.86		106,691,376		0.32	%		1.20	% to 2.40%		47.66	% to 51.62%
Amer Funds IS Growth-Inc Cl 2
	2024		13,011,391		1.53	to 4.26		55,446,251		1.12	%		0.80	% to 2.45%		20.60	% to 23.85%
	2023		13,564,680		1.24	to 3.47		47,079,078		1.39	%		0.80	% to 2.40%		22.48	% to 25.76%
	2022		13,835,311		0.99	to 2.78		38,526,167		1.30	%		0.80	% to 2.40%		(18.92	)% to (16.74)%
	2021		13,686,115		1.20	to 3.37		46,187,913		1.15	%		0.90	% to 2.40%		20.49	% to 23.72%
	2020		13,123,768		2.45	to 2.75		36,121,031		1.38	%		1.20	% to 2.40%		10.25	% to 13.21%

(Continued)

73

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

			At December 31							For the years or periods ended December 31
			Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
Amer Funds IS Intl Cl 2
	2024			10,781,378	$	0.87	to 1.84	$	15,690,612		1.15	%		0.15	% to 2.70%		0.14	% to 3.00%
	2023			12,193,266		0.85	to 1.79		16,564,454		1.29	%		0.15	% to 2.40%		12.49	% to 15.67%
	2022			13,659,169		0.74	to 1.55		16,206,755		1.77	%		0.15	% to 2.40%		(23.89	)% to (20.90)%
	2021			12,834,147		0.94	to 1.96		19,457,186		2.45	%		0.15	% to 2.40%		(4.36	)% to (1.64)%
	2020			13,155,019		1.38	to 1.99		20,488,571		0.67	%		0.15	% to 2.40%		10.66	% to 13.80%
Amer Funds IS New World Cl 2
	2024			11,882,758		0.93	to 1.97		18,453,761		1.38	%		0.15	% to 2.35%		3.44	% to 6.40%
	2023			12,491,242		0.88	to 1.85		18,336,726		1.45	%		0.15	% to 2.40%		12.63	% to 15.82%
	2022			13,166,600		0.77	to 1.60		16,887,060		1.36	%		0.15	% to 2.40%		(25.01	)% to (22.21)%
	2021			11,849,161		0.99	to 2.05		19,768,500		0.89	%		0.15	% to 2.40%		1.87	% to 4.76%
	2020			10,659,838		1.42	to 1.96		17,187,308		0.08	%		0.15	% to 2.45%		19.99	% to 23.40%
Amer Funds IS US Govt Sec Cl 2
	2024			17,581,647		0.89	to 1.13		18,455,666		4.00	%		0.15	% to 2.10%		(2.20	)% to 0.59%
	2023			18,719,562		0.89	to 1.12		19,726,172		3.80	%		0.15	% to 2.10%		(0.10	)% to 2.73%
	2022			17,024,891		0.88	to 1.09		17,650,322		3.82	%		0.15	% to 2.05%		(13.53	)% to (11.08)%
	2021			17,168,404		0.99	to 1.23		20,226,622		1.25	%		0.15	% to 2.05%		(3.51	)% to (0.77)%
	2020			18,407,962		1.10	to 1.24		22,076,491		2.00	%		0.15	% to 2.05%		6.61	% to 9.64%
BlackRock Intl Index VI Cl III
	2024			1,871,639		1.00	to 1.04		1,921,183		3.10	%		0.90	% to 1.85%		0.19	% to 2.89%
	2023			1,655,139		0.99	to 1.01		1,666,172		3.37	%		0.90	% to 1.85%		14.41	% to 17.47%
	2022			1,250,139		0.86	to 0.87		1,080,935		3.57	%		0.90	% to 1.85%		(18.50	)% to (14.84)%
	2021	(a)​		319,891		1.02	to 1.03		327,744		6.26	%		0.90	% to 1.35%		1.27	% to 3.07%
BlackRock Small Cap Index VI Cl III
	2024			5,122,209		0.95	to 1.25		4,983,255		2.01	%		0.80	% to 1.85%		7.82	% to 10.73%
	2023			3,425,664		0.87	to 1.13		3,037,054		1.33	%		0.80	% to 1.85%		13.05	% to 16.08%
	2022			2,481,876		0.76	to 0.98		1,912,628		1.59	%		0.80	% to 1.85%		(22.93	)% to (20.87)%
	2021	(a)​		627,062		0.98			616,170		2.10	%		0.90	% to 1.85%		(2.87	)% to (1.15)%
ClearBridge Sm Cap Growth Cl II
	2024			8,363,559		0.79	to 1.88		15,719,764		0.00	%		0.80	% to 2.10%		1.19	% to 3.92%
	2023			8,601,882		0.77	to 1.82		15,680,681		0.00	%		0.80	% to 2.10%		4.99	% to 7.80%
	2022			8,308,704		0.72	to 1.71		14,176,873		0.00	%		0.80	% to 2.10%		(31.07	)% to (29.14)%
	2021			6,511,513		1.02	to 2.43		15,839,218		0.00	%		0.90	% to 2.10%		9.05	% to 11.98%
	2020			5,710,310		2.08	to 2.19		12,516,842		0.00	%		1.20	% to 2.10%		38.76	% to 42.48%
Fidelity VIP Bond Index SC 2
	2024			8,376,509		0.86	to 1.08		7,421,096		2.78	%		0.80	% to 2.05%		(1.95	)% to 0.70%
	2023			5,235,871		0.87	to 0.89		4,648,523		3.17	%		0.90	% to 2.05%		2.08	% to 4.81%
	2022			1,875,940		0.84	to 0.86		1,603,350		1.68	%		0.90	% to 2.05%		(15.89	)% to (13.64)%
	2021	(a)​		561,392		0.99	to 1.00		560,606		2.29	%		0.90	% to 1.85%		(1.29	)% to 0.46%
Fidelity VIP Equity-Income SC 2
	2024			12,327,882		1.27	to 5.24		53,927,339		1.54	%		0.15	% to 2.45%		11.70	% to 14.88%
	2023			14,535,744		1.11	to 4.56		55,835,687		1.73	%		0.15	% to 2.40%		7.18	% to 10.21%
	2022			15,521,293		1.02	to 4.14		54,588,888		1.63	%		0.15	% to 2.40%		(7.99	)% to (5.39)%
	2021			18,034,610		1.20	to 4.37		67,735,747		1.61	%		0.15	% to 2.40%		20.98	% to 24.42%
	2020			20,639,741		1.79	to 3.51		63,079,381		1.62	%		0.15	% to 2.40%		3.35	% to 6.28%

(Continued)

74

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

			At December 31							For the years or periods ended December 31
			Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
Fidelity VIP Mid Cap SC2
	2024			5,313,469	$	1.30	to 10.37	$	40,715,056		0.34	%		0.15	% to 2.50%		13.75	% to 17.00%
	2023			5,870,023		1.12	to 8.87		38,772,090		0.39	%		0.15	% to 2.40%		11.48	% to 14.63%
	2022			6,131,297		0.98	to 7.74		35,720,070		0.27	%		0.15	% to 2.40%		(17.44	)% to (15.09)%
	2021			6,240,703		1.16	to 9.11		43,325,153		0.36	%		0.15	% to 2.40%		21.66	% to 25.12%
	2020			6,597,122		2.26	to 7.28		37,000,787		0.40	%		0.15	% to 2.45%		14.44	% to 17.69%
Franklin Mutual Shs VIP Cl 2
	2024			1,017,163		1.92	to 3.47		3,502,366		1.84	%		1.20	% to 2.45%		8.02	% to 9.94%
	2023			1,315,360		1.75	to 3.16		4,104,138		1.86	%		1.20	% to 2.30%		10.18	% to 12.11%
	2022			1,472,579		1.57	to 2.82		4,096,844		1.79	%		1.20	% to 2.30%		(10.12	)% to (8.53)%
	2021			1,770,676		1.71	to 3.08		5,386,945		2.80	%		1.20	% to 2.30%		15.71	% to 17.75%
	2020			2,127,651		1.46	to 2.62		5,495,487		2.54	%		1.20	% to 2.30%		(7.81	)% to (6.18)%
Franklin Small Cap Val VIP Cl 2
	2024			12,863,069		1.24	to 2.82		36,323,485		0.94	%		0.80	% to 2.50%		8.44	% to 11.37%
	2023			14,468,816		1.12	to 2.56		36,980,055		0.52	%		0.80	% to 2.25%		9.48	% to 12.41%
	2022			14,864,996		1.00	to 2.29		34,103,356		0.98	%		0.80	% to 2.25%		(12.70	)% to (10.33)%
	2021			16,177,257		1.16	to 2.58		41,764,295		1.05	%		0.90	% to 2.25%		21.72	% to 24.99%
	2020			15,186,363		1.77	to 2.08		31,651,002		1.56	%		1.20	% to 2.45%		2.13	% to 4.87%
Franklin Sm-Md Cap Gr VIP Cl 2
	2024			2,215,420		2.71	to 5.68		8,220,755		0.00	%		0.15	% to 2.45%		7.79	% to 10.87%
	2023			2,847,843		2.48	to 5.18		9,634,686		0.00	%		0.15	% to 2.20%		23.07	% to 26.55%
	2022			3,153,503		1.98	to 4.13		8,638,446		0.00	%		0.15	% to 2.20%		(35.62	)% to (33.79)%
	2021			3,836,831		3.03	to 6.31		15,457,147		0.00	%		0.15	% to 2.20%		6.81	% to 9.85%
	2020			5,495,435		2.79	to 5.80		22,333,056		0.00	%		0.15	% to 2.45%		50.59	% to 54.86%
Franklin Temp Dev Mkts VIP Cl 2
	2024			4,054,512		0.78	to 3.66		12,887,376		3.91	%		0.15	% to 2.45%		4.52	% to 7.51%
	2023			4,771,085		0.73	to 3.44		14,065,343		2.09	%		0.15	% to 2.40%		9.36	% to 12.45%
	2022			5,469,125		0.65	to 3.09		14,610,546		2.64	%		0.15	% to 2.40%		(25.23	)% to (22.10)%
	2021			5,711,137		0.84	to 4.01		19,520,159		0.87	%		0.15	% to 2.40%		(8.48	)% to (5.88)%
	2020			5,771,194		1.31	to 4.31		20,886,472		4.25	%		0.15	% to 2.40%		13.78	% to 17.01%
Goldman Sachs VIT Govt Money Market SS
	2024			11,182,581		1.04	to 1.07		12,022,943		4.77	%		1.25	% to 2.35%		3.13	% to 3.60%
	2023			9,427,327		1.02	to 1.04		9,779,329		4.66	%		1.25	% to 2.10%		3.02	% to 3.49%
	2022	(b)​		9,993,047		0.99	to 1.00		10,017,569		1.87	%		1.25	% to 2.10%		(0.16	)% to 0.25%
Goldman Sachs VIT Trends Driven SS
	2024			106,154,769		1.14	to 1.43		151,334,772		3.01	%		0.90	% to 2.15%		8.50	% to 11.42%
	2023			121,470,917		1.03	to 1.29		156,827,394		1.69	%		0.90	% to 2.15%		12.22	% to 15.23%
	2022			130,373,050		0.90	to 1.13		147,392,532		0.00	%		0.30	% to 2.15%		(21.51	)% to (19.40)%
	2021			136,004,237		1.12	to 1.42		192,500,301		0.00	%		0.30	% to 2.15%		12.80	% to 15.82%
	2020			141,411,969		1.15	to 1.23		174,370,002		0.29	%		1.20	% to 2.15%		1.09	% to 3.80%
Invesco Opphmr VI Intl Growth Sr II
	2024			7,075,343		0.89	to 3.84		26,975,008		0.34	%		0.80	% to 2.45%		(4.68	)% to (2.11)%
	2023			8,328,588		0.92	to 3.95		32,657,613		0.29	%		0.80	% to 2.20%		17.14	% to 20.28%
	2022			9,836,158		0.77	to 3.32		32,354,633		0.00	%		0.80	% to 2.20%		(30.34	)% to (27.38)%
	2021			9,316,112		1.06	to 4.61		42,567,304		0.00	%		0.90	% to 2.20%		6.92	% to 9.79%
	2020			9,757,802		1.64	to 4.24		40,933,866		0.63	%		1.20	% to 2.45%		17.52	% to 20.68%

(Continued)

75

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

		At December 31							For the years or periods ended December 31
		Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
Invesco VI American Value Sr II
	2024		2,577,709	$	1.51	to 3.11	$	8,019,870		0.76	%		0.80	% to 2.70%		26.30	% to 29.70%
	2023		3,173,639		1.17	to 2.42		7,681,650		0.37	%		0.80	% to 2.05%		11.95	% to 14.95%
	2022		3,716,692		1.02	to 2.12		7,896,792		0.46	%		0.80	% to 2.10%		(5.74	)% to (3.15)%
	2021		4,366,337		1.20	to 2.21		9,665,531		0.25	%		0.90	% to 2.10%		23.92	% to 27.24%
	2020		4,807,627		1.49	to 1.76		8,439,375		0.65	%		1.20	% to 2.45%		(2.08	)% to 0.55%
Invesco VI Comstock Sr II
	2024		7,833,168		1.28	to 5.24		41,025,195		1.38	%		0.80	% to 2.45%		11.51	% to 14.52%
	2023		11,506,933		1.13	to 4.62		53,131,309		1.49	%		0.80	% to 2.25%		8.85	% to 11.76%
	2022		13,948,213		1.01	to 4.17		58,145,239		1.30	%		0.80	% to 2.25%		(2.08	)% to 0.55%
	2021		16,398,570		1.25	to 4.18		68,602,413		1.64	%		0.90	% to 2.25%		29.18	% to 32.64%
	2020		16,874,173		1.85	to 3.18		53,699,571		2.24	%		1.20	% to 2.45%		(3.97	)% to (1.38)%
Invesco VI Equity & Inc Sr II
	2024		2,407,694		1.23	to 2.91		6,956,535		1.28	%		0.80	% to 2.15%		8.64	% to 11.57%
	2023		2,828,771		1.11	to 2.63		7,414,282		1.57	%		0.80	% to 2.15%		7.04	% to 9.91%
	2022		3,657,658		1.04	to 2.42		8,805,544		1.48	%		0.90	% to 2.15%		(10.39	)% to (7.99)%
	2021		3,511,425		1.14	to 2.65		9,275,357		1.63	%		0.90	% to 2.20%		14.91	% to 18.00%
	2020		3,834,799		1.61	to 2.27		8,664,191		2.25	%		1.20	% to 2.20%		6.46	% to 9.32%
Invesco VI Growth & Inc Sr II
	2024		448,036		2.78	to 4.94		2,213,634		1.16	%		1.20	% to 2.10%		12.34	% to 14.33%
	2023		502,849		2.44	to 4.32		2,172,994		1.29	%		1.20	% to 2.10%		9.15	% to 11.07%
	2022		564,650		2.20	to 3.89		2,196,913		1.10	%		1.20	% to 2.10%		(8.73	)% to (7.12)%
	2021		883,797		2.37	to 4.19		3,702,329		1.28	%		1.20	% to 2.10%		24.46	% to 26.66%
	2020		1,103,482		1.88	to 3.31		3,649,657		1.62	%		1.20	% to 2.10%		(1.11	)% to 0.63%
Invesco VI MS Sm Cap Sr II
	2024		419,980		2.64	to 3.22		1,351,723		0.00	%		1.20	% to 2.35%		9.12	% to 11.06%
	2023		579,865		2.50	to 2.90		1,680,283		0.93	%		1.20	% to 2.10%		14.40	% to 16.42%
	2022		597,468		2.17	to 2.49		1,487,114		0.22	%		1.20	% to 2.10%		(18.48	)% to (17.04)%
	2021		839,228		2.64	to 3.00		2,517,760		0.16	%		1.20	% to 2.10%		18.71	% to 20.81%
	2020		1,091,689		2.10	to 2.48		2,710,980		0.33	%		1.20	% to 2.45%		16.16	% to 18.21%
Invesco VI Sm Cap Equity Sr II
	2024		4,248,121		1.15	to 2.67		11,365,384		0.00	%		0.80	% to 2.25%		14.41	% to 17.50%
	2023		5,420,298		0.99	to 2.30		12,452,483		0.00	%		0.80	% to 2.25%		12.89	% to 15.91%
	2022		6,279,309		0.86	to 2.00		12,557,262		0.00	%		0.80	% to 2.25%		(23.03	)% to (20.97)%
	2021		7,132,535		1.09	to 2.55		18,210,071		0.00	%		0.90	% to 2.25%		16.60	% to 19.73%
	2020		9,320,824		1.82	to 2.15		20,052,879		0.03	%		1.20	% to 2.45%		23.18	% to 26.49%
Janus Henderson Balanced SS
	2024		11,479,780		1.24	to 4.65		53,313,486		1.73	%		0.80	% to 2.30%		11.78	% to 14.80%
	2023		12,962,310		1.08	to 4.09		52,865,333		1.77	%		0.80	% to 2.30%		11.80	% to 14.79%
	2022		14,660,009		0.95	to 3.59		52,557,304		0.96	%		0.80	% to 2.30%		(19.04	)% to (16.87)%
	2021		15,108,597		1.15	to 4.36		65,744,723		0.70	%		0.90	% to 2.30%		13.51	% to 16.56%
	2020		11,986,505		2.54	to 3.78		45,140,507		1.56	%		1.20	% to 2.30%		10.71	% to 13.69%
Janus Henderson Flexible Bond SS
	2024		26,130,415		0.89	to 1.09		26,315,876		4.19	%		0.80	% to 2.45%		(1.34	)% to 1.32%
	2023		27,779,004		0.88	to 1.08		27,839,548		3.57	%		0.80	% to 2.40%		2.24	% to 4.98%
	2022		29,324,003		0.84	to 1.03		28,246,597		2.04	%		0.80	% to 2.40%		(16.40	)% to (14.16)%
	2021		28,845,249		0.99	to 1.13		32,660,535		1.68	%		0.90	% to 2.40%		(3.99	)% to (1.41)%
	2020		24,244,526		1.08	to 1.16		28,095,533		2.40	%		1.20	% to 2.40%		7.05	% to 9.92%

(Continued)

76

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

		At December 31							For the years or periods ended December 31
		Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
Janus Henderson Forty SS
	2024		7,816,945	$	1.38	to 10.35	$	68,375,150		0.01	%		0.15	% to 2.35%		24.39	% to 27.94%
	2023		8,886,657		1.09	to 8.17		60,154,579		0.12	%		0.15	% to 2.30%		35.61	% to 39.44%
	2022		10,646,721		0.79	to 5.92		52,601,373		0.05	%		0.15	% to 2.30%		(35.65	)% to (33.83)%
	2021		10,932,457		1.20	to 9.05		80,339,081		0.00	%		0.15	% to 2.30%		19.04	% to 22.42%
	2020		11,897,671		3.88	to 7.47		71,688,322		0.18	%		0.15	% to 2.45%		35.00	% to 38.83%
Janus Henderson Mid Cap Val SS
	2024		7,506,419		1.26	to 2.54		19,074,459		0.80	%		0.80	% to 2.70%		9.51	% to 12.46%
	2023		9,490,677		1.12	to 2.28		21,637,528		0.95	%		0.80	% to 2.25%		7.89	% to 10.78%
	2022		10,494,219		1.02	to 2.08		21,792,230		1.13	%		0.80	% to 2.25%		(8.51	)% to (6.06)%
	2021		12,475,925		1.15	to 2.23		27,825,219		0.30	%		0.90	% to 2.25%		15.95	% to 19.06%
	2020		13,472,858		1.60	to 1.89		25,464,788		1.09	%		1.20	% to 2.45%		(4.08	)% to (1.51)%
Janus Henderson Overseas SS
	2024		6,561,722		1.11	to 4.12		22,229,833		1.27	%		0.15	% to 2.50%		2.49	% to 5.42%
	2023		7,566,589		1.06	to 3.95		24,204,564		1.40	%		0.15	% to 2.40%		7.38	% to 10.42%
	2022		8,520,675		0.96	to 3.61		24,904,560		1.64	%		0.15	% to 2.40%		(13.28	)% to (8.97)%
	2021		9,775,320		1.07	to 4.01		31,872,455		1.01	%		0.15	% to 2.40%		10.00	% to 13.12%
	2020		11,614,771		1.07	to 3.58		34,493,928		1.21	%		0.15	% to 2.40%		12.65	% to 15.85%
LVIP Amer Century VP Dscplnd Core Val Ser Cl
	2024		496,357		2.61	to 4.35		2,129,978		1.06	%		1.20	% to 2.10%		9.55	% to 11.49%
	2023		675,655		2.40	to 3.90		2,583,959		1.24	%		1.20	% to 2.10%		5.10	% to 6.95%
	2022		925,847		2.25	to 3.65		3,322,370		1.44	%		1.20	% to 2.10%		(15.36	)% to (13.87)%
	2021		1,231,626		2.55	to 4.23		5,144,589		0.81	%		1.20	% to 2.10%		19.76	% to 21.87%
	2020		1,222,126		2.10	to 3.47		4,196,263		1.78	%		1.20	% to 2.10%		8.21	% to 10.12%
LVIP Amer Century VP Infl Pro Cl Ser Cl
	2024		26,577,046		0.93	to 1.31		34,860,171		3.53	%		0.80	% to 2.45%		(1.43	)% to 1.24%
	2023		31,207,563		0.93	to 1.31		40,800,557		3.27	%		0.90	% to 2.40%		0.40	% to 3.09%
	2022		35,427,217		0.90	to 1.28		45,333,037		4.94	%		0.90	% to 2.40%		(15.60	)% to (13.34)%
	2021		41,333,301		1.05	to 1.49		61,579,756		3.13	%		0.90	% to 2.40%		3.18	% to 5.95%
	2020		42,432,913		1.20	to 1.42		60,206,746		1.35	%		1.20	% to 2.45%		6.37	% to 9.22%
Macquarie VIP Asset Strategy Ser Cl
	2024		15,040,925		1.15	to 4.43		64,976,133		1.74	%		0.80	% to 2.70%		9.15	% to 12.10%
	2023		19,568,338		1.03	to 3.98		76,041,408		1.96	%		0.80	% to 2.40%		10.63	% to 13.60%
	2022		24,153,779		0.91	to 3.54		83,305,941		1.49	%		0.90	% to 2.40%		(17.22	)% to (15.00)%
	2021		27,711,437		1.40	to 4.20		113,469,354		1.53	%		1.20	% to 2.40%		7.23	% to 10.11%
	2020		32,279,434		1.29	to 3.85		121,115,915		1.99	%		1.20	% to 2.45%		10.57	% to 13.54%
Macquarie VIP Balanced Ser Cl
	2024		11,329,294		1.24	to 16.11		70,411,008		1.33	%		0.15	% to 2.35%		12.22	% to 15.42%
	2023		14,055,417		1.08	to 13.96		75,083,338		0.78	%		0.15	% to 2.35%		12.67	% to 15.86%
	2022		16,435,156		0.94	to 12.05		76,421,868		1.13	%		0.15	% to 2.35%		(18.50	)% to (16.19)%
	2021		18,315,718		1.13	to 14.37		102,252,558		0.99	%		0.15	% to 2.35%		12.60	% to 15.79%
	2020		20,076,289		1.58	to 12.41		97,878,067		1.43	%		0.15	% to 2.45%		10.80	% to 13.94%
Macquarie VIP Core Equity Ser Cl
	2024		8,558,773		1.55	to 7.97		58,709,514		0.35	%		0.15	% to 2.70%		22.01	% to 25.50%
	2023		12,048,383		1.24	to 6.35		66,636,646		0.39	%		0.15	% to 2.35%		19.94	% to 23.33%
	2022		15,588,494		1.01	to 5.15		70,696,589		0.23	%		0.15	% to 2.35%		(19.73	)% to (17.45)%
	2021		18,146,864		1.24	to 6.24		100,792,738		0.55	%		0.15	% to 2.35%		25.19	% to 28.75%
	2020		23,064,109		2.03	to 4.85		100,622,120		0.56	%		0.15	% to 2.35%		17.98	% to 21.33%

(Continued)

77

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

		At December 31							For the years or periods ended December 31
		Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
Macquarie VIP Corporate Bond Ser Cl
	2024		43,364,288	$	1.06	to 1.44	$	62,394,931		3.14	%		1.25	% to 2.35%		0.05	% to 1.17%
	2023		55,512,036		1.06	to 1.42		78,949,124		2.79	%		1.25	% to 2.35%		4.69	% to 5.84%
	2022		65,671,259		1.00	to 1.34		88,238,347		2.48	%		1.25	% to 2.35%		(17.74	)% to (16.83)%
	2021		74,657,470		1.21	to 1.62		120,615,407		2.03	%		1.25	% to 2.35%		(3.15	)% to (2.08)%
	2020		75,539,573		1.24	to 1.65		124,630,013		2.42	%		1.25	% to 2.35%		8.39	% to 9.59%
Macquarie VIP Energy Ser Cl
	2024		2,125,520		0.66	to 0.90		1,912,290		2.96	%		1.25	% to 2.35%		(7.80	)% to (6.78)%
	2023		2,454,542		0.70	to 0.96		2,361,665		2.98	%		1.25	% to 2.35%		1.61	% to 2.73%
	2022		2,942,347		0.68	to 0.94		2,755,670		2.46	%		1.25	% to 2.35%		46.99	% to 48.61%
	2021		5,181,633		0.46	to 0.63		3,265,011		1.38	%		1.25	% to 2.35%		38.70	% to 40.24%
	2020		7,184,751		0.33	to 0.45		3,228,100		2.09	%		1.25	% to 2.35%		(38.30	)% to (37.62)%
Macquarie VIP Global Growth Ser Cl
	2024		8,680,901		1.27	to 4.60		37,035,870		1.03	%		0.90	% to 2.45%		13.66	% to 16.73%
	2023		9,188,862		1.10	to 3.97		34,495,073		0.08	%		0.90	% to 2.35%		16.51	% to 19.63%
	2022		11,659,823		0.92	to 3.35		36,951,095		0.77	%		0.90	% to 2.35%		(20.03	)% to (17.81)%
	2021		13,760,549		1.13	to 4.11		53,641,238		0.06	%		0.90	% to 2.35%		14.44	% to 17.51%
	2020		17,087,956		1.77	to 3.53		57,162,566		0.43	%		1.20	% to 2.45%		17.07	% to 20.22%
Macquarie VIP Growth Ser Cl
	2024		4,577,246		4.48	to 7.96		36,449,420		0.00	%		1.25	% to 2.35%		21.00	% to 22.35%
	2023		6,180,195		3.68	to 6.51		40,225,872		0.00	%		1.25	% to 2.35%		34.73	% to 36.22%
	2022		8,376,158		2.71	to 4.78		40,023,276		0.00	%		1.25	% to 2.35%		(28.88	)% to (28.09)%
	2021		9,153,817		3.79	to 6.64		60,828,373		0.00	%		1.25	% to 2.35%		27.01	% to 28.41%
	2020		11,181,121		2.97	to 5.17		57,860,103		0.00	%		1.25	% to 2.35%		27.52	% to 28.93%
Macquarie VIP High Income Ser Cl
	2024		31,939,167		1.07	to 2.72		51,611,628		6.50	%		0.80	% to 2.40%		3.09	% to 5.88%
	2023		36,176,573		1.01	to 2.59		56,417,705		6.36	%		0.80	% to 2.40%		8.59	% to 11.50%
	2022		41,164,913		0.91	to 2.35		58,340,031		6.58	%		0.80	% to 2.40%		(13.55	)% to (11.23)%
	2021		46,822,668		1.04	to 2.67		75,519,490		5.87	%		0.90	% to 2.40%		2.98	% to 5.74%
	2020		46,174,060		1.18	to 2.55		72,001,949		7.18	%		1.20	% to 2.45%		2.95	% to 5.71%
Macquarie VIP Intl Core Equity Ser Cl
	2024		20,561,029		1.09	to 8.81		75,038,932		1.28	%		0.15	% to 2.50%		0.76	% to 3.63%
	2023		25,138,396		1.06	to 8.50		89,206,941		1.60	%		0.15	% to 2.40%		12.27	% to 15.45%
	2022		30,677,689		0.92	to 7.36		93,786,837		2.32	%		0.15	% to 2.40%		(18.37	)% to (14.43)%
	2021		33,537,350		1.09	to 8.60		120,966,473		1.05	%		0.15	% to 2.40%		10.86	% to 14.01%
	2020		39,623,230		1.27	to 7.54		125,345,469		2.44	%		0.15	% to 2.45%		4.07	% to 7.03%
Macquarie VIP Limited Term Bond Ser Cl
	2024		21,974,391		0.94	to 1.06		23,334,082		4.69	%		1.25	% to 2.15%		1.90	% to 3.03%
	2023		28,509,460		0.92	to 1.03		29,383,489		1.74	%		1.25	% to 2.15%		2.41	% to 3.54%
	2022		33,417,873		0.90	to 1.00		33,264,967		1.37	%		1.25	% to 2.15%		(6.52	)% to (5.49)%
	2021		41,189,654		0.96	to 1.05		43,381,153		1.52	%		1.25	% to 2.15%		(2.80	)% to (1.72)%
	2020		39,785,616		0.98	to 1.07		42,637,617		2.61	%		1.25	% to 2.15%		1.72	% to 2.84%
Macquarie VIP Mid Cap Growth Ser Cl
	2024		7,076,800		0.90	to 5.85		41,240,363		0.00	%		0.80	% to 2.50%		(0.78	)% to 1.90%
	2023		8,792,861		0.89	to 5.79		50,741,143		0.00	%		0.80	% to 2.35%		16.15	% to 19.26%
	2022		10,164,230		0.75	to 4.90		49,627,409		0.00	%		0.80	% to 2.35%		(32.80	)% to (31.00)%
	2021		10,304,423		1.09	to 7.17		73,597,674		0.00	%		0.90	% to 2.35%		12.97	% to 16.01%
	2020		13,332,129		2.67	to 6.24		82,857,967		0.00	%		1.20	% to 2.45%		44.67	% to 48.56%

(Continued)

78

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

		At December 31							For the years or periods ended December 31
		Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
Macquarie VIP Natural Res Ser Cl
	2024		20,662,513	$	0.47	to 1.38	$	23,932,406		5.42	%		0.80	% to 2.70%		(3.49	)% to (0.88)%
	2023		29,803,809		0.61	to 1.40		35,171,981		2.64	%		0.80	% to 2.40%		(1.36	)% to 1.28%
	2022		36,837,945		0.60	to 1.39		43,323,267		1.72	%		0.80	% to 2.40%		13.72	% to 17.42%
	2021		31,378,720		0.52	to 1.19		31,684,334		1.52	%		0.90	% to 2.40%		23.00	% to 26.30%
	2020		32,023,143		0.42	to 0.81		25,824,462		2.41	%		1.20	% to 2.45%		(14.55	)% to (12.25)%
Macquarie VIP Path Aggr Ser Cl
	2024		3,521,291		2.14	to 2.70		9,528,777		1.26	%		1.25	% to 2.10%		8.40	% to 9.61%
	2023		4,660,434		1.96	to 2.47		11,504,601		6.18	%		1.25	% to 2.35%		14.74	% to 16.01%
	2022		5,814,199		1.70	to 2.13		12,371,343		1.91	%		1.25	% to 2.35%		(18.62	)% to (17.72)%
	2021		7,057,631		2.08	to 2.59		18,249,506		1.66	%		1.25	% to 2.35%		16.17	% to 17.46%
	2020		8,046,833		1.78	to 2.20		17,714,243		1.47	%		1.25	% to 2.35%		13.02	% to 14.27%
Macquarie VIP Path Conserv Ser Cl
	2024		8,646,536		1.54	to 1.85		16,019,879		1.82	%		1.25	% to 2.15%		5.53	% to 6.70%
	2023		10,247,570		1.49	to 1.74		17,792,356		4.22	%		1.25	% to 2.15%		9.81	% to 11.02%
	2022		12,202,419		1.31	to 1.56		19,081,133		2.82	%		1.25	% to 2.15%		(15.99	)% to (15.06)%
	2021		13,911,841		1.55	to 1.84		25,610,652		1.82	%		1.25	% to 2.15%		7.62	% to 8.81%
	2020		16,226,965		1.43	to 1.69		27,452,306		1.72	%		1.25	% to 2.15%		10.05	% to 11.27%
Macquarie VIP Path Mod Aggr MV Ser Cl
	2024		27,685,694		1.17	to 1.75		48,162,809		1.35	%		0.80	% to 2.35%		5.55	% to 8.40%
	2023		39,543,676		1.09	to 1.63		64,096,321		5.54	%		0.80	% to 2.15%		12.00	% to 15.00%
	2022		47,910,314		0.95	to 1.43		68,156,803		1.87	%		0.90	% to 2.15%		(16.44	)% to (14.20)%
	2021		54,016,121		1.12	to 1.68		90,398,909		1.49	%		0.90	% to 2.15%		11.89	% to 14.90%
	2020		58,330,818		1.38	to 1.47		85,759,607		1.35	%		1.20	% to 2.15%		6.53	% to 9.38%
Macquarie VIP Path Mod Aggr Ser Cl
	2024		44,018,028		1.99	to 2.46		108,225,104		1.50	%		1.25	% to 2.10%		7.65	% to 8.85%
	2023		56,686,222		1.83	to 2.26		128,043,519		6.16	%		1.25	% to 2.10%		13.74	% to 14.99%
	2022		71,278,736		1.60	to 1.96		140,002,388		2.41	%		1.25	% to 2.15%		(17.78	)% to (16.87)%
	2021		80,229,016		1.93	to 2.36		189,555,970		1.91	%		1.25	% to 2.15%		14.17	% to 15.43%
	2020		96,865,361		1.67	to 2.05		198,257,146		1.78	%		1.25	% to 2.15%		12.44	% to 13.69%
Macquarie VIP Path Mod Cons MV Ser Cl
	2024		15,979,835		1.11	to 1.50		23,930,429		1.35	%		0.80	% to 2.15%		3.94	% to 6.75%
	2023		21,246,348		1.04	to 1.42		30,088,512		4.26	%		0.80	% to 2.15%		9.35	% to 12.27%
	2022		23,739,873		0.94	to 1.28		30,222,637		5.01	%		0.90	% to 2.15%		(15.28	)% to (13.01)%
	2021		27,067,189		1.08	to 1.48		39,987,330		1.59	%		0.90	% to 2.15%		7.50	% to 10.39%
	2020		27,719,625		1.27	to 1.36		37,451,847		1.40	%		1.20	% to 2.15%		6.42	% to 9.28%
Macquarie VIP Path Mod Conserv Ser Cl
	2024		14,588,072		1.73	to 2.05		29,944,847		1.67	%		1.25	% to 1.90%		6.06	% to 7.24%
	2023		18,050,655		1.61	to 1.91		34,546,232		4.97	%		1.25	% to 1.90%		11.28	% to 12.51%
	2022		21,307,562		1.43	to 1.70		36,242,463		2.72	%		1.25	% to 1.90%		(16.64	)% to (15.72)%
	2021		23,573,377		1.70	to 2.02		47,575,439		2.07	%		1.25	% to 1.90%		9.76	% to 10.98%
	2020		27,546,469		1.54	to 1.82		50,092,630		1.89	%		1.25	% to 1.85%		10.88	% to 12.11%
Macquarie VIP Path Mod MV Ser Cl
	2024		224,625,564		1.14	to 1.63		364,900,878		1.38	%		0.90	% to 2.15%		4.76	% to 7.59%
	2023		280,711,958		1.07	to 1.53		427,650,170		4.74	%		0.90	% to 2.15%		10.71	% to 13.68%
	2022		314,376,682		0.95	to 1.36		425,182,637		2.98	%		0.30	% to 2.15%		(15.69	)% to (13.43)%
	2021		328,642,786		1.10	to 1.58		518,144,847		1.58	%		0.30	% to 2.15%		9.71	% to 12.65%
	2020		339,744,957		1.23	to 1.42		479,912,739		1.37	%		0.30	% to 2.15%		5.90	% to 8.74%

(Continued)

79

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

		At December 31							For the years or periods ended December 31
		Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
Macquarie VIP Path Mod Ser Cl
	2024		38,411,507	$	1.79	to 2.24	$	86,169,374		1.59	%		1.25	% to 2.35%		6.72	% to 7.91%
	2023		49,862,542		1.70	to 2.08		103,643,474		5.59	%		1.25	% to 2.35%		12.62	% to 13.86%
	2022		62,516,527		1.49	to 1.82		114,117,716		2.60	%		1.25	% to 2.35%		(17.19	)% to (16.27)%
	2021		70,201,961		1.79	to 2.18		153,040,837		1.97	%		1.25	% to 2.35%		12.00	% to 13.24%
	2020		81,752,109		1.59	to 1.92		157,380,550		1.83	%		1.25	% to 2.35%		11.69	% to 12.93%
Macquarie VIP Science & Tech Ser Cl
	2024		6,775,249		1.30	to 11.57		75,976,414		0.00	%		0.80	% to 2.50%		26.78	% to 30.20%
	2023		8,132,898		1.00	to 8.97		70,118,946		0.00	%		0.80	% to 2.40%		35.04	% to 38.65%
	2022		9,697,826		0.73	to 6.53		60,692,305		0.00	%		0.80	% to 2.40%		(33.82	)% to (32.04)%
	2021		10,126,501		1.07	to 9.69		94,161,705		0.00	%		0.90	% to 2.40%		11.82	% to 14.82%
	2020		11,636,682		2.71	to 8.52		94,942,067		0.00	%		1.20	% to 2.45%		31.43	% to 34.96%
Macquarie VIP Small Cap Growth Ser Cl
	2024		6,805,998		0.88	to 7.18		27,344,379		0.00	%		0.15	% to 2.50%		10.92	% to 14.09%
	2023		9,211,115		0.78	to 6.30		32,149,018		0.00	%		0.15	% to 2.40%		9.76	% to 12.87%
	2022		10,425,004		0.69	to 5.58		32,288,248		0.00	%		0.15	% to 2.40%		(28.90	)% to (26.41)%
	2021		11,252,071		0.95	to 7.63		48,471,302		0.94	%		0.15	% to 2.40%		0.96	% to 3.83%
	2020		13,602,614		2.11	to 7.35		56,931,305		0.00	%		0.15	% to 2.40%		33.66	% to 37.46%
Macquarie VIP Smid Cap Core Ser Cl
	2024		6,201,906		1.20	to 8.34		33,050,587		0.30	%		0.15	% to 2.40%		10.92	% to 14.09%
	2023		7,996,079		1.06	to 7.31		37,420,383		0.21	%		0.15	% to 2.40%		12.31	% to 15.49%
	2022		9,237,532		0.92	to 6.33		37,834,841		0.00	%		0.15	% to 2.40%		(17.28	)% to (14.94)%
	2021		10,922,042		1.09	to 7.44		53,120,540		0.00	%		0.15	% to 2.40%		17.27	% to 20.60%
	2020		12,883,892		1.77	to 6.17		51,855,868		0.00	%		0.15	% to 2.40%		3.91	% to 6.86%
Macquarie VIP Value Ser Cl
	2024		10,130,683		1.17	to 9.97		45,915,846		1.61	%		0.15	% to 2.35%		3.36	% to 6.31%
	2023		12,631,420		1.10	to 9.38		54,011,520		1.54	%		0.15	% to 2.35%		5.21	% to 8.19%
	2022		14,798,243		1.03	to 8.67		58,935,634		1.32	%		0.15	% to 2.35%		(7.75	)% to (5.14)%
	2021		18,049,661		1.26	to 9.14		75,442,421		1.90	%		0.15	% to 2.35%		27.37	% to 30.98%
	2020		22,036,546		1.60	to 6.98		69,783,268		2.05	%		0.15	% to 2.45%		(0.98	)% to 1.83%
MFS VIT – Mid Cap Growth Ser SC
	2024		477,776		3.44	to 5.60		2,630,687		0.00	%		1.20	% to 2.45%		11.10	% to 13.07%
	2023		553,927		3.04	to 4.95		2,696,170		0.00	%		1.20	% to 1.85%		17.47	% to 19.53%
	2022		613,953		2.55	to 4.14		2,502,774		0.00	%		1.20	% to 1.85%		(30.86	)% to (29.64)%
	2021		596,000		3.63	to 5.89		3,431,691		0.00	%		1.20	% to 1.85%		10.57	% to 12.52%
	2020		639,665		3.24	to 5.23		3,276,027		0.00	%		1.20	% to 1.85%		32.16	% to 34.50%
MFS VIT II – Intl Intrinsic Val SC
	2024		13,999,100		1.01	to 1.64		23,024,610		1.11	%		0.80	% to 2.45%		3.84	% to 6.64%
	2023		15,498,184		0.95	to 1.56		24,122,165		0.47	%		0.80	% to 2.40%		13.97	% to 17.02%
	2022		17,220,273		0.82	to 1.34		23,111,150		0.53	%		0.80	% to 2.40%		(27.18	)% to (23.98)%
	2021		14,930,195		1.08	to 1.78		26,596,837		0.14	%		0.90	% to 2.40%		7.07	% to 9.95%
	2020		13,264,510		1.53	to 1.63		21,686,276		0.78	%		1.20	% to 2.40%		16.71	% to 19.85%
MorgStanley VIF Emg Mk Eq Cl 2
	2024		15,533,627		0.72	to 1.25		13,367,086		1.21	%		0.80	% to 2.25%		4.57	% to 7.39%
	2023		19,595,450		0.68	to 1.17		15,861,880		1.57	%		0.80	% to 2.25%		8.72	% to 11.63%
	2022		23,270,821		0.62	to 1.05		17,026,229		0.37	%		0.80	% to 2.25%		(28.24	)% to (25.36)%
	2021		24,359,111		0.85	to 0.99		24,092,097		0.80	%		0.90	% to 2.25%		(0.04	)% to 2.65%
	2020		25,931,518		0.82	to 0.97		25,212,190		1.39	%		1.20	% to 2.45%		11.04	% to 14.02%

(Continued)

80

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

			At December 31							For the years or periods ended December 31
			Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
Morningstar Aggr Growth ETF Cl II
	2024			6,697,490	$	1.27	to 2.07	$	13,833,858		1.23	%		0.80	% to 2.20%		11.23	% to 14.23%
	2023			7,597,504		1.12	to 1.83		13,865,118		1.75	%		0.80	% to 1.85%		13.49	% to 16.53%
	2022			7,245,257		0.97	to 1.58		11,449,117		1.49	%		0.80	% to 1.85%		(15.72	)% to (13.43)%
	2021			7,356,653		1.12	to 1.84		13,552,870		1.14	%		0.90	% to 1.90%		14.89	% to 17.98%
	2020			7,292,861		1.42	to 1.58		11,490,853		1.92	%		1.20	% to 2.00%		6.76	% to 9.63%
Morningstar Balanced ETF Cl II
	2024			20,111,842		1.13	to 1.77		35,582,120		1.62	%		0.80	% to 2.35%		6.95	% to 9.84%
	2023			24,357,989		1.03	to 1.63		39,602,407		1.95	%		0.80	% to 1.90%		9.55	% to 12.48%
	2022			26,601,149		0.93	to 1.46		38,796,438		1.63	%		0.80	% to 1.90%		(15.41	)% to (13.14)%
	2021			28,771,734		1.07	to 1.69		48,749,447		1.30	%		0.90	% to 1.90%		7.57	% to 10.46%
	2020			31,676,275		1.39	to 1.55		49,029,253		2.01	%		1.20	% to 2.00%		5.95	% to 8.79%
Morningstar Conservative ETF Cl II
	2024			6,951,175		0.98	to 1.31		9,079,022		2.22	%		0.90	% to 2.25%		2.21	% to 4.97%
	2023			7,723,772		0.94	to 1.26		9,697,306		2.17	%		0.90	% to 2.05%		4.72	% to 7.52%
	2022			9,246,917		0.88	to 1.18		10,894,856		1.57	%		0.90	% to 2.05%		(14.38	)% to (12.08)%
	2021			10,560,101		1.01	to 1.35		14,279,913		1.33	%		0.90	% to 2.05%		(0.70	)% to 1.97%
	2020			11,715,949		1.17	to 1.34		15,677,099		1.83	%		1.20	% to 2.20%		3.40	% to 6.17%
Morningstar Growth ETF Cl II
	2024			10,708,565		1.21	to 1.96		21,008,198		1.44	%		0.80	% to 2.10%		9.38	% to 12.33%
	2023			11,905,111		1.08	to 1.76		20,975,316		1.80	%		0.80	% to 2.10%		11.93	% to 14.92%
	2022			12,745,640		0.95	to 1.55		19,715,962		1.61	%		0.80	% to 2.10%		(15.77	)% to (13.51)%
	2021			11,940,629		1.10	to 1.80		21,549,299		1.19	%		0.90	% to 2.10%		11.55	% to 14.54%
	2020			13,041,381		1.41	to 1.59		20,733,418		1.97	%		1.20	% to 2.10%		6.81	% to 9.68%
Morningstar Inc & Gro Asset All Cl II
	2024			9,135,618		1.06	to 1.53		13,982,124		2.14	%		0.90	% to 2.45%		4.81	% to 7.64%
	2023			10,285,001		0.99	to 1.43		14,756,440		2.04	%		0.90	% to 2.15%		7.39	% to 10.26%
	2022			11,764,894		0.90	to 1.31		15,445,939		1.68	%		0.30	% to 2.15%		(15.08	)% to (12.80)%
	2021			12,863,083		1.04	to 1.52		19,541,523		1.36	%		0.30	% to 2.15%		3.37	% to 6.15%
	2020			14,959,598		1.17	to 1.44		21,602,975		2.06	%		0.30	% to 2.15%		5.28	% to 8.11%
Neuberger Berman Sustain Eq S Cl
	2024			959,001		1.50	to 3.60		3,452,029		0.00	%		0.80	% to 2.35%		21.85	% to 25.14%
	2023			1,082,479		1.20	to 2.90		3,140,728		0.08	%		0.80	% to 2.00%		22.90	% to 26.19%
	2022			1,273,231		0.96	to 2.32		2,953,773		0.12	%		0.80	% to 2.05%		(21.01	)% to (18.90)%
	2021			1,436,557		1.19	to 2.89		4,146,190		0.18	%		0.90	% to 2.10%		19.58	% to 22.79%
	2020			1,392,332		2.01	to 2.37		3,302,211		0.36	%		1.20	% to 2.45%		15.81	% to 18.92%
PIMCO VIT Global Div Alloc Adv Cl
	2024			104,041,467		1.06	to 1.48		154,206,829		4.61	%		0.30	% to 2.10%		5.84	% to 8.69%
	2023			123,314,942		0.98	to 1.38		169,679,145		3.24	%		0.80	% to 2.10%		10.35	% to 13.31%
	2022			136,518,261		0.87	to 1.23		167,281,560		4.60	%		0.30	% to 2.10%		(19.03	)% to (16.86)%
	2021			139,960,071		1.05	to 1.49		208,133,436		9.82	%		0.30	% to 2.10%		5.36	% to 8.19%
	2020			145,638,967		1.15	to 1.39		201,994,496		3.15	%		0.30	% to 2.10%		0.97	% to 3.68%
PIMCO VIT Intl Bond USD-H Adv Cl
	2024			1,653,796		1.03	to 1.14		1,751,541		3.60	%		0.80	% to 2.10%		2.28	% to 5.05%
	2023			783,031		1.00	to 1.09		796,669		2.58	%		0.80	% to 2.10%		5.76	% to 8.59%
	2022	(c)​		17,417		0.94	to 0.95		16,468		1.26	%		0.90	% to 1.85%		(6.56	)% to (4.88)%

(Continued)

81

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

			At December 31							For the years or periods ended December 31
			Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
PIMCO VIT Low Duration Adv CL
	2024			40,366,522	$	0.86	to 1.09	$	41,910,023		3.88	%		0.80	% to 2.45%		1.34	% to 4.08%
	2023			47,284,570		0.87	to 1.05		47,597,765		3.49	%		0.80	% to 2.25%		1.83	% to 4.56%
	2022			52,420,354		0.85	to 1.01		50,924,125		1.55	%		0.80	% to 2.25%		(8.57	)% to (6.12)%
	2021			58,754,688		0.92	to 1.04		61,345,486		0.42	%		0.90	% to 2.25%		(3.90	)% to (1.32)%
	2020			55,056,937		0.93	to 1.07		58,781,824		1.11	%		1.20	% to 2.45%		(0.10	)% to 2.58%
PIMCO VIT Total Return Adv Cl
	2024			84,528,939		0.89	to 1.17		98,446,422		3.93	%		0.80	% to 2.65%		(0.56	)% to 2.12%
	2023			94,945,693		0.88	to 1.15		109,268,925		3.46	%		0.80	% to 2.40%		2.76	% to 5.51%
	2022			106,947,058		0.83	to 1.10		117,708,966		2.49	%		0.80	% to 2.40%		(16.87	)% to (14.64)%
	2021			124,248,632		0.98	to 1.30		161,662,574		1.72	%		0.90	% to 2.40%		(4.23	)% to (1.66)%
	2020			129,230,812		1.17	to 1.34		172,531,480		2.02	%		1.20	% to 2.45%		5.39	% to 8.21%
Putnam VT Intl Eq Cl IB
	2024			789,878		1.23	to 2.57		1,871,575		2.19	%		1.20	% to 2.30%		(0.04	)% to 1.74%
	2023			859,507		1.18	to 2.53		1,992,399		0.04	%		1.20	% to 2.30%		15.07	% to 17.10%
	2022			1,023,907		1.01	to 2.16		2,045,736		1.61	%		1.20	% to 2.30%		(17.24	)% to (15.78)%
	2021			1,133,548		1.20	to 2.57		2,690,328		1.16	%		1.20	% to 2.30%		5.66	% to 7.52%
	2020			1,222,693		1.12	to 2.39		2,713,467		1.63	%		1.20	% to 2.30%		8.84	% to 10.76%
Putnam VT Intl Val Cl IB
	2024			833,423		1.11	to 1.35		944,947		2.42	%		0.80	% to 1.85%		2.14	% to 4.90%
	2023			773,625		1.07	to 1.29		844,053		1.51	%		0.80	% to 1.85%		15.24	% to 18.33%
	2022			745,010		0.92	to 1.10		693,134		1.84	%		0.80	% to 1.85%		(10.98	)% to (7.09)%
	2021	(a)​		206,063		1.01			208,200		0.00	%		0.90	% to 1.85%		(0.13	)% to 1.64%
Putnam VT Lg Cap Growth Cl IB
	2024			2,549,999		1.54	to 8.36		21,191,046		0.00	%		0.80	% to 1.95%		29.51	% to 33.00%
	2023			2,556,023		1.17	to 6.34		16,098,073		0.00	%		0.80	% to 2.10%		40.29	% to 44.04%
	2022			1,852,518		0.82	to 4.44		8,135,776		0.00	%		0.80	% to 2.10%		(32.52	)% to (30.71)%
	2021			2,243,809		1.18	to 6.47		14,369,057		0.00	%		0.90	% to 2.10%		19.09	% to 22.29%
	2020			4,300,437		3.78	to 5.34		22,821,887		0.04	%		1.20	% to 2.45%		34.68	% to 38.29%
Putnam VT Lg Cap Val Cl IB
	2024			3,800,181		1.37	to 5.31		20,014,357		1.07	%		0.80	% to 2.20%		15.66	% to 18.78%
	2023			3,923,291		1.16	to 4.51		17,551,822		2.05	%		0.80	% to 2.40%		12.31	% to 15.32%
	2022			4,278,475		1.01	to 3.95		16,747,554		1.49	%		0.80	% to 2.40%		(5.94	)% to (3.42)%
	2021			4,594,302		1.21	to 4.12		18,790,016		1.19	%		0.90	% to 2.40%		23.61	% to 26.92%
	2020			4,838,883		1.92	to 3.28		15,732,298		1.69	%		1.20	% to 2.40%		2.73	% to 5.49%
Putnam VT Sustain Leaders Cl IB
	2024			137,155		4.82	to 7.96		1,038,112		0.22	%		1.20	% to 2.10%		19.43	% to 21.55%
	2023			184,061		3.98	to 6.55		1,149,274		0.51	%		1.20	% to 2.05%		22.45	% to 24.61%
	2022			224,806		3.20	to 5.26		1,132,981		0.55	%		1.20	% to 2.10%		(25.15	)% to (23.83)%
	2021			250,817		4.21	to 6.90		1,656,021		0.14	%		1.20	% to 2.10%		19.94	% to 22.06%
	2020			276,844		3.52	to 5.65		1,497,049		0.48	%		1.20	% to 2.10%		25.00	% to 27.21%
SFT Bal Stabilization
	2024			274,824,447		1.24	to 2.11		580,486,440		0.00	%		0.30	% to 2.30%		10.21	% to 13.19%
	2023			329,615,173		1.10	to 1.88		620,700,255		0.00	%		0.80	% to 2.30%		12.12	% to 15.12%
	2022			362,938,770		0.96	to 1.65		599,018,222		0.00	%		0.30	% to 2.30%		(15.16	)% to (12.88)%
	2021			366,320,752		1.11	to 1.91		700,279,484		0.00	%		0.30	% to 2.30%		10.16	% to 13.12%
	2020			383,199,353		1.30	to 1.71		653,449,740		0.00	%		0.30	% to 2.30%		7.46	% to 10.34%

(Continued)

82

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

		At December 31							For the years or periods ended December 31
		Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
SFT Core Bond Cl 2
	2024		132,217,923	$	0.88	to 5.79	$	201,445,213		0.00	%		0.15	% to 2.70%		(2.21	)% to 0.58%
	2023		145,418,871		0.88	to 5.76		223,479,034		0.00	%		0.15	% to 2.40%		2.65	% to 5.56%
	2022		150,674,150		0.84	to 5.46		223,896,543		0.00	%		0.15	% to 2.40%		(16.66	)% to (14.29)%
	2021		153,603,776		0.99	to 6.37		270,941,120		0.00	%		0.15	% to 2.40%		(3.43	)% to (0.69)%
	2020		128,558,780		1.30	to 6.41		236,147,152		0.00	%		0.15	% to 2.45%		3.78	% to 6.72%
SFT Eq Stabilization
	2024		189,937,754		1.15	to 1.37		260,134,151		0.00	%		0.80	% to 2.10%		6.68	% to 9.56%
	2023		234,778,736		1.05	to 1.26		296,168,228		0.00	%		0.90	% to 2.10%		4.70	% to 7.50%
	2022		264,756,365		0.99	to 1.18		313,482,227		0.00	%		0.30	% to 2.10%		(12.33	)% to (9.98)%
	2021		269,067,603		1.10	to 1.33		357,088,407		0.00	%		0.30	% to 2.10%		8.92	% to 11.84%
	2020		286,838,342		1.05	to 1.20		343,441,057		0.00	%		0.30	% to 2.10%		(8.10	)% to (5.63)%
SFT Govt Money Market
	2024		55,357,696		0.77	to 2.64		60,935,427		4.51	%		0.15	% to 2.50%		1.55	% to 4.44%
	2023		66,106,495		0.77	to 2.53		69,791,510		4.37	%		0.15	% to 2.40%		1.43	% to 4.31%
	2022		63,422,496		0.76	to 2.43		64,006,678		1.34	%		0.15	% to 2.40%		(1.81	)% to 0.96%
	2021		26,491,806		0.77	to 2.40		28,560,385		0.00	%		0.15	% to 2.40%		(2.91	)% to (0.15)%
	2020		29,706,640		0.79	to 2.41		32,523,390		0.16	%		0.15	% to 2.40%		(2.71	)% to 0.05%
SFT Index 400 MC Cl 2
	2024		8,202,494		1.27	to 11.14		59,285,128		0.00	%		0.15	% to 2.40%		9.98	% to 13.12%
	2023		9,679,938		1.14	to 9.85		62,317,760		0.00	%		0.15	% to 2.40%		12.35	% to 15.53%
	2022		10,413,855		0.99	to 8.53		58,637,220		0.00	%		0.15	% to 2.40%		(16.11	)% to (13.73)%
	2021		11,129,889		1.16	to 9.88		73,205,365		0.00	%		0.15	% to 2.40%		20.39	% to 23.81%
	2020		12,783,428		2.59	to 7.98		68,413,176		0.00	%		0.15	% to 2.45%		9.77	% to 12.89%
SFT Index 500 Cl 2
	2024		33,467,745		1.54	to 31.36		301,188,162		0.00	%		0.15	% to 2.20%		20.81	% to 24.25%
	2023		35,677,699		1.25	to 25.24		266,409,899		0.00	%		0.15	% to 2.20%		22.07	% to 25.52%
	2022		36,925,214		1.00	to 20.10		225,947,650		0.00	%		0.15	% to 2.20%		(20.84	)% to (18.60)%
	2021		35,953,251		1.24	to 24.70		281,940,792		0.00	%		0.15	% to 2.25%		24.31	% to 27.84%
	2020		39,164,393		2.67	to 19.32		243,361,607		0.00	%		0.15	% to 2.25%		14.48	% to 19.61%
SFT Macquarie Growth
	2024		14,166,126		1.56	to 28.11		166,579,866		0.00	%		0.15	% to 2.95%		20.33	% to 23.77%
	2023		18,349,265		1.27	to 22.71		170,563,984		0.00	%		0.15	% to 2.40%		33.96	% to 37.75%
	2022		22,250,817		0.93	to 16.49		147,287,738		0.00	%		0.15	% to 2.40%		(29.27	)% to (27.26)%
	2021		25,114,676		1.29	to 22.67		228,878,395		0.00	%		0.15	% to 2.40%		26.50	% to 30.09%
	2020		30,627,618		2.95	to 17.42		211,965,155		0.00	%		0.15	% to 2.45%		26.90	% to 30.50%
SFT Macquarie Small Cap Growth
	2024		6,142,065		0.88	to 10.30		33,834,947		0.00	%		0.15	% to 2.35%		10.78	% to 13.95%
	2023		7,090,827		0.78	to 9.04		34,802,748		0.00	%		0.15	% to 2.30%		9.52	% to 12.62%
	2022		7,834,181		0.70	to 8.02		34,535,791		0.00	%		0.15	% to 2.30%		(29.00	)% to (26.44)%
	2021		8,785,953		0.96	to 10.99		53,220,867		0.00	%		0.15	% to 2.30%		1.54	% to 4.42%
	2020		10,110,361		3.00	to 10.53		58,620,967		0.00	%		0.15	% to 2.30%		32.30	% to 36.05%
SFT Real Estate Cl 2
	2024		8,217,687		1.20	to 7.70		43,183,851		0.00	%		0.15	% to 2.70%		3.05	% to 5.99%
	2023		10,526,432		1.14	to 7.26		52,693,117		0.00	%		0.15	% to 2.40%		8.70	% to 11.78%
	2022		11,536,483		1.02	to 6.50		52,312,609		0.00	%		0.15	% to 2.40%		(28.43	)% to (26.40)%
	2021		13,799,689		1.42	to 8.83		85,907,773		0.00	%		0.15	% to 2.40%		39.87	% to 43.83%
	2020		14,548,606		1.75	to 6.14		63,748,608		0.00	%		0.15	% to 2.45%		(5.66	)% to (2.98)%

(Continued)

83

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

			At December 31							For the years or periods ended December 31
			Units Outstanding		Unit Value lowest to highest			Net Assets		Investment Income Ratio*			Expense Ratio lowest to highest**			Total Return lowest to highest***
SFT T. Rowe Price Value
	2024			14,541,797	$	1.29	to 5.44	$	78,820,429		0.00	%		0.80	% to 2.95%		11.28	% to 14.28%
	2023			18,431,810		1.14	to 4.80		88,138,195		0.00	%		0.80	% to 2.40%		8.51	% to 11.41%
	2022			20,650,740		1.03	to 4.35		89,397,062		0.00	%		0.80	% to 2.40%		(14.23	)% to (11.93)%
	2021			25,095,329		1.22	to 4.98		124,463,218		0.00	%		0.90	% to 2.40%		25.67	% to 29.04%
	2020			29,000,941		2.17	to 3.90		112,494,905		0.00	%		1.20	% to 2.45%		6.86	% to 9.73%
SFT Wellington Core Equity Cl 2
	2024	(d)​		5,001,282		1.43	to 7.85		34,468,799		0.00	%		(0.06	)% to 2.24%		21.63	% to 25.11%
	2023	(e)​		6,602,669		1.15	to 6.34		37,245,276		0.00	%		(0.08	)% to 2.17%		17.49	% to 20.81%
	2022	(f)​		7,784,134		0.96	to 5.30		36,864,474		0.00	%		(0.04	)% to 2.21%		(21.64	)% to (19.42)%
	2021	(g)​		8,791,103		1.20	to 6.65		52,167,464		0.00	%		(0.07	)% to 2.18%		20.54	% to 23.96%
	2020	(h)​		10,423,785		2.70	to 5.42		50,937,719		0.00	%		(0.07	)% to 2.23%		14.78	% to 18.03%
T. Rowe Price Health Science II Cl
	2024			2,567,761		1.03	to 1.06		2,721,891		0.00	%		0.80	% to 2.05%		(1.55	)% to 1.11%
	2023			1,451,100		1.04	to 1.06		1,527,038		0.00	%		0.80	% to 2.05%		(0.29	)% to 2.38%
	2022	(c)​		566,783		1.03	to 1.04		587,841		0.00	%		0.90	% to 1.85%		2.50	% to 4.34%
TOPS Mgd Risk Bal ETF Cl 2
	2024			7,769,980		1.05	to 1.39		10,812,908		2.42	%		0.90	% to 2.10%		2.99	% to 5.77%
	2023			9,735,572		1.00	to 1.33		12,924,990		0.27	%		0.90	% to 2.10%		5.87	% to 8.71%
	2022			10,217,415		0.92	to 1.23		12,590,546		16.30	%		0.90	% to 2.10%		(14.41	)% to (12.11)%
	2021			12,811,890		1.06	to 1.41		18,125,401		1.10	%		0.90	% to 2.10%		5.42	% to 8.25%
	2020			13,719,270		1.22	to 1.32		18,092,267		2.23	%		1.20	% to 2.10%		2.82	% to 5.58%
TOPS Mgd Risk Flex ETF
	2024			93,010,527		1.05	to 1.28		119,355,479		2.39	%		0.90	% to 2.15%		3.09	% to 5.87%
	2023			110,538,341		0.99	to 1.22		135,210,843		1.67	%		0.90	% to 2.15%		6.11	% to 8.95%
	2022			115,595,834		0.92	to 1.13		130,951,277		1.33	%		0.30	% to 2.15%		(14.67	)% to (12.38)%
	2021			116,446,585		1.05	to 1.30		151,912,922		0.84	%		0.90	% to 2.15%		5.63	% to 8.47%
	2020			118,385,525		1.13	to 1.21		143,674,056		1.79	%		1.20	% to 2.15%		2.09	% to 4.83%
TOPS Mgd Risk Growth ETF Cl 2
	2024			29,852,437		1.08	to 1.53		45,515,201		2.02	%		0.90	% to 2.00%		4.57	% to 7.39%
	2023			42,233,706		1.01	to 1.43		60,537,294		0.44	%		0.90	% to 1.85%		7.92	% to 10.81%
	2022			49,088,642		0.92	to 1.31		64,071,828		7.91	%		0.90	% to 1.85%		(16.23	)% to (13.98)%
	2021			52,895,287		1.07	to 1.53		80,988,744		1.05	%		0.90	% to 1.85%		9.32	% to 12.25%
	2020			59,665,659		1.28	to 1.38		82,118,349		2.14	%		1.20	% to 2.00%		2.13	% to 4.87%
TOPS Mgd Risk Mod Growth ETF Cl 2
	2024			8,105,769		1.07	to 1.51		12,237,198		2.21	%		0.90	% to 2.00%		4.44	% to 7.26%
	2023			10,286,778		1.00	to 1.42		14,610,479		0.38	%		0.90	% to 1.95%		7.14	% to 10.00%
	2022			12,318,047		0.92	to 1.30		16,047,621		14.52	%		0.90	% to 1.95%		(15.87	)% to (13.61)%
	2021			14,047,673		1.07	to 1.52		21,375,609		1.11	%		0.90	% to 2.10%		7.83	% to 10.73%
	2020			16,309,660		1.28	to 1.39		22,615,887		2.26	%		1.20	% to 2.10%		2.83	% to 5.59%

*  These amounts represent the dividends, excluding distributions of capital gains, received by the Sub-Account from the underlying mutual fund, net of expenses assessed by the underlying fund, divided by the average net assets. These ratios exclude those expenses, such as mortality and expense charges, that result in a direct reduction in the unit values. The recognition of investment income by the Sub-Account is affected by the timing of the declaration of dividends by the underlying fund in which the Sub-Account invests and, to the extent the underlying fund utilizes consent dividends rather than paying dividends in cash or reinvested shares, the Sub-Account does not record investment income. For periods less than one year, the ratios have been annualized.

**  This ratio represents the annualized contract expenses of the Account, consisting primarily of mortality and expense charges. The ratios include expenses that result in a direct reduction to unit values as well as applicable fee waivers that result in an increase to the unit values. Charges made directly to a contract owner's account through the redemption of units and expenses of the underlying fund are excluded. The ranges of unit fair value

(Continued)

84

Variable Annuity Account
Notes to Financial Statements

(7)  Financial Highlights – (continued)

and expense ratios shown do not consider available products or contract benefits that have not yet been sold. Investment options with a date notation indicate the effective date of that investment option in the variable account. For periods less than one year, the ratios have been annualized.

***  These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, and reflect all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units. Inclusion of these expenses in the calculation would result in a reduction in the total return presented. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for the period indicated or from the effective date through the end of the reporting period. Some individual contract total returns may differ from the stated return due to new products that launched during the period. The total return is presented as a range of minimum to maximum values, based on the product grouping and available contract benefits representing the minimum and maximum expense ratio amounts whether or not the product or benefits have been sold. Some individual contract total returns may not be within the ranges presented.

(a)  For the period from May 1, 2021 through December 31, 2021.

(b)  For the period from February 1, 2022 through December 31, 2022.

(c)  For the period from April 29, 2022 through December 31, 2022.

(d)  For the year ended December 31, 2024, Minnesota Life waived expenses for SFT Wellington Core Equity Cl 2 resulting in a reduction of the expense ratio of 0.21%.

(e)  For the year ended December 31, 2023, Minnesota Life waived expenses for SFT Wellington Core Equity Cl 2 resulting in a reduction of the expense ratio of 0.23%.

(f)  For the year ended December 31, 2022, Minnesota Life waived expenses for SFT Wellington Core Equity Cl 2 resulting in a reduction of the expense ratio of 0.19%.

(g)  For the year ended December 31, 2021, Minnesota Life waived expenses for SFT Wellington Core Equity Cl 2 resulting in a reduction of the expense ratio of 0.22%.

(h)  For the year ended December 31, 2020, Minnesota Life waived expenses for SFT Wellington Core Equity Cl 2 resulting in a reduction of the expense ratio of 0.22%.

(8)  Subsequent Events

Management has evaluated subsequent events through March 21, 2025, the date these financial statements were issued, and has concluded there were no events that require financial statement disclosure and/or adjustments to the financial statements.

85

MINNESOTA LIFE INSURANCE COMPANY

Statutory Financial Statements
and Financial Statement Schedules

December 31, 2024

KPMG LLP

Suite 600

350 N. 5th Street

Minneapolis, MN 55401

Independent Auditors’ Report

The Board of Directors and Stockholder
Minnesota Life Insurance Company:

Opinions

We have audited the financial statements of Minnesota Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities and capital and surplus as of December 31, 2024 and 2023, and the related statutory statements of operations and capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2024, and the related notes to the statutory 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, 2024 and 2023, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2024 in accordance with accounting practices prescribed or permitted by the Minnesota Department of Commerce 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 financial statements do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2024 and 2023, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2024.

Basis for Opinions

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

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

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

KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms affiliated with
KPMG International Limited, a private English company limited by guarantee.

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 Minnesota Department of Commerce. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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 GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

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

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

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

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

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

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

2

 

Supplementary Information

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in the schedule of selected financial data, the schedule of supplemental investment risks interrogatories, the summary investment schedule and the schedule of supplemental reinsurance risks interrogatories is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Minnesota Department of Commerce. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits 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 GAAS. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Minneapolis, Minnesota
March 27, 2025

3

MINNESOTA LIFE INSURANCE COMPANY
Statutory Statements of Admitted Assets, Liabilities and Capital and Surplus
December 31, 2024 and 2023
(in thousands)

	2024		2023
Admitted Assets
Bonds	$	21,839,496	$	20,806,504
Common stocks		425,477		348,981
Mortgage loans, net		5,777,094		5,558,251
Derivative instruments		1,000,352		955,319
Other invested assets		1,819,072		1,777,598
Policy loans		1,140,199		897,870
Investments in affiliated companies		546,243		513,456
Cash, cash equivalents and short-term investments		353,429		514,774
Total invested assets		32,901,362		31,372,753
Premiums deferred and uncollected		160,171		133,510
Current income tax recoverable		45,754		—
Deferred income taxes		200,721		70,870
Other assets		634,007		599,963
Total assets, excluding separate accounts		33,942,015		32,177,096
Separate account assets		29,478,601		30,067,358
Total assets	$	63,420,616	$	62,244,454
Liabilities and Capital and Surplus
Liabilities:
Policy reserves:
Life insurance	$	16,114,491	$	14,767,418
Annuities and other fund deposits		10,278,883		10,172,835
Accident and health		214,957		207,123
Policy claims in process of settlement		485,364		462,694
Dividends payable to policyholders		2,603		2,603
Other policy liabilities		1,704,586		1,616,019
Asset valuation reserve		473,470		439,072
Current income tax liability		—		10,029
Accrued commissions and expenses		186,260		154,182
Other liabilities		1,173,173		1,071,228
Total liabilities, excluding separate accounts		30,633,787		28,903,203
Separate account liabilities		29,478,601		30,065,291
Total liabilities		60,112,388		58,968,494
Capital and surplus:
Common stock, $1 par value, 5,000,000 shares authorized, issued and outstanding		5,000		5,000
Additional paid in capital		596,540		566,540
Surplus notes		118,000		118,000
Unassigned surplus		2,588,688		2,586,420
Total capital and surplus		3,308,228		3,275,960
Total liabilities and capital and surplus	$	63,420,616	$	62,244,454

See accompanying notes to statutory financial statements.

4

MINNESOTA LIFE INSURANCE COMPANY
Statutory Statements of Operations and Capital and Surplus
Years ended December 31, 2024, 2023 and 2022
(in thousands)

	2024			2023			2022
Statements of Operations
Revenues:
Premiums	$	3,506,490		$	2,875,862		$	1,458,181
Annuity considerations		1,334,144			1,459,890			2,566,368
Net investment income		1,127,447			1,045,350			1,038,635
Investment management, administration and contract guarantee fees		130,901			136,842			212,450
Other income		258,285			395,477			692,530
Change in modified coinsurance on separate accounts		40,083			1,891,277			19,482,324
Total revenues		6,397,350			7,804,698			25,450,488
Benefits and expenses:
Policyholder benefits		5,661,200			4,208,208			5,378,173
Increase (decrease) in policy reserves		1,392,156			1,405,294			(1,964,368	)
General insurance expenses and taxes		443,929			573,165			995,612
Salaries and wages		267,824			260,823			305,843
Group service and administration fees		85,592			78,974			70,864
Commissions		598,260			558,149			587,244
Separate account transfers, net		(1,840,467	)		(989,703	)		368,960
Change in modified coinsurance on separate accounts		40,083			1,891,277			19,482,324
Total benefits and expenses		6,648,577			7,986,187			25,224,652
Gain (loss) from operations before dividends, federal income taxes and net realized capital gains (losses)		(251,227	)		(181,489	)		225,836
Dividends to policyholders		2,792			2,869			(18,467	)
Gain (loss) from operations before federal income tax expense (benefit) and net realized capital gains (losses)		(254,019	)		(184,358	)		244,303
Federal income tax expense (benefit)		(48,987	)		(85,731	)		93,024
Gain (loss) from operations before net realized capital gains (losses)		(205,032	)		(98,627	)		151,279
Net realized capital gains (losses), net of transfers to interest maintenance reserve and federal income taxes		251,240			(74,400	)		(247,142	)
Net income (loss)	$	46,208		$	(173,027	)	$	(95,863	)
Statements of Capital and Surplus
Capital and surplus, beginning of year	$	3,275,960		$	3,284,929		$	3,402,930
Net income (loss)		46,208			(173,027	)		(95,863	)
Net change in unrealized capital gains and losses		(1,846	)		192,208			(365,743	)
Net change in deferred income tax		236,480			97,926			(138,260	)
Change in asset valuation reserve		(34,398	)		(102,914	)		115,435
Net change in separate account surplus		173			672			(3,168	)
Dividends to stockholder		(5,000	)		(104,993	)		(4,998	)
Change in unauthorized reinsurance		(1,667	)		(249	)		(173	)
Change in non-admitted assets		(102,239	)		(23,029	)		(14,529	)
Change in reserves due to change in valuation basis		(68,888	)		8,470			—
Capital contribution		30,000			250,000			—
Other, net		(66,555	)		(154,033	)		389,298
Capital and surplus, end of year	$	3,308,228		$	3,275,960		$	3,284,929

See accompanying notes to statutory financial statements.

5

MINNESOTA LIFE INSURANCE COMPANY
Statutory Statements of Cash Flow
Years ended December 31, 2024, 2023 and 2022
(in thousands)

	2024			2023			2022
Cash Flow from Operating Activities
Revenues:
Premiums and annuity considerations	$	5,178,016		$	4,985,330		$	7,914,960
Net investment income		1,116,945			1,060,381			1,071,877
Total receipts		6,294,961			6,045,711			8,986,837
Benefits and expenses paid:
Policyholder benefits		5,640,537			4,538,522			5,441,727
Dividends to policyholders		87			2,090			13,111
Commissions and expenses		1,318,513			1,334,951			1,442,904
Separate account transfer, net		(1,824,864	)		(1,169,405	)		339,145
Federal income taxes		62,418			(110,566	)		(73,846	)
Total payments		5,196,691			4,595,592			7,163,041
Cash provided from operations		1,098,270			1,450,119			1,823,796
Cash Flow from Investing Activities
Proceeds from investments sold, matured or repaid:
Bonds		2,875,650			1,775,093			3,153,097
Common stocks		128,973			194,978			306,975
Mortgage loans		382,603			426,417			623,724
Derivative instruments		406,187			296,299			(106,138	)
Other invested assets		152,120			100,430			145,115
Separate account redemptions		250			8,218			172
		3,945,783			2,801,435			4,122,945
Cost of investments acquired:
Bonds		3,937,057			2,163,438			3,976,616
Common stocks		165,299			143,359			270,652
Mortgage loans		600,628			724,650			1,089,480
Derivative instruments		190,248			361,963			376,423
Other invested assets		141,224			152,449			185,319
Separate account investments		(2,000	)		(11,950	)		(1,044	)
Securities in transit, net		(3,686	)		83,340			105,004
Other provided, net		244,718			320,156			154,665
		5,273,488			3,937,405			6,157,115
Cash applied to investing		(1,327,705	)		(1,135,970	)		(2,034,170	)
Cash Flow from Financing and Miscellaneous Activities
Borrowed money, net		—			(120,000	)		—
Net deposits on deposit-type contract funds		34,792			(109,763	)		111,156
Dividend paid to stockholder		—			(100,000	)		—
Capital contribution		30,000			250,000			—
Other cash provided (applied)		3,298			82,530			(38,354	)
Cash provided by financing		68,090			2,767			72,802
Reconciliation of Cash, Cash Equivalents and Short-term Investments
Net change in cash, cash equivalents and short-term investments		(161,345	)		316,916			(137,572	)
Beginning of the year		514,774			197,858			335,430
End of the year	$	353,429		$	514,774		$	197,858

See accompanying notes to statutory financial statements.

6

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements
December 31, 2024, 2023 and 2022
(in thousands)

(1) Nature of Operations

Organization and Description of Business

Minnesota Life Insurance Company (the Company), a wholly-owned subsidiary of Securian Financial Group, Inc. (SFG), both directly and through its subsidiaries and controlled affiliates, provides a diversified array of insurance and financial products and services designed principally to protect and enhance the long-term financial well-being of individuals and families.

The Company, which operates in the United States, generally offers the following types of products:

● Fixed, indexed and variable universal life, term life and whole life insurance products to individuals through independent channel partners.

● Immediate and deferred annuities, with fixed, indexed, and variable investment options through independent channel partners.

● Group life insurance and voluntary products to private and public employers.

● Retirement options to employers and investment firms through independent channel partners as well as direct relationships.

● Life insurance protection through banks, credit unions, and finance companies.

During 2022, the Company entered into reinsurance agreements to reinsure certain closed blocks of individual life and individual annuity products and certain non-affiliated group annuity contracts. Refer to note 14 Reinsurance for additional discussion.

(2) Summary of Significant Accounting Policies

The accompanying statutory financial statements of Minnesota Life Insurance Company have been prepared in accordance with accounting practices prescribed or permitted by the Minnesota Department of Commerce. The Minnesota Department of Commerce recognizes statutory accounting practices prescribed or permitted by the state of Minnesota for determining and reporting the financial condition and results of operations of an insurance company and for determining its solvency under the Minnesota Insurance Law. Prescribed statutory accounting practices are those practices that are incorporated directly or by reference in state laws, regulations and general administrative rules applicable to all insurance enterprises domiciled in a particular state. Permitted statutory accounting practices include practices not prescribed by the domiciliary state, but allowed by the domiciliary state regulatory authority. 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 Minnesota. The state has adopted the prescribed accounting practices as stated in NAIC SAP, without modification. The Company has one material statutory accounting practice that differs from those of the state of Minnesota or the NAIC accounting practices. See note 13 Capital and Surplus and Dividends for discussion of statutory dividend limitations. These practices differ from U.S. generally accepted accounting principles (GAAP).

The more significant differences, of which the aggregate effects are material are as follows:

● Acquisition costs, such as commissions and other costs incurred in connection with the successful acquisition of new and renewal business, are charged to current operations as incurred whereas premiums are recognized as earned over the premium paying periods of the policies and contracts. Under GAAP, acquisition costs are capitalized and charged to operations as the revenues or expected gross profits are recognized.

● Certain assets are designated as "non-admitted" and changes in such amounts are charged directly to unassigned surplus.

● Policy reserves are based on methods prescribed by the NAIC, which include mortality and interest assumptions without consideration for lapses or withdrawals. Under GAAP, policy reserves are based on current best estimates or locked in best estimate assumptions on the date of issuance with a provision for adverse deviation, which include considerations for lapses and withdrawals.

(Continued)

7

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(2) Summary of Significant Accounting Policies (Continued)

The more significant differences, of which the aggregate effects are material are as follows (Continued):

● The Company is required to establish an asset valuation reserve (AVR) and an interest maintenance reserve (IMR). The AVR provides for a standardized statutory investment valuation reserve for bonds, preferred stocks, short-term investments, mortgage loans, common stocks, real estate and other invested assets. Changes in this reserve are recorded as direct charges or credits to surplus. The IMR is designed to defer net realized capital gains and losses resulting from changes in the level of interest rates in the market and to amortize them over the remaining life of the bond or mortgage loan sold. The IMR represents the unamortized portion of the bond or mortgage loan not yet taken into income. If IMR is negative, it is designated as non-admitted and is directly charged to unassigned surplus unless the Company adopts certain limited-time exception to admit net negative IMR. For securities the Company intends to sell in which a write-down is necessary, the Company reviews whether the realized loss affects the IMR or AVR. There are no such requirements on a GAAP basis.

● Investments, other than common stocks, preferred stocks and investments in subsidiaries, are carried at values prescribed by the NAIC. GAAP requires investments, other than common stocks, preferred stocks and investments in subsidiaries, to be classified as held-to-maturity securities, which are reported at amortized cost, trading securities, which are reported at fair value through net income, or available-for-sale securities, which are reported at fair value through equity.

● Investments in common stocks and preferred stocks are carried at values prescribed by the NAIC. GAAP requires common stocks and preferred stocks to be reported at fair value through earnings.

● Bonds that have been assigned the NAIC Category 6 designation are carried at the lower of fair value or cost. There are no such requirements on a GAAP basis.

● A valuation allowance is established for mortgage loans when it is probable that the Company will not be able to collect the amounts due under the contractual terms of the loan. Under GAAP, an allowance for credit losses for mortgage loans represents the Company’s best estimate of expected credit losses over the remaining life of the loans.

● Undistributed income and capital gains and losses for limited partnership alternative investments are reported in capital and surplus as unrealized gains and losses until realized. Under GAAP, specialized accounting treatment for investment companies requires unrealized gains and losses on these alternative investments to be included in earnings.

● Investments in subsidiaries are carried at the audited net equity values as prescribed by the NAIC. Changes in equity values related to earnings are reflected in surplus, and other equity changes are reflected in surplus as charges or credits to unrealized gains and losses. GAAP requires subsidiaries and certain variable interest entities to be consolidated.

● Deferred federal income taxes are provided for the tax effects of certain income and expense items recognized for income tax purposes in different years than for financial reporting purposes. The change in the net deferred tax asset or liability is reflected in surplus. Admittance testing may result in a charge to capital and surplus for non-admitted portions of the net deferred tax asset. GAAP requires the change to be reported in operations or other comprehensive income.

● In determining the need for tax contingency reserves, consideration is given to whether it is more-likely-than-not that specific uncertain tax benefits will be realized. GAAP subsequently subjects the tax benefits to an additional quantitative measurement step.

● Goodwill is admitted subject to a 10% limitation on surplus and amortized over the useful life of the goodwill, not to exceed 10 years. Under GAAP, goodwill, which is considered to have an indefinite useful life, is tested using either a qualitative or quantitative approach for impairment and a loss is recorded, when appropriate.

● Surplus notes are classified as capital and surplus. Under GAAP, surplus notes are classified as liabilities.

● Rental income on home office properties owned by the Company is recognized by the Company and a similar amount of rental expense is recognized as a charge for the related office space. Under GAAP, there is no recognition of either rental income or rental expense on home office properties owned by the Company.

● Certain assets and liabilities are recorded net of the effects of related reinsurance, which is not permitted by GAAP.

(Continued)

8

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(2) Summary of Significant Accounting Policies (Continued)

The more significant differences, of which the aggregate effects are material are as follows (Continued):

● Reinsurance agreements that have any insurance risk are accounted for as reinsurance, whereas under GAAP only reinsurance agreements that have significant insurance risk are accounted for as reinsurance otherwise they are accounted for using a deposit method.

● The statutory financial statements do not include accumulated other comprehensive income (loss) as required by GAAP.

● Nontraditional life products include individual adjustable life, universal life and variable life insurance and group universal and variable life insurance. Revenues from nontraditional life products and deferred annuities consist of premiums received rather than policy and contract fees charged for the cost of insurance, policy administration and surrenders as required under GAAP.

● The statutory statements of cash flow do not classify cash flow consistent with GAAP and a reconciliation of net income to net cash provided from operating activities is not provided.

● Statutory policyholder dividend liabilities are required to be calculated including dividends anticipated to be paid in the next twelve months. GAAP requires a dividend accrual representing dividends due and unpaid through the current year-end.

● The calculation of reserves and transfers in the Separate Account Statement requires the use of a Commissioners’ Annuity Reserve Valuation Method (CARVM) allowance on annuities and a Commissioners’ Reserve Valuation Method (CRVM) allowance on certain life products for statutory reporting. There is no such requirement on a GAAP basis.

● Derivative instruments are recorded at fair value or amortized cost. Changes in derivative instruments recognized at fair value, other than hedges, are recorded as unrealized capital gains and losses on the statutory statements of capital and surplus. Hedges are held using the same accounting methodology as the hedged item. Under GAAP reporting, derivative instruments are held at fair value. Changes in fair value are recorded to realized capital gains and losses, policyholder benefits in the case of certain life insurance product hedging or unrealized capital gains and losses depending on the nature of the hedging relationship, if any, that are designated.

● A deferred premium asset is established to recognize receipt of premiums on a payment mode other than annual. This asset is considered an offset to statutory reserve calculations which use only annual modal premium assumptions. Deferred premiums are calculated from the current statement date to policy anniversary date. On a GAAP basis, deferred premiums are netted against policy reserves and are generally calculated as a constant of gross premiums.

● Policy and contract fees are recognized through the statements of operations as received. Under GAAP, these amounts are reported as unearned revenue and are recognized in operations over the period in which the services are provided.

● The Company periodically invests money in its separate accounts, which is reported as a component of separate account assets and unassigned surplus. On a GAAP basis, these investments are reported as investments in equity securities, based on the underlying characteristics of the investment.

● Separate account assets and liabilities include certain market value adjusted fixed annuity and investment options on variable annuities. Notwithstanding the market value adjustment feature, the investment performance of the separate account assets is not being passed to the contractholder, and therefore, on a GAAP basis the contract is not reported in the separate account. Rather, the components of the spread on a book value basis are recorded in interest income and interest credited and realized gains and losses on investments and market value adjustments on contract surrenders are recognized as incurred. For GAAP, the contract liability is included in policy and contract balances and the assets are recorded within invested assets.

(Continued)

9

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(2) Summary of Significant Accounting Policies (Continued)

The more significant differences, of which the aggregate effects are material are as follows (Continued):

● The Company issues variable annuity contracts through separate accounts where the Company contractually guarantees to the contractholder a return of no less than one of the following upon a qualifying event: (a) total deposits made to the contract adjusted for partial withdrawals, (b) total deposits made to the contract adjusted for partial withdrawals plus a minimum return, (c) the highest contract value on a specified anniversary date adjusted for withdrawals following the contract anniversary, or (d) a minimum payment on a variable immediate annuity. These guarantees include benefits that are payable in the event of death, withdrawal or annuitization. The Company also issues universal life and variable universal life contracts where the Company provides to the contractholder a no-lapse guarantee and fixed indexed annuities with a guaranteed income in excess of account value. Statutory reserving methodologies consistent with other policy reserves and state requirements are established connected to these guarantees. GAAP requires the calculation of an additional liability related to these guarantees, specifically where product features produce an earnings pattern of profits followed by losses. Certain guarantees are considered embedded derivatives for GAAP. A separate reserve or an embedded derivative related to these guarantees is not required in statutory reporting.

● The Company also issues certain fixed indexed annuity and indexed universal life contracts that contain features which are considered to be embedded derivatives that are not separated between components and are accounted for consistent with the host contract. Under GAAP, the embedded derivative is bifurcated from the host contract and accounted for separately as a derivative carried at fair value with changes in fair value recorded in net income.

● GAAP requires that sales inducements be deferred and amortized over the life of the policy using the same methodology and assumptions used to amortize deferred policy acquisition costs. A separate asset related to sales inducements is not allowed under statutory reporting.

The significant accounting policies that are reflected in the accompanying statutory financial statements are as follows:

New Accounting Pronouncements

In March 2023, the NAIC adopted revisions to Statements of Statutory Accounting Principles (SSAP) 34, Investment Income Due and Accrued, to provide new disclosures of due and accrued investment income and cumulative paid-in-kind interest. The disclosure requirements were effective for 2023 reporting and are included in note 5 Investments.

Permitted Practice

The Company has received a permitted practice from the Minnesota Department of Commerce to use a modified 1959 Accidental Death Benefit table, and the net effect is immaterial for reporting purposes.

The Company has been granted a permitted accounting practice, effective January 1, 2023, from the Minnesota Department of Commerce to reflect changes in discretionary liabilities held on certain indexed universal life policies through surplus in Other, net in statutory statements of operations and capital and surplus instead of through net income as would be required under NAIC SAP. This permitted practice resulted in a pre-tax increase (decrease) to net income of $(5,000) and $189,000 for the years ended December 31, 2024 and 2023, respectively, and had no impact on the Company’s surplus or risk-based capital.

Revenues and Expenses

Premiums are credited to revenue over the premium paying period of the policies, with the exception of single and flexible premium contracts which are credited to revenue when received from the policyholder. Annuity considerations and investment management, administration and contract guarantee fees are recognized as revenue when received. Any premiums due that are not yet paid, and premiums paid on other than an annual basis, are included in premiums deferred and uncollected on the statutory statements of admitted assets, liabilities and capital and surplus. Benefits and expenses, including acquisition costs related to acquiring new and renewal business, are charged to operations as incurred. Acquisition expenses incurred are reduced for ceding allowances received or receivable.

(Continued)

10

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(2) Summary of Significant Accounting Policies (Continued)

Valuation of Investments and Net Investment Income

Bonds and stocks are valued as prescribed by the NAIC. Bonds not backed by other loans are generally carried at cost, adjusted for the amortization of premiums, accretion of discounts and any other-than-temporary impairment (OTTI). Premiums and discounts are amortized and accreted over the estimated or contractual lives of the related bonds based on the interest yield method. Prepayment penalties are recorded to net investment income when collected. Bonds that have been assigned the NAIC category 6 designation are carried at the lower of cost or fair value. The Securities Valuation Office identified bond exchange-traded funds are reported at fair value.

Hybrid securities are investments structured to have characteristics of both stocks and bonds. Hybrid securities totaled $14,355 and $14,856 at December 31, 2024 and 2023, respectively, which were classified as bonds on the statutory statements of admitted assets, liabilities and capital and surplus.

Loan-backed securities are stated at either amortized cost or the lower of amortized cost or discounted cash flows. The Company’s loan-backed securities are reviewed quarterly, and as a result, the carrying value of a loan-backed security may be reduced to reflect changes in valuation resulting from discounted cash flow information. Loan-backed securities that have been assigned the NAIC category 6 designation are written down at the lower of fair value or cost. The Company uses a third-party pricing service in assisting the Company’s determination of the fair value of most loan-backed securities. An internally developed matrix pricing model, discounted cash flow or other model is used to price a small number of holdings. The retrospective adjustment method is used to record investment income on all non-impaired securities except for interest-only securities or other non-investment grade securities where the yield had become negative. Investment income is recorded using the prospective method on these securities.

For loan-backed securities, the Company recognizes income using a constant effective yield method based on prepayment assumptions obtained from an outside service provider or upon analyst review of the underlying collateral and the estimated economic life of the securities. When estimated prepayments differ from the anticipated prepayments, the effective yield is recalculated to reflect actual prepayments to date and anticipated future payments. Any resulting adjustment is included in net investment income. For loan-backed securities that have a recognized OTTI, the adjusted cost basis is prospectively amortized over the remaining life of the security based on the amount and timing of future estimated cash flows. All other investment income is recorded using the interest method without anticipating the impact of prepayments.

Security Valuation Office (SVO) identified funds, which consist of exchange traded funds (ETF) that qualify for bond treatment, are carried at fair value.

Common stocks are carried at fair value except for investments in stocks of subsidiaries and affiliates in which the Company has an interest of 10% or more, which are carried on an equity basis.

The Company recognizes interest income as earned and recognizes dividend income on unaffiliated common stocks upon declaration of the dividend. Investment income is reported net of related investment expenses. For the years ended December 31, 2024, 2023 and 2022, bond net investment loss included ($4,111), ($4,011) and $(266) of prepayment penalties and acceleration fees, respectively, generated as a result of 27, 18 and 55 CUSIPs, respectively, sold, redeemed, tendered or otherwise disposed as a result of a callable feature.

Perpetual preferred stocks are reported at the lower of fair value or the currently effective call price for the stock. Redeemable preferred stocks continue to be carried at cost less any OTTI. All preferred stock is classified as other invested assets on the statutory statements of admitted assets, liabilities, and capital and surplus.

Mortgage loans are carried at the outstanding principal balances, net of unamortized premiums and discounts. Premiums and discounts are amortized and accreted over the terms of the mortgage loans based on the effective interest yield method. Prepayment penalties are recorded to net investment income. The Company invests primarily in commercial mortgages with a range of interest rates from 5.10% to 6.94% during 2024. In 2024, the maximum percentage of any one loan to the value of the collateral at the time of the investment of the loan, exclusive of insured or guaranteed or purchase money mortgages, was 62%.

The Company continues to record interest on those impaired mortgage loans that it believes to be collectible as due and accrued investment income. Any loans that have income 180 days or more past due continue to accrue income, but report all due and accrued income as a non-admitted asset. Past due interest on loans that are uncollectible is written off and no further interest is accrued. Any cash received for interest on loans deemed uncollectible is recorded as income when collected.

(Continued)

11

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(2) Summary of Significant Accounting Policies (Continued)

Valuation of Investments and Net Investment Income (Continued)

Alternative investments include limited partnership investments in private equity funds and mezzanine debt funds. These investments are included in other invested assets on the statutory statements of admitted assets, liabilities and capital and surplus at the amount invested using the equity method of accounting. In-kind distributions are recorded as a return of capital for the cost basis of the stock received. Income distributed from these alternative investments is included in net investment income or net realized capital gains (losses) on the statutory statements of operations based on information provided by the investee. The valuation of alternative investments is recorded based on the partnership financial statements from the previous quarter plus contributions and distributions during the fourth quarter. Any undistributed amounts held by the investee are recorded, based on the Company’s ownership share, as unrealized capital gains or losses on the statutory statements of operations and capital and surplus. The Company evaluates partnership financial statements received subsequent to December 31 up to the financial statement issue date for material fluctuations in order to determine if an adjustment should be recorded as of December 31.

Real estate is carried at cost less accumulated depreciation, adjusted for any OTTI losses taken. Real estate is included in other invested assets on the statutory statements of admitted assets, liabilities and capital and surplus. Estimated losses are directly recorded to the carrying value of the asset and recorded as realized losses in the statutory statements of operations. Depreciation is computed principally on a straight-line basis.

The Company’s investments in surplus notes of unrelated entities are included in other invested assets on the statutory statements of admitted assets, liabilities and capital and surplus. Surplus note investments with a NAIC designation of NAIC 1 or NAIC 2 are reported at amortized cost. Surplus note investments with a NAIC designation equivalent of NAIC 3 through 6 are reported at the lesser of amortized cost or fair value. An OTTI is considered to have occurred if it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the surplus note. If it is determined that a decline in fair value is other than temporary, an impairment loss is recognized as a realized loss equal to the difference between the surplus note’s carrying value and the fair value and is reported in earnings.

Policy loans are carried at the outstanding loan balance which includes any interest over 90 days past due. Loan balances unsecured by the cash surrender value of the policy and accelerated payment benefits are non-admitted assets which totaled $4,516 and $3,270 as of December 31, 2024 and 2023, respectively.

Investments in subsidiary companies are accounted for using the equity method and are carried as investments in affiliated companies or as other invested assets, in the case of limited liability companies, in the statutory statements of admitted assets, liabilities and capital and surplus. The Company records changes in its equity in its subsidiaries as credits or charges to capital and surplus. Insurance subsidiaries are recorded using statutory accounting principles. Non-insurance subsidiaries not engaged in prescribed insurance activities are recorded using audited GAAP results. Investments in limited liability subsidiaries included in other invested assets totaled $186,390 and $188,785 at December 31, 2024 and 2023, respectively.

Commercial paper and bonds with original maturity dates of less than twelve months are considered to be short-term investments. Short-term investments are stated at amortized cost. Short-term investments at December 31, 2024 and 2023 totaled $0 and $9,721, respectively.

Cash and cash equivalents are carried at cost, which generally approximates fair value. Money market funds are included in cash equivalents and are generally valued at fair value. The Company considers short-term investments that are readily convertible to known amounts of cash and have an original maturity date of three months or less to be cash equivalents. The Company places its cash and cash equivalents with high quality financial institutions and, at times, these balances may be in excess of the Federal Deposit Insurance Corporation insurance limit.

(Continued)

12

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(2) Summary of Significant Accounting Policies (Continued)

Derivative Instruments

The Company uses a variety of derivatives, including swaps, swaptions, forwards, floors, caps, futures and option contracts, to manage the risks associated with cash flows or changes in estimated fair values related to the Company’s financial instruments. The Company currently enters into derivative transactions that do not qualify for hedge accounting or in certain cases, elects not to utilize hedge accounting.

Derivative instruments are generally carried at fair value with changes in fair value recorded in net change in unrealized capital gains and losses on the statutory statements of capital and surplus. Interest income generated by derivative instruments is reported in net investment income on the statutory statements of operations.

Several life insurance and annuity products in the Company’s liability portfolio contain investment guarantees that create economic exposure to market and interest rate risks. These guarantees take the form of guaranteed withdrawal benefits on variable annuities, lifetime income guarantees on fixed indexed annuities, a guaranteed payout floor on a variable payout annuity, and indexed interest credits on both fixed indexed annuity and fixed indexed universal life products. The Company uses economic hedges including futures contracts, interest rate swaps and exchange traded and over-the-counter (OTC) options in its efforts to minimize the financial risk associated with these product guarantees.

Realized and Unrealized Capital Gains and Losses

Realized capital gains and losses, less federal income taxes and amounts transferred to the IMR, if any, are recognized in net income (loss). Unrealized capital gains and losses are accounted for as a direct increase or decrease to capital and surplus. Both realized and unrealized capital gains and losses are determined using the specific identification method.

The Company regularly reviews each investment in its various asset classes to evaluate the necessity of recording impairment losses for other-than-temporary declines in the fair value of the investments. When the Company determines that an invested asset is other-than-temporarily impaired, the invested asset is written down to a new cost basis and the amount of the impairment is included in net realized gains and losses on the statutory statements of operations. Any subsequent recoveries are not recognized until disposition.

Under the Company’s accounting policy for loan-backed and structured securities, if the Company has the intent to sell or the inability or lack of intent to retain a security for a period of time sufficient to recover the amortized cost basis, an OTTI is recognized in earnings equal to the difference between the security’s amortized cost basis and the fair value. Otherwise, if the present value of cash flows expected to be collected is less than the amortized cost basis of the security, an OTTI is recognized in earnings equal to the difference between the investment’s amortized cost basis and the present value of cash flows expected to be collected, discounted at the loan-backed or structured security’s original effective interest rate.

For other bonds, when the Company has determined an OTTI has occurred, the security is written-down to fair value. If the impairment is deemed to be non-interest related, an OTTI is recorded in earnings. For interest related declines, an OTTI is recorded when the Company has the intent to sell or does not have the ability to hold the bond until the forecasted recovery occurs. Many criteria are considered during this process including but not limited to, the length of time and the extent to which the current fair value has been below the amortized cost of the security, specific credit issues such as collateral, financial prospects related to the issuer, the Company’s intent to sell the security and current economic conditions.

For common stocks, an OTTI is recorded when the Company does not have the intent and ability to hold the investment for a sufficient period of time to allow for anticipated recovery of unrealized losses. When an OTTI has occurred, the entire difference between NAIC fair value and the common stock’s cost is charged to earnings. When assessing for OTTI the Company considers the length of time a stock has been in an unrealized loss position, the magnitude of the unrealized loss, and information on the investee’s current financial condition, liquidity, near-term recovery prospects, and other factors. In addition, common stocks that have an unrealized loss position greater than $100 are reviewed based on the individual characteristics of the stock. Preferred stocks with significant unrealized losses are also reviewed on the same basis for impairment.

(Continued)

13

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(2) Summary of Significant Accounting Policies (Continued)

Realized and Unrealized Capital Gains and Losses (Continued)

The Company evaluates its alternative investments on a fund by fund basis using current and forecasted expectations for future fund performance, the age of the fund, general partner commentary and underlying investments within the fund. If facts and circumstances indicate that the value of the investment will not be recovered, the cost of the investment is written down and an OTTI is recorded in net realized capital gains (losses) on the statutory statements of operations.

All other material unrealized losses are reviewed for any unusual event that may trigger an OTTI. Determination of the status of each analyzed investment as OTTI or not is made based on these evaluations with documentation of the rationale for the decision.

The Company may, from time to time, sell invested assets subsequent to the statutory statements of admitted assets, liabilities and capital and surplus date that were considered temporarily impaired at the statutory statements of admitted assets, liabilities and capital and surplus date for several reasons. The rationale for the change in the Company’s intent to sell generally focuses on unforeseen changes in the economic facts and circumstances related to the invested asset subsequent to the statutory statements of admitted assets, liabilities and capital and surplus date, significant unforeseen changes in the Company’s liquidity needs, changes in interest rates, or changes in tax laws or the regulatory environment. The Company had no material sales of invested assets, previously considered OTTI or in an unrealized loss position, subsequent to the statutory statements of admitted assets, liabilities and capital and surplus dates for either December 31, 2024 or 2023.

The Company recognizes valuation allowances for impairments of mortgage loans on a specific identification basis. Mortgage loans are considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. A nonperforming loan is defined as a loan that is not performing to the contractual terms of the loan agreement. Examples of nonperforming loans may include delinquent loans, requests for forbearance and loans in the process of foreclosure. The valuation allowance is equal to the difference between the carrying value and fair value of the collateral less estimated costs to sell. Changes in the valuation allowance are recorded in net change in unrealized capital gains and losses on the statutory statements of capital and surplus.

Impairment losses are recorded on investments in real estate and other long-lived assets used in operations when indicators of impairment are present, using undiscounted cash flows if available or independent market appraisals.

Separate Accounts

Separate account assets represent segregated funds administered by an unaffiliated asset management firm. These segregated funds are invested by both an unaffiliated asset management firm and an affiliate of the Company for the exclusive benefit of the Company’s pension, variable annuity and variable life insurance policyholders and contractholders. Assets consist principally of marketable securities and are reported at fair value of the investments held in the segregated funds. Investment income and gains and losses accrue directly to the policyholders and contractholders. Premiums, benefits and expenses of the separate accounts are reported in the statutory statements of operations. The Company receives administrative and investment advisory fees for services rendered on behalf of these accounts, and such fees are recorded as earned.

The Company periodically invests money in its separate accounts. The fair value of such investments, included with separate account assets, amounted to $0 and $2,067 at December 31, 2024 and 2023, respectively.

Included within other liabilities on the statutory statements of admitted assets, liabilities, and capital and surplus are the allowances for CARVM and CRVM. As of December 31, 2024 and 2023, the CARVM and CRVM allowances were $(270,569) and $(252,330), respectively.

Software Capitalization

Computer software costs incurred for internal use are capitalized and amortized over a three or five-year period. Computer software costs include application software, purchased software packages and significant upgrades to software. The Company had unamortized software costs of $86,180 and $97,691 as of December 31, 2024 and 2023, respectively, all of which is non-admitted, and amortized software expense of $22,992, $22,437 and $11,369 for the years ended December 31, 2024, 2023 and 2022, respectively.

(Continued)

14

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(2) Summary of Significant Accounting Policies (Continued)

Non-admitted Assets

Certain assets, designated as "non-admitted assets" (principally deferred taxes that do not meet admissibility testing, investments in affiliated companies, furniture, equipment, computer software and certain receivables), amounting to $328,328 and $226,089 at December 31, 2024 and 2023, respectively, have been charged to capital and surplus.

Reinsurance

Insurance liabilities are reported after the effects of ceded reinsurance. Reinsurance recoverables represent amounts due from reinsurers for paid benefits, expense reimbursements and prepaid premiums, and are included in other assets on the statutory statements of admitted assets, liabilities and capital and surplus. Reinsurance premiums ceded and recoveries on benefits and claims incurred are deducted from the respective income and expense accounts. Modified coinsurance receivables and payables on separate accounts are presented within separate account assets and liabilities on the statutory statements of admitted assets, liabilities and capital and surplus, and changes in these amounts are presented in changes in modified coinsurance on separate accounts in revenues and benefits and expenses in the statutory statements of operations and capital and surplus. Reinsurance gains arising from certain reinsurance agreements are deferred to capital and surplus and subsequently amortized into the statements of operations in the proportion to earnings on the underlying business reinsured.

Policy Reserves

Policy reserves are determined using methods and assumptions consistent with the Standard Valuation Law and presently accepted actuarial standards and guidelines. Policy reserves generally represent the net present value of future benefits less the present value of future net premiums.

Life insurance policy reserves are calculated primarily using the CRVM. The Company uses the principles-based reserving approach (PBR) prescribed by the NAIC Valuation Manual (VM-20) for new life insurance policies issued on or after January 1, 2020.

The Company waives deduction of deferred fractional premiums upon death of the insured and returns any portion of the final premium beyond the date of death. At December 31, 2024 and 2023, the amounts of surrender values in excess of reserves were $2,029,232 and $1,897,450, respectively.

For substandard policies, if a flat premium is charged, the reserve is one-half of the extra premium. For reserves determined using a tabular method, the reserve is calculated by an exact method using multiples of standard mortality as determined by the currently assigned mortality category. As of December 31, 2024 and 2023, the Company had $6,560,615 and $9,389,915, respectively, of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation.

Fixed and fixed indexed annuity policy reserves are calculated using the CARVM. Variable annuity policy reserves are based on methods and assumptions specified in NAIC Valuation Manual (VM-21).

Policy reserves on accident and health contracts are determined using tabular and lag factor methods reflecting Company experience. The Company’s liability for unpaid accident and health claims and claim adjustment expenses are determined using appropriate interest rate tables, company experience and actuarial studies.

Other policy liabilities include premium deposit funds, funding agreements and experience rated refund balances for certain group life insurance contracts. Policy reserves on group annuity contracts purchased under a qualified retirement plan are equal to the account value.

During 2024, the Company recorded a change in valuation basis related to certain reserves on life insurance products. The change in valuation basis resulted in a cumulative effect adjustment to decrease capital and surplus by $68,888 and is reported in change in reserves due to change in valuation basis on the statutory statements of operations and capital and surplus.

(Continued)

15

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(2) Summary of Significant Accounting Policies (Continued)

Policy Reserves (Continued)

During 2023, the Company recorded a change in valuation basis related to certain reserves on annuity products. The change in valuation basis resulted in a cumulative effect adjustment to increase capital and surplus by $8,470 and is reported in change in reserves due to change in valuation basis on the statutory statements of operations and capital and surplus. The tax impact of this adjustment is $596; of which $447 is included in net change in deferred taxes and $149 is included in federal income tax expense (benefit) on the statutory statements of operations and capital and surplus.

During 2023, the Company retrospectively adopted Actuarial Guideline XLIV (AG 44) related to valuation of certain group waiver reserves for disability claim onsets occurring on or after January 1, 2009.

Liability for Accident and Health Losses and Loss Adjustment Expenses

The liability for unpaid losses and loss adjustment expenses includes an amount for losses incurred but unreported, based on past experience, as well as an amount for reported but unpaid losses, which is calculated on a case-by-case basis. Such liabilities are necessarily based on assumptions and estimates. While management believes that the amount is adequate, the ultimate liability may be in excess of or less than the amount estimated. The methods, including key assumptions, of making such estimates and for establishing the resulting liability are continually reviewed and any adjustments are reflected in the period such change in estimate is made. The liability for unpaid accident and health claims and claim adjustment expenses, net of reinsurance, is included in accident and health policy reserves and policy claims in process of settlement on the statutory statements of admitted assets, liabilities and capital and surplus.

Participating Business

Dividends on participating policies and other discretionary payments are declared by the Company’s Board of Directors based upon actuarial determinations that take into consideration current mortality, interest earnings, expense factors and federal income taxes. Dividends are generally recognized as expenses when declared by the Company’s Board of Directors and up to one year in advance of the payout dates. At December 31, 2024 and 2023, the total participating business in force was $2,394,604 and $2,072,580, respectively. As a percentage of total life insurance in force, participating business in force represented 0.2% at both December 31, 2024 and 2023.

For 2024, 2023 and 2022, direct premiums under individual and group life participating policies were $32,221, $33,510 and $34,611, respectively. The Company accounts for its policyholder dividends based upon the contribution method. The Company paid dividends in 2024, 2023 and 2022 in the amount of $8,537, $8,504, and $8,510, respectively, to policyholders and did not allocate any additional income to such policyholders.

Federal Income Taxes

The Company files a consolidated life/non-life federal income tax return with Minnesota Mutual Companies, Inc. (MMC), the Company’s ultimate parent. Entities included in the consolidated return include: Securian Holding Company, Robert Street Property Management, Inc., Securian Financial Group, Inc. (SFG), Securian Casualty Company, Securian Specialty Lines, Securian Ventures, Inc., Securian Financial Services, Inc. (SFS), Securian Asset Management, Inc. (Securian AM), Ochs Inc., Lowertown Capital, LLC, Empyrean Holding Company, Inc. and its subsidiaries and Minnesota Life Insurance Company and its subsidiaries.

Empyrean Holding Company’s subsidiaries include Empyrean Benefits Solutions, Inc. and Empyrean Insurance Services, Inc.

Minnesota Life’s subsidiaries include Securian Life Insurance Company (Securian Life), Allied Solutions LLC (Allied), Securian AAM Holdings, LLC, Marketview Properties, LLC, Marketview Properties II, LLC, Marketview Properties III, LLC, Marketview Properties IV, LLC and Oakleaf Service Corporation.

The method of allocation between companies is subject to written agreement, approved by an officer of the Company. Under the agreement, the Company computes federal income taxes on a separate return basis, and benefit is given for operating losses and credits as utilized to reduce consolidated federal income taxes. Intercompany tax balances are settled annually when the tax return is filed with the Internal Revenue Service (IRS).

(Continued)

16

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(2) Summary of Significant Accounting Policies (Continued)

Federal Income Taxes (Continued)

The Company provides for federal income taxes based on amounts the Company believes it ultimately will owe. Inherent in the provision for federal income taxes are estimates regarding the deductibility of certain items and the realization of certain tax credits. In the event the ultimate deductibility of certain items or the realization of certain tax credits differs from estimates, the Company may be required to significantly change the provision for federal income taxes recorded in the statutory financial statements. Any such change could significantly affect the amounts reported in the statutory statements of operations. Management has used best estimates to establish reserves based on current facts and circumstances regarding tax exposure items where the ultimate deductibility is open to interpretation. Management evaluates the appropriateness of such reserves based on any new developments specific to their fact patterns. Information considered includes results of completed tax examinations, Technical Advice Memorandums and other rulings issued by the IRS or the tax courts.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Gross deferred tax assets and liabilities are measured using enacted tax rates, and a statutory valuation allowance must be established if it is more likely than not that some portion or all of the gross deferred tax assets will not be realized. The adjusted gross deferred tax assets are then considered for admitted asset status according to the admissibility tests as set forth by the NAIC. Changes in deferred tax assets and deferred tax liabilities, including changes attributable to changes in tax rates, are recognized as a component of unassigned surplus.

Use of Estimates

The preparation of financial statements in conformity with statutory accounting practices requires management to make certain estimates and assumptions that affect reported assets and liabilities, including reporting or disclosure of contingent assets and liabilities as of the dates of the statutory statements of admitted assets, liabilities and capital and surplus and the reported amounts of revenues and expenses during the reporting period. Future events, including but not limited to, changes in mortality, morbidity, interest rates and asset valuations, could cause actual results to differ from the estimates used in the financial statements and such changes in estimates are generally recorded on the statutory statements of operations in the period in which they are made.

The most significant estimates include those used in determining policy reserves, policy claims in process of settlement, valuation of and impairment losses on investments, valuation allowances or impairments for mortgage loans on real estate, federal income taxes and pension and other postretirement benefits. Although some variability is inherent in these estimates, the recorded amounts reflect management’s best estimates based on facts and circumstances as of the statutory statements of admitted assets, liabilities and capital and surplus date. Management believes the amounts provided are appropriate.

(3) Risks

The Company’s financial statements are based on estimates and assumptions that are subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control or are subject to change. As such, actual results could differ from the estimates used in the financial statements and the value of the Company’s investments, its financial condition and its liquidity could be adversely affected. The following risks and uncertainties, among others, may have such an effect:

● Economic environment and capital markets-related risks such as those related to interest rates, equity markets, credit spreads, real estate, and derivatives.

● Investment-related risks such as those related to valuation, impairment, and concentration.

● Business and operational-related risks such as those related to mortality/longevity, morbidity and claims experience, reinsurers and counterparties, liquidity, ratings, competition, cyber or other information security, fraud, and overall risk management.

● Catastrophic and pandemic event-related risks that may impact policyholder behavior and claims experience, volatility in financial markets and economic activity, and operations.

● Acquisition, disposition, or other structural change related risks.

● Regulatory and legal risks such as those related to changes in fiscal, tax and other legislation, insurance and other regulation, and accounting standards.

The Company actively monitors and manages risks and uncertainties through a variety of policies and procedures in an effort to mitigate or minimize the adverse impact of any exposures impacting the financial statements.

(Continued)

17

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(4) Fair Value of Financial Instruments

Financial Assets and Financial Liabilities Reported at Fair Value

The fair value of the Company’s financial assets and financial liabilities has been determined using available market information as of December 31, 2024 and 2023.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (exit price) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company primarily uses the market approach which utilizes prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. To a lesser extent, the Company also uses the income approach which uses discounted cash flows to determine fair value. When applying either approach, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. Observable inputs reflect the assumptions market participants would use in valuing a financial instrument based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company’s estimates about the assumptions market participants would use in valuing financial assets and financial liabilities based on the best information available in the circumstances. Considerable judgment is required to interpret market data to develop the estimates of fair value. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

The Company is required to categorize its financial assets and financial liabilities carried at fair value on the statutory statements of admitted assets, liabilities and capital and surplus according to a three-level hierarchy. A level is assigned to each financial asset and financial liability based on the lowest level input that is significant to the fair value measurement in its entirety. The levels of fair value hierarchy are as follows:

Level 1 – Fair value is based on unadjusted quoted prices for identical assets or liabilities in an active market.

Level 2 – Fair value is based on significant inputs, other than quoted prices included in Level 1, that are observable in active markets for identical or similar assets and liabilities.

Level 3 – Fair value is based on at least one or more significant unobservable inputs. These inputs reflect the Company’s assumptions about the inputs market participants would use in pricing the assets or liabilities.

The Company uses prices and inputs that are current as of the measurement date. In periods of market disruption, the ability to observe prices and inputs may be reduced, which could cause an asset or liability to be reclassified to a lower level.

The following table summarizes the Company’s financial assets and financial liabilities carried at fair value as of December 31, 2024:

	Level 1		Level 2		Level 3		Total
Common stocks	$	399,913	$	—	$	6,564	$	406,477
Preferred stocks		346		13,424		—		13,770
Derivative instruments		17,690		982,662		—		1,000,352
Cash equivalents		184,876		—		—		184,876
Separate account assets		5,468,390		24,008,405		1,806		29,478,601
Total financial assets	$	6,071,215	$	25,004,491	$	8,370	$	31,084,076
Derivative instruments (1)	$	10,594	$	532,149	$	—	$	542,743
Total financial liabilities	$	10,594	$	532,149	$	—	$	542,743

⁽¹⁾ Included in other liabilities on the statutory statements of admitted assets, liabilities and capital and surplus.

(Continued)

18

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(4) Fair Value of Financial Instruments (Continued)

Financial Assets and Financial Liabilities Reported at Fair Value (Continued)

The following table summarizes the Company’s financial assets and financial liabilities carried at fair value as of December 31, 2023:

	Level 1		Level 2		Level 3		Total
Common stocks	$	327,852	$	—	$	11,129	$	338,981
Preferred stocks		7,244		22,585		—		29,829
Derivative instruments		90		955,229		—		955,319
Cash equivalents		92,733		—		—		92,733
Separate account assets		5,559,443		24,506,034		1,881		30,067,358
Total financial assets	$	5,987,362	$	25,483,848	$	13,010	$	31,484,220
Derivative instruments (1)	$	52	$	527,241	$	—	$	527,293
Total financial liabilities	$	52	$	527,241	$	—	$	527,293

⁽¹⁾ Included in other liabilities on the statutory statements of admitted assets, liabilities and capital and surplus.

The methods and assumptions used to estimate the fair value of financial assets and liabilities are summarized as follows:

Common and preferred stocks

The Company’s common and preferred stocks consist primarily of investments in publicly traded companies. The fair values of common stocks are based on quoted market prices in active markets for identical assets and are classified within Level 1. The fair values of stocks based on prices that have significant inputs that are observable in active markets for identical or similar assets are reflected in Level 2. The Company carried a small amount of non-exchange traded common stock classified within Level 3.

Derivative instruments

Derivative instrument fair values are based on quoted market prices when available. If a quoted market price is not available, fair value is estimated using current market assumptions and modeling techniques, which are then compared with quotes from counterparties.

The majority of the Company’s derivative positions are traded in the Over-the-Counter (OTC) derivative market and are classified as Level 2. The fair values of most OTC derivatives are determined using discounted cash flow or third party pricing models. The significant inputs to the pricing models are observable in the market or can be derived principally from or corroborated by observable market data. Significant inputs that are observable generally include: interest rates, foreign currency exchange rates, interest rate curves, credit curves and volatility. However, certain OTC derivatives may rely on inputs that are significant to the estimated fair value that are not observable in the market or cannot be derived principally from or corroborated by observable market data. Significant inputs that are unobservable generally include: independent broker quotes and inputs that are outside the observable portion of the interest rate curve, credit curve, volatility or other relevant market measure. These unobservable inputs may involve significant management judgment or estimation. In general, OTC derivatives are compared to an outside broker quote when available and are reviewed in detail through the Company’s valuation oversight group. OTC derivatives valued using significant unobservable inputs would be classified as Level 3.

The credit risk of both the counterparty and the Company are considered in determining the estimated fair value for all OTC derivatives after taking into account the effects of netting agreements and collateral arrangements.

Cash equivalents

Money market funds are reported as cash equivalents. All money market funds are generally valued using unadjusted prices in active markets and are reflected in Level 1.

(Continued)

19

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(4) Fair Value of Financial Instruments (Continued)

Financial Assets and Financial Liabilities Reported at Fair Value (Continued)

The methods and assumptions used to estimate the fair value of financial assets and liabilities are summarized as follows (Continued):

Separate account assets

Separate account assets are reported as a summarized total and are carried at estimated fair value based on the underlying assets in which the separate accounts are invested. Valuations for common stock and short-term investments are determined consistent with similar instruments as previously described. When available, fair values of bonds are based on quoted market prices of identical assets in active markets and are reflected in Level 1. When quoted prices are not available, the Company’s process is to obtain prices from third party pricing services, when available, and generally classify the security as Level 2. Valuations for certain mutual funds and pooled separate accounts are classified as Level 2 as the values are based upon quoted prices or reported net asset values provided by the fund managers with little readily determinable public pricing information. Other valuations using internally developed pricing models or broker quotes are generally classified as Level 3.

The following table provides a summary of changes in fair value of Level 3 financial assets and financial liabilities measured at fair value during the year ended December 31, 2024:

	Balance at beginning of		Total realized and unrealized gains (losses) included in:					Purchases, sales and settlements,			Transfers in		Transfers out		Balance at
	year		Net income (1)		Surplus			net (3)			to Level 3 (2)		of Level 3 (2)		end of year
Separate account assets	$	1,881	$	109	$	—		$	(185	)	$	1	$	—	$	1,806
Common stocks		11,129		—		(4,565	)		—			—		—		6,564
Total financial assets	$	13,010	$	109	$	(4,565	)	$	(185	)	$	1	$	—	$	8,370

⁽¹⁾ The amounts included in this column, exclusive of separate account losses, are reported in net realized capital gains (losses) on the statutory statements of operations and capital and surplus.

⁽²⁾ Transfers into/out of Level 3 are primarily due to the availability of observable market prices.

⁽³⁾ The following table provides the bifurcation of the net purchases and sales.

The following table provides the bifurcation of the net purchases and sales during the year ended December 31, 2024:

								Purchases, sales
	Purchases		Sales			Settlements		and settlements, net
Separate account assets	$	178	$	(368	)	$	5	$	(185	)
Total financial assets	$	178	$	(368	)	$	5	$	(185	)

(Continued)

20

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(4) Fair Value of Financial Instruments (Continued)

Financial Assets and Financial Liabilities Reported at Fair Value (Continued)

The following table provides a summary of changes in fair value of Level 3 financial assets and financial liabilities measured at fair value during the year ended December 31, 2023:

	Balance at beginning of		Total realized and unrealized gains (losses) included in:					Purchases, sales and settlements,			Transfers in		Transfers out		Balance at
	year		Net income (1)		Surplus			net (3)			to Level 3 (2)		of Level 3 (2)		end of year
Separate account assets	$	7,212	$	—	$	(109	)	$	(5,222	)	$	—	$	—	$	1,881
Common stocks		11,589		—		(460	)		—			—		—		11,129
Total financial assets	$	18,801	$	—	$	(569	)	$	(5,222	)	$	—	$	—	$	13,010

⁽¹⁾ The amounts included in this column, exclusive of separate account losses, are reported in net realized capital gains (losses) on the statutory statements of operations and capital and surplus.

⁽²⁾ Transfers in to/out of Level 3 are primarily due to the availability of observable market prices.

⁽³⁾ The following table provides the bifurcation of the net purchases and sales.

The following table provides the bifurcation of the net purchases and sales during the year ended December 31, 2023:

								Purchases, sales
	Purchases		Sales			Settlements		and settlements, net
Separate account assets	$	3,455	$	(8,677	)	$	—	$	(5,222	)
Total financial assets	$	3,455	$	(8,677	)	$	—	$	(5,222	)

At December 31, 2024 and 2023, the Company carried a small amount of Level 3 assets and liabilities which are comprised of separate account assets and common stocks. For separate account assets, the Company uses a discounted cash flow methodology that looks at yield/spread to U.S. Treasuries inputs to price the securities. For any increase (decrease) in the yield/spread to U.S. Treasuries, the fair value of the asset will decrease (increase). The common stock is comprised of non-exchange trade equity securities which the fair value is based on at least one or more significant unobservable inputs.

(Continued)

21

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(4) Fair Value of Financial Instruments (Continued)

Financial Assets and Financial Liabilities

The following table summarizes by level of fair value hierarchy the aggregate fair value of financial assets and liabilities held by the Company as of December 31, 2024:

											Not
											practicable
	Aggregate		Carrying								carrying
	fair value		value		Level 1		Level 2		Level 3		value
Bonds:
U.S. government securities	$	180,090	$	214,209	$	180,090	$	—	$	—	$	—
Agencies not backed by the full faith and credit of the U.S. government		241,031		257,517		—		241,031		—		—
Corporate securities		14,668,729		16,739,273		—		10,682,489		3,986,240		—
Asset-backed securities		1,227,410		1,256,787		—		1,130,127		97,283		—
Commercial mortgage-backed securities (CMBS)		1,927,260		2,063,149		—		1,927,260		—		—
Residential mortgage-backed securities (RMBS)		1,106,239		1,308,561		—		1,095,298		10,941		—
Total bonds		19,350,759		21,839,496		180,090		15,076,205		4,094,464		—
Common stock		406,477		425,477		399,913		—		6,564		19,000
Preferred stock		87,672		91,795		346		13,424		73,902		—
Mortgage loans		5,261,815		5,777,094		—		—		5,261,815		—
Derivative instruments		1,000,352		1,000,352		17,690		982,662		—		—
Policy loans		1,371,148		1,140,199		—		—		1,371,148		—
Cash equivalents		422,699		422,667		422,699		—		—		—
Surplus notes		138,940		189,487		—		138,940		—		—
Separate account assets		29,478,601		29,478,601		5,468,390		24,008,405		1,806		—
Total financial assets	$	57,518,463	$	60,365,168	$	6,489,128	$	40,219,636	$	10,809,699	$	19,000
Deferred annuities		2,414,472		2,478,466		—		—		2,414,472		—
Supplementary contracts without life contingencies		189,821		189,821		—		—		189,821		—
Annuity certain contracts		142,635		146,933		—		—		142,635		—
Derivative liabilities		542,743		542,743		10,594		532,149		—		—
Separate account liabilities		24,540,125		24,540,125		5,468,389		19,069,930		1,806		—
Total financial liabilities	$	27,829,796	$	27,898,088	$	5,478,983	$	19,602,079	$	2,748,734	$	—

The following table provides a summary of financial assets with a not practicable carrying value as of December 31, 2024:

	Carrying value		Effective interest rate	Maturity date	Explanation for investments held at cost
Common stock	$	19,000	N/A	N/A	Nonmarketable Federal Home Loan Bank of Des Moines (FHLB) membership

(Continued)

22

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(4) Fair Value of Financial Instruments (Continued)

Financial Assets and Financial Liabilities (Continued)

The following table summarizes by level of fair value hierarchy the aggregate fair value of financial assets and liabilities held by the Company as of December 31, 2023:

											Not
											practicable
	Aggregate		Carrying								carrying
	fair value		value		Level 1		Level 2		Level 3		value
Bonds:
U.S. government securities	$	186,272	$	217,500	$	186,272	$	—	$	—	$	—
Agencies not backed by the full faith and credit of the U.S. government		351,025		358,239		—		351,025		—		—
Foreign government securities		—		—		—		—		—		—
Corporate securities		14,173,589		15,849,489		—		10,694,741		3,478,848		—
Asset-backed securities		1,056,651		1,092,709		—		1,012,187		44,464		—
CMBS		1,778,341		1,960,570		—		1,778,341		—		—
RMBS		1,151,462		1,327,997		—		1,151,462		—		—
Total bonds		18,697,340		20,806,504		186,272		14,987,756		3,523,312		—
Common stock		338,981		348,981		327,852		—		11,129		10,000
Preferred stock		98,044		107,417		8,013		22,585		67,446		—
Mortgage loans		4,955,609		5,558,251		—		—		4,955,609		—
Derivative instruments:		955,319		955,319		90		955,229		—		—
Policy loans		1,079,735		897,870		—		—		1,079,735		—
Short-term investments		9,756		9,721		—		9,756		—		—
Cash equivalents		546,703		546,664		546,703		—		—		—
Surplus notes		141,216		184,063		—		141,216		—		—
Separate account assets		30,067,358		30,067,358		5,559,443		24,506,034		1,881		—
Total financial assets	$	56,890,061	$	59,482,148	$	6,628,373	$	40,622,576	$	9,639,112	$	10,000
Deferred annuities	$	2,146,865	$	2,041,679	$	—	$	—	$	2,146,865	$	—
Supplementary contracts without life contingencies		180,530		180,530		—		—		180,530		—
Annuity certain contracts		131,113		139,357		—		—		131,113		—
Derivative liabilities		527,293		527,293		52		527,241		—		—
Separate account liabilities		25,779,300		25,779,300		5,559,443		20,217,976		1,881		—
Total financial liabilities	$	28,765,101	$	28,668,159	$	5,559,495	$	20,745,217	$	2,460,389	$	—

The following table provides a summary of financial assets with a not practicable carrying value as of December 31, 2023:

	Carrying value		Effective interest rate	Maturity date	Explanation for investments held at cost
Common stock	$	10,000	N/A	N/A	Nonmarketable FHLB membership

(Continued)

23

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(4) Fair Value of Financial Instruments (Continued)

Financial Assets and Financial Liabilities Reported at Other Than Fair Value

The Company uses various methods and assumptions to estimate the fair value of financial assets and financial liabilities that are not carried at fair value on the statutory statements of admitted assets, liabilities and capital and surplus.

Refer to note 2 Summary of Significant Accounting Policies and note 6 Derivative Instruments for additional fair value disclosures concerning bonds, cash equivalents, other invested assets and derivatives.

When available, fair values of bonds and surplus notes of unrelated entities are based on quoted market prices of identical assets in active markets and are reflected in Level 1.

When quoted prices are not available, the Company’s process is to obtain prices from third party pricing services, when available. The Company generally receives prices from pricing services and maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. The Company’s primary pricing service has policies and processes to ensure that it is using objectively verifiable observable market data. The pricing service regularly reviews the valuation inputs for instruments covered and publishes and updates a summary of inputs used in its valuations by major type. The market inputs utilized in the pricing valuation depend on asset class and market conditions but typically include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, reference data, and industry and economic events. If the pricing service determines it does not have sufficient objectively verifiable information about an instrument’s valuation, it discontinues providing a valuation. In this instance, the Company would be required to produce its own internally modeled estimate of fair value.

Prices are reviewed by affiliated asset managers and management to validate reasonability. Instruments with validated prices from pricing services are generally reflected in Level 2. If the pricing information received from third party pricing services is not reflective of market activity or other inputs observable in the market, the Company may challenge the price through a formal process with the pricing service. If the pricing service updates the price to be more consistent in comparison to the presented market observations, the instrument remains within Level 2.

For instruments where quoted market prices are not available or the Company concludes the pricing information received from third party pricing services is not reflective of market activity - generally private placement bonds or bonds that do not trade regularly - a matrix pricing, discounted cash flow or other model is used. The pricing models are developed by obtaining spreads versus the U.S. Treasury yield for corporate bonds with varying weighted average lives and ratings. The weighted average life and rating of a particular instrument to be priced are important inputs into the model and are used to determine a corresponding spread that is added to the U.S. Treasury yield to create an estimated market yield for that instrument. The estimated market yield, liquidity premium, any adjustments for known credit risk, and other relevant factors are then used to estimate the fair value. Certain other valuations are based on independent non-binding broker quotes. Instruments valued using pricing models or broker quotes are reflected in Level 3.

Fair values of mortgage loans are based upon matrix pricing and discounted cash flows. Fair value of policy loans are estimated by discounting expected cash flows. The expected cash flows reflect an estimate for the timing of repayment of the loans and weighted average loan interest rates.

The fair value of deferred annuities and other fund deposits, which have guaranteed interest rates and surrender charges, were calculated using CARVM calculation procedures and current market interest rates. The Company believes this is a reasonable approximation of fair value. Contracts without guaranteed interest rates and surrender charges have fair values equal to their accumulation values plus applicable market value adjustments.

The fair value of supplementary contracts without life contingencies and annuity certain contracts are calculated using discounted cash flows, based on interest rates currently offered for similar products with maturities consistent with those remaining for the contracts being valued.

The carrying amount of short-term borrowed money approximates the fair value. The fair value of long-term borrowed money is estimated based on primarily the borrowing rates currently available to the Company for debt and financial instruments with similar terms and remaining maturities.

(Continued)

24

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(4) Fair Value of Financial Instruments (Continued)

Financial Assets and Financial Liabilities Reported at Other Than Fair Value (Continued)

Certain separate account liabilities represent balances due to policyholders under contracts that are classified as investment contracts. Since these separate account liabilities are fully funded by the cash flows from the separate account assets which are recognized at estimated fair value, the value of those assets approximates the carrying and fair value of the related separate account liabilities. The valuation techniques and inputs for separate account liabilities are similar to those described for separate account assets.

(5) Investments

Bonds and Stocks

The Company’s bond portfolio consists primarily of public and private corporate bonds, mortgage and other asset-backed bonds and U.S. government and agency obligations.

The Company invests in private placement bonds to enhance the overall value of its portfolio, increase diversification and obtain higher yields than are possible with comparable publicly traded bonds. Generally, private placement bonds provide broader access to management information, strengthened negotiated protective covenants, call protection features and, frequently, improved seniority of collateral protection. Private placement bonds generally are only tradable subject to restrictions by federal and state securities laws and are, therefore, less liquid than publicly traded bonds.

The Company holds CMBS that may be originated by single or multiple issuers, which are collateralized by mortgage loans secured by income producing commercial properties such as office buildings, multi-family dwellings, industrial, retail, hotels and other property types.

The Company’s RMBS portfolio consists of pass-through securities, which are pools of mortgage loans collateralized by single-family residences and primarily issued by government sponsored entities (e.g., GNMA, FNMA and FHLMC), and structured pass-through securities, such as collateralized mortgage obligations, that may have specific prepayment and maturity profiles and may be issued by either government sponsored entities or “private label” issuers. The Company’s RMBS portfolio primarily contains loans made to borrowers with strong credit histories. The Company’s portfolio consisted of $1,199,214 and $1,294,420 agency backed RMBS and $109,347 and $33,577 non-agency backed RMBS as of December 31, 2024 and 2023, respectively. The Company’s RMBS portfolio also includes Alt-A mortgage loans to customers who have good credit ratings but have limited documentation for their source of income or some other standards used to underwrite the mortgage loan, and subprime residential loans to customers with weak credit profiles, including mortgages originated using relaxed mortgage-underwriting standards.

The Company’s asset-backed securities portfolio consists of securities collateralized by the cash flows of receivables relating to credit cards, automobiles, manufactured housing and other asset class loans.

(Continued)

25

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(5) Investments (Continued)

Bonds and Stocks (Continued)

The admitted asset value, gross unrealized gains and losses and estimated fair value of investments in bonds were as follows:

December 31, 2024	Admitted asset value		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. government securities	$	214,209	$	—	$	34,119	$	180,090
Agencies not backed by the full faith and credit of the U.S. government		257,517		158		16,644		241,031
Corporate securities		16,739,273		68,512		2,139,056		14,668,729
Asset-backed securities		1,256,787		6,121		35,498		1,227,410
CMBS		2,063,149		3,579		139,468		1,927,260
RMBS		1,308,561		404		202,726		1,106,239
Total	$	21,839,496	$	78,774	$	2,567,511	$	19,350,759

December 31, 2023	Admitted asset value		Gross unrealized gains		Gross unrealized losses		Fair value
U.S. government securities	$	217,500	$	—	$	31,228	$	186,272
Agencies not backed by the full faith and credit of the U.S. government		358,239		1,620		8,834		351,025
Corporate securities		15,849,489		124,913		1,800,813		14,173,589
Asset-backed securities		1,092,709		4,678		40,736		1,056,651
CMBS		1,960,570		2,967		185,196		1,778,341
RMBS		1,327,997		1,215		177,750		1,151,462
Total	$	20,806,504	$	135,393	$	2,244,557	$	18,697,340

The admitted asset value and estimated fair value of bonds at December 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	Admitted asset value		Fair value
Due in one year or less	$	579,763	$	576,573
Due after one year through five years		2,934,232		2,828,044
Due after five years through ten years		3,716,695		3,414,493
Due after ten years		9,980,309		8,270,740
		17,210,999		15,089,850
Asset-backed and mortgage-backed securities		4,628,497		4,260,909
Total	$	21,839,496	$	19,350,759

(Continued)

26

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(5) Investments (Continued)

Bonds and Stocks (Continued)

The Company had certain bonds with a reported fair value lower than the amortized cost of the investment as follows:

	December 31, 2024
	Less than 12 months
	Fair value		Amortized cost		Unrealized losses		Security count
U.S. government securities	$	7,657	$	7,850	$	193		5
Agencies not backed by the full faith and credit of the U.S. government		120,071		124,103		4,032		25
Corporate securities		3,156,459		3,279,987		123,528		427
Asset-backed securities		443,793		453,136		9,343		66
CMBS		259,586		262,689		3,103		32
RMBS		223,478		228,175		4,697		105
	December 31, 2024
	12 months or greater
	Fair value		Amortized cost		Unrealized losses		Security count
U.S. government securities	$	172,433	$	206,359	$	33,926		38
Agencies not backed by the full faith and credit of the U.S. government		111,571		124,183		12,612		53
Corporate securities		9,443,395		11,458,923		2,015,528		1,420
Asset-backed securities		369,675		395,830		26,155		120
CMBS		1,381,738		1,518,103		136,365		101
RMBS		836,722		1,034,751		198,029		277
	December 31, 2023
	Less than 12 months
	Fair value		Amortized cost		Unrealized losses		Security count
U.S. government securities	$	3,185	$	3,228	$	43		1
Agencies not backed by the full faith and credit of the U.S. government		19,156		19,675		519		7
Corporate securities		578,660		586,231		7,571		86
Asset-backed securities		128,952		130,792		1,840		32
CMBS		116,314		117,634		1,320		18
RMBS		161,697		164,519		2,822		94
	December 31, 2023
	12 months or greater
	Fair value		Amortized cost		Unrealized losses		Security count
U.S. government securities	$	183,087	$	214,272	$	31,185		44
Agencies not backed by the full faith and credit of the U.S. government		153,010		161,325		8,315		60
Corporate securities		11,309,021		13,102,263		1,793,242		1,616
Asset-backed securities		537,310		576,206		38,896		167
CMBS		1,405,617		1,589,493		183,876		110
RMBS		916,140		1,091,068		174,928		252

(Continued)

27

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(5) Investments (Continued)

Bonds and Stocks (Continued)

For bonds where the carrying value exceeds fair value, the Company expects to collect all principal and interest payments, excluding previously recorded OTTI. In determining whether an impairment is other than temporary, the Company evaluates its intent and need to sell a security prior to its anticipated recovery in fair value. The Company performs ongoing analysis of liquidity needs, which includes cash flow testing. Cash flow testing includes duration matching of the investment portfolio and policyholder liabilities. As of December 31, 2024, the Company does not intend to sell and does not believe that it will be required to sell investments with an unrealized loss prior to recovery.

The following paragraphs summarize the Company’s evaluation of investment categories where carrying value exceeds fair value as of December 31, 2024.

U.S. government securities are temporarily impaired due to current interest rates and not credit-related reasons. The Company expects to collect all principal and interest on these securities.

Agencies not backed by the full faith and credit of the U.S. government are temporarily impaired due to interest rates and not credit-related reasons. Although not backed by the full faith and credit of the U.S. government, these securities generally trade as if they are.

Unrealized losses related to corporate securities are due to interest rates that are higher, and current market spreads that are wider than at the securities’ respective purchase dates. The Company performed an analysis of the financial performance of the underlying issuers and determined that the entire amortized cost for each temporarily-impaired security is expected to be recovered.

Asset-backed securities, CMBS and RMBS are impacted by both interest rates and the value of the underlying collateral. The Company utilizes discounted cash flow models using outside assumptions to determine if an OTTI is warranted.

The Company’s CMBS portfolio had initial ratings of AA or higher and are diversified by property type and geographic location. The Company’s CMBS portfolio is primarily super senior and senior securities as opposed to mezzanine or below. Commercial real estate fundamentals have impacted most of the asset class and the Company has recognized OTTI when warranted. As of December 31, 2024, 100.0% of CMBS securities that were in an unrealized loss position for twelve months or longer were investment grade securities (BBB or better).

The Company’s RMBS portfolio primarily consists of residential mortgages to prime borrowers. As of December 31, 2024, 91.6% of the RMBS portfolio was invested in agency pass-through securities. All RMBS securities that were in an unrealized loss position for twelve months or longer as of December 31, 2024 were investment grade securities (BBB or better). Credit support for the RMBS holdings remains high.

As of December 31, 2024 and 2023, the Company had 3 5GI bonds with a carrying value of $7,733 and fair value of $7,149 and 4 5GI bonds with a carrying value of $9,199 and fair value of $8,808, respectively.

At December 31, 2024 and 2023, bonds with a carrying value of $8,035 and $8,080, respectively, were on deposit with various regulatory authorities as required by law.

The common stock portfolio is managed with the objective of capturing long-term capital gains with a moderate level of current income. The carrying value of the Company’s common stock portfolio totaled $425,477 and $348,981 as of December 31, 2024 and 2023, respectively.

(Continued)

28

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(5) Investments (Continued)

Bonds and Stocks (Continued)

The Company had certain common stocks with a reported fair value lower than the cost of the investment as follows:

	Less than 12 months
	Fair value		Cost		Unrealized losses		Security count
December 31, 2024	$	82,066	$	93,397	$	11,331		96
December 31, 2023		36,278		40,213		3,935		63
	12 months or greater
	Fair value		Cost		Unrealized losses		Security count
December 31, 2024	$	26,691	$	35,298	$	8,607		14
December 31, 2023		29,810		38,315		8,505		25

Common stocks with unrealized losses at December 31, 2024 primarily represent highly diversified publicly traded common stocks that have positive outlooks for near-term future recovery.

The preferred stock portfolio is primarily made up of mandatory redeemable preferred stocks. The carrying value of the Company’s preferred stock portfolio totaled $91,795 and $107,417 as of December 31, 2024 and 2023, respectively.

The Company had certain preferred stocks with a reported fair value lower than the cost of the investment as follows:

	Less than 12 months
	Fair value		Cost		Unrealized losses		Security count
December 31, 2024	$	10,376	$	10,425	$	49		2
December 31, 2023		8,988		9,055		67		4
	12 months or greater
	Fair value		Cost		Unrealized losses		Security count
December 31, 2024	$	65,146	$	69,600	$	4,454		8
December 31, 2023		87,695		99,471		11,776		26

Preferred stocks with unrealized losses at December 31, 2024 primarily represent highly diversified preferred stocks that have positive outlooks for near-term future recovery.

Mortgage Loans

The Company underwrites commercial mortgages on general purpose income producing properties and the Company has defined its portfolio segment as the commercial mortgage loan portfolio in total with the class segments defined as office buildings, retail facilities, apartment, industrial and other properties. Geographic and property type diversification is also considered in analyzing investment opportunities, as well as property valuation and cash flow. The mortgage loan portfolio totaled $5,777,094 and $5,558,251 at December 31, 2024 and 2023, respectively.

All of the Company’s commercial mortgage loan investments are managed and serviced directly by an affiliate, Securian AM. The Company currently does not hold any condominium commercial mortgage loan, construction, mezzanine or land loan investments.

(Continued)

29

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(5) Investments (Continued)

Mortgage Loans (Continued)

The Company participates in programs to sell a percentage of ownership of certain newly originated mortgage loans to third parties in order to diversify and mitigate risk. These transactions are accounted for as sales and the portion of each asset sold is legally isolated from the Company with no exposure of loss. Securian AM services the assets for the third party. Certain portions of mortgage loans totaling $59,155 and $107,917 were sold during 2024 and 2023, respectively.

The following table shows the composition of the Company’s commercial mortgage loan portfolio, net of valuation allowances, by class as of December 31:

	2024		2023
Industrial	$	1,726,765	$	1,674,323
Office buildings		841,478		844,131
Retail facilities		1,398,927		1,354,609
Apartment		1,553,323		1,450,291
Other		256,601		234,897
Total	$	5,777,094	$	5,558,251

If information is obtained on commercial mortgage loans that indicates a potential problem (likelihood of the borrower not being able to comply with the present loan repayment terms), the loan is placed on an internal surveillance list, which is routinely monitored by the Company. Among the criteria that would indicate a potential problem are: borrower bankruptcies, major tenant bankruptcies, loan relief/restructuring requests, delinquent tax payments, late payments, and vacancy rates.

A valuation allowance is established when it is probable that the Company will not be able to collect all amounts due under the contractual terms of the loan.

The following table provides a summary of the valuation allowance for the mortgage loan portfolio for the years ended December 31:

	2024			2023		2022
Balance at beginning of year	$	3,714		$	—	$	—
Change in allowance		(3,714	)		3,714		—
Balance at end of year	$	—		$	3,714	$	—

As of December 31, 2024 and 2023, the Company had no delinquent mortgage loans.

The Company assesses the credit quality of its mortgage loan portfolio by reviewing the performance of its portfolio which includes evaluating its performing and nonperforming mortgage loans. Nonperforming mortgage loans include loans that are not performing to the contractual terms of the loan agreement. Nonperforming mortgage loans do not include restructured loans that are current with payments and thus are considered performing.

There was one restructured loan with a total carrying value of $8,593 in the office buildings class at December 31, 2024. For the year ended December 31, 2024, the Company recognized total interest income of $373. There were no restructured loans that subsequently defaulted during 2024. The Company did not have any outstanding commitments to lend additional funds to borrowers with restructured loans as of December 31, 2024.

For the year ended December 31, 2023, the Company did not have any material trouble debt restructurings.

As of December 31, 2024 and 2023, there were no nonperforming loans.

(Continued)

30

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(5) Investments (Continued)

Alternative Investments

Alternative investments primarily consist of private equity funds and mezzanine debt funds. Alternative investments are diversified by type, general partner, vintage year, and geographic location – both domestic and international.

The Company’s composition of alternative investments by type were as follows:

	December 31, 2024					December 31, 2023
	Carrying		Percent			Carrying		Percent
	value		of total			value		of total
Alternative investments:
Private equity funds	$	789,602		68.8	%	$	784,874		69.2	%
Mezzanine debt funds		358,380		31.2	%		349,489		30.8	%
Total alternative investments	$	1,147,982		100.0	%	$	1,134,363		100.0	%

Net investment income for the years ended December 31 was as follows:

	2024			2023			2022
Bonds	$	835,221		$	749,815		$	744,008
Common stocks – unaffiliated		15,574			22,309			14,580
Mortgage loans		230,739			207,275			196,966
Policy loans		41,788			31,431			23,494
Short-term investments		16,777			10,912			2,596
Derivative instruments		3,040			442			—
Other invested assets		76,417			127,599			148,675
		1,219,556			1,149,783			1,130,319
Amortization of IMR		(6,523	)		(5,395	)		(3,969	)
Investment expenses		(85,586	)		(99,038	)		(87,715	)
Total	$	1,127,447		$	1,045,350		$	1,038,635

Gross due and accrued interest was $243,085 and $219,435 as of December 31, 2024 and 2023, respectively and non-admitted due and accrued income from bonds in default or 90 days past due and non-admitted was $11 and $550 in 2024 and 2023, respectively.

Cumulative paid-in-kind interest of $5,923 and $7,117 as of December 31, 2024 and 2023, respectively, was included in current principal balance of bonds on the statutory statements of admitted assets, liabilities and capital and surplus. There was no deferred interest as of December 31, 2024 and 2023.

(Continued)

31

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(5) Investments (Continued)

Net Realized Capital Gains (Losses)

Net realized capital gains (losses) for the years ended December 31 were as follows:

	2024			2023			2022
Bonds	$	(22,294	)	$	(39,810	)	$	(109,627	)
Common stocks – unaffiliated		12,554			15,572			32,665
Foreign currency exchange		(1,861	)		(439	)		(520	)
Mortgage loans		(2,897	)		—			—
Derivative instruments		240,922			(82,626	)		(449,928	)
Other invested assets		56,191			40,894			42,818
		282,615			(66,409	)		(484,592	)
Amount transferred to (from) the IMR, net of taxes		15,730			13,662			87,118
Income tax benefit (expense)		(47,105	)		(21,653	)		150,332
Total	$	251,240		$	(74,400	)	$	(247,142	)

Gross realized gains (losses), on sales of bonds for the years ended December 31 were as follows:

	2024			2023			2022
Bonds:
Gross realized gains	$	7,693		$	1,964		$	57,153
Gross realized losses		(29,987	)		(19,482	)		(150,921	)

Proceeds from the sales of bonds amounted to $1,642,067, $836,207, and $1,704,029 for the years ended December 31, 2024, 2023 and 2022, respectively.

The Company did not recognize any wash sales on common stocks with a NAIC designation of 3 or below, or unrated for the years ended December 31, 2024, 2023 and 2022.

OTTI by asset type recognized in net realized capital gains (losses) for the years ended December 31 were as follows:

	2024		2023		2022
Bonds:
U.S. government securities	$	—	$	—	$	264
Corporate securities		—		20,436		8,043
Asset-backed securities		—		—		913
CMBS		—		1,856		4,602
RMBS		—		—		2,037
Mortgage loans		2,897		—		—
Other invested assets		3,170		5,407		5,431
Total OTTI	$	6,067	$	27,699	$	21,290

In relation to loan-backed and structured securities, the Company did not recognize any OTTI on the basis of the intent to sell during 2024, 2023 or 2022. In 2022, due to the transactions described in note 14 Reinsurance, the Company recognized $15,744 of intent to sell OTTI on March 31, 2022, $7,550 of which was related to loan-backed and structured securities, on investments identified to be transferred to the reinsurer upon closing. The Company did not recognize any OTTI on the basis of the inability or lack of intent to retain the investment in the security for a period of time sufficient to recover the amortized cost basis during 2024, 2023 or 2022.

(Continued)

32

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(5) Investments (Continued)

Net Unrealized Investment Gains (Losses)

Changes in unrealized capital gains (losses) for the years ended December 31 were as follows:

	2024			2023			2022
Bonds	$	—		$	—		$	(1,522	)
Common stocks – unaffiliated		13,389			1,765			(102,929	)
Common stocks – affiliated		32,787			(17,239	)		4,588
Other invested assets		(7,902	)		(49,025	)		44,570
Derivative instruments		(37,130	)		321,637			(403,777	)
Other		(9,924	)		(5,633	)		(13,159	)
Deferred tax asset (liability)		6,934			(59,297	)		106,486
Total	$	(1,846	)	$	192,208		$	(365,743	)

Cost and gross unrealized gains (losses) on unaffiliated common stocks at December 31 were as follows:

	2024			2023
Cost	$	360,319		$	297,212
Gross unrealized gains		85,096			64,209
Gross unrealized losses		(19,938	)		(12,440	)
Admitted asset value	$	425,477		$	348,981

(6) Derivative Instruments

Derivatives are financial instruments whose values are derived from interest rates, foreign currency exchange rates, or other financial indices. Derivatives may be exchange-traded or contracted in the OTC market. The Company currently enters into derivative transactions that do not qualify for hedge accounting, or in certain cases, elects not to utilize hedge accounting. The Company does not enter into speculative positions. Although certain transactions do not qualify for hedge accounting or the Company chooses not to utilize hedge accounting, they provide the Company with an assumed economic hedge, which is used as part of its strategy for certain identifiable and anticipated transactions. The Company uses a variety of derivatives including swaps, swaptions, futures, caps, floors, forwards and option contracts to manage the risk associated with changes in estimated fair values related to the Company’s financial assets and liabilities, to generate income and manage other risks due to the variable nature of the Company’s cash flows.

Freestanding derivatives are carried on the Company’s statutory statements of admitted assets, liabilities and capital and surplus within derivative instruments or as liabilities within other liabilities at estimated fair value as determined through the use of quoted market prices for exchange-traded derivatives and interest rate forwards or through the use of pricing models for OTC derivatives. Derivative valuations can be affected by changes in interest rates, foreign currency exchange rates, financial indices, credit spreads, default risk (including the counterparties to the contract), volatility, liquidity and changes in estimates and assumptions used in the pricing models.

(Continued)

33

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued) 

(in thousands)

(6) Derivative Instruments (Continued)

The Company is exposed to various risks relating to its ongoing business operations, including interest rate risk, foreign currency risk and equity market risk. The Company uses a variety of strategies to attempt to manage these risks. The following table presents the notional amount, estimated fair value, and primary underlying risk exposure of the Company’s derivative financial instruments held:

Primary		December 31, 2024						December 31, 2023
underlying				Fair value						Fair value
risk exposure	Instrument type	Notional amount		Assets		Liabilities		Notional amount		Assets			Liabilities
Interest rate	Interest rate
	futures	$	180,618	$	—	$	—	$	342,532	$	—		$	—
	forwards		415,000		—		32,300		692,000		6,724			21,739
Foreign currency	Foreign
	currency
	swaps		220,117		6,831		—		60,506		(510	)		—
Equity market	Equity market
	futures		833,054		—		—		799,185		—			—
	options		19,971,150		993,521		510,443		16,402,063		949,105			505,554
Total derivatives		$	21,619,939	$	1,000,352	$	542,743	$	18,296,286	$	955,319		$	527,293

The majority of the freestanding derivatives utilized by the Company are for specific economic hedging programs related to various annuity and life insurance product liabilities that have market risk. Management considers the sales growth of products and the volatility in the markets in assessing the trading activity for these programs.

Interest rate futures are used by the Company to manage duration in certain portfolios within the general account of the Company. In exchange traded interest rate futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of interest rate securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily fair market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded interest rate futures are used primarily to economically hedge mismatches between the duration of the assets in a portfolio and the duration of liabilities supported by those assets, to economically hedge against changes in value of securities the Company owns or anticipates acquiring, and to economically hedge against changes in interest rates on anticipated liability issuances. The value of interest rate futures is substantially impacted by changes in interest rates and they can be used to modify or economically hedge existing interest rate risk.

Interest rate forwards are used by the Company to economically hedge interest rate risks primarily associated with secondary guarantees on variable annuities. An interest rate forward is an agreement between two parties to exchange a future settlement based upon a predetermined notional amount and forward interest rate.

Foreign currency swaps are used by the Company to offset foreign currency exposure on interest and principal payments of bonds denominated in a foreign currency. In a foreign currency swap transaction, the Company agrees with another party to exchange, at specific intervals, the difference between one currency and another at a fixed exchange rate, generally set at inception, calculated by reference to an agreed upon notional amount. The notional amount of each currency is exchanged at the inception and termination of the currency swap by each party.

Foreign currency forwards are used by the Company to reduce the risk from fluctuations in foreign currency exchange rates associated with its assets and liabilities denominated in foreign currencies. In a foreign currency forward transaction, the Company agrees with another party to deliver a specified amount of an identified currency at a specified future date. The price is agreed upon at the time of the contract and payment for such a contract is made in a different currency in the specified future date.

(Continued)

34

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(6) Derivative Instruments (Continued)

Equity futures include exchange-traded equity futures as well as VIX futures. VIX futures are used by the Company to reduce the variance of its portfolio of equity assets. The VIX is the index of the implied volatility of the index options and represents the expected stock market volatility over the next 30 day period. In exchange-traded equity futures transactions, the Company agrees to purchase or sell a specified number of contracts, the value of which is determined by the different classes of equity securities, and to post variation margin on a daily basis in an amount equal to the difference in the daily fair market values of those contracts. The Company enters into exchange-traded futures with regulated futures commission merchants that are members of the exchange. Exchange-traded equity futures are used primarily to economically hedge liabilities embedded in certain variable annuity products and certain equity indexed life products offered by the Company.

Equity options are used by the Company to economically hedge certain risks associated with fixed indexed annuity and indexed universal life products that allow the holder to elect an interest rate return or a market component, where interest credited to the contracts is linked to the performance of an index. Certain contractholders may elect to rebalance index options at renewal dates. As of each renewal date, the Company has the opportunity to re-price the indexed component by establishing participation rates, caps, spreads and specified rates, subject to contractual guarantees. The Company purchases equity options that are intended to be highly correlated to the portfolio allocation decisions of the contract holders with respect to returns for the current reset period.

Equity options are also used by the Company to economically hedge minimum guarantees embedded in certain variable annuity products offered by the Company. To economically hedge against adverse changes in equity indices, the Company enters into contracts to sell the equity index within a limited time at a contracted price. The contracts will be net settled in cash based on differentials in the indices at the time of exercise and the strike price. In certain instances, the Company may enter into a combination of transactions to economically hedge adverse changes in equity indices within a pre-determined range through the purchase and sale of options.

The following tables present the amount and location of gains (losses) recognized on the statutory statements of operations and capital and surplus from derivatives:

	2024
						Net change in
	Net realized gains			Net investment		unrealized capital
	(losses)			income		gains and losses
Interest rate futures	$	(3,971	)	$	—	$	(5,731	)
Interest rate forwards		(43,105	)		—		(17,286	)
Foreign currency swaps		—			3,040		7,271
Equity futures		47,931			—		(4,726	)
Equity options		240,067			—		(16,658	)
Total gains (losses) recognized from derivatives	$	240,922		$	3,040	$	(37,130	)
		2023
							Net change in
		Net realized gains			Net investment		unrealized capital
		(losses)			income		gains and losses
Interest rate futures	$	(84,107	)	$	—	$	5,914
Interest rate forwards		—			—		62,949
Foreign currency swaps		—			442		(552	)
Foreign currency forwards		(10,551	)		—		12,867
Equity futures		13,876			—		(3,039	)
Equity options		(1,844	)		—		243,498
Total gains (losses) recognized from derivatives	$	(82,626	)	$	442	$	321,637

(Continued)

35

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(6) Derivative Instruments (Continued)

The following tables present the amount and location of gains (losses) recognized on the statutory statements of operations and capital and surplus from derivatives (Continued):

	2022
						Net change in
	Net realized gains			Net investment		unrealized capital
	(losses)			income		gains and losses
Interest rate futures	$	(278,285	)	$	—	$	5,285
Interest rate forwards		—			—		(77,963	)
Foreign currency forwards		—			—		(12,867	)
Equity futures		(10,263	)		—		1,965
Equity options		(161,380	)		—		(320,197	)
Total gains (losses) recognized from derivatives	$	(449,928	)	$	—	$	(403,777	)

The Company may be exposed to credit-related losses in the event of nonperformance by counterparties to derivative financial instruments. Generally, the current credit exposure of the Company’s derivative contracts is limited to the positive estimated fair value of derivative contracts at the reporting date after taking into consideration the existence of netting agreements and any collateral received pursuant to credit support annexes.

The Company manages its credit risk related to OTC derivatives by entering into transactions with highly rated counterparties, maintaining collateral arrangements and through the use of master agreements that provide for a single net payment to be made by one counterparty to another at each due date and upon termination. Because exchange traded futures are purchased through regulated exchanges, and positions are settled on a daily basis, the Company has minimal exposure to credit-related losses in the event of nonperformance by counterparties to such derivative instruments.

The Company enters into various collateral arrangements, which require both the pledging and accepting of collateral in connection with its derivative instruments. The Company’s collateral arrangements for its OTC derivatives generally require the counterparty in a net liability position, after considering the effect of netting arrangements, to pledge collateral when the fair value of that counterparty’s derivatives reaches a predetermined threshold. The Company received collateral from OTC counterparties in the amount of $476,689 and $457,323 at December 31, 2024 and 2023, respectively. Securities collateral received by the Company is held in separate custodial accounts and is not recorded on the statutory statements of admitted assets, liabilities and capital and surplus. Credit agreements with counterparties permit the Company to sell or re-pledge this collateral; at December 31, 2024 and 2023, none of the collateral had been sold or re-pledged. The Company delivered collateral to OTC counterparties in the form of fixed maturity securities with a carrying value of $10,440 and cash collateral of $4,182 at December 31, 2024. The Company delivered collateral to OTC counterparties in the form of fixed maturity securities with a carrying value of $14,252 and cash collateral of $31 at December 31, 2023. The Company delivered collateral for futures contracts in the form of fixed maturity securities with the carrying value of $64,855 and $64,876 at December 31, 2024 and 2023, respectively. Securities collateral pledged by the Company is reported in bonds on the statutory statements of admitted assets, liabilities and capital and surplus. Cash collateral pledged is reported as a receivable in other invested assets on the statutory statements of admitted assets, liabilities and capital and surplus.

(Continued)

36

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(7) Separate Accounts

Separate account assets represent segregated funds administered by an unaffiliated asset management firm. These segregated funds are invested by both an unaffiliated asset management firm and an affiliate of the Company for the exclusive benefit of the Company’s pension, variable annuity and variable life insurance policyholders and contractholders.

The Company has no indexed separate accounts. Business relating to non-indexed separate accounts with minimum death benefits, in which an additional reserve is held in the Company’s general account, is included in the non-guaranteed column below.

Information regarding the separate accounts of the Company was as follows:

	Non-indexed
	guarantee less		Non-indexed
	than / equal to		guarantee		Non-
	4%		more than 4%		guaranteed		Total
Premiums, considerations or deposits for year ended December 31, 2024	$	—	$	—	$	6,024,739	$	6,024,739

	Non-indexed
	guarantee less		Non-indexed
	than / equal to		guarantee		Non-
	4%		more than 4%		guaranteed		Total
Reserves at December 31, 2024
For accounts with assets at:
Fair value	$	301,304	$	—	$	28,902,113	$	29,203,417

	Non-indexed
	guarantee less		Non-indexed
	than / equal to		guarantee		Non-
	4%		more than 4%		guaranteed		Total
Reserves at December 31, 2024
By withdrawal characteristics:
With fair value adjustment	$	252,909	$	—	$	—	$	252,909
At fair value		21,826		—		28,888,174		28,910,000
Not subject to discretionary withdrawal		26,569		—		13,939		40,508
Total	$	301,304	$	—	$	28,902,113	$	29,203,417

The Company also has no separate accounts, which would be disclosed by withdrawal characteristics, at book value without market value adjustments and with surrender charges.

(Continued)

37

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(7) Separate Accounts (Continued)

Reconciliation of net transfer to (from) separate accounts:

		2024
Transfers as reported in the summary of operations of the Annual Statement of the Separate Accounts:
Transfers to separate accounts	$	6,024,739
Transfers from separate accounts		(10,266,911	)
Net transfers to (from) separate accounts		(4,242,172	)
Reconciling adjustments:
Investment expenses and other activity not included in transfers out in Annual Statement of the Separate Accounts		(51,303	)
Transfer included on Line 8.1 of the Life, Accident & Health Annual Statement		2,532,606
Fees associated with charges for investment management and contract guarantees		(79,598	)
Total reconciling adjustments		2,401,705
Total transfers reported in the statutory statements of operations	$	(1,840,467	)

(8) Federal Income Taxes

Federal income tax expense (benefit) varies from amounts computed by applying the federal income tax rate of 21% to the gain from operations before federal income taxes. The reasons for this difference and the tax effects thereof for the years ended December 31 were as follows

	2024			2023			2022
Provision computed at statutory rate	$	6,005		$	(47,627	)	$	(50,461	)
IMR amortization		1,370			1,133			9,592
Net gain (loss) on reinsurance		(15,303	)		8,222			89,357
Dividends received deduction		(22,934	)		(33,196	)		(38,751	)
Tax credits		(23,286	)		(24,005	)		(17,163	)
Non-admitted assets		—			(2,893	)		(3,051	)
Change in valuation allowance		(188,000	)		(69,000	)		100,000
Expense adjustments and other		3,786			(1,456	)		(1,030	)
Total tax	$	(238,362	)	$	(168,822	)	$	88,493
Federal income tax expense (benefit)	$	(48,987	)	$	(85,731	)	$	93,024
Tax on capital gains/losses		47,105			21,653			(150,332	)
Change in net deferred income taxes		(236,480	)		(104,744	)		145,801
Total statutory income taxes	$	(238,362	)	$	(168,822	)	$	88,493

(Continued)

38

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(8) Federal Income Taxes (Continued)

The components of income tax expense (benefit) for the years ended December 31 were as follows:

	2024			2023			2022
Tax on income	$	(25,422	)	$	(61,516	)	$	112,367
Tax credits		(23,286	)		(24,005	)		(17,163	)
Tax on capital gains/losses		47,105			21,653			(150,332	)
Other taxes		(279	)		(210	)		(2,180	)
Total income tax expense	$	(1,882	)	$	(64,078	)	$	(57,308	)

The components of the net deferred tax asset as of December 31 were as follows:

December 31, 2024	Ordinary			Capital			Total
Gross deferred tax assets	$	510,766		$	24,796		$	535,562
Deferred tax assets non-admitted		(121,578	)		—			(121,578	)
		389,188			24,796			413,984
Deferred tax liabilities		(113,446	)		(99,817	)		(213,263	)
Net admitted deferred tax asset	$	275,742		$	(75,021	)	$	200,721

December 31, 2023	Ordinary			Capital			Total
Gross deferred tax assets	$	259,280		$	99,436		$	358,716
Deferred tax assets non-admitted		—			—			—
		259,280			99,436			358,716
Deferred tax liabilities		(118,026	)		(169,820	)		(287,846	)
Net admitted deferred tax asset	$	141,254		$	(70,384	)	$	70,870

	Change ordinary			Change capital			Change total
Gross deferred tax assets	$	251,486		$	(74,640	)	$	176,846
Deferred tax assets non-admitted		(121,578	)		—			(121,578	)
		129,908			(74,640	)		55,268
Deferred tax liabilities		4,580			70,003			74,583
Net admitted deferred tax asset	$	134,488		$	(4,637	)	$	129,851

(Continued)

39

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(8) Federal Income Taxes (Continued)

The amounts of adjusted gross deferred tax assets admitted as of December 31 were as follows:    

December 31, 2024	Ordinary		Capital		Total
Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	—	$	—
Adjusted gross deferred tax assets expected to be realized within three years		187,822		12,899		200,721
Adjusted gross deferred tax assets offset by gross deferred tax liabilities		201,366		11,897		213,263
Deferred tax assets admitted	$	389,188	$	24,796	$	413,984

The adjusted gross deferred tax asset allowed per limitation threshold as of December 31, 2024 was $200,721.

December 31, 2023	Ordinary		Capital		Total
Federal income taxes paid in prior years recoverable through loss carrybacks	$	—	$	—	$	—
Adjusted gross deferred tax assets expected to be realized within three years		134,179		82,314		216,494
Adjusted gross deferred tax assets offset by gross deferred tax liabilities		125,100		17,122		142,222
Deferred tax assets admitted	$	259,279	$	99,436	$	358,716

The adjusted gross deferred tax asset allowed per limitation threshold as of December 31, 2023 was $216,385.

The ratio percentages used to determine the recovery period and threshold limitation amounts and the amount of adjusted capital and surplus used to determine recovery period and threshold limitation as of December 31 were as follows:

	2024			2023
Ratio percentage		962	%		931	%
Capital and surplus used	$	3,799,587		$	3,313,720

As of December 31, 2024 and 2023, the availability of tax planning strategies resulted in no change to the Company's adjusted gross deferred tax assets and net admitted deferred tax assets.

The Company did not use any reinsurance tax planning strategies.

(Continued)

40

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(8) Federal Income Taxes (Continued)

The tax effects of temporary differences that give rise to the Company’s net deferred federal tax asset as of December 31 were as follows:

	2024			2023
Deferred tax assets:
Ordinary:
Policyholder liabilities	$	186,775		$	150,941
Deferred acquisition costs		195,891			185,249
Pension and postretirement benefits		37,867			24,651
Non-admitted assets		45,334			45,334
Net operating loss carry-forward		—			2,866
Other		44,899			38,239
Gross ordinary deferred tax assets		510,766			447,280
Valuation allowance		—			(188,000	)
Non-admitted ordinary deferred tax assets		(121,578	)		—
Admitted ordinary deferred tax asset		389,188			259,280
Capital:
Investments		24,796			99,436
Net unrealized capital losses		—			—
Gross capital deferred tax assets		24,796			99,436
Non-admitted capital deferred tax assets		—			—
Admitted capital deferred tax asset		24,796			99,436
Admitted deferred tax assets		413,984			358,716
Deferred tax liabilities:
Ordinary:
Investments		16,730			14,021
Fixed assets		8,145			8,429
Policyholder liabilities		7,329			14,389
Computer software		6,970			8,379
Other		74,272			72,808
Gross ordinary deferred tax liabilities		113,446			118,026
Capital:
Investments		162			2,781
Net unrealized capital gains		99,655			167,039
Gross capital deferred tax liabilities		99,817			169,820
Gross deferred tax liabilities		213,263			287,846
Net deferred tax asset	$	200,721		$	70,870

(Continued)

41

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(8) Federal Income Taxes (Continued)

As of December 31, 2024, management determined that no valuation allowance was required. As of December 31, 2023, management determined that a valuation allowance for those gross deferred tax items based on managements' assessment that it is more likely than not that these deferred tax items will not be realized through future reversals of existing taxable temporary differences and future taxable income. There are no differences for which deferred tax liabilities are not recognized.

The change in net deferred income taxes is comprised of the following:

	2024			2023			Change
Total deferred tax assets	$	535,562		$	358,716		$	176,846
Total deferred tax liabilities		(213,263	)		(287,846	)		74,583
Change in net deferred income tax	$	322,299		$	70,870			251,429
Tax effect of deferred tax asset / deferred tax liability on unrealized capital gains (losses)								(6,934	)
Tax effect of deferred tax asset on liability for pension benefits								501
Tax effect of change in gain from reinsurance								(8,516	)
Net change in deferred income tax								236,480
Release of valuation allowance								(188,000	)
Change in net deferred income tax asset							$	48,480

As of December 31, 2024, the Company had no net operating loss carryforwards, capital loss carryforwards or tax credit carryforwards. Total capital income taxes incurred in the current and prior years of $68,757 are available for recovery in the event of future net losses.

No aggregate deposits were reported as admitted assets under Section 6603 of the IRS Code as of December 31, 2024.

A reconciliation of the beginning and ending balances of unrecognized tax benefits are as follows:

	2024			2023
Balance at beginning of year	$	2,268		$	1,941
Additions based on tax positions related to current year		450			549
Reductions for tax positions of prior years		(664	)		(222	)
Balance at end of year	$	2,054		$	2,268

Included in the balance of unrecognized tax benefits at December 31, 2024 are potential benefits of $2,054 that, if recognized, would affect the effective tax rate on income from operations.

As of December 31, 2024, accrued interest and penalties of $165 are recorded as current income tax liabilities on the statutory statements of admitted assets, liabilities and capital and surplus and $32 is recognized as a current income tax expense on the statutory statements of operations.

At December 31, 2024, the Company does not expect a significant increase in tax contingencies within the next 12 months.

The Company is a non-applicable reporting entity for the purposes of the Corporate Alternative Minimum Tax for the reporting period ending December 31, 2024.

All tax years through 2020 are closed. The IRS has not stated an intention to audit the Company's 2021, 2022 or 2023 consolidated tax return.

(Continued)

42

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(9) Related Party Transactions

The Company has investment advisory agreements with an affiliate, Securian AM. Under these agreements, the Company pays quarterly investment management fees based on total assets managed. Investment management fees paid by the Company were $33,423, $33,841 and $35,223 in 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the amount due to Securian AM under these agreements was $8,756 and $8,583, respectively.

The Company also has an agreement with SFS, an affiliated broker-dealer. Under this agreement, SFS was the distributor of the Company’s fixed and variable annuity, variable life and certain life and annuity indexed products through a majority of 2023 and SFS remains the distributor of the Company’s variable life and annuity products. Fees paid by the Company for the performance of compliance functions for these products totaled $5,211, $1,628 and $1,537 for the years ended December 31, 2024, 2023 and 2022, respectively. The Company also recognized commission expense of $98,607, $98,286 and $116,024 for the years ended December 31, 2024, 2023 and 2022, respectively. The Company recognized commissions payable to SFS in the amounts of $6,348 and $4,142 at December 31, 2024 and 2023, respectively.

Under an assignment agreement with SFS, 12(b)-1 fees from the affiliated Securian Funds Trust Funds and the Waddell & Reed Target Portfolios are transferred to the Company. For the years ended December 31, 2024, 2023 and 2022, the amounts transferred were $14,503, $13,653 and $15,839, respectively, and is included in other income in the statements of operations.

The Company has agreements with its affiliates for expenses including allocations for occupancy costs, data processing, employee compensation, advertising and promotion, and other administrative expenses, which the Company incurs on behalf of its affiliates. At December 31, 2024 and 2023, the amount payable to the Company was $65,112 and $49,452, respectively. The amount of expenses incurred by and reimbursed to the Company for the years ended December 31, 2024, 2023 and 2022 were $182,082, $211,606 and $139,343, respectively. In addition, the Company has an agreement with SFG for employee compensation related expenses which SFG incurs on behalf of the Company. The amount of expenses incurred by and reimbursed to SFG by the Company for the year ended December 31, 2024, 2023 and 2022 was $26,399, $14,738 and $39,364, respectively, and the amount payable to SFG at December 31, 2024 and 2023 was $15,497 and $15,288, respectively. Settlements are made quarterly.

The Company has two group variable universal life and other individual universal life policies with SFG. The Company received premiums of $0, $2,616 and $3,165 in 2024, 2023 and 2022, respectively, for these policies. The Company paid claims totaling $0, $6,120, and $3,165 in 2024, 2023, and 2022, respectively. As of December 31, 2024 and 2023, reserves held under these policies were $125,273 and $115,853, respectively.

Allied provides its customers with certain insurance coverage that is underwritten by the Company. The Company paid commissions related to these policies in the amount of $6,059, $11,766 and $9,506 in 2024, 2023 and 2022, respectively.

The Company has an agreement with Securian Life, whereby the Company may issue an individual life policy to certain individuals converting from a group life insurance policy issued by Securian Life or Securian Life may issue an individual life policy to certain individuals converting from a group life insurance policy issued by the Company. Upon issuance of the individual life policy, the Company either receives from or pays to Securian Life a conversion charge. For the years ended December 31, 2024, 2023 and 2022, the Company recognized $318, $1,191 and $133, respectively of net income from conversions. The amount receivable from Securian Life at December 31, 2024 and 2023 was $55 and $203, respectively. These amounts are settled quarterly.

The Company has an agreement with Securian Life, whereby Securian Life assigns the rights to its profit commission from unrelated third party reinsurers based on its underlying mortality experience to the Company in exchange for a fixed percentage allowance based on the premium reinsured. Under this agreement, which is settled quarterly, the Company recognized expenses of $7,569, $13,628 and $24,986 recorded in general insurance expenses and taxes on the statutory statements of operations for the years ended December 31, 2024, 2023 and 2022, respectively, and the amount due to (from) Securian Life at December 31, 2024 and 2023 was $(1,248) and $2,128, respectively. Depending on Securian Life’s mortality experience in any given year, the fixed percentage allowance paid by the Company can be favorable or unfavorable in relation to the profit commission Securian Life has forgone from the unrelated third party reinsurer and assigned to the Company.

The Company sells a percentage of ownership of newly originated mortgage loans to Securian Life. For the years ended December 31, 2024 and 2023, the Company sold $59,155 and $51,850, respectively, of mortgage loans to Securian Life.

(Continued)

43

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(9) Related Party Transactions (Continued)

The Company has a reinsurance agreement with Securian Life, whereby the Company assumes certain Group business from Securian Life. Activity is settled monthly. As of December 31, the Company recognized the following amounts on the statutory statements of admitted assets, liabilities and capital and surplus related to this agreement with Securian Life:

	2024		2023
Admitted assets:
Premiums deferred and uncollected	$	169,622	$	132,364
Total assets	$	169,622	$	132,364
Liabilities
Policy reserves:
Life insurance	$	121,208	$	111,590
Accident and health		2,672		2,736
Policy claims in process of settlement		326,624		277,437
Other policy liabilities		286		293
Accrued commissions and expenses		16,775		10,778
Total liabilities	$	467,565	$	402,834

For the years ending December 31, the Company recognized the following activity, before federal income tax expense (benefit), related to this agreement within the following line items of the statutory statements of operations:

	2024		2023		2022
Revenues:
Premiums	$	1,044,532	$	880,554	$	799,186
Total revenues		1,044,532		880,554		799,186
Benefits and expenses:
Policyholder benefits		901,602		796,124		753,871
Commission expense		106,566		75,470		68,882
Total benefits and expenses		1,008,168		871,594		822,753
Net income (loss)	$	36,364	$	8,960	$	(23,567	)

Effective October 1, 2020, the Company entered into a reinsurance agreement with 1880 Reinsurance Company (1880 Re), a wholly owned subsidiary of SFG, whereby 1880 Re assumes certain Group business from the Company. Activity is settled quarterly. The Company recaptured this reinsurance agreement effective October 1, 2023.

For the year ending December 31, the Company recognized the following activity, before federal income tax expense (benefit), related to this agreement within the following line items of the statutory statements of operations:

	2023			2022
Revenues:
Premiums	$	(146,500	)	$	(198,665	)
Commission expense		5,415			7,362
Other income		(432	)		(550	)
Total revenues	$	(141,517	)	$	(191,853	)
Benefits and expenses:
Policyholder benefits		(127,853	)		(177,100	)
Increase (decrease) in policy reserves		441			(5,759	)
Total benefits and expenses		(127,412	)		(182,859	)
Net income (loss)	$	(14,105	)	$	(8,994	)

(Continued)

44

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(10) Liability for Unpaid Accident and Health Claims and Claim Adjustment Expenses

Activity in the liability for unpaid accident and health claims and claim adjustment expenses, which is included within accident and health policy reserves and policy claims in process of settlement on the statutory statements of admitted assets, liabilities and capital and surplus, is summarized as follows:

	2024			2023			2022
Balance at January 1	$	576,713		$	617,903		$	620,649
Less: reinsurance recoverable		443,745			480,886			486,085
Net balance at January 1		132,968			137,017			134,564
Incurred related to:
Current year		142,283			144,003			142,918
Prior years		(17,827	)		(11,141	)		(16,305	)
Total incurred		124,456			132,862			126,613
Paid related to:
Current year		62,020			64,632			56,983
Prior years		71,641			72,279			67,177
Total paid		133,661			136,911			124,160
Net balance at December 31		123,763			132,968			137,017
Plus: reinsurance recoverable		414,154			443,745			480,886
Balance at December 31	$	537,917		$	576,713		$	617,903

The liability for unpaid accident and health claim adjustment expenses as of December 31, 2024 and 2023 was $2,593 and $2,713, respectively, and is included in the table above.

As a result of changes in estimates of claims incurred in prior years, the accident and health claims and claim adjustment expenses incurred decreased $17,827, $11,141, $16,305 in 2024, 2023 and 2022, respectively. The changes in amounts are the result of normal reserve development inherent in the uncertainty of establishing the liability for unpaid accident and health claims and claim adjustment expenses.

The Company incurred $2,467 and paid $2,587 of claim adjustment expenses in the current year, of which $861 of the paid amount was attributable to insured and covered events of prior years.

(11) Business Combinations and Goodwill

Aggregate goodwill related to acquisitions made in prior years was $0 and $6,220 as of December 31, 2024 and 2023, respectively, and is included in other invested assets on the statutory statements of assets, liabilities and capital and surplus. Goodwill amortization was $6,220, $6,221 and $6,221 for the years ended December 31, 2024, 2023 and 2022, respectively.

(12) Pension Plans and Other Retirement Plans

Pension and Other Postretirement Plans

The Company had a non-qualified non-contributory defined benefit retirement plan covering certain former agents. Benefits are based upon years of participation and the agent's adjusted annual compensation.

Prior to 2024, the Company also had a postretirement plan that provided certain health care and life insurance benefits to certain former agents. Eligibility was determined by age at retirement and years of service. Health care premiums were shared with retirees, and other cost-sharing features included deductibles and co-payments. Due to curtailment and subsequent settlement events during 2023 related to SFG’s sale of its retail wealth business, including certain agents, the benefit obligations for other benefit plans were reduced by $3,506.

(Continued)

45

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(12) Pension Plans and Other Retirement Plans (Continued)

Pension and Other Postretirement Plans (Continued)

The change in the benefit obligation and plan assets for the Company’s plans as of December 31 was calculated as follows:

	Pension benefits						Other benefits
	2024			2023			2024		2023
Change in benefit obligation:
Benefit obligation at beginning of year	$	39,362		$	38,342		$	—	$	3,528
Service cost		—			—			—		76
Interest cost		1,374			2,094			—		181
Actuarial loss		(2,387	)		1,714			—		(118	)
Benefits paid		(1,946	)		(2,788	)		—		(161	)
Curtailments, settlements and other		(10,063	)		—			—		(3,506	)
Benefit obligation at end of year	$	26,340		$	39,362		$	—	$	—
Change in plan assets:
Fair value of plan assets at beginning of year	$	54,555		$	52,989		$	—	$	—
Actual return on plan assets		—			1,566			—		—
Employer contribution		1,946			2,788			—		161
Benefits paid		(1,946	)		(2,788	)		—		(161	)
Curtailments, settlements and other		(54,555	)		—			—		—
Fair value of plan assets at end of year	$	—		$	54,555		$	—	$	—
Funded status	$	(26,340	)	$	15,193		$	—	$	—
Assets:
Prepaid plans assets	$	—		$	17,229		$	—	$	—
Overfunded plan assets		—			(2,036	)		—		—
Total assets		—			15,193			—		—
Liabilities recognized:
Accrued benefit costs		(26,691	)		—			—		—
Liability for benefits		351			—			—		—
Total liabilities recognized	$	(26,340	)		—		$	—	$	—
Unrecognized liabilities	$	—		$	(15,193	)	$	—	$	—

(Continued)

46

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(12) Pension Plans and Other Retirement Plans (Continued)

Pension and Other Postretirement Plans (Continued)

	Pension benefits						Other benefits
	2024			2023			2024		2023
Weighted average assumptions used to determine benefit obligations:
Discount rate		5.60	%		5.14	%		N/A		N/A
Rate of compensation increase		N/A			N/A			N/A		N/A
Weighted average assumptions used to determine net periodic benefit costs:
Expected long-term return on plan assets		N/A			3.50	%		N/A		N/A
Discount rate		5.14	%		5.42	%		N/A		5.42	%
Components of net periodic benefit costs:
Service cost	$	—		$	—		$	—	$	76
Interest cost		1,374			2,094			—		180
Expected return on plan assets		—			(1,787	)		—		—
Amount of recognized actuarial loss (gain)		—			(1	)		—		(349	)
Loss due to settlement		—			—			—		(6,636	)
Net periodic benefit cost	$	1,374		$	306		$	—	$	(6,729	)
Amounts in unassigned surplus recognized as components of net periodic benefit costs:
Items not yet recognized as a component of net periodic benefit cost – prior year	$	2,036		$	99		$	—	$	(3,361	)
Net loss arising during the period		(2,387	)		1,936			—		(3,624	)
Net gain (loss) recognized		—			1			—		6,985
Items not yet recognized as a component of net periodic benefit cost – current year	$	(351	)	$	2,036		$	—	$	—
Amounts in unassigned surplus expected to be recognized in the next fiscal year as components of net periodic benefit cost:
Net prior service cost (credit)	$	—		$	—		$	—	$	—
Net recognized (gains) losses		—			—			—		—
Accumulated benefit obligation	$	26,340		$	39,362		$	—	$	—

(Continued)

47

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(12) Pension Plans and Other Retirement Plans (Continued)

Pension and Other Postretirement Plans (Continued)

The Company updated its assumptions as of December 31, 2024 and December 31, 2023 with respect to its pension and postretirement benefit obligations after a review of plan experience and economic conditions. The impacts related to assumption changes are a component of the net actuarial gain (loss).

Estimated future benefit payments for pension benefits:

	Pension benefits
2025	$	2,333
2026		2,300
2027		2,315
2028		2,318
2029		2,239
2030-2034		10,062

The assumptions presented herein are based on pertinent information available to management as of December 31, 2024 and 2023. Actual results could differ from those estimates and assumptions

Historical rates of return for individual asset classes and future estimated returns are used to develop expected rates of return. These rates of return are applied to the plan’s investment policy to determine a range of expected returns. The expected long-term rate of return on plan assets is selected from this range.

During 2024 administration of the plan was transitioned to an outside third party. As part of the transition, the annuity contract that previously supported the plan was surrendered from the plan. The Company’s non-contributory defined benefit plan’s assets were allocated 100% to the insurance company general account at December 31, 2023. The insurance company general account represents assets held with the general account of the Company. These assets principally consist of bonds, commercial mortgage loans and common stocks.

In accordance with authoritative accounting guidance, the Company groups pension and other postretirement plans financial assets and financial liabilities into a three-level hierarchy for valuation techniques used to measure their fair value based on whether the valuation inputs are observable or unobservable. Refer to note 4 Fair Value of Financial Instruments for further discussion on these levels.

The following table summarizes the Company’s pension benefit plans’ financial assets measured at fair value:

December 31, 2023	Level 1		Level 2		Level 3		Total
Insurance company general account	$	—	$	—	$	54,555	$	54,555

Insurance company general account

Deposits in the insurance company general account are stated at cost plus accrued interest, which represents fair value. These assets principally consist of fixed maturity securities, commercial mortgage loans and equity securities are classified as Level 3.

(Continued)

48

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(12) Pension Plans and Other Retirement Plans (Continued)

Profit Sharing Plans

The Company also had a profit sharing plan covering substantially all former agents. The plan was terminated in 2024. The Company’s contribution is made as a certain percentage based on voluntary contribution rate and applied to each eligible agent’s annual contribution. The Company recognized contributions to the plan during 2023 and 2022 of $960 and $1,391, respectively.

(13) Capital and Surplus and Dividends

During the year ended December 31, 2024, the Company declared and paid dividends to SFG consisting of common stock in the amount of $5,000. During the year ended December 31, 2023, the Company declared and paid dividends to SFG consisting of common stock in the amount of $4,993 and cash of $100,000.

Dividend payments by Minnesota Life Insurance Company to its parent cannot exceed the greater of 10% of statutory capital and surplus or the statutory net gain from operations as of the preceding year-end, as well as the timing and amount of dividends paid in the preceding 12 months, without prior approval from the Minnesota Department of Commerce. Based on these limitations and 2024 statutory results, the maximum amount available for the payment of dividends during 2025 by Minnesota Life Insurance Company without prior regulatory approval is $330,823.

For the year ended December 31, 2024, there was a capital contribution of cash in the amount of $30,000 received from SFG. For the year ended December 31, 2023, there was a capital contribution of cash in the amount of $250,000 received from SFG. For the year ended December 31, 2022, there was no capital contribution from SFG to the Company.

Other than noted above, there are no restrictions placed on the Company’s unassigned surplus, including for whom the surplus is being held.

The Company is required to meet certain minimum risk-based capital (RBC) requirements, which are imposed by the respective state of domicile. The formulas within the RBC calculation were developed by the NAIC. The RBC requirements were designed to monitor capital adequacy and to raise the level of protection for policyholders. Companies that have an RBC ratio below certain trigger points are required to take specified corrective action. The Company exceeded the minimum RBC requirements for the years ended December 31, 2024 and 2023.

(14) Reinsurance

In the normal course of business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding reinsurance to other insurance companies. To the extent that a reinsurer is unable to meet its obligations under the reinsurance agreement, the Company remains liable. The Company evaluates the financial condition of its reinsurers and monitors concentrations of credit risk to minimize its exposure to significant losses from reinsurer insolvencies. Allowances are established for amounts deemed uncollectible. At December 31, 2024 and 2023, policy reserves are reflected net of reinsurance ceded of $4,570,924 and $4,846,835, respectively.

Reinsurance is accounted for over the lives of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies.

The effect of reinsurance on premiums and annuity considerations for the years ended December 31 was as follows:

	2024			2023			2022
Direct premiums and annuity considerations	$	7,624,477		$	8,050,495		$	8,758,869
Reinsurance assumed		1,077,158			909,165			825,119
Reinsurance ceded		(3,861,001	)		(4,623,908	)		(5,559,439	)
Total premiums and annuity considerations	$	4,840,634		$	4,335,752		$	4,024,549

The Company has a reinsurance agreement with Securian Life and had a reinsurance agreement with 1880 Re as discussed in detail in note 9 Related Party Transactions which are included in the reinsurance assumed and ceded information above, respectively.

(Continued)

49

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(14) Reinsurance (Continued)

The Company had an Aggregate Stop Loss reinsurance program, in conjunction with Securian Life with a 125% Loss Ratio attachment point and $110 million of available coverage capacity, through January 1, 2024. No reinsurance credit has been recorded for this program for the years ended December 31, 2024, 2023 and 2022.

Reinsurance recoveries on ceded reinsurance contracts were $1,476,614, $1,694,080 and $1,724,911 during 2024, 2023 and 2022, respectively.

During 2022, the Company closed transactions to reinsure several closed blocks of individual life and individual annuity products and certain non-affiliated group annuity contracts (collectively “the Transactions”). The Transactions included coinsurance and modified coinsurance structures with certain of the counterparties’ reinsurance obligations secured via a trust established for the benefit of the Company. Closing of the Transactions resulted in an initial reinsurance ceded premium of $3,635,130, ceding commission of $498,500 recorded in other income and net realized losses on transferred assets of $78,533 before taxes and transfers to IMR recorded on the statements of operations and capital and surplus, and $3,072,525 of non-cash investing activities excluded from the statutory statements of cash flows related to transferred investments. The initial reinsurance gain of $422,108 from the Transactions was deferred to surplus via general insurance expenses and taxes and presented in other, net in the statements of operations and capital and surplus. At December 31, 2023 $21,373,602 of separate account assets and liabilities associated with the Transactions were reinsured under modified coinsurance.

(15) Commitments and Contingencies

The Company is involved in various pending or threatened legal proceedings arising out of the normal course of business. In the opinion of management, the ultimate resolution of such litigation will likely not have a material adverse effect on operations or the financial position of the Company.

The Company has long-term commitments to fund alternative investments and real estate investments totaling $488,564 as of December 31, 2024. The Company estimates that $195,000 of these commitments will be invested in 2025, with the remaining $293,564 invested over the next four years.

As of December 31, 2024, the Company had committed to originate mortgage loans totaling $249,895 but had not completed the originations.

As of December 31, 2024, the Company had committed to purchase bonds totaling $86,832 but had not completed the purchase transactions.

The Company has 100% coinsurance agreements for its individual disability line, certain closed blocks of individual life and individual annuity products and certain non-affiliated group annuity contracts. Under the terms of these agreements, assets supporting the reserves transferred to the reinsurers are held under trust agreements for the benefit of the Company in the event that the reinsurers are unable to perform their obligations. At December 31, 2024 and 2023, the assets held in trust were $3,300,526 and $3,687,287, respectively. These assets are not reflected in the accompanying statements of admitted assets, liabilities and capital and surplus.

In connection with the dissolution of MIMLIC Life Insurance Company, the Company has agreed to guarantee all obligations and liabilities of MIMLIC Life Insurance Company that arise in the normal course of business. Management does not consider an accrual necessary relating to this guarantee.

(Continued)

50

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(15) Commitments and Contingencies (Continued)

The Company is contingently liable under state regulatory requirements for possible assessments pertaining to future insolvencies and impairments of unaffiliated insurance companies. The Company records a liability for future guaranty fund assessments based upon known insolvencies, according to data received from the National Organization of Life and Health Insurance Guaranty Association. At December 31, 2024 and 2023, this liability was $(89) and $133, respectively. An asset is recorded for the amount of guaranty fund assessments paid, which can be recovered through future premium tax credits. This asset was $8,480 and $2,353 as of December 31, 2024 and 2023, respectively. These assets are being amortized over a five-year period.

(16) Leases

The Company leases space in downtown St. Paul to unaffiliated companies. Commitments to the Company from these agreements are as follows: 2025, $1,415; 2026, $1,234; 2027, $1,159; 2028, $1,054; 2029, $992. Income from these leases was $2,065, $2,621 and $2,335 for the years ended December 31, 2024, 2023 and 2022, respectively, and is reported in net investment income on the statutory statements of operations.

(17) Borrowed Money

The Company has entered into a membership agreement with the FHLB, providing an efficient way to set up a borrowing facility with access to low cost funding. The total borrowing capacity is dependent on the amount and type of Company assets. As of December 31, 2024, the Company had no outstanding borrowings recorded in other liabilities on the statutory statements of admitted assets, liabilities and capital and surplus. Interest rates are determined at the reset date and ranged from 5.50% to 5.52% during 2024. The Company paid $477, $8,091 and $2,345 in interest in 2024, 2023 and 2022, respectively, and no accrued interest at December 31, 2024 and 2023, respectively, which are recorded in other liabilities and accrued commissions and expenses, respectively, on the statutory statements of admitted assets, liabilities and capital and surplus. During 2024 and 2023, the maximum amount borrowed from the FHLB was $750,000 and $170,000, respectively.

The Company pledged general account bonds and mortgage loans with a carrying value and fair value of $2,835,168 and $2,505,256, respectively, as collateral for FHLB borrowings as of December 31, 2024. At that time, the Company had the capacity for either long-term or short-term borrowings of approximately $2,026,959 without pledging additional collateral. If the fair value of the pledged collateral falls below the required collateral for the outstanding borrowed amount, the Company is required to pledge additional collateral. The carrying value and fair value of the maximum amount of general account collateral pledged to the FHLB during 2024 was $2,897,156 and $2,649,963, respectively.

Through its membership, the Company has issued funding agreements to the FHLB and utilized the funds for spread lending purposes. As of December 31, 2024, the Company had $200,000 of funding agreements which are subject to prepayment obligations reported within other policy liabilities on the statutory statements of admitted assets, liabilities, and capital and surplus.

As of December 31, 2024 and 2023, the Company held FHLB Class A membership stock of $10,000. The FHLB activity stock was $9,000 and $0 at December 31, 2024 and 2023, respectively. The FHLB stock is carried at cost and is recorded in common stocks on the statutory statements of admitted assets, liabilities and capital and surplus.

(18) Surplus Notes

In September 1995, the Company issued surplus notes with a face value of $125,000, at 8.25%, due in September 2025. The surplus notes were issued pursuant to Rule 144A under the Securities Act of 1993, underwritten by Goldman, Sachs & Co. and CS First Boston, and are administered by the Company as registrar/paying agent. At December 31, 2024 and 2023, the balance of the surplus notes was $118,000.

The surplus notes are subordinate to all current and future policyholders interests, including claims, and indebtedness of the Company. All payments of interest and principal on the notes are subject to the approval of the Minnesota Department of Commerce. The accrued interest was $2,832 as of December 31, 2024 and 2023. The interest paid in 2024, 2023 and 2022 was $9,735. The total accumulated interest paid over the life of the note as of December 31, 2024 was $296,544. Interest is included in net investment income in the statutory statements of operations.

(Continued)

51

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(19) Retrospectively Rated Contracts

The Company estimates accrued retrospective premium adjustments for its group life and accident and health insurance business through a mathematical approach using an algorithm of the financial agreements in place with clients.

The amount of net premiums written by the Company at December 31, 2024 that are subject to retrospective rating features was $587,096 which represented 32.5% of the total net premiums written for group life and accident and health. No other net premiums written by the Company are subject to retrospective rating features.

(20) Annuity Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics

Individual Annuities

December 31, 2024	General account		Separate account with guarantees		Separate account non-  guaranteed		Total		% of total
Subject to discretionary withdrawal:
With market value adjustment	$	1,116,160	$	243,580	$	—	$	1,359,740		15.1	%
At book value less current surrender charges of 5% or more		677,934		—		—		677,934		7.6	%
At fair value		—		21,826		4,948,905		4,970,731		55.4	%
Total with market value adjustment or at fair value		1,794,094		265,406		4,948,905		7,008,405		78.1	%
At book value without adjustment		1,014,352		—		—		1,014,352		11.3	%
Not subject to discretionary withdrawal		912,958		22,876		13,939		949,773		10.6	%
Total, gross		3,721,404		288,282		4,962,844		8,972,530		100.0	%
Reinsurance ceded		392,881		—		—		392,881
Total, net	$	3,328,523	$	288,282	$	4,962,844	$	8,579,649
Amount included at book value less current surrender charges of 5% or more that will move to at book value without adjustment in the year after the report date	$	8,950	$	—	$	—	$	8,950

(Continued)

52

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(20) Annuity Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics (Continued)

Group Annuities

December 31, 2024	General account		Separate account with guarantees		Separate account non-  guaranteed		Total		% of total
Subject to discretionary withdrawal:
With market value adjustment	$	3,319,388	$	—	$	—	$	3,319,388		12.2	%
At book value less current surrender charges of 5% or more		—		—		—		—		0.0	%
At fair value		—		—		19,171,494		19,171,494		70.6	%
Total with market value adjustment or at fair value		3,319,388		—		19,171,494		22,490,882		82.8	%
At book value without adjustment		11,805		—		—		11,805		0.0	%
Not subject to discretionary withdrawal		4,658,249		—		—		4,658,249		17.2	%
Total, gross		7,989,442		—		19,171,494		27,160,936		100.0	%
Reinsurance ceded		1,048,013		—		18,450,039		19,498,052
Total, net	$	6,941,429	$	—	$	721,455	$	7,662,884
Amount included at book value less current surrender charges of 5% or more that will move to at book value without adjustment in the year after the report date	$	—	$	—	$	—	$	—

Deposit Type Contracts

	General		Separate account with		Separate account non-
December 31, 2024	account		guarantees		guaranteed		Total		% of total
Subject to discretionary withdrawal:
With market value adjustment	$	—	$	—	$	—	$	—		0.0	%
At book value less current surrender charges of 5% or more		—		—		—		—		0.0	%
At fair value		—		—		—		—		0.0	%
Total with market value adjustment or at fair value		—		—		—		—		0.0	%
At book value without adjustment		1,113,524		—		—		1,113,524		67.2	%
Not subject to discretionary withdrawal		544,517		—		—		544,517		32.8	%
Total, gross		1,658,041		—		—		1,658,041		100.0	%
Reinsurance ceded		16,450		—		—		16,450
Total, net	$	1,641,591	$	—	$	—	$	1,641,591
Amount included at book value less current surrender charges of 5% or more that will move to at book value without adjustment in the year after the report date	$	—	$	—	$	—	$	—

(Continued)

53

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(20) Annuity Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics (Continued)

Deposit Type Contracts (Continued)

As of December 31, 2024:

	Amount
Life and Accident and Health Annual Statement:
Annuities	$	10,266,284
Supplementary contracts with life contingencies		3,669
Deposit-type contracts		1,641,591
Total reported on Life and Accident and Health Annual Statement		11,911,544
Annual Statement of the Separate Accounts:
Exhibit 3 line 0299999, column 2		24,422,620
Total reported on the Annual Statement of the Separate Accounts		24,422,620
Combined total	$	36,334,164

(21) Analysis of Life Actuarial Reserves by Withdrawal Characteristics

	General account
			Cash
December 31, 2024	Account value		value		Reserve
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	—	$	148	$	1,178
Universal life		1,069,059		1,113,903		1,634,236
Universal life with secondary guarantees		201,809		192,383		636,757
Indexed universal life		7,197,844		6,895,120		8,013,203
Indexed universal life with secondary guarantees		1,545,071		1,360,026		2,128,808
Indexed life		—		—		—
Other permanent cash value life insurance		—		982,697		1,233,058
Variable life		166,606		97,831		336,988
Variable universal life		63,688		63,688		63,688
Miscellaneous reserves		2,968,863		2,623,734		2,968,863
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		1,043,443
Accidental death benefits		—		—		23
Disability – active lives		—		—		23,204
Disability – disabled lives		—		—		417,452
Miscellaneous reserves		—		—		280,232
Total		13,212,940		13,329,530		18,781,133
Reinsurance ceded		—		—		2,657,716
Net total	$	13,212,940	$	13,329,530	$	16,123,417

(Continued)

54

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)

(in thousands)

(21) Analysis of Life Actuarial Reserves by Withdrawal Characteristics (Continued)

	Separate account - non-guaranteed
			Cash
December 31, 2024	Account value		value		Reserve
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	—	$	—	$	—
Universal life		—		—		—
Universal life with secondary guarantees		—		—		—
Indexed universal life		—		—		—
Indexed universal life with secondary guarantees		—		—		—
Indexed life		—		—		—
Other permanent cash value life insurance		—		—		—
Variable life		4,571,901		4,330,620		4,427,096
Variable universal life		353,701		353,701		353,701
Miscellaneous reserves		—		—		—
Not subject to discretionary withdrawal or no cash values:
Term policies without cash value		—		—		—
Accidental death benefits		—		—		—
Disability – active lives		—		—		—
Disability – disabled lives		—		—		—
Miscellaneous reserves		—		—		—
Total		4,925,602		4,684,321		4,780,797
Reinsurance ceded		—		—		—
Net total	$	4,925,602	$	4,684,321	$	4,780,797
Grand total	$	18,138,542	$	18,013,851	$	20,904,214

(Continued)

55

MINNESOTA LIFE INSURANCE COMPANY

Notes to Statutory Financial Statements (Continued)
(in thousands)

(21)	Analysis of Life Actuarial Reserves by Withdrawal Characteristics (Continued)
	As of December 31, 2024:

	Amount
Life and Accident and Health Annual Statement:
Exhibit 5, Life insurance section, total (net)		$	13,556,447
Exhibit 5, Accidental death benefits sections, total (net)			12
Exhibit 5, Disability – active lives section, total (net)			8,191
Exhibit 5, Disability – disabled lives section, total (net)			362,705
Exhibit 5, Miscellaneous reserves section, total (net)			2,196,062
Subtotal			16,123,417
Separate Accounts Annual Statement:
Exhibit 3 line 0199999, column 2			4,780,797
Exhibit 3 line 0499999, column 2			—
Exhibit 3 line 0599999, column 2			—
Subtotal			4,780,797
Combined total		$	20,904,214

(22)	Premium and Annuity Considerations Deferred and Uncollected
	Deferred and uncollected life insurance premiums and annuity considerations at December 31, 2024 were as follows:

	Gross			Net of Loading
Ordinary new business	$	11,781		$	451
Ordinary renewal business		39,508			23,419
Credit life		102			102
Group life		463			459
Subtotal		51,854			24,431
Premiums due and unpaid		156,688			136,627
Portion of due and unpaid over 90 days		(887	)		(887	)
Net admitted asset	$	207,655		$	160,171

(23) Subsequent Events

Through March 27, 2025, the date these financial statements were issued, there were no material subsequent events that required recognition or additional disclosure in the Company’s financial statements.

56

MINNESOTA LIFE INSURANCE COMPANY
Schedule of Selected Financial Data
December 31, 2024
(in thousands)

Investment Income Earned:
U.S. Government bonds	$	6,160
Other bonds (unaffiliated)		829,061
Bonds of affiliates		—
Preferred stocks (unaffiliated)		4,408
Preferred stocks of affiliates		—
Common stocks (unaffiliated)		15,574
Common stocks of affiliates		—
Mortgage loans		230,739
Real estate		20,806
Premium notes, policy loans and liens		41,788
Cash on hand and on deposit		(384	)
Short-term investments		17,161
Other invested assets		51,878
Derivative instruments		3,040
Aggregate write-ins for investment income		(675	)
Gross investment income	$	1,219,556
Real Estate Owned - Book Value less Encumbrances	$	43,402
Mortgage Loans - Book Value:
Farm mortgages	$	—
Residential mortgages		—
Commercial mortgages		5,777,094
Total mortgage loans	$	5,777,094
Mortgage Loans By Standing - Book Value:
Good standing	$	5,768,501
Good standing with restructured terms	$	8,593
Interest overdue more than 90 days, not in foreclosure	$	—
Foreclosure in process	$	—
Other Long Term Assets - Statement Value	$	1,594,279
Collateral Loans	$	—
Bonds and Stocks of Parents, Subsidiaries and Affiliates - Book Value:
Bonds	$	—
Preferred stocks	$	—
Common stocks	$	546,243

(Continued)

57

MINNESOTA LIFE INSURANCE COMPANY
Schedule of Selected Financial Data (Continued)
December 31, 2024
(in thousands)

Bonds, Short-Term Investments and Certain Cash Equivalents by Class and Maturity:
Bonds, Short-Term Investments and Certain Cash Equivalents by Maturity - Statement Value:
Due within one year or less	$	2,121,659
Over 1 year through 5 years		5,632,407
Over 5 years through 10 years		4,510,109
Over 10 years through 20 years		3,884,579
Over 20 years		5,928,532
No maturity date		—
Total by maturity	$	22,077,286
Bonds, Short-Term Investments and Certain Cash Equivalents by NAIC designation - Statement Value:
NAIC 1	$	12,792,322
NAIC 2		8,758,243
NAIC 3		502,175
NAIC 4		16,813
NAIC 5		7,733
NAIC 6		—
Total by NAIC designation	$	22,077,286
Total Bonds, Short-Term Investments and Certain Cash Equivalents Publicly Traded	$	14,814,206
Total Bonds, Short-Term Investments and Certain Cash Equivalents Privately Placed	$	7,263,080
Preferred Stocks - Statement Value	$	91,795
Common Stocks - Market Value	$	971,720
Short-Term Investments and Cash Equivalents - Book Value	$	422,667
Options, Caps & Floors Owned - Statement Value	$	993,521
Options, Caps & Floors Written and In Force - Statement Value	$	(510,443	)
Collar, Swap & Forward Agreements Open - Statement Value	$	(25,469	)
Futures Contracts Open - Current Value	$	—
Cash on Deposit	$	(69,238	)
Life Insurance In Force:
Industrial	$	—
Ordinary	$	67,229,424
Credit Life	$	6,111,919
Group Life	$	464,121,116
Amount of Accidental Death Insurance In Force Under Ordinary Policies	$	20,962
Life Insurance Policies with Disability Provisions in Force:
Industrial	$	—
Ordinary	$	173,397
Credit Life	$	26,370
Group Life	$	858,154,119

58

MINNESOTA LIFE INSURANCE COMPANY
Schedule of Selected Financial Data (Continued)
December 31, 2024
(in thousands)

Supplementary Contracts in Force:
Ordinary - Not Involving Life Contingencies:
Amount on Deposit	$	149,243
Income Payable	$	21,751
Ordinary - Involving Life Contingencies:
Income Payable	$	139
Group - Not Involving Life Contingencies:
Amount on Deposit	$	57,600
Income Payable	$	—
Group - Involving Life Contingencies:
Income Payable	$	19,620
Annuities:
Ordinary:
Immediate - Amount of Income Payable	$	111,022
Deferred - Fully Paid - Account Balance	$	2,453,255
Deferred - Not Fully Paid - Account Balance	$	4,844,926
Group:
Immediate - Amount of Income Payable	$	384,456
Deferred - Fully Paid - Account Balance	$	—
Deferred - Not Fully Paid - Account Balance	$	—
Accident and Health Insurance - Premiums In Force:
Ordinary	$	—
Group	$	378,533
Credit	$	64,435
Deposit Funds and Dividend Accumulations:
Deposit Funds - Account Balance	$	1,412,475
Dividend Accumulations - Account Balance	$	38,722
Claim Payments:
Group Accident and Health:
2024	$	52,216
2023	$	47,633
2022	$	9,547
2021	$	2,496
2020	$	1,668
Prior	$	2,236
Other Accident and Health:
2024	$	—
2023	$	51
2022	$	—
2021	$	—
2020	$	—
Prior	$	30
Other Coverages that use Developmental Methods to Calculate Claims Reserves:
2024	$	5,061
2023	$	5,381
2022	$	2,329
2021	$	1,259
2020	$	735
Prior	$	432

See accompanying independent auditors’ report

59

MINNESOTA LIFE INSURANCE COMPANY
Schedule of Supplemental Investment Risks Interrogatories
December 31, 2024
(in thousands)

1.) Total admitted assets (excluding separate accounts): $ 33,942,015

2.) 10 Largest exposures to a single issuer/borrower/investment:

Issuer	Amount		Percentage
FNMA - Loan Backed Securities	$	630,540		1.9	%
Securian Life Insurance Co	$	546,243		1.6	%
FHLMC - Loan Backed Securities	$	482,268		1.4	%
Berkshire Hathaway Inc.	$	209,472		0.6	%
Allied Solutions LLC	$	175,400		0.5	%
Sempra	$	123,055		0.4	%
Blue Owl Capital Inc	$	116,800		0.3	%
Duke Energy Corporation	$	105,996		0.3	%
Bain Capital LP	$	97,825		0.3	%
Pfizer Inc.	$	97,696		0.3	%

3.) Total admitted assets held in bonds and preferred stocks by NAIC rating:

Bonds	Amount		Percentage			Stocks	Amount		Percentage
NAIC-1	$	12,792,322		37.7	%	P/RP-1	$	78,025		0.2	%
NAIC-2	$	8,758,243		25.8	%	P/RP-2	$	13,424		0.0	%
NAIC-3	$	502,175		1.5	%	P/RP-3	$	—		0.0	%
NAIC-4	$	16,813		0.0	%	P/RP-4	$	253		0.0	%
NAIC-5	$	7,733		0.0	%	P/RP-5	$	93		0.0	%
NAIC-6	$	—		0.0	%	P/RP-6	$	—		0.0	%

4.) Assets held in foreign investments:

	Amount		Percentage
Total admitted assets held in foreign investments:	$	2,214,774		6.5	%
Foreign-currency denominated investments of:	$	—		0.0	%
Insurance liabilities denominated in that same foreign currency:	$	—		0.0	%

5.) Aggregate foreign investment exposure categorized by NAIC sovereign rating:

	Amount		Percentage
Countries rated by NAIC-1	$	2,177,306		6.4	%
Countries rated by NAIC-2	$	7,667		0.0	%
Countries rated by NAIC-3 or below	$	29,801		0.1	%

(Continued)

60

MINNESOTA LIFE INSURANCE COMPANY
Schedule of Supplemental Investment Risks Interrogatories (Continued)
December 31, 2024
(in thousands)

6.) Two largest foreign investment exposures to a single country, categorized by the country's NAIC sovereign rating:

Sovereign Rating	Country	Amount		Percentage
Countries rated by NAIC-1	Australia	$	565,142		1.7	%
	United Kingdom	$	453,905		1.3	%
	Turks And Caicos
Countries rated by NAIC-2	Islands	$	5,000		0.0	%
	Mauritius	$	938		0.0	%
Countries rated by NAIC-3 or below	Liberia	$	28,000		0.1	%
	Guernsey	$	1,801		0.0	%

7.) Aggregate unhedged foreign currency exposure:

Amount		Percentage
$	98,499		0.3	%

8.) Aggregate unhedged foreign currency exposure categorized by NAIC sovereign rating:

	Amount		Percentage
Countries rated by NAIC-1	$	97,998		0.3	%
Countries rated by NAIC-2	$	501		0.0	%
Countries rated by NAIC-3 or below	$	—		0.0	%

9.) Two largest unhedged foreign currency exposures to a single country, categorized by the country's NAIC sovereign rating:

Sovereign Rating	Country	Amount		Percentage
Countries rated by NAIC-1	United Kingdom	$	49,370		0.1	%
	France	$	17,143		0.1	%
Countries rated by NAIC-2	Hungary	$	501		0.0	%
		$	—		0.0	%
Countries rated by NAIC-3 or below		$	—		0.0	%
			—		0.0	%

10.) 10 Largest non-sovereign foreign issues:

Issuer	NAIC Rating	Amount		Percentage
DCC PLC	2, 2YE	$	66,000		0.2	%
Futbol Club Barcelona SL	2PL	$	65,000		0.2	%
Aptiv Holdings Limited	2FE	$	60,562		0.2	%
CK Hutchison Holdings Ltd	2	$	58,341		0.2	%
Schwarz Group Gmbh	2	$	56,010		0.2	%
SA Power Networks	1	$	54,462		0.2	%
Yara International ASA	2FE	$	51,336		0.2	%
Vodafone Group Public Limited Company	2FE	$	50,590		0.1	%
TotalEnergies SE	1	$	49,305		0.1	%
Entrust	2	$	47,000		0.1	%

(Continued)

61

MINNESOTA LIFE INSURANCE COMPANY

Schedule of Supplemental Investment Risks Interrogatories (Continued)

December 31, 2024

(in thousands)

11.) There were no admitted assets held in Canadian investments and unhedged Canadian currency exposures that exceeded 2.5% of the Company's total admitted assets.

12.) There were no admitted assets held in investments with contractual sales restrictions exposures that exceeded 2.5% of the Company's total admitted assets.

13.) Admitted assets held in the largest 10 equity interests:

Issuer	Amount		Percentage
Securian Life Insurance Co	$	546,243		1.6	%
Allied Solutions LLC	$	175,400		0.5	%
Charles River Funds	$	51,148		0.2	%
Genstar Capital Partners Funds	$	43,869		0.1	%
Threshold Ventures Funds	$	38,790		0.1	%
Gridiron Capital Funds	$	38,744		0.1	%
Lerer Hippeau Funds	$	34,705		0.1	%
AEA Investors LP Funds	$	33,878		0.1	%
PA Co-Investment Funds	$	32,822		0.1	%
Auquiline Funds	$	25,134		0.1	%

14.) Admitted assets held in nonaffiliated, privately place equities:

	Amount		Percentage
Aggregate statement value of investments held in nonaffiliated privately placed equities	$	1,147,982		3.4	%

3 Largest investments held in nonaffiliated, privately placed	Amount		Percentage
Charles River Funds	$	51,148		0.2	%
Genstar Capital Partners Funds	$	43,869		0.1	%
Threshold Ventures Funds	$	38,790		0.1	%

10 Largest fund managers	Total Invested		Diversified		Non- Diversified
Dreyfus Treasury Obligations Cash
Management	$	178,154	$	178,154	$	—
BlackRock Funds	$	79,140	$	43,161	$	35,979
Charles River Funds	$	51,148	$	—	$	51,148
Invesco Funds	$	48,194	$	48,194	$	—
Genstar Capital Partners Funds	$	43,869	$	—	$	43,869
Charles Schwab Corp	$	43,193	$	43,193	$	—
Threshold Ventures Funds	$	38,790	$	—	$	38,790
Gridiron Capital Funds	$	38,744	$	—	$	38,744
Carlyle Tactical Private Credit Fund	$	35,450	$	35,450	$	—
Lerer Hippeau Funds	$	34,705	$	—	$	34,705

(Continued)

62

MINNESOTA LIFE INSURANCE COMPANY
Schedule of Supplemental Investment Risks Interrogatories (Continued)
December 31, 2024
(in thousands)

15.) There were no admitted assets held in general partnership interests that exceeded 2.5% of the Company's total admitted assets

16.) Admitted assets held in mortgage loans:

10 Largest Annual Statement Schedule B aggregate mortgage interests:

Issuer	Type	Amount		Percentage
IRET Apartment Portfolio	Commercial	$	54,900		0.2	%
Massry Portfolio	Commercial	$	54,149		0.2	%
Hudson Square South Apartments	Commercial	$	47,500		0.1	%
Meritex-Atlanta	Commercial	$	41,948		0.1	%
Wilshire Union Shopping Center	Commercial	$	40,339		0.1	%
Colonnade at Union Mill	Commercial	$	38,000		0.1	%
Towers of Colonie Apartments	Commercial	$	34,635		0.1	%
The Westchester Shopping Center	Commercial	$	32,671		0.1	%
Wharton Industrial Portfolio	Commercial	$	32,428		0.1	%
Glenpointe East & Atrium	Commercial	$	30,110		0.1	%

Admitted assets held in the following categories of mortgage loans:

Category	Amount		Percentage
Construction loans	$	—		0.0	%
Mortgage loans over 90 days past due	$	—		0.0	%
Mortgage loans in the process of foreclosure	$	—		0.0	%
Mortgage loans foreclosed	$	—		0.0	%
Restructured mortgage loans	$	8,593		0.0	%

17.) Aggregate mortgage loans having the following loan-to-value ratios as determined from the most current appraisal as of the annual statement date:

Loan-to-Value	Residential				Commercial				Agricultural
Above 95%	$	—	0.0	%	$	—	0.0	%	$	—	0.0	%
91% to 95%	$	—	0.0	%	$	8,593	0.0	%	$	—	0.0	%
81% to 90%	$	—	0.0	%	$	—	0.0	%	$	—	0.0	%
71% to 80%	$	—	0.0	%	$	—	0.0	%	$	—	0.0	%
below 70%	$	—	0.0	%	$	5,768,501	17.0	%	$	—	0.0	%

18.) There were no assets that exceeded 2.5% of the Company's total admitted assets held in each of the five largest investments in one parcel or group of contiguous parcels of real estate reported in the Annual Statement Schedule A.

(Continued)

63

MINNESOTA LIFE INSURANCE COMPANY
Schedule of Supplemental Investment Risks Interrogatories (Continued)
December 31, 2024
(in thousands)

19.) There were no admitted assets held in investments held in mezzanine real estate loans that exceeded 2.5% of the Company's total admitted assets.

20.) Total admitted assets subject to the following types of agreements:

					At End of Each Quarter
Agreement Type	At Year End				1st Qtr		2nd Qtr		3rd Qtr
Securities lending	$	—	0.0	%	$	—	$	—	$	—
Repurchase	$	—	0.0	%	$	—	$	—	$	—
Reverse repurchase	$	—	0.0	%	$	—	$	—	$	—
Dollar repurchase	$	—	0.0	%	$	—	$	—	$	—
Dollar reverse repurchase	$	—	0.0	%	$	—	$	—	$	—

21.) Warrants not attached to other financial instruments, options, caps, and floors:

	Owned				Written
Hedging	$	—	0.0	%	$	—	$	—
Income generation	$	—	0.0	%	$	—	$	—
Other	$	—	0.0	%	$	—	$	—

22.) Potential exposure for collars, swaps and forwards:

					At End of Each Quarter
	At Year End				1st Qtr		2nd Qtr		3rd Qtr
Hedging	$	1,492	0.0	%	$	1,967	$	1,352	$	1,616
Income generation	$	—	0.0	%	$	—	$	—	$	—
Replications	$	—	0.0	%	$	—	$	—	$	—
Other	$	3,544	0.0	%	$	1,064	$	2,074	$	2,047

23.) Potential exposure for future contracts:

					At End of Each Quarter
	At Year End				1st Qtr		2nd Qtr		3rd Qtr
Hedging	$	44,865	0.1	%	$	31,298	$	30,084	$	39,279
Income generation	$	—	0.0	%	$	—	$	—	$	—
Replications	$	—	0.0	%	$	—	$	—	$	—
Other	$	—	0.0	%	$	—	$	—	$	—

See accompanying independent auditors’ report

64

MINNESOTA LIFE INSURANCE COMPANY
Summary Investment Schedule
December 31, 2024

Investment Categories	Gross Investment Holdings					Admitted Assets
Long-term bonds
US governments	$	286,852		0.87	%	$	286,852		0.87	%
All other governments		—		—	%		—		—	%
US states, territories and possessions, etc. guaranteed		327		—	%		327		—	%
US political subdivisions of states, territories, and possessions, guaranteed		3,746		0.01	%		3,746		0.01	%
US special revenue and special assessment obligations, etc. non-guaranteed		1,425,831		4.33	%		1,425,831		4.33	%
Industrial and miscellaneous		20,108,385		61.10	%		20,108,385		61.12	%
Hybrid securities		14,355		0.05	%		14,355		0.04	%
Total long-term bonds	$	21,839,496		66.36	%	$	21,839,496		66.37	%
Preferred stocks
Industrial and miscellaneous (unaffiliated)	$	91,795		0.28	%	$	91,795		0.28	%
Total preferred stocks	$	91,795		0.28	%	$	91,795		0.28	%
Common stocks
Industrial and miscellaneous publicly traded (unaffiliated)	$	204,274		0.62	%	$	204,274		0.62	%
Industrial and miscellaneous other (unaffiliated)		25,564		0.08	%		25,564		0.08	%
Parents, subsidiaries and affiliates other		546,253		1.66	%		546,243		1.66	%
Mutual funds		43,297		0.13	%		43,297		0.13	%
Exchange Traded Funds		152,342		0.46	%		152,342		0.46	%
Total common stocks	$	971,730		2.95	%	$	971,720		2.95	%
Mortgage loans
Commercial mortgages	$	5,777,094		17.55	%	$	5,777,094		17.56	%
Valuation allowance		—		—	%		—		—	%
Total mortgage loans	$	5,777,094		17.55	%	$	5,777,094		17.56	%
Real estate
Properties occupied by the company	$	43,402		0.13	%	$	43,402		0.13	%
Total real estate	$	43,402		0.13	%	$	43,402		0.13	%
Cash, cash equivalents and short-term investments
Cash	$	(69,239	)	(0.21	)%	$	(69,239	)	(0.21	)%
Cash equivalents		422,668		1.29	%		422,668		1.29	%
Short-term investments		—		—	%		—		—	%
Total cash, cash equivalents and short-term investments	$	353,429		1.08	%	$	353,429		1.08	%
Policy loans	$	1,144,714		3.48	%	$	1,140,199		3.47	%
Derivatives	$	1,000,352		3.04	%	$	1,000,352		3.04	%
Other invested assets	$	1,600,295		4.86	%	$	1,594,278		4.85	%
Receivable for securities	$	89,599		0.27	%	$	89,597		0.27	%
Total invested assets	$	32,911,906		100.00	%	$	32,901,362		100.00	%

See accompanying independent auditors’ report

65

MINNESOTA LIFE INSURANCE COMPANY

Schedule of Supplemental Reinsurance Risks Interrogatories
December 31, 2024

The following information regarding reinsurance contracts is presented to satisfy the disclosure requirements in SSAP No. 61R, Life, Deposit-Type and Accident and Health Reinsurance, which apply to reinsurance contracts entered into, renewed or amended on or after January 1, 1996.

1. Has Minnesota Life Insurance 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?

Examples of risk-limiting features include provisions such as a deductible, a loss ratio corridor, a loss cap, an aggregate limit or other provisions that result in similar effects.

Yes   ☐   No   ☒

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   ☒

2. Has Minnesota Life Insurance 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?

Examples of risk-limiting features include provisions such as a deductible, a loss ratio corridor, a loss cap, an aggregate limit or other provisions that result in similar effects.

Yes   ☒   No   ☐

If yes, indicate the number of reinsurance contracts to which such provisions apply: 1

If yes, indicate whether the reinsurance credit was reduced for the risk-limiting features.

Yes   ☐   No   ☐   N/A   ☒

N/A as the reinsurance contract did not result in a reinsurance credit.

3. Does Minnesota Life Insurance 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   ☒

(Continued)

66

MINNESOTA LIFE INSURANCE COMPANY

Schedule of Supplemental Reinsurance Risks Interrogatories (Continued)

December 31, 2024

4. Has Minnesota Life Insurance 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 cover been recognized
Assumption reinsurance – new for the reporting period	Yes ☐ No		N/A
Non-proportional reinsurance, which does not result in significant surplus relief	Yes ☐ No		Yes ☐ No ☐ N/A ☒

5. Has Minnesota Life Insurance 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   ☒   N/A   ☐

a. Accounted for that contract as reinsurance under GAAP and as a deposit under SAP?

Yes   ☐    No   ☒   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:

See accompanying independent auditors’ report

67